TableofContents

AsfiledwiththeSecuritiesandExchangeCommissiononSeptember30,2016

RegistrationStatementNo.333-212116

UNITEDSTATESSECURITIESANDEXCHANGECOMMISSION

Washington,D.C.20549

AmendmentNo.3to

FORMS-1REGISTRATIONSTATEMENT

UNDERTHESECURITIESACTOF1933

AcushnetHoldingsCorp.(ExactnameofRegistrantasspecifiedinitscharter)

Delaware(Stateorotherjurisdictionof

incorporationororganization)

3949(PrimaryStandardIndustrialClassificationCodeNumber)

45-5644353(I.R.S.EmployerIdentificationNo.)

333BridgeStreetFairhaven,Massachusetts02719

(800)225-8500(Address,includingzipcode,andtelephonenumber,includingareacode,ofRegistrant'sprincipalexecutiveoffices)

JosephJ.NaumanExecutiveVicePresident,ChiefLegalandAdministrativeOfficerandSecretary

333BridgeStreetFairhaven,Massachusetts02719

(800)225-8500(Name,address,includingzipcode,andtelephonenumber,includingareacode,ofagentforservice)

Copiesto

RoxaneF.Reardon,Esq.SimpsonThacher&BartlettLLP

425LexingtonAvenueNewYork,NewYork10017

(212)455-2000

JinHyukPark,Esq.

SimpsonThacher&BartlettLLP35thFloor,ICBCTower3GardenRoad,Central

HongKong+8522514-7600

KirkA.DavenportII,Esq.NathanAjiashvili,Esq.Latham&WatkinsLLP

885ThirdAvenueNewYork,NewYork10022

(212)906-1200

Approximatedateofcommencementofproposedsaletothepublic:AssoonaspracticableaftertheeffectivedateofthisRegistrationStatement.

IfanyofthesecuritiesbeingregisteredonthisFormarebeingofferedonadelayedorcontinuousbasispursuanttoRule415undertheSecuritiesAct,checkthefollowingbox.o

IfthisFormisfiledtoregisteradditionalsecuritiesforanofferingpursuanttoRule462(b)undertheSecuritiesAct,checkthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.o

IfthisFormisapost-effectiveamendmentfiledpursuanttoRule462(c)undertheSecuritiesAct,checkthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.o

IfthisFormisapost-effectiveamendmentfiledpursuanttoRule462(d)undertheSecuritiesAct,checkthefollowingboxandlisttheSecuritiesActregistrationstatementnumberoftheearliereffectiveregistrationstatementforthesameoffering.o

Indicatebycheckmarkwhethertheregistrantisalargeacceleratedfiler,anacceleratedfiler,anon-acceleratedfiler,orasmallerreportingcompany.Seethedefinitionsof"largeacceleratedfiler,""acceleratedfiler"and"smallerreportingcompany"inRule12b-2oftheExchangeAct.

Largeacceleratedfilero Acceleratedfilero Non-acceleratedfilerý(Donotcheckifa

smallerreportingcompany)

Smallerreportingcompanyo

CALCULATIONOFREGISTRATIONFEE

TheRegistrantherebyamendsthisRegistrationStatementonsuchdateordatesasmaybenecessarytodelayitseffectivedateuntiltheRegistrantshallfileafurtheramendmentwhichspecificallystatesthatthisRegistrationStatementshallthereafterbecomeeffectiveinaccordancewithSection8(a)oftheSecuritiesActof1933oruntiltheRegistrationStatementshallbecomeeffectiveonsuchdateastheSecuritiesandExchangeCommission,actingpursuanttosaidSection8(a),maydetermine.

TitleofEachClassofSecuritiestobeRegistered

ProposedMaximumAggregateOffering

Price(1)(2) Amountof

RegistrationFee(3)Commonstock$0.001parvaluepershare $100,000,000 $10,070

(1) Includescommonsharesissuableuponexerciseoftheunderwriters'optiontopurchaseadditionalcommonshares.

(2) EstimatedsolelyforthepurposeofcalculatingtheregistrationfeepursuanttoRule457(o)undertheSecuritiesActof1933,asamended.

(3) Previouslypaid.

TableofContents

Theinformationinthispreliminaryprospectusisnotcompleteandmaybechanged.WemaynotsellthesesecuritiesuntiltheregistrationstatementfiledwiththeSecuritiesandExchangeCommissioniseffective.Thisprospectusisnotanoffertosellthesesecuritiesanditisnotsolicitinganoffertobuythesesecuritiesinanyjurisdictionwheretheofferorsaleisnotpermitted.

SUBJECTTOCOMPLETION,DATEDSEPTEMBER30,2016

PRELIMINARYPROSPECTUS

Shares

AcushnetHoldingsCorp.CommonStock

ThisisaninitialpublicofferingofsharesofcommonstockofAcushnetHoldingsCorp.Thesellingshareholdersaresellingallofthesharesofcommonstocktobesoldinthisoffering.Wewillnotsellanysharesinthisofferingandwillnotreceiveanyproceedsfromthesaleofsharesbythesellingshareholders.

Priortothisoffering,therehasbeennopublicmarketforourcommonstock.WehaveappliedtolistthecommonstockontheNewYorkStockExchange,ortheNYSE,underthesymbol"GOLF."Theestimatedinitialpublicofferingpriceisbetween$and$pershare.

UpontheclosingofthisofferingandaftergivingeffecttotheShareholderTransaction(asdefinedunder"ProspectusSummary—TheShareholderTransaction"),MagnusHoldingsCo.,Ltd.,awholly-ownedsubsidiaryofFilaKoreaCo.,Ltd.,orFilaKorea,willcontrolamajorityofthevotingpowerofalloutstandingsharesofourcommonstock.Asaresult,wewillqualifyasa"controlledcompany"withinthemeaningofthecorporategovernancestandardsoftheNYSE.

Investinginourcommonstockinvolvesrisks.See"RiskFactors"beginningonpage28.

NeithertheSecuritiesandExchangeCommissionnoranyotherregulatorybodyhasapprovedordisapprovedofthesesecuritiesorpassedupontheaccuracyoradequacyofthisprospectus.Anyrepresentationtothecontraryisacriminaloffense.

Thesellingshareholdershavegrantedtheunderwritersanoptionforaperiodof30daysfollowingthedateofthisprospectustopurchaseuptoanadditionalsharesofcommonstocksolelytocoverover-allotments.

Theunderwritersexpecttodeliverthesharestopurchaserson,2016.

Prospectusdated,2016.

PerShare Total Initialpublicofferingprice $ $ Underwritingdiscount(1) $ $ Proceeds,beforeexpenses,tothesellingshareholders $ $

(1) Wereferyouto"Underwriting"beginningonpage243foradditionalinformationregardingunderwritingcompensation.

J.P.Morgan MorganStanleyNomura UBSInvestmentBank

CreditSuisse DaiwaCapitalMarkets DeutscheBankSecurities Jefferies WellsFargoSecurities

D.A.Davidson&Co. KeyBancCapitalMarkets RaymondJames SunTrustRobinsonHumphrey

TableofContents

TableofContents

TableofContents

TableofContents

TableofContents

TABLEOFCONTENTS

Inthisprospectus,theterms"Acushnet,""we,""us,""our"andthe"Company"refertoAcushnetHoldingsCorp.anditsconsolidatedsubsidiaries.

Youshouldrelyonlyontheinformationcontainedinthisprospectusorinanyfreewritingprospectuswemayauthorizetobedeliveredormadeavailabletoyou.Neitherwe,thesellingshareholdersnortheunderwritershaveauthorizedanyonetoprovideyouwithdifferentinformation.Theinformationinthisprospectusisaccurateonlyasofthedateofthisprospectus,regardlessofthetimeofdeliveryofthisprospectusoranyfreewritingprospectus,asthecasemaybe,oranysaleofsharesofourcommonstock.

i

Page IndustryandMarketData ii

Trademarks,TradeNamesandServiceMarks ii

ProspectusSummary 1

RiskFactors 28

SpecialNoteRegardingForward-LookingStatements 65

UseofProceeds 68

DividendPolicy 69

Capitalization 70

Dilution 74

SelectedConsolidatedFinancialData 77

Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations 87

Business 135

Management 174

ExecutiveCompensation 181

TheShareholderTransaction 216

PrincipalandSellingShareholders 219

CertainRelationshipsandRelatedPartyTransactions 223

DescriptionofIndebtedness 226

DescriptionofCapitalStock 230

SharesEligibleforFutureSale 237

CertainUnitedStatesFederalIncomeandEstateTaxConsequencestoNon-U.S.Holders 240

Underwriting 243

LegalMatters 251

Experts 251

WhereCanYouFindMoreInformation 251

IndextoConsolidatedFinancialStatements F-1

Certainmonetaryamounts,percentagesandotherfiguresincludedinthisprospectushavebeensubjecttoroundingadjustments.Percentageamountsincludedinthisprospectushavenotinallcasesbeencalculatedonthebasisofsuchroundedfigures,butonthebasisofsuchamountspriortorounding.Forthisreason,percentageamountsinthisprospectusmayvaryfromthoseobtainedbyperformingthesamecalculationsusingthefiguresinourconsolidatedfinancialstatements.Certainotheramountsthatappearinthisprospectusmaynotsumduetorounding.

ForinvestorsoutsidetheUnitedStates:Thesellingshareholdersareofferingtosell,andseekingofferstobuy,sharesofourcommonstockonlyinjurisdictionswhereoffersandsalesarepermitted.Neitherwe,thesellingshareholdersnortheunderwritershavedoneanythingthatwouldpermitthisofferingorpossessionordistributionofthisprospectusinanyjurisdictionwhereactionforthatpurposeisrequired,otherthanintheUnitedStates.PersonsoutsidetheUnitedStateswhocomeintopossessionofthisprospectusmustinformthemselvesabout,andobserveanyrestrictionsrelatingto,theofferingofthesharesofcommonstockandthedistributionofthisprospectusoutsidetheUnitedStates.

INDUSTRYANDMARKETDATA

Withinthisprospectus,wereferenceinformationandstatisticsregardingthegolfindustryandthegolfequipment,wearandgearmarkets.Wehaveobtainedcertainofthisinformationandstatisticsfromvariousindependentthird-partysources,includingindependentindustrypublications,reportsbymarketresearchfirmsandotherindependentsources.GolfDatatechLLC,theNationalGolfFoundation,DarrellSurveyCompany,SportsMarketingSurveysInc.andYanoResearchInstituteLtd.aretheprimarysourcesforthird-partymarketdataandindustrystatisticsandforecasts,respectively,includedinthisprospectus.GolfDatatechLLC,theNationalGolfFoundation,DarrellSurveyCompany,SportsMarketingSurveysInc.andYanoResearchInstituteLtd.donotguaranteetheperformanceofanycompanyaboutwhichitcollectsandprovidesdata.NothingintheGolfDatatechLLC,theNationalGolfFoundation,DarrellSurveyCompany,SportsMarketingSurveysInc.andYanoResearchInstituteLtd.datashouldbeconstruedasadvice.Webelievethattheseexternalsourcesandestimatesarereliable,buthavenotindependentlyverifiedthem.Certainofthisinformationandstatisticsarebasedonourgoodfaith,reasonableestimates,whicharederivedfromourreviewofinternalsurveysandindependentsources.Inaddition,projections,assumptionsandestimatesofthefutureperformanceofthegolfindustryandourfutureperformancearenecessarilysubjecttouncertaintyandriskduetoavarietyoffactors,includingthosedescribedin"RiskFactors"and"SpecialNoteRegardingForward-LookingStatements".Theseandotherfactorscouldcauseresultstodiffermateriallyfromthoseexpressedintheestimatesmadebytheindependentpartiesandbyus.

TRADEMARKS,TRADENAMESANDSERVICEMARKS

Thisprospectusincludestrademarks,tradenamesandservicemarksthatweeitherownorlicense,suchas"Titleist,""FootJoy,""ProV1,""ProV1x,""FJ,""Pinnacle,""ScottyCameron,"and"VokeyDesign"whichareprotectedunderapplicableintellectualpropertylaws.Solelyforconvenience,trademarks,tradenamesandservicemarksreferredtointhisprospectusmayappearwithoutthe®,TMorSMsymbols,butsuchreferencesarenotintendedtoindicate,inanyway,thatwewillnotassert,tothefullestextentunderapplicablelaw,ourrightsortherightoftheapplicablelicensortothesetrademarks,tradenamesandservicemarks.Thisprospectusmayalsocontaintrademarks,tradenamesandservicemarksofotherparties,andwedonotintendouruseordisplayofotherparties'trademarks,tradenamesorservicemarkstoimply,andsuchuseordisplayshouldnotbeconstruedtoimply,arelationshipwith,orendorsementorsponsorshipofusby,theseotherparties.

ii

TableofContents

PROSPECTUSSUMMARY

This summary highlights selected information contained elsewhere in this prospectus. This summary does not contain all the information that youshould consider before deciding to invest in our common stock. You should read the entire prospectus carefully, including "Risk Factors", "Management'sDiscussion and Analysis of Financial Condition and Results of Operations" and our consolidated financial statements and related notes included elsewherein this prospectus, before making an investment decision.

Overview

Wearethegloballeaderinthedesign,development,manufactureanddistributionofperformance-drivengolfproducts,whicharewidelyrecognizedfortheirqualityexcellence.Drivenbyourfocusondedicatedanddiscerninggolfersandthegolfshopsthatservethem,webelievewearethemostauthenticandenduringcompanyinthegolfindustry.Ourmission—tobetheperformanceandqualityleaderineverygolfproductcategoryinwhichwecompete—hasremainedconsistentsinceweenteredthegolfballbusinessin1932.Today,wearethestewardoftwoofthemostreveredbrandsingolf—Titleist,oneofgolf'sleadingperformanceequipmentbrands,andFootJoy,oneofgolf'sleadingperformancewearbrands.Titleisthasbeenthe#1ballinprofessionalgolffor68yearsandFootJoyhasbeenthe#1shoeonthePGATourforoversixdecades.

Ourtargetmarketisdedicatedgolfers,whoarethecornerstoneoftheworldwidegolfindustry.Thesededicatedgolfersareavidandskill-biased,prioritizeperformanceandcommitthetime,effortandmoneytoimprovetheirgame.Webelieveourfocusoninnovationandprocessexcellenceyieldsgolfproductsthatrepresentsuperiorperformanceandconsistentproductquality,whicharethekeyattributessoughtafterbydedicatedgolfers.Manyofthegame'sprofessionalplayers,whorepresentthemostdedicatedgolfers,preferourproductstherebyvalidatingourperformanceandqualitypromise,whiledrivingbrandawareness.Weleverageapyramidofinfluenceproductandpromotionstrategy,wherebyourproductsarethemostplayedbythebestplayers,creatingaspirationalappealforabroadrangeofgolferswhowanttoemulatetheperformanceofthegame'sbestplayers.

Dedicatedgolfersviewpremiumgolfshops,suchason-coursegolfshopsandgolfspecialtyretailers,aspreferredretailchannelsforgolfproductsofsuperiorperformanceandproductquality.Asaresult,wehavecommittedtobeingoneofthepreferredandtrustedpartnerstopremiumgolfshopsworldwide.Thiscommitmentprovidesusaretailenvironmentwhereourproductperformanceandqualityadvantagecanmosteffectivelybecommunicatedtodedicatedgolfers.Inaddition,wealsoserviceotherqualifiedretailersthatsellgolfproductstoconsumersworldwide.

Ourvisionistoconsistentlyberegardedbyindustryparticipants,fromdedicatedgolferstothegolfshopsthatservethem,asthebestgolfcompanyintheworld.Wehaveestablishedleadershippositionsacrossallmajorgolfequipmentandgolfwearcategoriesunderourgloballyrecognizedbrands.

1

• #1ballingolf

• Golf'sSymbolofExcellence

• Aleadingglobalgolfequipmentbrand

• #1shoeingolf

• #1gloveingolf

• Aleadingglobalgolfwearbrand

• #1wedgeonthePGATour

• AleadingputteronthePGATour

TableofContents

FortheyearendedDecember31,2015andthesixmonthsendedJune30,2016,werecordednetsalesof$1,503.0millionand$903.0million,netincome(loss)attributabletoAcushnetHoldingsCorp.of$(1.0)millionand$52.1millionandAdjustedEBITDAof$214.7millionand$164.4million,respectively.See"—SummaryConsolidatedFinancialData"forareconciliationofAdjustedEBITDAtonetincome(loss)attributabletoAcushnetHoldingsCorp.,themostdirectlycomparablefinancialmeasureundergenerallyacceptedaccountingprinciplesintheUnitedStates,orGAAP.

OurHistoryandEvolution

FoundedinAcushnet,MassachusettsbyPhil"Skipper"Youngin1910andincorporatedastheAcushnetProcessCompany,ourgolfbusinesswasestablishedin1932.Theobjectivefromtheverybeginningwastoproduceagolfballthatwouldsetthestandardinperformance,qualityandconsistency,andbecomethepreferredchoiceofdedicatedgolfersandthepreferredtradepartnerswhowouldservethem.Thecorevaluesofservingthegame'sdedicatedgolferwithasuperiorproduct,intermsofbothperformanceandquality,andhavingthatsuperiorproductvalidatedbythegame'smostdedicatedgolfersandpremiumgolfretailers,haveenduredforthepasteightdecades.

OurCoreFocus

Dedicated Golfers

Ourtargetmarketisdedicatedgolfers,whoareavidandskill-biased,prioritizeperformanceandcommitthetime,effortandmoneytoimprovetheirgame.Webelievethatdedicatedgolfersarethemostconsistentpurchasersofgolfproductsandestimatethatwhiletheyrepresentedonlyapproximately15%ofallUnitedStatesgolfers,theyaccountedformorethan40%oftotalroundsplayedandapproximately70%ofallgolfequipmentandgearspendingintheUnitedStatesduring2014.WealsobelievededicatedgolfersaccountforanoutsizeshareofgolfequipmentandgearspendingoutsidetheUnitedStatesandpurchaseasignificantportionofgolfwearproductsworldwide.

Product Platform

Leveragingthesuccessofourgolfballandgolfshoebusinesses,whilemaintainingthecorevaluesoftheTitleistandFootJoybrands,wehavestrategicallyenteredintoproductcategoriessuchasgolfclubs,wedges,putters,golfgloves,golfgearandgolfwearwithanobjectiveofbeingtheperformanceandqualityleader.

Sincethededicatedgolferviewseachperformanceproductcategoryonitsownmerits,wehaveapproachedeachcategoryonitsowntermsbycommittingthenecessaryresourcestobecometheperformanceandqualityleaderineachproductcategorywhereweparticipate.Asaresult,wehavebuiltanindustryleadingplatformacrossallperformanceproductcategories,drivingamarket-differentiatingmixofconsumableproducts,whichweconsidertobegolfballsandgolfgloves,whichcollectivelyrepresented43%ofournetsalesin2015,andmoredurableproducts,whichweconsidertobegolfclubs,golfshoes,golfapparelandgolfgear,whichcollectivelyrepresented57%ofournetsalesin2015.

Weoperateunderthefollowingfourreportablesegments.

Titleist Golf Balls (36% of 2015 net sales)

Titleististhe#1ballingolf.TheTitleistgolfballwasfoundedwithapurposeofdesigningandmanufacturingaperformanceoriented,highqualitygolfballthatwassuperiortoallotherproductsavailableinthemarket.Webelievethegolfballisthemostimportantpieceofequipmentinthegame,asitistheonlypieceofequipmentusedbyeveryplayerforeveryshot.Thegolfballisalsothemostimportantcategoryforusasitgeneratesthelargestportionofoursalesandprofits.Sinceits

2

TableofContents

introductionin2000,theTitleistProV1hasbeenthebest-sellinggolfballgloballyandcontinuestosetthebarintermsofproductdesign,qualityandperformance.Wealsodesign,manufactureandsellothergolfballsundertheTitleistbrand,suchasNXTTour,VelocityandDTTruSoft,aswellasunderthePinnaclebrand.Wehavecontinuallyimprovedourgolfballsthroughinnovationinmaterials,constructionandmanufacturingprocesses,whichhasenabledustobuildthe#1golfballfranchiseintheworld.

Titleist Golf Clubs (26% of 2015 net sales)

Wedesign,assembleandsellgolfclubs(drivers,fairways,hybridsandirons)undertheTitleistbrand,wedgesundertheVokeyDesignbrandandputtersundertheScottyCameronbrand.Themissionofourgolfclubbusinessistodesignanddevelopthebestperforminggolfclubsintheworldfordedicatedgolfers.Webelievededicatedgolfersdonotbuybrandsacrosscategoriesbutseekoutbest-in-classproductsineachcategory.ThisisthereasonwehavepartneredwithdedicatedengineersandcraftsmensuchasBobVokeyandScottyCameron,whounderstandthenuances,subtletiesandimpactmechanicsoftheirrespectivegolfclubcategories.Titleistgolfclubs,VokeyDesignwedgesandScottyCameronputtersarewidelyusedbyprofessionalandcompetitiveamateurplayers,whichvalidatestheproducts'performanceandqualityexcellence.Wearealsocommittedtoaleadingclubfittingandtrialplatformtomaximizededicatedgolfers'performanceexperience.

Titleist Golf Gear (9% of 2015 net sales)

WeofferadiversifiedportfolioofTitleist-brandedperformancegolfgearacrossthegolfbags,headwear,gloves,travelgear,headcoversandothergolfgearcategories.Ourgolfgearisfocusedonsuperiorperformanceandqualityexcellence,whichisthemissionofanyproductbearingtheTitleistbrandname.

FootJoy Golf Wear (28% of 2015 net sales)

Wedesign,manufactureandsellgolfshoesandgloves,andwedesignandsellperformanceouterwear,apparelandsocks,undertheFootJoybrand.Byofferingproductswithpremiummaterials,superiorcomfortandfitandauthenticdesigns,FootJoyhasbecomethe#1shoeand#1gloveingolfandaleaderintheglobalperformancegolfouterwearandtheU.S.golfapparelmarkets.WebelieveFootJoyisseenbygolfersaroundtheworldasanauthenticanddefinitivegolfbrandwithaconsistent,differentiatedfocusonperformanceandquality.

Pyramid of Influence

Thegameofgolfislearnedbyobservationandimitation,andgolfersimprovetheirownperformancebyattemptingtoemulatehighlyskilledgolfers.Golfersareinfluencednotonlybyhowothergolfersswingbutalsobywhattheyswingwithandwhattheyswingat.Thisistheessenceofgolf'spyramidofinfluence,whichisdeeplyingrainedinthemindsetofthededicatedgolfer.Atthetopofthepyramidisthemostdedicatedgolfer,whoattemptstomakealivingplayingthegameprofessionally.Adoptionbymostofthebestgolfers,whoseprofessionalsuccessdependsontheirperformance,validatesthequality,featuresandbenefitsofusingthebestperformingproducts.This,inturn,createsaspirationalappealforgolferswhowanttoemulatetheperformanceofthebestplayers.Byvirtueoftheperformanceandqualityexcellenceofourproducts,webelievewearebest-positionedtoleveragethepyramidofinfluencesincemostofthebestplayerstrustanduseTitleistandFootJoyproducts.Ourprimarymarketingstrategyisforourproductstobethemostplayedbythebestplayers,includingbothprofessionalandamateurgolfers.Thisstrategyhasproventobeenduringandeffectiveinthelong-termandisnotdependentonthetransientsuccessofafeweliteplayersatanygivenpointintime.

3

TableofContents

Innovation Leadership

Webelieveinnovationiscriticaltodedicatedgolfersastheydependontheabilityofnewandinnovativeproductstodriveimprovedperformance.Webelievewearethedesignandtechnologyleaderinthegolfindustry,andassuchwecurrentlyemployaresearchanddevelopmentteamofover150scientists,chemists,engineersandtechnicians.Wealsointroducenewproductinnovationsatacadencethatbestalignswiththetypicaldedicatedgolfer'sreplacementcyclewithineachproductcategory.Wespent$42.2million,$44.2millionand$46.0millionin2013,2014and2015,respectively,onresearchanddevelopment,orR&D.

Operational Excellence

Therequirementsofthegameleadthededicatedgolfertoseekoutproductsofmaximumperformanceandconsistency.Weownorcontrolthedesign,sourcing,manufacturing,packaginganddistributionofourproducts.Indoingso,weareabletoexercisecontrolovereverystepofthemanufacturingprocessandsupplychainoperations,therebysettingthestandardforqualityandconsistency.Ouroperationalexcellencealsoallowsustocontinuallydevelopinnovativenewproducts,bringthoseproductstomarketmoreefficientlyandensurehighlevelsofqualitycontrol.Wehavedevelopedandrefineddistinctandindependentlymanagedsupplychainsforeachofourproductcategories.Ourmanufacturingfacilitiesinclude:

• threegolfballmanufacturingfacilitiesthatcollectivelyproduceover1millionballsperproductionday;

• sixgolfclubassemblyfacilities;

• ajointventurefacilitytomanufactureourgolfshoes;and

• afacilitytomanufactureourgolfgloves.

Route to Market Leadership

Asoneofthepreferredpartnerstopremiumgolfshops,weensurethattheperformancebenefitsderivedfromusingourproductsareshowcasedandourproductsareproperlymerchandised.Wehaveover350salesrepresentativesdirectlyservicingover31,000accountsin46countriesandweserviceover90countriesintotal,directlyorthroughdistributors.Withanaverageofalmost20yearsofexperience,webelievetheTitleistU.S.salesteamisthelargestandmostexperiencedintheindustry.Similarly,webelieveFootJoyhasbuiltthemostexperienced,highlyqualifiedteamintheU.S.golfwearcategory.Asweseeourretailpartnersasacriticalconnectiontodedicatedgolfers,weplacegreatemphasisonbuildingstrongrelationshipsandtrustwiththem.Wealsoplaceastrongfocusonconsumerengagement,startingwithfittingandtrialinitiativesacrossourballs,clubsandshoescategories.

MarketOverviewandOpportunity

Market Overview

Weestimatethatthesportofgolfgivesrisetoaglobalcommercialopportunityofmorethan$85billionannually,whichcapturesallspendingrelatedtogolf.Thereareover50milliongolfersworldwideplayingover800millionroundsannuallyonover32,000golfcourses.Ouraddressablemarketcomprisedofgolfequipment,golfwearandgolfgearrepresentsapproximately$12billioninretailsalesandapproximately$8billioninwholesalesales.TheUnitedStatesaccountedforover40%ofouraddressablemarket,followedbyJapanandKoreacollectivelyaccountingforover30%ofouraddressablemarket,eachin2014.

4

TableofContents

AlthoughthenumberofroundsofgolfplayedintheUnitedStatesdeclinedoverallfrom2006untiltheendof2014,thenumberofroundsofgolfplayedintheUnitedStateshasshownimprovementsincethebeginningof2015,accordingtoGolfDatatechLLC.Webelievethatthenumberofroundsofgolfplayedbyourtargetmarketofdedicatedgolferswasrelativelystableduringthisperiodofoveralldeclineinthegolfindustry.

Webelievethegolfindustryismainlydrivenbygolferdemographics,dedicatedgolfersandweatherandeconomicconditions.

Golfer Demographics. Golfisarecreationalactivitythatrequirestimeandmoney.Thegolfindustryhasbeenprincipallydrivenbytheagecohortof30andabove,currently"gen-x"(age30to49)and"babyboomers"(age50to69),whohavethetimeandmoneytoengageinthesport.IntheUnitedStates,thereareapproximately8.7milliongen-xgolfersandapproximately6.6millionbabyboomergolfers,representingapproximately63%oftotalgolfersintheUnitedStates.Householdsheadedbygen-xandbabyboomersalsoclaimanapproximately80%shareofthetotalincomedollarsintheUnitedStates.Sinceasignificantnumberofbabyboomershaveyettoretire,weanticipategrowthinspendingfromthisdemographicasithasbeendemonstratedthatroundsofplayincreasesignificantlyasthoseinthiscohortreachretirement.Onaverage,golfersintheagerangeof18to34play15roundsperyear,whereasthoseintheagerangeof50to64and65andaboveplay29roundsand51roundsperyear,respectively.Whilegolfhashistoricallyconsistedofmostlymaleplayers,womenaccountedforapproximately24%ofgolfersintheUnitedStatesin2015,upfromapproximately20%in2011.Becausenearly40%ofbeginnergolfersintheUnitedStatesin2015werewomen,webelievethatthepercentageofwomengolferswillcontinuetogrow.Beyondthegen-xandbabyboomergeneration,anotherpromisingdevelopmentingolfhasbeenthegenerationalshiftwithmillennialgolfersmakingtheirmarksatbothprofessionalandamateurlevels.Golfersundertheageof30represented44%oftheWorldRankTop50and76%ofRolexWorldRankTop50WomenasofMay31,2016.ThelargestsingleagegroupofbeginnersintheUnitedStatesin2015wasmillennials(age18to29).Further,thenumberofjuniorgolfers(age6to17)intheUnitedStateshasgrownfromapproximately2.5milliongolfersin2010toapproximately3.0milliongolfersin2015.

Dedicated Golfers. Dedicatedgolfersarelargelygen-xandbabyboomerswhohavedemonstratedthepropensitytopayapremiumforproductsthathelpthemperformbetter.Webelievededicatedgolfers,whocompriseourtargetmarket,willcontinuetobeakeydriverfortheglobalgolfindustry.TheNationalGolfFoundationestimatesthattherewere6.4million,6.5millionand6.2million"avid"golfersintheUnitedStatesin2013,2014and2015,respectively,with"avid"golfersdefinedasthosewhoplay25roundsormoreperyear.Weestimatethatapproximately60%oftheseavidgolfersintheUnitedStatesarededicatedgolfers.

Weather Conditions. Weatherconditionsdeterminethenumberofplayabledaysinayearandthusinfluencetheamountoftimepeoplespendongolf.Weatherconditionsinmostpartsoftheworld,includingourprimarygeographicmarkets,generallyrestrictgolffrombeingplayedyear-round,withmanyofouron-coursecustomersclosedduringthecoldweathermonths.Therefore,favorableweatherconditionsgenerallyresultinmoreplayabledaysinagivenyearandthusmoregolfroundsplayed,whichgenerallyresultsinincreaseddemandforallgolfproducts.

Economic Conditions. Thestateoftheeconomyinfluencestheamountofmoneypeoplespendongolf.Golfequipment,includingclubs,ballsandaccessories,isrecreationalinnatureandisthereforeadiscretionarypurchaseforconsumers.Consumersaregenerallymorewillingtomakediscretionarypurchasesofgolfproductswheneconomicconditionsarefavorableandwhenconsumersarefeelingconfidentandprosperous.

5

TableofContents

Our Opportunity

Wehavedemonstratedsustained,resilientandstablerevenueandAdjustedEBITDAgrowthoverthepastfiveyears,despitechallengesrelatedtodemographic,macroeconomicandweatherrelatedconditions.Ourdifferentiatedfocusonperformanceandqualityexcellence,enduringconnectionswithdedicatedgolfersandfavorableandmarket-differentiatingmixofconsumableanddurableproductshavebeenthekeydriversofourstrongperformance.Webelievethisfocuspositionsustocontinuetogenerateindustry-leadingperformance.

StrongFinancialPerformance

Since2011,wehavedrivenstrongfinancialperformanceacrossourproductportfoliointheaggregateandineachofourreportablesegmentsofTitleistgolfballs,Titleistgolfclubs,TitleistgolfgearandFootJoygolfwear.From2011to2015:

• ournetsalesincreasedfrom$1,336.1million(onanon-GAAPcombinedbasis)to$1,503.0million,representingacompoundannualgrowthrate,orCAGR,of3%,or6%onaconstantcurrencybasis;

• ournetincome(loss)attributabletoAcushnetHoldingsCorp.was$(31.2)millionin2011(onanon-GAAPcombinedbasis),$13.9millionin2012,$19.6millionin2013,$21.6millionin2014and$(1.0)millionin2015;

• ourAdjustedEBITDAincreasedfrom$138.4million(onanon-GAAPcombinedbasis)to$214.7million,representingaCAGRof12%;

• weachieved400basispointsofAdjustedEBITDAmarginexpansion;

• ourAdjustedNetIncomeincreasedfrom$46.7million(onanon-GAAPcombinedbasis)to$86.7million,representingaCAGRof17%;and

• ourcashflowsprovidedbyoperatingactivitiesincreasedfrom$51.1million(onanon-GAAPcombinedbasis)to$91.8million.

TheinformationpresentedabovefortheyearendedDecember31,2011ispresentedonanunauditedcombinedbasisandrepresentsthemathematicaladditionofourpredecessor'sresultsofoperationspriortotheAcquisition(asdescribedbelow)fromJanuary1,2011toJuly29,2011,andourresultsofoperationsfromJuly30,2011toDecember31,2011,orthesuccessorperiod.Thefinancialresultsforthesuccessorperiodincludetheimpactofapplyingpurchaseaccounting.ThepresentationofunauditedcombinedfinancialinformationfortheyearendedDecember31,2011isnotconsistentwithGAAPorwiththeproformarequirementsofArticle11ofRegulationS-X.Wehaveincludedtheunauditedcombinedfinancialinformationasaconveniencesolelyforthepurposeoffacilitatingacomparisonofthecombinedresultswithourotheryearspresented.SuchresultsarenotnecessarilyindicativeofwhattheresultsforthecombinedperiodwouldhavebeenhadtheAcquisitionnotoccurred.See"SelectedConsolidatedFinancialData"for(i)apresentationoftheresultsofoperationsfortheperiodfromJanuary1,2011toJuly29,2011,andtheperiodfromJuly30,2011toDecember31,2011,whichhavebeenauditedandareconsistentwithGAAP,andtheresultsofoperationsfortheyearendedDecember31,2011onanunauditedcombinedbasisand(ii)areconciliationofAdjustedEBITDAandAdjustedNetIncometonetincome(loss)attributabletoAcushnetHoldingsCorp.andthemostdirectlycomparableGAAPfinancialmeasure.See"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—Overview—KeyPerformanceMeasures"foradescriptionofhowwecalculateconstantcurrencyinformation.

6

TableofContents

(1) TheinformationpresentedfortheyearendedDecember31,2011ispresentedonanunauditedcombinedbasisandrepresentsthemathematicaladditionofourpredecessor'sresultsofoperationspriortotheAcquisitionfromJanuary1,2011toJuly29,2011,andourresultsofoperationsfromJuly30,2011toDecember31,2011.ThispresentationofunauditedcombinedfinancialinformationfortheyearendedDecember31,2011isnotconsistentwithGAAP.

OurCompetitiveStrengths

Steward of Golf's Most Revered Brands. Wehavelongbeenthetrustedstewardoftwoofgolf'smostreveredandrecognizedbrands,andhaveenjoyedthelongestrunningrecordofmarketleadershipinthegolfcategory.Titleisthasbeenthe#1ballinprofessionalgolffor68yearswhileFootJoyhasbeentheleadingbrandonthePGATouringolfshoesforoversixdecadesandgolfglovesforoverthreedecades.Theperformanceandqualityofourbrandsarevalidatedbythewidespreadadoptionofourproductsbytheworld'sbestprofessionalandamateurgolfers,whichgeneratesexceptionalbrandloyaltyamongourcorecustomersanddrivesrepeatpurchases.

Market-Leading Portfolio of Products Designed for Dedicated Golfers. TheTitleistProV1golfballwaslaunchedin2000andinfourmonthsbecamethe#1sellingballonthemarket,apositionitstillholds,andisthe#1golfballplayedateverylevelofcompetitivegolftoday.Weestimatethatweheldnearlyone-halfofthe2015globaltopgradewholesalegolfballmarket,whichweestimatewasapproximately$1.0billion,includingovertwo-thirdsofthepremiumperformancemarketsegment.Itisrarewhenabrand'shighestpricedproductinaparticularcategoryisalsotheindustryvolumeleader.In2015,thenumberofTitleistballsplayedonprofessionaltourswasmorethanfivetimesthenumberofballsofournearestcompetitor.Titleistrecordsevenhigherballcountsatmostamateurchampionshipsthanontheworldwideprofessionaltours,afurthertestamenttotheperformanceandqualityofTitleist,particularlysinceamateursarenotallowedtoreceivecompensationfortheuseorendorsementofanybrand'sequipment.FaithfultothebrandpromiseoftheTitleistball,webelieveourgolfclubsarealsobest-in-classintermsofperformanceandquality.OurVokeyDesignwedgesandScottyCameronputtersarerecognizedworldwideasleadersintheirrespectivecategories.OurVokeyDesignwedgesarethemostwidelyusedonthePGATour.UnderourFootJoybrand,wearethe#1shoeingolf,withtheleadingusageonalloftheworld'smajorprofessionalgolftoursandtwiceasmanystockkeepingunits,orSKUs,asournearestcompetitors.FootJoyglovesalsohavetheleadingmarketshare,enjoythe#1positiononalltheworld'smajorprofessionalgolftours,andofferthelargestselectionofgolfglovesintheindustry.FootJoyisalsoagloballeaderingolfouterwearandhasarapidlygrowingpresenceingolfapparel.

7

TableofContents

Favorable Consumable / Durable Mix. Wehavedevelopedaproductportfoliowithafavorablemixofconsumablesanddurables,whichwebelievedifferentiatesusfromotherpuregolfequipmentmanufacturers.Consumablepurchasesarelargelydrivenbythenumberofroundsplayed,whiledurablepurchasesaresubjecttotechnologyreplacementcycles.Webelieveourfavorableproductmixislesseconomicallycyclicalandmoreworkingcapitalefficientthanthatofourpeers.Oursalesreflectafavorableandmarket-differentiatingmixofconsumableproducts,whichweconsidertobegolfballsandgolfgloves,whichcollectivelyrepresented43%ofournetsalesin2015,andmoredurableproducts,whichweconsidertobegolfclubs,golfshoes,golfapparelandgolfgear,whichcollectivelyrepresented57%ofournetsalesin2015.

Best-in-Class Design Innovation. Drivenbyourcommitmenttoperpetualinnovation,webelievewearetheinnovationleaderinthegolfindustry.Golf'smostregulatedandtechnically-drivencategoriesaregolfballsandgolfclubs,andthereforerequirestrongintellectualpropertytocreatedifferentiatedproductswithsuperiorperformanceandquality.Weholdthelargestpatentportfoliointhegolfindustry,withcloseto1,200activeU.S.utilitypatentsingolfballs,over300activeU.S.utilitypatentsingolfclubs,wedgesandputtersand284activepatents(includingex-U.S.anddesignpatents)ingolfshoesandgloves.Over90%ofourcurrentproductsincorporatetechnologiesordesignsdevelopedinthelastfiveyears.TheTitleistProV1franchiseisanexampleofourinnovationleadership.Wehavesoldover110milliondozenProV1andProV1xgolfballs,generatingover$4billionofrevenue,sincetheintroductionoftheProV1in2000.

Operational Excellence. Unlikemanyothergolfcompanies,weownorcontrolthedesign,sourcing,manufacturing,packaginganddistributionofourproducts.Ourverticallyintegratedapproachdeliversaconsistentproductqualityandresultsinveryhighcustomersatisfaction.Bycontrollingkeyaspectsofthedesignandmanufacturingprocesses,wearebetterabletoprotectourintellectualpropertyaswellasoffercustomizationcapabilitiesandefficientturntimes.Furthermore,weareabletoprovidecustomfittedproductstoindividualsinashorttimeframeandfacilitateregionalmarketcustomization.

Unparalleled Route to Market Leadership. Thefoundationofourgo-to-marketstrategyistocontinuetobethepreferredpartnerforpremiumgolfshopsworldwideandtoprovidecustomizationandfittingthatoptimizeourcustomers'post-purchaseexperiences.Indoingso,weensurethattheperformancebenefitsderivedfromusingourproductsareshowcasedandourproductsareproperlymerchandised,whiledeepeningourcustomers'connectionswiththeTitleistandFootJoybrands.Webelievetheseinitiatives,inturn,increasesalesandprofitabilityforourretailpartners,leadingtoamutuallybeneficialeconomicrelationship.Therearecurrentlyover3,400premiumgolfshopsthatexclusivelystockordisplayTitleistballs.

Deep Stewardship Culture and Experienced Management Team. Behindourexceptionalproductsandorganizationalinfrastructureliesanauthenticandenduringorganizationalculturevalidatedbythelongevityofourmanagementteam,salesforceandassociates.Ourmanagementteammembers,manyofwhomhavededicatedtheirentirecareerstoourcompany,averageover20yearsofemploymentwithus.Theyaresupportedbyadeepandtalentedteamofassociatesacrossproductcategories,functions,marketsandgeographies,whoserveasstrongbrandandculturalambassadors.Approximately50%ofourU.S.associateshaveovertenyearsofemploymentwithus,highlightingthedepthofourtalentandfutureleaders.Wearethestewardsofourbrands,andwearecommittedtomaintainingthecultureofexcellencethatdefinesusandourproducts.

OurGrowthStrategies

Weplantocontinuetopursueorganicgrowthinitiativesacrossallproductcategories,brands,geographiesandmarketingchannels.

8

TableofContents

Introduce New Products and Extend Market Share Leadership in Equipment Categories. Weexpecttosustainourstrongperformanceinourcorecategoriesofgolfballsandgolfclubsthroughseveraltargetedstrategies:

• Titleist Golf Balls . Toensuresustainedlong-termmarketleadership,wearecontinuouslyinvestingindesigninnovationandrefiningoursell-inandsell-throughroutetomarketcapabilitiesandeffectivenessinthegolfballproductcategory.Wearecurrentlyfocusedonimprovingoursalesteamtraininginproduct,merchandising,localpromotionandsellingskills,aswellasenhancingtradepartnershipsinthosechannelswherededicatedgolfersshop.Wewillcontinuetogrowourcustomgolfballbusinessbytargetingbothcorporationsandindividuals,therebyincreasingbrandloyaltyandthelikelihoodofrepeatpurchases.

• Titleist Clubs, Wedges and Putters . Weintendtocontinuetolaunchinnovative,performancegolfclubsbyfurtherleveragingTitleistclubs'leadingR&Dplatform.Webelieveconceptandspecialtyproducts,trialandfittinginitiativesandpremiumqualitydigitalcontentwillfurtherdrivecustomerawarenessandmarketsharegainsacrossallpremiumclubcategories.

Increase Penetration in Golf Gear and Wear Categories. WeintendtobuildonthebrandloyaltythatthededicatedgolferhasdevelopedforourTitleistballandclubcategoriesandFootJoyshoeandglovecategoriesinordertoincreaseourpenetrationintheadjacentcategoriesofgolfgearandgolfwear.Weexpecttocontinuetodrivegrowthacrossthesecategoriesbyemployingthefollowinginitiatives:

• Titleist Golf Gear . WearecommittedtoprovidingdedicatedgolferswithgolfgearofperformanceandqualityexcellencethatisfaithfultotheTitleistbrandpromise.Wearemakingsignificantinvestmentsindesignandengineeringresourcesandareleveragingdedicatedplayerresearchmethodologiesandinsightstodriveinnovationinthisproductcategory.WealsoplantoexpandcustomandlimitededitionproductofferingsandlaunchaU.S.eCommercewebsiteforTitleistgolfgearinthesecondhalfof2017.

• FootJoy Women's Apparel Initiative . Wearecurrentlybuildingoutafocused,performance-basedFootJoywomen'sapparellineconsistentwiththebrand'ssuccessfulpositioninginmen'sapparel.Thewomen'sapparelline,whichlaunchedinearly2016,pairssophisticatedperformancefabricsanddesignwithlayeringtechnologypioneeredbyFootJoytocreatemaximumcomfortandprotection.ByleveragingourexistingFootJoysalesforceinanadjacentcategory,webelievewecanofferacompellingandauthenticsolutiontofemalegolfersandcapitalizeonthetrendofcasual,athleticstylingthatisdrivingsuccessinthebroaderwomen'sapparelspace.

• FootJoy eCommerce Launch . WerecentlylaunchedaU.S.eCommercewebsiteofferingover6,000SKUsacrossallFootJoycategories.TheeCommerceinitiativeisexpectedtoyieldincrementalsalesandprofitability,enricheddataonpreferencesandtrendsaswellasfosteradeeperandmorerealtimeconnectionwiththededicatedgolfer.

Strategically Pursue Global Growth. TheTitleistandFootJoybrandsarebothglobalbrandsthatarewellpositionedwheregolf'sgrowthisanticipated.Whilewebelievethatamajorityofthenear-termgrowthwillbedrivenbythedevelopedeconomies,emergingeconomies,suchasthemarketsinSoutheastAsia,representlonger-termgrowthopportunities.Tomeetfuturedemand,weareensuringthatlocalcapabilitiesandexpertiseinsales,customerservice,merchandising,onlinepresence,golfeducationandfittinginitiativesareinplacetosupportouroperations.

9

TableofContents

TheRefinancing

OnApril27,2016,AcushnetCompany,ourdirectwholly-ownedoperatingsubsidiary,enteredintoacreditagreement,orthenewcreditagreement,whichprovidesfor(i)anew$275.0millionmulti-currencyrevolvingcreditfacility,orournewrevolvingcreditfacility,includinga$20.0millionletterofcreditsub-facility,aC$25.0millionsub-facilityforAcushnetCanadaInc.anda£20.0millionsub-facilityforAcushnetEuropeLimitedandanalternativecurrencysublimitof$100.0millionforborrowingsinCanadiandollars,euros,poundssterlingandJapaneseyen,(ii)anew$375.0milliontermloanAfacility,orournewtermloanAfacility,and(iii)anew$100.0milliondelayeddrawtermloanAfacility,orournewdelayeddrawtermloanAfacility,eachofwhichmaturesonJuly28,2021.

ThenewcreditagreementwassignedandbecameeffectiveonApril27,2016andtheinitialfundingunderthenewcreditagreementoccurredonJuly28,2016.OnJuly28,2016,weusedtheproceedsofthenew$375.0milliontermloanAfacility,borrowingsofC$4.0million(equivalenttoapproximately$3.0million)underthenewrevolvingcreditfacilityandcashonhandof$23.6millionto(i)repayallamountsoutstandingunder,andterminate,oursecuredfloatingratenotesandcertainofourformerworkingcreditfacilities,(ii)terminateourformerseniorrevolvingcreditfacilityand(iii)payfeesandexpensesrelatedtotheforegoing.UntilJuly28,2017,thecommitmentsunderthenewdelayeddrawtermloanAfacilitywillbeavailabletomakepaymentsinconnectionwiththefinalpayoutoftheoutstandingEquityAppreciationRights,orEARs,undertheAcushnetCompanyEquityAppreciationRightsPlan,asamended,ortheEARPlan.Werefertotheenteringintoofthenewcreditagreementandtheuseof$375.0millionofborrowingsunderthenewtermloanAfacility,borrowingsofC$4.0million(equivalenttoapproximately$3.0million)underthenewrevolvingcreditfacilityandcashonhandof$23.6millionto(i)repayallamountsoutstandingunder,andterminate,oursecuredfloatingratenotesandcertainofourformerworkingcreditfacilities,(ii)terminateourformerseniorrevolvingcreditfacilityand(iii)payfeesandexpensesrelatedtotheforegoing,astheRefinancing.

Inaddition,onJune30,2016,weusedcashonhandandborrowingsunderourformerseniorrevolvingcreditfacilitytorepayallamountsoutstandingunder,andterminate,ourformerseniortermloanfacility.

Werefertoourformerseniortermloanfacility,ourformerseniorrevolvingcreditfacilityandcertainofourformerworkingcreditfacilitiesthatwererepaidandterminatedinconnectionwiththeforegoingasourformercreditfacilities.

Formoreinformationonthetermsofthenewcreditagreement,see"DescriptionofIndebtedness."

TheShareholderTransaction

ImmediatelypriortotheclosingoftheShareholderTransaction(asdefinedbelow)andaftergivingeffectto(i)theconversionofallofouroutstanding7.5%convertiblenotesdue2021,orourConvertibleNotes,(ii)theconversionofallofouroutstandingSeriesA7.5%redeemableconvertiblepreferredstock,orourConvertiblePreferredStock,and(iii)theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrants,whichoccurredinJuly2016,FilaKoreawillownapproximately33.1%ofouroutstandingcommonstockthroughitswholly-ownedsubsidiary,MagnusHoldingsCo.Ltd.,anentityorganizedunderKoreanlaw,orMagnus,affiliatesofMiraeAssetsGlobalInvestments,ortheMiraeFunds,willownapproximately50.2%ofouroutstandingcommonstock,anaffiliateofWoori-BlackstoneKoreaOpportunityPrivateEquityFund1,ortheWoori-BlackstoneFund,willownapproximately12.0%ofouroutstandingcommonstock,andanaffiliateofNeopluxCo.Ltd.,ortheNeopluxFund,willownapproximately4.1%ofouroutstandingcommonstock.WerefertotheMiraeFunds,theWoori-BlackstoneFundandtheNeopluxFundcollectivelyastheFinancialInvestors.The

10

TableofContents

FinancialInvestorsarethesellingshareholdersinthisofferingandaresellingtheirsharesonaproratabasis.

MagnushasagreedtopurchasefromtheFinancialInvestorsonaproratabasissharesofourcommonstock,whichwillbe20.0%ofouroutstandingcommonstock,inaseparatetransaction.ThepricepershareofourcommonstocktobepaidbyMagnustotheFinancialInvestorswillbeequalto1.05timestheinitialpublicofferingpricesetforthonthecoverpageofthisprospectus.Wewillnotreceiveanyproceedswithrespecttothesharesofourcommonstockthataresoldinthistransaction.Magnus'purchaseofthesesharesfromtheFinancialInvestorsisexpectedtocloseonthebusinessdayfollowingthedateofpricingofthisoffering.WerefertothepurchaseofsharesbyMagnusfromtheFinancialInvestorsastheShareholderTransaction.

UpontheclosingofthisofferingandaftergivingeffecttotheShareholderTransaction:

• Magnuswillownapproximately53.1%ofouroutstandingcommonstockandthesharesofourcommonstockownedbyMagnuswillbeitsonlyassets;

• theFinancialInvestorswillcollectivelyownapproximately%ofouroutstandingcommonstock(orapproximately%ofouroutstandingcommonstockiftheunderwriters'optiontopurchaseadditionalsharesfromthesellingshareholdersisexercisedinfull);and

• thenewinvestorspurchasingsharesofourcommonstockinthisofferingwillownapproximately%ofouroutstandingcommonstock(orapproximately%ofouroutstandingcommonstockiftheunderwriters'optiontopurchaseadditionalsharesfromthesellingshareholdersisexercisedinfull).

AsaresultoftheShareholderTransaction,Magnus,whichiswholly-ownedbyFilaKorea,willcontrolamajorityofthevotingpowerofalloutstandingsharesofourcommonstockandwewillqualifyasa"controlledcompany"withinthemeaningofthecorporategovernancestandardsoftheNYSE.

MagnuswillfinanceitspurchaseofsharesofourcommonstockfromtheFinancialInvestorsintheShareholderTransactionbyenteringintoatermloanagreement,ortheMagnusTermLoan,withcertainKoreanfinancialinstitutions,ortheMagnusLenders,toborrowKoreanWonmillion(equivalenttoapproximately$million,usingtheexchangerateof$1.00=$KoreanWonasof,2016)(assumingapurchasepriceof$pershare,basedonaninitialpublicofferingpriceof$pershare,whichisthemidpointoftheestimatedinitialpublicofferingpricerangesetforthonthecoverpageofthisprospectus).TheMagnusTermLoanwillbearinterestatarateof3.5%perannum,payablequarterlyinarrearsincash,andwillmatureon,2017(thefirstanniversaryofthedayfollowingthepricingofthisoffering).TheMagnusTermLoanwillbesecuredbyapledgeonallofourcommonstockownedbyMagnus,exceptfor5%ofouroutstandingcommonstockownedbyMagnusthatissubjecttoanegativepledgeunderFilaKorea'screditfacility,whichwillequal48.1%ofouroutstandingcommonstock.A$1.00increaseordecreaseintheassumedinitialpublicofferingpriceof$persharewouldincreaseordecrease,asapplicable,theaggregateprincipalamountoftheMagnusTermLoanby$million.

TheclosingoftheShareholderTransactionisconditionedonthepricingofthisofferingandtheclosingofthisofferingofourcommonstockisconditionedontheclosingoftheShareholderTransaction.

See"RiskFactors—RisksRelatedtotheShareholderTransactionandtheMagnusTermLoan,""Management—BoardLeadershipStructureandtheBoard'sRoleinRiskOversight—ControlledCompany,""TheShareholderTransaction"and"PrincipalandSellingShareholders."

11

TableofContents

OrganizationalStructure

Thefollowingdiagramillustratesourcorporatestructureandownershipofourcommonstockaftergivingeffectto:

• theconversionofallofouroutstandingConvertibleNotes;

• theconversionofallofouroutstandingConvertiblePreferredStock;

• theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrants,whichoccurredinJuly2016;

• theShareholderTransaction;and

• thisoffering.

(1) FilaKoreahasgrantedasecurityinterestinallofthecommonstockofMagnustothelendersunderitsexistingcreditfacility.Aftergivingeffecttotheclosingofthisoffering,thelendersunderFilaKorea'sexistingcreditfacilityareexpectedtoreleasetheirsecurityinterestsinapproximately85.6%ofthecommonstockofMagnusandretainasecurityinterestinapproximately14.4%ofthecommonstockofMagnus.ThesharesofourcommonstockownedbyMagnusareMagnus'onlyassets.

(2) InconnectionwiththeMagnusTermLoan,MagnuswillgrantasecurityinterestinallofourcommonstockownedbyMagnustotheMagnusLenders,exceptfor5%ofouroutstandingcommonstockownedbyMagnusthatissubjecttoanegativepledgeunderFilaKorea'sexistingcreditfacility,whichwillequal48.1%ofouroutstandingcommonstock.ThesharesofourcommonstockownedbyMagnusareMagnus'onlyassets.

12

TableofContents

RiskFactors

Investinginourcommonstockinvolvesahighdegreeofrisk.Youshouldcarefullyconsidertherisksdescribedin"RiskFactors"beforemakingadecisiontoinvestinourcommonstock.Ifanyoftheserisksactuallyoccurs,ourbusiness,financialconditionandresultsofoperationscouldbemateriallyadverselyaffected.Insuchcase,thetradingpriceofourcommonstockwouldlikelydeclineandyoumaylosepartorallofyourinvestment.Belowisasummaryofsomeoftheprincipalrisksweface:

• areductioninthenumberofroundsofgolfplayedorinthenumberofgolfparticipants;

• unfavorableweatherconditions,macroeconomicordemographicfactors;

• adisruptionintheoperationsofourmanufacturing,assemblyordistributionfacilitiesorintheoperationsofoursuppliersoranincreaseinthecostofrawmaterialsandcomponents;

• manyofourrawmaterialsorcomponentsofourproductsareprovidedbyasoleorlimitednumberofthird-partysuppliersandmanufacturers;

• currencytransactionandcurrencytranslationrisksandotherrisksassociatedwithdoingbusinessglobally;

• relianceontechnicalinnovationandtheabilitytomanagethefrequentintroductionofnewproducts;

• abilitytoenforceandprotectourintellectualpropertyrightsandlawsuitsrelatedtointellectualpropertymatters;

• intensecompetitionandaninabilitytomaintainourcompetitiveadvantage;

• dependenceonretailersanddistributorsandabilitytomaintainandfurtherdevelopoursaleschannels;

• seasonalfluctuationsandcyclicalityduetonewproductintroductions;

• relianceoncomplexinformationandtechnology-basedsystemsandcybersecurityrisks;

• relianceonourcurrentseniormanagementteamandotherkeyemployees;

• abilitytomaintaineffectiveinternalcontrolsoverfinancialreporting;

• theabilityofourcontrollingshareholdertocontrolsignificantcorporateactivitiesafterthecompletionofthisofferingandtheShareholderTransaction,andourcontrollingshareholder'sinterestsmayconflictwithyours;

• asale,foreclosure,liquidationorothertransferofthesharesofourcommonstockownedbyMagnusasaresultoftheMagnusTermLoanorotherwise;and

• abilitytopaydividendsonourcommonstock.

CorporateInformation

AcushnetHoldingsCorp.wasincorporatedinDelawareonMay9,2011asAlexandriaHoldingsCorp.,anentityownedbyFilaKorea,aleadingsportandleisureapparelandfootwearcompanywhichisapubliccompanylistedontheKoreaExchange,andaconsortiumofinvestorsledbyMiraeAssetsGlobalInvestments,aglobalinvestmentmanagementfirm.AcushnetHoldingsCorp.acquiredAcushnetCompany,ouroperatingsubsidiary,fromBeamSuntory,Inc.(atthetimeknownasFortuneBrands,Inc.andwhichwerefertoasBeam)onJuly29,2011,whichwerefertoastheAcquisition.

Ourprincipalexecutiveofficesarelocatedat333BridgeStreet,Fairhaven,Massachusetts02719.Ourtelephonenumberis(800)225-8500.Ourprincipalwebsiteaddressiswww.acushnetcompany.com.Theinformationon,oraccessiblethrough,ourwebsiteandtheotherwebsitesreferencedhereinisdeemednottobeincorporatedbyreferenceinthisprospectusortobeapartofthisprospectus.

13

TableofContents

TheOffering

14

Issuer AcushnetHoldingsCorp.,aDelawarecorporation.

Commonstockofferedbythesellingshareholders

shares,tobesoldbytheFinancialInvestorsonaproratabasis.

Optiontopurchaseadditionalsharesofcommonstockfromthesellingshareholders

Thesellingshareholdershavegrantedtheunderwritersanoptionforaperiodof30daysfollowingthedateofthisprospectustopurchaseuptoanadditionalsharesofcommonstockattheinitialpublicofferingpricelesstheunderwritingdiscountsolelytocoverover-allotments.

Commonstocktobeoutstandingafterthisoffering

shares.

Useofproceeds

Wewillnotreceiveanyproceedsfromthesaleofsharesofourcommonstockinthisofferingbythesellingshareholders.However,wewillpaycertainexpenses,otherthantheunderwritingdiscount,associatedwiththisoffering.

Dividendpolicy

Followingthisofferingandsubjecttoapplicablelaw,weintendtopayaregularquarterlycashdividendinitiallyequalto$pershareofourcommonstock(whichimpliesaggregatedividendsofapproximately$millionperyearbasedontheapproximatelysharesofourcommonstocktobeoutstandingafterthisoffering),commencingin,whichamountmaybechangedorterminatedinthefutureatanytimewithoutadvancenotice.Anydecisiontodeclareandpaydividendsinthefuturewillbemadeatthesolediscretionofourboardofdirectorsandwilldependon,amongotherthings,ourresultsofoperations,capitalrequirements,financialcondition,contractualrestrictions,restrictionsinourdebtagreementsandinanyequitysecurities,businessprospectsandotherfactorsthatourboardofdirectorsmaydeemrelevant.Futureagreementsmayalsolimitourabilitytopaydividends.Becauseweareaholdingcompanyandhavenodirectoperations,weexpecttopaydividends,ifany,onlyfromfundswereceivefromoursubsidiaries.

See"DividendPolicy"and"TheShareholderTransaction."

Controlledcompany

UpontheclosingofthisofferingandaftergivingeffecttotheShareholderTransaction,Magnus,whichiswholly-ownedbyFilaKorea,willcontrolshares,orapproximately53.1%,ofourcommonstock.Asaresult,wewillqualifyasa"controlledcompany"withinthemeaningofthelistingrulesoftheNYSE.See"TheShareholderTransaction."

TableofContents

ThenumberofsharesofourcommonstocktobeoutstandingimmediatelyaftertheclosingofthisofferingisbasedonsharesofcommonstockoutstandingasofJune30,2016and,unlessotherwiseindicated:

• reflectsandassumesthefollowing:

• theadoptionofouramendedandrestatedcertificateofincorporationandouramendedandrestatedby-lawsinconnectionwiththisoffering;

• theautomaticconversionofallofouroutstandingConvertibleNotesintoanaggregateofsharesofourcommonstock,whichwilloccurpriortotheclosingofthisoffering;

• theautomaticconversionofallofouroutstandingConvertiblePreferredStockintoanaggregateofsharesofourcommonstock,whichwilloccurpriortotheclosingofthisoffering;and

• theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrantsintoanaggregateofsharesofourcommonstockatanexercisepriceof$pershare,whichoccurredinJuly2016;and

• doesnotreflect:

• sharesofourcommonstockissuablefollowingvestinginsettlementofrestrictedstockunits,orRSUs,anduptosharesofourcommonstockissuablefollowingvestinginsettlementofperformancestockunits,orPSUs,ineachcasethatwereissuedunderour2015OmnibusIncentivePlan,orthe2015IncentivePlan;

• additionalsharesofourcommonstockreservedforfutureissuanceunderthe2015IncentivePlan;and

• sharesofourcommonstockissuableinrespectofthesettlementofupto50%oftheoutstandingEARsatouroption,whichwereissuedundertheEARPlan.

Thenumberofsharesofourcommonstockoutstandingonahistorical,proformaandproformaasadjustedbasiseachreflectthe-for-stocksplitthatweeffectuatedon.

Unlessotherwiseindicated,theinformationinthisprospectusdoesnotreflectanyexercisebytheunderwritersoftheiroptiontopurchaseadditionalsharesfromthesellingshareholders.

15

Riskfactors See"RiskFactors"andotherinformationincludedinthisprospectusforadiscussionofrisksyoushouldcarefullyconsiderbeforedecidingtoinvestinourcommonstock.

Reservedshareprogram

Atourrequest,theunderwritershavereservedforsale,attheinitialpublicofferingprice,upto%ofthecommonstockofferedbythisprospectusforsaletocertainofourdirectors,directornominees,officersandemployees.ThesaleswillbemadebyJ.P.MorganSecuritiesLLC,anunderwriterofthisoffering,throughaReservedShareProgram.Ifthesepersonspurchasecommonstockitwillreducethenumberofsharesofcommonstockavailableforsaletothegeneralpublic.Anyreservedsharesofcommonstockthatarenotsopurchasedwillbeofferedbytheunderwriterstothegeneralpubliconthesametermsastheothersharesofcommonstockofferedbythisprospectus.

ProposedNYSEtradingsymbol

"GOLF"

TableofContents

SummaryConsolidatedFinancialData

Youshouldreadthesummaryconsolidatedfinancialdatabelowtogetherwiththeconsolidatedfinancialstatementsandrelatednotestheretoappearingelsewhereinthisprospectus,aswellas"SelectedConsolidatedFinancialData,""Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations"andtheotherfinancialinformationincludedelsewhereinthisprospectus.

WehavederivedthesummaryhistoricalconsolidatedstatementofoperationsdataandtheconsolidatedstatementofcashflowsdatafortheyearsendedDecember31,2013,2014and2015andtheconsolidatedbalancesheetdataasofDecember31,2014and2015presentedbelowfromourauditedconsolidatedfinancialstatementsincludedelsewhereinthisprospectus.WehavederivedthesummaryhistoricalbalancesheetdataasofDecember31,2013presentedbelowfromourauditedconsolidatedfinancialstatementswhicharenotincludedinthisprospectus.Ourhistoricalauditedresultsarenotnecessarilyindicativeoftheresultsthatshouldbeexpectedinanyfutureperiod.

WehavederivedthesummaryhistoricalconsolidatedstatementofoperationsdataandtheconsolidatedstatementofcashflowsdataforthesixmonthsendedJune30,2015andJune30,2016andtheconsolidatedbalancesheetdataasofJune30,2016presentedbelowfromourunauditedconsolidatedfinancialstatementsincludedelsewhereinthisprospectus.Wehavepreparedourunauditedconsolidatedfinancialstatementsonthesamebasisasourauditedconsolidatedfinancialstatementsandhaveincludedalladjustments,consistingonlyofnormalrecurringadjustmentsthat,inouropinion,arenecessarytopresentfairlythefinancialinformationsetforthinthosestatements.Theresultsforanyinterimperiodarenotnecessarilyindicativeoftheresultsthatmaybeexpectedforthefullyearandourhistoricalunauditedresultsarenotnecessarilyindicativeoftheresultsthatshouldbeexpectedinanyfutureperiod.

TheproformabalancesheetdataasofJune30,2016andtheproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.andtheproformabasicanddilutedweightedaveragenumberofsharesfortheyearendedDecember31,2015andthesixmonthsendedJune30,2016presentedbelowareunauditedandgiveeffectto(i)theautomaticconversionofallofouroutstandingConvertibleNotesintoanaggregateofsharesofourcommonstock,whichwilloccurpriortotheclosingofthisoffering,(ii)withrespecttotheproformabalancesheetdata,thepaymentincashof$25.0millionofinterestontheConvertibleNotesaccruedfromAugust1,2015to,butnotincluding,June30,2016and(iii)theautomaticconversionofallofouroutstandingConvertiblePreferredStockintoanaggregateofsharesofourcommonstock,whichwilloccurpriortotheclosingofthisoffering.TheproformabalancesheetdatagiveseffecttotheforegoingtransactionsassumingtheyoccurredonJune30,2016andtheproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.giveseffecttotheforegoingtransactionsassumingtheyoccurredonJanuary1,2015.TheproformadataisnotnecessarilyindicativeofwhatourfinancialpositionorbasicordilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.wouldhavebeeniftheforegoingtransactionshadbeencompletedasofJune30,2016orfortheyearendedDecember31,2015orthesixmonthsendedJune30,2016,norissuchdatanecessarilyindicativeofourfinancialpositionorbasicordilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.foranyfuturedateorperiod.

TheproformaasadjustedbalancesheetdataasofJune30,2016andtheproformaasadjustedbasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.andtheproformaasadjustedbasicanddilutedweightedaveragenumberofsharesfortheyearendedDecember31,2015andthesixmonthsendedJune30,2016presentedbelowareunauditedandgivefurthereffectto(i)theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrantsintoanaggregateofsharesofourcommonstockatanexercisepriceof$pershareandouruseoftheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021,whichoccurredinJuly2016,(ii)withrespecttotheproformaasadjustedbalancesheetdata,thepaymentin

16

TableofContents

cashof$2.4millionofinterestonthe7.5%bondsdue2021fromAugust1,2015to,butnotincluding,June30,2016and(iii)theRefinancing.TheproformaasadjustedbalancesheetdatagiveseffecttotheforegoingtransactionsassumingtheyoccurredonJune30,2016andtheproformaasadjustedbasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.giveseffecttotheforegoingtransactionsassumingtheyoccurredonJanuary1,2015.TheproformaasadjusteddataisnotnecessarilyindicativeofwhatourfinancialpositionorbasicordilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.wouldhavebeeniftheforegoingtransactionshadbeencompletedasofJune30,2016orfortheyearendedDecember31,2015orthesixmonthsendedJune30,2016,norissuchdatanecessarilyindicativeofourfinancialpositionorbasicordilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.foranyfuturedateorperiod.

17

TableofContents

18

YearendedDecember31, Sixmonthsended

June30, 2013 2014 2015 2015 2016 (inthousands,exceptshareandpersharedata) ConsolidatedStatementsofOperationsData: Netsales $ 1,477,219 $ 1,537,610 $ 1,502,958 $ 862,874 $ 902,995Costofgoodssold 744,090 779,678 727,120 409,929 443,754Grossprofit 733,129 757,932 775,838 452,945 459,241

Operatingexpenses: Selling,generalandadministrative 568,421 602,755 604,018 313,007 306,771Researchanddevelopment 42,152 44,243 45,977 22,628 22,823Intangibleamortization 6,704 6,687 6,617 3,313 3,303Restructuringcharges 955 — 1,643 — 642Incomefromoperations 114,897 104,247 117,583 113,997 125,702

Interestexpense,net 68,149 63,529 60,294 30,530 28,404Other(income)expense,net 5,285 (1,348) 25,139 9,934 3,838

Incomebeforeincometaxes 41,463 42,066 32,150 73,533 93,460Incometaxexpense 17,150 16,700 27,994 36,919 39,438Netincome 24,313 25,366 4,156 36,614 54,022

Less:Netincomeattributabletononcontrollinginterests (4,677) (3,809) (5,122) (3,158) (1,953)

Netincome(loss)attributabletoAcushnetHoldingsCorp. 19,636 21,557 (966) 33,456 52,069

Dividendspaidtopreferredshareholders (8,045) (8,045) (8,045) — —Accruingofcumulativedividends (5,740) (5,740) (5,740) (6,836) (6,855)Allocationofundistributedearningstopreferredshareholders (3,225) (3,866) — (12,548) (19,496)

Netincome(loss)attributabletocommonshareholders—basic 2,626 3,906 (14,751) 14,072 25,718

Netincome(loss)attributabletocommonshareholders—diluted(1) $ 2,626 $ 3,906 $ (14,751) $ 26,751 $ 41,418

PerShareData: Netincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.—basic(2) $ $ $ $ $

Netincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.—diluted(3)

Weightedaveragenumberofcommonshares—basic(2)

Weightedaveragenumberofcommonshares—diluted(3)

ProformanetincomepercommonshareattributabletoAcushnetHoldingsCorp.—basicanddiluted(4) $ $

Proformaweightedaveragenumberofcommonshares—basic(4) Proformaweightedaveragenumberofcommonshares—diluted(4) ProformaasadjustednetincomepercommonshareattributabletoAcushnetHoldingsCorp.—basicanddiluted(5) $ $

Proformaasadjustedweightedaveragenumberofcommonshares—basic(5)

Proformaasadjustedweightedaveragenumberofcommonshares—diluted(5)

(1) Reflectstheimpacttonetincome(loss)attributabletocommonshareholdersofdilutivesecurities.Dilutednetincome(loss)attributabletocommonshareholdersforeachoftheyearsendedDecember31,2013,2014and2015doesnotincludetheeffectsof(i)theconversionoftheConvertiblePreferredStocktocommonshares,(ii)theconversionoftheConvertibleNotestocommonshares,(iii)theexerciseofouroutstandingcommonstockwarrantsor(iv)theexerciseofthenoutstandingstockoptions,astheinclusionoftheseinstrumentswouldhavebeenanti-dilutiveforeachoftheyearsendedDecember31,2013,2014and2015.Dilutednetincome(loss)attributabletocommonshareholdersforthesixmonthsendedJune30,2015and2016doesnotincludetheeffectsof(i)theconversionoftheConvertiblePreferred

TableofContents

19

Stocktocommonsharesor(ii)theexerciseofouroutstandingcommonstockwarrants,astheinclusionoftheseinstrumentswouldhavebeenanti-dilutiveforeachofthesixmonthsendedJune30,2015and2016.

(2) Basicnetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.iscomputedbydividing(A)netincome(loss)attributabletoAcushnetHoldingsCorp.,afteradjustingfor(i)dividendspaidandaccruedand(ii)allocationsofundistributedearningstopreferredshareholders,by(B)basicweightedaveragecommonsharesoutstanding.

(3) Dilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.iscomputedbydividing(A)netincome(loss)attributabletoAcushnetHoldingsCorp.,afteradjustingfor(i)dividendspaidandaccrued,(ii)allocationsofundistributedearningstopreferredshareholdersand(iii)theimpactstonetincome(loss)ofanypotentiallydilutivesecurities,by(B)thedilutedweightedaveragecommonsharesoutstanding,whichhasbeenadjustedtoincludeanypotentiallydilutivesecurities.Dilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.foreachoftheyearsendedDecember31,2013,2014and2015doesnotincludetheeffectsof(i)theconversionoftheConvertiblePreferredStocktocommonshares,(ii)theconversionoftheConvertibleNotestocommonshares,(iii)theexerciseofouroutstandingcommonstockwarrantsor(iv)theexerciseofthenoutstandingstockoptions,astheinclusionoftheseinstrumentswouldhavebeenanti-dilutiveforeachoftheyearsendedDecember31,2013,2014and2015.Dilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.forthesixmonthsendedJune30,2015and2016doesnotincludetheeffectsof(i)theconversionoftheConvertiblePreferredStocktocommonsharesor(ii)theexerciseofouroutstandingcommonstockwarrants,astheinclusionoftheseinstrumentswouldhavebeenanti-dilutiveforeachofthesixmonthsendedJune30,2015and2016.

(4) SeeNote20toourauditedconsolidatedfinancialstatementsandNote14toourunauditedconsolidatedfinancialstatements,eachincludedelsewhereinthisprospectus,forfurtherdetailsonthecalculationofproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.

(5) ProformaasadjustedbasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.representsproformanetincomepercommonshareattributabletoAcushnetHoldingsCorp.aftergivingfurthereffectto(i)theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrantsintoanaggregateofsharesofourcommonstockatanexercisepriceof$pershareandouruseoftheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021,whichoccurredinJuly2016and(ii)theRefinancing,asifeachoftheseeventsoccurredonJanuary1,2015.

TableofContents

20

ThefollowingtableprovidesareconciliationofproformanetincomeattributabletoAcushnetHoldingsCorp.toproformaasadjustednetincomeattributabletoAcushnetHoldingsCorp.:

Yearended

December31,2015 SixmonthsendedJune30,2016

(inthousands,exceptshareand

persharedata) ProformanetincomeattributabletoAcushnetHoldingsCorp.(a) $ 16,706 $ 60,857

Lossesonthefairvalueofourcommonstockwarrants 28,364 6,112

Interestexpenseon7.5%bondsdue2021 5,351 1,022

ChangeininterestexpenserelatedtotheRefinancing 5,288 2,748

ProformaasadjustednetincomeattributabletoAcushnetHoldingsCorp. $ 55,709 $ 70,739

Proformaweightedaveragenumberofcommonshares—basic(a) Proformaweightedaveragenumberofcommonshares—diluted(a) Issuanceofcommonsharesrelatingtotheassumedexerciseofourcommonstockwarrants

Proformaasadjustedweightedaveragenumberofcommonshares—basic

Proformaasadjustedweightedaveragenumberofcommonshares—diluted

ProformaasadjustednetincomepercommonshareattributabletoAcushnetHoldingsCorp.—basicanddiluted $ $

(a) SeeNote20toourauditedconsolidatedfinancialstatementsandNote14toourunauditedconsolidatedfinancialstatements,eachincludedelsewhereinthisprospectus,forfurtherdetailsonthecalculationofproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.

TableofContents

21

AsofJune30,

AsofDecember31,

2016

2014 2015

ProFormaAsAdjusted

Actual ProForma (inthousands) BalanceSheetData(1):

Cash(2) $ 47,667 $ 54,409 $ 75,779 $ 50,752 $ 48,363Currentassetslesscurrentliabilities,excludingthecurrentportionofourlong-termdebtandEARPlanliability 339,301 345,114 378,628 378,628 407,624

Totalassets 1,762,703 1,758,973 1,807,135 1,782,108 1,779,719Long-termdebt,netofdiscount,includingcurrentportion,andcapitalleaseobligations(3) 873,542 797,151 769,215 406,725 375,903

EARPlanliability,includingcurrentportion(4) 122,013 169,566 153,533 153,533 153,533TotalequityattributabletoAcushnetHoldingsCorp. 156,587 160,251 206,168 699,694 759,512

(1) Doesnotreflectthepaymentof$millioninaggregate,consistingof:(i)accruedandunpaidinterestintheamountof$0.2milliononour7.5%bondsdue2021accruingfromJuly1,2016to,butnotincluding,theirredemptiondateonJuly29,2016,(ii)accruedandunpaidinterestintheamountof$milliononourConvertibleNotesaccruingfromJuly1,2016to,butnotincluding,thedateofpricingofthisoffering,(iii)accruedandunpaidinterestintheamountof$milliononourConvertibleNotesaccruingfromJuly1,2016to,butnotincluding,theclosingdateofthisoffering,(iv)accruedandunpaiddividendsintheamountof$milliononourConvertiblePreferredStockfromAugust1,2015to,butnotincluding,thedateofpricingofthisoffering,(v)accruedandunpaiddividendsintheamountof$milliononourConvertiblePreferredStockfromAugust1,2015to,butnotincluding,theclosingdateofthisofferingand(vi)estimatedfeesandexpensesofapproximately$relatedtothisofferingpayablebyuswhichwehaveincurredsinceJuly1,2016.

OnJuly29,2016,wepaid(i)allaccruedandunpaidinterestonour7.5%bondsdue2021to,butnotincluding,July29,2016inconnectionwiththeredemptionofallofouroutstanding7.5%bondsdue2021,(ii)allaccruedandunpaidinterestonourConvertibleNotesto,butnotincluding,August1,2016and(iii)allaccruedandunpaiddividendsonourConvertiblePreferredStockto,butnotincluding,August1,2016,eachofwhichwasfundedusingcashonhandandborrowingsunderournewrevolvingcreditfacility.

WeexpecttopaytheremainingaccruedandunpaidinterestonourConvertibleNotesandtheremainingaccruedandunpaiddividendsonourConvertiblePreferredStockatthepricingortheclosingofthisoffering,asthecasemaybe.Weexpecttopay(i)theremainingaccruedandunpaidinterestonourConvertibleNotes,(ii)theremainingaccruedandunpaiddividendsonourConvertiblePreferredStockand(iii)ourremainingfeesandexpensesrelatedtothisofferingusingcashonhandand/orborrowingsunderournewrevolvingcreditfacility.

(2) Doesnotincluderestrictedcashof$6.1million,$4.7millionand$4.9millionasofDecember31,2014and2015andJune30,2016,respectively.Restrictedcashisprimarilyrelatedtoastandbyletterofcreditusedforinsurancepurposes.Includescashof$7.7million,$10.0millionand$15.1millionasofDecember31,2014and2015andJune30,2016,respectively,relatedtoourFootJoygolfshoejointventure.SeeNote2toourauditedconsolidatedfinancialstatementsandNote1toourunauditedconsolidatedfinancialstatements,eachincludedelsewhereinthisprospectus,forfurtherdetailsonourFootJoygolfshoejointventure.

TableofContents

22

(3) Long-termdebt,netofdiscount,includingcurrentportion,andcapitalleaseobligationsconsistsof(i)long-termdebtandcapitalleaseobligationsand(ii)theportionofanylong-termdebtthatisclassifiedasacurrentliabilityonourbalancesheet,ineachcasenetofanyunamortizeddiscountonsuchoutstandingamounts.

Thefollowingtableshowshowlong-termdebt,netofdiscount,includingcurrentportion,andcapitalleaseobligationswascalculatedfortherelevantperiods:

AsofDecember31, AsofJune30,

Actual ProForma ProFormaAsAdjusted

2014 2015 2016 Short-termdebt $ 81,162 $ 441,704 $ 422,328 $ 422,328 $ 47,746Long-termdebtandcapitalleaseobligations 824,179 394,511 394,632 32,142 375,902Totaldebt 905,341 836,215 816,960 454,470 423,648Less:short-termfinancingarrangements(a) (31,799) (39,064) (47,745) (47,745) (47,745)Long-termdebt,netofdiscount,includingcurrentportion,andcapitalleaseobligations $ 873,542 $ 797,151 $ 769,215 $ 406,725 $ 375,903

(a) Excludesanylong-termdebtthatisclassifiedasacurrentliabilityonourbalancesheetandconsistsofamountsoutstandingunder(i)revolvingcreditfacilitiesand(ii)termloanfacilitiesandotherfinancingarrangementsthatmaturewithinoneyearoforiginalissuance.

(4) TheEARsasstructureddonotqualifyforequityaccountingtreatment.Assuch,theliabilitywasre-measuredateachreportingperiodbasedonourthen-currentprojectionofourcommonstockequivalent,orCSE,value(asdefinedintheEARPlan).See"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—CriticalAccountingPoliciesandEstimates—Share-BasedCompensation."TheEARswillaccrete$1.1millionofinterestfortheremainderoftheyearendedDecember31,2016.TheEARPlanexpiresonDecember31,2016andamountsearnedundertheEARPlanmustbepaidwithintwoandahalfmonthsaftertheexpirationdate.

YearendedDecember31, Sixmonthsended

June30, 2013 2014 2015 2015 2016 (inthousands) ConsolidatedStatementsofCashFlowsData: Cashflowsprovidedby(usedin): Operatingactivities $ 78,795 $ 54,113 $ 91,830 $ 36,070 $ 55,487Investingactivities (46,360) (23,164) (21,839) (9,071) (8,156)Financingactivities (28,179) (30,154) (60,057) (4,876) (27,796)

TableofContents

23

YearendedDecember31, Sixmonthsended

June30, 2013 2014 2015 2015 2016 (inthousands) OtherFinancialData: AdjustedEBITDA(1) $ 190,407 $ 202,593 $ 214,721 $ 160,389 $ 164,350AdjustedNetIncome(2) 68,387 80,499 86,721 75,297 79,558FreeCashFlow(3) 32,336 30,586 68,629 25,661 47,371

(1) AdjustedEBITDArepresentsnetincome(loss)attributabletoAcushnetHoldingsCorp.plusincometaxexpense,interestexpense,depreciationandamortization,theexpensesrelatingtoourEARPlan,share-basedcompensationexpense,aone-timeexecutivebonus,restructuringcharges,plantstart-upcosts,certaintransactionfees,indemnificationexpense(income)fromourformerownerBeam,gains(losses)onthefairvalueofourcommonstockwarrants,certainothernon-cashgains,netandthenetincomerelatingtononcontrollinginterestsinourFootJoygolfshoejointventure.WedefineAdjustedEBITDAinamannerconsistentwiththeterm"ConsolidatedEBITDA"asitisdefinedinournewcreditagreement.ConsolidatedEBITDAisusedinournewcreditagreementattheAcushnetCompanylevelforpurposesofcertainmaterialterms,including(i)determiningtheapplicablemarginusedtodeterminetheinterestrateperannumofoutstandingborrowingsandcommitmentfeesforrevolvingcommitments,(ii)calculatingcertainfinancialratiosusedinfinancialmaintenancecovenantsthatrequirecomplianceonaquarterlybasis,(iii)determiningourabilitytoincuradditionaltermloansorincreasestoournewrevolvingcreditfacilityand(iv)determiningtheavailabilityofcertainbasketsandtheabilitytoenterintocertaintransactions.See"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—LiquidityandCapitalResources—Indebtedness"and"DescriptionofIndebtedness"forfurtherdiscussionofhowConsolidatedEBITDAisusedincertainmaterialtermsofournewcreditagreement.

WepresentAdjustedEBITDAasasupplementalmeasurebecauseitexcludestheimpactofcertainitemsthat(i)wedonotconsiderindicativeofourongoingoperatingperformance,(ii)thatrelatetotheAcquisitionor(iii)thatrelatetoourhistoricalcapitalstructurethatwillnolongerberelevantaftertheclosingofthisoffering.ManagementusesAdjustedEBITDAtoevaluatetheeffectivenessofourbusinessstrategies,assessourconsolidatedoperatingperformanceandmakedecisionsregardingpricingofourproducts,gotomarketexecutionandcoststoincuracrossourbusiness.AdjustedEBITDAisalsousedasafinancialperformancemeasureforpurposesofdeterminingthevestingofequityawardsthatweregrantedunderour2015IncentivePlan.

WealsobelieveAdjustedEBITDAprovidesusefulinformationtoinvestorsregarding(i)ourconsolidatedoperatingperformance,(ii)ourcapacitytoservicedebt,(iii)theapplicablemarginusedtodeterminetheinterestrateperannumofoutstandingborrowingsandcommitmentfeesforrevolvingcommitmentsand(iv)ourcapacitytoincuradditionaldebtandutilizecertainbasketsandenterintotransactionsthatmayotherwiseberestrictedbyournewcreditagreement.BypresentingAdjustedEBITDA,weprovideabasisforcomparisonofourbusinessoperationsbetweendifferentperiodsbyexcludingitemsthatwedonotbelieveareindicativeofourcoreoperatingperformance.

AdjustedEBITDAisnotameasurementoffinancialperformanceunderGAAP.Itshouldnotbeconsideredanalternativetonetincome(loss)attributabletoAcushnetHoldingsCorp.asameasureofouroperatingperformanceoranyothermeasureofperformancederivedinaccordancewithGAAP.Inaddition,AdjustedEBITDAshouldnotbeconstruedasaninferencethatourfutureresultswillbeunaffectedbyunusualornon-recurringitems,oraffectedbysimilarnon-recurringitems.AdjustedEBITDAhaslimitationsasananalyticaltool,andyoushouldnotconsidersuchmeasureeitherinisolationorasasubstituteforanalyzingourresultsasreported

TableofContents

24

underGAAP.OurdefinitionandcalculationofAdjustedEBITDAisnotnecessarilycomparabletoothersimilarlytitledmeasuresusedbyothercompaniesduetodifferentmethodsofcalculation.

Thefollowingtableprovidesareconciliationofnetincome(loss)attributabletoAcushnetHoldingsCorp.toAdjustedEBITDA:

YearendedDecember31, Sixmonthsended

June30, 2013 2014 2015 2015 2016 (inthousands) Netincome(loss)attributabletoAcushnetHoldingsCorp. $ 19,636 $ 21,557 $ (966) $ 33,456 $ 52,069Incometaxexpense 17,150 16,700 27,994 36,919 39,438Interestexpense,net 68,149 63,529 60,294 30,530 28,404Depreciationandamortization 39,423 43,159 41,702 21,270 20,550EARPlan(a) 28,258 50,713 45,814 22,665 —Share-basedcompensation(b) 3,461 1,977 5,789 1,914 964One-timeexecutivebonus(c) — — — — 7,500Restructuringcharges(d) 955 — 1,643 — 642Thailandgolfballmanufacturingplantstart-upcosts(e) 2,927 788 — — —

Transactionfees(f) 551 1,490 2,141 538 8,965Beamindemnificationexpense(income)(g) 6,345 1,386 (3,007) (4,718) (485)(Gains)lossesonthefairvalueofourcommonstockwarrants(h) (976) (1,887) 28,364 14,778 6,112

Othernon-cashgains,net (149) (628) (169) (121) (295)Nonrecurringexpense(income)(i) — — — — (1,467)Netincomeattributabletononcontrollinginterests(j) 4,677 3,809 5,122 3,158 1,953

AdjustedEBITDA $ 190,407 $ 202,593 $ 214,721 $ 160,389 $ 164,350

(a) ReflectsexpensesrelatedtotheanticipatedfullvestingofEARsgrantedunderourEARPlanandtheremeasurementoftheliabilityateachreportingperiodbasedonthethen-currentprojectionofourCSEvalue.See"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—CriticalAccountingPoliciesandEstimates—Share-BasedCompensation."Wemayincuradditionalmaterialexpensesin2016inconnectionwiththeoutstandingEARs.AlloutstandingEARsundertheEARPlanvestedasofDecember31,2015.TheEARPlanexpiresonDecember31,2016andamountsearnedundertheEARPlanmustbepaidwithintwoandahalfmonthsaftertheexpirationdate.

(b) ReflectscompensationexpenseassociatedwiththeexerciseofsubstitutestockoptionsbyanexecutivewhichweregrantedinconnectionwiththeAcquisition.Allsuchstockoptionshavebeenexercised.

(c) Inthefirstquarterof2016,ourPresidentandChiefExecutiveOfficerwasawardedacashbonusintheamountof$7.5millionasconsiderationforpastperformance.

(d) Reflectsrestructuringchargesincurredinconnectionwiththereorganizationofcertainofouroperationsin2013,2015andthesixmonthsendedJune30,2016.

(e) Reflectsexpensesincurredinconnectionwiththeconstructionandproductionramp-upofourgolfballmanufacturingplantinThailand.

TableofContents

25

(f) Reflectslegalfeesincurredin2013,2014and2015andthesixmonthsendedJune30,2016relatingtoadisputearisingfromtheindemnificationobligationsowedtousbyBeaminconnectionwiththeAcquisitionaswellascertainfeesandexpensesweincurredin2015andthesixmonthsendedJune30,2016inconnectionwiththisoffering.

(g) Reflectsthenon-cashchargesrelatedtotheindemnificationobligationsowedtousbyBeamthatareincludedwhencalculatingnetincome(loss)attributabletoAcushnetHoldingsCorp.

(h) FilaKoreaexercisedallofouroutstandingcommonstockwarrantsinJuly2016andweusedtheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021.

(i) ReflectslegaljudgmentinfavorofusassociatedwiththeBeamvalue-addedtaxdisputerecordedinother(income)expense.

(j) ReflectsthenetincomeattributabletotheinterestthatwedonotowninourFootJoygolfshoejointventure.

(2) AdjustedNetIncomerepresentsnetincome(loss)attributabletoAcushnetHoldingsCorp.plusinterestexpenseonourConvertibleNotesand7.5%bondsdue2021,theexpensesrelatingtoourEARPlan,share-basedcompensationexpense,aone-timeexecutivebonus,restructuringcharges,plantstart-upcosts,certaintransactionfeesand(gains)lossesonthefairvalueofourcommonstockwarrants,minusthetaxeffectoftheforegoingadjustments.WebelieveAdjustedNetIncomeisusefultoinvestors,securitiesanalystsandotherinterestedpartiesasameasureofourcomparativeoperatingperformancefromperiodtoperiodbecauseitexcludestheimpactofcertainitemsthat(i)wedonotconsiderindicativeofourongoingoperatingperformance,(ii)relatetotheAcquisition,(iii)relatetoourhistoricalcapitalstructurethatwillnolongerberelevantaftertheclosingofthisofferingor(iv)relatetoourhistoricalequitycompensationstructurethatwillnotberelevantafteramountsearnedunderourEARPlanarepaidaftertheapplicableexpirationdate(thoughwenotethatwebegantoincurcompensationexpenseswithrespecttoequity-basedgrantsunderthe2015IncentivePlaninthesecondquarterof2016,whichexpenseswedonotadjustforwhenpresentingAdjustedNetIncome).AdjustedNetIncomeisnotameasurementoffinancialperformanceunderGAAP.Itshouldnotbeconsideredanalternativetonetincome(loss)attributabletoAcushnetHoldingsCorp.asameasureofouroperatingperformanceoranyothermeasureofperformancederivedinaccordancewithGAAP.Inaddition,AdjustedNetIncomeshouldnotbeconstruedasaninferencethatourfutureresultswillbeunaffectedbyunusualornon-recurringitems,oraffectedbysimilarnon-recurringitems.AdjustedNetIncomehaslimitationsasananalyticaltool,andyoushouldnotconsidersuchmeasureeitherinisolationorasasubstituteforanalyzingourresultsasreportedunderGAAP.OurdefinitionandcalculationofAdjustedNetIncomeisnotnecessarilycomparabletoothersimilarlytitledmeasuresusedbyothercompaniesduetodifferentmethodsofcalculation.

TableofContents

26

Thefollowingtableprovidesareconciliationofnetincome(loss)attributabletoAcushnetHoldingsCorp.toAdjustedNetIncome:

YearendedDecember31, Sixmonthsended

June30, 2013 2014 2015 2015 2016 (inthousands) Netincome(loss)attributabletoAcushnetHoldingsCorp. $ 19,636 $ 21,557 ($966) $ 33,456 $ 52,069InterestexpenseonConvertibleNotesand7.5%bondsdue2021(a) 40,276 37,960 35,420 16,519 15,129

EARPlan(b) 28,258 50,713 45,814 22,665 —Share-basedcompensation(c) 3,461 1,977 5,789 1,914 —One-timeexecutivebonus(d) — — — — 7,500Restructuringcharges(e) 955 — 1,643 — 642Thailandgolfballmanufacturingplantstart-upcosts(f) 2,927 788 — — —

Transactionfees(g) 551 1,490 2,141 538 8,965(Gains)lossesonthefairvalueofourcommonstockwarrants(h) (976) (1,887) 28,364 14,778 6,112

Nonrecurringexpense(income)(i) — — — — (1,467)Taxeffectoftheforegoingadjustments(j) (26,701) (32,099) (31,484) (14,573) (9,392)

AdjustedNetIncome $ 68,387 $ 80,499 $ 86,721 $ 75,297 $ 79,558

(a) InconnectionwiththeAcquisition,weissued(i)anaggregateprincipalamountof$362.5millionofourConvertibleNotesand(ii)anaggregateprincipalamountof$172.5millionof7.5%bondsdue2021(whichaggregateprincipalamountof7.5%bondsdue2021was$34.5millionasofJune30,2016).AllofouroutstandingConvertibleNoteswillconvertintosharesofourcommonstockpriortotheclosingofthisofferingandFilaKoreaexercisedallofouroutstandingcommonstockwarrantsinJuly2016andweusedtheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021.

(b) ReflectsexpensesrelatedtotheanticipatedfullvestingofEARsgrantedunderourEARPlanandtheremeasurementoftheliabilityateachreportingperiodbasedonthethen-currentprojectionofourfutureCSEvalue.See"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—CriticalAccountingPoliciesandEstimates—Share-BasedCompensation."Wemayincuradditionalmaterialexpensesin2016inconnectionwiththeoutstandingEARs.AlloutstandingEARsundertheEARPlanvestedasofDecember31,2015.TheEARPlanexpiresonDecember31,2016andamountsearnedundertheEARPlanmustbepaidwithintwoandahalfmonthsaftertheexpirationdate.WeadjustforexpensesrelatingtoourEARPlanwhenpresentingAdjustedNetIncomeastheseexpensesarenotrepresentativeoftheequity-basedcompensationexpensesweexpecttoincuronanongoingbasis.Webegantoincurcompensationexpenseswithrespecttoequity-basedgrantsunderthe2015IncentivePlanbeginninginthesecondquarterof2016,whichexpenseswedonotadjustforwhenpresentingAdjustedNetIncome.

(c) ReflectscompensationexpenseassociatedwiththeexerciseofsubstitutestockoptionsbyanexecutivewhichweregrantedinconnectionwiththeAcquisition.Allsuchstockoptionshavebeenexercised.

(d) Inthefirstquarterof2016,ourPresidentandChiefExecutiveOfficerwasawardedacashbonusintheamountof$7.5millionasconsiderationforpastperformance.

(e) Reflectsrestructuringchargesincurredinconnectionwiththereorganizationofcertainofouroperationsin2013,2015andthesixmonthsendedJune30,2016.

TableofContents

27

(f) Reflectsexpensesincurredinconnectionwiththeconstructionandproductionramp-upofourgolfballmanufacturingplantinThailand.

(g) Reflectslegalfeesincurredin2013,2014and2015andthesixmonthsendedJune30,2016relatingtoadisputearisingfromtheindemnificationobligationsowedtousbyBeaminconnectionwiththeAcquisitionaswellascertainfeesandexpensesweincurredin2015andthesixmonthsendedJune30,2016inconnectionwiththisoffering.

(h) FilaKoreaexercisedallofouroutstandingcommonstockwarrantsinJuly2016andweusedtheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021.

(i) ReflectslegaljudgmentinfavorofusassociatedwithBeamvalue-addedtaxdisputerecordedinother(income)expenses.

(j) Theadjustmentstonetincome(loss)attributabletoAcushnetHoldingsCorp.havebeentaxeffectedattheapplicablestatutoryratewiththeexceptionofthefairvalueofthecommonstockwarrantsandcertaintransactioncostswhicharepermanentitemsfortaxpurposes,andtherefore,havenotbeentaxeffected.

(3) FreeCashFlowrepresentscashflowsprovidedby(usedin)operatingactivitieslesscapitalexpenditures.WebelieveFreeCashFlowisusefultoinvestorsbecauseitrepresentsthecashthatouroperatingbusinessgeneratesbeforetakingintoaccountcapitalexpenditures.FreeCashFlowisnotameasurementofliquidityunderGAAP.Itshouldnotbeconsideredasanalternativetocashflowsprovidedby(usedin)operatingactivitiesasameasureofourliquidityoranyothermeasureofliquidityderivedinaccordancewithGAAP.FreeCashFlowhaslimitationsasananalyticaltool,andyoushouldnotconsidersuchmeasureeitherinisolationorasasubstituteforanalyzingourresultsasreportedunderGAAP.OurdefinitionandcalculationofFreeCashFlowisnotnecessarilycomparabletoothersimilarlytitledmeasuresusedbyothercompaniesduetodifferentmethodsofcalculation.

Thefollowingtableprovidesareconciliationofcashflowsprovidedby(usedin)operatingactivitiestoFreeCashFlow:

YearendedDecember31, Sixmonthsended

June30, 2013 2014 2015 2015 2016 (inthousands) Cashflowsprovidedby(usedin)operatingactivities $ 78,795 $ 54,113 $ 91,830 $ 36,070 $ 55,487Capitalexpenditures (46,459) (23,527) (23,201) (10,409) (8,116)

FreeCashFlow(a) $ 32,336 $ 30,586 $ 68,629 $ 25,661 $ 47,371

(a) InconnectionwiththeAcquisition,weissued(i)anaggregateprincipalamountof$362.5millionofourConvertibleNotesand(ii)anaggregateprincipalamountof$172.5millionof7.5%bondsdue2021(whichaggregateprincipalamountof7.5%bondsdue2021was$34.5millionasofJune30,2016).AllofouroutstandingConvertibleNoteswillconvertintosharesofourcommonstockpriortotheclosingofthisofferingandFilaKoreaexercisedallofouroutstandingcommonstockwarrantsinJuly2016andweusedtheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021.FreeCashFlowhasnotbeenadjustedtoexcludeanyhistoricalimpactfromtheinterestexpenseonourConvertibleNotesandour7.5%bondsdue2021,whichinterestexpensetotaled$40.3million,$38.0million,$35.4million,$16.5millionand$15.1millionfortheyearsendedDecember31,2013,2014and2015andthesixmonthsendedJune30,2015and2016,respectively.

TableofContents

RISKFACTORS

Investing in our common stock involves a high degree of risk. You should carefully consider each of the following risk factors, as well as the otherinformation in this prospectus, including our consolidated financial statements and the related notes and "Management's Discussion and Analysis of FinancialCondition and Results of Operation," before deciding whether to invest in shares of our common stock. If any of the following risks actually occurs, our business,financial condition and results of operations could be materially adversely affected. In that event, the market price of our common stock could decline significantlyand you could lose all or part of your investment. The risks described below are not the only risks we face. Additional risks we are not presently aware of or thatwe currently believe are immaterial could also materially adversely affect our business, financial condition and results of operations.

RisksRelatedtoOurBusinessandIndustry

A reduction in the number of rounds of golf played or in the number of golf participants could materially adversely affect our business, financial condition andresults of operations.

Wegeneratesubstantiallyallofoursalesfromthesaleofgolf-relatedproducts,includinggolfballs,golfclubs,golfshoes,golfgloves,golfgearandgolfapparel.Thedemandforgolf-relatedproductsingeneral,andgolfballsinparticular,isdirectlyrelatedtothenumberofgolfparticipantsandthenumberofroundsofgolfbeingplayedbytheseparticipants.ThenumberofroundsofgolfplayedintheUnitedStatesdeclinedfrom2006to2014.Ifgolfparticipationorthenumberofroundsofgolfplayedcontinuestodecline,salesofourproductsmaybeadverselyimpactedwhichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Unfavorable weather conditions may impact the number of playable days and rounds played in a given year.

Weatherconditionsinmostpartsoftheworld,includingourprimarygeographicmarkets,generallyrestrictgolffrombeingplayedyear-round,withmanyofouron-coursecustomersclosedduringthecoldweathermonthsand,toalesserextent,duringthehotweathermonths.Unfavorableweatherconditionsinourmajormarkets,suchasaparticularlylongwinter,acoldandwetspring,oranextremelyhotsummer,wouldimpactthenumberofplayabledaysandroundsplayedinagivenyear,whichwouldresultinadecreaseintheamountspentbygolfersandgolfretailersonourproducts,particularlywithrespecttoconsumableproductssuchasgolfballsandgolfgloves,whichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.Ourresultsin2013and2014werenegativelyimpactedbyunfavorableweatherconditionsinourmajormarkets.Unusualorsevereweatherconditionsthroughouttheyear,suchasstormsordroughtsorotherwatershortages,cannegativelyaffectgolfroundsplayedbothduringtheeventsandafterward,asweatherdamagedgolfcoursesarerepairedandgolfersfocusonrepairingthedamagetotheirhomes,businessesandcommunities.Consequently,sustainedadverseweatherconditions,especiallyduringthewarmweathermonths,couldimpactoursaleswhichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.Adverseweatherconditionsmayhaveagreaterimpactonusthanothergolfequipmentcompaniesaswehavealargepercentageofconsumableproductsinourproductportfolio,andthepurchaseofconsumableproductsaregenerallymoredependentonthenumberofroundsplayedinagivenyear.

Consumer spending habits and macroeconomic factors may affect the number of rounds of golf played and related spending on golf products.

Ourproductsarerecreationalinnatureandarethereforediscretionarypurchasesforconsumers.Consumersaregenerallymorewillingtospendtheirtimeandmoneytoplaygolfandmakediscretionarypurchasesofgolfproductswheneconomicconditionsarefavorableandwhenconsumersarefeelingconfidentandprosperous.Discretionaryspendingongolfandthegolfproductswesellisaffectedbyconsumerspendinghabitsaswellasbymanymacroeconomicfactors,includinggeneral

28

TableofContents

businessconditions,stockmarketpricesandvolatility,corporatespending,housingprices,interestrates,theavailabilityofconsumercredit,taxesandconsumerconfidenceinfutureeconomicconditions.Consumersmayreduceorpostponepurchasesofourproductsasaresultofshiftsinconsumerspendinghabitsaswellasduringperiodswheneconomicuncertaintyincreases,disposableincomeislower,orduringperiodsofactualorperceivedunfavorableeconomicconditions.Forexample,therecessionrelatedtotheU.S.financialcrisisbeginningin2007ledtoslowereconomicactivity,decreasedstockpricesandincreasedvolatility,depressedhousingprices,increasedunemployment,concernsaboutinflationandenergycosts,decreasedbusinessandconsumerconfidence,andadversebusinessconditions(includingreducedcorporateprofitsandcapitalspending),whichadverselyaffectedourbusiness,financialconditionandresultsofoperations.Theeffectsoftherecessionarestillbeingfelttodayinthegolfindustryaswebelieveconsumershavebecomemorecautiouswiththeirdiscretionarypurchasesandthistrendmaycontinue.Forexample,corporatespendingongolfequipmenthasremainedatlowerlevelssincethefinancialcrisisasevidencedbythelowervolumeofballsinourcustomlogobusinessbeingsoldtocompaniesascomparedtobeforethecrisis.Thecontinuationofthesenegativemacroeconomicconditionsorafuturesignificantorprolongeddeclineingeneraleconomicconditionsoruncertaintiesregardingfutureeconomicprospectsthatadverselyaffectsconsumerdiscretionaryspending,whetherintheUnitedStatesorinourinternationalmarkets,couldresultinreducedsalesofourproducts,whichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Demographic factors may affect the number of golf participants and related spending on our products.

Golfisarecreationalactivitythatrequirestimeandmoneyanddifferentgenerationsandsocioeconomicandethnicgroupsusetheirleisuretimeanddiscretionaryfundsindifferentways.Golfparticipationamongyoungergenerationsandcertainsocioeconomicandethnicgroupsmaynotprovetobeaspopularasitisamongthecurrentgen-xandbabyboomergenerations.ThenumberofroundsofgolfbeingplayedintheUnitedStatesdeclinedfrom2006to2014.Ifgolfparticipationorthenumberofroundsofgolfplayedcontinuestodecrease,duetofactorssuchasdemographicchangesintheUnitedStatesandourinternationalmarketsorlackofinterestinthesportamongyoungpeopleorcertainsocioeconomicandethnicgroups,salesofourproductscouldbenegativelyimpactedwhichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

A significant disruption in the operations of our manufacturing, assembly or distribution facilities could materially adversely affect our business, financialcondition and results of operations.

WerelyonourmanufacturingfacilitiesintheUnitedStates,ThailandandChinaandassemblyanddistributionfacilitiesinmanyofourmajormarkets,certainofwhichconstituteoursolemanufacturingfacilityforaparticularproductcategory,includingourjointventurefacilityinChinawheresubstantiallyallofourgolfshoesaremanufacturedandourfacilityinThailandwherewemanufacturesubstantiallyallofourgolfgloves.Becausesubstantiallyallofourproductsaremanufacturedandassembledinanddistributedfromafewlocations,ouroperationscouldbeinterruptedbyeventsbeyondourcontrol,including:

• powerlossornetworkconnectivityortelecommunicationsfailureordowntime;

• equipmentfailure;

• humanerrororaccidents;

• sabotageorvandalism;

• physicalorelectronicsecuritybreaches;

• floods,fires,earthquakes,hurricanes,tornadoes,tsunamisorothernaturaldisasters;

• politicalunrest;

29

TableofContents

• labordifficulties,includingworkstoppagesorslowdowns;

• waterdamageorwatershortage;

• governmentordersandregulations;

• pandemicsandotherhealthandsafetyissues;and

• terrorism.

Ourmanufacturing,assemblyanddistributioncapacityisalsodependentontheperformanceofservicesbythirdparties,includingvendors,landlordsandtransportationproviders.Ifweencounterproblemswithourmanufacturing,assemblyanddistributionfacilities,ourabilitytomeetcustomerexpectations,manageinventory,completesalesandachieveobjectivesforoperatingefficienciescouldbeharmed,whichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.Wemaintainbusinessinterruptioninsurance,butitmaynotadequatelyprotectusfromtheadverseeffectsthatcouldresultfromsignificantdisruptionstoourmanufacturing,assemblyanddistributionfacilities,suchasthelong-termlossofcustomersoranerosionofourbrandimage.

Ourmanufacturing,assemblyanddistributionnetworksincludecomputerprocesses,softwareandautomatedequipmentthatmaybesubjecttoanumberofrisksrelatedtosecurityorcomputerviruses,theproperoperationofsoftwareandhardware,electronicorpowerinterruptionsorothersystemfailures.

Many of our raw materials or components of our products are provided by a sole or limited number of third-party suppliers and manufacturers.

Werelyonasoleorlimitednumberofthird-partysuppliersandmanufacturersformanyofourrawmaterialsandthecomponentsinourgolfballs,golfclubs,golfglovesandcertainofourotherproducts.Wealsousespecializedsourcesforcertainoftherawmaterialsusedtomakeourgolfglovesandotherproducts,andthesesourcesarelimitedtocertaingeographicallocations.Furthermore,manyofthesematerialsarecustomizedforusandsomeofourproductsrequirespeciallydevelopedmanufacturingtechniquesandprocesseswhichmakeitdifficulttoidentifyandutilizealternativesuppliersquickly.Ifweweretoexperienceanydelayorinterruptioninsuchsupplies,wemaynotbeabletofindadequatealternativesuppliersatareasonablecostorwithoutsignificantdisruptiontoourbusinesswhichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

A disruption in the operations of our suppliers could materially adversely affect our business, financial condition and results of operations.

Ourabilitytocontinuetoselectreliablesupplierswhoprovidetimelydeliveriesofqualitymaterialsandcomponentswillimpactoursuccessinmeetingcustomerdemandfortimelydeliveryofqualityproducts.Ifweexperiencesignificantlyincreaseddemand,orif,foranyreason,weneedtoreplaceanexistingmanufacturerorsupplier,therecanbenoassurancethatadditionalsuppliesofrawmaterialsoradditionalmanufacturingcapacitywillbeavailablewhenrequiredontermsthatareacceptabletous,oratall,orthatanynewsupplierormanufacturerwouldallocatesufficientcapacitytousinordertomeetourrequirements.Inaddition,shouldwedecidetotransitionexistingmanufacturingbetweenthird-partymanufacturersorshouldwedecidetotransitionexistingin-housemanufacturingtothird-partymanufacturers,theriskofsuchaproblemcouldincrease.Evenifweareabletoexpandexistingorfindnewmanufacturingsources,wemayencounterdelaysinproductionandaddedcostsasaresultofthetimeittakestotrainoursuppliersandmanufacturersinourmethods,productsandqualitycontrolstandards.Anymaterialdelays,interruptionorincreasedcostsinthesupplyofrawmaterialsorcomponentsofourproductscouldimpactourabilitytomeetcustomerdemandforourproductswhichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

30

TableofContents

Inaddition,therecanbenoassurancethatoursuppliersandmanufacturerswillcontinuetoproviderawmaterialsandcomponentsthatareconsistentwithourstandardsandthatcomplywithallapplicablelawsandregulations.Wehaveoccasionallyreceived,andmayinthefuturereceive,shipmentsofsuppliesorcomponentsthatfailtoconformtoourqualitycontrolstandards.Inthatevent,unlessweareabletoobtainreplacementsuppliesorcomponentsinatimelymanner,weriskthelossofsalesresultingfromtheinabilitytomanufactureourproductsandcouldincurrelatedincreasedadministrativeandshippingcosts,andtherealsocouldbeanegativeimpacttoourbrands,anyofwhichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Whilewedonotcontroloursuppliersortheirlaborpractices,negativepublicityregardingthemanagementoffacilitiesby,productionmethodsoformaterialsusedbyanyofoursupplierscouldadverselyaffectourreputationwhichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperationsandmayforceustolocatealternativesuppliers.Inaddition,oursuppliersmaynotbewellcapitalizedandtheymaynotbeabletofulfilltheirobligationstousorgooutofbusiness.Furthermore,theabilityofthird-partysupplierstotimelydeliverrawmaterialsorcomponentsmaybeaffectedbyeventsbeyondtheircontrol,suchasworkstoppagesorslowdowns,transportationissues,orsignificantweatherandhealthconditions.

The cost of raw materials and components could affect our operating results.

Thematerialsandcomponentsusedbyus,oursuppliersandourmanufacturersinvolverawmaterials,includingpolybutadiene,urethaneandSurlynforthemanufacturingofourgolfballs,titaniumandsteelfortheassemblyofourgolfclubs,leatherandsyntheticfabricsforthemanufacturingofourgolfshoes,golfgloves,golfgearandgolfapparel,andresinandotherpetroleum-basedmaterialsforanumberofourproducts.Significantpricefluctuationsorshortagesinsuchrawmaterialsorcomponents,includingthecoststotransportsuchmaterialsorcomponentsofourproducts,theuncertaintyofcurrencyfluctuationsagainsttheU.S.dollar,increasesinlaborrates,and/ortheintroductionofnewandexpensiverawmaterials,couldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Our operations are conducted worldwide and our results of operations are subject to currency transaction risk and currency translation risk that couldmaterially adversely affect our business, financial condition and results of operations.

FortheyearsendedDecember31,2013,2014and2015,48%,48%and46%,respectively,ofournetsalesweregeneratedoutsideoftheUnitedStatesbyournon-U.S.subsidiaries.SubstantiallyallofthesenetsalesgeneratedoutsideoftheUnitedStatesweregeneratedintheapplicablelocalcurrency,whichinclude,butarenotlimitedto,theJapaneseyen,theKoreanwon,theBritishpoundsterling,theeuroandtheCanadiandollar.Incontrast,substantiallyallofthepurchasesofinventory,rawmaterialsorcomponentsbyournon-U.S.subsidiariesaremadeinU.S.dollars.FortheyearendedDecember31,2015,approximately87%ofourcostofgoodssoldincurredbyournon-U.S.subsidiariesweredenominatedinU.S.dollars.Becauseournon-U.S.subsidiariesincursubstantiallyalloftheircostofgoodssoldincurrenciesthataredifferentfromthecurrenciesinwhichtheygeneratesubstantiallyalloftheirsales,weareexposedtotransactionriskattributabletofluctuationsinsuchexchangerates,whichcanimpactthegrossprofitofournon-U.S.subsidiaries.IftheU.S.dollarstrengthensagainsttheapplicablelocalcurrency,morelocalcurrencywillbeneededtopurchasethesameamountofcostofgoodssolddenominatedinU.S.dollars,whichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Wehaveenteredandexpecttocontinuetoenterintovariousforeigncurrencyexchangecontractsinanefforttoprotectagainstadversechangesinforeignexchangeratesandattempttominimizeforeigncurrencytransactionrisk.Ourhedgingactivitiescanreduce,butwillnoteliminate,theeffectsofforeigncurrencytransactionriskonourfinancialresults.Theextenttowhichourhedgingactivities

31

TableofContents

mitigateforeigncurrencytransactionrisksvariesbaseduponmanyfactors,includingtheamountoftransactionsbeinghedged.Otherfactorsthatcouldaffecttheeffectivenessofourhedgingactivitiesincludeaccuracyofsalesforecasts,volatilityofcurrencymarkets,theavailabilityofhedginginstrumentsandlimitationsonthedurationofsuchhedginginstruments.Sincethehedgingactivitiesaredesignedtoreducevolatility,theynotonlyreducethenegativeimpactofastrongerU.S.dollarbutcouldalsoreducethepositiveimpactofaweakerU.S.dollar.Wearealsoexposedtocreditriskfromthecounterpartiestoourhedgingactivitiesandmarketconditionscouldcausesuchcounterpartiestoexperiencefinancialdifficultiesand,asaresult,oureffortstohedgetheseexposurescouldproveunsuccessfuland,furthermore,ourabilitytoengageinadditionalhedgingactivitiesmaydecreaseorbecomemorecostly.

BecauseourconsolidatedaccountsarereportedinU.S.dollars,wearealsoexposedtocurrencytranslationriskwhenwetranslatethefinancialresultsofourconsolidatednon-U.S.subsidiariesfromtheirlocalcurrencyintoU.S.dollars.FortheyearsendedDecember31,2013,2014and2015,48%,48%and46%,respectively,ofoursalesweredenominatedinforeigncurrencies.Inaddition,excludingexpensesrelatedtoourEARPlandiscussedbelow,fortheyearsendedDecember31,2013,2014and2015,32%,32%and30%,respectively,ofouroperatingexpensesweredenominatedinforeigncurrencies(whichamountsrepresentsubstantiallyalloftheoperatingexpensesincurredbyournon-U.S.subsidiaries).Fluctuationsinforeigncurrencyexchangeratesmaypositivelyornegativelyaffectourreportedfinancialresultsandcansignificantlyaffectperiod-over-periodcomparisons.Forexample,ourreportednetsalesinregionsoutsidetheUnitedStatesforthe2014and2015fiscalyearsandthesixmonthsendedJune30,2016werenegativelyaffectedbythetranslationofforeigncurrencysalesintoU.S.dollarsbasedon2014,2015and2016exchangerates,respectively.IfthistrendpersistsoriftheU.S.dollarfurtherstrengthensagainstthesecurrencies,itcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

We may not successfully manage the frequent introduction of new products that satisfy changing consumer preferences, quality and regulatory standards.

Thegolfequipmentandgolfwearindustriesaresubjecttoconstantlyandrapidlychangingconsumerdemandsbased,inlargepart,onperformancebenefits.Ourgolfballandgolfclubproductsgenerallyhavelaunchcyclesoftwoyears,andoursalesinaparticularyearareaffectedbywhenwelaunchsuchproducts.Wegenerallyintroducenewproductofferingsandstylesinourgolfwearandgearbusinesseseachyearandatdifferenttimesduringtheyear.Factorsdrivingtheseshortproductlaunchcyclesincludetherapidintroductionofcompetitiveproductsandconsumerdemandsforthelatesttechnology,styleorfashion.Inthismarketplace,asubstantialportionofourannualsalesaregeneratedeachyearbynewproducts.

Thesemarketplaceconditionsraiseanumberofissuesthatwemustsuccessfullymanage.Forexample,wemustproperlyanticipateconsumerpreferencesanddesignproductsthatmeetthosepreferences,whilealsocomplyingwithsignificantrestrictionsimposedbytheRulesofGolf(seefurtherdiscussionoftheRulesofGolfbelowunder"—ChangestotheRulesofGolfwithrespecttoequipmentcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations"),orournewproductswillnotachievesufficientmarketsuccesstocompensatefortheusualdeclineinsalesexperiencedbyproductsalreadyinthemarket.Second,ourR&Dandsupplychaingroupsfaceconstantpressurestodesign,develop,sourceandsupplynewproducts—manyofwhichincorporateneworotherwiseuntestedtechnology,suppliersorinputs—thatperformbetterthantheirpredecessorswhilemaintainingqualitycontrolandtheauthenticityofourbrands.Third,fornewproductstogenerateequivalentorgreatersalesthantheirpredecessors,theymusteithermaintainthesameorhighersaleslevelswiththesameorhigherpricing,orexceedtheperformanceoftheirpredecessorsinoneorbothofthoseareas.Fourth,therelativelyshortwindowofopportunityforlaunchingandsellingnewproductsrequiresgreatprecisioninforecastingdemandandassuringthatsuppliesarereadyanddeliveredduringthecriticalsellingperiods.Finally,therapidchangeoverin

32

TableofContents

productscreatesaneedtomonitorandmanagethecloseoutofolderproductsbothatretailandinourowninventory.Shouldwenotsuccessfullymanagethefrequentintroductionofnewproductsthatsatisfyconsumerdemand,itcouldadverselyaffectourbusiness,financialconditionandresultsofoperations.

We rely on technical innovation and high-quality products to compete in the market for our products.

Technicalinnovationandqualitycontrolinthedesignandmanufacturingprocessofourproductsisessentialtoourcommercialsuccess.R&Dplaysakeyroleintechnicalinnovation.Werelyuponexpertsinvariousfieldstodevelopandtestcuttingedgeperformanceproducts.Whilewestrivetoproduceproductsthathelptoenhanceperformanceandmaximizecomfort,ifwefailtointroducetechnicalinnovationinourproducts,consumerdemandforourproductscoulddecline,andifweexperienceproblemswiththequalityofourproducts,wemayincursubstantialexpensetoremedytheproblems,anyofwhichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Changes to the Rules of Golf with respect to equipment could materially adversely affect our business, financial condition and results of operations.

Golf'smostregulatedcategoriesaregolfballsandgolfclubs.WeseektohaveournewgolfballandgolfclubproductsconformwiththeRulesofGolfpublishedbytheUnitedStatesGolfAssociation,ortheUSGAandTheRoyalandAncientGolfClubofSt.Andrews,orTheR&A,becausetheserulesaregenerallyfollowedbygolfers,bothprofessionalandamateur,withintheirrespectivejurisdictions.TheUSGApublishesrulesthataregenerallyfollowedintheUnitedStatesandMexico,andTheR&Apublishesrulesthataregenerallyfollowedinmostothercountriesthroughouttheworld.However,theRulesofGolfaspublishedbyTheR&AandtheUSGAarevirtuallythesameandareintendedtobesopursuanttoaJointStatementofPrinciplesissuedin2001.TheRulesofGolfsettheguidelinesandestablishlimitationsforthedesignandperformanceofallgolfballsandgolfclubs.

Manynewregulationsongolfballsandgolfclubshavebeenintroducedinthepast10to15years,whichwebelievewasoneofthemostactiveperiodsforgolfequipmentregulationinthehistoryofgolf.TheUSGAandR&Ahavehistoricallyregulatedthesize,weight,andinitialvelocityofgolfballs.Morerecently,theUSGAandR&Ahavespecificallyfocusedonregulatingtheoveralldistanceofagolfball.TheUSGAandR&Ahavealsofocusedongolfclubregulations,includinglimitingthesizeandspring-likeeffectofdriverfacesandclubheadmomentofinertia.Inthefuture,existingUSGAand/orR&Arulesmaybealteredinwaysthatadverselyaffectthesalesofourcurrentorfutureproducts.Ifachangeinruleswasadoptedandcausedoneormoreofourcurrentorfutureproductstobenonconforming,salesofsuchproductswouldbeimpactedandwemaynotbeabletoadaptourproductspromptlytosuchrulechange,whichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.Inaddition,changesintheRulesofGolfmayresultinanincreaseinthecostsofmaterialsthatwouldneedtobeusedtodevelopnewproductsaswellasanincreaseinthecoststodesignnewproductsthatconformtosuchrules.

Failure to adequately enforce and protect our intellectual property rights could materially adversely affect our business, financial condition and results ofoperations.

Weownnumerouspatents,trademarks,tradesecrets,copyrightsandotherintellectualpropertyandholdlicensestointellectualpropertyownedbyothers,whichintheaggregateareimportanttoourbusiness.Werelyonacombinationofpatent,trademark,copyrightandtradesecretlawsinourcoregeographicmarketsandotherjurisdictions,toprotecttheinnovations,brands,proprietarytradesecretsandknow-howrelatedtocertainaspectsofourbusiness.Certainofourintellectualpropertyrights,suchaspatents,aretime-limited,andthetechnologyunderlyingourpatentscanbeusedbyanythirdparty,includingcompetitors,oncetheapplicablepatenttermsexpire.

33

TableofContents

Weseektoprotectourconfidentialproprietaryinformation,inpart,byenteringintoconfidentialityandinventionassignmentagreementswithouremployees,consultants,contractors,suppliersandothers.Whiletheseagreementsaredesignedtoprotectourproprietaryinformation,wecannotbecertainthatsuchagreementshavebeenenteredintowithallrelevantparties,andwecannotbecertainthatourtradesecretsandotherconfidentialproprietaryinformationwillnotbedisclosedorthatcompetitorswillnototherwisegainaccesstoourtradesecretsorindependentlydevelopsubstantiallyequivalentinformationandtechniques.Wealsoseektopreservetheintegrityandconfidentialityofourproprietaryinformationbymaintainingphysicalsecurityofourpremisesandphysicalandelectronicsecurityofourinformationtechnologysystems,butitispossiblethatthesesecuritymeasurescouldbebreached.Ifweareunabletopreventdisclosuretothirdpartiesofourmaterialproprietaryandconfidentialknow-howandtradesecrets,ourabilitytoestablishormaintainacompetitiveadvantageinourmarketsmaybeadverselyaffected.

Weselectivelyandstrategicallypursuepatentandtrademarkprotectioninourcoregeographicmarkets,butourstrategyhasbeentonotperfectcertainpatentandtrademarkrightsinsomecountries.Forexample,wefocusprimarilyonsecuringpatentprotectioninthosecountrieswherethemajorityofourgolfballandgolfclubindustryproductiontakesplace.Accordingly,wemaynotbeabletopreventothers,includingcompetitors,frompracticingourpatentedinventions,includingbymanufacturingandsellingcompetingproducts,inthosecountrieswherewehavenotobtainedpatentprotection.Further,thelawsofsomeforeigncountriesdonotprotectproprietaryrightstothesameextentorinthesamemannerasthelawsoftheUnitedStates.Asaresult,wemayencountersignificantproblemsinprotecting,enforcinganddefendingourintellectualpropertyoutsideoftheUnitedStates.Insomeforeigncountries,whereintellectualpropertylawsorlawenforcementpracticesdonotprotectourintellectualpropertyrightsasfullyasintheUnitedStates,third-partymanufacturersmaybeabletomanufactureandsellimitationproductsanddiminishthevalueofourbrandsaswellasinfringeourrights,despiteoureffortstopreventsuchactivity.

Thegolfballandgolfclubindustries,inparticular,havebeencharacterizedbywidespreadimitationofpopularballandclubdesigns.Wehaveanactiveprogramofmonitoring,investigatingandenforcingourproprietaryrightsagainstcompaniesandindividualswhomarketormanufacturecounterfeitsand"knockoff"products.Weassertourrightsagainstinfringersofourpatents,trademarks,tradedressandcopyrights.However,theseeffortsmaybeexpensive,time-consuming,divertmanagement'sattention,andultimatelymaynotbesuccessfulinreducingsalesofgolfproductsbytheseinfringers.Thefailuretopreventorlimitsuchinfringersorimitatorscouldadverselyaffectourreputationandsales.Additionally,othergolfballandgolfclubmanufacturersmaybeabletoproducesuccessfulgolfballsorgolfclubswhichimitateourdesignswithoutinfringinganyofourpatents,trademarks,tradedressorcopyrights,whichcouldlimitourabilitytomaintainacompetitiveadvantageinourmarketplace.

Ifwefailtoobtainenforceablepatents,trademarksandtradesecrets,failtomaintainourexistingpatent,trademarkandtradesecretrights,orfailtopreventsubstantialunauthorizeduseofourpatent,trademarkandtradesecrets,weriskthelossofourintellectualpropertyrightsandcompetitiveadvantageswehavedeveloped,whichmayresultinlostsales.Accordingly,wedevotesubstantialresourcestotheestablishmentandprotectionofourtrademarks,patentsandtradesecretsorknow-how,andwecontinuouslyevaluatetheutilityofourexistingintellectualpropertyandthenewregistrationofadditionaltrademarksandpatents,asappropriate.However,wecannotguaranteethatwewillhaveadequateresourcestocontinuetoeffectivelyestablish,maintainandenforceourintellectualpropertyrights.Wealsocannotguaranteethatanyofourpendingapplicationswillbeapprovedbytheapplicablegovernmentalauthorities.Moreover,eveniftheapplicationswillberegisteredduringtheregistrationprocess,thirdpartiesmayseektooppose,limit,orotherwisechallengetheseapplicationsorregistrations.

34

TableofContents

We may be involved in lawsuits to protect, defend or enforce our intellectual property rights, which could be expensive, time consuming and unsuccessful.

Oursuccessdependsinpartonourabilitytoprotectourtrademarks,patentsandtradesecretsfromunauthorizedusebyothers.Tocounterinfringementorunauthorizeduse,wemayberequiredtofileinfringementormisappropriationclaims,whichcanbeexpensiveandtime-consumingandcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations,evenifsuccessful.Anyclaimsthatweassertagainstperceivedinfringerscouldalsoprovokethesepartiestoassertcounterclaimsagainstusallegingthatweinfringeormisappropriatetheirintellectualpropertyrightsorthatwehaveengagedinanti-competitiveconduct.Moreover,ourinvolvementinlitigationagainstthirdpartiesassertinginfringementofourintellectualpropertyrightspresentssomeriskthatourintellectualpropertyrightscouldbechallengedandinvalidated.Inaddition,inaninfringementproceeding,whetherinitiatedbyusoranotherparty,acourtmayrefusetostoptheotherpartyinsuchinfringementproceedingfromusingthetechnologyormarkatissueonthegroundsthatourpatentsdonotcoverthetechnologyinquestionormisuseourtradesecretsorknow-how.Anadverseresultinanylitigationordefenseproceedings,includingproceedingsatthepatentandtrademarkoffices,couldputoneormoreofourpatentsortrademarksatriskofbeinginvalidated,heldunenforceableorinterpretednarrowly,andcouldputanyofourpatentortrademarkapplicationsatriskofnotbeingissuedasaregisteredpatentortrademark,anyofwhichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Furthermore,becauseofthesubstantialamountofdiscoveryrequiredinconnectionwithintellectualpropertylitigation,thereisariskthatsomeofourconfidentialproprietaryinformationcouldbecompromisedbydisclosureduringthistypeoflitigation.Inaddition,therecouldbepublicannouncementsoftheresultsofhearings,motionsorotherinterimproceedingsordevelopments.Ifsecuritiesanalystsorinvestorsperceivetheseresultstobenegative,itcouldmateriallyadverselyaffectthepriceofourcommonstock.

Our products may infringe the intellectual property rights of others, which may cause us to incur unexpected costs or prevent us from selling our products.

Fromtimetotime,thirdpartieshavechallengedourpatents,trademarkrightsandbrandingpractices,orassertedintellectualpropertyrightsthatrelatetoourproductsandproductfeatures.Wecannotassureyouthatouractionstakentoestablishandprotectourtechnologyandbrandswillbeadequatetopreventothersfromseekingtoblocksalesofourproductsortoobtainmonetarydamages,basedonallegedviolationoftheirpatents,trademarksorotherproprietaryrights.Wemayberequiredtodefendsuchclaimsinthefuture,which,whetherornotmeritorious,couldresultinsubstantialcostsanddiversionofresourcesandcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Ifwearefoundtoinfringeathirdparty'sintellectualpropertyrights,wecouldbeforced,includingbycourtorder,toceasedeveloping,manufacturingorcommercializingtheinfringingproduct.Alternatively,wemayberequiredtoobtainalicensefromsuchathirdpartyinordertousetheinfringingtechnologyandcontinuedeveloping,manufacturingormarketingsuchtechnology.Insuchacase,licenseagreementsmayrequireustopayroyaltiesandotherfeesthatcouldbesignificant,orwemaynotbeabletoobtainanyrequiredlicenseoncommerciallyreasonabletermsoratall.Evenifwewereabletoobtainalicense,itcouldbenon-exclusive,therebygivingourcompetitorsaccesstothesametechnologieslicensedtous.Afindingofinfringementcouldpreventusfromcommercializingourproductsorforceustoceasesomeofourbusinessoperations,ortoredesignorrenamesomeofourproductstoavoidfutureinfringementliability.Inaddition,wecouldbefoundliableformonetarydamages,includingtrebledamagesandattorneys'feesifwearefoundtohavewillfullyinfringedapatent.Claimsthatwehavemisappropriatedtheconfidentialinformationortradesecretsofthirdpartiescouldalsomateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

35

TableofContents

Seealso"—Wemaybeinvolvedinlawsuitstoprotect,defendorenforceourintellectualpropertyrights,whichcouldbeexpensive,timeconsumingandunsuccessful."Anyoftheforegoingcouldcauseustoincursignificantcostsandpreventusfrommanufacturingorsellingcertainofourproducts.

Recent changes to U.S. patent laws and proposed changes to the rules of the U.S. Patent and Trademark Office could adversely affect our ability to protect ourintellectual property.

TheLeahy-SmithAmericaInventsAct,ortheLeahy-SmithAct,whichwasadoptedinSeptember2011,includesanumberofsignificantchangestotheU.S.patentlaws,suchas,amongotherthings,changingfroma"firsttoinvent"toa"firstinventortofile"system,establishingnewproceduresforchallengingpatentsandestablishingdifferentmethodsforinvalidatingpatents.TheU.S.PatentandTrademarkOfficehasrecentlyimplementedregulationsrelatingtothesechanges,andthecourtshaveyettoaddressmanyofthenewprovisionsoftheLeahy-SmithAct.Someofthesechangesorpotentialchangesmaynotbeadvantageoustous,anditmaybecomemoredifficulttoobtainadequatepatentprotectionortoenforceourpatentsagainstthirdparties.WhilewecannotpredicttheimpactoftheLeahy-SmithActatthistime,thesechangesorpotentialchangescouldincreasethecostsanduncertaintiessurroundingtheprosecutionofourpatentapplicationsandadverselyaffectourabilitytoprotectourintellectualpropertywhichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

We face intense competition in each of our markets and if we are unable to maintain a competitive advantage, loss of market share, sales or profitability mayresult.

Themarketsforgolfballs,clubs,gearandweararehighlycompetitiveandtheremaybelowbarrierstoentryinmanyofourmarkets.Pricingpressures,reducedprofitmarginsorlossofmarketshareorfailuretogrowinanyofourmarkets,duetocompetitionorotherwise,couldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Wecompeteagainstlarge-scaleglobalsportsequipmentandapparelplayers,Japaneseindustrials,aswellasmorespecializedgolfequipmentandgolfwearplayers,includingCallaway,TaylorMade,Ping,Bridgestone,Nike,AdidasandUnderArmour.Manyofourcompetitorshavesignificantcompetitivestrengths,includinglongoperatinghistories,alargeandbroadconsumerbase,establishedrelationshipswithabroadsetofsuppliersandcustomers,anestablishedregionalorlocalpresence,strongbrandrecognitionandgreaterfinancial,R&D,marketing,distributionandotherresourcesthanwedo.Thereareuniqueaspectstothecompetitivedynamicineachofourproductcategoriesandmarkets.Wearenotthemarketleaderwithrespecttocertaincategoriesorincertainmarkets.

Golf Balls. Thegolfballbusinessishighlycompetitive.Thereareanumberofwell-establishedandwell-financedcompetitors.WeandourcompetitorscontinuetoincursignificantcostsintheareasofR&D,advertising,marketing,tourandotherpromotionalsupporttobecompetitive.

Golf Clubs. Thegolfclubmarketsinwhichwecompetearealsohighlycompetitiveandareservedbyanumberofwell-establishedandwell-financedcompanieswithrecognizedbrandnames.Newproductintroductions,pricereductions,consignmentsales,extendedpaymentterms,"closeouts,"includingcloseoutsofproductsthatwererecentlycommerciallysuccessful,andsignificanttourandadvertisingspendingbycompetitorscontinuetogenerateintensemarketcompetitionandcreatemarketdisruptions.Ourcompetitorsinthegolfclubmarkethaveinthepastandmaycontinuetointroducetheirproductsonanacceleratedcyclewhichcouldleadtomarketdisruptionandimpactsalesofourproducts.

Golf Gear. Thegolfgearmarketisfragmentedandservedbyanumberofwell-establishedandwell-financedcompetitorsaswellasanumberofsmallercompetitors.Wefacesignificantcompetitionineveryregionwithrespecttoeachofourgolfgearproductcategories.

36

TableofContents

Golf Wear. Inthegolfwearmarkets,wecompetewithanumberofwell-establishedandwell-financedcompanieswithrecognizedbrandnames.Thesecompetitorsmayhavealargeandbroadconsumerbase,establishedrelationshipswithabroadsetofsuppliersandcustomers,strongbrandrecognitionandsignificantfinancial,R&D,marketing,distributionandotherresourceswhichmayexceedourown.

Ourcompetitorsmaybeabletocreateandmaintainbrandawarenessandmarketsharemorequicklyandeffectivelythanwecan.Ourcompetitorsmayalsobeabletoincreasesalesinnewandexistingmarketsfasterthanwedobyemphasizingdifferentdistributionchannelsorthroughothermethods,andmanyofourcompetitorshavesubstantialresourcestodevotetowardsincreasingsales.Ifweareunabletogrowormaintainourcompetitivepositioninanyofourproductcategories,itcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

We may have limited opportunities for future growth in sales of golf balls, golf shoes and golf gloves.

Wealreadyhaveasignificantshareofworldwidesalesofgolfballs,golfshoesandgolfglovesandthegolfindustryisverycompetitive.Assuch,gainingincrementalmarketsharequicklyoratallmaybelimitedgiventhecompetitivenatureofthegolfindustryandotherchallengestothegolfindustry.Inthefuture,theoveralldollarvolumeofworldwidesalesofgolfequipment,wearandgearmaynotgrowormaydeclinewhichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

A severe or prolonged economic downturn could adversely affect our customers' financial condition, their levels of business activity and their ability to paytrade obligations.

Weprimarilysellourproductstogolfequipmentretailers,suchason-coursegolfshops,golfspecialtystoresandotherqualifiedretailers,directlyandtoforeigndistributors.Weperformongoingcreditevaluationsofourcustomers'financialconditionandgenerallyrequirenocollateralfromthesecustomers.However,asevereorprolongeddownturninthegeneraleconomycouldadverselyaffecttheretailgolfequipmentmarketwhichinturnwouldnegativelyimpacttheliquidityandcashflowsofourcustomers,includingtheabilityofsuchcustomerstoobtaincredittofinancepurchasesofourproductsandtopaytheirtradeobligations.Thiscouldresultinincreaseddelinquentoruncollectibleaccountsforourcustomersaswellasadecreaseinordersforourproductsbysuchcustomers.Afailurebyourcustomerstopayonatimelybasisasignificantportionofoutstandingaccountreceivablebalancesoradecreaseinordersfromsuchcustomerscouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

A decrease in corporate spending on our custom logo golf balls could materially adversely affect our business, financial condition and results of operations.

Customimprintedgolfballs,amajorityofwhicharepurchasedbycorporatecustomers,representedover25%ofourglobalnetgolfballsalesfortheyearendedDecember31,2015.Therehaslongbeenastrongconnectionbetweenthebusinesscommunityandgolfbutcorporatespendingoncustomlogoedballshasremainedatlowerlevelssincethefinancialcrisis.Ifsuchcorporatespendingdecreasesfurther,itcouldimpactthesalesofourcustomimprintedgolfballs.

We depend on retailers and distributors to market and sell our products, and our failure to maintain and further develop our sales channels could materiallyadversely affect our business, financial condition and results of operations.

Weprimarilysellourproductsthroughretailersanddistributorsanddependonthesethird-partiestomarketandsellourproductstoconsumers.Anychangestoourcurrentmixofretailersanddistributorscouldadverselyaffectoursalesandcouldnegativelyaffectbothourbrandimageandour

37

TableofContents

reputation.Oursalesdepend,inpart,onretailersadequatelydisplayingourproducts,includingprovidingattractivespaceandmerchandisedisplaysintheirstores,andtrainingtheirsalespersonneltosellourproducts.Ifourretailersanddistributorsarenotsuccessfulinsellingourproducts,oursaleswoulddecrease.Ourretailersfrequentlyofferproductsandservicesofourcompetitorsintheirstores.Inaddition,oursuccessingrowingourpresenceinexistingandexpandingintonewinternationalmarketswilldependonourabilitytoestablishrelationshipswithnewretailersanddistributors.Ifwedonotmaintainourrelationshipwithexistingretailersanddistributorsordeveloprelationshipswithnewretailersanddistributorsourabilitytosellourproductswouldbenegativelyimpacted.

Onaconsolidatedbasis,noonecustomerthatsellsordistributesourproductsaccountedformorethan10%ofourconsolidatednetsalesineachoftheyearsended2013,2014and2015.However,ourtoptencustomersaccountedfor21%,21%and22%ofourconsolidatednetsalesintheyearsendedDecember31,2013,2014and2015,respectively.Accordingly,thelossofasmallnumberofourlargecustomers,orthereductioninbusinesswithoneormoreofthesecustomers,couldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.Wedonotcurrentlyhaveminimumpurchaseagreementswiththeselargecustomers.

OnSeptember14,2016,GolfsmithInternationalHoldingsLP,aspecialtygolfretailerandoneofourlargestcustomersineachoftheyearsendedDecember31,2013,2014,2015andthesixmonthsendedJune30,2016,announcedthat(i)itsU.S.-basedbusiness,GolfsmithInternationalHoldings,Inc.,orGolfsmith,whichreportedlycurrentlyoperates109storesintheUnitedStates,commencedaChapter11caseunderTitle11oftheUnitedStatesCodeintheUnitedStatesBankruptcyCourtfortheDistrictofDelaware,ortheChapter11proceedings,and(ii)itsCanada-basedbusiness,GolfTownCanadaInc.,orGolfTown,whichreportedlycurrentlyoperates55storesinCanada,commencedcreditorprotectionproceedingsundertheCompanies'CreditorsArrangementActintheOntarioSuperiorCourtofJustice(CommercialList).

InconnectionwiththeChapter11proceedings,Golfsmith(i)enteredintoasupportagreementwithcertainofitssecuredcreditorswithrespecttoarecapitalizationandrestructuringtransaction,(ii)announcedthatitwouldundertakeanoperationalrestructuringthatwillresultintheclosingofcertainunderperformingstoresandthesaleofexcessinventory,(iii)reachedagreementwithitssecuredlenderstoacquiretheequityownershipofGolfsmithand(iv)announcedthatitwillexplorethepotentialforanalternativesaletransaction.Golfsmith,togetherwiththelendersunderitsdebtor-in-possessionfacility,hasestablishedcertainproceduresaswellasascheduleforitsproposedalternativesale,whichproceduresprovidefor(i)anauctionofGolfsmithtotakeplaceonOctober19,2016,(ii)thepublicationoftheauctionresultsonOctober21,2016,(iii)approvalbytheUnitedStatesBankruptcyCourttooccuronOctober28,2016and(iv)adeadlinetoclosethealternativesale,ifany,onOctober31,2016.TheseprocedureswereapprovedbytheUnitedStatesBankruptcyCourtonSeptember15,2016,althoughitispossiblethatsomeoralloftheabovedeadlinesmaybesubjecttochange.

GolfsmithInternationalHoldingsLPalsoannouncedthat,inadditiontocommencingcreditorprotectionproceedingsinCanada,ithasenteredintoadefinitiveassetpurchaseagreementforthesaleofitsGolfTownbusinesstoanentitytobecontrolledbyapurchasergroupledbyFairfaxFinancialHoldingsLimitedandcertaininvestmentfundsmanagedbySignatureGlobalAssetManagement,adivisionofCIInvestmentsInc.,whichsaleisexpectedtocloseonOctober31,2016.

Wegrantcredit,generallywithoutcollateral,toourretailersanddistributors,includingGolfsmith.Asaresultoftheseproceedings,anyreceivableswehaveoutstandingwithGolfsmithInternationalHoldingsLP,whichtotaled$7.2millionasofthedateofthefilings,maybecompromised.Inaddition,wemaybethesubjectofavoidanceactionswithrespecttopaymentsreceivedfromGolfsmithInternationalHoldingsLPwithinastatutoryperiodpriortothebankruptcypetitiondate.Nosuch

38

TableofContents

avoidanceactionhasbeenfiledtodate,andmayneverbefiled.Wewouldvigorouslydefendanysuchavoidanceactions,althoughtheoutcomeofanysuchactionswouldbeuncertain.

WecannotpredictthetimingortheoutcomeoftheGolfsmithInternationalHoldingsLPproceedingsdiscussedabove.TheseproceedingsandthetermsofanyacquisitionoralternativesaleofGolfsmithmayresultintheclosureofasignificantnumberofGolfsmith'sstoresandafailuretocompletesuchsalemayresultintheclosureandliquidationofallofGolfsmith.ItisexpectedthatcertainGolfTownstoreswillalsobeclosedinconnectionwiththeproposedsaleofGolfTown.Wecannotpredicttheimpactthattheforegoingwillhaveonusorthegolfindustryingeneral,andthesemattersmaymateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations,particularlyduringthefourthquarterof2016andcalendaryear2017.

Consolidation of retailers or concentration of retail market share among a few retailers may increase and concentrate our credit risk, put pressure on ourmargins and impair our ability to sell products.

Thesportinggoodsandoff-coursegolfequipmentretailmarketsinsomecountries,includingtheUnitedStates,aredominatedbyafewlargeretailers.Certainoftheseretailershaveinthepastincreasedtheirmarketshareandmaycontinuetodosointhefuturebyexpandingthroughacquisitionsandconstructionofadditionalstores.Industryconsolidationandcorrectionhasoccurredinrecentyearsandadditionalconsolidationandcorrectionispossible.Thesesituationsmayresultinaconcentrationofourcreditriskwithrespecttooursalestosuchretailers,and,ifanyoftheseretailersweretoexperienceashortageofliquidityorotherfinancialdifficulties,orfileforbankruptcyorreceivershipprotection,itwouldincreasetheriskthattheiroutstandingpayablestousmaynotbepaid.Thisconsolidationmayalsoresultinlargerretailersgainingincreasedleveragewhichmayimpactourmargins.Inaddition,increasingmarketshareconcentrationamongoneorafewretailersinaparticularcountryorregionincreasestheriskthatifanyoneofthemsubstantiallyreducestheirpurchasesofourproducts,wemaybeunabletofindasufficientnumberofotherretailoutletsforourproductstosustainthesamelevelofsales.Anyreductioninsalesbyourretailerscouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Our business depends on strong brands, and if we are not able to maintain and enhance our brands we may be unable to sell our products.

Ourbrandshaveworldwiderecognitionandoursuccessdependsonourabilitytomaintainandenhanceourbrandimageandreputation.Inparticular,webelievethatmaintainingandenhancingtheTitleistandFootJoybrandsiscriticaltomaintainingandexpandingourcustomerbase.Maintaining,promotingandenhancingourbrandsmayrequireustomakesubstantialinvestmentsinareassuchasproductinnovation,productquality,intellectualpropertyprotection,marketingandemployeetraining,andtheseinvestmentsmaynothavethedesiredimpactonourbrandimageandreputation.Ourbusinesscouldbeadverselyimpactedifwefailtoachieveanyoftheseobjectivesorifthereputationorimageofanyofourbrandsistarnishedorreceivesnegativepublicity.Inaddition,adversepublicityaboutregulatoryorlegalactionagainstuscoulddamageourreputationandbrandimage,undermineconsumerconfidenceinusandreducelong-termdemandforourproducts,eveniftheregulatoryorlegalactionisunfoundedornotmaterialtoouroperations.Also,asweseektogrowourpresenceinexisting,andexpandintonew,geographicorproductmarkets,consumersinthesemarketsmaynotacceptourbrandimageandmaynotbewillingtopayapremiumtopurchaseourproductsascomparedtootherbrands.Weanticipatethatasourbusinesscontinuestogrowourpresenceinexistingandexpandintonewmarkets,maintainingandenhancingourbrandsmaybecomeincreasinglydifficultandexpensive.Ifweareunabletomaintainorenhancetheimageofourbrands,itcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

39

TableofContents

Our business and results of operations are subject to seasonal fluctuations, which could result in fluctuations in our operating results and stock price.

Ourbusinessissubjecttoseasonalfluctuationsbecausegolfisplayedprimarilyonaseasonalbasisinmostoftheregionswherewedobusiness.Ingeneral,duringthefirstquarter,webeginsellingourproductsintothegolfretailchannelforthenewgolfseason.Thisinitialsell-ingenerallycontinuesintothesecondquarter.Oursecond-quartersalesaresignificantlyaffectedbytheamountofsell-through,inparticulartheamountofhighervaluediscretionarypurchasesmadebycustomers,whichdrivesthelevelofreordersofourproductssold-induringthefirstquarter.Ourthird-quartersalesaregenerallydependentonreorderbusiness,andaregenerallylessthanthesecondquarterasmanyretailersbegindecreasingtheirinventorylevelsinanticipationoftheendofthegolfseason.Ourfourth-quartersalesaregenerallylessthantheotherquartersduetotheendofthegolfseasoninmanyofourkeymarkets,butcanalsobeaffectedbykeyproductlaunches,particularlygolfclubs.Accordingly,ourresultsofoperationsarelikelytofluctuatesignificantlyfromperiodtoperiod.Thisseasonalityaffectssalesineachofourreportablesegmentsdifferently.Ingeneral,however,becauseofthisseasonality,amajorityofoursalesandmostofourprofitabilitygenerallyoccursduringthefirsthalfoftheyear.Resultsofoperationsinanyperiodshouldnotbeconsideredindicativeoftheresultstobeexpectedforanyfutureperiod.Theseasonalityofourbusinesscouldbeexacerbatedbytheadverseeffectsofunusualorsevereweatherconditionsaswellasbysevereweatherconditionscausedorexacerbatedbyclimatechange.

Our business and results of operations are also subject to fluctuations based on the timing of new product introductions.

Oursalescanalsobeaffectedbythelaunchtimingofnewproducts.Productintroductionsgenerallystimulatesalesasthegolfretailchanneltakesoninventoryofnewproducts.Reordersofthesenewproductsthendependontherateofsell-through.Announcementsofnewproductscanoftencauseourcustomerstodeferpurchasingadditionalgolfequipmentuntilournewproductsareavailable.Ourvaryingproductintroductioncycles,whicharedescribedunder"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—KeyFactorsAffectingOurResultsofOperations—Cyclicality,"maycauseourresultsofoperationstofluctuateaseachproductlinehasdifferentvolumes,pricesandmargins.

We have significant international operations and are exposed to risks associated with doing business globally.

WesellanddistributeourproductsdirectlyinmanykeyinternationalmarketsinEurope,Asia,NorthAmericaandelsewherearoundtheworld.Theseactivitieshaveresultedandwillcontinuetoresultininvestmentsininventory,accountsreceivable,employees,corporateinfrastructureandfacilities.Inaddition,intheUnitedStatestherearealimitednumberofsuppliersofcertainrawmaterialsandcomponentsforourproductsaswellasfinishedgoodsthatwesell,andwehaveincreasinglybecomemorereliantonsuppliersandvendorslocatedoutsideoftheUnitedStates.Theoperationofforeigndistributioninourinternationalmarkets,aswellasthemanagementofrelationshipswithinternationalsuppliersandvendors,willcontinuetorequirethededicationofmanagementandotherresources.WealsomanufacturecertainofourproductsoutsideoftheUnitedStates,includingsomeofourgolfballsandsubstantiallyallofourgolfglovesinThailandandsubstantiallyallofourgolfshoesthroughourjointventureinChina.

Asaresultofthisinternationalbusiness,weareexposedtoincreasedrisksinherentinconductingbusinessoutsideoftheUnitedStates.Inadditiontoforeigncurrencyrisksdiscussedaboveunder"—Ouroperationsareconductedworldwideandourresultsofoperationsaresubjecttocurrency

40

TableofContents

transactionriskandcurrencytranslationriskthatcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations,"theserisksinclude:

• increaseddifficultyinprotectingourintellectualpropertyrightsandtradesecrets;

• unexpectedgovernmentactionorchangesinlegalorregulatoryrequirements;

• social,economicorpoliticalinstability;

• theeffectsofanyanti-Americansentimentsonourbrandsorsalesofourproducts;

• increaseddifficultyinensuringcompliancebyemployees,agentsandcontractorswithourpoliciesaswellaswiththelawsofmultiplejurisdictions,includingbutnotlimitedtotheU.S.ForeignCorruptPracticesAct,ortheFCPA,andsimilaranti-briberyandanti-corruptionlaws,localandinternationalenvironmental,healthandsafetylaws,andincreasinglycomplexregulationsrelatingtotheconductofinternationalcommerce;

• increaseddifficultyincontrollingandmonitoringforeignoperationsfromtheUnitedStates,includingincreaseddifficultyinidentifyingandrecruitingqualifiedpersonnelforitsforeignoperations;and

• increasedexposuretointerruptionsinaircarrierorshipservices.

Anyviolationofourpoliciesoranyapplicablelawsandregulationsbyoursuppliersormanufacturerscouldinterruptorotherwisedisruptoursourcing,adverselyaffectourreputationordamageourbrandimage.Whilewedonotcontrolthesesuppliersormanufacturersortheirlaborpractices,negativepublicityregardingthemanagementoffacilitiesby,productionmethodsoformaterialsusedbyanyofoursuppliersormanufacturerscouldadverselyaffectourreputationandsalesandforceustolocatealternativesuppliersormanufacturingsources,whichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Failure to comply with laws, regulations and policies, including the FCPA or other applicable anti-corruption legislation, could result in fines, criminalpenalties and materially adversely affect our business, financial condition and results of operations.

AsignificantriskresultingfromourglobaloperationsiscompliancewithawidevarietyofU.S.federalandstateandnon-U.S.laws,regulationsandpolicies,includinglawsrelatedtoanti-corruption,exportandimportcompliance,anti-trustandmoneylaundering.TheFCPA,theU.K.BriberyActof2010andsimilaranti-briberylawsinotherjurisdictionsgenerallyprohibitcompaniesandtheirintermediariesfrommakingimproperpaymentstogovernmentofficialsorotherpersons.Therehasbeenanincreaseinanti-briberylawenforcementactivityinrecentyears,withmorefrequentandaggressiveinvestigationsandenforcementproceedingsbyboththeU.S.DepartmentofJusticeandtheSEC,increasedenforcementactivitybynon-U.S.regulators,andincreasesincriminalandcivilproceedingsbroughtagainstcompaniesandindividuals.Weoperateinpartsoftheworldthatarerecognizedashavinggovernmentalandcommercialcorruptionandincertaincircumstances,strictcompliancewithanti-briberylawsmayconflictwithlocalcustomsandpractices.Wecannotassureyouthatourinternalcontrolpoliciesandprocedureshaveprotectedorwillalwaysprotectusfromimproperconductofouremployeesorbusinesspartners.Totheextentthatwelearnthatanyofouremployeesdonotadheretoourinternalcontrolpolicies,wearecommittedtotakingappropriateremedialaction.Intheeventthatwebelieveorhavereasontobelievethatouremployeesoragentshaveormayhaveviolatedapplicablelaws,includinganti-corruptionlaws,wemayberequiredtoinvestigateorhaveoutsidecounselinvestigatetherelevantfactsandcircumstances,anddetecting,investigatingandresolvingactualorallegedviolationscanbeexpensiveandrequiresignificanttimeandattentionfromseniormanagement.AnyviolationofU.S.federalandstateandnon-U.S.laws,regulationsandpoliciescouldresultinsubstantialfines,sanctions,civiland/orcriminalpenalties,and

41

TableofContents

curtailmentofoperationsintheU.S.orotherapplicablejurisdictions.Inaddition,actualorallegedviolationscoulddamageourreputationandabilitytodobusiness.Anyoftheforegoingcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Our business, financial condition and results of operations could be materially adversely affected if professional golfers do not endorse or use our products.

Weestablishrelationshipswithprofessionalgolfersinordertouse,validateandpromoteTitleistandFootJoybrandedproducts.Wehaveenteredintoendorsementarrangementswithmembersofthevariousprofessionaltours,includingthePGATour,theChampionsTour,theLPGATour,theEuropeanPGATour,theJapanTourandtheKoreanTour.Webelievethatprofessionalusageofourproductsvalidatestheperformanceandqualityofourproductsandcontributestoretailsales.Wethereforespendasignificantamountofmoneytosecureprofessionalusageofourproducts.Manyothercompanies,however,alsoaggressivelyseekthepatronageoftheseprofessionalsandoffermanyinducements,includingsignificantcashincentivesandspeciallydesignedproducts.Thereisagreatdealofcompetitiontosecuretherepresentationoftourprofessionals.Asaresult,itisexpensivetoattractandretainsuchtourprofessionalsandwemaylosetheendorsementoftheseindividuals,evenpriortotheexpirationoftheapplicablecontractterm.Theinducementsofferedbyothercompaniescouldresultinadecreaseinusageofourproductsbyprofessionalgolfersorlimitourabilitytoattractothertourprofessionals.Adeclineinthelevelofprofessionalusageofourproducts,orasignificantincreaseinthecosttoattractorretainendorsers,couldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

The value of our brands and sales of our products could be diminished if we, the golfers who use our products or the golf industry in general are associatedwith negative publicity.

Wesponsoravarietyofgolfersandfeaturethosegolfersinouradvertisingandmarketingmaterials.Weestablishtheserelationshipstodevelop,evaluateandpromoteourproducts,aswellasestablishproductauthenticitywithconsumers.Actionstakenbygolfersortoursassociatedwithourproductsthatharmthereputationsofthosegolferscouldalsoharmourbrandimageandimpactoursales.Wemayalsoselectgolferswhomaynotperformatexpectedlevelsorwhoarenotsufficientlymarketable.Ifweareunableinthefuturetosecureprominentgolfersandarrangegolferendorsementsofourproductsontermswedeemtobereasonable,wemayberequiredtomodifyourmarketingplatformandtorelymoreheavilyonotherformsofmarketingandpromotion,whichmaynotprovetobeaseffectiveormayresultinadditionalcosts.

If we inaccurately forecast demand for our products, we may manufacture insufficient quantities, which could materially adversely affect our business,financial condition and results of operations.

Toreducepurchasingcostsandensuresupply,weplaceorderswithoursuppliersinadvanceofthetimeperiodweexpecttodeliverourproducts.Inaddition,weplanourmanufacturingcapacitybasedupontheforecasteddemandforourproducts.ForecastingthedemandforourproductsisverydifficultgiventhenumberofSKUsweofferandtheamountofspecificationinvolvedineachofourproductcategories.Forexample,inourgolfshoebusiness,weofferalargevarietyofmodelsaswellasdifferentstylesandsizesforeachmodel,includingover2,400SKUsavailableformenintheUnitedStatesalone.Thenatureofourbusinessmakesitdifficulttoadjustquicklyourmanufacturingcapacityifactualdemandforourproductsexceedsorislessthanforecasteddemand.Factorsthatcouldaffectourabilitytoaccuratelyforecastdemandforourproductsinclude,amongothers:

• changesinconsumerdemandforourproductsortheproductsofourcompetitors;

• newproductintroductionsbyusorourcompetitors;

• failuretoaccuratelyforecastconsumeracceptanceofourproducts;

42

TableofContents

• failuretoanticipateconsumeracceptanceofnewtechnologies;

• inabilitytorealizerevenuesfrombookingorders;

• negativepublicityassociatedwithtoursorgolfersweendorse;

• unanticipatedchangesingeneralmarketconditionsorotherfactors,whichmayresultincancellationsofadvanceordersorareductionorincreaseintherateofreordersplacedbyretailers;

• weakeningofeconomicconditionsorconsumerconfidenceinfutureeconomicconditions,whichcouldreducedemandfordiscretionaryitems,suchasourproducts;

• terrorismoractsofwar,orthethreatthereof,whichcouldadverselyaffectconsumerconfidenceandspendingorinterruptproductionanddistributionofproductsandrawmaterials;

• abnormalweatherpatternorextremeweatherconditionsincludinghurricanes,floodsanddroughts,amongothers,whichmaydisrupteconomicactivity;and

• generaleconomicconditions.

Ifactualdemandforourproductsexceedstheforecasteddemand,wemaynotbeabletoproducesufficientquantitiesofnewproductsintimetofulfillactualdemand,whichcouldlimitoursales.

Anyinventorylevelsinexcessofconsumerdemandmayresultininventorywrite-downsand/orthesaleofexcessinventoryatdiscountedprices.

We may experience a disruption in the service, or a significant increase in the cost, of our primary delivery and shipping services for our products andcomponent parts or a significant disruption at shipping ports.

WeuseFedExCorporation,orFedEx,forsubstantiallyallgroundshipmentsofproductstoourU.S.customers.Weuseoceanshippingservicesandaircarriersformostofourinternationalshipmentsofproducts.Furthermore,manyofthecomponentsweusetomanufactureandassembleourproductsareshippedtousviaoceanshippingandaircarrier.Ifthereisanysignificantinterruptioninservicebysuchprovidersoratshippingportsorairports,wemaybeunabletoengagealternativesuppliersortoreceiveorshipgoodsthroughalternatesitesinordertodeliverourproductsorcomponentsinatimelyandcost-efficientmanner.Asaresult,wecouldexperiencemanufacturingdelays,increasedmanufacturingandshippingcosts,andlostsalesasaresultofmisseddeliverydeadlinesandproductintroductionanddemandcycles.AnysignificantinterruptioninFedExservices,shipservices,atshippingportsoraircarrierservicescouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.Furthermore,ifthecostofdeliveryorshippingservicesweretoincreasesignificantlyandtheadditionalcostscouldnotbecoveredbyproductpricingitcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

We rely on complex information systems for management of our manufacturing, distribution, sales and other functions. If our information systems fail toperform these functions adequately or if we experience an interruption in our operation, including a breach in cyber security, our business, financial conditionand results of operations could be materially adversely affected.

Allofourmajoroperations,includingmanufacturing,distribution,salesandaccounting,aredependentuponourcomplexinformationsystems.Ourinformationsystemsarevulnerabletodamageorinterruptionfrom:

• earthquake,fire,flood,hurricaneandothernaturaldisasters;

• powerloss,computersystemsfailure,Internetandtelecommunicationsordatanetworkfailure;and

• hackers,computerviruses,unauthorizedaccess,softwarebugsorglitches.

43

TableofContents

Anydamageorsignificantdisruptionintheoperationofsuchsystemsorthefailureofourinformationsystemstoperformasexpectedwoulddisruptourbusiness,whichmayresultindecreasedsales,increasedoverheadcosts,excessinventoryorproductshortageswhichcouldmateriallyadverselyeffectourbusiness,financialconditionandresultsofoperations.

Cybersecurity risks could disrupt our operations and negatively impact our reputation.

ThereisgrowingconcernoverthesecurityofpersonalandcorporateinformationtransmittedovertheInternet,consumeridentitytheftanduserprivacyduetoincreasinglydiverseandsophisticatedthreatstonetwork,systemsanddatasecurity.Whilewehaveimplementedsecuritymeasures,ourcomputersystemsmaybesusceptibletoelectronicorphysicalcomputerbreak-ins,virusesandotherdisruptionsandsecuritybreaches.Anyperceivedoractualunauthorizedorinadvertentdisclosureofpersonally-identifiableinformationregardingvisitorstoourwebsitesorotherwiseorotherbreachortheftoftheinformationwecontrol,whetherthroughabreachofournetworkbyanunauthorizedparty,employeetheft,misuseorerrororotherwise,couldharmourreputation,impairourabilitytoattractwebsitevisitors,orsubjectustoclaimsorlitigationandrequireustorepairdamagessufferedbyconsumers,andmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

If the technology-based systems that give consumers the ability to shop with us online do not function effectively, our ability to grow our eCommerce businessglobally could be adversely affected.

Weareincreasinglyusingwebsitesandsocialmediatointeractwithconsumersandasameanstoenhancetheirexperiencewithourproducts,includingthroughVokey.comandScottyCameron.com.Inaddition,welaunchedourFootJoyeCommerceinitiativeinthefirstquarterof2016.InoureCommerceservices,weprocess,storeandtransmitcustomerdata.Wealsocollectconsumerdatathroughcertainmarketingactivities.Failuretopreventormitigatedatalossorothersecuritybreaches,includingbreachesofourvendors'technologyandsystems,couldexposeusorconsumerstoariskoflossormisuseofsuchinformation,resultinlitigationorpotentialliabilityforusandotherwisemateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.Further,oureCommercebusinessissubjecttogeneralbusinessregulationsandlaws,aswellasregulationsandlawsspecificallygoverningtheInternet,eCommerceandelectronicdevices.Existingandfuturelawsandregulations,ornewinterpretationsoftheselaws,mayadverselyaffectourabilitytoconductoureCommercebusiness.

Anyfailureonourparttoprovideprivate,secure,attractive,effective,reliable,user-friendlyeCommerceplatformsthatofferawideassortmentofmerchandisewithrapiddeliveryoptionsandthatcontinuallymeetthechangingexpectationsofonlineshopperscouldplaceusatacompetitivedisadvantage,resultinthelossofeCommerceandothersales,harmourreputationwithconsumers,haveanadverseimpactonthegrowthofoureCommercebusinessgloballyandcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

RisksspecifictooureCommercebusinessalsoincludediversionofsalesfromourtradepartners'brickandmortarstores,difficultyinrecreatingthein-storeexperiencethroughdirectchannelsandliabilityforonlinecontent.OurfailuretosuccessfullyrespondtotheserisksmightadverselyaffectsalesinoureCommercebusiness,aswellasdamageourreputationandbrands.

44

TableofContents

Our business could be harmed by the occurrence of natural disasters or pandemic diseases.

Theoccurrenceofanaturaldisaster,suchasanearthquake,tsunami,fire,floodorhurricane,ortheoutbreakofapandemicdisease,couldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.Anaturaldisasterorapandemicdiseasecouldadverselyaffectboththedemandforourproductsaswellasthesupplyoftherawmaterialsorcomponentsusedtomakeourproducts.Demandforgolfproductsalsocouldbenegativelyaffectedasconsumersintheaffectedregionsrestricttheirrecreationalactivitiesanddiscretionaryspendingandastourismtothoseareasdeclines.Ifoursuppliersexperienceasignificantdisruptionintheirbusinessasaresultofanaturaldisasterorpandemicdisease,ourabilitytoobtainthenecessaryrawmaterialsorcomponentstomakeproductscouldbemateriallyadverselyaffected.Inaddition,theoccurrenceofanaturaldisasterortheoutbreakofapandemicdiseasegenerallyrestrictstraveltoandfromtheaffectedareas,makingitmoredifficultingeneraltomanageourglobaloperations.

Goodwill and identifiable intangible assets represent a significant portion of our total assets and any impairment of these assets could negatively impact ourresults of operations and shareholders' equity.

Ourgoodwillandidentifiableintangibleassets,whichconsistofgoodwillfromacquisitions,trademarks,patents,completedtechnology,customerrelationships,licensingfees,andotherintangibleassets,represented38.6%ofourtotalassetsasofDecember31,2015.

Accountingrulesrequiretheevaluationofourgoodwillandintangibleassetswithindefinitelivesforimpairmentatleastannuallyorwhenevereventsorchangesincircumstancesindicatethatthecarryingvalueofsuchassetsmaynotberecoverable.Suchindicatorsincludeasignificantadversechangeincustomerdemandorbusinessclimatethatcouldaffectthevalueofanasset;generaleconomicconditions,suchasincreasingTreasuryratesorunexpectedchangesingrossdomesticproductgrowth;achangeinourmarketshares;budget-to-actualperformanceandconsistencyofoperationsmarginsandcapitalexpenditures;aproductrecalloranadverseactionorassessmentbyaregulator;orchangesinmanagementorkeypersonnel.

Totestgoodwillforimpairment,weperformatwo-steptest.Thefirststepisacomparisonofeachreportingunit'sfairvaluetoitscarryingvalue.Weestimatethereportingunit'sfairvaluebyestimatingthefuturecashflowsofthereportingunitstowhichthegoodwillrelates,andthendiscountthefuturecashflowsatamarket-participant-derivedweightedaveragecostofcapital.Theestimatesoffairvalueofreportingunitsarebasedonthebestinformationavailableasofthedateoftheassessment.Ifthecarryingvalueofareportingunitexceedsitsestimatedfairvalueinthefirststep,asecondstepisperformed,whichrequiresustoallocatethefairvalueofthereportingunitderivedinthefirststeptothefairvalueofthereportingunit'snetassets,withanyfairvalueinexcessofamountsallocatedtosuchnetassetsrepresentingtheimpliedfairvalueofgoodwillforthatreportingunit.Iftheimpliedfairvalueofthegoodwillislessthanthebookvalue,goodwillisimpairedandiswrittendowntotheimpliedfairvalueamount.

Totestourotherindefinite-livedassetsforimpairment,whichconsistofourtradenames,wedeterminethefairvalueofourtradenamesusingtherelief-from-royaltymethod,whichestimatesthepresentvalueofroyaltyincomethatcouldbehypotheticallyearnedbylicensingthebrandnametoathirdpartyovertheremainingusefullife.Ifinconductinganimpairmentevaluationwedeterminethatthecarryingvalueofanassetexceededitsfairvalue,wewouldberequiredtorecordanon-cashimpairmentchargeforthedifferencebetweenthecarryingvalueandthefairvalueoftheasset.Ifasignificantamountofourgoodwillandidentifiableintangibleassetsweredeemedtobeimpaired,ourbusiness,financialconditionandresultsofoperationscouldbemateriallyadverselyaffected.

45

TableofContents

Our current senior management team and other key employees are critical to our success and if we are unable to attract and/or retain key employees and hirequalified management, technical and manufacturing personnel, our ability to compete could be harmed.

Ourabilitytomaintainourcompetitivepositionisdependenttoalargedegreeontheeffortsandskillsofourseniormanagementteam,whichaveragesover20yearswithus,andourotherkeyemployees.Ourexecutivesareexperiencedandhighlyqualifiedwithstrongreputationsandrelationshipsinthegolfindustry,andwebelievethatourmanagementteamenablesustopursueourstrategicgoals.Ourotherkeysales,marketing,R&D,manufacturing,intellectualpropertyprotectionandsupportpersonnelarealsocriticaltothesuccessofourbusiness.Thelossoftheservicesofanyofourseniormanagementteamorotherkeyemployeescoulddisruptouroperationsanddelaythedevelopmentandintroductionofourproductswhichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.Wedonothaveemploymentagreementswithanyofthemembersofourseniormanagementteam.Inaddition,wedonothave"keyperson"lifeinsurancepoliciescoveringanyofourofficersorotherkeyemployees.

OurformerPresidentofTitleistGolfBallsretiredeffectiveFebruary29,2016.ThisrolehasbeenassumedbyanewPresidentofTitleistGolfBallswhohasworkedatAcushnetCompanysince1987.OurformerPresidentofTitleistGolfClubsretiredeffectiveApril30,2016.ThisrolehasbeenassumedbyanewPresidentofTitleistGolfClubswhohasworkedatAcushnetCompanysince1993.OurformerPresidentofFootJoyisexpectedtoretireeffectiveasofDecember31,2016.ThisrolewasassumedbyanewPresidentofFootJoybeginningonAugust1,2016.See"Management."

Ourfuturesuccessdependsuponourabilitytoattractandretainourexecutiveofficersandotherkeysales,marketing,R&D,manufacturing,intellectualpropertyprotectionandsupportpersonnelandanyfailuretodosocouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Additionally,wecompetewithmanymatureandprosperouscompaniesthathavefargreaterfinancialresourcesthanwedoandthuscanoffercurrentorperspectiveemployeesmorelucrativecompensationpackagesthanwecan.

Sales of our products by unauthorized retailers or distributors could adversely affect our authorized distribution channels and harm our reputation.

Someofourproductsfindtheirwaytounauthorizedoutletsordistributionchannels.This"graymarket"forourproductscanundermineauthorizedretailersandforeignwholesaledistributorswhopromoteandsupportourproducts,andcaninjuretheimageofourcompanyinthemindsofourcustomersandconsumers.Whilewehavetakensomelawfulstepstolimitcommerceofourproductsinthe"graymarket"inboththeUnitedStatesandabroad,wehavenotbeensuccessfulinhaltingsuchcommerce.

International political instability and terrorist activities may decrease demand for our products and disrupt our business.

TerroristactivitiesandarmedconflictscouldhaveanadverseeffectupontheUnitedStatesorworldwideeconomyandcouldcausedecreaseddemandforourproducts.Ifsucheventsdisruptdomesticorinternationalair,groundorseashipments,ortheoperationofoursuppliersorourmanufacturingfacilities,ourabilitytoobtainthematerialsnecessarytomanufactureproductsandtodelivercustomerorderswouldbeharmed,whichcouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.Sucheventscannegativelyimpacttourism,whichcouldadverselyaffectoursalestoretailersatresortsandothervacationdestinations.Inaddition,theoccurrenceofpoliticalinstabilityand/orterroristactivitiesgenerallyrestrictstraveltoandfromtheaffectedareas,makingitmoredifficultingeneraltomanageourglobaloperations.

46

TableofContents

We may not be successful in our efforts to grow our presence in existing international markets and expand into additional international markets.

Weintendtogrowourpresenceinandcontinuetoexpandintoselectinternationalmarketswheretherearethenecessaryandsufficientconditionsinplacetosupportsuchexpansion.Thesegrowthandexpansionplanswillrequiresignificantmanagementattentionandresourcesandmaybeunsuccessful.Inaddition,toachievesatisfactoryperformanceininternationallocations,itmaybenecessarytolocatephysicalfacilities,suchasregionaloffices,intheforeignmarketandtohireemployeeswhoarefamiliarwithsuchforeignmarketswhilealsobeingqualifiedtomarketourproducts.Wemaynotbesuccessfulingrowingourpresenceinorexpandingintoanysuchinternationalmarketsoringeneratingsalesfromsuchforeignoperations.

Wehavehistoricallygrownourbusinessbyexpandingintoadditionalinternationalmarkets,butsuchgrowthdoesnotalwaysworkoutasanticipatedandthereisnoassurancethatwewillbesuccessfulintheexistinginternationalmarketswherewearecurrentlyseekingtogrowourpresence,includingChina,orthenewinternationalmarketsweplantoenter.Ourbusiness,financialconditionandresultsofoperationscouldbemateriallyadverselyaffectedifwedonotachievetheinternationalgrowththatweareanticipating.

We are exposed to a number of different tax uncertainties, including potential changes in tax laws, unanticipated tax liabilities and limitations on utilization oftax attributes after any change of control, which could materially adversely affect our business, financial condition and results of operations.

Weearnasubstantialportionofournetsalesinforeigncountries,andaresubjecttothetaxlawsofthosejurisdictions.Taxlawsaffectinginternationaloperationsarecomplexandsubjecttochange.Currenteconomicandpoliticalconditionsmaketaxrulesinanyjurisdiction,includingtheU.S.,subjecttosignificantchange.TherehavebeenproposalstoreformU.S.andforeigntaxlawsthatcouldsignificantlyimpacthowU.S.multinationalcorporationsaretaxedonforeignearnings.Althoughwecannotpredictwhetherorinwhatformtheseproposalswillpass,severaloftheproposalsconsidered,ifenactedintolaw,couldhaveanadverseimpactonourincometaxexpenseandcashflows.Transactionsthatwehavearrangedinlightofcurrenttaxrulescouldhaveadverseconsequencesiftaxruleschange,andchangesintaxrulesorimpositionofanyneworincreasedtariffs,dutiesandtaxescouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

Oureffectiveincometaxrateinthefuturecouldbeadverselyaffectedbyanumberoffactors,includingchangesinthemixofearningsincountrieswithdifferingstatutorytaxrates,changesinthevaluationofdeferredtaxassetsandliabilities,changesintaxlaws,theoutcomeofincometaxauditsinvariousjurisdictionsaroundtheworldandanyrepatriationofnon-U.S.earningsforwhichwehavenotpreviouslyprovidedforU.S.taxes.

UnderSections382and383oftheInternalRevenueCodeof1986,asamended,ortheCode,ifacorporationundergoesan"ownershipchange,"thecorporation'sabilitytouseitspre-changenetoperatinglosscarryforwardsandotherpre-changetaxattributes,suchasforeigntaxcreditsandresearchtaxcredits,tooffsetitspost-changeincomeandtaxesmaybelimited.Ingeneral,an"ownershipchange"generallyoccursifthereisacumulativechangeintheCompany'sownershipby"5-percentshareholders"thatexceeds50percentagepointsoverarollingthree-yearperiod.Similarrulesmayapplyunderstatetaxlaws.Wemayexperienceanownershipchangeinthefutureasaresultofthisissuanceorfuturetransactionsinourstock,someofwhichmaybeoutsideourcontrol.Asaresult,ifweearnnettaxableincome,ourabilitytousepre-changenetoperatinglosscarryforwardsorotherpre-changetaxattributestooffsetU.S.federalandstatetaxableincomeandtaxesmaybesubjecttolimitations.

Weareengagedinanumberofintercompanytransactionsacrossmultipletaxjurisdictions.Althoughwebelievethatthesetransactionsreflecttheaccurateeconomicallocationofprofitandthat

47

TableofContents

thepropertransferpricingdocumentationisinplace,theprofitallocationandtransferpricingtermsandconditionsmaybescrutinizedbylocaltaxauthoritiesduringanauditandanyresultingchangesmayimpactourmixofearningsincountrieswithdifferingstatutorytaxrates.

WearealsosubjecttotheauditorexaminationofourtaxreturnsbytheInternalRevenueServiceandothertaxauthoritieswherebytaxauthoritiescouldimposeadditionaltariffs,duties,taxes,penaltiesandinterestonus.Thedeterminationofourworldwideprovisionforincometaxesandothertaxliabilitiesrequiressignificantjudgment,andtherearemanytransactionsandcalculationswheretheultimatetaxdeterminationisuncertain.Althoughwebelieveourestimatesarereasonableandourtaxprovisionsareadequate,thefinaldeterminationoftaxauditsandanyrelateddisputescouldbemateriallydifferentfromourhistoricalincometaxprovisionsandaccruals.Theresultsofauditsorrelateddisputescouldhaveanadverseeffectonourfinancialstatementsandourfinancialresultsfortheperiodorperiodsforwhichtheapplicablefinaldeterminationsaremade.

Portionsofouroperationsaresubjecttoareducedtaxrateorarefreeoftaxundervarioustaxholidaysandrulingsthatexpireinwholeorinpartfromtimetotime.Thesetaxholidaysandrulingsmaybeextendedwhencertainconditionsaremet,orterminatedifcertainconditionsarenotmet.Ifthetaxholidaysandrulingsarenotextended,orifwefailtosatisfytheconditionsofthereducedtaxrate,thenoureffectivetaxratewouldincreaseinthefuture.

Changestotheoverallinternationaltaxenvironment,aswellaschangestosomeofthetaxlawsoftheforeignjurisdictionsinwhichweoperate,areexpectedasaresultoftheBaseErosionandProfitShiftingproject,orBEPS,beingundertakenbytheOrganisationforEconomicCo-operationandDevelopment,orOECD.TheOECD,whichrepresentsacoalitionofmembercountriesthatencompassmanyofthejurisdictionsinwhichweoperate,haspromulgatedrecommendedchangestonumerouslongstandinginternationaltaxprinciplesthroughitsBEPSproject.ItisexpectedthatjurisdictionsinwhichwedobusinesswillreacttotheBEPSinitiativebyenactingtaxlegislation,andourbusinesscouldbemateriallyimpacted.ItisalsoexpectedthatourexistingtransferpricingarrangementsneedtobereviewedandpossiblyadjustedtoreflecttheprinciplesenumeratedintheBEPSproject.

Our insurance policies may not provide adequate levels of coverage against all claims and we may incur losses that are not covered by our insurance.

Wemaintaininsuranceofthetypeandinamountsthatwebelieveiscommerciallyreasonableandthatisavailabletobusinessesinourindustry.Wecarryvarioustypesofinsurance,includinggeneralliability,autoliability,workers'compensationandexcessumbrella,fromhighlyratedinsurancecarriersonallofourproperties.Webelievethatthepolicyspecificationsandinsuredlimitsareadequateforforeseeablelosseswithtermsandconditionsthatarereasonableandcustomaryforsimilarbusinessesandarewithinindustrystandards.Nevertheless,marketforcesbeyondourcontrolcouldlimitthescopeoftheinsurancecoveragethatwecanobtaininthefutureorrestrictourabilitytobuyinsurancecoverageatreasonablerates.Wecannotpredictthelevelofthepremiumsthatwemayberequiredtopayforsubsequentinsurancecoverage,thelevelofanydeductibleand/orself-insuranceretentionapplicablethereto,thelevelofaggregatecoverageavailableortheavailabilityofcoverageforspecificrisks.

Intheeventofasubstantialloss,theinsurancecoveragethatwecarrymaynotbesufficienttocompensateusforthelossesweincuroranycostsweareresponsiblefor.Inaddition,therearetypesoflosseswemayincurthatcannotbeinsuredagainstorthatwebelievearenotcommerciallyreasonabletoinsure.Forexample,wemaintainbusinessinterruptioninsurance,buttherecanbenoassurancethatthecoverageforasevereorprolongedbusinessinterruptionwouldbeadequateandthedeductiblesforsuchinsurancemaybehigh.Theselosses,iftheyoccur,couldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

48

TableofContents

We are subject to product liability, warranty and recall claims, and our insurance coverage may not cover such claims.

Ourproductsexposeustowarrantyclaimsandproductliabilityclaimsintheeventthatproductsmanufactured,soldordesignedbyusactuallyorallegedlyfailtoperformasexpected,ortheuseofthoseproductsresults,orisallegedtoresult,inpersonalinjury,deathorpropertydamage.Further,weoroneormoreofoursuppliersmightnotadheretoproductsafetyrequirementsorqualitycontrolstandards,andproductsmaybeshippedtoretailpartnersbeforetheissueisidentified.Intheeventthatthisoccurs,wemayhavetorecallourproductstoaddressperformance,compliance,orothersafetyrelatedissues.Thefinancialcostswemayincurinconnectionwiththeserecallstypicallywouldincludethecostoftheproductbeingreplacedorrepairedandassociatedlaborandadministrativecostsand,ifapplicable,governmentalfinesand/orpenalties.

Productrecallscanharmourreputationandcauseustolosecustomers,particularlyifthoserecallscauseconsumerstoquestiontheperformance,quality,safetyorreliabilityofourproducts.Substantialcostsincurredorlostsalescausedbyfutureproductrecallscouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.Conversely,notissuingarecallornotissuingarecallonatimelybasiscanharmourreputationandcauseustolosecustomersforthesamereasonsasexpressedabove.Productrecalls,withdrawals,repairsorreplacementsmayalsoincreasetheamountofcompetitionthatweface.

Wevigorouslydefendorattempttosettleallproductliabilitycasesbroughtagainstus.However,thereisnoassurancethatwecansuccessfullydefendorsettleallsuchcases.Webelievethatwearenotcurrentlysubjecttoanymaterialproductliabilityclaimsnotcoveredbyinsuranceorvendorindemnity,althoughtheultimateoutcomeoftheseandfutureclaimscannotpresentlybedetermined.Becauseproductliabilityclaimsarepartoftheordinarycourseofourbusiness,wemaintainproductliabilityinsurancewhichwecurrentlybelieveisadequate.Ourinsurancepoliciesprovidecoverageagainstclaimsresultingfromallegedinjuriesarisingfromourproductssustainedduringtherespectivepolicyperiods,subjecttopolicytermsandconditions.Webelievetheinsurancewillberenewedonsubstantiallysimilartermsuponitsexpirybuttherecanbenoassurancethatthiscoveragewillberenewedorotherwiseremainavailableinthefuture,thatourinsurerswillbefinanciallyviablewhenpaymentofaclaimisrequired,thatthecostofsuchinsurancewillnotincrease,orthatthisinsurancewillultimatelyprovetobeadequateunderourvariouspolicies.Furthermore,futurerateincreasesmightmakeinsuranceuneconomicalforustomaintain.Thesepotentialinsuranceproblemsoranyadverseoutcomeinanyliabilitysuitcouldcreateincreasedexpenseswhichcouldharmourbusiness.Weareunabletopredictthenatureofproductliabilityclaimsthatmaybemadeagainstusinthefuturewithrespecttoinjuries,diseasesorotherillnessesresultingfromtheuseofourproductsorthematerialsincorporatedinourproducts.

Withregardtowarrantyclaims,ouractualproductwarrantyobligationscouldmateriallydifferfromhistoricalrateswhichwouldobligeustoreviseourestimatedwarrantyliabilityaccordingly.Adversedeterminationsofmaterialproductliabilityandwarrantyclaimsmadeagainstuscouldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperationsandcouldharmthereputationofourbrands.

We may be subject to litigation and other regulatory proceedings which may result in the expense of time and resources and could materially adversely affectour business, financial condition and results of operations.

Wemaybeinvolvedinlawsuitsandregulatoryactionsrelatingtoourbusiness,includingthoserelatingtointellectualproperty,antitrust,commercialandemploymentmatters.Duetotheinherentuncertaintiesoflitigationandregulatoryproceedings,wecannotaccuratelypredictthelikelihoodofsuchlawsuitsorregulatoryproceedingsoccurringortheultimateoutcomeofanysuchproceedings.Anunfavorableoutcomecouldmateriallyadverselyaffectourbusiness,financialconditionandresultsof

49

TableofContents

operations.Inaddition,anysuchproceeding,regardlessofitsmerits,coulddivertmanagement'sattentionfromouroperationsandresultinsubstantiallegalfees.

We are subject to environmental, health and safety laws and regulations, which could subject us to liabilities, increase our costs or restrict our operations in thefuture.

Ourpropertiesandoperationsaresubjecttoanumberofenvironmental,healthandsafetylawsandregulationsineachofthejurisdictionsinwhichweoperate.Theselawsandregulationsgovern,amongotherthings,airemissions,waterdischarges,handlinganddisposalofsolidandhazardoussubstancesandwastes,soilandgroundwatercontaminationandemployeehealthandsafety.Ourfailuretocomplywithsuchenvironmental,healthandsafetylawsandregulationscouldresultinsubstantialcivilorcriminalfinesorpenaltiesorenforcementactions,includingregulatoryorjudicialordersenjoiningorcurtailingoperationsorrequiringremedialorcorrectivemeasures,installationofpollutioncontrolequipmentorotheractions.

Wemayalsobesubjecttoliabilityforenvironmentalinvestigationsandcleanups,includingatpropertiesthatwecurrentlyorpreviouslyownedoroperated,evenifsuchcontaminationwasnotcausedbyus,andwemayfaceclaimsallegingharmtohealthorpropertyornaturalresourcedamagesarisingoutofcontaminationorexposuretohazardoussubstances.Wemayalsobesubjecttosimilarliabilitiesandclaimsinconnectionwithlocationsatwhichhazardoussubstancesorwasteswehavegeneratedhavebeenstored,treated,otherwisemanaged,ordisposed.

Weusecertainsubstancesandgeneratecertainwastesthatmaybedeemedhazardousortoxicunderenvironmentallaws,andwefromtimetotimehaveincurred,andinthefuturemayincur,costsrelatedtocleaningupcontaminationresultingfromhistoricusesofcertainofourcurrentorformerpropertiesorourtreatment,storageordisposalofwastesatfacilitiesownedbyothers.Thecostsofinvestigation,remediationorremovalofsuchmaterialsmaybesubstantial,andthepresenceofthosesubstances,orthefailuretoremediateapropertyproperly,mayimpairourabilitytouse,transferorobtainfinancingregardingourproperty.Liabilityinmanysituationsmaybeimposednotonlywithoutregardtofault,butmayalsobejointandseveral,sothatwemaybeheldresponsibleformorethanourshareofthecontaminationorotherdamages,orevenfortheentireamount.

Environmentalconditionsatorrelatedtoourcurrentorformerpropertiesoroperations,and/orthecostsofcomplyingwithcurrentorfutureenvironmental,healthandsafetyrequirements(whichhavebecomemorestringentandcomplexovertime)couldmateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations.

We may require additional capital in the future and we cannot give any assurance that such capital will be available at all or available on terms acceptable tous and, if it is available, additional capital raised by us may dilute holders of our common stock.

Wemayneedtoraiseadditionalfundsthroughpublicorprivatedebtorequityfinancingsinorderto:

• fundongoingoperations;

• takeadvantageofopportunities,includingexpansionofourbusinessortheacquisitionofcomplementaryproducts,technologiesorbusinesses;

• developnewproducts;or

• respondtocompetitivepressures.

Anyadditionalcapitalraisedthroughthesaleofequityorsecuritiesconvertibleintoequitywilldilutethepercentageownershipofholdersofourcommonstock.Capitalraisedthroughdebtfinancingwouldrequireustomakeperiodicinterestpaymentsandmayimposerestrictivecovenantsonthe

50

TableofContents

conductofourbusiness.Furthermore,additionalfinancingsmaynotbeavailableontermsfavorabletous,oratall,especiallyduringperiodsofadverseeconomicconditions,whichcouldmakeitmoredifficultorimpossibleforustoobtainfundingfortheoperationofourbusiness,formakingadditionalinvestmentsinproductdevelopmentandforrepayingoutstandingindebtedness.Ourfailuretoobtainadditionalfundingcouldpreventusfrommakingexpendituresthatmayberequiredtogrowourbusinessormaintainouroperations.

If our estimates or judgments relating to our critical accounting policies prove to be incorrect, our financial condition and results of operations could beadversely affected.

ThepreparationoffinancialstatementsinconformitywithU.S.GAAPrequiresmanagementtomakeestimatesandassumptionsthataffecttheamountsreportedintheconsolidatedfinancialstatementsandaccompanyingnotes.Webaseourestimatesonhistoricalexperienceandonvariousotherassumptionsthatwebelievetobereasonableunderthecircumstances,asdiscussedunder"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations,"includedelsewhereinthisprospectusandinourconsolidatedfinancialstatementsincludedherein.Theresultsoftheseestimatesformthebasisformakingjudgmentsaboutthecarryingvaluesofassets,liabilitiesandequity,andtheamountofrevenueandexpensesthatarenotreadilyapparentfromothersources.Significantassumptionsandestimatesusedinpreparingourconsolidatedfinancialstatementsincludethoserelatedtorevenuerecognition,allowancefordoubtfulaccounts,inventoryreserves,impairmentofgoodwill,indefinite-livedandlong-livedassets,pensionandotherpost-retirementbenefits,productwarranty,valuationallowancesfordeferredtaxassets,valuationofcommonstockwarrants,andshare-basedcompensation.Ourfinancialconditionandresultsofoperationsmaybeadverselyaffectedifourassumptionschangeorifactualcircumstancesdifferfromthoseinourassumptions,whichcouldcauseourresultsofoperationstofallbelowtheexpectationsofsecuritiesanalystsandinvestors,resultinginadeclineinthepriceofourcommonstock.

RisksRelatedtoOurIndebtedness

Our substantial leverage could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economyor in our industry, expose us to interest rate risk to the extent of our variable rate debt, and prevent us from meeting our obligations under our indebtedness.

FollowingtheclosingoftheRefinancingandtheconversionofallofourConvertibleNotespriortotheclosingofthisoffering,wewillcontinuetobehighlyleveraged.AsofJune30,2016,onaproformabasisaftergivingeffecttotheconversionofallofourConvertibleNotespriortotheclosingofthisoffering,wewouldhavehad$454.9millionofindebtedness,andonaproformaasadjustedbasisaftergivingfurthereffectto(i)theexercisebyFilaKoreaofallofouroutstandingwarrantsandrelatedredemptionofouroutstanding7.5%bondsdue2021,whichoccurredinJuly2016,and(ii)theRefinancing,wewouldhavehad$424.1millionofindebtedness.Inaddition,asofJune30,2016,onaproformaasadjustedbasis,wewouldhavehad$227.1millionofavailabilityunderournewrevolvingcreditfacilityaftergivingeffectto$7.8millionofoutstandinglettersofcreditandwewouldhavehad$64.0millionavailableunderourlocalcreditfacilitiesthatwillremainoutstandingaftertheRefinancing.OnJuly29,2016,weborrowedamountsunderournewrevolvingcreditfacilitytofundinpartthepaymentof(i)accruedandunpaidinterestonour7.5%bondsdue2021to,butnotincluding,July29,2016,(ii)accruedandunpaidinterestonourConvertibleNotesto,butnotincluding,August1,2016and(iii)accruedandunpaiddividendsonourConvertiblePreferredStockto,butnotincluding,August1,2016.Wemayborrowadditionalamountsunderournewrevolvingcreditfacilityinconnectionwiththepaymentof(i)theremainingaccruedandunpaidinterestonourConvertibleNotes,(ii)theremainingaccruedandunpaiddividendsonourConvertiblePreferredStockand(iii)ourremainingfeesandexpensesrelatedtothisoffering.UntilJuly28,2017,thecommitmentsunderthenewdelayeddrawtermloanAfacilityintheamountofupto$100.0millionwillbeavailable

51

TableofContents

tomakepaymentsinconnectionwiththefinalpayoutoftheoutstandingEARsundertheEARPlan,whichwouldincreaseourleveragefurther.Ourhighdegreeofleveragefollowingtheclosingofthisofferingcouldhaveimportantconsequencesforus,including:

• requiringustoutilizeasubstantialportionofourcashflowsfromoperationstomakepaymentsonourindebtedness,reducingtheavailabilityofourcashflowstofundworkingcapital,capitalexpenditures,productdevelopment,acquisitions,generalcorporateandotherpurposes;

• increasingourvulnerabilitytoadverseeconomic,industry,orcompetitivedevelopments;

• exposingustotheriskofincreasedinterestratesbecausesubstantiallyallofourborrowingsareatvariableratesofinterest;

• makingitmoredifficultforustosatisfyourobligationswithrespecttoourindebtedness,andanyfailuretocomplywiththeobligationsofanyofourdebtinstruments,includingfinancialmaintenancecovenantsandrestrictivecovenants,couldresultinaneventofdefaultundertheagreementsgoverningourindebtedness;

• restrictingusfrommakingstrategicacquisitionsorcausingustomakenon-strategicdivestitures;

• limitingourabilitytoobtainadditionalfinancingforworkingcapital,capitalexpenditures,productdevelopment,debtservicerequirements,acquisitions,andgeneralcorporateorotherpurposes;and

• limitingourflexibilityinplanningfor,orreactingto,changesinourbusinessormarketconditionsandplacingusatacompetitivedisadvantagecomparedtoourcompetitorswhoarelesshighlyleveragedandwho,therefore,maybeabletotakeadvantageofopportunitiesthatourleveragepreventsusfromexploiting.

Ourtotalinterestexpense,netwas$68.1million,$63.5million,$60.3millionand$30.5millionand$28.4millionfortheyearsendedDecember31,2013,2014and2015andthesixmonthsendedJune30,2015and2016,respectively,ourproformatotalinterestexpensefortheyearendedDecember31,2015andthesixmonthsendedJune30,2016aftergivingeffecttotheconversionofallofourConvertibleNotespriortotheclosingofthisofferingwouldhavebeen$33.1millionand$14.8million,respectively,andourproformaasadjustedtotalinterestexpensefortheyearendedDecember31,2015andthesixmonthsendedJune30,2016aftergivingfurthereffecttotheexercisebyFilaKoreaofallofouroutstandingwarrantsandrelatedredemptionofouroutstanding7.5%bondsdue2021,whichoccurredinJuly2016,andtheRefinancingwouldhavebeen$16.7millionand$9.0million,respectively.FollowingtheclosingoftheRefinancingandthisoffering,substantiallyallofourindebtednesswillbefloatingratedebt.

Servicing our indebtedness will require a significant amount of cash. Our ability to generate sufficient cash depends on many factors, some of which are notwithin our control.

Ourabilitytomakepaymentsonourindebtednessandtofundplannedcapitalexpenditureswilldependonourabilitytogeneratecashinthefuture.Toacertainextent,thisissubjecttogeneraleconomic,financial,competitive,legislative,regulatory,andotherfactorsthatarebeyondourcontrol.Ifweareunabletogeneratesufficientcashflowstoserviceourdebtandmeetourothercommitments,wemayneedtorestructureorrefinancealloraportionofourdebt,sellmaterialassetsoroperations,orraiseadditionaldebtorequitycapital.Wemaynotbeabletoaffectanyoftheseactionsonatimelybasis,oncommerciallyreasonableterms,oratall,andtheseactionsmaynotbesufficienttomeetourcapitalrequirements.Inaddition,anyrefinancingofourindebtednesscouldbeatahigherinterestrate,andthetermsofourexistingorfuturedebtarrangementsmayrestrictusfromaffectinganyofthesealternatives.Ourfailuretomaketherequiredinterestandprincipalpaymentsonourindebtedness

52

TableofContents

wouldresultinaneventofdefaultundertheagreementgoverningsuchindebtedness,whichmayresultintheaccelerationofsomeorallofouroutstandingindebtedness.

Despite our high indebtedness level, we and our subsidiaries will still be able to incur significant additional amounts of debt, which could further exacerbatethe risks associated with our substantial indebtedness.

Weandoursubsidiariesmaybeabletoincursubstantialadditionalindebtednessinthefuture.Althoughtheagreementsgoverningourindebtednesscontainrestrictionsontheincurrenceofadditionalindebtedness,theserestrictionsaresubjecttoanumberofsignificantqualificationsandexceptionsand,undercertaincircumstances,theamountofindebtednessthatcouldbeincurredincompliancewiththeserestrictionscouldbesubstantial.

Our credit agreements contain restrictions that limit our flexibility in operating our business.

Theagreementsgoverningouroutstandingindebtednesscontainvariouscovenantsthatlimitourabilitytoengageinspecifiedtypesoftransactions.Thesecovenantslimittheabilityofoursubsidiariesto,amongotherthings:

• incur,assume,orpermittoexistadditionalindebtednessorguarantees;

• incurliens;

• makeinvestmentsandloans;

• paydividends,makepayments,orredeemorrepurchasecapitalstock;

• engageinmergers,liquidations,dissolutions,assetsales,andotherdispositions(includingsaleleasebacktransactions);

• amendorotherwisealtertermsofcertainindebtednessorcertainotheragreements;

• enterintoagreementslimitingsubsidiarydistributionsorcontainingnegativepledgeclauses;

• engageincertaintransactionswithaffiliates;

• alterthenatureofthebusinessthatweconduct;

• changeourfiscalyearoraccountingpractices;or

• enterintoatransactionorseriesoftransactionsthatconstitutesachangeofcontrol.

ThenewcreditagreementcovenantsalsorestricttheabilityofAcushnetHoldingsCorp.toengageincertainmergersorconsolidationsorengageinanyactivitiesotherthanpermittedactivities.Abreachofanyofthesecovenants,amongothers,couldresultinadefaultunderoneormoreoftheseagreements,includingasaresultofcrossdefaultprovisions,and,inthecaseofournewsecuredcreditfacility,followinganyapplicablecureperiod,wouldpermitthelendersthereunderto,amongotherthings,declaretheprincipal,accruedinterestandotherobligationsthereundertobeimmediatelydueandpayableanddeclarethecommitmentofeachlenderthereundertomakeloansandissuelettersofcredittobeterminated.

We may utilize derivative financial instruments to reduce our exposure to market risks from changes in interest rates on our variable rate indebtedness and wewill be exposed to risks related to counterparty credit worthiness or non-performance of these instruments.

Wemayenterintopay-fixedinterestrateswapstolimitourexposuretochangesinvariableinterestrates.Suchinstrumentsmayresultineconomiclossesshouldinterestratesdeclinetoapointlowerthanourfixedratecommitments.Wewillbeexposedtocredit-relatedlosses,whichcouldimpacttheresultsofoperationsintheeventoffluctuationsinthefairvalueoftheinterestrateswapsduetoachangeinthecreditworthinessornon-performancebythecounterpartiestotheinterestrateswaps.

53

TableofContents

RisksRelatedtotheShareholderTransactionandtheMagnusTermLoan

Fila Korea and Magnus will have obligations under the Magnus Term Loan, and Fila Korea and/or Magnus may have obligations under any equity or debtused to refinance the Magnus Term Loan, that may be satisfied by a sale, foreclosure, liquidation or other transfer of our common stock, which couldmaterially decrease the market value of our common stock and may result in a change of control of our company.

AftergivingeffecttotheShareholderTransaction,sharesofourcommonstockwillbetheonlyassetsownedbyMagnus.Unlessrefinancedonorpriortomaturity,theMagnusTermLoanwillmatureon,2017(thefirstanniversaryofthedayfollowingthepricingofthisoffering).TherearecurrentlynoarrangementsoragreementsinplacewithrespecttoanypotentialfinancingthatmaybenecessaryinconnectionwiththepaymentofamountsdueontheMagnusTermLoanatmaturity.TheMagnusTermLoanwillbesecuredbyapledgeonallofourcommonstockownedbyMagnus,exceptfor5%ofouroutstandingcommonstockownedbyMagnusthatissubjecttoanegativepledgeunderFilaKorea'screditfacility,whichwillequal48.1%ofouroutstandingcommonstock.FollowingtherepaymentoftheMagnusTermLoan,MagnusmaypledgealloraportionofourcommonstockthatMagnusownstosecureanydebtincurredinconnectionwiththerefinancingoftheMagnusTermLoanorotherwise.IfFilaKoreaorMagnusareunabletoraisethefundstopaytheamountsdueontheMagnusTermLoanatmaturity(oranearlierdateifsubjecttoacceleration)onacceptabletermsoratall,orifFilaKoreaorMagnusareunabletomeettheirobligationsunderanydebtusedtorefinancetheMagnusTermLoan,theMagnusLenders,orlendersofsuchdebt,canforecloseonthepledgedsharesofourcommonstock.

Inaddition,itisexpectedthataportionoftheinterestpaymentsontheMagnusTermLoan,andpotentialfuturedividendorinterestobligationsunderanyequityordebtusedtorefinancetheMagnusTermLoan,willbefundedusingproceedsfromdividends,ifany,receivedonourcommonstock.See"DividendPolicy."Therecanbenoassurancethatwewillbeabletomakesuchdividendpaymentsonourcommonstock.See"RisksRelatedtothisOfferingandOwnershipofOurCommonStock—Wecannotassureyouthatwewillpaydividendsonourcommonstock,andourindebtednessandotherfactorscouldlimitourabilitytopaydividendsonourcommonstock."TherecanbenoassurancethatMagnuswillbeabletomaketheinterestpaymentsontheMagnusTermLoan,oranypotentialfuturedividendorinterestobligationsunderanyequityordebtusedtorefinancetheMagnusTermLoan.IfMagnusisunabletopayinterestontheMagnusTermLoanonaninterestpaymentdate,overdueinterestwillaccrueatarateof8.5%perannumforagraceperiodand,aftertheendofsuchgraceperiod,theprincipalontheMagnusTermLoanmaybeacceleratedbytheMagnusLenders.Atmaturity(oranearlierdateifsubjecttoacceleration),Magnuswillberequiredtoraiseadditionalfundstopaytheadditionalamountsofinterestincurred,whichitmaybeunabletodo.TheremaybesimilarobligationsunderanyfinancingusedtorefinancetheMagnusTermLoan.

IfFilaKoreaorMagnusareunabletoraisethefundsnecessarytopaytheamountowedontheMagnusTermLoanatmaturity(oranearlierdateifsubjecttoacceleration)andtheMagnusLendersforecloseonthepledgedsharesofourcommonstockpursuanttothetermsoftheMagnusTermLoan,anysuchforeclosurewouldbeundertakeninaccordancewithKoreanlawandmayresult,undercertaincircumstances,inthesaleorothertransferof48.1%ofourcommonstock,whichequalsallofthesharespledgedbyMagnustotheMagnusLenders.See"—ThecreditorandinsolvencylawsofKoreaaredifferentfromU.S.lawsandtheoutcomeofanyforeclosure,liquidation,bankruptcyorotherrestructuringproceedingmaybeunpredictable."Anysuchsalecouldhaveasignificantimpactonourshareholdingstructureandourcorporategovernanceandcouldmateriallydecreasethemarketpriceofsharesofourcommonstock.Inaddition,theperceptionthatsuchasalecouldoccurcouldmateriallydepressthemarketpriceofsharesofourcommonstock.See"RisksRelatedtothisOfferingandOwnershipofOurCommonStock—Futuresales,ortheperceptionoffuturesales,byusorourexistingshareholdersinthepublicmarketfollowingthisofferingcouldcausethemarketpriceforourcommonstocktodecline."Anysuchsalewouldbesubjecttothelock-uprestrictionsasdescribedin

54

TableofContents

"Underwriting—Lock-upAgreements."TheremaybesimilarobligationsunderanyfinancingusedtorefinancetheMagnusTermLoanandfailuretosatisfysuchobligationscouldresultinthesameconsequencesasdiscussedabove.

Inaddition,priortoanyforeclosure,FilaKoreamaydecidetosellorotherwisetransferall,orasignificantportion,ofourcommonstockownedbyMagnusinordertomeettheobligationsofMagnusundertheMagnusTermLoanoranyfuturefinancing.Anysuchsale,ortheperceptionthatsuchasalecouldoccur,couldhaveasignificantimpactonourshareholdingstructureandourcorporategovernanceandcouldmateriallydecreasethemarketpriceofsharesofourcommonstock.Inconnectionwiththisoffering,weexpecttoenterintoaregistrationrightsagreementwithMagnusandtheFinancialInvestors.See"CertainRelationshipsandRelatedPartyTransactions—RegistrationRightsAgreement."

Anyofthepotentialsales,foreclosures,liquidationsorothertransfersofourcommonstockdiscussedabovemayresultinachangeofcontrolundercertainoutstandingagreements,includingasaresultoftheacquisitionofasignificantportionofourcommonstockbyanyindividual,entityorgroup,whichcouldresultinadefaultundersuchagreements.Underthenewcreditagreement,itisachangeofcontrolifanyperson(otherthancertainpermittedparties,includingFila)becomesthebeneficialownerof35%ormoreofouroutstandingcommonstock.IntheeventofaforeclosureonthepledgedsharesofourcommonstockundertheMagnusTermLoan,if,inthereasonableopinionoftheMagnusLenders,foreclosureof35%ofouroutstandingcommonstocklessoneshareofourcommonstock,ortheForeclosureThresholdAmount,willbesufficienttofullysatisfytheprincipalandinterestoftheMagnusLoan,onlytheForeclosureThresholdAmountwillbepermittedforsuchforeclosure.IftheForeclosureThresholdAmountisinsufficienttofullysatisfytheprincipalandinterestoftheMagnusLoan,therewillbenolimitationontheamountofourpledgedsharesofcommonstockthatmaybeforeclosed.Asaresult,iftheMagnusLendersorathirdpartyweretoacquirebeneficialownershipof35%ormoreofouroutstandingcommonstockpursuanttoaneventofdefaultundertheMagnusTermLoan,itwouldresultinachangeofcontrolunderthenewcreditagreement,whichisaneventofdefaultthatcouldresultintheaccelerationofalloutstandingindebtednessandtheterminationofallcommitmentsunderthenewcreditagreementandwouldallowthelendersunderthenewcreditagreementtoenforcetheirrightswithrespecttothecollateralgrantedbyus,includingthestockofoursubsidiary,AcushnetCompany.Upontheexerciseofsuchrights,itisuncertainwhetherweandoursubsidiary,AcushnetCompany,wouldbeabletorefinancetheindebtednessandreplacethecommitmentsunderthenewcreditagreementoncomparabletermsoratall.Ifweareunabletorefinancethenewcreditagreement,wemayneedtodisposeofassetsoroperationsorissueequitytoobtainnecessaryfundstorepaytheoutstandingindebtednessunderthenewcreditagreement.Theresultingimpairmentofourliquiditypositioncouldalsomateriallydepressourstockprice.Inaddition,achangeofcontrolunderouroutstandingequityawardagreementsandotheremploymentarrangementsmayresultinthevestingofoutstandingequityawardsandtheaccelerationofbenefitsorotherpaymentsundercertainemploymentarrangements.Achangeofcontrolmayalsoresultinadefaultorothernegativeconsequenceunderourotheroutstandingagreementsorinstruments.See"DescriptionofIndebtedness."

Magnus'abilitytopaytheamountowedon,ortorefinance,theMagnusTermLoanpriortomaturitymaybeaffectedbygeneraleconomic,financial,competitive,legislative,regulatory,businessandotherfactorsbeyonditscontrol.WecannotassureyouthatfutureborrowingsorequityfinancingwillbeavailableforthepaymentorrefinancingoftheMagnusTermLoanbyMagnus.IfMagnusisunabletopaytheamountowedon,ortorefinance,theMagnusTermLoanpriortomaturity,itcouldhaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperationsandthemarketpriceofourcommonstock.Inaddition,anyinabilitybyMagnustotakeaffirmativestepstorefinancetheMagnusTermLoanasthematuritydatenearscouldalsohaveamaterialadverseeffectonourbusiness,financialcondition,resultsofoperationsandthemarketpriceofourcommonstock.

55

TableofContents

Upon the closing of this offering and after giving effect to the Shareholder Transaction, Magnus, which is wholly-owned by Fila Korea, will control us andtheir interests, and the interests of the Magnus Lenders, may conflict with yours in the future.

UpontheclosingofthisofferingandaftergivingeffecttotheShareholderTransaction,Magnus,whichiswholly-ownedbyFilaKorea,willbeneficiallyownapproximately53.1%ofourcommonstock.FilaKoreawillbeabletocontroltheelectionandremovalofourdirectorsandtherebydetermine,amongotherthings,thepaymentofdividends,ourcorporateandmanagementpolicies,includingpotentialmergersoracquisitionsorassetsales,amendmentofouramendedandrestatedcertificateofincorporationoramendedandrestatedbylaws,andothersignificantcorporatetransactionsforsolongasMagnusretainssignificantownershipofus.SolongasMagnuscontinuestoownasignificantamountofourvotingpower,evenifsuchamountislessthan50%,FilaKoreawillcontinuetobeabletostronglyinfluenceoreffectivelycontrolourdecisions.TheinterestsofFilaKoreamaynotcoincidewiththeinterestsofotherholdersofourcommonstock.

Bycontrollingtheelectionandremovalofourdirectors,FilaKoreawillalsobeabletodeterminethepaymentofdividendsonourcommonstock.InlightofitsinterestobligationsundertheMagnusTermLoan,andpotentialfuturedividendorinterestobligationsunderanyequityordebtusedtorefinancetheMagnusTermLoan,Magnusmaycauseustopaydividendsonourcommonstockattimesorinamountsthatmaynotbeinthebestinterestofusorotherholdersofourcommonstock.See"RisksRelatedtothisOfferingandOwnershipofourCommonStock—Wecannotassureyouthatwewillpaydividendsonourcommonstock,andourindebtednessandotherfactorscouldlimitourabilitytopaydividendsonourcommonstock."

Intheordinarycourseofitsbusinessactivities,FilaKoreaanditsaffiliatesmayengageinactivitieswheretheirinterestsconflictwithourinterestsorthoseofourshareholders.Exceptasmaybelimitedbyapplicablelaw,FilaKoreaanditsaffiliateswillnothaveanydutytorefrainfromcompetingdirectlywithusorengaging,directlyorindirectly,inthesamebusinessactivitiesorsimilarbusinessactivitiesorlinesofbusinessinwhichweoperate.FilaKoreaanditsaffiliatesalsomaypursueacquisitionopportunitiesthatmaybecomplementarytoourbusinessand,asaresult,thoseacquisitionopportunitiesmaynotbeavailabletous.Inaddition,FilaKoreaanditsaffiliatesmayhaveaninterestinuspursuingacquisitions,divestituresandothertransactionsthat,initsjudgment,couldenhanceitsinvestment,eventhoughsuchtransactionsmightinvolveriskstoyou.

Inaddition,theconcentrationofourownershipinMagnusmaydelay,deterorpreventpossiblechangesincontrolofthecompanyorachangeinthecompositionofourboardofdirectorsandcouldprecludeanyunsolicitedacquisitionofus,whichmayreducethevalueofaninvestmentinourcommonstock.

Furthermore,theMagnusLenders,aslendersundertheMagnusTermLoan,andanypotentialfuturelendersofdebtusedtorefinancetheMagnusTermLoan,mayalsobecomedirectownersofourcommonstockasaresultoftheirexerciseofremediesorotherwise.TheinterestsoftheMagnusLenders,orsuchpotentialfuturelenders,maynotcoincidewiththeinterestsofotherholdersofourcommonstock.

WeandourboardofdirectorswillhavenopowertodirectorinfluencetheaffairsofMagnus.Inparticular,wewillhavenopowerwithrespecttothedispositionofsharesofourcommonstockbyFilaKorea,MagnusortheMagnusLenders(whetherinconnectionwithanyexerciseofremediesbytheMagnusLendersorotherwise).

56

TableofContents

Fila Korea has pledged the common stock of Magnus to the lenders under its credit facility which pledge is expected to continue in part after the closing of thisoffering. In addition, Fila Korea may pledge or borrow against additional shares of the common stock of Magnus. It is also possible that our othershareholders may in the future pledge shares of our common stock.

Inthepast,inordertofundtheoperationsoforotherwiseprovidefinancingforitsownbusiness,FilaKoreaanditsaffiliatespledgedallofitsinterestinourcommonstock.Currently,FilaKoreahasgrantedasecurityinterestinallofthecommonstockofMagnustothelendersunderitscreditfacility.Aftergivingeffecttotheclosingofthisoffering,thelendersunderFilaKorea'screditfacilityareexpectedtoreleasetheirsecurityinterestsinapproximately85.6%ofthecommonstockofMagnusandretainasecurityinterestinapproximately14.4%ofthecommonstockofMagnus.ThesharesofourcommonstockownedbyMagnusareMagnus'onlyassets.See"PrincipalandSellingShareholders."IfFilaKoreadefaultsunderitscreditfacilityandthelendersforecloseonthepledgedsharesofMagnuscommonstock,theymayseektosellthepledgedsharesofMagnuscommonstock,orseektoacquireandtosellaportionofourcommonstockownedbyMagnus.Anysuchsale,ortheperceptionthatsuchasalecouldoccur,couldalterthevotingpowerofMagnusdirectlyandofusindirectly,and/ordecreasethemarketpriceofsharesofourcommonstock.Theinterestsofthesecuredpartieswhoexerciseforeclosuremaydifferfromthoseofotherholdersofourcommonstock.

Inaddition,itispossiblethatFilaKoreamayinthefuturepledgeadditionalsharesofthecommonstockofMagnus,whethertohelpraisetheproceedsnecessarytopayamountsdueontheMagnusTermLoanatmaturity(oranearlierdateifsubjecttoacceleration)orforotherpurposes.Anysuchadditionalpledgecouldexacerbatetherisksdiscussedabove.See"TheShareholderTransaction—TheMagnusTermLoan—Collateral."

Certainofourothershareholdershavepledged,hypothecatedorgrantedsecurityinterestsinallofouroutstandingConvertibleNotesandallofouroutstandingConvertiblePreferredStockbeneficiallyownedbythem,aswellasalloftheunderlyingsharesofourcommonstockthatareissuablethereunder,ascollateralforforeigncurrencyhedges.Althoughtheseshareholdersexpecttoenterintoagreementsorarrangementswiththesecuredpartiesforthereleaseofthesesecurityinterestspriortotheclosingofthisoffering,itispossiblethatourshareholdersmayinthefuturepledgesharesofourcommonstock.Anysuchpledgemayrelatetoasignificantamountofourcommonstockandifthesecuredpartyforeclosesonsuchpledgedshares,theymayseektosellthepledgedshares.Anysuchsale,ortheperceptionthatsuchasalecouldoccur,coulddecreasethemarketpriceofsharesofourcommonstock.

The creditor and insolvency laws of Korea are different from U.S. bankruptcy laws and the outcome of any foreclosure, liquidation, bankruptcy or otherrestructuring proceeding may be unpredictable.

FilaKoreaandMagnusareorganizedunderthelawsofKorea.Thecreditor,bankruptcy,insolvencyandotherrelevantlawsofKoreaaremateriallydifferentfromthoseoftheUnitedStates.Anyforeclosure,liquidation,bankruptcyorotherrestructuringproceedinginvolvingFilaKoreaorMagnusmaybeunpredictableandwouldnotinvolvethesametimingorprocedures,andmaynotresultinthesameoutcome,asaproceedingunderU.S.law.

57

TableofContents

We will be a "controlled company" within the meaning of the rules of the NYSE upon the closing of this offering and after giving effect to the ShareholderTransaction. As a result, we will qualify for exemptions from certain corporate governance requirements that would otherwise provide protection toshareholders of other companies.

UnderthecorporategovernancestandardsoftheNYSErules,acompanyofwhichmorethan50%ofthevotingpowerisheldbyanindividual,group,oranothercompanyisa"controlledcompany"andmayelectnottocomplywithcertaincorporategovernancerequirements,including:

• therequirementthatamajorityofourboardofdirectorsconsistof"independentdirectors"asdefinedundertherulesoftheNYSE;

• therequirementthatwehaveacompensationcommitteethatiscomposedentirelyofindependentdirectorswithawrittencharteraddressingthecommittee'spurposeandresponsibilities;

• therequirementthatwehaveanominatingandcorporategovernancecommitteethatiscomposedentirelyofindependentdirectorswithawrittencharteraddressingthecommittee'spurposeandresponsibilities;and

• therequirementforanannualperformanceevaluationofthecompensationandnominatingandcorporategovernancecommittees.

PriortotheclosingofthisofferingandaftergivingeffecttotheShareholderTransaction,Magnus,whichiswholly-ownedbyFilaKorea,willcontrolshares,orapproximately53.1%,ofourcommonstock.See"TheShareholderTransaction."Asaresult,wewillqualifyasa"controlledcompany"withinthemeaningofthecorporategovernancestandardsoftheNYSE.Althoughwedonotcurrentlyexpecttoavailourselvesoftheseexemptionsavailabletocontrolledcompanies,wemayutilizeoneormoreoftheseexemptionsinthefuture.Asaresult,wemaynothaveamajorityofindependentdirectors,ournominating/corporategovernancecommitteeandcompensationcommitteemaynotconsistentirelyofindependentdirectors,andsuchcommitteeswillnotbesubjecttoannualperformanceevaluations.Accordingly,youmaynothavethesameprotectionsaffordedtoshareholdersofcompaniesthataresubjecttoallofthecorporategovernancerequirementsoftheNYSE.

Inaddition,theNYSEadoptedlistingstandards,whichwereapprovedbytheSECin2013,thatimposeadditionalrequirementspertainingtocompensationcommitteeindependenceandtheroleanddisclosureofcompensationconsultantsandotheradviserstothecompensationcommitteethatrequire,amongotherthings,that:

• acompensationcommitteebecomposedoffullyindependentdirectors,asdeterminedpursuanttonewindependencerequirements;

• acompensationcommitteebeexplicitlychargedwithhiringandoverseeingcompensationconsultants,legalcounsel,andothercommitteeadvisors;and

• acompensationcommitteeberequiredtoconsider,whenengagingcompensationconsultants,legalcounsel,orotheradvisors,certainindependencefactors,includingfactorsthatexaminetherelationshipbetweentheconsultantoradvisor'semployerandus.

Althoughwedonotcurrentlyintendtoavailourselvesoftheexemptionsfromthesecompensationcommitteerequirements,asa"controlledcompany,"wewillnotbesubjecttothesecompensationcommitteeindependencerequirements.

58

TableofContents

RisksRelatedtothisOfferingandOwnershipofOurCommonStock

We will incur increased costs and become subject to additional regulations and requirements as a result of becoming a newly public company, and ourmanagement will be required to devote substantial time to new compliance matters, which could lower our profits or make it more difficult to run our business.

Asapubliccompany,wewillincursignificantlegal,accountingandotherexpensesthatwehavenotincurredasaprivatecompany,includingcostsassociatedwithpubliccompanyreportingrequirementsandcostsofrecruitingandretainingnon-executivedirectors.WealsohaveincurredandwillincurcostsassociatedwiththeSarbanes-OxleyActandrelatedrulesimplementedbytheSECandtheNYSE.Theexpensesincurredbypubliccompaniesgenerallyforreportingandcorporategovernancepurposeshavebeenincreasing.Weexpecttheserulesandregulationstoincreaseourlegalandfinancialcompliancecostsandtomakesomeactivitiesmoretime-consumingandcostly,althoughwearecurrentlyunabletoestimatethesecostswithanydegreeofcertainty.Ourmanagementwillneedtodevoteasubstantialamountoftimetoensurethatwecomplywithalloftheserequirements.Theselawsandregulationsalsocouldmakeitmoredifficultorcostlyforustoobtaincertaintypesofinsurance,includingdirectorandofficerliabilityinsurance,andwemaybeforcedtoacceptreducedpolicylimitsandcoverageorincursubstantiallyhighercoststoobtainthesameorsimilarcoverage.Theselawsandregulationscouldalsomakeitmoredifficultforustoattractandretainqualifiedpersonstoserveonourboardofdirectors,ourboardcommitteesorasourexecutiveofficers.Furthermore,ifweareunabletosatisfyourobligationsasapubliccompany,wecouldbesubjecttodelistingofourcommonstock,fines,sanctionsandotherregulatoryactionandpotentiallycivillitigation.

There may not be an active trading market for shares of our common stock, which may cause shares of our common stock to trade at a discount from the initialoffering price and make it difficult to sell the shares of common stock you purchase.

Priortothisoffering,therehasnotbeenapublictradingmarketforsharesofourcommonstock.Itispossiblethatafterthisofferinganactivetradingmarketwillnotdeveloporcontinueor,ifdeveloped,thatanymarketwillbesustainedwhichwouldmakeitdifficultforyoutosellyoursharesofcommonstockatanattractivepriceoratall.Theinitialpublicofferingpricepershareofcommonstockwillbedeterminedbyagreementamongthesellingshareholdersandtherepresentativesoftheunderwriters,andmaynotbeindicativeofthepriceatwhichsharesofourcommonstockwilltradeinthepublicmarketafterthisoffering.Themarketpriceofourcommonstockmaydeclinebelowtheinitialofferingpriceandyoumaynotbeabletosellyoursharesofourcommonstockatorabovethepriceyoupaidinthisoffering,oratall.

The market price of shares of our common stock may be volatile, which could cause the value of your investment to decline.

Evenifatradingmarketdevelops,themarketpriceofourcommonstockmaybehighlyvolatileandcouldbesubjecttowidefluctuations.Securitiesmarketsworldwideexperiencesignificantpriceandvolumefluctuations.Thismarketvolatility,aswellasgeneraleconomic,marketorpoliticalconditions,couldreducethemarketpriceofsharesofourcommonstockinspiteofouroperatingperformance.Inaddition,ourresultsofoperationscouldbebelowtheexpectationsofpublicmarketanalystsandinvestorsduetoanumberofpotentialfactors,includingvariationsinourquarterlyresultsofoperations,additionsordeparturesofkeymanagementpersonnel,failuretomeetanalysts'earningsestimates,publicationofresearchreportsaboutourindustry,litigationandgovernmentinvestigations,changesorproposedchangesinlawsorregulationsordifferinginterpretationsorenforcementthereofaffectingourbusinessorthegolfindustry,adversemarketreactiontoanyindebtednesswemayincurorsecuritieswemayissueinthefuture,changesinmarketvaluationsofsimilarcompaniesorspeculationinthepressorinvestmentcommunity,announcementsbyourcompetitorsofsignificant

59

TableofContents

contracts,acquisitions,dispositions,strategicpartnerships,jointventuresorcapitalcommitments,adversepublicityaboutourindustryinorindividualscandals,andinresponsethemarketpriceofsharesofourcommonstockcoulddecreasesignificantly.Youmaybeunabletoresellyoursharesofcommonstockatorabovetheinitialpublicofferingprice.

Inthepastfewyears,stockmarketshaveexperiencedsignificantpriceandvolumefluctuations.Inthepast,followingperiodsofvolatilityintheoverallmarketandthemarketpriceofacompany'ssecurities,securitiesclassactionlitigationhasoftenbeeninstitutedagainstthesecompanies.Thislitigation,ifinstitutedagainstus,couldresultinsubstantialcostsandadiversionofourmanagement'sattentionandresources.

We have identified material weaknesses in our internal control over financial reporting, and if we are unable to maintain effective internal controls, we maynot be able to produce timely and accurate financial statements, which could have a material adverse effect on our business and stock price.

Asaprivatelyheldcompany,wearenotrequiredtocomplywiththerulesoftheSECimplementingSection404oftheSarbanes-OxleyActandarethereforenotcurrentlyrequiredtomakeaformalassessmentoftheeffectivenessofourinternalcontroloverfinancialreportingforthatpurpose.Uponbecomingapubliccompany,wewillberequiredtocomplywiththeSEC'srulesimplementingSections302and404oftheSarbanes-OxleyAct,whichwillrequiremanagementtocertifyfinancialandotherinformationinourannualandquarterlyreportsandprovideanannualmanagementreportontheeffectivenessofinternalcontroloverfinancialreporting.

InconnectionwiththeauditofourconsolidatedfinancialstatementsfortheyearsendedDecember31,2013,2014and2015,weandourindependentregisteredpublicaccountingfirmidentifiedmaterialweaknessesinourinternalcontroloverfinancialreporting.Amaterialweaknessisadeficiency,oracombinationofdeficiencies,ininternalcontroloverfinancialreporting,suchthatthereisareasonablepossibilitythatamaterialmisstatementofthecompany'sannualorinterimconsolidatedfinancialstatementswillnotbepreventedordetectedonatimelybasis.Wedidnothaveinplaceaneffectivecontrolenvironmentwithasufficientnumberofaccountingpersonnelwiththeappropriatetechnicaltrainingin,andexperiencewith,GAAPtoallowforadetailedreviewofcomplexaccountingtransactionsthatwouldidentifyerrorsinatimelymanner.Further,wedidnotdesignandhaveinplaceformallydocumentedandimplementedprocessesandprocedurestoaddresstheaccountingforincometaxes,derivatives,certaincompensationandbenefits,andfunctionalcurrency,includinginternalcommunicationprotocolsrelatedtomattersimpactingincometaxandbenefitaccounts.Wealsoidentifiedalackofsegregationofdutiesbetweentheabilitytocreateandpostjournalentries.ThelackofadequateaccountingpersonnelandformalprocessesandproceduresresultedinseveralauditadjustmentstoourconsolidatedfinancialstatementsfortheyearsendedDecember31,2013,2014and2015.

Wearecurrentlyintheprocessofremediatingthesematerialweaknessesandaretakingstepsthatwebelievewilladdresstheunderlyingcausesofthematerialweaknesses.Wehaveenlistedthehelpofexternaladvisorstoprovideassistanceintheareasoffinancialaccountingandtaxaccountingintheshortterm,andareevaluatingthelongertermresourceneedsofourvariousfinancialfunctions.Inaddition,wehaveengagedanaccountingfirmtoevaluateanddocumentthedesignandoperatingeffectivenessofourinternalcontrolsandassistwiththeremediationandimplementationofourinternalcontrolsasrequired.Theseremediationmeasuresmaybetimeconsuming,costly,andmightplacesignificantdemandsonourfinancialandoperationalresources.

Inaddition,wehavebegunperformingsystemandprocessevaluationsandtestingofourinternalcontroloverfinancialreportingtoallowmanagementandourindependentregisteredpublicaccountingfirmtoreportontheeffectivenessofourinternalcontroloverfinancialreporting,asrequiredbySection404oftheSarbanes-OxleyAct,withauditorattestationoftheeffectivenessofourinternal

60

TableofContents

controls,beginningwithourannualreportonForm10-Kforthesecondfiscalyearendingaftertheeffectivenessoftheregistrationstatementofwhichthisprospectusformsapart.Ourtesting,orthesubsequenttestingbyourindependentregisteredpublicaccountingfirm,mayrevealdeficienciesinourinternalcontrolsoverfinancialreportingthataredeemedtobeadditionalmaterialweaknesses,inadditiontothematerialweaknessesdescribedabove.Eachofthematerialweaknessesdescribedaboveoranynewlyidentifiedmaterialweaknesscouldresultinamisstatementofourconsolidatedfinancialstatementsordisclosuresthatwouldresultinamaterialmisstatementofourannualorquarterlyconsolidatedfinancialstatementsthatwouldnotbepreventedordetected.

If(i)wefailtoeffectivelyremediatedeficienciesininternalcontroloverfinancialreporting,(ii)weidentifyadditionalmaterialweaknessesinourinternalcontroloverfinancialreporting,(iii)weareunabletocomplywiththerequirementsofSection404inatimelymannerorassertthatourinternalcontroloverfinancialreportingiseffective,or(iv)ourindependentregisteredpublicaccountingfirmisunabletoexpressanopinionastotheeffectivenessofourinternalcontroloverfinancialreportingorexpressesanopinionthatisqualifiedoradverse,investorsmayloseconfidenceintheaccuracyandcompletenessofourfinancialstatementswhichcouldcausethemarketpriceofourcommonstocktodecline,andwecouldbecomesubjecttosanctionsorinvestigationsbythestockexchangeuponwhichourcommonstockislisted,theSECorotherregulatoryauthorities,andwecouldbedelayedindeliveringfinancialstatements,whichcouldresultinadefaultundertheagreementsgoverningourindebtedness.

We cannot assure you that we will pay dividends on our common stock, and our indebtedness could limit our ability to pay dividends on our common stock.

Aftercompletionofthisoffering,weintendtopaycashdividendsonourcommonstock,subjecttothediscretionofourboardofdirectorsandourcompliancewithapplicablelaw,anddependingon,amongotherthings,ourresultsofoperations,capitalrequirements,financialcondition,contractualrestrictions,restrictionsinourdebtagreementsandinanyequitysecurities,businessprospectsandotherfactorsthatourboardofdirectorsmaydeemrelevant.Becauseweareaholdingcompanyandhavenodirectoperations,weexpecttopaydividends,ifany,onlyfromfundswereceivefromoursubsidiaries,whichmayfurtherrestrictourabilitytopaydividendsasaresultofthelawsoftheirjurisdictionoforganization,agreementsofoursubsidiariesorcovenantsunderanyexistingandfutureoutstandingindebtednessweoroursubsidiariesincur.Certainofourexistingagreementsgoverningindebtedness,includingournewcreditagreement,restrictourabilitytopaydividendsonourcommonstock.Weexpectthatanyfutureagreementsgoverningindebtednesswillcontainsimilarrestrictions.Formoreinformation,see"DividendPolicy"and"DescriptionofIndebtedness."

Ourdividendpolicyentailscertainrisksandlimitations,particularlywithrespecttoourliquidity.Bypayingcashdividendsratherthaninvestingthatcashinourbusinessorrepayingdebt,werisk,amongotherthings,slowingthepaceofourgrowthandhavinginsufficientcashtofundouroperationsorunanticipatedcapitalexpendituresorlimitingourabilitytoincuradditionalborrowings.

Althoughweexpecttopaydividendsaccordingtoourdividendpolicy,wemaynotpaydividendsaccordingtoourpolicy,oratall,if,amongotherthings,wedonothavethecashnecessarytopayourintendeddividends.

Thedeclarationandpaymentofdividendswillbedeterminedatthediscretionofourboardofdirectors,actingincompliancewithapplicablelawandcontractualrestrictions.However,ourboardofdirectorswillbedeterminedbyMagnus,whichiswholly-ownedbyFilaKorea,whichwillcontrolamajorityofthevotingpowerofalloutstandingsharesofourcommonstockupontheclosingofthisofferingandaftergivingeffecttotheShareholderTransaction.Accordingly,thedecisiontodeclareandpaydividendsonourcommonstockinthefuture,aswellastheamountofeachsuchdividendpayment,mayalsodependontheamountsMagnusneedstofundtheinterestpaymentsontheMagnus

61

TableofContents

TermLoan,otheramountsdueinconnectionwiththeMagnusTermLoanoranypotentialfuturedividendorinterestobligationsunderanyequityordebtusedtorefinancetheMagnusTermLoan.See"TheShareholderTransaction."

Acushnet Holdings Corp. is a holding company with no operations of its own and, as such, it depends on its subsidiaries for cash to fund all of its operationsand expenses, including future dividend payments, if any.

Ouroperationsareconductedalmostentirelythroughoursubsidiariesandourabilitytogeneratecashtomakefuturedividendpayments,ifany,ishighlydependentontheearningsandthereceiptoffundsfromoursubsidiariesviadividendsorintercompanyloans,whichmayberestrictedasaresultofthelawsofthejurisdictionoforganizationofoursubsidiaries,agreementsofoursubsidiariesorcovenantsunderanyexistingandfutureoutstandingindebtednessweoroursubsidiariesincur.

If you purchase shares of common stock sold in this offering, you will incur immediate and substantial dilution.

Theinitialpublicofferingpricepershareisexpectedtobesubstantiallyhigherthantheproformaasadjustednettangiblebookvalue(deficit)pershareimmediatelyafterthisoffering.Asaresult,youwillpayapricepersharethatsubstantiallyexceedsthebookvalueofourassetsaftersubtractingthebookvalueofourliabilities.BasedonourproformaasadjustednettangiblebookvalueasofJune30,2016andtheassumedinitialofferingpriceof$pershare,whichisthemidpointofthepricerangesetforthonthecoverpageofthisprospectus,youwillincurimmediateandsubstantialdilutionintheamountof$pershare,representingthedifferencebetweenourproformaasadjustednettangiblebookvaluepershareandtheassumedinitialpublicofferingprice.See"Dilution."

You may be diluted by the future issuance of additional common stock in connection with our incentive plans, acquisitions or otherwise.

Afterthisofferingwewillhavesharesofcommonstockauthorizedbutunissued.Ouramendedandrestatedcertificateofincorporationtobecomeeffectiveinconnectionwiththisofferingwillauthorizeustoissuethesesharesofcommonstockandsecuritiesconvertibleinto,exchangeablefor,orexercisableintoourcommonstockfortheconsiderationandonthetermsandconditionsestablishedbyourboardofdirectorsinitssolediscretion,whetherinconnectionwithacquisitionsorotherwise.WehavereservedsharesforissuanceuponsettlementofourEARsandforissuanceunderour2015IncentivePlan.See"ExecutiveCompensation."Anysharesofcommonstockthatweissue,includingtosettleourEARsorunderour2015IncentivePlanorotherequityincentiveplansthatwemayadoptinthefuture,woulddilutethepercentageownershipheldbytheinvestorswhopurchasecommonstockinthisoffering.

Future sales, or the perception of future sales, by us or our existing shareholders in the public market following this offering could cause the market price forour common stock to decline.

Thesaleofsubstantialamountsofsharesofourcommonstockinthepublicmarket,ortheperceptionthatsuchsalescouldoccur,includingsalesbyourexistingshareholders,couldharmtheprevailingmarketpriceofsharesofourcommonstock.Thesesales,orthepossibilitythatthesesalesmayoccur,alsomightmakeitmoredifficultforustosellequitysecuritiesinthefutureatatimeandatapricethatwedeemappropriate.Uponcompletionofthisofferingandaftergivingeffectto(i)theautomaticconversionofallofourConvertibleNotesintoanaggregateofsharesofourcommonstock,whichwilloccurpriortotheclosingofthisoffering,(ii)theautomaticconversionofourConvertiblePreferredStockintoanaggregateofsharesofourcommonstock,whichwilloccurpriortotheclosingofthisoffering,and(iii)theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrantsintoanaggregatesharesofourcommonstock,whichoccurredinJuly2016,wewillhaveatotalofsharesofourcommonstockoutstanding.Oftheoutstanding

62

TableofContents

shares,thesharessoldinthisoffering(orsharesiftheunderwritersexercisetheiroptiontopurchaseadditionalshares)willbefreelytradablewithoutrestrictionorfurtherregistrationundertheSecuritiesAct,exceptthatanysharesheldbyouraffiliates,asthattermisdefinedunderRule144oftheSecuritiesAct,maybesoldonlyincompliancewiththelimitationsdescribedin"SharesEligibleforFutureSale."

Theremainingoutstandingsharesofcommonstockheldbyourexistingshareholdersafterthisofferingwillbesubjecttocertainrestrictionsonresale.We,ourexecutiveofficers,directors,directornomineesandallofourexistingshareholders,includingthesellingshareholders,willsignlock-upagreementswiththeunderwritersthatwill,subjecttocertaincustomaryexceptions,restrictthesaleofthesharesofourcommonstockandcertainothersecuritiesheldbythemfor180daysfollowingthedateofthisprospectus.See"Underwriting"foradescriptionoftheselock-upagreements.

Upontheexpirationofthelock-upagreementsdescribedabove,allofsuchshares(orsharesiftheunderwritersexercisetheiroptiontopurchaseadditionalsharesinfull)willbeeligibleforresaleinapublicmarket,subject,inthecaseofsharesheldbyouraffiliates,tovolume,mannerofsaleandotherlimitationsunderRule144.

WeintendtofileoneormoreregistrationstatementsonFormS-8undertheSecuritiesActtoregistersharesofourcommonstockorsecuritiesconvertibleintoorexchangeableforsharesofourcommonstockissuedpursuanttoourEARsandour2015IncentivePlan.AnysuchFormS-8registrationstatementswillautomaticallybecomeeffectiveuponfiling.Accordingly,sharesregisteredundersuchregistrationstatementswillbeavailableforsaleintheopenmarket.WeexpectthattheinitialregistrationstatementonFormS-8willcoversharesofourcommonstockissuablepursuanttoour2015IncentivePlan.WeexpecttofileanadditionaloramendedregistrationstatementonFormS-8priortothesettlementofourEARswhichwillcoversharesofourcommonstockissuablepursuanttoourEARs.

Asrestrictionsonresaleend,themarketpriceofoursharesofcommonstockcoulddropsignificantlyiftheholdersoftheserestrictedsharessellthemorareperceivedbythemarketasintendingtosellthem.Thesefactorscouldalsomakeitmoredifficultforustoraiseadditionalfundsthroughfutureofferingsofoursharesofcommonstockorothersecurities.

Anti-takeover provisions in our organizational documents and Delaware law might discourage or delay acquisition attempts for us that you might considerfavorable.

OuramendedandrestatedcertificateofincorporationandamendedandrestatedbylawstobecomeeffectiveimmediatelypriortotheeffectivenessoftheregistrationstatementofwhichthisprospectusformsapartwillcontainprovisionsthatmaymakethemergeroracquisitionoftheCompanymoredifficultwithouttheapprovalofourboardofdirectors.Amongotherthings:

• althoughwedonothaveastockholderrightsplan,theseprovisionswouldallowustoauthorizetheissuanceofundesignatedpreferredstockinconnectionwithastockholderrightsplanorotherwise,thetermsofwhichmaybeestablishedandthesharesofwhichmaybeissuedwithoutstockholderapproval,andwhichmayincludesupervoting,specialapproval,dividend,orotherrightsorpreferencessuperiortotherightsoftheholdersofcommonstock;

• theseprovisionsprovideforaclassifiedBoardofDirectorswithstaggeredthree-yearterms;

• theseprovisionsrequireadvancenoticefornominationsofdirectorsbystockholdersandforstockholderstoincludematterstobeconsideredatourannualmeetings;

• theseprovisionsprohibitstockholderactionbywrittenconsent;

63

TableofContents

• theseprovisionsprovidefortheremovalofdirectorsonlyforcauseandonlyuponaffirmativevoteofholdersofatleast662/3%ofthesharesofcommonstockentitledtovotegenerallyintheelectionofdirectors;and

• theseprovisionsrequiretheamendmentofcertainprovisionsonlybytheaffirmativevoteofatleast662/3%ofthesharesofcommonstockentitledtovotegenerallyintheelectionofdirectors.

Further,asaDelawarecorporation,wearealsosubjecttoprovisionsofDelawarelaw,whichmayimpairatakeoverattemptthatourshareholdersmayfindbeneficial.Theseanti-takeoverprovisionsandotherprovisionsunderDelawarelawcoulddiscourage,delayorpreventatransactioninvolvingachangeincontroloftheCompany,includingactionsthatourshareholdersmaydeemadvantageous,ornegativelyaffectthetradingpriceofourcommonstock.Theseprovisionscouldalsodiscourageproxycontestsandmakeitmoredifficultforyouandothershareholderstoelectdirectorsofyourchoosingandtocauseustotakeothercorporateactionsyoudesire.

If securities analysts do not publish research or reports about our business or if they downgrade our stock or our sector, our stock price and trading volumecould decline.

Thetradingmarketforourcommonstockwillrelyinpartontheresearchandreportsthatindustryorfinancialanalystspublishaboutusorourbusinessorindustry.Wedonotcontroltheseanalysts.Furthermore,ifoneormoreoftheanalystswhodocoverusdowngradeourstockorourindustry,orthestockofanyofourcompetitors,orpublishinaccurateorunfavorableresearchaboutourbusinessorindustry,thepriceofourstockcoulddecline.Ifoneormoreoftheseanalystsceasescoverageofusorfailstopublishreportsonusregularly,wecouldlosevisibilityinthemarket,whichinturncouldcauseourstockpriceortradingvolumetodecline.

64

TableofContents

SPECIALNOTEREGARDINGFORWARD-LOOKINGSTATEMENTS

Thisprospectusincludesforward-lookingstatementsthatreflectourcurrentviewswithrespectto,amongotherthings,ouroperationsandfinancialperformance.Theseforward-lookingstatementsareincludedthroughoutthisprospectus,includinginthesectionsentitled"ProspectusSummary,""RiskFactors,""Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations"and"Business"andrelatetomatterssuchasourindustry,businessstrategy,goalsandexpectationsconcerningourmarketposition,futureoperations,margins,profitability,capitalexpenditures,liquidityandcapitalresourcesandotherfinancialandoperatinginformation.Wehaveusedthewords"anticipate,""assume,""believe,""continue,""could,""estimate,""expect,""intend,""may,""plan,""potential,""predict,""project,""future,""will,""seek,""foreseeable"andsimilartermsandphrasestoidentifyforward-lookingstatementsinthisprospectus.

Theforward-lookingstatementscontainedinthisprospectusarebasedonmanagement'scurrentexpectationsandaresubjecttouncertaintyandchangesincircumstances.Wecannotassureyouthatfuturedevelopmentsaffectinguswillbethosethatwehaveanticipated.Actualresultsmaydiffermateriallyfromtheseexpectationsduetochangesinglobal,regionalorlocaleconomic,business,competitive,market,regulatoryandotherfactors,manyofwhicharebeyondourcontrol.Webelievethatthesefactorsinclude,butarenotlimitedto:

• areductioninthenumberofroundsofgolfplayedorinthenumberofgolfparticipants;

• unfavorableweatherconditionsmayimpactthenumberofplayabledaysandroundsplayedinagivenyear;

• macroeconomicfactorsmayaffectthenumberofroundsofgolfplayedandrelatedspendingongolfproducts;

• demographicfactorsmayaffectthenumberofgolfparticipantsandrelatedspendingonourproducts;

• asignificantdisruptionintheoperationsofourmanufacturing,assemblyordistributionfacilities;

• ourabilitytoprocurerawmaterialsorcomponentsofourproducts;

• adisruptionintheoperationsofoursuppliers;

• costofrawmaterialsandcomponents;

• currencytransactionandtranslationrisk;

• ourabilitytosuccessfullymanagethefrequentintroductionofnewproducts;

• ourrelianceontechnicalinnovationandhigh-qualityproducts;

• changesoftheRulesofGolfwithrespecttoequipment;

• ourabilitytoadequatelyenforceandprotectourintellectualpropertyrights;

• involvementinlawsuitstoprotect,defendorenforceourintellectualpropertyrights;

• ourabilitytopreventinfringementofintellectualpropertyrightsbyothers;

• recentchangestoU.S.patentlawsandproposedchangestotherulesoftheU.S.PatentandTrademarkOffice;

• intensecompetitionandourabilitytomaintainacompetitiveadvantageineachofourmarkets;

• limitedopportunitiesforfuturegrowthinsalesofgolfballs,golfshoesandgolfgloves;

65

TableofContents

• ourcustomers'financialcondition,theirlevelsofbusinessactivityandtheirabilitytopaytradeobligations;

• adecreaseincorporatespendingonourcustomlogogolfballs;

• ourabilitytomaintainandfurtherdevelopoursaleschannels;

• consolidationofretailersorconcentrationofretailmarketshare;

• ourabilitytomaintainandenhanceourbrands;

• seasonalfluctuationsofourbusiness;

• fluctuationsofourbusinessbasedonthetimingofnewproductintroductions;

• risksassociatedwithdoingbusinessglobally;

• compliancewithlaws,regulationsandpolicies,includingtheFCPAorotherapplicableanti-corruptionlegislation;

• ourabilitytosecureprofessionalgolferstoendorseoruseourproducts;

• negativepublicityrelatingtousorthegolferswhouseourproductsorthegolfindustryingeneral;

• ourabilitytoaccuratelyforecastdemandforourproducts;

• adisruptionintheserviceorincreaseincost,ofourprimarydeliveryandshippingservicesorasignificantdisruptionatshippingports;

• ourabilitytomaintainourinformationsystemstoadequatelyperformtheirfunctions;

• cybersecurityrisks;

• theabilityofoureCommercesystemstofunctioneffectively;

• occurrenceofnaturaldisastersorpandemicdiseases;

• impairmentofgoodwillandidentifiableintangibleassets;

• ourabilitytoattractand/orretainmanagementandotherkeyemployeesandhirequalifiedmanagement,technicalandmanufacturingpersonnel;

• ourabilitytoprohibitsalesofourproductsbyunauthorizedretailersordistributors;

• internationalpoliticalinstabilityandterroristactivities;

• ourabilitytogrowourpresenceinexistinginternationalmarketsandexpandintoadditionalinternationalmarkets;

• taxuncertainties,includingpotentialchangesintaxlaws,unanticipatedtaxliabilitiesandlimitationsonutilizationoftaxattributesafteranychangeofcontrol;

• adequatelevelsofcoverageofourinsurancepolicies;

• productliability,warrantyandrecallclaims;

• litigationandotherregulatoryproceedings;

• compliancewithenvironmental,healthandsafetylawsandregulations;

• ourabilitytosecureadditionalcapitalontermsacceptabletousandpotentialdilutionofholdersofourcommonstock;

• ourestimatesorjudgmentsrelatingtoourcriticalaccountingpolicies;

66

TableofContents

• oursubstantialleverage,abilitytoserviceourindebtedness,abilitytoincurmoreindebtednessandrestrictionsintheagreementsgoverningourindebtedness;

• asale,foreclosure,liquidationorothertransferofthesharesofourcommonstockownedbyMagnusasaresultoftheMagnusTermLoanorotherwise;

• theabilityofourcontrollingshareholdertocontrolsignificantcorporateactivitiesafterthecompletionofthisofferingandtheShareholderTransaction,andourcontrollingshareholder'sinterestsmayconflictwithyours;

• FilaKorea'spledgeofthecommonstockofMagnusandanyfuturepledgesbyFilaKoreaofthecommonstockofMagnus;

• theinsolvencylawsofKoreaaredifferentfromU.S.bankruptcylaws;

• ourstatusasacontrolledcompany;

• increasedcostsandregulatoryrequirementsofbeingapubliccompany;

• ourabilitytomaintaineffectiveinternalcontrolsoverfinancialreporting;

• ourabilitytopaydividends;

• dilutionfromfutureissuancesorsalesofourcommonstock;

• anti-takeoverprovisionsinourorganizationaldocuments;and

• reportsfromsecuritiesanalysts.

Thesefactorsshouldnotbeconstruedasexhaustiveandshouldbereadinconjunctionwiththeothercautionarystatementsthatareincludedinthisprospectus.Shouldoneormoreoftheserisksoruncertaintiesmaterialize,orshouldanyofourassumptionsproveincorrect,ouractualresultsmayvaryinmaterialrespectsfromthoseprojectedintheseforward-lookingstatements.

Anyforward-lookingstatementmadebyusinthisprospectusspeaksonlyasofthedateofthisprospectus.Factorsoreventsthatcouldcauseouractualresultstodiffermayemergefromtimetotime,anditisnotpossibleforustopredictallofthem.Wemaynotactuallyachievetheplans,intentionsorexpectationsdisclosedinourforward-lookingstatementsandyoushouldnotplaceunduerelianceonourforward-lookingstatements.Ourforward-lookingstatementsdonotreflectthepotentialimpactofanyfutureacquisitions,mergers,dispositions,jointventures,investmentsorotherstrategictransactionswemaymake.Weundertakenoobligationtopubliclyupdateorreviewanyforward-lookingstatement,whetherasaresultofnewinformation,futuredevelopmentsorotherwise,exceptasmayberequiredbyanyapplicablesecuritieslaws.

67

TableofContents

USEOFPROCEEDS

Thesellingshareholdersaresellingallsharesofourcommonstockthatarebeingsoldinthisoffering,includingalloftheshares,ifany,thatmaybesoldinconnectionwiththeexerciseoftheunderwriters'optiontopurchaseadditionalsharesfromthesellingshareholders.See"PrincipalandSellingShareholders."

Wewillnotreceiveanyproceedsfromthesaleofsharesofourcommonstockinthisofferingbythesellingshareholders.Wewillpaycertainexpenses,otherthantheunderwritingdiscount,associatedwiththisoffering.

68

TableofContents

DIVIDENDPOLICY

Aftercompletionofthisoffering,weintendtopaycashdividendsonourcommonstock,subjecttothediscretionofourboardofdirectorsandourcompliancewithapplicablelaw,anddependingon,amongotherthings,ourresultsofoperations,capitalrequirements,financialcondition,contractualrestrictions,restrictionsinourdebtagreementsandinanyequitysecurities,businessprospectsandotherfactorsthatourboardofdirectorsmaydeemrelevant.Weintendtopayaquarterlycashdividendinitiallyequalto$pershareofourcommonstock(whichimpliesaggregatedividendsofapproximately$millionperyearbasedontheapproximatelysharesofourcommonstocktobeoutstandingaftergivingeffecttotheconversionofallofouroutstandingConvertibleNotesandallofouroutstandingConvertiblePreferredStockandtheexercisebyFilaKoreaofallofouroutstandingcommonstockwarrants),commencingin.

Weareaholdingcompanyandsubstantiallyallofouroperationsarecarriedoutbyouroperatingsubsidiary,AcushnetCompany,anditssubsidiaries.Becauseweareaholdingcompany,ourabilitytopaydividendsdependsonourreceiptofcashdividendsfromouroperatingsubsidiary,AcushnetCompany,anditssubsidiaries,whichmayfurtherrestrictourabilitytopaydividendsasaresultofthelawsoftheirjurisdictionoforganization,agreementsofoursubsidiariesorcovenantsunderanyexistingandfutureoutstandingindebtednessweoroursubsidiariesincur.

Certainofouragreementsgoverningindebtedness,includingournewcreditagreement,restrictourabilitytopaydividendsonourcommonstock.Weexpectthatanyfutureagreementsgoverningindebtednesswillcontainsimilarrestrictions.See"DescriptionofIndebtedness"foradescriptionoftherestrictionsonourabilitytopaydividendsunderournewcreditagreement.

Ourdividendpolicyentailscertainrisksandlimitations,particularlywithrespecttoourliquidity.Bypayingcashdividendsratherthaninvestingthatcashorrepayingdebt,werisk,amongotherthings,slowingthepaceofourgrowthandhavinginsufficientcashtofundouroperationsorunanticipatedcapitalexpendituresorlimitingourabilitytoincuradditionalborrowings.

Althoughweexpecttopaydividendsaccordingtoourdividendpolicy,wemaynotpaydividendsaccordingtoourpolicy,oratall,if,amongotherthings,wedonothavethecashnecessarytopayourintendeddividends.

Thedeclarationandpaymentofdividendswillbedeterminedatthediscretionofourboardofdirectors,actingincompliancewithapplicablelawandcontractualrestrictions.However,ourboardofdirectorswillbedeterminedbyMagnus,whichiswholly-ownedbyFilaKorea,whichwillcontrolamajorityofthevotingpowerofalloutstandingsharesofourcommonstockupontheclosingofthisofferingandaftergivingeffecttotheShareholderTransaction.Accordingly,thedecisiontodeclareandpaydividendsonourcommonstockinthefuture,aswellastheamountofeachsuchdividendpayment,mayalsodependontheamountsMagnusneedstofundtheinterestpaymentsontheMagnusTermLoan,otheramountsdueinconnectionwiththeMagnusTermLoanoranypotentialfuturedividendorinterestobligationsunderanyequityordebtusedtorefinancetheMagnusTermLoan.See"TheShareholderTransaction."

Wedidnotdeclareorpayanydividendsonourcommonstockin2013,2014or2015orinthesixmonthsendedJune30,2016.

69

TableofContents

CAPITALIZATION

Thefollowingtablesetsforthourcashandourcapitalization(whichconsistsof(i)ourcommonstockwarrantliability,(ii)ourtotaldebt,netofdiscountanddebtissuancecosts,(iii)ourConvertiblePreferredStockand(iv)ourtotalequity)asofJune30,2016,on:

• anactualbasis;

• aproformabasistogiveeffectto:

• (x)theautomaticconversionofallofouroutstandingConvertibleNotesintoanaggregateofsharesofourcommonstock,whichwilloccurpriortotheclosingofthisofferingand(y)thepaymentincashof$25.0millionofinterestontheConvertibleNotesaccruedfromAugust1,2015to,butnotincluding,June30,2016;and

• theautomaticconversionofallofouroutstandingConvertiblePreferredStockintoanaggregateofsharesofourcommonstock,whichwilloccurpriortotheclosingofthisoffering;and

• aproformaasadjustedbasistogivefurthereffectto:

• (x)theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrantsintoanaggregateofsharesofourcommonstockatanexercisepriceof$pershareandouruseoftheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021,whichoccurredinJuly2016and(y)thepaymentincashof$2.4millionofinterestonthe7.5%bondsdue2021accruedfromAugust1,2015to,butnotincluding,June30,2016;and

• theRefinancing.

Youshouldreadthistabletogetherwiththeinformationcontainedinthisprospectus,including"ProspectusSummary—SummaryConsolidatedFinancialData,""SelectedConsolidatedFinancialData,""Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations"andourconsolidatedfinancialstatementsandrelatednotesincludedelsewhereinthisprospectus.

70

TableofContents

71

AsofJune30,2016(1)

Actual ProForma ProFormaAsAdjusted

(inthousands,

exceptshareandpersharedata) Cash(2) 75,779 50,752 48,363

Commonstockwarrantliability(3) 28,996 28,996 —Debt(4): Formercreditfacilities: Formerseniorrevolvingcreditfacility — — —Formerseniortermloanfacility — — —Formerworkingcreditfacilities(5) 20,081 20,081 —

Revolvingcreditfacility(6) — — —Securedfloatingratenotes 374,582 374,582 —7.5%bondsdue2021 30,822 30,822 —ConvertibleNotes 362,490 — —Newseniorsecuredcreditfacilities: Revolvingcreditfacility(7) — — 20,081TermloanAfacility — — 374,582DelayeddrawtermloanAfacility(8) — — —

Otherunsecuredshorttermborrowings(9) 27,664 27,664 27,664Capitalleaseobligations 1,761 1,761 1,761Totaldebt,netofdiscountanddebtissuancecosts 817,400 454,910 424,088

SeriesAredeemableconvertiblepreferredstock,$0.001parvalue,1,838,027sharesauthorizedand1,838,027sharesissuedandoutstanding,actual;nosharesauthorized,issuedandoutstanding,proformaandproformaasadjusted 131,036 — —

Equity: Preferredstock,parvalue$0.001pershare,nosharesauthorized,issuedandoutstanding,actual;sharesauthorizedandnosharesissuedandoutstanding,proformaandproformaasadjusted — — —

Commonstock,parvalue$0.001pershare,sharesauthorizedandsharesissuedandoutstanding,actual;sharesauthorizedandsharesissuedandoutstanding,proforma;sharesauthorizedandsharesissuedandoutstanding,proformaasadjusted 2 8 8

Additionalpaid-incapital 310,094 803,614 867,113Accumulatedothercomprehensiveloss,netoftax (74,350) (74,350) (74,350)Retaineddeficit(10) (29,578) (29,578) (33,259)TotalequityattributabletoAcushnetHoldingsCorp. 206,168 699,694 759,512

Noncontrollinginterests 32,208 32,208 32,208Totalequity 238,376 731,902 791,720

Totalcapitalization 1,215,808 1,215,808 1,215,808

(1) Doesnotreflectthepaymentof$millioninaggregate,consistingof:(i)accruedandunpaidinterestintheamountof$0.2milliononour7.5%bondsdue2021accruingfromJuly1,2016to,butnotincluding,theirredemptiondateonJuly29,2016,(ii)accruedandunpaidinterestintheamountof$milliononourConvertibleNotesaccruingfromJuly1,2016to,butnotincluding,thedateofpricingofthisoffering,(iii)accruedandunpaidinterestintheamountof$milliononourConvertibleNotesaccruingfromJuly1,2016to,butnotincluding,the

TableofContents

72

closingdateofthisoffering,(iv)accruedandunpaiddividendsintheamountof$milliononourConvertiblePreferredStockfromAugust1,2015to,butnotincluding,thedateofpricingofthisoffering,(v)accruedandunpaiddividendsintheamountof$milliononourConvertiblePreferredStockfromAugust1,2015to,butnotincluding,theclosingdateofthisofferingand(vi)estimatedfeesandexpensesofapproximately$relatedtothisofferingpayablebyuswhichwehaveincurredsinceJuly1,2016.

OnJuly29,2016,wepaid(i)allaccruedandunpaidinterestonour7.5%bondsdue2021to,butnotincluding,July29,2016inconnectionwiththeredemptionofallofouroutstanding7.5%bondsdue2021,(ii)allaccruedandunpaidinterestonourConvertibleNotesto,butnotincluding,August1,2016and(iii)allaccruedandunpaiddividendsonourConvertiblePreferredStockto,butnotincluding,August1,2016,eachofwhichwasfundedusingcashonhandandborrowingsunderournewrevolvingcreditfacility.

WeexpecttopaytheremainingaccruedandunpaidinterestonourConvertibleNotesandtheremainingaccruedandunpaiddividendsonourConvertiblePreferredStockatthepricingortheclosingofthisoffering,asthecasemaybe.Weexpecttopay(i)theremainingaccruedandunpaidinterestonourConvertibleNotes,(ii)theremainingaccruedandunpaiddividendsonourConvertiblePreferredStockand(iii)ourremainingfeesrelatedtothisofferingusingcashonhandand/orborrowingsunderournewrevolvingcreditfacility.

(2) Doesnotincluderestrictedcashof$4.9millionasofJune30,2016.Restrictedcashisprimarilyrelatedtoastandbyletterofcreditusedforinsurancepurposes.Includescashof$15.1millionrelatedtoourFootJoygolfshoejointventure.SeeNote2toourauditedconsolidatedfinancialstatementsandNote1toourunauditedconsolidatedfinancialstatements,eachincludedelsewhereinthisprospectus,forfurtherdetailsonourFootJoygolfshoejointventure.

(3) ConsistsoftheliabilityrelatedtoourcommonstockwarrantsasofJune30,2016,ofwhichtheremainingwarrantswereexercisedbyFilaKoreainJuly2016andresultedintheissuanceofaggregatesharesofourcommonstock.Theexerciseofallofouroutstandingcommonstockwarrantsresultedin(i)anincreasetocommonstockof$reflectingtheparvalueoftheaggregatecommonsharesissuedand(ii)anincreasetoadditionalpaid-incapitalof(A)$34.5millionrelatingtotheissuanceofsharesofourcommonstockuponexerciseofthecommonstockwarrantsand(B)$29.0millionrelatingtothefairvalueofthecommonstockwarrants.

(4) Debtamountspresentedarenetofdiscountanddebtissuancecosts,asapplicable.

(5) ConsistsofourCanadianworkingcreditfacilityandourEuropeanworkingcreditfacility,whichhadoutstandingborrowingsof$7.8millionand$12.3million,respectively,asofJune30,2016.InconnectionwiththeRefinancing,anyamountsoutstandingunderourCanadianworkingcreditfacilityandourEuropeanworkingcreditfacilitywererepaidwithborrowingsunderournewrevolvingcreditfacilityandsuchCanadianworkingcreditfacilityandEuropeanworkingcreditfacilitywereterminated.

(6) ConsistsofaworkingcreditfacilityenteredintowithWellsFargoBank,NationalAssociationonFebruary5,2016,whichworkingcreditfacilityprovidedforborrowingsupto$30.0millionandmaturedonJuly29,2016.InconnectionwiththeRefinancing,amountsoutstandingunderthisworkingcreditfacilitywererepaidwithborrowingsunderournewrevolvingcreditfacility.

(7) Consistsofa$275.0millionnewrevolvingcreditfacility,includinga$20.0millionletterofcreditsub-facility,aC$25.0millionsub-facilityforAcushnetCanadaInc.anda£20millionsub-facilityforAcushnetEuropeLimited.AsofJune30,2016onaproformaasadjustedbasis,wewouldhavehad$227.1millionofavailabilityunderournewrevolvingcreditfacilityaftergivingeffectto$7.8millionofoutstandinglettersofcredit.

TableofContents

73

(8) UntilJuly28,2017,thecommitmentsunderthenewdelayeddrawtermloanAfacilityintheamountofupto$100.0millionwillbeavailabletomakepaymentsinconnectionwiththefinalpayoutoftheoutstandingEARsundertheEARPlan.

(9) Consistsofamountsoutstandingundercertainlocalcreditfacilitiesatcertainofournon-U.S.subsidiariesandourFootJoygolfshoejointventureinChina.AsofJune30,2016,onaproformaasadjustedbasis,wewouldhavehad$64.0millionavailableunderourlocalcreditfacilitiesthatremainoutstandingaftertheRefinancing.

(10) Retaineddeficitonaproformaasadjustedbasisreflectstheunamortizeddiscountof$3.7millionrelatedtotheredemptionofallofouroutstanding7.5%bondsdue2021.

Theforegoingtabledoesnotreflect:

• sharesofourcommonstockissuablefollowingvestinginsettlementofRSUsanduptosharesofourcommonstockissuablefollowingvestinginsettlementofPSUs,ineachcasethatwereissuedunderthe2015IncentivePlan;

• additionalsharesofourcommonstockreservedforfutureissuanceunderthe2015IncentivePlan;and

• sharesofcommonstockissuableinrespectofthesettlementofupto50%oftheoutstandingEARsatouroption,whichwereissuedundertheEARPlan.

TableofContents

DILUTION

Ifyoupurchaseourcommonstockinthisoffering,yourownershipinterestwillbeimmediatelydilutedtotheextentofthedifferencebetweentheinitialpublicofferingpricepershareandtheproformaasadjustednettangiblebookvalue(deficit)pershareofourcommonstockuponclosingofthisoffering.

Ourhistoricalnettangiblebookvalue(deficit)asofJune30,2016was$(441.1)million,or$pershareofourcommonstock.Ourhistoricalnettangiblebookvalue(deficit)representsourtotaltangibleassetslessourtotalliabilitiesandConvertiblePreferredStock,whichisnotincludedwithinourshareholders'equity.Historicalnettangiblebookvalue(deficit)persharerepresentshistoricalnettangiblebook(deficit)dividedbysharesofourcommonstockoutstandingasofJune30,2016.

OurproformanettangiblebookvalueasofJune30,2016was$52.4million,or$pershareofourcommonstock.Proformanettangiblebookvaluerepresentstheamountofourtotaltangibleassetslessourtotalliabilities,aftergivingeffectto(i)theautomaticconversionofallofouroutstandingConvertibleNotesintoanaggregateofsharesofourcommonstock,whichwilloccurpriortotheclosingofthisofferingand(ii)theautomaticconversionofallofouroutstandingConvertiblePreferredStockintoanaggregateofsharesofourcommonstock,whichwilloccurpriortotheclosingofthisoffering.ProformanettangiblebookvaluepersharerepresentsourproformanettangiblebookvaluedividedbythetotalnumberofsharesoutstandingasofJune30,2016,aftergivingeffecttotheautomaticconversionofalloutstandingsharesofourConvertibleNotesandourConvertiblePreferredStockintoanaggregateofsharesofourcommonstockpriortotheclosingofthisoffering.

OurproformaasadjustednettangiblebookvalueasofJune30,2016was$112.2million,or$pershareofourcommonstock.Proformaasadjustednettangiblebookvaluerepresentstheamountofourproformatotaltangibleassetslessourproformatotalliabilitiesaftergivingfurthereffectto(i)theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrantsintoanaggregateofsharesofourcommonstockandouruseoftheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021,whichoccurredinJuly2016and(ii)theRefinancing.ProformaasadjustednettangiblebookvaluepersharerepresentsourproformaasadjustednettangiblebookvaluedividedbythetotalnumberofsharesoutstandingasofJune30,2016,aftergivingeffecttotheexercisebyFilaKoreaofallofouroutstandingcommonstockwarrantsintoanaggregateofsharesofourcommonstock.Dilutionpersharetonewinvestorsisdeterminedbysubtractingtheproformaasadjustednettangiblebookvaluepersharefromtheinitialpublicofferingpricepersharepaidbynewinvestors.Becauseallofthesharesofourcommonstocktobesoldinthisoffering,includingthosesubjecttotheunderwriters'optiontopurchaseadditionalshares,

74

TableofContents

willbesoldbythesellingshareholders,therewillbenoincreaseinthenumberofsharesofourcommonstockoutstandingasaresultofthisoffering.Thefollowingtableillustratesthisdilution:

Thefollowingtablesummarizes,onaproformaasadjustedbasisasofJune30,2016,thenumberofsharesofcommonstockpurchasedfromthesellingshareholders(assumingnoexerciseoftheunderwriters'optiontopurchaseadditionalsharesofourcommonstock)andthetotalconsiderationandtheaveragepricepersharepaidbyourexistingshareholdersandbythenewinvestorsinthisoffering,atanassumedinitialpublicofferingpriceof$pershare(themidpointoftheestimatedinitialpublicofferingpricerangesetforthonthecoverpageofthisprospectus).

A$1.00increase(decrease)intheassumedinitialpublicofferingpricewouldincrease(decrease)totalconsiderationpaidbynewinvestors,totalconsiderationpaidbyallshareholdersandaveragepricepersharepaidbynewinvestorsby$million,$millionand$pershare,respectively.Anincrease(decrease)of1.0millioninthenumberofsharesofferedbythesellingshareholders,assumingnochangesintheassumedinitialpublicofferingpricepersharewouldincrease(decrease)totalconsiderationpaidbynewinvestors,totalconsiderationpaidbyallshareholdersandaveragepricepersharepaidbynewinvestorsby$million,$millionand$pershare,respectively.

TheforegoingtablesandcalculationsarebasedonsharesofourcommonstockoutstandingasofJune30,2016,aftergivingeffectto(i)theautomaticconversionofallofouroutstandingConvertibleNotesintoanaggregateofsharesofourcommonstockandtheautomaticconversionofallofouroutstandingConvertiblePreferredStockintoanaggregateofsharesofourcommonstock,eachofwhichwilloccurpriortotheclosingofthisofferingand(ii)theexerciseby

75

Assumedinitialpublicofferingpricepershare $ Historicalnettangiblebookvalue(deficit)pershareasofJune30,2016 Increasepershareattributabletotheproformaadjustmentsdescribedabove ProformanettangiblebookvaluepershareasofJune30,2016 Increasepershareattributabletoproformaasadjustedadjustmentsdescribedabove

Proformaasadjustednettangiblebookvaluepershare Dilutionpersharetonewinvestorspurchasingcommonstockinthisoffering $

SharesPurchased TotalConsideration

AveragePrice

perShare

Number Percent Amount Percent Existingshareholders %$ %$ NewInvestors $ Total %$ %

TableofContents

FilaKoreaofallofouroutstandingcommonstockwarrantsintoanaggregateofsharesofourcommonstock,whichoccurredinJuly2016,andexcludes:

• sharesofourcommonstockissuablefollowingvestinginsettlementofRSUsanduptosharesofourcommonstockissuablefollowingvestinginsettlementofPSUs,ineachcasethatwereissuedunderthe2015IncentivePlan;

• additionalsharesofourcommonstockreservedforfutureissuanceunderthe2015IncentivePlan;and

• sharesofourcommonstockissuableinrespectofthesettlementofupto50%oftheoutstandingEARsatouroption,whichwereissuedundertheEARPlan.

NewinvestorsmayexperiencefurtherdilutiontotheextentanyofourRSUsandPSUsvest,anyadditionaloptions,RSUsorPSUsaregrantedandexercised,oranyadditionalsharesofourcommonstockareotherwiseissued.

76

TableofContents

SELECTEDCONSOLIDATEDFINANCIALDATA

Youshouldreadtheselectedconsolidatedfinancialdatabelowtogetherwiththeconsolidatedfinancialstatementsandrelatednotestheretoappearingelsewhereinthisprospectus,aswellas"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations"andtheotherfinancialinformationincludedelsewhereinthisprospectus.

WehavederivedtheconsolidatedstatementofoperationsdatafortheyearsendedDecember31,2013,2014and2015andtheconsolidatedbalancesheetdataasofDecember31,2014and2015presentedbelowfromourauditedconsolidatedfinancialstatementsincludedelsewhereinthisprospectus.WehavederivedtheconsolidatedstatementofoperationsdatafortheperiodfromJuly30,2011toDecember31,2011andfortheyearendedDecember31,2012andourconsolidatedbalancesheetdataasofDecember31,2011,2012and2013presentedbelowfromourauditedconsolidatedfinancialstatementswhicharenotincludedinthisprospectus.WehavederivedtheconsolidatedstatementofoperationsdatafortheperiodfromJanuary1,2011toJuly29,2011fromtheauditedconsolidatedfinancialstatementsofourPredecessor(asdefinedbelow)thatarenotincludedinthisprospectus.Ourhistoricalauditedresultsarenotnecessarilyindicativeoftheresultsthatshouldbeexpectedinanyfutureperiod.

WehavederivedthehistoricalstatementofoperationsdataandtheconsolidatedstatementofcashflowsdataforthesixmonthsendedJune30,2015andJune30,2016andtheconsolidatedbalancesheetdataasofJune30,2016presentedbelowfromourunauditedconsolidatedfinancialstatementsincludedelsewhereinthisprospectus.Wehavepreparedourunauditedconsolidatedfinancialstatementsonthesamebasisasourauditedconsolidatedfinancialstatementsandhaveincludedalladjustments,consistingonlyofnormalrecurringadjustmentsthat,inouropinion,arenecessarytopresentfairlythefinancialinformationsetforthinthosestatements.Theresultsforanyinterimperiodarenotnecessarilyindicativeoftheresultsthatmaybeexpectedforthefullyearandourhistoricalunauditedresultsarenotnecessarilyindicativeoftheresultsthatshouldbeexpectedinanyfutureperiod.

TheproformabalancesheetdataasofJune30,2016andtheproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingCorp.andtheproformabasicanddilutedweightedaveragenumberofsharesfortheyearendedDecember31,2015andthesixmonthsendedJune30,2016presentedbelowareunauditedandgiveeffectto(i)theautomaticconversionofallofouroutstandingConvertibleNotesintoanaggregateofsharesofourcommonstock,whichwilloccurpriortotheclosingofthisoffering,(ii)withrespecttotheproformabalancesheetdata,thepaymentincashof$25.0millionofinterestontheConvertibleNotesaccruedfromAugust1,2015to,butnotincluding,June30,2016and(iii)theautomaticconversionofallofouroutstandingConvertiblePreferredStockintoanaggregateofsharesofourcommonstock,whichwilloccurpriortotheclosingofthisoffering.TheproformabalancesheetdatagiveseffecttotheforegoingtransactionsassumingtheyoccurredonJune30,2016andtheproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.giveseffecttotheforegoingtransactionsassumingtheyoccurredonJanuary1,2015.TheproformadataisnotnecessarilyindicativeofwhatourfinancialpositionorbasicordilutednetincomepercommonshareattributabletoAcushnetHoldingCorp.wouldhavebeeniftheforegoingtransactionshadbeencompletedasofJune30,2016orfortheyearendedDecember31,2015orthesixmonthsendedJune30,2016,norissuchdatanecessarilyindicativeofourfinancialpositionorbasicordilutednetincome(loss)percommonshareattributabletoAcushnetHoldingCorp.foranyfuturedateorperiod.

TheproformaasadjustedbalancesheetdataasofJune30,2016andtheproformaasadjustedbasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.andtheproformaasadjustedbasicanddilutedweightedaveragenumberofsharesfortheyearendedDecember31,2015andthesixmonthsendedJune30,2016presentedbelowareunauditedandgivefurthereffectto(i)theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrantsintoan

77

TableofContents

aggregateofsharesofourcommonstockatanexercisepriceof$pershareandouruseoftheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021,whichoccurredinJuly2016,(ii)withrespecttotheproformaasadjustedbalancesheetdata,thepaymentincashof$2.4millionofinterestonthe7.5%bondsdue2021fromAugust1,2015to,butnotincluding,June30,2016and(iii)theRefinancing.TheproformaasadjustedbalancesheetdatagiveseffecttotheforegoingtransactionsassumingtheyoccurredonJune30,2016andtheproformaasadjustedbasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.giveseffecttotheforegoingtransactionsassumingtheyoccurredonJanuary1,2015.TheproformaasadjusteddataisnotnecessarilyindicativeofwhatourfinancialpositionorbasicordilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.wouldhavebeeniftheforegoingtransactionshadbeencompletedasofJune30,2016orfortheyearendedDecember31,2015orthesixmonthsendedJune30,2016,norissuchdatanecessarilyindicativeofourfinancialpositionorbasicordilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.foranyfuturedateorperiod.

AsaresultoftheAcquisition,anewbasisofaccountingwascreatedbeginningJuly29,2011.Inthisprospectus,theperiodspriortotheAcquisitionarereferredtoasthe"Predecessor"periods,whichrepresentsAcushnetCompanyandallofitsconsolidatedsubsidiaries,andtheperiodsaftertheAcquisitionarereferredtoasthe"Successor"periods,whichrepresentAcushnetHoldingsCorp.andallofitsconsolidatedsubsidiaries,includingAcushnetCompany.DuetotheAcquisition,the

78

TableofContents

consolidatedfinancialstatementsfortheSuccessorperiodsarenotnecessarilycomparabletothoseofthePredecessorperiodspresentedinthisprospectus.

79

Predecessor Successor

January1-July29,

July30-December31,

SixmonthsendedJune30,

YearendedDecember31,

2011 2011 2012 2013 2014 2015 2015 2016 (inthousands,exceptshareandpersharedata) ConsolidatedStatementsofOperationsData:(1)(2)

Netsales $ 878,902 $ 457,159 $ 1,451,058 $ 1,477,219 $ 1,537,610 $ 1,502,958 $ 862,874 $ 902,995Costofgoodssold 444,393 317,812 753,096 744,090 779,678 727,120 409,929 443,754Grossprofit 434,509 139,347 697,962 733,129 757,932 775,838 452,945 459,241

Operatingexpenses: Selling,generalandadministrative 302,740 209,150 566,999 568,421 602,755 604,018 313,007 306,771Researchanddevelopment 20,844 16,845 41,598 42,152 44,243 45,977 22,628 22,823Intangibleamortization 83 2,893 6,733 6,704 6,687 6,617 3,313 3,303Restructuringandothercharges 11,287 1,881 2,477 955 — 1,643 — 642Income(loss)fromoperations 99,555 (91,422) 80,155 114,897 104,247 117,583 113,997 125,702

Interestexpense,net 1,537 29,503 69,185 68,149 63,529 60,294 30,530 28,404

Other(income)expense,net 306 1,498 (14,729) 5,285 (1,348) 25,139 9,934 3,838Income(loss)beforeincometaxes 97,712 (122,423) 25,699 41,463 42,066 32,150 73,533 93,460

Incometaxexpense(benefit) 46,159 (41,678) 7,555 17,150 16,700 27,994 36,919 39,438Netincome(loss) 51,553 (80,745) 18,144 24,313 25,366 4,156 36,614 54,022

Less:Netincome(loss)attributabletononcontrollinginterests (2,151) 189 (4,271) (4,677) (3,809) (5,122) (3,158) (1,953)

Netincome(loss)attributabletoAcushnetHoldingsCorp. $ 49,402 $ (80,556) $ 13,873 $ 19,636 $ 21,557 $ (966) $ 33,456 $ 52,069

Dividendspaidtopreferredshareholders — — (8,045) (8,045) (8,045) (8,045) — —

Accruingofcumulativedividends — (5,694) (5,741) (5,740) (5,740) (5,740) (6,836) (6,855)Allocationofundistributedearningstopreferredshareholders — — (53) (3,225) (3,866) — (12,548) (19,496)

Netincome(loss)attributabletocommonshareholders—basic 49,402 (86,250) 34 2,626 3,906 (14,751) 14,072 25,718

Netincome(loss)attributabletocommonshareholders—diluted(3) $ 49,402 $ (86,250) $ 34 $ 2,626 $ 3,906 $ (14,751) $ 26,751 $ 41,418

PerShareData: Netincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.—basic(4) $ $ $ $ $ $ $ $

Netincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.—diluted(5)

Weightedaveragenumberofcommonshares—basic(3)

Weightedaveragenumberofshares—diluted(5)

ProformanetincomepercommonshareattributabletoAcushnetHoldingsCorp.—basicanddiluted(6) $ $

Proformaweightedaveragenumberofcommonshares—basic(6)

Proformaweightedaveragenumberofcommonshares—diluted(6)

ProformaasadjustednetincomepercommonshareattributabletoAcushnetHoldingsCorp.—basicanddiluted(7) $ $

Proformaasadjustedweightedaveragenumberofcommonshares—basic(7)

Proformaasadjustedweightedaveragenumberofcommonshares—diluted(7)

(1) ThetableabovesetsforthourresultsofoperationsfortheperiodfromJanuary1,2011toJuly29,2011(Predecessor),andtheperiodJuly30,2011toDecember31,2011(Successor).ThefinancialresultsfortheSuccessorperiodincludetheimpactofapplyingpurchaseaccounting,including$67.1millioncostofgoodssoldrelatedtothestep-upofinventory,$0.2millioncostofgoodssoldrelatedtotheamortizationofleaseholdinterestliability,$2.8millionofintangibleamortizationexpenserelatedtotheamortizationofdefinite-livedintangibleassetsand$0.7millionofdepreciationexpenserelatedtothestep-upofproperty,plantandequipment,whichisreflectedincostofgoodssold,selling,generalandadministrativeexpenseandresearchanddevelopmentexpense.ThefinancialresultsfortheSuccessorperiodalsoincludea$2.1millionnon-recurringexpenserelatedtothechangeofcontrolunderourlong-termincentiveplan.Inaddition,inconnectionwiththeAcquisition,weissuedanaggregateprincipalamountof$362.5millionofourConvertibleNotes,anaggregateprincipalamountof$172.5millionof7.5%bondsdue2021withrelatedwarrantstopurchaseourcommonstock,andanaggregateprincipalamountof$500.0millionofsecuredfloatingratenotes,andenteredintoaseniorrevolvingcreditfacilityandaseniortermloanfacility,resultinginanincreaseininterestexpenseof$28.4million.EachofthePredecessorandSuccessorresultsfortheperiodfromJanuary1,2011toJuly29,2011,andtheperiodfromJuly30,2011toDecember31,2011,respectively,havebeenauditedandareconsistentwithGAAP.

PleasealsoseeourpresentationofAdjustedEBITDAbelowwhichexcludestheimpactoftheAcquisitionandrelatedtransactionshadoncertainitemsinourconsolidatedstatementsofoperationsdata,includingrelatingto(i)thestep-upininventoryduetoapurchaseaccountingadjustmentrelatingtotheAcquisition,(ii)theincreasedinterestexpenserelatingtotheindebtednessincurredinconnectionwiththeAcquisitionand(iii)thetransactionfeesincurredbytheCompanyinconnectionwiththeAcquisition.

(2) ThetablebelowsetsforthourunauditedcombinedresultsofoperationsonacombinedbasisfortheyearendedDecember31,2011.TheunauditedcombinedresultsofoperationsfortheyearendedDecember31,2011representsthemathematicaladditionofourPredecessor'sresultsofoperationsfromJanuary1,2011toJuly29,2011,andtheSuccessor'sresultsofoperationsfromJuly30,2011toDecember31,2011.ThepresentationofthisunauditedcombinedfinancialinformationfortheyearendedDecember31,2011isnotconsistentwithGAAPorwiththeproformarequirementsofArticle11ofRegulationS-X.Wehaveincludedtheunauditedcombinedresultsofoperationsasaconveniencesolelyforthepurposeoffacilitatingacomparisonofthecombinedresultsofoperationswithourother

TableofContents

80

yearspresentedandtheCompanybelievesthatthepresentationofresultsforthecombinedperiodisusefultoinvestorsasabasisforcomparingtheresultsofthecombinedperiodagainsttheresultsoftheotherannualperiodspresented.SuchresultsarenotnecessarilyindicativeofwhattheresultsforthecombinedperiodwouldhavebeenhadtheAcquisitionnotoccurred.

2011CombinedPeriod

(inthousands,exceptshareandper

sharedata) UnauditedNon-GAAPConsolidatedStatementsofOperationsData(Combined): Netsales $ 1,336,061Costofgoodssold 762,205Grossprofit 573,856

Operatingexpenses: Selling,generalandadministrative 511,890Researchanddevelopment 37,689Intangibleamortization 2,976Restructuringandothercharges 13,168Income(loss)fromoperations 8,133

Interestexpense,net 31,040

Other(income)expense,net 1,804Income(loss)beforeincometaxes (24,711)

Incometaxexpense(benefit) 4,481Netincome(loss) (29,192)

Less:Netincome(loss)attributabletononcontrollinginterests (1,962)Netincome(loss)attributabletoAcushnetHoldingsCorp. $ (31,154)Dividendspaidtopreferredshareholders Accruingofcumulativedividends (5,694)Allocationofundistributedearningstopreferredshareholders Netincome(loss)attributabletocommonshareholders—basic (36,848)Netincome(loss)attributabletocommonshareholders—diluted $ (36,848)UnauditedNon-GAAPPerShareData(Combined): Netincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.—basic $

(3) Reflectstheimpacttonetincome(loss)attributabletocommonshareholdersofdilutivesecurities.Dilutednetincome(loss)attributabletocommonshareholdersfortheperiodfromJuly30,2011toDecember31,2011andeachoftheyearsendedDecember31,2013,2014and2015doesnotincludetheeffectsof(i)theconversionoftheConvertiblePreferredStocktocommonshares,(ii)theconversionoftheConvertibleNotestocommonshares,(iii)theexerciseofouroutstandingcommonstockwarrantsor(iv)theexerciseofthenoutstandingstockoptions,astheinclusionoftheseinstrumentswouldhavebeenanti-dilutivefortheperiodfromJuly30,2011toDecember31,2011andeachoftheyearsendedDecember31,2013,2014and2015.Dilutednetincome(loss)attributabletocommonshareholdersforthesixmonthsendedJune30,2015and2016doesnotincludetheeffectsof(i)theconversionoftheConvertiblePreferredStocktocommonsharesor(ii)theexerciseofouroutstandingcommonstockwarrants,astheinclusionoftheseinstrumentswouldhavebeenanti-dilutiveforeachofthesixmonthsendedJune30,2015and2016.

(4) Basicnetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.iscomputedbydividing(A)netincome(loss)attributabletoAcushnetHoldingsCorp.afteradjustingfor(i)dividendspaidandaccruedand(ii)allocationsofundistributedearningstopreferredshareholders,by(B)basicweightedaveragecommonsharesoutstanding.

(5) Dilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.iscomputedbydividing(A)netincome(loss)attributabletoAcushnetHoldingsCorp.afteradjustingfor(i)dividendspaidandaccrued,(ii)allocationsofundistributedearningstopreferredshareholdersand(iii)theimpactstonetincome(loss)ofanypotentiallydilutivesecurities,by(B)thedilutedweightedaveragecommonsharesoutstanding,whichhasbeenadjustedtoincludeanypotentiallydilutivesecurities.Dilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.foreachoftheyearsendedDecember31,2013,2014and2015doesnotincludetheeffectsof(i)theconversionoftheConvertiblePreferredStocktocommonshares,(ii)theconversionoftheConvertibleNotestocommonshares,(iii)theexerciseofouroutstandingcommonstockwarrantsor(iv)theexerciseofthenoutstandingstockoptions,astheinclusionoftheseinstrumentswouldhavebeenanti-dilutivefortheperiodfromJuly30,2011throughDecember31,2011,foreachoftheyearsendedDecember31,2012,2013,2014and2015.Dilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.forthesixmonthsendedJune30,2015and2016doesnotincludetheeffectsof(i)theconversionoftheConvertiblePreferredStocktocommonsharesor(ii)theexerciseofouroutstandingcommonstockwarrants,astheinclusionoftheseinstrumentswouldhavebeenanti-dilutiveforeachofthesixmonthsendedJune30,2015and2016.FortheperiodfromJanuary1,2011throughJuly29,2011therearenopotentiallydilutivesecuritiesoutstanding.

(6) SeeNote20toourauditedconsolidatedfinancialstatementsandNote14toourunauditedconsolidatedfinancialstatements,eachincludedelsewhereinthisprospectus,forfurtherdetailsonthecalculationofproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.

(7) ProformaasadjustedbasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.representsproformanetincomepercommonshareattributabletoAcushnetHoldingsCorp.aftergivingfurthereffectto(i)theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrantsintoanaggregateofsharesofourcommonstockatanexercisepriceof$pershareandouruseoftheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021,whichoccurredinJuly2016and(ii)theRefinancing,asifeachoftheseeventsoccurredonJanuary1,2015.See"Prospectus

TableofContents

81

Summary—SummaryConsolidatedFinancialData"forthecalculationofproformaasadjustedbasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.

AsofDecember31, AsofJune30, 2011 2012 2013 2014 2015 2016

Actual ProForma

ProFormaAs

Adjusted (inthousands) BalanceSheetData(1): Cash(2) $ 70,934 $ 45,607 $ 49,257 $ 47,667 $ 54,409 $ 75,779 $ 50,752 $ 48,363Currentassetslesscurrentliabilities,excludingthecurrentportionofourlong-termdebtandEARPlanliability 272,726 321,701 319,445 339,301 345,114 378,628 378,628 407,624

Totalassets 1,755,946 1,742,670 1,745,038 1,762,703 1,758,973 1,807,135 1,782,108 1,779,719Commonstockwarrantliability 16,257 4,417 3,705 1,818 22,884 28,996 28,996 —Long-termdebt,netofdiscount,includingcurrentportion,andcapitalleaseobligations(3) 1,052,474 985,211 929,590 873,542 797,151 769,215 406,725 375,903

EARPlanliability,includingcurrentportion(4) — 41,056 69,927 122,013 169,566 153,533 153,533 153,533Totalliabilities 1,542,465 1,494,149 1,438,708 1,442,747 1,434,431 1,437,723 1,050,206 987,999ConvertiblePreferredStock 128,126 131,036 131,036 131,036 131,036 131,036 — —TotalequityattributabletoAcushnetHoldingsCorp. 50,479 85,838 143,171 156,587 160,251 206,168 699,694 759,512

Totalequity 85,355 117,485 175,295 188,920 193,506 238,376 731,902 791,720

(1) Doesnotreflectthepaymentof$millioninaggregate,consistingof:(i)accruedandunpaidinterestintheamountof$0.2milliononour7.5%bondsdue2021accruingfromJuly1,2016to,butnotincluding,theirredemptiondateonJuly29,2016,(ii)accruedandunpaidinterestintheamountof$milliononourConvertibleNotesaccruingfromJuly1,2016to,butnotincluding,thedateofpricingofthisoffering,(iii)accruedandunpaidinterestintheamountof$milliononourConvertibleNotesaccruingfromJuly1,2016to,butnotincluding,theclosingdateofthisoffering,(iv)accruedandunpaiddividendsintheamountof$milliononourConvertiblePreferredStockfromAugust1,2015to,butnotincluding,thedateofpricingofthisoffering,(v)accruedandunpaiddividendsintheamountof$milliononourConvertiblePreferredStockfromAugust1,2015to,butnotincluding,theclosingdateofthisofferingand(vi)estimatedfeesandexpensesofapproximately$relatedtothisofferingpayablebyuswhichwehaveincurredsinceJuly1,2016.

OnJuly29,2016,wepaid(i)allaccruedandunpaidinterestonour7.5%bondsdue2021to,butnotincluding,July29,2016inconnectionwiththeredemptionofallofouroutstanding7.5%bondsdue2021,(ii)allaccruedandunpaidinterestonourConvertibleNotesto,butnotincluding,August1,2016and(iii)allaccruedandunpaiddividendsonourConvertiblePreferredStockto,butnotincluding,August1,2016,eachofwhichwasfundedusingcashonhandandborrowingsunderournewrevolvingcreditfacility.

WeexpecttopaytheremainingaccruedandunpaidinterestonourConvertibleNotesandtheremainingaccruedandunpaiddividendsonourConvertiblePreferredStockatthepricingortheclosingofthisoffering,asthecasemaybe.Weexpecttopay(i)theremainingaccruedandunpaidinterestonourConvertibleNotes,(ii)theremainingaccruedandunpaiddividendsonourConvertiblePreferredStockand(iii)ourremainingfeesandexpensesrelatedtothisofferingusingcashonhandand/orborrowingsunderournewrevolvingcreditfacility.

(2) Doesnotincluderestrictedcashof$14.4million,$6.9million,$6.6million,$6.1million,$4.7millionand$4.9millionasofDecember31,2011,2012,2013,2014and2015andJune30,2016,respectively.Restrictedcashisprimarilyrelatedtoastandbyletterofcreditusedforinsurancepurposes.Includescashof$7.4million,$4.0million,$5.7million,$7.7million,$10.0millionand$15.1millionasofDecember31,2011,2012,2013,2014and2015andJune30,2016,respectively,relatedtoourFootJoygolfshoejointventure.SeeNote2toourauditedconsolidatedfinancialstatementsandNote1toourunauditedconsolidatedfinancialstatements,eachincludedelsewhereinthisprospectus,forfurtherdetailsonourFootJoygolfshoejointventure.

(3) Long-termdebt,netofdiscount,includingcurrentportion,andcapitalleaseobligationsconsistsof(i)long-termdebtandcapitalleaseobligationsand(ii)theportionofanylong-termdebtthatisclassifiedasacurrentliabilityonourbalancesheet,ineachcasenetofanyunamortizeddiscountonsuchoutstandingamounts.

Thefollowingtableshowshowlong-termdebt,netofdiscount,includingcurrentportion,andcapitalleaseobligationswascalculatedfortherelevantperiods:

AsofDecember31, AsofJune30,

Actual Actual ProForma

ProFormaAs

Adjusted 2011 2012 2013 2014 2015 2016 Short-termdebt $ 67,832 $ 61,010 $ 76,159 $ 81,162 $ 441,704 $ 422,328 $ 422,328 $ 47,746Long-termdebtandcapitalleaseobligations 1,002,474 935,211 879,590 824,179 394,511 394,632 32,142 375,902Totaldebt 1,070,306 996,221 955,749 905,341 836,215 816,960 454,470 423,648Less:short-termfinancingarrangements (17,832) (11,010) (26,159) (31,799) (39,064) (47,745) (47,745) (47,745)Long-termdebt,netofdiscount,includingcurrentportion,andcapitalleaseobligations $1,052,474 $ 985,211 $ 929,590 $ 873,542 $ 797,151 $ 769,215 $ 406,725 $ 375,903

(a) Excludesanylong-termdebtthatisclassifiedasacurrentliabilityonourbalancesheetandconsistsofamountsoutstandingunder(i)revolvingcreditfacilitiesand(ii)termloanfacilitiesandotherfinancingarrangementsthatmaturewithinoneyearoforiginalissuance.

(4) TheEARsasstructureddonotqualifyforequityaccountingtreatment.Assuch,theliabilitywasre-measuredateachreportingperiodbasedonourthen-currentprojectionofourCSEvalue.See"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—CriticalAccountingPoliciesandEstimates—Share-BasedCompensation."TheEARswillaccrete$1.1millionofinterestfortheremainderoftheyearended

TableofContents

82

December31,2016.TheEARPlanexpiresonDecember31,2016andamountsearnedundertheEARPlanmustbepaidwithintwoandahalfmonthsaftertheexpirationdate.

Predecessor Successor

January1-July29,

July30-December31,

SixmonthsendedJune30,

YearendedDecember31,

2011 2011 2012 2013 2014 2015 2015 2016 ConsolidatedStatementsofCashFlowsData(1):

Cashflowsprovidedby(usedin): Operatingactivities $ 26,591 $ 24,489 $ 55,506 $ 78,795 $ 54,113 $ 91,830 $ 36,070 $ 55,487Investingactivities 56,849 (1,302,207) (19,864) (46,360) (23,164) (21,839) (9,071) (8,156)Financingactivities (223,290) 1,350,894 (61,444) (28,179) (30,154) (60,057) (4,876) (27,796)

(1) ThetablebelowsetsforthourunauditedcashflowdataonacombinedbasisfortheyearendedDecember31,2011.TheunauditedcombinedcashflowdatafortheyearendedDecember31,2011representsthemathematicaladditionofourPredecessor'scashflowdatafromJanuary1,2011toJuly29,2011,andtheSuccessor'scashflowdatafromJuly30,2011toDecember31,2011.ThepresentationofthisunauditedcombinedfinancialinformationfortheyearendedDecember31,2011isnotconsistentwithGAAPorwiththeproformarequirementsofArticle11ofRegulationS-X.WehaveincludedtheunauditedcombinedcashflowdataasaconveniencesolelyforthepurposeoffacilitatingacomparisonofthecombinedcashflowdatawithourotheryearspresentedandtheCompanybelievesthatthepresentationofresultsforthecombinedperiodisusefultoinvestorsasabasisforcomparingthecashflowdataofthecombinedperiodagainstthecashflowdataoftheotherannualperiodspresented.SuchresultsarenotnecessarilyindicativeofwhattheresultsforthecombinedperiodwouldhavebeenhadtheAcquisitionnotoccurred.

2011CombinedPeriod

UnauditedNon-GAAPConsolidatedStatementsofCashFlowsData(Combined): Cashflowsprovidedby(usedin): Operatingactivities $ 51,080Investingactivities (1,245,358)Financingactivities 1,127,604

Predecessor Successor

January1-July29,

July30-December31,

SixmonthsendedJune30,

YearendedDecember31,

2011 2011 2012 2013 2014 2015 2015 2016 (inthousands) OtherFinancialData(1): AdjustedEBITDA(2) $ 128,649 $ 9,716 $ 164,597 $ 190,407 $ 202,593 $ 214,721 $ 160,389 $ 164,350AdjustedNetIncome(3) 57,424 (10,754) 59,375 68,387 80,499 86,721 75,297 79,558FreeCashFlow(4) 15,684 16,113 28,297 32,336 30,586 68,629 25,661 47,371

(1) ThetablebelowsetsforthAdjustedEBITDA,AdjustedNetIncomeandFreeCashFlowonacombinedbasisfortheyearendedDecember31,2011.ThisunauditedfinancialdatafortheyearendedDecember31,2011representsthemathematicaladditionofourPredecessor'sAdjustedEBITDA,AdjustedNetIncomeandFreeCashFlowfromJanuary1,2011toJuly29,2011,andtheSuccessor'sAdjustedEBITDA,AdjustedNetIncomeandFreeCashFlowfromJuly30,2011toDecember31,2011.ThepresentationofthisunauditedcombinedfinancialdatafortheyearendedDecember31,2011isnotconsistentwithGAAPorwiththeproformarequirementsofArticle11ofRegulationS-X.WehaveincludedthisunauditedcombinedfinancialdataasaconveniencesolelyforthepurposeoffacilitatingacomparisonofAdjustedEBITDA,AdjustedNetIncomeandFreeCashFlowwithourotheryearspresentedandtheCompanybelievesthatthepresentationofresultsforthecombinedperiodisusefultoinvestorsasabasisforcomparingtheAdjustedEBITDA,AdjustedNetIncomeandFreeCashFlowofthecombinedperiodagainsttheAdjustedEBITDA,AdjustedNetIncomeandFreeCashFlowoftheotherannualperiodspresented.SuchresultsarenotnecessarilyindicativeofwhattheresultsforthecombinedperiodwouldhavebeenhadtheAcquisitionnotoccurred.

2011CombinedPeriod

UnauditedNon-GAAPOtherFinancialData(Combined): AdjustedEBITDA $ 138,365AdjustedNetIncome 46,670FreeCashFlow 31,797

(2) AdjustedEBITDArepresentsnetincome(loss)attributabletoAcushnetHoldingsCorp.plusincometaxexpense,interestexpense,depreciationandamortization,theexpensesrelatingtoourEARPlan,share-basedcompensationexpense,aone-timeexecutivebonus,restructuringcharges,Predecessorcompensationexpenses,plantstart-upcosts,certaintransactionfees,astep-upininventoryduetoapurchaseaccountingadjustmentrelatingtotheAcquisition,indemnificationexpense(income)fromourformerownerBeam,(gains)lossesonthefairvalueofourcommonstockwarrants,certainothernon-cashgains,netandthenetincome(loss)relatingtononcontrollinginterestsinourFootJoygolfshoejointventure.WedefineAdjustedEBITDAinamannerconsistentwiththeterm"ConsolidatedEBITDA"asitisdefinedinournewcreditagreement.ConsolidatedEBITDAisusedinournewcreditagreementattheAcushnetCompanylevelforpurposesofcertainmaterialterms,including(i)determiningtheapplicablemarginusedtodeterminetheinterestrateperannumofoutstandingborrowingsandcommitmentfeesforrevolvingcommitments,(ii)calculatingcertainfinancialratiosusedinfinancialmaintenancecovenantsthatrequirecomplianceonaquarterlybasis,(iii)determiningourabilitytoincuradditionaltermloansorincreasestoournewrevolvingcreditfacilityand(iv)determiningtheavailabilityofcertainbasketsandtheabilitytoenterintocertaintransactions.See"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—LiquidityandCapitalResources—Indebtedness"and"DescriptionofIndebtedness"forfurtherdiscussionofhowConsolidatedEBITDAisusedincertainmaterialtermsofournewcreditagreement.

WepresentAdjustedEBITDAasasupplementalmeasurebecauseitexcludestheimpactofcertainitemsthat(i)wedonotconsiderindicativeofourongoingoperatingperformance,(ii)thatrelatetotheAcquisitionor(iii)thatrelatetoourhistoricalcapitalstructurethatwillnolongerberelevantaftertheclosingofthisoffering.ManagementusesAdjustedEBITDAtoevaluatetheeffectivenessofourbusinessstrategies,assessourconsolidated

TableofContents

83

operatingperformanceandmakedecisionsregardingpricingofourproducts,gotomarketexecutionandcoststoincuracrossourbusiness.AdjustedEBITDAisalsousedasafinancialperformancemeasureforpurposesofdeterminingthevestingofequityawardsthatweregrantedunderour2015IncentivePlan.

WealsobelieveAdjustedEBITDAprovidesusefulinformationtoinvestorsregarding(i)ourconsolidatedoperatingperformance,(ii)ourcapacitytoservicedebt,(iii)theapplicablemarginusedtodeterminetheinterestrateperannumofoutstandingborrowingsandcommitmentfeesforrevolvingcommitmentsand(iv)ourcapacitytoincuradditionaldebtandutilizecertainbasketsandenterintotransactionsthatmayotherwiseberestrictedbyournewcreditagreement.BypresentingAdjustedEBITDA,weprovideabasisforcomparisonofourbusinessoperationsbetweendifferentperiodsbyexcludingitemsthatwedonotbelieveareindicativeofourcoreoperatingperformance.AdjustedEBITDAisnotameasurementoffinancialperformanceunderGAAP.Itshouldnotbeconsideredanalternativetonetincome(loss)attributabletoAcushnetHoldingsCorp.asameasureofouroperatingperformanceoranyothermeasureofperformancederivedinaccordancewithGAAP.Inaddition,AdjustedEBITDAshouldnotbeconstruedasaninferencethatourfutureresultswillbeunaffectedbyunusualornon-recurringitems,oraffectedbysimilarnon-recurringitems.AdjustedEBITDAhaslimitationsasananalyticaltool,andyoushouldnotconsidersuchmeasureeitherinisolationorasasubstituteforanalyzingourresultsasreportedunderGAAP.OurdefinitionandcalculationofAdjustedEBITDAisnotnecessarilycomparabletoothersimilarlytitledmeasuresusedbyothercompaniesduetodifferentmethodsofcalculation.

Thefollowingtableprovidesareconciliationofnetincome(loss)attributabletoAcushnetHoldingsCorp.toAdjustedEBITDA:

Predecessor Successor

January1-July29,

July30-December31,

SixmonthsendedJune30,

YearendedDecember31,

2011(a) 2011(a) 2012 2013 2014 2015 2015 2016 (inthousands) Netincome(loss)attributabletoAcushnetHoldingsCorp. $ 49,402 $ (80,556) $ 13,873 $ 19,636 $ 21,557 $ (966) $ 33,456 $ 52,069Incometaxexpense(benefit) 46,159 (41,678) 7,555 17,150 16,700 27,994 36,919 39,438

Interestexpense,net 1,537 29,503 69,185 68,149 63,529 60,294 30,530 28,404Depreciationandamortization 17,058 15,197 38,837 39,423 43,159 41,702 21,270 20,550

EARPlan(b) — — 41,056 28,258 50,713 45,814 22,665 —Share-basedcompensation(c) — — — 3,461 1,977 5,789 1,914 964One-timeexecutivebonus(d) — — — — — — — 7,500Restructuringcharges(e) — — — 955 — 1,643 — 642Predecessorcompensationexpenses(f) 11,287 1,881 2,477 — — — — —

Thailandgolfballmanufacturingplantstart-upcosts(g) 1,055 662 1,617 2,927 788 — — —

Transactionfees(h) — 15,754 845 551 1,490 2,141 538 8,965Step-upininventoryduetoapurchaseaccountingadjustmentrelatingtotheAcquisition — 67,501 — — — — — —

Beamindemnificationexpense(income)(i) — — (2,872) 6,345 1,386 (3,007) (4,718) (485)

Losses(gains)onthefairvalueofourcommonstockwarrants(j) — 1,641 (12,224) (976) (1,887) 28,364 14,778 6,112

Othernon-cashgains,net — — (23) (149) (628) (169) (121) (295)Nonrecurringincome(k) — — — — — — — (1,467)Netincome(loss)attributabletononcontrollinginterests(l) 2,151 (189) 4,271 4,677 3,809 5,122 3,158 1,953

AdjustedEBITDA $ 128,649 $ 9,716 $ 164,597 $ 190,407 $ 202,593 $ 214,721 $ 160,389 $ 164,350

(a) ThetablebelowsetsforthAdjustedEBITDAandareconciliationofnetincome(loss)attributabletoAcushnetHoldingsCorp.toAdjustedEBITDAonacombinedbasisfortheyearendedDecember31,2011.Theunauditedcombinednetincome(loss)attributabletoAcushnetHoldingsCorp.,adjustmentstonetincome(loss)attributabletoAcushnetHoldingsCorp.andAdjustedEBITDAfortheyearendedDecember31,2011representsthemathematicaladditionofourPredecessor'snetincome(loss)attributabletoAcushnetHoldingsCorp.,adjustmentstonetincome(loss)attributabletoAcushnetHoldingsCorp.andAdjustedEBITDAfromJanuary1,2011toJuly29,2011,andtheSuccessor'snetincome(loss)attributabletoAcushnetHoldingsCorp.,adjustmentstonetincome(loss)attributabletoAcushnetHoldingsCorp.andAdjustedEBITDAfromJuly30,2011toDecember31,2011.WehaveincludedtheforegoingunauditedcombinedfinancialinformationasaconveniencesolelyforthepurposeoffacilitatingacomparisonofthecombinedresultswithourotheryearspresentedandtheCompanybelievesthatthepresentationofthismeasureonacombinedbasisisusefultoinvestorsasabasisforcomparing

TableofContents

84

theresultsofthecombinedperiodagainsttheresultsoftheotherannualperiodspresented.SuchresultsarenotnecessarilyindicativeofwhattheresultsforthecombinedperiodwouldhavebeenhadtheAcquisitionnotoccurred.

2011CombinedPeriod

(inthousands) Netincome(loss)attributabletoAcushnetHoldingsCorp. $ (31,154)Incometaxexpense(benefit) 4,481Interestexpense,net 31,040Depreciationandamortization 32,255EARPlan —Share-basedcompensation —One-timeexecutivebonus —Restructuringcharges —Predecessorcompensationexpenses 13,168Thailandgolfballmanufacturingplantstart-upcosts 1,717Transactionfees 15,754Step-upininventoryduetoapurchaseaccountingadjustmentrelatingtotheAcquisition 67,501Beamindemnificationexpense(income) —Losses(gains)onthefairvalueofourcommonstockwarrants 1,641Othernon-cashgains,net —Nonrecurringexpense(income) —Netincome(loss)attributabletononcontrollinginterests 1,962

AdjustedEBITDA $ 138,365

(b) ReflectsexpensesrelatedtotheanticipatedfullvestingofEARsgrantedunderourEARPlanandtheremeasurementoftheliabilityateachreportingperiodbasedonthethen-currentprojectionofourCSEvalue.See"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—CriticalAccountingPoliciesandEstimates—Share-BasedCompensation."Wemayincuradditionalmaterialexpensesin2016inconnectionwiththeoutstandingEARs.AlloutstandingEARsundertheEARPlanvestedasofDecember31,2015.TheEARPlanexpiresonDecember31,2016andamountsearnedundertheEARPlanmustbepaidwithintwoandahalfmonthsaftertheexpirationdate.

(c) ReflectscompensationexpenseassociatedwiththeexerciseofsubstitutestockoptionsbyanexecutivewhichweregrantedinconnectionwiththeAcquisition.Allsuchstockoptionshavebeenexercised.

(d) Inthefirstquarterof2016,ourPresidentandChiefExecutiveOfficerwasawardedacashbonusintheamountof$7.5millionasconsiderationforpastperformance.

(e) Reflectsrestructuringchargesincurredinconnectionwiththereoranizationofcertainofouroperationsin2013,2015andthesixmonthsendedJune30,2016.

(f) Primarilyreflectsacceleratedshare-basedcompensationexpenserelatingtoBeamstockoptionsthatvestedinconnectionwiththeAcquisitionin2011andincentivecompensationchargesin2012relatedtotheAcquisition.

(g) Reflectsexpensesincurredinconnectionwiththeconstructionandproductionramp-upofourgolfballmanufacturingplantinThailand.

(h) Reflectsfinancial,legalandothertransaction-relatedadvisoryfeesin2011relatingtotheAcquisitionandlegalfeesincurredin2012,2013,2014,2015andthesixmonthsendedJune30,2016relatingtoadisputearisingfromtheindemnificationobligationsowedtousbyBeaminconnectionwiththeAcquisition,aswellascertainfeesandexpensesweincurredin2015andthesixmonthsendedJune30,2016inconnectionwiththisoffering.

(i) Reflectsthenon-cashchargesrelatedtotheindemnificationobligationsowedtousbyBeamthatareincludedwhencalculatingnetincome(loss)attributabletoAcushnetHoldingsCorp.

(j) FilaKoreaexercisedallofouroutstandingcommonstockwarrantsinJuly2016andweusedtheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021.

(k) ReflectslegaljudgmentinfavorofusassociatedwiththeBeamvalue-addedtaxdisputerecordedinother(income)expense.

(l) ReflectsthenetincomeattributabletotheinterestthatwedonotowninourFootJoygolfshoejointventure.

(2) AdjustedNetIncomerepresentsnetincome(loss)attributabletoAcushnetHoldingsCorp.plusinterestexpenseonourConvertibleNotesand7.5%bondsdue2021,theexpensesrelatingtoourEARPlan,share-basedcompensationexpense,aone-timeexecutivebonus,restructuringcharges,Predecessorcompensationexpenses,plantstart-upcosts,certaintransactionfees,astep-upininventoryduetoapurchaseaccountingadjustmentrelatingtotheAcquisitionand(gains)lossesonthefairvalueofourcommonstockwarrants,minusthetaxeffectoftheforegoingadjustments.WebelieveAdjustedNetIncomeisusefultoinvestors,securitiesanalystsandotherinterestedpartiesasameasureofourcomparativeoperatingperformancefromperiodtoperiodbecauseitexcludestheimpactofcertainitemsthat(i)wedonotconsiderindicativeofourongoingoperatingperformance,(ii)relatetotheAcquisition,(iii)relatetoourhistoricalcapitalstructurethatwillnolongerberelevantaftertheclosingofthisofferingor(iv)relatetoourhistoricalequitycompensationstructurethatwillnotberelevantafteramountsearnedunderourEARPlanarepaidaftertheapplicableexpirationdate(thoughwenotethatwebegantoincurcompensationexpenseswithrespecttoequity-basedgrantsunderthe2015IncentivePlanbeginninginthesecondquarterof2016,whichexpenseswedonotadjustforwhenpresentingAdjustedNetIncome).AdjustedNetIncomeisnotameasurementoffinancialperformanceunderGAAP.Itshouldnotbeconsideredanalternativetonetincome(loss)attributabletoAcushnetHoldingsCorp.asameasureofouroperatingperformanceoranyothermeasureofperformancederivedinaccordancewithGAAP.Inaddition,AdjustedNetIncomeshouldnotbeconstruedasaninferencethatourfutureresultswillbeunaffectedbyunusualornon-recurringitems,oraffectedbysimilarnon-recurringitems.AdjustedNetIncomehaslimitationsasananalyticaltool,andyoushouldnotconsidersuchmeasureeitherinisolationorasasubstituteforanalyzingourresultsasreportedunderGAAP.OurdefinitionandcalculationofAdjustedNetIncomeisnotnecessarilycomparabletoothersimilarlytitledmeasuresusedbyothercompaniesduetodifferentmethodsofcalculation.

TableofContents

85

Thefollowingtableprovidesareconciliationofnetincome(loss)attributabletoAcushnetHoldingsCorp.toAdjustedNetIncome:

Predecessor Successor

January1-July29,

July30-December31,

SixmonthsendedJune30,

YearendedDecember31,

2011(a) 2011(a) 2012 2013 2014 2015 2015 2016 (inthousands) Netincome(loss)attributabletoAcushnetHoldingsCorp. $ 49,402 ($ 80,556) $ 13,873 $ 19,636 $ 21,557 $ (966) $ 33,456 $ 52,069InterestexpenseonConvertibleNotesand7.5%bondsdue2021(b) — 17,002 42,708 40,276 37,960 35,420 16,519 15,129

EARPlan(c) — — 41,056 28,258 50,713 45,814 22,665 —Share-basedcompensation(d) — — — 3,461 1,977 5,789 1,914 —

One-timeexecutivebonus(e) — — — — — — — 7,500Restructuringcharges(f) — — — 955 — 1,643 — 642Predecessorcompensationexpenses(g) 11,287 1,881 2,477 — — — — —

Thailandgolfballmanufacturingplantstart-upcosts(h) 1,055 662 1,617 2,927 788 — — —

Transactionfees(i) — 15,754 845 551 1,490 2,141 538 8,965Step-upininventoryduetoapurchaseaccountingadjustmentrelatingtotheAcquisition — 67,501 — — — — — —

Losses(gains)onthefairvalueofourcommonstockwarrants(j) — 1,641 (12,224) (976) (1,887) 28,364 14,778 6,112

Nonrecurringexpense(income)(k) — — — — — — — (1,467)

Taxeffectoftheforegoingadjustments(l) (4,320) (34,639) (30,977) (26,701) (32,099) (31,484) (14,573) (9,392)

AdjustedNetIncome $ 57,424 $ (10,754) $ 59,375 $ 68,387 $ 80,499 $ 86,721 $ 75,297 $ 79,558

(a) ThetablebelowsetsforthAdjustedNetIncomeandareconciliationofnetincome(loss)attributabletoAcushnetHoldingsCorp.toAdjustedNetIncomeonacombinedbasisfortheyearendedDecember31,2011.Theunauditedcombinednetincome(loss)attributabletoAcushnetHoldingsCorp.,adjustmentstonetincome(loss)attributabletoAcushnetHoldingsCorp.andAdjustedNetIncomefortheyearendedDecember31,2011representsthemathematicaladditionofourPredecessor'snetincome(loss)attributabletoAcushnetHoldingsCorp.,adjustmentstonetincome(loss)attributabletoAcushnetHoldingsCorp.andAdjustedNetIncomefromJanuary1,2011toJuly29,2011,andtheSuccessor'snetincome(loss)attributabletoAcushnetHoldingsCorp.,adjustmentstonetincome(loss)attributabletoAcushnetHoldingsCorp.andAdjustedNetIncomefromJuly30,2011toDecember31,2011.WehaveincludedtheforegoingunauditedcombinedfinancialinformationasaconveniencesolelyforthepurposeoffacilitatingacomparisonofthecombinedresultswithourotheryearspresentedandtheCompanybelievesthatthepresentationofthismeasureonacombinedbasisisusefultoinvestorsasabasisforcomparingtheresultsofthecombinedperiodagainsttheresultsoftheotherannualperiodspresented.SuchresultsarenotnecessarilyindicativeofwhattheresultsforthecombinedperiodwouldhavebeenhadtheAcquisitionnotoccurred.

2011CombinedPeriod

(inthousands) Netincome(loss)attributabletoAcushnetHoldingsCorp. $ (31,154)InterestexpenseonConvertibleNotesand7.5%bondsdue2021 17,002EARPlan —Share-basedcompensation —One-timeexecutivebonus —Restructuringcharges —Predecessorcompensationexpenses 13,168Thailandgolfballmanufacturingplantstart-upcosts 1,717Transactionfees 15,754Step-upininventoryduetoapurchaseaccountingadjustmentrelatingtotheAcquisition 67,501Losses(gains)onthefairvalueofourcommonstockwarrants 1,641Nonrecurringexpense(income) —Taxeffectoftheforegoingadjustments (38,959)

AdjustedNetIncome $ 46,670

(b) InconnectionwiththeAcquisition,weissued(i)anaggregateprincipalamountof$362.5millionofourConvertibleNotesand(ii)anaggregateprincipalamountof$172.5millionof7.5%bondsdue2021(whichaggregateprincipalamountof7.5%bondsdue2021was$34.5millionasofJune30,2016).AllofouroutstandingConvertibleNoteswillconvertintosharesofourcommonstockpriortotheclosingofthisofferingandFilaKoreaexercisedallofouroutstandingcommonstockwarrantsinJuly2016andweusedtheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021.

(c) ReflectsexpensesrelatedtotheanticipatedfullvestingofEARsgrantedunderourEARPlanandtheremeasurementoftheliabilityateachreportingperiodbasedonthethen-currentprojectionofourCSEvalue.See"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—CriticalAccountingPoliciesandEstimates—Share-BasedCompensation."Wemayincuradditionalmaterialexpensesin2016inconnectionwiththeoutstandingEARs.AlloutstandingEARsundertheEARPlanvestedasofDecember31,2015.TheEARPlanexpiresonDecember31,2016andamountsearnedundertheEARPlanmustbepaidwithintwoandahalfmonthsaftertheexpirationdate.WeadjustforexpensesrelatingtoourEARPlanwhenpresentingAdjustedNetIncomeastheseexpensesarenotrepresentativeoftheequity-basedcompensationexpensesweexpecttoincuronanongoingbasis.Weexpecttoincurcompensationexpenseswithrespecttoequity-basedgrantsunderthe2015IncentivePlanbeginninginthesecondquarterof2016,whichexpenseswedonotanticipateadjustingforwhenpresentingAdjustedNetIncome.

(d) ReflectscompensationexpenseassociatedwiththeexerciseofsubstitutestockoptionsbyanexecutivewhichweregrantedinconnectionwiththeAcquisition.Allsuchstockoptionshavebeenexercised.

TableofContents

86

(e) Inthefirstquarterof2016,ourPresidentandChiefExecutiveOfficerwasawardedacashbonusintheamountof$7.5millionasconsiderationforpastperformance.

(f) Reflectsrestructuringchargesincurredinconnectionwiththereorganizationofcertainofouroperationsin2013,2015andthesixmonthsendedJune30,2016.

(g) Primarilyreflectsacceleratedshare-basedcompensationexpenserelatingtoBeamstockoptionsthatvestedinconnectionwiththeAcquisitionin2011andincentivecompensationchargesin2012relatedtotheAcquisition.

(h) Reflectsexpensesincurredinconnectionwiththeconstructionandproductionramp-upofourgolfballmanufacturingplantinThailand.

(i) Reflectsfinancial,legalandothertransaction-relatedadvisoryfeesin2011relatingtotheAcquisitionandlegalfeesincurredin2012,2013,2014,2015andthesixmonthsendedJune30,2016relatingtoadisputearisingfromtheindemnificationobligationsowedtousbyBeaminconnectionwiththeAcquisition,aswellascertainfeesandexpensesweincurredin2015andthesixmonthsendedJune30,2016inconnectionwiththisoffering.

(j) FilaKoreaexercisedallofouroutstandingcommonstockwarrantsinJuly2016andweusedtheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021.

(k) ReflectslegaljudgmentinfavorofusassociatedwithBeamvalue-addedtaxdisputerecordedinother(income)expenses.

(l) Theadjustmentstonetincome(loss)attributabletoAcushnetHoldingsCorp.havebeentaxeffectedattheapplicablestatutoryratewiththeexceptionofthefairvalueofthecommonstockwarrantsandcertaintransactioncostswhicharepermanentitemsfortaxpurposes,andtherefore,havenotbeentaxeffected.

(3) FreeCashFlowrepresentscashflowsprovidedby(usedin)operatingactivitieslesscapitalexpenditures.WebelieveFreeCashFlowisusefultoinvestorsbecauseitrepresentsthecashthatouroperatingbusinessgeneratesbeforetakingintoaccountcapitalexpenditures.FreeCashFlowisnotameasurementofliquidityunderGAAP.Itshouldnotbeconsideredasanalternativetocashflowsprovidedby(usedin)operatingactivitiesasameasureofourliquidityoranyothermeasureofliquidityderivedinaccordancewithGAAP.FreeCashFlowhaslimitationsasananalyticaltool,andyoushouldnotconsidersuchmeasureeitherinisolationorasasubstituteforanalyzingourresultsasreportedunderGAAP.OurdefinitionandcalculationofFreeCashFlowisnotnecessarilycomparabletoothersimilarlytitledmeasuresusedbyothercompaniesduetodifferentmethodsofcalculation.

Thefollowingtableprovidesareconciliationofcashflowsprovidedby(usedin)operatingactivitiestoFreeCashFlow:

Predecessor Successor

January1-July29,

July30-December31,

SixmonthsendedJune30,

YearendedDecember31,

2011(a) 2011(a) 2012 2013 2014 2015 2015 2016 Cashflowsprovidedby(usedin)operatingactivities $ 26,591 $ 24,489 $ 55,506 $ 78,795 $ 54,113 $ 91,830 $ 36,070 $ 55,487Capitalexpenditures (10,907) (8,376) (27,209) (46,459) (23,527) (23,201) (10,409) (8,116)

FreeCashFlow $ 15,684 $ 16,113 $ 28,297 $ 32,336 $ 30,586 $ 68,629 $ 25,661 $ 47,371

(a) InconnectionwiththeAcquisition,weissued(i)anaggregateprincipalamountof$362.5millionofourConvertibleNotesand(ii)anaggregateprincipalamountof$172.5millionof7.5%bondsdue2021(whichaggregateprincipalamountof7.5%bondsdue2021was$34.5millionasofJune30,2016).AllofouroutstandingConvertibleNoteswillconvertintosharesofourcommonstockpriortotheclosingofthisofferingandFilaKoreaexercisedallofouroutstandingcommonstockwarrantsinJuly2016andweusedtheproceedsfromsuchexercisetoredeemallouroutstanding7.5%bondsdue2021.FreeCashFlowhasnotbeenadjustedtoexcludeanyhistoricalimpactfromtheinterestexpenseonourConvertibleNotesandour7.5%bondsdue2021,whichinterestexpensetotaled$17.0millionforthesuccessorperiodfromJuly30throughDecember31,2011and$42.7million,$40.3million,$38.0million,$35.4million,$16.5millionand$15.1millionfortheyearsendedDecember31,2012,2013,2014and2015andthesixmonthsendedJune30,2015and2016,respectively.ForthepredecessorperiodfromJanuary1,2011throughJuly29,2011therewasnointerestexpensefromourConvertibleNotesandour7.5%bondsdue2021assuchsecuritieswerenotoutstandingduringthatperiod.

(a) ThetablebelowsetsforthFreeCashFlowandareconciliationofcashflowsprovidedby(usedin)operatingactivitiestoFreeCashFlowonacombinedbasisfortheyearendedDecember31,2011.Theunauditedcashflowsprovidedby(usedin)operatingactivities,capitalexpendituresandFreeCashFlowfortheyearendedDecember31,2011representsthemathematicaladditionofourPredecessor'scashflowsprovidedby(usedin)operatingactivities,capitalexpendituresandFreeCashFlowfromJanuary1,2011toJuly29,2011,andtheSuccessor'scashflowsprovidedby(usedin)operatingactivities,capitalexpendituresandFreeCashFlowfromJuly30,2011toDecember31,2011.WehaveincludedtheforegoingunauditedcombinedfinancialinformationasaconveniencesolelyforthepurposeoffacilitatingacomparisonofthecombinedresultswithourotheryearspresentedandtheCompanybelievesthatthepresentationofthismeasureonacombinedbasisisusefultoinvestorsasabasisforcomparingtheresultsofthecombinedperiodagainsttheresultsoftheotherannualperiodspresented.SuchresultsarenotnecessarilyindicativeofwhattheresultsforthecombinedperiodwouldhavebeenhadtheAcquisitionnotoccurred.

2011CombinedPeriod

Cashflowsprovidedby(usedin)operatingactivities $ 51,080Capitalexpenditures (19,283)

FreeCashFlow $ 31,797

TableofContents

MANAGEMENT'SDISCUSSIONANDANALYSISOFFINANCIALCONDITIONANDRESULTSOFOPERATIONS

The following discussion contains management's discussion and analysis of our financial condition and results of operations and should be read together with"Selected Consolidated Financial Data" and the historical consolidated financial statements and the notes thereto included elsewhere in this prospectus. Thisdiscussion contains forward-looking statements that reflect our plans, estimates and beliefs and involve numerous risks and uncertainties, including but not limitedto those described in the "Risk Factors" section of this prospectus. Actual results may differ materially from those contained in any forward-looking statements.You should carefully read "Special Note Regarding Forward-Looking Statements" and "Risk Factors."

Overview

Wearethegloballeaderinthedesign,development,manufactureanddistributionofperformance-drivengolfproducts,whicharewidelyrecognizedfortheirqualityexcellence.Today,wearethestewardoftwoofthemostreveredbrandsingolf—Titleist,oneofgolf'sleadingperformanceequipmentbrands,andFootJoy,oneofgolf'sleadingperformancewearbrands.Weownorcontrolthedesign,sourcing,manufacturing,packaginganddistributionofourproducts.Indoingso,weareabletoexercisecontrolovereverystepofthemanufacturingprocess.

Ourtargetmarketisdedicatedgolfers,whoareavidandskill-biased,prioritizeperformanceandcommitthetime,effortandmoneytoimprovetheirgame.Webelievethatdedicatedgolfersarethemostconsistentpurchasersofgolfproductsandestimatethatwhiletheyrepresentedonlyapproximately15%ofallUnitedStatesgolfers,theyaccountedformorethan40%oftotalroundsplayedandapproximately70%ofallgolfequipmentandgearspendingintheUnitedStatesduring2014.WealsobelievededicatedgolfersaccountforanoutsizeshareofgolfequipmentandgearspendingoutsidetheUnitedStatesandpurchaseasignificantportionofthegolfwearproductsworldwide.

Wehavedemonstratedsustained,resilientandstablerevenueandAdjustedEBITDAgrowthoverthepastfiveyears,despitechallengesrelatedtodemographic,macroeconomicandweatherrelatedconditions.Ourdifferentiatedfocusonperformanceandqualityexcellence,enduringconnectionswithdedicatedgolfers,andfavorableandmarket-differentiatingmixofconsumableanddurableproductshavebeenthekeydriversofourstrongfinancialperformance.Weincreasedournetsalesfrom$1,336.1millionfortheyearendedDecember31,2011(onacombinedbasis)to$1,503.0millionfortheyearendedDecember31,2015,representingaCAGRof3%.See"SelectedConsolidatedFinancialData."Onaconstantcurrencybasis,netsalesgrewataCAGRof6%overthissameperiod.See"—KeyPerformanceMeasures"foradiscussionofhowwecalculateconstantcurrencyinformation.

Wehavethefollowingreportablesegments:Titleistgolfballs;Titleistgolfclubs;Titleistgolfgear;andFootJoygolfwear.

Ournetsalesarediversifiedbybothproductcategoryandmixaswellasgeography:

• Titleistgolfballs,Titleistgolfclubs,Titleistgolfgear,andFootJoygolfwearaccountedfor36%,26%,9%and28%,respectively,ofnetsalesfortheyearendedDecember31,2015.

• Consumableproducts,whichweconsidertobegolfballsandgolfgloves,collectivelyrepresented43%ofournetsalesfortheyearendedDecember31,2015,andmoredurableproducts,which

87

TableofContents

weconsidertobegolfclubs,golfshoes,golfapparelandgolfgear,collectivelyrepresented57%ofournetsalesfortheyearendedDecember31,2015.

• TheUnitedStates,Europe,theMiddleEastandAfrica,orEMEA,Japan,Korea,andtherestoftheworldaccountedfor54%,13%,12%,10%and11%,respectively,ofnetsalesfortheyearendedDecember31,2015.

Ourtoptencustomersaccountedfor21%,21%and22%ofournetsalesfortheyearsendedDecember31,2013,2014and2015,respectively,withnoonecustomeraccountingformorethan10%ofournetsalesinanysuchperiod.FortheyearendedDecember31,2015,86%ofournetsalesweregeneratedinfivecountries:theUnitedStates,Japan,Korea,theUnitedKingdomandCanada.

GrossmarginfortheyearsendedDecember31,2013,2014and2015andthesixmonthsendedJune30,2015and2016was49.6%,49.3%,51.6%,52.5%and50.9%,respectively.OperatingmarginfortheyearsendedDecember31,2013,2014and2015andthesixmonthsendedJune30,2015and2016was7.8%,6.8%,7.8%,13.2%and13.9%,respectively.

WeincreasedourAdjustedEBITDAfrom$138.4millionfortheyearendedDecember31,2011(onacombinedbasis)to$214.7millionfortheyearendedDecember31,2015,representingaCAGRof12%.OurAdjustedEBITDAmargin,whichwedefineasAdjustedEBITDAdividedbynetsales,improvedeachyearduringsuchfive-yearperiod,increasingfrom10.3%fortheyearendedDecember31,2011to14.3%fortheyearendedDecember31,2015.ForareconciliationofAdjustedEBITDAtonetincome(loss)attributabletoAcushnetHoldingsCorp.,see"SelectedConsolidatedFinancialData."

OnJuly29,2011,AcushnetHoldingsCorp.(atthetimeknownasAlexandriaHoldingsCorp.),anentityownedbyFilaKoreaandtheFinancialInvestors,purchasedalloftheissuedandoutstandingcommonstockofAcushnetCompanyfromBeam,whichwerefertoastheAcquisition.

InconnectionwiththeAcquisition,AcushnetHoldingsCorp.issuedthefollowingsecurities:(i)anaggregateofsharesofourcommonstockforanissuepriceof$100.0million,(ii)anaggregateof1,838,027sharesofourConvertiblePreferredStockforanissuepriceof$183.8million,(iii)anaggregateprincipalamountof$362.5millionofourConvertibleNotesand(iv)anaggregateprincipalamountof$172.5millionof7.5%bondsdue2021withrelatedwarrantstopurchaseourcommonstock(whichaggregateprincipalamountof7.5%bondsdue2021was$34.5millionasofJune30,2016).AllofouroutstandingConvertiblePreferredStockandallofouroutstandingConvertibleNoteswillconvertintosharesofourcommonstockpriortotheclosingofthisoffering.FilaKoreaexercisedallofouroutstandingcommonstockwarrantsinJuly2016andweusedtheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021.

AlsoinconnectionwiththeAcquisition,weissuedsecuredfloatingratenotesinanaggregateprincipalamountof$500.0millionandenteredintoaseniorrevolvingcreditfacilityandaseniortermloancreditfacility.OnApril27,2016,weenteredintothenewcreditagreement,whichprovidesfor(i)a$275.0millionmulti-currencyrevolvingcreditfacility,(ii)a$375.0milliontermloanAfacilityand(iii)a$100.0milliondelayeddrawtermloanAfacility.OnJuly28,2016,weusedtheproceedsofthenew$375.0milliontermloanAfacility,borrowingsofC$4.0million(equivalenttoapproximately$3.0million)underthenewrevolvingcreditfacilityandcashonhandof$23.6millionto(i)repayallamountsoutstandingunder,andterminate,thesecuredfloatingratenotesandcertainofourotherworkingcreditfacilities,(ii)terminateourformerseniorrevolvingcreditfacilityand(iii)payfeesandexpensesrelatedtotheforegoing.Werefertotheenteringintoofthenewcreditagreementandtheuseof$375.0millionofborrowingsunderthenewtermloanAfacility,borrowingsofC$4.0million(equivalenttoapproximately$3.0million)underthenewrevolvingcreditfacilityandcashonhandof$23.6millionto(i)repayallamountsoutstandingunder,andterminate,thesecuredfloatingratenotesandcertainofourotherworkingcreditfacilities,(ii)terminatetheseniorrevolvingcreditfacility

88

TableofContents

referredtoaboveand(iii)payfeesandexpensesrelatedtotheforegoing,astheRefinancing.Inaddition,onJune30,2016,weusedcashonhandandborrowingsundertheseniorrevolvingcreditfacilityreferredtoabovetorepayallamountsoutstandingunder,andterminate,theseniortermloanfacilityreferredtoabove.

Key Factors Affecting Our Results of Operations

Rounds of Play

Wegeneratesubstantiallyallofoursalesfromthesaleofgolf-relatedproducts,includinggolfballs,golfclubs,golfshoes,golfgloves,golfgearandgolfapparel.Thedemandforgolf-relatedproductsingeneral,andgolfballsinparticular,isdirectlyrelatedtothenumberofgolfparticipantsandthenumberofroundsofgolfbeingplayedbytheseparticipants.

Weather Conditions

Weatherconditionsinmostpartsoftheworld,includingourprimarygeographicmarkets,generallyrestrictgolffrombeingplayedyear-round,withmanyofouron-coursecustomersclosedduringthecoldweathermonthsand,toalesserextent,duringthehotweathermonths.Unfavorableweatherconditionsinourmajormarkets,suchasaparticularlylongwinter,acoldandwetspring,oranextremelyhotsummer,wouldreducethenumberofplayabledaysandroundsplayedinagivenyear,whichwouldresultinadecreaseintheamountspentbygolfersandgolfretailersonourproducts,particularlywithrespecttoconsumableproductssuchasgolfballsandgolfgloves.Ourresultsin2013and2014werenegativelyimpactedbyunfavorableweatherconditionsinourmajormarkets.Unusualorsevereweatherconditionsthroughouttheyear,suchasstormsordroughtsorotherwatershortages,cannegativelyaffectgolfroundsplayedbothduringtheeventsandafterward,asweatherdamagedgolfcoursesarerepairedandgolfersfocusonrepairingthedamagetotheirhomes,businessesandcommunities.Consequently,sustainedadverseweatherconditions,especiallyduringthewarmweathermonths,couldimpactoursales.Adverseweatherconditionsmayhaveagreaterimpactonusthanothergolfequipmentcompaniesaswehavealargepercentageofconsumableproductsinourproductportfolio,andthepurchaseofconsumableproductsaremoredependentonthenumberofroundsplayedinagivenyear.

Economic Conditions

Ourproductsarerecreationalinnatureandarethereforediscretionarypurchasesforconsumers.Consumersaregenerallymorewillingtospendtheirtimeandmoneytoplaygolfandmakediscretionarypurchasesofgolfproductswheneconomicconditionsarefavorableandwhenconsumersarefeelingconfidentandprosperous.Discretionaryspendingongolfandthegolfproductswesellisaffectedbyconsumerspendinghabitsaswellasbymanymacroeconomicfactors,includinggeneralbusinessconditions,stockmarketpricesandvolatility,corporatespending,housingprices,interestrates,theavailabilityofconsumercredit,taxesandconsumerconfidenceinfutureeconomicconditions.Consumersmayreduceorpostponepurchasesofourproductsasaresultofshiftsinconsumerspendinghabitsaswellasduringperiodswheneconomicuncertaintyincreases,disposableincomeislower,orduringperiodsofactualorperceivedunfavorableeconomicconditions.Forexample,therecessionrelatedtotheU.S.financialcrisisbeginningin2007ledtoslowereconomicactivity,decreasedstockpricesandincreasedvolatility,depressedhousingprices,increasedunemployment,concernsaboutinflationandenergycosts,decreasedbusinessandconsumerconfidence,andadversebusinessconditions(includingreducedcorporateprofitsandcapitalspending),whichadverselyaffectedourbusiness,financialconditionandresultsofoperations.Theeffectsoftherecessionarestillbeingfelttodayinthegolfindustryaswebelieveconsumershavebecomemorecautiouswiththeirdiscretionarypurchasesandthistrendmaycontinue.Forexample,corporatespendingongolf

89

TableofContents

equipmenthasremainedatlowerlevelssincethefinancialcrisisasevidencedbythelowervolumeofballsinourcustomlogobusinessbeingsoldtocompaniesascomparedtobeforethecrisis.

Demographic Factors

Golfisarecreationalactivitythatrequirestimeandmoneyanddifferentgenerationsandsocioeconomicandethnicgroupsusetheirleisuretimeanddiscretionaryfundsindifferentways.Thegolfindustryhasbeenprincipallydrivenbytheagecohortof30andabove,currently"gen-x"(age30-49)and"babyboomers"(age50-69),whohavethetimeandmoneytoengageinthesport.IntheUnitedStates,thereareapproximately8.7milliongen-xgolfersandapproximately6.6millionbabyboomergolfers,representinginaggregateapproximately63%oftotalgolfersintheUnitedStates.Sinceasignificantnumberofbabyboomershaveyettoretire,weanticipategrowthinspendingfromthisdemographicasithasbeendemonstratedthatroundsofplayincreasesignificantlyasthoseinthiscohortreachretirement.

Golfparticipationamongyoungergenerationsandcertainsocioeconomicandethnicgroupsmaynotprovetobeaspopularasitisamongthecurrentgen-xandbabyboomergenerations.Insuchcase,salesofourproductscouldbenegativelyimpacted.

Seasonality

Weatherconditionsinmostpartsoftheworld,includingourprimarygeographicmarkets,generallyrestrictgolffrombeingplayedyear-round,withmanyofouron-coursecustomersclosedduringthecoldweathermonths.Ingeneral,duringthefirstquarter,webeginsellingourproductsintothegolfretailchannelforthenewgolfseason.Thisinitialsell-ingenerallycontinuesintothesecondquarter.Oursecond-quartersalesaresignificantlyaffectedbytheamountofsell-through,inparticulartheamountofhighervaluediscretionarypurchasesmadebycustomers,whichdrivesthelevelofreordersofourproductssold-induringthefirstquarter.Ourthird-quartersalesaregenerallydependentonreorderbusiness,andaregenerallylessthanthesecondquarterasmanyretailersbegindecreasingtheirinventorylevelsinanticipationoftheendofthegolfseason.Ourfourth-quartersalesaregenerallylessthantheotherquartersduetotheendofthegolfseasoninmanyofourkeymarkets,butcanalsobeaffectedbykeyproductlaunches,particularlygolfclubs.Thisseasonality,andthereforequartertoquarterfluctuations,canbeaffectedbymanyfactors,includingweatherconditionsasdiscussedaboveunder"—WeatherConditions"andthetimingofnewproductintroductionsasdiscussedbelowunder"—Cyclicality."Thisseasonalityaffectssalesineachofourreportablesegmentsdifferently.Ingeneral,however,becauseofthisseasonality,amajorityofoursalesandmostofourprofitabilitygenerallyoccursduringthefirsthalfoftheyear.

Cyclicality

Oursalescanalsobeaffectedbythelaunchtimingofnewproducts.Productintroductionsgenerallystimulatesalesasthegolfretailchanneltakesoninventoryofnewproducts.Reordersofthesenewproductsthendependontherateofsell-through.Announcementsofnewproductscanoftencauseourcustomerstodeferpurchasingadditionalgolfequipmentuntilournewproductsareavailable.Thevaryingproductintroductioncyclesdescribedbelowmaycauseourresultsofoperationstofluctuateaseachproductlinehasdifferentvolumes,pricesandmargins.

TitleistGolfBallsSegment

WelaunchnewTitleistgolfballmodelsonatwo-yearcycle,withnewproductlaunchesofProV1andProV1x,ourpremiumperformancemodels,generallyoccurringinthefirstquarterofodd-numberedyearsandnewproductlaunchesofNXTTour,VelocityandDT,ourperformancemodels,generallyoccurringinthefirstquarterofeven-numberedyears.Fornewgolfballmodels,sales

90

TableofContents

occuratahigherrateintheyearoftheinitiallaunchthaninthesecondyear.GiventheProV1franchiseisourhighestvolumeandourhighestpricedproductinthisproductcategory,wetypicallyhavehighernetsalesinourTitleistgolfballsegmentinodd-numberedyears.

TitleistGolfClubsSegment

WegenerallylaunchnewTitleistgolfclubmodelsonatwo-yearcycle.Sincethefallof2014,wehavegenerallyusedthefollowingproductlaunchcycle,andatpresentweanticipatecontinuingtousethisproductlaunchcyclegoingforwardbecausewebelieveitalignsourlauncheswiththepurchasehabitsofdedicatedgolfers.Ingeneral,welaunch:

• driversandfairwaysinthefourthquarterofeven-numberedyears,whichtypicallyresultsinanincreaseinsalesofdriversandfairwaysduringsuchquarterbecauseretailerstakeoninitialsuppliesoftheseproductsasstockinventory,withincreasedsalesgeneratedbysuchnewproductscontinuingthefollowingspringandsummerofodd-numberedyears;

• ironsandhybridsinthefourthquarterofodd-numberedyears,withthemajorityofsalesgeneratedbysuchnewproductsoccurringinthefollowingspringandsummerofeven-numberedyearsbecauseahigherpercentageofournewironsandhybridsascomparedtoourdriversandfairwaysaresoldthroughonacustomfitbasisandthespringandsummeriswhengolferstendtomakesuchcustomfitpurchases;

• VokeyDesignwedgesinthefirstquarterofeven-numberedyears,withthemajorityofsalesgeneratedbysuchnewproductsoccurringinthespringandsummerofsucheven-numberedyears;

• ScottyCameronputtersinthefirstquarter,withtheSelectmodelslaunchedineven-numberedyearsandtheFuturamodelslaunchedinodd-numberedyears,withthemajorityofsalesgeneratedbysuchnewproductsoccurringinthespringandsummeroftheyearinwhichtheyarelaunched;and

• Japan-specificVG3drivers,fairways,hybridsandironsinthespringofeven-numberedyears,withthemajorityofsalesgeneratedbysuchnewproductsoccurringinthespringandsummerofsucheven-numberedyears.

Asaresultofthisproductlaunchcycle,wegenerallyexpecttohavehighernetsalesinourTitleistgolfclubssegmentineven-numberedyearsduetothefollowingfactors:

• themajorityofsalesgeneratedbynewironsandhybridslaunchedinthefourthquarterofodd-numberedyearsisexpectedtooccurinthespringandsummerofthefollowingeven-numberedyears;

• themajorityofsalesgeneratedbynewVokeyDesignwedgeslaunchedinthefirstquarterofeven-numberedyearsisexpectedtooccurinsucheven-numberedyears;

• themajorityofsalesgeneratedbynewScottyCameronSelectlineofputterslaunchedinthefirstquarterofeven-numberedyearsisexpectedtooccurinsucheven-numberedyears;

• themajorityofsalesgeneratedbynewJapan-specificVG3drivers,fairways,hybridsandironslaunchedinthespringofeven-numberedyearsisexpectedtooccurinsucheven-numberedyears;and

• theincreaseinsalesofnewdriversandfairwayslaunchedinthefourthquarterofeven-numberedyearsduetotheinitialsell-inoftheseproductsduringsuchquarter.

91

TableofContents

TitleistGolfGearandFootJoyGolfWearSegments

OurFootJoygolfwearandTitleistgolfgearbusinessesarenotsubjecttothesamedegreeofcyclicalfluctuationasourgolfballandgolfclubbusinessesasnewproductofferingsandstylesaregenerallyintroducedeachyearandatdifferenttimesduringtheyear.

Foreign Currency

FortheyearsendedDecember31,2013,2014and2015,48%,48%and46%,respectively,ofournetsalesweregeneratedoutsideoftheUnitedStatesbyournon-U.S.subsidiaries.SubstantiallyallofthesenetsalesgeneratedoutsideoftheUnitedStatesweregeneratedintheapplicablelocalcurrency,whichinclude,butarenotlimitedto,theJapaneseyen,theKoreanwon,theBritishpoundsterling,theeuroandtheCanadiandollar.Incontrast,substantiallyallofthepurchasesofinventory,rawmaterialsorcomponentsbyournon-U.S.subsidiariesaremadeinU.S.dollars.FortheyearendedDecember31,2015,approximately87%ofourcostofgoodssoldincurredbyournon-U.S.subsidiariesweredenominatedinU.S.dollars.Becauseournon-U.S.subsidiariesincursubstantiallyalloftheircostofgoodssoldincurrenciesthataredifferentfromthecurrenciesinwhichtheygeneratesubstantiallyalloftheirsales,weareexposedtotransactionriskattributabletofluctuationsinsuchexchangerates,whichcanimpactthegrossprofitofournon-U.S.subsidiaries.

Inanefforttoprotectagainstadversechangesinforeignexchangeratesandminimizeforeigncurrencytransactionrisk,wetakeanactiveapproachtocurrencyhedging,whichincludesamongotherthings,enteringintovariousforeigncurrencyexchangecontracts,withtheprimarygoalofprovidingearningsandcashflowstability.Asaresultofouractiveapproachtocurrencyhedging,weareabletotakealongertermviewandmoreflexibleapproachtowardspricingourproductsandmakingcost-relateddecisions.Intakingthisactiveapproach,wecoordinatewiththemanagementteamsofour

92

TableofContents

keynon-U.S.subsidiariesonanongoingbasistoshareourviewsonanticipatedcurrencymovementsandmakedecisionsonsecuringforeigncurrencyexchangecontractpositionsthatareincorporatedintoourbusinessplanningandforecastingprocesses.Becauseourhedgingactivitiesaredesignedtoreducevolatility,theyreducenotonlythenegativeimpactofastrongerU.S.dollarbutcouldalsoreducethepositiveimpactofaweakerU.S.dollar.

BecauseourconsolidatedaccountsarereportedinU.S.dollars,wearealsoexposedtocurrencytranslationriskwhenwetranslatethefinancialresultsofourconsolidatednon-U.S.subsidiariesfromtheirlocalcurrencyintoU.S.dollars.FortheyearsendedDecember31,2013,2014and2015,48%,48%and46%,respectively,ofoursalesweredenominatedinforeigncurrencies.Inaddition,excludingexpensesrelatedtoourEARPlandiscussedbelow,fortheyearsendedDecember31,2013,2014and2015,32%,32%and30%,respectively,ofouroperatingexpensesweredenominatedinforeigncurrencies(whichamountsrepresentsubstantiallyalloftheoperatingexpensesincurredbyournon-U.S.subsidiaries).Fluctuationsinforeigncurrencyexchangeratesmaypositivelyornegativelyaffectourreportedfinancialresultsandcansignificantlyaffectperiod-over-periodcomparisons.Forexample,ourreportednetsalesinregionsoutsidetheUnitedStatesforthe2014and2015fiscalyearsandthesixmonthsendedJune30,2016werenegativelyaffectedbythetranslationofforeigncurrencysalesintoU.S.dollarsbasedon2014,2015and2016exchangerates,respectively.

Recent Customer Event

OnSeptember14,2016,GolfsmithInternationalHoldingsLP,aspecialtygolfretailerandoneofourlargestcustomersineachoftheyearsendedDecember31,2013,2014,2015andthesixmonthsendedJune30,2016,announcedthat(i)itsU.S.-basedbusiness,GolfsmithInternationalHoldings,Inc.,orGolfsmith,whichreportedlycurrentlyoperates109storesintheUnitedStates,commencedaChapter11caseunderTitle11oftheUnitedStatesCodeintheUnitedStatesBankruptcyCourtfortheDistrictofDelaware,ortheChapter11proceedings,and(ii)itsCanada-basedbusiness,GolfTownCanadaInc.,orGolfTown,whichreportedlycurrentlyoperates55storesinCanada,commencedcreditorprotectionproceedingsundertheCompanies'CreditorsArrangementActintheOntarioSuperiorCourtofJustice(CommercialList).

InconnectionwiththeChapter11proceedings,Golfsmith(i)enteredintoasupportagreementwithcertainofitssecuredcreditorswithrespecttoarecapitalizationandrestructuringtransaction,(ii)announcedthatitwouldundertakeanoperationalrestructuringthatwillresultintheclosingofcertainunderperformingstoresandthesaleofexcessinventory,(iii)reachedagreementwithitssecuredlenderstoacquiretheequityownershipofGolfsmithand(iv)announcedthatitwillexplorethepotentialforanalternativesaletransaction.Golfsmith,togetherwiththelendersunderitsdebtor-in-possessionfacility,hasestablishedcertainproceduresaswellasascheduleforitsproposedalternativesale,whichproceduresprovidefor(i)anauctionofGolfsmithtotakeplaceonOctober19,2016,(ii)thepublicationoftheauctionresultsonOctober21,2016,(iii)approvalbytheUnitedStatesBankruptcyCourttooccuronOctober28,2016and(iv)adeadlinetoclosethealternativesale,ifany,onOctober31,2016.TheseprocedureswereapprovedbytheUnitedStatesBankruptcyCourtonSeptember15,2016,althoughitispossiblethatsomeoralloftheabovedeadlinesmaybesubjecttochange.

GolfsmithInternationalHoldingsLPalsoannouncedthat,inadditiontocommencingcreditorprotectionproceedingsinCanada,ithasenteredintoadefinitiveassetpurchaseagreementforthesaleofitsGolfTownbusinesstoanentitytobecontrolledbyapurchasergroupledbyFairfaxFinancialHoldingsLimitedandcertaininvestmentfundsmanagedbySignatureGlobalAssetManagement,adivisionofCIInvestmentsInc.,whichsaleisexpectedtocloseonOctober31,2016.

Wegrantcredit,generallywithoutcollateral,toourretailersanddistributors,includingGolfsmith.Asaresultoftheseproceedings,anyreceivableswehaveoutstandingwithGolfsmithInternationalHoldingsLP,whichtotaled$7.2millionasofthedateofthefilings,maybecompromised.Inaddition,

93

TableofContents

wemaybethesubjectofavoidanceactionswithrespecttopaymentsreceivedfromGolfsmithInternationalHoldingsLPwithinastatutoryperiodpriortothebankruptcypetitiondate.Nosuchavoidanceactionhasbeenfiledtodate,andmayneverbefiled.Wewouldvigorouslydefendanysuchavoidanceactions,althoughtheoutcomeofanysuchactionswouldbeuncertain.

WecannotpredictthetimingortheoutcomeoftheGolfsmithInternationalHoldingsLPproceedingsdiscussedabove.TheseproceedingsandthetermsofanyacquisitionoralternativesaleofGolfsmithmayresultintheclosureofasignificantnumberofGolfsmith'sstoresandafailuretocompletesuchsalemayresultintheclosureandliquidationofallofGolfsmith.ItisexpectedthatcertainGolfTownstoreswillalsobeclosedinconnectionwiththeproposedsaleofGolfTown.Wecannotpredicttheimpactthattheforegoingwillhaveonusorthegolfindustryingeneral,andthesemattersmaymateriallyadverselyaffectourbusiness,financialconditionandresultsofoperations,particularlyduringthefourthquarterof2016andcalendaryear2017.

Key Performance Measures

Weusevariousfinancialmetricstomeasureandevaluateourbusiness,including,amongothers:(i)netsalesonaconstantcurrencybasis,(ii)AdjustedEBITDAonaconsolidatedbasis,(iii)AdjustedEBITDAmarginand(iv)segmentoperatingincome.

Since48%,48%and46%ofournetsalesfortheyearsendedDecember31,2013,2014and2015,respectively,weregeneratedoutsideoftheUnitedStates,weusenetsalesonaconstantcurrencybasistoevaluatethesalesperformanceofourbusinessinperiodoverperiodcomparisonsandforforecastingourbusinessgoingforward.Constantcurrencyinformationallowsustoestimatewhatoursalesperformancewouldhavebeenwithoutchangesinforeigncurrencyexchangerates.ThisinformationiscalculatedbytakingthecurrentperiodlocalcurrencysalesandtranslatingthemintoU.S.dollarsbasedupontheforeigncurrencyexchangeratesfortheapplicablecomparablepriorperiod.ThisconstantcurrencyinformationshouldnotbeconsideredinisolationorasasubstituteforanymeasurederivedinaccordancewithGAAP.Ourpresentationofconstantcurrencyinformationmaynotbeconsistentwiththemannerinwhichsimilarmeasuresarederivedorusedbyothercompanies.

WeprimarilyuseAdjustedEBITDAonaconsolidatedbasistoevaluatetheeffectivenessofourbusinessstrategies,assessourconsolidatedoperatingperformanceandmakedecisionsregardingpricingofourproducts,gotomarketexecutionandcoststoincuracrossourbusiness.WedefineAdjustedEBITDAinamannerconsistentwiththeterm"ConsolidatedEBITDA"asitisdefinedinournewcreditagreement.AdjustedEBITDAisnotameasurementoffinancialperformanceunderGAAP.Itshouldnotbeconsideredanalternativetonetincome(loss)attributabletoAcushnetHoldingsCorp.asameasureofouroperatingperformanceoranyothermeasureofperformancederivedinaccordancewithGAAP.Inaddition,AdjustedEBITDAshouldnotbeconstruedasaninferencethatourfutureresultswillbeunaffectedbyunusualornon-recurringitems,oraffectedbysimilarnon-recurringitems.AdjustedEBITDAhaslimitationsasananalyticaltool,andyoushouldnotconsidersuchmeasureeitherinisolationorasasubstituteforanalyzingourresultsasreportedunderGAAP.OurdefinitionandcalculationofAdjustedEBITDAisnotnecessarilycomparabletoothersimilarlytitledmeasuresusedbyothercompaniesduetodifferentmethodsofcalculation.ForareconciliationofAdjustedEBITDAtonetincome(loss)attributabletoAcushnetHoldingsCorp.,see"—ResultsofOperations."

WealsouseAdjustedEBITDAmargin,whichmeasuresourAdjustedEBITDAasapercentageofnetsales,becauseourmanagementusesittoevaluatetheeffectivenessofourbusinessstrategies,assessourconsolidatedoperatingperformanceandmakedecisionsregardingpricingofourproducts,gotomarketexecutionandcoststoincuracrossourbusiness.WepresentAdjustedEBITDAmarginasasupplementalmeasureofouroperatingperformancebecauseitexcludestheimpactofcertainitemsthatwedonotconsiderindicativeofourongoingoperatingperformance.BypresentingAdjustedEBITDAmargin,weprovideabasisforcomparisonofourbusinessoperationsbetweendifferentperiodsbyexcludingitemsthatwedonotbelieveareindicativeofourcoreoperatingperformance.

94

TableofContents

AdjustedEBITDAmarginisnotameasurementoffinancialperformanceunderGAAP.ItshouldnotbeconsideredanalternativetoanymeasureofperformancederivedinaccordancewithGAAP.Inaddition,AdjustedEBITDAmarginshouldnotbeconstruedasaninferencethatourfutureresultswillbeunaffectedbyunusualornon-recurringitems,oraffectedbysimilarnon-recurringitems.AdjustedEBITDAmarginhaslimitationsasananalyticaltool,andyoushouldnotconsidersuchmeasureeitherinisolationorasasubstituteforanalyzingourresultsasreportedunderGAAP.OurdefinitionandcalculationofAdjustedEBITDAmarginisnotnecessarilycomparabletoothersimilarlytitledmeasuresusedbyothercompaniesduetodifferentmethodsofcalculation.

Lastly,weusesegmentoperatingincometoevaluateandassesstheperformanceofeachofourreportablesegmentsandtomakebudgetingdecisions.

ComponentsofResultsofOperations

Net Sales

SalesarerecognizedinaccordancewithAccountingStandardsCodification,orASC,605,"RevenueRecognition"uponshipmentoruponreceiptbythecustomerdependingonthecountryofthesaleandtheagreementwiththecustomer,andincludetheamountsbilledtocustomersforshippingandhandling,netofanallowancefordiscounts,salesreturns,customersalesincentives(whichincludesales-basedrebates,off-invoicediscountsandin-storepricereductionprograms)andcooperativeadvertising.

Ourbusinessisseasonalandcyclical.See"—Overview—KeyFactorsAffectingOurResultsofOperations."Asaresult,ournetsalesfluctuatedependingonthequarter,whichoftenaffectsthecomparabilityofourinterimresultssequentially.Netsalesarehistoricallyhigherinthefirsthalfoftheyear.

Cost of Goods Sold; Gross Profit and Gross Margin

Costofgoodssoldincludesallmaterial,laborandpackagingcosts,inboundfreightanddutycosts,manufacturingoverhead,includingelectricity,utilitiesanddepreciationexpensesassociatedwithassetsusedintheproductionofproductsthatwemanufacture.Costofgoodssoldalsoincludesgainsandlossesonforeigncurrencyexchangecontracts,reservesforestimatedwarrantyexpenses,andthewrite-downofinventorydeemedtobeobsoleteorbelownetrealizablevalue.

Amountsbilledtocustomersforshippingandhandlingareincludedinnetsalesasdiscussedaboveandoutboundshippingandhandlingcostsassociatedwithpreparinggoodstoshiptocustomersareincludedinselling,generalandadministrativeexpensesasdiscussedbelow.Asaresult,ourgrossprofitmaynotbecomparabletothatofothercompaniesthatincludeoutboundshippingandhandlingcostsintheircostofgoodssold.Shippingandhandlingcostsincludedinselling,generalandadministrativeexpenseswere$28.1million,$30.5million,$32.6million,$18.7millionand$18.4millionfortheyearsendedDecember31,2013,2014and2015andthesixmonthsendedJune30,2015and2016,respectively.

Grossprofitisequaltoournetsaleslesscostofgoodssold.Grossmarginmeasuresourgrossprofitasapercentageofsales.

OnaconsolidatedbasisfortheyearendedDecember31,2015,approximately87%ofourtotalcostofgoodssoldwasvariableinnatureandwascomprisedofmaterialsandcomponents,directlaborandelementsofvariableoverhead.Ofthisamount,nearly82%wasmaterialorcomponentcosts.Specifictotheproductsthatwemanufacture,variablecostscompriseasubstantialportionofthetotalcostofourgolfclubs,golfshoesandgolfgloveswhilevariablecostsconstituteasmallerpercentage,thoughstillmorethanamajority,ofthetotalcostofourgolfballbusiness,withtheremainderrelatedtofixedoverhead.Assuch,increasesordecreasesinactualproductionvolumecanhaveagreatereffectonthecostofgolfballsproducedthroughhigherorlowerabsorptionoffixedoverhead.OurTitleistgolfgearandFootJoyapparelproductsarewholly-sourcedfromthird-partysuppliers.

95

TableofContents

Forproductsthatwemanufacture,wepurchaserawmaterialsfrombothdomesticandinternationalsuppliers.Rawmaterialsincludepolybutadieneandionomersforthemanufacturingofgolfballs,titaniumandsteelforthemanufacturingofgolfclubs,leatherandsyntheticfabricsforthemanufacturingofgolfshoesandgolfgloves,andresinandotherpetroleum-basedmaterialsforanumberofourproducts.Certainofourmaterialsaresubjecttosupplyanddemandfluctuationsinthecommoditymarketand,assuch,thesefluctuationscanhaveanimpactonourcostofgoodssold.

Whileournon-U.S.subsidiariesgeneratesubstantiallyalloftheirnetsalesintheapplicablelocalcurrency,including,butnotlimitedto,theJapaneseyen,theKoreanwon,theBritishpoundsterling,theeuroandtheCanadiandollar,suchsubsidiariespurchasesubstantiallyalloftheirinventory,rawmaterialsorcomponentsinU.S.dollars.Forexample,fortheyearendedDecember31,2015,approximately87%ofournon-U.S.costofgoodssoldweredenominatedinU.S.dollars.IftheU.S.dollarstrengthensagainsttheapplicablelocalcurrency,morelocalcurrencywillbeneededtopurchasethesameamountofcostofgoodssolddenominatedinU.S.dollarswhichcanhaveasignificantimpactonourconsolidatedcostofgoodssold,grossprofitandgrossprofitmargin.Inanefforttoprotectagainstadversechangesinforeignexchangeratesandminimizeforeigncurrencytransactionrisk,wetakeanactiveapproachtocurrencyhedging,whichincludesamongotherthings,enteringintovariousforeigncurrencyexchangecontracts,withtheprimarygoalofprovidingearningsstability.Asaresultofouractiveapproachtocurrencyhedging,weareabletotakealongertermviewandmoreflexibleapproachtowardspricingourproductsandmakingcost-relateddecisions.See"—KeyFactorsAffectingOurResultsofOperations—ForeignCurrency"forfurtherdiscussionoftheimpactofforeigncurrencyfluctuationsonourcostofgoodssold,grossprofitandgrossprofitmarginandtheactionswetaketomitigatesuchimpact.

Grossmargincanbeimpactedbychangesinaveragesellingprices(whichisdrivenbychangesinthemixofproductssold,priceincreasesandcloseouts)andincreasesanddecreasesinmaterial,laborandoverheadcostsaswellastheeffectsofforeigncurrencyfluctuations.

Operating Expenses

Ouroperatingexpensesconsistofselling,generalandadministrativeexpenses,R&Dexpenses,intangibleamortizationandrestructuringcharges.

Selling, General and Administrative Expenses

Ourselling,generalandadministrativeexpensesprimarilyconsistofsellingexpenses,advertisingandpromotionexpensesandcorporateservicesexpenses.Allthreecategoriesofselling,generalandadministrativeexpensesincludepersonnelcosts,suchassalaries,benefits,share-basedcompensationandincentivesrelatedtoouremployees.

Because32.8%,31.2%,30.0%,30.2%and29.5%ofourselling,generalandadministrativeexpensesfortheyearsendedDecember31,2013,2014and2015andthesixmonthsendedJune30,2015and2016,respectively,wereincurredbyournon-U.S.subsidiariesinlocalcurrencies,theseexpensesmaybeaffectedbychangesinforeigncurrencyexchangerates.Wecalculatetheimpactofchangesinforeigncurrencyexchangeratesonoperatingexpensestoallowustoestimatewhatoperatingexpenseswouldhavebeenwithoutchangesinforeigncurrencyexchangerates.

Sellingexpensesincludemarketingandsalesadministrationcompensationandcosts,distributionexpensesandfieldsalescompensation.Distributionexpensesalsoincludeoutboundshippingandhandlingcostsassociatedwithpreparinggoodstoshiptocustomersandcoststooperateourdistributionfacilities.FortheyearsendedDecember31,2013,2014and2015andthesixmonthsendedJune30,2015and2016,excludingexpensesassociatedwiththeEARPlan,sellingexpenseswere$225.0million,$233.2million,$238.5million,$123.2millionand$125.0million,respectively.

96

TableofContents

Advertisingandpromotionexpensesincludeproductendorsementarrangementswithmembersofthevariousprofessionalgolftours,mediaplacementandproductioncosts(television,printandinternet),toursupportexpensesandpoint-of-salematerials.FortheyearsendedDecember31,2013,2014and2015andthesixmonthsendedJune30,2015and2016,excludingexpensesassociatedwiththeEARPlan,advertisingandpromotionexpenseswere$203.3million,$200.8million,$202.7million,$111.5millionand$113.5million,respectively.

Corporateservicesexpensesconsistofexpensesrelatedtocompany-wideadministrativeexpenses,includingfinance,informationtechnology,legalandprofessionalfees,humanresourcesandthecostofcorporateheadquarters.FortheyearsendedDecember31,2013,2014and2015andthesixmonthsendedJune30,2015and2016,excludingexpensesassociatedwiththeEARPlan,corporateservicesexpenseswere$113.4million,$121.1million,$120.3million,$57.3millionand$68.3million,respectively.Weexpecttoincuradditionalcorporateservicesexpensesinconnectionwiththisofferingandasaresultofpreparationtobecomeapubliccompanythatwillbeexpensedasincurred.Thesecostsincludeexpensesrelatedtolegalfees,certainauditandquarterlyfinancialreviews,compliancewithSection404oftheSarbanesOxleyActof2002,ortheSarbanesOxleyAct,boardofdirectorrecruitment,andadvisoryaccountingandothercoststoensurethatourfinancialstatementscomplywithapplicableSECrules.

Share-basedcompensationrelatedtoouremployeesincludestheexpenseassociatedwithequitycompensationforkeymanagementemployeessuchasourEARs.PursuanttotheEARPlan,wegrantedcash-settledEARstodesignatedemployees.TheEARsvestoverafouryearperiodbasedonpassageoftime,AdjustedEBITDAperformanceandaninternalrateofreturnasdefinedbytheEARPlan.AlloutstandingEARsundertheEARPlanvestedasofDecember31,2015.Paymentisequaltothecommonstockequivalent(asdefinedintheEARPlan),orCSE,valuelessgrantdatevaluemultipliedbythenumberofvestedCSEs.TheEARPlanexpiresonDecember31,2016andamountsearnedundertheEARPlanmustbepaidwithintwoandahalfmonthsaftertheexpirationdate.Subsequenttoourinitialpublicoffering,wewillhavetheoptiontosettleupto50%ofouroutstandingEARsusingourcommonstock.However,itiscurrentlyourintentiontosettletheentireamountsdueundertheEARsincash,whichpaymentsweexpecttofundfromcashflowsfromoperations,borrowingsunderournewrevolvingcreditfacilityandborrowingsunderournewdelayeddrawtermloanAfacility.TheEARsareliability-classifiedawardsandwereremeasuredateachreportingperiodbasedonthethen-currentprojectionofourCSEvalue.See"—CriticalAccountingPoliciesandEstimates—Share-BasedCompensation."FortheyearsendedDecember31,2013,2014and2015andthesixmonthsendedJune30,2015,expensesassociatedwiththeEARswere$28.3million,$50.7million,$45.8millionand$22.7million,respectively,ofwhich$26.7million,$47.7million,$42.6millionand$20.9million,respectively,wasincludedinselling,generalandadministrativeexpenses.ForthesixmonthsendedJune30,2016,therewerenoexpensesassociatedwiththeEARsincludedinselling,generalandadministrativeexpenses.Wemayincuradditionalmaterialexpensesin2016inconnectionwiththeoutstandingEARs.ForthesixmonthsendedJune30,2016,weincurredexpensesof$1.0millionassociatedwithRSUsandPSUsgrantedunderthe2015IncentivePlantodesignatedemployeesinthesecondquarterof2016,ofwhich$0.8millionwasincludedinselling,generalandadministrativeexpenses.Weexpecttoincuradditionalselling,generalandadministrativeexpenseswithrespecttosuchequity-basedgrants,andanyadditionalequity-basedgrants,infutureperiods.See"—CriticalAccountingPoliciesandEstimates—Share-BasedCompensation."

Ourselling,generalandadministrativeexpensesreportedonaconsolidatedbasiscanalsobeimpactedbyfluctuationsinforeigncurrencyrates.Weexpectourselling,generalandadministrativeexpenseswillincreaseinfutureperiodsduetoadditionalstaffing,legalfees,andreportingandcompliancecostsassociatedwithbeingapubliccompany,includingcompliancewiththeSarbanes-OxleyAct.

Selling,generalandadministrativeexpensesintheaggregateasapercentageofnetsaleswere38.5%,39.2%,40.2%,36.3%and34.0%fortheyearsendedDecember31,2013,2014and2015and

97

TableofContents

thesixmonthsendedJune30,2015and2016,respectively.ExcludingtheexpenseassociatedwiththeEARPlanandtransactionfeesdiscussedabove,selling,generalandadministrativeexpensesasapercentageofnetsaleswouldhavebeen36.6%,36.0%,37.2%,33.8%and33.0%forthesamerespectiveperiods.

Research and Development

R&Dexpensesincludeproductdevelopment,productimprovement,productengineering,andprocessimprovementcostsandareexpensedasincurred.R&DexpensesasapercentageofnetsaleshavebeengenerallyconsistentfortheyearsendedDecember31,2013,2014and2015andthesixmonthsendedJune30,2015and2016,at2.9%,2.9%,3.1%,2.6%and2.5%,respectively,reflectingourcontinuingcommitmenttoinvestmentinproductinnovation.ExcludingtheexpenseassociatedwithEARPlandiscussedabove,R&Dexpensesasapercentageofnetsaleswouldhavebeen2.8%,2.7%,2.9%,2.5%and2.5%forthesamerespectiveperiods.ForthesixmonthsendedJune30,2016,therewerenoexpensesassociatedwiththeEARsincludedinR&Dexpenses.ForthesixmonthsendedJune30,2016,webeganincurringR&DexpensesassociatedwithRSUsandPSUsgrantedunderthe2015IncentivePlantodesignatedemployeesinthesecondquarterof2016.WeexpecttoincuradditionalR&Dexpenseswithrespecttosuchequity-basedgrants,andanyadditionalequity-basedgrants,infutureperiods.See"—CriticalAccountingPoliciesandEstimates—Share-BasedCompensation."

Intangible Amortization

IntangibleassetsotherthangoodwillareamortizedovertheirusefullivesinaccordancewithASC350,unlessthoselivesaredeterminedtobeindefinite.Intangibleamortizationexpenseisprimarilyrelatedtoourcompletedtechnologyandcustomerrelationships,whicharosethroughpurchaseaccountingrelatedtotheAcquisition.Theweightedaverageamortizationperiodis13yearsforcompletedtechnologyand20yearsforcustomerrelationships.

Restructuring Charges

Restructuringchargesrepresentcostsincurredasaresultofourreorganizationinitiativesandincludeemployeeseverancecostsandrelatedbenefits.

Interest Expense, Net

Interestexpense,net,consistsprimarilyofinterestonborrowingsunderourConvertibleNotes,bondswithcommonstockwarrants,securedfloatingratenotes,formercreditfacilitiesandothercreditfacilitiesandourcapitalleaseobligations,partiallyoffsetbyinterestearnedonourcashandcashequivalents.Ourinterestincomehasnotbeensignificantduetolowinterestearnedoninvestedbalances.

AftergivingeffecttotheconversionofallofourConvertibleNotespriortotheclosingofthisoffering,theexercisebyFilaKoreaofallofouroutstandingwarrantsandrelatedredemptionofouroutstanding7.5%bondsdue2021,whichoccurredinJuly2016,andtheRefinancing,weexpectourannualinterestexpensetobesignificantlylowerthanitwaspriortosuchtransactions.

Other (Income) Expense, Net

Other(income)expense,netprimarilyconsistsofthenon-cashchangeinthefairvalueofourcommonstockwarrantsandanychangeinthevalueoftheindemnificationassetrelatedtotheAcquisition.Ourcommonstockwarrantswereissuedinconnectionwithour7.5%bondsdue2021inconnectionwiththeAcquisition.Weclassifythesewarrantstopurchasecommonstockasaliabilityonourconsolidatedbalancesheetasthewarrantsarefree-standingfinancialinstrumentsthatmayresultintheissuanceofavariablenumberofourcommonshares.Thecommonstockwarrantsare

98

TableofContents

re-measuredtofairvalueateachreportingdateandchangesinthefairvalueofthecommonstockwarrantsarerecognizedasother(income)expense,netonourconsolidatedstatementofoperations.ThefairvalueofthecommonstockwarrantsisdeterminedusingthecontingentclaimsmethodologyandisimpactedbyanumberofvariablesincludingthebusinessenterprisevalueoftheCompany,volatilityandtherisk-freerate.Anincreaseinthefairvalueofthecommonstockwarrantsresultsinanincreaseinthecorrespondingliabilityandassuch,isrecordedasalossinother(income)expense,netonourconsolidatedstatementofoperations.Adecreaseinthefairvalueofthecommonstockwarrantsresultsinadecreaseinthecorrespondingliabilityandassuch,isrecordedasagaininother(income)expense,netonourconsolidatedstatementofoperations.ThecommonstockwarrantswillnolongerhaveanimpactonournetincomeaftertheexerciseoftheremainingwarrantsbyFilaKorea,whichoccurredinJuly2016.

InconnectionwiththeAcquisition,BeamagreedtoindemnifyusforcertaintaxobligationsthatrelatetoperiodsduringwhichBeamownedAcushnetCompany.Thesetaxobligationsarerecordedinaccruedtaxesandothernoncurrentliabilities,andtherelatedindemnificationreceivableisrecordedinothercurrentandnoncurrentassetsontheconsolidatedbalancesheet.Anychangesinthevalueofthesetaxobligationsarerecordedinincometaxexpenseandtherelatedchangeintheindemnificationassetisrecordedinother(income)expense,netontheconsolidatedstatementofincome.

Income Tax Expense

WearesubjecttoincometaxesintheUnitedStatesandforeignjurisdictionsinwhichwedobusiness.TheseforeignjurisdictionshavestatutorytaxratesthatarelowerthantheUnitedStates,althoughU.S.taxisprovidedoncertainofourforeignearnings.Oureffectivetaxrate,orETR,willvarydependingupontherelativeproportionofforeigntoU.S.earnings,changesinthevalueandrealizabilityofourdeferredtaxassetsandliabilities,changesinindemnifiedtaxes,changestotaxlawsandrulingsinthejurisdictionsinwhichwedobusiness,aswellaschangestowellestablishedinternationaltaxprinciples.OurETRwillalsovaryduetotherecordingofnon-cashfairvaluegainsandlossesrelatedtothecommonstockwarrantswhicharenottaxeffected.

Noncontrolling Interests

In1995,weenteredintoanagreementwithourTaiwansupplypartnerstoformajointventureinChinaforthepurposeofmanufacturingourFootJoygolfshoes.ThejointventurewasformedunderthelawsoftheCaymanIslandsandownsanentityorganizedunderthelawsofChinathatisresponsibleformanufacturingandanentityorganizedunderthelawsofHongKongthatisresponsibleforfacilitatingexportsandimportsinconnectionwiththejointventure.WealsomaintainarepresentativeofficeinTaiwanthatactsasaliaisonbetweenusandourjointventure.

Weown40%ofthejointventurewhileourpartnersowntheother60%.Weareentitledtoappointtwoofthefivedirectorsofthejointventureandcertainenumeratedmattersrequiretheconsentofamajorityofthedirectorsappointedbyusandcertainotherenumeratedmatters,includinganamendmenttothejointventure'sorganizationaldocuments,requireaspecialresolutionpassedby75%oftheoutstandingshares,whichmeanswemustconsenttosuchmatters.

Thejointventureisobligatedunderthetermsofthejointventureagreementtomanufactureshoessolelyforus.Thejointventurecannotexistwithoutthisactivityandordersmadebyus.Thejointventureisavariableinterestentity,orVIE.Asaresultofourabilitytodirecttheactivitiesthatmostsignificantlyimpactthejointventure'seconomicperformanceandbecausethesolepurposeofthejointventureistomanufactureourgolfshoes,wearedeemedtheprimarybeneficiaryoftheVIEunderAccountingStandardsCodification810andweconsolidatetheaccountsofthejointventureinourconsolidatedfinancialstatements.Thenoncontrollinginterestsrepresentthe60%interestinthejointventurethatwedonotown.

99

TableofContents

ResultsofOperations

Thefollowingtablesetsforth,fortheperiodsindicated,ourresultsofoperations.

100

YearendedDecember31, Sixmonthsended

June30, 2013 2014 2015 2015 2016 (inthousands) Netsales $ 1,477,219 $ 1,537,610 $ 1,502,958 $ 862,874 $ 902,995Costofgoodssold 744,090 779,678 727,120 409,929 443,754Grossprofit 733,129 757,932 775,838 452,945 459,241Operatingexpenses: Selling,generalandadministrative 568,421 602,755 604,018 313,007 306,771Researchanddevelopment 42,152 44,243 45,977 22,628 22,823Intangibleamortization 6,704 6,687 6,617 3,313 3,303Restructuringcharges 955 — 1,643 — 642Incomefromoperations 114,897 104,247 117,583 113,997 125,702

Interestexpense,net 68,149 63,529 60,294 30,530 28,404Other(income)expense,net 5,285 (1,348) 25,139 9,934 3,838Incomebeforeincometaxes 41,463 42,066 32,150 73,533 93,460

Incometaxexpense 17,150 16,700 27,994 36,919 39,438Netincome 24,313 25,366 4,156 36,614 54,022

Less:Netincomeattributabletononcontrollinginterests (4,677) (3,809) (5,122) (3,158) (1,953)Netincome(loss)attributabletoAcushnetHoldingsCorp. $ 19,636 $ 21,557 $ (966) $ 33,456 $ 52,069

AdjustedEBITDA: Netincome(loss)attributabletoAcushnetHoldingsCorp. $ 19,636 $ 21,557 $ (966) 33,456 52,069Incometaxexpense 17,150 16,700 27,994 36,919 39,438Interestexpense,net 68,149 63,529 60,294 30,530 28,404Depreciationandamortization 39,423 43,159 41,702 21,270 20,550EARPlan(a) 28,258 50,713 45,814 22,665 —Shared-basedcompensation(b) 3,461 1,977 5,789 1,914 964One-timeexecutivebonus(c) — — — — 7,500Restructuringcharges(d) 955 — 1,643 — 642Thailandgolfballmanufacturingplantstart-upcosts(e) 2,927 788 — — —

Transactionfees(f) 551 1,490 2,141 538 8,965Beamindemnificationexpense(income)(g) 6,345 1,386 (3,007) (4,718) (485)(Gains)lossesonthefairvalueofourcommonstockwarrants(h) (976) (1,887) 28,364 14,778 6,112

Othernon-cashgains,net (149) (628) (169) (121) (295)Nonrecurringexpense(income)(i) — — — — (1,467)Netincomeattributabletononcontrollinginterests(j) 4,677 3,809 5,122 3,158 1,953

AdjustedEBITDA $ 190,407 $ 202,593 $ 214,721 160,389 164,350AdjustedEBITDAmargin 12.9% 13.2% 14.3% 18.6% 18.2%

(a) ReflectsexpensesrelatedtotheanticipatedfullvestingofEARsgrantedunderourEARPlanandremeasurementoftheliabilityateachreportingperiodbasedonthethen-currentprojectionofourCSEvalue.See"—CriticalAccountingPoliciesandEstimates—Share-BasedCompensation."Wemayincuradditionalmaterialexpensesin2016inconnectionwiththeoutstandingEARs.All

TableofContents

Six Months Ended June 30, 2016 Compared to the Six Months Ended June 30, 2015

Net Sales

Netsalesincreasedby$40.1million,or4.6%,to$903.0millionforthesixmonthsendedJune30,2016comparedto$862.9millionforthesixmonthsendedJune30,2015.Onaconstantcurrencybasis,netsaleswouldhaveincreasedby$48.7million,or5.6%,to$911.6million.Theincreaseinnetsalesonaconstantcurrencybasiswasduetoanincreaseof$20.8millioninnetsalesofTitleistgolfclubsdrivenbythenewwedgesandironsintroducedinthefirstquarterof2016andfourthquarterof2015,respectively,anincreaseof$17.4millioninnetsalesofFootJoygolfweardrivenbysalesvolumegrowthinapparelandgloves,andanincreaseof$9.3millioninnetsalesofTitleistgolfgeardrivenbysalesvolumegrowthinallcategories.Thesenetsalesincreaseswereoffsetpartiallybyadecreaseof$5.3millioninnetsalesofTitleistgolfballs.TheremainingincreaseinnetsaleswasduetosalesvolumegrowthofproductsthataresoldinregionsoutsidetheUnitedStatesandthatarenotallocatedtooneofourfourreportablesegments.

Netsalesbyreportablesegmentissummarizedasfollows:

101

outstandingEARsundertheEARPlanvestedasofDecember31,2015.TheEARPlanexpiresonDecember31,2016andamountsearnedundertheEARPlanmustbepaidwithintwoandahalfmonthsaftertheexpirationdate.

(b) ReflectscompensationexpenseassociatedwiththeexerciseofsubstitutestockoptionsbyanexecutivewhichweregrantedinconnectionwiththeAcquisition.Allsuchstockoptionshavebeenexercised.

(c) Inthefirstquarterof2016,ourPresidentandChiefExecutiveOfficerwasawardedacashbonusintheamountof$7.5millionasconsiderationforpastperformance.

(d) Reflectsrestructuringchargesincurredinconnectionwiththereorganizationofcertainofouroperationsin2013,2015andthesixmonthsendedJune30,2016.

(e) Reflectsexpensesincurredinconnectionwiththeconstructionandproductionramp-upofourgolfballmanufacturingplantinThailand.

(f) Reflectslegalfeesincurredin2013,2014,2015andthesixmonthsendedJune30,2016relatingtoadisputearisingfromtheindemnificationobligationsowedtousbyBeaminconnectionwiththeAcquisitionaswellascertainfeesandexpensesweincurredin2015andthesixmonthsendedJune30,2016inconnectionwiththisoffering.

(g) Reflectsthenon-cashchargesrelatedtotheindemnificationobligationsowedtousbyBeamthatareincludedwhencalculatingnetincome(loss)attributabletoAcushnetHoldingsCorp.

(h) FilaKoreaexercisedallofouroutstandingcommonstockwarrantsinJuly2016andweusedtheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021.

(i) ReflectslegaljudgmentinfavorofusassociatedwiththeBeamvalue-addedtaxdisputerecordedinother(income)expense.

(j) ReflectsthenetincomeattributabletotheinterestthatwedonotowninourFootJoygolfshoejointventure.

Sixmonthsended

June30, Increase/(Decrease) ConstantCurrencyIncrease/(Decrease)

2015 2016 $change %change $change %change (inthousands) Titleistgolfballs $ 304,665 $ 296,249 $ (8,416) (2.8)% $ (5,277) (1.7)%Titleistgolfclubs 220,531 240,296 19,765 9.0% 20,763 9.4%Titleistgolfgear 76,185 84,334 8,149 10.7% 9,348 12.3%FootJoygolfwear 249,160 264,030 14,870 6.0% 17,443 7.0%

TableofContents

Forfurtherdiscussionofeachreportablesegment'sresults,see"—SegmentResults—TitleistGolfBallsSegment,""—SegmentResults—TitleistGolfClubsSegment,""—SegmentResults—TitleistGolfGearSegment"and"—SegmentResults—FootJoyGolfWearSegment"resultsbelow.

Netsalesinformationbyregionissummarizedasfollows:

NetsalesintheUnitedStatesincreasedby$10.7million,or2.3%,to$482.7millionforthesixmonthsendedJune30,2016comparedto$472.0millionforthesixmonthsendedJune30,2015.ThisincreaseinnetsalesintheUnitedStateswasduetoanincreaseof$9.1millioninnetsalesofTitleistgolfclubsandanincreaseof$4.2millioninnetsalesofFootJoygolfwear,offsetpartiallybyadecreaseof$4.5millioninnetsalesofTitleistgolfballs.

OursalesinregionsoutsideoftheUnitedStatesincreasedby$29.4million,or7.5%,to$420.3millionforthesixmonthsendedJune30,2016comparedto$390.9millionforthesixmonthsendedJune30,2015.Onaconstantcurrencybasis,netsalesinsuchregionswouldhaveincreasedby$38.1million,or9.7%,to$429.0million,drivenbyanincreaseof$13.3millioninnetsalesofFootJoygolfwear,anincreaseof$11.7millioninnetsalesofTitleistgolfclubs,andanincreaseof$8.7millioninnetsalesofTitleistgolfgear,offsetpartiallybyadecreaseof$0.8millioninnetsalesofTitleistgolfballs.

MoreinformationonoursalesbyreportablesegmentandbyregioncanbefoundinNote15—Segment Information toourunauditedconsolidatedfinancialstatements.

Gross Profit

Grossprofitincreasedby$6.3millionto$459.2millionforthesixmonthsendedJune30,2016comparedto$452.9millionforthesixmonthsendedJune30,2015.Grossmargindecreasedto50.9%forthesixmonthsendedJune30,2016comparedto52.5%forthesixmonthsendedJune30,2015.Theincreaseingrossprofitwaslargelydrivenbya$10.7millionincreaseingrossprofitinTitleistgolfclubsduetoincreasesinaveragesellingpricesofnewlyintroducedwedgesandironsandhighergolfclubsalesvolumes.ThedecreaseingrossmarginwasprimarilyduetolowergainsonforeigncurrencyexchangecontractscomparedtothesixmonthsendedJune30,2015.

Selling, General and Administrative Expenses

Selling,generalandadministrativeexpensesdecreasedby$6.2millionto$306.8millionforthesixmonthsendedJune30,2016comparedto$313.0millionforthesixmonthsendedJune30,2015.ExcludingtheexpenseassociatedwithourEARPlanrecordedin2015,selling,generalandadministrativeexpenseswouldhaveincreasedby$14.7millionto$306.8millionforthesixmonthsendedJune30,2016comparedto$292.1millionforthesixmonthsendedJune30,2015.Thisincreasewasduetoa$17.2millionaggregateincreaseprimarilyattributableto$9.0millionintransactioncostsrelatedtothisoffering,a$7.5millionone-timeexecutivebonus,$3.8millioninadditionalmarketingandpromotionalcostsrelatedtoournewgolfclubproductlaunches,FootJoyeCommerceandwomen'sgolfapparelinitiatives,$1.5millioninadditionallegalandprofessionalfees,partiallyoffsetbya

102

Sixmonthsended

June30, Increase/(Decrease) ConstantCurrencyIncrease/(Decrease)

2015 2016 $change %change $change %change (inthousands) UnitedStates $ 471,992 $ 482,684 $ 10,692 2.3% $ 10,692 2.3%EMEA 126,929 137,656 10,727 8.5% 14,479 11.4%Japan 95,684 107,574 11,890 12.4% 4,820 5.0%Korea 71,755 82,444 10,689 14.9% 16,835 23.5%Restofworld 96,514 92,637 (3,877) (4.0)% 1,917 2.0%Totalsales $ 862,874 $ 902,995 $ 40,121 4.6% $ 48,743 5.6%

TableofContents

decreaseof$2.5millioninassociateincentivecompensationaccruals.Thisincreasewasoffsetbya$2.5millionfavorableimpactofchangesinforeigncurrencyexchangerates.

Research and Development

R&Dexpensesincreasedby$0.2millionto$22.8millionforthesixmonthsendedJune30,2016comparedto$22.6millionforthesixmonthsendedJune30,2015.ExcludingtheexpenseassociatedwithourEARPlanrecordedin2015,R&Dexpenseswouldhaveincreasedby$1.6millionto$22.8millionforthesixmonthsendedJune30,2016comparedto$21.2millionforthesixmonthsendedJune30,2015.Asapercentageofconsolidatednetsales,R&DexpensesexcludingexpensesassociatedwithourEARPlanwere2.5%,unchangedfromthesixmonthsendedJune30,2015.

Intangible Amortization

Intangibleamortizationexpenseswere$3.3millionforthesixmonthsendedJune30,2016,unchanged,comparedto$3.3millionforthesixmonthsendedJune30,2015.

Restructuring Charges

Restructuringchargeswere$0.6millionforthesixmonthsendedJune30,2016comparedtonorestructuringchangesforthesixmonthsendedJune30,2015.

Interest Expense, net

Interestexpensedecreasedby$2.1millionto$28.4millionforthesixmonthsendedJune30,2016comparedto$30.5millionforthesixmonthsendedJune30,2015.ThisdecreasewasprimarilyduetoloweraverageoutstandingborrowingsduringthesixmonthsendedJune30,2016asaresultoftheredemptionof$34.5millionoftheprincipalofouroutstanding7.5%bondsdue2021usingtheproceedsoftheexerciseofaportionofouroutstandingcommonstockwarrantsinJuly2015,aswellasascheduledrepaymentof$50.0millionoftheprincipalonoursecuredfloatingratenotesinOctober2015.

Other (Income) Expense, net

Otherexpensedecreasedby$6.1millionto$3.8millionforthesixmonthsendedJune30,2016comparedtootherexpenseof$9.9millionforthesixmonthsendedJune30,2015.Thischangewasprimarilyduetoadecreaseintherecognizedlossonthefairvalueofthecommonstockwarrantsfrom$14.8millionforthesixmonthsendedJune30,2015to$6.1millionforthesixmonthsendedJune30,2016.Inaddition,incomeof$1.5millionwasrecordedduringthesixmonthsendedJune30,2016torecognizethelegaljudgmentinfavorofusassociatedwiththeBeamvalue-addedtaxdispute.ThisnetdecreaseinexpensewasoffsetinpartbyadecreaseinthegainrelatedtotheadjustmentofindemnifiedtaxobligationsfortaxperiodspriortotheAcquisitionfrom$4.7millionrecordedforthesixmonthsendedJune30,2015to$0.5millionrecordedforthesixmonthsendedJune30,2016.

Income Tax Expense

Incometaxexpenseincreasedby$2.5million,or6.8%,to$39.4millionforthesixmonthsendedJune30,2016comparedto$36.9millionforthesixmonthsendedJune30,2015.OurETRwas42.2%forthesixmonthsendedJune30,2016,comparedto50.2%forthesixmonthsendedJune30,2015.ThedecreaseinETRwasprimarilydrivenbyareductionofnon-cashfairvaluelossesoncommonstockwarrantswhicharenottaxeffected,anincreaseinnon-deductibletransactionscosts,areductioninindemnifiedtaxobligationsforperiodspriortotheAcquisition,andchangestothegeographicmixofearnings.

103

TableofContents

Net Income Attributable to Acushnet Holdings Corp.

NetincomeattributabletoAcushnetHoldingsCorp.increasedby$18.6millionto$52.1millionforthesixmonthsendedJune30,2016comparedto$33.5millionforthesixmonthsendedJune30,2015asaresultofhigherincomefromoperationsandadecreaseinother(income)expense,asdiscussedinmoredetailabove.

Adjusted EBITDA

AdjustedEBITDAincreasedby$4.0millionto$164.4millionforthesixmonthsendedJune30,2016comparedto$160.4millionforthesixmonthsendedJune30,2015.AdjustedEBITDAmargindecreasedto18.2%forthesixmonthsendedJune30,2016from18.6%forthesixmonthsendedJune30,2015.

Segment Results

Netsalesbyreportablesegmentissummarizedasfollows:

Segmentoperatingincomebyreportablesegmentissummarizedasfollows:

MoreinformationonournetsalesbyreportablesegmentandsegmentoperatingincomecanbefoundinNote15—Segment Information toourunauditedconsolidatedfinancialstatements.

TitleistGolfBallsSegment

NetsalesinourTitleistgolfballssegmentdecreasedby$8.4million,or2.8%,to$296.2millionforthesixmonthsendedJune30,2016comparedto$304.7millionforthesixmonthsendedJune30,2015.Onaconstantcurrencybasis,netsalesinourTitleistgolfballssegmentwouldhavedecreasedby$5.3million,or1.7%,to$299.4million.ThisdecreasewasdrivenbyasalesvolumedeclineofourlatestgenerationProV1andProV1xgolfballs,whichwereintheirsecondmodelyear.Thedecreasewasoffsetinpartbyasalesvolumeincreaseofournewlyintroducedperformancegolfballmodels,whichperformancegolfballmodelshavealoweraveragesellingpricethanourProV1franchise.

104

Sixmonthsended

June30, Increase/(Decrease) ConstantCurrencyIncrease/(Decrease)

2015 2016 $change %change $change %change (inthousands) Titleistgolfballs $ 304,665 $ 296,249 $ (8,416) (2.8)% $ (5,277) (1.7)%Titleistgolfclubs 220,531 240,296 19,765 9.0% 20,763 9.4%Titleistgolfgear 76,185 84,334 8,149 10.7% 9,348 12.3%FootJoygolfwear 249,160 264,030 14,870 6.0% 17,443 7.0%

Sixmonthsended

June30, Increase/(Decrease) 2015 2016 $change %change (inthousands) Segmentoperatingincome(1) Titleistgolfballs $ 59,351 $ 52,353 $ (6,998) (11.8)%Titleistgolfclubs 33,329 37,489 4,160 12.5%Titleistgolfgear 11,818 14,616 2,798 23.7%FootJoygolfwear 31,860 25,766 (6,094) (19.1)%

(1) ExpensesrelatingtotheEARPlan,transactionsfees,restructuringchargesandothernon-operatinggainsandlosses,totheextentincurredintheapplicableperiod,arenotreflectedinsegmentoperatingincome.

TableofContents

Titleistgolfballssegmentoperatingincomedecreasedby$7.0million,or11.8%,to$52.4millionforthesixmonthsendedJune30,2016comparedto$59.4millionforthesixmonthsendedJune30,2015.Thisdecreasewasprimarilydrivenbylowergrossprofitof$9.1millionasaresultofagolfballmixshiftfromtheProV1franchisetotheperformancegolfballmodels,lowergainsonforeigncurrencyexchangecontracts,anda$2.9millionexpenserelatedtothesegmentallocationoftheone-timeexecutivebonus.Thisdecreasewaspartiallyoffsetbyloweroperatingexpensesduetoadecreaseof$1.6millioninadvertisingandpromotioncostsandadecreaseof$1.3millioninassociateincentivecompensationaccruals.

TitleistGolfClubsSegment

NetsalesinourTitleistgolfclubssegmentincreasedby$19.8million,or9.0%,to$240.3millionforthesixmonthsendedJune30,2016comparedto$220.5millionforthesixmonthsendedJune30,2015.Onaconstantcurrencybasis,netsalesinourTitleistgolfclubssegmentwouldhaveincreasedby$20.8million,or9.4%,to$241.3million.Thisincreasewasprimarilydrivenbyanincreaseinaveragesellingpricesonwedgesandirons,andhighersalesvolumesofournewVokeyDesignwedgeslaunchedinthefirstquarterof2016,ournewironserieslaunchedinthefourthquarterof2015,ournewJapan-specificVG3clubslaunchedinthefirstquarterof2016,andournewScottyCameronSelectputterslaunchedinthefirstquarterof2016.Thisincreasewaspartiallyoffsetbylowersalesvolumesofourdriversandfairways,whichwereintheirsecondmodelyear.

Titleistgolfclubssegmentoperatingincomeincreasedby$4.2million,or12.5%,to$37.5millionforthesixmonthsendedJune30,2016comparedto$33.3millionforthesixmonthsendedJune30,2015.Thisincreasewasdrivenbyhighergrossprofitof$10.7milliononincreaseinaveragesellingpricesonwedgesandironsandtheincreasedsalesasdiscussedabove.Thiswasoffsetinpartbyhigheroperatingexpensesprimarilyduetoanincreaseof$2.4millioninmarketingandpromotionalcostsrelatedtoournewproductlaunchesanda$1.8millionexpenserelatedtothesegmentallocationoftheone-timeexecutivebonus.

TitleistGolfGearSegment

NetsalesinourTitleistgolfgearsegmentincreasedby$8.1million,or10.7%,to$84.3millionforthesixmonthsendedJune30,2016comparedto$76.2millionforthesixmonthsendedJune30,2015.Onaconstantcurrencybasis,netsalesinourTitleistgolfgearsegmentwouldhaveincreasedby$9.3million,or12.3%,to$85.5million.Thisincreasewasduetosalesvolumegrowthinallcategoriesofthegearbusiness.

Titleistgolfgearsegmentoperatingincomeincreasedby$2.8million,or23.7%,to$14.6millionforthesixmonthsendedJune30,2016comparedto$11.8millionforthesixmonthsendedJune30,2015.Thisincreasewasdrivenbyhighergrossprofitof$3.3millionontheincreasedsalesasdiscussedabove.Thiswasoffsetinpartbya$0.7millionexpenserelatedtothesegmentallocationoftheone-timeexecutivebonus.

FootJoyGolfWearSegment

NetsalesinourFootJoygolfwearsegmentincreasedby$14.9million,or6.0%,to$264.0millionforthesixmonthsendedJune30,2016comparedto$249.2millionforthesixmonthsendedJune30,2015.Onaconstantcurrencybasis,netsalesinourFootJoygolfwearsegmentwouldhaveincreasedby$17.4million,or7.0%,to$266.6million.Thisincreasein2016wasprimarilyduetosalesvolumegrowthinourapparelandglovescategories.

FootJoygolfwearsegmentoperatingincomedecreasedby$6.1million,or19.1%,to$25.8millionforthesixmonthsendedJune30,2016comparedto$31.9millionforthesixmonthsendedJune30,2015.Thisdecreasewasattributabletolowergrossmarginandhigheroperatingexpenses.ThelowergrossmarginwasprimarilyduetoadecreaseingainsonforeigncurrencyexchangecontractscomparedtothesixmonthsendedJune30,2015.Theincreaseinoperatingexpensesin2016wasdrivenbya$2.1millionexpenserelatedtothesegmentallocationoftheone-timeexecutivebonusandanincreaseof$1.4millioninmarketingandpromotionalcostsandexpensesrelatedtoourFootJoyeCommerceandwomen'sgolfapparelinitiatives.

105

TableofContents

Year Ended December 31, 2015 Compared to the Year Ended December 31, 2014

Net Sales

Netsalesdecreasedby$34.7million,or2.3%,to$1,503.0millionfortheyearendedDecember31,2015comparedto$1,537.6millionfortheyearendedDecember31,2014.NetsalesweresignificantlyaffectedbytheimpactofastrongU.S.dollaronournetsalesoutsidetheUnitedStates.Onaconstantcurrencybasis,netsaleswouldhaveincreasedby$54.1million,or3.5%,to$1,591.7million.Thisconstantcurrencyincreasewasdrivenbyanincreaseof$24.4millioninnetsalesofFootJoygolfweardrivenbysalesvolumegrowthacrossallmajorcategories,anincreaseof$17.3millioninnetsalesofTitleistgolfballsasaresultoftheintroductionofthelatestgenerationofProV1andProV1xgolfballsinthefirstquarterof2015andanincreaseof$9.4millioninnetsalesofTitleistgolfgeardrivenbysalesvolumegrowthinallcategories,whichwasoffsetinpartbyadecreaseof$8.8millioninnetsalesofTitleistgolfclubs.TheremainingincreaseinnetsaleswasduetosalesvolumegrowthofproductsthataresoldinregionsoutsideoftheUnitedStatesandthatarenotallocatedtooneofourfourreportablesegments.

Netsalesbyreportablesegmentissummarizedasfollows:

Forfurtherdiscussionofeachreportablesegment'sresults,see"—SegmentResults—TitleistGolfBallsSegment,""—SegmentResults—TitleistGolfClubsSegment,""—SegmentResults—TitleistGolfGearSegment"and"—SegmentResults—FootJoyGolfWearSegment"resultsbelow.

Netsalesinformationbyregionissummarizedasfollows:

NetsalesintheUnitedStatesincreasedby$12.1million,or1.5%,to$805.5millionfortheyearendedDecember31,2015comparedto$793.3millionfortheyearendedDecember31,2014.ThisincreaseinnetsalesintheUnitedStateswasduetoanincreaseof$8.5millioninnetsalesofTitleistgolfballsalesandanincreaseof$6.4millioninnetsalesofFootJoygolfwear,offsetinpartbyadecreaseof$3.4millioninnetsalesofTitleistgolfclubs.

OursalesinregionsoutsideoftheUnitedStatesdecreasedby$46.8million,or6.2%,to$697.5millionfortheyearendedDecember31,2015comparedto$744.3millionfortheyearendedDecember31,2014.ThisdecreaseinnetsalesinregionsoutsideoftheUnitedStateswaslargelyduetotheimpactofunfavorableforeigncurrencytranslation.Onaconstantcurrencybasis,netsalesin

106

YearendedDecember31, Increase/(Decrease)

ConstantCurrencyIncrease/(Decrease)

2014 2015 $change %change $change %change (inthousands) Titleistgolfballs $ 543,843 $ 535,465 $ (8,378) (1.5)% $ 17,321 3.2%Titleistgolfclubs 422,383 388,304 (34,079) (8.1)% (8,815) (2.1)%Titleistgolfgear 127,875 129,408 1,533 1.2% 9,374 7.3%FootJoygolfwear 421,632 418,852 (2,780) (0.7)% 24,446 5.8%

YearendedDecember31, Increase/(Decrease)

ConstantCurrencyIncrease/(Decrease)

2014 2015 $change %change $change %change (inthousands) UnitedStates $ 793,328 $ 805,470 $ 12,142 1.5% $ 12,142 1.5%EMEA 216,531 201,106 (15,425) (7.1)% 16,280 7.5%Japan 195,762 182,163 (13,599) (6.9)% 13,566 6.9%Korea 141,168 144,956 3,788 2.7% 14,585 10.3%Restofworld 190,821 169,263 (21,558) (11.3)% (2,458) (1.3)%Totalsales $ 1,537,610 $ 1,502,958 $ (34,652) (2.3)%$ 54,115 3.5%

TableofContents

suchregionswouldhaveincreasedby$42.0million,or5.6%,to$786.3million,drivenbyanincreaseof$18.0millioninnetsalesofFootJoygolfwear,anincreaseof$8.8millioninnetsalesofTitleistgolfgear,andanincreaseof$8.8millioninnetsalesofTitleistgolfballs,offsetpartiallybyadecreaseof$5.5millioninnetsalesofTitleistgolfclubs.

MoreinformationonournetsalesbyreportablesegmentandbyregioncanbefoundinNote21—Segment Information toourauditedconsolidatedfinancialstatements.

Gross Profit

Grossprofitincreasedby$17.9millionto$775.8millionfortheyearendedDecember31,2015from$757.9millionfortheyearendedDecember31,2014.Grossmarginincreasedto51.6%fortheyearendedDecember31,2015comparedto49.3%fortheyearendedDecember31,2014.ThisincreaseingrossmarginwasprimarilyduetotheintroductionofthelatestgenerationofProV1andProV1xgolfballsinthefirstquarterof2015whichledtoafavorablegolfballmixshifttotheProV1franchise.ThiswascoupledwithoverheadabsorptionandsavingsassociatedwithoperationsatourgolfballmanufacturingplantinThailandachievedasaresultofproductionramp-up,aswellaslowerballrawmaterialcost.

Selling, General and Administrative Expenses

Selling,generalandadministrativeexpensesincreasedby$1.2millionto$604.0millionfortheyearendedDecember31,2015from$602.8millionfortheyearendedDecember31,2014.ExcludingtheexpenseassociatedwithourEARplan,selling,generalandadministrativeexpenseswouldhaveincreasedby$6.3millionto$561.4millionfortheyearendedDecember31,2015from$555.1millionfortheyearendedDecember31,2014.Thisincreasewasduetoa$27.3millionaggregateincreaseprimarilyattributabletoanincreaseof$7.3millioninoutboundshippingandhandlingcostsonincreasedsalesvolume,anincreaseof$5.4millionintourendorsementcosts,anincreaseof$4.9millioninstaffingandrelatedexpenseswhichincludeinvestmentsinourFootJoyeCommerceandTitleistgolfgearinitiatives,anincreaseof$3.8millioninshare-basedcompensationexpense,andanincreaseof$2.7millioninspendingonpoint-of-salematerials.Thisincreasewaslargelyoffsetbya$21.0millionfavorableimpactofchangesinforeigncurrencyexchangerates.

Research and Development

R&Dexpensesincreasedby$1.8million,or3.9%,to$46.0millionfortheyearendedDecember31,2015from$44.2millionfortheyearendedDecember31,2014.ExcludingexpensesassociatedwithourEARPlan,R&Dexpenseswouldhaveincreasedby$1.5millionto$43.4millionfortheyearendedDecember31,2015from$41.9millionfortheyearendedDecember31,2014.ThisincreasewasmainlyattributabletoincreasedstaffingrelatedtogolfclubR&Dinsupportoffutureproductlaunches.Asapercentageofconsolidatednetsales,R&DexpensesexcludingexpensesassociatedwithourEARPlanwere2.9%in2015,upslightlyfrom2.7%in2014.

Intangible Amortization

Intangibleamortizationexpenseswere$6.6millionfortheyearendedDecember31,2015and$6.7millionfortheyearendedDecember31,2014.

Restructuring Charges

Restructuringchargeswere$1.6millionfortheyearendedDecember31,2015comparedtonorestructuringchargesfortheyearendedDecember31,2014.

107

TableofContents

Interest Expense, net

Interestexpensedecreasedby$3.2millionto$60.3millionfortheyearendedDecember31,2015comparedto$63.5millionfortheyearendedDecember31,2014.Thisdecreasewasprimarilyduetoloweraverageoutstandingborrowingsin2015asaresultoftheredemptionsof$34.5millionand$34.5millionoftheprincipalofouroutstanding7.5%bondsdue2021usingtheproceedsoftheexerciseofaportionofouroutstandingcommonstockwarrantsinJuly2015andJuly2014,respectively,aswellasscheduledrepaymentsof$50.0millionand$50.0millionoftheprincipalonoursecuredfloatingratenotesinOctober2015andOctober2014,respectively.

Other (Income) Expense, net

Otherexpenseincreasedby$26.4millionto$25.1millionfortheyearendedDecember31,2015comparedtootherincomeof$1.3millionfortheyearendedDecember31,2014.Thischangewasprimarilyduetotherecognitionofalossof$28.4milliononthefairvaluemeasurementofthecommonstockwarrantsduringtheyearendedDecember31,2015comparedtoagainof$1.9millionduringtheyearendedDecember31,2014.ThelossonthefairvaluemeasurementofthecommonstockwarrantsfortheyearendedDecember31,2015wasduetoasignificantincreaseinourbusinessenterprisevalueduringsuchyearthatwasprimarilydrivenbyadecreaseinourweightedaveragecostofcapitalandanincreaseinourlong-termgrowthexpectation,whichreflectsamorefavorablelong-termmarketoutlook,andincreasesinthevaluationsrealizedbyanumberofthepublicly-tradedcompanieswithinourpeergroup.Thebusinessenterprisevalueisakeyinputinthecontingentclaimsanalysiswhichisthemethodologyutilizedtomeasurethefairvalueofthecommonstockwarrants.Thisincreaseinotherexpenseswasoffsetinpartbyanindemnificationgainof$3.0millionrecordedin2015relatedtotheadjustmentofindemnifiedtaxobligationsfortaxperiodspriortotheAcquisition.

Income Tax Expense

Incometaxexpenseincreased$11.3million,or67.7%,to$28.0millionfortheyearendedDecember31,2015,comparedto$16.7millionfortheyearendedDecember31,2014.OurETRwas87.1%fortheyearendedDecember31,2015,comparedto39.7%fortheyearendedDecember31,2014.TheincreaseinETRwasprimarilydrivenbyanincreaseinnon-cashfairvaluelossesonthecommonstockwarrantswhicharenottaxeffected,aswellasanincreasetoindemnifiedtaxobligationsfortaxperiodspriortotheAcquisition,andchangestothegeographicmixofearnings.

Net Income (Loss) Attributable to Acushnet Holdings Corp.

Netincome(loss)attributabletoAcushnetHoldingsCorp.decreasedby$22.6milliontoanetlossattributabletoAcushnetHoldingsCorp.of$1.0millionfortheyearendedDecember31,2015comparedtonetincomeattributabletoAcushnetHoldingsCorp.of$21.6millionfortheyearendedDecember31,2014.Thischangewasprimarilyaresultofanincreaseinotherexpenseof$26.4millionandincometaxexpenseof$11.3million,whichwasoffsetbyanincreaseof$13.3millioninincomefromoperationsandlowerinterestexpenseof$3.2million,asdiscussedinmoredetailabove.

Adjusted EBITDA

AdjustedEBITDAincreasedby$12.1millionto$214.7millionfortheyearendedDecember31,2015comparedto$202.6millionfortheyearendedDecember31,2014.AdjustedEBITDAmarginincreasedto14.3%in2015from13.2%in2014.

108

TableofContents

Segment Results

Netsalesbyreportablesegmentissummarizedasfollows:

Segmentoperatingincomebyreportablesegmentissummarizedasfollows:

MoreinformationonournetsalesbyreportablesegmentandsegmentoperatingincomecanbefoundinNote21—Segment Information toourauditedconsolidatedfinancialstatement.

TitleistGolfBallsSegment

NetsalesinourTitleistgolfballssegmentdecreasedby$8.4million,or1.5%,to$535.5millionfortheyearendedDecember31,2015comparedto$543.8millionfortheyearendedDecember31,2014.Thedecreaseinnetsaleswasduetounfavorableforeigncurrencytranslation.Onaconstantcurrencybasis,netsalesinourTitleistgolfballssegmentwouldhaveincreasedby$17.3million,or3.2%,to$561.2million.Thisincreasein2015wasdrivenbyasalesvolumeshiftduetotheintroductionofthelatestgenerationofProV1andProV1xgolfballsinthefirstquarterof2015,whichhaveahigheraveragesellingpricethanourperformancemodels,whichexperiencedasalesvolumedeclineasaresultofbeingintheirsecondmodelyear.

Titleistgolfballssegmentoperatingincomeincreasedby$24.0million,or35.1%,to$92.5millionfortheyearendedDecember31,2015comparedto$68.5millionfortheyearendedDecember31,2014reflectinga$24.1millionincreaseingrossprofitduetoagolfballmixshifttotheProV1andProV1xfranchise,coupledwithoverheadabsorptionandsavingsassociatedwithoperationsatourgolfballmanufacturingplantinThailandachievedasaresultofproductionramp-up,aswellaslowerballrawmaterialcost.Operatingexpensesweredownslightlyin2015comparedto2014asincreasesof$3.3millioninprofessionaltourendorsementcostsandpoint-of-salematerialsand$2.5millioninoutboundshippingandhandlingcostsweremorethanoffsetbya$6.2millionfavorableimpactofchangesinforeigncurrencyexchangeratesonouroperatingexpenses.

109

YearendedDecember31, Increase/(Decrease)

ConstantCurrencyIncrease/(Decrease)

2014 2015 $change %change $change %change (inthousands) Titleistgolfballs $ 543,843 $ 535,465 $ (8,378) (1.5)% $ 17,321 3.2%Titleistgolfclubs 422,383 388,304 (34,079) (8.1)% (8,815) (2.1)%Titleistgolfgear 127,875 129,408 1,533 1.2% 9,374 7.3%FootJoygolfwear 421,632 418,852 (2,780) (0.7)% 24,446 5.8%

YearendedDecember31, Increase/(Decrease)

2014 2015 $change %change (inthousands) Segmentoperatingincome(1) Titleistgolfballs $ 68,489 $ 92,507 $ 24,018 35.1%Titleistgolfclubs 45,845 33,593 (12,252) (26.7)%Titleistgolfgear 16,485 12,170 (4,315) (26.2)%FootJoygolfwear 28,639 26,056 (2,583) (9.0)%

(1) ExpensesrelatingtotheEARPlan,transactionfeesandrestructuringcharges,totheextentincurredintheapplicableperiod,arenotreflectedinsegmentoperatingincome.

TableofContents

TitleistGolfClubsSegment

NetsalesinourTitleistgolfclubssegmentdecreasedby$34.1million,or8.1%,to$388.3millionfortheyearendedDecember31,2015comparedto$422.4millionfortheyearendedDecember31,2014.Asignificantportionofthedecreaseinnetsaleswasduetounfavorableforeigncurrencytranslation.Onaconstantcurrencybasis,netsalesinourTitleistgolfclubssegmentwouldhavedecreasedby$8.8million,or2.1%,to$413.6million.Thedecreaseinnetsaleswasprimarilyduetolowersalesvolumesofourclubsacrossallproductcategories,withtheexceptionofhybrids,acategoryinwhichweintroducedanewmodelinthefallof2014.Webelievethesalesvolumedecreaseinthissegmentwascausedinpartbyhighlevelsofinventorysoldintoretailchannelsbyothergolfequipmentmanufacturers,whichledtoanincreaseinpromotionaldiscountingofsuchproductsthat,toacertainextent,adverselyimpactedsalesvolumesofpremiumpricedproductsinthemarketingeneral.Theresultingvolumedecreaseinourdriversandfairways,however,waspartiallyoffsetbyanincreaseinaveragesellingprices.

Titleistgolfclubssegmentoperatingincomedecreasedby$12.2million,or26.7%,to$33.6millionfortheyearendedDecember31,2015comparedto$45.8millionfortheyearendedDecember31,2014.Thisdecreasewasprimarilydrivenbya$14.4milliondecreaseingrossprofitprimarilyduetothesalesdeclinediscussedabove,offsetpartiallybyhighergrossmargin.Theincreaseingrossmarginwasdrivenbyincreasesinaveragesellingpricesofdriversandfairways.

TitleistGolfGearSegment

NetsalesinourTitleistgolfgearsegmentincreasedby$1.5million,or1.2%,to$129.4millionfortheyearendedDecember31,2015comparedto$127.9millionfortheyearendedDecember31,2014.Onaconstantcurrencybasis,netsalesinourTitleistgolfgearsegmentwouldhaveincreasedby$9.4million,or7.3%,to$137.3million.Theconstantcurrencyincreasewasduetosalesvolumegrowthinallcategoriesofthegearbusiness.

Titleistgolfgearsegmentoperatingincomedecreasedby$4.3million,or26.2%,to$12.2millionfortheyearendedDecember31,2015comparedto$16.5millionfortheyearendedDecember31,2014.Thisdecreasewasprimarilyattributabletohigheroperatingexpensesasaresultofincreasesof$4.8millionindistributionexpensesand$1.5millioninstaffingandrelatedexpensesasaresultofinvestmentstosupportfuturegrowthinthissegment.DistributionexpensesincreasedduetohigherutilizationbytheTitleistgolfgearsegmentofourWestCoastdistributionfacility,coupledwithincreasedtransportationcarrierratesthataffectedthiscategory.Thisincreaseinoperatingexpenseswaspartiallyoffsetbya$1.6millionfavorableimpactofchangesinforeigncurrencyexchangeratesonouroperatingexpenses.

FootJoyGolfWearSegment

NetsalesinourFootJoygolfwearsegmentdecreasedby$2.8million,or0.7%,to$418.8millionfortheyearendedDecember31,2015comparedto$421.6millionfortheyearendedDecember31,2014.Thedecreaseinnetsaleswasduetounfavorableforeigncurrencytranslation.Onaconstantcurrencybasis,netsalesinourFootJoygolfwearsegmentwouldhaveincreasedby$24.4million,or5.8%,to$446.0million.Thisincreasewasduetohigheraveragesellingpricesinourgolfshoesandglovescategoriesandanincreaseinsalesvolumesinourapparelcategory.

FootJoygolfwearsegmentoperatingincomedecreasedby$2.5million,or9.0%,to$26.1millionfortheyearendedDecember31,2015comparedto$28.6millionfortheyearendedDecember31,2014.Thisdecreasewasprimarilyattributabletohigheroperatingexpenses,whichwereprimarilyduetoincreasesof$3.3millioninstaffingandrelatedexpenseswhichincludeinvestmentsinourFootJoyeCommerceandshoefittinginitiatives,$1.8millioninprofessionaltourendorsementcosts,$1.7millionindistributionexpenses,aswellas$1.1millioninmarketingandpromotionalspendingprimarilyfor

110

TableofContents

point-of-salematerials.Thisdecreasewaslargelyoffsetbya$6.6millionfavorableimpactofchangesinforeigncurrencyexchangeratesonouroperatingexpenses.

Year Ended December 31, 2014 Compared to the Year Ended December 31, 2013

Net Sales

Netsalesincreasedby$60.4million,or4.1%,to$1,537.6millionfortheyearendedDecember31,2014comparedto$1,477.2millionfortheyearendedDecember31,2013.Onaconstantcurrencybasis,netsaleswouldhaveincreasedby$73.8million,or5.0%,to$1,551.0million.Theincreaseinnetsalesonaconstantcurrencybasiswasduetoanincreaseof$34.7millioninnetsalesofTitleistgolfclubdrivenbythenewwedgesandputtersintroducedin2014andcontinuedsuccessofourironfranchise,anincreaseof$28.5millioninnetsalesofFootJoygolfweardrivenbysalesvolumegrowthacrossallmajorcategories,andanincreaseof$11.5millioninnetsalesofTitleistgolfgeardrivenbysalesvolumegrowthinourgolfbag,headwearandtravelgearcategories,whichwasoffsetinpartbyadecreaseof$5.9millioninnetsalesofTitleistgolfballs.TheremainingincreaseinnetsaleswasduetosalesvolumegrowthofproductsthataresoldinregionsoutsidetheUnitedStatesandthatarenotallocatedtooneofourfourreportablesegments.

Netsalesbyreportablesegmentissummarizedasfollows:

Forfurtherdiscussionofeachreportablesegment'sresults,see"—SegmentResults—TitleistGolfBallsSegment,""—SegmentResults—TitleistGolfClubsSegment,""—SegmentResults—TitleistGolfGearSegment"and"—SegmentResults—FootJoyGolfWearSegment"resultsbelow.

Netsalesinformationbyregionissummarizedasfollows:

NetsalesintheUnitedStatesincreasedby$23.8million,or3.1%,to$793.3millionfortheyearendedDecember31,2014comparedto$769.5millionfortheyearendedDecember31,2013.ThisincreaseinnetsalesintheUnitedStateswasduetoanincreaseof$22.9millioninnetsalesofTitleistgolfclubsdrivenbynewwedgesandputtersintroducedin2014andthecontinuedsuccessofourironfranchise,anincreaseof$8.3millioninnetsalesofFootJoygolfwearandanincreaseof$2.8millioninnetsalesofTitleistgolfgear,offsetpartiallybyadecreaseof$10.1millioninnetsalesofTitleistgolfballs.

111

YearendedDecember31, Increase/(Decrease)

ConstantCurrencyIncrease/(Decrease)

2013 2014 $change %change $change %change (inthousands) Titleistgolfballs $ 551,741 $ 543,843 $ (7,898) (1.4)% $ (5,915) (1.1)%Titleistgolfclubs 395,704 422,383 26,679 6.7% 34,700 8.8%Titleistgolfgear 117,015 127,875 10,860 9.3% 11,460 9.8%FootJoygolfwear 395,846 421,632 25,786 6.5% 28,474 7.2%

YearendedDecember31, Increase/(Decrease)

ConstantCurrencyIncrease/(Decrease)

2013 2014 $change %change $change %change (inthousands) UnitedStates $ 769,480 $ 793,328 $ 23,848 3.1% $ 23,848 3.1%EMEA 195,291 216,531 21,240 10.9% 14,842 7.6%Japan 196,957 195,762 (1,195) (0.6)% 15,602 7.9%Korea 118,957 141,168 22,211 18.7% 16,315 13.7%Restofworld 196,534 190,821 (5,713) (2.9)% 3,223 1.6%Totalsales $ 1,477,219 $ 1,537,610 $ 60,391 4.1% $ 73,830 5.0%

TableofContents

OurnetsalesinregionsoutsideoftheUnitedStatesincreasedby$36.5million,or5.2%,to$744.3millionfortheyearendedDecember31,2014comparedto$707.7millionfortheyearendedDecember31,2013.Onaconstantcurrencybasis,netsalesinsuchregionswouldhaveincreasedby$50.0million,or7.1%,to$757.7million.ThisincreaseinnetsalesinregionsoutsideoftheUnitedStateswasdrivenbyanincreaseof$20.2millioninnetsalesofFootJoygolfwear,anincreaseof$11.8millioninnetsalesofTitleistgolfclubs,anincreaseof$8.6millioninnetsalesofTitleistgolfgear,andanincreaseof$4.2millioninnetsalesofTitleistgolfballs.

MoreinformationonournetsalesbyreportablesegmentandbyregioncanbefoundinNote21—Segment Information toourauditedconsolidatedfinancialstatements.

Gross Profit

Grossprofitincreasedby$24.8millionto$757.9millionfortheyearendedDecember31,2014from$733.1millionfortheyearendedDecember31,2013asaresultoftheincreaseinnetsalesdiscussedabove.Grossmargindecreasedslightlyto49.3%fortheyearendedDecember31,2014comparedto49.6%fortheyearendedDecember31,2013.

Selling, General and Administrative Expenses

Selling,generalandadministrativeexpensesincreasedby$34.4million,or6.1%,to$602.8millionfortheyearendedDecember31,2014comparedto$568.4millionfortheyearendedDecember31,2013.ExcludingtheexpenseassociatedwithourEARplan,selling,generalandadministrativeexpenseswouldhaveincreasedby$13.3millionto$555.1millionfortheyearendedDecember31,2014comparedto$541.8millionfortheyearendedDecember31,2013.Thisincreasewasduetoa$16.5millionaggregateincreaseprimarilyattributabletoincreasesof$5.1millioninsellingpersonnelandrelatedexpenses,$4.0millioninshippingandhandlingcostsasaresultofincreasedsalesvolume,and$7.6millionincorporateadministrativeexpensesasaresultof$2.1millionincostsrelatedtoournewenterpriseresourceplanningsystemand$2.4millioninoutsideconsultingservices.Thisincreasewaspartiallyoffsetbya$3.2millionfavorableimpactofchangesinforeigncurrencyexchangerates.

Research and Development

R&Dexpensesincreasedby$2.0million,or5.0%,to$44.2millionfortheyearendedDecember31,2014comparedto$42.2millionfortheyearendedDecember31,2013.ExcludingexpensesassociatedwithourEARplan,R&Dexpenseswouldhaveincreasedby$0.9millionto$41.9millionfortheyearendedDecember31,2014comparedto$41.0millionfortheyearendedDecember31,2013.TheincreasewasprimarilyattributabletoincreasedresearchstaffingandrelatedexpensestosupportcontinuedgrowthinourTitleistgolfclubssegment.Asapercentageofnetsales,R&DexcludingexpensesassociatedwithourEARplanwere2.7%in2014,downslightlyfrom2.8%in2013.

Intangible Amortization

Intangibleamortizationexpenseswere$6.7millioninboth2014and2013.

Restructuring Charges

TherewerenorestructuringchargesfortheyearendedDecember31,2014comparedto$1.0millionofexpensesduetorestructuringchargesfortheyearendedDecember31,2013.

112

TableofContents

Interest Expense, net

Interestexpensedecreasedby$4.6million,or6.8%,to$63.5millionfortheyearendedDecember31,2014comparedto$68.1millionfortheyearendedDecember31,2013.Thisdecreasewasprimarilyduetoloweraverageoutstandingborrowingsin2014asaresultoftheredemptionsof$34.5millionand$34.5millionoftheprincipalofouroutstanding7.5%bondsdue2021usingtheproceedsoftheexerciseofaportionofouroutstandingcommonstockwarrantsinJuly2014andAugust2013,respectively,aswellasscheduledrepaymentsof$50.0millionand$25.0millionoftheprincipalonoursecuredfloatingratenotesinOctober2014andOctober2013.

Other (Income) Expense, net

Otherexpensedecreasedby$6.6milliontootherincomeof$1.3millionfortheyearendedDecember31,2014comparedtootherexpenseof$5.3millionfortheyearendedDecember31,2013.Thisdecreasewasprimarilyduetoanindemnificationlossof$6.3millionrecordedin2013relatedtotheadjustmentofindemnifiedtaxobligationsfortaxperiodspriortotheAcquisition.

Income Tax Expense

Incometaxexpensedecreasedby$0.5million,or2.9%,to$16.7millionfortheyearendedDecember31,2014comparedto$17.2millionfortheyearendedDecember31,2013.OurETRwas39.7%fortheyearendedDecember31,2014,comparedto41.4%fortheyearendedDecember31,2013.ThedecreaseinETRwasprimarilydrivenbyanincreasedproportionofforeignearningstaxedatlowerstatutoryrates,adecreasetothebenefitrecordedintaxexpenseforindemnifiedtaxobligationsforperiodspriortotheAcquisition,andanincreaseinnon-cashfairvaluegainsonthecommonstockwarrantswhicharenottaxeffected.

Net Income Attributable to Acushnet Holdings Corp.

NetincomeattributabletoAcushnetHoldingsCorp.increasedby$2.0millionto$21.6millionfortheyearendedDecember31,2014comparedto$19.6millionfortheyearendedDecember31,2013,principallyasaresultofthedecreaseininterestexpenseandotherexpense,of$11.2million,offsetbyadecreaseof$10.7millioninincomefromoperations,asdiscussedinmoredetailabove.

Adjusted EBITDA

AdjustedEBITDAincreasedby$12.2millionto$202.6millionfortheyearendedDecember31,2014comparedto$190.4millionfortheyearendedDecember31,2013.AdjustedEBITDAmarginincreasedto13.2%in2014from12.9%in2013.

Segment Results

Netsalesbyreportablesegmentissummarizedasfollows:

113

YearendedDecember31, Increase/(Decrease)

ConstantCurrencyIncrease/(Decrease)

(dollarsinthousands) 2013 2014 $change %change $change %change (inthousands) Titleistgolfballs $ 551,741 $ 543,843 $ (7,898) (1.4)% $ (5,915) (1.1)%Titleistgolfclubs 395,704 422,383 26,679 6.7% 34,700 8.8%Titleistgolfgear 117,015 127,875 10,860 9.3% 11,460 9.8%FootJoygolfwear 395,846 421,632 25,786 6.5% 28,474 7.2%

TableofContents

Segmentoperatingincomebyreportablesegmentissummarizedasfollows:

MoreinformationonournetsalesbyreportablesegmentandsegmentoperatingincomecanbefoundinNote21—Segment Information toourauditedconsolidatedfinancialstatement.

TitleistGolfBallsSegment

NetsalesinourTitleistgolfballssegmentdecreasedby$7.9million,or1.4%,to$543.8millionfortheyearendedDecember31,2014comparedto$551.7millionfortheyearendedDecember31,2013.Onaconstantcurrencybasis,netsalesinourTitleistgolfballssegmentwouldhavedecreasedby$5.9million,or1.1%,to$545.8million.Thedecreasein2014wasdrivenbyasalesvolumedeclineofourProV1andProV1xgolfballmodels,whichwereintheirsecondmodelyear.Thedecreasewasoffsetinpartbyasalesvolumeincreaseofournewlyintroducedperformancegolfballmodels,whichperformancegolfballmodelshavealoweraveragesellingpricethanourProV1franchise.

Titleistgolfballssegmentoperatingincomedecreasedby$1.4million,or2.0%,to$68.5millionfortheyearendedDecember31,2014comparedto$69.9millionfortheyearendedDecember31,2013.Thisdecreasewasdrivenbya$2.4milliondecreaseingrossprofitduetothelowernetsalesasdiscussedabove,offsetbyanincreaseingrossmarginwhichwasprimarilydrivenbyoverheadabsorptionandsavingsassociatedwithoperationsatourgolfballmanufacturingplantinThailandachievedasaresultofproductionramp-up,aswellaslowerballrawmaterialcost.

TitleistGolfClubsSegment

NetsalesinourTitleistgolfclubssegmentincreasedby$26.7million,or6.7%,to$422.4millionfortheyearendedDecember31,2014comparedto$395.7millionfortheyearendedDecember31,2013.Onaconstantcurrencybasis,netsalesinourTitleistgolfclubssegmentwouldhaveincreasedby$34.7million,or8.8%,to$430.4million.ThisincreasewasprimarilyduetohighersalesvolumesofthenewVokeyDesignwedgeslaunchedinthespringof2014andthenewScottyCameronputtermodelslaunchedinthefallof2013andspringof2014andournewironserieslaunchedinthefallof2013,offsetbylowersalesvolumesofourfairwaysandhybrids.

Titleistgolfclubssegmentoperatingincomeincreasedby$5.0million,or12.4%,to$45.8millionfortheyearendedDecember31,2014comparedto$40.8millionfortheyearendedDecember31,2013.Thisincreasewasdrivenbyan$11.3millionincreaseingrossprofitontheincreasedsalesasdiscussedabove,offsetbymoderatelylowergrossmarginandhigheroperatingexpenses.Theincreaseinoperatingexpensesin2014wasdrivenbyincreasesof$1.7millionincustomclubfittingandtrialexpenses,$1.3millioninR&Dstaffing,$0.9millioninexpensesrelatedtotheopeningofournewScottyCameronGalleryand$0.8millioninhighershippingandhandlingcosts.

114

YearendedDecember31, Increase/(Decrease)

2013 2014 $change %change (inthousands) Segmentoperatingincome(1) Titleistgolfballs $ 69,878 $ 68,489 $ (1,389) (2.0)%Titleistgolfclubs 40,792 45,845 5,053 12.4%Titleistgolfgear 14,922 16,485 1,563 10.5%FootJoygolfwear 23,109 28,639 5,530 23.9%

(1) ExpensesrelatingtotheEARPlan,transactionfeesandrestructuringcharges,totheextentincurredintheapplicableperiod,arenotreflectedinsegmentoperatingincome.

TableofContents

TitleistGolfGearSegment

NetsalesinourTitleistgolfgearsegmentincreasedby$10.9million,or9.3%,to$127.9millionfortheyearendedDecember31,2014comparedto$117.0millionfortheyearendedDecember31,2013.Onaconstantcurrencybasis,netsalesinourTitleistgolfgearsegmentwouldhaveincreasedby$11.5million,or9.8%,to$128.5million.Thisincreasewasduetosalesvolumegrowthinourgolfbag,headwearandtravelgearcategories.

Titleistgolfgearsegmentoperatingincomeincreasedby$1.6million,or10.5%,to$16.5millionfortheyearendedDecember31,2014comparedto$14.9millionfortheyearendedDecember31,2013.Thisincreasewasdrivenbya$4.6millionincreaseingrossprofitontheincreasedsalesasdiscussedabove,partiallyoffsetbyhigheroperatingexpenses.Theincreaseinoperatingexpenseswasprimarilydrivenby$1.3millioninhighershippingandhandlingcostsontheincreasedgearshipmentsworldwideand0.9millioninsellingexpensesasaresultofinvestmentstosupportfuturegrowthinthissegment.

FootJoyGolfWearSegment

NetsalesinourFootJoygolfwearsegmentincreasedby$25.8million,or6.5%,to$421.6millionfortheyearendedDecember31,2014comparedto$395.8millionfortheyearendedDecember31,2013.Onaconstantcurrencybasis,netsalesinourFootJoygolfwearsegmentwouldhaveincreasedby$28.5million,or7.2%,to$424.3million.Thisincreasewasduetogrowthingolfshoesandapparel.Thegolfshoessalesgrowthwasdrivenbyincreasesinaveragesellingpricesin2014comparedto2013asaresultofafavorableproductmixshiftandlowercloseoutactivity.Theapparelsalesgrowthwasdrivenbyhighersalesvolumes.

FootJoygolfwearsegmentoperatingincomeincreased$5.5million,or23.9%,to$28.6millionfortheyearendedDecember31,2014comparedto$23.1millionfortheyearendedDecember31,2013.Thisincreasewasdrivenbya$10.7millionincreaseingrossprofitontheincreasedsalesasdiscussedabove,partiallyoffsetbyhigheroperatingexpenses.Theincreaseinoperatingexpenseswasdrivenbyincreasesof$2.3millioninsellingexpensesaswellas$2.0millioninshippingandhandlingcostsontheincreasedgolfwearshipments.

Seasonality, Cyclicality and Quarterly Results

Ourbusinessisseasonalandcyclicalduetoproductfactorssuchasweatherandproductlaunchcycles.See"—Overview—KeyFactorsAffectingOurResultsofOperations."

Thefollowingchartsandtablessetforthourhistoricalquarterlyresultsofoperationforeachofourmostrecenttenfiscalquarters.Thisunauditedquarterlyinformationhasbeenpreparedonthesamebasisasourannualauditedconsolidatedfinancialstatementsappearingelsewhereinthisprospectus,andintheopinionofmanagement,reflectsalladjustments,consistingofonlynormalrecurringadjustments,necessaryforafairstatementoftheconsolidatedresultsofoperationsforthese

115

TableofContents

periods.Thisunauditedquarterlyinformationshouldbereadinconjunctionwithourauditedconsolidatedfinancialstatementsandtherelatednotesappearingelsewhereinthisprospectus.

116

TableofContents

117

ThreeMonthsEnded

March31,

2014 June30,2014

September30,2014

December31,2014

March31,2015

June30,2015

September30,2015

December31,2015

March31,2016

June30,2016

(inthousands) Netsales $ 412,984 $ 455,721 $ 344,202 $ 324,703 $ 416,298 $ 446,576 $ 319,868 $ 320,216 $ 442,796 $ 460,199Grossprofit 204,812 228,191 170,131 154,798 215,258 237,687 157,340 165,553 225,465 233,776Operatingexpenses: Selling,generalandadministrative 157,628 157,165 139,365 148,598 153,727 159,280 144,246 146,766 153,348 153,423

Researchanddevelopment 10,978 10,142 10,413 12,710 11,014 11,614 11,395 11,954 11,130 11,693Income(loss)fromoperations 34,534 59,211 18,678 (8,176) 48,856 65,141 46 3,539 58,751 66,951

Netincome(loss)attributabletoAcushnetHoldingsCorp. 11,766 27,368 (1,142) (16,435) 14,802 18,654 (13,986) (20,436) 24,680 27,389

AdjustedEBITDA Netincome(loss)attributabletoAcushnetHoldingsCorp. 11,766 27,368 (1,142) (16,435) 14,802 18,654 (13,986) (20,436) 24,680 27,389Incometaxexpense(benefit) 7,193 15,907 1,378 (7,778) 18,962 17,957 (4,273) (4,652) 17,317 22,121

Interestexpense,net 15,458 16,231 18,175 13,665 15,331 15,199 17,563 12,201 13,841 14,563Depreciationandamortization 11,078 11,256 9,300 11,525 10,609 10,661 10,297 10,135 10,268 10,282

EARPlan(a) 8,776 10,144 8,982 22,811 10,200 12,465 10,423 12,726 — —Share-basedcompensation(b) — — 1,977 — 433 1,481 3,875 — — 964

One-timeexecutivebonus(c) — — — — — — — — 7,500 —

Restructuringcharges(d) — — — — — — — 1,643 587 55Thailandgolfballmanufacturingplantstart-upcosts(e) 370 146 105 167 — — — — — —

Transactionfees(f) 381 715 164 230 286 252 127 1,476 3,701 5,264Beamindemnificationexpense(income)(g) (35) 57 (45) 1,409 (5,539) 821 272 1,438 (494) 9

(Gains)lossesonthefairvalueofourcommonstockwarrants(h) (301) (862) (384) (340) 3,770 11,008 (243) 13,829 1,879 4,233

Othernon-cashgains,net (531) (23) (41) (33) (57) (64) 34 (82) (2) (293)Nonrecurringexpense(income)(i) — — — — — — — — — (1,467)

Netincomeattributabletononcontrollinginterests(j) 1,002 704 745 1,358 1,585 1,573 689 1,275 1,530 423

AdjustedEBITDA $ 55,157 $ 81,643 $ 39,214 $ 26,579 $ 70,382 $ 90,007 $ 24,778 $ 29,553 $ 80,807 $ 83,543

(a) ReflectsexpensesrelatedtotheanticipatedfullvestingofEARsgrantedunderourEARPlanandtheremeasurementoftheliabilityateachreportingperiodbasedonthethen-currentprojectionofourCSEvalue.See"—CriticalAccountingPoliciesandEstimates—Share-BasedCompensation."Wemayincuradditionalmaterialexpensesin2016inconnectionwiththeoutstandingEARs.AlloutstandingEARsundertheEARPlanvestedasofDecember31,2015.TheEARPlanexpiresonDecember31,2016andamountsearnedundertheEARPlanmustbepaidwithintwoandahalfmonthsaftertheexpirationdate.

(b) ReflectscompensationexpenseassociatedwiththeexerciseofsubstitutestockoptionsbyanexecutivewhichweregrantedinconnectionwiththeAcquisition.Allsuchstockoptionshavebeenexercised.

(c) Inthefirstquarterof2016,ourPresidentandChiefExecutiveOfficerwasawardedacashbonusintheamountof$7.5millionasconsiderationforpastperformance.

(d) Reflectsrestructuringchargesincurredinconnectionwiththereorganizationofcertainofouroperationsin2015andthethreemonthsendedJune30,2016.

(e) Reflectsexpensesincurredinconnectionwiththeconstructionandproductionramp-upofourgolfballmanufacturingplantinThailand.

(f) Reflectslegalfeesincurredin2014,2015andthethreemonthsendedJune30,2016relatingtoadisputearisingfromtheindemnificationobligationsowedtousbyBeaminconnectionwiththeAcquisitionaswellascertainfeesandexpensesweincurredin2015andthethreemonthsendedJune30,2016inconnectionwiththisoffering.

(g) Reflectsthenon-cashchargesrelatedtotheindemnificationobligationsowedtousbyBeamthatareincludedwhencalculatingnetincome(loss)attributabletoAcushnetHoldingsCorp.

(h) FilaKoreaexercisedallofouroutstandingcommonstockwarrantsinJuly2016andweusedtheproceedsfromsuchexercisetoredeemallofouroutstanding7.5%bondsdue2021.

(i) ReflectslegaljudgmentinfavorofusassociatedwiththeBeamvalue-addedtaxdisputerecordedinother(income)expense.

(j) ReflectsthenetincomeattributabletotheinterestthatwedonotowninourFootJoygolfshoejointventure.

TableofContents

LiquidityandCapitalResources

Historically,ourprimarycashneedshavebeenworkingcapital,capitalexpenditures,servicingofourdebt,interestpaymentsonourConvertibleNotesand7.5%bondsdue2021,dividendsonourConvertiblePreferredStock,andpensioncontributionsand,inthesixmonthsendedJune30,2016,certainpaymentsrelatedtooutstandingEARsunderourEARPlan.Wehavereliedoncashflowsfromoperationsandborrowingsunderourformercreditfacilitiesandothercreditfacilitiesasourprimarysourcesofliquidity.

Wemade$8.1millionofcapitalexpendituresinthesixmonthsendedJune30,2016andplantomakecapitalexpendituresofapproximately$16.9millionintheremainderof2016,whichweexpecttofundfromcashflowsprovidedbyoperations.Weexpectthemajorityofcapitalexpendituresin2016willbeusedformaintenanceprojects.

Wemade$17.0millionofpaymentsrelatedtooutstandingEARsunderourEARPlaninthesixmonthsendedJune30,2016andexpecttomakeapproximately$7.3millionofpaymentsrelatedtooutstandingEARsunderourEARPlanintheremainderof2016,whichweexpecttofundfromcashflowsprovidedbyoperationsand/orborrowingsunderourrevolvingcreditfacilities.

Aftergivingeffectto(i)theautomaticconversionofallofourConvertibleNotesandtheautomaticconversionofourConvertiblePreferredStock,ineachcasepriortotheclosingofthisoffering,(ii)theexercisebyFilaKoreaofallofouroutstandingwarrantsandrelatedredemptionofouroutstanding7.5%bondsdue2021,whichoccurredinJuly2016,and(iii)theRefinancing,weexpectourprimarycashneedstocontinuetobeworkingcapital,capitalexpenditures,servicingofourdebt,andpensioncontributionsaswellaspaymentsof$7.3millionand$147.4milliondueintheremainderof2016andinthefirstquarterof2017,respectively,inconnectionwithpaymentsrelatedtooutstandingEARsundertheEARPlan.See"—ResultsofOperations—Selling,GeneralandAdministrativeExpenses"and"—LiquidityandCapitalResources—ContractualObligations."WeexpecttorelyoncashflowsfromoperationsandborrowingsunderournewrevolvingcreditfacilityandlocalcreditfacilitiesasourprimarysourcesofliquidityandtoborrowunderournewdelayeddrawtermloanAfacilityinthefirstquarterof2017tofundthepaymentsdueinconnectionwiththefinalpayoutoftheoutstandingEARsundertheEARPlan.

AsofJune30,2016,onaproformaasadjustedbasis,wewouldhavehad$227.1millionofavailabilityunderournewrevolvingcreditfacilityaftergivingeffectto$7.8millionofoutstandinglettersofcreditandwewouldhavehad$64.0millionavailableunderourlocalcreditfacilitiesthatwillremainoutstandingaftertheRefinancing.

Ourliquidityiscyclicalasaresultofthegeneralseasonalityofourbusiness.Ouraccountsreceivablebalanceisgenerallyatitshigheststartingattheendofthefirstquarterandcontinuingthroughthesecondquarter,anddeclinesduringthethirdandfourthquartersasaresultofbothanincreaseincashcollectionsandlowersales.Ourinventorybalancealsofluctuatesasaresultoftheseasonalityofourbusiness.Generally,ourbuildupofinventorystartsduringthefourthquarterandcontinuesthroughthefirstquarterandintothebeginningofthesecondquarterinordertomeetdemandforourinitialsell-ininthefirstquarterandreordersinthesecondquarter.Bothaccountsreceivableandinventorybalancesareimpactedbythetimingofnewproductlaunches.

Webelievethatcashexpectedtobeprovidedbyoperatingactivities,togetherwithourcashonhandandtheavailabilityofborrowingsunderournewrevolvingcreditfacilityandnewtermloanAfacility,willbesufficienttomeetourliquidityrequirementsforatleastthenext12months,subjecttocustomaryborrowingconditions.Ourabilitytogeneratesufficientcashflowsfromoperationsis,however,subjecttomanyrisksanduncertainties,includingfutureeconomictrendsandconditions,demandforourproducts,foreigncurrencyexchangeratesandotherrisksanduncertaintiesapplicabletoourbusiness,asdescribedunder"RiskFactors."

118

TableofContents

AsofJune30,2016,wehad$75.8millionofunrestrictedcash(including$15.1millionattributabletoourFootJoygolfshoejointventure).AsofJune30,2016,92.9%ofourtotalunrestrictedcashwasheldatournon-U.S.subsidiaries.Wemanageourworldwidecashrequirementsbymonitoringthefundsavailableamongoursubsidiariesanddeterminingtheextenttowhichwecanaccessthosefundsonacosteffectivebasis.Wearenotawareofanyrestrictionsonrepatriationofthesefundsand,subjecttothecashpaymentofadditionalU.S.incometaxesorforeignwithholdingtaxes,thosefundscouldberepatriated,ifnecessary.Atpresent,anyadditionaltaxescouldbeoffset,inwholeorinpart,byavailableforeigntaxcredits.Theamountofanytaxesrequiredtobepaidandtheapplicationoftaxcreditswouldbedeterminedbasedonincometaxlawsineffectatthetimeofsuchrepatriation.Wedonotexpectanysuchrepatriationtoresultinadditionaltaxexpensesastaxeshavebeenprovidedforourundistributedforeignearningsthatwedonotconsiderpermanentlyreinvested.Wehaverepatriated,andintendtorepatriate,fundstotheUnitedStatesfromtimetotimetosatisfydomesticliquidityneedsarisingintheordinarycourseofbusiness,includingliquidityneedsrelatedtodebtservicerequirements.

CashFlows

Thefollowingtablepresentsthemajorcomponentsofnetcashflowsusedinandprovidedbyoperating,investingandfinancingactivitiesfortheperiodsindicated:

Cash Flows From Operating Activities

Cashflowsfromoperatingactivitiesconsistprimarilyofnetincome(loss)adjustedforcertainnon-cashitems,includingdepreciationandamortization,deferredincometaxes,gainorlossonthefairvaluemeasurementofthecommonstockwarrants,andtheeffectofchangesinoperatingassetsandliabilities.Cashprovidedbychangesinoperatingassetsandliabilitiesprimarilyrelatestochangesinaccountsreceivable,inventoriesandaccountspayableandaccruedexpenses.

Netcashprovidedbyoperatingactivitieswas$55.5millionforthesixmonthsendedJune30,2016,comparedto$36.1millionforthesixmonthsendedJune30,2015,anincreaseof$19.4million.Theincreaseincashprovidedbyoperatingactivitieswasprimarilyduetoanincreaseinnetincomeafteradjustmentsfornon-cashitems,lowerincometaxespaidandamodestincreaserelatedtochangeinourworkingcapital,whichwereoffsetbyincreasesincashpaymentsrelatedtoourEARPlan,oursupplementalexecutiveretirementplanandthefirstinstallmentofaone-timeexecutivebonus.

Netcashprovidedbyoperatingactivitieswas$91.8millionfortheyearendedDecember31,2015,comparedto$54.1millionfortheyearendedDecember31,2014,anincreaseof$37.7million.Theincreaseinnetcashfromoperatingactivitieswasprimarilyduetoanincreaseof$26.4millioninnetincomeafteradjustmentsfornon-cashitems.Netcashprovidedbyoperatingassetsandliabilitiesincreased$11.3millionin2015comparedto2014.Inventoryincreasedyear-over-yeartosupportourfirstquarter2016launches,andwasoffsetbyincreasesinaccruedliabilitiesandothernoncurrentliabilities.

119

YearendedDecember31, Sixmonthsended

June30, 2013 2014 2015 2015 2016 (inthousands) Cashflowsprovidedby(usedin): Operatingactivities $ 78,795 $ 54,113 $ 91,830 $ 36,070 $ 55,487Investingactivities (46,360) (23,164) (21,839) (9,071) (8,156)Financingactivities (28,179) (30,154) (60,057) (4,876) (27,796)

Effectofforeignexchangeratechangesoncash (606) (2,385) (3,192) (1,144) 1,835Netincrease(decrease)incash $ 3,650 $ (1,590) $ 6,742 $ 20,979 $ 21,370

TableofContents

Netcashprovidedbyoperatingactivitieswas$54.1millionfortheyearendedDecember31,2014,comparedto$78.8millionfortheyearendedDecember31,2013,adecreaseof$24.7million.Thisdecreasewasprimarilyattributabletodecreasednetcashprovidedbyoperatingassetsandliabilities,whichweredown$32.6millioncomparedto2014.Accountsreceivableandinventoryincreasedyear-over-year,andwerepartiallyoffsetbyanincreaseinothernoncurrentliabilities.Theincreaseinouraccountsreceivablewasduetohighersalesinthefourthquarterof2014comparedto2013andtheincreasesininventoryweretosupportourfirstquarter2015launches.

Cash Flows From Investing Activities

Cashflowsfrominvestingactivitiesrelatealmostentirelytocapitalexpenditures.

Netcashusedininvestingactivitieswas$8.2millionforthesixmonthsendedJune30,2016,comparedto$9.1millionforthesixmonthsendedJune30,2015.

Netcashusedininvestingactivitieswas$21.8millionintheyearendedDecember31,2015comparedto$23.2millionintheyearendedDecember31,2014,adecreaseof$1.4million.Thedecreaseincashusedininvestingactivitieswasdrivenbylowerspendingonourenterpriseresourceplanningsystemimplementation,offsetinpartbyhighercapitalspendingongolfballandgolfclubmanufacturingmaintenanceandproductionefficiencyprojects.

Netcashusedininvestingactivitieswas$23.2millionin2014comparedto$46.4millionin2013,adecreaseof$23.2million.ThisdecreasewasprimarilyduetolowercapitalspendingrelatedtoourgolfballmanufacturingplantinThailand.

Cash Flows From Financing Activities

Cashflowsfromfinancingactivitiesconsistprimarilyofprincipalpaymentsonourformerseniortermloanfacility,dividendspaidonourConvertiblePreferredStock,netborrowingunderourformerseniorrevolvingcreditfacilityandothercreditfacilitiesaswellastheoffsettingeffectsofcashreceivedfromtheexerciseofcommonstockwarrantsandouruseoftheproceedsfromsuchexercisetoredeemacorrespondingamountofoutstanding7.5%bondsdue2021.

Netcashusedinfinancingactivitieswas$27.8millionforthesixmonthsendedJune30,2016,comparedto$4.9millionforthesixmonthsendedJune30,2015,anincreaseof$22.9million.Theincreaseincashusedinfinancingactivitieswasprimarilyduetothe$30.0millionrepaymentoftheseniortermloanfacility,offsetbyanetincreaseinaggregateborrowingsunderourrevolvingcreditandworkingcreditfacilitiesandothershort-termborrowings.

Netcashusedinfinancingactivitieswas$60.1millionintheyearendedDecember31,2015comparedto$30.2millionintheyearendedDecember31,2014,anincreaseof$29.9million.Theincreaseinnetcashusedinfinancingactivitieswasdrivenby$30.0millioninlowerborrowingsonourformerseniortermloanfacilityin2015comparedto2014.

Netcashusedinfinancingactivitieswas$30.2millionin2014comparedto$28.2millionin2013,anincreaseof$2.0million.Thisincreaseinnetcashusedinfinancingactivitieswasprimarilyattributabletohigherprincipalpaymentsonoursecuredfloatingratenotesin2014,partiallyoffsetbyproceedsfromourformerseniortermloanfacilityin2014.

Indebtedness

OnApril27,2016,AcushnetHoldingsCorp.,AcushnetCompany,ortheU.S.Borrower,AcushnetCanadaInc.,ortheCanadianBorrower,andAcushnetEuropeLimited,ortheUKBorrower,enteredintothenewcreditagreementwithWellsFargoBank,NationalAssociation,astheadministrativeagent,L/Cissuerandswinglinelenderandeachlenderfromtimetotimepartythereto,which

120

TableofContents

providesfor(i)anew$275.0millionmulti-currencyrevolvingcreditfacility,includinga$20.0millionletterofcreditsub-facility,aswinglinesublimitof$25.0million,aC$25.0millionsub-facilityforborrowingsbytheCanadianBorrower,a£20.0millionsub-facilityforborrowingsbytheUKBorrowerandanalternativecurrencysublimitof$100.0millionforborrowingsinCanadiandollars,euros,poundssterlingandJapaneseyen,(ii)anew$375.0milliontermloanAfacilityand(iii)anew$100.0milliondelayeddrawtermloanAfacility,eachofwhichmaturesonJuly28,2021.

ThenewcreditagreementwassignedandbecameeffectiveonApril27,2016andtheinitialfundingunderthenewcreditagreementoccurredonJuly28,2016.OnJuly28,2016,weusedtheproceedsofthenew$375.0milliontermloanAfacility,borrowingsofC$4.0million(equivalenttoapproximately$3.0million)underthenewrevolvingcreditfacilityandcashonhandof$23.6millionto(i)repayallamountsoutstandingunder,andterminate,oursecuredfloatingratenotesandcertainofourformerworkingcreditfacilities,(ii)terminateourformerseniorrevolvingcreditfacilityand(iii)payfeesandexpensesrelatedtotheforegoing.ThenewcreditagreementcontainsconditionsprecedenttotheU.S.Borrower'sabilitytoreceivetheproceedsofthenewdelayeddrawtermloanAfacility,includingthatthereshallnothaveoccurredamaterialadverseeffectwithrespecttotheU.S.Borrower.UntilJuly28,2017,thecommitmentsunderthenewdelayeddrawtermloanAfacilitywillbeavailabletomakepaymentsinconnectionwiththefinalpayoutoftheoutstandingEARsundertheEARPlan.

Inaddition,onJune30,2016,weusedcashonhandandborrowingsunderourformerseniorrevolvingcreditfacilitytorepayallamountsoutstandingunder,andterminate,ourformerseniortermloanfacility.

Inaddition,thenewcreditagreementallowsfortheincurrenceofadditionaltermloansorincreasestoournewrevolvingcreditfacilityinanaggregateprincipalamountnottoexceed(i)$200.0million,plus(ii)anunlimitedamountsolongastheNetAverageSecuredLeverageratio(definedastheratioofaverageConsolidatedSecuredFundedDebt(asdefinedinthenewcreditagreement)toAdjustedEBITDAfortheapplicabletestperiodinthenewcreditagreement)doesnotexceed2.00:1.00onaproformabasisand,subject,ineachcase,tocertainconditionsandreceiptofcommitmentsbyexistingoradditionalfinancialinstitutionsorinstitutionallenders.

Borrowings(otherthanswinglineloans)underthenewcreditagreementbearinterestatarateperannumequaltoanapplicablemargin(whichisdeterminedbasedontheNetAverageSecuredLeverageRatio)plus,atouroption,either(1)solelyforborrowingsinU.S.dollars,abaseratedeterminedbyreferencetothehighestof(a)theFederalFundsrateplus0.50%,(b)theprimerateofWellsFargoBank,NationalAssociationand(c)theEurodollarratedeterminedbyreferencetothecostoffundsforU.S.dollardepositsforaninterestperiodofonemonthadjustedforcertainadditionalcosts,plus1.00%or(2)aEurodollarratedeterminedbyreferencetothecostsoffundsfordepositsinthecurrencyoftheapplicableborrowingfortheinterestperiodrelevanttosuchborrowingadjustedforcertainadditionalcosts.Swinglineloansbearinterestatthebaserateplustheapplicablemargin.TheapplicablemarginforEurodollarborrowingsunderthenewcreditagreementisinitially1.75%andrangesfrom1.25%to2.00%,andisinitially0.75%andrangesfrom0.25%to1.00%forbase-rateborrowings,andineachcasevariesbaseduponaleverage-basedpricinggrid.

Interestonborrowingsunderthenewcreditagreementispayable(1)onthelastdayofanyinterestperiodwithrespecttoEurodollarborrowingswithanapplicableinterestperiodofthreemonthsorless,(2)everythreemonthswithrespecttoEurodollarborrowingswithaninterestperiodofgreaterthanthreemonthsor(3)onthelastbusinessdayofeachMarch,June,SeptemberandDecemberwithrespecttobaserateborrowingsandswinglineborrowings.Inaddition,beginningwiththedateoftheinitialfundingunderthenewcreditagreement,wearerequiredtopayacommitmentfeeonanyunutilizedcommitmentsunderthenewrevolvingcreditfacilityandthenewdelayeddrawtermloanAfacility.Theinitialcommitmentfeerateis0.30%perannumandrangesfrom0.20%to0.35%baseduponaleverage-basedpricinggrid.Wearealsorequiredtopaycustomaryletterofcreditfees.

121

TableofContents

Thenewcreditagreementrequiresustoprepayoutstandingtermloans,subjecttocertainexceptions,with:

• 100%ofthenetcashproceedsofallnon-ordinarycourseassetsalesorotherdispositionsofpropertybytheU.S.Borroweranditsrestrictedsubsidiaries(includinginsuranceandcondemnationproceeds,subjecttodeminimisthresholds),(1)ifwedonotreinvestthosenetcashproceedsinassetstobeusedinourbusinessortomakecertainotherpermittedinvestments,within12monthsofthereceiptofsuchnetcashproceedsor(2)ifwecommittoreinvestsuchnetcashproceedswithin12monthsofthereceiptthereof,butdonotreinvestsuchnetcashproceedswithin18monthsofthereceiptthereof;and

• 100%ofthenetproceedsofanyissuanceorincurrenceofdebtbytheU.S.Borroweroranyofitsrestrictedsubsidiaries,otherthandebtpermittedunderthenewcreditagreement.

Theforegoingmandatoryprepaymentsareusedtoreducetheinstallmentsofprincipalinsuchorder:first,toprepayoutstandingloansunderthenewtermloanAfacility,thenewdelayeddrawtermloanAfacilityandanyincrementaltermloansonaproratabasisindirectorderofmaturityandsecond,toprepayoutstandingloansunderthenewrevolvingcreditfacility.

Wemayvoluntarilyrepayoutstandingloansunderthenewcreditagreementatanytimewithoutpremiumorpenalty,otherthancustomary"breakage"costswithrespecttoEurodollarloans.AnyoptionalprepaymentoftermloanswillbeappliedasdirectedbytheU.S.Borrower.

Wewillberequiredtomakeprincipalpaymentsontheloansunderthetermloanfacilitiesinquarterlyinstallmentsinaggregateannualamountsequalto(i)5.00%oftheoriginalprincipalamountforthefirstandsecondyearafterJuly28,2016,(ii)7.50%oftheoriginalprincipalamountforthethirdandfourthyearafterJuly28,2016and(iii)10.0%oftheoriginalprincipalamountforthefifthyearafterJuly28,2016.TheremainingoutstandingamountispayableonJuly28,2021,thematuritydateforthetermloanfacilities.PrincipalamountsoutstandingunderthenewrevolvingcreditfacilitywillbedueandpayableinfullonJuly28,2021,thematuritydateforthenewrevolvingcreditfacility.

See"DescriptionofIndebtedness"foradescriptionofthecollateralandguarantees.

Thenewcreditagreementcontainsanumberofcovenantsthat,amongotherthings,restricttheabilityoftheU.S.Borroweranditsrestrictedsubsidiariesto(subjecttocertainexceptions),incur,assume,orpermittoexistadditionalindebtednessorguarantees;incurliens;makeinvestmentsandloans;paydividends,makepayments,orredeemorrepurchasecapitalstockormakeprepayments,repurchasesorredemptionsofcertainindebtedness;engageinmergers,liquidations,dissolutions,assetsales,andotherdispositions(includingsaleleasebacktransactions);amendorotherwisealtertermsofcertainindebtednessorcertainotheragreements;enterintoagreementslimitingsubsidiarydistributionsorcontainingnegativepledgeclauses;engageincertaintransactionswithaffiliates;alterthenatureofthebusinessthatweconductorchangeourfiscalyearoraccountingpractices.CertainexceptionstothesecovenantsaredeterminedbasedonratiosthatarecalculatedinpartusingthecalculationofAdjustedEBITDA.

ThenewcreditagreementcovenantsalsorestricttheabilityofAcushnetHoldingsCorp.toengageincertainmergersorconsolidationsorengageinanyactivitiesotherthanpermittedactivities.Thenewcreditagreementalsocontainscertaincustomaryaffirmativecovenantsandeventsofdefault(includingchangeofcontrol).Ifaneventofdefaultoccursandiscontinuing,theadministrativeagent,onbehalfofthelenders,mayacceleratetheamountsandterminateallcommitmentsoutstandingunderthenewcreditagreementandmayexerciseremediesinrespectofthecollateral.Inaddition,thenewcreditagreementincludesmaintenancecovenantsthatonandafterJuly28,2016requirecompliancebyAcushnetCompanywithcertainratios.Thesemaintenancecovenantsincludetherequirementtomaintain(i)aConsolidatedInterestCoverageRatio(definedastheratioofAdjustedEBITDAtoConsolidatedInterestExpense(asdefinedinthenewcreditagreement)fortheapplicableperiod)of

122

TableofContents

4.00:1.00orgreaterasoftheendofeachfiscalquarterand(ii)aNetAverageTotalLeverageRatio(definedastheratioofConsolidatedFundedDebt(asdefinedinthenewcreditagreement)toAdjustedEBITDAfortheapplicableperiod)of3.50:1.00orlessasoftheendofthefiscalquartersendedMarch31,2017andJune30,2017and3.25:1.00orlessasoftheendofeachotherfiscalquarter.Theavailabilityofcertainbasketsandtheabilitytoenterintocertaintransactions(includingtheabilityoftheU.S.BorrowertopaydividendstoAcushnetHoldingsCorp.)mayalsobesubjecttotheabsenceofadefaultand/orcompliancewithfinancialleverageratios.

ContractualObligations

ThefollowingtablesummarizesouroutstandingcontractualobligationsasofJune30,2016:

123

PaymentsDueByPeriod

Total Lessthan1Year 1-3Years 4-5Years

After5Years

(inthousands) Debtobligations(1) $ 819,735 $ 422,745 $ — $ — $ 396,990Interestpaymentsrelatedtolong-termdebtobligations(2) 182,804 48,821 59,548 59,548 14,887Capitalleaseobligations 1,321 — 1,321 — —Pensionandotherpostretirementbenefitobligations 224,985 13,812 36,920 41,795 132,458EARPlanliability(3) 154,670 154,670 — — —Purchaseobligations(4) 187,642 151,586 29,171 2,850 4,035Operatingleaseobligations(5) 26,448 10,773 12,212 3,089 374Total $ 1,597,605 $ 802,407 $ 139,172 $ 107,282 $ 548,744

(1) Long-termdebtobligationsconsistedofoutstandingprincipalofthesecuredfloatingratenotes,ConvertibleNotes,and7.5%bondsdue2021andformerseniortermloanfacility,andexcludescheduledinterestpayments.Allamountsoutstandingunderourlong-termdebtobligationsassociatedwith(i)thesecuredfloatingratenotessetforthabovewererepaidinconnectionwiththeRefinancing,(ii)theConvertibleNoteswillautomaticallyconvertintocommonstockpriortotheclosingofthisofferingand(iii)the7.5%bondsdue2021setforthabovewereredeemedupontheexerciseofalloftheoutstandingwarrantsinJuly2016.

AsofJune30,2016,onaproformabasisaftergivingeffecttotheconversionofallofourConvertibleNotespriortotheclosingofthisoffering,wewouldhavehad$32.1millionoflong-termdebtobligations,andonaproformaasadjustedbasisaftergivingfurthereffectto(i)theexercisebyFilaKoreaofallofouroutstandingwarrantsandrelatedredemptionofouroutstanding7.5%bondsdue2021,whichoccurredinJuly2016and(ii)theRefinancing,wewouldhavehad$375.9millionoflong-termdebtobligations,withsubstantiallyallofsuchlong-termdebtobligationsmaturingin2021.

(2) Includesinterestonthesecuredfloatingratenotes,ConvertibleNotes,and7.5%bondsdue2021.

OurproformatotalinterestexpensefortheyearendedDecember31,2015andthesixmonthsendedJune30,2016aftergivingeffecttotheconversionofallofourConvertibleNotespriortotheclosingofthisofferingwouldhavebeen$33.1millionand$14.8million,respectively,andourproformaasadjustedtotalinterestexpensefortheyearendedDecember31,2015andthesixmonthsendedJune30,2016aftergivingfurthereffecttotheexercisebyFilaKoreaofallofouroutstandingwarrantsandrelatedredemptionofouroutstanding7.5%bondsdue2021,whichoccurredinJuly2016,andtheRefinancingwouldhavebeen$16.7millionand$9.0million,respectively.

TableofContents

Off-BalanceSheetArrangements

Wedonothaveanyoff-balancesheetarrangements.

CriticalAccountingPoliciesandEstimates

Ourdiscussionandanalysisofresultsofoperations,financialconditionandliquidityarebaseduponourconsolidatedfinancialstatements,whichhavebeenpreparedinaccordancewithaccountingprinciplesgenerallyacceptedintheUnitedStates.Thepreparationoftheseconsolidatedfinancialstatementsrequiresustomakeestimatesandjudgmentsthataffectthereportedamountsofassets,liabilities,shareholders'equity,netsalesandexpenses,andthedisclosureofcontingentassetsandliabilitiesinourconsolidatedfinancialstatements.Webaseourestimatesonhistoricalexperience,knowntrendsandevents,andvariousotherfactorsthatwebelievearereasonableunderthecircumstances,theresultsofwhichformthebasisformakingjudgmentsaboutthecarryingvaluesofassetsandliabilitiesthatarenotreadilyapparentfromothersources.

Managementevaluatedthedevelopmentandselectionofitscriticalaccountingpoliciesandestimatesandbelievesthatthefollowinginvolveahigherdegreeofjudgmentorcomplexityandaremostsignificanttoreportingourresultsofoperationsandfinancialposition,andarethereforediscussedascritical.Thefollowingcriticalaccountingpoliciesreflectthesignificantestimatesandjudgmentsusedinthepreparationofourconsolidatedfinancialstatements.Withrespecttocriticalaccountingpolicies,evenarelativelyminorvariancebetweenactualandexpectedexperiencecanpotentiallyhaveamateriallyfavorableorunfavorableimpactonsubsequentresultsofoperations.However,ourhistoricalresultsfortheperiodspresentedinourconsolidatedfinancialstatementshavenotbeenmateriallyimpactedbysuchvariances.MoreinformationonallofoursignificantaccountingpoliciescanbefoundinNote2—Summary of Significant AccountingPolicies toourauditedconsolidatedfinancialstatementsandNote1—Summary of Significant Accounting Policies toourunauditedconsolidatedfinancialstatements.

Revenue Recognition

WerecognizerevenueinaccordancewithASC605,"RevenueRecognition."Revenueisrecognizeduponshipmentoruponreceiptbythecustomer,dependingonthecountryofsaleandtheagreementwiththecustomer,netofanallowancefordiscounts,salesreturns,customersalesincentivesandcooperativeadvertising.Thecriteriaforrecognitionofrevenueismetwhenpersuasiveevidencethatanarrangementexists,bothtitleandriskoflosshavepassedtothecustomer,thepriceisfixedordeterminableandcollectabilityisreasonablyassured.Incircumstanceswhereeithertitleorriskoflosspassuponreceiptbythecustomer,wedeferrevenueuntilsucheventoccursbasedonourestimateof

124

(3) CertainpayoutsofoutstandingEARsundertheEARPlanwillbemadein2016andthefinalpayoutoftheoutstandingEARsundertheEARPlanwillbemadeinthefirstquarterof2017.Theoutstandingobligationsetforthaboveincludesinterestof$1.1millionthatwillaccreteontheEARsfortheremainderoftheyearendedDecember31,2016.

(4) Duringthenormalcourseofourbusiness,weenterintoagreementstopurchasegoodsandservices,includingpurchasecommitmentsforproductionmaterials,finishedgoodsinventory,capitalexpendituresandendorsementarrangementswithprofessionalgolfers.TheamountsreportedinthetableaboveexcludethoseliabilitiesincludedinaccountspayableoraccruedliabilitiesontheconsolidatedbalancesheetasofJune30,2016.

(5) Weleasecertainwarehouses,distributionandofficefacilities,vehiclesandofficeequipmentunderoperatingleases.Mostleasearrangementsprovideuswiththeoptiontorenewleasesatdefinedterms.Thefutureoperatingleaseobligationswouldchangeifweweretoexercisetheseoptionsorifweweretoenterintoadditionaloperatingleases.

TableofContents

theshippingtimefromourdistributioncenterstothecustomerusinghistoricalandexpecteddeliverytimesbygeographiclocation.Deliverytimesvarybygeographiclocation,butgenerallyrangefromthesamedaytofourdays.Wereviewtheseestimatesperiodicallytotesttheirreasonablenessascomparedtoactualtransactions.Historically,ouractualshippingtimeshavenotbeenmateriallydifferentfromourestimates.Amountsbilledtocustomersforshippingandhandlingareincludedinnetsales.Salestaxcollectedisnotrecognizedasrevenueasitisultimatelyremittedtogovernmentalauthorities.

Werecordanallowanceforanticipatedsalesreturnsthroughareductionofsalesandcostofgoodssoldintheperiodthattherelatedsalesarerecorded.Salesreturnsareestimatedbaseduponhistoricalratesofproductreturns,currenteconomictrendsandchangesincustomerdemandsaswellasspecificidentificationofoutstandingreturns.Wedonotbelievethereisareasonablelikelihoodthattherewillbeamaterialchangeintheassumptionsusedtocalculatetheallowanceforsalesreturns.However,iftheactualcostofsalesreturnsaresignificantlydifferentthantheestimatedallowance,ourresultsofoperationscouldbemateriallyaffected.

Weoffersales-basedincentiveprogramstocertaincustomersinexchangeforcertainbenefits,includingprominentproductplacementandexclusivestockingbyparticipatingretailers.Theseprogramstypicallyprovidequalifyingcustomerswithrebatesforachievingcertainpurchasegoals.Therebatesareaccountedforasareductioninsalesovertheperiodinwhichtherebateisearned.Ourestimateofthereductionofrevenuerequirestheuseofassumptionsrelatedtothepercentageofcustomerswhowillachievequalifyingpurchasegoalsandthelevelofachievement.Theseassumptionsarebasedonhistoricalexperience,currentyearprogramdesign,currentmarketplaceconditionsandsalesforecasts,includingconsiderationsofourproductlifecycles.Wedonotbelievethereisareasonablelikelihoodthattherewillbeamaterialchangeintheassumptionsusedtocalculateourestimateofthereductionofrevenue.

Allowance for Doubtful Accounts

Wemakeestimatesrelatedtoourabilitytocollectouraccountsreceivableandmaintainanallowanceforestimatedlossesresultingfromtheinabilityorunwillingnessofourcustomerstomakerequiredpayments.Theallowanceincludesamountsforcertaincustomerswhereariskofdefaulthasbeenspecificallyidentifiedaswellasaprovisionforcustomerdefaultsonaformulabasiswhenitisdeterminedtheriskofsomedefaultisprobableandestimable,butcannotyetbeassociatedwithspecificcustomers.Theassessmentofthelikelihoodofcustomerdefaultsisbasedonvariousfactors,includingcreditriskassessments,lengthoftimethereceivablesarepastdue,historicalexperience,customerspecificinformationavailabletousandexistingeconomicconditions,allofwhicharesubjecttochange.Wedonotbelievethereisreasonablelikelihoodthattherewillbeamaterialchangeintheassumptionsusedtocalculatetheallowancefordoubtfulaccounts.However,iftheactualuncollectedamountssignificantlyexceedtheestimatedallowance,ourresultsofoperationscouldbemateriallyaffected.

Inventories

Inventoriesarevaluedatthelowerofcostandnetrealizablevalue.Costisdeterminedusingthefirst-in,first-outinventorymethod.Theinventorybalance,whichincludesmaterial,laborandmanufacturingoverheadcosts,isrecordednetofanallowanceforobsoleteorslowmovinginventory.Thecalculationofourallowanceforobsoleteorslowmovinginventoryrequiresmanagementtomakeassumptionsandtoapplyjudgmentregardingthefuturedemandandmarketabilityofproducts,theimpactofnewproductintroductions,inventoryturn,productspoilageandspecificidentificationofitems,suchasproductdiscontinuance,engineering/materialchanges,orregulatory-relatedchanges.Wedonotbelievethereisareasonablelikelihoodthattherewillbeamaterialchangeintheassumptionsusedtocalculatetheallowanceforobsoleteorslowmovinginventory.However,ifestimatesregardingconsumerdemandareinaccurateorchangesintechnologyaffectdemandforcertainproductsinan

125

TableofContents

unforeseenmanner,wemayneedtoadjustourallowanceforobsoleteorslowmovinginventory,whichcouldhaveamaterialeffectonourresultsofoperations.

Impairment of Goodwill, Indefinite-Lived and Long-Lived Assets

Goodwill

Weevaluategoodwillannuallytodeterminewhetheritisimpaired.Goodwillisalsotestedmorefrequentlyifaneventoccursorcircumstanceschangethatwouldindicatethatthefairvalueofareportingunitislessthanitscarryingamount.Conditionsthatmayindicateimpairmentinclude,butarenotlimitedto,asignificantadversechangeincustomerdemandorbusinessclimatethatcouldaffectthevalueofanasset;generaleconomicconditions,suchasincreasingTreasuryratesorunexpectedchangesingrossdomesticproductgrowth;achangeinourmarketshares;budget-to-actualperformanceandconsistencyofoperatingmarginsandcapitalexpenditures;aproductrecalloranadverseactionorassessmentbyaregulator;orchangesinmanagementorkeypersonnel.Ifanimpairmentindicatorexists,wetestgoodwillforrecoverability.Wehaveidentifiedfivereportingunitsandselectedthefourthfiscalquartertoperformourannualgoodwillimpairmenttesting.

Weperformatwo-stepimpairmenttestongoodwill.Inthefirststep,wecomparethefairvalueofthereportingunittoitscarryingvalue.Ifthefairvalueofthereportingunitexceedsthecarryingvalueofthenetassetsassignedtothatunit,goodwillisconsiderednotimpairedandwearenotrequiredtoperformfurthertesting.Ifthecarryingvalueofthenetassetsassignedtothereportingunitexceedsthefairvalueofthereportingunit,thenwemustperformthesecondstepoftheimpairmenttestinordertodeterminetheimpliedfairvalueofthereportingunit'sgoodwill.Ifthecarryingvalueofareportingunit'sgoodwillexceedsitsimpliedfairvalue,thenwewouldrecordanimpairmentlossequaltothedifference.

Thefairvalueofourreportingunitsaredeterminedusingtheincomeapproach.Theincomeapproachusesadiscountedcashflowanalysis,whichinvolvesapplyingappropriatediscountratestoestimatedfuturecashflowsbasedonforecastsofsales,costsandcapitalrequirements.Themostsignificantestimatesandassumptionsinherentinthisapproacharetheenterprisevaluebasedontheestimatedpresentvalueoffuturenetcashflowsthebusinessisexpectedtogenerateoveraforecastedperiodandanestimateofthepresentvalueofcashflowsbeyondthatperiod,whichisreferredtoastheterminalvalue.Theestimatedpresentvalueiscalculatedusingadiscountrateknownastheweighted-averagecostofcapital,whichaccountsforthetimevalueofmoneyandtheappropriatedegreeofrisksinherentinthebusiness.Weestimatefuturesalesgrowthusinganumberofcriticalfactors,includingamongothers,ournatureandourhistory,financialandeconomicconditionsaffectingus,ourindustryandthegeneralcompany,pastresultsandourcurrentoperationsandfutureprospects.Forecastsoffutureoperationsarebased,inpart,onoperatingresultsandourexpectationsastofuturemarketconditions.Wedeemthediscountrateusedinouranalysistobecommensuratewiththeunderlyinguncertaintiesassociatedwithachievingtheestimatedcashflowsweproject.Thisanalysiscontainsuncertaintiesbecauseitrequiresustomakeassumptionsandtoapplyjudgmentstoestimateindustryeconomicfactorsandtheprofitabilityoffuturebusinessstrategies.Ifactualresultsarenotconsistentwithourestimatesandassumptions,wemaybeexposedtofutureimpairmentlossesthatcouldbematerial.

OurtestsforimpairmentofgoodwillresultedinadeterminationthatthefairvalueofeachreportingunitexceededthecarryingvalueofournetassetsfortheyearsendedDecember31,2013,2014and2015,respectively.Wedonotanticipateanymaterialimpairmentchargesinthenearterm.

Indefinite-Lived Intangible Assets

Ourtrademarkshavebeenassignedanindefinitelifeaswecurrentlyanticipatethatthesetrademarkswillcontributecashflowstousindefinitely.Weevaluatewhetherthetrademarkscontinue

126

TableofContents

tohaveanindefinitelifeonanannualbasis.Trademarksarereviewedforimpairmentannuallyinthefourthfiscalquarterandmaybereviewedmorefrequentlyifindicatorsofimpairmentarepresent.Conditionsthatmayindicateimpairmentinclude,butarenotlimitedto,asignificantadversechangeincustomerdemandorbusinessclimatethatcouldaffectthevalueofanasset,aproductrecalloranadverseactionorassessmentbyaregulator.

Impairmentlossesarerecordedtotheextentthatthecarryingvalueoftheindefinite-livedintangibleassetexceedsitsfairvalue.Wemeasurethefairvalueofourtrademarksusingtherelief-from-royaltymethod,whichestimatesthepresentvalueoftheroyaltyincomethatcouldbehypotheticallyearnedbylicensingthebrandnametoathirdpartyovertheremainingusefullife.Themostsignificantestimatesandassumptionsinherentinthisapproacharethegrowthrateofsalesfromthebusinessesthatusethesubjecttrademark,thenetroyaltysavingrateandthediscountrate.OurtestsforimpairmentoftrademarksresultedinadeterminationthatthefairvalueofthePinnacletrademarkwaslessthanitscarryingvalueof$3.7millionfortheyearendedDecember31,2014andresultedinanimpairmentchargeof$0.8million.NoimpairmentchargesforourtrademarkswererecordedfortheyearsendedDecember31,2013and2015orforthesixmonthsendedJune30,2015and2016.

Long-Lived Assets

Along-livedasset(includingamortizableidentifiableintangibleassets)orassetgroupistestedforrecoverabilitywhenevereventsorchangesincircumstancesindicatethatitscarryingamountmaynotberecoverable.Conditionsthatmayindicateimpairmentinclude,butarenotlimitedto,asignificantadversechangeincustomerdemandorbusinessclimatethatcouldaffectthevalueofanasset,aproductrecalloranadverseactionorassessmentbyaregulator.Whensucheventsoccur,wecomparethesumoftheundiscountedcashflowsexpectedtoresultfromtheuseandeventualdispositionoftheassetorassetgrouptothecarryingamountofthelong-livedassetorassetgroup.Thecashflowsarebasedonthebestestimateoffuturecashflowsderivedfromthemostrecentbusinessprojections.Ifthiscomparisonindicatesthatthereisimpairment,theamountoftheimpairmentiscalculatedbasedontheexcessoftheasset'sortheassetgroup'scarryingvalueoveritsfairvalue.Fairvalueisestimatedprimarilyusingdiscountedexpectedfuturecashflowsonamarket-participantbasis.Noimpairmentchargesforourlong-livedassetswererecordedfortheyearsendedDecember31,2013,2014and2015orforthesixmonthsendedJune30,2015and2016.

Pension and Other Postretirement Benefit Plans

WeprovideU.S.andforeigndefinedbenefitanddefinedcontributionplanstooureligibleemployeesandpostretirementbenefitstocertainretirees,includingpensions,postretirementhealthcarebenefitsandotherpostretirementbenefits.

Planassetsandobligationsaremeasuredusingvariousactuarialassumptions,suchasdiscountrates,rateofcompensationincrease,mortalityrates,turnoverratesandhealthcarecosttrendrates,asdeterminedateachyearendmeasurementdate.Themeasurementofnetperiodicbenefitcostisbasedonvariousactuarialassumptions,includingdiscountrates,expectedreturnonplanassetsandrateofcompensationincrease,whicharedeterminedasoftheprioryearmeasurementdate.Ouractuarialassumptionsarereviewedonanannualbasisandmodifiedwhenappropriate.

Approximately86.1%ofouremployeesarecoveredbydefinedbenefitpensionplansandapproximately29.8%ofouremployeesarecoveredbyotherpostretirementbenefitplans,ineachcaseasofDecember31,2015.Pensionplansprovidebenefitsbasedonplan-specificbenefitformulasasdefinedbytheapplicableplandocuments.Postretirementbenefitplansgenerallyprovideforthecontinuationofmedicalbenefitsforalleligibleemployees.Contributionstoourpostretirementbenefitplanaredeterminedbaseduponamountsneededtocoverpostretirementbenefitspaidduringthe

127

TableofContents

period,netofcontributionsmadebyeligibleemployees.Ingeneral,ourpolicyistofundourpensionbenefitobligationbasedonlegalrequirements,taxandliquidityconsiderationsandlocalpractices.

Ourprojectedbenefitobligationsrelatedtoourpensionandotherpostretirementbenefitplansarevaluedusingaweighted-averagediscountrateof4.16%and4.30%,respectively,fortheyearendedDecember31,2015.Thedeterminationofthediscountrateisgenerallybasedonanindexcreatedfromahypotheticalbondportfolioconsistingofhigh-qualityfixedincomesecuritieswithdurationsthatmatchthetimingofexpectedbenefitpayments.Changesintheselecteddiscountratecouldhaveamaterialimpactonourprojectedbenefitobligationsandtheunfundedstatusofourpensionandotherpostretirementbenefitplans.Decreasingthediscountrateby100basispointswouldhaveincreasedtheprojectedbenefitobligationsofourpensionandotherpostretirementbenefitplansbyapproximately$36.0millionand$2.2million,respectively,fortheyearendedDecember31,2015.

Ournetperiodicpensionbenefitandotherpostretirementbenefitcostiscalculatedusingavarietyofassumptions,includingaweightedaveragediscountrateandexpectedreturnonplanassets.Theexpectedreturnonplanassetsisdeterminedbasedonseveralfactors,includingadjustedhistoricalreturns,historicalriskpremiumsforvariousassetclassesandtargetassetallocationswithintheportfolio.Adjustmentsmadetothehistoricalreturnsarebasedonrecentreturnexperienceintheequityandfixedincomemarketsandthebeliefthatdeviationsfromhistoricalreturnsarelikelyovertherelevantinvestmenthorizon.Actualcostisalsodependentonvariousotherfactorsrelatedtotheemployeescoveredbytheseplans.Adjustmentstoouractuarialassumptionscouldhaveamaterialadverseimpactonouroperatingresults.Decreasingthediscountrateby100basispointswouldincreasenetperiodicpensionandotherpostretirementbenefitcostbyapproximately$3.1millionand$0.3million,respectively,fortheyearendedDecember31,2015.Decreasingtheexpectedreturnonplanassetsby100basispointswouldincreasenetperiodicpensionbenefitcostbyapproximately$2.0millionfortheyearendedDecember31,2015.

Product Warranty

Certainofourproductshavedefinedwarrantiesrangingfromonetotwoyears.ProductscoveredbyourdefinedwarrantypoliciesincludeallTitleistgolfproducts,FootJoygolfshoes,andFootJoygolfouterwear.Ourproductwarrantiesgenerallyobligateustopayforthecostofreplacementproducts,includingthecostofshippingreplacementproductstoourcustomers.Ourpolicyistoaccruetheestimatedcostofsatisfyingfuturewarrantyclaimsatthetimethesaleisrecorded.Inestimatingourfuturewarrantyobligations,weconsidervariousfactors,includingourwarrantypoliciesandpractices,thehistoricalfrequencyofclaims,andthecosttoreplaceorrepairproductsunderwarranty.

Weestimateourwarrantycostbasedonhistoricalwarrantyclaimsexperienceandavailableproductqualitydata.Incaseswherethereislittleornohistoricalclaimsexperience,weestimateourwarrantyobligationbaseduponlong-termhistoricalwarrantyratesofsimilarproductsuntilsufficientdataisavailable.Weupdateourestimatesasactualmodel-specificratesbecomeavailabletoensurethatourexpectedwarrantycostcontinuestobewithintherangeoflikelyoutcomes.Wedonotbelievethereisareasonablelikelihoodthattherewillbeamaterialchangeintheassumptionsusedtocalculateourwarrantyobligation.However,ifthenumberofactualwarrantyclaimsorthecostofsatisfyingwarrantyclaimsweretosignificantlyexceedtheestimatedwarrantyreserve,ourresultsofoperationscouldbemateriallyaffected.

Income Taxes

Currentincometaxexpenseorbenefitistheamountofincometaxesexpectedtobepayableorreceivableforthecurrentyear.Deferredincometaxassetsandliabilitiesrepresentthetemporarydifferencesbetweenthetaxbasisandfinancialreportingbasisofourassetsandliabilitiesandaredeterminedusingthetaxratesandlawsineffectfortheperiodsinwhichthedifferencesareexpected

128

TableofContents

toreverse.Wemayrecordvaluationallowancesfordeferredtaxassetstoreduceournetdeferredtaxassetstotheamountthatismore-likely-than-nottoberealized.

Thedeterminationofwhetheradeferredtaxassetwillberealizedismadeonbothajurisdictionalbasisandtheuseofourestimateoftherecoverabilityofthedeferredtaxasset.Inevaluatingwhetheravaluationallowanceisrequiredundersuchrules,weconsiderallavailablepositiveandnegativeevidence,includingourprioroperatingresults,thenatureandreasonforanylosses,ourforecastoffuturetaxableincomeineachrespectivetaxjurisdictionandthedatesonwhichanydeferredtaxassetsareexpectedtoexpire.Theseassumptionsrequireasignificantamountofjudgment,includingestimatesoffuturetaxableincome.Wedeterminedthatwewouldnotbeabletofullyrealizethebenefitsofallourstatedeferredtaxassets.AsofDecember31,2014and2015,acumulativevaluationallowanceof$13.9million,and$20.8million,respectively,wasrecorded.

Valuation of Common Stock Warrants

Weclassifywarrantstopurchasesharesofourcommonstockasaliabilityonourconsolidatedbalancesheetasthesewarrantsarefree-standingfinancialinstrumentsthatmayresultintheissuanceofavariablenumberofourcommonshares.Thewarrantswereinitiallyrecordedatfairvalueonthedateofgrant,andaresubsequentlyre-measuredtofairvalueateachreportingdate.Wewillcontinuetoadjusttheliabilityuntiltheearlieroftheexerciseofthewarrantsorexpirationofthewarrantsoccurs.

Toarriveatafairvalueofthewarrantstopurchasecommonstock,weperformatwo-stepprocess.WefirstestimatetheaggregatefairvalueoftheCompany(ourBusinessEnterpriseValue,orBEV)andthenallocatethisaggregatevaluetoeachelementofourcapitalstructureunderthecontingentclaimsmethodology.IndeterminingthefairvalueofourBEV,weusedacombinationoftheincomeapproachandthemarketapproachtoestimateouraggregateBEVateachreportingdate.Undertheincomeapproach,fairvalueisestimatedbasedonthediscountedpresentvalueofthecashflowsthatthebusinesscanbeexpectedtogenerateinthefuture.Themostsignificantestimatesandassumptionsinherentinthisapproacharetheenterprisevaluebasedontheestimatedpresentvalueoffuturenetcashflowsthebusinessisexpectedtogenerateoveraforecastedperiodandanestimateofthepresentvalueofcashflowsbeyondthatperiod,whichisreferredtoastheterminalvalue.Theestimatedpresentvalueiscalculatedusingadiscountrateknownastheweighted-averagecostofcapital,whichaccountsforthetimevalueofmoneyandtheappropriatedegreeofrisksinherentinthebusiness.Wealsoemployamarketapproach,whichisbasedontheguidelinepubliccompanymethod.Theguidelinepubliccompanymethodusesthefairvalueofapeergroupofpublicly-tradedcompaniesandconsidersmultiplesoffinancialmetricstoderivearangeofindicatedvalues.Determinationofthepeergroupisbasedonfactorsincluding,butnotlimitedto,thesimilarityoftheirindustry,growthrateandstageofdevelopment,businessmodelandfinancialrisk.Thesetypesofanalysescontainuncertaintiesbecausetheyrequireustomakeassumptionsandtoapplyjudgmenttoestimateindustryeconomicfactorsandtheprofitabilityoffuturebusinessstrategies.

BasedonourBEVateachreportingdate,ourestimatedaggregatefairvaluewasthenallocatedtosharesofcommonstock,sharesofredeemableconvertiblepreferredstock,convertiblenotes,bonds,employeestockoptionsandwarrantstopurchasecommonstockusingthecontingentclaimsmethodology.Underthismodel,eachcomponentofourcapitalstructureistreatedasacalloptionwithuniqueclaimonourassetsasdeterminedbythecharacteristicsofeachsecurity'sclass.Theresultingoptionclaimsarethenvaluedusinganoptionpricingmodel.Thismodeldefinesthefairvalueofeachclassofsecuritybasedonthecurrentaggregatefairvalueofthecompanyalongwithassumptionsbasedontherightsandpreferencesofeachclassofsecurity.Therightsandpreferencesofeachclassofsecurityarebaseduponanassumedliquidityevent,suchasananticipatedtimingofaninitialpublicoffering.Theanticipatedtimingofaliquidityeventutilizedinthesevaluationswasbased

129

TableofContents

onthencurrentplansandestimatesofourboardofdirectorsandmanagementregardinganinitialpublicoffering.

Keyassumptionsusedtovaluethewarrantsundertheoptionpricingmodelwereasfollows:

Wehistoricallyhavebeenaprivatecompanyandlackcompany-specifichistoricalandimpliedvolatilityinformationofourstock.Therefore,weestimateourexpectedvolatilitybasedonthehistoricalvolatilityofasetofpublicly-tradedpeercompaniesforatermequaltotheremainingcontractualtermofthewarrants.Therisk-freeinterestrateisdeterminedbyreferencetotheU.S.Treasuryyieldcurvefortimeperiodsapproximatelyequaltotheremainingtimetopurchaseforeachofthetranchesofwarrants.

Share-Based Compensation

FortheyearsendedDecember31,2013,2014and2015,weaccountedforcompensationexpenserelatedtoourshare-basedcompensationawards,includingEARsunderourEARPlanandstockoptionsgrantedinconnectionwiththeAcquisition,usingtheintrinsicvaluemethod,aspermittedbyASC718fornonpublicentities,withchangestothevalueoftheshare-basedcompensationawardsrecognizedascompensationexpenseateachreportingdate.CompensationexpensefortheEARPlanisbasedontheCSEvalueasdefinedintheEARPlandocuments,whichisthehighestof(1)anenterprisevaluegenerallybasedontheCompany'sPlanAdjustedEBITDAforfiscal2015,(2)anenterprisevaluegenerallybasedontheCompany'sPlanAdjustedEBITDAforfiscal2016and(3)ifanIPOhasoccurred,avaluebasedontheaveragepershareclosingpriceofthepubliclytradedcommonstockforthefirstfullthreetradingdaysfollowingthepricingofcommonstockintheIPO.Uponthefilingoftheregistrationstatement,weprospectivelychangedourmethodologyforvaluingtheEARstoafairvaluepricingmodelasrequiredbyASC718.Thischangeinaccountingdidnotimpactthecalculationofenterprisevalueundereitherclause(1)or(2)abovebutitdidimpactthecalculationofaveragepershareclosingpriceunderclause(3).However,asthecalculationunderclause(3)waslowerthanthecalculationunderclause(2)undereitheraccountingmethodology,thechangeinvaluationmethodsdidnothaveaneffectonourconsolidatedfinancialstatementsatJune30,2016.Subsequenttoourinitialpublicoffering,wewillhavetheoptiontosettleupto50%ofouroutstandingEARsusingourcommonstock.However,itiscurrentlyourintentiontosettletheentireamountsdueundertheEARsincash,whichpaymentsweexpecttofundfromcashflowsfromoperations,borrowingsunderournewrevolvingcreditfacilityandborrowingsunderournewdelayeddrawtermloanAfacility.

InJanuary2016,ourboardofdirectorsapprovedthe2015IncentivePlan,whichallowsgrantsofstockoptions,stockappreciationrights,restrictedsharesofcommonstock,restrictedstockunits,andotherstock-basedandcash-basedawardstoourdirectors,officers,employees,consultantsandadvisors.Weissuestock-basedawardstoemployeeswith(i)service-basedvestingconditionsor(ii)service-basedandperformance-basedvestingconditions.Wemeasurestock-basedawardsbasedonthedeemedfairvalueonthedateofgrantforaccountingpurposes,andrecognizethecorrespondingcompensationexpenseofthoseawards,netofestimatedforfeitures,overtherequisiteserviceperiod,whichisgenerallythevestingperiodoftherespectiveaward.Forawardswithonlyservice-basedvestingconditions,compensationexpenseisrecordedusingthestraight-linemethod.Forawardswithservice-

130

December31,

SixmonthsendedJune30,

2016

2014 2015 ExercisePrice $ $ $ Volatility 30% 30% 40%Risk-freerate 0.47% 0.53% 0.25%Dividendyield 0.00% 0.00% 0.00%

TableofContents

basedandperformance-basedvestingconditions,compensationexpenseisrecordedusingthestraight-linemethodoncewehavedeterminedthatthelikelihoodofmeetingtheperformanceconditionsisprobable,whichrequiresmanagementjudgment.

Astherehasbeennopublicmarketforourcommonstocktodate,thefairvalueofourcommonstockwasdeterminedbyourboardofdirectorsasofthedateofeachstock-awardgrantbasedonourmostrecentlyavailablethird-partyvaluationofcommonstock.Sinceouracquisitionin2011byFilaKoreaandtheFinancialInvestors,wehavehadathird-partyvaluationpreparedattheendofeachquarterinconnectionwithavaluationofthewarrantstopurchaseourcommonstockneededforthepreparationofourconsolidatedfinancialstatements.Thethird-partyvaluationsusedforthegrantsdescribedbelowwerepreparedusingacombinationofanincomeapproach,whichutilizedadiscountedcashflowmodel,andmarketapproach,whichutilizedacomparativemarketmultiplemodel.Theresultsfromeachofthemodelswerethenweightedandcombinedintoasingleestimateofcommonstockfairvalue.

OnJune15,2016,ourboardofdirectorsapprovedagrantunderour2015IncentivePlanofmulti-yearrestrictedstockunits(whichwerefertoasRSUs)andperformancestockunits(whichwerefertoasPSUs)tocertainkeymembersofmanagement.Thegrantsweremade50%inRSUsand50%inPSUs.One-thirdoftheRSUsvestoneachofJanuary1of2017,2018and2019.ThePSUscliff-vestonDecember31,2018,subjecttotheemployee'scontinuedemploymentandourlevelofachievementoftheapplicablecumulativeAdjustedEBITDAperformancemetrics(asdefinedintheapplicableawardagreements)measuredoverthethree-yearperformanceperiod.Wedeemedtheachievementoftheapplicablethree-yearcumulativeperformancetargetprobableasofJune30,2016.Onthedateofgrant,theboardofdirectorsdeterminedthefairvalueofcommonstockwas$pershare.ForthesixmonthsendedJune30,2016,wemeasuredtheseawardsbasedonthedeemedfairvalueonthedateofgrantforaccountingpurposes,whichwedeterminedtobethefairvalueasofJune30,2016,whichwas$pershare.

Subsequently,onAugust10,2016,ourboardofdirectorsapprovedasimilargrantofRSUsandPSUstocertainkeymembersofmanagement.Onthedateofsuchgrant,theboardofdirectorsdeterminedthefairvalueofcommonstockwas$pershare.

Theassumptionsusedincalculatingthefairvalueofstock-basedcompensationawardsrepresentmanagement'sbestestimates,buttheestimatesinvolveinherentuncertaintiesandtheapplicationofmanagementjudgment.Asaresult,iffactorsorexpectedoutcomeschangeandweusesignificantlydifferentassumptionsorestimates,ourstock-basedcompensationexpensecouldbemateriallydifferent.

Followingtheclosingofthisoffering,thefairvalueofourcommonstockwillbedeterminedbasedonthequotedmarketpriceofourcommonstock.

RecentlyIssuedAccountingPronouncements

Wehavereviewedallrecentlyissuedstandardsandhavedeterminedthat,otherthanasdisclosedinNote2toourauditedconsolidatedfinancialstatementsandNote1toourunauditedconsolidatedfinancialstatementsincludedelsewhereinthisprospectus,suchstandardswillnothaveasignificantimpactonourconsolidatedfinancialstatementsordonototherwiseapplytoouroperations.

QuantitativeandQualitativeDisclosuresaboutMarketRisk

Weareexposedtovariousmarketrisks,whichmayresultinpotentiallossesarisingfromadversechangesinmarketrates,suchasinterestrates,foreignexchangeratesandcommodityprices.Wedonotenterintoderivativesorotherfinancialinstrumentsfortradingorspeculativepurposesanddonotbelieveweareexposedtomaterialmarketriskwithrespecttoourcashandcashequivalents.

131

TableofContents

Interest Rate Risk

Weareexposedtointerestrateriskunderourvariouscreditfacilitieswhichaccrueinterestatvariablerates,asdescribedaboveunder"—LiquidityandCapitalResources—Indebtedness"andinNote9—Debt and Financing Arrangements toourauditedconsolidatedfinancialstatementsandNote5—Debt andFinancing Arrangements toourunauditedconsolidatedfinancialstatementsinthisprospectus.Wecurrentlydonotengageinanyinterestratehedgingactivityandcurrentlyhavenointentiontodosointheforeseeablefuture.

AsofJune30,2016,wehad$817.0millionofoutstandingindebtedness,including$422.7millionofborrowingsatvariableinterestrates.A1.00%increaseintheinterestrateappliedtotheseborrowingswouldhaveresultedinanincreaseof$4.9millioninourannualpre-taxinterestexpense.

Interestrateriskishighlysensitiveduetomanyfactors,includingU.S.monetaryandtaxpolicies,U.S.andinternationaleconomicfactorsandotherfactorsbeyondourcontrol.Weareexposedtochangesinthelevelofinterestratesandtochangesintherelationshiporspreadbetweeninterestratesforourfloatingratedebt.OurfloatingratedebtrequirespaymentsbasedonavariableinterestrateindexsuchasLIBOR.Therefore,increasesininterestratesmayreduceournetincomebyincreasingthecostofourdebt.

Foreign Exchange Risk

Inthenormalcourseofbusiness,weareexposedtogainsandlossesresultingfromfluctuationsinforeigncurrencyexchangeratesrelatingtotransactionsoutsidetheUnitedStatesdenominatedinforeigncurrencies,whichinclude,butarenotlimitedto,theJapaneseyen,theKoreanwon,theBritishpoundsterling,theeuroandtheCanadiandollar.Inaddition,weareexposedtogainsandlossesresultingfromthetranslationoftheoperatingresultsofournon-U.S.subsidiariesintoU.S.dollarsforfinancialreportingpurposes.

Weusefinancialinstrumentstoreducetheimpactofchangesinforeigncurrencyexchangerates.Theprincipalfinancialinstrumentsweenterintoonaroutinebasisareforeignexchangeforwardcontracts.TheprimaryforeignexchangeforwardcontractspertaintotheJapaneseyen,theKoreanwon,theBritishpoundsterling,theeuroandtheCanadiandollar.Foreignexchangeforwardcontractsareprimarilyusedtohedgepurchasesdenominatedinselectforeigncurrencies.Theperiodsoftheforeignexchangeforwardcontractscorrespondtotheperiodsoftheforecastedtransactions,whichdonotexceed24monthssubsequenttothelatestbalancesheetdate.Wedonotenterintoforeignexchangeforwardcontractsfortradingorspeculativepurposes.

ThegrossU.S.dollarequivalentnotionalamountofallforeigncurrencyhedgesoutstandingatJune30,2016was$373.2million,representinganetsettlementliabilityof$18.6million.Gainsandlossesontheforeignexchangeforwardcontractsthatweaccountforashedgesoffsetlossesandgainsontheseforeigncurrencypurchasesandreducetheearningsandshareholders'equityvolatilityrelatingtoforeignexchange.

Weperformedasensitivityanalysistoassesspotentialchangesinthefairvalueofourforeignexchangeforwardcontractsrelatingtoahypotheticalmovementinforeigncurrencyexchangerates.ThesensitivityanalysisofchangesinthefairvalueofourforeignexchangeforwardcontractsoutstandingatJune30,2016,whilenotpredictiveinnature,indicatedthatiftheU.S.dollaruniformlyweakenedby10%againstallcurrenciescoveredbyourcontracts,thenetsettlementliabilityof$18.6millionwouldincreaseby$2.1millionresultinginanetsettlementliabilityof$20.7million.

ThesensitivityanalysisdescribedaboverecalculatesthefairvalueoftheforeignexchangeforwardcontractsoutstandingatJune30,2016byreplacingtheactualforeigncurrencyexchangeratesatJune30,2016withforeigncurrencyexchangeratesthatare10%weakerratesforeachapplicableforeigncurrency.Allotherfactorsareheldconstant.Thesensitivityanalysisdisregardsthepossibility

132

TableofContents

thatcurrencyexchangeratescanmoveinoppositedirectionsandthatgainsfromonecurrencymayormaynotbeoffsetbylossesfromanothercurrency.Theanalysisalsodisregardstheoffsettingchangeinvalueoftheunderlyinghedgedtransactionsandbalances.

Thefinancialmarketsandcurrencyvolatilitymaylimitourabilitytocost-effectivelyhedgetheseexposures.Thecounterpartiestoderivativecontractsaremajorfinancialinstitutions.Weassesscreditriskofthecounterpartiesonanongoingbasis.

Commodity Price Risk

Weareexposedtocommoditypriceriskwithrespecttocertainmaterialsandcomponentsusedbyus,oursuppliersandourmanufacturers,includingpolybutadiene,urethaneandSurlynforthemanufacturingofourgolfballs,titaniumandsteelfortheassemblyofourgolfclubs,leatherandsyntheticfabricsforourgolfshoes,golfgloves,golfgearandgolfapparel,andresinandotherpetroleum-basedmaterialsforanumberofourproducts.

ImpactofInflation

Ourresultsofoperationsandfinancialconditionarepresentedbasedonhistoricalcost.Whileitisdifficulttoaccuratelymeasuretheimpactofinflationduetotheimprecisenatureoftheestimatesrequired,webelievetheeffectsofinflation,ifany,onourresultsofoperationsandfinancialconditionhavebeenimmaterial.

InternalControlOverFinancialReporting

Asaprivatelyheldcompany,wearenotrequiredtocomplywiththerulesoftheSECimplementingSection404oftheSarbanes-OxleyActandarethereforenotcurrentlyrequiredtomakeaformalassessmentoftheeffectivenessofourinternalcontroloverfinancialreportingforthatpurpose.Uponbecomingapubliccompany,wewillberequiredtocomplywiththeSEC'srulesimplementingSections302and404oftheSarbanes-OxleyAct,whichwillrequiremanagementtocertifyfinancialandotherinformationinourannualandquarterlyreportsandprovideanannualmanagementreportontheeffectivenessofinternalcontroloverfinancialreporting.

InconnectionwiththeauditofourconsolidatedfinancialstatementsfortheyearsendedDecember31,2013,2014and2015,weandourindependentregisteredpublicaccountingfirmidentifiedmaterialweaknessesinourinternalcontroloverfinancialreporting.Amaterialweaknessisadeficiency,oracombinationofdeficiencies,ininternalcontroloverfinancialreporting,suchthatthereisareasonablepossibilitythatamaterialmisstatementofthecompany'sannualorinterimconsolidatedfinancialstatementswillnotbepreventedordetectedonatimelybasis.Wedidnothaveinplaceaneffectivecontrolenvironmentwithasufficientnumberofaccountingpersonnelwiththeappropriatetechnicaltrainingin,andexperiencewith,GAAPtoallowforadetailedreviewofcomplexaccountingtransactionsthatwouldidentifyerrorsinatimelymanner.Further,wedidnotdesignandhaveinplaceformallydocumentedandimplementedprocessesandprocedurestoaddresstheaccountingforincometaxes,derivatives,certaincompensationandbenefits,andfunctionalcurrency,includinginternalcommunicationprotocolsrelatedtomattersimpactingincometaxandbenefitaccounts.Wealsoidentifiedalackofsegregationofdutiesbetweentheabilitytocreateandpostjournalentries.ThelackofadequateaccountingpersonnelandformalprocessesandproceduresresultedinseveralauditadjustmentstoourconsolidatedfinancialstatementsfortheyearsendedDecember31,2013,2014and2015.

Wearecurrentlyintheprocessofremediatingthesematerialweaknessesandaretakingstepsthatwebelievewilladdresstheunderlyingcausesofthematerialweaknesses.Wehaveenlistedthehelpofexternaladvisorstoprovideassistanceintheareasoffinancialaccountingandtaxaccountingintheshortterm,andareevaluatingthelongertermresourceneedsofourvariousfinancialfunctions.In

133

TableofContents

addition,wehaveengagedanaccountingfirmtoevaluateanddocumentthedesignandoperatingeffectivenessofourinternalcontrolsandassistwiththeremediationandimplementationofourinternalcontrolsasrequired.Theseremediationmeasuresmaybetimeconsuming,costly,andmightplacesignificantdemandsonourfinancialandoperationalresources.

Inaddition,wehavebegunperformingsystemandprocessevaluationsandtestingofourinternalcontroloverfinancialreportingtoallowmanagementandourindependentregisteredpublicaccountingfirmtoreportontheeffectivenessofourinternalcontroloverfinancialreporting,asrequiredbySection404oftheSarbanes-OxleyAct,withauditorattestationoftheeffectivenessofourinternalcontrols,beginningwithourannualreportonForm10-Kforthesecondfiscalyearendingaftertheeffectivenessoftheregistrationstatementofwhichthisprospectusformsapart.Ourtesting,orthesubsequenttestingbyourindependentregisteredpublicaccountingfirm,mayrevealdeficienciesinourinternalcontrolsoverfinancialreportingthataredeemedtobeadditionalmaterialweaknesses,inadditiontothematerialweaknessesdescribedabove.

134

TableofContents

BUSINESS

Overview

Wearethegloballeaderinthedesign,development,manufactureanddistributionofperformance-drivengolfproducts,whicharewidelyrecognizedfortheirqualityexcellence.Drivenbyourfocusondedicatedanddiscerninggolfersandthegolfshopsthatservethem,webelievewearethemostauthenticandenduringcompanyinthegolfindustry.Ourmission—tobetheperformanceandqualityleaderineverygolfproductcategoryinwhichwecompete—hasremainedconsistentsinceweenteredthegolfballbusinessin1932.Today,wearethestewardoftwoofthemostreveredbrandsingolf—Titleist,oneofgolf'sleadingperformanceequipmentbrands,andFootJoy,oneofgolf'sleadingperformancewearbrands.Titleisthasbeenthe#1ballinprofessionalgolffor68yearsandFootJoyhasbeenthe#1shoeonthePGATourforoversixdecades.

Ourtargetmarketisdedicatedgolfers,whoarethecornerstoneoftheworldwidegolfindustry.Thesededicatedgolfersareavidandskill-biased,prioritizeperformanceandcommitthetime,effortandmoneytoimprovetheirgame.Webelieveourfocusoninnovationandprocessexcellenceyieldsgolfproductsthatrepresentsuperiorperformanceandconsistentproductquality,whicharethekeyattributessoughtafterbydedicatedgolfers.Manyofthegame'sprofessionalplayers,whorepresentthemostdedicatedgolfers,preferourproductstherebyvalidatingourperformanceandqualitypromise,whiledrivingbrandawareness.Weleverageapyramidofinfluenceproductandpromotionstrategy,wherebyourproductsarethemostplayedbythebestplayers,creatingaspirationalappealforabroadrangeofgolferswhowanttoemulatetheperformanceofthegame'sbestplayers.

Dedicatedgolfersviewpremiumgolfshops,suchason-coursegolfshopsandgolfspecialtyretailers,aspreferredretailchannelsforgolfproductsofsuperiorperformanceandproductquality.Asaresult,wehavecommittedtobeingoneofthepreferredandtrustedpartnerstopremiumgolfshopsworldwide.Thiscommitmentprovidesusaretailenvironmentwhereourproductperformanceandqualityadvantagecanmosteffectivelybecommunicatedtodedicatedgolfers.Inaddition,wealsoserviceotherqualifiedretailersthatsellgolfproductstoconsumersworldwide.

Ourvisionistoconsistentlyberegardedbyindustryparticipants,fromdedicatedgolferstothegolfshopsthatservethem,asthebestgolfcompanyintheworld.Wehaveestablishedleadershippositionsacrossallmajorgolfequipmentandgolfwearcategoriesunderourgloballyrecognizedbrands.

FortheyearendedDecember31,2015andthesixmonthsendedJune30,2016,werecordednetsalesof$1,503.0millionand$903.0million,netincome(loss)attributabletoAcushnetHoldingsCorp.of$(1.0)millionand$52.1millionandAdjustedEBITDAof$214.7millionand$164.4million,

135

• #1ballingolf

• Golf'sSymbolofExcellence

• Aleadingglobalgolfequipmentbrand

• #1shoeingolf

• #1gloveingolf

• Aleadingglobalgolfwearbrand

• #1wedgeonthePGATour

• AleadingputteronthePGATour

TableofContents

respectively.See"ProspectusSummary—SummaryConsolidatedFinancialData"forareconciliationofAdjustedEBITDAtonetincome(loss)attributabletoAcushnetHoldingsCorp.,themostdirectlycomparableGAAPfinancialmeasure.

OurHistoryandEvolution

FoundedinAcushnet,MassachusettsbyPhil"Skipper"Youngin1910andincorporatedastheAcushnetProcessCompany,wemanufacturedrubber-basedproductsincludingwaterbottles,gasmasksandbathingcaps.Ourgolfbusinesswasestablishedin1932whenYoung,adedicatedgolferhimself,missedacriticalputtinagolfmatch.Believingtheputttobewellstruck,Youngtooktheballtobex-rayed,whereitwasdiscoveredthattheball'scorewasoff-center.Followingthisseminaldiscoverythatmanycommerciallyavailablegolfballsfrequentlyhadmanufacturinginconsistencies,YoungsetoutwithMassachusettsInstituteofTechnologyclassmateFredBommertodevelopasuperiorgolfball.Afterthreeyearsofdevelopment,theTitleistgolfballwasintroduced.

Theobjectivefromtheverybeginningwastoproduceagolfballthatwouldsetthestandardinperformance,qualityandconsistency,andbecomethepreferredchoiceofdedicatedgolfersandthepreferredtradepartnerswhowouldservethem.Intheearlyyears,manyofthesepreferredtradepartnerswerealsosomeofthefirsttouringgolfprofessionals.SoontheTitleistgolfballwasthegolfballofchoicewherevercompetitivegolfwasplayed.Thecorevaluesofservingthegame'sdedicatedgolferwithasuperiorproduct,intermsofbothperformanceandquality,andhavingthatsuperiorproductvalidatedbythegame'smostdedicatedgolfersandpremiumgolfretailers,haveenduredforthepasteightdecades.

In1976,AcushnetCompanywasacquiredbyAmericanBrands,Inc.(thepredecessorcompanyofBeam).WeacquiredFootJoyin1985.OnJuly29,2011,AcushnetHoldingsCorp.(atthetimeknownasAlexandriaHoldingsCorp.),anentityownedbyFilaKoreaandtheFinancialInvestors,acquiredAcushnetCompanyfromBeam.

OurCoreFocus

Dedicated Golfers

Ourtargetmarketisdedicatedgolfers,whoareavidandskill-biased,prioritizeperformanceandcommitthetime,effortandmoneytoimprovetheirgame.Webelievethatdedicatedgolfersarethemostconsistentpurchasersofgolfproductsandestimatethatwhiletheyrepresentedonlyapproximately15%ofallUnitedStatesgolfers,theyaccountedformorethan40%oftotalroundsplayedandapproximately70%ofallgolfequipmentandgearspendingintheUnitedStatesduring2014.WealsobelievededicatedgolfersaccountforanoutsizeshareofgolfequipmentandgearspendingoutsidetheUnitedStatesandpurchaseasignificantportionofgolfwearproductsworldwide.

Product Platform

Leveragingthesuccessofourgolfballandgolfshoebusinesses,whilemaintainingthecorevaluesoftheTitleistandFootJoybrands,wehavestrategicallyenteredintoproductcategoriessuchasgolfclubs,wedges,putters,golfgloves,golfgearandgolfwearwithanobjectiveofbeingtheperformanceandqualityleader.

Sincethededicatedgolferviewseachperformanceproductcategoryonitsownmerits,wehaveapproachedeachcategoryonitsowntermsbycommittingthenecessaryresourcestobecometheperformanceandqualityleaderineachproductcategorywhereweparticipate.Asaresult,wehavebuiltanindustryleadingplatformacrossallperformanceproductcategories,drivingamarket-differentiatingmixofconsumableproducts,whichweconsidertobegolfballsandgolfgloves,whichcollectivelyrepresented43%ofournetsalesin2015,andmoredurableproducts,whichwe

136

TableofContents

considertobegolfclubs,golfshoes,golfapparelandgolfgear,whichcollectivelyrepresented57%ofournetsalesin2015.

Weoperateunderthefollowingfourreportablesegments.

Titleist Golf Balls (36% of 2015 net sales)

Titleististhe#1ballingolf.TheTitleistgolfballwasfoundedwithapurposeofdesigningandmanufacturingaperformanceoriented,highqualitygolfballthatwassuperiortoallotherproductsavailableinthemarket.Webelievethegolfballisthemostimportantpieceofequipmentinthegame,asitistheonlypieceofequipmentusedbyeveryplayerforeveryshot.Thegolfballisalsothemostimportantcategoryforusasitgeneratesthelargestportionofoursalesandprofits.Sinceitsintroductionin2000,theTitleistProV1hasbeenthebest-sellinggolfballgloballyandcontinuestosetthebarintermsofproductdesign,qualityandperformance.Wealsodesign,manufactureandsellothergolfballsundertheTitleistbrand,suchasNXTTour,VelocityandDTTruSoft,aswellasunderthePinnaclebrand.Wehavecontinuallyimprovedourgolfballsthroughinnovationinmaterials,constructionandmanufacturingprocesses,whichhasenabledustobuildthe#1golfballfranchiseintheworld.

Titleist Golf Clubs (26% of 2015 net sales)

Wedesign,assembleandsellgolfclubs(drivers,fairways,hybridsandirons)undertheTitleistbrand,wedgesundertheVokeyDesignbrandandputtersundertheScottyCameronbrand.Themissionofourgolfclubbusinessistodesignanddevelopthebestperforminggolfclubsintheworldfordedicatedgolfers.Webelievededicatedgolfersdonotbuybrandsacrosscategoriesbutseekoutbest-in-classproductsineachcategory.ThisisthereasonwehavepartneredwithdedicatedengineersandcraftsmensuchasBobVokeyandScottyCameron,whounderstandthenuances,subtletiesandimpactmechanicsoftheirrespectivegolfclubcategories.Titleistgolfclubs,VokeyDesignwedgesandScottyCameronputtersarewidelyusedbyprofessionalandcompetitiveamateurplayers,whichvalidatestheproducts'performanceandqualityexcellence.Wearealsocommittedtoaleadingclubfittingandtrialplatformtomaximizededicatedgolfers'performanceexperience.

Titleist Golf Gear (9% of 2015 net sales)

WeofferadiversifiedportfolioofTitleist-brandedperformancegolfgearacrossthegolfbags,headwear,gloves,travelgear,headcoversandothergolfgearcategories.Ourgolfgearisfocusedonsuperiorperformanceandqualityexcellence,whichisthemissionofanyproductbearingtheTitleistbrandname.

FootJoy Golf Wear (28% of 2015 net sales)

Wedesign,manufactureandsellgolfshoesandgloves,andwedesignandsellperformanceouterwear,apparelandsocksundertheFootJoybrand.Byofferingproductswithpremiummaterials,superiorcomfortandfitandauthenticdesigns,FootJoyhasbecomethe#1shoeand#1gloveingolfandaleaderintheglobalperformancegolfouterwearandtheU.S.golfapparelmarkets.WebelieveFootJoyisseenbygolfersaroundtheworldasanauthenticanddefinitivegolfbrandwithaconsistent,differentiatedfocusonperformanceandquality.

Pyramid of Influence

Thegameofgolfislearnedbyobservationandimitation,andgolfersimprovetheirownperformancebyattemptingtoemulatehighlyskilledgolfers.Golfersareinfluencednotonlybyhowothergolfersswingbutalsobywhattheyswingwithandwhattheyswingat.Thisistheessenceofgolf'spyramidofinfluence,whichisdeeplyingrainedinthemindsetofthededicatedgolfer.Atthetop

137

TableofContents

ofthepyramidisthemostdedicatedgolfer,whoattemptstomakealivingplayingthegameprofessionally.Adoptionbymostofthebestgolfers,whoseprofessionalsuccessdependsontheirperformance,validatesthequality,featuresandbenefitsofusingthebestperformingproducts.This,inturn,createsaspirationalappealforgolferswhowanttoemulatetheperformanceofthebestplayers.Byvirtueoftheperformanceandqualityexcellenceofourproducts,webelievewearebest-positionedtoleveragethepyramidofinfluencesincemostofthebestplayerstrustanduseTitleistandFootJoyproducts.Ourprimarymarketingstrategyisforourproductstobethemostplayedbythebestplayers,includingbothprofessionalandamateurgolfers.Thisstrategyhasproventobeenduringandeffectiveinthelong-termandisnotdependentonthetransientsuccessofafeweliteplayersatanygivenpointintime.

Innovation Leadership

Webelieveinnovationiscriticaltodedicatedgolfersastheydependontheabilityofnewandinnovativeproductstodriveimprovedperformance.Sinceweenteredthegolfballbusinessin1932,webelievewehavebeenthedesignandtechnologyleaderinthegolfindustrywithastrategytodevelop,implementandprotectproductandprocessimprovements.WecurrentlyemployanR&Dteamofover150scientists,chemists,engineersandtechnicians.Wealsointroducenewproductinnovationsatacadencethatbestalignswiththetypicaldedicatedgolfer'sreplacementcyclewithineachproductcategory.Wespent$42.2million,$44.2millionand$46.0millionin2013,2014and2015,respectively,onR&D.

Operational Excellence

Therequirementsofthegameleadthededicatedgolfertoseekoutproductsofmaximumperformanceandconsistency.Weownorcontrolthedesign,sourcing,manufacturing,packaginganddistributionofourproducts.Indoingso,weareabletoexercisecontrolovereverystepofthemanufacturingprocessandsupplychainoperations,therebysettingthestandardforqualityandconsistency.Ouroperationalexcellencealsoallowsustocontinuallydevelopinnovativenewproducts,bringthoseproductstomarketmoreefficientlyandensurehighlevelsofqualitycontrol.Wehavedevelopedandrefineddistinctandindependentlymanagedsupplychainsforeachofourproductcategories.Ourmanufacturingfacilitiesinclude:

• threegolfballmanufacturingfacilitiesthatcollectivelyproduceover1millionballsperproductionday;

• sixgolfclubassemblyfacilities;

• ajointventurefacilitytomanufactureourgolfshoes;and

• afacilitytomanufactureourgolfgloves.

Route to Market Leadership

Asoneofthepreferredpartnerstopremiumgolfshops,weensurethattheperformancebenefitsderivedfromusingourproductsareshowcasedandourproductsareproperlymerchandised.Wehaveover350salesrepresentativesdirectlyservicingover31,000accountsin46countriesandweserviceover90countriesintotal,directlyorthroughdistributors.Withanaverageofalmost20yearsofexperience,webelievetheTitleistU.S.salesteamisthelargestandmostexperiencedintheindustry.Similarly,webelieveFootJoyhasbuiltthemostexperienced,highlyqualifiedteamintheU.S.golfwearcategory.Asweseeourretailpartnersasacriticalconnectiontodedicatedgolfers,weplacegreatemphasisonbuildingstrongrelationshipsandtrustwiththem.Thisisthereasonoursalesassociatesareexpectednotsimplytobesalespeople,buttofunctionasgolfexpertsandenthusiastsintheirrespectiveterritories,whoadviseandassistourretailpartnerstobetterservetheircustomers.Wehelp

138

TableofContents

generategolferdemandandsell-throughviain-shopmerchandising,promotionsandadvertising,andalsoprovideproducteducationtoclubprofessionals,coachesandinstructors.Lastly,weplaceastrongfocusonconsumerengagement,startingwithfittingandtrialinitiativesacrossourballs,clubsandshoescategories.Weoffercustomproductsacrosscategoriesthatwebelievearebetteralignedwithgolfers'personalstyles,skilllevelsandpreferences.

MarketOverviewandOpportunity

Market Overview

Weestimatethatthesportofgolfgivesrisetoaglobalcommercialopportunityofmorethan$85billionannually,whichcapturesallspendingrelatedtogolf.Thereareover50milliongolfersworldwideplayingover800millionroundsannuallyonover32,000golfcourses.Ouraddressablemarketcomprisedofgolfequipment,golfwearandgolfgearrepresentsapproximately$12billioninretailsalesandapproximately$8billioninwholesalesales.TheUnitedStatesaccountedforover40%ofouraddressablemarket,followedbyJapanandKoreacollectivelyaccountingforover30%ofouraddressablemarket,eachin2014.

AlthoughthenumberofroundsofgolfplayedintheUnitedStatesdeclinedoverallfrom2006untiltheendof2014,thenumberofroundsofgolfplayedintheUnitedStateshasshownimprovementsincethebeginningof2015,accordingtoGolfDatatechLLC.Webelievethatthenumberofroundsofgolfplayedbyourtargetmarketofdedicatedgolferswasrelativelystableduringthisperiodofoveralldeclineinthegolfindustry.

Weviewemergingeconomies,suchasthemarketsinSoutheastAsia,asattractivelong-termopportunitiesbasedonourassessmentthroughthelensofthefivecollectivelynecessaryandsufficientconditionsforacountrytoembracegolf:(1)sizeablemiddle-classpopulation,(2)educationalinfrastructure,(3)placestoplayandpractice,(4)professionalsuccessthatinspiresthelocalgolfersand(5)corporatesupport.

Webelievethegolfindustryismainlydrivenbygolferdemographics,dedicatedgolfersandweatherandeconomicconditions.

Golfer Demographics. Golfisarecreationalactivitythatrequirestimeandmoney.Thegolfindustryhasbeenprincipallydrivenbytheagecohortof30andabove,currently"gen-x"(age30to49)and"babyboomers"(age50to69),whohavethetimeandmoneytoengageinthesport.IntheUnitedStates,thereareapproximately8.7milliongen-xgolfersandapproximately6.6millionbabyboomergolfers,representingapproximately63%oftotalgolfersintheUnitedStates.Householdsheadedbygen-xandbabyboomersalsoclaimanapproximately80%shareofthetotalincomedollarsintheUnitedStates.Sinceasignificantnumberofbabyboomershaveyettoretire,weanticipategrowthinspendingfromthisdemographicasithasbeendemonstratedthatroundsofplayincreasesignificantlyasthoseinthiscohortreachretirement.Onaverage,golfersintheagerangeof18to34play15roundsperyear,whereasthoseintheagerangeof50to64and65andaboveplay29roundsand51roundsperyear,respectively.Whilegolfhashistoricallyconsistedofmostlymaleplayers,womenaccountedforapproximately24%ofgolfersintheUnitedStatesin2015,upfromapproximately20%in2011.Becausenearly40%ofbeginnergolfersintheUnitedStatesin2015werewomen,webelievethatthepercentageofwomengolferswillcontinuetogrow.Beyondthegen-xandbabyboomergeneration,anotherpromisingdevelopmentingolfhasbeenthegenerationalshiftwithmillennialgolfersmakingtheirmarksatbothprofessionalandamateurlevels.Golfersundertheageof30represented44%oftheWorldRankTop50and76%ofRolexWorldRankTop50WomenasofMay31,2016.ThelargestsingleagegroupofbeginnersintheUnitedStatesin2015wasmillennials(age18to29).Further,thenumberofjuniorgolfers(age6to17)intheUnitedStateshasgrownfromapproximately2.5milliongolfersin2010toapproximately3.0milliongolfersin2015.

139

TableofContents

Dedicated Golfers. Dedicatedgolfersarelargelygen-xandbabyboomerswhohavedemonstratedthepropensitytopayapremiumforproductsthathelpthemperformbetter.Webelievededicatedgolfers,whocompriseourtargetmarket,willcontinuetobeakeydriverfortheglobalgolfindustry.TheNationalGolfFoundationestimatesthattherewere6.4million,6.5millionand6.2million"avid"golfersintheUnitedStatesin2013,2014and2015,respectively,with"avid"golfersdefinedasthosewhoplay25roundsormoreperyear.Weestimatethatapproximately60%oftheseavidgolfersintheUnitedStatesarededicatedgolfers.

Weather Conditions. Weatherconditionsdeterminethenumberofplayabledaysinayearandthusinfluencetheamountoftimepeoplespendongolf.Weatherconditionsinmostpartsoftheworld,includingourprimarygeographicmarkets,generallyrestrictgolffrombeingplayedyear-round,withmanyofouron-coursecustomersclosedduringthecoldweathermonths.Therefore,favorableweatherconditionsgenerallyresultinmoreplayabledaysinagivenyearandthusmoregolfroundsplayed,whichgenerallyresultsinincreaseddemandforallgolfproducts.

Economic Conditions. Thestateoftheeconomyinfluencestheamountofmoneypeoplespendongolf.Golfequipment,includingclubs,ballsandaccessories,isrecreationalinnatureandisthereforeadiscretionarypurchaseforconsumers.Consumersaregenerallymorewillingtomakediscretionarypurchasesofgolfproductswheneconomicconditionsarefavorableandwhenconsumersarefeelingconfidentandprosperous.

Our Opportunity

Wehavedemonstratedsustained,resilientandstablerevenueandAdjustedEBITDAgrowthoverthepastfiveyears,despitechallengesrelatedtodemographic,macroeconomicandweatherrelatedconditions.Ourdifferentiatedfocusonperformanceandqualityexcellence,enduringconnectionswithdedicatedgolfersandfavorableandmarket-differentiatingmixofconsumableanddurableproductshavebeenthekeydriversofourstrongperformance.Webelievethisfocuspositionsustocontinuetogenerateindustry-leadingperformance.

StrongFinancialPerformance

Since2011,wehavedrivenstrongfinancialperformanceacrossourproductportfoliointheaggregateandineachofourreportablesegmentsofTitleistgolfballs,Titleistgolfclubs,TitleistgolfgearandFootJoygolfwear.From2011to2015:

• ournetsalesincreasedfrom$1,336.1million(onanon-GAAPcombinedbasis)to$1,503.0million,representingacompoundannualgrowthrate,orCAGR,of3%,or6%onaconstantcurrencybasis;

• ournetincome(loss)attributabletoAcushnetHoldingsCorp.was$(31.2)millionin2011(onanon-GAAPcombinedbasis),$13.9millionin2012,$19.6millionin2013,$21.6millionin2014and$(1.0)millionin2015;

• ourAdjustedEBITDAincreasedfrom$138.4million(onanon-GAAPcombinedbasis)to$214.7million,representingaCAGRof12%;

• weachieved400basispointsofAdjustedEBITDAmarginexpansion;

• ourAdjustedNetIncomeincreasedfrom$46.7million(onanon-GAAPcombinedbasis)to$86.7million,representingaCAGRof17%;and

• ourcashflowsprovidedbyoperatingactivitiesincreasedfrom$51.1million(onanon-GAAPcombinedbasis)to$91.8million.

140

TableofContents

TheinformationpresentedabovefortheyearendedDecember31,2011ispresentedonanunauditedcombinedbasisandrepresentsthemathematicaladditionofourpredecessor'sresultsofoperationspriortotheAcquisitionfromJanuary1,2011toJuly29,2011,andourresultsofoperationsfromJuly30,2011toDecember31,2011,orthesuccessorperiod.Thefinancialresultsforthesuccessorperiodincludetheimpactofapplyingpurchaseaccounting.ThepresentationofunauditedcombinedfinancialinformationfortheyearendedDecember31,2011isnotconsistentwithGAAPorwiththeproformarequirementsofArticle11ofRegulationS-X.Wehaveincludedtheunauditedcombinedfinancialinformationasaconveniencesolelyforthepurposeoffacilitatingacomparisonofthecombinedresultswithourotheryearspresented.SuchresultsarenotnecessarilyindicativeofwhattheresultsforthecombinedperiodwouldhavebeenhadtheAcquisitionnotoccurred.See"SelectedConsolidatedFinancialData"for(i)apresentationoftheresultsofoperationsfortheperiodfromJanuary1,2011toJuly29,2011,andtheperiodfromJuly30,2011toDecember31,2011,whichhavebeenauditedandareconsistentwithGAAP,andtheresultsofoperationsfortheyearendedDecember31,2011onanunauditedcombinedbasisand(ii)areconciliationofAdjustedEBITDAandAdjustedNetIncometonetincome(loss)attributabletoAcushnetHoldingsCorp.andthemostdirectlycomparableGAAPfinancialmeasure.See"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—Overview—KeyPerformanceMeasures"foradescriptionofhowwecalculateconstantcurrencyinformation.

(1) TheinformationpresentedfortheyearendedDecember31,2011ispresentedonanunauditedcombinedbasisandrepresentsthemathematicaladditionofourpredecessor'sresultsofoperationspriortotheAcquisitionfromJanuary1,2011toJuly29,2011,andourresultsofoperationsfromJuly30,2011toDecember31,2011.ThispresentationofunauditedcombinedfinancialinformationfortheyearendedDecember31,2011isnotconsistentwithGAAP.

OurCompetitiveStrengths

Steward of Golf's Most Revered Brands. Wehavelongbeenthetrustedstewardoftwoofgolf'smostreveredandrecognizedbrands,andhaveenjoyedthelongestrunningrecordofmarketleadershipinthegolfcategory.WebelievetheTitleistandFootJoybrandsdeliversuperiorperformanceandqualityexcellenceintheirrespectiveproductcategoriesandarewidelyregardedasthestrongestandmostidentifiablebrandsamongpremiumgolfequipmentandgolfwearmanufacturers.Titleisthasbeenthe#1ballinprofessionalgolffor68yearswhileFootJoyhasbeentheleadingbrandonthePGATouringolfshoesforoversixdecadesandgolfglovesforoverthreedecades.Theperformanceand

141

TableofContents

qualityofourbrandsarevalidatedbythewidespreadadoptionofourproductsbytheworld'sbestprofessionalandamateurgolfers,whichgeneratesexceptionalbrandloyaltyamongourcorecustomersanddrivesrepeatpurchases.

Market-Leading Portfolio of Products Designed for Dedicated Golfers. TheTitleistProV1golfballwaslaunchedin2000andinfourmonthsbecamethe#1sellingballonthemarket,apositionitstillholds,andisthe#1golfballplayedateverylevelofcompetitivegolftoday.Weestimatethatweheldnearlyone-halfofthe2015globaltopgradewholesalegolfballmarket,whichweestimatewasapproximately$1.0billion,includingovertwo-thirdsofthepremiumperformancemarketsegment.ProV1modelsarethelongestrunning#1ofanygolfequipmentsinceGolfDatatechbegantrackingthismetricin1997.Itisrarewhenabrand'shighestpricedproductinaparticularcategoryisalsotheindustryvolumeleader.In2015,thenumberofTitleistballsplayedonprofessionaltourswasmorethanfivetimesthenumberofballsofournearestcompetitor.Titleistrecordsevenhigherballcountsatmostamateurchampionshipsthanontheworldwideprofessionaltours,afurthertestamenttotheperformanceandqualityofTitleist.Sinceamateursarenotallowedtoreceivecompensationfortheuseorendorsementofanybrand'sequipment,theyfreelychoosewhatgolfballtheybelievewillhelpthemshoottheirlowestscores.FaithfultothebrandpromiseoftheTitleistball,webelieveourgolfclubsarealsobest-in-classintermsofperformanceandquality.OurVokeyDesignwedgesandScottyCameronputtersarerecognizedworldwideasleadersintheirrespectivecategories.OurVokeyDesignwedgesarethemostwidelyusedonthePGATour.UnderourFootJoybrand,wearethe#1shoeingolf,withtheleadingusageonalloftheworld'smajorprofessionalgolftoursandtwiceasmanystockkeepingunits,orSKUs,asournearestcompetitors.FootJoyglovesalsohavetheleadingmarketshare,enjoythe#1positiononalltheworld'smajorprofessionalgolftours,andofferthelargestselectionofgolfglovesintheindustry.FootJoyisalsoagloballeaderingolfouterwearandhasarapidlygrowingpresenceingolfapparel.

Favorable Consumable / Durable Mix. Wehavedevelopedaproductportfoliowithafavorablemixofconsumablesanddurables,whichwebelievedifferentiatesusfromotherpuregolfequipmentmanufacturers.Consumablepurchasesarelargelydrivenbythenumberofroundsplayed,whiledurablepurchasesaresubjecttotechnologyreplacementcycles.Webelieveourfavorableproductmixislesseconomicallycyclicalandmoreworkingcapitalefficientthanthatofourpeers.Oursalesreflectafavorableandmarket-differentiatingmixofconsumableproducts,whichweconsidertobegolfballsandgolfgloves,whichcollectivelyrepresented43%ofournetsalesin2015,andmoredurableproducts,whichweconsidertobegolfclubs,golfshoes,golfapparelandgolfgear,whichcollectivelyrepresented57%ofournetsalesin2015.

Best-in-Class Design Innovation. Drivenbyourcommitmenttoperpetualinnovation,webelievewearetheinnovationleaderinthegolfindustry.Golf'smostregulatedandtechnically-drivencategoriesaregolfballsandgolfclubs,andthereforerequirestrongintellectualpropertytocreatedifferentiatedproductswithsuperiorperformanceandquality.Weholdthelargestpatentportfoliointhegolfindustry,withcloseto1,200activeU.S.utilitypatentsingolfballs,over300activeU.S.utilitypatentsingolfclubs,wedgesandputtersand284activepatents(includingex-U.S.anddesignpatents)ingolfshoesandgloves.AsofDecember31,2015,wehave35%and15%marketsharesofactivegolfballandclubpatents,respectively.Over90%ofourcurrentproductsincorporatetechnologiesordesignsdevelopedinthelastfiveyears.TheTitleistProV1franchiseisanexampleofourinnovationleadership.Wehavesoldover110milliondozenProV1andProV1xgolfballs,generatingover$4billionofrevenue,sincetheintroductionoftheProV1in2000.Webelieveourabilitytodevelopandimplementinnovationdrivessuperiorproductperformanceandourpatentportfolioallowsustoprotectourproductandprocessimprovementsinanindustrywheresuccessisdrivenbyproductperformanceandqualityimprovements.

142

TableofContents

Operational Excellence. OurdifferentiatedmanufacturingprocessesandconnectivitybetweenourmanufacturingandR&Dteamsfosterintegrationthroughoutthedesignandmanufacturingprocess.Thisallowsustocontinuallydevelopinnovativenewproductsthatwecanbringtomarketefficientlywhileensuringconsistencyandhighlevelsofqualitycontrol.Unlikemanyothergolfcompanies,weownorcontrolthedesign,sourcing,manufacturing,packaginganddistributionofourproducts.Ourverticallyintegratedapproachdeliversaconsistentproductqualityandresultsinveryhighcustomersatisfaction.Thereareover90qualitychecksforTitleistProV1and120qualitychecksthatgointoTitleistProV1xtoensureeveryballisworthyofbearingtheTitleistbrandname.Anexampleofthisisourproductqualityreturnpercentage—forevery10millionTitleistProV1golfballsproduced,onlyoneisreturnedonaverage.Bycontrollingkeyaspectsofthedesignandmanufacturingprocesses,wearebetterabletoprotectourintellectualpropertyaswellasoffercustomizationcapabilitiesandefficientturntimes.Furthermore,weareabletoprovidecustomfittedproductstoindividualsinashorttimeframeandfacilitateregionalmarketcustomization.

Unparalleled Route to Market Leadership. Thefoundationofourgo-to-marketstrategyistocontinuetobethepreferredpartnerforpremiumgolfshopsworldwideandtoprovidecustomizationandfittingthatoptimizeourcustomers'post-purchaseexperiences.Indoingso,weensurethattheperformancebenefitsderivedfromusingourproductsareshowcasedandourproductsareproperlymerchandised,whiledeepeningourcustomers'connectionswiththeTitleistandFootJoybrands.Webelievetheseinitiatives,inturn,increasesalesandprofitabilityforourretailpartners,leadingtoamutuallybeneficialeconomicrelationship.Today,wedeployover20,000displaysthataredesignedandadaptedtolocalneeds,andthereareover3,400premiumgolfshopsthatexclusivelystockordisplayTitleistballs.Byvirtueofourstrongrelationshipwithretailpartners,weareabletobuildthestrongconnectionswithandgaindeepunderstandingofdedicatedgolfers.Weareabletocloselytrackthereplacementcyclesofourcustomers'equipmentandeffectivelymarketournewproductsinatimelymanner.

Deep Stewardship Culture and Experienced Management Team. Behindourexceptionalproductsandorganizationalinfrastructureliesanauthenticandenduringorganizationalculturevalidatedbythelongevityofourmanagementteam,salesforceandassociates.Ourmanagementteammembers,manyofwhomhavededicatedtheirentirecareerstoourcompany,averageover20yearsofemploymentwithus.Theyaresupportedbyadeepandtalentedteamofassociatesacrossproductcategories,functions,marketsandgeographies,whoserveasstrongbrandandculturalambassadors.Approximately50%ofourU.S.associateshaveovertenyearsofemploymentwithus,highlightingthedepthofourtalentandfutureleaders.Wearethestewardsofourbrands,andwearecommittedtomaintainingthecultureofexcellencethatdefinesusandourproducts.

OurGrowthStrategies

Weplantocontinuetopursueorganicgrowthinitiativesacrossallproductcategories,brands,geographiesandmarketingchannels.

Introduce New Products and Extend Market Share Leadership in Equipment Categories. Weexpecttosustainourstrongperformanceinourcorecategoriesofgolfballsandgolfclubsthroughseveraltargetedstrategies:

• Titleist Golf Balls. Toensuresustainedlong-termmarketleadership,wearecontinuouslyinvestingindesigninnovationandrefiningoursell-inandsell-throughroutetomarketcapabilitiesandeffectivenessinthegolfballproductcategory.Wearecurrentlyfocusedonimprovingoursalesteamtraininginproduct,merchandising,localpromotionandsellingskills,aswellasenhancingtradepartnershipsinthosechannelswherededicatedgolfersshop.Togrowourcustomgolfballbusiness,wehaveinplaceseveralnewinitiativesdesignedtodevelopstrategicpartnershipswithcorporationsheavilyinvestedingolfandtodrivegrowthwitha

143

TableofContents

particularfocusontheareasofcorporate,countryclub,tournamentandpersonalizedsales.The2016launchofthe"MyProV1Shop"onlinegolfshopallowsgolferstocreateandpurchasetheirownuniqueTitleistProV1/ProV1xgolfballswithspecialplaynumbers,logosorpersonalization.Webelievethewebsitewillincreasethelikelihoodofrepeatpurchases,therebystrengtheningthelinkwithgolfersandloyaltytoTitleistgolfballs.

• Titleist Clubs, Wedges and Putters. Weintendtocontinuetolaunchinnovative,performancegolfclubsbyfurtherleveragingTitleistclubs'leadingR&Dplatform.Webelieveconceptandspecialtyproductsandpremiumqualitydigitalcontentwillfurtherdrivecustomerawarenessandmarketsharegainsacrossallpremiumclubcategories.Toenhancetrialandfitting,weplantocontinueourleadingconsumerconnectioninitiatives,growourfittingnetworkinopportunisticmarketsandfurtherpromotetheutilizationofourdistinctivefittingoperations.WearealsoexecutingseveralinitiativestofurtherelevateVokeyDesignwedgesandScottyCameronputtersasgolf'sleadersinshort-gameperformance,technology,craftsmanship,andselection.

Increase Penetration in Golf Gear and Wear Categories. WeintendtobuildonthebrandloyaltythatthededicatedgolferhasdevelopedforourTitleistballandclubcategoriesandFootJoyshoeandglovecategoriesinordertoincreaseourpenetrationintheadjacentcategoriesofgolfgearandgolfwear.Weexpecttocontinuetodrivegrowthacrossthesecategoriesbyemployingthefollowinginitiatives:

• Titleist Golf Gear. Wearecommittedtoprovidingdedicatedgolferswithgolfgear—includinggolfbags,headwear,gloves,travelgear,headcoversandotheraccessories—ofperformanceandqualityexcellencethatisfaithfultotheTitleistbrandpromise.Wearemakingsignificantinvestmentsindesignandengineeringresourcesandareleveragingdedicatedplayerresearchmethodologiesandinsightstodriveinnovationinthisproductcategory.WealsoplantoexpandcustomandlimitededitionproductofferingsandlaunchaU.S.eCommercewebsiteforTitleistgolfgearinthesecondhalfof2017.

• FootJoy Women's Apparel Initiative. Wearecurrentlybuildingoutafocused,performance-basedFootJoywomen'sapparellineconsistentwiththebrand'ssuccessfulpositioninginmen'sapparel.Thewomen'sapparelline,whichlaunchedinearly2016,pairssophisticatedperformancefabricsanddesignwithlayeringtechnologypioneeredbyFootJoytocreatemaximumcomfortandprotection.ByleveragingourexistingFootJoysalesforceinanadjacentcategory,webelievewecanofferacompellingandauthenticsolutiontofemalegolfersandcapitalizeonthetrendofcasual,athleticstylingthatisdrivingsuccessinthebroaderwomen'sapparelspace.

• FootJoy eCommerce Launch. WerecentlylaunchedaU.S.eCommercewebsiteforFootJoy.Over6,000SKUsareofferedacrossallFootJoycategories,includingshoes,glovesandapparel.TheeCommerceinitiativeisexpectedtoyieldincrementalsalesandprofitability,enricheddataonpreferencesandtrendsaswellasfosteradeeperandmorerealtimeconnectionwiththededicatedgolfer.

Strategically Pursue Global Growth. TheTitleistandFootJoybrandsarebothglobalbrandsthatarewellpositionedwheregolf'sgrowthisanticipated.Whilewebelievethatamajorityofthenear-termgrowthwillbedrivenbythedevelopedeconomies,emergingeconomies,suchasthemarketsinSoutheastAsia,representlonger-termgrowthopportunities.Tomeetfuturedemand,weareensuringthatlocalcapabilitiesandexpertiseinsales,customerservice,merchandising,onlinepresence,golfeducationandfittinginitiativesareinplacetosupportouroperations.WecontinuetohirelocaltalentacrossallfunctionsinordertobetterpositiontheproductsofTitleistandFootJoyinthosemarketswhereparticipationandpopularityofthesportareexpectedtoincrease.

144

TableofContents

OurProducts

Wedesign,manufactureandmarketabroadrangeofproductsundertheTitleistandFootJoybrands.Bothbrandsarerecognizedasindustryleadersinperformance,quality,innovationanddesign.Ourproductsincludegolfballs,golfclubs,wedgesandputters,golfshoes,golfgloves,golfgearandgolfouterwearandapparel.

Titleist

Wedesign,manufactureandsellgolfballs,golfclubs,wedgesandputtersandgolfgearundertheTitleistbrand.NetsalesofTitleistproductsfortheyearsendedDecember31,2013,2014and2015were$1,081.4million,$1,116.0million,and$1,084.1million,respectively,ineachcaseapproximately73%ofourtotalnetsales.

145

Titleist Golf Balls Titleist Golf Clubs, Wedges and Putters

Titleist Golf Gear

• ProV1 • Drivers • Golfbags• ProV1x • Fairways • Headwear• NXTTour • Hybrids • Golfgloves• Velocity • Irons • Travelgear• DTTruSoft • VokeyDesignwedges • Headcovers• Pinnacle • ScottyCameronputters • Othergolfgear

FootJoy Shoes FootJoy Gloves FootJoy Outerwear and Apparel

• Traditional • Leatherconstruction • Performanceouterwear• Spikeless • Synthetic • Performancegolfapparel• Athletic • Leather/synthetic

combination • Golfleisurewomen's

apparel• Casual • Specialty

TableofContents

Titleist Golf Balls

Titleististhe#1ballingolf.The2016Titleistgolfballproductlineconsistsofsixmajormodels,eachdesignedtodeliverdifferentperformancecharacteristics,suchasdistance,flight,shortgamecontrol,feelanddurability.

ProV1andProV1xaredesignedtobethehighestperformingandqualitygolfballsforgolfersateverylevelofthegameandbestdemonstrateTitleist'sdesign,innovationandtechnologyleadership.ThefirstProV1golfballwasintroducedonthePGATourinOctober2000andlaunchedtothemarketinDecember2000.ItrepresentedthecoalescenceofthreeofTitleist'sindustryleadingtechnologies:largesolidcore;multi-componentconstruction;andhighperformance,thermosetcasturethaneelastomercovers.Initsfirstfourmonths,theProV1golfballbecamethebest-sellinggolfballandholdsthatpositiontothisday.Duringthistime,wealsosetouttocreateaballthatproducedlowerdriverspinandhigherlaunchcharacteristicsthantheProV1whileretainingitshighperformancescoringspin.Withitsfour-piece,dualcoredesign,theProV1xgolfballwasintroducedin2003.Wealsoprovidebest-in-classperformancewiththeNXTTour,NXTTourS,VelocityandDTTruSoftmodels.

Bycompetingatalowerpricepoint,Pinnaclecompletesafullproductofferingforus.Withtwomajormodels,RushandSoft,Pinnaclegolfballsarealsoavailableindifferentopticcolorsandplaynumbers.OurPinnacleBrandcompetesinthepricemarketsegment,whichallowstheTitleistbrandtofocusonthepremiumperformanceandperformancemarketsegmentsandreducestheneedtoextendtheTitleistbrandtothepricemarketsegment.ThisalsohelpstosupportthethousandsofgolfshopsthatchoosetoexclusivelystockTitleistandPinnaclegolfballs,allowingthemtooffergolfballsineachmarketsegmentwhichmarketsegmentswediscussedanddefinedbelow.

TitleistandPinnaclegolfballsaccountedfor$551.7million,or37.3%,$543.8million,or35.4%,and$535.5million,or35.6%,ofourtotalnetsalesfortheyearsendedDecember31,2013,2014and2015,respectively.

146

TableofContents

Weestimatethatweheldnearlyone-halfofthe2015globaltopgradewholesalegolfballmarket,whichweestimatewasapproximately$1.0billion,andheldleadershippositionsacrossthemostprofitablemarketsegments.Thetopgradewholesalegolfballmarketconsistsofallgolfballssoldinthewholesalemarketexcludingrangegolfballs,practicegolfballsordowngradedorrepurposedgolfballs.

• Thepremiumperformancemarketsegment(whichweestimatewasapproximately$490millionofthe2015globaltopgradewholesalegolfballmarket),whichweconsidertobegolfballsthataredesignedtomaximizetotalperformanceacrossallproductattributes,includingdistance,shortgamespinandcontrol,feelanddurability.TitleistProV1andProV1xgolfballsledthepremiumperformancesegmentwithovertwo-thirdsofthismarketsegment.

• Theperformancemarketsegment(whichweestimatewasapproximately$380millionofthe2015globaltopgradewholesalegolfballmarket),whichweconsidertobegolfballsthataredesignedtoprioritizedistance,goodshortgamespinandcontrol,feelanddurability,whilemaintainingalowerpricepointthanballsthatcompeteinthepremiumperformancemarketsegment.TitleistNXTTour,VelocityandDTgolfballsledtheperformancesegmentwithapproximatelyone-thirdofthismarketsegment.

• Thepricemarketsegment(whichweestimatewasapproximately$180millionofthe2015globaltopgradewholesalegolfballmarket),whichweconsidertobegolfballsthataredesignedtoprioritizedistance,feelanddurability,whiletargetingamoreaffordablepricepointthanballsthatcompeteinthepremiumperformanceandperformancemarketsegments.Wearealeaderinthepricemarketsegment.

ThetablebelowshowsthepercentageofgolfersthatusedTitleistgolfballsascomparedtoitsnearestcompetitorforspecificprofessionaltoursandrepresentativeamateurchampionshipsin2015.

147

TableofContents

Asshowninthetableabove,atmostamateurchampionships,Titleistrecordsevenhigherballcountsthanontheworldwideprofessionaltours.UnderTheRulesofGolfestablishedbythegame'sgoverningbodies,theUSGAandR&A,amateursarenotallowedtoreceivecompensationfortheuseorendorsementofanybrand'sequipment.Amateursfreelychoosewhatgolfballtheybelievewillhelpthemshoottheirlowestscores.WebelievetheirchoiceoftheTitleistgolfballfurthervalidatesthesuperiorperformanceandsuperiorqualityofTitleist.

Wearealsoaleaderincustomimprintedgolfballs.Thisincludesprintinghighqualityreproductionsofcorporatelogos,tournamentlogos,countrycluborresortlogos,andpersonalizationonTitleistandPinnaclegolfballs.Ourserviceincludesdesigncapabilities,specialpackagingoptionsandfastturnaroundtimes.Customimprintedgolfballsrepresentedover25%ofourglobalnetgolfballsalesfortheyearendedDecember31,2015.Themajorityofcustomimprintingisdoneforcorporatelogosastherehaslongbeenastrongconnectionbetweenthebusinesscommunityandgolf.

Titleist Golf Clubs, Wedges and Putters

WeviewandoperatetheTitleistgolfclubbusinessinthreedistinctcategories:clubs(whichincludesdrivers,fairways,hybridsandirons),wedgesandputters.Ourproductsaregenerallypricedatorabovethepremiumpricepointsinthemarketplace,drivenbyhigher-endtechnologies(includingdesign,materialsandprocesses)weemploytogeneratesuperiorqualityandperformance.Wehavedifferentmodelswithineachcategorytoaddressthedistinctperformanceneedsofourdedicatedgolfertargetaudience.Titleistgolfclubs,wedgesandputtersaccountedfor$395.7million,or26.8%,$422.4million,or27.5%,and$388.3million,or25.8%,ofourtotalnetsalesfortheyearsendedDecember31,2013,2014and2015,respectively.

ThetablebelowshowstheusagepercentagesandranksofTitleistgolfclubs,wedgesandputtersonthe2015PGATourandrepresentative2015championshipsintheUnitedStates.

TitleistClubs

Ourcurrentglobalclublineconsistsofthe915productlinesofdriversandfairways,the816productlineofhybridsandthe716productlineofirons.Everyproductinourglobalclublinefeaturespremium,tour-provenstockshaftsandgrips,complementedbyafullrangeofcustomoptions.

148

TableofContents

Titleist915driversandfairwaysaredesignedtodeliverperformancethroughtour-proventechnologiesthatincreaseballspeedanddecreasespinwithoutsacrificinglaunchandforgiveness.Wedesignourdriversandfairwaystodelivertotalperformancewithtour-preferredlooks,soundandfeel,andweoffertheabilitytopreciselyfitindividualgolfers'needs.

Titleist816hybridsgeneratelonggameperformancethroughadvancedtechnology.Theadvancedfeaturesofourhybridsaimtofacilitateprecisionfittingandgeneratehighballspeed,lowspinandhighlaunchforincreaseddistanceandforgiveness.

Titleist716ironsareinnovative,technologicallyadvancedproductsdesignedtodeliverdistance,forgiveness,propershotcontrolandfeel.Whileweofferstocksetconfigurationsforourironsets,approximately40%ofourworldwideironsalesarecustomfittohelpdeliverabetterfitandperformance.

WealsosellourVG3lineofclubs,whichconsistofmen'sandwomen'sdrivers,fairways,hybridsandironsofferedinJapanonly.TheseproductsfeaturedesignandconstructionspecificallytargetedtodedicatedgolfersinJapan.

VokeyDesignWedges

BobVokeychampionstheTitleistwedgeeffortbycreatinghighperformancewedgestomeetthedemandsofdedicatedgolfersandthebestplayersintheworld.TheVokeyDesignwedgeproductofferingisacompilationofthemostpopularwedgesresultingfromBobVokey'shands-onworkwithgolf'sbestplayerstodevelopshapesandsolesthataddressvaryingtechniquesandcourseconditions.Intotal,weoffer21uniqueloft,solegrindandbouncecombinationsandthreeuniquefinishestocreategolf'smostcompletewedgeproductperformancerange.Inaddition,Vokey'sonlineWedgeworksprogrampromoteslimitededitionmodelsandallowsgolferstocustomizeandpersonalizetheirwedges.VokeyDesignwedgesarethemostplayedwedgesbytourprofessionals.In2015,theyaccountedforover38%ofallwedgesinplayonthePGATour,wheretheyhavebeen#1everyyearsince2004.

149

TableofContents

ScottyCameronPutters

ScottyCameronFineMilledPuttersaredevelopedthroughaspecializedanditerativeprocessthatblendsartandsciencetocreatehighperformanceputters.Scotty'sdesigninspirationbeginswithstudyingthebestplayersintheworldandworkingwiththemtoidentifytheconsistentstrengthsandattributesoftheirputting.ScottyCameronencouragesaselectionprocessthatidentifiestheputterlength,toeflowandappearancetodeliverproperbalance,shaftflexandfeeltogolfersandtoencouragepropertechnique.ScottyCameronputtersconsistofarangeofproductsforeachofthesekeyselectioncriteria.In2015,overone-thirdoftheputtersplayedonthePGATourwereScottyCameronputters,andoverthepast21years,ScottyCameronputtershavehelpedplayerswinover1,100tournamentsontheworldwideprofessionaltours.

Usingthescottycameron.comwebsiteasaninformationandserviceshub,weofferloyalbrandfanstheopportunitytoconnectmorecloselywiththeScottyCameronbrand.Golferscancustomizeandpersonalizetheirputter(s)intheon-lineScottyCameronCustomShop.Throughthepopular"ClubCameron"loyaltyprogramandScotty'son-line"StudioStore,"brandfanscanpurchaseuniqueScottyCameronaccessories.In2014,wealsoopenedtheScottyCameronGalleryinEncinitas,California,apremiumretailboutiquewhichoffersconsumerstheabilitytoexperiencethetourfittingprocessaswellaspurchaseuniqueaccessoryitems.

Titleist Golf Gear

Titleistgolfgearproductsaredesignedandengineeredusingpremiummaterials,payingparticularattentiontosuperiorperformance,functionandstyle.Wefocusonthedesignanddevelopmentofgolfbags,headwear,gloves,travelgear,headcoversandothergolfgear.WeprovidepersonalizationandcustomizationwithineachcategoryofTitleistgolfgear,aswellascertainlicensedproducts,inordertomeettheneedsofthededicatedgolferandaspartofourservicetoouraccounts.Webelievethegolfgearbusinessrepresentsasizablebuthighlyfragmentedopportunitywithnumerouscompetitorsineachproductcategoryandgeographicalmarket.Titleistgolfgearaccountedfor$117.0million,or7.9%,$127.9million,or8.3%,and$129.4million,or8.6%,ofournetsalesfortheyearsendedDecember31,2013,2014and2015,respectively.

150

TableofContents

Titleistgolfgearincludes:

• Golf Bags. Ourgolfbagsaredesignedandengineeredwithavarietyofmodelspossessingdistinctfeaturesandbenefits,includingourTourStaff,CartandCarrymodels.TheTitleistTourStaff,CartandCarrygolfbagsareleadingproductssoldatpremiumpricesthroughoutourworldwidedistributionnetwork.AccordingtoGolfDatatech,ourshareofU.S.netsalesofgolfbagsfromon-coursegolfshopsandgolfspecialtyretailerswasapproximately18%fortheyearendedDecember31,2015,andourprincipalcompetitorsinthiscategoryincludeSunMountain,PingandCallaway.

• Headwear. Titleistheadwearisdesignedanddevelopedwithadvancedfabricationsandconstructiontoprovideperformancebenefitsaswellasdesirablestylingforthededicatedgolfer.Ourheadwearseekstodeliverbenefitssuchasmoisturemanagement,UVprotections,asecurefitanddurability.Weoffermanyuniqueproductmodelswithinourheadwearlinesthatincludefittedheadwear,adjustableheadwear,visorsandweatherprotection,includingwaterproofandcoldweatherstyles.

• Golf Gloves. OurTitleistgolfgloveproductportfolioisledbythePlayersGlove,whichisthechoiceofmanyleadingprofessionalsaroundtheglobeandatopmodelwithaccounts.WeofferaselectgroupofmodelsinmostmarketsthatincludesthePlayersGlove,thePlayers-FlexGloveandthePerma-SoftGloveaswellasthePlayersCustomGloveandtheQ-MarkCustomGlove,whicharecustomizablemodels.TheTitleistglovebusinessisstrategicallyalignedwiththeFootJoyglovebusinesstoensureacomprehensiveproductportfolioforouraccountsandcomplementarybenefittous.

151

TableofContents

• Travel Gear. Titleisttravelgearisofferedtoservethebusinessandlifestyleneedsofourdedicatedgolferaudience.Meticulouslyconstructedwithpremiummaterials,ourdifferentmodelsoftravelgeararethoughtfullydesignedwithadvancedfabricationsandconstructiontoprovidefunctionality,qualityanddurability.Weofferarangeofmodelsincludinggolfclubtravelbags,cabinbags,backpacks,duffelbagsandwheeledrollerbags,aswellasmessengerbagsandbriefcases.

• Head Covers and Other Golf Gear. Titleistservesthelifestyleandperformanceneedsofourdedicatedgolferaudiencewithavarietyofotherproductsincludingheadcovers,umbrellas,towels,bagcovers,shagbags,valuablepouchesandcoldweathergear.

FootJoyGolfWear

FootJoyisoneofgolf'sleadingperformancewearbrands,whichconsistscollectivelyofgolfshoes,glovesandapparel.NetsalesforFootJoyproductsfortheyearsendedDecember31,2013,2014and2015were$395.8million,or26.8%,$421.6million,or27.4%,and$418.9million,or27.9%,respectively,ofournetsales.

FootJoy Golf Shoes

FootJoyisthe#1shoeingolfandhasbeenthe#1shoeonthePGATourforoversixdecades.Withanexclusivefocusongolf,FootJoyshoesaredesigned,developedandmanufacturedforallgolfersinallgolfshoecategories,includingtraditional,casual,athleticandspikeless.Wearethegloballeaderingolfshoeswithapproximatelyone-thirdofthe2015globalwholesalegolfshoemarket,whichweestimatewasapproximately$600million.

Thegolfshoecategoryisoneofthemostdemandingofallwearablesasgolfshoesmustperforminallweatherconditions,includingextremetemperatureandmoistureexposure;beresistanttopesticidesandfungicides;withstandfrequentusageandextensiveroundsofplay;andprovideconsistentcomfort,supportandprotectiontothegolferinanaverageofoverfivemilesinawalkedround.Hence,golfshoesrequireextensiveknowledgeandexpertiseinfootmorphology,walkingandswing

152

TableofContents

biomechanics,materialscienceandapplicationandsophisticatedmanufacturingandconstructiontechniques.

Golfshoesarealsoastyleandfashiondrivencategory.FootJoyoffersalargeassortmentofstylestosuittheneedsandtastesofallgolfers.Althoughithasproductsthatcatertoallsegmentsofthevaluechain,88%ofits171stylesintheUnitedStatesgolfshoeofferingasofDecember31,2015wereinthesuperpremium(greaterthan$150MSRP)orpremium(greaterthan$100MSRP)revenuecategories.ThebreadthandscopeoftheFootJoyproductlineiscommensuratewithitsleadingsalesposition.Tomaintainandgrowthisleadershippositioninthecategory,newproductlaunchesandnewstylescompriseover60%ofitsofferingseachyearinallsignificantmarketsaroundtheworld.

AlthoughFootJoyseeksthegreatestuseatalllevelsofthegame,itenjoystheleadingusagebythemostofthebestplayers.ThetablebelowshowsthepercentageofprofessionalgolfersthatusedFootJoyshoesascomparedtoitsnearestcompetitorforrepresentativeprofessionaltoursin2015.

Inadditiontoitsstockofferings,FootJoyisaleaderinthecustomizationofgolfshoestylesanddesigns.FootJoy'sMyJoyscustomgolfshoeportalprovidesindividualchoicesforstyle,color,personalIDsandteamlogosthatareproducedtoorderforgolfersaroundtheworld.Webelieveitisthelargestchoiceofferinginthegolfshoecategoryandprovidesaserviceandpersonalexpressioncapabilitythatcreatesbrandloyaltyandrepeatpurchases.

FootJoy Gloves

FootJoyisthe#1gloveingolf.Wearethegloballeaderingolfgloveswithapproximatelyone-thirdofthe2015globalwholesalegolfglovemarket,whichweestimatewasapproximately$230million.FootJoyisoverthreetimeslargerthanTitleistinthecategory,whichisthe#2brandworldwideinsales.FootJoyistheleaderinsalesforallsub-categoriesoftheglovebusiness,including

153

TableofContents

leatherconstruction,synthetic,leather/syntheticcombinationsandallspecialtyglovesincludingrainandwinterspecificofferings.

Asinthegolfshoecategory,FootJoyhasalongstandingleadershippositionintheglovebusinessthatistheresultofadeepunderstandingofgolferneedsandexpectationsforperformance,fit,comfortandquality.FootJoyoffersthelargestvarietyofglovedesignsandspecificationstomeettheneedsofallgolfers,includinghighquality,thinleatherconstruction,advancedsyntheticsandleather/syntheticcombinations,andspecialtyapplicationssuchastheworld'sleadingrainandwintergolfgloves.FootJoyhasenjoyedleadershipofthecategorysincethemid-1980sandisthemarketleaderineverysignificantgolfmarketaroundtheworld.ThetablebelowshowsthepercentageofprofessionalgolfersthatusedFootJoyandTitleistglovesascomparedtotheirnearestcompetitorforrepresentativeprofessionaltoursin2015.

FootJoy Outerwear and Apparel

FootJoy'smostrecentbrandextensionshavebeentheentryintothegolfouterwearandgolfapparelmarkets.FootJoy'sgoalforouterwearisto"makeeverydayplayable"andextendthegolfseasonbyprovidingproductsforrain,windandcoldconditions.FootJoyenteredtheouterwearcategoryin1996withinnovativedesignsandmaterialsandbecametheleaderinnetsalesintheUnitedStatesby2005andstillholdsthispositiontoday.AccordingtoGolfDatatech,ourshareofU.S.netsalesofgolfouterwearfromon-coursegolfshopsandgolfspecialtyretailerswasapproximately24%fortheyearendedDecember31,2015,andourprincipalcompetitorsinthiscategoryincludeNike,

154

TableofContents

ZeroRestrictionandAdidas.Thebrand'slongertermgoalistoestablishitselfasthe#1golfouterwearproductworldwide.

TheFootJoyouterwearlineispredicatedontheFootJoyLayeringSystemwiththreelayers:baselayerformoisturemanagement,midlayerfortemperaturecontrolandanouterlayerforweatherprotection.Thelayersystemallowsforeasyadjustmentonthecoursewithmaximumcomfortandprotection.Asinitssuccessfulgolfshoeandglovecategories,FootJoyouterwearbuiltitsleadershippositionintheUnitedStatesbyutilizingpremiummaterialsanddesignknow-howtobuildacompleteofferingofspecializedproductstomeettheuniqueneedsofthegolferinallweatherextremes.

FootJoyfullyenteredtheadjacentcategoryofgeneralgolfapparelin2012withatightlyfocusedofferingformenintheU.S.market.ThelinewasextendedtomarketsinEuropeandAsiainthefollowingyearsandnowenjoyswideappealandagrowingshareinmostmarketsaroundtheworld.Webelieveitisoneofthefastestgrowingbrandsinthemen'sgeneralgolfapparelmarket.AccordingtoGolfDatatech,ourshareofU.S.netsalesofmen'sgeneralgolfapparelandouterwearfromon-coursegolfshopsandgolfspecialtyretailerswasapproximately10%,fortheyearendedDecember31,2015.Thegeneralgolfapparelmarketrepresentsasizablebuthighlyfragmentedopportunitywithnumerouscompetitorsineachgeographicalmarket,includingNike,AdidasandUnderArmour.

FootJoymorebroadlyenteredtheU.S.women'sgolfapparelmarketinearly2016underthetrademarkGolfleisure.Thestylingisappropriateforgolfandinspiredbythecurrentathleisuresegmentofwomen'sapparelinothercategoriesanduses.AccordingtoGolfDatatechourshareofU.S.netsalesofwomen'sgolfapparelandouterwearfromon-coursegolfshopsandgolfspecialtyretailerswasapproximately3%fortheyearendedDecember31,2015,andourprincipalcompetitors

155

TableofContents

inthiscategoryincludeNike,EPProandAdidas.PlansincludeexpansionofdistributiontoothermarketsinEuropeandAsiaduring2017.

ProductLaunchCycles

Wemaintaindifferentiatedanddisciplinedproductlaunchcyclesacrossourportfolio,whichhascontributedtostableandresilientgrowthoverthelong-run.ThisapproachgivesourR&Dteamsaperiodoftimewebelieveisnecessarytodevelopsuperiorperformingproductsversusthepriorgenerationmodels.Asaresult,weareabletomanageourproducttransitionsandinventoryfromonegenerationtothenextmoreefficientlyandeffectively,bothinternallyandwithourtradepartners.

Productintroductionsgenerallystimulatenetsalesasthegolfretailchanneltakesoninventoryofnewproducts.Reordersofthesenewproductsthendependontherateofsell-through.Announcementsofnewproductscanoftencauseourcustomerstodeferpurchasingadditionalgolfequipmentuntilournewproductsareavailable.Thevaryingproductintroductioncyclesdescribedbelowmaycauseourresultsofoperationstofluctuateaseachproductlinehasdifferentvolumes,pricesandmargins.

Titleist Golf Balls Segment

WelaunchnewTitleistgolfballmodelsonatwo-yearcycle,withnewproductlaunchesofProV1andProV1x,ourpremiumperformancemodels,generallyoccurringinthefirstquarterofodd-numberedyearsandnewproductlaunchesofNXTTour,VelocityandDT,ourperformancemodels,generallyoccurringinthefirstquarterofeven-numberedyears.Fornewgolfballmodels,salesoccuratahigherrateintheyearoftheinitiallaunchthaninthesecondyear.GiventheProV1franchiseisourhighestvolumeandourhighestpricedproduct,wetypicallyhavehighernetsalesinourTitleistgolfballsegmentinodd-numberedyears.

Titleist Golf Clubs Segment

WegenerallylaunchnewTitleistgolfclubmodelsonatwo-yearcycle.Sincethefallof2014,wehavegenerallyusedthefollowingproductlaunchcycle,andatpresentweanticipatecontinuingtouse

156

TableofContents

thisproductlaunchcyclegoingforwardbecausewebelieveitalignsourlauncheswiththepurchasehabitsofdedicatedgolfers.Ingeneral,welaunch:

• driversandfairwaysinthefourthquarterofeven-numberedyears,whichtypicallyresultsinanincreaseinsalesofdriversandfairwaysduringsuchquarterbecauseretailerstakeoninitialsuppliesoftheseproductsasstockinventory,withincreasedsalesgeneratedbysuchnewproductscontinuingthefollowingspringorsummerofodd-numberedyears;

• ironsandhybridsinthefourthquarterofodd-numberedyears,withthemajorityofsalesgeneratedbysuchnewproductsoccurringinthefollowingspringorsummerofeven-numberedyearsbecauseahigherpercentageofournewironsandhybridsascomparedtoourdriversandfairwaysaresoldthroughonacustomfitbasisandthespringorsummeriswhengolferstendtomakesuchcustomfitpurchases;

• VokeyDesignwedgesinthefirstquarterofeven-numberedyears,withthemajorityofsalesgeneratedbysuchnewproductsoccurringinthespringorsummerofsucheven-numberedyears;

• ScottyCameronputtersinthefirstquarter,withtheSelectmodelslaunchedineven-numberedyearsandtheFuturamodelslaunchedinodd-numberedyears,withthemajorityofsalesgeneratedbysuchnewproductsoccurringinthespringorsummeroftheyearinwhichtheyarelaunched;and

• Japan-specificVG3drivers,fairways,hybridsandironsinthefirstquarterofeven-numberedyears,withthemajorityofsalesgeneratedbysuchnewproductsoccurringinthespringandsummerofsucheven-numberedyears.

Asaresultofthisproductlaunchcycle,wegenerallyexpecttohavehighernetsalesinourTitleistgolfclubsegmentineven-numberedyearsduetothefollowingfactors:

• themajorityofsalesgeneratedbynewironsandhybridslaunchedinthefourthquarterofodd-numberedyearsisexpectedtooccurinthespringandsummerofthefollowingeven-numberedyears;

• themajorityofsalesgeneratedbynewVokeyDesignwedgeslaunchedinthefirstquarterofeven-numberedyearsisexpectedtooccurinsucheven-numberedyears;

• themajorityofsalesgeneratedbynewScottyCameronSelectlineofputterslaunchedinthefirstquarterofeven-numberedyearsisexpectedtooccurinsucheven-numberedyears;

• themajorityofsalesgeneratedbynewJapan-specificVG3drivers,fairways,hybridsandironslaunchedinthefirstquarterofeven-numberedyearsisexpectedtooccurinsucheven-numberedyears;and

157

TableofContents

• theincreaseinsalesofnewdriversandfairwayslaunchedinthefourthquarterofeven-numberedyearsduetotheinitialsell-inoftheseproductsduringsuchquarter.

Titleist Golf Gear and FootJoy Golf Wear Segments

OurFootJoygolfwearandTitleistgolfgearbusinessesarenotsubjecttothesamedegreeofcyclicalfluctuationasourgolfballandgolfclubbusinessesasnewproductofferingsandstylesaregenerallyintroducedeachyearandatdifferenttimesduringtheyear.

158

TableofContents

ManufacturingExcellence

Ourmanufacturingprocessesandmanagementofsupplychainoperationsensureconsistencyofproductperformanceandquality.Weownorcontrolthedesign,sourcing,manufacturing,packaginganddistributionofourproducts.

Manufacturing Network

Ourmanufacturingnetworkiscomprisedofourownedfacilitiesandselectpartnersaroundtheglobe.Ourscaleandglobalreachenableustomaximizecostefficiency,reduceleadtime,provideregionalcustomizationandgaininsightsintolocalmarkets.

Wearethelargestscopeandscalegolfballmanufacturerintheworldwiththreecompany-ownedandoperatedmanufacturingfacilities,twolocatedintheUnitedStatesandoneinThailand,encompassing600,000totalsquarefeetwithsufficientproductioncapacitytomeetanticipatedgrowth.WealsohavelocalcustomgolfballimprintingoperationsintheUnitedStates,Japan,Canada,theU.K.(servicingtheU.K.,IrelandandcontinentalEurope),KoreaandChinatodeliversuperiorreproductionqualityandservice.Weutilizequalifiedlocalvendorsforimprintingcapabilitiesinothergeographicmarkets.

Weassembleclubsatsixstrategicgloballocations,allowingustoprovidecustomfittedgolfclubswithregionalcustomizationwithefficientturnaroundtimes.Eachofoursixcustommanufacturinglocationsisresponsibleforsupplychainexecutionforgolfclubsandwedges,fromforecastgenerationtocomponentprocurementtoclubassemblyanddistribution,allowingeachregiontorespondtomarketspecificneedsortrends.ScottyCameronputtersareassembledsolelyatourCarlsbad,Californiamanufacturingfacility.

WeownandoperatethelargestgolfglovemanufacturingoperationintheworldinChonburi,Thailandwhichemploysnearly1,500workers,wherewemanufacturebothFootJoyandTitleistgolfgloves.Thefactoryproducesover10millionFootJoyandTitleistglovesperannum.

AllofourFootJoygolfshoesaremanufacturedina525,000squarefootfacilityinFuzhou,China,ownedbyajointventureinwhichwehavea40%interestwiththeremaining60%ownedbyourlong-standingTaiwansupplypartners.Inourconsolidatedfinancialstatements,weconsolidatetheaccountsofourFootJoygolfshoejointventure,whichisavariableinterestentity,orVIE.Thejoint

159

TableofContents

venturewasestablishedin1995andhasbeeninitscurrentfacilitysince2000.ThesolepurposeofthejointventureistomanufactureourgolfshoesandassuchwearedeemedtobetheprimarybeneficiaryoftheVIEasdefinedbyASC810.Themulti-floor/multi-buildingcomplexownedbythejointventureisdevotedexclusivelytoFootJoygolfshoes,hasproductioncapacityofnearly5millionpairsperannumandisstaffedbyover2,700workers.See"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—ComponentsofourResultsofOperations—NoncontrollingInterests"foradiscussionofourFootJoygolfshoejointventureandthematerialtermsoftheagreementwhichgovernssuchjointventurearrangement.

Vertical Integration

Ourverticallyintegratedapproachtomanufacturingisatthecoreofourconsistentproductqualityandresultinghighcustomersatisfaction.Ourgolfballs,golfglovesandgolfshoesoperationsenjoysignificantverticalintegration,wherebywedesigneachproduct,sourcetherawmaterials,andthenmanufacture,finishandpackageatourownedfacilities.Wedesignourgolfclubs,golfwearandgolfgearproductsinternallyandsourcethecomponentsorfinishedgoodsfromselectvendorsthatdevelopandmanufactureourdesigns.Westructureourmanufacturingandsourcingoperationsbasedontheavailabilityofbest-in-classmanufacturersandvendors.Wechoosetomaintainaverticallyintegratedapproachinthoseproductcategorieswherewebelievetherearenothird-partyvendorswhomeetourhighstandardsandwhereweareabletoachieveeconomiesofscale.

ThegolfballsupplychainisourmostverticallyintegratedandourgolfballoperationsteamworkscloselywithourR&Dteamsandkeyrawmaterialsuppliers.WedesigneveryTitleistandPinnaclegolfball,sourcetherawmaterials,andthenmanufacture,finishandpackageoveronemilliongolfballsperproductionday.

FootJoyhasalongstandinghistoryofsuccessfulverticallyintegratedmanufacturinginitsshoeandglovebusinesses.Wedesignallfacetsoftheshoe,includingupperpatterns,insoles,outsolesandtractionelements.Rawmaterialsfortheuppersandinsolesandcomponentpartsfortheoutsolesandtractionelementsaresourcedaroundtheworldthroughindependentthirdpartysuppliers.AllofourgolfshoesarethenmanufacturedinourjointventurefacilityinFuzhou,China.Inourgolfglovebusiness,wedesigneachproduct,sourceallrawmaterialsandthenmanufacturesubstantiallyallofthefinishedproducts.

OurTitleistgolfcluboperationsteamworkscloselywithourR&Dteamsandkeycomponentsupplierstodesignandproducetechnologicallyadvancedandhighqualityclubs,wedgesandputters.Theircollectiveeffortscontinuetoidentifyandemploynewmaterials,newprocessesandnewmachinerythatareusedtoimproveperformanceandquality,aswellastoreduceleadtimesandproductcosts.Lastly,eachproductisinspectedpriortoshipmentatpointoforiginbythesupplier,andinthecaseofheads,alsobyourownqualitypersonnel,andallproductsareauditedatthereceivingfacility.

AcoordinatedinternalteamdesignsandsourcesthefinishedgoodsforallFootJoyouterwearandapparelproducts.Overthelasttwentyyears,wehavecreatedlong-standingrelationshipswithseveralindependentsupplygroupsthathaveexpertiseandqualitycapabilitiesconsistentwithFootJoy'shighstandardsandspecifications.Noonesourceofsupplyprovidesmorethan50%ofourannualneedsinthesecategories.

Raw Materials, Product Components and Finished Goods Supply and Sourcing

Wehavealignedwithaselectfewindustryleaderscapableofmeetingourqualitystandardsandperformancerequirementswithrespecttothesupplyofourrawmaterials,productcomponentsandfinishedgoods.

160

TableofContents

Forourgolfballsbusiness,wecarefullyselectourrawmaterialsaswellasoursourcesbasedonquality,costefficiencyandriskmanagement.Ourhighestrawmaterialconsumptionforgolfballs,inorder,ispolybutadiene,ionomers,zincdiacrylate(ZDA),urethane,andcoatings.Tomitigateriskofsupplydisruptionofpolybutadieneorionomers,wemanageinventorylevelsandstoreadditionalinventoryduringthetraditionalhurricaneseasonintheUnitedStatesbecausecertainsignificantsuppliershaveinthepastandmayinthefuturebeimpactedbyhurricanes.Forpolybutadiene,ZDA,urethaneandcoatings,weuseeithermultiplesuppliersormultipleproductionfacilities,somewithgeographicseparation,toreducetheriskofrawmaterialshortages.Additionally,weutilizeacloud-basedglobalsupplierriskmonitoringtoolwhichprovidesalertsinoursupplychaininareassuchasfinancial/credit,geographic/climactic,political,organizationalchanges,transportationandlabor/wages.

Wesourcetherawmaterialsforourgolfgloveandgolfshoebusinesses,andcertainofthecomponentsforourgolfshoebusiness,fromaselectgroupofthird-partysuppliers.

WehaveexcellentlongtermrelationshipswithourTitleistgolfclubsupplierpartners,andtheysupplythemajorityofourmorethan4,000componentSKUs.Thesekeypartnershipshaveallowedustoreduceleadtimesbyanaverageof60%overthepast5years,whilealsoreducingcomponentandfinishedgoodsinventory,ensuringon-handavailability,increasingourresponsivenesstocustomerdemandandimprovingsupplychaincontinuity.

Forourgolfgearbusinesses,wesourcethefinishedproductsfromselectthird-partyvendorsthathavethenecessaryqualitycapabilities.

FootJoyoperatesanapparelandaccessorycommercialofficeinHongKongthatisstaffedwitheightassociates.Theseindividualsarehighlytrainedinallaspectsofappareldesignanddevelopment,production,andqualitycontrolfunctions,directingallcommercialsourcingactivitiesamongcontractfactoriesthroughouttheregion.InadditiontotheeightassociatesinHongKong,FootJoyalsoemploystwoqualitycontrolinspectorsinChinaandoneinVietnamforcarefulmonitoringofallFootJoyapparelproduction.

SalesandDistribution

Ouraccountsconsistofpremiumgolfshops,whichincludeon-coursegolfshopsandgolfspecialtyretailers,aswellasotherqualifiedretailersthatsellgolfproductstoconsumersworldwide.Wehaveaselectivesalesanddistributionstrategy,differentiatedbyproductlineandgeography,whichfocusesoneffectivelyservingthoseaccountsthatprovidebestaccesstoourdedicatedgolfertargetmarketineachgeographicmarket.

Weoperate,andhaveourownfieldsalesrepresentation,inthosecountriesthatrepresentthesubstantialmajorityofgolfequipmentandwearablesales,includingtheUnitedStates,Japan,Korea,theUnitedKingdom,Canada,Germany,Sweden,France,GreaterChina,Australia,NewZealand,Thailand,SingaporeandMalaysia.Inothercountriesinwhichwesellourproducts,werelyonselectdistributorsinordertodeepenourreachintothosemarkets.Eachcountryadministersitsownin-countrychannelofdistributionstrategygiventheuniquecharacteristicsofeachmarket.

Asweseeourretailpartnersasacriticalconnectiontodedicatedgolfers,weplacegreatemphasisonbuildingstrongrelationshipsandtrustwiththem.Asaresult,oursalesanddistributiontakesa"categorymanagement"approachthatencompassesallaspectsofcustomerserviceandfulfillment,includingproductselection;spaceanddisplayplanning;salesstafftraining;andinventorycontrolandreplenishment.Eachsalesrepresentativeisseenasatrustedpartnerandskilledconsultant,includingontopicssuchasshoplayout,merchandisedisplaytechniquesandeffectiveuseofsignageandproductinformationandmethodsofimprovinginventoryturnsandsalesconversionsthroughmerchandising.Oursalesforcehasbeenrecognizedworldwideforitsprofessionalismandserviceexcellence.

161

TableofContents

Weemployover350salesrepresentativesworldwide,whoarecompensatedthroughacombinationofsalaryandaperformancebonus.IntheUnitedStates,membersofourTitleistandFootJoysalesteamaveragealmost20yearsofexperience.Wecurrentlyservicemorethan31,000directaccountsworldwide.Inbothourdirectsalesanddistributormarkets,ourtradepartnersaresubjecttoourredistributionpolicy.

Titleisthasdevelopedaglobaldistributionnetworkinwhichmostofthemajorgolfregionshavelocaldistributionoperationsthatmaintaininventoriesforexceptionalserviceandfulfillmentofstockproducts.Localcustomoperations,forbothgolfballsandgolfclubs,provideefficientturnaroundtimeoncustomimprintedorcustomfittedproducts.Inaddition,Titleistpromotesitspartnersastheequipmentandfittingexpertsandencouragesgolferstoseektheirexpertiseandadvice.Together,Titleistanditspartnersenrichthegolferexperiencewithbetterproducts,education,equipmentfittingandservice.

FootJoy'stradepartnersineveryregionareprovidedwithregulareducationalseminarsinproductfeaturesandbenefits;inventorycontrolmethods;propermerchandisinganddisplaytechniques;andeventraininginshoeandglovefitting.Theseminarsaresupplementedbyonlinetrainingmodulesthatextendthecontenttoamuchwideraudienceoffloorsalesassociatesinallaccounts.

SupplementingourcorefieldsalespartnershipsarecertainInternet-basedinitiatives.WealsolaunchedaU.S.eCommercewebsiteforFootJoyinearly2016,launchedtheMyProV1.comonlinegolfshopin2016,andplantolaunchaU.S.eCommercewebsiteforTitleistgolfgearinthesecondhalfof2017.

Marketing

Throughoutourhistory,acommitmenttomarketinghashelpedfurtherelevateourbrandsandstrengthenourreputationforproductperformanceandquality,withaparticularfocusontheperceptionofdedicatedgolfers.Ourstrategybeginswithdeliveringequipmentthatissuperiorinperformanceandquality,validatedbythepyramidofinfluence.Itisbest-in-classperformanceandqualityproductsthatearnandmaintaindedicatedgolfers'loyaltyandtrust.Ourmarketingstrategy,developedandrefinedovermanyyears,helpsreinforcethisloyaltyandtrust,drivingconnectivitywithourbrands.

Thekeycornerstonestobuildandstrengthengolferconnectionswithourbrandsare:pyramidofinfluencevalidation;merchandising;advertising;andeducationandfitting.WebelievethatamoreeducatedgolferismorelikelytobeaTitleistandFootJoygolfer.Oureffortscontributetoconsistent,responsiveandrapidsell-throughofTitleistequipmentandFootJoywearforourtradepartners.

Pyramid of Influence Validation

Broadusageandacceptancebythegame'sbestplayers,includingtourplayers,clubprofessionalsandcompetitiveamateurs,isfundamentaltoourmissionandpurpose.Wehaveagloballeadershipteamdedicatedtoservicingandsupportingthesegolfersthroughoutthepyramidofinfluence.Atprofessionalandamateurevents,theleadershipteamprovidestechnicalfittingexpertise,productsupportandservicetoeffectivelyrepresent,exhibit,recommendandcommunicateourpremiumperformanceandqualitystory.Ourassociatesaretrainedproductexperts,manyofwhomareproductcategory-specific,whosegoalistoarmplayerswiththeequipmentthatwillenablethemtoperformattheirhighestlevel.

CommunicatingthestrengthanddepthofTitleist'sandFootJoy'spyramidofinfluenceusagetothededicatedgolferisanotheressentialpartofourleadershipstrategy.Withinouradvertising,merchandising,websitesandotherdigitalmediacontent,wesharetheequipmentcounts,specificproductsandspecificationsandtheresultsofourplayers.Ourproductsenjoybroadusageand

162

TableofContents

acceptancethroughoutthepyramidofinfluence.Dedicatedgolfersareinterestedinwhatproductsmostoftheworld'sbestplayerstrust.

Merchandising

Excellenceinmerchandising,theretailformatinwhichourproductsarepresentedtotheconsumer,isanothersell-throughcompetency.Theroleofmerchandisingvariesbyproductcategory.WebelieveTitleististhegolfballleaderinitsin-shopmerchandising,andthatTitleistgolfballsmakethefirstimpression,bestimpressionandlongestlastingimpressioninpremiumgolfshops.Wealsobelievethatthesepremiumgolfshopsarewhereourdedicatedgolfertargetaudienceismostlikelytoshopfortheirgolfequipmentneeds.Wehaveplacedover20,000golfballdisplaysgloballyinordertoeffectivelymerchandiseTitleistandPinnaclegolfballs.

Titleistgolfclubs,wedgesandputtersalsomaintainapremiummerchandisingpresenceingolfshops.Giventhatourcorestrategyisfocusedonsellingcustomfitgolfclubsandwedges,weutilizedisplaystopromotetheproductofferingandofferdemotrialsets,inmanycasesnotinanattempttogenerateanimmediatesalebutratherwiththeultimategoalofencouraginggolferstoscheduleafittingsession.

WearecommittedtoensuringthatTitleistgolfgearisprominentlymerchandised.Wecontinuetoinvestinbothdisplaysandtrainingforeachofthegolfbag,headwear,glove,travelandheadcoverproductcategories.

FootJoydevotesconsiderableresourcestotheappearanceofitsproductsanddisplaysatpointofsale.Thisincludesanextensiveofferingoffixedandtemporaryproductdisplays,brandandproductsigningandgraphicsandawidevarietyofvisualtoolstocreatea"shopinshop"environmentthatconveysthebrand'smarketleadershipimage.

Advertising

Wedrivebrandandproductawarenesswithacommunicationstrategythattargetsdedicatedgolfersinallformsofmedia,includingtelevision,print,andawidevarietyofdigitalandsocialmediaforums.Ouradvertisingstrategyisfocusedoncommunicatingthelaunchofnewproductstogenerateawarenessandhighlightourproductperformanceandqualitycompetitiveadvantage.Ouradvertising

163

TableofContents

servesasanothereducationaltooltoconveythetechnologyandinnovationbehindourproductsandtheresultingperformancebenefitsforgolfers.

Wehavedevelopedstrongrelationshipswithourmediapartnersinordertosecureprominentandeffectivepositioning.Weusebroaderreachgolfmediavehiclesforgolfball,golfshoeandgolfgloveadvertisingandamoretargetedapproachforgolfclubs,wedgesandputtersandapparel.

Titleist.comandFootJoy.comarevitalpartsofourcommunicationstrategywithrichproduct,technologyandfittingcontent.Oursitesalsoprovidelocatorsforgolfshops,advancedfittingcentersandcertifiedcustomclubfitters.Wedevelopasignificantamountofdigitaleducationalcontent,featuringtourplayers,clubprofessionalsandourR&Dassociates,thatisdistributedtodedicatedgolfersviaoursocialmediaplatforms.OverthelastseveralyearswehavecultivatedalargeandgrowingfollowingonsocialmediaplatformsincludingFacebook,TwitterandInstagramasaresultofthiscontent.In2016,TitleistlaunchedtheMyProV1.comonlinegolfshoptodevelopastrongerlinkwithdedicatedTitleistbrandfans.Thismicrositeallowsgolferstocreateandpurchasetheirownunique,customimprintedProV1orProV1xgolfballswithspecialplaynumbers,logosorpersonalization.WebelievethistoolwillincreasethelikelihoodofrepurchaseandloyaltytoTitleistgolfballs.

TeamTitleistisagrowingonlinecommunityofavidgolfersandTitleistfansthathasbeeninstrumentalinestablishingthedirectcommunicationlinkbetweenusandourmostloyalcustomers.MembersofTeamTitleistaregivenexclusiveaccesstointeractwithTitleistassociatesaswellasotherTeamTitleistmembersbothinpersonandonline.TeamTitleistalsoprovidesustheplatformfordirectlycommunicatingnewproductinformation,tournews,customfittingeducationandreferralsandeventschedules.

TheFJCommunityisanonlinegroupofavidgolferswhoshareapassionforthegameofgolfandFootJoygolfwear.Whatbegan10yearsagoasamethodofreachinggolfersonadirectbasishasevolvedintoanopencommunityof50,000committedgolferswhoconnectwiththebrandandoneanother.Asengagementlevelsincrease,membersearnaccesstonewproductintroductionsandopportunitiestoparticipateinuniquepromotionsandevents.

Education and Fitting

Oneofourcorestrategiesandcompetenciesisgolfballandgolfclubeducationandfitting.Wealsohaveinplaceseveralgolfshoefittinginitiativesaimedateducatinggolfersontheimportanceofpropershoefitting.Wearecommittedtoeducatingourtradepartnersanddedicatedgolfersonourproductperformanceandtechnology.Playingwithproperlyfitequipmenthelpsgolfersshootlowerscores.Whengolfersplaybetter,theywanttoplaymore.

GolfBallEducationandFitting

Webelieveperformanceandqualitydifferencesbetweengolfballbrandsandmodelsaregamechanging.Inorderforgolferstoshoottheirlowestscores,itisimportantthattheyfindthebestballsuitedtotheirgame,asitistheonlypieceofequipmentthattheywilluseoneveryshot.Asthegolfballcategoryleaderandagloballeaderingolfballfittingandeducation,wearecommittedtohelpgolfersunderstandandappreciatethedifferentiatinganddefiningcharacteristicsofTitleistgolfballs,aswellasthedifferencesbetweenthevariousTitleistgolfballproducts.

Titleistgolfballeducationandfittingisperformance-basedandfocusesonimprovingscores.Ourmethodologyisgreen-to-teewithanemphasisnotonshotshitoffoftheteebutratheronshotshitintothegreenasthatiswherethevastmajorityofshotsperroundaremade.Prioritizingshortgamespinperformancehelpsgolfershitmoreshotsclosertothepintoenablethemtoconvertmoreputts.

164

TableofContents

Oureducationprogramalsoreinforcestheimportanceofgolfballtogolfballconsistency.GolferstrustthataTitleistgolfballwillperformexactlythewaytheyexpectittoiftheyhittheirshotproperly.

OurapproachtogolfballeducationandfittingisholisticandincludesbroadcommunicationmessaginginTitleistgolfballadvertising,in-shopmerchandising,websiteandotherdigitalmedia,tradepartnergolfballcertificationandin-fieldgolfereducation.In-fieldgolfereducationisconductedbydedicatedmobilegolfballfittingteamsorTitleisttechreps,supplementedbytheTitleistsalesteam.Forexample,in2015,weprovidedover100,000golfballrecommendationsbyconnectinginpersonwithgolfersatgolfcoursesandgolfshops.Over500,000additionalgolfersviewedourballfittingandeducationmaterialsatTitleist.com.

CustomClubFittingandTrial

Webelievethatfundamentaltoachievingmaximumperformancefromanygolfclubistheneedtocustomfittheclubtotheplayer'sindividualneedsandpreferences.Augmentingexcellentdesignandconstructionwithcustomizedspecificationsandcomponentssuchaslieangle,shafttype,lengthandflex,aswellasgriptypeandsize,providestheplayerwiththeabilitytomaximizetheperformancepotentialoftheclub.

Tothisend,providinggolferswiththeabilitytotryandbeexpertlyfitfortheirclubsisacorego-to-marketstrategyforTitleistclubs.Overthepast20yearswehavedevelopedandimprovedourcomprehensivefittingsystemandwedeploythatsystemthroughaglobal"Good,Better,Best"networkofcarefullyselected,trained,outfittedandcertifiedcustomclubfitters.

TheglobalTitleistclubfittingnetworkincludesover4,000tradepartners.EachisoutfittedwithaSureFitinterchangeablematrixofclubsinpopularshafttypes,lengthsandflexes,alongwithabroadselectionofVokeyDesignwedges,thusprovidingthemwiththenecessarytoolstoconducthighlevelfittings.Combinedwithannualtrainingandcertification,thesepartnersareskilledandequippedtocustomfitdedicatedgolfers.

Forgolferswhowantahigherlevelfittingexperience,wehavealsodevelopedaglobalnetworkofapproximately180advancedfittingpartners.Thesefittingspecialistsareoutfittedwithalargermatrixoffittingtools.TheyreceivepriorityreferralswhengolfersconductanonlinesearchforaTitleistfittinglocationorcontactusdirectlyforreferrals.Inadditiontoourglobalnetworkoffittingpartners,wealsodeployaglobalassociateteamofapproximately250Titleistfittingtechnicianswhoconductadvancedlevelfittingsdirectlywithgolfersatfittingandtrialevents.Collectively,weexpecttheywillconductanestimated100,000fittingsatover10,000eventsin2016.

Finally,atthepeakoftheTitleistfittingservicesnetwork,istheTitleistPerformanceInstituteinOceanside,California.ThemissionoftheTitleistPerformanceInstituteistobetheworld'smostcomprehensiveandadvancedgolfperformancecenter.Builtin1997,thisapproximately30acrepropertycomprisesthreefairwayswithtourqualitygreensandbunkers,astateoftheartfitnessfacilityanda3-dimensionalmotioncapturestudio.Thefacilityservesasheadquartersforourtourfittingefforts,conductedbyateamofelitefitters,andisalsoourprimaryclubdevelopmentaltestingsite.

165

TableofContents

Golfconsumerswhowanttheultimate,tour-levelcustomfittingexperiencecanvisittheTitleistPerformanceInstituteforafeeandbyappointmentonly.

GolfShoeFitting

Webelievethataproperlyfitgolfshoeisthemostimportantelementtooptimizingcomfortandproductdurability.Asagloballeaderingolfshoefitting,weholdeventsandseminarsinkeymarketsthroughoutNorthAmerica,EuropeandAsia.GolfereducationishandledbydedicatedfittingspecialistsandmembersoftheFootJoysalesteam.

Whileashoethatfitsagolfer'sfootisessentialforcomfort,webelievethatfindingashoethatfitsagolfer'sswingcanleadtoincreasedperformanceandwebelievethereisacorrelationbetweenindividualswingbiomechanicsandgolferperformance.WeexpecttodeploytheFootJoyPerformanceFittingSysteminthethirdquarterof2016.TheFootJoyPerformanceFittingSystemisdesignedtocapturethecenter-of-pressuremovementduringagolfer'sswingandhelprecommendthepropershoeconstructiontypethatcandeliveradditionalclubheadspeed.TheFootJoyPerformanceFittingSystemaimstoeliminatetheneedforvisual,anecdotalevidencetodeterminewhetherornotagolferwouldbenefitfromashoeconstructedwithmoreflexibilityversusmorerigidityorstructureandinsteadrelies

166

TableofContents

uponascientificsolution.Itisexpectedtobeavailableineverymajorgolfmarketasaperformancesupplementtoshoefittingforsizeandwidth.

Seasonality

Weatherconditionsinmostpartsoftheworld,includingourprimarygeographicmarkets,generallyrestrictgolffrombeingplayedyear-round,withmanyofouron-coursecustomersclosedduringthecoldweathermonths.Ingeneral,duringthefirstquarter,webeginsellingourproductsintothegolfretailchannelforthenewgolfseason.Thisinitialsell-ingenerallycontinuesintothesecondquarter.Oursecond-quartersalesaresignificantlyaffectedbytheamountofsell-through,inparticulartheamountofhighervaluediscretionarypurchasesmadebycustomers,whichdrivesthelevelofreordersoftheproductssoldduringthefirstquarter.Ourthird-quartersalesaregenerallydependentonreorderbusiness,andaregenerallylowerthanthesecondquarterasmanyretailersbegindecreasingtheirinventorylevelsinanticipationoftheendofthegolfseason.Ourfourth-quartersalesaregenerallylessthantheotherquartersduetotheendofthegolfseasoninmanyofourkeymarkets,butcanalsobeaffectedbykeyproductlaunches,particularlygolfclubs.Thisseasonality,andthereforequartertoquarterfluctuations,canbeaffectedbymanyfactors,includingthetimingofnewproductintroductionsasdiscussedaboveunder"—OurProducts—ProductLaunchCycles,"aswellasweatherconditions.Thisseasonalityaffectssalesineachofourreportablesegmentsdifferently.Ingeneral,however,becauseofthisseasonality,amajorityofoursalesandmostofourprofitabilitygenerallyoccursduringthefirsthalfoftheyear.

ResearchandProductDevelopment

Innovatingwithinahighlyregulatedenvironmentpresentsuniquechallengesandopportunitiesthatrequireasignificantinvestmentinpeople,facilitiesandfinancialresources.WehavesixR&Dfacilitiesand/ortestcenterssupportedbyover150scientists,chemists,engineersandtechniciansinaggregate.WearecommittedtocontinuousimprovementandeachR&Dteamistaskedtodeveloptechnologythatwilldeliverbetterqualityandperformanceproductsineachgeneration.

FortheyearsendedDecember31,2013,2014and2015,weinvested$42.2million,$44.2millionand$46.0million,respectively,inR&D.

167

TableofContents

WehaveseparatededicatedR&Dteamsforeachproductcategory.

Titleist Golf Balls

TitleistgolfballR&Dhasadisciplinedproductdevelopmentprocess.TheR&Dteamconsistsofapproximately80scientists,chemists,engineersandtechnicians.Theirroleistoinnovateinallareasofgolfballdesign,materialsandconstructionsbyincorporatingnewtechnologiestowidenourperformanceandqualitycompetitiveadvantage.Adedicatedteamalsoworksspecificallyonnewprocesstechnologiesforourgolfballmanufacturingoperations.Theyworkcloselywithrawmaterialsupplierstocreatestandardsandspecifications.Theyestablishqualitysystems,protocolsandanalysisandsupportTitleistballoperationsinnewproductimplementation.

ThegolfballR&Dteamisresponsiblefor:

TitleisthasthreegolfballdedicatedresearchfacilitiesinthegreaterNewBedford,Massachusettsareathatdesign,test,implementandsupportnewproductdevelopmentandimplementation:

• theTitleistgolfballR&DteamisbasedinourFairhaven,Massachusettsheadquartersfacility;

• TitleistEngineeringandTechnologyCenterinNorthDartmouth,Massachusettshousesouradvancedengineeringassociatesaswellasprecisiongolfballcavitymanufacturing;and

• TitleistManchesterLaneinAcushnet,Massachusettsisastate-of-the-arttestingfacilityforR&Dtoconductextensiverobotandplayertesting.

Inaddition,weconductadditionalgolfballproducttestingatourOceanside,Californiatestfacility.WehavededicatedR&Dassociateswhoworkcloselythroughoutthepyramidofinfluence,fromPGATourplayersallthewaytoamateurTeamTitleistmembers,togatherfeedbackonproductperformanceexpectations,conductprototypetestingandvalidatenewproductspriortomarketlaunch.Thisisacontinuousiterativeandcollaborativeprocessthatimpactsnextgenerationgolfballsaswellaslong-termresearchandproductdirection.

Titleist Golf Clubs, Wedges and Putters

OurgolfclubR&Dteamandprocessesarestructuredinamannerthataimstocreateproductswhichareinnovativeindesignandsuperiorinperformance.Theperformanceandqualityofourproductsareadirectresultofthecommitmenttogolfclubs,wedgesandputtersR&D.SignificantinvestmentinR&Dhasledtoateamsizewhichhasmorethandoubledsince2007.Thedepartment'stechnicaldisciplinesincludecomputer-aideddesignengineers,industrialdesigners,productdevelopmentengineers,researchengineers,labtechniciansandtestingstaff.Wehave67associatesdedicatedtoclubsandwedgesR&D.

Wehavedistinctteamsworkingontheconceptcreationanddevelopmentfordrivers,fairways,hybrids,irons,wedgesandputters.Theseproductsareinitiallytestedandvalidatedatourstate-of-the-arttestingfacilityinOceanside,California.

ScottyCameronworksfromthePutterStudioinSanMarcos,Californiawhichallowshimtomaximizehiscreativityanddevelopdesignswhicharerichincraftsmanshipaswellasperformance.

168

• playerresearch • dataanalytics• productandprocessresearch • productdevelopmentandimplementation• aerodynamics • analyticalandcompetitiveresearch• testing • intellectualproperty• testequipment • centralquality

TableofContents

Thisstructureisnecessarygiventhereareuniqueexpertiseandperformancerequirementsforeachoftheproductcategories.

Theproductcategoryteamsallworkwiththefollowingsupportteams:advancedresearch,shaftdevelopment,industrialdesign,labanalysisandmechanicaltesting,playertestingandanAsia-basedsupportteamworkingwithourkeysuppliers.

FootJoy

Wehaveapproximately10productdesignersanddevelopmentengineersinthegolfshoeteamlocatedinBrockton,Massachusetts,withanadditionalthreeproductdevelopmentspecialistslocatedinourTaichung,Taiwanoffice.WehavetwogolfappareldesignerslocatedinFairhaven,Massachusetts.

Patents,TrademarksandLicenses

Weconsiderourpatentsandtrademarkstobeamongourmostvaluableassets.WearededicatedtoprotectingtheinnovationscreatedbyourR&Dteamsbydevelopingbroadanddeeppatentandtrademarkportfoliosacrossallproductcategories.

Asaresult,wehavestrongpatentpositionsacrossourproductcategoriesandinnovationspacesthatweoperatein,andhavebecometheleaderinobtaininggolfballandgolfclubpatentsworldwide.Inaddition,webelievewehavemorecombinedgolfshoeandgolfgloveutilitypatentsthanallcompetitorscombined.Wehavecloseto1,200activeU.S.utilitypatentsingolfballs,over300activeU.S.utilitypatentsingolfclubs,wedgesandputtersand284activepatents(includingex-U.S.anddesignpatents)ingolfshoesandgloves.

Thefollowingchartsshowourpercentageofgolfballandgolfclubpatentsobtainedinthelast5yearscomparedtoourpeers.

Weownorlicensealargeportfoliooftrademarks,includingforTitleist,ProV1,ProV1x,Pinnacle,AP1,AP2,VokeyDesign,ScottyCameron,FootJoy,FJ,DryJoys,StaSofandProDry.Weprotectourtrademarksbyobtainingregistrationswhereappropriateandopposingorcancellingmaterialinfringements.Wealsohaverightsinseveralcommonlawmarks.

Competition

Thereareuniqueaspectstothecompetitivedynamicineachofourproductcategories.

169

TableofContents

Thegolfballbusinessishighlycompetitive.Thereareanumberofwell-establishedandwell-financedcompetitors,includingCallaway,SRISportsLimited(DunlopandSrixonbrands)andBridgestone(BridgestoneandPreceptbrands).

Thegolfclub,wedgeandputtersmarketsinwhichwecompetearealsohighlycompetitiveandareservedbyanumberofwell-establishedandwell-financedcompanieswithrecognizedbrandnames,includingCallaway,TaylorMadeandPing.

Forgolfballsandgolfclubs,wedgesandputters,wegenerallycompeteonthebasisoftechnology,quality,performanceandcustomerservice.

Inthegolfgearmarket,therearenumerouscompetitorsineachproductcategoryandgeographicalmarket.Titleistgolfgeargenerallycompetesonthebasisofquality,performance,stylingandcustomerservice.

FootJoy'ssignificantworldwidecompetitorsingolfshoesincludeNike,AdidasandEcco.FootJoy'sprimaryworldwidecompetitorsingolfglovesincludeCallaway,NikeandTaylorMade/Adidasandasignificantnumberofsmallercompanieswithregionalofferingsandspecializedgolfgloveproducts.Inthegolfapparelcategory,FootJoyhasnumerouscompetitorsineachgeographicalmarket,includingNike,AdidasandUnderArmour.FootJoyproductsgenerallycompeteonthebasisofquality,performance,stylingandprice.

Regulation

The Rules of Golf

TheRulesofGolfsetforththerulesofplayandtherulesforequipmentusedinthegameofgolf.Thefirstdocumentedrulesofgolfdateto1744andthemodernRulesofGolfhavebeeninplaceforover100years.DedicatedgolfersrespectthetraditionsofthegameandplaybytheRulesofGolf.Asaresult,premium-positionedproductsaredesignedandmanufacturedtoconformtotheRulesofGolf.

TheUnitedStatesGolfAssociation,ortheUSGA,isthegoverningbodyforgolfintheUnitedStatesandMexico.TheUSGA,inconjunctionwiththeRoyalandAncient,orR&A,inSt.Andrews,Scotland,writes,interpretsandmaintainstheRulesofGolf.TheR&AisthegoverningbodyforgolfinalljurisdictionsoutsideoftheUnitedStatesandMexico.TheR&Ajointlywrites,interpretsandmaintainstheRulesofGolfwiththeUSGA.

Inadditiontotheirroleasrulemakers,boththeUSGAandR&Aconductnationalchampionshipsandareinvolvedinothereffortstomaintainthehistoryofgolfandpromotethehealthofthegame.

TheRulesofGolfsetthestandardsandestablishlimitationsforthedesignandperformanceofallballsandclubs.Manynewregulationsongolfballsandgolfclubshavebeenintroducedinthepast10to15years,whichwebelievewasoneofthemostactiveperiodsforgolfequipmentregulationinthehistoryofgolf.

Golf Balls

Historically,theUSGAandR&Ahaveregulatedthesize,weight,sphericalsymmetry,initialvelocityandoveralldistanceperformanceofgolfballs.Theoveralldistancestandardwasthenrevisedin2004.

170

TableofContents

Golf Clubs

TheUSGAandR&Ahavealsofocusedongolfclubregulations.In1998,alimitationwasplacedonthespring-likeeffectofdriverfaces.In2003,limitswereplacedonclubheaddimensionsandvolume,aswellasshaftlength.In2007,clubheadmomentofinertiawaslimited.ArulechangetoallowgreateradjustabilityingolfclubswentintoeffectJanuary1,2008.InAugust2008,theUSGAandR&Aadoptedarulechangefurtherrestrictinggolfclubgroovesbyreducingthegroovevolumeandlimitingthegrooveedgeangleallowableonironsandwedges.ThisrulechangewillnotapplytomostgolfersuntilJanuary1,2024.Itwasimplementedonprofessionaltoursbeginningin2010andwasimplementedineliteamateurcompetitionsbeginningin2014.AllproductsmanufacturedafterDecember31,2010mustcomplywiththenewgroovespecifications.

Our Position

Inresponsetothisregulatorydynamic,ourseniormanagementandR&DteamsspendsignificanttimeandeffortindevelopingandmaintainingrelationshipswiththeUSGAandR&A.Weareanactiveparticipantindiscussionswiththerulingbodiesregardingpotentialnewrulesandtherulemakingprocess.Moreimportantly,ourR&DteamsaredriventoinnovateandcontinuouslyimproveproducttechnologyandperformancewithintheRulesofGolf.Thedevelopmentandprotectionoftheseinnovationsthroughaggressivepatentingareessentialtocompetinginthecurrentmarket.Asalong-timeindustryparticipantandmarketleader,wearewell-positionedtocontinuetooutperformthemarketinarulesconstrainedenvironment.

EnvironmentalMatters

Ouroperationsaresubjecttofederal,stateandlocalenvironmentallawsandregulationsthatimposelimitationsonthedischargeofpollutantsintotheenvironmentandestablishstandardsforthehandling,generation,emission,release,discharge,treatment,storageanddisposalofcertainmaterials,substancesandwastesandtheremediationofenvironmentalcontaminants.Intheordinarycourseofourmanufacturingprocesses,weusepaints,chemicalsolventsandothermaterials,andgeneratewasteby-productsthataresubjecttotheseenvironmentallaws.

Weestimateincurringfuturecostsforpastandcurrentenvironmentalissuesrelatingtoongoingclosureactivitiesatthefollowingsites:(i)ourformerTitleistBallPlant1inAcushnet,Massachusetts,whichissubjecttoongoingremediationofpastcontaminationundertheoversightofthefederalEnvironmentalProtectionAgencyandtheMassachusettsDepartmentofEnvironmentalProtection;(ii)ourBallPlantCinNewBedford,Massachusetts,whichissubjecttoanongoinginvestigationrelatedtocontaminationthatisevidentlymigratingfromanadjacentthird-partyfacility;and(iii)investigationsandcleanupsatfourthird-partydisposalfacilities.Wedonotexpectthatanyofthefutureanticipatedexpendituresatthesesiteswillhaveamaterialadverseeffectonourbusiness.

Wehavealsoincurredexpensesinconnectionwithenvironmentalcompliance.Historically,thecostsofenvironmentalcompliancehavenothadamaterialadverseeffectuponourbusiness.Webelievethatouroperationsareinsubstantialcompliancewithallapplicableenvironmentallaws.

Employees

AsofJune30,2016,weemployed5,228associatesworldwide(5,195fulltimeand33parttime).Thegeographicconcentrationofassociatesisasfollows:2,449intheAmericas,434inEMEA,and2,345employedinAsiaPacific.Associateswithovertenyearsofemploymentwithusaccountforapproximately50%ofourtotalassociatecountintheUnitedStates.Theemploymentofallassociatesisatwillandnoneofourassociatesarerepresentedbyaunion.Webelievethatrelationswithourassociatesarepositive.

171

TableofContents

Facilities

Ourfacilitiesarelocatedworldwideasshowninthetablebelow.

172

Location Type FacilitySize(1) Leased/OwnedFairhaven,Massachusetts HeadquartersandGolfBallR&D 222,720 Owned

Golf Balls

NorthDartmouth,Massachusetts

Golfballmanufacturing 179,602 Owned

NewBedford,Massachusetts

Golfballmanufacturing 244,091 Owned

AmphurPluakdaengRayong,Thailand

Golfballmanufacturing 230,003 Owned

NewBedford,Massachusetts

Golfballcustomizationanddistributioncenter 438,007 Owned

Fairhaven,Massachusetts Golfballpackaging 49,580 OwnedNewBedford,Massachusetts

Golfballadvancedengineeringandballcavitymanufacturing

34,000 Leased

Golf Clubs, Wedges and Putters

Carlsbad,California GolfclubassemblyandR&D 161,310 LeasedSanMarcos,California Putterresearch 19,200 LeasedEncinitas,California Putterfittingandsales 3,754 LeasedTochigi,Japan Golfclubassembly 20,376 Leased

FootJoy

Fujian,China(40%ownedjointventure)

Golfshoemanufacturinganddistributioncenter 525,031 BuildingOwned/LandLeased

Brockton,Massachusetts GolfshoeR&D,customgloveassembly,apparelembroideryanddistributioncenter

146,000 Owned

SrirachaChonburi,Thailand

Golfglovemanufacturing 112,847 BuildingOwned/LandLeased

Sales Offices and Distribution Centers (used by multiple reportable segments)

Fairhaven,Massachusetts EastCoastdistributioncenter 185,370 OwnedVista,California WestCoastdistributioncenterandgolfbagembroidery 102,319 LeasedCambridgeshire,UnitedKingdom

Salesofficeanddistributioncenter,aswellasgolfclubassemblyandgolfballcustomization

156,326 Owned

Helmond,TheNetherlands

Salesofficeanddistributioncenter 69,965 Leased

Victoria,Australia Salesofficeanddistributioncenter,aswellasgolfclubassembly

37,027 Leased

TableofContents

WehaveadditionalsalesofficesandfacilitiesinHawaii,NewZealand,Malaysia,Singapore,HongKong,Taiwan,Japan,Korea,Thailand,Sweden,France,GermanyandSwitzerland.

LegalProceedings

Wearedefendantsinlawsuitsassociatedwiththenormalconductofourbusinessesandoperations.Itisnotpossibletopredicttheoutcomeofthependingactions,and,aswithanylitigation,itispossiblethatsomeoftheseactionscouldbedecidedunfavorably.Webelievethattherearemeritoriousdefensestotheseactionsandthattheseactionswillnothaveamaterialadverseeffectuponourresultsofoperations,cashflows,orfinancialcondition.Theseactionsarebeingvigorouslycontested.

173

Location Type FacilitySize(1) Leased/OwnedOntario,Canada Salesofficeanddistributioncenter,aswellasgolf

ballcustomization 102,057 Leased

Shenzhen,China Distributioncenterandgolfballcustomization 73,194 LeasedRandburg,SouthAfrica

Salesofficeanddistributioncenter,aswellasgolfclubassembly

25,060 Leased

Icheon-si,Korea Distributioncenter,golfballcustomizationandgolfclubassembly

155,151 Leased

Product Testing and Fitting Centers (Golf Balls and Golf Clubs)

Acushnet,Massachusetts

EastCoastproducttestingandfittingforgolfballsandgolfclubs

22acrestotal,including7,662squarefootbuilding

Owned

Oceanside,California

WestCoastproducttestingandfittingforgolfballsandgolfclubs(TitleistPerformanceInstitute)

30acrestotal,including20,539squarefootbuilding

Owned

(1) Facilitysizerepresentssquarefootageofthebuilding,unlessotherwisenoted.

TableofContents

MANAGEMENT

ExecutiveOfficersandDirectors

Thefollowingtablesetsforthourexecutiveofficersanddirectorswhowillbeinplaceimmediatelyfollowingthepricingofthisoffering,aswellastheiragesasofJune30,2016.

Walter (Wally) Uihlein, 67,joinedthecompanyin1976andwasappointedPresidentandChiefExecutiveOfficerofAcushnetCompanyin1995andwasappointedPresidentandChiefExecutiveOfficerofAcushnetHoldingsCorp.inMay2016.Mr.UihleinhasservedasamemberoftheboardofdirectorsofAcushnetCompany,ouroperatingsubsidiary,since1984,andwillbecomeamemberofourboardofdirectorsimmediatelyfollowingthepricingofthisoffering.In2005,Mr.UihleinreceivedthePGAofAmerica'sDistinguishedServiceAward,theorganization'shighesthonor.Mr.UihleinwasselectedtoserveasadirectorbecauseheisourPresidentandChiefExecutiveOfficerandhasextensiveexperienceasanexecutiveinthegolfindustry,aswellasduetohisexperienceasadirectorofAcushnetCompanysince2011.

David Maher ,48,joinedthecompanyin1991andwasappointedChiefOperatingOfficerinJune2016.Priortothat,Mr.MaherwasSeniorVicePresident,TitleistWorldwideSalesandGlobalOperationsfromFebruary2016toJune2016andVicePresident,TitleistU.S.Salesfrom2001to2015.

Mary Lou Bohn, 55,joinedthecompanyin1987andwasappointedPresident,TitleistGolfBallsinJune2016.Priortothat,Ms.BohnwasExecutiveVicePresident,TitleistGolfBallsandTitleistCommunicationsfromFebruary2016toJune2016,VicePresident,GolfBallMarketingandTitleistCommunicationsfrom2010to2015andVicePresident,AdvertisingandCommunicationsfrom2000to2010.

Steven Pelisek, 55,joinedthecompanyin1993andwasappointedPresident,TitleistGolfClubsinMarch2016.From2008toMarch2016,hewasGeneralManager,TitleistGolfClubs.Priortothat,Mr.PelisekservedasVicePresident,ClubSalesforboththeTitleistandCobraClubbrands.

John (Jay) Duke, Jr., 47,joinedthecompanyin2014andwasappointedPresident,TitleistGolfGearin2014.Priortothat,Mr.DukeworkedatHasbro,Inc.from2012to2014wherehewasVicePresidentandGlobalFranchiseLeaderforTransformersGlobalBrand.PriortoHasbro,Mr.Dukewas

174

Name Age PositionWalter(Wally)Uihlein 67 PresidentandChiefExecutiveOfficerandDirectorNomineeDavidMaher 48 ChiefOperatingOfficerMaryLouBohn 55 President,TitleistGolfBallsStevenPelisek 55 President,TitleistGolfClubsJohn(Jay)Duke,Jr. 47 President,TitleistGolfGearChristopherLindner 47 President,FootJoyWilliamBurke 57 ExecutiveVicePresident,ChiefFinancialOfficerandTreasurerDennisDoherty 59 ExecutiveVicePresident,ChiefHumanResourcesOfficerJosephNauman 63 ExecutiveVicePresident,ChiefLegalandAdministrativeOfficerandSecretaryYoonSoo(Gene)Yoon 70 ChairmanJenniferEstabrook 55 DirectorNomineeGregoryHewett 48 DirectorNomineeChristopherMetz 51 DirectorNomineeSeanSullivan 49 DirectorNomineeStevenTishman 59 DirectorNomineeDavidValcourt 65 DirectorNomineeNormanWesley 66 DirectorNominee

TableofContents

PresidentofKarhuHoldingsBVfrom2008to2012andpriortothatheheldvariousgeneralmanagementpositionswithConverseInc.(asubsidiaryofNike).Mr.DukealsospenttimeearlierinhiscareerworkingforMorganStanleyandReebok.

Christopher Lindner, 47,joinedthecompanyinAugust2016asPresidentofFootJoy.Priortothat,Mr.LindnerworkedatWolverineWorldWideInc.from2010toAugust2016wherehewasPresidentofKedsfrom2014toAugust2016,ChiefMarketingOfficerandSeniorVicePresidentofBusinessDevelopmentforSperryin2014andChiefMarketingOfficerandSeniorVicePresidentofNorthAmericaSalesforSauconyfrom2010to2014.Priorto2010,Mr.LindnerheldvariouspositionswithNIKE,Inc.,includingasVicePresidentofGlobalMarketingforConverseandVicePresidentofGlobalMarketingforBauerHockey(bothNIKEsubsidiaries),andleadershiproleswith800.com,ElectronicArtsandRollerblade.

William Burke, 57,joinedthecompanyin1997andwasappointedExecutiveVicePresident,ChiefFinancialOfficerandTreasurerinApril2016afterservingasSeniorVicePresidentandChiefFinancialOfficerofAcushnetCompanysince2003.Priortothat,heservedasVicePresidentandControllerofAcushnetCompany.Beforejoiningthecompany,Mr.BurkeheldvariousfinancepositionsatpredecessorparentcompaniesFortuneBrandsInc.andAmericanBrandsInc.

Dennis Doherty, 59,joinedthecompanyin1994andwasappointedExecutiveVicePresident,ChiefHumanResourcesOfficerinJune2016afterservingasSeniorVicePresident,HumanResourcessince2000.BeforejoiningAcushnetCompany,Mr.DohertyheldhumanresourcepositionsatAmericanBrandsInc.andRevlonHealthCareGroup.

Joseph Nauman, 63,joinedthecompanyin2000andwasappointedExecutiveVicePresident,ChiefLegalandAdministrativeOfficerandSecretaryinJune2016.Priortothat,Mr.NaumanwasExecutiveVicePresident,CorporateandLegalfrom2005toJune2016.Priorto2000,Mr.NaumanheldlegalpositionsatFortuneBrandsInc.andChadbourne&ParkeLLP.

Yoon Soo (Gene) Yoon, 70,hasbeentheChiefExecutiveOfficerofFilaKoreasince1991andtheChairmanofFilaKoreasince1994.FilaKoreaisapubliccompanylistedontheKoreaExchange.Mr.YoonhasservedasthechairmanofourboardofdirectorsandasthechairmanoftheboardofdirectorsofAcushnetCompany,ouroperatingsubsidiary,since2011andservedasthePresidentofAcushnetHoldingsCorp.from2011untilMay2016.Mr.YoonwasselectedtoserveasadirectorbecauseofhisaffiliationwithFila,hisknowledgeandexperienceinconsumerproductsandhisexperienceasthechairmanofAcushnetHoldingsCorp.andAcushnetCompanysince2011.

Jennifer Estabrook , 55,hasbeentheChiefOperatingOfficerofFilaNorthAmericasinceDecember2015andwastheExecutiveVicePresident,BusinessOperationsofFilaUSA,Inc.fromSeptember2010untilDecember2015.Ms.EstabrookhasalsobeentheHeadofGlobalLicensingforFilaLuxembourgS.à.r.l.since2014andamemberoftheBoardofManagersofFilaLuxembourgS.à.r.l.since2007andhasheldseveralotherpositionsatFilaUSA,Inc.anditsaffiliatessince2005.FilaUSA,Inc.andFilaLuxembourgS.à.r.l.arewholly-ownedsubsidiariesofFilaKorea,apubliccompanylistedontheKoreaExchange.Ms.EstabrookhasservedasamemberoftheboardofdirectorsofAcushnetCompany,ouroperatingsubsidiary,since2011.Ms.Estabrookiscurrentlyadirectornomineeandwillbecomeamemberofourboardofdirectorsimmediatelyfollowingthepricingofthisoffering.Ms.EstabrookwasselectedtoserveasadirectorbecauseofheraffiliationwithFila,herknowledgeandexperienceinconsumerproductsandherexperienceasadirectorofAcushnetCompanysince2011.

Gregory Hewett ,48,istheprincipalofGHConsultingLLC,aprivateconsultancyforbusinessesandinstitutionalinvestorsthathefoundedinMarch2015.Previously,Mr.HewettservedatTheBlackstoneGroupL.P.fromAugust2005throughFebruary2015invariouscapacities,includingmostrecentlyasaSeniorManagingDirector.PriortojoiningBlackstone,Mr.HewettservedasaDirectorin

175

TableofContents

theInvestmentBankingDivisionofCreditSuisseFirstBoston,whichhejoinedin2000whenitacquiredDonaldson,Lufkin&Jenrette,wherehewasanAssociateintheInvestmentBankingDivision.PriortojoiningDLJ,Mr.HewettpracticedlawatBryanCaveLLP.Mr.Hewettiscurrentlyadirectornomineeandwillbecomeamemberofourboardofdirectorsimmediatelyfollowingthepricingofthisoffering.Mr.Hewettwasselectedtoserveasadirectorbecauseofhissignificantexperienceinfinance.

Christopher Metz ,51,isthePresidentandChiefExecutiveOfficerofArcticCatInc.,apositionhehasheldsinceDecember2014.Mr.MetzalsoservesasadirectorofArcticCat,Inc.Mr.MetzwasaManagingDirectorofSunCapitalPartners,Inc.,aprivateequityfirm,from2005to2014.PriortojoiningSunCapital,Mr.MetzheldvariousseniorleadershippositionsatBlack&Decker,includingPresidentofitsHardwareandHomeImprovementGroupfrom1999to2005andGeneralManagerofitsDeWALTEuropeanPowerToolsbusinessbasedinFrankfurt,Germanyfrom1996to1999.Mr.MetzpreviouslyservedasadirectorofVinceHoldingCorp.Mr.Metziscurrentlyadirectornomineeandwillbecomeamemberofourboardofdirectorsimmediatelyfollowingthepricingofthisoffering.Mr.Metzwasselectedtoserveasadirectorbecauseofhisextensiveglobaloperatingandleadershipexperienceintheconsumeranddurablegoodsindustriesandhisexperienceservingonotherpubliccompanyboards.

Sean Sullivan ,49,istheExecutiveVicePresidentandChiefFinancialOfficerofAMCNetworksInc.,apositionhehasheldsince2011.Mr.SullivanservedasChiefCorporateOfficerofRMHfrom2010to2011.PriortojoiningAMCNetworksInc.,Mr.SullivanservedasChiefFinancialOfficerofHiTEntertainmentfrom2009to2010andChiefFinancialOfficerandPresidentofCommercialPrintandPackagingdivisionofCenveo,Inc.from2005to2008.Mr.Sullivaniscurrentlyadirectornomineeandwillbecomeamemberofourboardofdirectorsimmediatelyfollowingthepricingofthisoffering.Mr.Sullivanwasselectedtoserveasadirectorbecauseofhissignificantexperienceinfinanceandoperations.

Steven Tishman ,59,isaManagingDirectorandGlobalHeadoftheMergersandAcquisitionsGroupatHoulihanLokey,whereheisalsoamemberoftheFirm'sManagementCommittee,Co-HeadoftheFirm'sM&ACommitmentCommitteeandamemberoftheFirm'sCorporateFinanceBoardofDirectors.Mr.TishmanjoinedHoulihanLokeyinJanuary2012.Previously,Mr.TishmanwasaManagingDirectoratRothschildInc.,whereheservedfrom2002to2012.PriortojoiningRothschild,Mr.TishmanwasaManagingDirectorofRobertsonStephensInc.from1999to2002,andwasaSeniorManagingDirectorofBear,Stearns&Co.Inc.from1993to1999.Mr.TishmaniscurrentlyatrusteeofGoodHavenFundsTrustandwaspreviouslyadirectorofCedarFairL.P.,NauticaEnterprises,Inc.,Claire'sStores,Inc.andOdimo,Inc.Mr.Tishmaniscurrentlyadirectornomineeandwillbecomeamemberofourboardofdirectorsimmediatelyfollowingthepricingofthisoffering.Mr.Tishmanwasselectedtoserveasadirectorbecauseofhisextensiveexperienceinfinanceandmanagementandservingonotherpubliccompanyboards.

David Valcourt ,65,servedasSeniorMentorandKorea-U.SAllianceMilitaryExerciseFacilitatorforUSforcesKoreafrom2011-2016.HeassumedthispositionfollowinghisretirementfromtheArmyin2010asLieutenantGeneralafter37yearsofactivedutyservice.Lt.Gen.ValcourtalsojoinedWILLInteractive,adeveloperofinteractivevideo-basedsimulationsdesignedtomodifybehaviorandenhanceperformanceuponretirementfromtheArmy;hetransitionedtotheroleofSpecialAdvisorinJanuary2016.Lt.Gen.Valcourtiscurrentlyadirectornomineeandwillbecomeamemberofourboardofdirectorsimmediatelyfollowingthepricingofthisoffering.Lt.Gen.Valcourtwasselectedtoserveasadirectorbecauseofhisextensiveleadershipandmanagementexperience.

Norman Wesley ,66,istheformerChiefExecutiveOfficerandChairmanofFortuneBrands,Inc.Mr.WesleyjoinedFortuneBrandsin1984andbecamePresidentandChiefOperatingOfficerofFortuneBrandsinJanuary1999,andChairmanandChiefExecutiveOfficerofFortuneBrandsin

176

TableofContents

December1999.HeservedasChiefExecutiveOfficerthroughDecember2007andasChairmanuntilSeptember2008.Previously,Mr.WesleyheldvariousmanagementpositionsatCrownZellerbachCorporation.Mr.WesleycurrentlyservesasadirectorofAcuityBrands,Inc.andFortuneBrandsHome&Security,Inc.Mr.WesleywaspreviouslyadirectorofKeurigGreenMountain,Inc.,PactivCorporation,andR.R.Donnelly&Sons.Mr.Wesleyiscurrentlyadirectornomineeandwillbecomeamemberofourboardofdirectorsimmediatelyfollowingthepricingofthisoffering.Mr.Wesleywasselectedtoserveasadirectorbecauseofhisextensiveexperienceintheconsumerproductsindustry,hispriorleadershipexperience,andhisexperienceservingonotherpubliccompanyboards.

Therearenofamilyrelationshipsamonganyofourexecutiveofficersordirectorswhowillbeinplaceimmediatelyfollowingthepricingofthisoffering.

BoardLeadershipStructureandtheBoard'sRoleinRiskOversight

Controlled Company Exemption

UnderthecorporategovernancestandardsoftheNYSE,acompanyofwhichmorethan50%ofthevotingpowerisheldbyanindividual,group,oranothercompanyisa"controlledcompany."UpontheclosingofthisofferingandaftergivingeffecttotheShareholderTransaction,Magnus,whichiswholly-ownedbyFilaKorea,willcontrolamajorityofthevotingpowerofalloutstandingsharesofourcommonstockandasaresult,wewillqualifyasa"controlledcompany"withinthemeaningofthecorporategovernancestandardsoftheNYSE.

Asacontrolledcompany,wemayelectnottocomplywithcertaincorporategovernancestandards,including:

• therequirementthatamajorityofourboardofdirectorsconsistof"independentdirectors"asdefinedundertherulesoftheNYSE;

• therequirementthatwehaveacompensationcommitteethatiscomposedentirelyofindependentdirectorswithawrittencharteraddressingthecommittee'spurposeandresponsibilities;

• therequirementthatwehaveanominatingandcorporategovernancecommitteethatiscomposedentirelyofindependentdirectorswithawrittencharteraddressingthecommittee'spurposeandresponsibilities;and

• therequirementforanannualperformanceevaluationofthecompensationandnominatingandcorporategovernancecommittees.

Althoughwedonotcurrentlyexpecttoavailourselvesoftheseexemptions,wemayinthefutureutilizeoneormoreoftheseexemptions.Accordingly,youmaynothavethesameprotectionsaffordedtoshareholdersofcompaniesthataresubjecttoallofthesecorporategovernancerequirements.Intheeventthatweceasetobea"controlledcompany"andoursharescontinuetobelistedontheNYSE,wewillberequiredtocomplywiththeseprovisionswithintheapplicabletransitionperiod.

Composition of our Board of Directors Immediately Following the Pricing of this Offering

Ourbusinessandaffairsaremanagedunderthedirectionofourboardofdirectors.Inconnectionwiththisoffering,weareamendingandrestatingourcertificateofincorporationtoprovideforaclassifiedBoardofDirectors,withthreedirectorsinClassI(DavidValcourt,NormanWesleyandGeneYoon),threedirectorsinClassII(ChristopherMetz,StevenTishmanandWallyUihlein)andthreedirectorsinClassIII(JenniferEstabrook,GregoryHewettandSeanSullivan).See"DescriptionofCapitalStock."Webelieveourboardofdirectorsshouldbecomposedofindividualswithsophisticationandexperienceinmanysubstantiveareasthatimpactourbusiness.Webelieveexperience,qualificationsorskillsinthefollowingareasaremostimportant:priorCEOexperience;strategic

177

TableofContents

matters;financialmanagement;operationsmanagement;humanresourcesandexecutivecompensation;riskmanagement;externalrelations;consumerbrands;andglobalbusinessexperience.

Otherthanourchairman,themembersofourboardofdirectorsinplaceimmediatelypriortothepricingofthisofferingwilleachresignfromourboardofdirectorscontingentupon,andeffectiveimmediatelyfollowing,thepricingofthisoffering.Asofthetimeimmediatelyfollowingthepricingofthisoffering,ourboardofdirectorswillconsistofninedirectors,includingourPresidentandChiefExecutiveOfficer.Ouramendedandrestatedcertificateofincorporationandamendedandrestatedbylawsthatwillbecomeeffectiveimmediatelypriortotheclosingofthisofferingwillprovidethatourboardofdirectorsshallconsistofsuchnumberofdirectorsasdeterminedfromtimetotimebyresolutionadoptedbyamajorityofthetotalnumberofauthorizeddirectors,whetherornotthereexistanyvacanciesinpreviouslyauthorizeddirectorships.Anyadditionaldirectorshipsresultingfromanincreaseinthenumberofdirectorsmayonlybefilledbythedirectorstheninofficeunlessotherwiserequiredbylaworbyaresolutionpassedbyourboardofdirectors.Thetermofofficeforeachdirectorwillbeuntilhisorhersuccessoriselectedatourannualmeetingorhisorherdeath,resignationorremoval,whicheverisearliesttooccur.

Committees of our Board of Directors

Asofthetimeimmediatelyfollowingthepricingofthisoffering,thestandingcommitteesofourboardofdirectorswillconsistofanauditcommittee,acompensationcommitteeandanominatingandcorporategovernancecommittee.Ourboardofdirectorsmayalsoestablishfromtimetotimeanyothercommitteesthatitdeemsnecessaryordesirable.

OurPresidentandChiefExecutiveOfficerandotherexecutiveofficerswillregularlyreporttothenon-executivedirectorsandtheauditcommittee,thecompensationcommitteeandthenominatingandcorporategovernancecommitteetoensureeffectiveandefficientoversightofouractivitiesandtoassistinproperriskmanagementandtheongoingevaluationofmanagementcontrols.Webelievethattheleadershipstructureofourboardofdirectorsprovidesappropriateriskoversightofouractivities.

Audit Committee

Asofthetimeimmediatelyfollowingthepricingofthisoffering,ourauditcommitteewillconsistofGregoryHewett,StevenTishmanandSeanSullivan,whowillserveaschair.UnderNYSElistingstandardsandapplicableSECrules,wearerequiredtohavethreemembersoftheauditcommittee.Subjecttophase-inrules,theNYSEandRule10A-3oftheExchangeActrequirethattheauditcommitteeofalistedcompanybecomprisedsolelyofindependentdirectors.GregoryHewett,StevenTishmanandSeanSullivanqualifyasindependentdirectorsunderNYSElistingstandardsandtheindependencerequirementsofRule10A-3oftheExchangeAct.Inaddition,ourboardofdirectorshasdeterminedthateachofGregoryHewett,StevenTishmanandSeanSullivanisanauditcommitteefinancialexpertwithinthemeaningofItem407(d)ofRegulationS-KundertheSecuritiesAct.

ThepurposeoftheauditcommitteewillbetopreparetheauditcommitteereportrequiredbytheSECtobeincludedinourproxystatementandtoassistourboardofdirectorsinoverseeing:

• thequalityandintegrityofourfinancialstatements;

• ourcompliancewithlegalandregulatoryrequirements;

• ourindependentregisteredpublicaccountingfirm'squalifications,performanceandindependence;and

• theperformanceofourinternalauditfunction.

Ourboardofdirectorswilladoptawrittencharterfortheauditcommittee,whichwillbeavailableonourwebsiteupontheclosingofthisoffering.

178

TableofContents

Compensation Committee

Asofthetimeimmediatelyfollowingthepricingofthisoffering,ourcompensationcommitteewillconsistofGregoryHewett,ChristopherMetzandJenniferEstabrook,whowillserveaschair.EachmemberofourcompensationcommitteemeetstherequirementsforindependenceunderNYSElistingstandardsandSECrulesandregulations.EachofGregoryHewettandChristopherMetzisanon-employeedirector,asdefinedpursuanttoRule16b-3promulgatedundertheExchangeActandeachmemberofourcompensationcommitteeisanoutsidedirector,asdefinedpursuanttoSection162(m)oftheCode.

Thepurposeofthecompensationcommitteeistoassistourboardofdirectorsindischargingitsresponsibilitiesrelatingto:

• settingcompensationofourexecutiveofficersanddirectors;

• monitoringourincentiveandequity-basedcompensationplans;and

• preparingthecompensationcommitteereportrequiredtobeincludedinourproxystatementundertherulesandregulationsoftheSEC.

Thecompensationcommitteeshallbedirectlyresponsiblefortheappointment,compensationandoversightofanycompensationconsultant,legaladvisororotheradvisorretainedbythecompensationcommittee.Ourboardofdirectorswilladoptawrittencharterforthecompensationcommittee,whichwillbeavailableonourwebsiteupontheclosingofthisoffering.

Nominating and Corporate Governance Committee

Asofthetimeimmediatelyfollowingthepricingofthisoffering,ournominatingandcorporategovernancecommitteewillconsistofJenniferEstabrook,NormanWesleyandDavidValcourt,whowillserveaschair.EachmemberofournominatingandcorporategovernancecommitteemeetstherequirementsforindependenceunderNYSElistingstandardsandSECrulesandregulations.

Thepurposeofthenominatingandcorporategovernancecommitteeisto,amongotherthings:

• identifyindividualsqualifiedtobecomedirectors,consistentwiththecriteriaapprovedbyourboardofdirectorsandselect,orrecommendthatourboardofdirectorsselect,thedirectornomineesforthenextannualmeetingofshareholdersortofillvacanciesornewlycreateddirectorshipsthatmayoccurbetweensuchmeetings;

• developandrecommendtoourboardofdirectorsasetofcorporategovernanceprinciplesapplicabletous;

• overseetheevaluationofourboardofdirectorsandmanagement;

• recommendmembersofourboardofdirectorstoserveoncommitteesofourboardofdirectorsandevaluatetheoperationsandperformanceofsuchcommittees;

• overseeandapprovethemanagementcontinuityplanningprocess;and

• otherwisetakealeadershiproleinshapingourcorporategovernance.

Ourboardofdirectorswilladoptawrittencharterforthenominatingandcorporategovernancecommittee,whichwillbeavailableonourwebsiteupontheclosingofthisoffering.

DirectorIndependence

Ourboardofdirectorshasdeterminedthat,underNYSElistingstandardsandtakingintoaccountanyapplicablecommitteestandardsandrulesundertheExchangeAct,JenniferEstabrook,Gregory

179

TableofContents

Hewett,ChristopherMetz,SeanSullivan,StevenTishman,DavidValcourtandNormanWesleyareindependentdirectors.

CodeofBusinessConductandEthics

Wewilladoptanewcodeofbusinessconductandethicsthatappliestoallofourdirectors,officersandemployees,includingourprincipalexecutiveofficer,ourprincipalfinancialofficerandourprincipalaccountingofficer.Ourcodeofethicsandbusinessconductwillbeavailableonourwebsiteupontheclosingofthisoffering.Ourcodeofethicsandbusinessconductisa"codeofethics,"asdefinedinItem406(b)ofRegulationS-K.Wewillmakeanylegallyrequireddisclosuresregardingamendmentsto,orwaiversof,provisionsofourcodeofethicsonourwebsite.

IndemnificationofOfficersandDirectors

OuramendedandrestatedcertificateofincorporationandamendedandrestatedbylawsprovidethatwewillindemnifyourdirectorsandofficerstothefullestextentpermittedbytheDelawareGeneralCorporationLaw,ortheDGCL.Wehaveestablisheddirectors'andofficers'liabilityinsurancethatinsuressuchpersonsagainstthecostsofdefense,settlementorpaymentofajudgmentundercertaincircumstances.

Ouramendedandrestatedcertificateofincorporationprovidesthatourdirectorswillnotbeliableformonetarydamagesforbreachoffiduciaryduty,exceptforliabilityrelatingtoanybreachofthedirector'sdutyofloyalty,actsoromissionsnotingoodfaithorwhichinvolveintentionalmisconductoraknowingviolationoflaw,violationsunderSection174oftheDGCLoranytransactionfromwhichthedirectorderivedanimproperpersonalbenefit.

180

TableofContents

EXECUTIVECOMPENSATION

Unless we state otherwise or the context otherwise requires, in this Executive Compensation section the terms "Acushnet," "we," "us," "our" and the"Company" refer to Acushnet Company, a direct and wholly-owned subsidiary of Acushnet Holdings Corp., for the period up to this offering, and for all periodsfollowing this offering, to Acushnet Holdings Corp.

CompensationDiscussionandAnalysis

Introduction

ThisCompensationDiscussionandAnalysisisdesignedtoexplainourcompensationphilosophyanddescribethedecisionsmadewithrespecttothefiscal2015compensationforeachofourPresidentandChiefExecutiveOfficer,ourExecutiveVicePresident,ChiefFinancialOfficerandTreasurerandthethreeothermosthighlycompensatedexecutiveofficerswhowereservingassuchasofDecember31,2015.Thesefiveexecutivesarereferredtoasournamedexecutiveofficers:

Mr.BurkewaspromotedfromSeniorVicePresident,ChiefFinancialOfficerandTreasurertoExecutiveVicePresident,ChiefFinancialOfficerandTreasureronApril29,2016.Mr.BellisretiredfromtheCompanyeffectiveFebruary29,2016.Mr.ConnorisexpectedtoretireeffectiveDecember31,2016.Mr.YoonservedasPresidentofAcushnetHoldingsCorp.untilMay11,2016whenMr.Uihlein,thePresidentandChiefExecutiveOfficerofAcushnetCompany,wasappointedPresidentandChiefExecutiveOfficerofAcushnetHoldingsCorp.

Executive Compensation Governance Practices and Principles

Ourexecutivecompensationprogram,similartoournon-executivecompensationprograms,isalignedwithourbusinessstrategyandculture.Thekeyprioritiesofourexecutivecompensationprogramaretoattract,motivateandretainworldclasstalenttodrivethesuccessofourCompanyandsupportandstewardtwoofthemostreveredbrandsingolf,TitleistandFootJoy.Wehavedesignedourexecutivecompensationprogramtoalignthecompensationactuallyearnedbyournamedexecutiveofficerswithourperformancebycompetitivelyrewardinggoodperformanceandmoreaggressivelyrewardingoutperformance.

Ourobjectiveistoprovideanopportunityfortotaldirectcompensation(consistingofbasesalary,annualincentivecompensationandlong-termincentivecompensation)that:

• alignstheinterestsofmanagementwiththoseofourshareholders;

• attracts,retainsandmotivatesexecutivetalentbyprovidingcompetitivelevelsofsalaryandtotaldirectcompensation;

• providesincentivecompensationthatpromotesdesiredbehaviorwithoutencouragingunnecessaryandexcessiverisk;and

• motivatesandrewardsexecutivesforoutperformancewhencomparedtothemarket.

181

Name TitleWalter(Wally)Uihlein PresidentandChiefExecutiveOfficerWilliamBurke ExecutiveVicePresident,ChiefFinancialOfficerandTreasurerGeraldBellis President,TitleistGolfBallsJamesConnor President,FootJoyYoonSoo(Gene)Yoon ChairmanoftheboardofdirectorsofAcushnetCompany

ChairmanoftheboardofdirectorsofAcushnetHoldingsCorp.PresidentofAcushnetHoldingsCorp.

TableofContents

Indevelopingappropriateexecutivecompensationprograms,wearegenerallyguidedbythefollowingprinciples:

• Compensationlevelsshouldbesufficientlycompetitivetoattractandretaintheexecutivetalentneeded.

TheCompany'soverallcompensationlevelsaretargetedtoattractthemanagementtalentneededtoachieveandmaintainaleadershippositioninthemarketswheretheCompanycompetes.TheCompanydoesnotformulaicallytargetorpositionexecutivecompensationataspecificpercentilerelativetomarketdatabutseekstosetcompensationatacompetitivelevelwithintheindustry.

• AsignificantportionoftotalcompensationshouldberelatedtoCompanyperformance.

TheCompany'sannualincentiveandlong-termincentivecompensationelementsrepresentasignificantpercentageofeachofthenamedexecutiveofficer'scompensationandaretieddirectlytocorporateperformance.UndertheCompany'splans,performanceabovetargetedgoalsgenerallyresultsincompensationabovetargetedlevels,andperformancebelowtargetedgoalsgenerallyresultsincompensationbelowtargetedlevels.

• Compensationshouldreflectpositionandresponsibility,andincentivecompensationshouldbeagreaterproportionoftotalcompensationformoreseniorpositions.

Totalcompensationshouldgenerallyincreasewithpositionandresponsibility.Atthesametime,agreaterpercentageoftotalcompensationshouldbetiedtocorporateperformance,andthereforeatrisk,aspositionandresponsibilityincreases.Accordingly,individualswithgreaterrolesandresponsibilityforachievingtheCompany'sperformancegoalsbearagreaterproportionoftheriskthatthosegoalsarenotachievedandreceiveagreaterproportionoftherewardifthosegoalsaremetorsurpassed.

• Incentivecompensationshouldstrikeabalancebetweenshort-termandlong-termperformance.

TheCompany'scompensationplansfocusmanagementonachievingstrongannualperformanceinamannerthatsupportstheCompany'slong-termsuccessandprofitability.Accordingly,theCompanyusesbothannualincentivesandlong-termincentives.Inaddition,theCompany'scompensationplansaredesignedtorewardexecutivesbasedontheachievementofcorporate-widegoalsratherthanindividualbusinessunitperformancetoencouragedecisionmakingbasedonwhatisinthebestinterestsoftheCompanyasawholeratherthananyparticularbusinessunit.

Role of the Board and Compensation Committee in Compensation Decisions

HistoricallytheboardofdirectorsofAcushnetCompany,afterreceivinginputfromtheCompany'sPresidentandChiefExecutiveOfficerandExecutiveVicePresident,ChiefHumanResourcesOfficer,hasapprovedthelevelofbasesalariesandshort-termandlong-termincentives,includingstock-basedawards,forthenamedexecutiveofficersaswellasanyothercompensationprograms,arrangementsandagreementsapplicabletothenamedexecutiveofficers.BeginninginJuly2014,acompensationcommitteeoftheboardofdirectorsofAcushnetCompany(the"CompensationCommittee")wasformedtoconsidercertaincompensationmatterswithinputfromtheCompany'sPresidentandChiefExecutiveOfficerandExecutiveVicePresident,ChiefHumanResourcesOfficer.

Followingthisoffering,itisexpectedthattheboardofdirectorsofAcushnetHoldingsCorp.willestablishacompensationcommittee(the"HoldingsCompensationCommittee")andwilldelegatetotheHoldingsCompensationCommitteesimilarresponsibilitiesandoversightwithrespecttotheCompany'scompensationprograms.ItisanticipatedthattheHoldingsCompensationCommitteewillestablishasimilarexecutivecompensationphilosophywithrespecttoournamedexecutiveofficersand

182

TableofContents

implementcompensationprogramsthatreflectanoverarchingbusinessrationaleandaredesignedtobereasonable,fair,fullydisclosed,andconsistentlyalignedwithlong-termvaluecreation.

Additionalinformationconcerningtheseresponsibilitiesissetforthin"Management—BoardLeadershipStructureandtheBoard'sRoleinRiskOversight—CompensationCommittee."

Resources Guiding Compensation Decisions

Executiveofficercompensationfor2015wassetusingthefollowingreferences:

Somereferencesweregivenmoreweightthanothersdependingonthenatureofthedecisionbeingmade.

MostoftheCompany'smajorcompetitorsarenotstand-alonepublicgolfcompanies;rather,theyarepartoflargercorporateconglomeratesand/orareprivatelyowned.Thus,itisdifficulttoobtainmeaningfulspecificcomparativedataontheirgolfbusinesses.Inaddition,theCompanyoftencompetesforexecutivetalentwithcorporationsoutsidethegolfindustry.Accordingly,withrespecttocompensationdecisionsfor2015,generallyavailableinformationregardingexecutivecompensationlevelsforexecutivesinsimilarpositionsinotherindustrieswasalsoconsidered.

Beginningwithcompensationdecisionsfor2016,theCompensationCommitteehasengagedPearlMeyerasitsindependentoutsidecompensationconsultanttoprovideadviceaboutwhethertheCompany'sexecutivecompensationprogramsaregenerallyconsistentwiththeCompany'sguidingprinciplesandcontinuetobealignedwithshareholderinterestsandwithevolvingbestpractices.PearlMeyerrepresentativesreportdirectlytotheCompensationCommitteeandhaveassistedtheCompensationCommitteeinanassessmentofcomparativemarketdataandcompensationtrendsrelevanttothesettingoftheCompany'scompensationlevelsfor2016andbeyond.PartofthisassessmentincludedcomparingthetotaltargeteddirectcompensationoftheCompany'snamedexecutiveofficerstomarketreferenceinformation,including,whenappropriate,broadindustrysurveydata,andthedevelopmentofacompensationcomparisongroup.Thecompensationcomparisongroupiscomprisedof15companiesandwasrecommendedbyPearlMeyer.Thecorporationsthatcomprisethecompensationcomparisongroupareasfollows:

Itisexpectedthatthecompensationcomparisongroupwillbereviewedperiodicallyaswarrantedandrevisedasappropriatetoensurethatthecorporationsinthegroupcontinuetobeareasonablecomparisonforcompensationpurposes.

Components of the 2015 Executive Compensation Program

The2015executivecompensationprogramconsistsofdirectcompensationcomprisedoffollowingelements:basesalary,annualandlong-termcashincentivesandanequityappreciationrights("EARs")plan(asamendedfromtimetotime,the"EARPlan").Eachelement,whichisfurtherdiscussedbelow,isintendedtorewardandmotivateexecutivesindifferentwaysconsistentwiththeCompany's

183

InternalReferences ExternalReferences• Historicalcompanyperformance • Directcompetitorpaydata• Businessstrategyandoutlook • Industry/broadermarketpaydata• Positioncriticalityanddemand • Performancecomparedtocompetitors/market • Compensationpracticesofoutperformanceinother

industries

CallawayGolfCompany HelenofTroy Quiksilver,Inc. Crocs,Inc. KateSpade&Co SkechersUSA,Inc. ColumbiaSportswearCompanies La-Z-Boy SteveMadden DeckersOutdoorCorporation LululemonAthletica TempurSealyInternational G-IIIApparelGroup PerformanceSportsGroupLtd. WolverineWorldwide

TableofContents

overallguidingprinciplesforcompensation(asdescribedabove).Theamountoftotaldirectcompensationintendedtocomefromeachelementvarieswithpositionandlevelofresponsibility,reflectingtheprinciplesthattotalcompensationshouldincreasewithpositionandresponsibilityandagreaterpercentageofanexecutive'scompensationshouldbetiedtocorporateperformance,andthereforebeatrisk,aspositionandresponsibilityincrease.

184

ElementofPay Summary PurposeBaseSalary üFixedcompensationprovidedto

employeesforserviceinrole üProvideasecureformofincomeforemployees

AnnualCashIncentiveüPlanAdjustedEBITDA(1)basedincentiveplan

üIncentivizeachievementoftheannualoperatingplan

LongTermCashIncentivePlan("LTIP")üOne-year,cashbasedlong-termincentiveplanforeachofMr.UihleinandMr.YoonbasedonPlanAdjustedEBITDAperformanceversusgoals

üTwo-year,cashbasedlong-termincentiveplanforMessrs.Burke,BellisandConnorbasedonPlanAdjustedEBITDAperformanceversusgoals

üPromoteconsistentPlanAdjustedEBITDAperformanceoverperformanceperiod

EARsüTime-and-performancevestingequity-basedawards

üAlignmanagementwithinvestorinterests

üRepresentsarighttoshareintheappreciationinthevalueoftheCompanyfromthedateofgrantuntilpayoutdate

üParticipantEARpayoutvaluespredicatedonincreaseinthevalueoftheCompany,aswellasmulti-yearPlanAdjustedEBITDAgoalsand,forcertainEARawards,investorinternalrateofreturn("IRR")levels.

OtherüTheCompanyprovideslimitedperquisiteswhichmayincludeannuallifeinsurancepremiums,thereimbursementofcountryclubdues,financialplanning,a401(k)Planparticipantmatchandsportingequipmentandapparel.

üTheCompanyprovidesataxgross-upforMr.UihleinwithregardtoCompanycontributionstofundhissupplementalretirementplan.

üEnhanceproductivityandencouragework/lifebalance.

(1) "PlanAdjustedEBITDA"representsincomefromoperationsofAcushnetCompanyanditssubsidiariesplusdepreciationandamortization,expensesrelatingtoourEARPlan,share-basedcompensationexpenses,restructuringcharges,certaintransactionfees,andcertainforeigncurrencyadjustments,lessnetincomerelatingtoanoncontrollinginterestinoneofAcushnetCompany'sconsolidatedentities.PlanAdjustedEBITDAisutilizedastheperformancemetricfortheannualcashincentiveawardsandLTIPawardstothenamedexecutiveofficersandasoneoftheperformancemetricsfortheEARsasitservestoaligntheinterestsoftheCompany'snamedexecutiveofficerswiththeinterestsofitsshareholdersandincentivizethenamedexecutiveofficerstoachievecorporategoalsinthecontextoftheCompany'soverallcorporatestrategy.PlanAdjustedEBITDAisnotameasureoffinancial

TableofContents

ThefollowingtableprovidesareconciliationofincomefromoperationsofAcushnetCompanytoPlanAdjustedEBITDAfortheyearendedDecember31,2015.TheinformationpresentedbelowisderivedfromtheauditedconsolidatedfinancialstatementsofAcushnetCompanythatarenotincludedinthisprospectus.

ConsistentwiththeCompany'scompensationphilosophy,the2015executivecompensationprogramincorporatedabalancebetweenguaranteedandat-riskcompensation.Setforthbelowisananalysisofeachoftheelementsofthe2015executivecompensationprogram.Moredetailedinformationconcerningthecompensationpaidtothenamedexecutiveofficersfor2015issetforthinthecompensationtablesandrelatedfootnotesandnarrativedisclosurefollowingthisCompensationDiscussionandAnalysis.

Analysis of Base Salary

Basesalariesserveastheguaranteedcashportionofexecutivecompensation.Basesalaryisintendedtocompensateeachnamedexecutiveofficerforperforminghisjobresponsibilitiesonaday-to-daybasis.Eachnamedexecutiveofficer'sbasesalarywasinitiallyestablishedwhenhebecameanexecutiveofficerandissetatacompetitivelevelbaseduponthenamedexecutiveofficer's

185

performanceunderGAAP.ItshouldnotbeconsideredanalternativetoincomefromoperationsofAcushnetCompany,asameasureofoperatingperformanceoranyothermeasureofperformancederivedinaccordancewithGAAP.

Yearended

December31,2015 (inthousands) Incomefromoperations $ 117,583Depreciationandamortization 41,702EARPlan(a) 45,814Share-basedcompensation(b) 5,789Restructuringcharges(c) 1,643Transactionfees(d) 2,141Foreigncurrencyreclassification 859Netincomeattributabletononcontrollinginterests(e) (5,122)

PlanAdjustedEBITDA $ 210,409

(a) ReflectsexpensesrelatedtotheanticipatedfullvestingofEARsgrantedunderourEARPlanandtheremeasurementtotheirintrinsicvalueateachreportingperiodbasedonthethen-currentprojectionofourcommonstockequivalentvalue.TheEARPlanexpiresonDecember31,2016andamountsearnedundertheEARPlanmustbepaidwithintwoandahalfmonthsaftertheexpirationdate.

(b) ReflectscompensationexpenseassociatedwiththeexerciseofsubstitutestockoptionsbyanexecutivewhichweregrantedinconnectionwiththeAcquisition.Allsuchstockoptionshavebeenexercised.

(c) Reflectsrestructuringchargesincurredinconnectionwiththereorganizationofcertainofouroperations.

(d) Reflectslegalfeesincurredin2015relatingtoadisputearisingfromtheindemnificationobligationsowedtousbyBeaminconnectionwiththeAcquisitionaswellascertainfeesandexpensesweincurredinconnectionwiththisoffering.

(e) ReflectsthenetincomeattributabletotheinterestthatwedonotowninourFootJoygolfshoejointventure.

TableofContents

experience,position,andresponsibility.Insettingthebasesalary,thecomplexityofthejobrequirementsandperformanceexpectationsandthegeneralmarketdatadescribedareconsideredaswellaseachnamedexecutiveofficer'sbasesalaryrelativetotheotherexecutiveofficers.Followingthisoffering,itisexpectedthatHoldingsCompensationCommitteewillreviewbasesalariesannuallyandmakeadjustmentsasappropriateinlightofindividualperformanceaswellasanychangesinnatureorscopeofanamedexecutiveofficer'sdutiesand/orthecompetitivemarketplace.

Thebasesalaryforeachofthenamedexecutiveofficersduring2015wasasfollows:

In2015,eachofthenamedexecutiveofficerslistedabovereceivedabasesalaryincreaseofthreepercentfromtheprioryear.Thesemeritincreasesweremadeafterareviewofindividualperformanceandrelevantmarketdataandasareflectionofthenamedexecutiveofficer'sindividualperformance.

Analysis of Annual Cash Incentives

Inadditiontoabasesalary,theCompany'sexecutivecompensationprogramincludestheopportunitytoearnanannualcashincentive.Theannualcashincentiveservesastheshort-termincentivecompensationelementoftheexecutivecompensationprogram.Asnotedabove,theannualcashincentivepaymentisbasedupontheCompany'sPlanAdjustedEBITDAachievedforthefiscalyearandisintendedtoprovideanincentiveforanamedexecutiveofficertodriveahighlevelofcorporateperformancewithoutexcessiverisk-taking.

Annual Cash Incentive Opportunity. For2015,thetargetincentiveforeachofthenamedexecutiveofficersrepresentedapercentageofthenamedexecutiveofficer'sbasesalary(the"incentivetarget")whichthenamedexecutiveofficercouldearnbasedontheamountofPlanAdjustedEBITDAearnedbytheCompanyfor2015.Incentivepayoutsforeachnamedexecutiveofficerundertheprogramwouldvaryfrom0%oftheincentivetarget,iftheCompanyearnedPlanAdjustedEBITDAof$183millionorlessin2015,toamaximumof200%oftheincentivetarget,iftheCompanyearnedPlanAdjustedEBITDAof$215millionormorein2015.InsettingthelevelofthePlanAdjustedEBITDAperformancegoalfor2015,theCompany'sperformancein2014,theCompany's2015operationalgoalsandthecompetitiveclimateinthemarketplacewereeachtakenintoaccount.Thetargetedincentiveamountswerebasedoneachnamedexecutiveofficer'spositionandweresettobegenerallyconsistentwiththerangeoftotaldirectcompensationtargetedforeachofthenamedexecutiveofficers.

Incentivetargetsfor2015foreachofthenamedexecutiveofficerswereasfollows:

186

Name 2015

BaseSalary WallyUihlein $ 995,200WilliamBurke $ 401,100GeraldBellis $ 537,700JamesConnor $ 487,100GeneYoon $ 1,092,900

Name

Targeted%of

BaseSalary BaseSalary IncentiveTarget

WallyUihlein 75%$ 995,200 $ 746,400WilliamBurke 50%$ 401,100 $ 200,550GeraldBellis 50%$ 537,700 $ 268,850JamesConnor 50%$ 487,100 $ 243,550GeneYoon 75%$ 1,092,900 $ 819,675

TableofContents

Actual 2015 Annual Cash Incentive Payout. For2015theCompanyachievedPlanAdjustedEBITDAof$210millionwhichresultedinanachievementlevelof170%oftheincentivetargetforeachofthenamedexecutiveofficers.

Analysis of Long-Term Incentives (LTIP and EAR)

ConsistentwiththephilosophyofaligningexecutivecompensationwiththeCompany'slong-termperformance(asdiscussedabove),inadditiontotheannualcashincentiveopportunity,wehavegrantedperformance-basedawardstoeachofthenamedexecutiveofficersunderourLTIP.Inaddition,inconnectionwiththe2011saleoftheCompanybyBeam,weadoptedtheEARPlanwhichexpiresonDecember31,2016.Theselong-termincentiveswereselectedtomotivatethenamedexecutiveofficertoremainwiththeCompany,increaseshareholdervaluethroughtheachievementoftargetedlong-termoperatingperformanceandaligntheinterestsoftheCompany'snamedexecutiveofficerswiththeinterestsoftheCompany'sshareholders.

2014-2015 and 2015-2016 LTIP Awards. The2014-2015long-termincentiveplan("2014-2015LTIP")andthe2015-2016long-termincentiveplan("2015-2016LTIP"),inwhichMessrs.Burke,BellisandConnorparticipate,providecashpaymentsupontheachievementofspecifiedPlanAdjustedEBITDAgoalsovertwo-yearperformanceperiodsendingDecember31,2015andDecember31,2016,respectively.PlanAdjustedEBITDAiscalculatedas,andwasselectedforthereasons,describedaboveunder"Componentsofthe2015ExecutiveCompensationProgram."Atwo-yearperformanceperiodwasselectedbecauseitisconsistentwiththeCompany'stwo-yearproductintroductioncycle.See"Business—ProductLifeCycles."

Undereachofthe2014-2015LTIPand2015-2016LTIP,atthebeginningofeachperformanceperiod,participantsareawardedperformanceunits.TheactualvalueofeachperformanceunitisdeterminedattheendoftheperformanceperiodbasedontheCompany'sfinancialperformancecomparedtothePlanAdjustedEBITDAperformancegoals.Forthe2014-2015LTIP,theperformanceunitswouldhavenovalue($0perunit)unlesscumulativetwo-yearPlanAdjustedEBITDAwasatleast$366millionandwouldachievemaximumvalue($1,000perunit)iftwo-yearcumulativePlanAdjustedEBITDAwasatleast$415million.Forthe2015-2016LTIP,theperformanceunitswouldhavenovalue($0perunit)unlesscumulativetwo-yearPlanAdjustedEBITDAwasatleast$370millionandwouldachievemaximumvalue($1,000perunit)iftwo-yearcumulativePlanAdjustedEBITDAwasatleast$435million.

Indeterminingthenumberofunitstoawardtoeachoftheparticipants,thevalueoftheanticipatedLTIPawardsrelativetoapplicablebroadmarketcompensationdatawasconsidered.ConsiderationwasalsogiventotheeffecttheLTIPawardwouldhaveupontheexecutive'stotaldirectcompensationandthenamedexecutiveofficer'spositionandresponsibility.LTIPawardsarepaidfromtheCompany'sgeneralassetsassoonaspracticableaftertheendoftheperformanceperiodandaftertheverificationofachievementoftheperformancegoals.

187

Name IncentiveTarget

AchievementLevel

IncentivePayout(1)

WallyUihlein $ 746,400 170%$ 1,268,900WilliamBurke $ 200,550 170%$ 341,000GeraldBellis $ 268,850 170%$ 457,100JamesConnor $ 243,550 170%$ 414,100GeneYoon $ 819,675 170%$ 1,393,500

(1) Awardsareroundeduptothenearesthundred.

TableofContents

Messrs.Burke,BellisandConnorreceivedthefollowingnumberofperformanceunits(withthecorrespondingmaximumvaluesbasedonamaximumvalueof$1,000perunit)foreachofthe2014-2015LTIPandthe2015-2016LTIP:

TheCompanyearnedcumulativetwo-yearPlanAdjustedEBITDAof$410millionfor2014-2015LTIPperformanceperiod.Actualpayoutunderthe2014-2015LTIPwasthereforeat90.6%ofthemaximumvalue,or$906perperformanceunit.Thepayoutunderthe2015-2016LTIPwillbedeterminedfollowingtheconclusionoftheperformanceperiodasofDecember31,2016.

2015 Special LTIP Award. In2015,eachofMr.UihleinandMr.YoonparticipatedinamodifiedLTIPplan(the"2015SpecialLTIP")whichoperatessimilarlytothe2015-2016LTIPfortheothernamedexecutiveofficersbuthadaone-yearperformanceperiodendingonDecember31,2015.Underthe2015SpecialLTIPeachofMr.UihleinandMr.Yoonwasawarded(1)2,800performanceunitswithafixedpayoutvalueof$400perunitand(2)750performanceunitswhichwouldhavenovalue($0perunit)unlesstheCompanyearnedPlanAdjustedEBITDAfor2015ofatleast$183millionandwouldachievemaximumvalue($1,000perunit)iftheCompanyearnedPlanAdjustedEBITDAfor2015ofatleast$215million.

TheCompanyearnedPlanAdjustedEBITDAof$210millionin2015whichresultedinapayouttoeachofMr.UihleinandMr.Yoonof(1)2,800performanceunitsat$400perunit($1,120,000)and(2)750performanceunitsat$850perperformanceunit($637,500)or85%ofmaximumvalue.NoLTIPisexpectedtobeawardedtoMr.UihleinorMr.Yoonwithrespectto2016.

EARs. InadditiontotheLTIPawards,in2011theCompanygrantedthenamedexecutiveofficersEARswhichconsistofcommonstockequivalentsundertheEARPlan.TheEARPlanisdesignedtoallowkeyemployeestoparticipateinthefuturesuccessandgrowthoftheCompany,asEARsareintendedtorepresenttheappreciationinthevalueofashareofAcushnetHoldingsCorp.commonstockmeasuredfromthegrantdatethroughtheapplicablepayoutevent(asdescribedbelow).

Vesting of the EARs. ExceptforMr.Uihlein'sandMr.Yoon'ssecondgrantofEARsasdescribedbelow,theEARsaredividedintothreeseparatetrancheswhichgenerallyvestedoverafour-yearperiodbasedoneither(1)thepassageoftime,(2)PlanAdjustedEBITDAperformanceor(3)aspecifiedIRR(asdefinedandcalculatedinaccordancewiththeEARPlanandtheapplicableawardagreement),ineachcasegenerallysubjecttothenamedexecutiveofficer'scontinuedemploymentwiththeCompanyontherelevantvestingdate,asfollows:

• fortypercent(40%)oftheEARstimevestedinfourequalinstallmentsoneachofDecember31,2012,December31,2013,December31,2014andDecember31,2015;

• thirtypercent(30%)oftheEARsvestedinfourequalinstallmentsoneachofDecember31,2012,December31,2013,December31,2014andDecember31,2015basedontheachievementofanannualPlanAdjustedEBITDAperformancegoalfortheapplicablevestingperiod,whichwasachievedforeachvestingperiod;

• thirtypercent(30%)oftheEARsvestedbasedonachievementofspecifiedIRRthresholdsfortheperiodbeginningJuly29,2011andendingonDecember31,2015,whichwasachievedatthemaximumvestinglevel.

Inaddition,eachofMr.UihleinandMr.YoonreceivedasecondgrantofEARswhichvestedinfourequalinstallmentsoneachofDecember31,2012,December31,2013,December31,2014and

188

Name LTIPUnits

LTIPAward

MaximumValue WilliamBurke 300 $ 300,000GeraldBellis 400 $ 400,000JamesConnor 350 $ 350,000

TableofContents

December31,2015basedontheachievementofanannualPlanAdjustedEBITDAperformancegoalfortheapplicablevestingperiod,whichwasachievedforeachvestingperiod.

Payout of the EARs. Shortlyaftertheoccurrenceofaspecified"payoutevent,"theCompanywillpaythenamedexecutiveofficerthepayoutvalueoftheEARsasdescribedbelow.Generally,a"payoutevent"isdefinedasthefirsttooccurof(1)anamedexecutiveofficer's"separationfromservice"(underSection409AoftheCode)otherthanforcause(a"qualifyingtermination"),(2)thesaleoftheCompanyor(3)theexpirationoftheEARPlanonDecember31,2016(the"expirationdate").ThepayoutvalueforeachEARwillbethepositiveexcess(ifany)ofthevalueofthevestedEARsasofthedateofpayouteventlessthevalueoftheEARonthedateofgrant(whichwas$perEAR).ThevalueofeachEARasofthedateofthepayouteventisdeterminedasfollows:

• Iftheapplicablepayouteventisaqualifyingtermination,(x)priortoanIPO,thevalueofeachEARisdeterminedbydividing(1)anenterprisevalue(asdefinedintheEARPlan)generallybasedontheCompany'sPlanAdjustedEBITDAfortheapplicablefiscalyearby(2)thenumberofsharesofAcushnetHoldingsCorp.commonstockoutstanding,onafullydilutedbasis,asofthedateofthequalifyingtermination;and(y)afteranIPO,thevalueofeachEARisthegreaterof(1)theaveragepershareclosingpriceofthepubliclytradedcommonstockforthefirstfullthreetradingdaysfollowingthepricingofthecommonstockintheIPOor(2)thevalueobtainedbydividing(x)anenterprisevalue(asdefinedintheEARPlan)generallybasedontheCompany'sPlanAdjustedEBITDAfortheapplicablefiscalyearby(y)thenumberofsharesofAcushnetHoldingsCorp.commonstockoutstanding,onafullydilutedbasis,asofthedateofthequalifyingtermination.

• IftheapplicablepayouteventisasaleoftheCompany,thevalueofeachEARisthegreaterof(1)anamountdeterminedbyourboardofdirectorsingoodfaithbasedonthetransactionconsiderationand(2)thevalueobtainedbydividing(x)anenterprisevalue(asdefinedintheEARPlan)generallybasedontheCompany'sPlanAdjustedEBITDAfortheprecedingtwelvemonthsby(y)thenumberofsharesofAcushnetHoldingsCorp.commonstockoutstanding,onafullydilutedbasis,asofthedateofthesaletransaction.

• Iftheapplicablepayouteventistheexpirationdate,thevalueofeachEARisthegreatestof(1)anenterprisevalue(asdefinedintheEARPlan)generallybasedontheCompany'sPlanAdjustedEBITDAforfiscal2015dividedbythenumberofsharesofAcushnetHoldingsCorp.commonstockoutstanding,onafullydilutedbasis,asofDecember31,2015;(2)anenterprisevalue(asdefinedintheEARPlan)generallybasedontheCompany'sPlanAdjustedEBITDAforfiscal2016dividedbythenumberofsharesofAcushnetHoldingsCorp.commonstockoutstanding,onafullydilutedbasis,asofDecember31,2016;and(3)ifanIPOhasoccurredpriortotheexpirationdate,avaluebasedontheaveragepershareclosingpriceofthepubliclytradedcommonstockforthefirstfullthreetradingdaysfollowingthepricingofcommonstockintheIPO.

TheamountsduetothenamedexecutiveofficerfortheEARswillbepaidtotheexecutiveincash,or,iftheapplicablepayouteventfollowsanIPO,theCompanymay,initssolediscretion,payupto50%ofthepayoutamountinthepubliclytradedequitysecuritieswiththeremainderincash.

See"OutstandingEquityAwardsasofDecember31,2015"forinformationaboutthenumberofEARsheldbyeachofthenamedexecutiveofficersasofDecember31,2015and"PotentialPaymentsUponTerminationorChangeinControl"forthepayoutvalueoftheEARsasofDecember31,2015.See"EquityCompensationPlans—SummaryofourEARPlan"foradditionaldetailregardingtheEARPlanandtheEARs.

Benefits and Perquisites

Thenamedexecutiveofficersreceivevariousbenefitsinordertoenhancetheirproductivity,provideforhealthcareneedsandencouragework/lifebalance.TheCompany'sprimarybenefitsforthe

189

TableofContents

namedexecutiveofficersincludetheCompany'shealth,dentalandvisionplans,andvariousinsuranceplans,includinglife,long-termdisability,andaccidentaldeathanddismembermentinsurance,aswellaspaidtimeoff.TheCompanycoversthecostsoftaxandestateplanningfees,and,consistentwiththeCompany'spositionasaleaderinthegolfindustry,thenamedexecutiveofficersotherthanMr.Yoonreceivesubsidizedcountryclubmemberships.EachofthenamedexecutiveofficersalsoreceivesalimitedamountoftheCompany'sgolfequipment,gearandwear.

Inaddition,theCompanyprovidesMr.Uihleinwithatax-grossuptocoverthetaxesduebyMr.UihleinwithrespecttotheCompany'scontributiontohissupplementalretirementplantrust.

TheCompanyfromtimetotimeprovidesotherbenefitstoemployeesorofficersasagrouportoanindividualofficeraswarranted.Seethe"SummaryCompensationTable"andrelatedfootnotesbelowforadditionalinformationaboutthevalueofbenefitsandperquisitesprovidedtoournamedexecutiveofficersin2015.

Retirement Plans

TheCompanyhasaqualifieddefinedbenefitpensionplan,anonqualifieddefinedbenefitpensionplan,aqualifieddefinedcontributionplanandpost-employmentwelfareplanswhichprovideforpaymentofretirementbenefitstoparticipantsmainlycommencingbetweentheagesof50and65,andforpaymentofcertaindisabilitybenefits.Aftermeetingcertainqualifications,anemployeeacquiresavestedrighttofuturebenefits.Thebenefitspayableunderthedefinedbenefitpensionplansaregenerallydeterminedonthebasisofanemployee'slengthofserviceand/orearnings.

Pension Plan. TheCompanyhashistoricallyprovidedretirementplanbenefitstoitsemployeesundertheAcushnetCompanyPensionPlan,whichwerefertoasthe"PensionPlan."ThePensionPlanisaqualifieddefinedbenefitpensionplanthatprovidesretirementbenefitscommencingontheparticipant'snormalretirementdate,whichisthefirstdayofthecalendarmonthcoincidentwithornextfollowingaparticipant's65thbirthday,basedonparticipantearnings.EachofournamedexecutiveofficersotherthanMr.YoonisaparticipantinthePensionPlanandisfullyvestedinhisbenefitsunderthePensionPlan.Payoutsunderthepensionplanarenormallymadeintheformofalifeannuity,unlessanotherpaymentoptioniselected.EffectiveDecember31,2015,thePensionPlanwasclosedtonewparticipantsandbenefitaccrualswereceasedformembers(1)whohavenotattained50yearsofageandcompletedatleasttenyearsofserviceor(2)whodonothaveacombinedageandyearsofserviceof70ormore.

SERP. TheCompanymaintainsasupplementalexecutiveretirementplan,whichwerefertoasthe"SERP,"whichisanunfundedexcessbenefitplanthatsupplementsthebenefitspayableunderthePensionPlan.EachofournamedexecutiveofficersotherthanMr.YoonisaparticipantintheSERPandisfullyvestedinhisbenefitsundertheSERP.BenefitspayableundertheSERParepaidtoparticipantsinalumpsumduringthesixty-dayperiodfollowingtheparticipant'sretirementdate.EffectiveDecember31,2015,theSERPwasamendedtoceasebenefitaccrualsforparticipants(1)whohavenotattained50yearsofageandcompletedatleasttenyearsofserviceor(2)whodonothaveacombinedageandyearsofserviceof70ormore.Fromtimetotime,theCompanymaymakecontributionstoarabbitrusttofundthebenefitsundertheSERP.Inaddition,theCompanymaintainsaseparatetrust,pursuanttowhichitmakesannualcontributionstofundaportionofMr.Uihlein'sSERPbenefit,andprovidesatax-grossuptoMr.Uihleinforincomeattributabletosuchtrustcontributions.

Defined Contribution Plan. TheAcushnetCompany401(k)Plan(the"401(k)Plan")allowsparticipantstocontributeaportionoftheircompensationintothe401(k)PlanwiththeCompanyprovidingamatchingcontributionupto3.5%oftheparticipant'scompensation.EachofournamedexecutiveofficersotherthanMr.Yoonparticipatesinthe401(k)Plan.

190

TableofContents

Retiree Health Benefits

TheCompanymaintainsaretireemedicalhealthplan,whichprovidesmedicalcoveragetoemployeeswhoretiredirectlyfromtheCompany,haveachievedtheageof55,havecompleted10ormoreyearsofserviceandwerehiredpriortoJanuary1,2004.ThecostsundertheplanaresharedbetweentheCompanyandtheretireewiththesplitcostsbasedonyearsofserviceanddateofretirement.Thissplitisspecifictoeachretireeanddoesnotchangeovertime.Undertheplan,retireesandtheirspousesunderage65areeligibleforthesamemedicalanddentalplansavailabletoactiveemployeesandretireesage65andoverareeligibleforretiree-specificplans.

Deferred Compensation

TheCompanyestablishedadeferredcompensationplanin2005forthepurposeofprovidingdeferredcompensationforaselectgroupofmanagementorhighlycompensatedemployees,includingthenamedexecutiveofficersotherthanMr.Yoon.AsofJuly29,2011,inconnectionwiththesaleoftheCompanybyBeam,allCompanymatchingcontributionsandemployeecontributionstotheplanwerefrozenandemployeesalaryandincentivedeferralaccountsweredistributed.Allthatremainsintheplanistheportionofparticipants'accountsattributabletopriorCompanymatchingcreditstotheplanpriortoJuly29,2011.See"—NonqualifiedDeferredCompensationfor2015"belowforinformationrelatingtotheExcessDeferralPlanaccountsofournamedexecutiveofficers.

Severance and Change in Control Arrangements

Executive Severance Plan

TheCompanymaintainstheAcushnetExecutiveSeverancePlan(the"ExecutiveSeverancePlan")underwhichMessrs.Burke,BellisandConnorareeligibletoreceiveseverancebenefitsuponaterminationofemploymentexceptterminationsduetothenamedexecutiveofficer'sresignation(otherthanavoluntarilyterminationbecausethenamedexecutive'sjoblocationhasbeenrelocatedmorethan35milesfromtheparticipant'sformerjoblocation,forwhichseverancebenefitsarepayable),retirement,death,disabilityorcause.See"—PotentialPaymentsUponTerminationorChangeinControl"belowforinformationrelatingtotheseverancepayabletoournamedexecutiveofficersundertheExecutiveSeverancePlan.

Mr. Uihlein's Severance and Change in Control Agreement

Mr.Uihleinispartytobothaseveranceagreementandachangeincontrolagreementthatprovideforbenefitsintheeventofcertainqualifyingterminationsasfurtherdescribedunder"PotentialPaymentsUponTerminationorChangeinControl."

OtherthantheseveranceandchangeincontrolagreementsbetweentheCompanyandMr.Uihleindescribedabove,theCompanyhasnotenteredintoanemploymentagreementwithanyofitsnamedexecutiveofficers.

Excise Taxes

Mr.Uihlein'schangeincontrolagreementprovidesthattotheextentthatanyorallofthechangeincontrolpaymentsandbenefitsprovidedtoMr.Uihleinunderthechangeincontrolagreementoranyotherplan,arrangementoragreementconstitute"parachutepayments"withinthemeaningofSection280GoftheCodeandwouldotherwisebesubjecttotheexcisetaximposedbySection4999oftheCode,theCompanywillpayMr.UihleinanadditionalamountsuchthatthenetamountretainedbyMr.Uihleinafterthedeductionofanyexcise,federal,stateandlocalincometaxwillbeequaltothepaymentsheisentitledtounderthechangeincontrolagreement.However,ifthevalueofthepaymentsMr.Uihleinisentitledtodonotexceed330%ofthebaseamount(asdefinedintheCode),nogross-uppaymentwillbemadeandanychangeincontrolrelatedpaymentsandbenefitswouldbereducedtoequalonedollarlessthantheamountwhichwouldresultinsuchpaymentsandbenefits

191

TableofContents

beingsubjecttosuchexcisetax,butonlyifthevalueofthereductionisequaltoorlessthan30%ofMr.Uihlein'sbasesalary.

CompensationCommitteeInterlocksandInsiderParticipation

FromJanuarythroughMay2015,theCompensationCommitteewascomprisedofthefollowingdirectors:Mr.Uihlein,Mr.Yoon,Mr.ThomasPark,Mr.PrakashMelwaniandMs.JenniferEstabrook.BeginninginJune2015,theCompensationCommitteewascomprisedofMs.Estabrook,Mr.JonathanEpstein,Mr.ParkandMr.Melwani.Mr.MelwaniresignedfromtheboardofdirectorsofAcushnetCompanyandtheCompensationCommitteeinDecember2015.Mr.RandallLeewasappointedtotheCommitteeinApril2016.

Mr.Yoon,ChairmanofAcushnetCompanyandChairmanofAcushnetHoldingsCorp.,whoalsoservedasPresidentofAcushnetHoldingsCorp.untilMay11,2016,isalsoChairmanofFilaUSA,Inc.Ms.Estabrook,adirectorandmemberoftheCompensationCommitteeofAcushnetCompany,isanexecutiveofficerofFilaUSA,Inc.

KeyCompensationActionsin2016

2015 Incentive Plan

OnJanuary22,2016,theAcushnetHoldingsCorp.boardofdirectorsadopted,anditsstockholdersapproved,the2015IncentivePlan.See"EquityCompensationPlans—Summaryofour2015IncentivePlan."

Bonus to Mr. Uihlein

PursuanttoaletteragreementdatedFebruary26,2016,Mr.Uihleinwasawardedacashbonusintheamountof$7.5millionasconsiderationforpastperformanceastheCompany'sPresidentandChiefExecutiveOfficer.OnethirdofthecashbonuswaspaidinalumpsumuponexecutionoftheagreementandanotherthirdofthecashbonusispayableinalumpsumonDecember31,2016.Thelastthirdispayableupontheearliesttooccurof(1)theclosingofthisoffering,(2)achangeincontrol(asdefinedintheCompany's2015IncentivePlan)and(3)December31,2016.

Compensation Increases

OnApril29,2016,followingtheCompensationCommittee'sconsiderationofPearlMeyer'sassessmentofthenamedexecutiveofficers'compensationasdiscussedaboveunder"ResourcesGuidingCompensationDecisions,"Mr.Uihlein'sbasesalarywasincreasedto$1,086,000,Mr.Burke'sbasesalarywasincreasedto$482,000andMr.Connor'sbasesalarywasincreasedto$502,000.Inaddition,Mr.Uihlein'stargetedannualcashincentivefor2016wasincreasedto125%ofhisbasesalaryandMr.Burke'stargetedannualcashincentivefor2016wasincreasedto65%ofhisbasesalary.TheseincreasesinbasesalaryandtargetedannualcashincentiveamountsareeffectiveasofJanuary1,2016.

Equity Grants Under Omnibus Equity Plan

Inordertocontinuetopromotethealignmentofexecutivecompensationandlong-termshareholdervaluecreation,ourboardofdirectorshasadoptedanewapproachtoourlong-termequityincentivecompensationprogramfor2016.Aspreviouslydiscussed,theCompanyhaspreviouslygrantedEARs,aportionofwhichvestedbasedontheachievementofspecifiedfinancialperformancemeasures(i.e.,PlanAdjustedEBITDAandIRR).CommencingwiththeCompany'sgrantofequitycompensationin2016,theCompany'sapproachtolong-termequityincentivecompensationhasshiftedfrommulti-yearappreciationawardstomulti-yearfullvalueawards,whichourboardofdirectorsbelievesmorecloselyaligns,onagoing-forwardbasis,theinterestsofexecutiveofficerswiththoseoftheCompany'sshareholders.

192

TableofContents

OnJune15,2016,ourboardofdirectorsapprovedagrantofmulti-yearrestrictedstockunits(the"Multi-YearRSUs")andperformancestockunits(the"Multi-YearPSUs")tocertainkeymembersofmanagement,includingMessrs.Uihlein,BurkeandConnor.Thegrantsweremade50%inMulti-YearRSUsand50%inMulti-YearPSUs.TheMulti-YearRSUsandMulti-YearPSUsareintendedtorepresentthreeyearsofequitycompensationand,assuch,Messrs.UihleinandBurkearenotexpectedtoreceivegrantsofRSUsorPSUsin2017or2018.Mr.ConnorisnotexpectedtoreceiveanyfuturegrantsofRSUsorPSUsasheisexpectedtoretireeffectiveDecember31,2016.OurboardofdirectorsbelievesthatthegrantoftheMulti-YearRSUsandMulti-YearPSUstoMessrs.Uihlein,BurkeandConnor,aswellascertainotherkeymembersofmanagement,willincentivizethemtoeffectivelyexecutetheCompany'sthree-yearstrategicplanandcreateadditionalvalueenhancingcorporatedevelopmentinitiativesduringthisthree-yearperiod.

One-thirdoftheMulti-YearRSUsvestoneachofJanuary1of2017,2018and2019.TheMulti-YearPSUscliff-vestonDecember31,2018,subjecttotheexecutive'scontinuedemploymentwiththeCompanyandtheCompany'slevelofachievementoftheapplicablecumulativeAdjustedEBITDAperformancemetrics(asdefinedintheapplicableawardagreements)measuredoverthethree-yearperformanceperiod.EachMulti-YearPSUreflectstherighttoreceivebetween0%and200%ofthetargetnumberofsharesbasedonactualthreeyearcumulativeAdjustedEBITDA.ForMr.Connor,thevestingofhisMulti-YearPSUsisexpectedtobeproratabasedonhisretirementdate.

IndeterminingthetargetvalueoftheMulti-YearRSUsandMulti-YearPSUs,ourboardofdirectorsandtheCompensationCommitteeconsideredexecutiveofficerperformance,potentialfuturecontributionsandpeergroupanalyses.Basedontheseconsiderations,ourboardofdirectorsandtheCompensationCommitteedeterminedtheappropriateannualtargetvalueofthelong-termincentivegrantsandthenmultipliedtheannualtargetvaluebythreebecausethegrantsareintendedtoreflectanticipatedcompensationforthethreeyearperiodfrom2016to2018andtheexecutivesarenotexpectedtoreceiveanyadditionalRSUorPSUgrantsin2017or2018.ThetargetnumberofsharesunderlyingtheMulti-YearRSUandMulti-YearPSUawardswasdeterminedbyreferencetothefairvalueofourcommonstockasofthedateourboardofdirectorsapprovedthegrants,whichfairvaluewasbasedoncalculationspreparedbyanindependentthirdpartyvaluationcompany.

InformationregardingtheMulti-YearRSUsandMulti-YearPSUsforMessrs.Uihlein,BurkeandConnorisincludedbelow.Ontheleft,thegrantdatefairvalueoftheMulti-YearRSUsandMulti-YearPSUshasbeenincluded.Ontheright,thegrantdatefairvalueoftheRSUsandPSUshasbeenpresentedonanannualizedbasistoreflectthatawardsareintendedtoreflectanticipatedcompensationforthethree-yearperiodfrom2016to2018andournamedexecutiveofficersarenotexpectedtoreceiveadditionalgrantsofRSUsorPSUsin2017or2018—i.e.,theRSUsandPSUshavebeendividedbythreetoillustratetheannualvalueoftheawardforoneofthethreeannualperiodswithinthethree-yearvestingperiod.

193

Name GrantDateFairValue

GrantDateFairValueonanAnnualizedBasis

RSUs PSUs RSUs PSUs WallyUihlein $ 4,425,000 $ 4,425,000 $ 1,475,000 $ 1,475,000WilliamBurke $ 1,500,000 $ 1,500,000 $ 500,000 $ 500,000JamesConnor $ 1,200,000 $ 1,200,000 $ 400,000 $ 400,000

TableofContents

CodeSection162(m)Policy

Subjecttothetransitionperioddescribedbelow,onceweareapubliccompanyCodeSection162(m)willlimitourdeductionforfederalincometaxpurposestonomorethan$1millionofcompensationpaidtocertainexecutiveofficersinataxableyear.However,compensationabove$1millionmaybedeductedifitis"performance-basedcompensation"withinthemeaningoftheCode.Followingthisoffering,weexpecttobeabletoclaimthebenefitofaspecialexemptionthatappliestocompensationpaidduringaspecifiedtransitionperiodunderSection162(m).Thistransitionperiodmayextenduntilthefirstannualshareholdersmeetingthatoccursaftertheendofthethirdcalendaryearfollowingthecalendaryearinwhichthisofferingoccurs,unlessthetransitionperiodisterminatedearlierundertheSection162(m)post-offeringtransitionrules.AtsuchtimeaswearesubjecttothedeductionlimitationsofSection162(m),weexpectthattheHoldingsCompensationCommitteewilltakethedeductibilitylimitationsofSection162(m)intoaccountinitscompensationdecisions;however,theHoldingsCompensationCommitteemay,initsjudgment,authorizecompensationpaymentsthatarenotexemptunderSection162(m)whenitbelievesthatsuchpaymentsareappropriatetoattractorretaintalent.

2015SummaryCompensationTable

ThefollowingtablesummarizesthecompensationpaidtoorearnedbytheCompany'snamedexecutiveofficers.ForadescriptionofthecomponentsoftheCompany's2015executivecompensationprogram,see"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram."

194

NameandPrincipalPosition Year BaseSalary Bonus

OptionAwards

StockAwards

Non-EquityIncentivePlanCompensation(1)

ChangeinPensionValueand

Non-qualifiedDeferred

CompensationEarnings(2)

AllOtherCompensation Total

WallyUihlein 2015 $ 995,200 $ 1,120,000(3) — — $ 1,906,400 $ 449,346 $ 957,038(4)$ 5,427,984PresidentandChief ExecutiveOfficer

WilliamBurke 2015 $ 401,100 — — — $ 612,800 $ 185,036 $ 61,606(5)$ 1,260,542ExecutiveVicePresident, ChiefFinancialOfficer andTreasurer

GeraldBellis 2015 $ 537,700 — — — $ 819,500 $ 221,365 $ 47,478(6)$ 1,626,043President,TitleistGolfBalls

JamesConnor 2015 $ 487,100 — — — $ 731,200 $ 108,562 $ 62,410(7)$ 1,389,272President,FootJoy

GeneYoon 2015 $ 1,092,900 $ 1,120,000(3) — — $ 2,031,000 — $ 10,000(8)$ 4,253,900ChairmanofAcushnet Company,Chairmanand PresidentofAcushnet HoldingsCorp.

(1) Representstheactualamountsearnedfor2015undertheCompany'sannualcashincentiveplanandLTIP.ForeachofMr.UihleinandMr.Yoon,thisamountincludesthe750unitsgrantedunderthe2015SpecialLTIPwhosevalueof$850perunitwasbasedonPlanAdjustedEBITDAfor2015andexcludesthe2,800unitsgrantedunderthe2015SpecialLTIPthatweresubjecttoafixedpayout,asdescribedinfootnote(3)below.ForeachofMessrs.Burke,BellisandConnor,thisrepresentsthepayoutamountforhis2014-2015LTIPaward.Foradditionalinformationregardingtheseprograms,see"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram—AnalysisofAnnualCashIncentives"and"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram—AnalysisofLong-TermIncentives(LTIPandEARs)."

(2) Thevaluesthatappearinthetablearethechangeinthepresentvalueoftheretirementbenefitsin2015.Thechangeisimpactedbyadditionalserviceandpay,aswellaschangesinanyofthevaluationassumptionsthatareusedtopreparetheCompany'sconsolidatedfinancialstatements.Becauseofchangingactuarialassumptions,thesevaluescanvarysignificantlyfromyeartoyear.

(3) RepresentstheportionofeachofMr.Uihlein'sandMr.Yoon's2015SpecialLTIPawardthatissubjecttoafixedpayoutvalueof2,800unitsat$400perunit.See"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram—AnalysisofLong-TermIncentives(LTIPandEARs)—2015SpecialLTIPAward."

TableofContents

GrantsofPlan-BasedAwardsin2015

ThefollowingtablesetsforthcertaininformationwithrespecttograntsofawardstothenamedexecutiveofficersundertheCompany'snon-equityincentiveplansduring2015.Foradditionalinformationconcerningtheannualandlong-termnon-equityincentiveprograms,see"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram."

195

(4) Includesataxgross-uppaymentof$859,539madebytheCompanyrelatedtotheCompany'scontributiontoMr.Uihlein'sSERPtrust,Companymatchingcontributionunderthe401(k)Plan,anautomobileallowance,annualexecutivelifeinsurancepremiumspaidbytheCompanyintheamountof$49,705,annualreimbursementforcountryclubduesandCompanygolfequipment,gearandwear.

(5) IncludesaCompanymatchingcontributionunderthe401(k)Plan,annualexecutivelifeinsurancepremiumspaidbytheCompanyintheamountof$26,656,annualreimbursementforcountryclubdues,paymentsforfinancialplanningservicesandCompanygolfequipment,gearandwear.

(6) IncludesaCompanymatchingcontributionunderthe401(k)Plan,annualexecutivelifeinsurancepremiumspaidbytheCompanyintheamountof$17,923,annualreimbursementforcountryclubduesandpaymentsforfinancialplanningservicesandCompanygolfequipment,gearandwear.

(7) IncludesaCompanymatchingcontributionunderthe401(k)Plan,annualexecutivelifeinsurancepremiumspaidbytheCompanyintheamountof$33,910,annualreimbursementforcountryclubduesandCompanygolfequipment,gearandwear.

(8) RepresentsCompanygolfequipment,gearandwear.Followingtheclosingofthisoffering,Mr.Yoonwillnolongerreceiveofficercompensation.

EstimatedPayoutsUnderNon-EquityIncentivePlanAwards

GrantDate

Name Units Threshold Target Maximum WallyUihlein 3/6/2015(1) — — $ 746,400 $ 1,492,800

3/6/2015(2) 750 — — (4) $ 750,000

WilliamBurke 3/6/2015(1) — — $ 200,550 $ 401,100

3/6/2015(3) 300 — — (4) $ 300,000

GeraldBellis 3/6/2015(1) — — $ 268,850 $ 537,700

3/6/2015(3) 400 — — (4) $ 400,000

JamesConnor 3/6/2015(1) — — $ 243,550 $ 487,100

3/6/2015(3) 350 — — (4) $ 350,000

GeneYoon 3/6/2015(1) — — $ 819,675 $ 1,639,350

3/6/2015(2) 750 — — (4) $ 750,000

(1) Representstheexecutive'sannualcashincentiveaward.See"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram—AnalysisofAnnualCashIncentives."

(2) Representstheportionofthe2015SpecialLTIPawardthatisnotsubjecttoafixedpayoutvalue.See"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram—AnalysisofLong-TermIncentives(LTIPandEARs)—2015SpecialLTIPAward."

(3) Representsthenamedexecutiveofficer's2015-2016LTIPaward.See"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram—AnalysisofLong-termIncentives(LTIPandEARs)—2014-2015and2015-2016LTIPAwards."

(4) Theportionofthe2015SpecialLTIPthatisnotsubjecttoafixedpayoutvalueandthe2015-2016LTIPdonothaveatargetvalue.

TableofContents

OutstandingEquityAwardsasofDecember31,2015

OptionExercisesin2015

Thefollowingtablesetsforthinformationregardingtheexerciseofstockoptionawardsduring2015forthenamedexecutiveofficers.NoneofthenamedexecutiveofficersotherthanMr.Uihleinexercisedoptionsin2015.

196

Name GrantDate

NumberofSecuritiesUnderlyingUnexercisedOptions

Exercisable(1)

OptionExercisePrice(2)

OptionExpirationDate(3)

WallyUihlein 8/30/2011 $ 12/31/2016WilliamBurke 8/30/2011 $ 12/31/2016GeraldBellis 8/30/2011 $ 12/31/2016JamesConnor 8/30/2011 $ 12/31/2016GeneYoon 8/30/2011 $ 12/31/2016

(1) RepresentstheEARsgrantedtothenamedexecutiveofficersundertheEARPlan.TheEARsbecomepayableuponthefirsttooccurof(a)anamedexecutiveofficer's"separationfromservice"(underSection409AoftheCode)otherthanforcause,(b)thesaleoftheCompanyor(c)December31,2016.AstheEARswouldpayoutifanamedexecutiveofficervoluntarilyseparatedfromserviceonDecember31,2015,theyareclassifiedasexercisableforpurposesofthistable.See"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram—AnalysisofLong-TermIncentives(LTIPandEARs)—EARs"

(2) RepresentsthegrantdatevaluefortheEARundertheapplicableEARawardagreement.

(3) TheEARPlanexpiresonDecember31,2016andanyvestedEARsmustbepaidoutwithintwoandahalfmonthsthereafter.

OptionAwards

Name

NumberofSharesAcquired

onExercise ValueRealizedonExercise

WallyUihlein $ 8,341,020

(1) Inconnectionwiththe2011saleoftheCompanybyBeam,Mr.Uihlein'soptionstopurchaseBeamstockconvertedtooptionstopurchasesharesofAcushnetHoldingsCorp.commonstock.OnJuly31,2015,Mr.Uihleinexercisedalloftheseremainingoptionsandtenderedaportionofthesharesunderlyingtheoptionsforthepaymentoftheexercisepriceandwithholdingtaxes.

TableofContents

PensionBenefitsfor2015

Thefollowingtableshows,asofDecember31,2015,eachnamedexecutiveofficer'syearsofcreditedservice,presentvalueofaccumulatedbenefitandbenefitsreceived,ifany,undertheCompany'sPensionPlanandtheSERP.

Pension Plan. ThePensionPlanisataxqualifieddefinedbenefitpensionplanandtheSERPisanonqualifieddefinedbenefitpensionplan.Eachplanprovidesforpaymentofretirementbenefitstoaplanparticipantcommencingbetweentheagesof50and65,aswellasforpaymentofcertaindisabilitypensionbenefits.Afterattainingage50orcompletingfiveyearsofvestingserviceaplanparticipantacquiresavestedrighttofuturebenefits.Thebenefitspayableundereachoftheplansaregenerallydeterminedonthebasisofanemployee'slengthofserviceand/orearningsandarenormallypaidasanannuityunlessalumpsumelectionismade.

Eachoftheplansgenerallyprovidesunreducedretirementbenefitscommencingontheparticipant'snormalretirementdate,whichisthefirstdayofthecalendarmonthcoincidentwithornextfollowingaparticipant's65thbirthday,butaparticipantcanreceivereducedpensionbenefitsasearlyasage50.ThePensionPlanprovidesbenefitspayableaseitheranannuityoralumpsum.EachofthenamedexecutiveofficersotherthanMr.YoonparticipatesinthePensionPlan,isfullyvestedinhisbenefitsunderthePensionPlanandcancommencehispensionbenefitsimmediatelyuponterminationofemployment.

Uponretirement,asalariedparticipantinthePensionPlan,suchasthenamedexecutiveofficers,isentitledtoabenefitequaltothesumof(a)0.9%ofhisaveragemonthlyrateofearningsmultipliedbyhisyearsofcreditedserviceand(b)0.55%ofthatportionofhisaveragemonthlyrateofearnings

197

Name PlanName

NumberofYearsCreditedService

(2)

PresentValueofAccumulated

Benefit(3)

PaymentsDuringLastFiscalYear

WallyUihlein AcushnetCompanyPensionPlan 38.92 $ 1,579,871 — AcushnetCompanySupplementalRetirementPlan 38.92 $ 11,929,668 —

WilliamBurke(1) AcushnetCompanyPensionPlan

31.58$ 866,037

—

AcushnetSupplementalExecutiveRetirementPlan 31.58 $ 1,845,753 —

GeraldBellis AcushnetCompanyPensionPlan

32.58$ 848,473

—

AcushnetSupplementalExecutiveRetirementPlan 32.58 $ 2,747,036 —

JamesConnor AcushnetCompanyPensionPlan

28.42$ 1,239,016

—

AcushnetSupplementalExecutiveRetirementPlan 28.42 $ 3,281,246 —

GeneYoon AcushnetCompanyPensionPlan

—

—

—

AcushnetSupplementalExecutiveRetirementPlan — — —

(1) Mr.Burke'sbenefitreflectsfullcontrolledgroupbenefitservicewithanoffsetforabenefitaccruedandpayableunderaformercontrolledgroupcompanypensionplan.

(2) Numberofyearsofcreditedservicerepresentsactualyearsofservice.

(3) Presentvalueofaccumulatedbenefitiscalculatedbyusingadiscountrateof4.45%forthePensionPlanand3.90%fortheSERP.

TableofContents

thatisinexcessofhiscoveredcompensation,multipliedbythelesserof(1)35and(2)hisyearsofcreditedserviceasasalariedemployee.AveragemonthlycompensationforthiscalculationislimitedinaccordancewiththeIRScompensationlimitregulationsunderCodesection401(a)(17).Planparticipants,includingMr.Burke,whotransferreddirectlytotheCompanyfromanothercompanyintheCompany'spriorcontrolledgroup(priortoJuly2011),receiveabenefitreflectingallserviceinthecontrolledgroupdeterminedusingtheplanformula,withanoffsetforthebenefitpayablefromthepensionplanoftheformercontrolledgroupcompany.AtDecember31,2015,thePensionPlanwasamendedtofreezebenefitaccrualsforcertainparticipantsandlimitongoingbenefitaccrualsforotherparticipants,basedonageandserviceatthatdate.ForparticipantswhoatDecember31,2015hadattainedageof50andhadcompletedatleasttenyearsofserviceorhadacombinedageandyearsofserviceof70ormore,themonthlybenefitamountpayableunderthePensionPlanwillequalthesumof(a)theparticipant'sfrozenaccruedpensionbenefitatDecember31,2015,plus(b)benefitaccrualsafterthattimereflectingonlyserviceandpayearnedin2016andthebenefitformuladescribedabove,butwithfinalaveragemonthlycompensationlimitedto$150,000.

Ifaplanparticipantdiesafterage50andbeforebenefitscommenceunderthePensionPlan,hisspousewillgenerallybeentitledtomonthlypensionbenefitscommencingonthefirstdayofthemonthfollowingthenamedexecutiveofficer'sdeathequalto50%ofthenamedexecutiveofficer'sassumedretirementpension,whichisthemonthlyamountofpensionbenefitsthathewouldhavereceivedhadheretiredimmediatelypriortohisdeathwhilethejointandsurvivorannuitywasineffectwithaprovisionforcontinuanceof50%ofhisreducedamountofretirementbenefittohisspouse.Thespousemayinsteadelecttoreceivealumpdistributionequaltoanamountthatwouldbeactuariallyequivalenttothemonthlybenefitotherwisepayable.Iftheplanparticipanthasnospouse,hisbeneficiarywillbeeligibletoreceivealumpsumdistributionoftheabove.See"—PensionBenefitsfor2015"aboveforinformationrelatingtotheaccumulatedbenefitsofournamedexecutiveofficers.

SERP. TheSERPisanonqualified,unfundedexcessbenefitplanthatsupplementsthebenefitspayableunderthePensionPlan.Uponaparticipant'sretirement,theparticipantwillbeentitledtoabenefitundertheSERPequaltothedifferencebetween(a)and(b),where(a)isthesumof(A)0.9%ofhisaveragemonthlyrateofearningsmultipliedbyhisyearsofcreditedserviceand(B)0.55%ofthatportionofhisaveragemonthlyrateofearningsthatisinexcessofhiscoveredcompensation,multipliedbythelesserof(1)35and(2)hisyearsofcreditedserviceasasalariedemployee,and(b)isthebenefitpayableunderthePensionPlan.Monthlyaveragecompensationforitems(A)and(B)immediatelyaboveisnotlimited.BenefitspayableundertheSERParegenerallypaidtoparticipantsinalumpsumduringthe60-dayperiodfollowingtheparticipant'sretirementdate.

EachofMr.UihleinandMr.ConnoriseligibletoreceivefullretirementbenefitsunderthePensionPlanandSERP.EachofMr.BurkeandMr.BellisiseligibletoreceiveearlyretirementbenefitsunderthePensionPlanandSERP.Mr.YoondoesnotparticipateinthePensionPlanorSERP.Ifaparticipantretiresearly,hewillbeentitledtoelect(1)amonthlyretirementbenefitascalculatedabovethatcommencesonhisnormalretirementdateor(2)areducedbenefitpayableathisearlyretirementdate.Theearlyretirementbenefitisequaltothe0.9%portionofhispensionbenefitreducedbythenumberofmonthsbywhichhisannuitystartingdateprecedeshisearlyretirementage(definedasage64forMr.BurkeandMr.Bellis)multipliedby0.003and(b)0.55%oftheportionofhisbenefitreducedby0.5%foreachofthefirst60monthsthathisannuitystartingdateprecedestheearlyretirementageor(y)0.3%foreachmonthinexcessof60thattheannuitystartingdateprecedestheearlyretirementage.Mr.BellisretiredfromtheCompanyeffectiveFebruary29,2016.BecauseMr.Bellisretiredpriortohisregularretirementdate,heiseligibletoreceiveearlyretirementbenefitsasdescribedabove.

Additionally,theCompanyhasestablishedandpartiallyfundedarabbitrusttoprovideasourceoffundsforbenefitspayablefromtheSERP.ForMr.Uihlein,theCompanymakesannualcontributionstoatrustownedbyMr.UihleintofundaportionofMr.Uihlein'sSERPbenefit.UponMr.Uihlein's

198

TableofContents

terminationofemployment,afinalcontributionwillbemadetohistrustinanamountwhichwhenaddedtotheexistingbalancewillequalthepresentvalueoftheafter-taxsinglesumequivalentofhissupplementalretirementbenefittobepaidwithin60daysfollowinghisterminationordeath,orinthecaseofaterminationfordisability,within60daysofhisbecomingdisabled.

NonqualifiedDeferredCompensationfor2015

Thefollowingtableprovidesasummaryofthenamedexecutiveofficers'accountsthatremainoutstandingintheCompany'snonqualifiedexecutivedeferralplan("EDP")for2015.AsofJuly29,2011,inconnectionwiththesaleoftheCompanybyBeamallCompanymatchingcontributionsandemployeecontributionstotheplanwerefrozenandemployeesalaryandincentivedeferralaccountsweredistributed,Allthatremainsintheplanistheportionofparticipants'accountsattributabletoCompanymatchingcreditstotheplanpriortoJuly29,2011.See"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram—DeferredCompensation"above.

EachofthenamedexecutiveofficersotherthanMr.YoonparticipatesintheEDPandisfullyvestedinhisaccountbalance.Mr.YoondoesnotparticipateintheEDP.UponaseparationfromtheCompany,thesenamedexecutiveofficersareentitledtothevalueoftheiraccountsinalumpsumnolaterthan(1)December31stoftheyearinwhichtheseparationoccursor(2)90daysfollowingthedateoftermination.

AccountbalancesareinvestedinavarietyofmutualfundsselectedbytheplanparticipantsfromalistoffundinvestmentoptionssimilartotheinvestmentoptionsavailableundertheCompany'sdefinedcontributionplan.Participantsearnannualmarketratereturnsbasedonthefund'sperformance.

PotentialPaymentsUponTerminationorChangeinControl

Thetablebelowquantifiesthepotentialpaymentsandbenefitsthatwouldbeprovidedtoeachnamedexecutiveofficerundereachoftheterminationorchangeincontrolcircumstanceslisted.TheamountsshownarebasedontheassumptionthatthetriggeringeventtookplaceonDecember31,2015,whichwasthelastbusinessdayof2015.

Theamountsshowninthetablebelowdonotinclude:

• paymentsandbenefitstotheextenttheyareprovidedgenerallytoallsalariedemployeesuponterminationofemploymentorothercircumstanceanddonotdiscriminateinscope,termsoroperationinfavorofthenamedexecutiveofficers;

• regularpensionbenefitsunderourPensionPlanortheSERP.See"—PensionBenefitsfor2015"above;or

• distributionsofplanbalancesunderour401(k)PlanortheEDP.See"—NonqualifiedDeferredCompensationforFiscal2015"aboveforinformationrelatingtothedistributionsoftheEDPaccountbalancesofournamedexecutiveofficers.

199

Name

ExecutiveContributionsLastFiscal

Year

CompanyContributionsLastFiscal

Year

AggregateEarningsinLastFiscal

Year

AggregateWithdrawals/Distributions

AggregateBalance

LastFiscalYear

WallyUihlein — — $ (10,654) — $ 281,278WilliamBurke — — $ (2,141) — $ 90,160GeraldBellis — — $ 5,122 — $ 139,950JamesConnor — — $ (11,458) — $ 138,865GeneYoon — — — — —

TableofContents

PotentialPaymentsUponTerminationorChangeinControl

200

Retirement

(1)

InvoluntaryTermination

withoutCauseorVoluntaryTermination

withGoodReason TerminationForCause

DeathorDisability

ChangeinControlfollowedbyInvoluntaryTerminationwithoutCauseorVoluntaryTerminationwithGoodReason

WallyUihlein Annualincentiveaward(2) $ 1,268,900 $ 1,268,900 — $ 1,268,900 $ 1,268,900LTIPawards(3) $ 1,757,500 $ 1,757,500 — $ 1,757,500 $ 1,757,500PayoutofEARs(4) $ 15,283,000 $ 15,283,000 — $ 15,283,000 $ 15,283,000Cashseverancepayment(5) — $ 4,192,379 — — $ 6,270,878Lifeinsurance — — — $ 5,623,400 —Healthandwelfarebenefits(6) — $ 128,556 — — $ 192,834Accruedandunpaidvacation $ 114,830 $ 114,830 $ 114,830 $ 114,830 $ 114,830Total $ 18,424,230 $ 22,745,165 $ 114,830 $ 24,047,630 $ 24,887,942

WilliamBurke Annualincentiveaward(2) $ 341,000 $ 341,000 — $ 341,000 $ 341,000LTIPawards(3) $ 387,600 $ 387,600 — $ 387,600 $ 387,600PayoutofEARs(4) $ 7,335,840 $ 7,335,840 — $ 7,335,840 $ 7,335,840Cashseverancepayment(5) — $ 601,650 — — $ 802,200Lifeinsurance — — — $ 2,395,500 —Healthandwelfarebenefits — — — — —Accruedandunpaidvacation $ 46,281 $ 46,281 $ 46,281 $ 46,281 $ 46,281Total $ 8,110,721 $ 8,712,371 $ 46,281 $ 10,506,221 $ 8,912,921

GeraldBellis Annualincentiveaward(2) $ 457,100 $ 457,100 — $ 457,100 $ 457,100LTIPawards(3) $ 516,800 $ 516,800 — $ 516,800 $ 516,800PayoutofEARs(4) $ 7,335,840 $ 7,335,840 — $ 7,335,840 $ 7,335,840Cashseverancepayment(5) — $ 806,550 — — $ 1,075,400Lifeinsurance — — — $ 3,210,500 —Healthandwelfarebenefits — — — — —Accruedandunpaidvacation $ 62,042 $ 62,042 $ 62,042 $ 62,042 $ 62,042Total $ 8,371,782 $ 9,178,332 $ 62,042 $ 11,582,282 $ 9,447,182

JamesConnor Annualincentiveaward(2) $ 414,100 $ 414,100 — $ 414,100 $ 414,100LTIPawards(3) $ 452,200 $ 452,200 — $ 452,200 $ 452,200PayoutofEARs(4) $ 7,335,840 $ 7,335,840 — $ 7,335,840 $ 7,335,840Cashseverancepayment(5) — $ 730,650 — — $ 974,200Lifeinsurance — — — $ 2,908,500 —Healthandwelfarebenefits — — — — —Accruedandunpaidvacation $ 46,837 $ 46,837 $ 46,837 $ 46,837 $ 46,837Total $ 8,248,977 $ 8,979,627 $ 46,837 $ 11,157,477 $ 9,223,177

GeneYoon Annualincentiveawards(2) $ 1,393,500 $ 1,393,500 — $ 1,393,500 $ 1,393,500LTIPawards(3) $ 1,757,500 $ 1,757,500 — $ 1,757,500 $ 1,757,500PayoutofEARs(4) $ 42,792,400 $ 42,792,400 — $ 42,792,400 $ 42,792,400Cashseverancepayment(5) — — — — —Lifeinsurance — — — — —Healthandwelfarebenefits — — — — —Accruedandunpaidvacation — — — — —Total $ 45,943,400 $ 45,943,400 — $ 45,943,400 $ 45,943,400

(1) Eachofthenamedexecutiveofficersisretirementeligibleundertheawardsand/orplansapplicabletohimasofDecember31,2015andthereforeanyvoluntaryterminationbythenamedexecutiveofficer,otherthanaterminationforgoodreason,hasbeentreatedasaretirementforpurposesofthistable.

TableofContents

Severance and Change in Control Arrangements

Executive Severance Plan

IfaSeverancePlanparticipant'semploymentisterminated(1)bytheCompanyotherthanforcauseor(2)bytheparticipantbecausetheparticipant'sjoblocationhasbeenrelocatedmorethan35milesfromtheparticipant'sformerjoblocation,theparticipantwillreceive(a)18monthsofbasesalaryplus(b)oneyearofbonus(basedonthetargetbonusfortheyearoftermination)offsetbyanybonusamountactuallypaidunderthetermsoftheCompany'sannualbonusplanfortheyearoftermination,payableininstallments.

UndertheSeverancePlan,"cause"includesbutisnotlimitedtomisconduct,negligence,dishonesty,criminalact,excessiveabsenteeism,andwillfulfailuretoperformjobresponsibilitiesandotherconductdeterminedundertheCompany'scodeofconductorotherpoliciestobe"cause".

Ifachangeincontroloccursand,within18monthsofthechangeofcontrol(1)theCompanyterminatestheparticipantotherthanforcause,(2)theparticipantvoluntaryterminatesemploymentbecausehisjoblocationhasbeenrelocatedmorethan35milesfromhisformerjoblocation,or(3)theparticipantvoluntarilyterminateshisemploymentdueto(a)amaterialdiminutionintheduties,authorityorresponsibilitiesor(b)amaterialnegativechangeintheparticipant'scompensation,theparticipantwillreceive:(x)24monthsofbasesalaryplus(y)oneyearofannualcashincentive(basedonthegreaterof(a)targetbonusfortheyearofterminationor(b)theannualcashincentivethatwouldhavebeenpaidusingtheCompany'smostrecentfinancialperformanceoutlookreportthatisavailableasoftheemployee'sterminationdate),ineachcaseoffsetbyanyannualcashincentive

201

(2) Representsvalueoftheannualcashincentiveawardearnedfor2015asincludedintheSummaryCompensationTable.OtherthaninthecaseofaterminationbytheCompanyforcause,thenamedexecutiveofficerwouldreceivetheannualcashincentiveawardearnedfor2015evenifhisemploymentterminatedpriortotheactualcashpayoutdatein2016.See"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram—AnalysisofAnnualCashIncentives."

(3) ForeachofMr.UihleinandMr.Yoon,representsthevalueofthe2015SpecialLTIPaward.ForMessrs.Burke,BellisandConnor,representsthevalueofthe2014-2015LTIPawardplus,inthecircumstancesspecifiedbelow,anestimatedpro-rataportionofthe2015-2016LTIPaward.OtherthaninthecaseofaterminationbytheCompanyforcause,thenamedexecutiveofficerwouldreceivethe2015SpecialLTIPawardor2014-2015LTIPaward,asapplicable,earnedthroughDecember31,2015evenifhisemploymentterminatedpriortotheactualcashpayoutdatein2016.Uponaterminationotherthanforcause,Messrs.Burke,BellisandConnorwouldbeeligibletoreceiveapro-ratedawardunderthe2015-2016LTIP,tobepaidin2017followingtheendoftheperformanceperiod,basedontheactualresultsfortheperformanceperiodandthenamedexecutiveofficer'sserviceduringtheperformanceperiod.

(4) UponaterminationotherthanforcauseonDecember31,2015,eachnamedexecutiveofficerwouldbeentitledtoapayoutofhisEARs.See"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram—AnalysisofLong-TermIncentives(LTIPandEARs)—EARs—PayoutoftheEARs."

(5) ForMr.Uihleinrepresentstheamountspayableunderhisseveranceandchangeincontrolagreementsasdescribedbelow.

ForMessrs.Burke,BellisandConnor,thecashseveranceamountrepresentstheamountspayabletothenamedexecutiveofficerundertheExecutiveSeverancePlanasdescribedbelow.ConsistentwiththetermsoftheExecutiveSeverancePlan,indeterminingtheamountofseverancebenefitsforeachofthenamedexecutiveofficers,theamountoftheannualcashincentivetobepaidaspartoftheseverancebenefitswasoffsetbytheannualincentiveawardearnedbythenamedexecutiveofficerfor2015(asprovidedintableaboveanddenotedbyfootnote(2)above)whichresultedinthepaymentof$0annualcashincentiveaspartoftheseverancebenefits.

Mr.YoondoesnotparticipateintheExecutiveSeverancePlanorhaveanyotherseveranceorchangeincontrolagreementwiththeCompany.

(6) ForMr.Uihlein,representstheannualpremiumamountsformedical,dental,lifeanddisabilityinsuranceinaccordancewiththeprovisionsofhisseveranceandchangeincontrolagreementsasdescribedbelow.

TableofContents

amountactuallypaidunderthetermsoftheCompany'sannualcashincentiveplanfortheyearoftermination,payableininstallments.

PaymentsundertheSeverancePlanaresubjecttoexecutionofareleaseofclaims.Foraperiodoftwelvemonthsafterseparationfromemployment,aparticipantmaynot,personallyoronbehalfofanotherparty,whetherdirectlyorindirectlysolicitforemploymentanypersonemployedbytheCompanyinasalariedpositionduringtheyearbeforeseparationfromemployment.

Mr. Uihlein's Severance and Change in Control Agreements

Underhisseveranceagreement,ifMr.UihleinisterminatedbytheCompanyotherthanforcauseorifheresignsforgoodreason,hewillbeentitledto:

• twotimesthesumof(1)hisbasesalary;(2)histargetannualincentivecompensationundertheannualcashincentiveplanand(3)theamountthatwouldhavebeenrequiredtobeallocatedtohisaccountunderthe401(k)PlanandCompanycontributionsundertheSERP,paidratablyovera12monthperiod(unlesspayablewithintwoyearsfollowingachangeincontrol,inwhichcasethepaymentsaremadeinalumpsumsixmonthsfollowingtheterminationdate);

• continuedhealthandwelfarebenefitsfortwoyearsfollowinghistermination(withMr.Uihleinpayingtheactiveemployeerate);

• anamountequaltotheexcessof(1)thesumoftheaggregatemonthlyamountsofpaymentshewouldhavebeenentitledtounderthetermsofeachoftheCompany'spensionplansifheremainedafullyvestedactiveparticipantandaccumulatedtwoadditionalyearsofservicethereunderover(2)thesumoftheaggregatemonthlyamountsofpaymentshewouldbeentitledtoundereachoftheCompany'spensionplans,payableatthetimepaymentsaremadeundertheSERP;and

• the(1)unpaidportionofhisannualincentivecompensationundertheannualcashincentiveplanforthecalendaryearimmediatelyprecedingtheyearinwhichtheterminationoccursand(2)annualcashincentivecompensationundertheannualcashincentiveplanforthecalendaryearinwhichtheterminationoccurs,payableatthetimetheannualincentiveawardsforthatyeararenormallypaid,inanamountequaltoMr.Uihlein'stargetpercentageproratedfortheportionoftheyearthroughtheterminationdate.

UnderMr.Uihlein'sseveranceagreement,"cause"generallyincludes(1)anactoractsofdishonestyonMr.Uihlein'spartthatresultsinMr.Uihleinbeingindictedforafelony,or(2)Mr.Uihlein'swillfulandcontinuedfailuresubstantiallytoperformhisdutiesandresponsibilitiesasanofficeroftheCompany(otherthananysuchfailureresultingfromhisincapacityduetophysicalormentalillness)afterademandforsubstantialperformanceisdeliveredtoMr.UihleinbyourboardofdirectorswhichspecificallyidentifiesthemannerinwhichourboardofdirectorsbelievesthatMr.UihleinhasnotsubstantiallyperformedhisdutiesandMr.Uihleinisgivenareasonabletimeaftersuchdemandsubstantiallytoperformhisduties.

Undertheseveranceagreement,Mr.Uihleinhas"goodreason"toresignifhevoluntarilyterminateshisemploymentdueto(1)amaterialchangeinhisduties,withouthisexpresswrittenconsent,exceptinconnectionwiththeterminationofhisemploymentasaresultofhisdeathorbytheCompanyfordisabilityorcauseorbyMr.Uihleinotherthanforgoodreason;(2)areductionbytheCompanyinMr.Uihlein'sthencurrentbasesalary;(3)thefailureoftheCompanytosubstantiallymaintainandtocontinueMr.Uihlein'sparticipationintheCompany'sbenefitplansunlessparticipationinsuchplansceasesforsimilarlysituatedseniorexecutives;(4)therelocationoftheofficesatwhichMr.Uihleinisemployedtoalocationmorethan35milesfromhislocationatthetimetheseveranceagreementwasenteredintoorrequiringMr.UihleintorelocatetoanyofficeotherthantheCompany'sprincipalexecutiveoffices,exceptforrequiredtravelontheCompany'sbusiness;

202

TableofContents

(5)anyreductioninthenumberofvacationdaysprovidedtoMr.Uihlein,unlesssuchreductionisapplicabletoofficersoftheCompanygenerally;(6)anyfailureoftheCompanytorequireanysuccessortoassumeandagreetoperformhisseveranceagreement;or(7)anypurportedterminationofMr.Uihlein'semploymentwhichisnoteffectedpursuanttoanoticeofterminationsatisfyingtherequirementsofhisagreement.Mr.UihleinmustprovidewrittennoticetotheCompanyoftheexistenceofgoodreasonnolaterthan90daysafteritsinitialexistenceandtheCompanywillhave30daystocuresuchgoodreasoncondition.

SeverancebenefitsaresubjecttoMr.Uihlein'ssigningofareleaseofclaims.Undertheseveranceagreement,Mr.Uihleinissubjectto12-monthconfidentiality,non-competeandnon-solicitationcovenantsunderwhichMr.Uihleinshallholdallconfidentialtradesecretsinconfidence,andshallnot(1)engageinnorbecompetitivelyemployedbyorrenderanyservicesforanybusinessintheUnitedStates,Canada,Asia,MexicoorEuropewhichisdirectlycompetitivewithanysignificantbusinessinwhichtheCompanyoranyofitsaffiliateswasengagedduringthetwo-yearperiodprecedingMr.Uihlein'stermination,and(2)solicitbusinessfromnorcauseotherstosolicitbusinessthatcompeteswiththeCompany'soranyaffiliate'slineofproductsfromanyentitieswhichwerecustomersoftheCompanyduringMr.Uihlein'semploymentorwhichweretargetedaspotentialcustomersduringhisemployment.

IfachangeincontroloccursandMr.Uihleinissubsequentlyterminatedwithoutcause(asdefinedabovefortheseveranceagreement)orresignsforgoodreasonwithinthreeyearsofachangeincontrol,hewillbeentitledto:

• 2.99timesthesumof(1)hisbasesalary;(2)histargetannualincentivecompensationundertheannualcashincentiveplanand(3)theamountthatwouldhavebeenrequiredtobeallocatedtohisaccountunderthe401(k)Plan,payableinalumpsumontheeighthdayfollowingtheterminationdate;

• continuedhealthandwelfarebenefitsforthreeyearsfollowinghistermination(withMr.UihleinpayingtheapplicableCOBRArate);

• anamountequaltotheexcessof(1)thesumoftheaggregatemonthlyamountsofpensionpaymentshewouldhavebeenentitledtounderthetermsoftheCompany'spensionplansifheremainedafullyvestedactiveparticipantandaccumulatedthreeadditionalyearsofageandservicethereunderover(2)thesumoftheaggregatemonthlyamountsofpensionpaymentshewouldbeentitledtoundersuchpensionplansuponhistermination;and

• the(1)unpaidportionofhisincentivecompensationundertheannualcashincentiveplanforthecalendaryearimmediatelyprecedingtheyearinwhichtheterminationoccursand(2)incentivecompensationundertheannualcashincentiveplanforthecalendaryearinwhichtheterminationoccurs,payableatthetimetheannualincentiveawardsforthatyeararenormallypaidbasedontheCompany'sactualperformance.

AnybenefitspaidunderthechangeincontrolagreementwillbeoffsetbythebenefitspayableaboveunderMr.Uihlein'sseveranceagreement.BenefitsunderthechangeincontrolagreementaresubjecttoMr.Uihleinsigningareleaseofclaims.

Inaddition,Mr.Uihlein'schangeincontrolagreementprovidesthattotheextentthatanyorallofthechangeincontrolpaymentsandbenefitsprovidedtoMr.Uihleinunderthechangeincontrolagreementconstitute"parachutepayments"withinthemeaningofSection280GoftheCodeandwouldotherwisebesubjecttotheexcisetaximposedbySection4999oftheCode,theCompanywillpayMr.UihleinanadditionalamountsuchthatthenetamountretainedbyMr.Uihleinafterthedeductionofanyexcise,federal,stateandlocalincometaxwillbeequaltothepaymentsheisentitledtounderthechangeincontrolagreement.However,ifthevalueofthepaymentsMr.Uihleinisentitledtodonotexceed330%ofthebaseamount,nogross-uppaymentwillbemadeandany

203

TableofContents

paymentsandbenefitswouldbereducedbytheminimumamountsnecessarytoequalonedollarlessthantheamountwhichwouldresultinsuchpaymentsandbenefitsbeingsubjecttosuchexcisetax,butonlyifthevalueofthereductionisequaltoorlessthan30%ofMr.Uihlein'sbasesalary.ForpurposesofthequantificationofpossiblepaymentsduetoMr.Uihleinineachofthescenariossetforthinthetableundertheheading"PotentialPaymentsUponTerminationorChangeinControl"above,itisassumedthatnoexcisetaxeswouldbeimposed.Assuch,theamountsinthetabledonotreflectagross-uppaymentwithrespecttoanyexcisetaximposedbySection4999oftheCode.

Underthechangeincontrolagreement,Mr.Uihleinhas"goodreason"toresignifhevoluntarilyterminateshisemploymentdueto(1)withoutMr.Uihlein'sexpresswrittenconsent,theassignmenttoMr.Uihleinofanydutiesinconsistentwithhispositions,duties,responsibilitiesandstatuswiththeCompanyatthetimeofachangeincontrol,orachangeinhisreportingresponsibilities,titlesorofficesasineffectatthetimeofachangeincontrol,oranyremovalofhimfrom,oranyfailuretore-electhimto,anyofsuchpositions,exceptinconnectionwiththeterminationofhisemploymentasaresultofhisdeathorbytheCompanyfordisabilityorcauseorbyMr.Uihleinotherthanforgoodreason;(2)areductionbytheCompanyinMr.Uihlein'sthencurrentbasesalary;(3)thefailureoftheCompanytosubstantiallymaintainandtocontinueMr.Uihlein'sparticipationintheCompany'sbenefitplansasineffectatthetimeofachangeincontrolandwithallsubsequentimprovements(otherthanthoseplansorimprovementsthathaveexpiredinaccordancewiththeiroriginalterms),orthetakingofanyactionwhichwouldmateriallyreduceMr.Uihlein'sbenefitsunderanyofsuchplansordepriveMr.Uihleinofanymaterialfringebenefitenjoyedbyhimatthetimeofachangeincontrol;(4)thetargetbonusawardedtoMr.UihleinundertheincentivecompensationplanoftheCompanysubsequenttoachangeincontrolbeinglessthansuchamountlastawardedtohimpriortoachangeincontrol;(5)thesumofMr.Uihlein'sbasesalaryandamountpaidtohimasincentivecompensationundertheincentivecompensationplanoftheCompanyforthecalendaryearinwhichthechangeincontroloccursoranysubsequentyearbeinglessthanthesumofhisbasesalaryandtheamountawarded(whetherornotfullypaid)tohimasincentivecompensationundertheincentivecompensationplanoftheCompanyforthecalendaryearpriortothechangeincontroloranysubsequentcalendaryearinwhichthesumofsuchamountswasgreater;(6)therelocationoftheofficesatwhichMr.Uihleinisemployedtoalocationmorethan35milesfromhislocationatthetimeofachangeincontrolortheCompanyrequiringMr.Uihleintobebasedanywhereotherthanatsuchoffices,exceptforrequiredtravelontheCompany'sbusinesstoanextentsubstantiallyconsistentwithUihlein'sbusinesstravelobligationsatthetimeofachangeincontrol;(7)thefailureoftheCompanytoprovideMr.Uihleinwithanumberofpaidvacationdaysatleastequaltothenumberofpaidvacationdaystowhichheisentitledatthetimeofchangeincontrol;(8)anypurportedterminationofMr.Uihlein'semploymentwhichisnoteffectedpursuanttoanoticeofterminationsatisfyingtherequirementsofhisagreement;or(9)Mr.Uihlein'sgoodfaithdeterminationthatduetoachangeincontrolheisnotableeffectivelytodischargehisduties.

LTIP

Retirement, death or disability. Ifaparticipantretires,diesorbecomesdisabledduringaperformanceperiod,theparticipantwillbeeligibleforaproratedawardbasedonservicewhileanactiveparticipant(measuredinmonthswithapartialmonthroundedup)duringtheperformanceperiod,withpaymentoftheawardmadefollowingtheendoftheperformanceperiod.ForpurposesoftheLTIP,"retire"meanstoterminateemploymentonorafterattainingage55andcompletingatleasttenyearsofservicewiththeCompanyanditsaffiliates,and"disabled"meansdisabledasdefinedintheCompany'slongtermdisabilityplan.Ifaparticipant'semploymentwiththeCompanyandallofitsthen-currentaffiliatesisterminatedforcausepriortotheendofaperformanceperiod,noawardsforthatperiodwillbepaidundertheLTIP.

Change in control. Intheeventofachangeincontrol,alloutstandingawardsundertheLTIPwillbepaidoutassoonaspracticablefollowingsuchchangeincontrol(1)asifallperformanceperiods

204

TableofContents

havebeencompletedandbasedonactualperformancedatatotheextentavailableandtheCompany'sforecastintheperformanceoutlookreportfortheremainderoftheapplicableperformanceperiod,but(2)prorated(measuredinmonthswithapartialmonthroundedup)fortheportionofanyrelevantperformanceperiodendingonthedateofsuchchangeincontrol.UndertheLTIP,theterm"changeincontrol"hasthesamemeaningascribedtosuchtermintheSeverancePlan.

EAR Plan

UponaterminationotherthanforcauseonDecember31,2015,eachEARwillentitlethenamedexecutiveofficertoapaymentfromtheCompanywithrespecttosuchawardinanamountequaltothepositiveexcess(ifany)ofthevalueoftheEARonthedateoftheterminationlessthevalueofsuchEARonthedateofgrant(whichwas$perEAR).See"CompensationDiscussionandAnalysis—Componentsofthe2015ExecutiveCompensationProgram—AnalysisofLong-TermIncentives(LTIPandEARs)—EARs."

DirectorCompensation

For2015,wedidnotprovidedirectorcompensationtoournon-executivedirectors.Allofourdirectorsarereimbursedfortheirreasonableout-of-pocketexpensesrelatedtotheirservicesasamemberoftheboardofdirectorsofAcushnetHoldingsCorp.orAcushnetCompany.

TheboardofdirectorsofAcushnetHoldingsCorp.hasapprovedthefollowingannualcompensationforitsdirectorsimmediatelyfollowingthisoffering:

• Thechairpersonoftheboardofdirectorswillreceivea$110,000annualcashretainerpaidquarterlyinarrearsandanannualgrantofrestrictedstockunitswithafairmarketvalueatthetimeofgrantof$140,000.Suchrestrictedstockunitswillvestontheearlieroftheoneyearanniversaryofthegrantorthenextannualshareholders'meeting.

• Non-executiveboardmembers,otherthanthechairperson,willreceivea$70,000annualcashretainerpaidquarterlyinarrearsandanannualgrantofrestrictedstockunitswithafairmarketvalueofatthetimeofgrantof$100,000.Suchrestrictedstockunitswillvestontheearlieroftheoneyearanniversaryofthegrantorthenextannualshareholders'meeting.

• Theauditcommitteechairpersonwillreceiveanadditional$25,000annualcashretainer;thecompensationcommitteechairpersonwillreceiveanadditional$20,000annualcashretainerandthenominatingandcorporategovernancecommitteechairpersonwillreceiveanadditional$10,000annualcashretainer;ineachcasepaidquarterlyinarrears.

• Auditcommitteemembers,otherthantheauditcommitteechairperson,willreceiveanadditional$12,500annualcashretainer;compensationcommitteemembers,otherthanthecompensationcommitteechairperson,willreceiveanadditional$10,000annualcashretainerandnominatingandcorporategovernancecommitteemembers,otherthanthenominatingandcorporategovernancecommitteechairperson,willreceiveanadditional$5,000annualcashretainer;ineachcasepaidquarterlyinarrears.

OurboardofdirectorswilladopttheAcushnetHoldingsCorp.IndependentDirectorsDeferralPlan,whichgenerallypermitsnon-executivedirectorstheopportunitytodeferdeliveryofcommonstock(andassociatedincometaxes)followingthevestingofrestrictedstockunits.

EquityCompensationPlans.

Summary of our EAR Plan

AcushnetsponsorstheEARPlan,whichwaseffectiveasofAugust31,2011andamendedOctober17,2014andJune9,2015.NofurtherawardswillbegrantedundertheEARPlan.

205

TableofContents

Purpose. ThepurposeoftheEARPlanistoprovideameansthroughwhichcertainexecutiveofficersandotherkeyemployeesofAcushnetanditssubsidiariescanparticipateinthefuturesuccessandgrowthofAcushnetCompanyanditssubsidiaries.

Administration. TheEARPlanisadministeredbytheboardofdirectorsofAcushnetCompany.TheboardofdirectorsofAcushnetCompanymaymakeorrefrainfrommakingawards,establishrulesandregulationsfortheadministrationoftheEARPlan,andestablishthewrittenformstobeusedtoevidencesuchawards.TheboardofdirectorsofAcushnetCompanyhasfullauthoritytoconstrueandinterpretthetermsandprovisionsoftheEARPlanandanyawardshereunder,toadopt,alter,waiveandrepealsuchadministrativerules,guidelinesandpracticesgoverningtheEARPlanandtoperformallacts,includingthedelegationofitsadministrativeresponsibilitiesasitshall,fromtimetotime,deemadvisable,andtootherwisesupervisetheadministrationoftheEARPlan.Allsuchrules,regulationsandinterpretationsrelatingtotheEARPlanwhichareadoptedbytheboardofdirectorsofAcushnetCompanyshallbeconclusiveandbindingonallparties.TheboardofdirectorsofAcushnetCompanymaycorrectanydefect,supplyanyomissionorreconcileanyinconsistencyintheEARPlanorinanyawardgrantedhereunder,inthemannerandtotheextentitshalldeemnecessarytocarrytheEARPlanintoeffect.

Awards Granted Under the EAR Plan. AwardsundertheEARPlanconsistofcommonstockequivalents,whichrepresenttheappreciationinthevalueofashareofAcushnetHoldingsCorp.commonstockmeasuredfromtheapplicablegrantdatethroughthefirsttooccurofa(1)qualifyingtermination,(2)saleofAcushnetor(3)theexpirationdateoftheaward,whichisDecember31,2016(eacha"PayoutEvent").OnceaPayoutEventoccurswithrespecttoaparticipant'sEARs,suchEARswillbeconvertedintotherighttoreceiveanamountincaseequalto(1)thepositiveexcess(ifany)ofthevalueoftheEARdeterminedbasedontheapplicablePayoutEventlessthevalueoftheEARonthedateofgrant,multipliedby(2)thenumberofEARsthatarevestedandsubjecttosuchPayoutEvent;provideduponaPayoutEventresultingfromaqualifyingterminationorexpirationdateoccurringfollowinganinitialpublicoffering,theCompanymayelecttopayuptofiftypercentofthetotalpaymentinequitysecuritiesofthepubliclytradedentity.SuchpaymentistobepaidinalumpsumnolaterthanninetydaysfollowingtheeffectivetimeoftheapplicablePayoutEvent,butinnoeventmorethantwoandahalfmonthsfollowingtheendofthecalendaryearinwhichtheapplicablePayoutEventoccurred.Anynon-vestedEARsthatareheldbyaparticipantupontheoccurrenceoftheparticipant'sPayoutEventresultingfromaqualifyingterminationwillbeimmediatelyforfeitedbytheparticipantfornoconsideration.UpontheoccurrenceofaPayoutEventresultingfromthesaleofAcushnetCompany,100%oftheEARsawardedundertheEARPlanwillbeconsideredvestedattheeffectivetimeofsuchsaleofAcushnet.

Payout Value. ThevalueofanEARuponaPayoutEventisdeterminedasfollows:

• IftheapplicablepayouteventisasaleoftheCompany,thefinalvalueisthegreaterof(i)theamountdeterminedbytheCompany'sboardofdirectorsingoodfaithbasedonthetransactionconsiderationand(ii)theamountobtainedbydividing(x)10.8timesCompanyEBITDA(basedonthe12monthspriortothesale),withsuchmultipledecreasedbyCompanyindebtednessandincreasedbyCompanycash(andcashequivalents)andthecumulativeinterest,dividendsandfeespaidonorinrespectofConvertiblePreferredStock,ConvertibleNotesand7.5%bondsdue2021andanyotherinterest,dividends,distributionsorfeespaidtotheCompany'sstockholdersoveraspecifiedperiodendingatthedateofthesaleby(y)thenumberofsharesofAcushnetHoldingsCorp.commonstock,onafullydilutedbasis,asofthedateofthesaletransaction.

• Iftheapplicablepayouteventisaqualifyingtermination,thefinalvalueisgenerallytheamountobtainedbydividing(i)theEnterpriseValueforthefiscalyearendingimmediatelypriortothequalifyingterminationby(ii)thenumberofsharesofAcushnetHoldingsCorp.commonstock,onafullydilutedbasis,asofthedateofthequalifyingtermination;providedthatfollowingan

206

TableofContents

IPO,thefinalvalueisthegreaterof(x)suchamountand(y)avaluebasedontheaveragepershareclosingpriceofthepubliclytradedcommonstockforthefirstfullthreetradingdaysfollowingthepricingofthecommonstockintheIPO.

• Iftheapplicablepayouteventistheexpirationdate,thefinalvalueisthegreatestof:

• theEnterpriseValuebasedonEBITDAfor2015dividedbythenumberofsharesofAcushnetHoldingsCorp.commonstock,onafullydilutedbasis,asofDecember31,2015;

• theEnterpriseValuebasedonEBITDAfor2016dividedbythenumberofsharesofAcushnetHoldingsCorp.commonstock,onafullydilutedbasis,asofDecember31,2016;and

• ifanIPOhasoccurredpriortotheexpirationdate,avaluebasedontheaveragepershareclosingpriceofthepubliclytradedcommonstockforthefirstfullthreetradingdaysfollowingthepricingofthecommonstockintheIPO.

"EnterpriseValue"meansa10.8multipleofCompanyEBITDAfortherelevantfiscalyear,withsuchmultipledecreasedbyCompanyindebtednessandincreasedbyCompanycash(andcashequivalents)asofthelastdayoftherelevantfiscalyearandthecumulativeinterest,dividendsandfeespaidonorinrespectofConvertiblePreferredStock,ConvertibleNotesand7.5%bondsdue2021andanyotherinterest,dividends,distributionsorfeespaidtotheAcushnetHoldingCorp.stockholdersovertheperiodbeginningonMarch31,2011andendingonthelastdayoftherelevantfiscalyear.

Effect of Certain Events on EAR Plan and Awards. IntheeventofanychangeinthecapitalstructureoftheCompanyorAcushnetCompany(suchasbystockdividend,stocksplit,combination,orsimilartransaction),oranysaleofassets,merger,consolidation,combinationorothercorporatereorganizationorrestructuringoftheCompanyorAcushnetCompanynotresultinginthesaleoftheCompany,AcushnetCompany'sboardofdirectorsmustmakesuchreasonableandappropriateadjustmentsinthenumberofEARS,thevalueoftheawardonthedateofgrant,andthemannerinwhichthevalueoftheEARonthedateofthePayoutEventwillbesubsequentlydetermined,sothattheaggregateamountpotentiallypayablewithrespecttoeachoutstandingawardundertheEARPlanasofthetimeofsuchtransactionwillnotbechangedasaresultthereof.AnysuchadjustmentsdeterminedbytheAcushnetCompanyboardofdirectorsshallbebindingandconclusiveoneachparticipantandsuchparticipant'ssuccessors,assigns,heirsandlegalrepresentativesforallpurposes.

Nontransferability of Awards. RightsorinterestsinanyawardgrantedundertheEARPlanorinanyawardthereunderarenotassignableortransferablebyanyparticipantotherthantoadesignatedbeneficiaryintheeventofaparticipant'sdeath,andnorightsorinterestsoftheparticipantmaybepledgedormadesubjecttoanylien,claim,encumbrance,obligationorliabilityofaparticipantwithouttheCompany'spriorconsent.

Tax Withholding. AnypaymentstobemadeundertheEARPlanwillbenetofanytaxesrequiredbylawortobewithheldwithrespecttosuchpayment.IfAcushnetisrequiredtowithholdanytaxesinconnectionwithanyEARsawardedtoaparticipantpriortothedateonwhichthepaymentsareotherwisetobemadetoaparticipantundertheEARPlan,theparticipantagreesthatAcushnetwillhavetherighttowithholdsuchtaxesfromtheparticipant'sbasesalaryorotheravailablecashcompensation,ortootherwiserequiretheparticipanttoprovideAcushnetwithapaymentintheamountofsuchrequiredwithholdingtaxes.

Amendment and Termination. AcushnetCompany'sboardofdirectorsmayamendtheEARPlaninanyrespect,subjecttoanyrequirementofstockholderapprovalrequiredbyapplicablelaw,regulation,oragreement,ormayterminatetheEARPlan.However,noamendmentmayadverselyaffectaparticipant'srightswithrespecttoanyEARswithouttheconsentoftheparticipant.

207

TableofContents

Summary of our 2015 Incentive Plan

OnJanuary22,2016,theCompany'sboardofdirectorsadoptedandstockholdersapproved,theAcushnetHoldingsCorp.2015IncentivePlan,whichwerefertoasour2015IncentivePlan.

Purpose. Thepurposeofthe2015IncentivePlanistoprovideameansthroughwhichtoattractandretainkeypersonnelandtoprovideameanswherebyourdirectors,officers,employees,consultantsandadvisors(andprospectivedirectors,officers,employees,consultantsandadvisors)canacquireandmaintainanequityinterestinus,orbepaidincentivecompensation,includingincentivecompensationmeasuredbyreferencetothevalueofourcommonstock,therebystrengtheningtheircommitmenttoourwelfareandaligningtheirinterestswiththoseofourstockholders.

Administration. Our2015IncentivePlanisadministeredbytheCompany'sboardofdirectorsandtheCompany'scompensationcommittee(each,asapplicable,the"Administrator").TheAdministratorhasthesoleandplenaryauthoritytoestablishthetermsandconditionsofanyaward,consistentwiththeprovisionsofour2015IncentivePlan.TheAdministratorisauthorizedtointerpret,administer,reconcileanyinconsistencyin,correctanydefectinand/orsupplyanyomissioninour2015IncentivePlanandanyinstrumentoragreementrelatingto,oranyawardgrantedunder,our2015IncentivePlan;establish,amend,suspend,orwaiveanyrulesandregulationsandappointsuchagentsastheAdministratordeemsappropriatefortheproperadministrationofour2015IncentivePlan;andtomakeanyotherdeterminationandtakeanyotheractionthattheAdministratordeemsnecessaryordesirablefortheadministrationofour2015IncentivePlan.Excepttotheextentprohibitedbyapplicablelawortheapplicablerulesandregulationsofanysecuritiesexchangeorinter-dealerquotationsystemonwhichoursecuritiesarelistedortraded,theAdministratormayallocatealloranyportionofitsresponsibilitiesandpowerstoanyoneormoreofitsmembersandmaydelegatealloranypartofitsresponsibilitiesandpowerstoanypersonorpersonsselectedbyitinaccordancewiththetermsofour2015IncentivePlan.AnysuchallocationordelegationmayberevokedbytheAdministratoratanytime.Unlessotherwiseexpresslyprovidedinour2015IncentivePlan,alldesignations,determinations,interpretations,andotherdecisionsunderorwithrespecttoour2015IncentivePlanoranyawardoranydocumentsevidencingawardsgrantedpursuanttoour2015IncentivePlanarewithinthesolediscretionoftheAdministrator,maybemadeatanytimeandarefinal,conclusiveandbindinguponallpersonsorentities,including,withoutlimitation,us,anyparticipant,anyholderorbeneficiaryofanyaward,andanyofourstockholders.

Shares Subject to our 2015 Incentive Plan. Our2015IncentivePlanprovidesthatthetotalnumberofsharesofcommonstockthatmaybeissuedunderour2015IncentivePlanis.Ofthisamount,themaximumnumberofsharesforwhichincentivestockoptionsmaybegrantedis;themaximumnumberofsharesforwhichoptionsorstockappreciationrightsmaybegrantedtoanyindividualparticipantduringanysinglefiscalyearis;themaximumnumberofsharesforwhichperformancecompensationawardsdenominatedinsharesmaybegrantedtoanyindividualparticipantinrespectofasinglefiscalyearis(orifanysuchawardsaresettledincash,themaximumamountmaynotexceedthefairmarketvalueofsuchsharesonthelastdayoftheperformanceperiodtowhichsuchawardrelates);themaximumnumberofsharesofcommonstockgrantedduringasinglefiscalyeartoanynon-employeedirector,takentogetherwithanycashfeespaidtosuchnon-employeedirectorduringthefiscalyear,willnotexceed$1,000,000intotalvalue;andthemaximumamountthatmaybepaidtoanyindividualparticipantforasinglefiscalyearunderaperformancecompensationawarddenominatedincashis$10,000,000.Exceptforsubstituteawards(asdescribedbelow),intheeventanyawardexpiresoriscanceled,forfeited,terminated,lapses,orotherwisesettleswithoutthedeliveryofthefullnumberofsharessubjecttosuchaward,includingasaresultofnetsettlementoftheawardorasaresultoftheawardbeingsettledincash,theundeliveredsharesmaybegrantedagainunderour2015IncentivePlan,unlessthesharesaresurrenderedaftertheterminationofour2015IncentivePlan,andonlyifstockholderapprovalisnotrequiredunderthethen-applicablerulesoftheexchangeonwhichthesharesofcommonstockarelisted.Priortothisoffering,theAdministrator

208

TableofContents

alsohadthediscretiontorequireaparticipantinour2015IncentivePlantobecomeapartytotheCompany'sStockholders'Agreementasaconditiontothegrant,vestingand/orexerciseofanawardunderthis2015IncentivePlan.Awardsmay,inthesolediscretionoftheAdministrator,begrantedinassumptionof,orinsubstitutionfor,outstandingawardspreviouslygrantedbyanentitydirectlyorindirectlyacquiredbyusorwithwhichwecombine(referredtoas"substituteawards"),andsuchsubstituteawardswillnotbecountedagainstthetotalnumberofsharesthatmaybeissuedunderour2015IncentivePlan,exceptthatsubstituteawardsintendedtoqualifyas"incentivestockoptions"willcountagainstthelimitonincentivestockoptionsdescribedabove.Noawardmaybegrantedunderour2015IncentivePlanafterthetenthanniversaryoftheeffectivedateoftheplan,butawardstheretoforegrantedmayextendbeyondthatdate.

Options. TheAdministratormaygrantnon-qualifiedstockoptionsandincentivestockoptions,underour2015IncentivePlan,withtermsandconditionsdeterminedbytheAdministratorthatarenotinconsistentwithour2015IncentivePlan;provided ,thatallstockoptionsgrantedunderour2015IncentivePlanarerequiredtohaveapershareexercisepricethatisnotlessthan100%ofthefairmarketvalueofourcommonstockunderlyingsuchstockoptionsonthedatesuchstockoptionsaregranted(otherthaninthecaseofoptionsthataresubstituteawards),andallstockoptionsthatareintendedtoqualifyasincentivestockoptionsmustbegrantedpursuanttoanawardagreementexpresslystatingthattheoptionsareintendedtoqualifyasincentivestockoptions,andwillbesubjecttothetermsandconditionsthatcomplywiththerulesasmaybeprescribedbySection422oftheCode.Themaximumtermforstockoptionsgrantedunderour2015IncentivePlanwillbetenyearsfromtheinitialdateofgrant,orwithrespecttoanystockoptionsintendedtoqualifyasincentivestockoptions,suchshorterperiodasprescribedbySection422oftheCode.However,ifanon-qualifiedstockoptionwouldexpireatatimewhentradingofsharesofcommonstockisprohibitedbyourinsidertradingpolicy(or"blackoutperiod"imposedbyus),thetermwillautomaticallybeextendedtothe30thdayfollowingtheendofsuchperiod.Thepurchasepriceforthesharesastowhichastockoptionisexercisedmaybepaidtous,totheextentpermittedbylaw,(i)incashoritsequivalentatthetimethestockoptionisexercised;(ii)inshareshavingafairmarketvalueequaltotheaggregateexercisepriceforthesharesbeingpurchasedandsatisfyinganyrequirementsthatmaybeimposedbytheAdministrator;or(iii)bysuchothermethodastheAdministratormaypermitinitssolediscretion,including,withoutlimitation,(A)inotherpropertyhavingafairmarketvalueonthedateofexerciseequaltotheexerciseprice,(B)ifthereisapublicmarketforthesharesatsuchtime,throughthedeliveryofirrevocableinstructionstoabrokertosellthesharesbeingacquiredupontheexerciseofthestockoptionandtodelivertoustheamountoftheproceedsofsuchsaleequaltotheaggregateexercisepriceforthesharesbeingpurchasedor(C)througha"netexercise"procedureeffectedbywithholdingtheminimumnumberofsharesneededtopaytheexerciseprice.Anyfractionalsharesofcommonstockwillbesettledincash.

Stock Appreciation Rights. TheAdministratormaygrantstockappreciationrights,withtermsandconditionsdeterminedbytheAdministratorthatarenotinconsistentwithour2015IncentivePlan.Generally,eachstockappreciationrightwillentitletheparticipantuponexercisetoanamount(incash,sharesoracombinationofcashandshares,asdeterminedbytheAdministrator)equaltotheproductof(i)theexcessof(A)thefairmarketvalueontheexercisedateofoneshareofcommonstock,over(B)thestrikepricepershare,times(ii)thenumberofsharesofcommonstockcoveredbythestockappreciationright.ThestrikepricepershareofastockappreciationrightwillbedeterminedbytheAdministratoratthetimeofgrantbutinnoeventmaysuchamountbelessthanthefairmarketvalueofashareofcommonstockonthedatethestockappreciationrightisgranted(otherthaninthecaseofstockappreciationrightsgrantedinsubstitutionofpreviouslygrantedawards).

Restricted Shares and Restricted Stock Units. TheAdministratormaygrantrestrictedsharesofourcommonstockorrestrictedstockunits,representingtherighttoreceive,upontheexpirationoftheapplicablerestrictedperiod,oneshareofcommonstockforeachrestrictedstockunit,or,inthesole

209

TableofContents

discretionoftheAdministrator,thecashvaluethereof(oranycombinationthereof).Astorestrictedsharesofourcommonstock,subjecttotheotherprovisionsofour2015IncentivePlan,theholderwillgenerallyhavetherightsandprivilegesofastockholderastosuchrestrictedsharesofcommonstock,including,withoutlimitation,therighttovotesuchrestrictedsharesofcommonstock(except,thatifthelapsingofrestrictionswithrespecttosuchrestrictedsharesofcommonstockiscontingentonsatisfactionofperformanceconditionsotherthan,orinadditionto,thepassageoftime,anydividendspayableonsuchrestrictedsharesofcommonstockwillberetained,anddeliveredwithoutinteresttotheholderofsuchshareswhentherestrictionsonsuchshareslapse).Totheextentprovidedintheapplicableawardagreement,theholderofoutstandingrestrictedstockunitswillbeentitledtobecreditedwithdividendequivalentpayments(uponthepaymentbyusofdividendsonsharesofcommonstock)eitherincashor,atthesolediscretionoftheAdministrator,insharesofcommonstockhavingavalueequaltotheamountofsuchdividends(andinterestmay,atthesolediscretionoftheAdministrator,becreditedontheamountofcashdividendequivalentsatarateandsubjecttosuchtermsasdeterminedbytheAdministrator),whichwillbepayableatthesametimeastheunderlyingrestrictedstockunitsaresettledfollowingthereleaseofrestrictionsonsuchrestrictedstockunits.

Other Stock-Based and Cash-Based Awards. TheAdministratormayissueunrestrictedcommonstock,rightstoreceivegrantsofawardsatafuturedate,awardsthatarenotstockappreciationrightsorrestrictedstockunitsorotherawardsdenominatedinsharesofcommonstock(including,withoutlimitation,performancesharesorperformanceunits)underour2015IncentivePlan,includingperformance-basedawards,withtermsandconditionsdeterminedbytheAdministratorthatarenotinconsistentwithour2015IncentivePlan.

Performance Compensation Awards. Followingthisoffering,theAdministratormayalsodesignateanyawardasa"performancecompensationaward"intendedtoqualifyas"performance-basedcompensation"underSection162(m)oftheCode.TheAdministratoralsohastheauthoritytomakeanawardofacashincentivetoanyparticipantanddesignatesuchawardasaperformancecompensationawardunderour2015IncentivePlan.TheAdministratorhasthesolediscretiontoselectthelengthofanyapplicableperformanceperiods,thetypesofperformancecompensationawardstobeissued,theapplicableperformancecriteriaandperformancegoals,andthekindsand/orlevelsofperformancegoalsthataretoapply.Theperformancecriteriathatwillbeusedtoestablishtheperformancegoalsmaybebasedontheattainmentofspecificlevelsofourperformance(and/oroneormoreaffiliates,divisionsoroperationaland/orbusinessunits,productlines,brands,businesssegments,administrativedepartments,oranycombinationoftheforegoing)andarelimitedtothefollowing:(i)netearnings,netincome(beforeoraftertaxes)orconsolidatednetincome;(ii)basicordilutedearningspershare(beforeoraftertaxes);(iii)netrevenueornetrevenuegrowth;(iv)grossrevenueorgrossrevenuegrowth,grossprofitorgrossprofitgrowth;(v)netoperatingprofit(beforeoraftertaxes);(vi)returnmeasures(including,butnotlimitedto,returnoninvestment,assets,capital,employedcapital,investedcapital,equity,orsales);(vii)cashflowmeasures(including,butnotlimitedto,operatingcashflows,freecashflows,orcashflowsreturnoncapital),whichmaybutarenotrequiredtobemeasuredonapersharebasis;(viii)actualoradjustedearningsbeforeorafterinterest,taxes,depreciationand/oramortization(includingEBITandEBITDA);(ix)grossornetoperatingmargins;(x)productivityratios;(xi)shareprice(including,butnotlimitedto,growthmeasuresandtotalstockholderreturn);(xii)expensetargetsorcostreductiongoals,generalandadministrativeexpensesavings;(xiii)operatingefficiency;(xiv)objectivemeasuresofcustomer/clientsatisfaction;(xv)workingcapitaltargets;(xvi)measuresofeconomicvalueaddedorother'valuecreation'metrics;(xvii)enterprisevalue;(xviii)sales;(xix)stockholderreturn;(xx)customer/clientretention;(xxi)competitivemarketmetrics;(xxii)employeeretention;(xxiii)objectivemeasuresofpersonaltargets,goalsorcompletionofprojects(includingbutnotlimitedtosuccessionandhiringprojects,completionofspecificacquisitions,dispositions,reorganizationsorothercorporatetransactionsorcapital-raisingtransactions,expansionsofspecificbusinessoperationsandmeetingdivisionalorprojectbudgets);(xxiv)comparisonsofcontinuingoperationstootheroperations;(xxv)marketshare;

210

TableofContents

(xxvi)costofcapital,debtleverageyear-endcashpositionorbookvalue;(xxvii)strategicobjectives;(xxviii)freecashflowbeforedebtservice;(xxix)workingcapitalefficiencyor(xxx)anycombinationoftheforegoing.Anyoneormoreoftheperformancecriteriamaybestatedasapercentageofanotherperformancecriteria,orusedonanabsoluteorrelativebasistomeasureourperformanceasawholeoranyofourdivisionsoroperationaland/orbusinessunits,productlines,brands,businesssegments,administrativedepartmentsoranycombinationthereofastheAdministratormaydeemappropriate,oranyoftheaboveperformancecriteriamaybecomparedtotheperformanceofaselectedgroupofcomparisoncompaniesorapublishedorspecialindexthattheAdministrator,initssolediscretion,deemsappropriate,orascomparedtovariousstockmarketindices.UnlessotherwisedeterminedbytheAdministratoratthetimeaperformancecompensationawardisgranted,theAdministratorwill,duringthefirst90daysofaperformanceperiod(or,withinanyothermaximumperiodallowedunderSection162(m)oftheCode)oratanytimethereaftertotheextenttheexerciseofsuchauthorityatsuchtimewouldnotcausetheperformancecompensationawardsgrantedtoanyparticipantforsuchperformanceperiodtofailtoqualifyas"performance-basedcompensation"underSection162(m)oftheCode,specifyadjustmentsormodificationstobemadetothecalculationofaperformancegoalforsuchperformanceperiod,basedonandtoappropriatelyreflectthefollowingevents:(1)assetwrite-downs;(2)litigationorclaimjudgmentsorsettlements;(3)theeffectofchangesintaxlaws,accountingprinciples,orotherlawsorregulatoryrulesaffectingreportedresults;(4)anyreorganizationandrestructuringprograms;(5)extraordinarynonrecurringitemsasdescribedinAccountingStandardsCodificationTopic225-20(oranysuccessorpronouncementthereto)and/orinmanagement'sdiscussionandanalysisoffinancialconditionandresultsofoperationsappearinginourannualreporttostockholdersfortheapplicableyear;(6)acquisitionsordivestitures;(7)anyotherspecific,unusualornonrecurringevents,orobjectivelydeterminablecategorythereof;(8)foreignexchangegainsandlosses;(9)discontinuedoperationsandnonrecurringcharges;and(10)achangeinourfiscalyear.

Followingthecompletionofaperformanceperiod,theAdministratorwillreviewandcertifyinwritingwhether,andtowhatextent,theperformancegoalsfortheperformanceperiodhavebeenachievedand,ifso,calculateandcertifyinwritingthatamountoftheperformancecompensationawardsearnedfortheperiodbasedupontheperformanceformula.Indeterminingtheactualamountofanindividualparticipant'sperformancecompensationawardforaperformanceperiod,theAdministratorhasthediscretiontoreduceoreliminatetheamountoftheperformancecompensationawardconsistentwithSection162(m)oftheCode.Unlessotherwiseprovidedintheapplicableawardagreement,theAdministratordoesnothavethediscretionto(A)grantorprovidepaymentinrespectofperformancecompensationawardsforaperformanceperiodiftheperformancegoalsforsuchperformanceperiodhavenotbeenattained;or(B)increaseaperformancecompensationawardabovetheapplicablelimitationssetforthinthe2015IncentivePlan.

Effect of Certain Events on 2015 Incentive Plan and Awards. Intheeventof(a)anydividend(otherthanregularcashdividends)orotherdistribution(whetherintheformofcash,sharesofcommonstock,othersecuritiesorotherproperty),recapitalization,stocksplit,reversestocksplit,reorganization,merger,consolidation,split-up,split-off,spin-off,combination,repurchaseorexchangeofoursharesofcommonstockorothersecurities,issuanceofwarrantsorotherrightstoacquireoursharesofcommonstockorothersecurities,orothersimilarcorporatetransactionorevent(including,withoutlimitation,achangeincontrol,asdefinedinour2015IncentivePlan)thataffectsthesharesofcommonstock,or(b)unusualornonrecurringevents(including,withoutlimitation,achangeincontrol)affectingus,anyaffiliate,orthefinancialstatementsofusoranyaffiliate,orchangesinapplicablerules,rulings,regulationsorotherrequirementsofanygovernmentalbodyorsecuritiesexchangeorinter-dealerquotationsystem,accountingprinciplesorlaw,suchthat,ineithercase,anadjustmentisdeterminedbytheAdministratorinitssolediscretiontobenecessaryorappropriate,thentheAdministratormustmakeanysuchadjustmentsinsuchmannerasitmaydeemequitable,including,withoutlimitation,anyorallof:(i)adjustinganyorallof(A)thesharelimitsapplicableunderour2015IncentivePlanwithrespecttothenumberofawardswhichmaybegrantedthereunder;

211

TableofContents

(B)thenumberofoursharesofcommonstockorothersecuritieswhichmaybeissuedinrespectofawardsorwithrespecttowhichawardsmaybegrantedunderour2015IncentivePlanand(C)thetermsofanyoutstandingaward,including,withoutlimitation,(1)thenumberofsharesofcommonstockorothersecuritiessubjecttooutstandingawardsortowhichoutstandingawardsrelate(withanyincreaserequiringtheapprovalofourboardofdirectors),(2)theexercisepriceorstrikepricewithrespecttoanyawardor(3)anyapplicableperformancemeasures;(ii)providingforasubstitutionorassumptionofawards,acceleratingtheexercisabilityof,lapseofrestrictionson,orterminationof,awardsorprovidingforaperiodoftimeforparticipantstoexerciseoutstandingawardspriortotheoccurrenceofsuchevent;and(iii)cancellinganyoneormoreoutstandingawardsandcausingtobepaidtotheholdersholdingvestedawards(includinganyawardsthatwouldvestasaresultoftheoccurrenceofsucheventbutforsuchcancellation)thevalueofsuchawards,ifany,asdeterminedbytheAdministrator(whichifapplicablemaybebaseduponthepricepershareofcommonstockreceivedortobereceivedbyotherstockholdersinsuchevent),including,withoutlimitation,inthecaseofoptionsandstockappreciationrights,acashpaymentequaltotheexcess,ifany,ofthefairmarketvalueofthesharesofcommonstocksubjecttotheoptionorstockappreciationrightovertheaggregateexercisepriceorstrikepricethereof.Fortheavoidanceofdoubt,theAdministratormaycancelanystockoptionorstockappreciationrightfornoconsiderationifthefairmarketvalueofthesharessubjecttosuchoptionorstockappreciationrightislessthanorequaltotheaggregateexercisepriceorstrikepriceofsuchstockoptionorstockappreciationright.

Nontransferability of Awards. Anawardwillnotbetransferableorassignablebyaparticipantotherthanbywillorbythelawsofdescentanddistributionandanysuchpurportedassignment,alienation,pledge,attachment,sale,transferorencumbrancewillbevoidandunenforceableagainstusoranyaffiliate.However,theAdministratormay,initssolediscretion,permitawards(otherthanincentivestockoptions)tobetransferred,includingtransferstoaparticipant'sfamilymembers,anytrustestablishedsolelyforthebenefitofaparticipantorsuchparticipant'sfamilymembers,anypartnershiporlimitedliabilitycompanyofwhichaparticipantorsuchparticipantandsuchparticipant'sfamilymembers,arethesolemember(s),andabeneficiarytowhomdonationsareeligibletobetreatedas"charitablecontributions"fortaxpurposes.

Amendment and Termination. Ourboardofdirectorsmayamend,alter,suspend,discontinue,orterminateour2015IncentivePlanoranyportionthereofatanytime;provided ,thatnosuchamendment,alteration,suspension,discontinuationorterminationmaybemadewithoutstockholderapprovalif(i)suchapprovalisnecessarytocomplywithanyregulatoryrequirementapplicabletoour2015IncentivePlanorforchangesinGAAPtonewaccountingstandards;(ii)itwouldmateriallyincreasethenumberofsecuritieswhichmaybeissuedunderour2015IncentivePlan(exceptforadjustmentsinconnectionwithcertaincorporateevents)or(iii)itwouldmateriallymodifytherequirementsforparticipationinour2015IncentivePlan;provided ,further ,thatanysuchamendment,alteration,suspension,discontinuanceorterminationthatwouldmateriallyandadverselyaffecttherightsofanyparticipantoranyholderorbeneficiaryofanyawardwillnot,tothatextent,beeffectivewithoutsuchindividual'sconsent.

TheAdministratormayalso,totheextentconsistentwiththetermsofanyapplicableawardagreement,waiveanyconditionsorrightsunder,amendanytermsof,oralter,suspend,discontinue,cancelorterminate,anyawardgrantedortheassociatedawardagreement,prospectivelyorretroactively,subjecttotheconsentoftheaffectedparticipantifanysuchwaiver,amendment,alteration,suspension,discontinuance,cancellationorterminationwouldmateriallyandadverselyaffecttherightsofanyparticipantwithrespecttosuchaward;provided ,thatwithoutstockholderapproval,exceptasotherwisepermittedinour2015IncentivePlan,(i)noamendmentormodificationmayreducetheexercisepriceofanyoptionorthestrikepriceofanystockappreciationright;(ii)theAdministratormaynotcancelanyoutstandingoptionorstockappreciationrightandreplaceitwithanewoptionorstockappreciationright(withalowerexercisepriceorstrikeprice,asthecasemaybe)

212

TableofContents

orotherawardorcashpaymentthatisgreaterthantheintrinsicvalue(ifany)ofthecancelledoptionorstockappreciationrightand(iii)theAdministratormaynottakeanyotheractionwhichisconsidereda"repricing"forpurposesofthestockholderapprovalrulesofanysecuritiesexchangeorinter-dealerquotationsystemonwhichoursecuritiesarelistedorquoted.

Dividends and Dividend Equivalents. TheAdministrator,initssolediscretion,mayprovidepartofanawardwithdividendsordividendequivalents,onsuchtermsandconditionsasmaybedeterminedbytheAdministratorinitssolediscretion;provided ,thatnodividendsordividendequivalentswillbepayableinrespectofoutstanding(i)optionsorstockappreciationrightsor(ii)unearnedperformancecompensationawardsorotherunearnedawardssubjecttoperformanceconditions(otherthanorinadditiontothepassageoftime)(althoughdividendsordividendequivalentsmaybeaccumulatedinrespectofunearnedawardsandpaidwithin15daysaftersuchawardsareearnedandbecomepayableordistributable).

Call Rights and Put Rights. Priortothisoffering,anawardagreementcouldprovideforcallrightsand/orputrightsinamountsandtermsasdeterminedbytheAdministratorinitssolediscretion.

Clawback/Forfeiture. AnawardagreementmayprovidethattheAdministratormay,initssolediscretion,cancelsuchawardiftheparticipant,whileemployedbyorprovidingservicestousoranyaffiliateorafterterminationofsuchemploymentorservice,violatesanon-competition,non-solicitationornon-disclosurecovenantoragreementorotherwisehasengagedinorengagesinotherdetrimentalactivitythatisinconflictwithoradversetoourinterestsortheinterestsofanyaffiliate,includingfraudorconductcontributingtoanyfinancialrestatementsorirregularities,asdeterminedbytheAdministratorinitssolediscretion.TheAdministratormayalsoprovideinanawardagreementthatiftheparticipantotherwisehasengagedinorengagesinanyactivityreferredtointheprecedingsentence,suchparticipantwillforfeitanygainrealizedonthevestingorexerciseofsuchaward,andmustrepaythegaintotheCompany.Withoutlimitingtheforegoing,allawardswillbesubjecttoreduction,cancellation,forfeitureorrecoupmenttotheextentnecessarytocomplywithapplicablelaw.

Federal Income Tax Consequences Relating to Awards Granted Pursuant to the EAR Plan and 2015 Incentive Plan

ThefollowingsummarybrieflydescribescurrentU.S.federalincometaxconsequencestoaparticipantwhoisacitizenorresidentoftheUnitedStatesundertheEARPlanandthe2015IncentivePlan.ThisdiscussionisbasedontheCode,itslegislativehistory,regulationsthereunderandadministrativeandjudicialinterpretationsthereof,asofthedatehereof.WehavenotobtainedataxrulingorotherconfirmationfromtheU.S.InternalRevenueService(the"IRS")withregardtothisinformation,anditispossiblethattheIRSmaytakeadifferentposition.ThesummaryisnotadetailedorcompletedescriptionofallU.S.federaltaxlawsorregulationsthatmayapplyanddoesnotaddressanylocal,stateorothercountrylaws.Therefore,nooneshouldrelyonthissummaryforindividualtaxcompliance,planningordecisions.ParticipantsintheEARPlanand2015IncentivePlanareencouragedtoconsultwiththeirownprofessionaltaxadvisorsconcerningtaxaspectsofrightsundertheEARPlanand2015IncentivePlanandshouldbeawarethattaxlawsmaychangeatanytime.

Stock Options

AparticipanttowhomanincentivestockoptionthatqualifiesunderSection422oftheCodeisgrantedgenerallywillnotrecognizeincomeatthetimeofgrantorexerciseofsuchoption(althoughspecialalternativeminimumtaxrulesmayapplytotheparticipantuponoptionexercise).NofederalincometaxdeductionwillbeallowabletotheCompanyuponthegrantorexerciseofsuchincentivestockoption.

213

TableofContents

Whentheparticipantsellssharesacquiredthroughtheexerciseofanincentivestockoptionmorethanoneyearafterthedateoftransferofsuchsharesandmorethantwoyearsafterthedateofgrantofsuchincentivestockoption,theparticipantwillnormallyrecognizealong-termcapitalgainorlossequaltothedifference,ifany,betweenthesalepricesofsuchsharesandtheoptionprice,forwhichtheCompanyisnotentitledtoafederalincometaxdeduction.Iftheparticipantdoesnotholdsuchsharesforthisperiod,whentheparticipantsellssuchshares,theparticipantwillrecognizeordinarycompensationincomeandpossiblycapitalgainorlossinsuchamountsasareprescribedbytheCodeandregulationsthereunder,andtheCompanywillgenerallybeentitledtoafederalincometaxdeductionintheamountofsuchordinarycompensationincome.

Aparticipanttowhomanoptionthatisnotanincentivestockoption(a"non-qualifiedoption")isgrantedwillnotrecognizeincomeatthetimeofgrantofsuchoption.Whensuchparticipantexercisesanon-qualifiedoption,theparticipantwillrecognizeordinarycompensationincomeequaltotheexcess,ifany,ofthefairmarketvalueasofthedateofanon-qualifiedoptionexerciseofthesharestheparticipantreceives,overtheoptionexerciseprice.Thetaxbasisofsuchshareswillbeequaltotheexercisepricepaidplustheamountincludableintheparticipant'sgrossincome,andtheparticipant'sholdingperiodforsuchshareswillcommenceonthedayafterwhichtheparticipantrecognizedtaxableincomeinrespectofsuchshares.SubjecttoapplicableprovisionsoftheCodeandregulationsthereunder,theCompanywillgenerallybeentitledtoafederalincometaxdeductioninrespectoftheexerciseofnon-qualifiedoptionsinanamountequaltotheordinarycompensationincomerecognizedbytheparticipant.AnygainorlossrecognizeduponasubsequentsaleorexchangeofthesharesistreatedascapitalgainorlossforwhichtheCompanyisnotentitledtoadeduction.Anysuchcompensationincludableinthegrossincomeofaparticipantinrespectofanon-qualifiedoptionwillbesubjecttoappropriatefederal,state,localandforeignincomeandemploymenttaxes.

Stock Appreciation Rights and Equity Appreciation Rights

Nofederalincometaxliabilitywillberealizedbyaholderuponthegrantofastockappreciationrightorequityappreciationright.Upontheexerciseofastockappreciationrightorpaymentinrespectofanequityappreciationright,theholderwillrecognizeordinaryincomeinanamountequaltothefairmarketvalueofthesharesofstockorcashpaymentreceivedinrespectofthestockappreciationrightorequityappreciationright.Wewillbeabletodeductthissameamountforfederalincometaxpurposes,butsuchdeductionmaybelimitedunderSections280Gand162(m)oftheCodeforcompensationpaidtocertainexecutivesdesignatedinthoseSectionsoftheCode.Anygainorlossrecognizeduponasubsequentsaleorexchangeofthesharesistreatedascapitalgainorloss,asapplicable,forwhichwearenotentitledtoadeduction.

Restricted Stock

UnlessanelectionismadebytheparticipantunderSection83(b)oftheCode,thegrantofanawardofrestrictedstockwillhavenoimmediatetaxconsequencestotheparticipant,andtheCompanywillnotbeallowedataxdeductionatthetimetherestrictedstockaregranted.Generally,uponthelapseofrestrictions(asdeterminedbytheapplicablerestrictedstockagreementbetweentheparticipantandtheCompany),aparticipantwillrecognizeordinaryincomeinanamountequaltotheproductof(1)thefairmarketvalueofashareoftheCompanyonthedateonwhichtherestrictionslapse,lessanyamountpaidwithrespecttotheawardofrestrictedstock,multipliedby(2)thenumberofrestrictedstockwithrespecttowhichrestrictionslapseonsuchdate.Theparticipant'staxbasiswillbeequaltothesumoftheamountofordinaryincomerecognizeduponthelapseofrestrictionsandanyamountpaidforsuchrestrictedstock.Theparticipant'sholdingperiodfortaxpurposeswillcommenceonthedateonwhichtherestrictionslapse.

AparticipantmaymakeanelectionunderSection83(b)oftheCodewithin30daysafterthedateofgrantofanawardofrestrictedstocktorecognizeordinaryincomeonthedateofawardbasedonthefairmarketvalueofordinarysharesoftheCompanyonsuchdate,lessanyamounttheparticipant

214

TableofContents

paidforthecommonstock,andtheCompanywillbeallowedacorrespondingtaxdeductionatthattime.Aparticipantmakingsuchanelectionwillhaveataxbasisintherestrictedstockequaltothesumoftheamounttheparticipantrecognizesasordinaryincomeandanyamountpaidforsuchrestrictedstock,andtheparticipant'sholdingperiodforsuchrestrictedstockfortaxpurposeswillcommenceonthedateaftersuchdate.Anyfutureappreciationinthecommonstockwillbetaxabletotheparticipantatcapitalgainsrates.However,iftherestrictedstockawardislaterforfeited,theparticipantwillnotbeabletorecoverthetaxpreviouslypaidpursuanttotheparticipant'sSection83(b)election.

Withrespecttorestrictedstockuponwhichrestrictionshavelapsed,whentheparticipantsellssuchshares,theparticipantwillrecognizecapitalgainorlossconsistentwiththetreatmentofthesaleofsharesreceivedupontheexerciseofnon-qualifiedoptions,asdescribedabove.

Restricted Stock Units

Aparticipanttowhomarestrictedstockunitisgrantedgenerallywillnotrecognizeincomeatthetimeofgrant(althoughtheparticipantmaybecomesubjecttoemploymenttaxeswhentherighttoreceivesharesbecomes"vested"duetoretirementeligibilityorotherwise).UpondeliveryofordinarysharesoftheCompanyorcashinrespectofarestrictedstockunit,aparticipantwillrecognizeordinaryincomeinanamountequaltotheamountofcashortheproductof(1)thefairmarketvalueofashareoftheCompanyonthedateonwhichtheordinarysharesoftheCompanyaredelivered,multipliedby(2)thenumberofordinarysharesoftheCompanydelivered.Anygainorlossrecognizeduponasubsequentsaleorexchangeofthestock(ifsettledinstock)istreatedascapitalgainorlossforwhichtheCompanyisnotentitledtoadeduction.

Performance Compensation Awards

Performancecompensationawardsgrantedintheformofstockoptions,restrictedstockorrestrictedstockunitswillbetaxableinthesamemannerasdescribedabovewithrespecttoanyparticularformofaward.Generally,whenaperformancecompensationawarddenominatedincashisgranted,therearenoincometaxconsequencestotheparticipant.Uponpaymentofcashinrespectofsuchaward,theparticipantwillrecognizecompensationequaltotheamountofcashreceived.

Taxableincomeaparticipantrecognizesfromtheparticipant'sperformancecompensationawardissubjecttofederalincometaxwithholding,aswellasanyapplicablestateandlocalincometaxwithholding.FICAtaxes,whichconsistofSocialSecurityandMedicaretaxes,mustbewithheldbasedontheamountofcashreceived.

Other Stock-Based and Cash-Based Awards

Withrespecttootherstock-basedawardspaidincashorordinaryshares,participantswillgenerallyrecognizeincomeequaltothefairmarketvalueoftheordinarysharesortheamountofcashpaidonthedateonwhichdeliveryofsharesorpaymentincashismadetotheparticipant.

Code Section 409A

Section409AoftheCodegenerallyprovidesrulesthatmustbefollowedwithrespecttocovereddeferredcompensationarrangementsinordertoavoidtheimpositionofanadditional20%tax(plusinterest)upontheserviceproviderwhoisentitledtoreceivethedeferredcompensation.Certainawardsthatmaybegrantedunderthe2015IncentivePlanmayconstitute"deferredcompensation"withinthemeaningofandsubjecttoSection409A.WhiletheCommitteeintendstoadministerandoperatethe2015IncentivePlanandestablishtermswithrespecttoawardssubjecttoSection409AinamannerthatwillavoidtheimpositionofadditionaltaxationunderSection409Auponaparticipant,theCompanycannotassureaparticipantthatadditionaltaxationunderSection409Awillbeavoidedinallcases.IntheeventtheCompanyisrequiredtodelaydeliveryofsharesoranyotherpaymentunderanawardinordertoavoidtheimpositionofanadditionaltaxunderSection409A,theCompanywilldeliversuchshares(ormakesuchpayment)onthefirstdaythatwouldnotresultintheparticipantincurringanytaxliabilityunderSection409A.

215

TableofContents

THESHAREHOLDERTRANSACTION

ImmediatelypriortotheclosingoftheShareholderTransactionandaftergivingeffectto(i)theconversionofallofouroutstandingConvertibleNotes,(ii)theconversionofallofouroutstandingConvertiblePreferredStockand(iii)theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrants,whichoccurredinJuly2016,FilaKoreawillownapproximately33.1%ofouroutstandingcommonstockthroughitswholly-ownedsubsidiaryMagnus,theMiraeFundswillownapproximately50.2%ofouroutstandingcommonstock,theWoori-BlackstoneFundwillownapproximately12.0%ofouroutstandingcommonstock,andtheNeopluxFundwillownapproximately4.1%ofouroutstandingcommonstock.TheFinancialInvestorsarethesellingshareholdersinthisofferingandaresellingtheirsharesonaproratabasis.

MagnushasagreedtopurchasefromtheFinancialInvestorsonaproratabasissharesofourcommonstock,whichwillbe20.0%ofouroutstandingcommonstock,inaseparatetransaction.ThepricepershareofourcommonstocktobepaidbyMagnustotheFinancialInvestorswillbeequalto1.05timestheinitialpublicofferingpricesetforthonthecoverpageofthisprospectus.Wewillnotreceiveanyproceedswithrespecttothesharesofourcommonstockthataresoldinthistransaction.Magnus'spurchaseofthesesharesfromtheFinancialInvestorsisexpectedtocloseonthebusinessdayfollowingthedateofpricingofthisoffering.

UpontheclosingofthisofferingandaftergivingeffecttotheShareholderTransaction:

• Magnuswillownapproximately53.1%ofouroutstandingcommonstockandthesharesofourcommonstockownedbyMagnuswillbeitsonlyassets;

• theFinancialInvestorswillcollectivelyownapproximately%ofouroutstandingcommonstock(orapproximately%ofouroutstandingcommonstockiftheunderwriters'optiontopurchaseadditionalsharesfromthesellingshareholdersisexercisedinfull);and

• thenewinvestorspurchasingsharesofourcommonstockinthisofferingwillownapproximately%ofouroutstandingcommonstock(orapproximately%ofouroutstandingcommonstockiftheunderwriters'optiontopurchaseadditionalsharesfromthesellingshareholdersisexercisedinfull).

AsaresultoftheShareholderTransaction,Magnus,whichiswholly-ownedbyFilaKorea,willcontrolamajorityofthevotingpowerofalloutstandingsharesofourcommonstock,andwewillqualifyasa"controlledcompany"withinthemeaningofthecorporategovernancestandardsoftheNYSE.

TheMagnusTermLoan

MagnuswillfinanceitspurchaseofsharesofourcommonstockfromtheFinancialInvestorsintheShareholderTransactionbyenteringintotheMagnusTermLoanwiththeMagnusLenderstoborrowKoreanWonmillion(equivalenttoapproximately$million,usingtheexchangerateof$1.00=$KoreanWonasof,2016)(assumingapurchasepriceof$pershare,basedonaninitialpublicofferingpriceof$pershare,whichisthemidpointoftheestimatedinitialpublicofferingpricerangesetforthonthecoverpageofthisprospectus).A$1.00increaseordecreaseintheassumedinitialpublicofferingpriceof$persharewouldincreaseordecrease,asapplicable,theaggregateprincipalamountoftheMagnusTermLoanby$million.

Interest. TheMagnusTermLoanwillbearinterestatarateof3.5%perannum,payablequarterlyinarrearsincash.IfMagnusisunabletopayinterestontheMagnusTermLoanonaninterestpaymentdate,overdueinterestwillaccrueatarateof8.5%perannumforagraceperiodand,aftertheendofsuchgraceperiod,theprincipalontheMagnusTermLoanmaybeacceleratedbythe

216

TableofContents

MagnusLenders.ItisexpectedthataportionoftheinterestontheMagnusTermLoanwillbefundedbyMagnususingproceedsfromdividends,ifany,receivedonourcommonstock.See"DividendPolicy."

Maturity. Unlessrepaidpriortomaturity,theMagnusTermLoanwillmatureon,2017(thefirstanniversaryofthedayfollowingthepricingofthisoffering).

Collateral. TheMagnusTermLoanwillbesecuredbyapledgeonallofourcommonstockownedbyMagnus,exceptfor5%ofouroutstandingcommonstockownedbyMagnusthatissubjecttoanegativepledgeunderFilaKorea'screditfacility,whichwillequal48.1%ofouroutstandingcommonstock.IfMagnusfailstopaytheamountdueontheMagnusTermLoanatmaturityoruponacceleration,theMagnusLenderscanforecloseonthepledgedsharesofourcommonstock,whichforeclosurewouldbeundertakeninaccordancewithKoreanlawandmayresult,undercircumstances,inthesaleof48.1%ofourcommonstock,whichequalsallofthesharespledgedbyMagnustotheMagnusLenders.See"RisksRelatedtotheShareholderTransactionandtheMagnusTermLoan—FilaKoreaandMagnuswillhaveobligationsundertheMagnusTermLoan,andFilaKoreaand/orMagnusmayhaveobligationsunderanyequityordebtusedtorefinancetheMagnusTermLoan,thatmaybesatisfiedbyasale,foreclosure,liquidationorothertransferofourcommonstock,whichcouldmateriallydecreasethemarketvalueofourcommonstockandmayresultinachangeofcontrolofourcompany"and"FilaKoreahaspledgedthecommonstockofMagnustothelendersunderitscreditfacilitywhichpledgeisexpectedtocontinueinpartaftertheclosingofthisoffering.Inaddition,FilaKoreamaypledgeorborrowagainstadditionalsharesofthecommonstockofMagnus."IntheeventofaforeclosureonthepledgedsharesofourcommonstockundertheMagnusTermLoan,if,inthereasonableopinionoftheMagnusLenders,foreclosureof35%ofouroutstandingcommonstocklessoneshareofourcommonstock,ortheForeclosureThresholdAmount,willbesufficienttofullysatisfytheprincipalandinterestoftheMagnusLoan,onlytheForeclosureThresholdAmountwillbepermittedforsuchforeclosure.IftheForeclosureThresholdAmountisinsufficienttofullysatisfytheprincipalandinterestoftheMagnusLoan,therewillbenolimitationontheamountofourpledgedsharesofcommonstockthatmaybeforeclosed.Iftheentireamountofourpledgedcommonstockpledgedisbeingforeclosed,atag-alongrightmaybeexercisedbyMagnussuchthatMagnuswillbepermittedtosell,undercertaincircumstances,5.0%ofourcommonstockheldbyMagnus.

Events of Default and Remedies. Ifcertaineventsofdefaultoccur,including,amongothers,thefailuretopayinterestwhendueoraneventofdefaultunderanyofourindebtednessorotherindebtednessofMagnus,theMagnusLenderswillhavearighttoacceleratethematurityoftheMagnusTermLoans.

Transferability of Common Stock. ThetransferoftheMagnussharesorthesharesofourcommonstockheldbyMagnuswillberestrictedtotheextentanysuchsharesarepledged.

Governing Law. ThetermsoftheMagnusTermLoanwillbegovernedbythelawsoftheRepublicofKorea.

TheclosingoftheShareholderTransactionisconditionedonthepricingofthisofferingandtheclosingofthisofferingofourcommonstockisconditionedontheclosingoftheShareholderTransaction.

See"RiskFactors—RisksRelatedtotheShareholderTransactionandtheMagnusTermLoan,""Management—BoardLeadershipStructureandtheBoard'sRoleinRiskOversight—ControlledCompany,""TheShareholderTransaction"and"PrincipalandSellingShareholders."

217

TableofContents

OrganizationalStructure

Thefollowingdiagramillustratesourcorporatestructureandownershipofourcommonstockaftergivingeffectto:

• theconversionofallofouroutstandingConvertibleNotes;

• theconversionofallofouroutstandingConvertiblePreferredStock;

• theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrants,whichoccurredinJuly2016;

• theShareholderTransaction;and

• thisoffering.

(1) FilaKoreahasgrantedasecurityinterestinallofthecommonstockofMagnustothelendersunderitsexistingcreditfacility.Aftergivingeffecttotheclosingofthisoffering,thelendersunderFilaKorea'sexistingcreditfacilityareexpectedtoreleasetheirsecurityinterestsinapproximately85.6%ofthecommonstockofMagnusandretainasecurityinterestinapproximately14.4%ofthecommonstockofMagnus.ThesharesofourcommonstockownedbyMagnusareMagnus'onlyassets.

(2) InconnectionwiththeMagnusTermLoan,MagnuswillgrantasecurityinterestinallofourcommonstockownedbyMagnustotheMagnusLenders,exceptfor5%ofouroutstandingcommonstockownedbyMagnusthatissubjecttoanegativepledgeunderFilaKorea'sexistingcreditfacility,whichwillequal48.1%ofouroutstandingcommonstock.ThesharesofourcommonstockownedbyMagnusareMagnus'onlyassets.

218

TableofContents

PRINCIPALANDSELLINGSHAREHOLDERS

Thefollowingtableandaccompanyingfootnotessetforthinformationwithrespecttothebeneficialownershipofourcommonstock,asofJune30,2016:

• priortothisofferingandtheShareholderTransactionbutaftergivingeffectto(i)theautomaticconversionofallofouroutstandingConvertibleNotesintoanaggregateofsharesofourcommonstock,andtheautomaticconversionofallofouroutstandingConvertiblePreferredStockintoanaggregateofsharesofourcommonstock,eachofwhichwilloccurpriortotheclosingofthisofferingand(ii)theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrantsintoanaggregateofsharesofourcommonstock,whichoccurredinJuly2016;and

• asadjustedtoreflectthesaleofthesharesofcommonstockinthisofferingandtheShareholderTransaction,

by:

• eachperson,orgroupofpersons,knownbyustoownbeneficiallymorethan5%ofouroutstandingsharesofcommonstockorwhoissellingsharesofcommonstockinthisoffering;

• eachofournamedexecutiveofficersfor2015;

• eachofourdirectorsanddirectornominees;and

• allofourexecutiveofficers,directorsanddirectornomineesasagroup.

BeneficialownershipandpercentageownershiparedeterminedinaccordancewiththerulesandregulationsoftheSECandincludevotingorinvestmentpowerwithrespecttosharesofstock.Thisinformationdoesnotnecessarilyindicatebeneficialownershipforanyotherpurpose.Incomputingthenumberofsharesbeneficiallyownedbyapersonandthepercentageownershipofthatperson,sharesofcommonstocksubjecttorestrictions,optionsorwarrantsheldbythatpersonthatarecurrentlyexercisableorexercisablewithin60daysofthedateofthisprospectusaredeemedoutstanding.Suchshares,however,arenotdeemedoutstandingforthepurposesofcomputingthepercentageownershipofanyotherperson.Exceptasindicatedinthefootnotestothefollowingtableorpursuanttoapplicablecommunitypropertylaws,webelieve,basedoninformationfurnishedtous,thateachshareholdernamedinthetablehassolevotingandinvestmentpowerwithrespecttothesharessetforthoppositesuchshareholder'sname.

Forfurtherinformationregardingmaterialtransactionsbetweenusandtheprincipalshareholders,see"CertainRelationshipsandRelatedPartyTransactions."

219

TableofContents

Exceptasotherwiseindicatedinthefootnotesbelow,theaddressofeachbeneficialownerisc/oAcushnetHoldingsCorp.,333BridgeStreet,Fairhaven,Massachusetts02719.

220

Sharesofcommonstockbeneficiallyownedaftertheoffering

andtheShareholderTransaction

SharesofcommonstockbeneficiallyownedpriortotheofferingandtheShareholder

Transaction

Assumingtheunderwriters'optiontopurchaseadditionalsharesisnotexercised

Assumingtheunderwriters'optiontopurchaseadditional

sharesisexercisedinfull Nameofbeneficialowner Number Percentage Number Percentage Number Percentage Shareholders: FilaKorea(1) % % %MiraeFunds(2) % % %Woori-BlackstoneKoreaOpportunityPrivateEquityFund1(3) % % %NeopluxCo.Ltd.(4) % % %Named Executive Officers, Directors and Director Nominees: Walter(Wally)Uihlein(5)(6) % % %WilliamBurke(5)(7) % % %GeraldBellis(5)(8) % % %JamesConnor(5)(9) % % %YooSoo(Gene)Yoon(1)(5) % % %SungWooAhn(10) % % %HughLee(11) Jung-HunRyu(12) % % %YongKyuShin(13) % % %KeunChangYoon(14) % % %JenniferEstabrook(15) Allexecutiveofficers(16),directorsanddirectornomineesasagroup(18persons) % % %

* Lessthanonepercent.

(1) InconnectionwiththeMagnusTermLoan,MagnuswillgrantasecurityinterestinallofourcommonstockownedbyMagnustotheMagnusLenders,exceptfor5%ofouroutstandingcommonstockownedbyMagnusthatissubjecttoanegativepledgeunderFilaKorea'sexistingcreditfacility,whichwillequal48.1%ofouroutstandingcommonstock.ThesharesofourcommonstockownedbyMagnusareMagnus'onlyassets.IfMagnusdefaultsontheMagnusTermLoan,theMagnusLendersmayforecloseonthepledgedsharesofourcommonstock.See"RiskFactors—RisksRelatedtotheShareholderTransactionandtheMagnusTermLoan—FilaKoreaandMagnuswillhaveobligationsundertheMagnusTermLoan,andFilaKoreaand/orMagnusmayhaveobligationsunderanyequityordebtusedtorefinancetheMagnusTermLoan,thatmaybesatisfiedbyasale,foreclosure,liquidationorothertransferofourcommonstock,whichcouldmateriallydecreasethemarketvalueofourcommonstockandmayresultinachangeofcontrolofourcompany."

Inaddition,itispossiblethatinthefutureMagnusmaypledgesharesofourcommonstock,whethertoraisetheproceedsnecessarytopayamountsdueontheMagnusTermLoanorotherwiseorforotherpurposes.

FilaKoreahasgrantedasecurityinterestinallofthecommonstockofMagnustothelendersunderitscreditfacility.Aftergivingeffecttotheclosingofthisoffering,thelendersunderFilaKorea'screditfacilityareexpectedtoreleasetheirsecurityinterestsinapproximately85.6%ofthecommonstockofMagnusandretainasecurityinterestinapproximately14.4%ofthecommonstockofMagnus.ThesharesofourcommonstockownedbyMagnusareMagnus'onlyassets.IfFilaKoreadefaultsunderitsexistingcreditfacilityandthesecuredpartiesforecloseonthepledgedsharesofMagnuscommonstock,theymayseektosellthepledgedsharesofMagnuscommonstock,orseektoacquireandtosellaportionofourcommonstockownedbyMagnus.See"RiskFactors—RisksRelatedtotheShareholderTransactionandtheMagnusTermLoan—FilaKoreahaspledgedthecommonstockofMagnustothelendersunderitsexistingcreditfacilitywhichpledgeisexpectedtocontinueinpartaftertheclosingofthisoffering.Inaddition,FilaKoreamaypledgeorborrowagainstadditionalsharesofthecommonstockofMagnus."

Inaddition,itispossiblethatFilaKoreamayinthefuturepledgeadditionalsharesofthecommonstockofMagnus,whethertoraisetheproceedsnecessarytopayamountsdueontheMagnusTermLoanorotherwiseorforotherpurposes.

TableofContents

221

GeneYoonistheChairmanandChiefExecutiveOfficerofFilaKoreaLtd.andmaybedeemedtobethebeneficialownerandhavevotinganddispositivepowerwithrespecttothesharesofourcommonstockheldbyFilaKorea.TheaddressofFilaKoreaandMr.Yoonis6Myeongdal-Ro,Seocho-GuSeoul,Korea.

(2) RepresentssharesofourcommonstockownedbyOdin3,LLCandOdin4,LLC.TheMiraeFundsareeachwhollyownedbyMiraeAssetPartnersPrivateEquityFundVIIwhosegeneralpartnersareMiraeAssetGlobalInvestmentsCo.Ltd.andMiraeAssetSecuritiesCo.Ltd.VotingandinvestmentdecisionsoverthesharesofourcommonstockheldbytheMiraeFundsaremadebyaninvestmentcommitteeofMiraeAssetGlobalInvestmentsCo.Ltd.,themembersofwhomareSungWooAhnandJung-HunRyu,bothofwhomaremembersofourboardofdirectors,andsixothermembers.EachofthemembersofthecommitteemaybedeemedtosharevotingandinvestmentpowerwithrespecttothesharesownedbytheMiraeFunds.TheaddressfortheMiraeentitiesis26F,EastTower,26,Eulji-ro5-gil,Jung-gu,Seoul,Korea.

AsofSeptember,2016theMiraeFundshavepledged,hypothecatedorgrantedsecurityinterestsinallofouroutstandingConvertibleNotesandallofouroutstandingConvertiblePreferredStockbeneficiallyownedbythem,aswellasalloftheunderlyingsharesofourcommonstockthatareissuablethereunder,ascollateralforaforeigncurrencyhedge.TheMiraeFundsexpecttoenterintoanagreementorarrangementwiththesecuredpartyforthereleaseofthesesecurityinterestspriortotheclosingofthisoffering.

(3) RepresentssharesofourcommonstockownedbyWBAtlasLLC,aninvestmentvehicleofWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.VotingandinvestmentdecisionsoverthesharesofourcommonstockheldbyWBAtlasLLCaremadebytheinvestmentcommitteesofWoori-BlackstoneKoreaOpportunityPrivateEquityFund1,whichisjointlymanagedbyWooriPrivateEquityCo.,Ltd.andBlackstoneKoreaAdvisorsLimitedasgeneralpartners.TheaddressforWBAtlasLLCis6thFl.,SeoulFinanceCenter,136,Sejong-daero,Jung-gu,Seoul,100-76,Korea.

AsofSeptember,2016WBAtlasLLChaspledged,hypothecatedorgrantedsecurityinterestsinallofouroutstandingConvertibleNotesandallofouroutstandingConvertiblePreferredStockbeneficiallyownedbythem,aswellasalloftheunderlyingsharesofourcommonstockthatareissuablethereunder,ascollateralforaforeigncurrencyhedge.WBAtlasLLCexpectstoenterintoanagreementorarrangementwiththesecuredpartyforthereleaseofthesesecurityinterestspriortotheclosingofthisoffering.

(4) RepresentssharesofourcommonstockownedbyNeopluxNo.1PrivateEquity,anaffiliateofNeopluxCo.Ltd.VotingandinvestmentdecisionsoverthesharesofourcommonstockheldbyNeopluxNo.1PrivateEquityaremadebytheInvestmentCommitteeofNeopluxNo.1PrivateEquity.TheInvestmentCommitteeofNeopluxNo.1PrivateEquityconsistsoffourmembers:Mr.Lee,Sangha,Mr.Kim,Donghwan,Mr.Min,KyungminandMs.Park,Jiyoung.TheseindividualsmaybedeemedtobeneficiallyownthesharesofourcommonstockthatareownedbyNeopluxNo.1PrivateEquity.Suchpersonsdisclaimbeneficialownershipofsuchsharesofourcommonstock.TheaddressforNeopluxNo.1PrivateEquityis18F,GlassTowerBldg.,534Teheran-ro,Gangnam-gu,Seoul,Korea.

AsofSeptember,2016NeopluxNo.1PrivateEquityhaspledged,hypothecatedorgrantedsecurityinterestsinallofouroutstandingConvertibleNotesandallofouroutstandingConvertiblePreferredStockbeneficiallyownedbythem,aswellasalloftheunderlyingsharesofourcommonstockthatareissuablethereunder,ascollateralforaforeigncurrencyhedge.NeopluxNo.1PrivateEquityexpectstoenterintoanagreementorarrangementwiththesecuredpartyforthereleaseofthesesecurityinterestspriortotheclosingofthisoffering.

(5) DoesnotreflectanysharesthatmaybeissueduponsettlementofoutstandingEARs.

(6) DoesnotreflectanysharesthatmaybeissueduponsettlementofoutstandingRSUsorPSUs.InJune2016,Mr.UihleinwasgrantedRSUs,whichwillvestinequalinstallmentsonDecember31,2016,2017and2018,andPSUs,whichwillvestonDecember31,2018basedupontheachievementofcertainperformancemetrics.

(7) DoesnotreflectanysharesthatmaybeissueduponsettlementofoutstandingRSUsorPSUs.InJune2016,Mr.BurkewasgrantedRSUs,whichwillvestinequalinstallmentsonDecember31,2016,2017and2018,andPSUs,whichwillvestonDecember31,2018basedupontheachievementofcertainperformancemetrics.

(8) Mr.BellisretiredeffectiveFebruary29,2016.

(9) DoesnotreflectanysharesthatmaybeissueduponsettlementofoutstandingRSUsorPSUs.InJune2016,Mr.ConnorwasgrantedRSUs,whichwillvestinequalinstallmentsonDecember31,2016,2017and2018,andPSUs,whichwillvestonDecember31,2018basedupontheachievementofcertainperformancemetrics.Mr.ConnorisexpectedtoretireeffectiveasofDecember31,2016.

(10) SungWooAhnisanExecutiveDirectoratMiraeAssetsGlobalInvestments'PEFBusinessUnit.Mr.AhndisclaimsbeneficialownershipofanysharesofourcommonstockownedbyMiraeAssetsGlobalInvestments.TheaddressforMr.Ahnis26F,EastTower,26,Eulji-ro5-gil,Jung-gu,Seoul,Korea.Mr.Ahnwillresignfromtheboardofdirectorscontingentupon,andeffectiveimmediatelyfollowing,thepricingofthisoffering.

TableofContents

222

(11) HughLee,whoistheson-in-lawofthechairmanofourboardofdirectors,isPresidentofAcushnetKoreaCo.,Ltd.TheaddressforMr.Leeis8F,509,Teheran-ro,Gangnam-gu,Seoul,Korea.Mr.Leewillresignfromtheboardofdirectorscontingentupon,andeffectiveimmediatelyfollowing,thepricingofthisoffering.

(12) Jung-HunRyuisaPresidentatMiraeAssetsGlobalInvestments'PEFBusinessUnit.Mr.RyudisclaimsbeneficialownershipofanysharesofourcommonstockownedbyMiraeAssetsGlobalInvestments.TheaddressforMr.Ryuis26F,EastTower,26,Eulji-ro5-gil,Jung-gu,Seoul,Korea.Mr.Ryuwillresignfromtheboardofdirectorscontingentupon,andeffectiveimmediatelyfollowing,thepricingofthisoffering.

(13) Yong-KyuShinisadirectoratBlackstoneKoreaAdvisors,oneofthegeneralpartnersforWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.Mr.ShindisclaimsbeneficialownershipofanysharesofourcommonstockownedbyWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.TheaddressforMr.ShinisC-5302,57,Eonju-ro30-gil,Gangnam-guSeoul,Korea.Mr.Shinwillresignfromtheboardofdirectorscontingentupon,andeffectiveimmediatelyfollowing,thepricingofthisoffering.

(14) KeunChangYoon,whoisthesonofthechairmanofourboardofdirectors,isaVicePresidentatFilaKorea,ChiefFinancialOfficerofFilaUSA,Inc.andChiefOperatingOfficerofFilaSportHongKong.Mr.YoondisclaimsbeneficialownershipofanysharesofourcommonstockownedbyFilaKorea.TheaddressforMr.Yoonis6Myeongdal-Ro,Seocho-GuSeoul,Korea.Mr.Yoonwillresignfromtheboardofdirectorscontingentupon,andeffectiveimmediatelyfollowing,thepricingofthisoffering.

(15) Ms.EstabrookdisclaimsbeneficialownershipofanysharesofourcommonstockownedbyFilaKorea.TheaddressofMs.Estabrookisc/oFilaNorthAmerica,1411Broadway,NewYork,NewYork10018.

(16) IncludescurrentexecutiveofficersasofAugust1,2016aswellasournamedexecutiveofficerswhoarenolongerexecutiveofficers.

TableofContents

CERTAINRELATIONSHIPSANDRELATEDPARTYTRANSACTIONS

ConvertiblePreferredStock

In2013,wepaiddividendsintheamountof(i)$10.5milliononConvertiblePreferredStockheldbytheMiraeFundsand(ii)$2.5milliononConvertiblePreferredStockheldbyanentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.

In2014,wepaiddividendsintheamountof(i)$10.4milliononConvertiblePreferredStockheldbytheMiraeFundsand(ii)$2.5milliononConvertiblePreferredStockheldbyanentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.

In2015,wepaiddividendsintheamountof(i)$10.4milliononConvertiblePreferredStockheldbytheMiraeFundsand(ii)$2.5milliononConvertiblePreferredStockheldbyanentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.

OnJuly29,2016,wepaiddividendsintheamountof(i)$10.5milliononConvertiblePreferredStockheldbytheMiraeFundsand(ii)$2.5milliononConvertiblePreferredStockheldbyanentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.

Priortotheclosingofthisoffering,(i)theMiraeFundswillreceivesharesofourcommonstockand$ofaccruedandunpaiddividendsuponconversionof1,388,027sharesofoutstandingConvertiblePreferredStockheldbysuchentitiesand(ii)anentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1willreceivesharesofourcommonstockand$ofaccruedandunpaiddividendsuponconversionof330,000sharesofoutstandingConvertiblePreferredStockheldbysuchentity.

EachoftheMiraeFundsandWoori-BlackstoneKoreaOpportunityPrivateEquityFund1wererelatedpersonsatthetimeofthetransactionsdescribedaboveduetotheirbeneficialownershipofmorethan5%ofouroutstandingsharesofourcommonstock.

ConvertibleNotes

During2013,wepaidinterestintheamountof(i)$20.6milliononConvertibleNotesheldbytheMiraeFundsand(ii)$5.0milliononConvertibleNotesheldbyanentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.

During2014,wepaidinterestintheamountof(i)$20.6milliononConvertibleNotesheldbytheMiraeFundsand(ii)$5.0milliononConvertibleNotesheldbyanentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.

During2015,wepaidinterestintheamountof(i)$20.5milliononConvertibleNotesheldbytheMiraeFundsand(ii)$4.9milliononConvertibleNotesheldbyanentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.

OnJuly29,2016,wepaidinterestintheamountof(i)$20.7milliononConvertibleNotesheldbytheMiraeFundsand(ii)$5.0milliononConvertibleNotesheldbyanentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.

Priortotheclosingofthisoffering,(i)theMiraeFundswillreceivesharesofourcommonstockand$ofaccruedandunpaidinterestuponconversionof$274.5millionofoutstandingConvertibleNotesheldbysuchentitiesand(ii)anentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1willreceivesharesofourcommonstockand$ofaccruedandunpaidinterestuponconversionof$66.0millionofoutstandingConvertibleNotesheldbysuchentity.

223

TableofContents

EachoftheMiraeFundsandWoori-BlackstoneKoreaOpportunityPrivateEquityFund1wererelatedpersonsatthetimeofthetransactionsdescribedaboveduetotheirbeneficialownershipofmorethan5%ofouroutstandingsharesofourcommonstock.

7.5%Bondsdue2021withCommonStockWarrants

InJuly2013,FilaKoreaexerciseditscalloptiononwarrantsheldbycertainexistingsecurityholderstopurchasesharesofcommonstock.OnAugust7,2013,FilaKoreaconvertedthewarrantsintocommonstockattheconversionpriceof$pershare,or$34.5millionintheaggregate.Weusedtheproceedsreceivedfromthiswarrantexercisetoredeemaproratashareofouroutstanding7.5%bondsdue2021,resultinginpaymentsof(i)$26.1milliontotheMiraeFundsand(ii)$6.2milliontoanentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.

InJuly2014,FilaKoreaexerciseditscalloptiononwarrantsheldbycertainexistingsecurityholderstopurchasesharesofcommonstock.OnJuly29,2014,FilaKoreaconvertedthewarrantsintocommonstockattheconversionpriceof$pershare,or$34.5millionintheaggregate.Weusedtheproceedsreceivedfromthiswarrantexercisetoredeemaproratashareofouroutstanding7.5%bondsdue2021,resultinginpaymentsof(i)$26.1milliontotheMiraeFundsand(ii)$6.2milliontoanentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.

InJuly2015,FilaKoreaexerciseditscalloptiononwarrantsheldbycertainexistingsecurityholderstopurchasesharesofcommonstock.OnJuly28,2015,FilaKoreaconvertedthewarrantsintocommonstockattheconversionpriceof$pershare,or$34.5millionintheaggregate.Weusedtheproceedsreceivedfromthiswarrantexercisetoredeemaproratashareofouroutstanding7.5%bondsdue2021,resultinginpaymentsof(i)$26.1milliontotheMiraeFundsand(ii)$6.2milliontoanentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.

InJuly2016,FilaKoreaexerciseditscalloptiononwarrantsheldbycertainexistingsecurityholderstopurchasesharesofcommonstock.Suchwarrantsconvertintocommonstockattheconversionpriceof$pershare,or$34.5millionintheaggregate.Weusedtheproceedsreceivedfromthiswarrantexercisetoredeemtheremainingportionofouroutstanding7.5%bondsdue2021,resultinginpaymentsof(i)$26.1milliontotheMiraeFundsand(ii)$6.2milliontoanentityaffiliatedwithWoori-BlackstoneKoreaOpportunityPrivateEquityFund1.

EachofFilaKorea,theMiraeFundsandWoori-BlackstoneKoreaOpportunityPrivateEquityFund1wererelatedpersonsatthetimeofthetransactionsdescribedaboveduetotheirbeneficialownershipofmorethan5%ofouroutstandingsharesofourcommonstock.

Other

SubsidiariesofFilaKoreagrantedasecondlienpledgeoversharesincertainofFilaKorea'ssubsidiariesandenteredintosecondlienaccountpledgeagreements,ineachcase,infavorofKoreaDevelopmentBank,assecurityagent,tosecureobligationsofAcushnetCompanyunderourformerseniorrevolvingcreditagreementwithKoreaDevelopmentBankandoursecuredfloatingratenotes.Thesesecurityinterestswerereleasedinconnectionwiththeinitialfundingunderthenewcreditagreement.

WeenteredintoanendorsementarrangementwithPeterUihlein,thesonofourPresidentandChiefExecutiveOfficer,in2012.PeterUihleinisaprofessionalgolferandanexemptmemberoftheEuropeanPGATour.PeterUihleinreceivedaggregatepaymentsof$275,115,$361,600and$314,000pursuanttothisendorsementarrangementin2013,2014and2015,respectively,andisexpectedtoreceivebaseretainerpaymentsof$300,000in2016.

HughLee,whoistheson-in-lawofthechairmanofourboardofdirectorsandcurrentlyamemberofourboardofdirectorswhowillresignfromourboardofdirectorscontingentupon,and

224

TableofContents

effectiveimmediatelyfollowing,thepricingofthisoffering,becamethefinancialcontrollerofourwholly-ownedsubsidiary,AcushnetKoreaCo.,Ltd.,onSeptember30,2015,andwasappointedPresidentofAcushnetKoreaCo.,Ltd.onApril1,2016.ForhisservicestoAcushnetKoreaCo.,Ltd.in2015,Mr.Leereceived$76,748insalaryandallowancesandanannualcashincentivepaymentof$86,652whichwaspaidinFebruary2016.Mr.Leeisexpectedtoreceiveasalaryof$328,390in2016andiseligibleforanadditionalannualcashincentivepayment.

RegistrationRightsAgreement

Inconnectionwiththisoffering,weintendtoenterintoaregistrationrightsagreementthatwillprovideMagnusandtheFinancialInvestors"demand"registrationsandcustomary"piggyback"registrationrights.TheregistrationrightsagreementwillalsoprovidethatwewillpaycertainexpensesrelatingtosuchregistrationsandindemnifytheregistrationrightsholdersagainstcertainliabilitiesthatmayariseundertheSecuritiesActortocontributetopaymentstheregistrationrightsholdersmayberequiredtomakeinrespectofthoseliabilities.

Indemnification

See"DescriptionofCapitalStock"foradescriptionofindemnificationofourdirectorsandexecutiveofficers.

OurPolicyRegardingRelatedPartyTransactions

Priortothecompletionofthisoffering,ourboardofdirectorswilladoptawrittenstatementofpolicyregardingtransactionswithrelatedpersons,whichwerefertoasour"relatedpersonpolicy."Ourrelatedpersonpolicyrequiresthata"relatedperson"(asdefinedinparagraph(a)ofItem404ofRegulationS-K)mustpromptlydisclosetotheexecutivevicepresident,chieflegalandadministrativeofficerandsecretaryany"relatedpersontransaction"(definedasanytransactionthatweanticipatewouldbereportablebyusunderItem404(a)ofRegulationS-Kinwhichwewereoraretobeaparticipantandtheamountinvolvedexceeds$120,000andinwhichanyrelatedpersonhadorwillhaveadirectorindirectmaterialinterest)andallmaterialfactswithrespectthereto.Theexecutivevicepresident,chieflegalandadministrativeofficerandsecretarywillthenpromptlycommunicatethatinformationtoourboardofdirectors.Norelatedpersontransactionwillbeexecutedwithouttheapprovalorratificationofourboardofdirectorsoradulyauthorizedcommitteeofourboardofdirectors.Itisourpolicythatdirectorsinterestedinarelatedpersontransactionwillrecusethemselvesfromanyvoteonarelatedpersontransactioninwhichtheyhaveaninterest.

225

TableofContents

DESCRIPTIONOFINDEBTEDNESS

SeniorSecuredCreditFacilities

Overview

OnApril27,2016,AcushnetHoldingsCorp.,AcushnetCompany,ortheU.S.Borrower,AcushnetCanadaInc.,ortheCanadianBorrower,andAcushnetEuropeLimited,ortheUKBorrower,enteredintothenewcreditagreementwithWellsFargoBank,NationalAssociation,astheadministrativeagent,L/Cissuerandswinglinelenderandeachlenderfromtimetotimepartythereto,whichprovidesfor(i)anew$275.0millionmulti-currencyrevolvingcreditfacility,includinga$20.0millionletterofcreditsub-facility,aswinglinesublimitof$25.0million,aC$25.0millionsub-facilityforborrowingsbytheCanadianBorrower,a£20.0millionsub-facilityforborrowingsbytheUKBorrowerandanalternativecurrencysublimitof$100.0millionforborrowingsinCanadiandollars,euros,poundssterlingandJapaneseyen,(ii)anew$375.0milliontermloanAfacilityand(iii)anew$100.0milliondelayeddrawtermloanAfacility,eachofwhichmaturesonJuly28,2021.

ThenewcreditagreementwassignedandbecameeffectiveonApril27,2016andtheinitialfundingunderthenewcreditagreementoccurredonJuly28,2016.OnJuly28,2016,weusedtheproceedsofthenew$375.0milliontermloanAfacility,borrowingsofC$4.0million(equivalenttoapproximately$3.0million)underthenewrevolvingcreditfacilityandcashonhandof$23.6millionto(i)repayallamountsoutstandingunder,andterminate,oursecuredfloatingratenotesandcertainofourformerworkingcreditfacilities,(ii)terminateourformerseniorrevolvingcreditfacilityand(iii)payfeesandexpensesrelatedtotheforegoing.ThenewcreditagreementcontainsconditionsprecedenttotheU.S.Borrower'sabilitytoreceivetheproceedsofthenewdelayeddrawtermloanAfacility,includingthatthereshallnothaveoccurredamaterialadverseeffectwithrespecttotheU.S.Borrower.UntilJuly28,2017,thecommitmentsunderthenewdelayeddrawtermloanAfacilitywillbeavailabletomakepaymentsinconnectionwiththefinalpayoutoftheoutstandingEARsundertheEARPlan.

Inaddition,thenewcreditagreementallowsfortheincurrenceofadditionaltermloansorincreasestoournewrevolvingcreditfacilityinanaggregateprincipalamountnottoexceed(i)$200.0million,plus(ii)anunlimitedamountsolongastheNetAverageSecuredLeverageratio(definedastheratioofaverageConsolidatedSecuredFundedDebt(asdefinedinthenewcreditagreement)toAdjustedEBITDAfortheapplicabletestperiodinthenewcreditagreement)doesnotexceed2.00:1.00onaproformabasisand,subject,ineachcase,tocertainconditionsandreceiptofcommitmentsbyexistingoradditionalfinancialinstitutionsorinstitutionallenders.

Interest Rate and Fees

Borrowings(otherthanswinglineloans)underthenewcreditagreementbearinterestatarateperannumequaltoanapplicablemargin(whichisdeterminedbasedontheNetAverageSecuredLeverageRatio)plus,atouroption,either(1)solelyforborrowingsinU.S.dollars,abaseratedeterminedbyreferencetothehighestof(a)theFederalFundsrateplus0.50%,(b)theprimerateofWellsFargoBank,NationalAssociationand(c)theEurodollarratedeterminedbyreferencetothecostoffundsforU.S.dollardepositsforaninterestperiodofonemonthadjustedforcertainadditionalcosts,plus1.00%or(2)aEurodollarratedeterminedbyreferencetothecostsoffundsfordepositsinthecurrencyoftheapplicableborrowingfortheinterestperiodrelevanttosuchborrowingadjustedforcertainadditionalcosts.Swinglineloansbearinterestatthebaserateplustheapplicablemargin.TheapplicablemarginforEurodollarborrowingsunderthenewcreditagreementisinitially1.75%andrangesfrom1.25%to2.00%,andisinitially0.75%andrangesfrom0.25%to1.00%forbase-rateborrowings,andineachcasevariesbaseduponaleverage-basedpricinggrid.

Interestonborrowingsunderthenewcreditagreementispayable(1)onthelastdayofanyinterestperiodwithrespecttoEurodollarborrowingswithanapplicableinterestperiodofthreemonthsorless,(2)everythreemonthswithrespecttoEurodollarborrowingswithaninterestperiodof

226

TableofContents

greaterthanthreemonthsor(3)onthelastbusinessdayofeachMarch,June,SeptemberandDecemberwithrespecttobaserateborrowingsandswinglineborrowings.Inaddition,beginningonJuly28,2016,wearerequiredtopayacommitmentfeeonanyunutilizedcommitmentsunderthenewrevolvingcreditfacilityandthenewdelayeddrawtermloanAfacility.Theinitialcommitmentfeerateis0.30%perannumandrangesfrom0.20%to0.35%baseduponaleverage-basedpricinggrid.Wearealsorequiredtopaycustomaryletterofcreditfees.

Prepayments

Thenewcreditagreementrequiresustoprepayoutstandingtermloans,subjecttocertainexceptions,with:

• 100%ofthenetcashproceedsofallnon-ordinarycourseassetsalesorotherdispositionsofpropertybytheU.S.Borroweranditsrestrictedsubsidiaries(includinginsuranceandcondemnationproceeds,subjecttodeminimisthresholds),(1)ifwedonotreinvestthosenetcashproceedsinassetstobeusedinourbusinessortomakecertainotherpermittedinvestments,within12monthsofthereceiptofsuchnetcashproceedsor(2)ifwecommittoreinvestsuchnetcashproceedswithin12monthsofthereceiptthereof,butdonotreinvestsuchnetcashproceedswithin18monthsofthereceiptthereof;and

• 100%ofthenetproceedsofanyissuanceorincurrenceofdebtbytheU.S.Borroweroranyofitsrestrictedsubsidiaries,otherthandebtpermittedunderthenewcreditagreement.

Theforegoingmandatoryprepaymentsareusedtoreducetheinstallmentsofprincipalinsuchorder:first,toprepayoutstandingloansunderthenewtermloanAfacility,thenewdelayeddrawtermloanAfacilityandanyincrementaltermloansonaproratabasisindirectorderofmaturityandsecond,toprepayoutstandingloansunderthenewrevolvingcreditfacility.

Wemayvoluntarilyrepayoutstandingloansunderthenewcreditagreementatanytimewithoutpremiumorpenalty,otherthancustomary"breakage"costswithrespecttoEurodollarloans.AnyoptionalprepaymentoftermloanswillbeappliedasdirectedbytheU.S.Borrower.

Amortization

Wewillberequiredtomakeprincipalpaymentsontheloansunderthetermloanfacilitiesinquarterlyinstallmentsinaggregateannualamountsequalto(i)5.00%oftheoriginalprincipalamountforthefirstandsecondyearafterJuly28,2016,(ii)7.50%oftheoriginalprincipalamountforthethirdandfourthyearafterJuly28,2016and(iii)10.0%oftheoriginalprincipalamountforthefifthyearafterJuly28,2016.TheremainingoutstandingamountispayableonJuly28,2021,thematuritydateforthetermloanfacilities.PrincipalamountsoutstandingunderthenewrevolvingcreditfacilitywillbedueandpayableinfullonJuly28,2021,thematuritydateforthenewrevolvingcreditfacility.

Guarantee and Security

AllobligationsunderthenewcreditagreementareunconditionallyguaranteedbyAcushnetHoldingsCorp.,thedirectparentoftheU.S.Borrower,theU.S.Borrowerand,subjecttocertainexceptions,eachofourmaterialcurrentandfuturedomesticwholly-ownedrestrictedsubsidiaries,ortheU.S.guarantors.Allobligationsunderthenewcreditagreement,andtheguaranteesofthoseobligations,aresecuredbysubstantiallyallofthefollowingassetsoftheU.S.BorrowerandeachU.S.guarantor,subjecttocertainexceptions,including:

• apledgeof100%ofthecapitalstockoftheU.S.Borrowerand100%oftheequityinterestsdirectlyheldbytheU.S.BorrowerandeachU.S.guarantorinanywholly-ownedsubsidiaryoftheU.S.BorroweroranyU.S.guarantor(whichpledge,inthecaseofanysubsidiary(i)thatisa"controlledforeigncorporation"forUnitedStatesfederalincometaxpurposes,or(ii)substantiallyalloftheassetsofwhichconsistofequityinterestsinoneormore"controlled

227

TableofContents

foreigncorporations"(includingAcushnetInternationalInc.),willnotincludemorethan65%ofthevotingstockofsuchsubsidiary),subjecttocertainexceptions;and

• asecurityinterestin,andmortgageson,substantiallyalltangibleandintangibleassetsoftheU.S.BorrowerandeachU.S.guarantor,subjecttocertainexceptions.

Inaddition,allobligationsunderthenewcreditagreementoftheUKBorrowerandtheCanadianBorrowerareunconditionallyguaranteedbyAcushnetInternationalInc.,thedirectparentoftheUKBorrowerandtheCanadianBorrower,andaresecuredbyapledgeoftheequityinterestsoftheUKBorrowerandtheCanadianBorrowerandalienonsubstantiallyallassetsoftheUKBorrowerandtheCanadianBorrower.

Certain Covenants and Events of Default

ThenewcreditagreementcontainsanumberofcovenantsthatatanytimeafterJuly28,2016,amongotherthings,restricttheabilityoftheU.S.Borroweranditsrestrictedsubsidiariesto(subjecttocertainexceptions):

• incur,assume,orpermittoexistadditionalindebtednessorguarantees;

• incurliens;

• makeinvestmentsandloans;

• paydividends,makepayments,orredeemorrepurchasecapitalstockormakeprepayments,repurchasesorredemptionsofcertainindebtedness;

• engageinmergers,liquidations,dissolutions,assetsales,andotherdispositions(includingsaleleasebacktransactions);

• amendorotherwisealtertermsofcertainindebtednessorcertainotheragreements;

• enterintoagreementslimitingsubsidiarydistributionsorcontainingnegativepledgeclauses;

• engageincertaintransactionswithaffiliates;

• alterthenatureofthebusinessthatweconduct;or

• changeourfiscalyearoraccountingpractices.

CertainexceptionstothesecovenantsaredeterminedbasedonratiosthatarecalculatedinpartbasedonthecalculationofAdjustedEBITDA.

ThenewcreditagreementcovenantsalsorestricttheabilityofAcushnetHoldingsCorp.toengageincertainmergersorconsolidationsorengageinanyactivitiesotherthanpermittedactivities.Thenewcreditagreementalsocontainscertaincustomaryaffirmativecovenantsandeventsofdefault(includingchangeofcontrol).Ifaneventofdefaultoccursandiscontinuing,theadministrativeagent,onbehalfofthelenders,mayacceleratetheamountsandterminateallcommitmentsoutstandingunderthenewcreditagreementandmayexerciseremediesinrespectofthecollateral.Inaddition,thenewcreditagreementincludesmaintenancecovenantsthatonandafterJuly28,2016requirecompliancebyAcushnetCompanywithcertainratios.Thesemaintenancecovenantsincludetherequirementtomaintain(i)aConsolidatedInterestCoverageRatio(definedastheratioofAdjustedEBITDAtoConsolidatedInterestExpense(asdefinedinthenewcreditagreement)fortheapplicableperiod)of4.00:1.00orgreaterasoftheendofeachfiscalquarterand(ii)aNetAverageTotalLeverageRatio(definedastheratioofaverageConsolidatedFundedDebt(asdefinedinthenewcreditagreement)toAdjustedEBITDAfortheapplicableperiod)of3.50:1.00orlessasoftheendofthefiscalquartersendedMarch31,2017andJune30,2017and3.25:1.00orlessasoftheendofeachotherfiscalquarter.

ThecovenantsinthenewcreditagreementaresubjecttocertainexceptionsandbasketswhichpermittheU.S.Borrower,amongotherthings,tomakepaymentsinconnectionwiththefinalpayoutoftheoutstandingEARsundertheEARPlaninanamountofupto$200.0millionandtomake

228

TableofContents

certaininvestmentsinanamountofupto$50.0million.TheU.S.BorrowerisalsopermittedtopaydividendsandmakesimilarpaymentstoAcushnetHoldingsCorp.inanamountnottoexceed$125.0millionplusanyunusedamountsavailableunderthebasketsforEARPlanpaymentsandinvestmentsdescribedintheforegoingsentencesoaslongastheaggregateamountofsuchdividendsandotherpaymentsdoesnotexceed$50.0millioninanyfiscalyear(withanyunusedamountsinanyfiscalyearbeingcarriedovertosucceedingfiscalyears,subjecttoamaximumof$100.0millionforanyfiscalyear).Theavailabilityofcertainbasketsandtheabilitytoenterintocertaintransactions(includingtheabilityoftheU.S.BorrowertopaydividendstoAcushnetHoldingsCorp.)mayalsobesubjecttotheabsenceofdefaultand/orcompliancewithfinancialleverageratios.

229

TableofContents

DESCRIPTIONOFCAPITALSTOCK

Thefollowingdescriptionssummarizethetermsofourcapitalstock,ouramendedandrestatedcertificateofincorporationandouramendedandrestatedbylaws,eachofwhichwillbeineffectpriortotheclosingofthisoffering.Asitisonlyasummary,itdoesnotcontainalltheinformationthatmaybeimportanttoyou.Foracompletedescription,youshouldrefertoouramendedandrestatedcertificateofincorporationandamendedandrestatedbylaws,theformsofwhicharefiledasexhibitstotheregistrationstatementofwhichthisprospectusisapart.

OurpurposeistoengageinanylawfulactoractivityforwhichcorporationsmaynoworhereafterbeorganizedundertheDGCL.Upontheclosingofthisoffering,ourauthorizedcapitalstockwillconsistofsharesofcommonstock,parvalue$0.001pershare,andsharesofpreferredstock,parvalue$0.001pershare.AsofJune30,2016,thereweresharesofcommonstockoutstandingheldofrecordbysixshareholders(aftergivingeffectto(i)theautomaticconversionofallofouroutstandingConvertibleNotesintoanaggregateofsharesofourcommonstockandtheautomaticconversionofallofouroutstandingConvertiblePreferredStockintoanaggregateofsharesofourcommonstock,eachofwhichwilloccurpriortotheclosingofthisofferingand(ii)theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrantsintoanaggregateofsharesofourcommonstockwhichoccurredinJuly2016,andwithoutgivingeffectto(i)anysharesofourcommonstockthatareissuablefollowingvestinginsettlementofoutstandingRSUsandPSUs,whichwereissuedunderour2015IncentivePlan,and(ii)anysharesofourcommonstockthatareissuableinrespectofthesettlementofupto50%oftheoutstandingEARs,whichwereissuedundertheEARPlan).

Nosharesofpreferredstockwillbeissuedoroutstandingimmediatelyafterthisoffering.

We,ourexecutiveofficers,directors,directornomineesandallourexistingshareholders,includingthesellingshareholders,willenterintolock-upagreementswiththeunderwritersthatwill,subjecttocertaincustomaryexceptions,restrictthesaleofthesharesofourcommonstockandcertainothersecuritiesheldbythemfor180daysfollowingthedateofthisprospectus.J.P.MorganSecuritiesLLCandMorganStanley&Co.LLCmay,intheirsolediscretionandatanytimewithoutnotice,releasealloranyportionofthesharesorsecuritiessubjecttoanysuchlock-upagreements.See"Underwriting"foradescriptionoftheselock-upagreements.

CommonStock

Holdersofourcommonstockareentitledtoonevoteforeachshareheldofrecordonallmattersonwhichshareholdersareentitledtovotegenerally,includingtheelectionorremovalofdirectors.Theholdersofourcommonstockdonothavecumulativevotingrightsintheelectionofdirectors.

Uponourliquidation,dissolutionorwindingupandafterpaymentinfullofallamountsrequiredtobepaidtocreditorsandtotheholdersofpreferredstockhavingliquidationpreferences,ifany,theholdersofourcommonstockwillbeentitledtoreceiveprorataourremainingassetsavailablefordistribution.Holdersofourcommonstockdonothavepreemptive,subscription,redemptionorconversionrights.Thecommonstockwillnotbesubjecttofurthercallsorassessmentbyus.Therewillbenoredemptionorsinkingfundprovisionsapplicabletothecommonstock.Allsharesofourcommonstockthatwillbeoutstandingatthetimeoftheclosingoftheofferingwillbefullypaidandnon-assessable.Therights,powers,preferencesandprivilegesofholdersofourcommonstockwillbesubjecttothoseoftheholdersofanysharesofourpreferredstockwemayauthorizeandissueinthefuture.

230

TableofContents

PreferredStock

Ouramendedandrestatedcertificateofincorporationauthorizesourboardofdirectorstoestablishoneormoreseriesofpreferredstock(includingconvertiblepreferredstock).UnlessrequiredbylaworbytheNYSE,theauthorizedsharesofpreferredstockwillbeavailableforissuancewithoutfurtheractionbyyou.Ourboardofdirectorsisabletodetermine,withrespecttoanyseriesofpreferredstock,thepowers(includingvotingpowers),preferencesandrelativeparticipations,optionalorotherspecialrights,andthequalifications,limitationsorrestrictionsthereof,including,withoutlimitation:

• thedesignationoftheseries;

• thenumberofsharesoftheseries,whichourboardofdirectorsmay,exceptwhereotherwiseprovidedinthepreferredstockdesignation,increase(butnotabovethetotalnumberofauthorizedsharesoftheclass)ordecrease(butnotbelowthenumberofsharesthenoutstanding);

• whetherdividends,ifany,willbecumulativeornon-cumulativeandthedividendrateoftheseries;

• thedatesatwhichdividends,ifany,willbepayable;

• theredemptionrightsandpriceorprices,ifany,forsharesoftheseries;

• thetermsandamountsofanysinkingfundprovidedforthepurchaseorredemptionofsharesoftheseries;

• theamountspayableonsharesoftheseriesintheeventofanyvoluntaryorinvoluntaryliquidation,dissolutionorwinding-upoftheaffairsoftheCompany;

• whetherthesharesoftheserieswillbeconvertibleintosharesofanyotherclassorseries,oranyothersecurity,oftheCompanyoranyothercorporation,and,ifso,thespecificationoftheotherclassorseriesorothersecurity,theconversionpriceorpricesorrateorrates,anyrateadjustments,thedateordatesasofwhichtheshareswillbeconvertibleandallothertermsandconditionsuponwhichtheconversionmaybemade;

• restrictionsontheissuanceofsharesofthesameseriesorofanyotherclassorseries;and

• thevotingrights,ifany,oftheholdersoftheseries.

Wewillbeabletoissueaseriesofpreferredstockthatcould,dependingonthetermsoftheseries,impedeordiscourageanacquisitionattemptorothertransactionthatsome,oramajority,oftheholdersofourcommonstockmightbelievetobeintheirbestinterestsorinwhichtheholdersofourcommonstockmightreceiveapremiumforyourcommonstockoverthemarketpriceofthecommonstock.Inaddition,theissuanceofpreferredstockmayadverselyaffecttheholdersofourcommonstockbyrestrictingdividendsonthecommonstock,dilutingthevotingpowerofthecommonstockorsubordinatingtheliquidationrightsofthecommonstock.Asaresultoftheseorotherfactors,theissuanceofpreferredstockcouldhaveanadverseimpactonthemarketpriceofourcommonstock.

Dividends

TheDGCLpermitsacorporationtodeclareandpaydividendsoutof"surplus"or,ifthereisno"surplus,"outofitsnetprofitsforthefiscalyearinwhichthedividendisdeclaredand/ortheprecedingfiscalyear."Surplus"isdefinedastheexcessofthenetassetsofthecorporationovertheamountdeterminedtobethecapitalofthecorporationbytheboardofdirectors.Thecapitalofthecorporationistypicallycalculatedtobe(andcannotbelessthan)theaggregateparvalueofallissued

231

TableofContents

sharesofcapitalstock.Netassetsequalsthefairvalueofthetotalassetsminustotalliabilities.TheDGCLalsoprovidesthatdividendsmaynotbepaidoutofnetprofitsif,afterthepaymentofthedividend,remainingcapitalwouldbelessthanthecapitalrepresentedbytheoutstandingstockofallclasseshavingapreferenceuponthedistributionofassets.

Declarationandpaymentofanydividendwillbesubjecttothediscretionofourboardofdirectors.Thetimeandamountofdividendswillbedependentuponourfinancialcondition,operations,cashrequirementsandavailability,debtrepaymentobligations,capitalexpenditureneedsandrestrictionsinourdebtinstruments,industrytrends,theprovisionsofDelawarelawaffectingthepaymentofdistributionstoshareholdersandanyotherfactorsourboardofdirectorsmayconsiderrelevant.

See"DividendPolicy,""Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations—Indebtedness"and"DescriptionofIndebtedness."

AnnualShareholderMeetings

Ouramendedandrestatedbylawsprovidethatannualshareholdermeetingswillbeheldatadate,timeandplace,ifany,asexclusivelyselectedbyourboardofdirectors.Totheextentpermittedunderapplicablelaw,wemayconductmeetingsbyremotecommunications,includingbywebcast.

Anti-TakeoverEffectsofOurAmendedandRestatedCertificateofIncorporationandAmendedandRestatedBylawsandCertainProvisionsofDelawareLaw

OuramendedandrestatedcertificateofincorporationandamendedandrestatedbylawswillcontainandtheDGCLcontainsprovisions,whicharesummarizedinthefollowingparagraphs,thatareintendedtoenhancethelikelihoodofcontinuityandstabilityinthecompositionofourboardofdirectors.Theseprovisionsareintendedtoavoidcostlytakeoverbattles,reduceourvulnerabilitytoahostilechangeofcontrolandenhancetheabilityofourboardofdirectorstomaximizeshareholdervalueinconnectionwithanyunsolicitedoffertoacquireus.However,theseprovisionsmayhaveananti-takeovereffectandmaydelay,deterorpreventamergeroracquisitionoftheCompanybymeansofatenderoffer,aproxycontestorothertakeoverattemptthatashareholdermightconsiderinitsbestinterest,includingthoseattemptsthatmightresultinapremiumovertheprevailingmarketpriceforthesharesofcommonstockheldbyshareholders.

Authorized but Unissued Capital Stock

Delawarelawdoesnotrequireshareholderapprovalforanyissuanceofauthorizedshares.However,thelistingrequirementsoftheNYSE,whichwouldapplyifandsolongasourcommonstockremainslistedontheNYSE,requireshareholderapprovalofcertainissuancesequaltoorexceeding20%ofthethenoutstandingvotingpowerorthenoutstandingnumberofsharesofcommonstockandcertainothercircumstances.Additionalsharesthatmaybeissuedinthefuturemaybeusedforavarietyofcorporatepurposes,includingfuturepublicofferings,toraiseadditionalcapitalortofacilitateacquisitions.

Ourboardofdirectorsmaygenerallyissuepreferredsharesontermscalculatedtodiscourage,delayorpreventachangeofcontroloftheCompanyortheremovalofourmanagement.Moreover,ourauthorizedbutunissuedsharesofpreferredstockwillbeavailableforfutureissuanceswithoutshareholderapprovalandcouldbeutilizedforavarietyofcorporatepurposes,includingfutureofferingstoraiseadditionalcapital,tofacilitateacquisitionsandemployeebenefitplans.

Oneoftheeffectsoftheexistenceofunissuedandunreservedcommonstockorpreferredstockmaybetoenableourboardofdirectorstoissuesharestopersonsfriendlytocurrentmanagement,whichissuancecouldrendermoredifficultordiscourageanattempttoobtaincontroloftheCompany

232

TableofContents

bymeansofamerger,tenderoffer,proxycontestorotherwise,andtherebyprotectthecontinuityofourmanagementandpossiblydepriveourshareholdersofopportunitiestoselltheirsharesofcommonstockatpriceshigherthanprevailingmarketprices.

Classified Board of Directors

Ouramendedandrestatedcertificateofincorporationwillprovidethatourboardofdirectorswillbedividedintothreeclassesofdirectors,withtheclassestobeasnearlyequalinnumberaspossible,andwiththedirectorsservingthree-yearterms.Asaresult,approximatelyone-thirdofourboardofdirectorswillbeelectedeachyear.See"Management."Theclassificationofdirectorswillhavetheeffectofmakingitmoredifficultforstockholderstochangethecompositionofourboardofdirectors.Ouramendedandrestatedcertificateofincorporationandamendedandrestatedbylawswillprovidethat,subjecttoanyrightsofholdersofpreferredstocktoelectadditionaldirectorsunderspecifiedcircumstances,thenumberofdirectorswillbefixedfromtimetotimeexclusivelypursuanttoaresolutionadoptedbyourboardofdirectors.

Removal of Directors; Vacancies

UndertheDGCL,unlessotherwiseprovidedinouramendedandrestatedcertificateofincorporation,directorsservingonaclassifiedboardmayberemovedbythestockholdersonlyforcause.Ouramendedandrestatedcertificateofincorporationwillprovidethatdirectorsmayonlyberemovedforcause,andonlybytheaffirmativevoteofholdersofatleast662/3%invotingpowerofallourthen-outstandingsharesofstockentitledtovotethereon,votingtogetherasasingleclass.Inaddition,ouramendedandrestatedcertificateofincorporationwillalsoprovidethat,subjecttotherightsgrantedtooneormoreseriesofpreferredstockthenoutstanding,anyvacancyoccurringinourboardofdirectorsmayonlybefilledbyamajorityofthedirectorstheninoffice,althoughlessthanaquorum,orbyasoleremainingdirector(andnotbythestockholders).

Delaware Law

WewillbegovernedbytheprovisionsofSection203oftheDelawareGeneralCorporationLaw.Ingeneral,Section203prohibitsapublicDelawarecorporationfromengagingina"businesscombination"withan"interestedstockholder"foraperiodofthreeyearsafterthedateofthetransactioninwhichthepersonbecameaninterestedstockholder,unlessthebusinesscombinationisapprovedinaprescribedmanner.A"businesscombination"includesmergers,assetsales,orothertransactionsresultinginafinancialbenefittothestockholder.An"interestedstockholder"isapersonwho,togetherwithaffiliatesandassociates,owns,orwithinthreeyearsdidown,15%ormoreofthecorporation'soutstandingvotingstock.Theseprovisionsmayhavetheeffectofdelaying,deferring,orpreventingachangeinourcontrol.

No Cumulative Voting

UnderDelawarelaw,therighttovotecumulativelydoesnotexistunlessthecertificateofincorporationspecificallyauthorizescumulativevoting.Ouramendedandrestatedcertificateofincorporationwillnotauthorizecumulativevoting.Therefore,shareholdersholdingamajorityinvotingpowerofthesharesofourstockentitledtovotegenerallyintheelectionofdirectorswillbeabletoelectallourdirectors.

Special Stockholder Meetings

Ouramendedandrestatedcertificateofincorporationwillprovidethatspecialmeetingsofourstockholdersmaybecalledatanytimeonlybyoratthedirectionofourboardofdirectorsorthechairmanofourboardofdirectors.Ouramendedandrestatedbylawswillprohibittheconductofany

233

TableofContents

businessataspecialmeetingotherthanasspecifiedinthenoticeforsuchmeeting.Theseprovisionsmayhavetheeffectofdeferring,delayingordiscouraginghostiletakeovers,orchangesincontrolormanagementoftheCompany.

Requirements for Advance Notification of Director Nominations and Shareholder Proposals

Ouramendedandrestatedbylawsestablishadvancenoticeprocedureswithrespecttoshareholderproposalsandthenominationofcandidatesforelectionasdirectors,otherthannominationsmadebyoratthedirectionoftheboardofdirectorsoracommitteeoftheboardofdirectors.Inorderforanymattertobe"properlybrought"beforeameeting,ashareholderwillhavetocomplywithadvancenoticerequirementsandprovideuswithcertaininformation.Generally,tobetimely,ashareholder'snoticemustbereceivedatourprincipalexecutiveofficesnotlessthan90daysnormorethan120dayspriortothefirstanniversarydateoftheimmediatelyprecedingannualmeetingofshareholders.Ouramendedandrestatedbylawsalsospecifyrequirementsastotheformandcontentofashareholder'snotice.Ouramendedandrestatedbylawsallowthechairmanofthemeetingatameetingoftheshareholderstoadoptrulesandregulationsfortheconductofmeetingswhichmayhavetheeffectofprecludingtheconductofcertainbusinessatameetingiftherulesandregulationsarenotfollowed.Theseprovisionsmayalsodefer,delayordiscourageapotentialacquirerfromconductingasolicitationofproxiestoelecttheacquirer'sownslateofdirectorsorotherwiseattemptingtoinfluenceorobtaincontroloftheCompany.

No Stockholder Action by Written Consent

Ouramendedandrestatedcertificateofincorporationwillprecludestockholderactionbywrittenconsent.

Supermajority Provisions

Ouramendedandrestatedcertificateofincorporationandouramendedandrestatedbylawswillprovidethatourboardofdirectorsisexpresslyauthorizedtomake,alter,amend,change,addto,rescindorrepeal,inwholeorinpart,ourbylawswithoutastockholdervoteinanymatternotinconsistentwiththelawsoftheStateofDelawareandouramendedandrestatedcertificateofincorporation.Anyamendment,alteration,rescissionorrepealofourbylawsbyourstockholderswillrequiretheaffirmativevoteoftheholdersofatleast662/3%invotingpowerofallthethen-outstandingsharesofstockoftheCompanyentitledtovotethereon,votingtogetherasasingleclass.

TheDGCLprovidesgenerallythattheaffirmativevoteofamajorityoftheoutstandingsharesentitledtovotethereon,votingtogetherasasingleclass,isrequiredtoamendacorporation'scertificateofincorporation,unlessthecertificateofincorporationrequiresagreaterpercentage.

Ouramendedandrestatedcertificateofincorporationwillprovidethatthefollowingprovisionsinouramendedandrestatedcertificateofincorporationmaybeamended,altered,repealedorrescindedonlybytheaffirmativevoteoftheholdersofatleast662/3%invotingpowerofallthethen-outstandingsharesofstockoftheCompanyentitledtovotethereon,votingtogetherasasingleclass:

• theprovisionrequiringa662/3%supermajorityvoteforstockholderstoamendouramendedandrestatedbylaws;

• theprovisionsprovidingforaclassifiedboardofdirectors(theelectionandtermofourdirectors);

• theprovisionsregardingresignationandremovalofdirectors;

• theprovisionsregardingstockholderactionbywrittenconsent;

• theprovisionsregardingcallingspecialmeetingsofstockholders;

234

TableofContents

• theprovisionsregardingfillingvacanciesonourboardofdirectorsandnewlycreateddirectorships;

• theprovisionseliminatingmonetarydamagesforbreachesoffiduciarydutybyadirector;and

• theamendmentprovisionrequiringthattheaboveprovisionsbeamendedonlywitha662/3%supermajorityvote.

Thecombinationoftheclassificationofourboardofdirectors,thelackofcumulativevotingandthesupermajorityvotingrequirementswillmakeitmoredifficultforourexistingstockholderstoreplaceourboardofdirectorsaswellasforanotherpartytoobtaincontrolofusbyreplacingourboardofdirectors.Becauseourboardofdirectorshasthepowertoretainanddischargeourofficers,theseprovisionscouldalsomakeitmoredifficultforexistingstockholdersoranotherpartytoeffectachangeinmanagement.

TheseprovisionsmayhavetheeffectofdeterringhostiletakeoversordelayingorpreventingchangesincontrolofourmanagementortheCompany,suchasamerger,reorganizationortenderoffer.TheseprovisionsareintendedtoenhancethelikelihoodofcontinuedstabilityinthecompositionofourboardofdirectorsanditspoliciesandtodiscouragecertaintypesoftransactionsthatmayinvolveanactualorthreatenedacquisitionoftheCompany.Theseprovisionsaredesignedtoreduceourvulnerabilitytoanunsolicitedacquisitionproposal.Theprovisionsarealsointendedtodiscouragecertaintacticsthatmaybeusedinproxyfights.However,suchprovisionscouldhavetheeffectofdiscouragingothersfrommakingtenderoffersforoursharesand,asaconsequence,theyalsomayinhibitfluctuationsinthemarketpriceofoursharesthatcouldresultfromactualorrumoredtakeoverattempts.Suchprovisionsmayalsohavetheeffectofpreventingchangesinmanagement.

Dissenters'RightsofAppraisalandPayment

UndertheDGCL,withcertainexceptions,ourshareholderswillhaveappraisalrightsinconnectionwithamergerorconsolidationofus.PursuanttotheDGCL,shareholderswhoproperlyrequestandperfectappraisalrightsinconnectionwithsuchmergerorconsolidationwillhavetherighttoreceivepaymentofthefairvalueoftheirsharesasdeterminedbytheDelawareCourtofChancery.

Shareholders'DerivativeActions

UndertheDGCL,anyofourshareholdersmaybringanactioninournametoprocureajudgmentinourfavor,alsoknownasaderivativeaction,providedthattheshareholderbringingtheactionisaholderofoursharesatthetimeofthetransactiontowhichtheactionrelatesorsuchshareholder'sstockthereafterdevolvedbyoperationoflaw.

ExclusiveForum

Ouramendedandrestatedcertificateofincorporationwillprovidethatunlessweconsenttotheselectionofanalternativeforum,theCourtofChanceryoftheStateofDelawareshall,tothefullestextentpermittedbylaw,bethesoleandexclusiveforumforany:

• derivativeactionorproceedingbroughtonbehalfoftheCompany;

• actionassertingaclaimofbreachofafiduciarydutyowedbyanydirectororofficeroftheCompanytotheCompanyortheCompany'sshareholders,creditorsorotherconstituents;

• actionassertingaclaimagainsttheCompanyoranydirectororofficeroftheCompanyarisingpursuanttoanyprovisionoftheDGCLorouramendedandrestatedcertificateofincorporationorouramendedandrestatedbylaws;or

235

TableofContents

• actionassertingaclaimagainsttheCompanyoranydirectororofficeroftheCompanygovernedbytheinternalaffairsdoctrine.

AnypersonorentitypurchasingorotherwiseacquiringanyinterestinsharesofcapitalstockoftheCompanyshallbedeemedtohavenoticeofandconsentedtotheforumprovisionsinouramendedandrestatedcertificateofincorporation.However,theenforceabilityofsimilarforumprovisionsinothercompanies'certificatesofincorporationhasbeenchallengedinlegalproceedings,anditispossiblethatacourtcouldfindthesetypesofprovisionstobeunenforceable.

LimitationsonLiabilityandIndemnificationofOfficersandDirectors

TheDGCLauthorizescorporationstolimitoreliminatethepersonalliabilityofdirectorstocorporationsandtheirshareholdersformonetarydamagesforbreachesofdirectors'fiduciaryduties,subjecttocertainexceptions.Ouramendedandrestatedcertificateofincorporationincludesaprovisionthateliminatesthepersonalliabilityofdirectorsformonetarydamagesforanybreachoffiduciarydutyasadirector,excepttotheextentsuchexemptionfromliabilityorlimitationthereofisnotpermittedundertheDGCL.Theeffectoftheseprovisionsistoeliminatetherightsofusandourshareholders,throughshareholders'derivativesuitsonourbehalf,torecovermonetarydamagesfromadirectorforbreachoffiduciarydutyasadirector,includingbreachesresultingfromgrosslynegligentbehavior.However,exculpationdoesnotapplytoanydirectorifthedirectorhasactedinbadfaith,knowinglyorintentionallyviolatedthelaw,authorizedillegaldividendsorredemptionsorderivedanimproperbenefitfromhisorheractionsasadirector.

OuramendedandrestatedcertificateofincorporationandouramendedandrestatedbylawsprovidethatwemustindemnifyandadvanceexpensestoourdirectorsandofficerstothefullestextentauthorizedbytheDGCL.Wealsoareexpresslyauthorizedtocarrydirectors'andofficers'liabilityinsuranceprovidingindemnificationforourdirectors,officersandcertainemployeesforsomeliabilities.Webelievethattheseindemnificationandadvancementprovisionsandinsuranceareusefultoattractandretainqualifieddirectorsandexecutiveofficers.

Thelimitationofliability,indemnificationandadvancementprovisionsinouramendedandrestatedcertificateofincorporationandamendedandrestatedbylawsmaydiscourageshareholdersfrombringingalawsuitagainstdirectorsforbreachoftheirfiduciaryduty.Theseprovisionsalsomayhavetheeffectofreducingthelikelihoodofderivativelitigationagainstdirectorsandofficers,eventhoughsuchanaction,ifsuccessful,mightotherwisebenefitusandourshareholders.Inaddition,yourinvestmentmaybeadverselyaffectedtotheextentwepaythecostsofsettlementanddamageawardsagainstdirectorsandofficerspursuanttotheseindemnificationprovisions.

Thereiscurrentlynopendingmateriallitigationorproceedinginvolvinganyofourdirectors,officersoremployeesforwhichindemnificationissought.

Listing

WehaveappliedtohaveourcommonstockapprovedforlistingontheNYSEunderthesymbol"GOLF."

TransferAgentandRegistrar

ThetransferagentandregistrarforourcommonstockwillbeComputershareTrustCompany,N.A.

236

TableofContents

SHARESELIGIBLEFORFUTURESALE

General

Priortothisoffering,therehasnotbeenapublicmarketforsharesofourcommonstock.Wecannotpredictwhateffect,ifany,futuresalesofsharesofcommonstock,ortheavailabilityforfuturesalesofsharesofcommonstockwillhaveonthemarketpriceofourcommonstockprevailingfromtimetotime.Nevertheless,salesofsubstantialamountsofcommonstock,includingsharesissuedupontheexerciseofoutstandingoptions,inthepublicmarket,ortheperceptionthatsuchsalescouldoccur,couldmateriallyandadverselyaffectthemarketpriceofourcommonstockandcouldimpairourfutureabilitytoraisecapitalthroughthesaleofourequityorequity-relatedsecuritiesatatimeandpricethatwedeemappropriate.See"RiskFactors—RisksRelatedtothisOfferingandOwnershipofOurCommonStock—Futuresales,ortheperceptionoffuturesales,byusorourexistingshareholdersinthepublicmarketfollowingthisofferingcouldcausethemarketpriceforourcommonstocktodecline."

Upontheclosingofthisoffering,wewillhavesharesofcommonstockoutstanding,aftergivingeffectto(i)theautomaticconversionofallofouroutstandingConvertibleNotesintoanaggregateofsharesofourcommonstockandtheautomaticconversionofallofouroutstandingConvertiblePreferredStockintoanaggregateofsharesofourcommonstock,eachofwhichwilloccurpriortotheclosingofthisofferingand(ii)theexercisebyFilaKoreaofallofouroutstandingcommonstockwarrantsintoanaggregateofsharesofourcommonstockwhichoccurredinJuly2016.AllsharessoldinthisofferingwillbefreelytradablewithoutregistrationundertheSecuritiesActandwithoutrestrictionbypersonsotherthanour"affiliates"(asdefinedunderRule144).Thesharesofcommonstockheldbycertainexistinginvestorsandcertainofourdirectorsandexecutiveofficersafterthisofferingwillbe"restricted"securitiesunderthemeaningofRule144andmaynotbesoldintheabsenceofregistrationundertheSecuritiesAct,unlessanexemptionfromregistrationisavailable,includingtheexemptionspursuanttoRule144undertheSecuritiesAct.TherestrictedsecuritiesheldbyouraffiliateswillbeavailableforsaleinthepublicmarketatvarioustimesafterthedateofthisprospectuspursuanttoRule144followingtheexpirationoftheapplicablelock-upperiod.

Anaggregateofsharesofourcommonstockhavebeenreservedforissuanceunderour2015IncentivePlan(subjecttoadjustmentsforstocksplits,stockdividendsandsimilarevents).Inaddition,sharesofourcommonstockareissuableinrespectofthesettlementofupto50%oftheoutstandingEARs,whichwereissuedundertheEARPlan.

WeintendtofileoneormoreregistrationstatementsonFormS-8undertheSecuritiesActtoregistersharesofourcommonstockissuedorreservedforissuanceunderthe2015IncentivePlanandissuableinrespectoftheEARPlan.AnysuchFormS-8registrationstatementwillautomaticallybecomeeffectiveuponfiling.Accordingly,sharesregisteredundersuchregistrationstatementswillbeavailableforsaleintheopenmarket,unlesssuchsharesaresubjecttovestingrestrictionsorthelock-uprestrictionsdescribedbelow.WeexpectthattheinitialregistrationstatementonFormS-8willcoversharesofourcommonstockissuablepursuanttoour2015IncentivePlan.WeexpecttofileanadditionaloramendedregistrationstatementonFormS-8priortothesettlementofourEARswhichwillcoversharesofourcommonstockissuablepursuanttoourEARs.

Rule144

Ingeneral,underRule144,ascurrentlyineffect,aperson(orpersonswhosesharesareaggregated)whoisnotdeemedtobeorhavebeenoneofouraffiliatesforpurposesofRule144atanytimeduring90daysprecedingasaleandwhohasbeneficiallyownedthesharesproposedtobesoldforatleastsixmonths,includingtheholdingperiodofanypriorownerotherthananaffiliate,isentitledtosellsuchshareswithoutregistration,subjecttocompliancewiththepublicinformation

237

TableofContents

requirementsofRule144.Ifsuchapersonhasbeneficiallyownedthesharesproposedtobesoldforatleastoneyear,includingtheholdingperiodofapriorownerotherthananaffiliate,thensuchpersonisentitledtosellsuchshareswithoutcomplyingwithanyoftherequirementsofRule144.

Ingeneral,underRule144,ascurrentlyineffect,ouraffiliatesorpersonssellingsharesonbehalfofouraffiliates,whohavemetthesixmonthholdingperiodforbeneficialownershipof"restrictedshares"ofourcommonstock,areentitledtosellwithinanythree-monthperiod,anumberofsharesthatdoesnotexceedthegreaterof:

• 1%ofthenumberofsharesofourcommonstockthenoutstanding,whichwillequalapproximatelysharesimmediatelyafterthisoffering;or

• theaveragereportedweeklytradingvolumeofourcommonstockontheNYSEduringthefourcalendarweeksprecedingthefilingofanoticeonForm144withrespecttosuchsale.

SalesunderRule144byouraffiliatesorpersonssellingsharesonbehalfofouraffiliatesarealsosubjecttocertainmannerofsaleprovisionsandnoticerequirementsandtotheavailabilityofcurrentpublicinformationaboutus.Thesaleoftheseshares,ortheperceptionthatsaleswillbemade,couldadverselyaffectthepriceofourcommonstockafterthisofferingbecauseagreatsupplyofshareswouldbe,orwouldbeperceivedtobe,availableforsaleinthepublicmarket.

WeareunabletoestimatethenumberofsharesthatwillbesoldunderRule144sincethiswilldependonthemarketpriceforourcommonstock,thepersonalcircumstancesoftheshareholderandotherfactors.

Lock-UpAgreements

Thereareapproximatelysharesofcommonstockheldbyexecutiveofficers,directors,directornomineesandallofourexistingshareholders,includingthesellingshareholders,whowillbesubjecttolock-upagreementsforaperiodof180daysafterthedateofthisprospectus,underwhichtheywillagreenottosellorotherwisedisposeoftheirsharesofcommonstock,subjecttocertainexceptions.J.P.MorganSecuritiesLLCandMorganStanley&Co.LLCmay,intheirsolediscretionandatanytimewithoutnotice,releasealloranyportionofthesharessubjecttoanysuchlock-upagreements.See"Underwriting"foradescriptionoftheselock-upagreements.

Followingthelockupperiodsdescribedabove,allofthesharesofourcommonstockthatarerestrictedsecuritiesorareheldbyouraffiliatesasofthedateofthisprospectuswillbeeligibleforsaleinthepublicmarketincompliancewithRule144undertheSecuritiesAct.

Rule701

Ingeneral,underRule701,ascurrentlyineffect,anyofouremployees,directors,officers,consultantsoradvisorswhopurchaseorreceivesharesfromusinconnectionwithacompensatorystockoroptionplanorotherwrittenagreementbeforetheeffectivedateofthisofferingisentitledtoresellsuchshares90daysaftertheeffectivedateofthisofferinginrelianceonRule144.

SecuritiesissuedinrelianceonRule701arerestrictedsecuritiesand,subjecttothecontractualrestrictionsdescribedabove,beginning90daysafterthedateofthisprospectus,maybesoldbypersonsotherthan"affiliates,"asdefinedinRule144,subjectonlytothemannerofsaleprovisionsofRule144andby"affiliates"underRule144withoutcompliancewithitsone-yearminimumholdingperiodrequirement.

TheShareholderTransaction

ForinformationregardingthearrangementsrelatingtoownershipofourcommonstockbyFilaKorea,see"TheShareholderTransaction."

238

TableofContents

InconnectionwiththeclosingoftheShareholderTransaction,FilaKorea,MagnusandtheFinancialInvestorswillenterintoanagreementpursuanttowhichFilaKoreaandMagnuswillagreenottotransfertheirsharesofourcommonstockuntiltheFinancialInvestorshavesoldorotherwisetransferredaminimumpercentageofourcommonstockthattheywillcontinuetoownaftertheclosingofthisoffering.

RegistrationRightsAgreement

Inconnectionwiththisoffering,weintendtoenterintoaregistrationrightsagreementthatwillprovideMagnusandtheFinancialInvestors"demand"registrationsandcustomary"piggyback"registrationrights.TheregistrationrightsagreementwillalsoprovidethatwewillpaycertainexpensesrelatingtosuchregistrationsandindemnifytheregistrationrightsholdersagainstcertainliabilitiesthatmayariseundertheSecuritiesActortocontributetopaymentstheregistrationrightsholdersmayberequiredtomakeinrespectofthoseliabilities.

239

TableofContents

CERTAINUNITEDSTATESFEDERALINCOMEANDESTATETAXCONSEQUENCESTONON-U.S.HOLDERS

ThefollowingisasummaryofcertainUnitedStatesfederalincomeandestatetaxconsequencestoanon-U.S.holder(asdefinedbelow)ofthepurchase,ownershipanddispositionofourcommonstockasofthedatehereof.Exceptwherenoted,thissummarydealsonlywithcommonstockthatisheldasacapitalasset.

A"non-U.S.holder"meansaperson(otherthananentitytreatedasapartnershipforUnitedStatesfederalincometaxpurposes)thatisnotforUnitedStatesfederalincometaxpurposesanyofthefollowing:

• anindividualwhoisacitizenorresidentoftheUnitedStates;

• acorporation(oranyotherentitytreatedasacorporationforUnitedStatesfederalincometaxpurposes)createdororganizedinorunderthelawsoftheUnitedStates,anystatethereofortheDistrictofColumbia;

• anestatetheincomeofwhichissubjecttoUnitedStatesfederalincometaxationregardlessofitssource;or

• atrustifit(1)issubjecttotheprimarysupervisionofacourtwithintheUnitedStatesandoneormoreUnitedStatespersonshavetheauthoritytocontrolallsubstantialdecisionsofthetrustor(2)hasavalidelectionineffectunderapplicableUnitedStatesTreasuryregulationstobetreatedasaUnitedStatesperson.

ThissummaryisbaseduponprovisionsoftheInternalRevenueCodeof1986,asamended,andTreasuryregulationsthereunder,publishedrulingsandadministrativeannouncementsoftheInternalRevenueServiceandjudicialdecisions,ineachcaseasofthedatehereof.Thoseauthoritiesmaybechanged,perhapsretroactively,soastoresultinUnitedStatesfederalincomeandestatetaxconsequencesdifferentfromthosesummarizedbelow.ThissummarydoesnotaddressallaspectsofUnitedStatesfederalincomeandestatetaxesanddoesnotdealwithotherfederaltaxlawssuchasgifttaxlaws,foreign,state,localorothertaxconsiderationsthatmayberelevanttonon-U.S.holdersinlightoftheirparticularcircumstances.Inaddition,itdoesnotrepresentadetaileddescriptionoftheUnitedStatesfederalincometaxconsequencesapplicabletoyouifyouaresubjecttospecialtreatmentundertheUnitedStatesfederalincometaxlaws(includingifyouareaUnitedStatesexpatriate,"controlledforeigncorporation,""passiveforeigninvestmentcompany"orapartnershiporotherpass-throughentityforUnitedStatesfederalincometaxpurposes).WecannotassureyouthatachangeinlawwillnotaltersignificantlythetaxconsiderationsthatwedescribeinthissummaryorthattheInternalRevenueServiceoracourtwillnottakeacontrarypositiontothosewedescribeinthissummary.

IfanentitytreatedasapartnershipforUnitedStatesfederalincometaxpurposesholdsourcommonstock,thetaxtreatmentofapartnerwillgenerallydependuponthestatusofthepartnerandtheactivitiesofthepartnership.Ifyouareapartnerofapartnershipholdingourcommonstock,youshouldconsultyourtaxadvisors.

Thisdiscussionisforinformationalpurposesonlyandisnottaxadvice.Ifyouareconsideringthepurchaseofourcommonstock,youshouldconsultyourowntaxadvisorsconcerningtheparticularUnitedStatesfederalincomeandestatetaxconsequencestoyouoftheownershipofthecommonstock,aswellastheconsequencestoyouarisingunderotherfederaltaxlawsorthelawsofanyothertaxingjurisdiction.

DividendsandOtherDistributions

DistributionsofcashorpropertyonourcommonstockwillconstitutedividendsforUnitedStatesfederalincometaxpurposestotheextentpaidfromourcurrentoraccumulatedearningsandprofits,

240

TableofContents

asdeterminedunderUnitedStatesfederalincometaxprinciples.AmountsnottreatedasdividendsforUnitedStatesfederalincometaxpurposeswillconstituteareturnofcapitalandfirstbeappliedagainstandreduceanon-U.S.holder'sadjustedtaxbasisinitscommonstock,butnotbelowzero.Anyexcesswillbetreatedascapitalgainandwillbetreatedasdescribedbelowunder"—GainonTaxableDispositionofCommonStock."

Dividendspaidtoanon-U.S.holderofourcommonstockgenerallywillbesubjecttowithholdingofUnitedStatesfederalincometaxata30%rateofthegrossamountofthedividends(orsuchlowerrateasmaybespecifiedbyanapplicableincometaxtreaty).However,dividendsthatareeffectivelyconnectedwiththeconductofatradeorbusinessbythenon-U.S.holderwithintheUnitedStates(and,ifrequiredbyanapplicableincometaxtreaty,areattributabletoaUnitedStatespermanentestablishment)arenotsubjecttothewithholdingtax,providedcertaincertificationanddisclosurerequirementsaresatisfied.Instead,suchdividendsaresubjecttoUnitedStatesfederalincometaxonanetincomebasisattheregulargraduatedratesapplicabletoaUnitedStatespersonasdefinedundertheCode.Anysucheffectivelyconnecteddividendsreceivedbyaforeigncorporationmaybesubjecttoanadditional"branchprofitstax"ata30%rateorsuchlowerrateasmaybespecifiedbyanapplicableincometaxtreaty.Non-U.S.holdersshouldconsulttheirtaxadvisorsregardinganyapplicabletaxtreatiesthatmayprovidefordifferentrules.

Anon-U.S.holderofourcommonstockwhowishestoclaimthebenefitofanapplicabletreatyrateandavoidbackupwithholding,asdiscussedbelow,fordividendswillberequired(a)tocompletetheapplicableInternalRevenueServiceFormW-8andcertifyunderpenaltyofperjurythatsuchholderisnotaUnitedStatespersonasdefinedundertheCodeandiseligiblefortreatybenefitsandfurnishittotheapplicablewithholdingagentor(b)ifourcommonstockisheldthroughcertainforeignintermediaries,tosatisfytherelevantcertificationrequirementsofapplicableUnitedStatesTreasuryregulations.Specialcertificationandotherrequirementsapplytocertainnon-U.S.holdersthatarepass-throughentitiesratherthancorporationsorindividuals.

Anon-U.S.holderofourcommonstockeligibleforareducedrateofUnitedStateswithholdingtaxpursuanttoanincometaxtreatymayobtainarefundofanyexcessamountswithheldbytimelyfilinganappropriateclaimforrefundwiththeInternalRevenueService.

GainonTaxableDispositionofCommonStock

AnygainrealizedonthetaxabledispositionofourcommonstockgenerallywillnotbesubjecttoUnitedStatesfederalincometaxunless:

• thegainiseffectivelyconnectedwiththeconductofatradeorbusinessofthenon-U.S.holderintheUnitedStates(and,ifrequiredbyanapplicableincometaxtreaty,isattributabletoaUnitedStatespermanentestablishmentofthenon-U.S.holder);

• thenon-U.S.holderisanindividualwhoispresentintheUnitedStatesfor183daysormoreinthetaxableyearofthatdisposition,andcertainotherconditionsaremet;or

• weareorhavebeena"UnitedStatesrealpropertyholdingcorporation"forUnitedStatesfederalincometaxpurposes.

Anon-U.S.holderdescribedinthefirstbulletpointimmediatelyabovewillbesubjecttotaxonthenetgainderivedfromthedispositionunderregulargraduatedUnitedStatesfederalincometaxratesapplicabletoaUnitedStatespersonasdefinedundertheCode.Anindividualnon-U.S.holderdescribedinthesecondbulletpointimmediatelyabovewillbesubjecttoaflat30%taxonthegainderivedfromthedisposition,whichmaybeoffsetbyUnitedStatessourcecapitallosses,eventhoughtheindividualisnotconsideredaresidentoftheUnitedStates.Ifanon-U.S.holderthatisaforeigncorporationfallsunderthefirstbulletpointimmediatelyabove,itmayalsobesubjecttothebranchprofitstaxequalto30%(orsuchlowerrateasmaybespecifiedbyanapplicableincometaxtreaty)of

241

TableofContents

itseffectivelyconnectedearningsandprofits(whichcouldbeincreasedbysuchgain),subjecttoadjustments.

Webelievewearenotanddonotanticipatebecominga"UnitedStatesrealpropertyholdingcorporation"forUnitedStatesfederalincometaxpurposes.

FederalEstateTax

Commonstockheldbyanindividualnon-U.S.holderatthetimeofdeathwillbeincludedinsuchholder'sgrossestateforUnitedStatesfederalestatetaxpurposes,unlessanapplicableestatetaxtreatyprovidesotherwise.

InformationReportingandBackupWithholding

We(ortheapplicablepayingagent)mustreportannuallytotheInternalRevenueServiceandtoeachnon-U.S.holdertheamountofdividendspaidtosuchholderandthetaxwithheldwithrespecttosuchdividends,regardlessofwhetherwithholdingwasrequired.Copiesoftheinformationreturnsreportingsuchdividendsandwithholdingmayalsobemadeavailabletothetaxauthoritiesinthecountryinwhichthenon-U.S.holderresidesundertheprovisionsofanapplicableincometaxtreaty.

Anon-U.S.holderwillbesubjecttobackupwithholdingfordividendspaidtosuchholderunlesssuchholdercertifiesunderpenaltyofperjurythatitisanon-U.S.holder(andtheapplicablewithholdingagentdoesnothaveactualknowledgeorreasontoknowthatsuchholderisaUnitedStatespersonasdefinedundertheCode),orsuchholderotherwiseestablishesanexemption.

Informationreportingand,dependingonthecircumstances,backupwithholdingwillapplytotheproceedsofasaleofourcommonstockwithintheUnitedStatesorconductedthroughcertainUnitedStates-relatedfinancialintermediaries,unlessthebeneficialownercertifiesunderpenaltyofperjurythatitisanon-U.S.holder(andtheapplicablewithholdingagentdoesnothaveactualknowledgeorreasontoknowthatthebeneficialownerisaUnitedStatespersonasdefinedundertheCode),orsuchownerotherwiseestablishesanexemption.Proceedsofadispositionofourcommonstockconductedthroughanon-UnitedStatesofficeofanon-UnitedStatesbrokergenerallywillnotbesubjecttobackupwithholdingorinformationreporting.

Backupwithholdingisnotanadditionaltax.Anyamountswithheldunderthebackupwithholdingrulesmaybeallowedasarefundoracreditagainstanon-U.S.holder'sUnitedStatesfederalincometaxliabilityprovidedtherequiredinformationistimelyfurnishedtotheInternalRevenueService.

AdditionalWithholdingRequirements

UnderSections1471through1474oftheCode(suchSectionscommonlyreferredtoasFATCA),a30%UnitedStatesfederalwithholdingtaxmayapplytoanydividendspaidonourcommonstockand,foradispositionofourcommonstockoccurringafterDecember31,2018,thegrossproceedsfromsuchdisposition,ineachcasepaidto(i)a"foreignfinancialinstitution"(asspecificallydefinedintheCode)whichdoesnotprovidesufficientdocumentation,typicallyonIRSFormW-8BEN-E,evidencingeither(x)anexemptionfromFATCA,or(y)itscompliance(ordeemedcompliance)withFATCA(whichmayalternativelybeintheformofcompliancewithanintergovernmentalagreementwiththeUnitedStates)inamannerwhichavoidswithholding,or(ii)a"non-financialforeignentity"(asspecificallydefinedintheCode)whichdoesnotprovidesufficientdocumentation,typicallyonIRSFormW-8BEN-E,evidencingeither(x)anexemptionfromFATCA,or(y)adequateinformationregardingcertainsubstantialUnitedStatesbeneficialownersofsuchentity(ifany).IfadividendpaymentisbothsubjecttowithholdingunderFATCAandsubjecttothewithholdingtaxdiscussedaboveunder"—DividendsandOtherDistributions,"thewithholdingunderFATCAmaybecreditedagainst,andthereforereduce,suchotherwithholdingtax.Youshouldconsultyourowntaxadvisorregardingtheserequirementsandwhethertheymayberelevanttoyourownershipanddispositionofourcommonstock.

242

TableofContents

UNDERWRITING

Thesellingshareholdersareofferingthesharesofcommonstockdescribedinthisprospectusthroughanumberofunderwriters.J.P.MorganSecuritiesLLCandMorganStanley&Co.LLCareactingasjointbook-runningmanagersoftheofferingandasrepresentativesoftheseveralunderwriters.Weandthesellingshareholdershaveenteredintoanunderwritingagreementwiththeunderwriters.Subjecttothetermsandconditionsoftheunderwritingagreement,thesellingshareholdershaveagreedtoselltotheunderwriters,andeachunderwriterhasseverallyagreedtopurchase,atthepublicofferingpricelesstheunderwritingdiscountsetforthonthecoverpageofthisprospectus,thenumberofsharesofcommonstocklistednexttoitsnameinthefollowingtable:

Theunderwritersarecommittedtopurchaseallthesharesofcommonstockofferedbythesellingshareholdersiftheypurchaseanysharesofcommonstock.Theunderwritingagreementalsoprovidesthatifanunderwriterdefaults,thepurchasecommitmentsofnon-defaultingunderwritersmayalsobeincreasedortheofferingmaybeterminated.

Theunderwritersproposetoofferthesharesofcommonstockbeingsoldbythesellingshareholdersdirectlytothepublicattheinitialpublicofferingpricesetforthonthecoverpageofthisprospectusandtocertaindealersatthatpricelessaconcessionnotinexcessof$pershare.Aftertheinitialpublicofferingoftheshares,theofferingpriceandothersellingtermsmaybechangedbytheunderwriters.Certainoftheunderwritersmaysellsharestothepublicthroughoneormoreoftheiraffiliates,including,assellingagents.

Weandthesellingshareholdershaveagreedtoindemnifytheunderwritersagainstcertainliabilities,includingliabilitiesundertheSecuritiesAct,ortocontributetopaymentstheunderwritersmayberequiredtomakeinrespectofthoseliabilities.

OptiontoPurchaseAdditionalShares

Theunderwritershaveanoptiontobuyuptoadditionalsharesofcommonstockfromthesellingshareholders.Theunderwritershave30daysfollowingthedateofthisprospectustoexercisethisoption.Anysharespurchasedbytheunderwriterswillbeallocatedamongthesellingshareholdersonaproratabasisbasedonthenumberofsharessuchsellingshareholderhasagreedtosellpursuanttothisoption.Ifanysharesarepurchasedwiththisoption,theunderwriterswillpurchasesharesinapproximatelythesameproportionasshowninthetableabove.Ifanyadditionalsharesofcommonstockarepurchased,theunderwriterswilloffertheadditionalsharesonthesametermsasthoseonwhichthesharesarebeingoffered.

243

Name NumberofShares

J.P.MorganSecuritiesLLC MorganStanley&Co.LLC. NomuraSecuritiesInternational,Inc. UBSSecuritiesLLC CreditSuisseSecurities(USA)LLC DaiwaCapitalMarketsAmericaInc. DeutscheBankSecuritiesInc. JefferiesLLC WellsFargoSecurities,LLC D.A.Davidson&Co. KeyBancCapitalMarketsInc. RaymondJames&Associates,Inc. SunTrustRobinsonHumphrey,Inc.

Total

TableofContents

UnderwritingDiscountandExpenses

Theunderwritingfeeisequaltothepublicofferingpricepershareofcommonstocklesstheamountpaidbytheunderwriterstothesellingshareholderspershareofcommonstocksoldbythesellingshareholders.Theunderwritingfeeis$pershareofcommonstocksoldbythesellingshareholders.Thefollowingtableshowsthepershareandtotalunderwritingdiscounttobepaidtotheunderwritersassumingbothnoexerciseandfullexerciseoftheunderwriters'over-allotmentoptiontopurchaseadditionalshares.

Weestimatethatthetotalexpensesofthisoffering,includingregistration,filingandlistingfees,printingfeesandlegalandaccountingexpenses,butexcludingtheunderwritingdiscount,willbeapproximately$million.WehavealsoagreedtoreimbursetheunderwritersforcertainoftheirexpensesrelatedtothefilingandclearanceoftheofferingbyFINRAassetforthintheunderwritingagreement.

Aprospectusinelectronicformatmaybemadeavailableonthewebsitesmaintainedbyoneormoreunderwriters,orsellinggroupmembers,ifany,participatingintheoffering.Theunderwritersmayagreetoallocateanumberofsharestounderwritersandsellinggroupmembersforsaletotheironlinebrokerageaccountholders.InternetdistributionswillbeallocatedbytherepresentativestounderwritersandsellinggroupmembersthatmaymakeInternetdistributionsonthesamebasisasotherallocations.

ReservedShareProgram

Atourrequest,theunderwritershavereservedforsale,attheinitialpublicofferingprice,upto%ofthecommonstockofferedbythisprospectusforsaletocertainofourdirectors,directornominees,officersandemployees.Pursuanttotheunderwritingagreement,thesaleswillbemadebyJ.P.MorganSecuritiesLLC,anunderwriterofthisoffering,throughaReservedShareProgram.Ifthesepersonspurchasereservedcommonstock,itwillreducethenumberofsharesofcommonstockavailableforsaletothegeneralpublic.Anyreservedsharesofcommonstockthatarenotsopurchasedwillbeofferedbytheunderwriterstothegeneralpubliconthesametermsastheothersharesofcommonstockofferedbythisprospectus.

Lock-upAgreements

Wewillagreethatwewillnot,subjecttocertainexceptions,(1)offer,pledge,announcetheintentiontosell,sell,contracttosell,sellanyoptionorcontracttopurchase,purchaseanyoptionorcontracttosell,grantanyoption,rightorwarranttopurchase,orotherwisetransferordisposeof,directlyorindirectly,orfilewiththeSECaregistrationstatementundertheSecuritiesActrelatingto,anysharesofourcommonstockorsecuritiesconvertibleintoorexchangeableorexercisableforanysharesofourcommonstock,orpubliclydisclosetheintentiontomakeanyoffer,sale,pledge,dispositionorfiling,or(2)enterintoanyswaporotherarrangementthattransfersalloraportionoftheeconomicconsequencesassociatedwiththeownershipofanysharesofcommonstockoranysuchothersecurities(regardlessofwhetheranyofthesetransactionsaretobesettledbythedeliveryofsharesofcommonstockorsuchothersecurities,incashorotherwise),ineachcasewithoutthepriorwrittenconsentofJ.P.MorganSecuritiesLLCandMorganStanley&Co.LLCforaperiodof180daysafterthedateofthisprospectusotherthanthesharesofourcommonstocktobesoldorissuedhereunderandsubjecttootherlimitedexceptions.

244

Paidbythesellingshareholders

Withoutover-allotment

exercise

Withover-allotment

exercisePershare $ $Total $ $

TableofContents

Ourexecutiveofficers,directors,directornomineesandallofourexistingshareholders,includingthesellingshareholders,willenterintolock-upagreementswiththeunderwriterspriortothecommencementofthisofferingpursuanttowhicheachofthesepersonsorentities,foraperiodof180daysafterthedateofthisprospectus,maynotwithoutthepriorwrittenconsentofJ.P.MorganSecuritiesLLCandMorganStanley&Co.LLC,subjecttocertainexceptions,(1)offer,pledge,announcetheintentiontosell,sell,contracttosell,sellanyoptionorcontracttopurchase,purchaseanyoptionorcontracttosell,grantanyoption,rightorwarranttopurchaseorotherwisetransferordisposeof,directlyorindirectly,anysharesofourcommonstockoranysecuritiesconvertibleintoorexercisableorexchangeableforourcommonstock(including,withoutlimitation,commonstockorsuchothersecuritieswhichmaybedeemedtobebeneficiallyownedbysuchdirectors,executiveofficers,managersandmembersinaccordancewiththerulesandregulationsoftheSECandsecuritieswhichmaybeissueduponexerciseofastockoptionorwarrant),(2)enterintoanyswaporotheragreementthattransfers,inwholeorinpart,anyoftheeconomicconsequencesofownershipofthecommonstockorsuchothersecurities,whetheranysuchtransactiondescribedinclause(1)or(2)aboveistobesettledbydeliveryofcommonstockorsuchothersecurities,incashorotherwise,or(3)makeanydemandfororexerciseanyrightwithrespecttotheregistrationofanysharesofourcommonstockoranysecurityconvertibleintoorexercisableorexchangeableforourcommonstock,otherthanthesharesofourcommonstocktobesoldorissuedhereunderandsubjecttootherlimitedexceptions.

Listing

WehaveappliedtohaveourcommonstocklistedontheNYSEunderthesymbol"GOLF."

PriceStabilizationandShortPositions

Inconnectionwiththisoffering,theunderwritersmayengageinstabilizingtransactions,whichinvolvesmakingbidsfor,purchasingandsellingsharesofcommonstockintheopenmarketforthepurposeofpreventingorretardingadeclineinthemarketpriceofthecommonstockwhilethisofferingisinprogress.Thesestabilizingtransactionsmayincludemakingshortsalesofthecommonstock,whichinvolvesthesalebytheunderwritersofagreaternumberofsharesofcommonstockthantheyarerequiredtopurchaseinthisoffering,andpurchasingsharesofcommonstockontheopenmarkettocoverpositionscreatedbyshortsales.Shortsalesmaybe"covered"shorts,whichareshortpositionsinanamountnotgreaterthantheunderwriters'over-allotmentoptionreferredtoabove,ormaybe"naked"shorts,whichareshortpositionsinexcessofthatamount.Theunderwritersmaycloseoutanycoveredshortpositioneitherbyexercisingtheirover-allotmentoption,inwholeorinpart,orbypurchasingsharesintheopenmarket.Inmakingthisdetermination,theunderwriterswillconsider,amongotherthings,thepriceofsharesavailableforpurchaseintheopenmarketcomparedtothepriceatwhichtheunderwritersmaypurchasesharesthroughtheover-allotmentoption.Anakedshortpositionismorelikelytobecreatediftheunderwritersareconcernedthattheremaybedownwardpressureonthepriceofthecommonstockintheopenmarketthatcouldadverselyaffectinvestorswhopurchaseinthisoffering.Totheextentthattheunderwriterscreateanakedshortposition,theywillpurchasesharesintheopenmarkettocovertheposition.

Theunderwritershaveadvisedusthat,pursuanttoRegulationMoftheSecuritiesAct,theymayalsoengageinotheractivitiesthatstabilize,maintainorotherwiseaffectthepriceofthecommonstock,includingtheimpositionofpenaltybids.Thismeansthatiftherepresentativesoftheunderwriterspurchasecommonstockintheopenmarketinstabilizingtransactionsortocovershortsales,therepresentativescanrequiretheunderwritersthatsoldthosesharesaspartofthisofferingtorepaytheunderwritingdiscountreceivedbythem.

Theseactivitiesmayhavetheeffectofraisingormaintainingthemarketpriceofthecommonstockorpreventingorretardingadeclineinthemarketpriceofthecommonstockand,asaresult,thepriceofthecommonstockmaybehigherthanthepricethatotherwisemightexistintheopenmarket.

245

TableofContents

Iftheunderwriterscommencetheseactivities,theymaydiscontinuethematanytime.TheunderwritersmaycarryoutthesetransactionsontheNYSE,intheover-the-countermarketorotherwise.

NewIssueofSecurities

Priortothisoffering,therehasbeennopublicmarketforourcommonstock.Theinitialpublicofferingpricewillbedeterminedbynegotiationsbetweenthesellingshareholdersandtherepresentativesoftheunderwriters.Indeterminingtheinitialpublicofferingprice,thesellingshareholdersandtherepresentativesoftheunderwritersexpecttoconsideranumberoffactorsincluding:

• theinformationsetforthinthisprospectusandotherwiseavailabletotherepresentatives;

• ourprospectsandthehistoryandprospectsfortheindustryinwhichwecompete;

• anassessmentofourmanagement;

• ourprospectsforfutureearnings;

• thegeneralconditionofthesecuritiesmarketsatthetimeofthisoffering;

• therecentmarketpricesof,anddemandfor,publiclytradedcommonstockofgenerallycomparablecompanies;and

• otherfactorsdeemedrelevantbytheunderwritersandthesellingshareholders.

Neitherwe,thesellingshareholdersnortheunderwriterscanassureinvestorsthatanactivetradingmarketwilldevelopforourcommonstockorthattheshareswilltradeinthepublicmarketatorabovetheinitialpublicofferingprice.

OtherthanintheUnitedStates,noactionhasbeentakenbyusortheunderwritersthatwouldpermitapublicofferingofthesecuritiesofferedbythisprospectusinanyjurisdictionwhereactionforthatpurposeisrequired.Thesecuritiesofferedbythisprospectusmaynotbeofferedorsold,directlyorindirectly,normaythisprospectusoranyotherofferingmaterialoradvertisementsinconnectionwiththeofferandsaleofanysuchsecuritiesbedistributedorpublishedinanyjurisdiction,exceptundercircumstancesthatwillresultincompliancewiththeapplicablerulesandregulationsofthatjurisdiction.Personsintowhosepossessionthisprospectuscomesareadvisedtoinformthemselvesaboutandtoobserveanyrestrictionsrelatingtotheofferingandthedistributionofthisprospectus.Thisprospectusdoesnotconstituteanoffertosellorasolicitationofanoffertobuyanysecuritiesofferedbythisprospectusinanyjurisdictioninwhichsuchanofferorasolicitationisunlawful.

NoticetoProspectiveInvestorsinCanada

Thesharesmaybesoldonlytopurchaserspurchasing,ordeemedtobepurchasing,asprincipalthatareaccreditedinvestors,asdefinedinNationalInstrument45-106ProspectusExemptionsorsubsection73.3(1)oftheSecuritiesAct(Ontario),andarepermittedclients,asdefinedinNationalInstrument31-103RegistrationRequirements,ExemptionsandOngoingRegistrantObligations.Anyresaleofthesharesmustbemadeinaccordancewithanexemptionfrom,orinatransactionnotsubjectto,theprospectusrequirementsofapplicablesecuritieslaws.

SecuritieslegislationincertainprovincesorterritoriesofCanadamayprovideapurchaserwithremediesforrescissionordamagesifthisprospectus(includinganyamendmentthereto)containsamisrepresentation,providedthattheremediesforrescissionordamagesareexercisedbythepurchaserwithinthetimelimitprescribedbytheSecuritieslegislationofthepurchaser'sprovinceorterritory.ThepurchasershouldrefertoanyapplicableprovisionsoftheSecuritieslegislationofthepurchaser'sprovinceorterritoryforparticularsoftheserightsorconsultwithalegaladvisor.

246

TableofContents

Pursuanttosection3A.3ofNationalInstrument33-105UnderwritingConflicts(NI33-105),theunderwritersarenotrequiredtocomplywiththedisclosurerequirementsofNI33-105regardingunderwriterconflictsofinterestinconnectionwiththisoffering.

NoticetoProspectiveInvestorsintheEuropeanEconomicArea

InrelationtoeachMemberStateoftheEuropeanEconomicAreawhichhasimplementedtheProspectusDirective(each,aRelevantMemberState),fromandincludingthedateonwhichtheEuropeanUnionProspectusDirective,ortheEUProspectusDirective,wasimplementedinthatRelevantMemberState,ortheRelevantImplementationDate,anofferofsecuritiesdescribedinthisprospectusmaynotbemadetothepublicinthatRelevantMemberStatepriortothepublicationofaprospectusinrelationtotheshareswhichhasbeenapprovedbythecompetentauthorityinthatRelevantMemberStateor,whereappropriate,approvedinanotherRelevantMemberStateandnotifiedtothecompetentauthorityinthatRelevantMemberState,allinaccordancewiththeEUProspectusDirective,exceptthat,witheffectfromandincludingtheRelevantImplementationDate,anofferofsecuritiesdescribedinthisprospectusmaybemadetothepublicinthatRelevantMemberStateatanytime:

• toanylegalentitywhichisaqualifiedinvestorasdefinedundertheEUProspectusDirective;

• tofewerthan100or,iftheRelevantMemberStatehasimplementedtherelevantprovisionofthe2010PDAmendingDirective,150naturalorlegalpersons(otherthanqualifiedinvestorsasdefinedintheEUProspectusDirective);or

• inanyothercircumstancesfallingwithinArticle3(2)oftheEUProspectusDirective,providedthatnosuchofferofsecuritiesdescribedinthisprospectusshallresultinarequirementforthepublicationbyusofaprospectuspursuanttoArticle3oftheEUProspectusDirective.

Forthepurposesofthisprovision,theexpressionan"offerofsecuritiestothepublic"inrelationtoanysecuritiesinanyRelevantMemberStatemeansthecommunicationinanyformandbyanymeansofsufficientinformationonthetermsoftheofferandthesecuritiestobeofferedsoastoenableaninvestortodecidetopurchaseorsubscribeforthesecurities,asthesamemaybevariedinthatMemberStatebyanymeasureimplementingtheEUProspectusDirectiveinthatMemberState.Theexpression"EUProspectusDirective"meansDirective2003/71/EC(andanyamendmentsthereto,includingthe2010PDAmendingDirective,totheextentimplementedintheRelevantMemberState)andincludesanyrelevantimplementingmeasureineachRelevantMemberState,andtheexpression"2010PDAmendingDirective"meansDirective2010/73/EU.

NoticetoProspectiveInvestorsintheUnitedKingdom

Thisdocumentisonlybeingdistributedtoandisonlydirectedat(1)personswhoareoutsidetheUnitedKingdom,(2)toinvestmentprofessionalsfallingwithinArticle19(5)oftheFinancialServicesandMarketsAct2000(FinancialPromotion)Order2005,orOrder,or(3)highnetworthentities,andotherpersonstowhomitmaylawfullybecommunicated,fallingwithinArticle49(2)(a)to(d)oftheOrder(allsuchpersonstogetherbeingreferredtoasrelevantpersons).Thesecuritiesareonlyavailableto,andanyinvitation,offeroragreementtosubscribe,purchaseorotherwiseacquiresuchsecuritieswillbeengagedinonlywith,relevantpersons.Anypersonwhoisnotarelevantpersonshouldnotactorrelyonthisdocumentoranyofitscontents.

NoticetoProspectiveInvestorsinFrance

NeitherthisprospectusnoranyotherofferingmaterialrelatingtothesharesdescribedinthisprospectushasbeensubmittedtotheclearanceproceduresoftheAutorité des Marchés Financiers orofthecompetentauthorityofanothermemberstateoftheEuropeanEconomicAreaandnotifiedtotheAutorité des MarchésFinanciers. Theshareshavenotbeenofferedorsoldandwillnotbeofferedor

247

TableofContents

sold,directlyorindirectly,tothepublicinFrance.Neitherthisprospectusnoranyotherofferingmaterialrelatingtotheshareshasbeenorwillbe(i)released,issued,distributedorcausedtobereleased,issuedordistributedtothepublicinFrance;or(ii)usedinconnectionwithanyofferforsubscriptionorsaleofthesharestothepublicinFrance.

Suchoffers,salesanddistributionswillbemadeinFranceonly:

• toqualifiedinvestors(investisseurs qualifiés )and/ortoarestrictedcircleofinvestors(cercle restreint d'investisseurs ),ineachcaseinvestingfortheirownaccount,allasdefinedin,andinaccordancewith,articlesL.411-2,D.411-1,D.411-2,D.734-1,D.744-1,D.754-1andD.764-1oftheFrenchCode monétaire et financier ;

• toinvestmentservicesprovidersauthorizedtoengageinportfoliomanagementonbehalfofthirdparties;or

• inatransactionthat,inaccordancewitharticleL.411-2-II-1°-or-2°-or3°oftheFrenchCode monétaire et financier andarticle211-2oftheGeneralRegulations(Règlement Général )oftheAutorité des Marchés Financiers ,doesnotconstituteapublicoffer(appel public à l'épargne).

Thesharesmayberesolddirectlyorindirectly,onlyincompliancewitharticlesL.411-1,L.411-2,L412-1andL.621-8throughL.621-8-3oftheFrenchCodemonétaire et financier .

NoticetoProspectiveInvestorsinHongKong

ThesharesmaynotbeofferedorsoldinHongKongbymeansofanydocumentotherthan(i)incircumstanceswhichdonotconstituteanoffertothepublicwithinthemeaningoftheCompaniesOrdinance(Cap.32,LawsofHongKong),(ii)to"professionalinvestors"withinthemeaningoftheSecuritiesandFuturesOrdinance(Cap.571,LawsofHongKong)andanyrulesmadethereunderor(iii)inothercircumstanceswhichdonotresultinthedocumentbeinga"prospectus"withinthemeaningoftheCompaniesOrdinance(Cap.32,LawsofHongKong)andnoadvertisement,invitationordocumentrelatingtothesharesmaybeissuedormaybeinthepossessionofanypersonforthepurposeofissue(ineachcasewhetherinHongKongorelsewhere),whichisdirectedat,orthecontentsofwhicharelikelytobeaccessedorreadby,thepublicinHongKong(exceptifpermittedtodosounderthelawsofHongKong)otherthanwithrespecttoshareswhichareorareintendedtobedisposedofonlytopersonsoutsideHongKongoronlyto"professionalinvestors"withinthemeaningoftheSecuritiesandFuturesOrdinance(Cap.571,LawsofHongKong)andanyrulesmadethereunder.

NoticetoProspectiveInvestorsinJapan

TheshareshavenotbeenandwillnotberegisteredundertheFinancialInstrumentsandExchangeAct.Accordingly,thesecuritiesmaynotbeofferedorsold,directlyorindirectly,inJapanorto,orforthebenefitof,anyresidentofJapan(whichtermasusedhereinmeansanypersonresidentinJapan,includinganycorporationorotherentityorganizedunderthelawsofJapan,ortoothersforre-offeringorresale,directlyorindirectly,inJapanortoorforthebenefitofaresidentofJapan,exceptpursuanttoanexemptionfromtheregistrationrequirementsof,andotherwiseincompliancewith,theFinancialInstrumentsandExchangeActandanyotherapplicablelaws,regulationsandministerialguidelinesofJapan.

NoticetoProspectiveInvestorsinSingapore

ThisprospectushasnotbeenregisteredasaprospectuswiththeMonetaryAuthorityofSingapore.Accordingly,thisprospectusandanyotherdocumentormaterialinconnectionwiththeofferorsale,orinvitationforsubscriptionorpurchase,ofthesharesmaynotbecirculatedordistributed,normaythesharesbeofferedorsold,orbemadethesubjectofaninvitationforsubscriptionorpurchase,whetherdirectlyorindirectly,topersonsinSingaporeotherthan(i)toaninstitutionalinvestorunder

248

TableofContents

Section274oftheSecuritiesandFuturesAct,Chapter289ofSingapore,ortheSFA,(ii)toarelevantpersonpursuanttoSection275(1),oranypersonpursuanttoSection275(1A),andinaccordancewiththeconditionsspecifiedinSection275oftheSFAor(iii)otherwisepursuantto,andinaccordancewiththeconditionsof,anyotherapplicableprovisionoftheSFA,ineachcasesubjecttocompliancewiththeconditionssetforthintheSFA.

WherethesharesaresubscribedorpurchasedunderSection275oftheSFAbyarelevantpersonwhichis:(a)acorporation(whichisnotanaccreditedinvestor(asdefinedinSection4AoftheSFA))thesolebusinessofwhichistoholdinvestmentsandtheentiresharecapitalofwhichisownedbyoneormoreindividuals,eachofwhomisanaccreditedinvestor;or(b)atrust(wherethetrusteeisnotanaccreditedinvestor)whosesolepurposeistoholdinvestmentsandeachbeneficiaryofthetrustisanindividualwhoisanaccreditedinvestor,shares,debenturesandunitsofsharesanddebenturesofthatcorporationorthebeneficiaries'rightsandinterest(howsoeverdescribed)inthattrustshallnotbetransferredwithinsixmonthsafterthatcorporationorthattrusthasacquiredthesharespursuanttoanoffermadeunderSection275oftheSFAexcept:(i)toaninstitutionalinvestor(forcorporations,underSection274oftheSFA)ortoarelevantpersondefinedinSection275(2)oftheSFA,ortoanypersonpursuanttoanofferthatismadeontermsthatsuchshares,debenturesandunitsofsharesanddebenturesofthatcorporationorsuchrightsandinterestinthattrustareacquiredataconsiderationofnotlessthanS$200,000(oritsequivalentinaforeigncurrency)foreachtransaction,whethersuchamountistobepaidforincashorbyexchangeofsecuritiesorotherassets,andfurtherforcorporations,inaccordancewiththeconditionsspecifiedinSection275oftheSFA;(ii)wherenoconsiderationisorwillbegivenforthetransfer;or(iii)wherethetransferisbyoperationoflaw.

NoticetoProspectiveInvestorsinAustralia

Noprospectusorotherdisclosuredocument(asdefinedintheCorporationsAct2001(Cth)ofAustralia,orCorporationsAct)inrelationtothecommonstockhasbeenorwillbelodgedwiththeAustralianSecurities&InvestmentsCommission,orASIC.ThisdocumenthasnotbeenlodgedwithASICandisonlydirectedtocertaincategoriesofexemptpersons.Accordingly,ifyoureceivethisdocumentinAustralia:(a)youconfirmandwarrantthatyouareeither:(i)a"sophisticatedinvestor"undersection708(8)(a)or(b)oftheCorporationsAct;(ii)a"sophisticatedinvestor"undersection708(8)(c)or(d)oftheCorporationsActandthatyouhaveprovidedanaccountant'scertificatetouswhichcomplieswiththerequirementsofsection708(8)(c)(i)or(ii)oftheCorporationsActandrelatedregulationsbeforetheofferhasbeenmade;(iii)apersonassociatedwiththecompanyundersection708(12)oftheCorporationsAct;or(iv)a"professionalinvestor"withinthemeaningofsection708(11)(a)or(b)oftheCorporationsAct,andtotheextentthatyouareunabletoconfirmorwarrantthatyouareanexemptsophisticatedinvestor,associatedpersonorprofessionalinvestorundertheCorporationsActanyoffermadetoyouunderthisdocumentisvoidandincapableofacceptance;and(b)youwarrantandagreethatyouwillnotofferanyofthecommonstockforresaleinAustraliawithin12monthsofthatcommonstockbeingissuedunlessanysuchresaleofferisexemptfromtherequirementtoissueadisclosuredocumentundersection708oftheCorporationsAct.

NoticetoProspectiveInvestorsintheDubaiInternationalFinancialCentre,orDIFC

ThisprospectusrelatestoanExemptOfferinaccordancewiththeMarketRules2012oftheDubaiFinancialServicesAuthority,orDFSA.ThisprospectusisintendedfordistributiononlytopersonsofatypespecifiedintheMarketRules2012oftheDFSA.Itmustnotbedeliveredto,orreliedonby,anyotherperson.TheDFSAhasnoresponsibilityforreviewingorverifyinganydocumentsinconnectionwithExemptOffers.TheDFSAhasnotapprovedthisprospectusnortakenstepstoverifytheinformationsetforthhereinandhasnoresponsibilityforthisprospectus.Thesharestowhichthisprospectusrelatesmaybeilliquidand/orsubjecttorestrictionsontheirresale.Prospectivepurchasersofthesharesofferedshouldconducttheirownduediligenceontheshares.Ifyoudonotunderstandthecontentsofthisprospectusyoushouldconsultanauthorizedfinancialadvisor.

249

TableofContents

InrelationtoitsuseintheDIFC,thisprospectusisstrictlyprivateandconfidentialandisbeingdistributedtoalimitednumberofinvestorsandmustnotbeprovidedtoanypersonotherthantheoriginalrecipient,andmaynotbereproducedorusedforanyotherpurpose.TheinterestsinthesecuritiesmaynotbeofferedorsolddirectlyorindirectlytothepublicintheDIFC.

NoticetoProspectiveInvestorsinChina

Thisprospectusdoesnotconstituteapublicofferofthesharesofferedbythisprospectus,whetherbysaleorsubscription,inthePeople'sRepublicofChina,orthePRC.ThesharesarenotbeingofferedorsolddirectlyorindirectlyinthePRCtoorforthebenefitof,legalornaturalpersonsofthePRC.

Further,nolegalornaturalpersonsofthePRCmaydirectlyorindirectlypurchaseanyoftheshareswithoutobtainingallpriorPRC'sgovernmentalapprovalsthatarerequired,whetherstatutorilyorotherwise.Personswhocomeintopossessionofthisprospectusarerequiredbytheissueranditsrepresentativestoobservetheserestrictions.

NoticetoProspectiveInvestorsinSwitzerland

Thisprospectusisnotintendedtoconstituteanofferorsolicitationtopurchaseorinvestinthesharesdescribedherein.Thesharesmaynotbepubliclyoffered,soldoradvertised,directlyorindirectly,in,intoorfromSwitzerlandandwillnotbelistedontheSIXSwissExchangeoronanyotherexchangeorregulatedtradingfacilityinSwitzerland.Neitherthisprospectusnoranyotherofferingormarketingmaterialrelatingtothesharesconstitutesaprospectusassuchtermisunderstoodpursuanttoarticle652aorarticle1156oftheSwissCodeofObligationsandneitherthisprospectusnoranyotherofferingormarketingmaterialrelatingtothesharesmaybepubliclydistributedorotherwisemadepubliclyavailableinSwitzerland.

OtherRelationships

Theunderwritersandtheiraffiliatesarefull-servicefinancialinstitutionsengagedinvariousactivities,whichmayincludesecuritiestrading,commercialandinvestmentbanking,financialadvisory,investmentmanagement,investmentresearch,principalinvestment,hedging,financingandbrokerageactivities.Certainoftheunderwritersandtheiraffiliateshaveprovidedinthepasttousandouraffiliatesandmayprovidefromtimetotimeinthefuturecertaincommercialbanking,financialadvisory,investmentbankingandotherservicesforusandsuchaffiliatesintheordinarycourseoftheirbusiness,forwhichtheyhavereceivedandmaycontinuetoreceivecustomaryfeesandcommissions.Forinstance,anaffiliateofWellsFargoSecurities,LLC,anunderwriterinthisoffering,actsastheadministrativeagentunderthenewcreditagreementandcertainoftheotherunderwritersortheiraffiliatesactaslenders,andinsomecasesagentsormanagers,underourformercreditfacilities.Inaddition,fromtimetotime,certainoftheunderwritersandtheiraffiliatesmayaffecttransactionsfortheirownaccountortheaccountofcustomers,andholdonbehalfofthemselvesortheircustomers,longorshortpositionsinourdebtorequitysecuritiesorloans,andmaydosointhefuture.

250

TableofContents

LEGALMATTERS

ThevalidityofthesharesofcommonstockofferedbythisprospectuswillbepasseduponforusbySimpsonThacher&BartlettLLP,NewYork,NewYork.CertainlegalmattersrelatingtothisofferingwillbepasseduponfortheunderwritersbyLatham&WatkinsLLP,NewYork,NewYork.

EXPERTS

ThefinancialstatementsasofDecember31,2014andDecember31,2015andforeachofthethreeyearsintheperiodendedDecember31,2015includedinthisprospectushavebeensoincludedinrelianceonthereportofPricewaterhouseCoopersLLP,anindependentregisteredpublicaccountingfirm,givenontheauthorityofsaidfirmasexpertsinauditingandaccounting.

WHERECANYOUFINDMOREINFORMATION

WehavefiledwiththeSECaregistrationstatementonFormS-1undertheSecuritiesActwithrespecttothecommonstockofferedbythisprospectus.Thisprospectusisapartoftheregistrationstatementanddoesnotcontainalloftheinformationsetforthintheregistrationstatementanditsexhibitsandschedules,portionsofwhichhavebeenomittedaspermittedbytherulesandregulationsoftheSEC.Forfurtherinformationaboutusandourcommonstock,youshouldrefertotheregistrationstatementanditsexhibitsandschedules.Statementscontainedinthisprospectusaboutthecontentsofanycontractoranyotherdocumentfiledasanexhibitarenotcompleteandineachinstancewereferyoutothecopyofthecontractorotherdocumentfiledasanexhibittotheregistrationstatement.Eachofthesestatementsisqualifiedinallrespectsbythisreference.Theagreementsandotherdocumentsfiledasexhibitstothisregistrationstatementarenotintendedtoprovidefactualinformationorotherdisclosureotherthanwithrespecttothetermsoftheagreementsorotherdocumentsthemselves,andyoushouldnotrelyonthemforthatpurpose.Inparticular,anyrepresentationsandwarrantiesmadebytheregistrantintheseagreementsorotherdocumentsweremadesolelywithinthespecificcontextoftherelevantagreementordocumentandmaynotdescribetheactualstateofaffairsasofthedatetheyweremadeoratanyothertime.

OurregistrationstatementonFormS-1ofwhichthisprospectusisapartisavailabletothepublicontheSEC'swebsiteathttp://www.sec.gov.Youmayalsoreadandcopy,atSECprescribedrates,anydocumentwefilewiththeSEC,includingtheregistrationstatement(anditsexhibits)ofwhichthisprospectusisapart,attheSEC'sPublicReferenceRoomlocatedat100FStreet,N.E.,WashingtonD.C.20549.YoucancalltheSECat1-800-SEC-0330toobtaininformationontheoperationofthePublicReferenceRoom.

Upontheclosingofthisoffering,wewillbecomesubjecttothefullinformationalandperiodicreportingrequirementsundertheExchangeAct.Wewillfulfillourobligationswithrespecttosuchrequirementsbyfilingannual,quarterlyandcurrentreportsandotherinformationwiththeSEC.InadditiontotheSECwebsitedescribedabove,thosefilingswillalsobeavailabletothepublicon,oraccessiblethrough,ourwebsiteundertheheading"InvestorRelations"atwww.acushnetcompany.com.TheinformationwefilewiththeSECorcontainedonoraccessiblethroughourcorporatewebsiteoranyotherwebsitethatwemaymaintainisnotpartofthisprospectusortheregistrationstatementofwhichthisprospectusisapart.Weintendtomakeavailabletoourcommonshareholdersannualreportscontainingconsolidatedfinancialstatementsauditedbyanindependentregisteredpublicaccountingfirm.

251

TableofContents

INDEXTOCONSOLIDATEDFINANCIALSTATEMENTS

F-1

Page(s)

AuditedConsolidatedFinancialStatements

ReportofIndependentRegisteredPublicAccountingFirm F-2

ConsolidatedBalanceSheets F-3

ConsolidatedStatementsofOperations F-4

ConsolidatedStatementsofComprehensiveIncome(Loss) F-5

ConsolidatedStatementsofCashFlows F-6

ConsolidatedStatementsofRedeemableConvertiblePreferredStockandEquity F-7

NotestoConsolidatedFinancialStatements F-8

UnauditedConsolidatedFinancialStatements

ConsolidatedBalanceSheets(unaudited) F-57

ConsolidatedStatementsofOperations(unaudited) F-58

ConsolidatedStatementsofComprehensiveIncome(unaudited) F-59

ConsolidatedStatementsofCashFlows(unaudited) F-60

ConsolidatedStatementsofRedeemableConvertiblePreferredStockandEquity(unaudited) F-61

NotestoUnauditedConsolidatedFinancialStatements F-62

TableofContents

REPORTOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM

TotheBoardofDirectorsandShareholdersofAcushnetHoldingsCorp.:

Inouropinion,theaccompanyingconsolidatedbalancesheetsandtherelatedconsolidatedstatementsofoperations,comprehensiveincome(loss),cashflowsandredeemableconvertiblepreferredstockandequitypresentfairly,inallmaterialrespects,thefinancialpositionofAcushnetHoldingsCorp.anditssubsidiariesatDecember31,2015andDecember31,2014,andtheresultsoftheiroperationsandtheircashflowsforeachofthethreeyearsintheperiodendedDecember31,2015inconformitywithaccountingprinciplesgenerallyacceptedintheUnitedStatesofAmerica.ThesefinancialstatementsaretheresponsibilityoftheCompany'smanagement.Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudits.WeconductedourauditsofthesestatementsinaccordancewiththestandardsofthePublicCompanyAccountingOversightBoard(UnitedStates).Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreeofmaterialmisstatement.Anauditincludesexamining,onatestbasis,evidencesupportingtheamountsanddisclosuresinthefinancialstatements,assessingtheaccountingprinciplesusedandsignificantestimatesmadebymanagement,andevaluatingtheoverallfinancialstatementpresentation.Webelievethatourauditsprovideareasonablebasisforouropinion.

/s/PricewaterhouseCoopersLLP

Boston,MassachusettsJune17,2016

F-2

TableofContents

ACUSHNETHOLDINGSCORP.

CONSOLIDATEDBALANCESHEETS

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

F-3

December31, (inthousands,exceptshareandpershareamounts) 2014 2015 Assets Currentassets Cash($7,704and$10,029attributabletothevariableinterestentity("VIE")) $ 47,667 $ 54,409Restrictedcash 6,100 4,725Accountsreceivable,net 197,677 192,384Inventories($15,335and$15,755attributabletotheVIE) 291,141 326,359Otherassets($1,582and$15attributabletotheVIE) 94,206 93,646Totalcurrentassets 636,791 671,523

Property,plantandequipment,net($11,788and$11,147attributabletotheVIE) 266,592 254,894Goodwill($32,312and$32,312attributabletotheVIE) 187,580 181,179Identifiableintangibleassets,net 509,412 499,494Deferredincometaxes 131,112 132,265Otherassets($2,867and$2,738attributabletotheVIE) 31,216 19,618

Totalassets $1,762,703 $1,758,973LiabilitiesandEquity Currentliabilities Short-termdebt $ 81,162 $ 441,704Accountspayable($9,273and$10,250attributabletotheVIE) 94,028 89,869Payablestorelatedparties 13,566 12,570Accruedtaxes 31,435 29,432Accruedcompensationandbenefits($822and$1,035attributabletotheVIE) 78,245 111,390Accruedexpensesandotherliabilities($4,480and$4,516attributabletotheVIE) 48,417 70,626Totalcurrentliabilities 346,853 755,591

Long-termdebtandcapitalleaseobligations 824,179 394,511Deferredincometaxes 6,761 7,112Accruedpensionandotherpostretirementbenefits($2,312and$2,303attributabletotheVIE) 132,879 119,549Accruedequityappreciationrights 122,013 145,384Othernoncurrentliabilities($2,777and$2,841attributabletotheVIE) 10,062 12,284

Totalliabilities 1,442,747 1,434,431Commitmentsandcontingencies(Note22) SeriesAredeemableconvertiblepreferredstock,$.001parvalue,1,838,027sharesauthorizedatDecember31,2014and2015,respectively;1,838,027sharesissuedandoutstandingatDecember31,2014and2015,respectively;liquidationpreferenceof$197,714,421atDecember31,2015 131,036 131,036

Equity Commonstock,$.001parvalue,8,688,166sharesauthorizedatDecember31,2014and2015;2,061,310and2,424,584sharesissuedandoutstandingatDecember31,2014and2015,respectively 2 2

Additionalpaid-incapital 264,577 309,130Accumulatedothercomprehensiveloss,netoftax (41,058) (67,234)Retaineddeficit (66,934) (81,647)TotalequityattributabletoAcushnetHoldingsCorp. 156,587 160,251

Noncontrollinginterests 32,333 33,255Totalequity 188,920 193,506Totalliabilitiesandequity $1,762,703 $1,758,973

TableofContents

ACUSHNETHOLDINGSCORP.

CONSOLIDATEDSTATEMENTSOFOPERATIONS

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

F-4

YearendedDecember31, (inthousands,exceptshareandpershareamounts) 2013 2014 2015 Netsales $ 1,477,219 $ 1,537,610 $ 1,502,958Costofgoodssold 744,090 779,678 727,120Grossprofit 733,129 757,932 775,838

Operatingexpenses: Selling,generalandadministrative 568,421 602,755 604,018Researchanddevelopment 42,152 44,243 45,977Intangibleamortization 6,704 6,687 6,617Restructuringcharges 955 — 1,643Incomefromoperations 114,897 104,247 117,583

Interestexpense,net 68,149 63,529 60,294Other(income)expense,net 5,285 (1,348) 25,139Incomebeforeincometaxes 41,463 42,066 32,150

Incometaxexpense 17,150 16,700 27,994Netincome 24,313 25,366 4,156

Less:Netincomeattributabletononcontrollinginterests (4,677) (3,809) (5,122)Netincome(loss)attributabletoAcushnetHoldingsCorp. 19,636 21,557 (966)

Dividendspaidtopreferredshareholders (8,045) (8,045) (8,045)Accruingofcumulativedividends (5,740) (5,740) (5,740)Allocationofundistributedearningstopreferredshareholders (3,225) (3,866) —Netincome(loss)attributabletocommonshareholders $ 2,626 $ 3,906 $ (14,751)Netincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.—basicanddiluted $ 1.75 $ 2.10 $ (6.66)

Weightedaveragenumberofcommonshares—basicanddiluted 1,496,812 1,857,425 2,215,477

ProformanetincomepercommonshareattributabletoAcushnetHoldingsCorp.(unaudited)—basicanddiluted $ 2.18

Proformaweightedaveragenumberofcommonshares(unaudited): Basic 7,678,484Diluted 7,678,605

TableofContents

ACUSHNETHOLDINGSCORP.

CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOME(LOSS)

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

F-5

YearendedDecember31, (inthousands) 2013 2014 2015 Netincome $ 24,313 $ 25,366 $ 4,156Othercomprehensiveincome(loss) Foreigncurrencytranslationadjustments (14,886) (23,106) (19,042)Foreignexchangederivativeinstruments Unrealizedholdinggainsarisingduringperiod 13,439 20,619 14,964Reclassificationadjustmentsincludedinnetincome (10,671) (9,916) (26,805)Taxbenefit(expense) 653 (1,610) 3,836Foreignexchangederivativeinstruments,net 3,421 9,093 (8,005)

Available-for-salesecurities Unrealizedholdinggains(losses)arisingduringperiod 1,726 703 (673)Taxbenefit(expense) (653) (248) 160Available-for-salesecurities,net 1,073 455 (513)

Pensionandotherpostretirementbenefitsadjustments Netgain(loss)arisingduringperiod 40,113 (23,769) 3,068Taxbenefit(expense) (14,532) 7,583 (1,684)Pensionandotherpostretirementbenefitsadjustments,net 25,581 (16,186) 1,384Totalothercomprehensiveincome(loss) 15,189 (29,744) (26,176)

Comprehensiveincome(loss) 39,502 (4,378) (22,020)Less:Comprehensiveincomeattributabletononcontrollinginterests (4,693) (3,774) (5,017)

Comprehensiveincome(loss)attributabletoAcushnetHoldingsCorp. $ 34,809 $ (8,152) $ (27,037)

TableofContents

ACUSHNETHOLDINGSCORP.

CONSOLIDATEDSTATEMENTSOFCASHFLOWS

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

F-6

YearendedDecember31, (inthousands) 2013 2014 2015 Cashflowsfromoperatingactivities Netincome $ 24,313 $ 25,366 $ 4,156Adjustmentstoreconcilenetincometocashprovidedbyoperatingactivities Depreciationandamortization 39,423 43,159 41,702Unrealizedforeignexchange(gain)loss (1,306) 133 2,933Amortizationofdebtissuancecosts 5,613 3,752 5,157Amortizationofdiscountonbondspayable 3,773 4,093 4,142Changeinfairvalueofcommonstockwarrants (976) (1,887) 28,364Share-basedcompensation 1,138 632 2,033Lossondisposalsofproperty,plantandequipment 353 690 401Deferredincometaxes (15,861) (11,293) 2,188Changesinoperatingassetsandliabilities Accountsreceivable (15,514) (35,594) (174)Inventories (16,320) (16,192) (45,415)Accountspayable 15,947 (2,585) (1,998)Accruedtaxes (11,527) (881) 540Accruedexpensesandotherliabilities (1,723) 3,442 35,364Otherassets 18,736 (11,376) 1,165Othernoncurrentliabilities 33,810 53,739 12,278Interestduetorelatedparties (1,084) (1,085) (1,006)Cashflowsprovidedbyoperatingactivities 78,795 54,113 91,830

Cashflowsfrominvestingactivities Additionstoproperty,plantandequipment (46,459) (23,527) (23,201)Changeinrestrictedcash 99 363 1,362

Cashflowsusedininvestingactivities (46,360) (23,164) (21,839)Cashflowsfromfinancingactivities Increaseinshort-termborrowings 18,284 8,177 7,890Proceedsfromseniortermloanfacility — 30,000 —Repaymentofsecuredfloatingratenotes (25,000) (50,000) (50,000)Proceedsfromexerciseofstockoptions 100 100 —Proceedsfromexerciseofcommonstockwarrants 34,504 34,503 34,503Repaymentofbonds (34,504) (34,503) (34,503)Debtissuancecosts (3,469) (1,045) —DividendspaidonSeriesAredeemableconvertiblepreferredstock (13,894) (13,786) (13,747)Dividendspaidtononcontrollinginterests (4,200) (3,600) (4,200)

Cashflowsusedinfinancingactivities (28,179) (30,154) (60,057)Effectofforeignexchangeratechangesoncash (606) (2,385) (3,192)

Netincrease(decrease)incash 3,650 (1,590) 6,742Cash,beginningofyear 45,607 49,257 47,667Cash,endofyear $ 49,257 $ 47,667 $ 54,409Supplementalinformation Cashpaidforinteresttorelatedparties $ 37,538 $ 34,951 $ 32,274Cashpaidforinteresttothirdparties 22,803 21,656 20,571Cashpaidforincometaxes 35,483 27,987 19,724Non-cashadditionstoproperty,plantandequipment 2,686 2,577 1,913Non-cashconversionofcommonstockwarrants — — 7,298Non-cashexerciseofstockoptions 1,795 793 2,752

TableofContents

ACUSHNETHOLDINGSCORP.

CONSOLIDATEDSTATEMENTSOFREDEEMABLECONVERTIBLEPREFERREDSTOCKANDEQUITY

TotalStockholders'

EquityAttributabletoAcushnet

HoldingsCorp.

RedeemableConvertible

PreferredStock

CommonStock

AccumulatedOther

ComprehensiveLoss

AdditionalPaid-inCapital

RetainedDeficit

NoncontrollingInterest

TotalEquity

(inthousands) Shares Amount Shares Amount BalancesatDecember31,2012 1,838 $ 131,036 1,346 $ 1 $ 192,783 $ (26,503)$ (80,447)$ 85,834 $ 31,647 $ 117,481

Netincome — — — — — — 19,636 19,636 4,677 24,313Othercomprehensiveincome — — — — — 15,189 — 15,189 — 15,189

Issuanceofcommonstock — — 345 1 34,503 — — 34,504 — 34,504

Exerciseofstockoptions — — 16 — 1,895 — — 1,895 — 1,895

DividendspaidonSeriesAredeemableconvertiblepreferredstock — — — — — — (13,894) (13,894) — (13,894)

Dividendspaidtononcontrollinginterests — — — — — — — — (4,200) (4,200)

BalancesatDecember31,2013 1,838 131,036 1,707 2 229,181 (11,314) (74,705) 143,164 32,124 175,288

Netincome — — — — — — 21,557 21,557 3,809 25,366Othercomprehensiveloss — — — — — (29,744) — (29,744) — (29,744)

Issuanceofcommonstock — — 345 — 34,503 — — 34,503 — 34,503

Exerciseofstockoptions — — 9 — 893 — — 893 — 893

DividendspaidonSeriesAredeemableconvertiblepreferredstock — — — — — — (13,786) (13,786) — (13,786)

Dividendspaidtononcontrollinginterests — — — — — — — — (3,600) (3,600)

BalancesatDecember31,2014 1,838 131,036 2,061 2 264,577 (41,058) (66,934) 156,587 32,333 188,920

Netincome(loss) — — — — — — (966) (966) 5,122 4,156

Othercomprehensiveloss — — — — — (26,176) — (26,176) — (26,176)

Issuanceofcommonstock — — 345 — 41,801 — — 41,801 — 41,801

Exerciseofstockoptions — — 18 — 2,752 — — 2,752 — 2,752

DividendspaidonSeriesAredeemableconvertiblepreferredstock — — — — — — (13,747) (13,747) — (13,747)

Dividendspaidtononcontrolling

Theaccompanyingnotesareanintegralpartoftheseconsolidatedfinancialstatements.

F-7

interests — — — — — — — — (4,200) (4,200)BalancesatDecember31,2015 1,838 $ 131,036 2,424 $ 2 $ 309,130 $ (67,234)$ (81,647)$ 160,251 $ 33,255 $ 193,506

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS

1.DescriptionofBusiness

AlexandriaHoldingsCorp.wasincorporatedonMay9,2011.EffectiveMarch31,2016,AlexandriaHoldingsCorp.'snamewaschangedtoAcushnetHoldingsCorp.(AcushnetortheCompany).OnJuly29,2011,theCompanyissued1,000,000sharesofcommonstocktoFilaKoreaLtd.andissuedanaggregate1,790,000sharesofSeriesAredeemableconvertiblepreferredstocktoOdin3,LLC;WBAtlas,LLC;andNeopluxNo.1PrivateEquity.Inaddition,theCompanyissuedconvertiblenotes(aggregateprincipalamountof$353.0million)andbonds(aggregateprincipalamountof$168.0million)withwarrantstopurchaseitscommonstocktoOdin3,LLC;WBAtlas,LLC;andNeopluxNo.1PrivateEquity.OnJanuary20,2012,theCompanyissued48,027sharesofSeriesAredeemableconvertiblepreferredstocktoOdin4,LLC.Inaddition,theCompanyissuedconvertiblenotes(principalamountof$9.5million)andbonds(principalamountof$4.5million)withwarrantstopurchaseitscommonstocktoOdin4,LLC.

OnDecember24,2015,FilaKoreaLtd.,theownerof2,380,128sharesofcommonstockoftheCompany,transferreditssharestoMagnusHoldingsCo.,Ltd.,awhollyownedsubsidiaryofFilaKoreaLtd.

Acushnet,headquarteredinFairhaven,Massachusetts,isthegloballeaderinthedesign,development,manufactureanddistributionofperformance-drivengolfproducts.TheCompanyhasestablishedpositionsacrossallmajorgolfequipmentandgolfwearcategoriesunderitsrecognizedbrandsofTitleist,FootJoy,VokeyDesignwedgesandScottyCameronputters.Acushnetproductsaresoldprimarilytoon-coursegolfproshopsandselectedoff-coursegolfspecialtystores,sportinggoodsstoresandotherqualifiedretailers.AcushnetsellsproductsprimarilyintheUnitedStates,Europe(primarilytheUnitedKingdom,Germany,FranceandSweden),Asia(primarilyJapan,Korea,ChinaandSingapore),CanadaandAustralia.AcushnetmanufacturesandsourcesitsproductsprincipallyintheUnitedStates,China,Thailand,theUnitedKingdom,JapanandAustralia.

2.SummaryofSignificantAccountingPolicies

BasisofPresentation

TheaccompanyingconsolidatedfinancialstatementshavebeenpreparedinconformitywithaccountingprinciplesgenerallyacceptedintheUnitedStates(U.S.GAAP)andincludetheaccountsoftheCompany,itswhollyownedsubsidiariesandaVIEinwhichtheCompanyistheprimarybeneficiary.Allsignificantintercompanybalancesandtransactionshavebeeneliminatedinconsolidation.

UseofEstimates

ThepreparationoftheCompany'sconsolidatedfinancialstatementsinaccordancewithU.S.GAAPrequiresmanagementtomakeestimatesandjudgmentsthataffectreportedamountsofassets,liabilities,stockholders'equity,netsalesandexpenses,andthedisclosureofcontingentassetsandliabilitiesinitsconsolidatedfinancialstatements.Significantestimatesrelieduponinpreparingtheseconsolidatedfinancialstatementsinclude,butarenotlimitedto,revenuerecognition,includingallowanceforsalesreturnsandsales-basedincentiveprograms,allowancefordoubtfulaccounts,inventoryreserves,impairmentofgoodwill,indefinite-livedintangibleassetsandlong-livedassets,pensionandotherpostretirementbenefitplans,productwarranty,valuationallowancesfordeferredtaxassetsanduncertaintaxpositions,valuationofcommonstockwarrantsandshare-basedcompensation.Actualresultscoulddifferfromthoseestimates.

F-8

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

2.SummaryofSignificantAccountingPolicies(Continued)

VariableInterestEntities

VIEsareentitiesthat,bydesign,either(i)lacksufficientequitytopermittheentitytofinanceitsactivitiesindependently,or(ii)haveequityholdersthatdonothavethepowertodirecttheactivitiesoftheentitythatmostsignificantlyimpactitseconomicperformance,theobligationtoabsorbtheentity'sexpectedlosses,ortherighttoreceivetheentity'sexpectedresidualreturns.TheCompanyconsolidatesaVIEwhenitistheprimarybeneficiary,whichisthepartythathasboth(i)thepowertodirecttheactivitiesthatmostsignificantlyimpacttheVIE'seconomicperformanceand(ii)throughitsinterestsintheVIE,theobligationtoabsorbexpectedlossesortherighttoreceiveexpectedbenefitsfromtheVIEthatcouldpotentiallybesignificanttotheVIE.

TheCompanyconsolidatestheaccountsofAcushnetLionscoreLimited,aVIEwhichis40%ownedbytheCompany.ThesolepurposeoftheVIEistomanufacturetheCompany'sgolfshoesandassuch,theCompanyisdeemedtobetheprimarybeneficiaryasdefinedbyAccountingStandardsCodification("ASC")810.TheCompanyhaspresentedseparatelyonitsconsolidatedbalancesheets,totheextentmaterial,theassetsofitsconsolidatedVIEthatcanonlybeusedtosettlespecificobligationsofitsconsolidatedVIEandtheliabilitiesofitsconsolidatedVIEforwhichcreditorsdonothaverecoursetoitsgeneralcredit.ThegeneralcreditorsoftheVIEdonothaverecoursetotheCompany.CertaindirectorsofthenoncontrollingentitieshaveguaranteedthecreditlinesoftheVIE,forwhichtherewerenooutstandingborrowingsasofDecember31,2014and2015.Inaddition,pursuanttothetermsoftheagreementgoverningtheVIE,theCompanyisnotrequiredtoprovidefinancialsupporttotheVIE.

CashandRestrictedCash

CashheldinCompanycheckingaccountsisincludedincash.Bookoverdraftsnotsubjecttooffsetwithotheraccountswiththesamefinancialinstitutionareclassifiedasaccountspayable.AsofDecember31,2014and2015,bookoverdraftsintheamountof$11.5millionand$1.7million,respectively,wererecordedinaccountspayable.TheCompanyclassifiesasrestrictedcertaincashthatisnotavailableforuseinitsoperations.Restrictedcashisprimarilyrelatedtoastandbyletterofcreditusedforinsurancepurposes.

AccountsReceivable

Accountsreceivablearepresentednetofanallowancefordoubtfulaccounts.TheallowancefordoubtfulaccountsisassessedeachreportingperiodbytheCompanyforestimatedlossesresultingfromtheinabilityorunwillingnessofitscustomerstomakerequiredpayments.Theallowanceisbasedonvariousfactors,includingcreditriskassessments,lengthoftimethereceivablesarepastdue,historicalexperience,customerspecificinformationavailabletotheCompanyandexistingeconomicconditions.

AllowanceforSalesReturns

Asalesreturnsallowanceisrecordedforanticipatedreturnsthroughareductionofsalesandcostofgoodssoldintheperiodthattherelatedsalesarerecorded.Salesreturnsareestimatedbaseduponhistoricalratesofproductreturns,currenteconomictrendsandchangesincustomerdemandsaswellasspecificidentificationofoutstandingreturns.Inaccordancewiththispolicy,theallowanceforsalesreturnswas$6.4millionand$5.2millionasofDecember31,2014and2015,respectively.

F-9

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

2.SummaryofSignificantAccountingPolicies(Continued)

ConcentrationofCreditRiskandofSignificantCustomers

FinancialinstrumentsthatpotentiallyexposetheCompanytoconcentrationofcreditriskarecashandaccountsreceivable.SubstantiallyalloftheCompany'scashdepositsaremaintainedatlarge,creditworthyfinancialinstitutions.TheCompany'sdeposits,attimes,mayexceedfederallyinsuredlimits.TheCompanydoesnotbelievethatitissubjecttounusualcreditriskbeyondthenormalcreditriskassociatedwithcommercialbankingrelationships.Aspartofitsongoingprocedures,theCompanymonitorsitsconcentrationofdepositswithvariousfinancialinstitutionsinordertoavoidanyundueexposure.AsofDecember31,2014and2015,theCompanyhad$45.8millionand$54.1million,respectively,inbankslocatedoutsidetheUnitedStates.TheriskwithrespecttotheCompany'saccountsreceivableismanagedbytheCompanythroughitspolicyofmonitoringthecreditworthinessofitscustomerstowhichitgrantscredittermsinthenormalcourseofbusiness.

Inventories

Inventoriesarevaluedatthelowerofcostandnetrealizablevalue.Costisdeterminedusingthefirst-in,first-outinventorymethod.Theinventorybalance,whichincludesmaterial,laborandmanufacturingoverheadcosts,isrecordednetofanallowanceforobsoleteorslowmovinginventory.TheCompany'sallowanceforobsoleteorslowmovinginventorycontainsuncertainties.EstimatesrequiretheCompanytomakeassumptionsandtoapplyjudgmentregardinganumberoffactors,includingmarketconditions,sellingenvironment,historicalresultsandcurrentinventorytrends.

Property,PlantandEquipment

Property,plantandequipmentarerecordedatcostlessaccumulateddepreciationandamortization.Depreciationisprovidedonastraight-linebasisovertheestimatedusefullivesoftheassets.Gainsorlossesresultingfromdisposalsareincludedinincomefromoperations.Bettermentsandrenewals,whichimproveandextendthelifeofanasset,arecapitalized.Maintenanceandrepaircostsareexpensedasincurred.

Estimatedusefullivesofproperty,plantandequipmentassetcategorieswereasfollows:

Leaseholdandtenantimprovementsareamortizedovertheshorteroftheleasetermortheestimatedusefullivesoftheassets.

CertaincostsincurredinconnectionwiththedevelopmentoftheCompany'sinternal-usesoftwarearecapitalized.SoftwaredevelopmentcostsareprimarilyrelatedtotheCompany'senterpriseresourceplanningsystem.Costsincurredinthepreliminarystagesofdevelopmentareexpensedasincurred.Internalandexternalcostsincurredintheapplicationdevelopmentphase,ifdirectandincremental,arecapitalizeduntilthesoftwareissubstantiallycompleteandreadyforitsintendeduse.Capitalizationceasesuponcompletionofallsubstantialtestingperformedtoensuretheproductisreadyforitsintendeduse.Costssuchasmaintenanceandtrainingareexpensedasincurred.Thecapitalizedinternal-usesoftwarecostsareincludedinproperty,plantandequipmentandoncethesoftwareisplacedintoserviceareamortizedovertheestimatedusefullifewhichrangesfromthreetotenyears.

F-10

Buildingsandimprovements 15-40yearsMachineryandequipment 3-10yearsFurniture,computersandotherequipment 3-7years

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

2.SummaryofSignificantAccountingPolicies(Continued)

Long-LivedAssets

Along-livedasset(includingamortizableidentifiableintangibleassets)orassetgroupistestedforrecoverabilitywhenevereventsorchangesincircumstancesindicatethatitscarryingamountmaynotberecoverable.Whensucheventsoccur,theCompanycomparesthesumoftheundiscountedcashflowsexpectedtoresultfromtheuseandeventualdispositionoftheassetorassetgrouptothecarryingamountofthelong-livedassetorassetgroup.Thecashflowsarebasedonthebestestimateoffuturecashflowsderivedfromthemostrecentbusinessprojections.Ifthecarryingvalueexceedsthesumoftheundiscountedcashflows,animpairmentlossisrecognizedbasedontheexcessoftheasset'sorassetgroup'scarryingvalueoveritsfairvalue.Fairvalueisdeterminedbasedondiscountedexpectedfuturecashflowsonamarketparticipantbasis.Anyimpairmentchargewouldberecognizedwithinoperatingexpensesasaselling,generalandadministrativeexpense.

GoodwillandIndefinite-LivedIntangibleAssets

Goodwillandindefinite-livedintangibleassetsarenotamortizedbutinsteadaremeasuredforimpairmentatleastannually,ormorefrequentlywheneventsorchangesincircumstancesindicatethatthecarryingamountoftheassetmaybeimpaired.

Goodwillisassignedtoreportingunitsforpurposesofimpairmenttesting.Areportingunitmaybethesameasanoperatingsegmentoronelevelbelowanoperatingsegment.Forpurposesofassessingpotentialimpairment,theCompanyperformsatwo-stepimpairmenttestongoodwill.Inthefirststep,theCompanycomparesthefairvalueofthereportingunittoitscarryingvalue.Ifthefairvalueofthereportingunitexceedsthecarryingvalueofthenetassetsassignedtothatunit,goodwillisconsiderednotimpairedandtheCompanyisnotrequiredtoperformfurthertesting.Ifthecarryingvalueofthenetassetsassignedtothereportingunitexceedsthefairvalueofthereportingunit,thentheCompanymustperformthesecondstepoftheimpairmenttestinordertodeterminetheimpliedfairvalueofthereportingunit'sgoodwill.Ifthecarryingvalueofareportingunit'sgoodwillexceedsitsimpliedfairvalue,thentheCompanywouldrecordanimpairmentlossequaltothedifference.Thefairvalueofthereportingunitsisdeterminedusingtheincomeapproach.Theincomeapproachusesadiscountedcashflowanalysiswhichinvolvesapplyingappropriatediscountratestoestimatedfuturecashflowsbasedonforecastsofsales,costsandcapitalrequirements.

Purchasedintangibleassetsotherthangoodwillareamortizedovertheirusefullivesunlessthoselivesaredeterminedtobeindefinite.TheCompany'strademarkshavebeenassignedanindefinitelifeastheCompanycurrentlyanticipatesthatthesetrademarkswillcontributetoitscashflowsindefinitely.Trademarksarereviewedforimpairmentannuallyandmaybereviewedmorefrequentlyifindicatorsofimpairmentarepresent.Impairmentlossesarerecordedtotheextentthatthecarryingvalueoftheindefinite-livedintangibleassetexceedsitsfairvalue.TheCompanymeasuresthefairvalueofitstrademarksusingtherelief-from-royaltymethod,whichestimatesthepresentvalueofroyaltyincomethatcouldbehypotheticallyearnedbylicensingthebrandnametoathirdpartyovertheremainingusefullife.

DeferredFinancingCosts

TheCompanydeferscostsdirectlyassociatedwithacquiringthird-partyfinancing.Thesedeferredcostsareamortizedasinterestexpenseoverthetermoftherelatedindebtedness.Deferredfinancingcostsassociatedwiththerevolvingcreditfacilitiesareincludedinothercurrentandnoncurrentassets

F-11

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

2.SummaryofSignificantAccountingPolicies(Continued)

anddeferredfinancingcostsassociatedwithallotherindebtednessarenettedagainstdebtontheconsolidatedbalancesheets.

FairValueMeasurements

CertainassetsandliabilitiesarecarriedatfairvalueunderU.S.GAAP.Fairvalueisdefinedastheexchangepricethatwouldbereceivedforanassetorpaidtotransferaliability(anexitprice)intheprincipalormostadvantageousmarketfortheassetorliabilityinanorderlytransactionbetweenmarketparticipantsonthemeasurementdate.Valuationtechniquesusedtomeasurefairvaluemustmaximizetheuseofobservableinputsandminimizetheuseofunobservableinputs.Financialassetsandliabilitiescarriedatfairvaluearetobeclassifiedanddisclosedinoneofthefollowingthreelevelsofthefairvaluehierarchy,ofwhichthefirsttwoareconsideredobservableandthelastisconsideredunobservable:

• Level1—Quotedpricesinactivemarketsforidenticalassetsorliabilities.

• Level2—Observableinputs(otherthanLevel1quotedprices),suchasquotedpricesinactivemarketsforsimilarassetsorliabilities,quotedpricesinmarketsthatarenotactiveforidenticalorsimilarassetsorliabilities,orotherinputsthatareobservableorcanbecorroboratedbyobservablemarketdata.

• Level3—Unobservableinputsthataresupportedbylittleornomarketactivityandthataresignificanttodeterminingthefairvalueoftheassetsorliabilities,includingpricingmodels,discountedcashflowmethodologiesandsimilartechniques.

TheCompany'scommonstockwarrantsliabilityanditsforeignexchangederivativeassetsandliabilitiesarecarriedatfairvaluedeterminedaccordingtothefairvaluehierarchydescribedabove(Note11).Thecarryingvalueofaccountsreceivable,accountspayableandaccruedexpensesapproximatesfairvalueduetotheshort-termnatureoftheseassetsandliabilities.AspermittedunderASC820,theCompanyadoptedthefairvaluemeasurementdisclosuresfornonfinancialassetsandliabilities,suchasgoodwillandindefinite-livedintangibleassets.

Insomeinstanceswhereamarketpriceisavailable,buttheinstrumentisinaninactiveorover-the-countermarket,theCompanyconsistentlyappliesthedealer(marketmaker)pricingestimateandusesamidpointapproachonbidandaskpricesfromfinancialinstitutionstodeterminethereasonablenessoftheseestimates.AssetsandliabilitiessubjecttothisfairvaluevaluationapproacharetypicallyclassifiedasLevel2.

PensionandOtherPostretirementBenefitPlans

TheCompanyprovidesU.S.andforeigndefinedbenefitanddefinedcontributionplanstoeligibleemployeesandpostretirementbenefitstocertainretirees,includingpensions,postretirementhealthcarebenefitsandotherpostretirementbenefits.

Planassetsandobligationsaremeasuredusingvariousactuarialassumptions,suchasdiscountrates,rateofcompensationincrease,mortalityrates,turnoverratesandhealthcarecosttrendrates,asdeterminedateachyearendmeasurementdate.Themeasurementofnetperiodicbenefitcostisbasedonvariousactuarialassumptions,includingdiscountrates,expectedreturnonplanassetsandrateofcompensationincrease,whicharedeterminedasoftheprioryearmeasurementdate.Thedeterminationofthediscountrateisgenerallybasedonanindexcreatedfromahypotheticalbondportfolioconsistingofhigh-qualityfixedincomesecuritieswithdurationsthatmatchthetimingof

F-12

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

2.SummaryofSignificantAccountingPolicies(Continued)

expectedbenefitpayments.Theexpectedreturnonplanassetsisdeterminedbasedonseveralfactors,includingadjustedhistoricalreturns,historicalriskpremiumsforvariousassetclassesandtargetassetallocationswithintheportfolio.Adjustmentsmadetothehistoricalreturnsarebasedonrecentreturnexperienceintheequityandfixedincomemarketsandthebeliefthatdeviationsfromhistoricalreturnsarelikelyovertherelevantinvestmenthorizon.Actualcostisalsodependentonvariousotherfactorsrelatedtotheemployeescoveredbytheseplans.Theeffectsofactuarialdeviationsfromassumptionsaregenerallyaccumulatedand,ifoveraspecifiedcorridor,amortizedovertheremainingserviceperiodoftheemployees.Thecostorbenefitofplanchanges,suchasincreasingordecreasingbenefitsforprioremployeeservice(priorservicecost),isdeferredandincludedinexpenseonastraight-linebasisovertheaverageremainingserviceperiodoftherelatedemployees.TheCompany'sactuarialassumptionsarereviewedonanannualbasisandmodifiedwhenappropriate.

IncomeTaxes

TheCompanyaccountsforincometaxesusingtheassetandliabilitymethod,whichrequirestherecognitionofdeferredtaxassetsandliabilitiesfortheexpectedfuturetaxconsequencesoftemporarydifferencesbetweenconsolidatedfinancialstatementcarryingamountandtaxbasisandusingenactedtaxratesexpectedtobeineffectwhenthetemporarydifferencesreverse.Avaluationallowanceisrecordedtoreducedeferredincometaxassetswhenitismore-likely-than-notthatsuchassetswillnotberealized.Potentialforrecoveryofdeferredtaxassetsisevaluatedbyestimatingthefuturetaxableprofitsexpectedandconsideringprudentandfeasibletaxplanningstrategies.

TheCompanyprovidesdeferredincometaxesonundistributedearningsofforeignsubsidiariesthatitdoesnotexpecttopermanentlyreinvest.

TheCompanyrecordsliabilitiesforuncertainincometaxpositionsbasedonthetwostepprocess.Thefirststepisrecognition,whereanindividualtaxpositionisevaluatedastowhetherithasalikelihoodofgreaterthan50%ofbeingsustaineduponexaminationbasedonthetechnicalmeritsoftheposition,includingresolutionofanyrelatedappealsorlitigationprocesses.Fortaxpositionsthatarecurrentlyestimatedtohavealessthan50%likelihoodofbeingsustained,notaxbenefitisrecorded.Fortaxpositionsthathavemettherecognitionthresholdinthefirststep,theCompanyperformsthesecondstepofmeasuringthebenefittoberecorded.Theamountofthebenefitthatmayberecognizedisthelargestamountthathasagreaterthan50%likelihoodofbeingrealizedonultimatesettlement.Theactualbenefitsultimatelyrealizedmaydifferfromtheestimates.Infutureperiods,changesinfacts,circumstances,andnewinformationmayrequiretheCompanytochangetherecognitionandmeasurementestimateswithregardtoindividualtaxpositions.Changesinrecognitionandmeasurementestimatesarerecordedinincometaxexpenseandliabilityintheperiodinwhichsuchchangesoccur.

BeamSuntory,Inc.(formerlyknownasFortuneBrands,Inc.)(Beam)hasindemnifiedcertaintaxobligationsthatrelatetoperiodsduringwhichFortuneBrands,Inc.ownedAcushnetCompany(Note13).Thesetaxobligationsarerecordedinaccruedtaxesandothernoncurrentliabilities,andtherelatedindemnificationreceivableisrecordedinothercurrentandnoncurrentassetsontheconsolidatedbalancesheet.Anychangesinthevalueofthesespecificallyidentifiedtaxobligationsarerecordedinincometaxexpenseandtherelatedchangeintheindemnificationassetisrecordedinother(income)expense,netontheconsolidatedstatementofoperations.

F-13

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

2.SummaryofSignificantAccountingPolicies(Continued)

RevenueRecognition

Revenueisrecognizeduponshipmentoruponreceiptbythecustomerdependingonthecountryofthesaleandtheagreementwiththecustomer,netofanallowancefordiscounts,salesreturns,customersalesincentivesandcooperativeadvertising.Thecriteriaforrecognitionofrevenueismetwhenpersuasiveevidencethatanarrangementexists,bothtitleandriskoflosshavepassedtothecustomer,thepriceisfixedordeterminableandcollectabilityisreasonablyassured.Incircumstanceswhereeithertitleorriskoflosspassuponreceiptbythecustomer,revenueisdeferreduntilsucheventoccursbasedonanestimateoftheshippingtimefromtheCompany'sdistributioncenterstothecustomerusinghistoricalandexpecteddeliverytimesbygeographiclocation.Amountsbilledtocustomersforshippingandhandlingareincludedinnetsales.

CustomerSalesIncentives

TheCompanyofferscustomersalesincentives,includingoff-invoicediscountsandsales-basedrebateprograms,toitscustomerswhichareaccountedforasareductioninsalesatthetimetherevenueisrecognized.Sales-basedrebatesareestimatedusingassumptionsrelatedtothepercentageofcustomerswhowillachievequalifyingpurchasegoalsandthelevelofachievement.Theseassumptionsarebasedonhistoricalexperience,currentyearprogramdesign,currentmarketplaceconditionsandsalesforecasts,includingconsiderationsofproductlifecycles.

CostofGoodsSold

Costofgoodssoldincludesallcoststomakeproductssaleable,suchasinboundfreight,purchasingandreceivingcosts,inspectioncostsandtransfercosts.Inaddition,alldepreciationexpenseassociatedwithassetsusedtomanufactureproductsandmakethemsaleableisincludedincostofgoodssold.

ProductWarranty

TheCompanyhasdefinedwarrantiesrangingfromonetotwoyears.ProductscoveredbythedefinedwarrantypoliciesincludeallTitleistgolfproducts,FootJoygolfshoes,andFootJoygolfouterwear.TheseproductwarrantiesgenerallyobligatetheCompanytopayforthecostofreplacementproducts,includingthecostofshippingreplacementproductstoitscustomers.Theestimatedcostofsatisfyingfuturewarrantyclaimsisaccruedatthetimethesaleisrecorded.Inestimatingfuturewarrantyobligations,theCompanyconsidersvariousfactors,includingitswarrantypoliciesandpractices,thehistoricalfrequencyofclaims,andthecosttoreplaceorrepairproductsunderwarranty.

AdvertisingandPromotion

Advertisingandpromotionalcostsareincludedinselling,generalandadministrativeexpenseontheconsolidatedstatementofoperationsandincludeproductendorsementarrangementswithmembersofthevariousprofessionalgolftours,mediaplacementandproductioncosts(television,printandinternet),toursupportexpensesandpoint-of-salematerials.Advertisingproductioncostsareexpensedasincurred.Mediaplacementcostsareexpensedinthemonththeadvertisingappears.Productendorsementarrangementsareexpensedbaseduponthespecificprovisionsofplayercontracts.Advertisingandpromotionalexpensewas$203.7million,$201.6millionand$203.3millionfortheyearsendedDecember31,2013,2014and2015,respectively.

F-14

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

2.SummaryofSignificantAccountingPolicies(Continued)

Selling

Sellingexpensesincludingfieldsales,salesadministrationandshippingandhandlingcostsareincludedinselling,generalandadministrativeexpenseontheconsolidatedstatementofoperations.Shippingandhandlingcostsincludedinsellingexpenseswere$28.1million,$30.5millionand$32.6millionfortheyearsendedDecember31,2013,2014and2015,respectively.

ResearchandDevelopment

Researchanddevelopmentexpensesincludeproductdevelopment,productimprovement,productengineering,andprocessimprovementcostsandareexpensedasincurred.

ForeignCurrencyTranslationandTransactions

AssetsandliabilitiesdenominatedinforeigncurrencyaretranslatedintoU.S.dollarsattheactualratesofexchangeatthebalancesheetdate.Revenuesandexpensesaretranslatedattheaverageratesofexchangeforthereportingperiod.Therelatedtranslationadjustmentsarerecordedasacomponentofaccumulatedothercomprehensiveincome(loss).Transactionsdenominatedinacurrencyotherthanthefunctionalcurrencyaretranslatedintofunctionalcurrencywithresultingtransactiongainsorlossesrecordedasselling,generalandadministrativeexpenseontheconsolidatedstatementofoperations.

DerivativeFinancialInstruments

Allderivativesarerecognizedaseitherassetsorliabilitiesontheconsolidatedbalancesheetandmeasurementoftheseinstrumentsisatfairvalue.Ifthederivativeisdesignatedasafairvaluehedge,thechangesinthefairvalueofthederivativeandofthehedgeditemattributabletothehedgedriskarerecognizedinearningsinthesameperiod.Ifthederivativeisdesignatedasacashflowhedge,theeffectiveportionsofchangesinthefairvalueofthederivativearerecordedasacomponentofaccumulatedothercomprehensiveincome(loss)andarerecognizedintheconsolidatedstatementofoperationswhenthehedgeditemaffectsearnings.Anyportionofthechangeinfairvaluethatisdeterminedtobeineffectiveisimmediatelyrecognizedinearningsascostofgoodssold.Derivativegainsorlossesincludedinaccumulatedothercomprehensiveincome(loss)arereclassifiedintoearningsatthetimethehedgedtransactionoccurs.

ValuationofCommonStockWarrants

TheCompanyclassifieswarrantstopurchasecommonstockasaliabilityonitsconsolidatedbalancesheetasthewarrantsarefree-standingfinancialinstrumentsthatmayresultintheissuanceofavariablenumberoftheCompany'scommonshares.Thewarrantswereinitiallyrecordedatfairvalueonthedateofgrant,andaresubsequentlyre-measuredtofairvalueateachreportingdate.Thechangeinthefairvalueofthecommonstockwarrantsisrecognizedasacomponentofother(income)expense,netontheconsolidatedstatementofoperations.TheCompanywillcontinuetoadjusttheliabilityuntiltheearlierofexerciseofthewarrantsorexpirationofthewarrantsoccurs.

TheCompanyperformsatwo-stepprocesstodeterminethefairvalueofthewarrantstopurchasecommonstock.ThefirststepistoestimatetheaggregatefairvalueoftheCompany(BusinessEnterpriseValue,orBEV),whichisthenallocatedtoeachelementoftheCompany'scapitalstructureunderthecontingentclaimsmethodology.IndeterminingthefairvalueofitsBEV,theCompanyusesacombinationoftheincomeapproachandthemarketapproachtoestimateitsaggregateBEVateachreportingdate.Theincomeapproachusesadiscountedcashflowanalysis,whichinvolvesapplyingappropriatediscount

F-15

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

2.SummaryofSignificantAccountingPolicies(Continued)

ratestoestimatedfuturecashflowsbasedonforecastsofsales,costsandcapitalrequirements.Themarketapproachemploystheguidelinepubliccompanymethod,whichusesthefairvalueofapeergroupofpublicly-tradedcompanies.Inthesecondstep,theCompany'sestimatedaggregatefairvalueisallocatedtosharesofcommonstock,sharesofredeemableconvertiblepreferredstock,convertiblenotes,bonds,employeestockoptionsandwarrantstopurchasecommonstockusingthecontingentclaimsmethodology.Underthismodel,eachcomponentoftheCompany'scapitalstructureistreatedasacalloptionwithuniqueclaimontheCompany'sassetsasdeterminedbythecharacteristicsofeachsecurity'sclass.Theresultingoptionclaimsarethenvaluedusinganoptionpricingmodel.

TheCompanyhistoricallyhasbeenaprivatecompanyandlackscompany-specifichistoricalandimpliedvolatilityinformationofitsstock.Therefore,itestimatesitsexpectedstockvolatilitybasedonthehistoricalvolatilityofpublicly-tradedpeercompaniesforatermequaltotheremainingcontractualtermofthewarrants.Therisk-freeinterestrateisdeterminedbyreferencetotheU.S.Treasuryyieldcurvefortimeperiodsapproximatelyequaltotheremainingtimetopurchaseforeachofthetranchesofwarrants.

Share-basedCompensation

Share-basedawardsgrantedundertheCompany'sEquityAppreciationRights("EAR")planareaccountedforasliability-classifiedawardsbecauseitisacashsettledplan.TheCompanyelectedtheintrinsicvaluemethodtomeasureitsliability-classifiedawardsandamortizesshare-basedcompensationexpenseforthoseawardsexpectedtovestonastraight-linebasisovertherequisiteserviceperiod.TheCompanyre-measurestheintrinsicvalueoftheawardsattheendofeachreportingperiod.

ComprehensiveIncome(Loss)

Comprehensiveincome(loss)consistsofnetincomeandothercomprehensiveincome(loss).Othercomprehensiveincome(loss)consistsofforeigncurrencytranslationadjustments,unrealizedgainsandlossesfromderivativeinstrumentsdesignatedascashflowhedges,unrealizedgainsandlossesfromavailable-for-salesecuritiesandpensionandotherpostretirementadjustments.

NetIncome(Loss)PerCommonShare

TheCompanyappliesthetwo-classmethodtocalculateitsbasicanddilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.,asitsredeemableconvertiblepreferredsharesareparticipatingsecurities.Thetwo-classmethodisanearningsallocationformulathattreatsaparticipatingsecurityashavingrightstoearningsthatotherwisewouldhavebeenavailabletocommonstockholders.Netincome(loss)percommonshareavailabletoAcushnetHoldingsCorp.isdeterminedbyallocatingundistributedearningsbetweenholdersofcommonsharesandredeemableconvertiblepreferredshares,basedontheparticipationrightsofthepreferredshares.Basicnetincome(loss)pershareattributabletoAcushnetHoldingsCorp.iscomputedbydividingthenetincome(loss)availabletoAcushnetHoldingsCorp.bytheweighted-averagenumberofcommonsharesoutstandingduringtheperiod.Dilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.iscomputedbydividingthenetincome(loss)availabletoAcushnetHoldingsCorp.aftergivingeffecttothedilutedsecuritiesbytheweighted-averagenumberofdilutivesharesoutstandingduringtheperiod.

Dilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.reflectsthepotentialdilutionthatwouldoccurifcommonstockwarrants,convertiblenotes,redeemableconvertiblepreferredstock,stockoptionsoranyotherdilutiveequityinstrumentswereexercisedorconvertedinto

F-16

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

2.SummaryofSignificantAccountingPolicies(Continued)

commonshares.Thecommonstockwarrantsandstockoptionsareincludedaspotentialdilutivesecuritiestotheextenttheyaredilutiveunderthetreasurystockmethodfortheapplicableperiods.Theconvertiblenotesandredeemableconvertiblepreferredstockareincludedaspotentialdilutivesecuritiestotheextenttheyaredilutiveundertheif-convertedmethodfortheapplicableperiods.

UnauditedProFormaFinancialInformation

Intheaccompanyingconsolidatedstatementsofoperations,unauditedproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.fortheyearendedDecember31,2015hasbeenpreparedtogiveeffect,priortoaqualifiedinitialpublicoffering,totheautomaticconversionofalltheoutstandingconvertiblenotesintosharesofcommonstockandtheautomaticconversionofalltheoutstandingsharesofSeriesAredeemableconvertiblepreferredstockintosharesofcommonstockasifthequalifiedinitialpublicofferinghadoccurredonthelaterofJanuary1,2015ortheissuancedate.

RecentlyAdoptedAccountingStandards

Income Taxes: Balance Sheet Classification of Deferred Taxes

InNovember2015,theFinancialAccountingStandardsBoard("FASB")issuedAccountingStandardsUpdate("ASU")2015-17,"Income Taxes: BalanceSheet Classification of Deferred Taxes "whichrequiresdeferredtaxliabilitiesandassetstobeclassifiedasnon-currentinaclassifiedstatementoffinancialposition.TheguidanceiseffectiveforfinancialstatementsissuedforannualperiodsbeginningafterDecember15,2016,includinginterimperiodswithinthosefiscalyears.Earlieradoptionispermittedforallentitiesasofthebeginningofaninterimorannualreportingperiod.Thisamendmentmaybeappliedeitherprospectivelyorretrospectivelytoallperiodspresented.TheCompanyadoptedtheprovisionsofthisstandardin2015andretrospectivelyadjustedthepriorperiods.Theretrospectiveadoptionofthisstandardresultedinthereclassificationof$38.1millionofdeferredincometaxes-currenttodeferredincometaxes-longtermasofDecember31,2014.

Inventory: Simplifying the Measurement of Inventory

InJuly2015,theFASBissuedASU2015-11,"Inventory: Simplifying the Measurement of Inventory ."ASU2015-11changesthemeasurementprincipleforinventoryfromthelowerofcostormarkettothelowerofcostandnetrealizablevalue.ASU2015-11definesnetrealizablevalueastheestimatedsellingpricesintheordinarycourseofbusiness,lessreasonablypredictablecostsofcompletion,disposalandtransportation.ASU2015-11iseffectiveforfiscalyearsbeginningafterDecember15,2016,includinginterimperiodswithinthosefiscalyears.Theamendmentsshouldbeappliedprospectivelywithearlierapplicationpermittedasofthebeginningofaninterimorannualreportingperiod.TheCompanyearlyadoptedtheprovisionsofthisstandardduringtheyearendedDecember31,2015.Theadoptionofthisstandarddidnothaveasignificantimpactontheconsolidatedfinancialstatements.

Interest—Imputation of Interest

InApril2015,theFASBissuedASU2015-03,"Interest—Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs ."ASU2015-03requiresthatdebtissuancecostsrelatedtoarecognizeddebtliabilitybepresentedinthebalancesheetasadirectdeductionfromthecarryingamountofthatdebtliability,consistentwithdebtdiscounts.InAugust2015,theFASBissuedASU2015-15,"Interest—Imputation of Interest ."ASU2015-15addsparagraphsaboutthepresentation

F-17

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

2.SummaryofSignificantAccountingPolicies(Continued)

andsubsequentmeasurementofdebtissuancecostsassociatedwithline-of-creditarrangements.TherecognitionandmeasurementguidancefordebtissuancecostsarenotaffectedbytheamendmentsintheseASUs.ASU2015-03andASU2015-15areeffectiveforfinancialstatementsissuedforfiscalyearsbeginningafterDecember15,2015,includinginterimperiodswithinthosefiscalyears.Earlyadoptionoftheamendmentispermittedforfinancialstatementsthathavenotbeenpreviouslyissued.TheCompanyadoptedtheprovisionsofthisstandardin2015andretrospectivelyadjustedthepriorperiod.Theretrospectiveadoptionofthisstandardresultedinthereclassificationof$5.9millionofdebtissuancecostsfromothernoncurrentassets,ofwhich$0.6millionwasreclassifiedtoshort-termdebtand$5.3millionwasreclassifiedtolong-termdebtandcapitalleaseobligations.

RecentlyIssuedAccountingStandards

Revenue from Contracts with Customers

InMay2016,theFASBissuedASU2016-12,"Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients."ASU2016-12addressesnarrow-scopeimprovementstotheguidanceoncollectability,noncashconsiderationandcompletedcontractsattransitionandprovidesapracticalexpedientforcontractmodificationsandanaccountingpolicyelectionrelatedtothepresentationofsalestaxesandothersimilartaxescollectedfromcustomers.InMarch2016,theFASBissuedASU2016-08,"Revenue from Contracts with Customers: Principal versus Agent Considerations "clarifyingtheimplementationguidanceonprincipalversusagentconsiderations.InAugust2015,theFASBissuedASU2015-14,"Revenue from Contracts with Customers:Deferral of the Effective Date ."deferringtheadoptionofpreviouslyissuedguidancepublishedinMay2014,ASU2014-09,"Revenue from Contracts withCustomers." ASU2014-09amendsrevenuerecognitionguidanceandrequiresmoredetaileddisclosurestoenableusersoffinancialstatementstounderstandthenature,amount,timinganduncertaintyofrevenueandcashflowsarisingfromcontractswithcustomers.ASU2016-08and2015-14areeffectiveforreportingperiodsbeginningafterDecember15,2017,includinginterimperiodswithinthosefiscalyears.Thenewstandardpermitstheuseofeithertheretrospectiveormodifiedretrospectiveapproachonadoption.TheCompanyiscurrentlyevaluatingthisstandardtodeterminetheimpactofitsadoptionontheconsolidatedfinancialstatements.

Compensation—Stock Compensation

InMarch2016,theFASBissuedASU2016-09,"Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting" tosimplifyaccountingforemployeeshare-basedpaymenttransactions,includingtheincometaxconsequences,classificationofawardsaseitherequityorliabilitiesandclassificationonthestatementofcashflows.TheguidanceiseffectiveforfinancialstatementsissuedforannualperiodsbeginningafterDecember15,2016,includinginterimperiodswithinthosefiscalyears.TheCompanyiscurrentlyevaluatingthisstandardtodeterminetheimpactofitsadoptionontheconsolidatedfinancialstatements.

Leases

InFebruary2016,theFASBissuedASU2016-02,"Leases",whichwillrequirelesseestorecognizeright-of-useassetsandleaseliabilitiesforleaseswhichwereformerlyclassifiedasoperatingleases.TheguidanceiseffectiveforfinancialstatementsissuedforannualperiodsbeginningafterDecember15,2018,includinginterimperiodswithinthosefiscalyears.TheCompanyiscurrentlyevaluatingthisstandardtodeterminetheimpactofitsadoptionontheconsolidatedfinancialstatements.

F-18

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

2.SummaryofSignificantAccountingPolicies(Continued)

Fair Value Measurement

InMay2015,theFASBissuedASU2015-07,"Fair Value Measurement: Disclosures for Investments in Certain Entities that Calculate Net Asset Value perShare (or Its Equivalent) ."UnderASU2015-07investmentsforwhichfairvalueismeasuredatnetassetvaluepershare(oritsequivalent)usingthepracticalexpedientshouldnotbecategorizedinthefairvaluehierarchy.ASU2015-07iseffectiveforfiscalyearsbeginningafterDecember15,2015,includinginterimperiodswithinthosefiscalyears.TheCompanyiscurrentlyevaluatingthisstandardtodeterminetheimpactofitsadoptionontheconsolidatedfinancialstatements.

Intangibles—Goodwill and Other—Internal-Use Software

InApril2015,theFASBissuedASU2015-05,"Intangibles—Goodwill and Other—Internal-Use Software: Customer's Accounting for Fees Paid in a CloudComputing Arrangement ."ASU2015-05providesguidancetocustomersaboutwhetheracloudcomputingarrangementincludesasoftwarelicense.Ifacloudcomputingarrangementincludesasoftwarelicense,thenthecustomershouldaccountforthesoftwarelicenseelementofthearrangementconsistentwiththeacquisitionofothersoftwarelicenses.Ifacloudcomputingarrangementdoesnotincludeasoftwarelicense,thecustomershouldaccountforthearrangementasaservicecontract.ASU2015-05willbeeffectiveforannualperiodsbeginningafterDecember15,2015,includinginterimperiodswithinthosefiscalyears.Theadoptionofthisstandardisnotexpectedtohaveasignificantimpactontheconsolidatedfinancialstatements.

Consolidation: Amendments to the Consolidation Analysis

InFebruary2015,theFASBissuedASU2015-02,"Consolidation: Amendments to Consolidation Analysis ."ASU2015-02placesmoreemphasisonriskoflosswhendeterminingcontrollinginterest,reducesthefrequencyoftheapplicationofrelated-partyguidancewhendeterminingcontrollingfinancialinterestinaVIEandchangesconsolidationconclusionsforcompaniesinseveralindustries.ASU2015-02iseffectiveforreportingperiodsbeginningafterDecember15,2015,withearlyadoptionpermitted.TheCompanyiscurrentlyevaluatingthisstandardtodeterminetheimpactofitsadoptionontheconsolidatedfinancialstatements.

Presentation of Financial Statements—Going Concern

InAugust2014,theFASBissuedASU2014-15,"Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity'sAbility to Continue as a Going Concern. "ASU2014-15requiresmanagementtoevaluatewhetherthereissubstantialdoubtaboutacompany'sabilitytocontinueasagoingconcernwithinoneyearfromthedatethefinancialstatementsareissuedandtoproviderelatedfootnotedisclosuresasappropriate.ASU2014-15iseffectiveforannualperiodsendingafterDecember15,2016,andinterimperiodswithinannualperiodsbeginningafterDecember15,2016.Earlyapplicationispermittedforannualorinterimreportingperiodsforwhichthefinancialstatementshavenotpreviouslybeenissued.Theadoptionofthisstandardisnotexpectedtohaveasignificantimpactontheconsolidatedfinancialstatements.

F-19

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

3.AllowanceforDoubtfulAccounts

Thechangetotheallowancefordoubtfulaccountswasasfollows:

4.Inventories

Thecomponentsofinventorieswereasfollows:

Thechangetotheinventoryreservewasasfollows:

5.Property,PlantandEquipment,Net

Thecomponentsofproperty,plantandequipment,netwereasfollows:

F-20

YearendedDecember31, (inthousands) 2013 2014 2015 Balanceatbeginningofyear $ 9,712 $ 8,876 $ 8,528Baddebtexpense 5,558 2,545 4,771Amountofreceivableswrittenoff (6,190) (2,485) (634)Foreigncurrencytranslation (204) (408) (302)Balanceatendofyear $ 8,876 $ 8,528 $ 12,363

December31, (inthousands) 2014 2015 Rawmaterialsandsupplies $ 54,591 $ 63,119Work-in-process 16,601 18,210Finishedgoods 219,949 245,030Inventories $ 291,141 $ 326,359

YearendedDecember31, (inthousands) 2013 2014 2015 Balanceatbeginningofyear $ (12,332) $ (9,038) $ (8,291)Chargedtocostsandexpenses (3,497) (6,718) (5,269)Deductionsfromreserves 6,665 7,121 2,753Foreigncurrencytranslation 126 344 387Balanceatendofyear $ (9,038) $ (8,291) $ (10,420)

December31, (inthousands) 2014 2015 Land $ 15,293 $ 14,804Buildingsandimprovements 131,215 131,231Machineryandequipment 133,060 140,042Furniture,computersandequipment 20,380 24,489Computersoftware 10,478 51,042Constructioninprogress 52,963 17,554Property,plantandequipment,gross 363,389 379,162

Accumulateddepreciation (96,797) (124,268)Property,plantandequipment,net $ 266,592 $ 254,894

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

5.Property,PlantandEquipment,Net(Continued)

DuringtheyearsendedDecember31,2013,2014and2015,softwaredevelopmentcostsof$12.8million,$9.4millionand$43.0millionwerecapitalized,consistingofsoftwareplacedintoserviceof$1.3million,$0.8millionand$40.6millionandamountsrecordedinconstructioninprogressof$11.5million,$8.6millionand$2.4million,respectively.Amortizationexpensewas$2.1million,$2.8millionand$5.5millionfortheyearsendedDecember31,2013,2014and2015,respectively.

TheCompanycapitalizesthecostofinterestforlong-termproperty,plantandequipmentprojectsbasedontheCompany'sweightedaverageborrowingratesinplacewhiletheprojectsareinprogress.Capitalizedinterestwas$0.5millionand$0.8millionfortheyearsendedDecember31,2013and2014,respectively.TheCompanydidnotcapitalizeinterestfortheyearendedDecember31,2015.

Totaldepreciationandamortizationexpenserelatedtoproperty,plantandequipmentwas$30.5million,$33.2millionand$32.5millionfortheyearsendedDecember31,2013,2014and2015,respectively.

6.GoodwillandIdentifiableIntangibleAssets,Net

Thechangeinthenetcarryingvalueofgoodwillwasasfollows:

GoodwillallocatedtotheCompany'sreportablesegmentsandchangesinthecarryingamountofgoodwillwereasfollows:

Thechangeinthenetcarryingvaluebyclassofidentifiableintangibleassetswasasfollows:

F-21

December31, (inthousands) 2014 2015 Balancesatbeginningofyear $ 194,063 $ 187,580Foreigncurrencytranslation (6,483) (6,401)Balancesatendofyear $ 187,580 $ 181,179

(inthousands) TitleistGolfBalls

TitleistGolfClubs

TitleistGolfGear

FootJoyGolfWear Other Total

BalancesatDecember31,2013 $ 113,647 $ 56,340 $ 13,656 $ 1,693 $ 8,727 $ 194,063Foreigncurrencytranslation (3,726) (2,021) (488) 67 (315) (6,483)BalancesatDecember31,2014 109,921 54,319 13,168 1,760 8,412 187,580Foreigncurrencytranslation (3,360) (2,566) (619) 543 (399) (6,401)BalancesatDecember31,2015 $ 106,561 $ 51,753 $ 12,549 $ 2,303 $ 8,013 $ 181,179

December31,2014 December31,2015

WeightedAverageUseful

Life(Years)

(inthousands) Gross AccumulatedAmortization

NetBookValue Gross

AccumulatedAmortization

NetBookValue

Indefinite-lived: Trademarks N/A $ 428,100 $ — $ 428,100 $ 428,100 $ — $ 428,100

Amortizing: CompletedTechnology 13 73,900 (18,895) 55,005 73,900 (24,426) 49,474CustomerRelationships 20 19,926 (3,404) 16,522 19,253 (4,252) 15,001LicensingFeesandOther 7 32,717 (22,932) 9,785 32,352 (25,433) 6,919

Totalintangibleassets $ 554,643 $ (45,231) $ 509,412 $ 553,605 $ (54,111) $ 499,494

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

6.GoodwillandIdentifiableIntangibleAssets,Net(Continued)

DuringtheyearsendedDecember31,2013and2015,noimpairmentchargeswererecordedtogoodwillorindefinite-livedintangibleassets.DuringtheyearendedDecember31,2014,theCompanyrecordedanimpairmentchargeof$0.8millionrelatedtoitsPinnacletrademarks.TheCompanydidnotrecordanimpairmentchargetogoodwillduringtheyearendedDecember31,2014.

Amortizationexpensewas$9.4million,$9.4millionand$9.3millionfortheyearsendedDecember31,2013,2014and2015,respectively,ofwhich$2.7millionassociatedwithcertainlicensingfeeswasincludedincostofgoodssoldineachyear.

AmortizationexpenserelatedtointangibleassetsasofDecember31,2015foreachofthenextfivefiscalyearsandbeyondisexpectedtobeasfollows:

7.ProductWarranty

Theactivityrelatedtothewarrantyobligationwasasfollows:

8.RelatedPartyTransactions

TheCompanyhashistoricallyincurredinterestexpensepayabletorelatedpartiesonitsoutstandingconvertiblenotesandbondswithcommonstockwarrants(Note9).Relatedpartyinterestexpensetotaled$40.3million,$38.0millionand$35.4millionfortheyearsendedDecember31,2013,2014and2015,respectively.

F-22

(inthousands) YearendingDecember31, 2016 $ 9,3212017 9,2202018 7,8572019 6,2482020 5,905Thereafter 32,843Total $ 71,394

YearendedDecember31, (inthousands) 2013 2014 2015 Balanceatbeginningofyear $ 2,953 $ 2,924 $ 2,989Provision 4,432 4,959 5,399Claimspaid/costsincurred (4,505) (4,700) (4,929)Foreigncurrencytranslation 44 (194) (114)Balanceatendofyear $ 2,924 $ 2,989 $ 3,345

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

9.DebtandFinancingArrangements

TheCompany'sdebtandcapitalleaseobligationswereasfollows:

Thesecuredfloatingratenotesarenetofdebtissuancecostsof$5.4millionand$2.2millionasofDecember31,2014and2015,respectively.Theseniortermloanfacilityisnetofdebtissuancecostsof$0.5millionand$0.2millionasofDecember31,2014and2015,respectively.

ConvertibleNotes

In2011and2012,theCompanyissuedconvertiblenoteswithanaggregateprincipalamountof$362.5milliontoshareholders.Theconvertiblenotesbearinterestatarateof7.5%perannum,whichispayableincashsemi-annuallyinarrearsonFebruary1andAugust1.ThenotesmatureupontheearlierofJuly29,2021ortheelectionoftheholderuponachangeincontrol,asdefinedinthesecuritiespurchaseagreementsgoverningthenotes.Amountsdueundertheconvertiblenotescanonlyberepaiduponmaturityoruponachangeincontrol.

OnMarch11,2013,theCompanyreceivedapprovalfromtheholdersoftheconvertiblenotestodeferanyinterestpaymentsdueafterAugust1,2013andpriortoFebruary1,2016pursuanttothecovenantsimposedbythesecuredfloatingratenotesandtheseniorrevolvingandtermloanfacilities.

ThenotesareconvertibleattheoptionoftheholderatanytimepriortomaturityintoanumberofsharesoftheCompany'scommonstockdeterminedbydividingtheaggregateoutstandingunpaidprincipalamountofthenotebytheconversionpriceof$100pershare.Theconversionpriceissubjecttoadjustmentifadditionalsharesofcommonstockaresoldsubsequenttotheissuanceoftheconvertiblenotesatapricepercommonsharethatislowerthan$100pershareoruponasubdivisionoftheoutstandingsharesoftheCompany'scommonstock.Transferofthenotestoanyparty,includinganaffiliateofthenoteholder,requirespriorwrittenconsentoftheothernoteholdersandFilaKoreaLtd.

TheCompanyrecordedinterestexpenserelatedtotheconvertiblenotesof$27.2millionduringeachoftheyearsendedDecember31,2013,2014and2015.

F-23

December31, (inthousands) 2014 2015 Securedfloatingratenotes $ 419,583 $ 372,804Convertiblenotes 362,490 362,490Bondswithcommonstockwarrants 60,901 30,540Seniortermloanfacility 29,490 29,836Revolvingcreditfacility 5,000 24,000Othershort-termborrowings 26,799 15,064Capitalleaseobligations 1,078 1,481Total 905,341 836,215Less:Short-termdebt 81,162 441,704Totallong-termdebtandcapitalleaseobligations $ 824,179 $ 394,511

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

9.DebtandFinancingArrangements(Continued)

BondswithCommonStockWarrants

In2011and2012,theCompanyissuedbondswithanaggregateprincipalamountof$172.5milliontoshareholders.Thebondsbearinterestatarateof7.5%perannum,whichispayableincashsemi-annuallyinarrearsonFebruary1andAugust1.ThebondsmatureupontheearlierofJuly29,2021ortheelectionoftheholderuponachangeofcontrol,asdefinedinthesecuritiespurchaseagreementgoverningthebonds.Amountsdueunderthebondscanonlyberepaiduponmaturity,achangeofcontrol,aholderelectingtoexercisecommonstockwarrantsbynetsettlingtheirbondsoranexerciseofcommonstockwarrantsbyFilaKoreaLtd.

Inconnectionwiththeissuanceofthesebonds,theCompanyissuedcommonstockwarrantsforthepurchaseof1,725,159sharesoftheCompany'scommonstock,atanexercisepriceof$100pershare.Theexercisepriceissubjecttoadjustmentifadditionalsharesofcommonstockaresoldsubsequenttotheissuanceofthebondsatapricepercommonsharethatislowerthan$100pershareoruponasubdivisionoftheoutstandingsharesoftheCompany'scommonstock.Thecommonstockwarrantexercisepricecanbesettledwithcashorthroughtenderofanaggregateoutstandingprincipalamountofthebondsandaccruedbutunpaidinterestequaltotheexercisepriceofthecommonstockwarrants.

Adiscountof$19.9millionrelatingtotheissuance-datefairvalueofthecommonstockwarrantswasrecordedontheissuancedateofthebondsandisbeingaccretedtointerestexpenseuntilthematuritydateofthebonds.Theunamortizeddiscountwas$8.1millionand$4.0millionasofDecember31,2014and2015,respectively.

OnMarch11,2013,theCompanyreceivedapprovalfromtheholdersofthebondstodeferanyinterestpaymentsdueafterAugust1,2013andpriortoFebruary1,2016pursuanttothecovenantsimposedbythesecuredfloatingratenotesandtheseniorrevolvingandtermloanfacilities.

ThecommonstockwarrantsaredetachableandtransferrablebytheholdersonlytoFilaKoreaLtd.oritsdesigneeatapriceequaltotheinterestaccruedontheunderlyingbondsattherateof4.0%perannumcalculatedonanannualcompoundedbasis.FilaKoreaLtd.hasacalloptiontopurchasealloftheoutstandingcommonstockwarrantsheldbyholdersofthebondsinannualinstallmentsof345,032commonstockwarrantsoverafive-yearperiodbeginningJuly29,2012.FilaKoreaLtd.mustexercisethecommonstockwarrantswithin10daysofexercisingthecalloption.TheexerciseofthecommonstockwarrantsbyFilaKoreaLtd.triggerstheCompanytoredeemaproratashareofthebondspayablebyusingtheproceedsreceivedfromtheexerciseofthecommonstockwarrantsbyFilaKoreaLtd.

InJuly2013,2014and2015,FilaKorea,Ltd.exerciseditsannualcalloptiontopurchase345,032commonstockwarrantsheldbytheholdersofthebondsandexercisedsuchwarrantsattheexercisepriceof$100pershare.ThisresultedinproceedstotheCompanyof$34.5millionduringeachoftheyearsendedDecember31,2013,2014and2015.TheCompanyusedtheseproceedstorepayoutstandingindebtednessunderthebondsof$34.5millionduringeachoftheyearsendedDecember31,2013,2014and2015.

TheCompanyrecordedinterestexpenserelatedtothebonds,includingtheamortizationofthediscount,of$13.1million,$10.8millionand$8.2millionduringtheyearsendedDecember31,2013,2014and2015,respectively.

F-24

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

9.DebtandFinancingArrangements(Continued)

SecuredFloatingRateNotes

InOctober2011,theCompanyenteredintoanagreementwithKoreaDevelopmentBanktoissuesecuredfloatingratenotesinanaggregateprincipalamountof$500.0million,whichmatureonJuly29,2016.Thenotesbearinterestatarateequaltothree-monthLIBORplusamarginof3.75%,whichisrequiredtobepaidquarterlyinarrearsonJanuary31,April30,July31andOctober31.ThenoteswereissuedinseparateclasseswithmaturitydatesrangingfromOctober2013toJuly2016.PursuanttoanamendedandrestatedpledgeandsecurityagreementdatedOctober31,2011,thesecuredfloatingratenotesaresecuredbycertainassets,includinginventory,accountsreceivable,fixedassetsandintangibleassetsoftheCompany,andasecondprioritysecurityinterestinthesharesofcertainFilaKoreaLtd.entities,trademarksandbankaccounts.

InOctober2013,theCompanyenteredintoanagreementwithKoreaDevelopmentBanktoissuesecuredfloatingratenotesinanaggregateprincipalamountof$125.0million,whichmatureonJuly29,2016.Proceedsfromtheissuanceofthenoteswereused,alongwithexistingcashonhand,torepay$150.0millionofthesecuredfloatingratenotesissuedinOctober2011.Thenotesbearinterestatarateequaltothree-monthLIBORplusamarginof3.75%,whichisrequiredtobepaidquarterlyinarrearsonJanuary31,April30,July31andOctober31.PursuanttoanamendedandrestatedpledgeandsecurityagreementdatedOctober31,2013,thesecuredfloatingratenotesaresecuredbycertainassets,includinginventory,accountsreceivable,fixedassetsandintangibleassetsoftheCompany,andasecondprioritysecurityinterestinthesharesofcertainFilaKoreaLtd.entities,trademarksandbankaccounts.

Thesecuredfloatingratenotesagreementscontaincustomarynegativecovenants,subjecttocertainexceptions,includinglimitationson:liens;financialindebtedness;mergers,acquisitionsandjointventures;assetsales,dividendsanddistributionsandrepurchaseoftheCompany'scapitalsecurities;transactionswithaffiliates;andchangesintheCompany'slinesofbusiness.Theagreementalsocontainsasubjectiveaccelerationclause.ThesecuredfloatingratenotesagreementsrequiretheCompanytocomplyonanannualbasiswithaconsolidatedleverageratio.Inaddition,thesecuredfloatingratenotesagreementscontaincertaincustomaryeventsofdefault.AsofDecember31,2015,theCompanywasincompliancewithallcovenants.

TheCompanyincurred$13.2millionofissuancecostsinconnectionwiththeoriginalissuanceof$500.0millionsecuredfloatingratenotes.Inaddition,theCompanyincurred$3.3millionofissuancecostsinconnectionwiththeissuanceof$125.0millionsecuredfloatingratenotesduringtheyearendedDecember31,2013.Ofthe$3.3million,$1.0millionwasimmediatelyrecordedasinterestexpenseand$2.3millionwascapitalizedasdebtissuancecosts.

Therewereoutstandingborrowingsunderthesecuredfloatingratenotesof$425.0millionand$375.0millionasofDecember31,2014and2015,respectively.AsofDecember31,2014and2015,theinterestrateapplicabletotheoutstandingborrowingsunderthesecuredfloatingratenoteswas3.98%and4.07%,respectively.TheCompanyrecordedinterestexpenserelatedtothesecuredfloatingratenotes,includingtheamortizationofdebtissuancecosts,of$25.1million,$22.4millionand$20.8millionduringtheyearsendedDecember31,2013,2014and2015,respectively.

SeniorRevolvingandTermLoanFacilities

InJuly2011,theCompanyenteredintoaseniorrevolvingfacilityagreementwithKoreaDevelopmentBank("SeniorFacilityAgreement"),whichprovidedforborrowingsunderarevolving

F-25

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

9.DebtandFinancingArrangements(Continued)

creditfacilityofupto$50.0milliontobeusedforgeneralcorporatepurposes("SeniorRevolvingFacility").TheapplicableinterestrateforborrowingsundertheSeniorRevolvingFacilityisLIBORplusamarginof3.25%.TheSeniorFacilityAgreementrequiresacommitmentfeeof0.3%basedontheaveragedailyunusedportionofthefacility.OnFebruary12,2014,theCompanyamendeditsSeniorFacilityAgreementandsimultaneouslyexecutedajoinderagreementwithWellsFargoN.A.toincreasetheborrowingcapacityundertheSeniorRevolvingFacilityto$75.0million.

OnDecember24,2014,theCompanyfurtheramendedtheSeniorFacilityAgreementtoincreasetheborrowingcapacityundertheSeniorRevolvingFacilityto$95.0million,whichmaturesonJuly29,2016.ThisamendmentalsoprovidedforborrowingsunderanewseniortermloanagreementwithKoreaDevelopmentBankof$30.0million("SeniorTermLoan"),whichmaturesonJuly29,2016.TheapplicableinterestrateforborrowingsundertheSeniorTermLoanisthree-monthLIBORplusamarginof2.63%,andisincreasedforanyrequiredwithholdingtaxes.TheSeniorFacilityAgreementrequiresacommitmentfeeof0.3%basedontheaveragedailyunusedportionofthetermloan.Uponentryintotheamendment,theCompanyimmediatelyborrowedtheentire$30.0millionundertheSeniorTermLoan.

CollateralizationofborrowingsundertheSeniorFacilityAgreementisgovernedbythetermsofanamendedandrestatedpledgeandsecurityagreement.Pursuanttotheagreement,borrowingsundertheSeniorFacilityAgreementaresecuredbycertainassets,includinginventory,accountsreceivable,fixedassetsandintangibleassetsoftheCompany,andbyasecondprioritysecurityinterestinthesharesofcertainFilaKoreaLtd.entities,trademarksandbankaccounts.

TheSeniorFacilityAgreementcontainscustomarynegativecovenants,subjecttocertainexceptions,includinglimitationson:liens;financialindebtedness;mergers,acquisitionsandjointventures;assetsales,dividendsanddistributionsandrepurchaseoftheCompany'scapitalsecurities;transactionswithaffiliates;andchangesintheCompany'slinesofbusiness.Theagreementalsocontainsasubjectiveaccelerationclause.TheSeniorFacilityAgreementrequirestheCompanytocomplyonanannualbasiswithaconsolidatedleverageratio,asdefinedintheagreement.Inaddition,theSeniorFacilityAgreementcontainscertaincustomaryeventsofdefault.AsofDecember31,2015,theCompanywasincompliancewithallcovenants.

TherewerenooutstandingborrowingsundertheSeniorRevolvingFacilityasofDecember31,2014and2015.TheCompanyrecordedinterestexpenserelatedtotheSeniorRevolvingFacility,includingunusedcommitmentfees,of$0.9million,$0.9millionand$0.8millionduringtheyearsendedDecember31,2013,2014and2015,respectively.

TherewereoutstandingborrowingsundertheSeniorTermLoanof$30.0millionasofDecember31,2014and2015.AsofDecember31,2014and2015,theinterestrateapplicabletotheoutstandingborrowingsundertheSeniorTermLoanfacilitywas3.24%and3.26%,respectively.TheCompanyrecordedinterestexpenserelatedtotheSeniorTermLoanof$1.3millionduringtheyearendedDecember31,2015.

RevolvingCreditFacility

InFebruary2012,theCompanyenteredintoarevolvingcreditfacilityagreementwithKoreaDevelopmentBank,which,asamended,providedforworkingcapitalborrowingcapacityinanamountupto$50.0million,subjecttocertainlimitations.AsofDecember31,2014and2015,$30.0millionhadbeenmadeavailabletotheCompany.TherevolvingcreditfacilitymaturedonFebruary6,2016.The

F-26

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

9.DebtandFinancingArrangements(Continued)

applicableinterestrateforborrowingsunderthefacilityisLIBORplusamarginof2.9%.Inaddition,acommitmentfeeof0.6%ontheaveragedailyunusedportionofthefacilityispayableinarrearsontheJanuary1,April1,July1andOctober1.

TherevolvingcreditfacilityissecuredbytheCompany'sintra-groupintellectualpropertylicenseagreementsandrelateddepositaccount.TherevolvingcreditfacilityagreementrequirestheCompanytocomplywithcertainfinancialcovenantsandcontainscustomarynegativecovenants,subjecttocertainexceptions,includinglimitationson:liens;financialindebtedness;mergers,acquisitionsandjointventures;assetsales,dividends,distributionsandrepurchaseoftheCompany'scapitalsecurities;transactionswithaffiliates;andchangesintheCompany'slinesofbusiness.Inaddition,therevolvingcreditfacilityagreementcontainscertaincustomaryeventsofdefault.AsofDecember31,2015,theCompanywasincompliancewithallcovenants.

Therewereoutstandingborrowingsundertherevolvingcreditfacilityof$5.0millionand$24.0millionasofDecember31,2014and2015,respectively.TheCompany'sadditionalborrowingcapacityundertherevolvingcreditfacilitywas$25.0millionand$6.0millionasofDecember31,2014and2015,respectively.AsofDecember31,2014and2015,theweightedaverageinterestrateapplicabletotheoutstandingborrowingsundertherevolvingcreditfacilitywas3.07%and3.27%,respectively.TheCompanyrecordedinterestexpenserelatedtotherevolvingcreditfacility,includingunusedcommitmentfees,of$0.5million,$0.9millionand$0.6millionduringtheyearsendedDecember31,2013,2014and2015,respectively.

WorkingCreditFacility(Canada)

InFebruary2013,theCompanyenteredintoaworkingcreditfacilityagreementarrangedbyWellsFargoN.A.,CanadianBranch,whichprovidesforborrowingsofuptothelesserof(a)C$25millionor(b)thesumof80%ofeligibleaccountsreceivableand60%ofeligibleinventory.Theworkingcreditfacility,asamended,maturedonFebruary1,2016.TheapplicableinterestrateforborrowingsunderthefacilityforCanadiandollarborrowingsisCDORplusamarginof2.0%orCanadianPrimeRateandforU.S.dollarborrowingsisLIBORplusamarginof2.0%orU.S.PrimeRate.Thefacilityrequiresacommitmentfeeequalto0.25%oftheuncancelledandunutilizedportionofthefacilityasoftheprecedingfiscalquarter.

Theworkingcreditfacilityissecuredbytheaccountsreceivable,inventoryandcashcollectionsofAcushnetCanada,awhollyownedsubsidiaryoftheCompany.TheworkingcreditfacilityagreementrequirestheCompanytocomplywithcertainfinancialcovenantsandcontainscustomarynegativecovenants,subjecttocertainexceptions,includinglimitationsandrestrictionsondispositions,liens,dividends,debt,mergers,transactionswithaffiliatesandchangesintheCompany'slinesofbusiness.Inaddition,theworkingcreditfacilityagreementcontainscertaincustomaryeventsofdefault.AsofDecember31,2015,theCompanywasincompliancewithallcovenants.

TherewerenooutstandingborrowingsasofDecember31,2014and2015.TheCompanyrecordedinterestexpenserelatedtotheworkingcreditfacility(Canada),includingunusedcommitmentfees,of$0.3millionforeachoftheyearsendedDecember31,2013,2014and2015,respectively.

WorkingCreditFacility(Europe)

InApril2012,theCompanyenteredintoaworkingcreditfacilityagreementarrangedbyWellsFargoCapitalFinance(UK)Limited,whichprovidesforborrowingsofuptothelesserof

F-27

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

9.DebtandFinancingArrangements(Continued)

(a)£30.0millionor(b)thesumof85%ofeligibleaccountsreceivableand65%ofeligibleinventory,ofwhich£5.0millioncanbeusedforlettersofcredit.TheworkingcreditfacilitymaturesonApril4,2017.TheapplicableinterestrateforborrowingsunderthefacilityisLIBORplusamarginof3.0%.Thefacilityincludesacommitmentfeeof0.375%ontheaveragedailyunusedportionofthefacility.Theworkingcreditfacilityissecuredbytheaccountsreceivable,inventoryandcashcollectionsofAcushnetEuropeLimited,awhollyownedsubsidiaryoftheCompany.

TheworkingcreditfacilityagreementrequirestheCompanytocomplywithcertainfinancialcovenantsandcontainscustomarynegativecovenants,subjecttocertainexceptions,includinglimitationson:liens;financialindebtedness;mergersandacquisitions;assetsales,dividendsanddistributions:transactionswithaffiliates;andchangesintheCompany'slinesofbusiness.Inaddition,theworkingcreditfacilityagreementcontainscertaincustomaryeventsofdefault.AsofDecember31,2015,theCompanywasincompliancewithallcovenants.

TherewerenooutstandingborrowingsasofDecember31,2014and2015.TheCompanyrecordedinterestexpenserelatedtotheworkingcreditfacility(Europe),includingunusedcommitmentfees,of$0.8million,$0.7millionand$0.6millionduringtheyearsendedDecember31,2013,2014and2015,respectively.

LettersofCredit

AsofDecember31,2014and2015,therewereoutstandinglettersofcredittotaling$14.1millionand$14.4million,respectively,ofwhich$5.1millionand$4.0millionwassecured,respectively,relatedtoagreementswhichprovidedamaximumcommitmentforlettersofcreditof$24.2million.

AvailableBorrowings

AsofDecember31,2015,theCompanyhadavailableborrowingsunderitsrevolvingcreditfacilities,includingtherevolvingcreditfacility,SeniorRevolvingFacilityandCanadianandEuropeanworkingcreditfacilities,of$207.5million.

PaymentsofDebtObligationsduebyPeriod

AsofDecember31,2015,principalpaymentsonoutstandinglong-termdebtobligationswereasfollows:

F-28

(inthousands) YearendingDecember31, 2016 $ 444,0642017 —2018 —2019 —2020 —Thereafter 393,030Total $ 837,094

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

10.DerivativeFinancialInstruments

CommonStockWarrants

OnJuly29,2011,theCompanyissuedbondsintheaggregateprincipalamountof$168.0millionandcommonstockwarrantstopurchaseanaggregateof1,680,000sharesoftheCompany'scommonstock(Note9).OnJanuary20,2012,theCompanyissued$4.5millionofadditionalbondsandcommonstockwarrantstopurchase45,159sharesoftheCompany'scommonstock(Note9).

InJuly2013,FilaKoreaLtd.exerciseditscalloptiontopurchasethesecondannualinstallmentof345,032commonstockwarrantsheldbytheholdersofthebonds.OnAugust7,2013,FilaKoreaLtd.convertedthewarrantsintocommonstockattheconversionpriceof$100pershare,or$34.5millionintheaggregate.TheCompanyusedtheproceedsreceivedfromFilaKoreaLtd.'sexerciseofcommonstockwarrantstoredeemaproratashareoftheoutstandingbondspayable.

InJuly2014,FilaKoreaLtd.exerciseditscalloptiontopurchasethethirdannualinstallmentof345,032commonstockwarrantsheldbytheholdersofthebonds.OnJuly29,2014,FilaKoreaLtd.convertedthewarrantsintocommonstockattheconversionpriceof$100pershare,or$34.5millionintheaggregate.TheCompanyusedtheproceedsreceivedfromFilaKoreaLtd.'sexerciseofcommonstockwarrantstoredeemaproratashareoftheoutstandingbondspayable.

InJuly2015,FilaKoreaLtd.exerciseditscalloptiontopurchasethefourthannualinstallmentof345,032commonstockwarrantsheldbytheholdersofthebonds.OnJuly28,2015,FilaKoreaLtd.convertedthewarrantsintocommonstockattheconversionpriceof$100pershare,or$34.5millionintheaggregate.TheCompanyusedtheproceedsreceivedfromFilaKoreaLtd.'sexerciseofcommonstockwarrantstoredeemaproratashareoftheoutstandingbondspayable.AsofDecember31,2015,345,032commonstockwarrantswithanexercisepriceof$100persharewereoutstandingandareexercisable.

Thecommonstockwarrantsarerecordedatfairvalue(Note11)andincludedinaccruedexpensesandotherliabilitiesontheconsolidatedbalancesheet.Changesinthefairvalueofthecommonstockwarrantsarerecognizedasother(income)expense,netontheconsolidatedstatementofoperations.

ForeignExchangeDerivativeInstruments

TheCompanyprincipallyusesfinancialinstrumentstoreducetheimpactofchangesinforeigncurrencyexchangerates.TheprincipalderivativefinancialinstrumentstheCompanyentersintoonaroutinebasisareforeignexchangeforwardcontracts.TheCompanydoesnotenterintoforeignexchangeforwardcontractsfortradingorspeculativepurposes.

Foreignexchangecontractsareprimarilyusedtohedgepurchasesdenominatedinselectforeigncurrencies,therebylimitingcurrencyriskthatwouldotherwiseresultfromchangesinexchangerates.Theperiodsoftheforeignexchangecontractscorrespondtotheperiodsoftheforecastedtransactions,whichdonotexceed24monthssubsequenttothelatestbalancesheetdate.Theeffectiveportionsofcashflowhedgesarereportedinaccumulatedothercomprehensiveincome(loss)andrecognizedintheconsolidatedstatementofoperationswhenthehedgeditemaffectsearnings.Changesinfairvalueofalleconomichedgetransactionsareimmediatelyrecognizedincurrentperiodearnings.TheprimaryforeigncurrencyhedgecontractspertaintotheU.S.dollar,theJapaneseyen,theBritishpoundsterling,theCanadiandollar,theKoreanwonandtheEuro.ThegrossU.S.dollarequivalentnotionalamountofallforeigncurrencyderivativehedgesoutstandingasofDecember31,2015was$378.8million.

F-29

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

10.DerivativeFinancialInstruments(Continued)

Thecounterpartiestoderivativecontractsaremajorfinancialinstitutions.TheCompanyassessescreditriskofthecounterpartiesonanongoingbasis.

Thefairvaluesofforeignexchangederivativeinstrumentsontheconsolidatedbalancesheetswereasfollows:

Theeffectofforeignexchangederivativeinstrumentsonaccumulatedothercomprehensiveincome(loss)andtheconsolidatedstatementsofoperationswasasfollows:

Basedonthecurrentvaluation,theCompanyexpectstoreclassifynetgainsof$12.3millionfromaccumulatedothercomprehensiveincome(loss)intocostofgoodssoldduringthenext12months.

F-30

December31, (inthousands) BalanceSheetLocation 2014 2015 Assetderivatives Othercurrentassets $ 22,057 $ 13,824

Othernoncurrentassets 3,389 790Liabilityderivatives Othercurrentliabilities 365 1,265

Othernoncurrentliabilities 14 331

Gain(Loss)RecognizedinOCI YearendedDecember31, (inthousands) 2013 2014 2015 Typeofhedge Cashflow $ 13,439 $ 20,619 $ 14,964

$ 13,439 $ 20,619 $ 14,964

Gain(Loss)RecognizedinStatementofOperations

YearendedDecember31, (inthousands) 2013 2014 2015 Locationofgain(loss)instatementofoperations Costofgoodssold $ 10,671 $ 9,916 $ 26,805Selling,generalandadministrativeexpense 3,713 3,271 3,841

$ 14,384 $ 13,187 $ 30,646

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

11.FairValueMeasurements

Assetsandliabilitiesmeasuredatfairvalueonarecurringbasiswereasfollows:

DuringtheyearsendedDecember31,2014and2015,therewerenotransfersbetweenLevel1,Level2andLevel3.

RabbitrustassetsareusedtofundcertainretirementobligationsoftheCompany.TheassetsunderlyingtheRabbitrustareequityandfixedincomeexchange-tradedfunds.

Deferredcompensationprogramassetsandliabilitiesrepresentaprogramwhereselectemployeescandefercompensationuntilterminationofemployment.EffectiveJuly29,2011,thisprogramwas

F-31

FairValueMeasurementsasof

December31,2014using: (inthousands) Level1 Level2 Level3 BalanceSheetLocationAssets Rabbitrust $ 2,812 $ — $ — OthercurrentassetsForeignexchangederivativeinstruments — 22,057 — OthercurrentassetsRabbitrust 12,178 — — OthernoncurrentassetsDeferredcompensationprogramassets 2,170 — — OthernoncurrentassetsForeignexchangederivativeinstruments — 3,389 — OthernoncurrentassetsTotalassets $ 17,160 $ 25,446 $ —

Liabilities Foreignexchangederivativeinstruments $ — $ 365 $ — OthercurrentliabilitiesCommonstockwarrants — — 1,818 OthercurrentliabilitiesDeferredcompensationprogramliabilities 2,170 — — OthernoncurrentliabilitiesForeignexchangederivativeinstruments — 14 — OthernoncurrentliabilitiesTotalliabilities $ 2,170 $ 379 $ 1,818

FairValueMeasurementsasof

December31,2015using: (inthousands) Level1 Level2 Level3 BalanceSheetLocationAssets Rabbitrust $ 13,111 $ — $ — OthercurrentassetsForeignexchangederivativeinstruments — 13,824 — OthercurrentassetsRabbitrust 1,442 — — OthernoncurrentassetsDeferredcompensationprogramassets 2,129 — — OthernoncurrentassetsForeignexchangederivativeinstruments — 790 — OthernoncurrentassetsTotalassets $ 16,682 $ 14,614 $ —

Liabilities Foreignexchangederivativeinstruments $ — $ 1,265 $ — OthercurrentliabilitiesCommonstockwarrants — — 22,884 OthercurrentliabilitiesDeferredcompensationprogramliabilities 2,129 — — OthernoncurrentliabilitiesForeignexchangederivativeinstruments — 331 — OthernoncurrentliabilitiesTotalliabilities $ 2,129 $ 1,596 $ 22,884

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

11.FairValueMeasurements(Continued)

amendedtoceaseallemployeecompensationdeferralsandprovidedforthedistributionofallpreviouslydeferredemployeecompensation.TheprogramremainsineffectwithrespecttothevalueattributabletotheemployermatchcontributedpriortoJuly29,2011.

Foreignexchangederivativeinstrumentsareforwardcontractsusedtohedgecurrencyfluctuationsfortransactionsdenominatedinaforeigncurrency.TheCompanyusesthemid-priceofforeignexchangeforwardratesasofthecloseofbusinessonthevaluationdatetovalueeachforeignexchangeforwardcontractateachreportingperiod.

TheCompanycategorizesthecommonstockwarrantsderivativeliabilityasLevel3astherearesignificantunobservableinputsusedintheunderlyingvaluations.Thecommonstockwarrantsarevaluedusingthecontingentclaimsmethodology.

ThechangeinLevel3fairvaluemeasurementswasasfollows:

12.PensionandOtherPostretirementBenefits

TheCompanyhasvariouspensionandpost-employmentplanswhichprovideforpaymentofretirementbenefits,mainlycommencingbetweentheagesof50and65,andforpaymentofcertaindisabilitybenefits.Aftermeetingcertainqualifications,anemployeeacquiresavestedrighttofuturebenefits.Thebenefitspayableundertheplansaregenerallydeterminedonthebasisofanemployee'slengthofserviceand/orearnings.Employercontributionstotheplansaremade,asnecessary,toensurelegalfundingrequirementsaresatisfied.TheCompanymaymakecontributionsinexcessofthelegalfundingrequirements.

TheCompanyprovidespostretirementhealthcarebenefitstocertainretirees.ManyemployeesandretireesoutsideoftheUnitedStatesarecoveredbygovernmentsponsoredhealthcareprograms.

OnNovember13,2015,theCompanyamendedtheUSpensionplanandsupplementalexecutiveretirementplan("SERP")byclosingtheplanstonewly-hiredfull-timeemployeeswhohadnotyetsatisfiedtheoneyearservicerequirementasofJanuary1,2016,freezingtheaccrualofadditionalbenefitsonparticipantswhohavenotattainedage50withatleast10yearsofvestingservice,orwhoseageplusvestingserviceislessthan70,andshiftingbenefitsforparticipantswhohavecontinuedtoaccruebenefitsfromthepensionplantotheSERPonceacapof$150,000hasbeenreached.Theplanswerere-measuredinaccordancewithASC715resultinginacurtailmentgainof$2.4millionduringtheyearendedDecember31,2015.

F-32

YearendedDecember31,

(inthousands) 2014 2015 Balanceatbeginningofyear $ 3,705 $ 1,818Commonstockwarrantexercise — (7,298)Total(gains)/lossesincludedinearnings (1,887) 28,364Balanceatendofyear $ 1,818 $ 22,884

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

12.PensionandOtherPostretirementBenefits(Continued)

Thefollowingtablespresentthechangeinbenefitobligation,changeinplanassets,andfundedstatusfortheCompany'sdefinedbenefitandpostretirementbenefitplansfortheyearsendedDecember31,2014and2015:

F-33

(inthousands)

PensionBenefits

(Underfunded)

PensionBenefits

(Overfunded) Postretirement

Benefits Changeinprojectedbenefitobligation(PBO) BenefitobligationatDecember31,2013 $ 229,918 $ 33,346 $ 24,312Servicecost 12,869 467 1,246Interestcost 10,427 1,546 1,090Actuarial(gain)loss 36,419 2,957 (2,484)Planamendments — — (1,713)Participants'contributions — 186 1,182Benefitpayments (13,644) (721) (2,544)Foreigncurrencytranslation (967) (1,783) —ProjectedbenefitobligationatDecember31,2014 275,022 35,998 21,089

Accumulatedbenefitobligation(ABO)atDecember31,2014 220,263 33,657 21,089Changeinplanassets FairvalueofplanassetsatDecember31,2013 136,731 41,432 —Returnonplanassets 21,826 1,021 —Employercontributions 14,602 2,427 1,362Participants'contributions — 186 1,182Benefitpayments (13,644) (721) (2,544)Foreigncurrencytranslation (206) (2,076) —FairvalueofplanassetsatDecember31,2014 159,309 42,269 —Fundedstatus(fairvalueofplanassetslessPBO) $ (115,713) $ 6,271 $ (21,089)

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

12.PensionandOtherPostretirementBenefits(Continued)

Amountsrecognizedontheconsolidatedbalancesheetswereasfollows:

F-34

(inthousands)

PensionBenefits

(Underfunded)

PensionBenefits

(Overfunded) Postretirement

Benefits Changeinprojectedbenefitobligation(PBO) BenefitobligationatDecember31,2014 $ 275,022 $ 35,998 $ 21,089Servicecost 15,515 168 1,060Interestcost 10,962 1,376 787Actuarial(gain)loss 199 2,920 (2,228)Curtailments (21,567) — —Planamendments 1,331 — —Participants'contributions — 55 1,068Benefitpayments (9,203) (575) (1,697)Foreigncurrencytranslation (797) (1,655) —ProjectedbenefitobligationatDecember31,2015 271,462 38,287 20,079

Accumulatedbenefitobligation(ABO)atDecember31,2015 228,830 36,004 20,079Changeinplanassets FairvalueofplanassetsatDecember31,2014 159,309 42,269 —Returnonplanassets (5,182) 1,838 —Employercontributions 12,827 2,095 629Participants'contributions — 55 1,068Benefitpayments (9,203) (575) (1,697)Foreigncurrencytranslation (22) (1,914) —

FairvalueofplanassetsatDecember31,2015 157,729 43,768 —Fundedstatus(fairvalueofplanassetslessPBO) $ (113,733) $ 5,481 $ (20,079)

PensionBenefits PostretirementBenefits December31, December31, (inthousands) 2014 2015 2014 2015 Prepaidbenefitcost $ 6,271 $ 5,481 $ — $ —Currentbenefitliability (2,964) (13,419) (959) (844)Noncurrentbenefitliability (112,749) (100,314) (20,130) (19,235)Netamountrecognized $ (109,442) $ (108,252) $ (21,089) $ (20,079)

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

12.PensionandOtherPostretirementBenefits(Continued)

Theamountsinaccumulatedothercomprehensiveincome(loss)ontheconsolidatedbalancesheetsthathavenotyetbeenrecognizedascomponentsofnetperiodicbenefitcostwereasfollows:

Theexpectedpriorservicecost(credit)thatwillbeamortizedfromaccumulatedothercomprehensiveincome(loss)intonetperiodicbenefitcostinthenextfiscalyearisacostof$0.2millionforthepensionplansandacreditof$0.2millionforthepostretirementplans.Theexpectedactuarial(gain)lossthatwillbeamortizedfromaccumulatedothercomprehensiveincome(loss)intonetperiodicbenefitcostinthenextfiscalyearisalossof$0.5millionforthepensionplansandagainof$0.7millionforthepostretirementplans.

Componentsofnetperiodicbenefitcostwereasfollows:

F-35

PensionBenefits PostretirementBenefits YearendedDecember31, YearendedDecember31, (inthousands) 2013 2014 2015 2013 2014 2015 Netactuarial(gain)lossatbeginningofyear $ 28,401 $ (7,892) $ 19,878 $ 551 $ (3,269) $ (7,270)Currentyearactuarial(gain)loss (35,487) 28,116 17,835 (3,820) (2,484) (2,228)Amortizationofactuarial(gain)loss (606) (34) (1,152) — 195 490Curtailmentimpact — — (19,146) — — —Priorservicecost(credit) — — 1,331 — (1,712) —Amortizationofpriorservicecost(credit) — — (22) — — 168Foreigncurrencytranslation (200) (312) (350) — — —Netactuarial(gain)lossatendofyear $ (7,892) $ 19,878 $ 18,374 $ (3,269) $ (7,270) $ (8,840)

PensionBenefits PostretirementBenefits YearendedDecember31, YearendedDecember31, (inthousands) 2013 2014 2015 2013 2014 2015 Componentsofnetperiodicbenefitcost Servicecost $ 14,786 $ 13,336 $ 15,683 $ 1,389 $ 1,246 $ 1,060Interestcost 10,899 11,973 12,338 971 1,090 787Expectedreturnonplanassets (10,215) (11,587) (11,372) — — —Curtailmentgain — — (2,421) — — —Amortizationofnet(gain)loss 606 34 1,152 — (195) (490)Amortizationofpriorservicecost(credit) — — 22 — — (168)Netperiodicbenefitcost $ 16,076 $ 13,756 $ 15,402 $ 2,360 $ 2,141 $ 1,189

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

12.PensionandOtherPostretirementBenefits(Continued)

Theweightedaverageassumptionsusedtodeterminefuturebenefitobligationsbenefitcostwereasfollows:

Theweightedaverageassumptionsusedtodeterminenetperiodicbenefitcostwereasfollows:

TheassumedhealthcarecosttrendratesusedtodeterminebenefitobligationsasofDecember31andnetcostfortheyearendedDecember31wereasfollows:

Assumedhealthcarecosttrendrateshaveasignificanteffectontheamountsreportedforthehealthcareplans.Aone-percentage-pointchangeinassumedhealthcarecosttrendrateswouldhavethefollowingeffects:

F-36

PensionBenefits

PostretirementBenefits

2014 2015 2014 2015 Weighted-averageassumptionsusedtodeterminebenefitobligationsasofDecember31,

Discountrate 3.92% 4.16% 3.90% 4.30%Rateofcompensationincrease 4.04% 4.07% N/A N/A

PensionBenefits Postretirement

Benefits 2013 2014 2015 2013 2014 2015 Weighted-averageassumptionsusedtodeterminenetcostfortheyearendedDecember31,

Discountrate 4.01% 4.73% 3.92% 3.90% 4.80% 3.90%Expectedlong-termrateofreturnonplanassets 6.72% 6.72% 6.15% N/A N/A N/ARateofcompensationincrease 3.99% 4.05% 4.05% N/A N/A N/A

PostretirementBenefitsMedicalandPrescription

Drug 2013 2014 2015 Healthcarecosttrendrateassumedfornextyear 8.50% 8.00% 5.75/10.00%Ratethatthecosttrendrateisassumedtodecline(theultimatetrendrate) 5.00% 5.00% 4.50%Yearthattheratereachestheultimatetrendrate 2021 2021 2024

2014 2015

(inthousands) One-PercentagePointIncrease

One-PercentagePointDecrease

One-PercentagePointIncrease

One-PercentagePointDecrease

Effectontotalofserviceandinterestcost $ 150 $ (131) $ 125 $ (110)Effectonpostretirementbenefitobligation 1,268 (1,127) 1,054 (941)

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

12.PensionandOtherPostretirementBenefits(Continued)

PlanAssets

PensionassetsbymajorcategoryofplanassetsandthetypeoffairvaluemeasurementasofDecember31,2014wereasfollows:

PensionassetsbymajorcategoryofplanassetsandthetypeoffairvaluemeasurementasofDecember31,2015wereasfollows:

Pensionassetsincludefixedincomesecuritiesandcommingledfunds.Fixedincomesecuritiesarevaluedatdailyclosingpricesorinstitutionalmid-evaluationpricesprovidedbyindependentindustry-recognizedpricingsources.Commingledfundsarenottradedinactivemarketswithquotedpricesandasaresult,arevaluedusingthenetassetvaluesprovidedbytheadministratorofthefund.Theinvestmentsunderlyingthenetassetvaluesarebasedonquotedpricestradedinactivemarkets.InaccordancewithASU2015-07,"Fair Value Measurement: Disclosures for Investments in Certain Entities that Calculate Net Asset Value perShare (or Its Equivalent) ",theCompanyhasexcludedtheseinvestmentsfromthefairvaluehierarchy.

TheCompany'sinvestmentstrategyistooptimizeinvestmentreturnsthroughadiversifiedportfolioofinvestments,takingintoconsiderationunderlyingplanliabilitiesandassetvolatility.Assetallocationsarebasedontheunderlyingliabilitystructureandlocalregulations.Allretirementassetallocationsarereviewedperiodicallytoensuretheallocationmeetstheneedsoftheliabilitystructure.

MastertrustswereestablishedtoholdtheassetsoftheCompany'sU.S.definedbenefitplans.DuringtheyearendedDecember31,2014,theU.S.definedbenefitplanassetallocationofthesetrusts

F-37

PensionBenefits—PlanAssets

(dollarsinthousands) Total

QuotedPricesinActiveMarketsforIdenticalAssets

(Level1)

SignificantObservableInputs(Level2)

SignificantUnobservable

Inputs(Level3)

Assetcategory Individualsecurities Fixedincome $ 1,351 $ — $ 1,351 $ —

Commingledfunds Measuredatnetassetvalue 200,228 — — —

$ 201,579 $ — $ 1,351 $ —

PensionBenefits—PlanAssets

(dollarsinthousands) Total

QuotedPricesinActiveMarketsfor

IdenticalAssets(Level1)

SignificantObservableInputs(Level2)

SignificantUnobservable

Inputs(Level3)

Assetcategory Individualsecurities Fixedincome $ 1,520 $ — $ 1,520 $ —

Commingledfunds Measuredatnetassetvalue 199,977 — — —

$ 201,497 $ — $ 1,520 $ —

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

12.PensionandOtherPostretirementBenefits(Continued)

targetedareturn-seekinginvestmentallocationof60%to76%andaliability-hedginginvestmentallocationof24%to40%.DuringtheyearendedDecember31,2015,theU.S.definedbenefitplanassetallocationofthesetruststargetedareturn-seekinginvestmentallocationof64%to76%andaliability-hedginginvestmentallocationof24%to36%.Return-seekinginvestmentsincludeequities,realestate,highyieldbondsandotherinstruments.Liability-hedginginvestmentsincludeassetssuchascorporateandgovernmentfixedincomesecurities.

TheCompany'sfutureexpectedblendedlong-termrateofreturnonplanassetsof6.23%isdeterminedbasedonlong-termhistoricalperformanceofplanassets,currentassetallocation,andprojectedlong-termratesofreturn.

EstimatedContributions

TheCompanyexpectstomakepensioncontributionsofapproximately$26.5millionduring2016basedoncurrentassumptionsasofDecember31,2015.

EstimatedFutureRetirementBenefitPayments

Thefollowingretirementbenefitpayments,whichreflectexpectedfutureservice,areexpectedtobepaidasfollows:

Theestimatedfutureretirementbenefitpaymentsnotedaboveareestimatesandcouldchangesignificantlybasedondifferencesbetweenactuarialassumptionsandactualeventsanddecisionsrelatedtolumpsumdistributionoptionsthatareavailabletoparticipantsincertainplans.

InternationalPlans

PensioncoverageforemployeesoftheCompany'sinternationalsubsidiariesisprovided,totheextentdeemedappropriate,throughseparatedefinedbenefitplans.Theinternationalpensionplansareincludedinthetablesabove.AsofDecember31,2014and2015,thedefinedbenefitplanshadtotalprojectedbenefitobligationsof$50.4millionand$53.5million,respectively,andfairvaluesofplanassetsof$43.7millionand$45.4million,respectively.Themajorityoftheplanassetsareinvestedinequitysecuritiesandcorporatebonds.Thepensionexpenserelatedtotheseplanswas$1.6million,$1.2millionand$0.9millionfortheyearsendedDecember31,2013,2014and2015,respectively.Theexpectedactuariallossthatwillbeamortizedfromaccumulatedothercomprehensiveincome(loss)intonetperiodicbenefitcostinthenextfiscalyearis$0.1million.

F-38

(inthousands) PensionBenefits

PostretirementBenefits

YearendingDecember31, 2016 $ 26,779 $ 8442017 15,453 9692018 19,332 1,1662019 18,803 1,3192020 20,186 1,487Thereafter 122,915 9,543

Total $ 223,468 $ 15,328

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

12.PensionandOtherPostretirementBenefits(Continued)

DefinedContributionPlans

TheCompanysponsorsanumberofdefinedcontributionplans.Contributionsaredeterminedundervariousformulas.Cashcontributionsrelatedtotheseplansamountedto$8.4million,$8.8millionand$9.4millionfortheyearsendedDecember31,2013,2014and2015,respectively.

13.IncomeTaxes

Thecomponentsofincomebeforeincometaxeswereasfollows:

Thefollowingtablerepresentsareconciliationofincometaxesatthe35%federalstatutoryincometaxratetoincometaxexpenseasreported:

F-39

YearEndedDecember31, (inthousands) 2013 2014 2015 Domesticoperations $ 15,023 $ 2,814 $ 4,784Foreignoperations 26,440 39,252 27,366Incomebeforeincometaxes $ 41,463 $ 42,066 $ 32,150

YearendedDecember31, (inthousands) 2013 2014 2015 Incometaxexpensecomputedatfederalstatutoryincometaxrate $ 14,512 $ 14,723 $ 11,252Foreigntaxes,netofcredits (7,014) 2,835 418Netadjustmentsforuncertaintaxpositions 27 525 4,731Stateandlocaltaxes (550) (1,659) (1,108)Equityappreciationrights — — 693Indemnifiedtaxes — — (1,106)Fairvalueadjustmentforcommonstockwarrants 721 268 10,853Statevaluationallowance 10,510 2,476 7,872Deferredcharge 1,925 (1,491) 807Taxcredits (1,813) (2,176) (7,003)Miscellaneousother,net (1,168) 1,199 585Incometaxexpenseasreported $ 17,150 $ 16,700 $ 27,994

Effectiveincometaxrate 41.4% 39.7% 87.1%

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

13.IncomeTaxes(Continued)

TheCompany'sunrecognizedtaxbenefitsrepresenttaxpositionsforwhichreserveshavebeenestablished.Thefollowingtablerepresentsareconciliationoftheactivityrelatedtotheunrecognizedtaxbenefits,excludingaccruedinterestandpenalties:

FortheyearsendedDecember31,2013,2014and2015,theunrecognizedtaxbenefitsof$4.5million,$8.8millionand$13.1million,respectively,wouldaffecttheCompany'seffectivetaxrateifrecognized.TheCompanydoesnotanticipateamaterialchangeinunrecognizedtaxbenefitswithinthenext12months.

AsofDecember31,2013,2014and2015,theCompanyhadunrecognizedtaxbenefitsincludedintheamountsaboveof$4.0million,$3.7millionand$4.2million,respectively,relatedtoperiodspriortotheCompany'sacquisitionofAcushnetCompanyandassuch,areindemnifiedbyBeam.

FortheyearsendedDecember31,2013,2014and2015,theCompanyrecognizedaliabilityof$1.3million,$1.5millionand$1.9million,respectivelyforinterestandpenalties,ofwhich$1.2million,$1.4millionand$1.6millionisindemnifiedbyBeam.

PriortotheCompany'sacquisitionofAcushnetCompany,AcushnetCompanyoritssubsidiariesfiledcertaincombinedtaxreturnswithBeam.Thoseandothersubsidiaries'incometaxreturnsareperiodicallyexaminedbyvarioustaxauthorities.BeamisresponsibleformanagingUnitedStatestaxauditsrelatedtoperiodspriortoJuly29,2011.AcushnetCompanyisobligatedtosupporttheseauditsandisresponsibleformanagingallnon-U.S.audits.AsofDecember31,2015,theU.S.InternalRevenueServicecontinuedtoperformitsexaminationofthe2010andJuly29,2011AcushnetCompanyfederalincometaxreturnsthatwerefiledaspartoftheBeamconsolidatedfederalincometaxreturns.

TheCompanyandcertainsubsidiarieshavetaxyearsthatremainopenandaresubjecttoexaminationbytaxauthoritiesinthefollowingmajortaxingjurisdictions:UnitedStatesforyearsafterJuly31,2011,Canadaforyearsafter2010,Japanforyearsafter2011,Koreaforyearsafter2008,andtheUnitedKingdomforyearsafter2010.TheCompanyfilesincometaxreturnsonacombined,unitary,orstand-alonebasisinmultiplestateandlocaljurisdictions,whichgenerallyhavestatuteoflimitationsfromthreetofouryears.Variousstatesandlocalincometaxreturnsarecurrentlyintheprocessofexamination.TheseexaminationsareunlikelytoresultinanysignificantchangestotheamountsofunrecognizedtaxbenefitsontheconsolidatedbalancesheetasofDecember31,2015.

TheCompany'sincometaxexpenseincludesataxbenefitof$3.7millionand$0.3millionfortheyearsendedDecember31,2013and2014,respectivelyandtaxexpenseof$3.0millionfortheyearendedDecember31,2015relatedtothetaxobligationsindemnifiedbyBeam.Thereisanoffsetting

F-40

YearendedDecember31, (inthousands) 2013 2014 2015 Unrecognizedtaxbenefitsatbeginningofyear $ 4,415 $ 4,451 $ 8,845Grossadditions—prioryeartaxpositions 665 — 3,045Grossadditions—currentyeartaxpositions — 4,798 1,605Grossreductions—prioryeartaxpositions (648) (357) (333)Impactofchangeinforeignexchangerates 19 (47) (42)Unrecognizedtaxbenefitsatendofyear $ 4,451 $ 8,845 $ 13,120

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

13.IncomeTaxes(Continued)

amountincludedinother(income)expense,netfortherelatedadjustmenttotheBeamindemnificationasset,resultinginnoeffectonnetincome.

Incometaxexpensewasasfollows:

F-41

YearendedDecember31, (inthousands) 2013 2014 2015 Currentexpense UnitedStates $ 756 $ (1,125) $ 5,455Foreign 32,255 29,118 20,351Currentincometaxexpense(benefit) 33,011 27,993 25,806

Deferredexpense UnitedStates (11,329) (10,425) (152)Foreign (4,532) (868) 2,340Deferredincometaxexpense(benefit) (15,861) (11,293) 2,188Totalincometaxexpense $ 17,150 $ 16,700 $ 27,994

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

13.IncomeTaxes(Continued)

Thecomponentsofnetdeferredtaxassets(liabilities)wereasfollows:

AsofDecember31,2014and2015,theCompanyhadstatenetoperatingloss(NOL)carryforwardsof$83.0millionand$103.0million,respectively.TheseNOLcarryfowardsexpirebetween2017and2035.AsofDecember31,2014and2015,theCompanyhadforeigntaxcreditcarryforwardsof$41.9millionand$37.9million,respectively.Theseforeigntaxcreditswillbegintoexpirein2022.

Changesinthevaluationallowancefordeferredtaxassetswereasfollows:

ThechangesinthevaluationallowancewereprimarilyrelatedtotheincreaseinthestatetaxdeferredtaxassetsthattheCompanyhasdeterminedarenotmore-likely-than-notrealizable.Indeterminingtherealizabilityoftheseassets,theCompanyconsiderednumerousfactorsincluding

F-42

December31, (inthousands) 2014 2015 Deferredtaxassets Compensationandbenefits $ 23,586 $ 24,736Equityappreciationrights 45,603 62,679Pensionandotherpostretirementbenefits 40,291 39,268Inventories 6,904 7,011Accountsreceivable 2,828 3,790Customersalesincentives 2,843 2,761Transactioncosts 4,126 3,601Otherreserves 6,663 6,056Interest 9,786 5,852Miscellaneous 636 160Netoperatinglossandothertaxcarryforwards 47,429 47,557Grossdeferredtaxassets 190,695 203,471

Valuationallowance (13,850) (20,771)Totaldeferredtaxassets 176,845 182,700

Deferredtaxliabilities Property,plantandequipment (10,237) (15,043)Identifiableintangibleassets (34,487) (38,075)Foreignexchangederivativeinstruments (6,603) (3,600)Miscellaneous (1,167) (829)

Totaldeferredtaxliabilities (52,494) (57,547)Netdeferredtaxasset $ 124,351 $ 125,153

YearendedDecember31, (inthousands) 2013 2014 2015 Valuationallowanceatbeginningofyear $ — $ 10,510 $ 13,850Increasesrecordedtoincometaxprovision 10,510 3,340 6,921Valuationallowanceatendofyear $ 10,510 $ 13,850 $ 20,771

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

13.IncomeTaxes(Continued)

historicalprofitability,thecharacterandestimatedfuturetaxableincome,prudentandfeasibletaxplanningstrategies,andtheindustryinwhichitoperates.TheutilizationoftheCompany'snetU.S.statedeferredtaxassetsisdependentonfutureU.S.statetaxableearnings,whichcannotbeprojectedwithcertaintyatthistime.

InconnectionwiththeacquisitionofAcushnetCompany,theCompanyhasdeterminedthatitsundistributedearningsformostofitsforeignsubsidiariesarenotpermanentlyreinvestedandhasprovideddeferredincometaxesinconnectionwiththeanticipatedrepatriation.

14.InterestExpenseandOther(Income)Expense,Net

Thecomponentsofinterestexpense,netwereasfollows:

Thecomponentsofother(income)expense,netwereasfollows:

15.RedeemableConvertiblePreferredStock

TheCompanyhasissuedSeriesAredeemableconvertiblepreferredstock("SeriesApreferredstock").AsofDecember31,2014and2015,theCompany'scertificateofincorporation,asamendedandrestated,authorizedtheCompanytoissue1,838,027sharesof$0.001parvaluepreferredstock.GiventhatcertainredemptionfeaturesofthepreferredstockarenotsolelywithinthecontroloftheCompany,theSeriesApreferredstockisclassifiedoutsideofstockholders'equity.TheSeriesApreferredstockisonlyredeemableuponachangeincontrol.

In2011and2012theCompanyissued1,838,027sharesofSeriesApreferredstockwithanaggregatefairvalueof$131.0millionuponissuance.

VotingRights

TheholdersoftheSeriesApreferredstockareentitledtovote,togetherwiththeholdersofcommonstock,onallmatterssubmittedtostockholdersforavote.HoldersofallSeriesApreferredstockhavetherighttocastthenumberofvotesequaltothenumberofsharesofcommonstockinto

F-43

YearendedDecember31, (inthousands) 2013 2014 2015 Interestexpense—relatedparty $ 40,276 $ 37,960 $ 35,420Interestexpense—thirdparty 28,443 26,493 26,567Interestincome—thirdparty (570) (924) (1,693)Totalinterestexpense,net $ 68,149 $ 63,529 $ 60,294

YearendedDecember31, (inthousands) 2013 2014 2015 (Gain)lossonfairvalueofcommonstockwarrants $ (976) $ (1,887) $ 28,364Indemnification(gains)losses 6,345 1,386 (3,007)Othergains (84) (847) (218)Totalother(income)expense,net $ 5,285 $ (1,348) $ 25,139

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

15.RedeemableConvertiblePreferredStock(Continued)

whichtheSeriesApreferredstockcouldconvertontherecorddatefordeterminationofstockholdersentitledtovote.

Additionally,thevoteorconsentofholdersofatleast90%oftheSeriesApreferredstock,votingtogetherasasingleclass,isrequiredforanyamendmentofthecertificateofincorporationiftheamendmentadverselyaffectstheseholders.

Dividends

TheholdersoftheSeriesApreferredstockareentitledtoreceivecumulativedividendsatarateof7.5%peryearoftheOriginalIssuePrice(asdefinedbelow)when,asandifdeclaredbytheboardofdirectors.Thedividendsaccrueonadailybasisandarepayablesemi-annually.Allunpaiddividendscompoundannuallyatarateof7.5%peryear.Thesedividendsshallbeinpreferencetodividendstotheholdersofcommonstock.TheOriginalIssuePriceis$100pershareofSeriesApreferredstock.

TheholdersofSeriesApreferredstockarealsoentitledtoreceive,onanas-convertedbasis,aprorataportionofanyadditionaldividendsdeclaredorpaid.

TheCompanydeclaredandpaiddividendstotheholdersoftheSeriesApreferredstockof$13.9million,$13.8millionand$13.7millionduringtheyearsendedDecember31,2013,2014and2015,respectively.CumulativeundeclareddividendsasofDecember31,2014and2015were$5.8millionineachyear.

LiquidationPreference

Intheeventofanyliquidation,voluntaryorinvoluntary,dissolutionorwindingupoftheCompany,theholdersofSeriesApreferredstockareentitledtoreceive,priorandinpreferencetoanydistributiontotheholdersofthecommonstock,anamountequaltothegreateroftheOriginalIssuePriceplusanyaccruedbutunpaiddividendsthereonorsuchamountpersharethatwouldbepayableifallsharesofSeriesApreferredstockconvertedintocommonstock.Intheeventthatproceedsarenotsufficienttopermitpaymentinfulltotheseholders,theproceedswillberatablydistributedamongtheholdersoftheSeriesApreferredstock.

AsofDecember31,2014and2015,theSeriesApreferredstockhadaliquidationpreferenceof$212.5millionand$197.7million,respectively.

Conversion

EachshareofSeriesApreferredstockisconvertibleintocommonstockattheoptionofthestockholderatanytimeafterthedateofissuanceanduntilJuly29,2021.EachshareofSeriesApreferredstockwillbeconvertedintosharesofcommonstockattheapplicableSeriesApreferredstockconversionratio.

TheconversionratioofSeriesApreferredstockisdeterminedbydividingtheOriginalIssuePricebytheconversionprice.Theconversionpriceis$100pershareofSeriesApreferredstockandissubjecttoadjustmentintheeventofanydeemedissuanceofadditionalsharesofcommonstockfornoconsiderationorforconsiderationpersharelessthantheSeriesApreferredstockconversionprice,stockdividend,stocksplit,combinationorothersimilarrecapitalizationwithrespecttotheSeriesApreferredstock.

F-44

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

15.RedeemableConvertiblePreferredStock(Continued)

Reissuance

SharesofSeriesApreferredstockthatareredeemedorconvertedwillbecanceledandretiredandcannotbereissuedbytheCompany.

16.CommonStock

AsofDecember31,2014and2015,theCompany'scertificateofincorporation,asamendedandrestated,authorizedtheCompanytoissue8,688,166sharesof$0.001parvaluecommonstock.Thevoting,dividendandliquidationrightsoftheholdersoftheCompany'scommonstockaresubjecttoandqualifiedbyrights,powersandpreferencesoftheholdersoftheSeriesApreferredstocksetforthinNote15.

EachshareofcommonstockentitlestheholdertoonevoteonallmatterssubmittedtoavoteoftheCompany'sshareholders.Commonshareholdersareentitledtoreceivedividendswheneverfundsarelegallyavailableandwhendeclaredbytheboardofdirectors,subjecttothepriorrightsofholdersofallclassesofstockoutstanding.Whendividendsaredeclaredonsharesofcommonstock,theCompanymustdeclareatthesametimeadividendpayabletotheholdersofSeriesApreferredstockequivalenttothedividendamounttheywouldreceiveifeachpreferredsharewereconvertedintocommonstock.TheCompanymaynotpaydividendstocommonshareholdersuntilalldividendsaccruedordeclaredbutunpaidontheSeriesApreferredstockhavebeenpaidinfull.Nodividendshavebeendeclaredtodate.

AsofDecember31,2014and2015,theCompanyhadreserved3,598,100sharesand3,203,059shares,respectively,ofcommonstockfortheconversionofoutstandingsharesofSeriesApreferredstock(Note15),theexerciseofoutstandingstockoptionsandnumberofsharesremainingavailableforgrantundertheCompany's2011EquityIncentivePlan(Note17)andtheexerciseofcommonstockwarrants(Note9).

17.EquityIncentivePlans

TheCompany's2011EquityIncentivePlan,asamended,(the"2011Plan")providesfortheCompanytosellorissuerestrictedcommonstock,ortograntstockoptions,equityappreciationrights,restrictedstockunitsorperformanceawards,toemployees,membersoftheboardofdirectorsandconsultantsoftheCompany.The2011Planisadministeredbytheboardofdirectorsor,atthediscretionoftheboardofdirectors,byacommitteeoftheboard.Theexerciseprices,vestingandotherrestrictionsaredeterminedatthediscretionoftheboardofdirectors,ortheircommitteeifsodelegated,exceptthattheexercisepricepershareofstockoptionsmaynotbelessthan100%ofthefairmarketvalueoftheshareofcommonstockonthedateofgrantandthetermofthestockoptionmaynotbegreaterthantenyears.

F-45

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

17.EquityIncentivePlans(Continued)

StockOptions

Thetotalnumberofsharesofcommonstockthatmaybeissuedunderthe2011Planwas147,572sharesasofDecember31,2015.Priorto2013,theCompanyissuedoptionstopurchase147,572sharesofcommonstockwithaweighted-averageexercisepriceof$89.12persharetoanexecutiveofficerasreplacementawardsinconnectionwithabusinesscombination.Theseawardswerefullyvestedatthetimeofissuance.

ThefollowingtablesummarizestheCompany'sstockoptionactivitysinceDecember31,2013:

DuringtheyearsendedDecember31,2013,2014and2015theCompanydidnotissueanyrestrictedstockanddidnotgrantanystockoptions,restrictedstockunitsorperformanceawards.Asaresultofamodificationofthestockoptions,theCompanyrecordedshare-basedcompensationexpenseof$3.4million,$2.0millionand$5.8millionrelatedtooutstandingstockoptionsduringtheyearsendedDecember31,2013,2014and2015,respectively.

EquityAppreciationRights

EffectiveJanuary1,2012,theCompany'sboardofdirectorsadoptedtheequityappreciationrightsplan("EARPlan")inordertocompensatecertainkeyemployees.Awardsundertheplanvest,subjecttocontinuedservicebytheawardrecipient,asfollows:40%ofawardbasedontherecipient'scontinuedservicewiththeCompanythroughDecember31,2015,30%oftheawardbasedontheCompany'sachievementofaspecifiedtargetEBITDA,and30%oftheawardbasedontheCompany'sachievementofspecifiedinternalratesofreturn.Priortothecompletionofaqualifiedpublicoffering,vestedawardsundertheEARPlanarepayableincashuponthefirsttooccurof(i)aqualifyingtermination,(ii)asaleoftheCompanyor(iii)theexpirationdateoftheaward.IntheeventthattheCompanycompletesaqualifiedinitialpublicoffering,theCompanymaydetermineatitsdiscretiontosettleupto50%oftheamountpayableundereachawardinsharesoftheCompany'scommonstock.

During2012,theCompanygrantedanaggregateof989,000EARswithaweighted-averagestrikepriceof$100.00tocertainkeyemployees.Therewasnointrinsicvalueatthedateofgrant.EachEARvestsoverafouryearperiodasfollows:40%ofawardbasedontherecipient'scontinuedservicewiththeCompanythroughDecember31,2015,30%oftheawardbasedontheCompany'sachievementofaspecifiedtargetEBITDAand30%oftheawardbasedontheCompany'sachievementofspecifiedinternalratesofreturn.

During2015,theCompanygrantedanaggregateof31,000EARswithaweighted-averagestrikepriceof$184.74tocertainkeyemployees.Therewasnointrinsicvalueatthedateofgrant.EachEAR

F-46

Numberof

Shares

Weighted-AverageExercisePrice

Weighted-AverageRemaining

ContractualTerm

AggregateIntrinsicValue

OutstandingatDecember31,2013 88,828 $ 84.47 1.9years $ (1,616)Exercised (38,819) 98.84 (1,001)

OutstandingatDecember31,2014 50,009 75.10 1.9years (4)Exercised (50,009) 75.10 2,301

OutstandingatDecember31,2015 —

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

17.EquityIncentivePlans(Continued)

vestsretroactivelybasedontheeffectivedateofJanuary1,2012andovertheremainingtermasfollows:40%ofawardbasedontherecipient'scontinuedservicewiththeCompanythroughDecember31,2015,30%oftheawardbasedontheCompany'sachievementofaspecifiedtargetEBITDAand30%oftheawardbasedontheCompany'sachievementofspecifiedinternalratesofreturn.

ThefollowingtablesummarizestheCompany'sEARactivitysinceDecember31,2013:

TheEARawardsarere-measuredusingtheintrinsicvaluemethodateachreportingperiodbasedonaprojectionoftheCompany'sfuturecommonstockequivalentvalue.ThecommonstockequivalentvalueisbasedonanestimateoftheCompany'sEBITDAmultipliedbyadefinedmultiple,anddividedbytheexpectednumberofcommonsharesoutstanding.Theintrinsicvalueisthecalculatedcommonstockequivalentvaluepersharecomparedtothepershareexerciseprice.EffectiveOctober17,2014,theCompanyamendedtheEARPlansuchthat(i)paymentsforvestedawardsresultingfromaqualifiedterminationoftheawardrecipientaredeterminedbasedontheCompany'sEBITDAforthefiscalyearpriortosuchterminationand(ii)paymentsforvestedawardsresultingfromanexpirationoftheawardaredeterminedbasedonthegreateroftheCompany'sEBITDAfortheyearendedDecember31,2015,theCompany'sEBITDAfortheyearendingDecember31,2016,orinthecaseofaqualifiedinitialpublicofferingpriortoDecember31,2016,thevalueoftheCompany'spublicly-tradedcommonstock.

FortheyearsendedDecember31,2013,2014and2015,theCompanyrecordedshare-basedcompensationexpenseof$28.3million,$50.7millionand$45.8million,respectively,relatedtooutstandingEARs.TheliabilityrelatedtotheEARPlanwas$122.0millionasofDecember31,2014andwasrecordedwithinothernoncurrentliabilitiesontheconsolidatedbalancesheet.TheliabilityrelatedtotheEARPlanwas$169.6millionasofDecember31,2015,ofwhich$24.2millionwasrecordedwithinaccruedcompensationandbenefitsand$145.4millionwasrecordedwithinothernoncurrentliabilitiesontheconsolidatedbalancesheet.

F-47

Numberof

Awards

Weighted-AverageExercisePrice

Weighted-AverageRemaining

ContractualTerm

AggregateIntrinsicValue

OutstandingatDecember31,2013 989,000 $ 100.00 3years $ 146,714Granted — — —

OutstandingatDecember31,2014 989,000 100.00 2years 166,795Granted 31,000 184.74 —

OutstandingatDecember31,2015 1,020,000 102.58 1year 171,712

VestedatDecember31,2015 1,020,000 102.58 1year 171,712AwardsexercisableatDecember31,2015 1,020,000 102.58 1year 171,712

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

17.EquityIncentivePlans(Continued)

Theallocationofshare-basedcompensationexpenseattributedtoEARsandstockoptionsintheconsolidatedstatementofoperationswasasfollows:

18.AccumulatedOtherComprehensiveIncome(Loss),NetofTax

Accumulatedothercomprehensiveincome(loss),netoftaxconsistsofforeigncurrencytranslationadjustments,unrealizedgainsandlossesfromforeignexchangederivativeinstrumentsdesignatedascashflowhedges,unrealizedgainsandlossesfromavailable-for-salesecuritiesandpensionandotherpostretirementadjustments.

Thecomponentsofandchangesinaccumulatedothercomprehensiveincome(loss),netoftax,wereasfollows:

F-48

YearendedDecember31, (inthousands) 2013 2014 2015 Costofgoodssold $ 437 $ 765 $ 670Selling,generalandadministrativeexpense 29,969 49,631 48,377Researchanddevelopment 1,313 2,294 2,556Incomebeforeincometaxes $ 31,719 $ 52,690 $ 51,603

(inthousands)

ForeignCurrencyTranslationAdjustments

GainsonForeignExchangeDerivativeInstruments

GainsonAvailable-for-SaleSecurities

PensionandOther

PostretirementAdjustments

AccumulatedOther

ComprehensiveIncome(Loss)

BalancesatDecember31,2013 $ (27,871) $ 8,078 $ 1,562 $ 6,917 $ (11,314)Othercomprehensiveincome(loss)beforereclassifications (23,106) 19,009 455 (16,025) (19,667)

Amountsreclassifiedfromaccumulatedothercomprehensiveloss — (9,916) — (161) (10,077)

BalancesatDecember31,2014 (50,977) 17,171 2,017 (9,269) (41,058)Othercomprehensiveincome(loss)beforereclassifications (19,042) 18,800 (513) 868 113

Amountsreclassifiedfromaccumulatedothercomprehensiveloss — (26,805) — 516 (26,289)

BalancesatDecember31,2015 $ (70,019) $ 9,166 $ 1,504 $ (7,885) $ (67,234)

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

19.NetIncome(loss)perCommonShare

Thefollowingisacomputationofbasicanddilutednetincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.underthetwo-classmethod:

TheCompany'spotentialdilutivesecuritiesfortheyearsendedDecember31,2013,2014and2015includeredeemableconvertiblepreferredstock,stockoptions,warrantstopurchasecommonstockandconvertiblenotes.DilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.isthesameasbasicnetincomepercommonshareattributabletoAcushnetHoldingsCorp.fortheyearsendedDecember31,2013and2014becausetheeffectofthepotentialdilutivesecuritieswasdeterminedtobeanti-dilutive.FortheyearendedDecember31,2015,thedilutednetlosspercommonshareattributabletoAcushnetHoldingsCorp.isthesameasbasicnetlosspercommonshareattributabletoAcushnetHoldingsCorp.astheimpactofthepotentialdilutivesecuritieswasdeterminedtobeanti-dilutiveduetotheCompanybeinginanetlossposition.

Thefollowingsecuritieshavebeenexcludedfromthecalculationofdilutedweighted-averagecommonsharesoutstandingastheirimpactwasdeterminedtobeanti-dilutive:

20.UnauditedProFormaNetIncomeperCommonShare

TheunauditedproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.fortheyearendedDecember31,2015giveseffecttotheautomaticconversion,arisingpriortoaqualifiedinitialpublicoffering,ofallsharesofSeriesApreferredstockandtheprincipaloftheconvertiblenotesthatareoutstandingasofDecember31,2015.ThecalculationofunauditedproformanetincomepercommonshareattributabletoAcushnetHoldingsCorp.hasbeenpreparedtogiveeffecttotheconversionasiftheproposedinitialpublicofferingoccurredonJanuary1,2015.

TheunauditedproformanetincomeattributabletoAcushnetHoldingsCorp.usedinthecalculationofunauditedbasicanddilutedproformanetincomepercommonshareattributabletoAcushnetHoldingsCorp.fortheyearendedDecember31,2015doesnotincludetheeffectsofthe

F-49

YearendedDecember31, (inthousands,exceptshareandpershareamounts) 2013 2014 2015 Netincome(loss)attributabletoAcushnetHoldingsCorp. $ 19,636 $ 21,557 $ (966)Less:dividendspaidtopreferredshareholders (8,045) (8,045) (8,045)Less:accruingofcumulativedividends (5,740) (5,740) (5,740)Less:allocationofundistributedearningstopreferredshareholders (3,225) (3,866) —

Netincome(loss)attributabletocommonstockholders $ 2,626 $ 3,906 $ (14,751)Netincome(loss)percommonshareattributabletoAcushnetHoldingsCorp.—basicanddiluted $ 1.75 $ 2.10 $ (6.66)

Weightedaveragenumberofcommonshares—basicanddiluted 1,496,812 1,857,425 2,215,477

YearendedDecember31, 2013 2014 2015 SeriesApreferredstock 1,838,027 1,838,027 1,838,027Stockoptions — — 121Warrantstopurchasecommonstock — — 543,543Convertiblenotes 3,624,980 3,624,980 3,624,980

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

20.UnauditedProFormaNetIncomeperCommonShare(Continued)

paymentorcumulativedividendsontheSeriesApreferredstockorinterestexpenserelatedtotheconvertiblenotesfortheyearendedDecember31,2015.

TheunauditedproformabasicanddilutedweightedaveragecommonsharesoutstandingusedinthecalculationofunauditedproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.fortheyearendedDecember31,2015includes5,463,007sharesofcommonstockresultingfromtheautomaticconversion.

TheunauditedproformadilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.fortheyearendedDecember31,2015alsogiveseffecttoanypotentiallydilutivesecurities.

UnauditedproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.wascalculatedasfollows:

21.SegmentInformation

TheCompany'soperatingsegmentsarebasedonhowtheChiefOperatingDecisionMaker("CODM")makesdecisionsaboutassessingperformanceandallocatingresources.TheCompanyhasfourreportablesegmentsthatareorganizedonthebasisofproductcategories.ThesesegmentsincludeTitleistgolfballs,Titleistgolfclubs,TitleistgolfgearandFootJoygolfwear.

F-50

(inthousands,exceptshareandpershareamounts) Proforma

2015 NetlossattributabletoAcushnetHoldingsCorp. $ (966)Proformaadjustmenttoaddinterestonconvertiblenotes,netoftax 17,672

NetincomeusedtocomputeproformanetincomepercommonshareattributabletoAcushnetHoldingsCorp. $ 16,706

Weightedaveragenumberofcommonshares: Basic 2,215,477Proformaadjustmenttoreflectconversionofpreferredshares 1,838,027Proformaadjustmenttoreflectconversionofconvertiblenotes 3,624,980

UsedincalculatingbasicproformanetincomepercommonshareattributabletoAcushnetHoldingsCorp. 7,678,484

Diluted 2,215,477Proformaadjustmenttoreflectconversionofpreferredshares 1,838,027Proformaadjustmenttoreflectconversionofconvertiblenotes 3,624,980Proformaadjustmenttoreflectdilutiveeffectofstockoptions 121

UsedincalculatingdilutedproformanetincomepercommonshareattributabletoAcushnetHoldingsCorp. 7,678,605

ProformanetincomepercommonshareattributabletoAcushnetHoldingsCorp.: Basic $ 2.18Diluted $ 2.18

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

21.SegmentInformation(Continued)

TheCODMprimarilyevaluatesperformanceusingsegmentoperatingincome.Segmentoperatingincomeincludesdirectlyattributableexpensesandcertainsharedcostsofcorporateadministrationthatareallocatedtothereportablesegments,butexcludesinterestexpense,net;EARexpense;gainsandlossesonthefairvalueofcommonstockwarrants;andothernon-operatinggainsandlossesastheCompanydoesnotallocatethesetothereportablesegments.TheCODMdoesnotevaluateameasureofassetswhenassessingperformance.

Resultsshownforfiscalyears2013,2014and2015arenotnecessarilythosewhichwouldbeachievedifeachsegmentwasanunaffiliatedbusinessenterprise.Therearenointersegmenttransactions.

Informationbyreportablesegmentandareconciliationtoreportedamountsareasfollows:

F-51

YearendedDecember31, (inthousands) 2013 2014 2015 Netsales Titleistgolfballs $ 551,741 $ 543,843 $ 535,465Titleistgolfclubs 395,704 422,383 388,304Titleistgolfgear 117,015 127,875 129,408FootJoygolfwear 395,846 421,632 418,852Other 16,913 21,877 30,929

Totalnetsales $ 1,477,219 $ 1,537,610 $ 1,502,958Segmentoperatingincome Titleistgolfballs $ 69,878 $ 68,489 $ 92,507Titleistgolfclubs 40,792 45,845 33,593Titleistgolfgear 14,922 16,485 12,170FootJoygolfwear 23,109 28,639 26,056Other (3,123) (1,759) 4,056Totalsegmentoperatingincome 145,578 157,699 168,382

Reconcilingitems: Interestexpense,net (68,149) (63,529) (60,294)EARexpense (28,258) (50,713) (45,814)Gain(loss)onfairvalueofcommonstockwarrants 976 1,887 (28,364)Other (8,684) (3,278) (1,760)Totalincome(loss)beforeincometax $ 41,463 $ 42,066 $ 32,150

Depreciationandamortization Titleistgolfballs $ 24,853 $ 27,726 $ 26,962Titleistgolfclubs 6,767 7,172 7,060Titleistgolfgear 1,374 1,446 1,368FootJoygolfwear 5,787 5,948 5,540Other 642 867 772

Totaldepreciationandamortization $ 39,423 $ 43,159 $ 41,702

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

21.SegmentInformation(Continued)

InformationastotheCompany'soperationsindifferentgeographicalareasispresentedbelow.Netsalesarecategorizedbasedonthelocationinwhichthesaleoriginates.Long-livedassets(property,plantandequipment)arecategorizedbasedontheirlocationofdomicile.

22.CommitmentsandContingencies

PurchaseObligations

Duringthenormalcourseofitsbusiness,theCompanyentersintoagreementstopurchasegoodsandservices,includingpurchasecommitmentsforproductionmaterials,finishedgoodsinventory,capitalexpendituresandendorsementarrangementswithprofessionalgolfers.ThereportedamountsexcludethoseliabilitiesincludedinaccountspayableoraccruedliabilitiesontheconsolidatedbalancesheetasofDecember31,2015.

PurchaseobligationsbytheCompanyasofDecember31,2015wereasfollows:

F-52

YearendedDecember31, (inthousands) 2013 2014 2015 Netsales UnitedStates $ 769,480 $ 793,328 $ 805,470EMEA(1) 195,291 216,531 201,106Japan 196,957 195,762 182,163Korea 118,957 141,168 144,956Restofworld 196,534 190,821 169,263Totalnetsales $ 1,477,219 $ 1,537,610 $ 1,502,958

December31, (inthousands) 2013 2014 2015 Long-livedassets UnitedStates $ 177,608 $ 172,709 $ 168,459EMEA 10,480 9,725 9,423Japan 1,674 1,143 767Korea 3,426 3,058 1,726Restofworld(2) 84,479 79,957 74,519Totallong-livedassets $ 277,667 $ 266,592 $ 254,894

(1) Europe,theMiddleEastandAfrica("EMEA")

(2) IncludesmanufacturingfacilitiesinThailandwithlonglivedassetsof$67.2million,$64.6millionand$60.5millionasofDecember31,2013,2014and2015,respectively.

PaymentsDuebyPeriod (inthousands) 2016 2017 2018 2019 2020 Thereafter Purchaseobligations $ 126,032 $ 19,504 $ 8,422 $ 1,448 $ 1,435 $ 4,749

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

22.CommitmentsandContingencies(Continued)

LeaseCommitments

TheCompanyleasescertainwarehouses,distributionandofficefacilities,vehiclesandofficeequipmentunderoperatingleases.

TheCompanyhasanoperatingleaseforcertainvehiclesthatprovidesforaresidualvalueguarantee.Theleasehasanoncancelableleasetermofoneyearandmayberenewedannuallyoverthesubsequentfiveyears.TheCompanyhastheoptiontoterminatetheleaseattheannualrenewaldate.Terminationoftheleaseresultsinthesaleofthevehiclesandthedeterminationoftheresidualvalue.Theresidualvalueiscalculatedbycomparingthenetproceedsofthevehiclessoldtothedepreciatedvalueattheendoftherenewalperiod.TheCompanyisnotresponsibleforanydeficiencyresultingfromthenetproceedsbeinglessthan20%oftheoriginalcostinthefirstyearand20%ofthedepreciatedvalueforallsubsequentyears.TheCompanybelievesthatthisguaranteewillnothaveasignificantimpactontheconsolidatedfinancialstatements.

FutureminimumrentalpaymentsundernoncancelableoperatingleasesasofDecember31,2015wereasfollows:

Totalrentalexpenseforalloperatingleasesamountedto$14.5million,$16.1millionand$15.8millionfortheyearsendedDecember31,2013,2014and2015,respectively.

Contingencies

InconnectionwiththeCompany'sacquisitionofAcushnetCompany,BeamindemnifiedtheCompanyforcertaintaxrelatedobligationsthatrelatetoperiodsduringwhichFortuneBrands,Inc.ownedAcushnetCompany.AsofDecember31,2015,theCompany'sestimateofitsreceivablefortheseindemnificationsis$9.8million,ofwhich$3.8millionisrecordedinothercurrentassetsand$6.0millionisrecordedinothernoncurrentassetsontheconsolidatedbalancesheet.

Litigation

Nassau Precision

OnSeptember10,2010,NassauPrecisionCastingCo.,Inc.filedapatentinfringementactionagainstAcushnetCompany,CobraGolfCompanyandPumaNorthAmericaintheFederalDistrictCourtfortheEasternDistrictofNewYork,seekingunspecifieddamages.ThelawsuitclaimedthatcertainCobraproductsinfringeclaims1and2ofapatentownedbyNassauPrecision.AcushnetCompanyhadanobligationtodefendandindemnifyCobraandPumainthisactionpursuanttoa

F-53

(inthousands) YearendingDecember31, 2016 $ 13,1442017 8,4022018 6,3872019 3,2482020 1,091Thereafter 747Totalminimumrentalpayments $ 33,019

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

22.CommitmentsandContingencies(Continued)

PurchaseAgreementbetweenthoseparties.OnApril17,2013,theDistrictCourtgrantedAcushnetCompany'sMotionforSummaryJudgmentonthegroundsofnoninfringement.NassauPrecisionappealedthedecisiontotheCourtofAppealsfortheFederalCircuit.TheCourtofAppealsupheldtheSummaryJudgmentdecisioninAcushnetCompany'sfavorwithrespecttoclaim2,butreversedtheDistrictCourt'sdecisionwithrespecttoclaim1andremandedthecasetotheDistrictCourtwithfurtherinstructions.OnApril2,2015,theDistrictCourtgrantedAcushnetCompany'sMotionforSummaryJudgmentwithrespecttoclaim1onthegroundsofnon-infringement,whichendedthelitigation.

Beam

AdisputehasarisenbetweenAcushnetCompanyandBeamwithrespecttoapproximately$16.6millionofvalue-addedtax("VAT")tradereceivables.ThesereceivableswerereflectedonAcushnetCompany'sconsolidatedbalancesheetatthetimeoftheCompany'sacquisitionofAcushnetCompany.AcushnetCompanybelievesthattheseVATtradereceivablesareassetsoftheCompany;BeamclaimsthatthesearetaxcreditsorrefundsfromtheperiodpriortotheacquisitionofAcushnetCompanywhicharepayabletoBeam,pursuanttothetermsoftheStockPurchaseAgreementthatcoversthesaleofthestockofAcushnetCompany.BeamhaswithheldpaymentsinthisamountwhichtheCompanybelievesarepayabletoAcushnetCompanyinreimbursementofcertainothertaxliabilitieswhichexistedpriortotheacquisitionofAcushnetCompany.OnMarch27,2012,AcushnetCompanyfiledacomplaintseekingreimbursementofthesefundsintheCommonwealthofMassachusettsSuperiorCourtDepartment,BusinessLitigationSectionandthislitigationcontinues.EachpartyfiledMotionsforSummaryJudgment,whichmotionsweredeniedbytheCourtonJuly29,2015.TrialinthismattercommencedonMay31,2016.

Other Litigation

Inadditiontothelawsuitsdescribedabove,theCompanyanditssubsidiariesaredefendantsinlawsuitsassociatedwiththenormalconductoftheirbusinessesandoperations.Itisnotpossibletopredicttheoutcomeofthependingactions,and,aswithanylitigation,itispossiblethatsomeoftheseactionscouldbedecidedunfavorably.Consequently,theCompanyisunabletoestimatetheultimateaggregateamountofmonetaryloss,amountscoveredbyinsuranceorthefinancialimpactthatwillresultfromsuchmattersandhasnotrecordedaliabilityrelatedtopotentiallosses.TheCompanybelievesthattherearemeritoriousdefensestotheseactionsandthattheseactionswillnothaveamaterialadverseeffectontheconsolidatedfinancialstatements.

23.SubsequentEvents

OnJanuary22,2016,theCompany'sboardofdirectorsadoptedtheAcushnetHoldingsCorp.2015OmnibusIncentivePlan("2015Plan")whichprovidesfortheCompanytograntstockoptions,stockappreciationrights,restrictedsharesofcommonstock,restrictedstockunits,andotherstock-basedandcash-basedawardstomembersoftheboardofdirectors,officers,employees,consultantsandadvisorsoftheCompany.The2015PlanisadministeredbytheCompany'sboardofdirectorspriortoaninitialpublicofferingandthecompensationcommitteefollowinganinitialpublicoffering(theboardorcompensationcommittee,asapplicable,the"Administrator").TheAdministratorhastheauthoritytoestablishthetermsandconditionsofanyawardissuedorgrantedunderthe2015Plan.Theexercisepricepershareofstockoptionsmaynotbelessthan100%ofthefairmarketvalueoftheshareof

F-54

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

23.SubsequentEvents(Continued)

commonstockonthedateofthegranttermofthestockoptionmaynotbegreaterthantenyears(exceptforanincentivestockoptionsgrantedtoa10%stockholder,whichshallhaveanexercisepricenolessthan110%ofthefairmarketvalueoftheshareofcommonstockonthedateofthegrantandatermnotgreaterthanfiveyears).Atotalof725,000authorizedsharesoftheCompany'scommonstockarereservedforissuanceunderthe2015Plan.OnJune15,2016,theCompany'sboardofdirectorsapprovedagrantofmulti-yearrestrictedstockunits("RSU")andperformancestockunits("PSU")tocertainkeymembersofmanagement.Thegrantsweremade50%inRSUsand50%inPSUs,andrepresentthreeyearsofequitycompensation.One-thirdoftheRSUsvestoneachJanuary1of2017,2018and2019,andthePSUscliff-vestonDecember31,2018,subjecttotheparticipant'scontinuedemploymentwiththeCompanyandtheCompany'slevelofachievementoftheapplicablecumulativeAdjustedEBITDAperformancemetric(asdefinedintheawardagreement)measuredoverthethree-yearperformanceperiod.EachPSUreflectstherighttoreceivebetween0%and200%ofthetargetnumberofsharesbasedontheactualthree-yearcumulativeAdjustedEBITDA.Thedeterminationofthetargetvaluegaveconsiderationtoexecutiveperformance,potentialfuturecontributionsandpeergroupanalysis.Theinitialfairvalueofthegrantwasestimatedat$45.0million.

OnJanuary29,2016,theCompanyreceivedapprovalfromtheholdersofitsoutstandingconvertiblenotesandbondswithcommonstockwarrantstodeferinterestdueonFebruary1,2016intheamountof$15.1millionuntilAugust1,2016andapprovaltowaivethecompoundingofsuchinterest.Inaddition,theCompanyreceivedapprovalfromtheholdersofitsSeriesApreferredstocktowaivethecompoundingofinterestrelatedtoundeclaredandunpaiddividendsuntilAugust1,2016.

OnJanuary29,2016,theCompanyamendeditsworkingcreditfacilityagreement(Canada)arrangedbyWellsFargo,N.A.,CanadianBranchtoextendthematuritydatetoJuly29,2016.

OnFebruary5,2016,theCompanyenteredintoaworkingcapitalfacilityagreementarrangedbyWellsFargoBank,NationalAssociationwhichprovidesforborrowingsupto$30.0million.Theapplicableinterestrateforborrowingsunderthefacilityisdailyone-monthLIBOR.TheworkingcapitalfacilitymaturesonMay31,2016.OnMay18,2016,theCompanyamendeditsworkingcapitalfacilityagreementtoextendthematuritydatetoJuly29,2016.

OnApril27,2016,theCompanyenteredintoanewseniorsecuredcreditfacilitiesagreementarrangedbyWellsFargo,NationalAssociation,whichprovidesfor(i)a$275.0millionmulti-currencyrevolvingcreditfacility,includinga$20.0millionletterofcreditsub-facility,aC$25.0millionsub-facilityforAcushnetCanadaInc.,a£20.0millionsub-facilityforAcushnetEuropeLimitedandanalternativecurrencysublimitof100.0millionforborrowingsinCanadianDollars,Euros,PoundsSterlingandJapaneseYen,(ii)a$375.0milliontermloanAfacility,and(iii)a$100.0milliondelayeddrawtermloanAfacility.Eachcreditfacilitymaturesonthefifthanniversaryoftheinitialfundingunderthecreditfacility.Thecreditagreementallowsfortheincurrenceofadditionaltermloansorincreasestotherevolvingcreditfacilityinanaggregateprincipalamountnottoexceed(i)$200.0millionplus(ii)anunlimitedamountsolongasthenetAverageSecuredLeverageratio(asdefinedinthenewcreditagreement)doesnotexceed2.00:1.00onaproformabasis.Thecreditagreementcontainscustomaryaffirmativeandrestrictivecovenants,including,amongothers,financialcovenantsbasedontheCompany'sleverageandinterestcoverageratios.Thecreditagreementincludescustomaryeventsofdefault,theoccurrenceofwhich,followinganyapplicablecureperiod,wouldpermittheadministrativeagent,onbehalfofthelendersto,amongotherthings,declaretheprincipal,accruedinterestandotherobligationstobeimmediatelydueandpayable.

F-55

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

23.SubsequentEvents(Continued)

ThecreditagreementwassignedandbecameeffectiveonApril27,2016andtheCompanyexpectsinitialfundingunderthecreditagreementtooccuronoraroundJuly29,2016.TheCompanyexpectstousetheproceedsofthetermloanAfacilityandaborrowingundertherevolvingcreditfacilitytorepayamountsoutstandingunderitssecuredfloatingratenotes,itsexistingsecuredrevolvingandtermloanfacility,andcertainothersecuredworkingcapitalcreditfacilitiesandtopayfeesandexpensesrelatedtotheforegoing.ThedelayeddrawtermloanAfacilitywillbeavailableuntilthedatethatisoneyearaftertheinitialfundingdatetomakepaymentsundertheCompany'sEARPlan,asamended.ThecreditagreementcontainsconditionsprecedenttotheCompany'sabilitytoreceivetheproceedsofthetermloanAfacilityandthedelayeddrawtermloanAfacility,includingthatthereshallnothaveoccurredamaterialadverseeffectwithrespecttotheCompany.

OnMay6,2016,theCompanyandeachoftheholdersoftheconvertiblenotesandSeriesApreferredstockenteredintoanagreementrequiringthemandatoryconversionoftheconvertiblenotesandthesharesoftheSeriesApreferredstockintofullypaidandnonassessablesharesoftheCompany'scommonstock.Thisautomaticconversionwilloccurpriortotheclosingofaqualifiedinitialpublicoffering.Uponconversion,anycalculatedfractionalsharesoftheCompany'scommonstockwillbepaidincashtoeachoftheholdersoftheconvertiblenotesandthesharesoftheSeriesApreferredstock.Inaddition,allaccruedbutunpaidinterestontheprincipaloftheconvertiblenotesthroughthelaterofAugust1,2016andtheclosingofaqualifiedinitialpublicofferingwillbepaidtoeachholderoftheconvertiblenotesandallaccruedbutunpaiddividendsonthesharesoftheSeriesApreferredstockthroughthelaterofAugust1,2016andtheclosingofaqualifiedinitialpublicofferingwillbepaidtoeachholderofthesharesoftheSeriesApreferredstock.

TheCompanyhasevaluatedsubsequenteventsfromthebalancesheetdatethroughJune17,2016,thedateatwhichtheconsolidatedfinancialstatementswereavailabletobeissued,anddeterminedthattherearenoothermaterialitemstodisclose.

F-56

TableofContents

ACUSHNETHOLDINGSCORP.

CONSOLIDATEDBALANCESHEETS(UNAUDITED)

Theaccompanyingnotesareanintegralpartoftheseunauditedconsolidatedfinancialstatements.

F-57

(inthousands,exceptshareandpershareamounts) December31,

2015 June30,2016

ProformaJune30,2016

Assets Currentassets Cash($10,029and$15,064attributabletothevariableinterestentity("VIE")) $ 54,409 $ 75,779 $ 50,752Restrictedcash 4,725 4,920 4,920Accountsreceivable,net 192,384 303,885 303,885Inventories($15,755and$7,258attributabletotheVIE) 326,359 275,043 275,043Otherassets 93,646 87,742 87,742Totalcurrentassets 671,523 747,369 722,342

Property,plantandequipment,net($11,147and$10,857attributabletotheVIE) 254,894 245,416 245,416Goodwill($32,312and$32,312attributabletotheVIE) 181,179 184,419 184,419Identifiableintangibleassets,net 499,494 495,099 495,099Deferredincometaxes 132,265 112,929 112,929Otherassets($2,738and$2,728attributabletotheVIE) 19,618 21,903 21,903

Totalassets $ 1,758,973 $1,807,135 $1,782,108LiabilitiesandEquity Currentliabilities Short-termdebt $ 441,704 $ 422,328 $ 422,328Accountspayable($10,250and$5,890attributabletotheVIE) 89,869 84,521 84,521Payablestorelatedparties 12,570 27,416 2,389Accruedtaxes 29,432 29,639 29,639Accruedcompensationandbenefits($1,035and$615attributabletotheVIE) 111,390 224,147 224,147Accruedexpensesandotherliabilities($4,516and$3,075attributabletotheVIE) 70,626 108,805 108,805Totalcurrentliabilities 755,591 896,856 871,829

Long-termdebtandcapitalleaseobligations 394,511 394,632 32,142Deferredincometaxes 7,112 6,295 6,295Accruedpensionandotherpostretirementbenefits($2,303and$1,787attributabletotheVIE) 119,549 118,693 118,693

Accruedequityappreciationrights 145,384 — —Othernoncurrentliabilities($2,841and$2,884attributabletotheVIE) 12,284 21,247 21,247

Totalliabilities 1,434,431 1,437,723 1,050,206Commitmentsandcontingencies(Note16) SeriesAredeemableconvertiblepreferredstock,$.001parvalue,1,838,027sharesauthorizedatDecember31,2015andJune30,2016;1,838,027sharesissuedandoutstandingatDecember31,2015andJune30,2016actual;liquidationpreferenceof$199,967,266atJune30,2016;nosharesissuedoroutstanding,proformaasofJune30,2016 131,036 131,036 —

Equity Commonstock,$.001parvalue,8,688,166sharesauthorizedatDecember31,2015andJune30,2016;2,424,584sharesissuedandoutstandingatDecember31,2015andJune30,2016actual;7,887,591sharesissuedandoutstanding,proformaasofJune30,2016 2 2 8

Additionalpaid-incapital 309,130 310,094 803,614Accumulatedothercomprehensiveloss,netoftax (67,234) (74,350) (74,350)Retaineddeficit (81,647) (29,578) (29,578)TotalequityattributabletoAcushnetHoldingsCorp. 160,251 206,168 699,694

Noncontrollinginterests 33,255 32,208 32,208Totalequity 193,506 238,376 731,902Totalliabilitiesandequity $ 1,758,973 $1,807,135 $1,782,108

TableofContents

ACUSHNETHOLDINGSCORP.

CONSOLIDATEDSTATEMENTSOFOPERATIONS(UNAUDITED)

Theaccompanyingnotesareanintegralpartoftheseunauditedconsolidatedfinancialstatements.

F-58

SixMonthsEndedJune30, (inthousands,exceptshareandpershareamounts) 2015 2016 Netsales $ 862,874 $ 902,995Costofgoodssold 409,929 443,754Grossprofit 452,945 459,241

Operatingexpenses Selling,generalandadministrative 313,007 306,771Researchanddevelopment 22,628 22,823Intangibleamortization 3,313 3,303Restructuringcharges — 642Incomefromoperations 113,997 125,702

Interestexpense,net 30,530 28,404Other(income)expense,net 9,934 3,838Incomebeforeincometaxes 73,533 93,460

Incometaxexpense 36,919 39,438Netincome 36,614 54,022

Less:Netincomeattributabletononcontrollinginterests (3,158) (1,953)NetincomeattributabletoAcushnetHoldingsCorp. 33,456 52,069Accruingofcumulativedividends (6,836) (6,855)Allocationofundistributedearningstopreferredshareholders (12,548) (19,496)Netincomeattributabletocommonshareholders—basic 14,072 25,718Adjustmentstonetincomefordilutivesecurities 12,679 15,700Netincomeattributabletocommonshareholders—diluted $ 26,751 $ 41,418NetincomepercommonshareattributabletoAcushnetHoldingsCorp.: Basic $ 6.83 $ 10.61Diluted $ 4.70 $ 6.85

Weightedaveragenumberofcommonshares: Basic 2,061,310 2,424,584Diluted 5,696,195 6,049,995

ProformanetincomepercommonshareattributabletoAcushnetHoldingsCorp.—basicanddiluted $ 7.72

Proformaweightedaveragenumberofcommonshares: Basic 7,887,591Diluted 7,888,022

TableofContents

ACUSHNETHOLDINGSCORP.

CONSOLIDATEDSTATEMENTSOFCOMPREHENSIVEINCOME(UNAUDITED)

Theaccompanyingnotesareanintegralpartoftheseunauditedconsolidatedfinancialstatements.

F-59

SixMonthsEndedJune30, (inthousands) 2015 2016 Netincome $ 36,614 $ 54,022Othercomprehensiveincome(loss) Foreigncurrencytranslationadjustments (6,331) 12,181Foreignexchangederivativeinstruments Unrealizedholdinggains(losses)arisingduringperiod 6,444 (23,625)Reclassificationadjustmentsincludedinnetincome (17,319) (7,757)Taxbenefit 3,008 11,130Foreignexchangederivativeinstruments,net (7,867) (20,252)

Available-for-salesecurities Unrealizedholdinglossesarisingduringperiod (182) (148)Taxbenefit 66 56Available-for-salesecurities,net (116) (92)

Pensionandotherpostretirementbenefitsadjustments Netgain(loss)arisingduringperiod (1,487) 1,173Taxbenefit(expense) 510 (126)Pensionandotherpostretirementbenefitsadjustments,net (977) 1,047Totalothercomprehensiveloss (15,291) (7,116)

Comprehensiveincome 21,323 46,906Less:Comprehensiveincomeattributabletononcontrollinginterests (3,158) (1,953)

ComprehensiveincomeattributabletoAcushnetHoldingsCorp. $ 18,165 $ 44,953

TableofContents

ACUSHNETHOLDINGSCORP.

CONSOLIDATEDSTATEMENTSOFCASHFLOWS(UNAUDITED)

Theaccompanyingnotesareanintegralpartoftheseunauditedconsolidatedfinancialstatements.

F-60

SixMonthsEnded

June30, (inthousands) 2015 2016 Cashflowsfromoperatingactivities Netincome $ 36,614 $ 54,022Adjustmentstoreconcilenetincometocashusedinoperatingactivities Depreciationandamortization 21,270 20,550Unrealizedforeignexchangegain(loss) 591 (733)Amortizationofdebtissuancecosts 2,830 2,512Amortizationofdiscountonbondspayable 471 282Changeinfairvalueofcommonstockwarrants 14,778 6,112Share-basedcompensation 1,914 964Lossondisposalsofproperty,plantandequipment 74 66Deferredincometaxes 19,532 29,816Changesinoperatingassetsandliabilities Accountsreceivable (112,857) (102,464)Inventories 21,826 55,875Accountspayable (15,068) (5,598)Accruedtaxes 6,824 (1,816)Accruedexpensesandotherliabilities 2,817 130,873Otherassets (12,360) (3,993)Othernoncurrentliabilities 30,818 (145,828)Interestduetorelatedparties 15,996 14,847Cashflowsprovidedbyoperatingactivities 36,070 55,487

Cashflowsfrominvestingactivities Additionstoproperty,plantandequipment (10,409) (8,116)Changeinrestrictedcash 1,338 (40)

Cashflowsusedininvestingactivities (9,071) (8,156)Cashflowsfromfinancingactivities Increase(decrease)inshort-termborrowings,net (3,076) 5,867Repaymentofseniortermloanfacility (30,000)Debtissuancecosts — (663)Dividendspaidtononcontrollinginterests (1,800) (3,000)

Cashflowsusedinfinancingactivities (4,876) (27,796)Effectofforeignexchangeratechangesoncash (1,144) 1,835

Netincrease(decrease)incash 20,979 21,370Cash,beginningofyear 47,667 54,409Cash,endofperiod $ 68,646 $ 75,779Supplementalinformation Non-cashadditionstoproperty,plantandequipment $ 131 $ 690

TableofContents

ACUSHNETHOLDINGSCORP.

CONSOLIDATEDSTATEMENTSOFREDEEMABLECONVERTIBLEPREFERREDSTOCKANDEQUITY(UNAUDITED)

Theaccompanyingnotesareanintegralpartoftheseunauditedconsolidatedfinancialstatements.

F-61

TotalStockholders'

EquityAttributabletoAcushnet

HoldingsCorp.

RedeemableConvertible

PreferredStock

CommonStock

AccumulatedOther

ComprehensiveLoss

AdditionalPaid-inCapital

RetainedDeficit

NoncontrollingInterest

TotalEquity

(inthousands) Shares Amount Shares Amount BalancesatDecember31,2015 1,838$ 131,036 2,424 $ 2 $ 309,130 $ (67,234)$ (81,647)$ 160,251 $ 33,255 $ 193,506

Netincome — — — — — — 52,069 52,069 1,953 54,022Othercomprehensiveloss — — — — — (7,116) — (7,116) — (7,116)

Stock-basedcompensationexpense — — — — 964 — — 964 — 964

Dividendspaidtononcontrollinginterests — — — — — — — — (3,000) (3,000)

BalancesatJune30,2016 1,838$ 131,036 2,424 $ 2 $ 310,094 $ (74,350)$ (29,578)$ 206,168 $ 32,208 $ 238,376

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS

1.SummaryofSignificantAccountingPolicies

BasisofPresentation

TheaccompanyingconsolidatedfinancialstatementshavebeenpreparedinconformitywithaccountingprinciplesgenerallyacceptedintheUnitedStates(U.S.GAAP)andincludetheaccountsofAcushnetHoldingsCorp.(theCompany),itswhollyownedsubsidiariesandaVIEinwhichtheCompanyistheprimarybeneficiary.Allsignificantintercompanybalancesandtransactionshavebeeneliminatedinconsolidation.

CertaininformationinfootnotedisclosuresnormallyincludedinannualfinancialstatementshasbeencondensedoromittedfortheinterimperiodspresentedinaccordancewiththerulesandregulationsoftheSecuritiesandExchangeCommissionandU.S.GAAP.Intheopinionofmanagement,thefinancialstatementscontainallnormalandrecurringadjustmentsnecessarytostatefairlythefinancialpositionandresultsofoperationsoftheCompany.TheconsolidatedbalancesheetasofDecember31,2015isderivedfromtheauditedconsolidatedbalancesheetfortheyearthenended.TheresultsofoperationsforthesixmonthsendedJune30,2016arenotnecessarilyindicativeofresultstobeexpectedforthefullyearendedDecember31,2016,norwerethoseofthecomparable2015periodrepresentativeofthoseactuallyexperiencedforthefullyearendedDecember31,2015.TheseinterimconsolidatedfinancialstatementsshouldbereadinconjunctionwiththeconsolidatedfinancialstatementsfortheyearendedDecember31,2015andtherelatednotestheretoincludedelsewhereinthisprospectus.

UseofEstimates

ThepreparationoftheCompany'sconsolidatedfinancialstatementsinaccordancewithU.S.GAAPrequiresmanagementtomakeestimatesandjudgmentsthataffectreportedamountsofassets,liabilities,stockholders'equity,netsalesandexpenses,andthedisclosureofcontingentassetsandliabilitiesinitsconsolidatedfinancialstatements.Actualresultscoulddifferfromthoseestimates.

VariableInterestEntities

VIEsareentitiesthat,bydesign,either(i)lacksufficientequitytopermittheentitytofinanceitsactivitiesindependently,or(ii)haveequityholdersthatdonothavethepowertodirecttheactivitiesoftheentitythatmostsignificantlyimpactitseconomicperformance,theobligationtoabsorbtheentity'sexpectedlosses,ortherighttoreceivetheentity'sexpectedresidualreturns.TheCompanyconsolidatesaVIEwhenitistheprimarybeneficiary,whichisthepartythathasboth(i)thepowertodirecttheactivitiesthatmostsignificantlyimpacttheVIE'seconomicperformanceand(ii)throughitsinterestsintheVIE,theobligationtoabsorbexpectedlossesortherighttoreceiveexpectedbenefitsfromtheVIEthatcouldpotentiallybesignificanttotheVIE.

TheCompanyconsolidatestheaccountsofAcushnetLionscoreLimited,aVIEwhichis40%ownedbytheCompany.ThesolepurposeoftheVIEistomanufacturetheCompany'sgolffootwearandassuch,theCompanyisdeemedtobetheprimarybeneficiaryasdefinedbyAccountingStandardsCodification("ASC")810.TheCompanyhaspresentedseparatelyonitsconsolidatedbalancesheets,totheextentmaterial,theassetsofitsconsolidatedVIEthatcanonlybeusedtosettlespecificobligationsofitsconsolidatedVIEandtheliabilitiesofitsconsolidatedVIEforwhichcreditorsdonothaverecoursetoitsgeneralcredit.ThegeneralcreditorsoftheVIEdonothaverecoursetotheCompany.CertaindirectorsofthenoncontrollingentitieshaveguaranteedthecreditlinesoftheVIE,forwhichtherewerenooutstandingborrowingsasofDecember31,2015andJune30,2016.In

F-62

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

1.SummaryofSignificantAccountingPolicies(Continued)

addition,pursuanttothetermsoftheagreementgoverningtheVIE,theCompanyisnotrequiredtoprovidefinancialsupporttotheVIE.

UnauditedProFormaFinancialInformation

TheaccompanyingunauditedproformaconsolidatedbalancesheetasofJune30,2016hasbeenpreparedtogiveeffect,priortotheclosingofaqualifiedinitialpublicoffering,totheautomaticconversionofalloftheoutstandingconvertiblenotesintoanaggregateof3,624,980sharesofcommonstock,thepaymentincashofaccruedandunpaidinterestof$25.0millionontheconvertiblenotesandtheautomaticconversionofalloftheoutstandingsharesoftheSeriesAredeemableconvertiblepreferredstockintoanaggregateof1,838,027sharesofcommonstockasiftheproposedinitialpublicofferinghadoccurredonJune30,2016.

Intheaccompanyingconsolidatedstatementsofoperations,unauditedproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.forthesixmonthsendedJune30,2016hasbeenpreparedtogiveeffect,priortotheclosingofaqualifiedinitialpublicoffering,totheautomaticconversionofalltheoutstandingconvertiblenotesintosharesofcommonstockandtheautomaticconversionofalltheoutstandingsharesofSeriesAredeemableconvertiblepreferredstockintosharesofcommonstockasiftheproposedinitialpublicofferinghadoccurredonthelaterofJanuary1,2015ortheissuancedate.

AccountsReceivable

AsofDecember31,2015andJune30,2016,theallowancefordoubtfulaccountswas$12.4millionand$13.8million,respectively.

RecentlyAdoptedAccountingStandards

Fair Value Measurement

InMay2015,theFASBissuedASU2015-07,"Fair Value Measurement: Disclosures for Investments in Certain Entities that Calculate Net Asset Value perShare (or Its Equivalent) ."UnderASU2015-07investmentsforwhichfairvalueismeasuredatnetassetvaluepershare(oritsequivalent)usingthepracticalexpedientshouldnotbecategorizedinthefairvaluehierarchy.ASU2015-07iseffectiveforfiscalyearsbeginningafterDecember15,2015,includinginterimperiodswithinthosefiscalyears.TheCompanyadoptedtheprovisionsofthisstandardduringthesixmonthsendedJune30,2016.Theretrospectiveadoptionofthisstandarddidnothaveasignificantimpactontheconsolidatedfinancialstatements.

Intangibles—Goodwill and Other—Internal-Use Software

InApril2015,theFASBissuedASU2015-05,"Intangibles—Goodwill and Other—Internal-Use Software: Customer's Accounting for Fees Paid in a CloudComputing Arrangement ."ASU2015-05providesguidancetocustomersaboutwhetheracloudcomputingarrangementincludesasoftwarelicense.Ifacloudcomputingarrangementincludesasoftwarelicense,thenthecustomershouldaccountforthesoftwarelicenseelementofthearrangementconsistentwiththeacquisitionofothersoftwarelicenses.Ifacloudcomputingarrangementdoesnotincludeasoftwarelicense,thecustomershouldaccountforthearrangementasaservicecontract.ASU2015-05iseffectiveforannualperiodsbeginningafterDecember15,2015,includinginterimperiodswithinthosefiscalyears.TheCompany

F-63

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

1.SummaryofSignificantAccountingPolicies(Continued)

prospectivelyadoptedtheprovisionsofthisstandardduringthesixmonthsendedJune30,2016.Theadoptionofthisstandarddidnothaveasignificantimpactontheconsolidatedfinancialstatements.

Consolidation: Amendments to the Consolidation Analysis

InFebruary2015,theFASBissuedASU2015-02,"Consolidation: Amendments to Consolidation Analysis ."ASU2015-02placesmoreemphasisonriskoflosswhendeterminingcontrollinginterest,reducesthefrequencyoftheapplicationofrelated-partyguidancewhendeterminingcontrollingfinancialinterestinaVIEandchangesconsolidationconclusionsforcompaniesinseveralindustries.ASU2015-02iseffectiveforreportingperiodsbeginningafterDecember15,2015,withearlyadoptionpermitted.TheCompanyretrospectivelyadoptedtheprovisionsofthisstandardduringthesixmonthsendedJune30,2016.Theretrospectiveadoptionofthisstandarddidnothaveasignificantimpactontheconsolidatedfinancialstatements.

RecentlyIssuedAccountingStandards

Statement of Cash Flows

InAugust2016,theFASBissuedASU2016-15,"Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments "toaddressdiversityinpracticeinhowcertaincashreceiptsandcashpaymentsarepresentedandclassifiedinthestatementofcashflows.TheguidanceiseffectiveforfinancialstatementsissuedforannualperiodsbeginningafterDecember15,2017,includinginterimperiodswithinthosefiscalyears.TheCompanyiscurrentlyevaluatingthisstandardtodeterminetheimpactofitsadoptionontheconsolidatedfinancialstatements.

Revenue from Contracts with Customers

InMay2016,theFASBissuedASU2016-12,"Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients." ASU2016-12addressesnarrow-scopeimprovementstotheguidanceoncollectability,noncashconsiderationandcompletedcontractsattransitionandprovidesapracticalexpedientforcontractmodificationsandanaccountingpolicyelectionrelatedtothepresentationofsalestaxesandothersimilartaxescollectedfromcustomers.InMarch2016,theFASBissuedASU2016-08,"Revenue from Contracts with Customers: Principal versus Agent Considerations "clarifyingtheimplementationguidanceonprincipalversusagentconsiderations.InAugust2015,theFASBissuedASU2015-14,"Revenue from Contracts with Customers:Deferral of the Effective Date ."deferringtheadoptionofpreviouslyissuedguidancepublishedinMay2014,ASU2014-09,"Revenue from Contracts withCustomers." ASU2014-09amendsrevenuerecognitionguidanceandrequiresmoredetaileddisclosurestoenableusersoffinancialstatementstounderstandthenature,amount,timinganduncertaintyofrevenueandcashflowsarisingfromcontractswithcustomers.ASU2016-08and2015-14areeffectiveforreportingperiodsbeginningafterDecember15,2017,includinginterimperiodswithinthosefiscalyears.Thenewstandardpermitstheuseofeithertheretrospectiveormodifiedretrospectiveapproachonadoption.TheCompanyiscurrentlyevaluatingthisstandardtodeterminetheimpactofitsadoptionontheconsolidatedfinancialstatements.

Compensation—Stock Compensation

InMarch2016,theFASBissuedASU2016-09,"Compensation—Stock Compensation: Improvements to Employee Share-Based Payment Accounting" tosimplifyaccountingforemployeeshare-basedpaymenttransactions,includingtheincometaxconsequences,classificationofawardsaseither

F-64

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

1.SummaryofSignificantAccountingPolicies(Continued)

equityorliabilitiesandclassificationonthestatementofcashflows.TheguidanceiseffectiveforfinancialstatementsissuedforannualperiodsbeginningafterDecember15,2016,includinginterimperiodswithinthosefiscalyears.TheCompanyiscurrentlyevaluatingthisstandardtodeterminetheimpactofitsadoptionontheconsolidatedfinancialstatements.

Leases

InFebruary2016,theFASBissuedASU2016-02,"Leases",whichwillrequirelesseestorecognizeright-of-useassetsandleaseliabilitiesforleaseswhichwereformerlyclassifiedasoperatingleases.TheguidanceiseffectiveforfinancialstatementsissuedforannualperiodsbeginningafterDecember15,2018,includinginterimperiodswithinthosefiscalyears.TheCompanyiscurrentlyevaluatingthisstandardtodeterminetheimpactofitsadoptionontheconsolidatedfinancialstatements.

Presentation of Financial Statements—Going Concern

InAugust2014,theFASBissuedASU2014-15,"Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity'sAbility to Continue as a Going Concern. "ASU2014-15requiresmanagementtoevaluatewhetherthereissubstantialdoubtaboutacompany'sabilitytocontinueasagoingconcernwithinoneyearfromthedatethefinancialstatementsareissuedandtoproviderelatedfootnotedisclosuresasappropriate.ASU2014-15iseffectiveforannualperiodsendingafterDecember15,2016,andinterimperiodswithinannualperiodsbeginningafterDecember15,2016.Earlyapplicationispermittedforannualorinterimreportingperiodsforwhichthefinancialstatementshavenotpreviouslybeenissued.Theadoptionofthisstandardisnotexpectedtohaveasignificantimpactontheconsolidatedfinancialstatements.

2.Inventories

Inventoriesarevaluedatthelowerofcostandnetrealizablevalue.Costisdeterminedusingthefirst-in,first-outinventorymethod.Theinventorybalance,whichincludesmaterial,laborandmanufacturingoverheadcosts,isrecordednetofanestimatedallowanceforobsoleteorslowmovinginventory.

Thecomponentsofinventorieswereasfollows:

3.ProductWarranty

TheCompanyhasdefinedwarrantiesrangingfromonetotwoyears.ProductscoveredbythedefinedwarrantypoliciesincludeallTitleistgolfproducts,FootJoygolfshoes,andFootJoygolfouterwear.Theestimatedcostofsatisfyingfuturewarrantyclaimsisaccruedatthetimethesaleisrecorded.Inestimatingfuturewarrantyobligations,theCompanyconsidersvariousfactors,includingits

F-65

(inthousands) December31,

2015 June30,2016

Rawmaterialsandsupplies $ 63,119 $ 53,044Work-in-process 18,210 16,688Finishedgoods 245,030 205,311Inventories $ 326,359 $ 275,043

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

3.ProductWarranty(Continued)

warrantypoliciesandpractices,thehistoricalfrequencyofclaims,andthecosttoreplaceorrepairproductsunderwarranty.

TheactivityrelatedtotheCompany'swarrantyobligationforaccruedwarrantyexpensewasasfollows:

4.RelatedPartyTransactions

TheCompanyhashistoricallyincurredinterestexpensepayabletorelatedpartiesonitsoutstandingconvertiblenotesandbondswithcommonstockwarrants(Note5).Relatedpartyinterestexpensetotaled$16.5millionand$15.1millionforthesixmonthsendedJune30,2015and2016,respectively.

5.DebtandFinancingArrangements

TheCompany'sdebtandcapitalleaseobligationswereasfollows:

Thesecuredfloatingratenotesarenetofdebtissuancecostsof$2.2millionand$0.4millionasofDecember31,2015andJune30,2016,respectively.

SeniorSecuredCreditFacility

OnApril27,2016,theCompanyenteredintoanewseniorsecuredcreditfacilitiesagreementarrangedbyWellsFargo,NationalAssociationwhichprovidesfor(i)a$275.0millionmulti-currency

F-66

SixMonthsEnded

June30, (inthousands) 2015 2016 Balanceatbeginningofperiod $ 2,989 $ 3,345Provision 2,624 2,798Claimspaid/costsincurred (2,017) (2,374)Foreigncurrencytranslation (20) 15Balanceatendofperiod $ 3,576 $ 3,784

(inthousands) December31,

2015 June30,2016

Securedfloatingratenotes $ 372,804 $ 374,582Convertiblenotes 362,490 362,490Bondswithcommonstockwarrants 30,540 30,822Seniortermloanfacility 29,836 —Revolvingcreditfacility 24,000 —Lineofcreditfacility — 20,000Othershort-termborrowings 15,064 27,745Capitalleaseobligations 1,481 1,321Total 836,215 816,960Less:Short-termdebt 441,704 422,328Totallong-termdebtandcapitalleaseobligations $ 394,511 $ 394,632

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

5.DebtandFinancingArrangements(Continued)

revolvingcreditfacility,includinga$20.0millionletterofcreditsub-facility,aC$25.0millionsub-facilityforAcushnetCanada,Inc.,a£20.0millionsub-facilityforAcushnetEuropeLimitedandanalternativecurrencysublimitof100.0millionforborrowingsinCanadianDollars,Euros,PoundsSterlingandJapaneseYen,(ii)a$375.0milliontermloanAfacility,and(iii)a$100.0milliondelayeddrawtermloanAfacility.EachcreditfacilitymaturesonJuly28,2021.Thecreditagreementallowsfortheincurrenceofadditionaltermloansorincreasesintherevolvingcreditfacilityinanaggregateprincipalamountnottoexceed(i)$200.0millionplus(ii)anunlimitedamountsolongasthenetaveragesecuredleverageratio(asdefinedinthecreditagreement)doesnotexceed2.00:1.00onaproformabasis.TheapplicableinterestrateforborrowingsundertheseniorsecuredcreditfacilitiesisLIBORplusamarginrangingfrom1.25%to2.00%dependingontheNetAverageTotalLeverageRatioasdefinedinthecreditagreement.

Thecreditagreementcontainscustomaryaffirmativeandrestrictivecovenants,including,amongothers,financialcovenantsbasedontheCompany'sleverageandinterestcoverageratios.Thecreditagreementincludescustomaryeventsofdefault,theoccurrenceofwhich,followinganyapplicablecureperiod,wouldpermitthelendersto,amongotherthings,declaretheprincipal,accruedinterestandotherobligationstobeimmediatelydueandpayable.

ThecreditagreementwassignedandbecameeffectiveonApril27,2016andinitialfundingunderthecreditagreementoccurredonJuly28,2016.Theproceedsofthe$375.0milliontermloanAfacility,borrowingsofC$4.0million(equivalenttoapproximately$3.0million)underthenewrevolvingcreditfacilityandcashonhandof$23.6millionwereusedtorepayallamountsoutstandingunderthesecuredfloatingratenotesandcertainformerworkingcreditfacilities.Thesecuredfloatingratenotes,certainformerworkingcreditfacilitiesandtheformerseniorrevolvingcreditfacilitywereterminated.ThedelayeddrawtermloanAfacilitywillbeavailableuntilthedatethatisoneyearaftertheclosingdatetomakepaymentsundertheCompany'sEARPlan,asamended.

ConvertibleNotes

In2011and2012,theCompanyissuedconvertiblenoteswithanaggregateprincipalamountof$362.5milliontoshareholders.Theconvertiblenotesbearinterestatarateof7.5%perannum,whichispayableincashsemi-annuallyinarrearsonFebruary1andAugust1.ThenotesmatureupontheearlierofJuly29,2021ortheelectionoftheholderuponachangeincontrol,asdefinedinthesecuritiespurchaseagreementsgoverningthenotes.Amountsdueundertheconvertiblenotescanonlyberepaiduponmaturityoruponachangeincontrol.

OnMarch11,2013,theCompanyreceivedapprovalfromtheholdersoftheconvertiblenotestodeferanyinterestpaymentsdueafterAugust1,2013andpriortoFebruary1,2016pursuanttothecovenantsimposedbythesecuredfloatingratenotesandtheseniorrevolvingandtermloanfacilities.

ThenotesareconvertibleattheoptionoftheholderatanytimepriortomaturityintoanumberofsharesoftheCompany'scommonstockdeterminedbydividingtheaggregateoutstandingunpaidprincipalamountofthenotebytheconversionpriceof$100pershare.Theconversionpriceissubjecttoadjustmentifadditionalsharesofcommonstockaresoldsubsequenttotheissuanceoftheconvertiblenotesatapricepercommonsharethatislowerthan$100pershareoruponasubdivisionoftheoutstandingsharesoftheCompany'scommonstock.Transferofthenotestoanyparty,includinganaffiliateofthenoteholder,requirespriorwrittenconsentoftheothernoteholdersandFilaKoreaLtd.pertheShareholderAgreement.

F-67

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

5.DebtandFinancingArrangements(Continued)

OnMay6,2016,theCompanyandeachoftheholdersoftheconvertiblenotesenteredintoanagreementrequiringthemandatoryconversionoftheconvertiblenotesintofullypaidandnonassessablesharesoftheCompany'scommonstock.Thisautomaticconversionwilloccurpriortotheclosingofaqualifiedinitialpublicoffering.Uponconversion,anycalculatedfractionalsharesoftheCompany'scommonstockwillbepaidincashtoeachoftheholdersoftheconvertiblenotes.Inaddition,allaccruedbutunpaidinterestontheprincipaloftheconvertiblenoteswillbepaidtoeachholderoftheconvertiblenotes.

TheCompanyrecordedinterestexpenserelatedtotheconvertiblenotesof$13.5millionduringthesixmonthsendedJune30,2015and2016,respectively.

BondswithCommonStockWarrants

In2011and2012,theCompanyissuedbondswithanaggregateprincipalamountof$172.5milliontoshareholders.Thebondsbearinterestatarateof7.5%perannum,whichispayableincashsemi-annuallyinarrearsonFebruary1andAugust1.ThebondsmatureupontheearlierofJuly29,2021ortheelectionoftheholderuponachangeofcontrol,asdefinedinthesecuritiespurchaseagreementgoverningthebonds.Amountsdueunderthebondscanonlyberepaiduponmaturity,achangeofcontrol,aholderelectingtoexercisecommonstockwarrantsbynetsettlingtheirbondsoranexerciseofcommonstockwarrantsbyFilaKoreaLtd.

Inconnectionwiththeissuanceofthesebonds,theCompanyissuedcommonstockwarrantsforthepurchaseof1,725,159sharesoftheCompany'scommonstock,atanexercisepriceof$100pershare.Theexercisepriceissubjecttoadjustmentifadditionalsharesofcommonstockaresoldsubsequenttotheissuanceofthebondsatapricepercommonsharethatislowerthan$100pershareoruponasubdivisionoftheoutstandingsharesoftheCompany'scommonstock.Thecommonstockwarrantexercisepricecanbesettledwithcashorthroughtenderofanaggregateoutstandingprincipalamountofthebondsandaccruedbutunpaidinterestequaltotheexercisepriceofthecommonstockwarrants.

Adiscountof$19.9millionrelatingtotheissuance-datefairvalueofthecommonstockwarrantswasrecordedontheissuancedateofthebondsandisbeingaccretedtointerestexpenseuntilthematuritydateofthebonds.Theunamortizeddiscountwas$4.0millionand$3.7millionasofDecember31,2015andJune30,2016,respectively.

OnMarch11,2013,theCompanyreceivedapprovalfromtheholdersofthebondstodeferanyinterestpaymentsdueafterAugust1,2013andpriortoFebruary1,2016pursuanttothecovenantsimposedbythesecuredfloatingratenotesandtheseniorrevolvingandtermloanfacilities.

ThecommonstockwarrantsaredetachableandtransferrablebytheholdersonlytoFilaKoreaLtd.oritsdesigneeatapriceequaltotheinterestaccruedontheunderlyingbondsattherateof4.0%perannumcalculatedonanannualcompoundedbasis.TheshareholdersagreementprovidesFilaKoreaLtd.withacalloptiontopurchasealloftheoutstandingcommonstockwarrantsheldbyholdersofthebondsinannualinstallmentsof345,032commonstockwarrantsoverafive-yearperiodbeginningJuly29,2012.FilaKoreaLtd.mustexercisethecommonstockwarrantswithin10daysofthetransfer.TheexerciseofthecommonstockwarrantsbyFilaKoreaLtd.triggerstheCompanytoredeemaproratashareofthebondspayablebyusingtheproceedsreceivedfromtheexerciseofthecommonstockwarrantsbyFilaKoreaLtd.

F-68

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

5.DebtandFinancingArrangements(Continued)

DuringthesixmonthsendedJune30,2015and2016,nowarrantstopurchasetheCompany'scommonstockwereexercised.InJuly2016,FilaKoreaLtd.exerciseditsannualcalloptiontopurchase345,032commonstockwarrantsheldbytheholdersofthebondsandexercisedsuchwarrantsattheexercisepriceof$100pershare.ThisresultedinproceedstotheCompanyof$34.5millionwhichtheCompanyusedtorepaytheoutstandingindebtednessunderthebondsof$34.5million.

TheCompanyrecordedinterestexpenserelatedtothebonds,includingtheamortizationofthediscount,of$3.0millionand$1.6millionduringthesixmonthsendedJune30,2015and2016,respectively.

SecuredFloatingRateNotes

InOctober2011,theCompanyissuedsecuredfloatingratenoteswithKoreaDevelopmentBankinanaggregateprincipalamountof$500.0million,whichmatureonJuly29,2016.Thenotesbearinterestatarateequaltothree-monthLIBORplusamarginof3.75%,whichisrequiredtobepaidquarterlyinarrearsonJanuary31,April30,July31andOctober31.ThenoteswereissuedinseparateclasseswithmaturitydatesrangingfromOctober2013toJuly2016.PursuanttoanamendedandrestatedpledgeandsecurityagreementdatedOctober31,2011,thesecuredfloatingratenotesaresecuredbycertainassets,includinginventory,accountsreceivable,fixedassetsandintangibleassetsoftheCompany,andasecondprioritysecurityinterestinthesharesofcertainFilaKoreaLtd.entities,trademarksandbankaccounts.

InOctober2013,theCompanyissuedsecuredfloatingratenoteswithKoreaDevelopmentBankinanaggregateprincipalamountof$125.0million,whichmatureonJuly29,2016.Proceedsfromtheissuanceofthenoteswereused,alongwithexistingcashonhand,torepay$150.0millionofthesecuredfloatingratenotesissuedinOctober2011.Thenotesbearinterestatarateequaltothree-monthLIBORplusamarginof3.75%,whichisrequiredtobepaidquarterlyinarrearsonJanuary31,April30,July31andOctober31.PursuanttoanamendedandrestatedpledgeandsecurityagreementdatedOctober31,2013,thesecuredfloatingratenotesaresecuredbycertainassets,includinginventory,accountsreceivable,fixedassetsandintangibleassetsoftheCompany,andasecondprioritysecurityinterestinthesharesofcertainFilaKoreaLtd.entities,trademarksandbankaccounts.

Thesecuredfloatingratenotesagreementscontaincustomarynegativecovenants,subjecttocertainexceptions,includinglimitationson:liens;financialindebtedness;mergers,acquisitionsandjointventures;assetsales,dividendsanddistributionsandrepurchaseoftheCompany'scapitalsecurities;transactionswithaffiliates;andchangesintheCompany'slinesofbusiness.Theagreementalsocontainsasubjectiveaccelerationclause.ThesecuredfloatingratenotesagreementsrequiretheCompanytocomplyonanannualbasiswithaconsolidatedleverageratio.Inaddition,thesecuredfloatingratenotesagreementscontaincertaincustomaryeventsofdefault.AsofJune30,2016,theCompanywasincompliancewithallcovenants.

TheCompanyincurred$13.2millionofissuancecostsinconnectionwiththeoriginalissuanceof$500.0millionsecuredfloatingratenotes.Inaddition,theCompanyincurred$3.3millionofissuancecostsinconnectionwiththeissuanceof$125.0millionsecuredfloatingratenotesduringtheyearendedDecember31,2013.Ofthe$3.3million,$1.0millionwasimmediatelyrecordedasinterestexpenseand$2.3millionwascapitalizedasdebtissuancecosts.

Therewereoutstandingborrowingsunderthesecuredfloatingratenotesof$375.0millionasofDecember31,2015andJune30,2016.OnJuly28,2016,theoutstandingborrowingsunderthesecured

F-69

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

5.DebtandFinancingArrangements(Continued)

floatingratenoteswererepaidinfullusingtheproceedsfromtheseniorsecuredcreditfacilityandthesecuredfloatingratenoteswereterminated.

AsofDecember31,2015andJune30,2016,theinterestrateapplicabletotheoutstandingborrowingsunderthesecuredfloatingratenoteswas4.07%and4.39%,respectively.TheCompanyrecordedinterestexpenserelatedtothesecuredfloatingratenotes,includingtheamortizationofdebtissuancecosts,of$10.4millionand$10.2millionduringthesixmonthsendedJune30,2015and2016,respectively.

SeniorRevolvingandTermLoanFacilities

InJuly2011,theCompanyenteredintoaseniorrevolvingfacilitiesagreementwithKoreaDevelopmentBank("SeniorFacilityAgreement"),whichprovidedforborrowingsunderarevolvingcreditfacilityofupto$50.0milliontobeusedforgeneralcorporatepurposes("SeniorRevolvingFacility").TheapplicableinterestrateforborrowingsundertheSeniorRevolvingFacilityisLIBORplusamarginof3.25%.TheSeniorFacilityAgreementrequiresacommitmentfeeof0.3%basedontheaveragedailyunusedportionofthefacility.OnFebruary12,2014,theCompanyamendeditsSeniorFacilityAgreementandsimultaneouslyexecutedajoinderagreementwithWellsFargoN.A.toincreasetheborrowingcapacityundertheSeniorRevolvingFacilityto$75.0million.

OnDecember24,2014,theCompanyfurtheramendedtheSeniorFacilityAgreementtoincreasetheborrowingcapacityundertheSeniorRevolvingFacilityto$95.0million,whichmaturedonJuly29,2016.ThisamendmentalsoprovidedforborrowingsunderanewseniortermloanagreementwithKoreaDevelopmentBankof$30.0million("SeniorTermLoan"),whichmaturedonJuly29,2016.TheapplicableinterestrateforborrowingsundertheSeniorTermLoanisthree-monthLIBORplusamarginof2.63%,andisincreasedforanyrequiredwithholdingtaxes.TheSeniorFacilityAgreementrequiresacommitmentfeeof0.3%basedontheaveragedailyunusedportionofthetermloan.Uponentryintotheamendment,theCompanyimmediatelyborrowedtheentire$30.0millionundertheSeniorTermLoan.

CollateralizationofborrowingsundertheSeniorFacilityAgreementisgovernedbythetermsofanamendedandrestatedpledgeandsecurityagreement.Pursuanttotheagreement,borrowingsundertheSeniorFacilityAgreementaresecuredbycertainassets,includinginventory,accountsreceivable,fixedassetsandintangibleassetsoftheCompany,andbyasecondprioritysecurityinterestinthesharesofcertainFilaKoreaLtd.entities,trademarksandbankaccounts.

TheSeniorFacilityAgreementcontainscustomarynegativecovenants,subjecttocertainexceptions,includinglimitationson:liens;financialindebtedness;mergers,acquisitionsandjointventures;assetsales,dividendsanddistributionsandrepurchaseoftheCompany'scapitalsecurities;transactionswithaffiliates;andchangesintheCompany'slinesofbusiness.Theagreementalsocontainsasubjectiveaccelerationclause.TheSeniorFacilityAgreementrequirestheCompanytocomplyonanannualbasiswithaconsolidatedleverageratio,asdefinedintheagreement.Inaddition,theSeniorFacilityAgreementcontainscertaincustomaryeventsofdefault.AsofJune30,2016,theCompanywasincompliancewithallcovenants.

TherewerenooutstandingborrowingsundertheSeniorRevolvingFacilityasofDecember31,2015orJune30,2016.TheCompanyrecordedinterestexpenserelatedtotheSeniorRevolvingFacility,includingunusedcommitmentfees,of$0.6millionand$0.7millionduringthesixmonthsendedJune30,2015and2016,respectively.

F-70

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

5.DebtandFinancingArrangements(Continued)

TherewereoutstandingborrowingsundertheSeniorTermLoanof$30.0millionasofDecember31,2015.OnJune30,2016,theCompanyrepaidallamountsoutstandingundertheSeniorTermLoanfacilityandthefacilitywasterminated.AsofDecember31,2015,theinterestrateapplicabletotheoutstandingborrowingsundertheSeniorTermLoanfacilitywas3.26%.TheCompanyrecordedinterestexpenserelatedtotheSeniorTermLoanof$0.7millionduringthesixmonthsendedJune30,2015and2016,respectively.

LineofCreditFacility

OnFebruary5,2016,theCompanyenteredintoaworkingcapitalfacilityagreementarrangedbyWellsFargoBank,NationalAssociationwhichprovidesforborrowingsupto$30.0million.Theapplicableinterestrateforborrowingsunderthefacilityisdailyone-monthLIBOR.Thefacilityrequiresacommitmentfeeequalto0.35%oftheunusedportionofthefacilityasoftheprecedingfiscalquarter.

TheworkingcapitalfacilityhadanoriginalmaturitydateofMay31,2016,butwasamendedonMay18,2016toextendthematuritydatetoJuly29,2016.Therewereoutstandingborrowingsundertheworkingcapitalfacilityof$20.0millionasofJune30,2016andtheinterestrateapplicabletotheoutstandingborrowingswas2.94%.

WorkingCreditFacility(Canada)

InFebruary2013,theCompanyenteredintoaworkingcreditfacilityagreementarrangedbyWellsFargoN.A.,CanadianBranch,whichprovidesforborrowingsofuptothelesserof(a)C$25millionor(b)thesumof80%ofeligibleaccountsreceivableand60%ofeligibleinventory.Theworkingcreditfacility,asamended,maturedonJuly29,2016.TheapplicableinterestrateforborrowingsunderthefacilityforCanadiandollarborrowingsisCDORplusamarginof2.0%orCanadianPrimeRateandforU.S.dollarborrowingsisLIBORplusamarginof2.0%orU.S.PrimeRate.Thefacilityrequiresacommitmentfeeequalto0.25%oftheuncancelledandunutilizedportionofthefacilityasoftheprecedingfiscalquarter.

Theworkingcreditfacilityissecuredbytheaccountsreceivable,inventoryandcashcollectionsofAcushnetCanada,awhollyownedsubsidiaryoftheCompany.TheworkingcreditfacilityagreementrequirestheCompanytocomplywithcertainfinancialcovenantsandcontainscustomarynegativecovenants,subjecttocertainexceptions,includinglimitationsandrestrictionsondispositions,liens,dividends,debt,mergers,transactionswithaffiliatesandchangesintheCompany'slinesofbusiness.Inaddition,theworkingcreditfacilityagreementcontainscertaincustomaryeventsofdefault.AsofJune30,2016,theCompanywasincompliancewithallcovenants.

Therewerenooutstandingborrowingsundertheworkingcreditfacility(Canada)asofDecember31,2015andoutstandingborrowingsof$7.8millionasofJune30,2016.OnJuly28,2016,theoutstandingborrowingswererepaidusingtheproceedsfromtheseniorsecuredcreditfacilityandcashonhandandtheworkingcreditfacility(Canada)wasterminated.

TheCompanyrecordedinterestexpenserelatedtotheworkingcreditfacility(Canada),includingunusedcommitmentfees,of$0.2millionduringthesixmonthsendedJune30,2015and2016,respectively.

F-71

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

5.DebtandFinancingArrangements(Continued)

WorkingCreditFacility(Europe)

InApril2012,theCompanyenteredintoaworkingcreditfacilityagreementarrangedbyWellsFargoCapitalFinance(UK)Limited,whichprovidesforborrowingsofuptothelesserof(a)£30.0millionor(b)thesumof85%ofeligibleaccountsreceivableand65%ofeligibleinventory,ofwhich£5.0millioncanbeusedforlettersofcredit.TheworkingcreditfacilitymaturesonApril4,2017.TheapplicableinterestrateforborrowingsunderthefacilityisLIBORplusamarginof3.0%.Thefacilityincludesacommitmentfeeof0.375%ontheaveragedailyunusedportionofthefacility.Theworkingcreditfacilityissecuredbytheaccountsreceivable,inventoryandcashcollectionsofAcushnetEuropeLimited,awhollyownedsubsidiaryoftheCompany.

TheworkingcreditfacilityagreementrequirestheCompanytocomplywithcertainfinancialcovenantsandcontainscustomarynegativecovenants,subjecttocertainexceptions,includinglimitationson:liens;financialindebtedness;mergersandacquisitions;assetsales,dividendsanddistributions:transactionswithaffiliates;andchangesintheCompany'slinesofbusiness.Inaddition,theworkingcreditfacilityagreementcontainscertaincustomaryeventsofdefault.AsofJune30,2016,theCompanywasincompliancewithallcovenants.

Therewerenooutstandingborrowingsundertheworkingcreditfacility(Europe)asofDecember31,2015andoutstandingborrowingsof$12.3millionasofJune30,2016.OnJuly28,2016,theoutstandingborrowingswererepaidusingcashonhandandtheworkingcreditfacility(Europe)wasterminated.

TheCompanyrecordedinterestexpenserelatedtotheworkingcreditfacility(Europe),includingunusedcommitmentfees,of$0.4millionand$0.5millionduringthesixmonthsendedJune30,2015and2016,respectively.

6.DerivativeFinancialInstruments

CommonStockWarrants

TheCompanyclassifieswarrantstopurchasecommonstockasaliabilityonitsconsolidatedbalancesheetasthewarrantsarefree-standingfinancialinstrumentsthatmayresultintheissuanceofavariablenumberoftheCompany'scommonshares.Thewarrantswereinitiallyrecordedatfairvalueongrantdate,andaresubsequentlyre-measuredtofairvalueateachreportingdate.TheCompanywillcontinuetoadjusttheliabilityuntiltheearlierofexerciseofthewarrantsorexpirationofthewarrantsoccurs.Commonstockwarrantsarerecordedatfairvalue(Note7)andincludedinaccruedexpensesandotherliabilitiesontheconsolidatedbalancesheet.Changesinthefairvalueofthecommonstockwarrantsarerecognizedasother(income)expense,netontheconsolidatedstatementofoperations.

OnJuly29,2011,theCompanyissuedbondsintheaggregateprincipalamountof$168.0millionandcommonstockwarrantstopurchaseanaggregateof1,680,000sharesoftheCompany'scommonstock.OnJanuary20,2012,theCompanyissued$4.5millionofadditionalbondsandcommonstockwarrantstopurchase45,159sharesoftheCompany'scommonstock(Note5).AsofJune30,2016,345,032commonstockwarrantswithanexercisepriceof$100persharewereoutstandingandareexercisable.

F-72

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

6.DerivativeFinancialInstruments(Continued)

InJuly2016,FilaKoreaLtd.exerciseditsfinalannualcalloptiontopurchase345,032commonstockwarrantsheldbytheholdersofthebondsandexercisedsuchwarrantsattheexercisepriceof$100pershare,or$34.5millionintheaggregate.TheCompanyusedtheproceedsreceivedfromFilaKoreaLtd.'sexerciseofthecommonstockwarrantstoredeemtheoutstandingbondspayable.

ForeignExchangeDerivativeInstruments

TheCompanyprincipallyusesfinancialinstrumentstoreducetheimpactofchangesinforeigncurrencyexchangerates.TheprincipalderivativefinancialinstrumentstheCompanyentersintoonaroutinebasisareforeignexchangeforwardcontracts.TheCompanydoesnotenterintoforeignexchangeforwardcontractsfortradingorspeculativepurposes.

Foreignexchangecontractsareprimarilyusedtohedgepurchasesdenominatedinselectforeigncurrencies,therebylimitingcurrencyriskthatwouldotherwiseresultfromchangesinexchangerates.Theperiodsoftheforeignexchangecontractscorrespondtotheperiodsoftheforecastedtransactions,whichdonotexceed24monthssubsequenttothelatestbalancesheetdate.Theeffectiveportionsofcashflowhedgesarereportedinaccumulatedothercomprehensiveincome(loss)andrecognizedintheconsolidatedstatementofoperationswhenthehedgeditemaffectsearnings.Changesinfairvalueofalleconomichedgetransactionsareimmediatelyrecognizedincurrentperiodearnings.TheprimaryforeigncurrencyhedgecontractspertaintotheU.S.dollar,theJapaneseyen,theBritishpoundsterling,theCanadiandollar,theKoreanwonandtheEuro.ThegrossU.S.dollarequivalentnotionalamountofallforeigncurrencyderivativehedgesoutstandingasofJune30,2016was$373.2million.

Thecounterpartiestoderivativecontractsaremajorfinancialinstitutions.TheCompanyassessescreditriskofthecounterpartiesonanongoingbasis.

Thefairvaluesofforeignexchangederivativeinstrumentsontheconsolidatedbalancesheetswereasfollows:

Theeffectofforeignexchangederivativeinstrumentsonaccumulatedothercomprehensiveincome(loss)andtheconsolidatedstatementsofoperationswasasfollows:

F-73

(inthousands) BalanceSheetLocation December31,

2015 June30,2016

Assetderivatives Othercurrentassets $ 13,824 $ 4,846 Othernoncurrentassets 790 78

Liabilityderivatives Othercurrentliabilities 1,265 14,628 Othernoncurrentliabilities 331 8,925

Gain(Loss)Recognizedin

OCI

SixMonthsEnded

June30, (inthousands) 2015 2016 Typeofhedge Cashflow $ 6,444 $ (23,625)

$ 6,444 $ (23,625)

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

6.DerivativeFinancialInstruments(Continued)

Basedonthecurrentvaluation,theCompanyexpectstoreclassifyanetlossof$9.8millionfromaccumulatedothercomprehensiveincome(loss)intocostofgoodssoldduringthenext12months.

7.FairValueMeasurements

CertainassetsandliabilitiesarecarriedatfairvalueunderU.S.GAAP.Fairvalueisdefinedastheexchangepricethatwouldbereceivedforanassetorpaidtotransferaliability(anexitprice)intheprincipalormostadvantageousmarketfortheassetorliabilityinanorderlytransactionbetweenmarketparticipantsonthemeasurementdate.Valuationtechniquesusedtomeasurefairvaluemustmaximizetheuseofobservableinputsandminimizetheuseofunobservableinputs.

Assetsandliabilitiesmeasuredatfairvalueonarecurringbasiswereasfollows:

F-74

Gain(Loss)RecognizedinStatementofOperations

SixMonthsEnded

June30, (inthousands) 2015 2016 Locationofgain(loss)instatementofoperations Costofgoodssold $ 17,319 $ 7,757Selling,generalandadministrativeexpense 1,826 (2,669)

$ 19,145 $ 5,088

FairValueMeasurementsasof

December31,2015using: (inthousands) Level1 Level2 Level3 BalanceSheetLocationAssets Rabbitrust $ 13,111 $ — $ — OthercurrentassetsForeignexchangederivativeinstruments — 13,824 — OthercurrentassetsRabbitrust 1,442 — — OthernoncurrentassetsDeferredcompensationprogramassets 2,129 — — OthernoncurrentassetsForeignexchangederivativeinstruments — 790 — OthernoncurrentassetsTotalassets $ 16,682 $ 14,614 $ —

Liabilities Foreignexchangederivativeinstruments $ — $ 1,265 $ — OthercurrentliabilitiesCommonstockwarrants — — 22,884 OthercurrentliabilitiesDeferredcompensationprogramliabilities 2,129 — — OthernoncurrentliabilitiesForeignexchangederivativeinstruments — 331 — OthernoncurrentliabilitiesTotalliabilities $ 2,129 $ 1,596 $ 22,884

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

7.FairValueMeasurements(Continued)

DuringtheyearendedDecember31,2015andthesixmonthsendedJune30,2016,therewerenotransfersbetweenLevel1,Level2andLevel3.

RabbitrustassetsareusedtofundcertainretirementobligationsoftheCompany.TheassetsunderlyingtheRabbitrustareequityandfixedincomeexchange-tradedfunds.

Deferredcompensationprogramassetsandliabilitiesrepresentaprogramwhereselectemployeescandefercompensationuntilterminationofemployment.EffectiveJuly29,2011,thisprogramwasamendedtoceaseallemployeecompensationdeferralsandprovidedforthedistributionofallpreviouslydeferredemployeecompensation.TheprogramremainsineffectwithrespecttothevalueattributabletotheemployermatchcontributedpriortoJuly29,2011.

Foreignexchangederivativeinstrumentsareforwardcontractsusedtohedgecurrencyfluctuationsfortransactionsdenominatedinaforeigncurrency.TheCompanyusesthemid-priceofforeignexchangeforwardratesasofthecloseofbusinessonthevaluationdatetovalueeachforeignexchangeforwardcontractateachreportingperiod.

TheCompanycategorizesthecommonstockwarrantsderivativeliabilityasLevel3astherearesignificantunobservableinputsusedintheunderlyingvaluations.Thecommonstockwarrantsarevaluedusingthecontingentclaimsmethodology.

ThechangeinLevel3fairvaluemeasurementswasasfollows:

F-75

FairValueMeasurementsasofJune30,

2016using: (inthousands) Level1 Level2 Level3 BalanceSheetLocationAssets Rabbitrust $ 9,194 $ — $ — OthercurrentassetsForeignexchangederivativeinstruments — 4,846 — OthercurrentassetsRabbitrust 4,470 — — OthernoncurrentassetsDeferredcompensationprogramassets 1,827 — — OthernoncurrentassetsForeignexchangederivativeinstruments — 78 — OthernoncurrentassetsTotalassets $ 15,491 $ 4,924 $ —

Liabilities Foreignexchangederivativeinstruments $ — $ 14,628 $ — OthercurrentliabilitiesCommonstockwarrants — — 28,996 OthercurrentliabilitiesDeferredcompensationprogramliabilities 1,827 — — OthernoncurrentliabilitiesForeignexchangederivativeinstruments — 8,925 — OthernoncurrentliabilitiesTotalliabilities $ 1,827 $ 23,553 $ 28,996

(inthousands) December31,

2015 June30,2016

Balanceatbeginningofperiod $ 1,818 $ 22,884Commonstockwarrantexercise (7,298) —Totallossesincludedinearnings 28,364 6,112Balanceatendofperiod $ 22,884 $ 28,996

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

8.PensionandOtherPostretirementBenefits

Componentsofnetperiodicbenefitcostwereasfollows:

9.IncomeTaxes

Theeffectiveratesforincometaxeswere50.2%and42.2%forthesixmonthsendedJune30,2015and2016,respectively.ReflectedineachquarterarediscreteitemsthatpertaintotaxobligationsrelatedtoperiodspriortotheCompany'sacquisitionofAcushnetCompanywhichareindemnifiedbyBeamSuntory,Inc.(formerlyknownasFortuneBrands,Inc.)(Beam)intheamountsof$4.1millionand$0.5millionforthesixmonthsendedJune30,2015and2016,respectively.Thedecreaseintheeffectivetaxratewasfurtherimpactedbyareductioninnon-cashfairvaluelossesoncommonstockwarrantswhicharenottaxeffected,offset,inpart,byanincreaseinnon-deductibletransactionfeesandchangestothegeographicmixinearnings.

10.RedeemableConvertiblePreferredStock

TheCompanyhasissuedSeriesAredeemableconvertiblepreferredstock("SeriesApreferredstock").AsofDecember31,2015andJune30,2016,theCompany'scertificateofincorporation,asamendedandrestated,authorizedtheCompanytoissue1,838,027sharesof$0.001parvaluepreferredstock.GiventhatcertainredemptionfeaturesofthepreferredstockarenotsolelywithinthecontroloftheCompany,theSeriesApreferredstockisclassifiedoutsideofstockholders'equity.TheSeriesApreferredstockisonlyredeemableuponachangeofcontrolorthecompletionofaqualifiedinitialpublicoffering.

OnMay6,2016,theCompanyandeachoftheholdersoftheSeriesApreferredstockenteredintoanagreementrequiringthemandatoryconversionofthesharesoftheSeriesApreferredstockintofullypaidandnonassessablesharesoftheCompany'scommonstock.Thisautomaticconversionwilloccurpriortotheclosingofaqualifiedinitialpublicoffering.Uponconversion,anycalculatedfractionalsharesoftheCompany'scommonstockwillbepaidincashtoeachoftheholdersofthesharesoftheSeriesApreferredstock.Inaddition,allaccruedbutunpaiddividendsonthesharesoftheSeriesApreferredstockwillbepaidtoeachholderofthesharesoftheSeriesApreferredstock.

F-76

PensionBenefits Postretirement

Benefits SixmonthsendedJune30, (inthousands) 2015 2016 2015 2016 Componentsofnetperiodicbenefitcost Servicecost $ 8,055 $ 4,909 $ 530 $ 500Interestcost 5,998 6,293 394 423Expectedreturnonplanassets (5,322) (6,206) — —Amortizationofnet(gain)loss 634 247 (248) (348)Amortizationofpriorservicecost(credit) — 87 (85) (84)Netperiodicbenefitcost $ 9,365 $ 5,330 $ 591 $ 491

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

11.EquityIncentivePlans

TheCompanymeasuresstock-basedawardsgrantedtoemployeesbasedonthefairvalueonthedateofthegrantandrecognizesthecorrespondingcompensationexpenseofthoseawards,netofestimatedforfeitures,overtherequisiteserviceperiod,whichisgenerallythevestingperiodoftherespectiveaward.TheCompanyissuesstock-basedawardstoemployeeswithservice-basedvestingconditionsandperformance-basedvestingconditions.Compensationexpenseforawardswithonlyservice-basedvestingconditionsisrecordedusingthestraight-linemethod.Compensationexpenseforawardswithservice-basedandperformance-basedvestingconditionsisrecordedonastraight-linemethodoncetheCompanyhasdeterminedthatthelikelihoodofmeetingtheperformanceconditionsisprobable,whichrequiresmanagementjudgment.

TheCompanyrecognizescompensationexpenseforonlytheportionofawardsthatareexpectedtovest.Indevelopingaforfeiturerateestimate,theCompanyhasconsidereditshistoricalexperiencetoestimatepre-vestingforfeituresforservice-basedandperformance-basedawards.Theimpactofaforfeiturerateadjustmentwillberecognizedinfullintheperiodofadjustment,andiftheactualforfeiturerateismateriallydifferentfromtheCompany'sestimate,theCompanymayberequiredtorecordadjustmentstostock-basedcompensationexpenseinfutureperiods.

OnJanuary22,2016,theCompany'sboardofdirectorsadoptedtheAcushnetHoldingsCorp.2015OmnibusIncentivePlan("2015Plan")whichprovidesfortheCompanytograntstockoptions,stockappreciationrights,restrictedsharesofcommonstock,restrictedstockunits,andotherstock-basedandcash-basedawardstomembersoftheboardofdirectors,officers,employees,consultantsandadvisorsoftheCompany.The2015PlanisadministeredbytheCompany'sboardofdirectorspriortoaninitialpublicofferingandthecompensationcommitteefollowinganinitialpublicoffering(theboardorcompensationcommittee,asapplicable,the"Administrator").TheAdministratorhastheauthoritytoestablishthetermsandconditionsofanyawardissuedorgrantedunderthe2015Plan.Theexercisepricepershareofstockoptionsmaynotbelessthan100%ofthefairmarketvalueofashareofcommonstockonthedateofthegrantandthetermofthestockoptionmaynotbegreaterthantenyears(exceptforanincentivestockoptionsgrantedtoa10%stockholder,whichshallhaveanexercisepricenolessthan110%ofthefairmarketvalueoftheshareofcommonstockonthedateofthegrantandatermnotgreaterthanfiveyears).Atotalof725,000authorizedsharesoftheCompany'scommonstockarereservedforissuanceunderthe2015Plan.

OnJune15,2016,theCompany'sboardofdirectors,inaccordancewiththe2015Plan,approvedagrantofmulti-yearrestrictedstockunits("RSUs")andperformancestockunits("PSUs")tocertainkeymembersofmanagement.Thegrantsweremade50%inRSUsand50%inPSUs.One-thirdoftheRSUsvestoneachofJanuary1of2017,2018and2019,subjecttotheemployee'scontinuedemploymentwiththeCompany,andthePSUscliff-vestonDecember31,2018,subjecttotheemployee'scontinuedemploymentwiththeCompanyandtheCompany'slevelofachievementoftheapplicablecumulativeAdjustedEBITDAperformancemetrics(asdefinedintheapplicableawardagreements)measuredoverthethree-yearperformanceperiod.EachPSUreflectstherighttoreceivebetween0%and200%ofthetargetnumberofsharesbasedontheactualthree-yearcumulativeAdjustedEBITDA.Thedeterminationofthetargetvaluegaveconsiderationtoexecutiveperformance,potentialfuturecontributionsandpeergroupanalysis.Theinitialfairvalueofthegrantwasestimatedat$45.8million.

TheRSUsandPSUscontaintheright,butnottheobligation,fortheCompanytorepurchaseupto100%ofthecommonstockthatwasissuedinsettlementofvestedRSUsandPSUs,following

F-77

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

11.EquityIncentivePlans(Continued)

terminationoftheawardholder.TherepurchaserightisatthesolediscretionoftheCompanyandcanbeexercisedduringthe60dayperiodfollowingthefirstandsecondanniversaryofanytermination,asdefinedinthe2015Plan,providedthat(i)nosharesofcommonstockmaybesubjecttorepurchaseunlesstheyhavebeenheldbytheawardholderforatleastsixmonthsand(ii)norepurchaserightmaybeexerciseduponorfollowingtheCompany'sinitialpublicoffering.AnysharesofcommonstockthatarerepurchasedmustbedoneatthefairvalueoftheCompany'scommonstockasdeterminedonthedatetheCompanyelectstoexerciseitsrepurchaseoption.

Todate,theCompanyhasnotrepurchasedanysharesofrestrictedstockunitsorperformancestockunits.AsofJune30,2016,noRSUsorPSUshadvested.Remainingunrecognizedcompensationexpensefornon-vestedRSUsandnon-vestedPSUsgrantedwas$22.3millionand$22.5million,respectively,asofJune30,2016andisexpectedtoberecognizedovertherelatedweightedaverageperiodof2.5years.

TheCompanydeemedtheachievementofthe100%targetthree-yearcumulativeAdjustedEBITDAperformancemetrictobeprobableasofJune30,2016.TheCompanywillreassesstheprobabilityofachievingthethree-yearcumulativeAdjustedEBITDAtargetattheendofeachreportingperiod.TheCompanyrecordedcompensationexpensefortheRSUsandPSUsof$0.6millionand$0.4million,respectively,duringthesixmonthsendedJune30,2016,themajorityofwhichwasincludedinselling,generalandadministrativeexpenses.

12.AccumulatedOtherComprehensiveIncome(Loss),NetofTax

Accumulatedothercomprehensiveincome(loss),netoftaxconsistsofforeigncurrencytranslationadjustments,unrealizedgainsandlossesfromforeignexchangederivativeinstrumentsdesignatedascashflowhedges,unrealizedgainsandlossesfromavailable-for-salesecuritiesandpensionandotherpostretirementadjustments.

Thecomponentsofandchangesinaccumulatedothercomprehensiveincome(loss),netoftax,wereasfollows:

F-78

(inthousands)

ForeignCurrencyTranslationAdjustments

Gains(Losses)on

ForeignExchangeDerivativeInstruments

GainsonAvailable-for-SaleSecurities

PensionandOther

PostretirementAdjustments

AccumulatedOther

ComprehensiveLoss

BalancesatDecember31,2015 $ (70,019) $ 9,166 $ 1,504 $ (7,885) $ (67,234)Othercomprehensiveincome(loss)beforereclassifications 12,181 (12,495) (92) 1,145 739

Amountsreclassifiedfromaccumulatedothercomprehensiveloss — (7,757) — (98) (7,855)

BalancesatJune30,2016 $ (57,838) $ (11,086) $ 1,412 $ (6,838) $ (74,350)

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

13.NetIncomeperCommonShare

ThefollowingisacomputationofbasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.underthetwo-classmethod:

TheCompany'spotentialdilutivesecuritiesforthesixmonthsendedJune30,2015includeSeriesApreferredstock,stockoptions,warrantstopurchasecommonstockandconvertiblenotes.ForthesixmonthsendedJune30,2016,theCompany'spotentialdilutivesecuritiesincludeSeriesApreferredstock,RSUs,PSUs,warrantstopurchasecommonstockandconvertiblenotes.

Thefollowingsecuritieshavebeenexcludedfromthecalculationofdilutedweighted-averagecommonsharesoutstandingastheirimpactwasdeterminedtobeanti-dilutive:

14.UnauditedProFormaNetIncomeperCommonShare

TheproformabasicanddilutednetincomepershareattributabletoAcushnetHoldingsCorp.forthesixmonthsendedJune30,2016giveseffecttotheautomaticconversion,arisingpriortoaqualifiedinitialpublicoffering,ofallsharesofSeriesApreferredstockandtheprincipaloftheconvertiblenotesthatareoutstandingasofJune30,2016.ThecalculationofunauditedproformanetincomepercommonshareattributabletoAcushnetHoldingsCorp.hasbeenpreparedtogiveeffecttotheconversionasiftheproposedinitialpublicofferingoccurredonthelaterofJanuary1,2015ortheissuancedate.

TheunauditedproformanetincomeattributabletoAcushnetHoldingsCorp.usedinthecalculationofunauditedbasicanddilutedproformanetincomepercommonshareattributableto

F-79

SixMonthsEndedJune30, (inthousands,exceptshareandpershareamounts) 2015 2016 NetincomeattributabletoAcushnetHoldingsCorp. $ 33,456 $ 52,069Less:accruingofcumulativedividends (6,836) (6,855)Less:allocationofundistributedearningstopreferredshareholders (12,548) (19,496)

Netincomeattributabletocommonstockholders—basic 14,072 25,718Adjustmentstonetincomefordilutivesecurities 12,679 15,700

Netincomeattributabletocommonstockholders—diluted $ 26,751 $ 41,418Weightedaveragenumberofcommonshares: Basic 2,061,310 2,424,584Diluted 5,696,195 6,049,995

NetincomepercommonshareattributabletoAcushnetHoldingsCorp.: Basic $ 6.83 $ 10.61Diluted $ 4.70 $ 6.85

SixMonthsEndedJune30, 2015 2016 SeriesApreferredstock 1,838,027 1,838,027Warrantstopurchasecommonstock 690,064 345,032

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

14.UnauditedProFormaNetIncomeperCommonShare(Continued)

AcushnetHoldingsCorp.forthesixmonthsendedJune30,2016doesnotincludetheeffectsofthepaymentorcumulativedividendsontheSeriesApreferredstockorinterestexpenserelatedtotheconvertiblenotesforthesixmonthsendedJune30,2016.

TheunauditedproformabasicanddilutedweightedaveragecommonsharesoutstandingusedinthecalculationofunauditedproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.forthesixmonthsendedJune30,2016includes5,463,007sharesofcommonstockresultingfromtheautomaticconversion.

TheunauditedproformadilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.forthesixmonthsendedJune30,2016alsogiveseffecttoanypotentiallydilutivesecurities.

UnauditedproformabasicanddilutednetincomepercommonshareattributabletoAcushnetHoldingsCorp.wascalculatedasfollows:

15.SegmentInformation

TheCompany'soperatingsegmentsarebasedonhowtheChiefOperatingDecisionMaker("CODM")makesdecisionsaboutassessingperformanceandallocatingresources.TheCompanyhasfourreportablesegmentsthatareorganizedonthebasisofproductcategories.ThesesegmentsincludeTitleistgolfballs,Titleistgolfclubs,TitleistgolfgearandFootJoygolfwear.

TheCODMprimarilyevaluatesperformanceusingsegmentoperatingincome.Segmentoperatingincomeincludesdirectlyattributableexpensesandcertainsharedcostsofcorporateadministrationthatareallocatedtothereportablesegments,butexcludesinterestexpense,net;EARexpense;gainsandlossesonthefairvalueofcommonstockwarrantsandothernon-operatinggainsandlossesasthe

F-80

(inthousands,exceptshareandpershareamounts) Proforma

June30,2016 NetincomeattributabletoAcushnetHoldingsCorp. $ 52,069Proformaadjustmenttoaddinterestonconvertiblenotes,netoftax 8,788

NetincomeusedtocomputeproformanetincomepercommonshareattributabletoAcushnetHoldingsCorp. $ 60,857

Weightedaveragenumberofcommonshares: Basic 2,424,584Proformaadjustmenttoreflectconversionofpreferredshares 1,838,027Proformaadjustmenttoreflectconversionofconvertiblenotes 3,624,980

UsedincalculatingbasicproformanetincomepercommonshareattributabletoAcushnetHoldingsCorp. 7,887,591

Diluted 6,049,995Proformaadjustmenttoreflectconversionofpreferredshares 1,838,027

UsedincalculatingdilutedproformanetincomepercommonshareattributabletoAcushnetHoldingsCorp. 7,888,022

ProformanetincomepercommonshareattributabletoAcushnetHoldingsCorp.—basicanddiluted $ 7.72

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

15.SegmentInformation(Continued)

Companydoesnotallocatethesetothereportablesegments.TheCODMdoesnotevaluateameasureofassetswhenassessingperformance.

ResultsshownforthesixmonthsendedJune30,2016arenotnecessarilythosewhichwouldbeachievedifeachsegmentwasanunaffiliatedbusinessenterprise.Therearenointersegmenttransactions.

Informationbyreportablesegmentandareconciliationtoreportedamountsareasfollows:

16.CommitmentsandContingencies

PurchaseObligations

Duringthenormalcourseofitsbusiness,theCompanyentersintoagreementstopurchasegoodsandservices,includingpurchasecommitmentsforproductionmaterials,finishedgoodsinventory,capitalexpendituresandendorsementarrangementswithprofessionalgolfers.ThereportedamountsexcludethoseliabilitiesincludedinaccountspayableoraccruedliabilitiesontheconsolidatedbalancesheetasofJune30,2016.

F-81

SixMonthsEndedJune30, (inthousands) 2015 2016 Netsales Titleistgolfballs $ 304,665 $ 296,249Titleistgolfclubs 220,531 240,296Titleistgolfgear 76,185 84,334FootJoygolfwear 249,160 264,030Other 12,333 18,086

Totalnetsales $ 862,874 $ 902,995Segmentoperatingincome Titleistgolfballs $ 59,351 $ 52,353Titleistgolfclubs 33,329 37,489Titleistgolfgear 11,818 14,616FootJoygolfwear 31,860 25,766Other 1,037 3,849Totalsegmentoperatingincome 137,395 134,073

Reconcilingitems: Interestexpense,net (30,530) (28,404)EARexpense (22,665) —Lossonfairvalueofcommonstockwarrants (14,778) (6,112)Other 4,111 (6,097)Totalincomebeforeincometax $ 73,533 $ 93,460

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

16.CommitmentsandContingencies(Continued)

PurchaseobligationsbytheCompanyasofJune30,2016wereasfollows:

LeaseCommitments

TheCompanyleasescertainwarehouses,distributionandofficefacilities,vehiclesandofficeequipmentunderoperatingleases.

TheCompanyhasanoperatingleaseforcertainvehiclesthatprovidesforaresidualvalueguarantee.Theleasehasanoncancelableleasetermofoneyearandmayberenewedannuallyoverthesubsequentfiveyears.TheCompanyhastheoptiontoterminatetheleaseattheannualrenewaldate.Terminationoftheleaseresultsinthesaleofthevehiclesandthedeterminationoftheresidualvalue.Theresidualvalueiscalculatedbycomparingthenetproceedsofthevehiclessoldtothedepreciatedvalueattheendoftherenewalperiod.TheCompanyisnotresponsibleforanydeficiencyresultingfromthenetproceedsbeinglessthan20%oftheoriginalcostinthefirstyearand20%ofthedepreciatedvalueforallsubsequentyears.TheCompanybelievesthatthisguaranteewillnothaveasignificantimpactontheconsolidatedfinancialstatements.

Contingencies

InconnectionwiththeCompany'sacquisitionofAcushnetCompany,BeamindemnifiedtheCompanyforcertaintaxrelatedobligationsthatrelatetoperiodsduringwhichFortuneBrands,Inc.ownedAcushnetCompany.AsofJune30,2016,theCompany'sestimateofitsreceivablefortheseindemnificationsis$8.4million,ofwhich$1.9millionisrecordedinothercurrentassetsand$6.5millionisrecordedinothernoncurrentassetsontheconsolidatedbalancesheet.

Litigation

Beam

AdisputehasarisenbetweenAcushnetCompanyandBeamwithrespecttoapproximately$16.6millionofvalue-addedtax("VAT")tradereceivables.ThesereceivableswerereflectedonAcushnetCompany'sconsolidatedbalancesheetatthetimeoftheCompany'sacquisitionofAcushnetCompany.AcushnetCompanybelievesthattheseVATtradereceivablesareassetsoftheCompany;BeamclaimsthatthesearetaxcreditsorrefundsfromtheperiodpriortotheacquisitionofAcushnetCompanywhicharepayabletoBeam,pursuanttothetermsoftheStockPurchaseAgreementthatcoversthesaleofthestockofAcushnetCompany.BeamhaswithheldpaymentsinthisamountwhichtheCompanybelievesarepayabletoAcushnetCompanyinreimbursementofcertainothertaxliabilitieswhichexistedpriortotheacquisitionofAcushnetCompany.OnMarch27,2012,AcushnetCompanyfiledacomplaintseekingreimbursementofthesefundsintheCommonwealthofMassachusettsSuperiorCourtDepartment,BusinessLitigationSection.EachpartyfiledMotionsforSummaryJudgment,whichmotionsweredeniedbytheCourtonJuly29,2015.TrialwasconductedinearlyJune,2016.OnJune21,2016,theCourtruledthatBeamhadacontractualrighttotheVATtradereceivablesactuallycollectedfromAcushnetCompany'scustomerspriortotheclosingofthe

F-82

PaymentsDuebyPeriod

(inthousands) Remainderof

2016 2017 2018 2019 2020 Thereafter Purchaseobligations $ 133,173 $ 33,692 $ 13,033 $ 1,573 $ 1,427 $ 4,744

TableofContents

ACUSHNETHOLDINGSCORP.

NOTESTOUNAUDITEDCONSOLIDATEDFINANCIALSTATEMENTS(Continued)

16.CommitmentsandContingencies(Continued)

Company'sacquisitionofAcushnetCompany,butthatBeamshouldpay$972,288pluspre-judgmentinterestof$494,859totheCompanytocompensateforamountsBeamwithheld,butwhichwerenotcollectedfromAcushnetCompany'scustomers.TheCompanyrecordedthetotalvalueasother(income)expense,netontheconsolidatedstatementofoperationsforthesixmonthsendedJune30,2016.AcushnetbelievesthattheCourterredinitsrulingandfiledaNoticeofAppealonJuly20,2016.

Other Litigation

Inadditiontothelawsuitdescribedabove,theCompanyanditssubsidiariesaredefendantsinlawsuitsassociatedwiththenormalconductoftheirbusinessesandoperations.Itisnotpossibletopredicttheoutcomeofthependingactions,and,aswithanylitigation,itispossiblethatsomeoftheseactionscouldbedecidedunfavorably.Consequently,theCompanyisunabletoestimatetheultimateaggregateamountofmonetaryloss,amountscoveredbyinsuranceorthefinancialimpactthatwillresultfromsuchmattersandhasnotrecordedaliabilityrelatedtopotentiallosses.TheCompanybelievesthattherearemeritoriousdefensestotheseactionsandthattheseactionswillnothaveamaterialadverseeffectontheconsolidatedfinancialstatements.

17.SubsequentEvents

TheCompanyhasevaluatedsubsequenteventsfromthebalancesheetdatethroughSeptember2,2016,thedateatwhichtheunauditedconsolidatedfinancialstatementswereavailabletobeissued,anddeterminedthattherearenoothermaterialitemstodisclose.

F-83

TableofContents

TableofContents

TableofContents

PARTII

INFORMATIONNOTREQUIREDINPROSPECTUS

Item13.OtherExpensesofIssuanceandDistribution

ThefollowingtablesetsforththeexpensespayablebytheRegistrantexpectedtobeincurredinconnectionwiththeissuanceanddistributionofcommonstockbeingregisteredhereby(otherthanunderwritingdiscountsandcommissions).Allofsuchexpensesareestimates,exceptfortheSecuritiesandExchangeCommission,orSEC,registrationfee,theFinancialIndustryRegulatoryAuthorityInc.,orFINRA,filingfeeandNYSElistingfee.

Item14.IndemnificationofDirectorsandOfficers

Section102(b)(7)oftheDelawareGeneralCorporationLaw,orDGCL,allowsacorporationtoprovideinitscertificateofincorporationthatadirectorofthecorporationwillnotbepersonallyliabletothecorporationoritsshareholdersformonetarydamagesforbreachoffiduciarydutyasadirector,exceptwherethedirectorbreachedthedutyofloyalty,failedtoactingoodfaith,engagedinintentionalmisconductorknowinglyviolatedalaw,authorizedthepaymentofadividendorapprovedastockrepurchaseinviolationofDelawarecorporatelaworobtainedanimproperpersonalbenefit.Ouramendedandrestatedcertificateofincorporationwillprovideforthislimitationofliability.

Section145oftheDGCL,orSection145,provides,amongotherthings,thataDelawarecorporationmayindemnifyanypersonwhowas,isoristhreatenedtobemade,partytoanythreatened,pendingorcompletedaction,suitorproceeding,whethercivil,criminal,administrativeorinvestigative(otherthananactionbyorintherightofsuchcorporation),byreasonofthefactthatsuchpersonisorwasanofficer,director,employeeoragentofsuchcorporationorisorwasservingattherequestofsuchcorporationasadirector,officer,employeeoragentofanothercorporationorenterprise.Theindemnitymayincludeexpenses(includingattorneys'fees),judgments,finesandamountspaidinsettlementactuallyandreasonablyincurredbysuchpersoninconnectionwithsuchaction,suitorproceeding,providedsuchpersonactedingoodfaithandinamannerheorshereasonablybelievedtobeinornotopposedtothecorporation'sbestinterestsand,withrespecttoanycriminalactionorproceeding,hadnoreasonablecausetobelievethathisorherconductwasunlawful.ADelawarecorporationmayindemnifyanypersonswhowereorareapartytoanythreatened,pendingorcompletedactionorsuitbyorintherightofthecorporationbyreasonofthefactthatsuchpersonisorwasadirector,officer,employeeoragentofanothercorporationorenterprise.Theindemnitymayincludeexpenses(includingattorneys'fees)actuallyandreasonablyincurredbysuchpersoninconnectionwiththedefenseorsettlementofsuchactionorsuit,providedsuchpersonactedingoodfaithandinamannerheorshereasonablybelievedtobeinornotopposedtothe

II-1

SECregistrationfee $ *FINRAfilingfee *NYSElistingfee *Printingfeesandexpenses *Legalfeesandexpenses *Accountingfeesandexpenses *BlueSkyfeesandexpenses(includinglegalfees) *Transferagentandregistrarfeesandexpenses *Miscellaneous *

Total $ *

* Tobeprovidedbyamendment.

TableofContents

corporation'sbestinterests,providedfurtherthatnoindemnificationispermittedwithoutjudicialapprovaliftheofficer,director,employeeoragentisadjudgedtobeliabletothecorporation.Whereanofficerordirectorissuccessfulonthemeritsorotherwiseinthedefenseofanyactionreferredtoabove,thecorporationmustindemnifyhimorheragainsttheexpenses(includingattorneys'fees)whichsuchofficerordirectorhasactuallyandreasonablyincurred.

Section145furtherauthorizesacorporationtopurchaseandmaintaininsuranceonbehalfofanypersonwhoisorwasadirector,officer,employeeoragentofthecorporationorisorwasservingattherequestofthecorporationasadirector,officer,employeeoragentofanothercorporationorenterprise,againstanyliabilityassertedagainstsuchpersonandincurredbysuchpersoninanysuchcapacity,orarisingoutofhisorherstatusassuch,whetherornotthecorporationwouldotherwisehavethepowertoindemnifysuchpersonunderSection145.

OuramendedandrestatedbylawswillprovidethatwemustindemnifyandadvanceexpensestoourdirectorsandofficerstothefullextentauthorizedbytheDGCL.

Theindemnificationrightssetforthaboveshallnotbeexclusiveofanyotherrightwhichanindemnifiedpersonmayhaveorhereafteracquireunderanystatute,anyprovisionofouramendedandrestatedcertificateofincorporation,ouramendedandrestatedbylaws,agreement,voteofshareholdersordisinteresteddirectorsorotherwise.Notwithstandingtheforegoing,weshallnotbeobligatedtoindemnifyadirectororofficerinrespectofaproceeding(orpartthereof)institutedbysuchdirectororofficer,unlesssuchproceeding(orpartthereof)hasbeenauthorizedbytheboardofdirectorspursuanttotheapplicableprocedureoutlinedintheamendedandrestatedbylaws.

Section174oftheDGCLprovides,amongotherthings,thatadirector,whowillfullyornegligentlyapprovesofanunlawfulpaymentofdividendsoranunlawfulstockpurchaseorredemption,maybeheldjointlyandseverallyliableforsuchactions.Adirectorwhowaseitherabsentwhentheunlawfulactionswereapprovedordissentedatthetimemayavoidliabilitybycausinghisorherdissenttosuchactionstobeenteredinthebookscontainingtheminutesofthemeetingsoftheboardofdirectorsatthetimesuchactionoccurredorimmediatelyaftersuchabsentdirectorreceivesnoticeoftheunlawfulacts.

Weexpecttomaintainstandardpoliciesofinsurancethatprovidecoverage(1)toourdirectorsandofficersagainstlossrisingfromclaimsmadebyreasonofbreachofdutyorotherwrongfulactand(2)touswithrespecttoindemnificationpaymentsthatwemaymaketosuchdirectorsandofficers.

Theunderwritingagreementprovidesforindemnificationbytheunderwritersofusandourofficersanddirectorsandthesellingshareholders,andbyusandthesellingshareholdersoftheunderwriters,forcertainliabilitiesarisingundertheSecuritiesActorotherwiseinconnectionwiththisoffering.

Item15.RecentSalesofUnregisteredSecurities

InJuly2013,FilaKoreaexerciseditscalloptiononwarrantsheldbycertainexistingsecurityholderstopurchasesharesofcommonstock.OnAugust7,2013,FilaKoreaconvertedthewarrantsintocommonstockattheconversionpriceof$pershare,or$34.5millionintheaggregate.Weusedtheproceedsreceivedfromthiswarrantexercisetoredeemaproratashareofouroutstanding7.5%bondsdue2021.

InSeptember2013,weissuedsharesofourcommonstocktoWalterUihlein,ourPresidentandChiefExecutiveOfficer,uponexerciseofoutstandingstockoptions.

InJuly2014,FilaKoreaexerciseditscalloptiononwarrantsheldbycertainexistingsecurityholderstopurchasesharesofcommonstock.OnJuly29,2014,FilaKoreaconvertedthewarrantsintocommonstockattheconversionpriceof$pershare,or$34.5millioninthe

II-2

TableofContents

aggregate.Weusedtheproceedsreceivedfromthiswarrantexercisetoredeemaproratashareofouroutstanding7.5%bondsdue2021.

InJuly2014,weissuedsharesofourcommonstocktoWalterUihlein,ourPresidentandChiefExecutiveOfficer,uponexerciseofoutstandingstockoptions.

InJuly2015,FilaKoreaexerciseditscalloptiononwarrantsheldbycertainexistingsecurityholderstopurchasesharesofcommonstock.OnJuly28,2015,FilaKoreaconvertedthewarrantsintocommonstockattheconversionpriceof$pershare,or$34.5millionintheaggregate.Weusedtheproceedsreceivedfromthiswarrantexercisetoredeemaproratashareofouroutstanding7.5%bondsdue2021.

InJuly2015,weissuedsharesofourcommonstocktoWalterUihlein,ourPresidentandChiefExecutiveOfficer,uponexerciseofoutstandingstockoptions.

During2015,wegrantedanaggregateofEARswithaweighted-averagestrikepriceof$persharetocertainkeyemployees.

InJune2016,wegrantedanaggregateofrestrictedstockunitsandanaggregateofperformancestockunitstocertainofouremployeesunderour2015IncentivePlan.

InJuly2016,FilaKoreaexerciseditscalloptiononwarrantsheldbycertainexistingsecurityholderstopurchasesharesofcommonstock.Suchwarrantsconvertintocommonstockattheconversionpriceof$pershare,or$34.5millionintheaggregate.Weusedtheproceedsreceivedfromthiswarrantexercisetoredeemtheremainingportionofouroutstanding7.5%bondsdue2021.

InAugust2016,wegrantedanaggregateofrestrictedstockunitsandanaggregateofperformancestockunitstocertainemployeesunderour2015IncentivePlan.

ThesalesoftheabovesecuritiesweredeemedtobeexemptfromregistrationundertheSecuritiesActinrelianceuponSection4(a)(2)oftheSecuritiesActorRegulationDpromulgatedthereunder,orRule701promulgatedunderSection3(b)oftheSecuritiesActastransactionsbyanissuernotinvolvinganypublicoffering.

Item16.ExhibitsandFinancialStatementSchedules

(a) Exhibits. SeetheExhibitsIndeximmediatelyfollowingthesignaturepagehereto,whichisincorporatedbyreferenceasiffullysetforthherein.

(b) Financial Statement Schedules. Allschedulesareomittedbecausetherequiredinformationiseithernotpresent,notpresentinmaterialamountsorpresentedwithinourauditedconsolidatedfinancialstatementsincludedelsewhereinthisprospectusandareincorporatedhereinbyreference.

Item17.Undertakings.

(1)InsofarasindemnificationforliabilitiesarisingundertheSecuritiesActof1933maybepermittedtodirectors,officersandcontrollingpersonsoftheregistrantpursuanttotheforegoingprovisions,orotherwise,theregistranthasbeenadvisedthatintheopinionoftheSecuritiesandExchangeCommissionsuchindemnificationisagainstpublicpolicyasexpressedintheSecuritiesActof1933andis,therefore,unenforceable.Intheeventthataclaimforindemnificationagainstsuchliabilities(otherthanthepaymentbytheregistrantofexpensesincurredorpaidbyadirector,officerorcontrollingpersonoftheregistrantinthesuccessfuldefenseofanyaction,suitorproceeding)isassertedbysuchdirector,officerorcontrollingpersoninconnectionwiththesecuritiesbeingregistered,theregistrantwill,unlessintheopinionofitscounselthematterhasbeensettledbycontrollingprecedent,submittoacourtofappropriatejurisdictionthequestionofwhethersuch

II-3

TableofContents

indemnificationbyitisagainstpublicpolicyasexpressedintheSecuritiesActof1933andwillbegovernedbythefinaladjudicationofsuchissue.

(2)TheundersignedRegistrantherebyundertakesthat:

(A)ForpurposesofdetermininganyliabilityundertheSecuritiesActof1933,theinformationomittedfromtheformofprospectusfiledaspartofthisregistrationstatementinrelianceuponRule430AandcontainedinaformofprospectusfiledbytheregistrantpursuanttoRule424(b)(1)or(4)or497(h)undertheSecuritiesActshallbedeemedtobepartofthisregistrationstatementasofthetimeitwasdeclaredeffective.

(B)ForthepurposeofdetermininganyliabilityundertheSecuritiesActof1933,eachpost-effectiveamendmentthatcontainsaformofprospectusshallbedeemedtobeanewregistrationstatementrelatingtothesecuritiesofferedtherein,andtheofferingofsuchsecuritiesatthattimeshallbedeemedtobetheinitialbonafideofferingthereof.

(3)TheundersignedRegistrantherebyundertakestoprovidetotheunderwritersattheclosingspecifiedintheunderwritingagreementcertificatesinsuchdenominationsandregisteredinsuchnamesasrequiredbytheunderwriterstopermitpromptdeliverytoeachpurchaser.

II-4

TableofContents

SIGNATURES

PursuanttotherequirementsoftheSecuritiesActof1933,asamended,theregistranthasdulycausedthisregistrationstatementtobesignedonitsbehalfbytheundersigned,thereuntodulyauthorized,intheCityofFairhaven,CommonwealthofMassachusetts,onSeptember30,2016.

PursuanttotherequirementsoftheSecuritiesActof1933,thisRegistrationStatementoramendmenthasbeensignedbythefollowingpersonsinthecapacitiesindicatedonSeptember30,2016.

II-5

ACUSHNETHOLDINGSCORP.

By: /s/WALTERUIHLEIN

Name: WalterUihlein Title: President and Chief Executive Officer

Signature Capacity

*

WalterUihlein

PresidentandChiefExecutiveOfficer(PrincipalExecutiveOfficer)

/s/WILLIAMBURKE

WilliamBurke

ExecutiveVicePresident,ChiefFinancialOfficerandTreasurer(PrincipalFinancialOfficerandPrincipalAccountingOfficer)

*

GeneYoon

Chairman

*

SungWooAhn

Director

*

HughLee

Director

*

Jung-HunRyu

Director

*

YongKyuShin

Director

TableofContents

II-6

Signature Capacity

*

KeunChangYoon

Director

*By: /s/JOSEPHNAUMAN

Name: JosephNauman Title: Attorney In Fact

TableofContents

EXHIBITSINDEX

ExhibitNumber Description 1.1* FormofUnderwritingAgreement.

3.1* FormofAmendedandRestatedCertificateofIncorporationofAcushnetHoldingsCorp.

3.2* FormofAmendedandRestatedBylawsofAcushnetHoldingsCorp.

5.1* OpinionofSimpsonThacher&BartlettLLP.

10.1**† AcushnetCompanyEquityAppreciationRightsPlandatedasofAugust30,2011,asamendedNovember24,2014,June9,2015andMay18,2016.

10.2**† FormofEquityAppreciationRightsAwardAgreement,asamended.

10.3**† EquityAppreciationRightsAgreementbetweenAcushnetCompanyandYooSoo(Gene)Yoon,datedasofAugust30,2011,asamended.

10.4**† EquityAppreciationRightsAgreementbetweenAcushnetCompanyandWalterR.Uihlein,datedasofAugust30,2011,asamended.

10.5**† AcushnetCompanyLong-TermIncentivePlan(effectiveJanuary1,2009).

10.6**† AcushnetHoldingsCorp.2015OmnibusIncentivePlan.

10.7**† FormofRestrictedStockUnitGrantNoticeandRestrictedStockUnitAgreementundertheAcushnetHoldingsCorp.2015OmnibusIncentivePlan.

10.8**† FormofPerformanceStockUnitGrantNoticeandPerformanceStockUnitAgreementundertheAcushnetHoldingsCorp.2015OmnibusIncentivePlan.

10.9**† AcushnetExecutiveSeverancePlan(asamendedandrestatedeffectiveApril29,2016).

10.10**† AcushnetCompanySupplementalRetirementPlan(asamendedandrestatedeffectiveDecember31,2015).

10.11**† AcushnetCompanyRestatedTrustAgreement,datedasofAugust31,2016.

10.12**† AmendedandRestatedChangeinControlAgreementbetweenAcushnetCompanyandWalterR.Uihlein,datedasofJuly19,2013,asamendedApril29,2016.

10.13**† AmendedandRestatedSeveranceAgreementbetweenAcushnetCompanyandWalterR.Uihlein,datedasofJuly19,2013,asamendedApril29,2016.

10.14**† AcushnetCompanyWalterR.UihleinTrustAgreementdatedasofJanuary1,2003.

10.15**† CashBonusAgreementbetweenAcushnetCompanyandWalterR.Uihlein,datedasofFebruary25,2016.

10.16**† AmendedandRestatedAcushnetCompanyExcessDeferralPlanII(effectiveJuly29,2011).

10.17** SeniorSecuredCreditAgreementdatedasofApril27,2016amongAcushnetHoldingsCorp.,AcushnetCompany,AcushnetCanadaInc.,AcushnetEuropeLimited,certainothersubsidiariespartythereto,WellsFargoBank,NationalAssociationastheadministrativeagent,swinglinelenderandissuingbank,WellsFargoSecurities,LLC,WellsFargoSecurities,LLCandPNCCapitalMarketsLLCasjointleadarrangersandjointbookrunners,PNCCapitalMarketsLLCassyndicationagents,andthelendersfromtimetotimepartythereto.

10.18** JointVentureAgreementbetweenAcushnetCaymanLimitedandMyreOverseasCorporation,datedasofJune1,1995.

10.19* FormofRegistrationRightsAgreementamongtheCompanyandtheholderssignatorythereto.

10.20* FormofRestrictedStockUnitGrantNoticeandRestrictedStockUnitAgreementforDirectorsundertheAcushnetHoldingsCorp.2015OmnibusIncentivePlan.

II-7

TableofContents

II-8

ExhibitNumber Description 10.21* AcushnetHoldingsCorp.IndependentDirectorsDeferralPlan.

21.1** ListofSubsidiaries.

23.1 ConsentofPricewaterhouseCoopersLLP.

23.2* ConsentofSimpsonThacher&BartlettLLP(includedinexhibit5.1)

23.3** ConsentofJenniferO.Estabrook.

23.4 ConsentofGregoryA.Hewett.

23.5 ConsentofChristopherT.Metz.

23.6 ConsentofSeanS.Sullivan.

23.7 ConsentofStevenH.Tishman.

23.8 ConsentofDavidP.Valcourt.

23.9 ConsentofNormanH.Wesley.

24.1** PowerofAttorney(includedinthesignaturepagetothisRegistrationStatement)

* Tobefiledbyamendment.

** Previouslyfiled.

† Identifiesexhibitsthatconsistofamanagementcontractorcompensatoryplanorarrangement.

QuickLinks -- Click here to rapidly navigate through this document

Exhibit23.1

CONSENTOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM

WeherebyconsenttotheuseinthisAmendmentNo.3totheRegistrationStatementonFormS-1ofAcushnetHoldingsCorp.ofourreportdatedJune17,2016relatingtothefinancialstatementswhichappearsinsuchRegistrationStatement.Wealsoconsenttothereferencetousundertheheading"Experts"insuchRegistrationStatement.

/s/PricewaterhouseCoopersLLPBoston,MassachusettsSeptember30,2016

QuickLinks 

Exhibit23.1

CONSENTOFINDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM

Exhibit 23.4 

CONSENT The undersigned hereby consents to being named in the registration statement on Form S-1, in each related prospectus and in all subsequent amendments and post-effective amendments or supplements thereto and in any registration statement for the same offering that is to be effective upon filing pursuant toRule 462(b) under the Securities Act (the “ Registration Statement ”) of Acushnet Holdings Corp., a Delaware corporation (the “ Company ”), as an individual tobecome a director of the Company and to the inclusion of his biographical information in the Registration Statement. In witness whereof, this Consent is signed and dated as of the 13th day of September, 2016.    

/s/ GREGORY A. HEWETTGregory A. Hewett

 

Exhibit 23.5 

CONSENT The undersigned hereby consents to being named in the registration statement on Form S-1, in each related prospectus and in all subsequent amendments and post-effective amendments or supplements thereto and in any registration statement for the same offering that is to be effective upon filing pursuant toRule 462(b) under the Securities Act (the “ Registration Statement ”) of Acushnet Holdings Corp., a Delaware corporation (the “ Company ”), as an individual tobecome a director of the Company and to the inclusion of his biographical information in the Registration Statement. In witness whereof, this Consent is signed and dated as of the 6th day of September, 2016.    

/s/ CHRISTOPHER T. METZChristopher T. Metz

 

Exhibit 23.6 

CONSENT The undersigned hereby consents to being named in the registration statement on Form S-1, in each related prospectus and in all subsequent amendments and post-effective amendments or supplements thereto and in any registration statement for the same offering that is to be effective upon filing pursuant toRule 462(b) under the Securities Act (the “ Registration Statement ”) of Acushnet Holdings Corp., a Delaware corporation (the “ Company ”), as an individual tobecome a director of the Company and to the inclusion of his biographical information in the Registration Statement. In witness whereof, this Consent is signed and dated as of the 7th day of September, 2016.    

/s/ SEAN S. SULLIVANSean S. Sullivan

 

Exhibit 23.7 

CONSENT The undersigned hereby consents to being named in the registration statement on Form S-1, in each related prospectus and in all subsequent amendments and post-effective amendments or supplements thereto and in any registration statement for the same offering that is to be effective upon filing pursuant toRule 462(b) under the Securities Act (the “ Registration Statement ”) of Acushnet Holdings Corp., a Delaware corporation (the “ Company ”), as an individual tobecome a director of the Company and to the inclusion of his biographical information in the Registration Statement. In witness whereof, this Consent is signed and dated as of the 8th day of September, 2016.    

/s/ STEVEN H. TISHMANSteven H. Tishman

 

Exhibit 23.8 

CONSENT The undersigned hereby consents to being named in the registration statement on Form S-1, in each related prospectus and in all subsequent amendments and post-effective amendments or supplements thereto and in any registration statement for the same offering that is to be effective upon filing pursuant toRule 462(b) under the Securities Act (the “ Registration Statement ”) of Acushnet Holdings Corp., a Delaware corporation (the “ Company ”), as an individual tobecome a director of the Company and to the inclusion of his biographical information in the Registration Statement. In witness whereof, this Consent is signed and dated as of the 6th day of September, 2016.    

/s/ DAVID P. VALCOURTDavid P. Valcourt

 

Exhibit 23.9 

CONSENT The undersigned hereby consents to being named in the registration statement on Form S-1, in each related prospectus and in all subsequent amendments and post-effective amendments or supplements thereto and in any registration statement for the same offering that is to be effective upon filing pursuant toRule 462(b) under the Securities Act (the “ Registration Statement ”) of Acushnet Holdings Corp., a Delaware corporation (the “ Company ”), as an individual tobecome a director of the Company and to the inclusion of his biographical information in the Registration Statement. In witness whereof, this Consent is signed and dated as of the 3 day of September, 2016.    

/s/ NORMAN H. WESLEYNorman H. Wesley