Acushnet Holdings Corp. Liquidation Value

Acushnet Holdings Corp. (GOLF) presents a deeply negative liquidation posture as of March 31, 2026, consistent with its prior-period profile. MFFAIS reports a cash liquidation value of approximately -$1.52B, liquid liquidation value of -$1.02B, and operating liquidation value of -$440M, reflecting the standard asymmetry between haircut assets and face-value liabilities for a brand-driven consumer goods company.

Asset side: Total assets are $2.60B. Cash and restricted cash of $52M receives 100% recovery. Accounts receivable of $505M (net of $5.8M allowance) recovers at 90-95%, contributing ~$455-$480M. Inventory of $577M applies a 60% haircut, yielding ~$346M — this is the largest tangible liquid asset but heavily weighted toward finished goods ($381M) with meaningful work-in-process ($33M) and raw materials ($162M). PP&E of $360M at book value recovers 50-70%, or ~$180-$252M. Goodwill of $223M and other intangibles of $509M receive 0% recovery under the liquidation lens, destroying ~$732M of book value. Other noncurrent assets of $198M (including equity method investments and capitalized ERP costs) are largely illiquid and carry minimal recovery.

Liability side stays at face: Total liabilities of $1.77B include long-term debt (noncurrent) of $1.12B, short-term borrowings of $28M, current LTD of $0.7M, accounts payable of $180M, accrued liabilities of $131M, employee-related liabilities of $66M, pension obligations of $67M, deferred taxes (net), and other noncurrent liabilities of $120M. The pension liability of $67M does not extinguish on windup. The VBR restructuring reserve of $6.2M ($5.9M current, $0.4M noncurrent) represents a cash obligation through mid-2027. The ACL FootJoy VIE promissory note of $1.5M owed to Lionscore is included in other noncurrent liabilities.

Key changes from prior filing (10-K, December 31, 2025): The Q1 2026 10-Q reflects seasonal working capital build — AR increased sharply (driven by $291M cash outflow for AR increase in operating activities), inventory declined modestly ($28M release). Long-term debt noncurrent decreased slightly as revolving credit draws partially offset by repayments; net new draw of ~$209M in Q1 2026 ($445M proceeds vs. $236M repayments). The ACL FootJoy JV (consolidated VIE, 40% owned) was formed January 6, 2026, introducing a new VIE into the consolidation perimeter with minimal assets but a $9M promissory note capacity. The company invested $6.4M additional equity in ACTPI, increasing ownership from 80% to 84.3%. IEEPA tariff refund potential is disclosed in MD&A but not recognized as an asset — filing does not tag this contingent asset in XBRL. The $230.7M remaining buyback authorization and ongoing $0.255/share dividend create continued cash outflows subordinate to creditor claims in any liquidation.