Acushnet第二季銷售增13.8% 淨利潤倍增至1.25億美元

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

Form
10-Q

☒    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2026 
or
☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  to    
Commission file number: 001-37935 

Acushnet Holdings Corp.
(Exact name of registrant as specified in its charter)

Delaware45-2644353
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

333 Bridge StreetFairhaven,Massachusetts02719
(Address of principal executive offices)(Zip Code)

 
(800) 225-8500 
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: 

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock - $0.001 par value per shareGOLFNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒

Accelerated filer☐
Non-accelerated filer☐

Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒
The registrant had 58,405,044 shares of common stock outstanding as of July 31, 2026.

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ACUSHNET HOLDINGS CORP.
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026 
TABLE OF CONTENTS
 
 

Page No.

PART I. 
FINANCIAL INFORMATION
4

Item 1. 
Financial Statements
4

Item 2. 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
27

Item 3. 
Quantitative and Qualitative Disclosures About Market Risk
39

Item 4. 
Controls and Procedures
40

PART II. 
OTHER INFORMATION
41

Item 1. 
Legal Proceedings
41

Item 1A. 
Risk Factors
41

Item 2. 
Unregistered Sales of Equity Securities and Use of Proceeds
41

Item 3. 
Defaults Upon Senior Securities
41

Item 4. 
Mine Safety Disclosures
41

Item 5. 
Other Information
41

Item 6. 
Exhibits
42

Signatures 
43

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In this Quarterly Report on Form 10‑Q, the terms “Acushnet,” “we,” “us,” “our” and the “Company” refer to Acushnet Holdings Corp. and its consolidated subsidiaries.
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), which are subject to the “safe harbor” created by that section. These forward-looking statements are included throughout this report, including in the section entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and relate to matters such as our industry, business strategy, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. We use words like “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “future,” “will,” “seek,” “foreseeable” and similar terms and phrases to identify forward-looking statements in this report, although not all forward-looking statements use these identifying words.
The forward-looking statements contained in this report are based on management’s current expectations and are subject to uncertainty and changes in circumstances. We cannot assure you that future developments affecting us will be those that we have anticipated. Actual results may differ materially from these expectations due to changes in global, regional or local economic, business, competitive, market, regulatory, political and other factors, many of which are beyond our control. We believe that these factors include:
•a reduction in the number of rounds of golf played or in the number of golf participants;
•unfavorable weather conditions may impact the number of playable days and rounds played in a given year;
•consumer spending habits and macroeconomic and demographic factors may affect the number of rounds of golf played, the number of golf participants and related spending on golf products;
•U.S. and foreign trade policies, including the assessment of tariffs and other impositions on imported goods;
•changes to the Rules of Golf with respect to equipment;
•our ability to successfully manage the frequent introduction of new products or satisfy changing consumer preferences and quality and regulatory standards;
•our reliance on technical innovation and high-quality products;
•a significant disruption in the operations of our manufacturing, assembly or distribution facilities;
•our ability to procure, and the cost of, raw materials and product components;
•a disruption in the operations of our suppliers;
•currency transaction and translation risk;
•our ability to adequately enforce and protect our intellectual property rights;
•our involvement in lawsuits to protect, defend or enforce our intellectual property rights;
•the risk that our products may infringe the intellectual property rights of others;
•changes to patent laws;
•intense competition and our ability to maintain a competitive advantage in each of our markets;
•limited opportunities for future growth in sales of certain of our products;
•our customers’ financial conditions, levels of business activity and ability to pay their trade obligations;
•a decrease in corporate spending on our custom logo golf balls;
•our ability to maintain and further develop our sales channels;
•consolidation of retailers or concentration of retail market share;
•our ability to maintain and enhance our brands;
•fluctuations of our business and results of operations due to seasonality and product launch cycles;
•risks associated with doing business globally;
•compliance with applicable anti-bribery, anti-money laundering and economic sanctions laws;
•our ability to secure professional golfers to endorse or use our products;
•negative publicity relating to us, the golfers who use our products or the golf industry in general;
•our ability to accurately forecast demand for our products;
•a disruption in the service, or a significant increase in the cost, of our primary delivery and shipping services or a significant disruption at shipping ports;
•our ability to successfully manage the implementation of our new enterprise resource planning platform;
•our ability to maintain our information systems to adequately perform their functions;
•cybersecurity risks;
•risks and challenges associated with the development and use of artificial intelligence;
•our ability to comply with data privacy and security laws;
•the ability of our eCommerce systems to function effectively;
•impairment of goodwill and identifiable intangible assets;

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•our ability to attract and/or retain management and other key employees and hire qualified management, technical and manufacturing personnel;
•our ability to prohibit sales of our products by unauthorized retailers or distributors;
•our ability to grow our presence in existing international markets and expand into additional international markets;
•tax uncertainties, including potential changes in tax laws, unanticipated tax liabilities and limitations on utilization of tax attributes after any change of control;
•our ability to secure and maintain adequate levels of coverage under our insurance policies;
•product liability, warranty and recall claims;
•litigation and other regulatory proceedings;
•compliance with environmental, health and safety laws and regulations;
•our ability to secure additional capital at all or on terms acceptable to us;
•lack of assurance of positive returns on capital investments;
•risks associated with acquisitions and investments;
•terrorist activities and international political instability;
•occurrence of natural disasters or pandemic diseases;
•a high degree of leverage, ability to service our indebtedness, ability to incur more indebtedness and restrictions in the agreements governing our indebtedness;
•our use of derivative financial instruments;
•the interests of our controlling shareholder and its affiliates may conflict with the interests of our other shareholders;
•our status as a controlled company;
•the execution of our share repurchase program and effects thereof;
•our ability to pay dividends;
•dilution from future issuances or sales of our common stock;
•anti-takeover provisions in our organizational documents and Delaware law; and
•other factors discussed under the heading “Risk Factors” in our most recent Annual Report on Form 10-K and in any other reports we file with the Securities and Exchange Commission (the “SEC”), including this Quarterly Report on Form 10-Q.
These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this report. Should one or more of these risks or uncertainties materialize, or should any of our assumptions prove incorrect, our actual results may vary in material respects from those projected in these forward-looking statements.
Any forward-looking statement made by us in this report speaks only as of the date of this report. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, investments or other strategic transactions we may pursue. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

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PART I.       FINANCIAL INFORMATION

ITEM 1.      FINANCIAL STATEMENTS
INDEX TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Page(s)
Unaudited Condensed Consolidated Financial Statements

Condensed Consolidated Balance Sheets (unaudited) 
5

Condensed Consolidated Statements of Operations (unaudited) 
6

Condensed Consolidated Statements of Comprehensive Income (unaudited) 
7

Condensed Consolidated Statements of Cash Flows (unaudited) 
8

Condensed Consolidated Statements of Shareholders’ Equity (unaudited) 
9

Notes to Unaudited Condensed Consolidated Financial Statements 
11

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ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
 

June 30,December 31,
(in thousands, except share and per share amounts)20262025
Assets
Current assets
Cash, cash equivalents and restricted cash ($2,799 and $0 attributable to a variable interest entity ("VIE"))
$67,941 $50,088 
Accounts receivable, net489,378 217,480 
Inventories ($6,599 and $0 attributable to a VIE)
532,209 608,571 
Prepaid and other current assets179,856 149,232 
Total current assets1,269,384 1,025,371 
Property, plant and equipment, net 368,493 356,575 
Goodwill 222,151 224,258 
Intangible assets, net506,889 511,430 
Deferred income taxes13,148 21,081 
Other noncurrent assets 196,011 203,984 
Total assets$2,576,076 $2,342,699 
Liabilities, Redeemable Noncontrolling Interests and Shareholders' Equity
Current liabilities
Short-term debt$22,902 $16,005 
Current portion of long-term debt639 661 
Accounts payable ($7,957 and $0 attributable to a VIE)
195,609 156,984 
Accrued taxes54,768 34,219 
Accrued compensation and benefits93,496 100,975 
Accrued expenses and other current liabilities130,351 121,310 
Total current liabilities497,765 430,154 
Long-term debt936,525 926,244 
Deferred income taxes21,907 7,604 
Accrued pension and other postretirement benefits68,005 68,756 
Other noncurrent liabilities ($7,500 and $0 attributable to a VIE)
125,562 124,605 
Total liabilities1,649,764 1,557,363 
Commitments and contingencies (Note 15)

Redeemable noncontrolling interests1,180 1,770 
Shareholders' equity
Common stock, $0.001 par value, 500,000,000 shares authorized; 58,379,528 and 58,371,822 shares issued
58 58 
Additional paid-in capital759,361 763,828 
Accumulated other comprehensive loss, net of tax(129,901)(122,281)
Retained earnings294,853 141,961 

Total equity attributable to Acushnet Holdings Corp.924,371 783,566 
Noncontrolling interests761 — 
Total shareholders' equity925,132 783,566 
Total liabilities, redeemable noncontrolling interests and shareholders' equity$2,576,076 $2,342,699 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
 

Three months ended June 30,Six months ended June 30,
(in thousands, except share and per share amounts)2026202520262025
Net sales$819,951 $720,476 $1,572,926 $1,423,848 
Cost of goods sold374,120 366,160 771,835 732,370 
Gross profit445,831 354,316 801,091 691,478 
Operating expenses:
Selling, general and administrative246,241 222,006 459,912 422,267 
Research and development20,761 18,933 39,956 37,792 
Intangible amortization2,243 3,509 4,488 7,004 

Income from operations176,586 109,868 296,735 224,415 
Interest expense, net12,305 15,198 25,377 29,013 
Other expense (income), net274 988 2,090 (18,875)
Income before income taxes164,007 93,682 269,268 214,277 
Income tax expense38,685 18,603 62,786 40,173 
Net income125,322 75,079 206,482 174,104 
Less: Net (income) loss attributable to noncontrolling interests(490)484 (234)831 
Net income attributable to Acushnet Holdings Corp.$124,832 $75,563 $206,248 $174,935 

Net income per common share attributable to Acushnet Holdings Corp.:
Basic$2.09 $1.26 $3.45 $2.88 
Diluted2.08 1.25 3.44 2.87 
Weighted average number of common shares:
Basic59,752,024 60,156,224 59,798,591 60,737,693 
Diluted59,929,313 60,333,409 59,968,950 60,905,869 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
 

Three months ended June 30,Six months ended June 30,
(in thousands)2026202520262025
Net income$125,322 $75,079 $206,482 $174,104 
Other comprehensive (loss) income:
Foreign currency translation adjustments(6,221)19,272 (12,518)28,166 
Cash flow derivative instruments:
Unrealized holding gains (losses) arising during period3,504 (5,173)6,183 (7,333)
Reclassification adjustments included in net income(1,339)(2,704)(841)(3,118)
Tax (expense) benefit(516)2,091 (1,310)2,830 
Cash flow derivative instruments, net1,649 (5,786)4,032 (7,621)

Pension and other postretirement benefits:
Pension and other postretirement benefits adjustments268 (611)1,044 (1,256)
Tax (expense) benefit(62)134 (245)261 
Pension and other postretirement benefits adjustments, net206 (477)799 (995)
Total other comprehensive (loss) income(4,366)13,009 (7,687)19,550 
Comprehensive income120,956 88,088 198,795 193,654 
Less: Comprehensive (income) loss attributable to noncontrolling interests(422)122 (167)391 
Comprehensive income attributable to Acushnet Holdings Corp.$120,534 $88,210 $198,628 $194,045 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
 

Six months ended June 30,
(in thousands)20262025
Cash flows from operating activities
Net income$206,482 $174,104 
Adjustments to reconcile net income to cash flows provided by operating activities
Depreciation and amortization26,222 29,206 
Unrealized foreign exchange loss (gain)1,617 (2,783)
Amortization of debt issuance costs696 910 
Share-based compensation19,053 15,530 
Loss on disposals of property, plant and equipment31 593 
Gain on deconsolidation of VIE (Note 16)
— (20,887)
(Gain) loss from equity method investment (Note 16)
(324)408 
Deferred income taxes20,139 4,861 
Changes in operating assets and liabilities
Accounts receivable(277,869)(197,402)
Inventories68,939 57,857 
Accounts payable43,460 24,104 
Accrued taxes22,158 7,697 
Other assets and liabilities(23,160)(62,590)
Cash flows provided by operating activities107,444 31,608 
Cash flows from investing activities
Additions to property, plant and equipment(37,273)(25,146)

Other, net— (646)
Cash flows used in investing activities(37,273)(25,792)
Cash flows from financing activities

Proceeds from credit facilities (Note 5)
682,351 790,476 
Repayments of credit facilities (Note 5)
(664,141)(626,260)

Purchases of common stock(26,003)(125,009)
Dividends paid on common stock(30,766)(28,623)

Payment of employee restricted stock tax withholdings(19,888)(10,974)
Other, net7,500 (1,742)
Cash flows used in financing activities(50,947)(2,132)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(1,371)3,312 
Net increase in cash, cash equivalents and restricted cash17,853 6,996 
Cash, cash equivalents and restricted cash, beginning of year50,088 53,059 
Cash, cash equivalents and restricted cash, end of period$67,941 $60,055 
Supplemental non-cash information

Purchases of property, plant and equipment, accrued not paid$5,999 $4,960 

Additions to right-of-use assets obtained in exchange for operating lease obligations8,544 8,843 
Additions to right-of-use assets obtained in exchange for finance lease obligations224 — 

Dividend equivalents rights ("DERs") declared not paid1,261 1,016 

Additions to share repurchase liability (Note 10)
— 62,508 
Additional investment in less than wholly-owned subsidiary (Note 16)
6,361 — 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

Common StockAdditional
Paid-in
CapitalAccumulated
Other
Comprehensive
Loss, 
Net of TaxRetained
EarningsTreasury StockTotal
Shareholders'
Equity
Attributable
to Acushnet
Holdings Corp.Noncontrolling
InterestsTotal
Shareholders'
Equity
(in thousands)SharesAmount
Balances as of March 31, 202560,921 $61 $778,071 $(133,852)$235,141 $(99,137)$780,284 $— $780,284 

Net income — — — — 75,563 — 75,563 — 75,563 
Other comprehensive income— — — 12,647 — — 12,647 — 12,647 
Share-based compensation — — 8,589 — — — 8,589 — 8,589 
Vesting of restricted common stock, including impact of DERs, 
net of shares withheld for employee taxes (Note 11)
21 1 (1,279)— — — (1,278)— (1,278)
Purchases of common stock (Note 10)
(1,349)(2)(17,437)— (71,178)— (88,617)— (88,617)
Share repurchase liability (Note 10)
— — — — — 36,629 36,629 — 36,629 
Dividends and dividend equivalents declared— — — — (14,298)— (14,298)— (14,298)

Redemption value adjustment (Note 1)
— — — — (1,000)— (1,000)— (1,000)
Balances as of June 30, 202559,593 $60 $767,944 $(121,205)$224,228 $(62,508)$808,519 $— $808,519 

Balances as of March 31, 202658,548 $59 $751,491 $(125,603)$199,165 $— $825,112 $(77)$825,035 

Net income— — — — 124,832 — 124,832 838 125,670 
Other comprehensive loss— — — (4,298)— — (4,298)— (4,298)
Share-based compensation — — 10,473 — — — 10,473 — 10,473 
Vesting of restricted common stock, including impact of DERs, 
net of shares withheld for employee taxes (Note 11)
14 — (214)— — — (214)— (214)
Purchases of common stock (Note 10)(182)(1)(2,389)— (13,636)— (16,026)— (16,026)

Dividends and dividend equivalents declared— — — — (15,508)— (15,508)— (15,508)

Balances as of June 30, 202658,380 $58 $759,361 $(129,901)$294,853 $— $924,371 $761 $925,132 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ACUSHNET HOLDINGS CORP.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)

Common StockAdditional
Paid-in
CapitalAccumulated
Other
Comprehensive
Loss, 
Net of TaxRetained
EarningsTreasury StockTotal
Shareholders'
Equity
Attributable
to Acushnet
Holdings Corp.Noncontrolling
InterestsTotal
Shareholders'
Equity
(in thousands)SharesAmount
Balances as of December 31, 202461,215 $61 $787,725 $(140,315)$180,276 $(62,500)$765,247 $27,889 $793,136 

Net income (loss)— — — — 174,935 — 174,935 (188)174,747 
Other comprehensive income— — — 19,110 — — 19,110 — 19,110 
Share-based compensation — — 15,530 — — — 15,530 — 15,530 
Vesting of restricted common stock, including impact of DERs, 
net of shares withheld for employee taxes (Note 11)
268 1 (10,965)— — — (10,964)— (10,964)
Purchases of common stock (Note 10)
(1,890)(2)(24,346)— (101,109)— (125,457)— (125,457)
Share repurchase liability (Note 10)
— — — — — (8)(8)— (8)

Dividends and dividend equivalents declared— — — — (28,874)— (28,874)— (28,874)

Redemption value adjustment (Note 1)— — — — (1,000)— (1,000)— (1,000)
Deconsolidation of VIE (Note 16)
— — — — — — — (27,701)(27,701)
Balances as of June 30, 202559,593 $60 $767,944 $(121,205)$224,228 $(62,508)$808,519 $— $808,519 

Balances as of December 31, 202558,372 $58 $763,828 $(122,281)$141,961 $— $783,566 $— $783,566 

Capital contribution from noncontrolling interests (Note 16)
— — — — — — — 3 3 

Net income— — — — 206,248 — 206,248 758 207,006 
Other comprehensive loss— — — (7,620)— — (7,620)— (7,620)
Share-based compensation — — 19,053 — — — 19,053 — 19,053 
Vesting of restricted common stock, including impact of DERs, 
net of shares withheld for employee taxes (Note 11)
296 1 (19,771)— — — (19,770)— (19,770)
Purchases of common stock (Note 10)
(288)(1)(3,749)— (22,253)— (26,003)— (26,003)

Dividends and dividend equivalents declared— — — — (31,103)— (31,103)— (31,103)

Balances as of June 30, 202658,380 $58 $759,361 $(129,901)$294,853 $— $924,371 $761 $925,132 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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ACUSHNET HOLDINGS CORP.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Acushnet Holdings Corp. (the “Company”) have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). These unaudited condensed consolidated financial statements include the accounts of the Company and Acushnet Company, including Acushnet Company's wholly-owned subsidiaries and less than wholly-owned subsidiaries, which include VIEs in which Acushnet Company is the primary beneficiary. In addition, investments in entities over which the Company has significant influence but not control are accounted for using the equity method of accounting. The Company conducts substantially all its business through Acushnet Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. 
Certain information in footnote disclosures normally included in annual financial statements has been condensed or omitted for the interim periods presented in accordance with the rules and regulations of the SEC and U.S. GAAP. The year-end balance sheet data was derived from audited financial statements; however, the accompanying interim notes to the unaudited condensed consolidated financial statements do not include all disclosures required by U.S. GAAP. In the opinion of management, the financial statements contain all normal and recurring adjustments necessary to state fairly the financial position and results of operations of the Company. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of results to be expected for the full year ending December 31, 2026, nor were those of the comparable 2025 periods representative of those actually experienced for the full year ended December 31, 2025. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes for the fiscal year ended December 31, 2025 included in its Annual Report on Form 10-K filed with the SEC on February 27, 2026.
Use of Estimates
The preparation of the Company’s unaudited condensed consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect reported amounts of assets and liabilities and related disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Variable Interest Entities
VIEs are entities that, by design, either (i) lack sufficient equity to permit the entity to finance its activities independently, or (ii) have equity holders that do not have the power to direct the activities of the entity that most significantly impact its economic performance, the obligation to absorb the entity’s expected losses, or the right to receive the entity’s expected residual returns. The Company consolidates a VIE when it is the primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the VIE’s economic performance and (ii) through its interests in the VIE, the obligation to absorb expected losses or the right to receive expected benefits from the VIE that could potentially be significant to the VIE. The Company presents separately on its unaudited condensed consolidated balance sheets, to the extent material, the assets of consolidated VIEs that can only be used to settle specific obligations of the consolidated VIEs and the liabilities of consolidated VIEs for which creditors do not have recourse to its general credit. See Note 16 for additional information regarding other business developments impacting VIEs. 

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Equity Method Investments
The Company uses the equity method of accounting for equity investments if the investment enables the Company to exercise significant influence, but not control, over operating and financial policies of the investee. The Company’s proportionate share of the net income or loss of these investees is included in consolidated net income (loss). The Company evaluates equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment might not be recoverable. An impairment that is other-than-temporary is recognized in the period identified. See Note 16 for additional information regarding other business developments impacting equity method investments.
Noncontrolling Interests and Redeemable Noncontrolling Interests
The ownership interests held by owners other than the Company in less than wholly-owned subsidiaries are classified as noncontrolling interests. The financial results and position of noncontrolling interests are included in the Company’s unaudited condensed consolidated financial statements. The value attributable to the noncontrolling interests is presented on the unaudited condensed consolidated balance sheets, separately from the equity attributable to the Company. Net income (loss) and comprehensive income (loss) attributable to noncontrolling interests are presented separately on the unaudited condensed consolidated statements of operations and unaudited condensed consolidated statements of comprehensive income, respectively. 
Redeemable noncontrolling interests are those noncontrolling interests which are or may become redeemable at a fixed or determinable price on a fixed or determinable date, at the option of the holder, or upon occurrence of an event. The Company initially records the redeemable noncontrolling interest at its acquisition date fair value. The carrying amount of the redeemable noncontrolling interest is subsequently adjusted to the greater amount of either the initial carrying amount, increased or decreased for the redeemable noncontrolling interest's share of comprehensive income (loss) or the redemption value, assuming the noncontrolling interest is redeemable at the balance sheet date. This adjustment is recognized throu