0000837465-22-000026 | 10-Q | XBRL Viewer | Topgolf Callaway Brands Corp

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Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2022	Oct. 31, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-10962
Entity Registrant Name	Topgolf Callaway Brands Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3797580
Entity Address, Address Line One	2180 Rutherford Road
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92008
City Area Code	760
Local Phone Number	931-1771
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	MODG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		184,847,749
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000837465
Current Fiscal Year End Date	--12-31

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 200.3	$ 352.2
Restricted cash	0.5	1.2
Accounts receivable, less allowances of $10.0 million and $6.2 million, respectively	275.0	105.3
Inventories	722.3	533.5
Prepaid expenses	47.4	54.2
Other current assets	115.3	119.3
Total current assets	1,360.8	1,165.7
Property, plant and equipment, net	1,676.5	1,451.4
Operating lease right-of-use assets, net	1,411.5	1,384.5
Intangible assets, net	1,486.7	1,528.6
Goodwill	1,981.4	1,960.1
Other assets	304.8	257.5
Total assets	8,221.7	7,747.8
Current liabilities:
Accounts payable and accrued expenses	526.0	491.2
Accrued employee compensation and benefits	129.9	128.9
Asset-based credit facilities	99.6	9.1
Operating lease liabilities, short-term	72.7	72.3
Construction advances	71.1	22.9
Deferred revenue	94.4	93.9
Other current liabilities	45.3	47.7
Total current liabilities	1,039.0	866.0
Long-term liabilities:
Long-term debt, net	1,065.9	1,025.3
Operating lease liabilities, long-term	1,428.9	1,385.4
Deemed landlord financing obligations, long-term	577.0	460.6
Deferred taxes, net	107.0	163.6
Other long-term liabilities	197.4	164.0
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred stock, $0.01 par value, 3.0 million shares authorized, none issued and outstanding at September 30, 2022 and December 31, 2021	0.0	0.0
Common stock, $0.01 par value, 360.0 million shares authorized, and 186.2 million shares issued at September 30, 2022 and December 31, 2021	1.9	1.9
Additional paid-in capital	3,004.2	3,051.6
Retained earnings	925.2	682.2
Accumulated other comprehensive loss	(92.6)	(27.3)
Less: Common stock held in treasury, at cost, 1.3 million shares and 1.0 million shares at September 30, 2022 and December 31, 2021, respectively	(32.2)	(25.5)
Total shareholders’ equity	3,806.5	3,682.9
Total liabilities and shareholders’ equity	$ 8,221.7	$ 7,747.8

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Shareholders’ equity:
Accounts receivable, allowance for credit loss	$ 10.0	$ 6.2
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	3,000,000	3,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	360,000,000	360,000,000
Common stock, shares issued (in shares)	186,200,000	186,200,000
Treasury stock (in shares)	1,300,000	1,000,000

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands, shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net revenues:
Total net revenues	$ 988,500	$ 856,500	$ 3,144,400	$ 2,421,700
Costs and expenses:
Other venue expense	287,600	215,900	780,200	483,600
Selling, general and administrative expense	224,700	217,700	720,400	612,700
Research and development expense	19,200	15,800	55,400	48,800
Venue pre-opening costs	9,900	2,700	18,100	9,400
Total costs and expenses	920,300	780,500	2,852,900	2,162,300
Income from operations	68,200	76,000	291,500	259,400
Interest expense, net	(36,400)	(28,700)	(100,300)	(75,100)
Gain on Topgolf investment	0	0	0	252,500
Other income, net	7,000	2,900	26,900	9,500
Income before income taxes	38,800	50,200	218,100	446,300
Income tax provision (benefit)	300	66,200	(12,500)	98,100
Net income (loss)	$ 38,500	$ (16,000)	$ 230,600	$ 348,200
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.21	$ (0.09)	$ 1.25	$ 2.13
Diluted (in dollars per share)	$ 0.20	$ (0.09)	$ 1.17	$ 2.03
Weighted-average common shares outstanding:
Basic (in shares)	184.8	186.0	184.9	163.1
Diluted (in shares)	201.8	186.0	201.0	171.2
Products
Net revenues:
Total net revenues	$ 579,300	$ 527,100	$ 2,018,200	$ 1,678,400
Costs and expenses:
Cost of products	330,700	288,400	1,142,500	914,000
Services
Net revenues:
Total net revenues	409,200	329,400	1,126,200	743,300
Costs and expenses:
Cost of services, excluding depreciation and amortization	$ 48,200	$ 40,000	$ 136,300	$ 93,800

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 38.5	$ (16.0)	$ 230.6	$ 348.2
Other comprehensive income (loss):
Change in derivative instruments	4.4	0.5	17.4	7.2
Foreign currency translation adjustments	(38.0)	(12.9)	(84.6)	(23.2)
Comprehensive income (loss), before income tax on other comprehensive income items	4.9	(28.4)	163.4	332.2
Income tax (benefit) provision on derivative instruments	(1.0)	1.3	(1.9)	2.9
Comprehensive income (loss)	$ 5.9	$ (29.7)	$ 165.3	$ 329.3

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Cash flows from operating activities:

Net income

$ 230.6

$ 348.2

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

139.8

107.9

Lease amortization expense

67.6

46.0

Amortization of debt discount and issuance costs

7.4

14.3

Deferred taxes, net

(12.5)

87.0

Share-based compensation

37.4

27.1

Gain on Topgolf investment

0.0

(252.5)

Acquisition costs

0.0

(16.2)

Other

11.2

(2.5)

Change in assets and liabilities, net of effect from acquisitions:

Accounts receivable, net

(193.9)

(111.0)

Inventories

(235.9)

(27.3)

Leasing receivables

(14.8)

(16.4)

Other assets

12.3

(57.9)

Accounts payable and accrued expenses

69.2

71.2

Deferred revenue

0.4

19.0

Accrued employee compensation and benefits

4.2

46.9

Payments on operating leases

(65.5)

(37.7)

Income taxes receivable/payable, net

(24.9)

2.7

Other liabilities

2.0

(2.0)

Net cash provided by operating activities

34.6

246.8

Cash flows from investing activities:

Capital expenditures

(353.4)

(198.9)

Cash acquired in merger

0.0

171.3

Acquisition of intangible assets

(0.6)

0.0

Proceeds from sale of investment in golf-related ventures

0.4

18.6

Net cash used in investing activities

(353.6)

(9.0)

Cash flows from financing activities:

Repayments of long-term debt

(87.0)

(160.9)

Proceeds from borrowings on long-term debt

60.0

20.0

Proceeds from asset-based credit facilities, net

100.0

8.0

Debt issuance cost

0.0

(5.4)

Payment on contingent earn-out obligation

(5.6)

(3.6)

Repayments of financing leases

(0.3)

(0.5)

Proceeds from lease financing

133.1

49.5

Exercise of stock options

0.6

19.5

Acquisition of treasury stock

(35.5)

(12.9)

Net cash provided by (used in) financing activities

165.3

(86.3)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

0.6

(3.7)

Net (decrease) increase in cash, cash equivalents and restricted cash

(153.1)

147.8

Cash, cash equivalents and restricted cash at beginning of period

357.7

366.1

Cash, cash equivalents and restricted cash at end of period

204.6

513.9

Less: restricted cash

^[1]

(4.3)

(5.7)

Cash and cash equivalents at end of period

200.3

508.2

Supplemental disclosures:

Cash paid for income taxes, net

21.9

8.0

Cash paid for interest and fees

86.0

68.1

Non-cash investing and financing activities:

Issuance of treasury stock and common stock for compensatory stock awards released from restriction

28.0

18.3

Accrued capital expenditures

47.2

36.8

Financed additions of capital expenditures

85.0

53.9

Issuance of common stock related to convertible notes

0.5

0.0

Issuance of common stock in Topgolf merger

$ 0.0

$ 2,650.2

[1]	(1) Includes $0.5 million and $1.8 million of short-term restricted cash and $3.8 million and $3.9 million of long-term restricted cash included in other assets for the periods ended September 30, 2022 and 2021, respectively.

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021
Statement of Cash Flows [Abstract]
Restricted cash, current	$ 0.5	$ 1.8
Restricted cash, noncurrent	$ 3.8	$ 3.9

CONSOLIDATED CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Restricted Stock	Common Stock	Common Stock Options and Restricted Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Additional Paid-in Capital Restricted Stock	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2020				95.6
Balance at beginning of period at Dec. 31, 2020	$ 675.7			$ 1.0		$ 346.9			$ 360.2		$ (6.5)	$ (25.9)
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2020												1.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued during period (in shares)				89.8	0.2
Common stock issued during period	2,650.2			$ 0.9		2,649.3
Fair value of replacement awards converted in Topgolf merger			$ 33.1					$ 33.1
Acquisition of treasury stock (in shares)												(0.4)
Acquisition of treasury stock	(12.5)											$ (12.5)
Exercise of stock options	0.2					(0.5)						0.7
Compensatory awards released from restriction	0.0					(16.5)						$ 16.5
Compensatory awards released from restriction (in shares)												0.9
Share-based compensation	4.6					4.6
Equity adjustment from foreign currency translation	(16.3)										(16.3)
Change in fair value of derivative instruments, net of tax	5.3										5.3
Net income	272.5								272.5
Balance at end of period (in shares) at Mar. 31, 2021				185.6
Balance at end of period at Mar. 31, 2021	3,612.8			$ 1.9		3,016.9			632.7		(17.5)	$ (21.2)
Treasury stock, balance at end of period (in shares) at Mar. 31, 2021												0.9
Balance at beginning of period (in shares) at Dec. 31, 2020				95.6
Balance at beginning of period at Dec. 31, 2020	675.7			$ 1.0		346.9			360.2		(6.5)	$ (25.9)
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2020												1.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	348.2
Balance at end of period (in shares) at Sep. 30, 2021				186.0
Balance at end of period at Sep. 30, 2021	3,722.0			$ 1.9		3,037.6			708.4		(25.4)	$ (0.5)
Treasury stock, balance at end of period (in shares) at Sep. 30, 2021												0.0
Balance at beginning of period (in shares) at Dec. 31, 2020				95.6
Balance at beginning of period at Dec. 31, 2020	675.7			$ 1.0		346.9			360.2		(6.5)	$ (25.9)
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2020												1.4
Balance at end of period (in shares) at Dec. 31, 2021		14.7		186.2
Balance at end of period at Dec. 31, 2021	$ 3,682.9	$ (44.7)		$ 1.9		3,051.6	$ (57.1)		682.2	$ 12.4	(27.3)	$ (25.5)
Treasury stock, balance at end of period (in shares) at Dec. 31, 2021	1.0											1.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06 [Member]
Balance at beginning of period (in shares) at Mar. 31, 2021				185.6
Balance at beginning of period at Mar. 31, 2021	$ 3,612.8			$ 1.9		3,016.9			632.7		(17.5)	$ (21.2)
Treasury stock, balance at beginning of period (in shares) at Mar. 31, 2021												0.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock	0.0					0.3						$ (0.3)
Exercise of stock options (in shares)				0.3								0.8
Exercise of stock options	18.2					(1.4)						$ 19.6
Compensatory awards released from restriction	0.0					(1.8)						$ 1.8
Compensatory awards released from restriction (in shares)												0.1
Share-based compensation	11.0					11.0
Equity adjustment from foreign currency translation	6.0										6.0
Change in fair value of derivative instruments, net of tax	(0.2)										(0.2)
Net income	91.7								91.7
Balance at end of period (in shares) at Jun. 30, 2021				185.9
Balance at end of period at Jun. 30, 2021	3,739.5			$ 1.9		3,025.0			724.4		(11.7)	$ (0.1)
Treasury stock, balance at end of period (in shares) at Jun. 30, 2021												0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock	(0.4)					0.1						$ (0.5)
Exercise of stock options (in shares)				0.1
Exercise of stock options	1.1					1.0						0.1
Share-based compensation	11.5					11.5
Equity adjustment from foreign currency translation	(12.9)										(12.9)
Change in fair value of derivative instruments, net of tax	(0.8)										(0.8)
Net income	(16.0)								(16.0)
Balance at end of period (in shares) at Sep. 30, 2021				186.0
Balance at end of period at Sep. 30, 2021	3,722.0			$ 1.9		3,037.6			708.4		(25.4)	$ (0.5)
Treasury stock, balance at end of period (in shares) at Sep. 30, 2021												0.0
Balance at beginning of period (in shares) at Dec. 31, 2021		14.7		186.2
Balance at beginning of period at Dec. 31, 2021	$ 3,682.9	$ (44.7)		$ 1.9		3,051.6	(57.1)		682.2	12.4	(27.3)	$ (25.5)
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2021	1.0											1.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock (in shares)												(1.5)
Acquisition of treasury stock	$ (34.2)											$ (34.2)
Compensatory awards released from restriction	0.0					(24.0)						$ 24.0
Compensatory awards released from restriction (in shares)												1.0
Share-based compensation	13.8					13.8
Equity adjustment from foreign currency translation	(13.4)										(13.4)
Change in fair value of derivative instruments, net of tax	9.4										9.4
Net income	86.7								86.7
Balance at end of period (in shares) at Mar. 31, 2022				186.2
Balance at end of period at Mar. 31, 2022	3,700.5			$ 1.9		2,984.3			781.3		(31.3)	$ (35.7)
Treasury stock, balance at end of period (in shares) at Mar. 31, 2022												1.5
Balance at beginning of period (in shares) at Dec. 31, 2021		14.7		186.2
Balance at beginning of period at Dec. 31, 2021	$ 3,682.9	$ (44.7)		$ 1.9		3,051.6	$ (57.1)		682.2	$ 12.4	(27.3)	$ (25.5)
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2021	1.0											1.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Equity adjustment from foreign currency translation	$ (84.6)
Net income	230.6
Balance at end of period (in shares) at Sep. 30, 2022				186.2
Balance at end of period at Sep. 30, 2022	$ 3,806.5			$ 1.9		3,004.2			925.2		(92.6)	$ (32.2)
Treasury stock, balance at end of period (in shares) at Sep. 30, 2022	1.3											1.3
Balance at beginning of period (in shares) at Mar. 31, 2022				186.2
Balance at beginning of period at Mar. 31, 2022	$ 3,700.5			$ 1.9		2,984.3			781.3		(31.3)	$ (35.7)
Treasury stock, balance at beginning of period (in shares) at Mar. 31, 2022												1.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock	(0.3)					0.2						$ (0.5)
Exercise of stock options	0.1					(0.2)						0.3
Compensatory awards released from restriction	0.0					(1.8)						$ 1.8
Compensatory awards released from restriction (in shares)												0.1
Share-based compensation	13.2					13.2
Equity adjustment from foreign currency translation	(33.2)										(33.2)
Change in fair value of derivative instruments, net of tax	4.5										4.5
Net income	105.4								105.4
Balance at end of period (in shares) at Jun. 30, 2022				186.2
Balance at end of period at Jun. 30, 2022	3,790.2			$ 1.9		2,995.7			886.7		(60.0)	$ (34.1)
Treasury stock, balance at end of period (in shares) at Jun. 30, 2022												1.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock	(1.0)											$ (1.0)
Exercise of stock options	0.5					(0.3)						0.8
Compensatory awards released from restriction	0.0					(2.2)						$ 2.2
Compensatory awards released from restriction (in shares)												0.1
Share-based compensation	10.4					10.4
Equity adjustment from foreign currency translation	(38.0)										(38.0)
Change in fair value of derivative instruments, net of tax	5.4										5.4
Issuance of common stock related to convertible notes	0.5					0.5
Capped call transaction related to convertible note conversion	0.0					0.1						$ (0.1)
Net income	38.5								38.5
Balance at end of period (in shares) at Sep. 30, 2022				186.2
Balance at end of period at Sep. 30, 2022	$ 3,806.5			$ 1.9		$ 3,004.2			$ 925.2		$ (92.6)	$ (32.2)
Treasury stock, balance at end of period (in shares) at Sep. 30, 2022	1.3											1.3

The Company and Basis of Presentation	9 Months Ended
The Company and Basis of Presentation	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Basis of Presentation	The Company and Basis of Presentation The Company Topgolf Callaway Brands Corp. (formerly Callaway Golf Company), a Delaware corporation, together with its wholly-owned subsidiaries (collectively, the “Company” or “Topgolf Callaway Brands”), is a modern golf and active lifestyle leader that provides world-class golf entertainment experiences, designs and manufactures premium golf equipment, and sells golf and active lifestyle apparel and other accessories through its family of brand names which include Topgolf, Callaway Golf, Odyssey, OGIO, TravisMathew and Jack Wolfskin. On September 6, 2022, the Company changed its corporate name from Callaway Golf Company to Topgolf Callaway Brands Corp. and on September 7, 2022, changed its New York Stock Exchange ticker symbol from “ELY” to “MODG.” The changes to the corporate name and ticker symbol did not have any impact on the Company’s legal entity structure or financial statements. The Company’s products and brands are reported under three operating segments: Topgolf, which includes the operations of the Company’s Topgolf business; Golf Equipment, which includes the operations of the Company’s golf club and golf ball business; and Active Lifestyle, which includes the operations of the Company’s soft goods business marketed under the Callaway, TravisMathew, Jack Wolfskin and OGIO brand names. During the second quarter of 2022, the Company changed the name of its “Apparel, Gear, and Other” operating segment to “Active Lifestyle”. The segment name change had no impact on the composition of the Company's segments or on previously reported financial position, results of operations, cash flow or segment operating results. Basis of Presentation The accompanying unaudited consolidated condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, the Company has condensed or omitted certain information and disclosures that are normally included in its annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, these consolidated condensed financial statements include all of the normal and recurring adjustments necessary for the fair presentation of the financial position, results of operations and cash flows for the periods and dates presented. These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 1, 2022. Interim operating results are not necessarily indicative of operating results that may be expected for the year ending December 31, 2022, or any other future periods. The Company translates the financial statements of its foreign subsidiaries using end-of-period exchange rates for assets and liabilities and average exchange rates during each reporting period for results of operations. All intercompany balances and transactions have been eliminated during consolidation. The Company’s Topgolf subsidiary previously operated on a 52- or 53-week retail calendar year, which ended on the Sunday closest to December 31. As of April 4, 2022 and going forward, Topgolf began operating on a fiscal year calendar, which will end on December 31. Topgolf financial information included in the Company’s consolidated condensed financial statements for the three and nine months ended September 30, 2022 is for the period beginning July 1, 2022 and ending September 30, 2022, and the period beginning January 3, 2022 and ending September 30, 2022, respectively. Topgolf financial information included in the Company’s consolidated condensed financial statements for the three and nine months ended September 30, 2021 is for the period beginning July 5, 2021 and ending October 3, 2021, and the period beginning March 8, 2021 (the date on which the Company completed its merger with Topgolf) and ending October 3, 2021, respectively. Beginning January 1, 2022, the Company changed the presentation of its financial statements and accompanying footnote disclosures from thousands to millions, therefore, certain prior year reported amounts may differ by an insignificant amount due to the nature of the rounding relative to the change in presentation. Other than these changes, the change in presentation had no material impact on previously reported financial information.

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The Company’s significant accounting policies are described in Note 2 to its audited consolidated financial statements for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K which was filed with the SEC on March 1, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and 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. The Company bases its estimates on historical information and various other assumptions that are believed to be reasonable under the circumstances. Examples of such estimates include, among other things, determining the nature and timing of the satisfaction of performance obligations as it relates to revenue recognition, the valuation of share-based awards, the recoverability of long-lived assets, the assessment of intangible assets and goodwill for impairment, the determination of the incremental borrowing rate for operating and financing leases, provisions for warranty and expected credit losses, inventory obsolescence, sales returns, future price concessions, tax contingencies and valuation allowances, the estimated useful lives of property, plant and equipment, and acquired intangible assets. Actual results may materially differ from these estimates. On an ongoing basis, the Company reviews its estimates to ensure that these estimates appropriately reflect changes in its business or new information as it becomes available. Adoption of New Accounting Standards In August 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). This ASU simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, a convertible debt instrument is accounted for as a single liability measured at its amortized cost. These changes reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that was bifurcated according to previously existing rules. Also, this ASU requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer available. The amendments in this update are effective for public entities for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, and may be adopted through either a fully retrospective or modified retrospective method of transition only at the beginning of an entity’s fiscal year. The Company has Convertible Senior Notes (the “Convertible Notes”) with a cash conversion feature that was recognized in equity at the time of issuance (see Note 6) and has adopted this standard as of January 1, 2022 under the modified retrospective method of transition. As such, prior period amounts have not been retrospectively adjusted. Adoption of the standard resulted in a reduction in additional paid-in capital of $57.1 million, an increase to long-term debt, net of $57.9 million, a decrease in the deferred taxes, net of $13.2 million and an increase in retained earnings of $12.4 million. Additionally, in periods when net income is reported, the Company will use the if-converted method for calculating diluted earnings per common share. Under the if-converted method, the 14.7 million common shares underlying the Convertible Notes are assumed to have been outstanding as of the beginning of the current reporting period and any interest expense related to the Convertible Notes for the period is excluded from the calculation of diluted earnings per common share, resulting in an increase to net income. As a result, during the three and nine months ended September 30, 2022, after-tax interest expense in the amount of $1.6 million and $4.8 million, respectively, was excluded from net income in the calculation of earnings per common share—diluted (see Note 7). Prior to the adoption of ASU 2020-06, the Company used the treasury stock method to compute dilutive shares of common stock related to the Convertible Notes for periods when the Company reported net income. The treasury stock method assumes that proceeds received upon exercises are used to purchase common shares at the average market price during the period. Additionally, under the treasury stock method, interest expense related to the Convertible Notes for the period was included in net income for the calculation of earnings per common share—diluted. Recently Issued Accounting Standards In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 when measuring the fair value of an equity security that is subject to a contractual sale restriction, and also introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact that this ASU will have on its consolidated financial statements and related disclosures.

Leases

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases

Sales-Type Leases

The Company enters into non-cancellable license agreements that provide software and hardware to driving ranges, hospitality venues, and entertainment venues. These license agreements are classified as sales-type leases.

Leasing revenue from sales-type leases is included in services revenues within the consolidated condensed statements of operations, and consists of the selling price and interest income as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Sales-type lease selling price(1)	$	6.1	$	7.5	$	24.6	$	21.1
Cost of underlying assets	(3.2)		(3.0)		(11.9)		(8.6)
Operating profit	$	2.9	$	4.5	$	12.7	$	12.5

Interest income	$	1.1	$	1.4	$	2.9	$	3.0

Leasing revenue attributable to sales-type leases	$	7.2	$	8.9	$	27.5	$	24.1

(1) Selling price is equal to the present value of lease payments over the non-cancellable term of the licensing agreement.

Leasing receivables related to the Company’s net investment in sales-type leases are as follows (in millions):


		September 30, 2022		December 31, 2021
	Balance Sheet Location
Leasing receivables, net—short-term	Other current assets	$	14.9	$	12.8
Leasing receivables, net—long-term	Other assets	49.7		44.1
Total Leasing receivables		$	64.6	$	56.9

Operating and Finance Leases

As a lessee, the Company leases office space, manufacturing plants, warehouses, distribution centers, Company-operated Topgolf venues, vehicles and equipment, as well as retail and/or outlet locations.

Supplemental balance sheet information related to leases is as follows (in millions):


	Balance Sheet Location	September 30, 2022		December 31, 2021
Operating Leases
Right-of-use (“ROU”) assets, net	Operating lease ROU assets, net	$	1,411.5	$	1,384.5
Lease liabilities, short-term	Operating lease liabilities, short-term	$	72.7	$	72.3
Lease liabilities, long-term	Operating lease liabilities, long-term	$	1,428.9	$	1,385.4

Finance Leases
ROU assets, net	Other assets	$	166.1	$	129.5
Lease liabilities, short-term	Accounts payable and accrued expenses	$	1.7	$	1.8
Lease liabilities, long-term	Other long-term liabilities	$	174.0	$	132.5

The components of lease expense are as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease costs	$	42.3	$	41.6	$	128.1	$	103.0
Financing lease costs:
Amortization of right-of-use assets	1.0		0.8		4.6		2.0
Interest on lease liabilities	2.3		0.2		6.5		0.2
Total financing lease costs	3.3		1.0		11.1		2.2
Variable lease costs	2.3		1.3		7.1		3.9
Total lease costs	$	47.9	$	43.9	$	146.3	$	109.1

Other information related to leases was as follows (in millions):


	Nine Months Ended September 30,
Supplemental Cash Flows Information	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	119.8	$	95.8
Operating cash flows from finance leases	$	5.4	$	0.4
Financing cash flows from finance leases	$	0.3	$	0.5

Lease liabilities arising from new ROU assets:
Operating leases	$	37.2	$	87.5
Finance leases	$	40.7	$	11.0


	September 30, 2022		December 31, 2021
Weighted average remaining lease term (years):
Operating leases	16.8		14.1
Finance leases	35.3		36.2

Weighted average discount rate:
Operating leases	5.5	%	5.3	%
Finance leases	5.5	%	5.3	%

Future minimum lease obligations as of September 30, 2022 were as follows (in millions):


	Operating Leases		Finance Leases
Remainder of 2022	$	37.2	$	2.2
2023	148.3		10.1
2024	147.7		10.1
2025	144.4		9.8
2026	141.7		9.8
Thereafter	1,821.8		404.8
Total future lease payments	2,441.1		446.8
Less: imputed interest	939.5		271.1
Total	$	1,501.6	$	175.7

Financing Obligations (Deemed Landlord Financing Obligations)

As of September 30, 2022, the Company had 34 Deemed Landlord Financing (“DLF”) obligations that did not meet the sale-leaseback criteria upon the completion of construction in accordance with Accounting Standard Codification (“ASC”) Topic 842, “Leases.” Assets the Company is deemed the accounting owner of under these DLF obligations consist primarily of land properties and buildings. While Topgolf typically seeks to finance construction of its venues through third-party developers or real estate financing partners, in certain instances, the Company may fund a portion of certain of the assets associated with the DLF obligations. As of September 30, 2022 and December 31, 2021, the total net book value of assets associated with these DLF obligations, including assets that were not financed through third-party developers or real estate financing partners under a DLF arrangement, was $679.5 million and $620.3 million, respectively. Land properties and the net book value of the buildings and equipment under these DLF obligations are included in property, plant and equipment on the Company’s consolidated condensed balance sheets. Buildings capitalized in conjunction with these DLF obligations are depreciated, less their residual value, over the shorter period of 40 years or the lease term.

Supplemental balance sheet information related to DLF obligations is as follows (in millions):


		September 30,		December 31,
	Balance Sheet Location	2022		2021
DLF obligations, short-term	Accounts payable and accrued expenses	$	1.0	$	0.9
DLF obligations, long-term	Deemed landlord financing obligations, long-term	$	577.0	$	460.6

The components of DLF obligation expenses are as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Amortization of DLF obligations	$	3.7	$	1.8	$	10.1	$	3.5
Interest on DLF obligations	11.7		6.5		32.5		13.7
Total DLF contract expenses	$	15.4	$	8.3	$	42.6	$	17.2

Other information related to DLF leases was as follows (in millions):


	Nine Months Ended September 30,
Supplemental Cash Flows Information (in millions)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from DLF obligations	$	29.3	$	—
Financing cash flows from DLF obligations	$	—	$	14.0

Lease liabilities arising from new ROU assets:
Operating DLF obligations	$	113.2	$	133.2


	September 30, 2022		December 31, 2021
Weighted average remaining lease term (years)	38.7		39.0
Weighted average discount rate	8.8	%	9.2	%

Future minimum financing obligations related to DLF obligations as of September 30, 2022 were as follows (in millions):


Remainder of 2022	$	10.9
2023	45.2
2024	48.1
2025	48.4
2026	49.3
Thereafter	2,347.5
Total future lease payments	2,549.4
Less: imputed interest	1,971.4
Total	$	578.0

Leases Under Construction

The Company’s minimum capital commitment for leases under construction, net of amounts reimbursed by third-party real estate financing partners, was approximately $54.3 million as of September 30, 2022. As the Company is actively involved in the construction of these properties, the Company recorded $176.5 million in construction costs within property, plant and equipment as of September 30, 2022. Additionally, as of September 30, 2022, the Company recorded $71.1 million in construction advances from the landlords in connection with these properties. The Company will determine the lease classification for properties currently under construction at the end of the construction period. The initial base term upon the commencement of these leases is generally 20 years. In addition, as of September 30, 2022, the Company had $966.8 million of future lease obligations related to 10 venues subject to non-cancellable leases that have been signed but have not yet commenced.

Leases

Sales-Type Leases


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Sales-type lease selling price(1)	$	6.1	$	7.5	$	24.6	$	21.1
Cost of underlying assets	(3.2)		(3.0)		(11.9)		(8.6)
Operating profit	$	2.9	$	4.5	$	12.7	$	12.5

Interest income	$	1.1	$	1.4	$	2.9	$	3.0

Leasing revenue attributable to sales-type leases	$	7.2	$	8.9	$	27.5	$	24.1

(1) Selling price is equal to the present value of lease payments over the non-cancellable term of the licensing agreement.

Leasing receivables related to the Company’s net investment in sales-type leases are as follows (in millions):


		September 30, 2022		December 31, 2021
	Balance Sheet Location
Leasing receivables, net—short-term	Other current assets	$	14.9	$	12.8
Leasing receivables, net—long-term	Other assets	49.7		44.1
Total Leasing receivables		$	64.6	$	56.9

Operating and Finance Leases

Supplemental balance sheet information related to leases is as follows (in millions):


	Balance Sheet Location	September 30, 2022		December 31, 2021
Operating Leases
Right-of-use (“ROU”) assets, net	Operating lease ROU assets, net	$	1,411.5	$	1,384.5
Lease liabilities, short-term	Operating lease liabilities, short-term	$	72.7	$	72.3
Lease liabilities, long-term	Operating lease liabilities, long-term	$	1,428.9	$	1,385.4

Finance Leases
ROU assets, net	Other assets	$	166.1	$	129.5
Lease liabilities, short-term	Accounts payable and accrued expenses	$	1.7	$	1.8
Lease liabilities, long-term	Other long-term liabilities	$	174.0	$	132.5

The components of lease expense are as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease costs	$	42.3	$	41.6	$	128.1	$	103.0
Financing lease costs:
Amortization of right-of-use assets	1.0		0.8		4.6		2.0
Interest on lease liabilities	2.3		0.2		6.5		0.2
Total financing lease costs	3.3		1.0		11.1		2.2
Variable lease costs	2.3		1.3		7.1		3.9
Total lease costs	$	47.9	$	43.9	$	146.3	$	109.1

Other information related to leases was as follows (in millions):


	Nine Months Ended September 30,
Supplemental Cash Flows Information	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	119.8	$	95.8
Operating cash flows from finance leases	$	5.4	$	0.4
Financing cash flows from finance leases	$	0.3	$	0.5

Lease liabilities arising from new ROU assets:
Operating leases	$	37.2	$	87.5
Finance leases	$	40.7	$	11.0


	September 30, 2022		December 31, 2021
Weighted average remaining lease term (years):
Operating leases	16.8		14.1
Finance leases	35.3		36.2

Weighted average discount rate:
Operating leases	5.5	%	5.3	%
Finance leases	5.5	%	5.3	%

Future minimum lease obligations as of September 30, 2022 were as follows (in millions):


	Operating Leases		Finance Leases
Remainder of 2022	$	37.2	$	2.2
2023	148.3		10.1
2024	147.7		10.1
2025	144.4		9.8
2026	141.7		9.8
Thereafter	1,821.8		404.8
Total future lease payments	2,441.1		446.8
Less: imputed interest	939.5		271.1
Total	$	1,501.6	$	175.7

Financing Obligations (Deemed Landlord Financing Obligations)

Supplemental balance sheet information related to DLF obligations is as follows (in millions):


		September 30,		December 31,
	Balance Sheet Location	2022		2021
DLF obligations, short-term	Accounts payable and accrued expenses	$	1.0	$	0.9
DLF obligations, long-term	Deemed landlord financing obligations, long-term	$	577.0	$	460.6

The components of DLF obligation expenses are as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Amortization of DLF obligations	$	3.7	$	1.8	$	10.1	$	3.5
Interest on DLF obligations	11.7		6.5		32.5		13.7
Total DLF contract expenses	$	15.4	$	8.3	$	42.6	$	17.2

Other information related to DLF leases was as follows (in millions):


	Nine Months Ended September 30,
Supplemental Cash Flows Information (in millions)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from DLF obligations	$	29.3	$	—
Financing cash flows from DLF obligations	$	—	$	14.0

Lease liabilities arising from new ROU assets:
Operating DLF obligations	$	113.2	$	133.2


	September 30, 2022		December 31, 2021
Weighted average remaining lease term (years)	38.7		39.0
Weighted average discount rate	8.8	%	9.2	%

Future minimum financing obligations related to DLF obligations as of September 30, 2022 were as follows (in millions):


Remainder of 2022	$	10.9
2023	45.2
2024	48.1
2025	48.4
2026	49.3
Thereafter	2,347.5
Total future lease payments	2,549.4
Less: imputed interest	1,971.4
Total	$	578.0

Leases Under Construction

Leases

Sales-Type Leases


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Sales-type lease selling price(1)	$	6.1	$	7.5	$	24.6	$	21.1
Cost of underlying assets	(3.2)		(3.0)		(11.9)		(8.6)
Operating profit	$	2.9	$	4.5	$	12.7	$	12.5

Interest income	$	1.1	$	1.4	$	2.9	$	3.0

Leasing revenue attributable to sales-type leases	$	7.2	$	8.9	$	27.5	$	24.1

(1) Selling price is equal to the present value of lease payments over the non-cancellable term of the licensing agreement.

Leasing receivables related to the Company’s net investment in sales-type leases are as follows (in millions):


		September 30, 2022		December 31, 2021
	Balance Sheet Location
Leasing receivables, net—short-term	Other current assets	$	14.9	$	12.8
Leasing receivables, net—long-term	Other assets	49.7		44.1
Total Leasing receivables		$	64.6	$	56.9

Operating and Finance Leases

Supplemental balance sheet information related to leases is as follows (in millions):


	Balance Sheet Location	September 30, 2022		December 31, 2021
Operating Leases
Right-of-use (“ROU”) assets, net	Operating lease ROU assets, net	$	1,411.5	$	1,384.5
Lease liabilities, short-term	Operating lease liabilities, short-term	$	72.7	$	72.3
Lease liabilities, long-term	Operating lease liabilities, long-term	$	1,428.9	$	1,385.4

Finance Leases
ROU assets, net	Other assets	$	166.1	$	129.5
Lease liabilities, short-term	Accounts payable and accrued expenses	$	1.7	$	1.8
Lease liabilities, long-term	Other long-term liabilities	$	174.0	$	132.5

The components of lease expense are as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease costs	$	42.3	$	41.6	$	128.1	$	103.0
Financing lease costs:
Amortization of right-of-use assets	1.0		0.8		4.6		2.0
Interest on lease liabilities	2.3		0.2		6.5		0.2
Total financing lease costs	3.3		1.0		11.1		2.2
Variable lease costs	2.3		1.3		7.1		3.9
Total lease costs	$	47.9	$	43.9	$	146.3	$	109.1

Other information related to leases was as follows (in millions):


	Nine Months Ended September 30,
Supplemental Cash Flows Information	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	119.8	$	95.8
Operating cash flows from finance leases	$	5.4	$	0.4
Financing cash flows from finance leases	$	0.3	$	0.5

Lease liabilities arising from new ROU assets:
Operating leases	$	37.2	$	87.5
Finance leases	$	40.7	$	11.0


	September 30, 2022		December 31, 2021
Weighted average remaining lease term (years):
Operating leases	16.8		14.1
Finance leases	35.3		36.2

Weighted average discount rate:
Operating leases	5.5	%	5.3	%
Finance leases	5.5	%	5.3	%

Future minimum lease obligations as of September 30, 2022 were as follows (in millions):


	Operating Leases		Finance Leases
Remainder of 2022	$	37.2	$	2.2
2023	148.3		10.1
2024	147.7		10.1
2025	144.4		9.8
2026	141.7		9.8
Thereafter	1,821.8		404.8
Total future lease payments	2,441.1		446.8
Less: imputed interest	939.5		271.1
Total	$	1,501.6	$	175.7

Financing Obligations (Deemed Landlord Financing Obligations)

Supplemental balance sheet information related to DLF obligations is as follows (in millions):


		September 30,		December 31,
	Balance Sheet Location	2022		2021
DLF obligations, short-term	Accounts payable and accrued expenses	$	1.0	$	0.9
DLF obligations, long-term	Deemed landlord financing obligations, long-term	$	577.0	$	460.6

The components of DLF obligation expenses are as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Amortization of DLF obligations	$	3.7	$	1.8	$	10.1	$	3.5
Interest on DLF obligations	11.7		6.5		32.5		13.7
Total DLF contract expenses	$	15.4	$	8.3	$	42.6	$	17.2

Other information related to DLF leases was as follows (in millions):


	Nine Months Ended September 30,
Supplemental Cash Flows Information (in millions)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from DLF obligations	$	29.3	$	—
Financing cash flows from DLF obligations	$	—	$	14.0

Lease liabilities arising from new ROU assets:
Operating DLF obligations	$	113.2	$	133.2


	September 30, 2022		December 31, 2021
Weighted average remaining lease term (years)	38.7		39.0
Weighted average discount rate	8.8	%	9.2	%

Future minimum financing obligations related to DLF obligations as of September 30, 2022 were as follows (in millions):


Remainder of 2022	$	10.9
2023	45.2
2024	48.1
2025	48.4
2026	49.3
Thereafter	2,347.5
Total future lease payments	2,549.4
Less: imputed interest	1,971.4
Total	$	578.0

Leases Under Construction

Revenue Recognition

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

The Company primarily recognizes revenue from the sale of its products and the operation of its venues. Revenue from product sales includes golf clubs, golf balls, lifestyle and outdoor apparel, gear and accessories, and golf apparel and accessories. The Company sells its products to customers, which include on- and off-course golf shops and national retail stores, as well as to consumers through its e-commerce business and at its apparel retail and venue locations. The Company’s product revenue also includes royalty income from third parties from the licensing of certain soft goods products. Revenue from services primarily includes venue sales of food and beverage, fees charged for gameplay, the sale of game credits to guests, franchise fees, the sale of gift cards, sponsorship contracts, leasing revenue and non-refundable deposits received for venue reservations at Topgolf. In addition, the Company recognizes service revenue through its online multiplayer World Golf Tour (“WGT”) digital golf game.

The Company’s contracts with customers for its products are generally in the form of a purchase order. In certain cases, the Company enters into sales agreements containing specific terms, discounts and allowances. The Company enters into licensing agreements with certain distributors and, with respect to the Company’s Toptracer operations, driving ranges and hospitality and entertainment venues.

The following tables present the Company’s revenue disaggregated by major product and service category and operating and reportable segment (in millions):


	Operating and Reportable Segments
	Three Months Ended September 30, 2022								Three Months Ended September 30, 2021
	Topgolf(1)		Golf Equipment		Active Lifestyle		Total		Topgolf(1)		Golf Equipment		Active Lifestyle		Total
Venues	$	399.5	$	—	$	—	$	399.5	$	317.6	$	—	$	—	$	317.6
Other business lines	14.3		—		—		14.3		16.2		—		—		16.2
Golf club	—		221.4		—		221.4		—		229.3		—		229.3
Golf ball	—		75.3		—		75.3		—		60.3		—		60.3
Apparel	—		—		181.4		181.4		—		—		150.2		150.2
Gear, accessories & other	—		—		96.6		96.6		—		—		82.9		82.9
	$	413.8	$	296.7	$	278.0	$	988.5	$	333.8	$	289.6	$	233.1	$	856.5

(1) As of January 1, 2022, in order to align with the Company’s current management reporting structure, the Company began reporting revenues associated with corporate advertising sponsorship contracts in the venues business line within the Topgolf operating segment. These revenues were previously included in other business lines. In order to conform to the current year presentation, revenue associated with corporate advertising sponsorship contracts of $4.0 million for the three months ended September 30, 2021 was reclassified from other business lines to venues for comparative purposes.


	Operating and Reportable Segments
	Nine Months Ended September 30, 2022								Nine Months Ended September 30, 2021
	Topgolf(1)		Golf Equipment		Active Lifestyle		Total		Topgolf(1)		Golf Equipment		Active Lifestyle		Total
Venues	$	1,089.4	$	—	$	—	$	1,089.4	$	710.8	$	—	$	—	$	710.8
Other business lines	50.1		—		—		50.1		41.0		—		—		41.0
Golf club	—		959.6		—		959.6		—		865.7		—		865.7
Golf ball	—		257.0		—		257.0		—		202.1		—		202.1
Apparel	—		—		456.7		456.7		—		—		336.9		336.9
Gear, accessories & other	—		—		331.6		331.6		—		—		265.2		265.2
	$	1,139.5	$	1,216.6	$	788.3	$	3,144.4	$	751.8	$	1,067.8	$	602.1	$	2,421.7

(1) As of January 1, 2022, in order to align with the Company’s current management reporting structure, the Company began reporting revenues associated with corporate advertising sponsorship contracts in the venues business line within the Topgolf operating segment. These revenues were previously included in other business lines. In order to conform to the current year presentation, revenue associated with corporate advertising sponsorship contracts of $8.7 million recognized from the merger date through September 30, 2021 was reclassified from other business lines to venues for comparative purposes.

Product Sales

The Company recognizes revenue from the sale of its products when it satisfies the terms of a performance obligation from a customer, and transfers control of the products ordered to the customer. Control transfers when products are shipped, and in certain cases, when products are received by customers. In addition, the Company recognizes revenue at the point of sale on transactions with consumers at its retail locations. Sales taxes, value added taxes and other taxes that are collected in connection with revenue transactions are withheld and remitted to the respective tax authorities. These taxes are therefore excluded from revenue. The Company elected to account for shipping and handling as activities to fulfill the promise to transfer the good. Therefore, shipping and handling fees that are billed to customers are recognized in revenue and the associated shipping and handling costs are recognized in cost of goods sold as soon as control of the goods transfers to the customer.

Venue product sales at the Company’s Topgolf operating segment include the sale of golf clubs, golf balls, apparel, gear and accessories. During the three and nine months ended September 30, 2022, product sales totaled $4.5 million and $13.3 million, respectively. During the three and nine months ended September 30, 2021 product sales totaled $4.4 million and $8.6 million respectively.

The Company sells its Golf Equipment products and Active Lifestyle products in the United States and internationally, with its principal international regions being Europe and Asia. Golf Equipment product sales are generally higher than Active Lifestyle sales in most regions other than in Europe, which has a higher concentration of Active Lifestyle sales due to the Jack Wolfskin business. Revenue from venues is higher in the United States due to Topgolf having significantly more domestic venues than international venues. Revenue related to other business lines at Topgolf is predominantly in the United States and regions within Europe.

The following table summarizes revenue by geographical regions in which the Company operates (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue by Major Geographic Region(1):
United States	$	684.8	$	552.9	$	2,194.7	$	1,583.9
Europe	141.9		157.2		417.7		386.5
Asia	138.7		125.2		432.6		364.5
Rest of world	23.1		21.2		99.4		86.8
	$	988.5	$	856.5	$	3,144.4	$	2,421.7

(1) As of January 1, 2022, the Company modified the composition of its regions and combined Japan, Korea, China, South-East Asia and India into a single Asia region. These regions, except for Japan, were previously reported within rest of world. As a result of this change, net revenues by region for the period presented in the prior year were recast to conform to the current year presentation.

Royalty Income

Royalty income is recognized in net revenues as underlying product sales occur, subject to certain minimum royalties, in accordance with the related licensing agreements. Royalty income is included in the Company’s Topgolf and Active Lifestyle operating segments and is primarily related to leasing agreements for Toptracer installations and licensing agreements, respectively. The following table summarizes royalty income by operating segment (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Royalty Income:
Topgolf	$	9.0	$	9.7	$	33.2	$	25.9
Active Lifestyle	6.2		7.3		20.2		24.2
Total	$	15.2	$	17.0	$	53.4	$	50.1

Deferred Revenue

The Company’s deferred revenue balance includes short-term and long-term deferred revenue which consists primarily of revenue from the sale of gift cards, event deposits, loyalty points, memberships and prepaid sponsorships at Topgolf, virtual currency and game credits related to the WGT digital golf game, as well as upfront territory fees and upfront franchise fees received from international franchise partners.

Revenue from gift cards is deferred and recognized when the cards are redeemed, which generally occurs within a twelve month period from the date of purchase. Revenue from the event deposits, loyalty points, memberships, prepaid sponsorships, game credits, and virtual currency related to the WGT digital golf game are recognized when redeemed or once the event or sponsorship occurs, over the estimated life of a customer’s membership, or based on historical currency or credit usage trends, as applicable, which generally occur within a one to thirty-six month period from the date of purchase. Revenue related to territory and franchise fees for each arrangement are allocated to each individual venue and recognized up to a 40-year term, including renewal options, per the respective franchise agreement.

The following table provides a reconciliation of activity related to the Company’s short-term deferred revenue balance for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning Balance	$	91.8	$	83.6	$	93.9	$	2.5
Deferral of revenue	167.9		108.2		438.4		292.5
Revenue recognized	(160.1)		(108.2)		(427.9)		(209.1)
Breakage	(4.7)		(0.1)		(13.4)		(2.5)
Foreign currency translation and other	(0.5)		0.9		3.4		1.0
Ending Balance	$	94.4	$	84.4	$	94.4	$	84.4

As of September 30, 2022 and December 31, 2021, the Company’s long-term deferred revenue balance was $3.0 million and $3.4 million, respectively.

Variable Consideration

The amount of revenue the Company recognizes is based on the amount of consideration it expects to receive from customers. The amount of consideration is the sales price adjusted for estimates of variable consideration, including sales returns, discounts and allowances as well as sales programs, sales promotions and price concessions that are offered by the Company as described below. These estimates are based on the amounts earned or expected to be claimed by customers on the related sales, and are therefore recorded as reductions to sales and trade accounts receivable.

The Company’s primary sales program, the “Preferred Retailer Program,” offers potential rebates and discounts for participating retailers in exchange for providing certain benefits to the Company, including the maintenance of agreed upon inventory levels, prime product placement and retailer staff training. Under this program, qualifying retailers can earn either discounts or rebates based upon the amount of product purchased. Discounts are applied and recorded at the time of sale. For rebates, the Company estimates the amount of variable consideration related to the rebate at the time of sale based on the customer’s estimated qualifying current year product purchases. The estimate is based on the historical level of purchases, adjusted for any factors expected to affect the current year purchase levels. The estimated year-end rebate is adjusted quarterly based on actual purchase levels, as necessary. The Preferred Retailer Program is generally short-term in nature and the actual amount of rebate to be paid under this program is known as of the end of the year and paid to customers shortly after year-end. Historically, the Company’s actual amount of variable consideration related to its Preferred Retailer Program has not been materially different from its estimates.

The Company also offers short-term sales program incentives, which include sell-through promotions and price concessions or price reductions. Sell-through promotions are generally offered throughout the product’s life cycle, which varies from two to three years, and price concessions or price reductions are generally offered at the end of the product’s life cycle. The estimated variable consideration related to these programs is based on a rate that includes historical and forecasted data. The Company records a reduction to revenues using this rate at the time of the sale. The Company monitors this rate against actual results and forecasted estimates, and adjusts the rate as necessary in order to reflect the amount of consideration it expects to receive from its customers. There were no material changes to the rate related to the short-term sales program incentives during the three or nine months ended September 30, 2022. Historically, the Company’s actual amount of variable consideration related to these sales programs has not been materially different from its estimates.

The following table provides a reconciliation of the activity related to the Company’s short-term sales program incentives for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning Balance	$	35.2	$	25.8	$	23.3	$	26.2
Additions	6.1		7.8		33.6		26.7
Credits issued	(6.6)		(6.4)		(19.8)		(24.7)
Foreign currency translation and other	(1.3)		(0.3)		(3.7)		(1.3)
Ending Balance	$	33.4	$	26.9	$	33.4	$	26.9

The Company records an estimate for anticipated returns as a reduction of product revenues and cost of products, and accounts receivable, in the period that the related sales are recorded. Sales returns are estimated based upon historical returns, current economic trends, changes in customer demands and sell-through of products. The Company also offers certain customers sales programs that allow for specific returns. The Company records a sales return liability as an offset to accounts receivable for anticipated returns related to these sales programs at the time of sale based on the terms of the sales program. The Company’s provision for the sales return liability fluctuates with the seasonality of the business, while actual sales returns are generally more heavily weighted toward the second half of the year as golf season comes to an end. Historically, the Company’s actual sales returns have not been materially different from management’s original estimates. The cost recovery of inventory associated with the sales return liability is accounted for in other current assets on the Company’s consolidated condensed balance sheet. As of September 30, 2022 and December 31, 2021, the Company’s balance for cost recovery was $35.0 million and $25.9 million, respectively.

The following table provides a reconciliation of the activity related to the Company’s sales return liability for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning Balance	$	77.6	$	71.6	$	47.4	$	44.0
Provision	17.3		14.4		103.6		79.3
Sales returns	(23.5)		(14.6)		(79.6)		(51.9)
Ending Balance	$	71.4	$	71.4	$	71.4	$	71.4

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Business Combinations

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Business Combinations

Merger with Topgolf International, Inc.

On March 8, 2021, the Company completed its merger with Topgolf, pursuant to the terms of an Agreement and Plan of Merger, dated as of October 27, 2020 (the “Merger Agreement”). Topgolf is a leading technology-enabled golf entertainment business, with an innovative platform that comprises its state-of-the-art open-air golf and entertainment venues, Toptracer ball-tracking technology and digital media platform. As a result of the merger, the Company expanded its business platform and family of brands, as well as its reach across multiple channels, which now include Topgolf venues, in addition to retail, e-commerce and digital communities.

Pursuant to the terms of the Merger Agreement, at the closing of the merger, the Company issued 89.8 million unrestricted and fully vested shares of its common stock to the stockholders of Topgolf (excluding 12.3 million shares of the Company’s common stock that would have been allocated to the Company in the merger based on the shares of Topgolf held by the Company) for 100% of the outstanding equity of Topgolf, at an exchange ratio based on an equity value of Topgolf of $1,987.0 million (or $1,748.0 million excluding Topgolf shares that were held by the Company) and a price per share of the Company’s common stock fixed at $19.40 per share. The actual purchase consideration upon the closing of the merger of $3,014.2 million (or $2,650.2 million excluding Topgolf shares that were held by the Company) was based on the number of shares of the Company’s common stock issued, multiplied by the closing price of $29.52 of the Company’s common stock on March 8, 2021. Additionally, the Company converted certain stock options previously held by former equity holders of Topgolf into options to purchase a number of shares of the Company’s common stock, and certain outstanding restricted stock awards of Topgolf, into 0.2 million shares of the Company’s common stock. As part of the consideration transferred in the merger, the Company included an incremental $33.1 million to the total purchase consideration, which represents the fair value of the vested portion the replacement awards. The unvested portion will be recognized as compensation expense over the remaining vesting period for services rendered in the post-combination period. In addition, the Company converted issued and outstanding warrants to purchase certain preferred shares of Topgolf into a warrant to purchase a number of shares of the Company’s common stock. The fair value of the consideration transferred in the merger related to these warrants totaled $1.6 million. The purchase consideration, together with the fair value of the consideration transferred for outstanding stock awards and warrants totaled $3,048.9 million.

The Company previously held approximately 14.3% of Topgolf’s outstanding shares prior to the closing of the merger. Immediately following the closing of the merger, the Company’s stockholders (as of immediately prior to the merger) owned approximately 51.3% of the outstanding shares of the combined company, and former Topgolf stockholders, other than the Company, owned approximately 48.7% of the outstanding shares of the combined company. As a result of the merger, in the first quarter of 2021 the Company recognized a gain of $252.5 million related to a fair-value step-up of the Company’s former investment in Topgolf.

The Company allocated the purchase price to the net identifiable tangible and intangible assets acquired and liabilities assumed based on their fair values as of the date of acquisition. Identifiable intangible assets include the Topgolf trade name, developed technology, Topgolf’s investment in Full Swing Golf Holdings, Inc. (which investment has subsequently been contributed into an interest in Full Swing Golf Holdings, LLC, or “Full Swing”), customer relationships and liquor licenses. The excess of the purchase price over the fair value of the net assets and liabilities was allocated to goodwill. The Company determined the fair values after review and consideration of relevant information as of the acquisition date, including discounted cash flows, quoted market prices and certain estimates made by management.

The allocation of the purchase price presented below was based on management’s estimate of the fair values of the acquired assets and assumed liabilities using valuation techniques including income, cost and market approaches. These valuation techniques incorporate the use of expected future revenues, cash flows and growth rates as well as estimated discount rates. Current and noncurrent assets and liabilities were valued at historical carrying values, which approximated fair value, except as described below. The trade name was valued under the royalty savings income approach method, which is equal to the present value of the after-tax royalty savings attributable to owning the trade name as opposed to paying a third party for its use. For this valuation the Company used a royalty rate of 2.5%, which is reflective of royalty rates paid in market transactions, and a discount rate of 7.0% to 8.5% on the future cash flows generated by the net after-tax savings. The fair value of the Topgolf hitting bays, Toptracer ball-tracking technology and the WGT digital game was based on a combination of valuation methodologies, including the residual net income approach, royalty savings income approach and the cost approach. The Company utilized the options pricing model and revenue multiples of comparable companies to determine the fair value of the investment in Full Swing. Customer relationships and liquor licenses were valued using the replacement cost method. The Company amortizes the fair value of the finite-lived intangibles, which include technology and customer relationships, over a period ranging between one and ten years. The fair value of operating leases was determined based on current market terms, which resulted in a net unfavorable adjustment to the right-of-use asset. Property, plant and equipment was valued based on its replacement cost, which resulted in an estimated step-up in value. The fair value of the debt assumed was based on a market credit rating, interest rates and repayment terms, which resulted in an overall decrease in value.

During the first quarter of 2022, the Company finalized its fair value determination on the acquired assets and assumed liabilities, specifically related to certain leases and certain deferred tax items, and completed its assessment of the purchase price allocation. After assessing the fair value of the net assets acquired and liabilities assumed, the Company recorded goodwill of $1,918.4 million, of which the Company attributed $1,355.0 million to the future revenues and growth potential of the Topgolf business and $563.4 million to the synergies the Company anticipates from leveraging the Topgolf business to expand its golf equipment and apparel businesses. For the operating segment allocation of goodwill see Note 8. As a non-taxable stock acquisition, the value attributable to the acquired intangibles and goodwill are not tax deductible, and accordingly, the Company recognized a net deferred tax liability of $143.7 million.

During the nine months ended September 30, 2021, the Company recognized transaction costs of approximately $16.2 million, consisting primarily of advisor, legal, valuation and accounting fees. There were no transaction costs recognized in the three months ended September 30, 2021. During the three and nine months ended September 30, 2022, the Company did not recognize any transaction costs associated with the merger.

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date based on the purchase price allocation (in millions):


	At March 8, 2021
Assets Acquired
Cash		$	171.3
Accounts receivable		10.7
Inventories		13.9
Other current assets		52.1
Property and equipment		1,079.6
Operating lease right-of-use assets		1,328.0
Investments		28.8
Other assets		33.7
Intangibles—trade name		994.2
Intangibles—technology, customer relationships and liquor licenses		81.9
Goodwill		1,355.0
Total assets acquired		5,149.2
Liabilities Assumed
Accounts payable and accrued liabilities		95.8
Accrued employee costs		37.1
Construction advances		40.5
Deferred revenue		66.2
Other current liabilities		7.8
Long-term debt		535.1
Deemed landlord financing		303.0
Operating lease liabilities		1,402.3
Other long-term liabilities		32.2
Deferred tax liabilities		143.7
Net assets acquired		$	2,485.5
Goodwill allocated to other business units		563.4
Total purchase price and consideration transferred in the merger		$	3,048.9

Supplemental Pro-Forma Information (Unaudited)

The following table presents supplemental pro-forma information for the three and nine months ended September 30, 2021 as if the merger with Topgolf had occurred on January 1, 2020. These amounts have been calculated after applying the Company’s accounting policies and are based upon currently available information. For this analysis, the Company assumed that certain gains and costs associated with the merger were recognized as of January 1, 2020, including a gain of $252.5 million recognized on the Company’s pre-acquisition investment in Topgolf, acquisition costs of $16.2 million, the amortization of estimated intangible assets and other fair value adjustments, as well as the tax effect on those costs, and a valuation allowance on certain acquired net operating losses and tax credit carryforwards (see Note 11). Pre-acquisition net revenue and net income/(loss) amounts for Topgolf were derived from the books and records of Topgolf prepared prior to the acquisition and are presented for informational purposes only and do not purport to be indicative of the results of future operations or of the results that would have occurred had the acquisition taken place as of the dates noted below. The pro-forma amounts presented below consider the effects of the fair value adjustments recorded on the assets acquired and liabilities assumed throughout the measurement period. Accordingly, the amounts below reflect the impact of those adjustments.


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021		2021
	(in millions)
Net revenues	$	856.5	$	2,564.7
Net (loss) income	$	(16.0)	$	101.2

Supplemental Information of Operating Results

The following table presents net revenues and net income attributable to Topgolf included in the Company’s consolidated condensed statements of operations for the three and nine months ended September 30, 2022 and 2021 (in millions).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net revenues	$	413.8	$	333.8	$	1,139.5	$	751.8
Net (loss) income	$	(9.7)	$	2.8	$	(10.9)	$	0.4

Financing Arrangements

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Financing Arrangements

The Company’s debt obligations are summarized as follows (in millions):


	Maturity Date	Interest Rate	September 30, 2022		December 31, 2021
Short-Term Credit Facilities
U.S. Asset-Based Revolving Credit Facility(1)	May 17, 2024	3.71%	$	65.0	$	9.1
2022 Japan ABL Facility(2)	January 25, 2025	0.85%	34.6		—
Total Principal Amount			$	99.6	$	9.1
Unamortized Debt Issuance Costs			$	0.8	$	0.9

Balance Sheet Location
Asset-based credit facilities			$	99.6	$	9.1
Prepaid expenses			$	0.4	$	0.9
Other long-term assets			$	0.4	$	—

	Maturity Date	Interest Rate	September 30, 2022		December 31, 2021
Long-Term Debt and Credit Facilities
Japan Term Loan	July 31, 2025	0.85%	$	—	$	13.0
Term Loan B(3)	January 4, 2026	7.62%	433.2		436.8
Topgolf Term Loan	February 8, 2026	9.33%	337.8		340.4

Convertible Notes	May 1, 2026	2.75%	258.3		258.8
Equipment Notes	December 27, 2022 - March 19, 2027	2.36% - 3.79%	23.5		31.1
Mortgage Loans	July 1, 2033 - July 29, 2036	9.75% - 11.31%	46.0		46.4
Financed Tenant Improvements	February 1, 2035	8.00%	3.5		3.7
Total Principal Amount			$	1,102.3	$	1,130.2
Less: Unamortized Debt Issuance Costs			22.8		85.8
Total Debt, net of Unamortized Debt Issuance Costs			$	1,079.5	$	1,044.4

Balance Sheet Location
Other current liabilities			$	13.6	$	19.1
Long-term debt			1,065.9		1,025.3
			$	1,079.5	$	1,044.4
(1) Interest rate fluctuates depending on the Company’s availability ratio.
(2) Subject to an effective interest rate equal to the Tokyo Interbank Offered Rate plus 0.80%.
(3) Subject to an interest rate per annum equal to either, at the Company’s option, the London Interbank Offered Rate (“LIBOR”) or the base rate, plus 4.50% or 3.50%, respectively.

Revolving Credit Facilities and Available Liquidity

In addition to cash on hand and cash generated from operations, the Company relies on its U.S. Asset-Based Revolving Credit Facility, 2022 Japan ABL Credit Facility, and Topgolf Revolving Credit Facility to manage seasonal fluctuations in liquidity. The principal terms of these credit facilities are described further below and in Note 7 of the Notes to the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K which was filed with SEC on March 1, 2022. As of September 30, 2022, the Company’s available liquidity, which is comprised of cash on hand and amounts available under its U.S. and Japan facilities, after letters of credit and outstanding borrowings, was $659.4 million.

U.S. Asset-Based Revolving Credit Facility

The Company has an Asset-Based Revolving Credit facility with Bank of America, N.A. and other lenders, that provides a senior secured asset-based revolving credit facility of up to $400.0 million (the “ABL Facility”) which expires on May 17, 2024. Amounts outstanding under the ABL Facility are secured by certain assets, including cash (to the extent pledged by the Company), certain intellectual property, eligible real estate, and inventory and accounts receivable of the Company and certain of the Company’s subsidiaries in the United States, Germany, Canada, the Netherlands, and the United Kingdom. Additionally, the ABL Facility includes specific restrictions with which the Company must remain in compliance in order to satisfy certain fixed charge coverage ratio requirements under the terms of the facility.

The interest rate applicable to outstanding borrowings under the ABL Facility may fluctuate depending on the Company’s “Availability Ratio,” as defined in the loan and security agreement, as amended, that governs the ABL Facility, which is expressed as a percentage of (i) the average daily availability under the ABL Facility to (ii) the sum of the Canadian, the German, U.K./Dutch and the U.S. borrowing bases, as adjusted. Any unused portions of the ABL Facility are subject to a 0.25% fee per annum. For the nine months ended September 30, 2022, average outstanding borrowings under the ABL Facility were $95.2 million. As of September 30, 2022, the Company’s trailing 12-month average availability under the ABL Facility was $252.1 million, and the Company’s trailing 12-month average interest rate applicable to its outstanding borrowings under the ABL Facility was 3.53%.

2022 Japan ABL Facility

The 2022 Japan ABL Credit Facility (the “2022 Japan ABL Facility”) provides a line of credit to the Company’s Japan subsidiary of up to 6.0 billion Yen (or $41.5 million), is subject to borrowing base availability under the facility, and is secured by certain assets, including eligible inventory and accounts receivable. As of September 30, 2022, outstanding borrowings under the 2022 Japan ABL Facility were 5.0 billion Yen (or $34.6 million), and the Company’s remaining borrowing base availability under the 2022 Japan ABL Facility was 1.0 billion Yen (or $6.9 million).

Long-Term Debt

Japan Term Loan

The Company had a five-year term loan (the “Japan Term Loan”) between its Japan subsidiary and Sumitomo Mitsui Banking Corporation for 2.0 billion Yen. The Company repaid the total remaining principal balance of the Japan Term Loan in the amount of 1.5 billion Yen (or $13.0 million as of the repayment date) during the first quarter of 2022.

The Company recognized a nominal amount of total interest expense related to the Japan Term Loan during the three months and nine months ended September 30, 2022, and a nominal amount and 11.2 million Yen (or $0.1 million) in total interest expense during the three months and nine months ended September 30, 2021, respectively.

Term Loan B

The Company has a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A and other lenders which provides for a Term Loan B (the “Term Loan”) in an aggregate principal amount of $480.0 million, which was issued less $9.6 million in issuance discounts and other transaction fees. In March 2021, and in connection with the merger with Topgolf, the Company amended the Term Loan to, among other things, permit the consummation of the merger as well as designate Topgolf and its subsidiaries as unrestricted subsidiaries under the Term Loan and amend certain covenants and other provisions to allow the Company to make certain investments in, and enter into certain transactions with Topgolf. Additionally, the Credit Agreement contains certain default provisions, covenants and restrictions by which the Company must remain in compliance. Loans outstanding under the Term Loan are guaranteed by the Company’s domestic subsidiaries, and the loans and guaranties are secured by substantially all the assets of the Company and its guarantors. As of September 30, 2022, outstanding borrowings under the Term Loan were $433.2 million.

The Company recognized $8.4 million and $21.2 million in total interest and amortization expense related to the Term Loan during the three and nine months ended September 30, 2022, respectively, and $6.1 million and $18.0 million in total interest and amortization expense during the three and nine months ended September 30, 2021, respectively.

Topgolf Credit Facilities

The Company has a $350.0 million term loan (the “Topgolf Term Loan”), with JPMorgan Chase Bank, N.A. and other lenders, and a $175.0 million revolving credit facility with JPMorgan Chase Bank, N.A., as Administrative Agent, Swingline Lender and Issuing Bank, RBC Capital Markets, as Syndication Agent, and the other agents, arrangers and lenders party thereto (the “Topgolf Revolving Credit Facility” and together with the Topgolf Term Loan, the “Topgolf Credit Facilities”).

Borrowings under the Topgolf Credit Facilities accrue interest at a rate per annum equal to, at the Company’s option, either (i) an alternate base rate determined by reference to the highest of (a) the prime rate of JPMorgan Chase Bank, N.A., (b) the federal funds effective rate plus 0.50%, (c) the adjusted one-month LIBOR rate plus 1.00%, and (d) 1.75%, or (ii) an adjusted LIBOR rate (for a period equal to the relevant interest period) (which shall not be less than 0.75%), in each case plus an applicable margin. Applicable margins may vary relative to each facility and are subject to specific terms and conditions as outlined under each individual agreement. Additionally, the terms of the Topgolf Credit Facilities require the Company to maintain certain leverage ratios on a quarterly basis in addition to the maintenance of certain customary representations, reporting covenants, and reporting obligations.

The Topgolf Credit Facilities are guaranteed by all direct and indirect domestic wholly owned restricted subsidiaries of Topgolf International, Inc. (for the purpose of this description, the “Borrower”), other than certain excluded subsidiaries (such subsidiary guarantors, together with the Borrower, the “Loan Parties”). All obligations under the Topgolf Credit Facilities are, and any future guarantees of those obligations will be, secured by, among other things, and in each case subject to certain exceptions: (1) a first-lien pledge of all of the capital stock or other equity interests held by each Loan Party; and (2) a first-lien pledge of substantially all of the other tangible and intangible assets of each Loan Party. Certain of the Company’s Topgolf locations are required to be subject to leasehold mortgages for the benefit of the lenders under the Topgolf Credit Facilities. As of September 30, 2022, outstanding borrowings under the Topgolf Term Loan totaled $337.8 million and there were no outstanding borrowings under the Topgolf Revolving Credit Facility.

The Company recognized $8.0 million and $20.7 million in total interest and amortization expense related to the Topgolf Term Loan during the three and nine months ended September 30, 2022, respectively, and $6.6 million and $15.0 million in total interest and amortization expense during the three and nine months ended September 30, 2021, respectively.

The Company recognized $0.9 million and $2.6 million in total interest and amortization expense related to the Topgolf Revolving Credit Facility during the three and nine months ended September 30, 2022, respectively, and $1.3 million and $4.8 million in total interest and amortization expense during the three and nine months ended September 30, 2021, respectively.

Convertible Notes

In May 2020, the Company issued $258.8 million of 2.75% Convertible Notes. The Convertible Notes have a stated interest rate of 2.75% per annum on the principal amount payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2020. The Convertible Notes mature on May 1, 2026, unless earlier redeemed or repurchased by the Company or converted. The Company may settle the Convertible Notes through cash settlement, physical settlement, or combination settlement at its election, and may redeem all or part of the Convertible Notes on or after May 6, 2023, subject to certain stipulations. The Convertible Notes are convertible into shares of the Company’s common stock at an initial conversion rate of 56.8 shares per $1,000 principal amount of Convertible Notes, which is equal to an initial conversion price of $17.62 per share. Additionally, all or any portion of the Convertible Notes may be converted at the conversion rate and at the holders’ option on or after February 1, 2026 until the close of business on the second trading day immediately prior to the maturity date, and upon the occurrence of certain contingent conversion events. The Convertible Notes are structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries. The Company used the net proceeds from the Convertible Notes offering for general corporate purposes.

In connection with the issuance of the Convertible Notes and prior to the Company’s adoption of ASU 2020-06 on January 1, 2022, which is described further in the Note 2 herein, the Company separated certain amounts attributable to the Convertible Notes into liability and equity components in a manner which reflected the interest cost of a similar nonconvertible debt instrument. As a result of the adoption of ASU 2020-06, bifurcation of these amounts is no longer required, and as such, all associated amounts which were previously separated are now reported as a single liability measured at its amortized cost.

The Company recognized $1.7 million and $5.3 million in total interest expense related to the Convertible Notes during the three and nine months ended September 30, 2022, respectively, and $1.8 million and $5.4 million in total interest expense during the three and nine months ended September 30, 2021, respectively.

In July 2022, in accordance with the terms of the indenture under which the Convertible Notes were issued, holders of the Company’s Convertible Notes elected to convert $0.5 million of Convertible Notes into 25,602 shares of the Company’s common stock. The Convertible Notes were converted at a conversion rate of 56.8 shares of the Company’s common stock per $1,000 principal amount of Convertible Notes.

Capped Call

In connection with the pricing of the Convertible Notes, on April 29, 2020 the Company entered into privately negotiated capped call transactions with certain counterparties (“Capped Calls”). The Capped Calls cover the aggregate number of shares of the Company’s common stock that initially underlie the Convertible Notes, and are generally expected to reduce potential dilution and/or offset any cash payments the Company is required to make related to any conversion of the Convertible Notes. The Capped Calls each have an exercise price of $17.62 per share, subject to certain adjustments, which correspond to the initial conversion prices of the Convertible Notes, and a cap price of $27.10 per share. Capped Calls are excluded from the calculation of diluted earnings per share, as they would be anti-dilutive under the if-converted method. The initial cost of the Capped Calls was recognized as a reduction to additional paid-in-capital on the Company’s Consolidated Balance Sheet.

In connection with the conversion of $0.5 million of Convertible Notes in July 2022, the Company and the counterparties entered into a partial termination of the Capped Calls with respect to the Convertible Notes converted, which resulted in the Company receiving 3,499 shares of the Company’s common stock from the counterparties.

Equipment Notes

The Company has long-term financing agreements (the “Equipment Notes”) with various lenders which it uses in order to invest in certain of its facilities and information technology equipment. The loans are secured by the relative underlying equipment.

The Company recognized $0.2 million and $0.6 million in total interest expense related to the Equipment Notes during the three and nine months ended September 30, 2022, respectively, and $0.2 million and $0.7 million in total interest expense during the three and nine months ended September 30, 2021, respectively.

Mortgage Loans

The Company has three mortgage loans related to its Topgolf venues. The mortgage loans are secured by the assets of each respective venue and require either monthly (i) principal and interest payments or (ii) interest-only payments until their maturity dates. For loans requiring monthly interest-only payments, the entire unpaid principal balance and any unpaid accrued interest is due on the maturity date.

The Company recognized $1.2 million and $3.6 million in total interest expense related to the mortgage loans during the three and nine months ended September 30, 2022, respectively, and $1.2 million and $2.8 million in total interest expense during the three and nine months ended September 30, 2021, respectively.

Aggregate Amount of Long-Term Debt Maturities

The following table presents the Company’s combined aggregate amount of maturities for the Company’s long-term debt over the next five years and thereafter as of September 30, 2022. Amounts payable under the Term Loan included below represent the minimum principal repayment obligations as of September 30, 2022.


	(in millions)
Remainder of 2022	$	4.8
2023	16.4
2024	15.3
2025	13.0
2026	1,006.4
Thereafter	46.4
	$	1,102.3
Less: Unamortized Debt Issuance Costs	22.8
Total	$	1,079.5

As of September 30, 2022, the Company was in compliance with all fixed charge coverage ratios and all other financial covenant and reporting requirements under the terms of its credit facilities mentioned above, as applicable.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

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+ Details

Earnings (Loss) Per Common Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

Basic earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding for the period.

Diluted earnings (loss) per common share (“Diluted EPS”) takes into account the potential dilution that could occur if outstanding securities were exercised or settled in shares. Dilutive securities that may impact Diluted EPS include shares underlying outstanding stock options, restricted stock units and performance share units granted to employees and non-employee directors (see Note 13), as well as common shares underlying the Convertible Notes (see Note 6). Dilutive securities related to common shares underlying outstanding stock options, restricted stock units, and performance share units granted to employees and non-employee directors are included in the calculation of diluted earnings (loss) per common share using the treasury stock method in accordance with ASC Topic 260, “Earnings per Share.” Dilutive securities related to common shares underlying the Convertible Notes are included in the calculation of diluted earnings per common share using the if-converted method in accordance with ASU 2020-06, which was adopted by the Company on January 1, 2022 (see Note 2).

Basic and diluted weighted-average common shares outstanding are the same in periods when a net loss is reported or in periods when anti-dilution occurs.

The following table summarizes the computation of basic and diluted earnings per common share (in millions, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Earnings (loss) per common share—basic
Net income (loss)	$	38.5	$	(16.0)	$	230.6	$	348.2
Weighted-average common shares outstanding—basic(1)	184.8		186.0		184.9		163.1
Earnings (loss) per common share—basic	$	0.21	$	(0.09)	$	1.25	$	2.13
Earnings (loss) per common share—diluted
Net income (loss)	$	38.5	$	(16.0)	$	230.6	$	348.2
Interest expense(2)	1.6		—		4.8		—
Net income (loss) attributable to earnings per common share—diluted	$	40.1	$	(16.0)	$	235.4	$	348.2

Weighted-average common shares outstanding—basic(1)	184.8		186.0		184.9		163.1
Convertible Notes weighted-average shares outstanding(2)	14.7		—		14.7		6.1
Outstanding options, restricted stock units and performance share units	2.3		—		1.4		2.0
Weighted-average common shares outstanding—diluted	201.8		186.0		201.0		171.2
Earnings (loss) per common share—diluted	$	0.20	$	(0.09)	$	1.17	$	2.03

(1) In connection with the Topgolf merger, the Company issued 89.8 million shares of its common stock to shareholders of Topgolf, and 0.2 million shares of its common stock for restricted stock awards converted in the merger (see Note 13), of which 90.0 million and 67.9 million weighted-average shares were included in the basic and diluted share calculations for the three and nine months ended September 30, 2021, respectively, based on the number of days the shares were outstanding during each period.
(2) As of January 1, 2022, in connection with the adoption of ASU 2020-06 (see Note 2), the Company uses the if-converted method for calculating the dilutive weighted-average shares outstanding related to the Convertible Notes when calculating earnings (loss) per common share-diluted. Under this method, interest expense related to the Convertible Notes for the respective period is excluded from net income. Prior to the adoption of ASU 2020-06, the Company used the treasury stock method for calculating the dilutive impact from the Convertible Notes.

Anti-Dilutive Options and Restricted Stock Units

For both the three and nine months ended September 30, 2022, approximately 1.3 million securities outstanding comprised of stock options and restricted stock units, were excluded from the calculation of earnings (loss) per common share—diluted as they would be anti-dilutive. For the three and nine months ended September 30, 2021, approximately 1.8 million and 1.2 million securities outstanding comprised of stock options and restricted stock units were excluded from the calculation of earnings per common share—diluted

Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Changes in the carrying amount of goodwill by operating and reportable segment are as follows (in millions):


	Topgolf		Golf Equipment		Active Lifestyle		Total
Balance at December 31, 2021	$	1,340.7	$	531.1	$	88.3		$	1,960.1
Additions	14.3		0.2		—			14.5

Foreign currency translation and other	8.6		(1.8)		—			6.8
Balance at September 30, 2022	$	1,363.6	$	529.5	$	88.3		$	1,981.4

Additions to goodwill during the nine months ended September 30, 2022 are related to adjustments made during the first quarter of 2022 to finalize the fair value on certain leases assumed in connection with the merger with Topgolf, as well as the deferred taxes associated with the transaction (see Note 5). Goodwill is net of accumulated impairment losses of $148.4 million, which were recorded prior to December 31, 2021 in the Active Lifestyle segment.

The Company’s intangible assets by major asset class are as follows (in millions, except useful life amounts):


	Useful Life (Years)	September 30, 2022
		Gross		Accumulated Amortization		Translation Adjustment		Net Book Value
Indefinite-lived:
Trade name, trademark, trade dress and other	—	$	1,441.0	$	—	$	(45.1)	$	1,395.9
Liquor licenses	—	8.4		—		—		8.4
Amortizing:
Patents	2-16	32.1		(31.8)		—		0.3
Customer and distributor relationships and other	1-10	67.4		(33.6)		(6.4)		27.4
Developed technology	10	69.7		(10.5)		(4.5)		54.7
Total intangible assets		$	1,618.6	$	(75.9)	$	(56.0)	$	1,486.7


	Useful Life (Years)	December 31, 2021
		Gross		Accumulated Amortization		Translation Adjustment	Net Book Value
Indefinite-lived:
Trade name, trademark, trade dress and other	—	$	1,441.0	$	—		$	(15.8)	$	1,425.2
Liquor licenses	—	7.7		—			—		7.7
Amortizing:
Patents	2-16	32.0		(31.7)			—		0.3
Customer and distributor relationships and other	1-10	61.7		(27.4)			(2.3)		32.0
Developed technology	10	69.7		(5.5)			(0.8)		63.4
Total intangible assets		$	1,612.1	$	(64.6)		$	(18.9)	$	1,528.6

The Company recognized amortization expense related to acquired intangible assets of $4.3 million and $3.4 million for the three months ended September 30, 2022 and 2021, respectively, and $11.3 million and $9.4 million for the nine months ended September 30, 2022 and 2021, respectively. Amortization expense is included in selling, general and administrative expenses in the consolidated condensed statements of operations.

Amortization expense related to intangible assets at September 30, 2022 in each of the next five fiscal years and beyond is expected to be incurred as follows (in millions):


Remainder of 2022	$	4.0
2023	13.6
2024	11.0
2025	11.0
2026	10.9
Thereafter	31.9
	$	82.4

Investments	9 Months Ended
Investments	Sep. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investment in Full Swing In connection with the merger with Topgolf, the Company acquired an ownership interest of less than 20.0% in Full Swing, which is accounted at cost less impairments, and adjusted for observable changes in fair value. As of September 30, 2022 and December 31, 2021, the Company’s investment in Full Swing was $9.3 million. This investment is included in other assets on the Company’s consolidated condensed balance sheets. Investment in Five Iron Golf The Company has an ownership interest of less than 20.0% in Five Iron Golf, which is accounted at cost less impairments, and adjusted for observable changes in fair value. As of each of September 30, 2022 and December 31, 2021, the Company’s investment in Five Iron Golf was $30.0 million. This investment is included in other assets on the Company’s consolidated condensed balance sheets.

Selected Financial Data

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Selected Financial Data

Selected financial data as of the dates presented below is as follows (in millions, except useful life data):


		September 30, 2022		December 31, 2021






Inventories:
Finished goods		$	576.9	$	415.4
Work in process		1.9		1.3
Raw materials		137.3		111.7
Food and beverage		6.2		5.1
		$	722.3	$	533.5

		September 30, 2022		December 31, 2021
Other Current Assets:
Credit card receivables		$	17.1	$	31.2
Sales return reserve cost recovery asset		35.0		25.9
VAT/Sales tax receivable		4.7		19.5
Other current assets		58.5		42.7
		$	115.3	$	119.3

		September 30, 2022		December 31, 2021
Property, plant and equipment, net:	Estimated Useful Life
Land		$	133.9	$	134.2
Buildings and leasehold improvements	10 - 40 years	1,057.9		858.6
Machinery and equipment	5 - 10 years	228.5		204.3
Furniture, computer hardware and equipment	3 - 5 years	258.6		211.2
Internal-use software	3 - 5 years	92.0		81.6
Production molds	2 - 5 years	8.6		8.0
Construction-in-process		328.9		286.7
		2,108.4		1,784.6
Less: Accumulated depreciation		431.9		333.2
		$	1,676.5	$	1,451.4

Property, plant and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful life of the asset. The Company recorded depreciation expense of $44.1 million and $40.9 million during the three months ended September 30, 2022 and 2021, respectively, and $128.5 million and $98.4 million during the nine months ended September 30, 2022 and 2021, respectively, on the accompanying consolidated condensed statements of operations.


	September 30, 2022		December 31, 2021
Accounts payable and accrued expenses:
Accounts payable	$	155.4	$	138.7
Accrued expenses	191.7		226.8
Accrued inventory	178.9		125.7
	$	526.0	$	491.2

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company calculates its interim income tax provision in accordance with ASC Topic 270, “Interim Reporting,” and ASC Topic 740, “Accounting for Income Taxes.” At the end of each interim period, the Company estimates its annual effective tax rate and applies that rate to its ordinary quarterly earnings to calculate the tax related to ordinary income. The tax effects for other items that are excluded from ordinary income are discretely calculated and recognized in the period in which they occur. In March 2021, the Company acquired Topgolf through a non-taxable stock acquisition in a share exchange. The purchase price of Topgolf at acquisition was approximately $3,014.2 million. As noted in Note 5, during the three months ended March 31, 2022, the Company finalized its fair value determination of the acquired assets and assumed liabilities and completed its assessment of the purchase price allocation. Based on new information about facts and circumstances that existed at the acquisition date, the Company recorded an additional goodwill adjustment of $12.2 million, a decrease in valuation allowances accrued of $2.8 million, and a discrete income tax benefit of $15.0 million during the three months ended March 31, 2022. The realization of deferred tax assets, including loss and credit carryforwards, is subject to the Company generating sufficient taxable income during the periods in which the deferred tax assets become realizable. As a result of the Topgolf merger and the fact that Topgolf’s losses exceed the Company’s income in recent years, the Company has determined that it is not more likely than not that a portion of its U.S. deferred tax assets will be realized. The valuation allowance on the Company’s U.S. deferred tax assets as of September 30, 2022 primarily relate to federal and state deferred tax assets related to tax attributes that the Company estimates are not more likely than not to be utilized prior to expiration. However, if the Company’s more recent earnings history were to continue, management believes that it is possible that within the next 12 months sufficient positive evidence may become available to allow management to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets with a potential corresponding decrease to income tax expense for the period the release is recorded, which would represent a non-cash benefit. The exact timing and amount of the valuation allowance release would be predicated on continued profitability of the Company combined with the continued profitability it believes it can maintain. With respect to non-U.S. entities, there continues to be sufficient positive evidence to conclude that realization of the Company’s deferred tax assets is more likely than not under applicable accounting rules, and therefore no significant valuation allowances have been established. The Company recorded an income tax provision of $0.3 million and $66.2 million for the three months ended September 30, 2022 and 2021, respectively. As a percentage of pre-tax income, the Company’s effective tax rate was 0.8% and 131.8% for the three months ended September 30, 2022 and 2021, respectively. In the three months ended September 30, 2022, the primary difference between the statutory rate and the effective rate relates to the partial release of valuation allowances on the Company’s deferred tax assets. In the three months ended September 30, 2021, the primary difference between the statutory rate and the effective rate relates to utilizing the annual effective tax rate method for the three months ended September 30, 2021 instead of utilizing the discrete effective tax rate method, which was used for the three months ended June 30, 2021. The Company recorded an income tax benefit of $12.5 million and an income tax provision of $98.1 million for the nine months ended September 30, 2022 and 2021, respectively. As a percentage of pre-tax income, the Company’s effective tax rate was a benefit of 5.7% for the nine months ended September 30, 2022, compared to a provision of 22.0% for the nine months ended September 30, 2021. In the nine months ended September 30, 2022, the primary difference between the statutory rate and the effective rate relates to the release of valuation allowances on the Company’s deferred tax assets. In the nine months ended September 30, 2021, the primary difference between the statutory rate and the effective rate relates to excluding the book gain on pre-merger Topgolf shares for tax purposes offset by valuation allowances on the Company’s deferred tax assets. At September 30, 2022, the gross liability for income taxes associated with uncertain tax positions was $26.1 million. Of this amount, $10.5 million would benefit the Company’s consolidated condensed financial statements and effective income tax rate if favorably settled. The Company recognizes interest and penalties related to income tax matters in income tax expense.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Commitments & Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments & Contingencies

Legal Matters

The Company is subject to routine legal claims, proceedings, and investigations associated with the normal conduct of its business activities, including commercial disputes and employment matters. The Company also receives from time to time information claiming that products sold by the Company infringe or may infringe patent, trademark, or other intellectual property rights of third parties. One or more such claims of potential infringement could lead to litigation, the need to obtain licenses, the need to alter a product to avoid infringement, a settlement or judgment, or some other action or material loss by the Company, which could adversely affect the Company’s overall ability to protect its product designs and ultimately limit its future success in the marketplace. Additionally, the Company is occasionally subject to non-routine claims, proceedings, or investigations.

The Company regularly assesses such matters to determine the degree of probability that the Company will incur a material loss as a result of such matters, as well as the range of possible loss. An estimated loss contingency is accrued in the Company’s financial statements if it is probable the Company will incur a loss and the amount of the loss can be reasonably estimated. Historically, the claims, proceedings, and investigations brought against the Company, individually and in the aggregate, have not had a material adverse effect on the consolidated results of operations, cash flows or financial position of the Company. However, it is not possible to predict the outcome of the pending actions, and, as with any litigation, it is possible that some of these actions could be decided unfavorably. Consequently, management is unable to estimate the ultimate aggregate amount of monetary loss, amounts covered by insurance, or the financial impact that will result from such matters. In addition, the Company cannot assure that it will be able to successfully defend itself in those matters, or that any amounts accrued in relation to a potential loss are sufficient.

Unconditional Purchase Obligations

During the normal course of its business, the Company enters into agreements to purchase goods and services, including commitments for endorsement agreements with professional athletes and other endorsers, consulting and service agreements, and intellectual property licensing agreements pursuant to which the Company is required to pay royalty fees. The amounts listed below approximate the minimum purchase obligations the Company is obligated to pay under these agreements. The actual amounts paid under some of the agreements may be higher or lower than these amounts.

As of September 30, 2022, the minimum obligation that the Company is required to pay under these agreements over the next five years and thereafter as follows (in millions):


Remainder of 2022	$	25.4
2023	42.5
2024	17.3
2025	8.9
2026	8.4
Thereafter	1.8
	$	104.3

Other Contingent Contractual Obligations

During its normal course of business, the Company has made certain indemnities, commitments and guarantees under which it may be required to make payments in relation to certain transactions. The duration of these indemnities, commitments and guarantees varies, and in certain cases, may be indefinite and the majority of these indemnities, commitments and guarantees do not provide for any limitation on the maximum amount of future payments the Company could be obligated to make. Historically, costs incurred to settle claims related to indemnities have not been material to the Company’s financial position, results of operations or cash flows. In addition, the Company believes the likelihood is remote that payments under the commitments and guarantees described above will have a material effect on the Company’s consolidated financial statements. The fair value of indemnities, commitments and guarantees that the Company issued during the nine months ending, and as of September 30, 2022, were not material to the Company’s financial position, results of operations, or cash flows.

Share-Based Compensation

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Topgolf Replacement Awards

In connection with the merger with Topgolf (see Note 5), which was completed on March 8, 2021, the Company converted stock options previously held by former equity holders of Topgolf into 3.2 million options to purchase shares of the Company’s common stock, and certain outstanding restricted stock awards of Topgolf into 0.2 million shares of the Company’s common stock. During the three months ended September 30, 2022 and 2021, the Company recognized compensation expense, net of estimated forfeitures, of $0.7 million and $1.5 million, respectively, related to these awards. During the nine months ended September 30, 2022 and 2021, the Company recognized compensation expense, net of estimated forfeitures, of $2.2 million and $3.5 million, respectively, related to these awards.

Restricted Stock Units

During the three months ended September 30, 2022 and 2021, the Company granted a nominal amount of shares underlying restricted stock units at a weighted average grant-date fair value of $22.80 per share and $29.67 per share, respectively. During the nine months ended September 30, 2022 and 2021, the Company granted 0.7 million shares and 1.1 million shares, respectively, underlying restricted stock units at a weighted average grant-date fair value of $22.82 per share and $29.62 per share, respectively.

Compensation expense, net of estimated forfeitures, for restricted stock units was $4.5 million and $3.8 million for the three months ended September 30, 2022 and 2021, respectively, and $13.2 million and $9.8 million for the nine months ended September 30, 2022 and 2021, respectively.

Performance-Based Awards

During the three months ended September 30, 2022, the Company granted a nominal amount of shares underlying total shareholder return performance-based restricted stock units at a weighted average grant-date fair value of $23.28 per share. There were no performance-based restricted stock units granted during the three months ended September 30, 2021. During the nine months ended September 30, 2022 and 2021, the Company granted 0.5 million shares and 1.4 million shares, respectively, underlying various performance metrics, including adjusted pre-tax income, earnings before interest, tax, depreciation and amortization and stock compensation, and total shareholder returns, at a weighted average grant-date fair value of $23.37 per share and $29.42 per share, respectively.

Performance-based restricted stock units granted by the Company cliff-vest after three years, except for certain one-time grants to the Company's Chief Executive Officer and Chief Financial Officer in connection with the Topgolf merger, of which 50% will vest after three years and the remaining 50% will vest after four years. The number of shares that may ultimately be issued upon vesting is based on the achievement of the respective metrics for each award, which may range from 0% to 200%. As of September 30, 2022, all performance-based restricted stock units were within the probable range of achievement.

Compensation expense, net of estimated forfeitures, for performance-based awards was $5.2 million and $6.1 million for the three months ended September 30, 2022 and 2021, respectively, and $22.0 million and $13.8 million for the nine months ended September 30, 2022 and 2021, respectively.

Share-Based Compensation Expense

The table below summarizes the amounts recognized in the financial statements related to share-based compensation for the three and nine months ended September 30, 2022 and 2021, including expense for stock options, restricted stock awards, restricted stock units and performance-based restricted stock units (in millions).


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Cost of products	$	0.2	$	0.3	$	1.2	$	0.9
Selling, general and administrative expenses	10.0		10.8		35.0		25.5
Research and development expenses	0.1		0.3		0.9		0.7
Other venue expenses	0.1		—		0.3		—
Total cost of share-based compensation included in income, before income tax	10.4		11.4		37.4		27.1
Income tax benefit	(2.5)		(2.7)		(9.0)		(6.5)
Total cost of share-based compensation, after tax	$	7.9	$	8.7	$	28.4	$	20.6

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value Measurements

The Company measures its financial assets and liabilities at fair value on a recurring basis using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Authoritative guidance establishes three levels of the fair value hierarchy as follows:

Level 1: Quoted market prices in active markets for identical assets or liabilities;

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

Level 3: Fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The carrying amounts of cash and cash equivalents, accounts receivables, accounts payable and accrued expenses and other current liabilities approximate fair value due to their short-term nature, and are therefore categorized within Level 1 of the fair value hierarchy.

Hedging instruments are re-measured on a recurring basis using broker quotes, daily market foreign currency rates, and interest rate curves as applicable (see Note 15) and are therefore categorized within Level 2 of the fair value hierarchy.

The following table summarizes the valuation of the Company’s foreign currency forward contracts and interest rate hedge agreements (see Note 15) that are measured at fair value on a recurring basis, and are classified within Level 2 of the fair value hierarchy as of September 30, 2022 and December 31, 2021 (in millions):


	Fair Value		Level 2
September 30, 2022
Foreign currency forward contracts—asset position	$	12.3	$	12.3
Foreign currency forward contracts—liability position	(1.1)		(1.1)

Interest rate hedge agreements—asset position	7.1		7.1


	$	18.3	$	18.3
December 31, 2021
Foreign currency forward contracts—asset position	$	0.3	$	0.3
Foreign currency forward contracts—liability position	(0.2)		(0.2)

Interest rate hedge agreements—liability position	(8.7)		(8.7)
	$	(8.6)	$	(8.6)

There were no transfers of financial instruments between the levels of the fair value hierarchy during the three and nine months ended September 30, 2022 and 2021.

Disclosures about the Fair Value of Financial Instruments

The table below presents information about the fair value of the Company’s financial liabilities, and is provided for comparative purposes only relative to the carrying values of the Company’s financial instruments recognized in the consolidated condensed balance sheets as of September 30, 2022 and consolidated balance sheets as of December 31, 2021. Fair value of information was derived using Level 2 inputs of the fair value hierarchy and included quoted prices for similar instruments in active markets, quantitative pricing models, observable market borrowing rates, as well as other observable inputs and applicable valuation techniques.


	September 30, 2022				December 31, 2021
	(in millions)
	Carrying Value		Fair Value		Carrying Value		Fair Value
U.S. Asset-Based Revolving Credit Facility	$	65.0	$	65.0	$	9.1	$	9.1
2022 Japan ABL Facility	$	34.6	$	34.6	$	—	$	—
Japan Term Loan	$	—	$	—	$	13.0	$	12.2
Term Loan	$	433.2	$	431.7	$	436.8	$	437.5
Topgolf Term Loan	$	337.8	$	336.1	$	340.4	$	346.1

Convertible Notes	$	258.3	$	338.7	$	258.8	$	444.4
Equipment Notes	$	23.5	$	19.7	$	31.1	$	30.2
Mortgage Loans	$	46.0	$	54.1	$	46.4	$	52.3

Non-recurring Fair Value Measurements

The Company measures certain assets at fair value on a non-recurring basis at least annually or more frequently if impairment indicators are present. These assets include long-lived assets, goodwill, non-amortizing intangible assets and investments that are written down to fair value when they are held for sale or determined to be impaired. In the third quarter of 2022, the Company recognized an impairment loss of $4.8 million related to the impairment of property, plant and equipment at an underperforming premerger Topgolf concept location. The fair value was determined using the cost approach for similar assets, considering the highest and best use of these assets. The impairment was included in other venue expenses in the Company’s consolidated condensed statements of operations for the three and nine months ended September 30, 2022, and was categorized within Level 3 of the fair value hierarchy. There were no impairments recognized in the three and nine months ended September 30, 2021.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Derivatives and Hedging

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

In the normal course of business, the Company and its subsidiaries are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates. The Company uses designated cash flow hedges and non-designated hedges in the form of foreign currency forward contracts as part of its strategy to manage the exposure to fluctuations in foreign currency exchange rates and to mitigate the impact of foreign currency translation on transactions that are denominated primarily in Japanese Yen, British Pounds, Euros, Canadian Dollars, Australian Dollars and Korean Won. The Company also uses interest rate swap contracts to mitigate the impact of variable rates on its long-term debt.

The Company accounts for its foreign currency forward contracts and interest rate swap contracts in accordance with ASC Topic 815, “Derivatives and Hedging,” (“ASC Topic 815”). ASC Topic 815 requires the recognition of all derivative instruments as either assets or liabilities on the balance sheet, the measurement of those instruments at fair value and the recognition of changes in the fair value of derivatives in earnings in the period of change, unless the derivative qualifies as a designated cash flow hedge that offsets certain exposures. Certain criteria must be satisfied in order for derivative financial instruments to be classified and accounted for as a cash flow hedge. Gains and losses from the remeasurement of qualifying cash flow hedges are recorded as a component of accumulated other comprehensive income and released into earnings as a component of cost of products, other income and interest expense during the period in which the hedged transaction takes place. Remeasurement gains or losses of derivatives that are not elected for hedge accounting treatment are recorded in earnings immediately as a component of other income.

Foreign currency forward contracts and interest rate swap contracts are used only to meet the Company’s objectives of minimizing variability in the Company’s operating results arising from foreign exchange rate movements and changes in interest rates. The Company does not enter into foreign currency forward contracts and interest rate swap contracts for speculative purposes. The Company utilizes counterparties for its derivative instruments that it believes are creditworthy at the time the transactions are entered into and the Company closely monitors the credit ratings of these counterparties.

The following table summarizes the fair value of the Company’s derivative instruments as well as the location of the asset and/or liability on the consolidated condensed balance sheets as of September 30, 2022 and December 31, 2021 (in millions):


	Balance Sheet Location	Fair Value of Asset Derivatives
		September 30, 2022		December 31, 2021
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Other current assets	$	1.7	$	0.1
Interest rate swap contracts	Other current assets	3.4		—
Interest rate swap contracts	Other assets	3.7		—
Total		$	8.8	$	0.1
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	10.6		0.2



Total asset position		$	19.4	$	0.3


	Balance Sheet Location	Fair Value of Liability Derivatives
		September 30, 2022		December 31, 2021
Derivatives designated as cash flow hedging instruments:





Interest rate swap contracts	Accounts payable and accrued expenses	$	—	$	4.1
Interest rate swap contracts	Other long-term liabilities	—		4.6
		—		8.7
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	1.1		0.2




Total liability position		$	1.1	$	8.9

The Company’s derivative instruments are subject to a master netting agreement with each respective counterparty bank and are therefore net settled at their maturity date. Although the Company has the legal right of offset under the master netting agreements, the Company has elected not to present these contracts on a net settlement amount basis, and therefore presents these contracts on a gross basis on the accompanying consolidated condensed balance sheets as of September 30, 2022 and consolidated balance sheets as of December 31, 2021.

Cash Flow Hedging Instruments

Foreign Currency Forward Contracts

The Company uses foreign currency derivatives designated as qualifying cash flow hedging instruments, including foreign currency forward contracts to help mitigate the Company's foreign currency exposure from intercompany sales of inventory and intercompany expense reimbursement to its foreign subsidiaries. These contracts generally mature within 12 months to 15 months from their inception. As of September 30, 2022 and December 31, 2021, the notional amounts of the Company's foreign currency forward contracts designated as cash flow hedge instruments were approximately $9.0 million and $3.3 million, respectively.

As of September 30, 2022, the Company recorded a net gain of $4.4 million in accumulated other comprehensive income related to foreign currency forward contracts. Of this amount, net gains of $1.3 million for the three months ended September 30, 2022 and $2.8 million for the nine months ended September 30, 2022, were removed from accumulated other comprehensive income and recognized in cost of products for the underlying sales that were recognized. Additionally, for the three and nine months ended September 30, 2022, net gains related to the amortization of forward points were nominal and $0.1 million, respectively, and were removed from accumulated other comprehensive income and recognized in cost of products. Based on the current valuation, the Company expects to reclassify net gains of $2.0 million related to foreign currency forward contracts from accumulated other comprehensive income into net earnings during the next 12 months.

The Company recognized net gains of $0.6 million in cost of products related to its forward contracts during the three and nine months ended September 30, 2021.

Interest Rate Swap Contract

In order to mitigate the risk of changes in interest rates associated with the Company’s variable-rate Term Loan, the Company used an interest rate swap designated as a cash flow hedge (see Note 6). Over the life of the Term Loan, the Company will receive variable interest payments from the counterparty lenders in exchange for the Company making fixed interest rate payments at 2.54%, without exchange of the underlying notional amount. The notional amounts outstanding under the interest rate swap contract were $192.8 million and $194.3 million as of September 30, 2022 and December 31, 2021, respectively.

During the three and nine months ended September 30, 2022, the Company recorded a net gain of $4.8 million and $13.6 million, respectively, related to the remeasurement of the interest rate swap contract in accumulated other comprehensive income. Of these amounts, net losses of $0.2 million and $2.2 million were realized from accumulated other comprehensive loss and recognized in interest expense during the three and nine months ended September 30, 2022, respectively. Based on the current valuation, the Company expects to reclassify a net gain of $3.4 million related to the interest rate hedge contract from accumulated other comprehensive income into earnings during the next 12 months.

The Company recognized net losses of $1.2 million and $3.6 million in interest expense related to the interest rate swap contract during the three and nine months ended September 30, 2021, respectively.

The following tables summarize the net effect of all cash flow hedges on the consolidated condensed financial statements for the three and nine months ended September 30, 2022 and 2021 (in millions):


	Gain (Loss) Recognized in Other Comprehensive Income
	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives designated as cash flow hedging instruments	2022		2021		2022		2021
Foreign currency forward contracts	$	0.7	$	0.1	$	4.4	$	2.2
Interest rate swap agreements	4.8		(0.1)		13.6		2.1
	$	5.5	$	—	$	18.0	$	4.3


	Gain (Loss) Reclassified from Other Comprehensive Income into Earnings
	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives designated as cash flow hedging instruments	2022		2021		2022		2021
Foreign currency forward contracts	$	1.3	$	0.6	$	2.8	$	0.6
Interest rate swap agreements	(0.2)		(1.2)		(2.2)		(3.6)
	$	1.1	$	(0.6)	$	0.6	$	(3.0)

Foreign Currency Forward Contracts Not Designated as Hedging Instruments

The Company uses foreign currency forward contracts that are not designated as qualifying cash flow hedging instruments to mitigate the exposure to fluctuations in foreign currency exchange rates due to the remeasurement of certain balance sheet payables and receivables denominated in foreign currencies, as well as gains and losses resulting from the translation of the operating results of the Company’s international subsidiaries into U.S. dollars for financial reporting purposes. These contracts generally mature within 12 months from inception. As of September 30, 2022 and December 31, 2021, the notional amounts of the Company’s foreign currency forward contracts used to mitigate the exposures discussed above were approximately $169.3 million and $67.8 million, respectively. The Company estimates the fair values of foreign currency forward contracts based on pricing models using current market rates, and records all derivatives on the balance sheet at fair value with changes in fair value recorded in the consolidated condensed statements of operations. Foreign currency forward contracts are classified under Level 2 of the fair value hierarchy (see Note 14).

The following table summarizes the location of net gains and losses in the consolidated condensed statements of operations that were recognized during the three and nine months ended September 30, 2022 and 2021, respectively, in addition to the derivative contract type (in millions):


	Location of Net Gain (Loss) Recognized in Income on Derivative Instruments	Amount of Net Gain (Loss) Recognized in Income on Derivative Instruments
Derivatives not designated as hedging instruments		Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Foreign currency forward contracts	Other income, net	$	19.7	$	2.8	$	58.3	$	11.8

In addition, during the three months ended September 30, 2022 and 2021, the Company recognized net foreign currency transaction losses of $12.9 million and $1.2 million, respectively, and net foreign currency transaction losses of $32.9 million and $4.2 million, for the nine months ended September 30, 2022 and 2021, respectively, in its consolidated condensed statements of operations.

Accumulated Other Comprehensive Income (Loss)

9 Months Ended

Sep. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

The following table details amounts reclassified from accumulated other comprehensive income (loss) and foreign currency translation adjustments for the three and nine months ended September 30, 2022 (in millions):



	Derivative Instruments		Foreign Currency Translation		Total

Accumulated other comprehensive income (loss), June 30, 2022, after tax	$	8.3	$	(68.3)	$	(60.0)
Change in derivative instruments	5.5		—		5.5
Net gains reclassified to cost of products	(1.3)		—		(1.3)

Net losses reclassified to interest expense	0.2		—		0.2
Income tax provision on derivative instruments	1.0		—		1.0
Foreign currency translation adjustments	—		(38.0)		(38.0)

Accumulated other comprehensive income (loss), September 30, 2022, after tax	$	13.7	$	(106.3)	$	(92.6)


	Derivative Instruments		Foreign Currency Translation		Total

Accumulated other comprehensive income (loss), December 31, 2021, after tax	$	(5.6)	$	(21.7)	$	(27.3)
Change in derivative instruments	18.0		—		18.0
Net gains reclassified to cost of products	(2.8)		—		(2.8)

Net losses reclassified to interest expense	2.2		—		2.2
Income tax provision on derivative instruments	1.9		—		1.9
Foreign currency translation adjustments	—		(84.6)		(84.6)
Accumulated other comprehensive income (loss), September 30, 2022, after tax	$	13.7	$	(106.3)	$	(92.6)

Segment Information

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segment Information

The Company has three operating and reportable segments:

•Topgolf, which is primarily comprised of service revenues and expenses from its Company-operated Topgolf venues, Toptracer ball-flight tracking technology, and WGT digital golf game;

•Golf Equipment, which is comprised of product revenues and expenses that encompass golf club and golf ball products, including Callaway Golf-branded woods, hybrids, irons, wedges, Odyssey putters, including Toulon Design putters by Odyssey, packaged sets, Callaway Golf and Strata-branded golf balls and sales of pre-owned golf clubs; and

•Active Lifestyle, which is comprised of product revenues and expenses for the Jack Wolfskin outdoor apparel, gear and accessories business, the TravisMathew golf and lifestyle apparel and accessories business, the Callaway soft goods business and the OGIO business, which consists of golf apparel and accessories (including golf bags and gloves), and storage gear for sport and personal use. This segment also includes royalties from licensing of the Company’s trademarks and service marks for various soft goods products. During the second quarter of 2022, the Company changed the name of its Apparel, Gear, and Other operating segment to Active Lifestyle. The segment name change had no impact on the composition of the Company’s segments or on previously reported financial position, results of operations, cash flow or segment operating results.

There were no significant intersegment transactions during the three and nine months ended September 30, 2022 or 2021.

The following table contains information utilized by management to evaluate its operating segments for the interim periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net revenues:
Topgolf(1)	$	413.8	$	333.8	$	1,139.5	$	751.8
Golf Equipment	296.7		289.6		1,216.6		1,067.8
Active Lifestyle	278.0		233.1		788.3		602.1
Total net revenues	$	988.5	$	856.5	$	3,144.4	$	2,421.7

Segment operating income:
Topgolf(1)	$	23.6	$	23.9	$	74.3	$	52.1
Golf Equipment	49.6		45.8		250.7		228.8
Active Lifestyle	28.1		34.6		77.3		70.8
Total segment operating income	101.3		104.3		402.3		351.7
Reconciling items(2)	(33.1)		(28.3)		(110.8)		(92.3)
Total operating income	68.2		76.0		291.5		259.4
Gain on Topgolf investment(3)	—		—		—		252.5
Interest expense, net	(36.4)		(28.7)		(100.3)		(75.1)
Other income, net	7.0		2.9		26.9		9.5
Total income before income taxes	$	38.8	$	50.2	$	218.1	$	446.3

Additions to long-lived assets:
Topgolf(1)	$	113.9	$	85.4	$	336.4	$	225.5
Golf Equipment	1.9		9.0		10.7		24.8
Active Lifestyle	6.9		7.0		17.7		18.2
Total additions to long-lived assets	$	122.7	$	101.4	$	364.8	$	268.5


(1) On March 8, 2021, the Company completed the merger with Topgolf and has included the results of operations of Topgolf in its consolidated condensed statements of operations from that date forward.
(2) Reconciling items include corporate general and administrative expenses not utilized by management in determining segment profitability as well as the amortization and depreciation of acquired intangible assets and purchase accounting adjustments. The amount for 2022 also includes costs associated with the implementation of new ERP systems stemming from acquisitions, legal and credit agency fees related to a postponed debt refinancing, and impairment losses related to an underperforming premerger Topgolf concept location in addition to the suspension of business operations in Russia. The amount for 2021 also includes transaction, transition and other non-recurring costs associated with the merger with Topgolf and costs associated with the implementation of new IT systems for Jack Wolfskin.
(3) The gain on Topgolf investment is related to the fair value step-up on the Company’s investment in Topgolf (see Note 5).

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited consolidated condensed financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, the Company has condensed or omitted certain information and disclosures that are normally included in its annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, these consolidated condensed financial statements include all of the normal and recurring adjustments necessary for the fair presentation of the financial position, results of operations and cash flows for the periods and dates presented. These unaudited consolidated condensed financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 1, 2022. Interim operating results are not necessarily indicative of operating results that may be expected for the year ending December 31, 2022, or any other future periods. The Company translates the financial statements of its foreign subsidiaries using end-of-period exchange rates for assets and liabilities and average exchange rates during each reporting period for results of operations. All intercompany balances and transactions have been eliminated during consolidation. The Company’s Topgolf subsidiary previously operated on a 52- or 53-week retail calendar year, which ended on the Sunday closest to December 31. As of April 4, 2022 and going forward, Topgolf began operating on a fiscal year calendar, which will end on December 31. Topgolf financial information included in the Company’s consolidated condensed financial statements for the three and nine months ended September 30, 2022 is for the period beginning July 1, 2022 and ending September 30, 2022, and the period beginning January 3, 2022 and ending September 30, 2022, respectively. Topgolf financial information included in the Company’s consolidated condensed financial statements for the three and nine months ended September 30, 2021 is for the period beginning July 5, 2021 and ending October 3, 2021, and the period beginning March 8, 2021 (the date on which the Company completed its merger with Topgolf) and ending October 3, 2021, respectively. Beginning January 1, 2022, the Company changed the presentation of its financial statements and accompanying footnote disclosures from thousands to millions, therefore, certain prior year reported amounts may differ by an insignificant amount due to the nature of the rounding relative to the change in presentation. Other than these changes, the change in presentation had no material impact on previously reported financial information.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and 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. The Company bases its estimates on historical information and various other assumptions that are believed to be reasonable under the circumstances. Examples of such estimates include, among other things, determining the nature and timing of the satisfaction of performance obligations as it relates to revenue recognition, the valuation of share-based awards, the recoverability of long-lived assets, the assessment of intangible assets and goodwill for impairment, the determination of the incremental borrowing rate for operating and financing leases, provisions for warranty and expected credit losses, inventory obsolescence, sales returns, future price concessions, tax contingencies and valuation allowances, the estimated useful lives of property, plant and equipment, and acquired intangible assets. Actual results may materially differ from these estimates. On an ongoing basis, the Company reviews its estimates to ensure that these estimates appropriately reflect changes in its business or new information as it becomes available.
Adoption of New Accounting Standards	In August 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). This ASU simplifies the accounting for convertible instruments by removing the separation models for (1) convertible debt with a cash conversion feature and (2) convertible instruments with a beneficial conversion feature. As a result, a convertible debt instrument is accounted for as a single liability measured at its amortized cost. These changes reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that was bifurcated according to previously existing rules. Also, this ASU requires the application of the if-converted method for calculating diluted earnings per share and the treasury stock method will be no longer available. The amendments in this update are effective for public entities for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, and may be adopted through either a fully retrospective or modified retrospective method of transition only at the beginning of an entity’s fiscal year. The Company has Convertible Senior Notes (the “Convertible Notes”) with a cash conversion feature that was recognized in equity at the time of issuance (see Note 6) and has adopted this standard as of January 1, 2022 under the modified retrospective method of transition. As such, prior period amounts have not been retrospectively adjusted. Adoption of the standard resulted in a reduction in additional paid-in capital of $57.1 million, an increase to long-term debt, net of $57.9 million, a decrease in the deferred taxes, net of $13.2 million and an increase in retained earnings of $12.4 million. Additionally, in periods when net income is reported, the Company will use the if-converted method for calculating diluted earnings per common share. Under the if-converted method, the 14.7 million common shares underlying the Convertible Notes are assumed to have been outstanding as of the beginning of the current reporting period and any interest expense related to the Convertible Notes for the period is excluded from the calculation of diluted earnings per common share, resulting in an increase to net income. As a result, during the three and nine months ended September 30, 2022, after-tax interest expense in the amount of $1.6 million and $4.8 million, respectively, was excluded from net income in the calculation of earnings per common share—diluted (see Note 7). Prior to the adoption of ASU 2020-06, the Company used the treasury stock method to compute dilutive shares of common stock related to the Convertible Notes for periods when the Company reported net income. The treasury stock method assumes that proceeds received upon exercises are used to purchase common shares at the average market price during the period. Additionally, under the treasury stock method, interest expense related to the Convertible Notes for the period was included in net income for the calculation of earnings per common share—diluted. Recently Issued Accounting Standards In June 2022, the FASB issued ASU No. 2022-03, “Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions” (“ASU 2022-03”). ASU 2022-03 clarifies the guidance in Topic 820 when measuring the fair value of an equity security that is subject to a contractual sale restriction, and also introduces new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact that this ASU will have on its consolidated financial statements and related disclosures.
Revenue Recognition	The Company records an estimate for anticipated returns as a reduction of product revenues and cost of products, and accounts receivable, in the period that the related sales are recorded. Sales returns are estimated based upon historical returns, current economic trends, changes in customer demands and sell-through of products. The Company also offers certain customers sales programs that allow for specific returns. The Company records a sales return liability as an offset to accounts receivable for anticipated returns related to these sales programs at the time of sale based on the terms of the sales program. The Company’s provision for the sales return liability fluctuates with the seasonality of the business, while actual sales returns are generally more heavily weighted toward the second half of the year as golf season comes to an end. Historically, the Company’s actual sales returns have not been materially different from management’s original estimates. The cost recovery of inventory associated with the sales return liability is accounted for in other current assets on the Company’s consolidated condensed balance sheet.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Leases (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Sales-Type Lease, Revenue


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Sales-type lease selling price(1)	$	6.1	$	7.5	$	24.6	$	21.1
Cost of underlying assets	(3.2)		(3.0)		(11.9)		(8.6)
Operating profit	$	2.9	$	4.5	$	12.7	$	12.5

Interest income	$	1.1	$	1.4	$	2.9	$	3.0

Leasing revenue attributable to sales-type leases	$	7.2	$	8.9	$	27.5	$	24.1

(1) Selling price is equal to the present value of lease payments over the non-cancellable term of the licensing agreement.

Supplemental Balance Sheet Information Related to Leases

Leasing receivables related to the Company’s net investment in sales-type leases are as follows (in millions):


		September 30, 2022		December 31, 2021
	Balance Sheet Location
Leasing receivables, net—short-term	Other current assets	$	14.9	$	12.8
Leasing receivables, net—long-term	Other assets	49.7		44.1
Total Leasing receivables		$	64.6	$	56.9

Supplemental balance sheet information related to leases is as follows (in millions):


	Balance Sheet Location	September 30, 2022		December 31, 2021
Operating Leases
Right-of-use (“ROU”) assets, net	Operating lease ROU assets, net	$	1,411.5	$	1,384.5
Lease liabilities, short-term	Operating lease liabilities, short-term	$	72.7	$	72.3
Lease liabilities, long-term	Operating lease liabilities, long-term	$	1,428.9	$	1,385.4

Finance Leases
ROU assets, net	Other assets	$	166.1	$	129.5
Lease liabilities, short-term	Accounts payable and accrued expenses	$	1.7	$	1.8
Lease liabilities, long-term	Other long-term liabilities	$	174.0	$	132.5

Supplemental balance sheet information related to DLF obligations is as follows (in millions):


		September 30,		December 31,
	Balance Sheet Location	2022		2021
DLF obligations, short-term	Accounts payable and accrued expenses	$	1.0	$	0.9
DLF obligations, long-term	Deemed landlord financing obligations, long-term	$	577.0	$	460.6

Components of Lease Expense and Other Information Related to Leases

The components of lease expense are as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating lease costs	$	42.3	$	41.6	$	128.1	$	103.0
Financing lease costs:
Amortization of right-of-use assets	1.0		0.8		4.6		2.0
Interest on lease liabilities	2.3		0.2		6.5		0.2
Total financing lease costs	3.3		1.0		11.1		2.2
Variable lease costs	2.3		1.3		7.1		3.9
Total lease costs	$	47.9	$	43.9	$	146.3	$	109.1

Other information related to leases was as follows (in millions):


	Nine Months Ended September 30,
Supplemental Cash Flows Information	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	119.8	$	95.8
Operating cash flows from finance leases	$	5.4	$	0.4
Financing cash flows from finance leases	$	0.3	$	0.5

Lease liabilities arising from new ROU assets:
Operating leases	$	37.2	$	87.5
Finance leases	$	40.7	$	11.0


	September 30, 2022		December 31, 2021
Weighted average remaining lease term (years):
Operating leases	16.8		14.1
Finance leases	35.3		36.2

Weighted average discount rate:
Operating leases	5.5	%	5.3	%
Finance leases	5.5	%	5.3	%

The components of DLF obligation expenses are as follows (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Amortization of DLF obligations	$	3.7	$	1.8	$	10.1	$	3.5
Interest on DLF obligations	11.7		6.5		32.5		13.7
Total DLF contract expenses	$	15.4	$	8.3	$	42.6	$	17.2

Other information related to DLF leases was as follows (in millions):


	Nine Months Ended September 30,
Supplemental Cash Flows Information (in millions)	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from DLF obligations	$	29.3	$	—
Financing cash flows from DLF obligations	$	—	$	14.0

Lease liabilities arising from new ROU assets:
Operating DLF obligations	$	113.2	$	133.2


	September 30, 2022		December 31, 2021
Weighted average remaining lease term (years)	38.7		39.0
Weighted average discount rate	8.8	%	9.2	%

Future Minimum Operating Lease Obligations

Future minimum lease obligations as of September 30, 2022 were as follows (in millions):


	Operating Leases		Finance Leases
Remainder of 2022	$	37.2	$	2.2
2023	148.3		10.1
2024	147.7		10.1
2025	144.4		9.8
2026	141.7		9.8
Thereafter	1,821.8		404.8
Total future lease payments	2,441.1		446.8
Less: imputed interest	939.5		271.1
Total	$	1,501.6	$	175.7

Future Minimum Financing Lease Obligations

Future minimum lease obligations as of September 30, 2022 were as follows (in millions):


	Operating Leases		Finance Leases
Remainder of 2022	$	37.2	$	2.2
2023	148.3		10.1
2024	147.7		10.1
2025	144.4		9.8
2026	141.7		9.8
Thereafter	1,821.8		404.8
Total future lease payments	2,441.1		446.8
Less: imputed interest	939.5		271.1
Total	$	1,501.6	$	175.7

Future minimum financing obligations related to DLF obligations as of September 30, 2022 were as follows (in millions):


Remainder of 2022	$	10.9
2023	45.2
2024	48.1
2025	48.4
2026	49.3
Thereafter	2,347.5
Total future lease payments	2,549.4
Less: imputed interest	1,971.4
Total	$	578.0

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables present the Company’s revenue disaggregated by major product and service category and operating and reportable segment (in millions):


	Operating and Reportable Segments
	Three Months Ended September 30, 2022								Three Months Ended September 30, 2021
	Topgolf(1)		Golf Equipment		Active Lifestyle		Total		Topgolf(1)		Golf Equipment		Active Lifestyle		Total
Venues	$	399.5	$	—	$	—	$	399.5	$	317.6	$	—	$	—	$	317.6
Other business lines	14.3		—		—		14.3		16.2		—		—		16.2
Golf club	—		221.4		—		221.4		—		229.3		—		229.3
Golf ball	—		75.3		—		75.3		—		60.3		—		60.3
Apparel	—		—		181.4		181.4		—		—		150.2		150.2
Gear, accessories & other	—		—		96.6		96.6		—		—		82.9		82.9
	$	413.8	$	296.7	$	278.0	$	988.5	$	333.8	$	289.6	$	233.1	$	856.5

(1) As of January 1, 2022, in order to align with the Company’s current management reporting structure, the Company began reporting revenues associated with corporate advertising sponsorship contracts in the venues business line within the Topgolf operating segment. These revenues were previously included in other business lines. In order to conform to the current year presentation, revenue associated with corporate advertising sponsorship contracts of $4.0 million for the three months ended September 30, 2021 was reclassified from other business lines to venues for comparative purposes.


	Operating and Reportable Segments
	Nine Months Ended September 30, 2022								Nine Months Ended September 30, 2021
	Topgolf(1)		Golf Equipment		Active Lifestyle		Total		Topgolf(1)		Golf Equipment		Active Lifestyle		Total
Venues	$	1,089.4	$	—	$	—	$	1,089.4	$	710.8	$	—	$	—	$	710.8
Other business lines	50.1		—		—		50.1		41.0		—		—		41.0
Golf club	—		959.6		—		959.6		—		865.7		—		865.7
Golf ball	—		257.0		—		257.0		—		202.1		—		202.1
Apparel	—		—		456.7		456.7		—		—		336.9		336.9
Gear, accessories & other	—		—		331.6		331.6		—		—		265.2		265.2
	$	1,139.5	$	1,216.6	$	788.3	$	3,144.4	$	751.8	$	1,067.8	$	602.1	$	2,421.7

(1) As of January 1, 2022, in order to align with the Company’s current management reporting structure, the Company began reporting revenues associated with corporate advertising sponsorship contracts in the venues business line within the Topgolf operating segment. These revenues were previously included in other business lines. In order to conform to the current year presentation, revenue associated with corporate advertising sponsorship contracts of $8.7 million recognized from the merger date through September 30, 2021 was reclassified from other business lines to venues for comparative purposes.

The following table summarizes revenue by geographical regions in which the Company operates (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Revenue by Major Geographic Region(1):
United States	$	684.8	$	552.9	$	2,194.7	$	1,583.9
Europe	141.9		157.2		417.7		386.5
Asia	138.7		125.2		432.6		364.5
Rest of world	23.1		21.2		99.4		86.8
	$	988.5	$	856.5	$	3,144.4	$	2,421.7

(1) As of January 1, 2022, the Company modified the composition of its regions and combined Japan, Korea, China, South-East Asia and India into a single Asia region. These regions, except for Japan, were previously reported within rest of world. As a result of this change, net revenues by region for the period presented in the prior year were recast to conform to the current year presentation.

The following table summarizes royalty income by operating segment (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Royalty Income:
Topgolf	$	9.0	$	9.7	$	33.2	$	25.9
Active Lifestyle	6.2		7.3		20.2		24.2
Total	$	15.2	$	17.0	$	53.4	$	50.1

Reconciliation of Activity Related to Short-term Deferred Revenue

The following table provides a reconciliation of activity related to the Company’s short-term deferred revenue balance for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning Balance	$	91.8	$	83.6	$	93.9	$	2.5
Deferral of revenue	167.9		108.2		438.4		292.5
Revenue recognized	(160.1)		(108.2)		(427.9)		(209.1)
Breakage	(4.7)		(0.1)		(13.4)		(2.5)
Foreign currency translation and other	(0.5)		0.9		3.4		1.0
Ending Balance	$	94.4	$	84.4	$	94.4	$	84.4

Reconciliation of Short Term Sales Program Incentives

The following table provides a reconciliation of the activity related to the Company’s short-term sales program incentives for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning Balance	$	35.2	$	25.8	$	23.3	$	26.2
Additions	6.1		7.8		33.6		26.7
Credits issued	(6.6)		(6.4)		(19.8)		(24.7)
Foreign currency translation and other	(1.3)		(0.3)		(3.7)		(1.3)
Ending Balance	$	33.4	$	26.9	$	33.4	$	26.9

Sales Returns and Allowances

The following table provides a reconciliation of the activity related to the Company’s sales return liability for the periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Beginning Balance	$	77.6	$	71.6	$	47.4	$	44.0
Provision	17.3		14.4		103.6		79.3
Sales returns	(23.5)		(14.6)		(79.6)		(51.9)
Ending Balance	$	71.4	$	71.4	$	71.4	$	71.4

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date based on the purchase price allocation (in millions):


	At March 8, 2021
Assets Acquired
Cash		$	171.3
Accounts receivable		10.7
Inventories		13.9
Other current assets		52.1
Property and equipment		1,079.6
Operating lease right-of-use assets		1,328.0
Investments		28.8
Other assets		33.7
Intangibles—trade name		994.2
Intangibles—technology, customer relationships and liquor licenses		81.9
Goodwill		1,355.0
Total assets acquired		5,149.2
Liabilities Assumed
Accounts payable and accrued liabilities		95.8
Accrued employee costs		37.1
Construction advances		40.5
Deferred revenue		66.2
Other current liabilities		7.8
Long-term debt		535.1
Deemed landlord financing		303.0
Operating lease liabilities		1,402.3
Other long-term liabilities		32.2
Deferred tax liabilities		143.7
Net assets acquired		$	2,485.5
Goodwill allocated to other business units		563.4
Total purchase price and consideration transferred in the merger		$	3,048.9

Supplemental Pro Forma Information


	Three Months Ended September 30,		Nine Months Ended September 30,
	2021		2021
	(in millions)
Net revenues	$	856.5	$	2,564.7
Net (loss) income	$	(16.0)	$	101.2


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net revenues	$	413.8	$	333.8	$	1,139.5	$	751.8
Net (loss) income	$	(9.7)	$	2.8	$	(10.9)	$	0.4

Financing Arrangements (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The Company’s debt obligations are summarized as follows (in millions):


	Maturity Date	Interest Rate	September 30, 2022		December 31, 2021
Short-Term Credit Facilities
U.S. Asset-Based Revolving Credit Facility(1)	May 17, 2024	3.71%	$	65.0	$	9.1
2022 Japan ABL Facility(2)	January 25, 2025	0.85%	34.6		—
Total Principal Amount			$	99.6	$	9.1
Unamortized Debt Issuance Costs			$	0.8	$	0.9

Balance Sheet Location
Asset-based credit facilities			$	99.6	$	9.1
Prepaid expenses			$	0.4	$	0.9
Other long-term assets			$	0.4	$	—

	Maturity Date	Interest Rate	September 30, 2022		December 31, 2021
Long-Term Debt and Credit Facilities
Japan Term Loan	July 31, 2025	0.85%	$	—	$	13.0
Term Loan B(3)	January 4, 2026	7.62%	433.2		436.8
Topgolf Term Loan	February 8, 2026	9.33%	337.8		340.4

Convertible Notes	May 1, 2026	2.75%	258.3		258.8
Equipment Notes	December 27, 2022 - March 19, 2027	2.36% - 3.79%	23.5		31.1
Mortgage Loans	July 1, 2033 - July 29, 2036	9.75% - 11.31%	46.0		46.4
Financed Tenant Improvements	February 1, 2035	8.00%	3.5		3.7
Total Principal Amount			$	1,102.3	$	1,130.2
Less: Unamortized Debt Issuance Costs			22.8		85.8
Total Debt, net of Unamortized Debt Issuance Costs			$	1,079.5	$	1,044.4

Balance Sheet Location
Other current liabilities			$	13.6	$	19.1
Long-term debt			1,065.9		1,025.3
			$	1,079.5	$	1,044.4
(1) Interest rate fluctuates depending on the Company’s availability ratio.
(2) Subject to an effective interest rate equal to the Tokyo Interbank Offered Rate plus 0.80%.
(3) Subject to an interest rate per annum equal to either, at the Company’s option, the London Interbank Offered Rate (“LIBOR”) or the base rate, plus 4.50% or 3.50%, respectively.

Schedule of Aggregate Amount of Maturities for Debt


	(in millions)
Remainder of 2022	$	4.8
2023	16.4
2024	15.3
2025	13.0
2026	1,006.4
Thereafter	46.4
	$	1,102.3
Less: Unamortized Debt Issuance Costs	22.8
Total	$	1,079.5

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
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+ Details

Earnings (Loss) Per Common Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Share

The following table summarizes the computation of basic and diluted earnings per common share (in millions, except per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Earnings (loss) per common share—basic
Net income (loss)	$	38.5	$	(16.0)	$	230.6	$	348.2
Weighted-average common shares outstanding—basic(1)	184.8		186.0		184.9		163.1
Earnings (loss) per common share—basic	$	0.21	$	(0.09)	$	1.25	$	2.13
Earnings (loss) per common share—diluted
Net income (loss)	$	38.5	$	(16.0)	$	230.6	$	348.2
Interest expense(2)	1.6		—		4.8		—
Net income (loss) attributable to earnings per common share—diluted	$	40.1	$	(16.0)	$	235.4	$	348.2

Weighted-average common shares outstanding—basic(1)	184.8		186.0		184.9		163.1
Convertible Notes weighted-average shares outstanding(2)	14.7		—		14.7		6.1
Outstanding options, restricted stock units and performance share units	2.3		—		1.4		2.0
Weighted-average common shares outstanding—diluted	201.8		186.0		201.0		171.2
Earnings (loss) per common share—diluted	$	0.20	$	(0.09)	$	1.17	$	2.03

(1) In connection with the Topgolf merger, the Company issued 89.8 million shares of its common stock to shareholders of Topgolf, and 0.2 million shares of its common stock for restricted stock awards converted in the merger (see Note 13), of which 90.0 million and 67.9 million weighted-average shares were included in the basic and diluted share calculations for the three and nine months ended September 30, 2021, respectively, based on the number of days the shares were outstanding during each period.
(2) As of January 1, 2022, in connection with the adoption of ASU 2020-06 (see Note 2), the Company uses the if-converted method for calculating the dilutive weighted-average shares outstanding related to the Convertible Notes when calculating earnings (loss) per common share-diluted. Under this method, interest expense related to the Convertible Notes for the respective period is excluded from net income. Prior to the adoption of ASU 2020-06, the Company used the treasury stock method for calculating the dilutive impact from the Convertible Notes.

Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill by operating and reportable segment are as follows (in millions):


	Topgolf		Golf Equipment		Active Lifestyle		Total
Balance at December 31, 2021	$	1,340.7	$	531.1	$	88.3		$	1,960.1
Additions	14.3		0.2		—			14.5

Foreign currency translation and other	8.6		(1.8)		—			6.8
Balance at September 30, 2022	$	1,363.6	$	529.5	$	88.3		$	1,981.4

Intangible Assets by Major Asset Class

The Company’s intangible assets by major asset class are as follows (in millions, except useful life amounts):


	Useful Life (Years)	September 30, 2022
		Gross		Accumulated Amortization		Translation Adjustment		Net Book Value
Indefinite-lived:
Trade name, trademark, trade dress and other	—	$	1,441.0	$	—	$	(45.1)	$	1,395.9
Liquor licenses	—	8.4		—		—		8.4
Amortizing:
Patents	2-16	32.1		(31.8)		—		0.3
Customer and distributor relationships and other	1-10	67.4		(33.6)		(6.4)		27.4
Developed technology	10	69.7		(10.5)		(4.5)		54.7
Total intangible assets		$	1,618.6	$	(75.9)	$	(56.0)	$	1,486.7


	Useful Life (Years)	December 31, 2021
		Gross		Accumulated Amortization		Translation Adjustment	Net Book Value
Indefinite-lived:
Trade name, trademark, trade dress and other	—	$	1,441.0	$	—		$	(15.8)	$	1,425.2
Liquor licenses	—	7.7		—			—		7.7
Amortizing:
Patents	2-16	32.0		(31.7)			—		0.3
Customer and distributor relationships and other	1-10	61.7		(27.4)			(2.3)		32.0
Developed technology	10	69.7		(5.5)			(0.8)		63.4
Total intangible assets		$	1,612.1	$	(64.6)		$	(18.9)	$	1,528.6

Amortization Expense Related to Intangible Assets

Amortization expense related to intangible assets at September 30, 2022 in each of the next five fiscal years and beyond is expected to be incurred as follows (in millions):


Remainder of 2022	$	4.0
2023	13.6
2024	11.0
2025	11.0
2026	10.9
Thereafter	31.9
	$	82.4

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Selected Financial Data (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Selected Financial Statement Information

Selected financial data as of the dates presented below is as follows (in millions, except useful life data):


		September 30, 2022		December 31, 2021






Inventories:
Finished goods		$	576.9	$	415.4
Work in process		1.9		1.3
Raw materials		137.3		111.7
Food and beverage		6.2		5.1
		$	722.3	$	533.5

		September 30, 2022		December 31, 2021
Other Current Assets:
Credit card receivables		$	17.1	$	31.2
Sales return reserve cost recovery asset		35.0		25.9
VAT/Sales tax receivable		4.7		19.5
Other current assets		58.5		42.7
		$	115.3	$	119.3

		September 30, 2022		December 31, 2021
Property, plant and equipment, net:	Estimated Useful Life
Land		$	133.9	$	134.2
Buildings and leasehold improvements	10 - 40 years	1,057.9		858.6
Machinery and equipment	5 - 10 years	228.5		204.3
Furniture, computer hardware and equipment	3 - 5 years	258.6		211.2
Internal-use software	3 - 5 years	92.0		81.6
Production molds	2 - 5 years	8.6		8.0
Construction-in-process		328.9		286.7
		2,108.4		1,784.6
Less: Accumulated depreciation		431.9		333.2
		$	1,676.5	$	1,451.4


	September 30, 2022		December 31, 2021
Accounts payable and accrued expenses:
Accounts payable	$	155.4	$	138.7
Accrued expenses	191.7		226.8
Accrued inventory	178.9		125.7
	$	526.0	$	491.2

Commitments & Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Purchase Commitments

As of September 30, 2022, the minimum obligation that the Company is required to pay under these agreements over the next five years and thereafter as follows (in millions):


Remainder of 2022	$	25.4
2023	42.5
2024	17.3
2025	8.9
2026	8.4
Thereafter	1.8
	$	104.3

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021

Cost of products	$	0.2	$	0.3	$	1.2	$	0.9
Selling, general and administrative expenses	10.0		10.8		35.0		25.5
Research and development expenses	0.1		0.3		0.9		0.7
Other venue expenses	0.1		—		0.3		—
Total cost of share-based compensation included in income, before income tax	10.4		11.4		37.4		27.1
Income tax benefit	(2.5)		(2.7)		(9.0)		(6.5)
Total cost of share-based compensation, after tax	$	7.9	$	8.7	$	28.4	$	20.6

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Valuation of Foreign Currency Exchange Contracts by Pricing Levels


	Fair Value		Level 2
September 30, 2022
Foreign currency forward contracts—asset position	$	12.3	$	12.3
Foreign currency forward contracts—liability position	(1.1)		(1.1)

Interest rate hedge agreements—asset position	7.1		7.1


	$	18.3	$	18.3
December 31, 2021
Foreign currency forward contracts—asset position	$	0.3	$	0.3
Foreign currency forward contracts—liability position	(0.2)		(0.2)

Interest rate hedge agreements—liability position	(8.7)		(8.7)
	$	(8.6)	$	(8.6)

Fair Value Relating to Financial Assets and Liabilities


	September 30, 2022				December 31, 2021
	(in millions)
	Carrying Value		Fair Value		Carrying Value		Fair Value
U.S. Asset-Based Revolving Credit Facility	$	65.0	$	65.0	$	9.1	$	9.1
2022 Japan ABL Facility	$	34.6	$	34.6	$	—	$	—
Japan Term Loan	$	—	$	—	$	13.0	$	12.2
Term Loan	$	433.2	$	431.7	$	436.8	$	437.5
Topgolf Term Loan	$	337.8	$	336.1	$	340.4	$	346.1

Convertible Notes	$	258.3	$	338.7	$	258.8	$	444.4
Equipment Notes	$	23.5	$	19.7	$	31.1	$	30.2
Mortgage Loans	$	46.0	$	54.1	$	46.4	$	52.3

Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Value of Derivative Instruments by Contract Type and Location of Asset and/or Liability on Consolidated Condensed Balance Sheets


	Balance Sheet Location	Fair Value of Asset Derivatives
		September 30, 2022		December 31, 2021
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Other current assets	$	1.7	$	0.1
Interest rate swap contracts	Other current assets	3.4		—
Interest rate swap contracts	Other assets	3.7		—
Total		$	8.8	$	0.1
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	10.6		0.2



Total asset position		$	19.4	$	0.3


	Balance Sheet Location	Fair Value of Liability Derivatives
		September 30, 2022		December 31, 2021
Derivatives designated as cash flow hedging instruments:





Interest rate swap contracts	Accounts payable and accrued expenses	$	—	$	4.1
Interest rate swap contracts	Other long-term liabilities	—		4.6
		—		8.7
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	1.1		0.2




Total liability position		$	1.1	$	8.9

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following tables summarize the net effect of all cash flow hedges on the consolidated condensed financial statements for the three and nine months ended September 30, 2022 and 2021 (in millions):


	Gain (Loss) Recognized in Other Comprehensive Income
	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives designated as cash flow hedging instruments	2022		2021		2022		2021
Foreign currency forward contracts	$	0.7	$	0.1	$	4.4	$	2.2
Interest rate swap agreements	4.8		(0.1)		13.6		2.1
	$	5.5	$	—	$	18.0	$	4.3


	Gain (Loss) Reclassified from Other Comprehensive Income into Earnings
	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives designated as cash flow hedging instruments	2022		2021		2022		2021
Foreign currency forward contracts	$	1.3	$	0.6	$	2.8	$	0.6
Interest rate swap agreements	(0.2)		(1.2)		(2.2)		(3.6)
	$	1.1	$	(0.6)	$	0.6	$	(3.0)

Location of Gains in Consolidated Condensed Statements of Operations that were Recognized and Derivative Contract Type


	Location of Net Gain (Loss) Recognized in Income on Derivative Instruments	Amount of Net Gain (Loss) Recognized in Income on Derivative Instruments
Derivatives not designated as hedging instruments		Three Months Ended September 30,				Nine Months Ended September 30,
		2022		2021		2022		2021
Foreign currency forward contracts	Other income, net	$	19.7	$	2.8	$	58.3	$	11.8

Accumulated Other Comprehensive Income (Loss) (Tables)

9 Months Ended

Sep. 30, 2022

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Income (Loss)



	Derivative Instruments		Foreign Currency Translation		Total

Accumulated other comprehensive income (loss), June 30, 2022, after tax	$	8.3	$	(68.3)	$	(60.0)
Change in derivative instruments	5.5		—		5.5
Net gains reclassified to cost of products	(1.3)		—		(1.3)

Net losses reclassified to interest expense	0.2		—		0.2
Income tax provision on derivative instruments	1.0		—		1.0
Foreign currency translation adjustments	—		(38.0)		(38.0)

Accumulated other comprehensive income (loss), September 30, 2022, after tax	$	13.7	$	(106.3)	$	(92.6)


	Derivative Instruments		Foreign Currency Translation		Total

Accumulated other comprehensive income (loss), December 31, 2021, after tax	$	(5.6)	$	(21.7)	$	(27.3)
Change in derivative instruments	18.0		—		18.0
Net gains reclassified to cost of products	(2.8)		—		(2.8)

Net losses reclassified to interest expense	2.2		—		2.2
Income tax provision on derivative instruments	1.9		—		1.9
Foreign currency translation adjustments	—		(84.6)		(84.6)
Accumulated other comprehensive income (loss), September 30, 2022, after tax	$	13.7	$	(106.3)	$	(92.6)

Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

The following table contains information utilized by management to evaluate its operating segments for the interim periods presented (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net revenues:
Topgolf(1)	$	413.8	$	333.8	$	1,139.5	$	751.8
Golf Equipment	296.7		289.6		1,216.6		1,067.8
Active Lifestyle	278.0		233.1		788.3		602.1
Total net revenues	$	988.5	$	856.5	$	3,144.4	$	2,421.7

Segment operating income:
Topgolf(1)	$	23.6	$	23.9	$	74.3	$	52.1
Golf Equipment	49.6		45.8		250.7		228.8
Active Lifestyle	28.1		34.6		77.3		70.8
Total segment operating income	101.3		104.3		402.3		351.7
Reconciling items(2)	(33.1)		(28.3)		(110.8)		(92.3)
Total operating income	68.2		76.0		291.5		259.4
Gain on Topgolf investment(3)	—		—		—		252.5
Interest expense, net	(36.4)		(28.7)		(100.3)		(75.1)
Other income, net	7.0		2.9		26.9		9.5
Total income before income taxes	$	38.8	$	50.2	$	218.1	$	446.3

Additions to long-lived assets:
Topgolf(1)	$	113.9	$	85.4	$	336.4	$	225.5
Golf Equipment	1.9		9.0		10.7		24.8
Active Lifestyle	6.9		7.0		17.7		18.2
Total additions to long-lived assets	$	122.7	$	101.4	$	364.8	$	268.5


(1) On March 8, 2021, the Company completed the merger with Topgolf and has included the results of operations of Topgolf in its consolidated condensed statements of operations from that date forward.
(2) Reconciling items include corporate general and administrative expenses not utilized by management in determining segment profitability as well as the amortization and depreciation of acquired intangible assets and purchase accounting adjustments. The amount for 2022 also includes costs associated with the implementation of new ERP systems stemming from acquisitions, legal and credit agency fees related to a postponed debt refinancing, and impairment losses related to an underperforming premerger Topgolf concept location in addition to the suspension of business operations in Russia. The amount for 2021 also includes transaction, transition and other non-recurring costs associated with the merger with Topgolf and costs associated with the implementation of new IT systems for Jack Wolfskin.
(3) The gain on Topgolf investment is related to the fair value step-up on the Company’s investment in Topgolf (see Note 5).

The Company and Basis of Presentation (Details)	9 Months Ended
The Company and Basis of Presentation (Details)	Sep. 30, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Summary of Significant Accounting Policies (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Additional paid-in capital	$ 3,004.2		$ 3,004.2		$ 3,051.6
Long-term debt, net	1,065.9		1,065.9		1,025.3
Deferred taxes, net	(107.0)		(107.0)		(163.6)
Retained earnings	925.2		925.2		682.2
Interest expense	$ 1.6	$ 0.0	$ 4.8	$ 0.0
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Additional paid-in capital					57.1
Long-term debt, net					57.9
Deferred taxes, net					13.2
Retained earnings					$ 12.4
Common stock, shares, outstanding (in shares)					14.7

Leases - Sales-Type Leases, Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Sales-type lease, selling price	$ 6.1	$ 7.5	$ 24.6	$ 21.1
Cost of underlying assets	(3.2)	(3.0)	(11.9)	(8.6)
Operating profit	2.9	4.5	12.7	12.5
Interest income	1.1	1.4	2.9	3.0
Leasing revenue attributable to sales-type leases	$ 7.2	$ 8.9	$ 27.5	$ 24.1

Leases - Sales-Type Leases (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Leases [Abstract]
Leasing receivables, net—short-term	$ 14.9	$ 12.8
Leasing receivables, net—long-term	49.7	44.1
Total leasing receivables	$ 64.6	$ 56.9

Leases - Narrative (Details) $ in Millions	9 Months Ended
Leases - Narrative (Details) $ in Millions	Sep. 30, 2022 USD ($) lease	Dec. 31, 2021 USD ($)
Lessee, Lease, Description [Line Items]
ROU assets, net	$ 166.1	$ 129.5
Lessee, operating lease, lease not yet commenced, undiscounted amount	54.3
Lessee, operating lease, lease not yet commenced, construction costs	176.5
Construction advances	$ 71.1	22.9
Lessee, operating lease, lease not yet commenced, term of contract	20 years
Rent abatement	$ 966.8
Lessee, operating lease, number of leases not yet commenced \| lease	10
Deemed Landlord Finance Lease
Lessee, Lease, Description [Line Items]
Number of deemed landlord financing leases that did not meet sale-leaseback criteria \| lease	34
ROU assets, net	$ 679.5	$ 620.3
Lessee, finance lease, term of contract	40 years

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Operating Leases
Right-of-use (“ROU”) assets, net	$ 1,411.5	$ 1,384.5
Lease liabilities, short-term	72.7	72.3
Lease liabilities, long-term	1,428.9	1,385.4
Finance Leases
ROU assets, net	166.1	129.5
Lease liabilities, short-term	1.7	1.8
Lease liabilities, long-term	$ 174.0	$ 132.5
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Other assets	Other assets
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
Deemed Landlord Finance Lease
Finance Leases
ROU assets, net	$ 679.5	$ 620.3
Lease liabilities, short-term	1.0	0.9
Lease liabilities, long-term	$ 577.0	$ 460.6

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 42.3	$ 41.6	$ 128.1	$ 103.0
Financing lease costs:
Amortization of right-of-use assets	1.0	0.8	4.6	2.0
Interest on lease liabilities	2.3	0.2	6.5	0.2
Total financing lease costs	3.3	1.0	11.1	2.2
Variable lease costs	2.3	1.3	7.1	3.9
Total lease costs	47.9	43.9	146.3	109.1
Deemed Landlord Finance Lease
Financing lease costs:
Amortization of right-of-use assets	3.7	1.8	10.1	3.5
Interest on lease liabilities	11.7	6.5	32.5	13.7
Total financing lease costs	$ 15.4	$ 8.3	$ 42.6	$ 17.2

Leases - Other Information Related to Leases (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 119.8	$ 95.8
Operating cash flows from finance leases	5.4	0.4
Financing cash flows from finance leases	0.3	0.5
Lease liabilities arising from new ROU assets:
Operating leases	37.2	87.5
Finance leases	$ 40.7	11.0
Weighted average remaining lease term (years):
Operating leases	16 years 9 months 18 days		14 years 1 month 6 days
Finance leases	35 years 3 months 18 days		36 years 2 months 12 days
Weighted average discount rate:
Operating leases	5.50%		5.30%
Finance leases	5.50%		5.30%
Deemed Landlord Finance Lease
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 29.3	0.0
Financing cash flows from finance leases	0.0	14.0
Lease liabilities arising from new ROU assets:
Operating leases	$ 113.2	$ 133.2
Weighted average remaining lease term (years):
Finance leases	38 years 8 months 12 days		39 years
Weighted average discount rate:
Finance leases	8.80%		9.20%

Leases - Future Minimum Lease Obligations (Details) $ in Millions	Sep. 30, 2022 USD ($)
Operating Leases
Remainder of 2022	$ 37.2
2023	148.3
2024	147.7
2025	144.4
2026	141.7
Thereafter	1,821.8
Total future lease payments	2,441.1
Less: imputed interest	939.5
Total	1,501.6
Finance Leases
Remainder of 2022	2.2
2023	10.1
2024	10.1
2025	9.8
2026	9.8
Thereafter	404.8
Total future lease payments	446.8
Less: imputed interest	271.1
Total	175.7
Deemed Landlord Finance Lease
Finance Leases
Remainder of 2022	10.9
2023	45.2
2024	48.1
2025	48.4
2026	49.3
Thereafter	2,347.5
Total future lease payments	2,549.4
Less: imputed interest	1,971.4
Total	$ 578.0

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Total net revenues	$ 988.5	$ 856.5	$ 3,144.4	$ 2,421.7
United States
Disaggregation of Revenue [Line Items]
Total net revenues	684.8	552.9	2,194.7	1,583.9
Europe
Disaggregation of Revenue [Line Items]
Total net revenues	141.9	157.2	417.7	386.5
Asia
Disaggregation of Revenue [Line Items]
Total net revenues	138.7	125.2	432.6	364.5
Rest of world
Disaggregation of Revenue [Line Items]
Total net revenues	23.1	21.2	99.4	86.8
Topgolf
Disaggregation of Revenue [Line Items]
Total net revenues	413.8	333.8	1,139.5	751.8
Golf Equipment
Disaggregation of Revenue [Line Items]
Total net revenues	296.7	289.6	1,216.6	1,067.8
Active Lifestyle
Disaggregation of Revenue [Line Items]
Total net revenues	278.0	233.1	788.3	602.1
Venues
Disaggregation of Revenue [Line Items]
Total net revenues	399.5	317.6	1,089.4	710.8
Venues \| Topgolf
Disaggregation of Revenue [Line Items]
Total net revenues	399.5	317.6	1,089.4	710.8
Venues \| Topgolf \| Reclassification, Other
Disaggregation of Revenue [Line Items]
Total net revenues		4.0	8.7
Other business lines
Disaggregation of Revenue [Line Items]
Total net revenues	14.3	16.2	50.1	41.0
Other business lines \| Topgolf
Disaggregation of Revenue [Line Items]
Total net revenues	14.3	16.2	50.1	41.0
Golf club
Disaggregation of Revenue [Line Items]
Total net revenues	221.4	229.3	959.6	865.7
Golf club \| Golf Equipment
Disaggregation of Revenue [Line Items]
Total net revenues	221.4	229.3	959.6	865.7
Golf ball
Disaggregation of Revenue [Line Items]
Total net revenues	75.3	60.3	257.0	202.1
Golf ball \| Golf Equipment
Disaggregation of Revenue [Line Items]
Total net revenues	75.3	60.3	257.0	202.1
Apparel
Disaggregation of Revenue [Line Items]
Total net revenues	181.4	150.2	456.7	336.9
Apparel \| Active Lifestyle
Disaggregation of Revenue [Line Items]
Total net revenues	181.4	150.2	456.7	336.9
Gear, accessories & other
Disaggregation of Revenue [Line Items]
Total net revenues	96.6	82.9	331.6	265.2
Gear, accessories & other \| Active Lifestyle
Disaggregation of Revenue [Line Items]
Total net revenues	$ 96.6	$ 82.9	$ 331.6	$ 265.2

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Deferred Revenue Arrangement [Line Items]
Total net revenues	$ 988.5	$ 856.5	$ 3,144.4	$ 2,421.7
Territory and franchise fee recognition, period			40 years
Contract with customer, liability	3.0		$ 3.0		$ 3.4
Sales return reserve cost recovery asset	35.0		35.0		$ 25.9
Topgolf
Deferred Revenue Arrangement [Line Items]
Total net revenues	413.8	333.8	1,139.5	751.8
Products
Deferred Revenue Arrangement [Line Items]
Total net revenues	579.3	527.1	2,018.2	1,678.4
Products \| Topgolf
Deferred Revenue Arrangement [Line Items]
Total net revenues	$ 4.5	$ 4.4	$ 13.3	$ 8.6

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenue Recognition - Summary of Royalty Income by Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total net revenues	$ 988.5	$ 856.5	$ 3,144.4	$ 2,421.7
Topgolf
Segment Reporting Information [Line Items]
Total net revenues	413.8	333.8	1,139.5	751.8
Active Lifestyle
Segment Reporting Information [Line Items]
Total net revenues	278.0	233.1	788.3	602.1
Royalties
Segment Reporting Information [Line Items]
Total net revenues	15.2	17.0	53.4	50.1
Royalties \| Topgolf
Segment Reporting Information [Line Items]
Total net revenues	9.0	9.7	33.2	25.9
Royalties \| Active Lifestyle
Segment Reporting Information [Line Items]
Total net revenues	$ 6.2	$ 7.3	$ 20.2	$ 24.2

- Definition

+ References

+ Details

Revenue Recognition - Reconciliation of Activity Related to Short-term Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Contract With Customer, Liability [Roll Forward]
Beginning Balance	$ 91.8	$ 83.6	$ 93.9	$ 2.5
Deferral of revenue	167.9	108.2	438.4	292.5
Revenue recognized	(160.1)	(108.2)	(427.9)	(209.1)
Breakage	(4.7)	(0.1)	(13.4)	(2.5)
Foreign currency translation and other	(0.5)	0.9	3.4	1.0
Ending Balance	$ 94.4	$ 84.4	$ 94.4	$ 84.4

Revenue Recognition - Reconciliation of Short Term Sales Program Incentives (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Sales Incentives, Current [Roll Forward]
Beginning Balance	$ 35.2	$ 25.8	$ 23.3	$ 26.2
Additions	6.1	7.8	33.6	26.7
Credits issued	(6.6)	(6.4)	(19.8)	(24.7)
Foreign currency translation and other	(1.3)	(0.3)	(3.7)	(1.3)
Ending Balance	$ 33.4	$ 26.9	$ 33.4	$ 26.9

Revenue Recognition - Sales Return Reserve (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 77.6	$ 71.6	$ 47.4	$ 44.0
Provision	17.3	14.4	103.6	79.3
Sales returns	(23.5)	(14.6)	(79.6)	(51.9)
Ending Balance	$ 71.4	$ 71.4	$ 71.4	$ 71.4

Business Combinations - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions		3 Months Ended			9 Months Ended
	Mar. 08, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Oct. 27, 2020
Business Acquisition [Line Items]
Gain on Topgolf investment		$ 0	$ 0		$ 0	$ 252,500,000
Goodwill		1,981,400,000			1,981,400,000		$ 1,960,100,000
Business combination, acquisition related costs					0	(16,200,000)
Minimum \| Developed Technology and Customer Relationships
Business Acquisition [Line Items]
Useful life	1 year
Maximum \| Developed Technology and Customer Relationships
Business Acquisition [Line Items]
Useful life	10 years
Topgolf International, Inc
Business Acquisition [Line Items]
Business acquisition, equity interest issued or issuable, number of shares (in shares)	89.8
Business acquisition, number of common stock shares acquired (in shares)	12.3
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition percentage	100.00%
Business combination, equity value	$ 1,987,000,000
Business combination, step acquisition, equity value of acquiree	$ 1,748,000,000
Business combination, exchange ratio, share price (in dollars per share)	$ 19.40
Payments to acquire businesses, gross	$ 3,014,200,000
Business combination, step acquisition, equity interest in acquiree, fair value	$ 2,650,200,000
Business acquisition, share price (in dollars per share)	$ 29.52
Business combination, consideration converted, share-based compensation (in shares)	0.2
Business combination, consideration transferred, share-based compensation	$ 33,100,000
Business combination, consideration transferred, equity interest issued and issuable	1,600,000
Total purchase price and consideration transferred in the merger	3,048,900,000
Goodwill	1,918,400,000
Deferred tax liabilities	143,700,000
Business combination, acquisition related costs		$ 0	$ 0		$ 0	$ 16,200,000
Topgolf International, Inc \| Future Revenues And Growth
Business Acquisition [Line Items]
Goodwill	1,355,000,000
Topgolf International, Inc \| Synergies
Business Acquisition [Line Items]
Goodwill	$ 563,400,000
Topgolf International, Inc \| Measurement Input, Royalty Rate \| Royalty Savings Income Approach Method
Business Acquisition [Line Items]
Business combination, assumed indefinite lived intangible assets, measurement input	2.50%
Topgolf International, Inc \| Measurement Input, Discount Rate \| Royalty Savings Income Approach Method \| Minimum
Business Acquisition [Line Items]
Business combination, assumed indefinite lived intangible assets, measurement input	7.00%
Topgolf International, Inc \| Measurement Input, Discount Rate \| Royalty Savings Income Approach Method \| Maximum
Business Acquisition [Line Items]
Business combination, assumed indefinite lived intangible assets, measurement input	8.50%
Topgolf International, Inc \| Callaway Shareholders
Business Acquisition [Line Items]
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition percentage								51.30%
Topgolf International, Inc \| Former Topgolf Stakeholders
Business Acquisition [Line Items]
Business combination, step acquisition, equity interest in acquiree, including subsequent acquisition percentage								48.70%
Gain on Topgolf investment				$ 252,500,000
Topgolf International, Inc \| Topgolf International, Inc
Business Acquisition [Line Items]
Business combination, step acquisition, equity interest in acquiree, percentage								14.30%

Business Combinations - Summary of Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 08, 2021	Sep. 30, 2022	Dec. 31, 2021
Assets Acquired
Goodwill		$ 1,981.4	$ 1,960.1
Liabilities Assumed
Goodwill allocated to other business units		$ 1,981.4	$ 1,960.1
Topgolf International, Inc
Assets Acquired
Cash	$ 171.3
Accounts receivable	10.7
Inventories	13.9
Other current assets	52.1
Property and equipment	1,079.6
Operating lease right-of-use assets	1,328.0
Investments	28.8
Other assets	33.7
Intangibles—trade name	994.2
Intangibles—technology, customer relationships and liquor licenses	81.9
Goodwill	1,918.4
Total assets acquired	5,149.2
Liabilities Assumed
Accounts payable and accrued liabilities	95.8
Accrued employee costs	37.1
Construction advances	40.5
Deferred revenue	66.2
Other current liabilities	7.8
Long-term debt	535.1
Deemed landlord financing	303.0
Operating lease liabilities	1,402.3
Other long-term liabilities	32.2
Deferred tax liabilities	143.7
Net assets acquired	2,485.5
Goodwill allocated to other business units	1,918.4
Total purchase price and consideration transferred in the merger	3,048.9
Topgolf International, Inc \| Future Revenues And Growth
Assets Acquired
Goodwill	1,355.0
Liabilities Assumed
Goodwill allocated to other business units	1,355.0
Topgolf International, Inc \| Synergies
Assets Acquired
Goodwill	563.4
Liabilities Assumed
Goodwill allocated to other business units	$ 563.4

Business Combinations - Supplemental Pro-Forma Information (Details) - Topgolf International, Inc - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Business Acquisition [Line Items]
Net revenues	$ 856.5	$ 2,564.7
Net (loss) income	$ (16.0)	$ 101.2

Business Combinations Supplemental Information of Operating Results (Details) - Topgolf International, Inc - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Business Acquisition [Line Items]
Net revenues	$ 413.8	$ 333.8	$ 1,139.5	$ 751.8
Net (loss) income	$ (9.7)	$ 2.8	$ (10.9)	$ 0.4

Financing Arrangements - Schedule of Long-term Debt Obligations (Details) - USD ($) $ in Millions		9 Months Ended
	Mar. 08, 2021	Sep. 30, 2022	Dec. 31, 2021	May 31, 2020
Debt Instrument [Line Items]
Short-term debt		$ 99.6	$ 9.1
Long-term debt, gross		1,102.3	1,130.2
Less: Unamortized Debt Issuance Costs		22.8	85.8
Long-term debt		1,079.5	1,044.4
Short Term Unamortized Debt Issuance Costs
Debt Instrument [Line Items]
Less: Unamortized Debt Issuance Costs		0.8	0.9
Notes Payable, Other Payables
Debt Instrument [Line Items]
Long-term debt, gross		$ 23.5	31.1
Notes Payable, Other Payables \| Minimum
Debt Instrument [Line Items]
Interest Rate		0.0236%
Notes Payable, Other Payables \| Maximum
Debt Instrument [Line Items]
Interest Rate		0.0379%
Mortgages
Debt Instrument [Line Items]
Long-term debt, gross		$ 46.0	46.4
Mortgages \| Minimum
Debt Instrument [Line Items]
Interest Rate		0.0975%
Mortgages \| Maximum
Debt Instrument [Line Items]
Interest Rate		0.1131%
Tenant Improvements
Debt Instrument [Line Items]
Interest Rate		8.00%
Long-term debt, gross		$ 3.5	3.7
Asset-based credit facilities
Debt Instrument [Line Items]
Short-term debt		99.6	9.1
Prepaid expenses
Debt Instrument [Line Items]
Short-term debt		0.4	0.9
Other long-term assets
Debt Instrument [Line Items]
Short-term debt		0.4	0.0
Other current liabilities
Debt Instrument [Line Items]
Long-term debt		13.6	19.1
Long-term debt
Debt Instrument [Line Items]
Long-term debt		$ 1,065.9	1,025.3
Topgolf Term Loan \| Secured Debt
Debt Instrument [Line Items]
Interest Rate		9.33%
Long-term debt, gross		$ 337.8	340.4
Debt instrument, basis spread on variable rate	1.75%
Convertible Notes \| Senior Notes
Debt Instrument [Line Items]
Interest Rate		2.75%		2.75%
Long-term debt, gross		$ 258.3	258.8
Revolving Credit Facility \| Japan Term Loan \| Line of Credit
Debt Instrument [Line Items]
Interest Rate		0.85%
Long-term debt, gross		$ 0.0	13.0
Revolving Credit Facility \| Term Loan B \| Line of Credit
Debt Instrument [Line Items]
Interest Rate		7.62%
Long-term debt, gross		$ 433.2	436.8
Revolving Credit Facility \| Term Loan B \| Line of Credit \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		4.50%
Revolving Credit Facility \| Term Loan B \| Line of Credit \| Base Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		3.50%
Revolving Credit Facility \| Line of Credit \| U.S. Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate		3.71%
Short-term debt		$ 65.0	9.1
Revolving Credit Facility \| Line of Credit \| 2022 Japan ABL Facility
Debt Instrument [Line Items]
Interest Rate		0.85%
Short-term debt		$ 34.6	$ 0.0
Revolving Credit Facility \| Line of Credit \| 2022 Japan ABL Facility \| Tokyo Interbank Offered Rate (TIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		0.80%

Financing Arrangements - Revolving Credit Facilities and Available Liquidity (Details) $ in Millions	Sep. 30, 2022 USD ($)
Debt Disclosure [Abstract]
Total available liquidity	$ 659.4

Financing Arrangements - U.S. Asset-Based Revolving Credit Facility (Details) - USD ($)	9 Months Ended
	Sep. 30, 2022	May 31, 2019
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity		$ 400,000,000
Line of credit facility, average outstanding amount	$ 95,200,000
Line of credit facility, average remaining borrowing capacity	$ 252,100,000
Bank of America, N.A.
Debt Instrument [Line Items]
Line of credit facility, unused capacity, commitment fee percentage	0.25%
Bank of America, N.A. \| Line of Credit
Debt Instrument [Line Items]
Debt, weighted average interest rate	3.53%

Financing Arrangements - 2022 Japan ABL Facility (Details)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 JPY (¥)	May 31, 2019 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			$ 400,000,000
Japan Credit Facility \| The Bank of Tokyo-Mitsubishi UFJ
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 41,500,000	¥ 6,000,000,000
Long-term line of credit	34,600,000	5,000,000,000
Line of credit facility, remaining borrowing capacity	$ 6,900,000	¥ 1,000,000,000

- Definition

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Financing Arrangements - Japan Term Loan (Details) - Japan Term Loan	1 Months Ended	3 Months Ended			9 Months Ended
	Aug. 31, 2020 JPY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 JPY (¥)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2021 JPY (¥)	Sep. 30, 2022 JPY (¥)
Line of Credit Facility [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount								¥ 1,500,000,000
Long-term debt, current maturities \| $		$ 13,000,000			$ 13,000,000
Interest expense, debt		$ 0	$ 0	¥ 0	$ 0	$ 100,000	¥ 11,200,000
Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	¥ 2,000,000,000

Financing Arrangements - Term Loan B (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Jan. 31, 2019
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 1,102,300,000		$ 1,102,300,000		$ 1,130,200,000
Term Loan B \| Secured Debt
Line of Credit Facility [Line Items]
Debt issuance costs, gross						$ 9,600,000
Term Loan B \| Line of Credit
Line of Credit Facility [Line Items]
Interest expense, debt	8,400,000	$ 6,100,000	21,200,000	$ 18,000,000
Term Loan B \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt, gross	$ 433,200,000		$ 433,200,000		$ 436,800,000
Former Topgolf Stakeholders \| Term Loan B \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount						$ 480,000,000

Financing Arrangements - Topgolf Credit Facilities (Details) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 08, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	May 31, 2019
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity							$ 400,000,000
Long-term debt, gross		$ 1,102,300,000		$ 1,102,300,000		$ 1,130,200,000
Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 175,000,000
Topgolf Term Loan \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 350,000,000
Debt instrument, basis spread on variable rate	1.75%
Long-term debt, gross		337,800,000		337,800,000		$ 340,400,000
Interest expense, debt		8,000,000	$ 6,600,000	20,700,000	$ 15,000,000
Topgolf Term Loan \| Secured Debt \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.50%
Topgolf Term Loan \| Secured Debt \| London Interbank Offered Rate (LIBOR) Adjusted One-Month Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Topgolf Term Loan \| Secured Debt \| London Interbank Offered Rate (LIBOR) Adjusted Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.75%
Topgolf Credit Facility \| Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Long-term debt, gross		0		0
Interest expense, debt		$ 900,000	$ 1,300,000	$ 2,600,000	$ 4,800,000

Financing Arrangements - Convertible Notes (Details)		1 Months Ended	3 Months Ended		9 Months Ended
Financing Arrangements - Convertible Notes (Details)	May 04, 2020	Jul. 31, 2022 USD ($) shares	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares	Sep. 30, 2021 USD ($)	May 31, 2020 USD ($)
Debt Instrument [Line Items]
Debt conversion, amount					$ 500,000	$ 0
Convertible Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount							$ 258,800,000
Interest Rate			2.75%		2.75%		2.75%
Debt instrument, convertible, conversion ratio	0.0568	0.0568
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares			$ 17.62		$ 17.62
Interest expense, debt			$ 1,700,000	$ 1,800,000	$ 5,300,000	$ 5,400,000
Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Debt conversion, amount		$ 500,000
Debt conversion (in shares) \| shares		25,602

Financing Arrangements - Capped Call (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Jul. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	May 31, 2020
Debt Instrument [Line Items]
Debt conversion, amount		$ 0.5	$ 0.0
Convertible Notes
Debt Instrument [Line Items]
Debt instrument, capped call transaction cap price (in dollars per share)				$ 27.10
Convertible Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price (in dollars per share)		$ 17.62
Debt conversion, shares received (in shares)	3,499

Financing Arrangements - Equipment Notes (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021
Notes Payable, Other Payables
Debt Instrument [Line Items]
Interest expense, debt	$ 0.2	$ 0.6	$ 0.7

Financing Arrangements - Mortgage Loans (Details) - Mortgages - Secured Debt $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Mar. 08, 2021 loan
Debt Instrument [Line Items]
Number of mortgage loans assumed \| loan					3
Interest expense, debt \| $	$ 1.2	$ 1.2	$ 3.6	$ 2.8

Financing Arrangements - Aggregate Amount of Maturities for Debt (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Remainder of 2022	$ 4.8
2023	16.4
2024	15.3
2025	13.0
2026	1,006.4
Thereafter	46.4
Long-term debt, gross	1,102.3	$ 1,130.2
Less: Unamortized Debt Issuance Costs	22.8	85.8
Long-term debt	$ 1,079.5	$ 1,044.4

Earnings (Loss) Per Common Share - Summary of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended			9 Months Ended
	Mar. 08, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings (loss) per common share—basic
Net income (loss)		$ 38.5	$ (16.0)		$ 230.6	$ 348.2
Weighted-average common shares outstanding—basic (in shares)		184.8	186.0		184.9	163.1
Earnings (loss) per common share (in dollars per share)		$ 0.21	$ (0.09)		$ 1.25	$ 2.13
Earnings (loss) per common share—diluted
Net income (loss)		$ 38.5	$ (16.0)		$ 230.6	$ 348.2
Interest expense		1.6	0.0		4.8	0.0
Net income (loss) attributable to earnings per common share—diluted		$ 40.1	$ (16.0)		$ 235.4	$ 348.2
Weighted-average common shares outstanding—basic (in shares)		184.8	186.0		184.9	163.1
Convertible notes weighted-average shares outstanding (in shares)		14.7	0.0		14.7	6.1
Outstanding options, restricted stock units and performance share units (in shares)		2.3	0.0		1.4	2.0
Weighted-average common shares outstanding—diluted (in shares)		201.8	186.0		201.0	171.2
Earnings (loss) per common share—diluted (in dollars per share)		$ 0.20	$ (0.09)		$ 1.17	$ 2.03
Common Stock
Earnings (loss) per common share—diluted
Stock issued during period, shares, acquisitions (in shares)	89.8			89.8
Common Stock \| Options and Restricted Stock
Earnings (loss) per common share—diluted
Stock issued during period, shares, acquisitions (in shares)	0.2			0.2
Topgolf International, Inc
Earnings (loss) per common share—diluted
Weighted-average common shares outstanding—diluted (in shares)			90.0			67.9

Earnings (Loss) Per Common Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Options and Restricted Stock
Debt Instrument [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1.3	1.8	1.3	1.2

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 1,960.1
Additions	14.5
Foreign currency translation and other	6.8
Balance at end of period	1,981.4
Topgolf
Goodwill [Roll Forward]
Balance at beginning of period	1,340.7
Additions	14.3
Foreign currency translation and other	8.6
Balance at end of period	1,363.6
Golf Equipment
Goodwill [Roll Forward]
Balance at beginning of period	531.1
Additions	0.2
Foreign currency translation and other	(1.8)
Balance at end of period	529.5
Active Lifestyle
Goodwill [Roll Forward]
Balance at beginning of period	88.3
Additions	0.0
Foreign currency translation and other	0.0
Balance at end of period	$ 88.3

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impaired, accumulated impairment loss	$ 148.4		$ 148.4
Amortization of intangible assets	$ 4.3	$ 3.4	$ 11.3	$ 9.4

Goodwill and Intangibles - Intangible Assets by Major Asset Class (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Gross	$ 1,618.6	$ 1,612.1
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	(75.9)	(64.6)
Net Book Value	82.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	1,618.6	1,612.1
Accumulated Amortization	(75.9)	(64.6)
Translation Adjustment	(56.0)	(18.9)
Net Book Value	1,486.7	1,528.6
Trade name, trademark, trade dress and other
Indefinite-lived Intangible Assets [Line Items]
Gross	1,441.0	1,441.0
Translation Adjustment	(45.1)	(15.8)
Net Book Value	1,395.9	1,425.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	1,441.0	1,441.0
Liquor licenses
Indefinite-lived Intangible Assets [Line Items]
Gross	8.4	7.7
Translation Adjustment	0.0	0.0
Net Book Value	8.4	7.7
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	8.4	7.7
Patents
Finite-Lived Intangible Assets, Net [Abstract]
Gross	32.1	32.0
Accumulated Amortization	(31.8)	(31.7)
Translation Adjustment	0.0	0.0
Net Book Value	0.3	0.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (31.8)	$ (31.7)
Patents \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	2 years	2 years
Patents \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	16 years	16 years
Customer and distributor relationships and other
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 67.4	$ 61.7
Accumulated Amortization	(33.6)	(27.4)
Translation Adjustment	(6.4)	(2.3)
Net Book Value	27.4	32.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (33.6)	$ (27.4)
Customer and distributor relationships and other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	1 year	1 year
Customer and distributor relationships and other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years	10 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years	10 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 69.7	$ 69.7
Accumulated Amortization	(10.5)	(5.5)
Translation Adjustment	(4.5)	(0.8)
Net Book Value	54.7	63.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (10.5)	$ (5.5)

Goodwill and Intangible Assets - Amortization Expense Related to Intangible Assets (Details) $ in Millions	Sep. 30, 2022 USD ($)
Amortization expense related to intangible assets:
Remainder of 2022	$ 4.0
2023	13.6
2024	11.0
2025	11.0
2026	10.9
Thereafter	31.9
Net Book Value	$ 82.4

Investments (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
Investments (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Full Swing Golf Holdings, Inc.
Schedule of Equity Method Investments [Line Items]
Other Investments	$ 9.3
Five Iron Golf
Schedule of Equity Method Investments [Line Items]
Investments in golf related ventures	$ 30.0	$ 30.0
Topgolf International, Inc \| Full Swing Golf Holdings, Inc.
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	20.00%
Callaway Golf Co. \| Five Iron Golf
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	20.00%

Selected Financial Data (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Selected Financial Data (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Inventories:
Finished goods	$ 576.9		$ 576.9		$ 415.4
Work in process	1.9		1.9		1.3
Raw materials	137.3		137.3		111.7
Food and beverage	6.2		6.2		5.1
Inventories	722.3		722.3		533.5
Other Current Assets:
Credit card receivables	17.1		17.1		31.2
Sales return reserve cost recovery asset	35.0		35.0		25.9
VAT/Sales tax receivable	4.7		4.7		19.5
Other current assets	58.5		58.5		42.7
Other current assets	115.3		115.3		119.3
Property, plant and equipment, net:
Land	133.9		133.9		134.2
Buildings and leasehold improvements	1,057.9		1,057.9		858.6
Machinery and equipment	228.5		228.5		204.3
Furniture, computer hardware and equipment	258.6		258.6		211.2
Internal-use software	92.0		92.0		81.6
Production molds	8.6		8.6		8.0
Construction-in-process	328.9		328.9		286.7
Property, plant and equipment, gross	2,108.4		2,108.4		1,784.6
Less: Accumulated depreciation	431.9		431.9		333.2
Property, plant and equipment, net	1,676.5		1,676.5		1,451.4
Depreciation expense	44.1	$ 40.9	128.5	$ 98.4
Accounts payable and accrued expenses:
Accounts payable	155.4		155.4		138.7
Accrued expenses	191.7		191.7		226.8
Accrued inventory	178.9		178.9		125.7
Accounts payable and accrued expenses	$ 526.0		$ 526.0		$ 491.2
Minimum \| Buildings and leasehold improvements
Property, plant and equipment, net:
Property, plant and equipment, useful life			10 years
Minimum \| Machinery and equipment
Property, plant and equipment, net:
Property, plant and equipment, useful life			5 years
Minimum \| Furniture, computer hardware and equipment
Property, plant and equipment, net:
Property, plant and equipment, useful life			3 years
Minimum \| Internal-use software
Property, plant and equipment, net:
Property, plant and equipment, useful life			3 years
Minimum \| Production molds
Property, plant and equipment, net:
Property, plant and equipment, useful life			2 years
Maximum \| Buildings and leasehold improvements
Property, plant and equipment, net:
Property, plant and equipment, useful life			40 years
Maximum \| Machinery and equipment
Property, plant and equipment, net:
Property, plant and equipment, useful life			10 years
Maximum \| Furniture, computer hardware and equipment
Property, plant and equipment, net:
Property, plant and equipment, useful life			5 years
Maximum \| Internal-use software
Property, plant and equipment, net:
Property, plant and equipment, useful life			5 years
Maximum \| Production molds
Property, plant and equipment, net:
Property, plant and equipment, useful life			5 years

Income Taxes (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended			9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2021	Sep. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Contingency [Line Items]
Additional goodwill adjustment			$ 12.2
Decrease in valuation allowances accrued			2.8
Discrete income tax benefit			$ 15.0
Income tax provision (benefit)		$ 0.3		$ 66.2	$ (12.5)	$ 98.1
Effective tax rate expense (benefit)		0.80%		131.80%	(5.70%)	22.00%
Liability for income taxes associated with uncertain tax positions		$ 26.1			$ 26.1
Net amount of unrecognized tax benefit related to uncertain tax positions that would impact, if recognized, effective income tax rate		$ 10.5			$ 10.5
Topgolf International, Inc
Income Tax Contingency [Line Items]
Business combination, consideration transferred excluding equity interest issued and issuable	$ 3,014.2

Commitments & Contingencies (Details) $ in Millions	Sep. 30, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2022	$ 25.4
2023	42.5
2024	17.3
2025	8.9
2026	8.4
Thereafter	1.8
Unconditional purchase obligations	$ 104.3

Share-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		9 Months Ended
	Mar. 08, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost (reversal) of employee share-based compensation included in income, before income tax		$ 10.4	$ 11.4	$ 37.4	$ 27.1
Replacement Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options converted in connection with acquisition (in shares)	3.2
Restricted stock awards converted in connection with acquisition (in shares)	0.2
Cost (reversal) of employee share-based compensation included in income, before income tax		$ 0.7	$ 1.5	$ 2.2	$ 3.5
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock units granted (in shares)		0.0	0.0	0.7	1.1
Stock units, weighted average grant-date fair value (in dollars per share)		$ 22.80	$ 29.67	$ 22.82	$ 29.62
Compensation expense related to restricted stocks		$ 4.5	$ 3.8	$ 13.2	$ 9.8
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cost (reversal) of employee share-based compensation included in income, before income tax		$ 5.2	$ 6.1	$ 22.0	$ 13.8
Number of stock units granted (in shares)		0.0		0.5	1.4
Stock units, weighted average grant-date fair value (in dollars per share)		$ 23.28		$ 23.37	$ 29.42
Cliff vesting period				3 years
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance achievement metric, percentage				0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance achievement metric, percentage				200.00%
Performance Shares \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				50.00%
Award vesting period				3 years
Performance Shares \| Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage				50.00%
Award vesting period				4 years

Share-Based Compensation - Amounts Recognized for Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total cost of share-based compensation included in income, before income tax	$ 10.4	$ 11.4	$ 37.4	$ 27.1
Income tax benefit	(2.5)	(2.7)	(9.0)	(6.5)
Total cost of share-based compensation, after tax	7.9	8.7	28.4	20.6
Cost of products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total cost of share-based compensation included in income, before income tax	0.2	0.3	1.2	0.9
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total cost of share-based compensation included in income, before income tax	10.0	10.8	35.0	25.5
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total cost of share-based compensation included in income, before income tax	0.1	0.3	0.9	0.7
Other venue expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total cost of share-based compensation included in income, before income tax	$ 0.1	$ 0.0	$ 0.3	$ 0.0

Fair Value of Financial Instruments - Valuation of Foreign Currency Exchange Contracts by Pricing Levels (Details) - Fair Value, Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative fair value, net	$ 18.3	$ (8.6)
Foreign currency forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position	12.3	0.3
Derivative liability position	(1.1)	(0.2)
Interest rate swap contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position	7.1
Derivative liability position		(8.7)
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative fair value, net	18.3	(8.6)
Level 2 \| Foreign currency forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position	12.3	0.3
Derivative liability position	(1.1)	(0.2)
Level 2 \| Interest rate swap contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position	$ 7.1
Derivative liability position		$ (8.7)

Fair Value of Financial Instruments - Fair Value Relating to Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 1,079.5	$ 1,044.4
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes	258.3	258.8
Carrying Value \| Secured Debt \| Japan Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0.0	13.0
Carrying Value \| Secured Debt \| Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	433.2	436.8
Carrying Value \| Secured Debt \| Topgolf Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	337.8	340.4
Carrying Value \| Secured Debt \| Equipment Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	23.5	31.1
Carrying Value \| Mortgage Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	46.0	46.4
Carrying Value \| U.S. Asset-Based Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	65.0	9.1
Carrying Value \| 2022 Japan ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	34.6	0.0
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes	338.7	444.4
Fair Value \| Secured Debt \| Japan Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0.0	12.2
Fair Value \| Secured Debt \| Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	431.7	437.5
Fair Value \| Secured Debt \| Topgolf Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	336.1	346.1
Fair Value \| Secured Debt \| Equipment Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	19.7	30.2
Fair Value \| Mortgage Loans
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	54.1	52.3
Fair Value \| U.S. Asset-Based Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	65.0	9.1
Fair Value \| 2022 Japan ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	$ 34.6	$ 0.0

Fair Value of Financial Instruments - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Impairment loss	$ 4.8

Derivatives and Hedging - Summary of Fair Value of Derivative Instruments by Contract Type and Location of Asset and/or Liability on Consolidated Condensed Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	$ 19.4	$ 0.3
Derivative liability, fair value, gross liability including not subject to master netting arrangement	1.1	8.9
Not Designated as Hedging Instrument \| Foreign currency forward contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	10.6	0.2
Not Designated as Hedging Instrument \| Foreign currency forward contracts \| Accounts payable and accrued expenses
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability including not subject to master netting arrangement	1.1	0.2
Cash Flow Hedging \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	8.8	0.1
Derivative liability, fair value, gross liability including not subject to master netting arrangement	0.0	8.7
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency forward contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	1.7	0.1
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	3.4	0.0
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contracts \| Other assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	3.7	0.0
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contracts \| Accounts payable and accrued expenses
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability including not subject to master netting arrangement	0.0	4.1
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contracts \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability including not subject to master netting arrangement	$ 0.0	$ 4.6

Derivatives and Hedging - Forward Currency Forward Contracts (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Minimum length of time, foreign currency cash flow hedge			12 months
Maximum maturity for foreign currency cash flow hedge			15 months
Net gain (loss) in accumulated other comprehensive loss related to foreign currency forward contracts	$ 5.5		$ 18.0
Forward points amortized on derivatives	0.0		0.1
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Net gain (loss) in accumulated other comprehensive loss related to foreign currency forward contracts	5.5	$ 0.0	18.0	$ 4.3
Gains (losses) reclassified from AOCI into earnings	1.1	(0.6)	0.6	(3.0)
Foreign currency forward contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	9.0		9.0		$ 3.3
Foreign currency forward contracts \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Net gain (loss) in accumulated other comprehensive loss related to foreign currency forward contracts	0.7	0.1	4.4	2.2
Gains (losses) reclassified from AOCI into earnings	1.3	$ 0.6	2.8	$ 0.6
Interest rate cash flow hedge gain to be reclassified during next 12 months, net	$ 2.0		$ 2.0

Derivatives and Hedging - Interest Rate Hedge Contract (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Net gain (loss) in accumulated other comprehensive loss related to foreign currency forward contracts	$ 5.5		$ 18.0
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Net gain (loss) in accumulated other comprehensive loss related to foreign currency forward contracts	5.5	$ 0.0	18.0	$ 4.3
Gains (losses) reclassified from AOCI into earnings	$ 1.1	(0.6)	$ 0.6	(3.0)
Interest rate swap contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, fixed interest rate	2.54%		2.54%
Derivative, notional amount	$ 192.8		$ 192.8		$ 194.3
Interest rate swap contracts \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Net gain (loss) in accumulated other comprehensive loss related to foreign currency forward contracts	(4.8)	(0.1)	13.6	2.1
Gains (losses) reclassified from AOCI into earnings	(0.2)	$ (1.2)	(2.2)	$ (3.6)
Interest rate cash flow hedge gain to be reclassified during next 12 months, net	$ 3.4		$ 3.4

Derivatives and Hedging - Location of Gains in Consolidated Condensed Statements of Operations that were Recognized and Derivative Contract Type (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	$ 5.5		$ 18.0
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	5.5	$ 0.0	18.0	$ 4.3
Gains (losses) reclassified from AOCI into earnings	1.1	(0.6)	0.6	(3.0)
Foreign currency forward contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	0.7	0.1	4.4	2.2
Gains (losses) reclassified from AOCI into earnings	1.3	0.6	2.8	0.6
Interest rate swap contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	(4.8)	(0.1)	13.6	2.1
Gains (losses) reclassified from AOCI into earnings	(0.2)	(1.2)	(2.2)	(3.6)
Other (expense) income, net
Derivative Instruments, Gain (Loss) [Line Items]
Gain (loss) on foreign currency derivative instruments not designated as hedging instruments	$ 19.7	$ 2.8	$ 58.3	$ 11.8

Derivatives and Hedging - Foreign Currency Forward Contracts Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Derivative [Line Items]
Maximum maturity for foreign currency derivatives			12 months
Foreign currency losses	$ (12.9)	$ 1.2	$ (32.9)	$ 4.2
Foreign currency forward contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 169.3		$ 169.3		$ 67.8

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period			$ 3,682.9				$ 3,682.9
Change in derivative instruments	$ 5.5						18.0
Income tax (benefit) provision on derivative instruments	1.0			$ (1.3)			1.9	$ (2.9)
Foreign currency translation adjustments	(38.0)	$ (33.2)	(13.4)	(12.9)	$ 6.0	$ (16.3)	(84.6)
Balance at end of period	3,806.5						3,806.5
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(60.0)		(27.3)				(27.3)
Foreign currency translation adjustments	(38.0)	(33.2)	(13.4)	$ (12.9)	$ 6.0	$ (16.3)
Balance at end of period	(92.6)	(60.0)					(92.6)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	8.3		(5.6)				(5.6)
Change in derivative instruments	5.5						18.0
Income tax (benefit) provision on derivative instruments	1.0						1.9
Foreign currency translation adjustments	0.0						0.0
Balance at end of period	13.7	8.3					13.7
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(68.3)		$ (21.7)				(21.7)
Change in derivative instruments	0.0						0.0
Income tax (benefit) provision on derivative instruments	0.0						0.0
Foreign currency translation adjustments	(38.0)						(84.6)
Balance at end of period	(106.3)	$ (68.3)					(106.3)
Cost of Goods Sold
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	(1.3)						(2.8)
Cost of Goods Sold \| Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	(1.3)						(2.8)
Cost of Goods Sold \| Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	0.0						0.0
Interest Expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	0.2						2.2
Interest Expense \| Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	0.2						2.2
Interest Expense \| Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	$ 0.0						$ 0.0

Segment Information - Narrative (Details)	9 Months Ended
Segment Information - Narrative (Details)	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Segment Information - Information Utilized by Management to Evaluate its Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net sales	$ 988,500	$ 856,500	$ 3,144,400	$ 2,421,700
Income from operations	68,200	76,000	291,500	259,400
Gain on Topgolf investment	0	0	0	252,500
Interest expense, net	(36,400)	(28,700)	(100,300)	(75,100)
Other income, net	7,000	2,900	26,900	9,500
Total income before income taxes	38,800	50,200	218,100	446,300
Additions to long-lived assets	122,700	101,400	364,800	268,500
Operating segments
Segment Reporting Information [Line Items]
Income before income taxes	101,300	104,300	402,300	351,700
Reconciliation items
Segment Reporting Information [Line Items]
Income before income taxes	(33,100)	(28,300)	(110,800)	(92,300)
Topgolf
Segment Reporting Information [Line Items]
Net sales	413,800	333,800	1,139,500	751,800
Additions to long-lived assets	113,900	85,400	336,400	225,500
Topgolf \| Operating segments
Segment Reporting Information [Line Items]
Income before income taxes	23,600	23,900	74,300	52,100
Golf Equipment
Segment Reporting Information [Line Items]
Net sales	296,700	289,600	1,216,600	1,067,800
Additions to long-lived assets	1,900	9,000	10,700	24,800
Golf Equipment \| Operating segments
Segment Reporting Information [Line Items]
Income before income taxes	49,600	45,800	250,700	228,800
Active Lifestyle
Segment Reporting Information [Line Items]
Net sales	278,000	233,100	788,300	602,100
Additions to long-lived assets	6,900	7,000	17,700	18,200
Active Lifestyle \| Operating segments
Segment Reporting Information [Line Items]
Income before income taxes	$ 28,100	$ 34,600	$ 77,300	$ 70,800