0000837465-23-000006 | 10-K | XBRL Viewer | Topgolf Callaway Brands Corp

Print Document View Excel Document

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	Dec. 31, 2022	Dec. 31, 2021
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	$ 7.4	$ 0.3
Derivative liability, fair value, gross liability including not subject to master netting arrangement	5.4	8.9
Not Designated as Hedging Instrument \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	0.1	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	2.8	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	7.3	0.1
Derivative liability, fair value, gross liability including not subject to master netting arrangement	2.6	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	0.1	0.1
Cash Flow Hedging \| 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	2.6	0.0
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap agreements \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	4.4	0.0
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap agreements \| Other assets, net
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	2.8	0.0
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap agreements \| 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 agreements \| 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

Business Combinations

12 Months Ended

Dec. 31, 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 innovative media platform with a differentiated position in eSports. As a result of the merger, the Company expanded its business platforms 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 is being 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, during the year ended December 31, 2021 the Company recognized a gain of $252.5 million in its consolidated statements of operations 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 9. 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 years ended December 31, 2021 and 2020, the Company recognized transaction costs consisting primarily of advisor, legal, valuation and accounting fees of approximately $20.4 million and $8.5 million, respectively. During the year ended December 31, 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 years ended December 31, 2021 and 2020 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 $28.9 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 12). 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.


	Year Ended December 31,
	2021		2020
	(in millions)
Net revenues	$	3,276.4	$	2,305.7
Net income (loss)	$	72.3	$	(318.8)

Supplemental Information of Operating Results

The following table presents net revenues and net income attributable to Topgolf included in the Company’s consolidated statements of operations for the year ended December 31, 2021 (in millions):


	Twelve Months Ended December 31,
	2021
Net revenues	$	1,087.6
Net loss	$	(29.6)

Stock Plans and Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Stock Plans and Share-Based Compensation

Equity Compensation Plans and Replacement Awards

As of December 31, 2022, the Company had three shareholder approved stock plans under which shares were available for equity-based awards; the 2004 Incentive Plan, the 2013 Non-Employee Directors Stock Incentive Plan (the “2013 Directors Plan”) and the Callaway Golf Company 2022 Incentive Plan (the “2022 Incentive Plan”). The Company also had one non-shareholder approved stock plan, the 2021 Employment Inducement Plan (the “2021 Inducement Plan”), which was adopted in connection with the Company’s merger with Topgolf on March 8, 2021. The 2021 Inducement Plan has substantially the same terms as the Company’s 2004 Incentive Plan, with the exception that awards can only be made to new employees in connection with their commencement of employment and incentive stock options cannot be granted under the 2021 Inducement Plan. Upon the effective date of the 2022 Incentive Plan, the Company ceased granting awards under the 2004 Incentive Plan, the 2013 Directors Plan and the 2021 Inducement Plan and, except for shares subject to awards under those plans on the effective date of the 2022 Incentive Plan, any shares remaining for future issuance under such Plans were canceled.

The 2004 Incentive Plan permitted the granting of stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance share units and other equity-based awards to the Company’s officers, employees, consultants and certain other non-employees who provide services to the Company. All grants under the 2004 Incentive Plan were discretionary, although no participant may receive awards in any one year in excess of 2.0 million shares. No new awards may be granted under the 2004 Incentive Plan.

The 2013 Directors Plan permitted the granting of stock options, restricted stock awards and restricted stock units to eligible directors serving on the Company’s Board of Directors. Directors generally received a one-time grant upon their initial appointment to the Company’s Board of Directors and an annual grant thereafter upon being re-elected at each annual meeting of shareholders, not to exceed 50 thousand shares within any calendar year. No new awards may be granted under the 2013 Directors Plan.

The 2021 Inducement Plan was adopted in connection with the Company’s merger with Topgolf on March 8, 2021. The plan permitted the granting of stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance share units and other equity-based awards to the Company’s officers, employees, consultants and certain other non-employees who provide services to the Company. No new awards may be granted under the 2021 Inducement Plan.

The 2022 Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance share units and other equity-based awards to the Company’s officers, employees, consultants, eligible directors serving on the Company’s Board of Directors and certain other non-employees who provide services to the Company. All grants under the 2022 Incentive Plan are discretionary. Directors may receive a one-time grant upon their initial appointment to the Company’s Board of Directors and may receive an annual grant thereafter upon being re-elected at each annual meeting of shareholders. The maximum number of shares issuable over the term of the 2022 Incentive Plan is 16.0 million shares, plus any shares underlying awards made under the 2004 Incentive Plan to the extent such awards lapse, expire, terminate or are canceled.

In connection with the merger with Topgolf which was completed on March 8, 2021, the Company converted stock options previously held by former equity holders of Topgolf immediately prior to the merger 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 (collectively, the “replacement awards”). The Company also assumed two equity compensation plans and a stock option agreement between Topgolf and a third party (collectively, the “Topgolf Equity Compensation Plans and Option Agreement”) in connection with the merger. The total purchase consideration transferred in the merger by the Company included $33.1 million in consideration related to the replacement awards issued in connection with the merger, which represents the fair value of the vested portion of the replacement awards. No additional awards may be granted by the Company under the assumed Topgolf Equity Compensation Plans and Option Agreement.

The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans as of December 31, 2022 (in millions):


	Authorized	Available(1)	Outstanding(2)

2004 Incentive Plan	33.0	—	2.9
2013 Directors Plan	1.0	—	—
2021 Inducement Plan	1.3	—	0.5
2022 Incentive Plan	16.0	16.1	0.1
Topgolf Equity Compensation Plans and Option Agreement	3.4	—	1.9
Total	54.7	16.1	5.4

(1) Includes shares subject to a full award value under the 2022 Incentive Plan’s fungible share ratio.
(2) Excludes 0.1 million of issued restricted stock awards which are not outstanding.

Stock Options

There were no stock options granted in 2022 or 2020. In 2021 the Company granted 3.2 million stock options related to the replacement awards that were issued in connection with the Company’s merger with Topgolf on March 8, 2021, which had a weighted average grant-date fair value of $25.93 per share and a total acquisition date fair value of $5.3 million. As of December 31, 2022, 1.9 million of these stock options were outstanding, of which 1.7 million were fully vested. During the years ended December 31, 2022 and 2021, the Company recognized $1.4 million and $2.6 million in compensation expense related to its stock option grants, respectively. The Company did not recognize any compensation expense related to stock option grants during the year ended December 31, 2020.

The following table summarizes the Company’s stock option activities for the year ended December 31, 2022 (in millions, except per share amounts and contractual term):


Options	Number of Shares	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	2.0	$	26.60
Granted	—	$	—
Exercised	(0.1)	$	11.87
Forfeited	—	$	—
Expired	—	$	—
Outstanding at December 31, 2022	1.9	$	26.97	3.72	$	1.9
Vested and expected to vest in the future at December 31, 2022	1.9	$	26.96	3.72	$	1.9
Exercisable at December 31, 2022	1.7	$	26.30	3.44	$	1.9

The following table summarizes information related to outstanding stock options as of December 31, 2022 (in millions, except option price and remaining life amounts):

Weighted Average

Range of Option Prices

Options Outstanding

Remaining Life (Years)

Exercise Price

$6.52 to $35.14

1.9

3.72

$26.97

As of December 31, 2022, there was $0.5 million of unamortized compensation expense related to stock options granted to employees under the Company’s share-based payment plans.

The total intrinsic value for options exercised during the years ended December 31, 2022, 2021 and 2020 was $0.6 million, $26.3 million and $0.6 million, respectively. Cash received from the exercise of stock options for the years ended December 31, 2022, 2021 and 2020 was $0.7 million, $22.3 million and $0.2 million, respectively.

The fair value of the stock options granted in connection with the merger was based on the Black-Scholes option-pricing model. The model uses various assumptions including an expected term, stock price volatility, risk-free interest rate, and dividend yield. Assumptions related to the expected term and stock price volatility were based on historical exercise patterns and historical fluctuations in volatility relative to the Company’s stock price, respectively. Assumptions related to the risk-free interest rate and dividend yield were based on the yield-curve of a zero-coupon U.S. treasury bond on the date the grants were made with a maturity equal to the expected term of the grant, and an assumed dividend yield based on the Company’s expectation to not pay dividends for the foreseeable future, respectively. The table below summarizes the range and the weighted averages of the fair value assumptions used in the Black-Scholes valuation as of March 8, 2021.


Assumptions:	Range	Weighted Averages
Expected term (in years)	0.3 - 7.1	3.7
Volatility	43.0% - 85.4%	55.1%
Risk-free interest rate	0.1% -1.3%	0.6%
Dividend yield	—	—

Restricted Stock Units and Restricted Stock Awards

The following table represents activity for restricted stock units for the year ended December 31, 2022 (in millions, except fair value amounts):


Restricted Stock Units	Units	Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2022	1.6	$	25.79
Granted	0.6	$	22.81
Vested	(0.7)	$	23.97
Forfeited	(0.1)	$	23.40
Expired	—	—
Unvested at December 31, 2022	1.4	$	25.47

For the years ended December 31, 2022, 2021 and 2020, the weighted average grant-date fair value per share of restricted stock units granted was $22.81, $29.60 and $17.84, respectively. The total fair value of restricted stock units vested during the years ended December 31, 2022, 2021 and 2020 was $17.2 million, $6.5 million and $6.0 million, respectively.

During the years ended December 31, 2022, 2021 and 2020, the Company recognized $17.6 million, $14.0 million and $6.4 million of compensation expense related to restricted stock units, respectively.

The following table represents activity related to restricted stock awards granted as part of the replacement awards for the year ended December 31, 2022 (in millions, except fair value amounts):


Restricted Stock Awards	Units	Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2022	0.2	$	29.52
Granted	—	—
Vested	(0.1)	$	29.52
Forfeited	—	—
Expired	—	—
Unvested at December 31, 2022	0.1	$	29.52

There were no restricted stock awards granted during the years ended December 31, 2022 and 2020. The weighted average grant-date fair value of the restricted stock awards granted as part of the replacement awards was $28.74, with an acquisition date fair value of $4.8 million. During the years ended December 31, 2022 and 2021, the Company recognized $1.3 million and $2.4 million of compensation expense related to the restricted stock awards granted as part of the replacement awards, respectively. The Company did not recognize any compensation expense related to restricted stock awards during the year ended December 31, 2020. The total fair value of the restricted stock awards granted as part of the replacement awards that vested during the year ended December 31, 2022 was $2.1 million.

As of December 31, 2022, there was $20.9 million of total unamortized compensation expense related to unvested restricted stock units and restricted stock awards granted to employees under the Company’s share-based payment plans, which includes $0.6 million of unrecognized compensation expense related restricted awards granted as part of the replacement awards. The unamortized compensation expense related to restricted stock units and restricted stock awards is expected to be recognized over a weighted-average period of 1.5 years and 0.7 years, respectively.

Performance Based Awards

During the years ended December 31, 2022, 2021 and 2020, the Company granted 0.5 million shares, 1.4 million shares and 0.3 million shares, respectively of PRSU awards which had various underlying performance metrics, including APTI, EBITDA, and rTSR, at a weighted average grant-date fair value per share of $34.68, $30.35 and $19.66, respectively.

PRSUs 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 three years after the grant date and the remaining 50% will vest four years after the grant date.

The number of shares that may ultimately be issued upon vesting of PRSU awards is based on the achievement of the respective metrics for each award, which may range from 0% to 200%. As of December 31, 2022, all performance-based restricted stock units were within the probable range of achievement.

The following table represents the activity for performance based awards during the year ended December 31, 2022 (in millions, except fair value amounts):


Performance Share Units	Units	Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2022	2.0	$	27.00
Granted	0.5	$	34.68
Target Award Adjustment(1)	0.1	$	16.60
Vested	(0.4)	$	16.28
Forfeited	(0.1)	$	28.42
Unvested at December 31, 2022	2.1	$	30.24

(1) Represents incremental shares earned by participants at a performance achievement in excess of 100% for awards previously granted.

The total fair value of all performance based awards vested during the years ended December 31, 2022, 2021 and 2020 was $6.9 million, $8.2 million and $7.2 million, respectively.

During the years ended December 31, 2022, 2021 and 2020, the Company recognized $26.7 million, $19.7 million and $4.5 million of compensation expense related to performance based awards, respectively. At December 31, 2022, the combined unamortized compensation expense related to all performance-based awards was $35.3 million, which is expected to be recognized over a weighted-average period of 1.42 years.

Share-Based Compensation Expense

The table below summarizes amounts recognized for share-based compensation related to grants of RSUs, PRSUs and stock options in the Company’s consolidated statement of operations for the periods presented (in millions):


	Years Ended December 31,
	2022		2021		2020
Cost of products	$	1.6	$	1.2	$	0.8
Selling, general and administrative expenses	44.0		36.5		9.3
Research and development expenses	1.1		1.0		0.8
Other venue expenses	0.3		—		—
Total cost of share-based compensation included in income, before income tax	47.0		38.7		10.9
Income tax benefit	11.3		8.9		2.5
Total cost of employee share-based compensation, after tax	$	35.7	$	29.8	$	8.4

Revenue Recognition

12 Months Ended

Dec. 31, 2022

Revenue Recognition [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, 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 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 table presents the Company’s revenue disaggregated by major category and operating and reportable segment (in millions):


	Year Ended December 31,
	2022		2021		2020
Topgolf:
Venues(1)	$	1,477.1	$	1,029.0	$	—
Other Topgolf business lines(1)	71.9		58.6		—
Total Topgolf	$	1,549.0	$	1,087.6	$	—

Golf Equipment:
Golf club	$	1,097.1	$	994.5	$	787.1
Golf ball	309.5		234.7		195.6
Total Golf Equipment	$	1,406.6	$	1,229.2	$	982.7

Active Lifestyle:
Apparel	$	631.7	$	490.9	$	349.3
Gear, accessories & other	408.4		325.7		257.5
Total Active Lifestyle	$	1,040.1	$	816.6	$	606.8

Total Consolidated	$	3,995.7	$	3,133.4	$	1,589.5

(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 within other Topgolf business lines. In order to conform to the current year presentation, revenue associated with corporate advertising sponsorship contracts of $15.0 million recognized from the merger date through December 31, 2021 was reclassified from other Topgolf business lines to venues for comparative purposes.

Venue product sales at the Company’s Topgolf operating segment include the sale of golf clubs, golf balls, apparel, gear and accessories. During the years ended December 31, 2022 and 2021, venue product sales totaled $18.7 million and $12.9 million, respectively.

Product and Service Revenue

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 areas in which the Company operates (in millions):


	Year Ended December 31,
	2022		2021		2020
Revenue by Major Geographic Region(1):
United States	$	2,798.0	$	2,067.1	$	778.6
Europe	537.4		499.5		373.0
Asia	545.4		465.5		212.1
Rest of World	114.9		101.3		225.8
	$	3,995.7	$	3,133.4	$	1,589.5

(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 included in the Company’s Topgolf and Active Lifestyle operating segments and is primarily related to leasing agreements for Toptracer installations and Active Lifestyle licensing agreements, respectively. The following table summarizes royalty income by operating segment (in millions):


	Year Ended December 31,
	2022		2021		2020
Royalty Income:
Topgolf	$	50.3	$	37.3	$	—
Active Lifestyle	26.6		30.9		21.8
Total	$	76.9	$	68.2	$	21.8

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 12-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 Company’s short-term deferred revenue balances for the years ended December 31, 2022 and December 31, 2021 primarily consist of event deposits and gift card purchases at Topgolf, of which the majority are generally recognized over a 12-month period from the date of purchase. The following table provides a reconciliation of activity related to the Company’s short-term deferred revenue balance (in millions):


	Year Ended December 31,
	2022		2021		2020
Beginning Balance	$	93.9	$	2.5	$	2.2
Deferral of revenue	646.4		459.6		3.1
Revenue recognized	(630.2)		(360.2)		(2.6)
Breakage	(19.0)		(10.3)		(0.2)
Other/foreign currency translation	3.8		2.3		—
Ending Balance	$	94.9	$	93.9	$	2.5

As of December 31, 2022 and December 31, 2021, the Company’s long-term deferred revenue balance was $3.2 million and $3.4 million, respectively, which is included in other long-term liabilities on the Company’s consolidated balance sheet.

Variable Consideration

The Company recognizes revenue based on the amount of consideration it expects to receive from customers for its products and services. The consideration is based on the sales price of the products and services 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. These estimates are based on the amounts earned or expected to be claimed by customers.

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):


	Year Ended December 31,
	2022		2021		2020
Beginning Balance	$	23.3	$	26.2	$	20.3
Additions	35.7		32.5		39.9
Credits issued	(32.9)		(32.1)		(34.7)
Other/foreign currency translation	(5.3)		(3.3)		0.7
Ending Balance	$	20.8	$	23.3	$	26.2

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. 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 the golf season comes to an end. The following table provides a reconciliation of the activity related to the Company’s sales return reserve (in millions):


	Year Ended December 31,
	2022		2021		2020
Beginning Balance	$	47.4	$	44.0	$	29.0
Provision	128.4		91.0		106.2
Sales returns	(120.4)		(87.6)		(91.2)

Ending Balance	$	55.4	$	47.4	$	44.0

The cost recovery of inventory associated with the sales return liability is accounted for in other current assets on the Company’s consolidated balance sheet. As of December 31, 2022 and December 31, 2021, the Company’s balance for cost recovery was $25.5 million and $25.9 million, respectively.

- 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

Selected Financial Data (Details) - USD ($) $ in Millions	12 Months Ended
Selected Financial Data (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Inventories:
Finished goods	$ 770.1	$ 415.4
Work in process	1.2	1.3
Raw materials	181.5	111.7
Food and beverage	6.4	5.1
Inventories	959.2	533.5
Other Current Assets:
Credit card receivables	40.1	31.2
Sales return reserve cost recovery asset	25.5	25.9
VAT/Sales tax receivable	17.2	19.5
Other current assets	53.2	42.7
Other current assets	136.0	119.3
Property, plant and equipment, net:
Land	160.4	134.2
Buildings and leasehold improvements	1,196.7	858.6
Machinery and equipment	248.8	204.3
Furniture, computer hardware and equipment	299.1	211.2
Internal-use software	109.9	81.6
Production molds	9.1	8.0
Construction-in-process	271.6	286.7
Property, plant and equipment, gross	2,295.6	1,784.6
Less: Accumulated depreciation	486.0	333.2
Property, plant and equipment, net	1,809.6	1,451.4
Depreciation	177.6	142.8	$ 34.4
Accounts payable and accrued expenses:
Accounts payable	159.1	138.7
Accrued expenses	160.9	226.8
Accrued inventory	260.0	125.7
Accounts payable and accrued expenses	$ 580.0	$ 491.2
Minimum
Property, plant and equipment, net:
Property, plant and equipment, useful life	2 years
Maximum
Property, plant and equipment, net:
Property, plant and equipment, useful life	40 years
Buildings and leasehold improvements \| Minimum
Property, plant and equipment, net:
Property, plant and equipment, useful life	10 years
Buildings and leasehold improvements \| Maximum
Property, plant and equipment, net:
Property, plant and equipment, useful life	40 years
Machinery and equipment \| Minimum
Property, plant and equipment, net:
Property, plant and equipment, useful life	5 years
Machinery and equipment \| Maximum
Property, plant and equipment, net:
Property, plant and equipment, useful life	10 years
Furniture, computer hardware and equipment \| Minimum
Property, plant and equipment, net:
Property, plant and equipment, useful life	3 years
Furniture, computer hardware and equipment \| Maximum
Property, plant and equipment, net:
Property, plant and equipment, useful life	5 years
Internal-use software \| Minimum
Property, plant and equipment, net:
Property, plant and equipment, useful life	3 years
Internal-use software \| Maximum
Property, plant and equipment, net:
Property, plant and equipment, useful life	5 years
Production molds \| Minimum
Property, plant and equipment, net:
Property, plant and equipment, useful life	2 years
Production molds \| Maximum
Property, plant and equipment, net:
Property, plant and equipment, useful life	5 years

Fair Value of Financial Instruments - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment loss	$ 5,500,000	$ 0	$ 174,300,000
Tangible asset impairment loss	4,800,000
Goodwill, impaired, accumulated impairment loss	148,400,000		148,400,000
Impairment of intangible assets (excluding goodwill)	$ 0	$ 0
Tradename and trademarks
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment of intangible assets (excluding goodwill)			$ 25,900,000

Segment Information - Information Utilized by Management to Evaluate Operating Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Total net revenues	$ 3,995.7	$ 3,133.4	$ 1,589.5
Total operating income (loss)	256.8	204.7	(105.5)
Gain on Topgolf investment	0.0	252.5	0.0
Interest expense, net	(142.8)	(115.6)	(46.9)
Other income, net	27.9	9.0	24.9
Total income (loss) before income taxes	141.9	350.6	(127.5)
Identifiable assets	8,590.4	7,747.8
Additions to long-lived assets	526.6	338.5
Depreciation and amortization	192.8	155.8	39.5
Operating Segments
Segment Reporting Information [Line Items]
Income (loss) before income taxes	405.6	330.6	149.3
Total operating income (loss)	256.8	204.7	(105.5)
Reconciling items
Segment Reporting Information [Line Items]
Reconciling items	(148.8)	(125.9)	(254.8)
Identifiable assets	914.4	889.7
Topgolf
Segment Reporting Information [Line Items]
Total net revenues	1,549.0	1,087.6	0.0
Topgolf \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	1,549.0	1,087.6	0.0
Income (loss) before income taxes	76.8	58.2	0.0
Identifiable assets	5,302.0	4,910.0
Additions to long-lived assets	490.4	286.8
Depreciation and amortization	143.8	114.6
Golf Equipment
Segment Reporting Information [Line Items]
Total net revenues	1,406.6	1,229.2	982.7
Golf Equipment \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	1,406.6	1,229.2	982.7
Income (loss) before income taxes	251.4	203.9	148.6
Identifiable assets	1,340.0	1,107.6
Additions to long-lived assets	13.8	30.7
Depreciation and amortization	20.7	14.1
Active Lifestyle
Segment Reporting Information [Line Items]
Total net revenues	1,040.1	816.6	606.8
Active Lifestyle \| Operating Segments
Segment Reporting Information [Line Items]
Total net revenues	1,040.1	816.6	606.8
Income (loss) before income taxes	77.4	68.5	$ 0.7
Identifiable assets	1,034.0	840.5
Additions to long-lived assets	22.4	21.0
Depreciation and amortization	$ 28.3	$ 27.1

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets:
Operating loss carryforwards	$ 135.9	$ 149.9
Tax credit carryforwards	57.3	64.3
ASC Topic 842 lease liability	441.6	396.4
Deemed landlord financing	167.5	115.1
Other	(90.3)	(72.7)
Total deferred tax assets	892.6	798.4
Valuation allowance for deferred tax assets	(100.2)	(120.5)
Deferred tax assets, net of valuation allowance	792.4	677.9
Deferred tax liabilities:
Basis difference related to fixed assets	(146.6)	(105.5)
Basis difference related to intangible assets with an indefinite life	(332.4)	(331.2)
ASC Topic 842 ROU assets	(414.7)	(375.7)
Other	(0.1)	(7.9)
Total deferred tax liabilities	(893.8)	(820.3)
Net deferred tax assets (liabilities) are shown on the accompanying consolidated balance sheets as follows:
Non-current deferred tax assets	16.1	21.2
Non-current deferred tax liabilities	(117.5)	(163.6)
Net deferred tax (liabilities)/ assets	$ (101.4)	$ (142.4)

The Company and Basis of Presentation	12 Months Ended
The Company and Basis of Presentation	Dec. 31, 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. (the “Company,” or “Topgolf Callaway Brands”), a Delaware corporation, together with its wholly-owned subsidiaries, is a leading modern golf and active lifestyle company 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, TravisMathew, Jack Wolfskin, OGIO, Toptracer and World Golf Tour (“WGT”). 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 clubs and golf balls 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. Recent Developments 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.” During the second quarter of 2022, the Company changed the name of its “Apparel, Gear, and Other” operating segment to “Active Lifestyle.” These changes to the corporate name, ticker symbol and operating segment name did not have any impact on the Company’s legal entity structure, consolidated financial statements or previously reported statements of financial position, operations, comprehensive income (loss), cash flows and shareholders’ equity or segment operating results. Basis of Presentation The Company has prepared the accompanying consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America (“GAAP”). 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 impact on previously reported financial information. Fiscal Year End The Company’s annual financial results are reported on a calendar year basis. In order to align with the Company’s reporting period, as of April 4, 2022, the Company’s Topgolf subsidiary changed its fiscal year end from a 52/53-week fiscal year, which ended on the Sunday closest to December 31, to a calendar year ending on December 31. Therefore, Topgolf financial information included in the Company’s consolidated financial statements for the years ended December 31, 2022 and 2021 are for the period beginning January 3, 2022 and ending December 31, 2022, and the period beginning March 8, 2021 (the date on which the Company completed its merger with Topgolf) and ending January 2, 2022, respectively. For more information on the merger with Topgolf, see Note 6.

Revenue Recognition - Reconciliation of Activity Related to Short-term Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Contract With Customer, Liability [Roll Forward]
Beginning Balance	$ 93.9	$ 2.5	$ 2.2
Deferral of revenue	646.4	459.6	3.1
Revenue recognized	(630.2)	(360.2)	(2.6)
Breakage	(19.0)	(10.3)	(0.2)
Other/foreign currency translation	3.8	2.3	0.0
Ending Balance	$ 94.9	$ 93.9	$ 2.5

Income Taxes - Expense (Benefit) for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current tax provision:
Federal	$ 9.8	$ 2.9	$ 1.7
State	5.7	2.3	1.5
Foreign	6.4	14.6	5.3
Current tax provision (benefit)	21.9	19.8	8.5
Deferred tax expense (benefit):
Federal	(42.6)	11.0	8.6
State	7.9	7.2	5.2
Foreign	(3.2)	(9.4)	(22.9)
Deferred tax expense (benefit)	(37.9)	8.8	(9.1)
Income tax (benefit) provision	$ (16.0)	$ 28.6	$ (0.6)

Goodwill and Intangible Assets - Amortization Expense Related to Intangible Assets (Details) $ in Millions	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 14.0
2024	11.1
2025	11.1
2026	11.0
2027	10.7
Thereafter	24.2
Net Book Value	$ 82.1

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2022
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	New Accounting Standards Recent Accounting Standards In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. Adoption of New Accounting Standards In August 2020, the FASB issued 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 7) 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 year ended December 31, 2022, after-tax interest expense in the amount of $6.4 million was excluded from net income in the calculation of earnings per common share—diluted (see Note 8). 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. In July 2021, the FASB issued ASU No. 2021-05, “Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments” which requires lessors to classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: (1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in Topic 842; and (2) the lessor would have otherwise recognized a day-one loss. The amendments are effective for annual periods beginning after December 15, 2021 with early adoption permitted. The adoption of this ASU did not have any impact on the Company’s consolidated financial statements.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-URI https://asc.fasb.org/topic&trid=2122394

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(1)
-URI https://asc.fasb.org/extlink&oid=126986314&loc=SL124402458-218513

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (d)(2)
-URI https://asc.fasb.org/extlink&oid=126986314&loc=SL124402458-218513

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 5
-Subparagraph (SAB Topic 11.M.Q2)
-URI https://asc.fasb.org/extlink&oid=122038215&loc=d3e31137-122693

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL122150809-237846

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(2)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section S99
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=122038215&loc=SL108384541-122693

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=128293352&loc=SL126838806-209984

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(2)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (c)(2)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL126732908-238011

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (f)(3)
-URI https://asc.fasb.org/extlink&oid=128293352&loc=SL126838806-209984

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL126732908-238011

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(1)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (c)(3)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL126732908-238011

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 926
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (f)(3)
-URI https://asc.fasb.org/extlink&oid=120154821&loc=SL120154904-197079

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL125981372-237846

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

+ Details

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Operating Leases:
ROU assets, net	$ 1,419.1	$ 1,384.5
Lease liabilities, short-term	76.4	72.3
Lease liabilities, long-term	1,437.5	1,385.4
Finance Leases:
ROU assets, net	215.7	129.5
Lease liabilities, short-term	1.7	1.8
Lease liabilities, long-term	$ 225.9	$ 132.5
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other assets, net	Other assets, net
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	$ 813.2	$ 620.3
Lease liabilities, short-term	2.4	0.9
Lease liabilities, long-term	$ 658.0	$ 460.6

Segment Information - Summary of Revenue and Long Lived Assets by Geographical Areas (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Principal Transaction Revenue [Line Items]
Net revenues	$ 3,995.7	$ 3,133.4	$ 1,589.5
Long-Lived Assets	1,809.6	1,451.4	146.5
United States
Principal Transaction Revenue [Line Items]
Net revenues	2,798.0	2,067.1	778.6
Long-Lived Assets	1,729.0	1,383.6	116.5
Europe
Principal Transaction Revenue [Line Items]
Net revenues	537.4	499.5	373.0
Long-Lived Assets	58.8	48.9	17.1
Asia
Principal Transaction Revenue [Line Items]
Net revenues	545.4	465.5	212.1
Long-Lived Assets	18.8	7.2	6.0
Rest of World
Principal Transaction Revenue [Line Items]
Net revenues	114.9	101.3	225.8
Long-Lived Assets	$ 3.0	$ 11.7	$ 6.9

- 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

Employee Benefit Plan	12 Months Ended
Employee Benefit Plan	Dec. 31, 2022
Retirement Benefits [Abstract]
Employee Benefit Plan	Employee Benefit Plans The Company has two voluntary deferred compensation plans under Section 401(k) of the Internal Revenue Code (the “Callaway Golf 401(k) Plan” and the “Topgolf 401(k) Plan”) for employees who satisfy the age and service requirements under each respective plan. Callaway Golf 401(k) Plan Under the Callaway Golf 401(k) Plan, each participant may elect to contribute up to 75% of annual compensation, up to the maximum allowable limit permitted by the IRS. Under the plan, the Company contributes annually an amount equal to 50% of the participant’s contributions, up to 6% of the participant’s eligible annual compensation, for a maximum employer matching contribution of 3%. The portion of the participant’s account attributable to elective deferral contributions and rollover contributions made by the participant are 100% vested upon contribution and are not able to be forfeited. Employer contributions vest at a rate of 50% per year, and are fully vested after two years of service. Beginning April 13, 2020, in light of the business and financial uncertainties created by the COVID-19 pandemic, the Company suspended its portion of the employer matching contribution, except for employees who are unionized and are covered under a collective bargaining agreement. The matching contribution was reinstated on January 1, 2021. During the years ended December 31, 2022, 2021 and 2020, Company matching contributions under the plan were $4.1 million, $3.3 million and $1.1 million, respectively. Topgolf 401(k) Plan Under the Topgolf 401(k) Plan, employees of Topgolf may elect to contribute up to 80% of annual compensation, up to the maximum allowable limit permitted by the IRS. Under the plan, the Company contributes annually an amount equal to 50% of the participant’s contribution, up to 6% of the employees eligible compensation, for a maximum employer matching contribution of 3%. The portion of the participant’s account attributable to elective deferral contributions and rollover contributions made by the participant are 100% vested upon contribution and are not able to be forfeited. Employer contributions vest at a rate of 25% per year, and are fully vested after four years of service. In January 2022, the Company amended the Topgolf 401(k) Plan (as amended, the “2022 Topgolf 401(k) Plan”). Under the 2022 Topgolf 401(k) Plan, the Company contributes annually an amount equal to 100% of the participant’s first 3% of contributions, and an amount equal to 50% of the participant’s contributions between 3% and 5% of eligible compensation, for a maximum contribution of 4%. The portion of the participant’s account attributable to elective deferral contributions and rollover contributions made by the participant are 100% vested and are not able to be forfeited. Employer contributions under the plan are immediately 100% vested upon contribution and are not able to be forfeited. During the years ended December 31, 2022 and 2021, Company matching contributions under the plan were $7.2 million and $2.7 million, respectively.

The Company and Basis of Presentation (Details)	12 Months Ended
The Company and Basis of Presentation (Details)	Dec. 31, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Selected Financial Data

12 Months Ended

Dec. 31, 2022

Disclosure Selected Financial Statement Information [Abstract]

Selected Financial Data

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


		December 31, 2022		December 31, 2021






Inventories:
Finished goods		$	770.1	$	415.4
Work in process		1.2		1.3
Raw materials		181.5		111.7
Food and beverage		6.4		5.1
		$	959.2	$	533.5

		December 31, 2022		December 31, 2021
Other Current Assets:
Credit card receivables		$	40.1	$	31.2
Sales return reserve cost recovery asset		25.5		25.9
VAT/Sales tax receivable		17.2		19.5
Other current assets		53.2		42.7
		$	136.0	$	119.3

		December 31, 2022		December 31, 2021
Property, plant and equipment, net:	Estimated Useful Life
Land		$	160.4	$	134.2
Buildings and leasehold improvements	10 - 40 years	1,196.7		858.6
Machinery and equipment	5 - 10 years	248.8		204.3
Furniture, computer hardware and equipment	3 - 5 years	299.1		211.2
Internal-use software	3 - 5 years	109.9		81.6
Production molds	2 - 5 years	9.1		8.0
Construction-in-process		271.6		286.7
		2,295.6		1,784.6
Less: Accumulated depreciation		486.0		333.2
		$	1,809.6	$	1,451.4

The Company recorded depreciation expense of $177.6 million, $142.8 million, and $34.4 million for the years ended December 31, 2022, 2021, and 2020, respectively (in millions).


	December 31, 2022		December 31, 2021
Accounts payable and accrued expenses:
Accounts payable	$	159.1	$	138.7
Accrued expenses	160.9		226.8
Accrued inventory	260.0		125.7
	$	580.0	$	491.2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 157.9	$ 322.0	$ (126.9)
Other comprehensive income (loss):
Change in derivative instruments	13.0	10.0	(12.7)
Foreign currency translation adjustments	(44.7)	(29.2)	25.7
Comprehensive income (loss), before income tax on other comprehensive income (loss)	126.2	302.8	(113.9)
Income tax provision (benefit) on derivative instruments	2.5	1.6	(2.9)
Comprehensive income (loss)	$ 123.7	$ 301.2	$ (111.0)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: 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(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (a)(1)
-URI https://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-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 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=124431353&loc=SL124452729-227067

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 230
-SubTopic 10
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=126954810&loc=d3e3000-108585

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 19
-URI https://asc.fasb.org/extlink&oid=126929396&loc=SL4569616-111683

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 23: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1B
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126968391&loc=SL7669625-108580

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 29: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=109239629&loc=SL4573702-111684

Reference 31: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591551-111686

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4K
-URI https://asc.fasb.org/extlink&oid=120409616&loc=SL4591552-111686

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

+ Details

Financing Arrangements - Term Loan B (Details) - Term Loan B - Secured Debt	1 Months Ended	12 Months Ended
	Jan. 31, 2019 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Debt issuance costs, gross	$ 9,600,000
Long-term debt, maximum additional loan commitments, amount	$ 225,000,000
Line of credit facility, covenant terms, first lien net leverage ratio for unlimited commitment	2.25
Debt instrument, periodic payment, principal		$ 1,200,000
Debt instrument, basis spread on variable rate	1.00%
Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.50%
London Interbank Offered Rate (LIBOR) Adjusted One-Month Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Former Topgolf Stakeholders
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 480,000,000

Financing Arrangements - Japan Term Loan (Details) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2020 JPY (¥)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 JPY (¥)
Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, term		4 months
Japan Term Loan
Line of Credit Facility [Line Items]
Debt instrument, term	5 years
Debt instrument, face amount			¥ 1,500,000,000
Long-term debt, current maturities \| $		$ 13.0
Japan Term Loan \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	¥ 2,000,000,000

Stock Plans and Share-Based Compensation - Roll-Forward of Activity for Performance Share Units (Details) - Performance Shares - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Units
Unvested balance at beginning of period (in shares)	2,000
Granted (in shares)	500	1,400	300
Target Award Adjustment (in units)	100
Vested (in shares)	(400)
Forfeited (in shares)	(100)
Unvested balance at end of period (in shares)	2,100	2,000
Weighted- Average Grant-Date Fair Value
Unvested balance at beginning of period (in dollars per share)	$ 27.00
Granted (in dollars per share)	34.68	$ 30.35	$ 19.66
Target Award Adjustment (in dollars per unit)	16.60
Vested (in dollars per share)	16.28
Forfeited (in dollars per share)	28.42
Unvested balance at end of period (in dollars per share)	$ 30.24	$ 27.00
Shares awarded as a percentage of granted	100.00%

Commitments & Contingencies

12 Months Ended

Dec. 31, 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 Company’s consolidated results of operations, cash flows or financial position. 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 due to the variable nature of these obligations.

As of December 31, 2022, the minimum obligation that the Company is required to pay under these agreements over the next five years as follows (in millions):


2023	$	47.2
2024	17.5
2025	9.0
2026	8.4
2027	1.8

	$	83.9

The Company’s minimum capital commitment related to lease agreements for Topgolf venues under construction, net of amount reimbursed by third-party real estate financing partners, of $48.0 million is not reflected in this total. These commitments are generally outstanding for periods less than a year. See Note 4 for further information.

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. These include (i) intellectual property indemnities to the Company’s customers and licensees in connection with the use, sale and/or license of Company product or trademarks, (ii) indemnities to various lessors in connection with facility leases for certain claims arising from such facilities or leases, (iii) indemnities to vendors and service providers pertaining to the goods and services provided to the Company or based on the negligence or willful misconduct of the Company and (iv) indemnities involving the accuracy of representations and warranties in certain contracts. In addition, the Company has consulting agreements that provide for payment of nominal fees upon the issuance of patents and/or the commercialization of research results. The Company has also issued guarantees in the form of standby letters of credit of $11.6 million as of December 31, 2022.

The duration of these indemnities, commitments and guarantees varies, and in certain cases, may be indefinite. 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 year ended and as of December 31, 2022 was not material to the Company’s financial position, results of operations or cash flows.

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Information Utilized by Management to Evaluate its Operating Segments

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


	Years Ended December 31,
	2022		2021		2020
Net revenues:
Topgolf(1)	$	1,549.0	$	1,087.6	$	—
Golf Equipment	1,406.6		1,229.2		982.7
Active Lifestyle	1,040.1		816.6		606.8
Total net revenues	$	3,995.7	$	3,133.4	$	1,589.5

Income (loss) before income taxes:
Topgolf(1)	$	76.8	$	58.2	$	—
Golf Equipment	251.4		203.9		148.6
Active Lifestyle	77.4		68.5		0.7
Total segment operating income	405.6		330.6		149.3
Reconciling Items(2)	(148.8)		(125.9)		(254.8)
Total operating income (loss)	256.8		204.7		(105.5)
Gain on Topgolf investment(3)	—		252.5		—
Interest expense, net	(142.8)		(115.6)		(46.9)
Other income, net	27.9		9.0		24.9

Total income (loss) before income taxes	$	141.9	$	350.6	$	(127.5)


	December 31,
	2022		2021
Identifiable assets:
Topgolf(1)	$	5,302.0	$	4,910.0
Golf Equipment	1,340.0		1,107.6
Active Lifestyle	1,034.0		840.5
Reconciling items(2)	914.4		889.7
Total identifiable assets	$	8,590.4	$	7,747.8

Additions to long-lived assets:
Topgolf(1)	$	490.4	$	286.8
Golf Equipment	13.8		30.7
Active Lifestyle	22.4		21.0
Total additions to long-lived assets	$	526.6	$	338.5







Depreciation and amortization:
Topgolf(1)	$	143.8	$	114.6
Golf Equipment	20.7		14.1
Active Lifestyle	28.3		27.1
Total depreciation and amortization	$	192.8	$	155.8

(1) On March 8, 2021, the Company completed the merger with Topgolf and has included the results of operations, identifiable assets, additions to long-lived assets, and depreciation and amortization of Topgolf in its consolidated statements of operations and statements of financial position 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 one-time implementation of new ERP systems installed at acquired companies, 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 6).

Summary of Revenue and Long Lived Assets by Geographical Areas

Long-lived assets are based on location of domicile.


	2022		2021		2020
	(in millions)
Net Revenues:
United States	$	2,798.0	$	2,067.1	$	778.6
Europe	537.4		499.5		373.0
Asia	545.4		465.5		212.1
Rest of World	114.9		101.3		225.8
Total Net Revenues	$	3,995.7	$	3,133.4	$	1,589.5

Long-Lived Assets(1)
United States	$	1,729.0	$	1,383.6	$	116.5
Europe	58.8		48.9		17.1
Asia	18.8		7.2		6.0
Rest of World	3.0		11.7		6.9
Total Long-Lived Assets	$	1,809.6	$	1,451.4	$	146.5

(1) In 2021, the Company re-evaluated its definition of long-lived assets to include property, plant and equipment. As a result, the information presented for 2020 was recast to conform with the current year presentation.

Business Combinations - Summary of Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 08, 2021	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets Acquired
Goodwill		$ 1,983.7		$ 1,960.1	$ 56.6
Liabilities Assumed
Goodwill allocated to other business units		$ 1,983.7		$ 1,960.1	$ 56.6
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

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Sales-Type Lease, Revenue

Leasing revenue attributed to sales-type leases consists of the selling price and interest income as follows (in millions):


	December 31, 2022		December 31, 2021
Sales-type lease selling price(1)	$	36.3	$	29.8
Cost of underlying assets	(17.6)		(11.9)
Operating profit	$	18.7	$	17.9

Interest income	$	4.5	$	4.3

Leasing revenue attributable to sales-type leases	$	40.8	$	34.1

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

Sales-Type Lease, Lease Receivable, Maturity

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


	Balance Sheet Location	December 31, 2022		December 31, 2021
Leasing receivables, net—short-term	Other current assets	$	17.5	$	12.8
Leasing receivables, net—long-term	Other assets	57.5		44.1
Total leasing receivables		$	75.0	$	56.9

As of December 31, 2022, maturities of sales-type lease receivables for the next five years and thereafter were as follows (in millions):


	Sales-type Leases
2023	$	24.0
2024	23.3
2025	18.5
2026	11.8
2027	5.7
Thereafter	3.6
Total future lease payments	86.9
Less: imputed interest	11.9
Total	$	75.0

Supplemental Balance Sheet Information Related to Leases


		December 31,
	Balance Sheet Location	2022		2021
Operating Leases:
ROU assets, net	Operating lease ROU assets, net	$	1,419.1	$	1,384.5
Lease liabilities, short-term	Operating lease liabilities, short-term	$	76.4	$	72.3
Lease liabilities, long-term	Operating lease liabilities, long-term	$	1,437.5	$	1,385.4

Finance Leases:
ROU assets, net	Other assets	$	215.7	$	129.5
Lease liabilities, short-term	Accounts payable and accrued expenses	$	1.7	$	1.8
Lease liabilities, long-term	Other long-term liabilities	$	225.9	$	132.5

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


	Balance Sheet Location	December 31, 2022		December 31, 2021
DLF obligation liabilities, short-term	Accounts payable and accrued expenses	$	2.4	$	0.9
DLF obligation liabilities, long-term	Deemed landlord financing obligations, long-term	$	658.0	$	460.6

Components of Lease Expense and Other Information Related to Leases

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


	Year Ended December 31,
	2022		2021		2020
Operating lease costs	$	172.7	$	146.3	$	42.5
Financing lease costs:
Amortization of right-of-use assets	6.4		3.2		0.9
Interest on lease liabilities	9.3		4.5		—
Total financing lease costs	15.7		7.7		0.9
Variable lease costs	10.2		6.5		2.5
Total lease costs	$	198.6	$	160.5	$	45.9

Other information related to leases was as follows:


	December 31,
Supplemental Cash Flows Information (in millions)	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	157.0	$	123.6	$	39.8
Operating cash flows from finance leases	$	5.2	$	2.8	$	—
Financing cash flows from finance leases	$	2.7	$	0.8	$	0.8

Lease liabilities arising from new ROU assets:
Operating leases	$	51.9	$	19.6	$	65.5
Finance leases	$	92.0	$	52.7	$	0.1


	December 31, 2022		December 31, 2021
Weighted average remaining lease term (years):
Operating leases	16.6		14.1
Finance leases	36.5		36.2

Weighted average discount rate:
Operating leases	5.6	%	5.3	%
Finance leases	6.1	%	5.3	%


	Income Statement Location	December 31, 2022		December 31, 2021
Amortization of DLF obligations	Amortization expense	$	14.5	$	5.7
Interest on DLF obligations	Interest expense, net	46.7		28.0
Total DLF contracts expenses		$	61.2	$	33.7

Other information related to DLF leases was as follows:


Supplemental Cash Flows Information (in millions)	December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from DLF obligations	$	36.9	$	17.7
Financing cash flows from DLF obligations	$	4.8	$	—

Lease liabilities arising from new ROU assets:
Operating DLF obligations	$	193.8	$	171.4


	December 31, 2022		December 31, 2021
Weighted average remaining lease term (years)	38.5		39.0
Weighted average discount rate	8.8	%	9.2	%

Future Minimum Lease Obligations

Future minimum lease obligations as of December 31, 2022 were as follows (in millions):


	Operating Leases		Finance Leases
2023	$	152.5	$	11.2
2024	151.7		13.8
2025	148.3		15.1
2026	145.3		15.2
2027	143.6		15.5
Thereafter	1,719.0		564.8
Total future lease payments	2,460.4		635.6
Less: imputed interest	946.5		408.0
Total	$	1,513.9	$	227.6

Future Minimum Lease Obligations

Future minimum lease obligations as of December 31, 2022 were as follows (in millions):


	Operating Leases		Finance Leases
2023	$	152.5	$	11.2
2024	151.7		13.8
2025	148.3		15.1
2026	145.3		15.2
2027	143.6		15.5
Thereafter	1,719.0		564.8
Total future lease payments	2,460.4		635.6
Less: imputed interest	946.5		408.0
Total	$	1,513.9	$	227.6

Future minimum financing obligations related to DLF obligations as of December 31, 2022 were as follows (in millions):


2023	$	52.2
2024	54.8
2025	55.1
2026	56.1
2027	57.4
Thereafter	2,622.7
Total future payments	2,898.3
Less: imputed interest	2,237.9
Total	$	660.4

Employee Benefit Plan (Details) $ in Millions	12 Months Ended
Employee Benefit Plan (Details) $ in Millions	Dec. 31, 2022 USD ($) plan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Number of plans \| plan	2
Callaway Golf 401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Maximum employee contribution to defined contribution benefit plans	75.00%
Employer matching contribution, percentage	50.00%
Employer matching contribution, percentage of employees' gross pay	6.00%
Defined contribution plan, maximum matching contributions per employee, percent	3.00%
Defined contribution plan employee vesting percentage	100.00%
Defined contribution plan employer vesting percentage	50.00%
Number of years of service required to vest in full (in years)	2 years
Employer contribution towards compensation plan	$ 4.1	$ 3.3	$ 1.1
Topgolf 401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Maximum employee contribution to defined contribution benefit plans	80.00%
Defined contribution plan employee vesting percentage	100.00%
Defined contribution plan employer vesting percentage	25.00%
Number of years of service required to vest in full (in years)	4 years
Employer contribution towards compensation plan	$ 7.2	$ 2.7
Topgolf 401(k) Plan \| Defined Contribution Plan, Tranche One
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, maximum matching contributions per employee, percent	3.00%
Topgolf 401(k) Plan \| Defined Contribution Plan, Tranche Two
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percentage	50.00%
Topgolf 401(k) Plan \| Defined Contribution Plan, Tranche Two \| Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percentage of employees' gross pay	6.00%
2022 Topgolf 401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, maximum matching contributions per employee, percent	4.00%
Defined contribution plan employee vesting percentage	100.00%
Immediate employee vesting percentage	100.00%
2022 Topgolf 401(k) Plan \| Defined Contribution Plan, Tranche One
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percentage	100.00%
Employer matching contribution, percentage of employees' gross pay	3.00%
2022 Topgolf 401(k) Plan \| Defined Contribution Plan, Tranche Two
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percentage	50.00%
2022 Topgolf 401(k) Plan \| Defined Contribution Plan, Tranche Two \| Minimum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percentage of employees' gross pay	3.00%
2022 Topgolf 401(k) Plan \| Defined Contribution Plan, Tranche Two \| Maximum
Defined Contribution Plan Disclosure [Line Items]
Employer matching contribution, percentage of employees' gross pay	5.00%

Derivatives and Hedging - Forward Currency Forward Contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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	$ 16.2	$ 6.9	$ 3.0
Forward points amortized on derivatives	0.4
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Net gain (loss) in accumulated other comprehensive loss related to foreign currency forward contracts	16.2	6.8	3.0
Settlement of cross-currency swap contract	3.2	(3.1)	15.7
Foreign currency forward contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative instrument, notional amount	100.0	3.3
Foreign currency forward contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Interest rate cash flow hedge loss to be reclassified during next 12 months, net	2.4
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	2.0	2.4	0.8
Settlement of cross-currency swap contract	$ 4.8	$ 1.7	$ 1.1

Earnings (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 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 share (in millions, except per share data):


	Year Ended December 31,
	2022		2021		2020
Earnings (loss) per common share—basic
Net income (loss)	$	157.9	$	322.0	$	(126.9)
Weighted-average common shares outstanding—basic(1)	184.9		169.1		94.2
Earnings (loss) per common share—basic	$	0.85	$	1.90	$	(1.35)
Earnings (loss) per common share—diluted
Net income (loss)	$	157.9	$	322.0	$	(126.9)
Interest expense(2)	6.4		—		—
Net income (loss) attributable to earnings per common share—diluted	$	164.3	$	322.0	$	(126.9)

Weighted-average common shares outstanding—basic(1)	184.9		169.1		94.2
Convertible Notes weighted-average shares outstanding(2)	14.7		5.9		—
Outstanding options, restricted stock units and performance share units	1.7		1.9		—
Weighted-average common shares outstanding—diluted	201.3		176.9		94.2
Earnings (loss) per common share—diluted	$	0.82	$	1.82	$	(1.35)

(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 6), of which 73.7 million weighted-average shares were included in the basic and diluted share calculations for the year ended December 31, 2021, based on the number of days the shares were outstanding during the period.
(2) As of January 1, 2022, in connection with the adoption of ASU 2020-06 (see Note 3), 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 - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill, impaired, accumulated impairment loss	$ 148,400,000		$ 148,400,000
Goodwill, impairment loss	0	$ 0
Impairment of intangible assets (excluding goodwill)	0	0
Aggregate amortization expense on intangible assets	$ 15,200,000	$ 13,000,000	5,100,000
Tradename and trademarks
Goodwill [Line Items]
Impairment of intangible assets (excluding goodwill)			$ 25,900,000

Stock Plans and Share-Based Compensation - Share-Based Compensation Related to Employees and Directors (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total cost of share-based compensation included in income, before income tax	$ 47.0	$ 38.7	$ 10.9
Income tax benefit	11.3	8.9	2.5
Total cost of employee share-based compensation, after tax	35.7	29.8	8.4
Cost of products
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total cost of share-based compensation included in income, before income tax	1.6	1.2	0.8
Selling, general and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total cost of share-based compensation included in income, before income tax	44.0	36.5	9.3
Research and development expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total cost of share-based compensation included in income, before income tax	1.1	1.0	0.8
Other venue expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total cost of share-based compensation included in income, before income tax	$ 0.3	$ 0.0	$ 0.0

Selected Financial Data (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Selected Financial Statement Information [Abstract]

Selected Financial Statement Information

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


		December 31, 2022		December 31, 2021






Inventories:
Finished goods		$	770.1	$	415.4
Work in process		1.2		1.3
Raw materials		181.5		111.7
Food and beverage		6.4		5.1
		$	959.2	$	533.5

		December 31, 2022		December 31, 2021
Other Current Assets:
Credit card receivables		$	40.1	$	31.2
Sales return reserve cost recovery asset		25.5		25.9
VAT/Sales tax receivable		17.2		19.5
Other current assets		53.2		42.7
		$	136.0	$	119.3

		December 31, 2022		December 31, 2021
Property, plant and equipment, net:	Estimated Useful Life
Land		$	160.4	$	134.2
Buildings and leasehold improvements	10 - 40 years	1,196.7		858.6
Machinery and equipment	5 - 10 years	248.8		204.3
Furniture, computer hardware and equipment	3 - 5 years	299.1		211.2
Internal-use software	3 - 5 years	109.9		81.6
Production molds	2 - 5 years	9.1		8.0
Construction-in-process		271.6		286.7
		2,295.6		1,784.6
Less: Accumulated depreciation		486.0		333.2
		$	1,809.6	$	1,451.4


	December 31, 2022		December 31, 2021
Accounts payable and accrued expenses:
Accounts payable	$	159.1	$	138.7
Accrued expenses	160.9		226.8
Accrued inventory	260.0		125.7
	$	580.0	$	491.2

Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

Basic earnings (loss) 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 15), as well as common shares underlying the Convertible Notes (see Note 7). Dilutive securities related to 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. 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 (see Note 3). 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 share (in millions, except per share data):


	Year Ended December 31,
	2022		2021		2020
Earnings (loss) per common share—basic
Net income (loss)	$	157.9	$	322.0	$	(126.9)
Weighted-average common shares outstanding—basic(1)	184.9		169.1		94.2
Earnings (loss) per common share—basic	$	0.85	$	1.90	$	(1.35)
Earnings (loss) per common share—diluted
Net income (loss)	$	157.9	$	322.0	$	(126.9)
Interest expense(2)	6.4		—		—
Net income (loss) attributable to earnings per common share—diluted	$	164.3	$	322.0	$	(126.9)

Weighted-average common shares outstanding—basic(1)	184.9		169.1		94.2
Convertible Notes weighted-average shares outstanding(2)	14.7		5.9		—
Outstanding options, restricted stock units and performance share units	1.7		1.9		—
Weighted-average common shares outstanding—diluted	201.3		176.9		94.2
Earnings (loss) per common share—diluted	$	0.82	$	1.82	$	(1.35)

(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 6), of which 73.7 million weighted-average shares were included in the basic and diluted share calculations for the year ended December 31, 2021, based on the number of days the shares were outstanding during the period.
(2) As of January 1, 2022, in connection with the adoption of ASU 2020-06 (see Note 3), 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.

Options, Restricted Stock Units and Performance Share Units

For the year ended December 31, 2022, approximately 1.3 million securities outstanding, comprised of stock options and restricted stock units, were excluded from the calculation of dilutive earnings per common share, as they would be anti-dilutive.

For the years ended December 31, 2021 and 2020, approximately 1.3 million and 2.1 million securities outstanding, respectively, comprised of stock options, restricted stock units, performance share units and common shares underlying the Convertible Notes were excluded from the calculation of diluted earnings (loss) per common share, as they would be anti-dilutive.

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2020 $ / shares
Statement of Stockholders' Equity [Abstract]
Cash dividends (in dollars per share)	$ 0.02

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of period	$ 26.6	$ 28.3	$ 26.0
Additions based on tax positions related to the current year	1.7	1.7	3.1
Additions for tax positions of prior years	1.2	0.5	0.5
Reductions for tax positions of prior years	(1.5)	(0.9)	(0.2)
Settlement of tax audits	0.0	(2.7)	0.0
Current year acquisitions	0.0	6.7	0.0
Reductions due to lapsed statute of limitations	(1.8)	(7.0)	(1.1)
Balance at end of period	$ 26.2	$ 26.6	$ 28.3

Financing Arrangements

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Financing Arrangements

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


	Maturity Date	Interest Rate	December 31, 2022		December 31, 2021
Short-Term Credit Facilities
U.S. Asset-Based Revolving Credit Facility(1)	May 17, 2024	5.65%	$	181.1	$	9.1
Japan ABL Facility(2)	January 21, 2025	0.87%	38.2		—
Total Principal Amount			$	219.3	$	9.1
Unamortized Debt Issuance Costs			$	0.9	$	0.9

Balance Sheet Location
Asset-based credit facilities			$	219.3	$	9.1
Prepaid expenses			$	0.6	$	0.9
Other long-term assets			$	0.3	$	—

	Maturity Date	Interest Rate	December 31, 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	8.88%	432.0		436.8
Topgolf Term Loan	February 8, 2026	10.58%	336.9		340.4
Topgolf Revolving Credit Facility	February 8, 2024	8.08%	110.0		—
Convertible Notes	May 1, 2026	2.75%	258.3		258.8
Equipment Notes	July 24, 2023 - December 27, 2027	2.36% - 5.93%	27.8		31.1
Mortgage Loans	July 1, 2033 - July 29, 2036	9.75% - 11.31%	45.9		46.4
Financed Tenant Improvements	February 1, 2035	8.00%	3.5		3.7
Total Principal Amount			$	1,214.4	$	1,130.2
Less: Unamortized Debt Issuance Costs			24.3		85.8
Total Debt, net of Unamortized Debt Issuance Costs			$	1,190.1	$	1,044.4

Balance Sheet Location
Other current liabilities			$	13.8	$	19.1
Long-term debt			1,176.3		1,025.3
			$	1,190.1	$	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) As of December 31, 2022, 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.

Interest expense related to the Company’s debt obligations and credit facilities, which is included in “Interest Expense, net” in the Consolidated Statement of Operations, is summarized as follows (in millions):


	Year Ended December 31,
	2022		2021		2020
Short-Term Credit Facilities
U.S. Asset-Based Revolving Credit Facility	$	4.3	$	1.6	$	5.1
Japan ABL Facility (1)	0.3		—		0.2
Total	$	4.6	$	1.6	$	5.3

Long-Term Debt and Credit Facilities
Japan Term Loan	$	—	$	0.1	$	0.1
Term Loan B	31.2		24.1		25.6
Topgolf Term Loan	29.9		21.4		—
Topgolf Revolving Credit Facility	4.4		6.2		—
Convertible Notes	7.1		7.1		4.7
Equipment Notes	0.7		0.9		0.5
Mortgage Loans	4.8		4.0		—
Total	$	78.1	$	63.8	$	30.9

(1) Includes interest expense incurred on all revolving credit facilities with the Bank of Tokyo-Mitsubishi UFJ

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. As of December 31, 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 $415.3 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. On February 15, 2023, the Company amended the ABL Facility, temporarily increasing the maximum aggregate principal amount to $450.0 million. The additional $50.0 million, which is subject to the borrowing base availability described below, will be available during the four-month period commencing on February 15, 2023 and ending on June 15, 2023. 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. Amounts borrowed under the ABL Facility increase and decrease relative to the changes in the assets with which the facility is secured, and may be repaid and borrowed as needed with the entire outstanding principal amount due and payable on the maturity date.

Restrictions under the facility include, among other things, restrictions on the incurrence of additional debt, liens, stock repurchases and other restricted payments, asset sales, investments, mergers, acquisitions and affiliate transactions. Additionally, the Company is subject to compliance with a fixed charge coverage ratio covenant of at least 1.0:1.0 during, and continuing 30 days after any period in which the Company’s borrowing base availability, as amended, falls below 10% of the maximum facility amount. As of December 31, 2022, the Company’s borrowing base availability was above 10% of the maximum facility amount and the Company was in compliance with the fixed charge coverage ratio.

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. During the year ended December 31, 2022, average outstanding borrowings for the ABL Facility were $101.9 million, and the Company’s trailing 12-month average availability was $253.0 million. Additionally, the Company’s trailing 12-month weighted-average interest rate applicable to its outstanding borrowings under the ABL Facility was 4.01% as of December 31, 2022.

Japan ABL Facility

The Company has an Asset-Based Revolving Credit facility with the Bank of Tokyo-Mitsubishi UFJ (the “Japan ABL Facility”) which provides a line of credit to the Company’s Japan subsidiary of up to 6.0 billion Yen (or $45.8 million), subject to borrowing base availability under the facility, and is secured by certain assets, including eligible inventory and accounts receivable of the Company’s Japan subsidiary which are subject to certain restrictions and covenants related to certain pledged assets and financial performance metrics.

As of December 31, 2022 the Company’s remaining borrowing base availability under the Japan ABL Facility was 1.0 billion Yen (or $7.6 million).

Long-Term Debt and Credit Facilities

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.

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 original aggregate principal amount of $480.0 million, which was issued less $9.6 million in issuance discounts and other transaction fees.

The Credit Agreement allows for the aggregate principal amount of the loan to be increased pursuant to incremental facilities in the form of additional tranches of the Term Loan or new commitments, up to a maximum incremental amount of $225.0 million, or an unlimited amount subject to compliance with a first lien net leverage ratio of 2.25:1.00. Borrowings under the Term Loan accrue interest at a rate per annum equal to, at the Company’s option, either (i) an alternate base rate determined by the highest of the (a) the Bank of America prime rate, (b) the federal funds effective rate plus 0.50%, (c) the adjusted one-month LIBOR rate plus 1.00%, and (d) 1.00%, or (ii) an adjusted LIBOR rate (for a period equal to the relevant interest period) of zero or greater, in each case plus an applicable margin (as outlined in each agreement).

The Credit Agreement also contains certain covenants and restrictions applicable to the Company and its restricted subsidiaries, including limitations on the incurrence of additional debt, liens, investments, mergers, dividends, and other restricted payments, as well as customary events of default. The Term Loan is not subject to any financial covenants. The Term Loan is guaranteed by the Company’s direct and indirect domestic restricted subsidiaries other than certain excluded subsidiaries, and is secured by substantially all of the assets of the Company and such subsidiary guarantors. Principal payments of $1.2 million are due quarterly on the loan with an option for prepayment of any outstanding amounts in whole or in part without a premium or penalty. Additionally, the Company utilizes an interest rate hedge in order to mitigate the risk of interest rate fluctuations on the loan. For further information on the Company’s interest rate hedging contract see Note 18.

Topgolf Credit Facilities

The Company has a term loan facility (the “Topgolf Term Loan”), with JPMorgan Chase Bank, N.A. and other lenders, for an original aggregate principal amount of $350.0 million, and a revolving credit facility (the “Topgolf Revolving Credit Facility”) with JPMorgan Chase Bank for a total of $175.0 million (collectively, 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.

The Topgolf Credit Facilities also contain certain covenants and restrictions, including limitations on the incurrence by Topgolf International, Inc. and its restricted subsidiaries of additional debt, liens, investments, mergers, dividends, and other restricted payments, as well as customary events of default. Additionally, the terms of the Topgolf Credit Facilities require by Topgolf International, Inc. and its restricted subsidiaries to maintain certain leverage ratios on a quarterly basis in addition to the maintenance of certain customary representations, reporting covenants, and reporting obligations. 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 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.

Convertible Notes

In May 2020, the Company issued $258.8 million of Convertible Senior Notes, which bear interest at a 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 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 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 3 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.

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.

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.

Aggregate Amount of Long-Term Debt Maturities

The following table presents the Company’s combined aggregate amount of maturities and minimum principal repayment obligations for the Company’s long-term debt over the next five years and thereafter as of December 31, 2022.


	(in millions)
2023	$	17.7
2024	126.6
2025	14.4
2026	1,007.8
2027	3.0
Thereafter	44.9
	1,214.4
Less: Unamortized Debt Issuance Costs	24.3
Total	$	1,190.1

As of December 31, 2022, the Company was in compliance with all of its financial covenants and reporting requirements under the terms of its short-term and long-term credit facilities and long-term debt 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: 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(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Millions		3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 08, 2021	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Income Tax [Line Items]
Deferred tax assets, other			$ 90.3	$ 72.7
Additional goodwill adjustment		$ 12.2
Decrease in valuation allowances accrued		2.8
Discrete income tax benefit		$ 15.0
Change in net deferred taxes			(41.0)
Liability for income taxes associated with uncertain tax positions			26.2	26.6	$ 28.3	$ 26.0
Tax benefits associated with potential transfer pricing adjustments			5.3
Tax benefits associated with state income taxes and other timing adjustments			10.3
Net amount of unrecognized tax benefit related to uncertain tax positions that would impact, if recognized, effective income tax rate			10.6
Interest and penalties expense (benefit) related to income tax matters			0.3	0.6	$ 0.4
Income tax accrued for payment of interest and penalties			2.9	$ 3.2
Undistributed earnings			180.5
Accrued impact for jurisdictions not permanently reinvested			1.8
U.S. Federal
Schedule Of Income Tax [Line Items]
Tax credit carryforwards			46.6
Operating loss carryforwards			544.1
State
Schedule Of Income Tax [Line Items]
Operating loss carryforwards			17.3
California (U.S.)
Schedule Of Income Tax [Line Items]
Tax credit carryforwards			$ 29.0
Topgolf International, Inc
Schedule Of Income Tax [Line Items]
Payments to acquire businesses	$ 3,014.2
Deferred tax liabilities, intangible assets	250.0
Deferred tax assets, other	$ 118.0

Stock Plans and Share-Based Compensation - Narrative (Details)		12 Months Ended
	Mar. 08, 2021 USD ($) plan $ / shares shares	Dec. 31, 2022 USD ($) plan $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shareholder approved stock plans \| plan		3
Authorized (in shares) \| shares		54,700,000
Granted (in shares) \| shares		0	3,200,000	0
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 25.93
Fair value of options	$ 5,300,000
Options outstanding (in shares) \| shares		1,900,000	2,000,000.0
Exercisable at end of period (in shares) \| shares		1,700,000
Compensation expense related to stock options		$ 1,400,000	$ 2,600,000	$ 0
Total intrinsic value for options exercised		600,000	26,300,000	600,000
Exercise of stock options		700,000	22,300,000	200,000
Compensation expense related to restricted stock		17,600,000	14,000,000	6,400,000
Compensation expense, net of forfeitures		$ 47,000,000.0	$ 38,700,000	$ 10,900,000
Topgolf International, Inc
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Business combination, number of equity compensation plans assumed \| plan	2
Business combination, consideration transferred, share-based compensation	$ 33,100,000
2004 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares) \| shares		33,000,000.0
2013 Directors Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares) \| shares		1,000,000.0
2021 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares) \| shares		1,300,000
Replacement Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Converted shares in connection with acquisition (in shares) \| shares	3,200,000
Share-based compensation arrangement by share-based payment award, equity instruments other than options, converted in connection with acquisition \| shares	200,000
Converted in connection with acquisition		$ 4,800,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense related to non-vested shares granted		$ 500,000
Vesting period		3 years
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense related to non-vested shares granted		$ 20,900,000
Stock units, weighted average grant-date fair value (in dollars per share) \| $ / shares		$ 22.81	$ 29.60	$ 17.84
Vested in period, fair value		$ 17,200,000	$ 6,500,000	$ 6,000,000
Number of stock units granted (in shares) \| shares		600,000
Unrecognized compensation expense expected recognition period		1 year 6 months
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense related to non-vested shares granted		$ 600,000
Stock units, weighted average grant-date fair value (in dollars per share) \| $ / shares	$ 28.74	$ 0
Compensation expense related to restricted stock		$ 1,300,000	$ 2,400,000	$ 0
Number of stock units granted (in shares) \| shares		0		0
Grants in period, fair value		$ 2,100,000
Unrecognized compensation expense expected recognition period		8 months 12 days
Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense related to non-vested shares granted		$ 35,300,000
Stock units, weighted average grant-date fair value (in dollars per share) \| $ / shares		$ 34.68	$ 30.35	$ 19.66
Vested in period, fair value		$ 6,900,000	$ 8,200,000	$ 7,200,000
Number of stock units granted (in shares) \| shares		500,000	1,400,000	300,000
Unrecognized compensation expense expected recognition period		1 year 5 months 1 day
Cliff vesting period		3 years
Shares awarded as a percentage of granted		100.00%
Compensation expense, net of forfeitures		$ 26,700,000	$ 19,700,000	$ 4,500,000
Performance Shares \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Performance achievement metric, percentage		0.00%
Shares awarded as a percentage of granted		0.00%
Performance Shares \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Shares awarded as a percentage of granted		200.00%
Performance Shares \| Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage		50.00%
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%
Vesting period		4 years
2004 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares per employee (in shares) \| shares		2,000,000
2013 Directors Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares per employee (in shares) \| shares		50,000

Leases - Future Minimum Lease Obligations (Details) $ in Millions	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 152.5
2024	151.7
2025	148.3
2026	145.3
2027	143.6
Thereafter	1,719.0
Total future lease payments	2,460.4
Less: imputed interest	946.5
Total	1,513.9
Finance Leases
2023	11.2
2024	13.8
2025	15.1
2026	15.2
2027	15.5
Thereafter	564.8
Total future lease payments	635.6
Less: imputed interest	408.0
Total	227.6
Deemed Landlord Finance Lease
Finance Leases
2023	52.2
2024	54.8
2025	55.1
2026	56.1
2027	57.4
Thereafter	2,622.7
Total future lease payments	2,898.3
Less: imputed interest	2,237.9
Total	$ 660.4

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2022

Revenue Recognition [Abstract]

Disaggregation of Revenue

The following table presents the Company’s revenue disaggregated by major category and operating and reportable segment (in millions):


	Year Ended December 31,
	2022		2021		2020
Topgolf:
Venues(1)	$	1,477.1	$	1,029.0	$	—
Other Topgolf business lines(1)	71.9		58.6		—
Total Topgolf	$	1,549.0	$	1,087.6	$	—

Golf Equipment:
Golf club	$	1,097.1	$	994.5	$	787.1
Golf ball	309.5		234.7		195.6
Total Golf Equipment	$	1,406.6	$	1,229.2	$	982.7

Active Lifestyle:
Apparel	$	631.7	$	490.9	$	349.3
Gear, accessories & other	408.4		325.7		257.5
Total Active Lifestyle	$	1,040.1	$	816.6	$	606.8

Total Consolidated	$	3,995.7	$	3,133.4	$	1,589.5

(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 within other Topgolf business lines. In order to conform to the current year presentation, revenue associated with corporate advertising sponsorship contracts of $15.0 million recognized from the merger date through December 31, 2021 was reclassified from other Topgolf business lines to venues for comparative purposes.

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


	Year Ended December 31,
	2022		2021		2020
Revenue by Major Geographic Region(1):
United States	$	2,798.0	$	2,067.1	$	778.6
Europe	537.4		499.5		373.0
Asia	545.4		465.5		212.1
Rest of World	114.9		101.3		225.8
	$	3,995.7	$	3,133.4	$	1,589.5

(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):


	Year Ended December 31,
	2022		2021		2020
Royalty Income:
Topgolf	$	50.3	$	37.3	$	—
Active Lifestyle	26.6		30.9		21.8
Total	$	76.9	$	68.2	$	21.8

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 (in millions):


	Year Ended December 31,
	2022		2021		2020
Beginning Balance	$	93.9	$	2.5	$	2.2
Deferral of revenue	646.4		459.6		3.1
Revenue recognized	(630.2)		(360.2)		(2.6)
Breakage	(19.0)		(10.3)		(0.2)
Other/foreign currency translation	3.8		2.3		—
Ending Balance	$	94.9	$	93.9	$	2.5

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):


	Year Ended December 31,
	2022		2021		2020
Beginning Balance	$	23.3	$	26.2	$	20.3
Additions	35.7		32.5		39.9
Credits issued	(32.9)		(32.1)		(34.7)
Other/foreign currency translation	(5.3)		(3.3)		0.7
Ending Balance	$	20.8	$	23.3	$	26.2

Sales Returns and Allowances

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


	Year Ended December 31,
	2022		2021		2020
Beginning Balance	$	47.4	$	44.0	$	29.0
Provision	128.4		91.0		106.2
Sales returns	(120.4)		(87.6)		(91.2)

Ending Balance	$	55.4	$	47.4	$	44.0

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Stock Plans and Share-Based Compensation - Summary of Fair Value Assumptions (Details)	Mar. 08, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 years 8 months 12 days
Volatility, minimum	43.00%
Volatility, maximum	85.40%
Volatility	55.10%
Risk free interest rate, minimum	0.10%
Risk free interest rate, maximum	1.30%
Risk-free interest rate	0.60%
Dividend yield	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	3 months 18 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	7 years 1 month 6 days

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Change in derivative instruments	$ 16,200	$ 6,900	$ 3,000
Income tax benefit on derivative instruments	(2,500)	(1,600)	2,900
Foreign currency translation adjustments	(44,700)	(29,200)	25,700
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(27,300)	(6,500)	(22,400)
Foreign currency translation adjustments	(44,700)	(29,200)	25,700
Balance at end of period	(61,500)	(27,300)	(6,500)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(5,600)	(14,000)	(4,200)
Change in derivative instruments	16,200	6,900	3,000
Income tax benefit on derivative instruments	(2,500)	(1,600)	2,900
Foreign currency translation adjustments	0	0	0
Balance at end of period	4,900	(5,600)	(14,000)
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(21,700)	7,500	(18,200)
Change in derivative instruments	0	0	0
Income tax benefit on derivative instruments	0	0	0
Foreign currency translation adjustments	(44,700)	(29,200)	25,700
Balance at end of period	(66,400)	(21,700)	7,500
Cost of Goods Sold
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gain) loss reclassified from accumulated other comprehensive income	(4,800)	(1,700)	(1,000)
Cost of Goods Sold \| Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gain) loss reclassified from accumulated other comprehensive income	(4,800)	(1,700)	(1,000)
Cost of Goods Sold \| Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gain) loss reclassified from accumulated other comprehensive income	0	0	0
Other Income (Expense)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gain) loss reclassified from accumulated other comprehensive income			(16,800)
Other Income (Expense) \| Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gain) loss reclassified from accumulated other comprehensive income			(16,800)
Other Income (Expense) \| Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gain) loss reclassified from accumulated other comprehensive income
Interest Expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gain) loss reclassified from accumulated other comprehensive income	1,600	4,800	2,100
Interest Expense \| Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gain) loss reclassified from accumulated other comprehensive income	1,600	4,800	2,100
Interest Expense \| Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gain) loss reclassified from accumulated other comprehensive income	$ 0	$ 0

Financing Arrangements - Aggregate Amount of Maturities for Debt (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 17.7
2024	126.6
2025	14.4
2026	1,007.8
2027	3.0
Thereafter	44.9
Long-term debt, gross	1,214.4	$ 1,130.2
Less: Unamortized Debt Issuance Costs	24.3	85.8
Long-term debt	$ 1,190.1	$ 1,044.4

Stock Plans and Share-Based Compensation - Roll-Forward of Activity for Restricted Stock Awards (Details) - Restricted Stock - $ / shares		12 Months Ended
	Mar. 08, 2021	Dec. 31, 2022	Dec. 31, 2020
Units
Unvested balance at beginning of period (in shares)		200,000
Granted (in shares)		0	0
Vested (in shares)		(100,000)
Forfeited (in shares)		0
Expired (in shares)		0
Unvested balance at end of period (in shares)		100,000
Weighted- Average Grant-Date Fair Value
Unvested balance at beginning of period (in dollars per share)		$ 29.52
Granted (in dollars per share)	$ 28.74	0
Vested (in dollars per share)		29.52
Forfeited (in dollars per share)		0
Expired (in dollars per share)		0
Unvested balance at end of period (in dollars per share)		$ 29.52

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Balance at beginning of period	$ 1,960.1	$ 56.6
Acquisitions	16.0	1,904.0
Foreign currency translation and other	7.6	(0.5)
Balance at end of period	1,983.7	1,960.1
Topgolf
Goodwill [Roll Forward]
Balance at beginning of period	1,340.7	0.0
Acquisitions	14.3	1,340.7
Foreign currency translation and other	8.6	0.0
Balance at end of period	1,363.6	1,340.7
Golf Equipment
Goodwill [Roll Forward]
Balance at beginning of period	531.1	27.0
Acquisitions	0.2	504.6
Foreign currency translation and other	(1.0)	(0.5)
Balance at end of period	530.3	531.1
Active Lifestyle
Goodwill [Roll Forward]
Balance at beginning of period	88.3	29.6
Acquisitions	1.5	58.7
Foreign currency translation and other	0.0	0.0
Balance at end of period	$ 89.8	$ 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

Earnings (Loss) Per Common Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share Disclosure [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)		1.3	2.1
Options, Restricted Stock Units, And Performance Share Units
Earnings Per Share Disclosure [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1.3

Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

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


	Maturity Date	Interest Rate	December 31, 2022		December 31, 2021
Short-Term Credit Facilities
U.S. Asset-Based Revolving Credit Facility(1)	May 17, 2024	5.65%	$	181.1	$	9.1
Japan ABL Facility(2)	January 21, 2025	0.87%	38.2		—
Total Principal Amount			$	219.3	$	9.1
Unamortized Debt Issuance Costs			$	0.9	$	0.9

Balance Sheet Location
Asset-based credit facilities			$	219.3	$	9.1
Prepaid expenses			$	0.6	$	0.9
Other long-term assets			$	0.3	$	—

	Maturity Date	Interest Rate	December 31, 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	8.88%	432.0		436.8
Topgolf Term Loan	February 8, 2026	10.58%	336.9		340.4
Topgolf Revolving Credit Facility	February 8, 2024	8.08%	110.0		—
Convertible Notes	May 1, 2026	2.75%	258.3		258.8
Equipment Notes	July 24, 2023 - December 27, 2027	2.36% - 5.93%	27.8		31.1
Mortgage Loans	July 1, 2033 - July 29, 2036	9.75% - 11.31%	45.9		46.4
Financed Tenant Improvements	February 1, 2035	8.00%	3.5		3.7
Total Principal Amount			$	1,214.4	$	1,130.2
Less: Unamortized Debt Issuance Costs			24.3		85.8
Total Debt, net of Unamortized Debt Issuance Costs			$	1,190.1	$	1,044.4

Balance Sheet Location
Other current liabilities			$	13.8	$	19.1
Long-term debt			1,176.3		1,025.3
			$	1,190.1	$	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) As of December 31, 2022, 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 Interest Expense, Debt


	Year Ended December 31,
	2022		2021		2020
Short-Term Credit Facilities
U.S. Asset-Based Revolving Credit Facility	$	4.3	$	1.6	$	5.1
Japan ABL Facility (1)	0.3		—		0.2
Total	$	4.6	$	1.6	$	5.3

Long-Term Debt and Credit Facilities
Japan Term Loan	$	—	$	0.1	$	0.1
Term Loan B	31.2		24.1		25.6
Topgolf Term Loan	29.9		21.4		—
Topgolf Revolving Credit Facility	4.4		6.2		—
Convertible Notes	7.1		7.1		4.7
Equipment Notes	0.7		0.9		0.5
Mortgage Loans	4.8		4.0		—
Total	$	78.1	$	63.8	$	30.9

(1) Includes interest expense incurred on all revolving credit facilities with the Bank of Tokyo-Mitsubishi UFJ

Schedule of Aggregate Amount of Maturities for Debt


	(in millions)
2023	$	17.7
2024	126.6
2025	14.4
2026	1,007.8
2027	3.0
Thereafter	44.9
	1,214.4
Less: Unamortized Debt Issuance Costs	24.3
Total	$	1,190.1

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI https://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e24072-122690

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21506-112644

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69B
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495735-112612

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28551-108399

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 55
-Paragraph 69E
-URI https://asc.fasb.org/extlink&oid=123466577&loc=SL123495743-112612

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21521-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21538-112644

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=123599511&loc=d3e64711-112823

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Financing Arrangements - Revolving Credit Facilities and Available Liquidity (Details) $ in Millions	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
Total available liquidity	$ 415.3

Financing Arrangements - U.S. Asset-Based Revolving Credit Facility (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)	Feb. 15, 2023 USD ($)	May 31, 2019 USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 400,000,000
Line of credit facility, average outstanding amount	$ 101,900,000
Line of credit facility, average remaining borrowing capacity	$ 253,000,000
Subsequent Event
Debt Instrument [Line Items]
Line of credit facility, accordion feature, higher borrowing capacity option		$ 450,000,000
Line of credit facility, accordion feature, increase limit		$ 50,000,000
Bank of America, N.A.
Debt Instrument [Line Items]
Debt covenant, fixed charge coverage ratio	1.0
Debt covenant, borrowing base below threshold, ratio required to be in compliance, period	30 days
Fixed charges coverage ratio covenant reference borrowing capacity, percent	10.00%
Line of credit facility, unused capacity, commitment fee percentage	0.25%
Line of credit facility, interest rate at period end	4.01%

Segment Information

12 Months Ended

Dec. 31, 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 years ended December 31, 2022, 2021, or 2020.

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


	Years Ended December 31,
	2022		2021		2020
Net revenues:
Topgolf(1)	$	1,549.0	$	1,087.6	$	—
Golf Equipment	1,406.6		1,229.2		982.7
Active Lifestyle	1,040.1		816.6		606.8
Total net revenues	$	3,995.7	$	3,133.4	$	1,589.5

Income (loss) before income taxes:
Topgolf(1)	$	76.8	$	58.2	$	—
Golf Equipment	251.4		203.9		148.6
Active Lifestyle	77.4		68.5		0.7
Total segment operating income	405.6		330.6		149.3
Reconciling Items(2)	(148.8)		(125.9)		(254.8)
Total operating income (loss)	256.8		204.7		(105.5)
Gain on Topgolf investment(3)	—		252.5		—
Interest expense, net	(142.8)		(115.6)		(46.9)
Other income, net	27.9		9.0		24.9

Total income (loss) before income taxes	$	141.9	$	350.6	$	(127.5)


	December 31,
	2022		2021
Identifiable assets:
Topgolf(1)	$	5,302.0	$	4,910.0
Golf Equipment	1,340.0		1,107.6
Active Lifestyle	1,034.0		840.5
Reconciling items(2)	914.4		889.7
Total identifiable assets	$	8,590.4	$	7,747.8

Additions to long-lived assets:
Topgolf(1)	$	490.4	$	286.8
Golf Equipment	13.8		30.7
Active Lifestyle	22.4		21.0
Total additions to long-lived assets	$	526.6	$	338.5







Depreciation and amortization:
Topgolf(1)	$	143.8	$	114.6
Golf Equipment	20.7		14.1
Active Lifestyle	28.3		27.1
Total depreciation and amortization	$	192.8	$	155.8

(1) On March 8, 2021, the Company completed the merger with Topgolf and has included the results of operations, identifiable assets, additions to long-lived assets, and depreciation and amortization of Topgolf in its consolidated statements of operations and statements of financial position 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 one-time implementation of new ERP systems installed at acquired companies, 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 6).

The Company markets its products in the United States and internationally, with its principal international markets being Asia and Europe. The tables below contain information about the geographical areas in which the Company operates. Net revenues are attributed to the location to which the product was shipped. Long-lived assets are based on location of domicile.


	2022		2021		2020
	(in millions)
Net Revenues:
United States	$	2,798.0	$	2,067.1	$	778.6
Europe	537.4		499.5		373.0
Asia	545.4		465.5		212.1
Rest of World	114.9		101.3		225.8
Total Net Revenues	$	3,995.7	$	3,133.4	$	1,589.5

Long-Lived Assets(1)
United States	$	1,729.0	$	1,383.6	$	116.5
Europe	58.8		48.9		17.1
Asia	18.8		7.2		6.0
Rest of World	3.0		11.7		6.9
Total Long-Lived Assets	$	1,809.6	$	1,451.4	$	146.5

(1) In 2021, the Company re-evaluated its definition of long-lived assets to include property, plant and equipment. As a result, the information presented for 2020 was recast to conform with the current year presentation.

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: 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 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-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 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

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

Reference 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Financing Arrangements - Convertible Notes (Details) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	May 04, 2020	Jul. 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	May 31, 2020 USD ($)
Debt Instrument [Line Items]
Issuance of common stock related to convertible notes			$ 0.5	$ 0.0	$ 0.0
Convertible Notes
Debt Instrument [Line Items]
Debt instrument, face amount						$ 258.8
Convertible Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			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
Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Issuance of common stock related to convertible notes		$ 0.5
Debt conversion, converted instrument, shares issued \| shares		25,602

Leases - Sales-Type Leases, Revenue (Details) - USD ($)	12 Months Ended
Leases - Sales-Type Leases, Revenue (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Sales-type lease, selling price	$ 36,300,000	$ 29,800,000
Cost of underlying assets	(17,600,000)	(11,900,000)
Operating profit	18,700,000	17,900,000
Interest income	4,500,000	4,300,000
Leasing revenue attributable to sales-type leases	$ 40,800,000	$ 34,100,000	$ 0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of the Company and its domestic and foreign subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements 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 experience and on various other assumptions that are believed to be reasonable under the circumstances. Examples of such estimates include provisions for warranty, expected credit losses, inventory obsolescence, sales returns, future price concessions, tax contingencies and valuation allowances, and other items requiring judgement. 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 as new information becomes available.

Revenue Recognition

Product Revenue

Product revenue is comprised of golf clubs, golf balls, lifestyle and outdoor apparel, gear and accessories and golf apparel and accessories. The Company recognizes revenue from the sale of products when it satisfies a performance obligation to a customer, and transfers control of the products ordered to the customer. Control transfers when products are shipped, and in certain cases and in certain contract terms, 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, and retail shops within Topgolf venues. Sales taxes, value added taxes and other taxes that are collected in connection with revenue transactions are withheld and remitted to the respective taxing authorities. As such, these taxes are 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 products as soon as control of the goods transfers to the customer.

The Company, in exchange for a royalty fee, licenses its trademarks and service marks to third parties for use on products such as golf apparel and footwear, practice aids and other golf accessories. Royalty income is recognized over time as underlying product sales occur, subject to certain minimum royalties, in accordance with the related licensing arrangements. Royalty income is included in the Company’s Topgolf and Active Lifestyle operating segments.

Revenues from gift cards are deferred and recognized when the cards are redeemed for products and/or services. The Company’s gift cards have no expiration date. Revenue from unredeemed gift cards is recognized when the likelihood of redemption becomes remote (“breakage”) and under circumstances that comply with any applicable state escheatment laws. To determine when redemption is remote, the Company analyzes an aging of unredeemed cards (based on the date the card was last used or the activation date if the card has never been used) and compares that information with historical redemption trends. The Company uses this historical redemption rate to recognize breakage on unredeemed gift cards over the redemption period. The Company does not believe there is a reasonable likelihood that there will be a material change in future estimates or assumptions used to determine the timing of recognition of gift card revenues.

Service Revenue

Service revenue is comprised of revenue from the operation of its Topgolf venues consisting primarily of revenues from food and beverage sales, event deposits, fees charged for gameplay, purchases of game credits and membership fees. In addition, services revenues are recognized through the redemption of gift cards, sponsorship contracts, franchise fees, leasing revenue, the Company’s WGT digital golf game and non-refundable deposits for venue reservations.

The Company’s food and beverage revenue is recognized at the time of sale. Event deposits received from guests attributable to food and beverage purchases are deferred and recognized as revenue when the event is held. All sales taxes collected from guests are excluded from revenue and are remitted to the appropriate taxing authorities.

Fees charged for gameplay are recognized at the time of purchase. Event deposits received from guests attributable to gameplay purchases are deferred and recognized as revenue when the event is held. Purchases of game credits are deferred and recognized as revenue when the game credits are redeemed by the guest, or through breakage, when the likelihood of the game credits being redeemed by the guest is remote. The Company uses historic game credit redemption patterns to determine the likelihood of game credit redemption and breakage. Breakage is recorded consistent with historic redemption patterns.

Premium membership fees received from guests are deferred and recognized as revenue over the life of the associated membership, which is one year or less.

The Company enters into sponsorship contracts that provide advertising opportunities to market to Topgolf guests in the form of custom displays, lobby displays, digital and print posters and other advertising at Topgolf venues and on Topgolf websites. Sponsorship contracts are typically for a fixed price over a period of one to five years and revenue is generally recognized ratably over the contract period unless there is a different predominate pattern of performance.

The Company enters into international development agreements that grant franchise partners the right to develop, open and operate a certain number of venues within a particular geographic area. The franchise partner may be required to pay a territory fee upon entering into a development agreement and a franchise fee for each developed venue. The franchisee will also pay ongoing royalty fees based upon a percentage of sales. Franchise fees for each venue are recognized over the franchise term, up to a maximum of 40 years, including renewal options, per the respective franchise agreement. Revenue from sales-based royalties is recognized as the related sales occur.

Leasing revenue is recognized on non-cancelable sales-type lease agreements related to the licensing of Toptracer software and hardware to driving ranges and golf courses. See Note 4 for further discussion of the Company’s revenues.

The Company’s WGT digital golf game is a service that allows players free gameplay via web and/or mobile gaming platforms and allows players the ability to purchase virtual currency within the game to obtain virtual goods which enhance the gameplay experience. Revenues from purchases of virtual currency are deferred at the point of purchase and recognized as revenue over the average life of a player, which is determined using historical trends and gameplay activity patterns.

Variable Consideration

The Company offers certain discounts and promotions on its products and services. 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 to the respective net revenue, trade accounts receivable, and sales program liability.

The Company’s primary product 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. As part of this program, qualifying retailers can earn either discounts or rebates based on 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 related to product sales, which include sell-through promotions and price concessions or price reductions. Sell-through promotions are generally offered throughout the product’s life cycle of approximately two 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 product 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 deemed necessary to reflect the amount of consideration it expects to receive from its customers. There were no material changes to the rate during the years ended December 31, 2022, 2021 and 2020. Historically, the Company’s actual amount of variable consideration related to these sales programs has not been materially different from its estimates.

The Company records an estimate for anticipated product returns as a reduction of sales 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 return liability as an offset to accounts receivable for anticipated returns related to these sales programs at the time of the sale based on the terms of the sales program. The cost recovery of inventory associated with this reserve is accounted for in other current assets. Historically, the Company’s actual sales returns have not been materially different from management’s original estimates.

Product Warranty

The Company has a stated two-year warranty policy for its golf clubs and certain Jack Wolfskin gear, as well as a limited lifetime warranty for its OGIO line of products. The Company’s policy is to accrue the estimated cost of satisfying future warranty claims at the time the sale is recorded. In estimating its future warranty obligations, the Company considers various relevant factors, including the Company’s stated warranty policies and practices, the historical frequency of claims, and the cost to replace or repair its products under warranty. The Company’s estimates for calculating the warranty reserve are principally based on assumptions regarding the warranty costs of each product line over the expected warranty period. The Company’s warranty reserve amounts for the years ended December 31, 2022, 2021 and 2020 were $10.6 million, $11.0 million, and $9.4 million, respectively.

Cost of Products

The Company’s cost of products is comprised primarily of variable costs that fluctuate with sales volumes, including raw materials and component costs, merchandise from third parties, conversion costs including direct labor and manufacturing overhead, and inbound freight, duties, and shipping charges. In addition, cost of products includes retail merchandise costs for products sold in retail shops within Topgolf venue facilities. Fixed overhead expenses include warehousing costs, indirect labor, and supplies, as well as depreciation expense associated with assets used to manufacture and distribute products. In addition, cost of products includes adjustments to reflect inventory at its net realizable value, as well as adjustments for obsolescence and product warranties.

Cost of Services, Excluding Depreciation and Amortization

The Company’s cost of services primarily consists of food and beverage costs sold at Topgolf venues and transaction fees with respect to in-app purchases within the Company’s WGT digital golf game. In addition, cost of services includes costs associated with Topgolf’s Toptracer license agreements classified as sales-type leases. Food and beverage costs are variable by nature, change with sales volume, and are impacted by product mix and commodity pricing. Cost of services excludes employee costs as well as depreciation and amortization.

Other Venue Expenses

Other venue expenses consist of employee costs that directly support venue operations, in addition to rent and occupancy costs, property taxes, depreciation associated with venues, supplies, credit card fees and marketing expenses. Other venue expenses include both fixed and variable components and therefore do not directly correlate with revenue.

Venue Pre-Opening Costs

Venue pre-opening costs primarily include costs associated with activities prior to the opening of a new Company-operated Topgolf venue and consist of, but are not limited to, labor, rent, occupancy costs, travel and marketing expenses. Pre-opening costs fluctuate based on the timing, size and location of new Company-operated venues.

Selling, General and Administrative Expenses (SG&A)

SG&A expenses are comprised primarily of employee costs, advertising and promotional expense, legal and professional fees, tour expenses, travel expenses, building and rent expenses, depreciation charges (excluding those related to manufacturing, distribution and venue operations), amortization of intangible assets, and other miscellaneous expenses.

Research and Development Expenses

Research and development expenses are comprised of costs to design, develop, test or significantly improve the Company’s products and technology and primarily include employee costs of personnel engaged in research and development activities, research costs and depreciation expense.

Business Combinations

The Company allocates the purchase consideration to the identifiable assets acquired and liabilities assumed in a business combination based on their acquisition-date fair values. The Company uses its best estimates and assumptions to determine the fair value of tangible and intangible assets acquired and liabilities assumed, as well as the uncertain tax positions and tax-related valuation allowances that are initially recorded in connection with a business combination. These estimates and assumptions are uncertain and may require adjustment. During the measurement period of one year from the acquisition date, the Company continues to collect information and reevaluate these estimates and assumptions, and records adjustments to these estimates to goodwill as necessary. Any adjustments to the acquired assets and liabilities assumed that are identified subsequent to the measurement period are recorded in earnings.

Advertising Costs

The Company’s primary advertising costs include television, print, internet, and media placement. The Company’s policy is to expense advertising costs, including production costs, as incurred. Advertising costs for the years ended December 31, 2022, 2021 and 2020 were $116.1 million, $108.4 million and $83.4 million, respectively, which is recognized within SG&A expenses on the accompanying consolidated statement of operations.

Cash, Cash Equivalents and Restricted Cash

Cash equivalents are highly liquid investments purchased with original maturities of three months or less. Restricted cash is primarily comprised of escrowed funds related to a land purchase of approximately $18.3 million, which closed in January 2023, in addition to deposits associated with gift cards as required under certain statutory mandates. Long-term restricted cash is included in other assets on the accompanying consolidated balance sheet as of December 31, 2022 and 2021. The following is a summary of cash, cash equivalents and restricted cash (in millions):


	Year Ended December 31,
	2022		2021
Cash and cash equivalents	$	180.2	$	352.2
Restricted cash, short-term	19.1		1.2
Restricted cash, long-term	4.1		4.3
Total cash, cash equivalents and restricted cash	$	203.4	$	357.7

Allowance for Estimated Credit Losses

The Company records an allowance for estimated credit losses based upon historical bad debts, current customer receivable balances, age of customer receivable balances and the customers’ financial condition, all of which are subject to change. Additionally, the Company monitors activities and considers future reasonable and supportable forecasts of economic conditions to adjust all general and customer specific reserve percentages as necessary. Balances recorded for estimated credit losses are written-off when they are determined to be uncollectible.

Inventories

The Company’s inventory is recorded at the lower of cost or net realizable value, which includes a reserve for excess, obsolete and/or unmarketable inventory. This reserve is regularly assessed based on current inventory levels, sales and historical trends, as well as management’s estimates of market conditions and forecasts of future product demand, all of which are subject to change. The Company utilizes the standard costing method, determined on the first-in, first-out basis, for its golf equipment inventory and soft goods inventory sold under the TravisMathew, OGIO, Callaway and Jack Wolfskin brands. Golf equipment inventory, which is directly manufactured by the Company, includes finished goods, raw materials, labor and manufacturing overhead costs and work in process. Inventory for the Company’s soft goods product lines, which are manufactured by third-party contractors, primarily include finished goods. Toptracer hardware and software, food and beverage products and Topgolf-specific retail merchandise inventories are stated at weighted-average cost.

Property, Plant and Equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation expense is recognized on a straight-line basis over the estimated useful lives of the related assets, which generally range from two years to 40 years. See Note 11 for further detail regarding the Company’s property, plant and equipment.

Buildings capitalized in conjunction with DLF obligations, where the Company is deemed to be the accounting owner, are depreciated over the shorter of 40 years or the lease term, less the residual value.

Normal repairs and maintenance costs are expensed as incurred. Costs that materially increase value, change capacities, or extend the useful lives of property, plant or equipment are capitalized. When property, plant or equipment is retired or disposed, the related costs and accumulated depreciation are removed from the accounts and any resulting gain or loss on disposition is recognized in earnings. Construction-in-process consists primarily of costs associated with building improvements, machinery and equipment and venues under construction that have not yet been placed into service, production molds, and in-process internal-use software.

All direct external costs and internal direct labor costs incurred to develop internal-use software during the development stage are capitalized and depreciated on a straight-line basis over the estimated useful life of the software. Costs incurred during the preliminary project stage are expensed, as well as maintenance and training costs. Costs incurred to establish the technological feasibility of software to be sold, leased, or otherwise marketed are expensed as incurred and recorded in research and development expense. Once technological feasibility is established, costs are capitalized until the product is available for general use, and depreciated over the estimated useful life of the software.

Leases

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 related to the TravisMathew and Jack Wolfskin businesses and the apparel businesses in Japan and Korea. Certain real estate leases include one or more options to extend the lease term, options to purchase the leased property at the Company’s sole discretion, or escalation clauses that increase the rent payments over the lease term. When deemed reasonably certain of exercise, the renewal and purchase options are included in the determination of the lease term and lease payment obligation, respectively. The depreciable life of machinery and equipment, computer equipment and leasehold improvements are limited to the expected lease term unless there is a transfer of title or purchase option which is reasonably certain of exercise. In some instances, certain leases may require an additional contingent rent payment based on a percentage of total gross sales greater than certain amounts, which are specified within the specific lease agreement. The Company recognizes contingent rent expense when it is probable that sales thresholds will be reached during the fiscal year. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating and Financing Leases

The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement. If the Company determines that an arrangement is a lease or contains a lease, a right-of-use (“ROU”) asset representing the right to use the underlying asset during the lease term, and a lease liability representing the obligation to make lease payments that arise from the lease are recognized as either an Operating or Financing lease on the Company’s consolidated balance sheet. ROU assets and liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. When readily determinable, the Company uses the rate implicit in the lease agreement in determining the present value of minimum lease payments for the particular lease. If the implicit rate for the lease is not provided, the Company uses its incremental borrowing rate which is based on information available at the lease commencement date, including the lease term, and represents a rate the Company would incur to borrow an amount on a collateralized basis equal to the lease payments over a similar term and under similar economic conditions. At the commencement of a lease, the ROU asset is measured by taking the sum of the present value of the lease liability and any initial direct costs and/or prepaid lease payments, and deducting any lease incentives. After the lease commencement date, lease expense is recognized as a single lease cost on a straight-line basis over the lease term for Operating leases, and amortization expense and interest expense is recognized over the lease term for Financing leases. Lease agreements related to properties are generally comprised of both lease and non-lease components. Non-lease components, which include items such as common area maintenance charges, property taxes and insurance, are expensed as incurred and are recognized separately from the straight-line lease expense.

Variable lease payments that do not depend on an index or rate, such as rental payments based on a percentage of retail revenue over contractual levels, are separately expensed as incurred, and are not included in the measurement of the ROU asset and lease liability. Variable lease payments that depend on an index or rate, such as rates that are adjusted periodically for inflation, are included in the initial measurement of the ROU asset and lease liability and are recognized on a straight-line basis over the lease term.

Deemed Landlord Financing Obligations (DLF obligations)

In certain leasing arrangements related to the Company’s Topgolf venues, and due to the Company’s involvement in the construction of leased assets, the Company is deemed to be the accounting owner of certain leased assets that did not meet the sales-leaseback criteria upon completion of construction. In such cases, in addition to capitalizing the Company’s construction costs, the Company capitalizes the construction costs funded by the landlord related to its leased premises and recognizes a corresponding liability for those costs as construction advances during the construction period. At the end of the construction period, the Company applies the sale-and-leaseback criteria to determine whether the underlying asset should be derecognized. When the application of the sale-and-leaseback guidance results in a sale, the asset and liability on the Company’s balance sheet are derecognized. When the application of the sale-and-leaseback guidance results in a failed sale, the asset remains on the Company’s balance sheet and is depreciated over its respective useful life or the lease term, whichever is shorter, and the liability is accounted for as a DLF obligation. These DLF obligations are generally non-cancelable leases with initial terms of 20 years containing various renewal options following the initial term and escalation clauses that increase the payments over the lease term.

Sales-Type Leases

With respect to the Company’s Toptracer operations, the Company enters into non-cancelable license agreements that combine software and hardware. These license agreements provide the customer the right to use Company-owned software and hardware products for a specified period, generally ranging from three to five years. The software and hardware are a distinct bundle of goods which are highly interrelated. At the inception of the agreement, the lease classification is assessed, and generally results in the license agreement being classified as sales-type leases. Upon commencement of these sales-type leases, revenue is recognized for the software and hardware as a single component, and a leasing receivable consisting of the present value of payments over the non-cancelable term is recorded. Interest income on the leasing receivable is recognized over the term of the lease. The Company manages its risk on its sales-type leases through its pricing and through the terms of the leases. Any equipment returned to the Company as a result of a cancellation of a lease may be leased or sold to other customers, therefore risk associated with the Company’s sales-type leases is considered minimal.

Goodwill and Intangible Assets

Goodwill and acquired intangible assets are recorded in connection with an acquisition or business combination. Goodwill represents the excess of the total consideration paid over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in connection with the acquisition or business combination. Identifiable intangible assets consist of tradenames and trademarks, liquor licenses, patents, customer and distributor relationships, and developed technology. Intangible assets that are determined to have definite lives are amortized over their estimated useful lives and are assessed for impairment when indicators are present. Goodwill and intangible assets with indefinite lives are not amortized and are instead measured for impairment at least annually or more frequently when events or circumstances occur that indicate an impairment may exist. Except for software costs which are determined to be eligible for capitalization, costs related to the development, maintenance or renewal of internally developed intangible assets that are inherent in the Company’s continuing business that were not acquired as a part of a business combination or asset acquisition, are expensed as incurred.

Impairments

The Company assesses potential impairments of its long-lived assets, namely property, plant and equipment and ROU assets, and acquired intangible assets that are subject to amortization, such as acquired customer and distributor relationships whenever events or changes in circumstances indicate that the asset’s carrying value may not be recoverable. Events or changes that would necessitate an impairment assessment include a significant change in the extent or manner in which the asset is used, a significant change in legal or business factors that could affect the value of the asset, or a significant decline in the observable market value of an asset, amongst others. If such events or changes indicate a potential impairment, the Company would assess recoverability of the asset or asset group by determining if the carrying value of the asset or asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the asset or asset group. An impairment charge would be recognized when the carrying amount of a long-lived asset or asset group is determined to not be recoverable and exceeds its fair value.

The Company performs an impairment assessment on its Goodwill and indefinite-lived intangible assets at least annually during the fourth quarter of the year, or more frequently when events or circumstances occur that indicate an impairment may exist. These events or circumstances may include macroeconomic conditions, significant changes in the industry or business climate, legal factors, or other operating performance indicators, amongst other things. If an event occurs that indicates an impairment may exist, the Company may perform a qualitative assessment to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired. If after the qualitative assessment the Company determines it is more likely than not that the indefinite-lived intangible asset is not impaired, no quantitative fair value test is necessary. If after performing the qualitative assessment the Company concludes it is more likely than not that the fair value of the indefinite-lived intangible is less than its carrying amount, the Company will perform a quantitative fair value test to determine the fair value of the asset or reporting unit. To determine fair value, the Company uses discounted cash flow estimates, quoted market prices, royalty rates when available, and independent appraisals and valuation specialists when appropriate. The Company calculates impairment as the excess of the carrying value of goodwill and other indefinite-lived intangible assets over their estimated fair value. If the carrying value exceeds the estimate of the fair value of the asset, a write-down is recorded.

In 2020, due to the significant disruptions caused by the COVID-19 pandemic on the Company’s operations, the Company recognized an impairment loss on the goodwill and trade name associated with its Jack Wolfskin business. See Note 9 for further discussion of the Company’s impairment loss at Jack Wolfskin.

Investments

The Company determines the appropriate classification of its investments at the time of acquisition and reevaluates such classification at each balance sheet date. The Company has elected to apply the measurement alternative to investments that do not have readily determinable fair values. As such, these investments are measured at cost, and are evaluated for changes in fair value if there is an observable price change in an orderly transaction for an identical or similar investment. The Company assesses investments for impairment whenever events or changes in circumstances indicate that the investment’s carrying value may not be recoverable. An impairment charge would be recognized when the carrying amount exceeds its fair value. See Note 10 for further discussion of the Company’s investments.

Foreign Currency Translation and Transactions

A significant portion of the Company’s business is conducted outside of the United States in currencies other than the U.S. dollar. As a result, changes in foreign currency exchange rates can have a significant impact on the Company’s financial results. Revenues and expenses that are denominated in foreign currencies are translated using the average exchange rate for the period. Assets and liabilities are translated using the rate of exchange at the balance sheet date. Gains and losses from assets and liabilities denominated in a currency other than the functional currency of the entity in which they reside are generally recognized during the current period in the Company’s statements of operations. Gains and losses from the translation of foreign subsidiary financial statements into U.S. dollars are included in accumulated other comprehensive income or loss.

Derivatives and Hedging

In order to mitigate the impact of foreign currency translation on transactions and changes in interest rates, the Company uses foreign currency forward contracts and interest rate hedge contracts. The contracts are measured at fair value and are recorded as either assets or liabilities on the consolidated balance sheet. Contracts which satisfy certain criteria and are elected for hedge accounting treatment may be classified as either designated or undesignated cash flow hedges. Changes in the fair value of derivatives which are classified as undesignated hedges are recognized in earnings in the period of the change. Changes in the fair value of derivatives which qualify for and are classified as designated 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.

The Company would discontinue hedge accounting prospectively (i) if it is determined that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated, or exercised, (iii) if it becomes probable that the forecasted transaction being hedged by the derivative will not occur, (iv) if a hedged firm commitment no longer meets the definition of a firm commitment, or (v) if it is determined that designation of the derivative as a hedge instrument is no longer appropriate. The Company estimates the fair value of its foreign currency forward contracts based on pricing models using current market rates. These contracts are classified under Level 2 of the fair value hierarchy. See Note 17 for further discussion of the Company’s financial instruments.

Share-Based Compensation

The Company may grant restricted stock units and awards, performance-based awards, stock options and stock appreciation rights, and other equity-based awards to its officers, employees, consultants and other non-employees who provide services to the Company under its stock incentive plans. The Company measures and recognizes share-based compensation expense for employees and non-employees based on estimated fair values, net of estimated forfeitures. Estimated forfeitures are based on historical experience and forfeiture trends. If actual forfeiture rates differ materially from the Company’s estimates, the Company may be required to record an adjustment to its share-based compensation expense in future periods.

Restricted Stock Awards and Restricted Stock Units

The estimated fair value of restricted stock awards and restricted stock units (collectively “restricted stock”) is calculated based on the closing price of the Company’s common stock on the date of grant multiplied by the number of shares of restricted stock granted. Compensation expense, net of estimated forfeitures, is recognized on a straight-line basis over a vesting period of three to five years from the date of grant.

Performance Based Restricted Share Unit Awards

The Company grants performance based restricted share unit awards (“PRSU”) in which the number of shares that may ultimately be issued upon vesting is based on the Company’s achievement of specific performance metrics for each award that are measured during a specified performance period, which may range from 0% to 200% of the participant’s target award. PRSU performance measures include adjusted earnings before interest, taxes, depreciation, amortization, stock compensation, non-cash lease amortization expense and non-recurring costs (“Adjusted EBITDA”), earnings per share (“EPS”), adjusted pre-tax income (“APTI”) and total shareholder return (“rTSR”). The performance period for these awards ranges from three to five years from the date of grant. PRSUs based on EBITDA, EPS and APTI are initially valued at the Company’s closing stock price on the date of grant. PRSUs based on rTSR performance measures are initially valued using a Monte Carlo simulation which utilizes the stock volatility, dividend yield and a market correlation of the Company and the Company’s peer group, and is based on the probable achievement of 100% of the rTSR performance goals as determined on the date of grant. Compensation expense for all PRSUs is recognized, net of estimated forfeitures, on a straight-line basis over a vesting period of three to five years, and is based on the fixed fair value assigned to each of the awards on the date of grant. Over the course of the performance period, compensation expense for PRSUs based on EBITDA, EPS and APTI is adjusted according to the anticipated level of achievement of the specified performance metric over the performance period for the award. If the performance goals are not probable of achievement during the performance period, compensation expense related to these awards is reversed. Compensation expense for rTSR PRSUs is based on a fixed grant date fair value derived from a Monte Carlo simulation which assumes the probable performance achievement of 100%, which is not adjusted over the course of the performance period or reversed if achievement is not probable. All awards that do not achieve the minimum cumulative performance threshold over the performance period are forfeited at the end of the specified performance period.

Stock Options

Stock options are granted at exercise prices no less than the Company’s closing stock price on the date of grant. Outstanding stock options generally vest over a three-year period from the grant date and generally expire up to 10 years after the grant date. The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. The model uses various assumptions, including a risk-free interest rate, the expected term of the options, the expected stock price volatility, and the expected dividend yield. Compensation expense for employee stock options is recognized over the vesting term, net of estimated forfeitures. See Note 15 for further discussion of the Company’s share-based compensation.

Income Taxes

Current income tax expense or benefit is the amount of income taxes expected to be payable or receivable for the current year. A deferred income tax asset or liability is established for the difference between the tax basis of an asset or liability that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled. The Company maintains a valuation allowance for a deferred tax asset when it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. In evaluating whether a valuation allowance is required under such rules, the Company considers all available positive and negative evidence, including prior operating results, the nature and reason for any losses, its forecast of future taxable income, and the dates on which any deferred tax assets are expected to expire. These assumptions require a significant amount of judgment, including estimates of future taxable income. These estimates are based on the Company’s best judgment at the time made based on current and projected circumstances and conditions.

The Company accrues for the estimated additional amount of taxes for uncertain tax positions if it is deemed to be more likely than not that the Company would be required to pay such additional taxes. The Company is required to file federal and state income tax returns in the United States and various other income tax returns in foreign jurisdictions. The preparation of these income tax returns requires the Company to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by the Company. The Company accrues an amount for its estimate of additional tax liability, including interest and penalties in income tax expense, for any uncertain tax positions taken or expected to be taken in an income tax return. The Company reviews and updates the accrual for uncertain tax positions as more definitive information becomes available. Historically, additional taxes paid as a result of the resolution of the Company’s uncertain tax positions have not been materially different from the Company’s expectations. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. See Note 12 for further discussion of the Company’s income taxes.

Other Income, Net

Other income, net primarily includes gains and losses on foreign currency forward contracts, cross-currency swap contracts and foreign currency transactions. The components of other income, net are as follows (in millions):


	Years Ended December 31,
	2022		2021		2020
Foreign currency forward contract gain, net	$	44.5	$	14.4	$	2.9
Foreign currency transaction (loss) gain, net	(18.3)		(6.4)		9.0
Settlement of cross-currency swap contract (See Note 18)	—		—		11.1
Other	1.7		1.0		1.9
Other income, net	$	27.9	$	9.0	$	24.9

Concentration of Risk

On a consolidated basis, no single customer accounted for more than 10% of the Company’s consolidated revenues in 2022, 2021 or 2020. The Company’s top five customers accounted for approximately 12% of the Company’s consolidated revenues in 2022, 13% in 2021, and 20% in 2020.

The Company’s top five customers specific to the Golf Equipment and Active Lifestyle operating segments represented the following as a percentage of each segment’s total net revenues:

•Golf Equipment customers accounted for approximately 26%, 24% and 25% of total consolidated Golf Equipment sales in 2022, 2021, and 2020, respectively; and

•Active Lifestyle customers accounted for approximately 17% of total consolidated Active Lifestyle sales in both 2022 and 2021, and 12% in 2020.

With respect to the Company’s trade receivables, the Company performs ongoing credit evaluations of its customers’ financial condition and generally does not require collateral from these customers. The Company maintains reserves for estimated credit losses, which it considers adequate to cover any such losses. At December 31, 2022 and 2021, one customer represented 17% and 11%, respectively, of the Company’s outstanding accounts receivable balance.

Of the Company’s total consolidated net revenues, approximately 30%, 34% and 51% were derived from sales outside of the United States in 2022, 2021 and 2020, respectively. As a result of this international business, the Company is exposed to increased risks inherent in conducting business outside of the United States.

The Company is dependent on a limited number of suppliers for its clubheads and shafts, some of which are single sourced. Furthermore, some of the Company’s products require specially developed manufacturing techniques and processes which make it difficult to identify and utilize alternative suppliers quickly. The Company also depends on a single or a limited number of suppliers for the materials it uses to make its golf balls. Many of these materials are customized for the Company.

The Company’s financial instruments that are subject to concentrations of credit risk consist primarily of cash equivalents, trade receivables, foreign currency forward contracts, cross-currency debt swap contracts and interest rate hedge contracts. From time to time, the Company invests its excess cash in money market accounts and short-term U.S. government securities and has established guidelines relative to diversification and maturities in an effort to maintain safety and liquidity. These guidelines are periodically reviewed and modified to take advantage of trends in yields and interest rates.

The Company enters into foreign currency forward contracts for the purpose of hedging foreign exchange rate exposures on existing or anticipated transactions, and interest rate hedge contracts for the purpose of hedging interest rate exposures on its term loan facility. In the event of a failure to honor one of these contracts by one of the banks with which the Company has contracted, management believes any loss would be limited to the exchange rate differential from the time the contract was entered into until the time it was settled. The Company’s hedging contracts are subject to a master netting agreement with each respective counterparty bank and are therefore net settled.

Fair Value of Financial Instruments - Fair Value Relating to Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 1,190.1	$ 1,044.4
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes	258.3	258.8
Carrying Value \| ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	181.1	9.1
Carrying Value \| 2022 Japan ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	38.2	0.0
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes	337.7	444.4
Fair Value \| ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	181.1	9.1
Fair Value \| 2022 Japan ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	38.2	0.0
Secured Debt \| Carrying Value \| Japan Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0.0	13.0
Secured Debt \| Carrying Value \| Term Loan B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	432.0	436.8
Secured Debt \| Carrying Value \| Topgolf Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	336.9	340.4
Secured Debt \| Carrying Value \| Topgolf Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	110.0	0.0
Secured Debt \| Carrying Value \| Equipment Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	27.8	31.1
Secured Debt \| Fair Value \| Japan Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0.0	12.2
Secured Debt \| Fair Value \| Term Loan B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	431.1	437.5
Secured Debt \| Fair Value \| Topgolf Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	337.1	346.1
Secured Debt \| Fair Value \| Topgolf Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	110.0	0.0
Secured Debt \| Fair Value \| Equipment Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	23.6	30.2
Loans Payable \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	45.9	46.4
Loans Payable \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 55.3	$ 52.3

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income (loss)	$ 157,900,000	$ 322,000,000.0	$ (126,900,000)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization	192,800,000	155,800,000	39,500,000
Lease amortization expense	94,200,000	80,000,000.0	32,700,000
Amortization of debt discount and issuance costs	9,800,000	19,300,000	10,500,000
Impairment loss	5,500,000	0	174,300,000
Deferred taxes, net	(31,000,000.0)	8,400,000	(12,500,000)
Share-based compensation	47,000,000.0	38,700,000	10,900,000
Gain on Topgolf investment	0	(252,500,000)	0
Gain on conversion of note receivable	0	0	(1,300,000)
Unrealized net losses on hedging instruments and foreign currency	17,500,000	300,000	2,800,000
Acquisition costs	0	(16,200,000)	0
Other	10,900,000	12,000,000.0	300,000
Change in assets and liabilities, net of effect from acquisitions:
Accounts receivable, net	(75,600,000)	38,200,000	10,000,000.0
Inventories	(442,400,000)	(177,500,000)	117,000,000.0
Leasing receivables	(22,200,000)	(22,900,000)	0
Other assets	(20,700,000)	(51,700,000)	19,800,000
Accounts payable and accrued expenses	110,400,000	96,800,000	(11,500,000)
Deferred revenue	800,000	24,900,000	1,300,000
Accrued employee compensation and benefits	7,600,000	53,800,000	(16,600,000)
Payments on operating leases	(86,700,000)	(57,400,000)	(29,400,000)
Income taxes receivable/payable, net	(11,400,000)	8,800,000	2,000,000.0
Other liabilities	500,000	(2,500,000)	5,300,000
Net cash (used in) provided by operating activities	(35,100,000)	278,300,000	228,200,000
Cash flows from investing activities:
Cash acquired in merger	0	171,300,000	0
Capital expenditures	(532,300,000)	(322,300,000)	(39,200,000)
Investment in golf-related ventures	0	(30,000,000.0)	(20,000,000.0)
Acquisition of intangible assets	(3,200,000)	0	0
Proceeds from sale of investment in golf-related ventures	400,000	19,100,000	0
Net cash used in investing activities	(535,100,000)	(161,900,000)	(59,200,000)
Cash flows from financing activities:
Repayments of long-term debt	(96,600,000)	(200,700,000)	(12,400,000)
Proceeds from borrowings on long-term debt	176,800,000	26,200,000	37,700,000
Proceeds from (repayments of) credit facilities, net	213,000,000.0	(13,100,000)	(122,500,000)
Proceeds from issuance of convertible notes	0	0	258,800,000
Premium paid for capped call confirmations	0	0	(31,800,000)
Debt issuance cost	(200,000)	(5,400,000)	(9,000,000.0)
Payment on contingent earn-out obligation	(5,600,000)	(3,600,000)	0
Repayments of financing leases	(2,700,000)	(800,000)	(800,000)
Proceeds from lease financing	175,700,000	89,200,000	0
Exercise of stock options	700,000	22,300,000	200,000
Dividends paid	0	0	(1,900,000)
Acquisition of treasury stock	(35,800,000)	(38,200,000)	(22,200,000)
Net cash provided by (used in) financing activities	425,300,000	(124,100,000)	96,100,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(9,400,000)	(700,000)	(5,700,000)
Net (decrease) increase in cash, cash equivalents and restricted cash	(154,300,000)	(8,400,000)	259,400,000
Cash, cash equivalents and restricted cash at beginning of period	357,700,000	366,100,000	106,700,000
Cash, cash equivalents and restricted cash at end of period	203,400,000	357,700,000	366,100,000
Less: restricted cash	(23,200,000)	(5,500,000)	0
Cash and cash equivalents at end of period	180,200,000	352,200,000	366,100,000
Supplemental disclosures:
Cash paid for income taxes, net	28,100,000	9,400,000	3,100,000
Cash paid for interest and fees	111,100,000	88,600,000	34,400,000
Non-cash investing and financing activities:
Issuance of treasury stock and common stock for compensatory stock awards released from restriction	29,000,000.0	18,500,000	19,800,000
Accrued capital expenditures	40,500,000	50,200,000	1,500,000
Financed additions of capital expenditures	163,200,000	107,100,000	0
Issuance of common stock in Topgolf merger	0	2,650,200,000	0
Issuance of common stock related to convertible notes	$ 500,000	$ 0	$ 0

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 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, 2020	$	—	$	27.0	$	29.6		$	56.6
Acquisitions	1,340.7		504.6		58.7			1,904.0
Foreign currency translation	—		(0.5)		—			(0.5)
Balance at December 31, 2021	$	1,340.7	$	531.1	$	88.3		$	1,960.1
Acquisitions	14.3		0.2		1.5			16.0

Foreign currency translation and other	8.6		(1.0)		—			7.6
Balance at December 31, 2022	$	1,363.6	$	530.3	$	89.8		$	1,983.7

Intangible Assets by Major Asset Class

The following sets forth the intangible assets by major asset class (in millions, except useful life years):


	Useful Life (Years)	December 31, 2022
		Gross		Accumulated Amortization		Translation Adjustment		Net Book Value
Indefinite-lived:
Tradename and trademarks	NA	$	1,441.0	$	—	$	(28.3)	$	1,412.7
Liquor licenses	NA	8.9		—		—		8.9
Amortizing:
Patents	2-16	32.2		(31.8)		—		0.4
Customer and distributor relationships and other	1-10	67.4		(35.8)		(4.2)		27.4
Developed technology	10	69.7		(12.2)		(3.2)		54.3
Total intangible assets		$	1,619.2	$	(79.8)	$	(35.7)	$	1,503.7


	Useful Life (Years)	December 31, 2021
		Gross		Accumulated Amortization		Translation Adjustment	Net Book Value
Indefinite-lived:
Tradename and trademarks	NA	$	1,441.0	$	—		$	(15.8)	$	1,425.2
Liquor licenses	NA	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 December 31, 2022 in each of the next five fiscal years and beyond is expected to be incurred as follows (in millions):


2023	$	14.0
2024	11.1
2025	11.1
2026	11.0
2027	10.7
Thereafter	24.2
Total	$	82.1

- 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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 180.2	$ 352.2
Restricted cash	19.1	1.2
Accounts receivable, less allowances of $10.8 million and $6.2 million, respectively	167.3	105.3
Inventories	959.2	533.5
Prepaid expenses	57.1	54.2
Other current assets	136.0	119.3
Total current assets	1,518.9	1,165.7
Property, plant and equipment, net	1,809.6	1,451.4
Operating lease right-of-use assets, net	1,419.1	1,384.5
Tradenames and trademarks	1,412.7	1,425.2
Other intangible assets, net	91.0	103.4
Goodwill	1,983.7	1,960.1
Other assets, net	355.4	257.5
Total assets	8,590.4	7,747.8
Current liabilities:
Accounts payable and accrued expenses	580.0	491.2
Accrued employee compensation and benefits	135.2	128.9
Asset-based credit facilities	219.3	9.1
Operating lease liabilities, short-term	76.4	72.3
Construction advances	35.4	22.9
Deferred revenue	94.9	93.9
Other current liabilities	35.0	47.7
Total current liabilities	1,176.2	866.0
Long-term liabilities
Long-term debt, net (Note 7)	1,176.3	1,025.3
Operating lease liabilities, long-term	1,437.5	1,385.4
Deemed landlord financing obligations, long-term	658.0	460.6
Deferred taxes, net	117.5	163.6
Other long-term liabilities	250.6	164.0
Commitments and contingencies (Note 13)
Shareholders’ equity:
Preferred stock, $0.01 par value, 3.0 million shares authorized, none issued and outstanding at December 31, 2022 and December 31, 2021	0.0	0.0
Common stock, $0.01 par value, 360.0 million shares authorized, 186.2 million shares issued at December 31, 2022 and December 31, 2021	1.9	1.9
Additional paid-in capital	3,012.7	3,051.6
Retained earnings	852.5	682.2
Accumulated other comprehensive loss	(61.5)	(27.3)
Less: Common stock held in treasury, at cost, 1.3 million shares and 1.0 million shares at December 31, 2022 and December 31, 2021, respectively	(31.3)	(25.5)
Total shareholders’ equity	3,774.3	3,682.9
Total liabilities and shareholders’ equity	$ 8,590.4	$ 7,747.8

Commitments & Contingencies - Future Purchase Commitments (Details) $ in Millions	Dec. 31, 2022 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2023	$ 47.2
2024	17.5
2025	9.0
2026	8.4
2027	1.8
Unconditional purchase obligations	$ 83.9

Fair Value of Financial Instruments - Foreign Currency Exchange Contracts Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency forward contracts, net	$ 2.0	$ (8.6)
Foreign currency forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset position	0.2	0.3
Liability position	(5.4)	(0.2)
Interest rate swap agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset position	7.2
Liability position	0.0	(8.7)
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Foreign currency forward contracts, net	2.0	(8.6)
Level 2 \| Foreign currency forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset position	0.2	0.3
Liability position	(5.4)	(0.2)
Level 2 \| Interest rate swap agreements
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Asset position	7.2
Liability position	$ 0.0	$ (8.7)

Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The Company’s income (loss) before income taxes was subject to taxes in the following jurisdictions for the following periods (in millions):


	Years Ended December 31,
	2022		2021		2020
United States	$	97.8	$	295.3	$	68.9
Foreign	44.1		55.3		(196.4)
	$	141.9	$	350.6	$	(127.5)

The expense (benefit) for income taxes is comprised of (in millions):


	Years Ended December 31,
	2022		2021		2020
Current tax provision:
Federal	$	9.8	$	2.9	$	1.7
State	5.7		2.3		1.5
Foreign	6.4		14.6		5.3
	21.9		19.8		8.5
Deferred tax expense (benefit):
Federal	(42.6)		11.0		8.6
State	7.9		7.2		5.2
Foreign	(3.2)		(9.4)		(22.9)
	(37.9)		8.8		(9.1)
Income tax (benefit) provision	$	(16.0)	$	28.6	$	(0.6)

On March 8, 2021, the Company acquired Topgolf through a non-taxable stock acquisition in a share exchange. The purchase price of Topgolf at acquisition was $3,014.2 million. The Company recorded a deferred tax liability of $250.0 million related to the acquired intangibles, offset by $118.0 million of other acquired deferred tax assets, after consideration of acquired valuation allowances.

As described in Note 6, 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. Due to finalized valuations of acquired assets and liabilities, 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.

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 are as follows (in millions):


	December 31,
	2022		2021
Deferred tax assets:
Operating loss carryforwards	$	135.9	$	149.9
Tax credit carryforwards	57.3		64.3
ASC Topic 842 lease liability	441.6		396.4
Deemed landlord financing	167.5		115.1
Other	90.3		72.7
Total deferred tax assets	892.6		798.4
Valuation allowance for deferred tax assets	(100.2)		(120.5)
Deferred tax assets, net of valuation allowance	792.4		677.9

Deferred tax liabilities:
Basis difference related to fixed assets	(146.6)		(105.5)
Basis difference related to intangible assets with an indefinite life	(332.4)		(331.2)
ASC Topic 842 ROU assets	(414.7)		(375.7)
Other	(0.1)		(7.9)
Total deferred tax liabilities	(893.8)		(820.3)
Net deferred tax assets (liabilities) are shown on the accompanying consolidated balance sheets as follows:
Non-current deferred tax assets	16.1		21.2
Non-current deferred tax liabilities	(117.5)		(163.6)
Net deferred tax (liabilities)/ assets	$	(101.4)	$	(142.4)

The net change in net deferred taxes in 2022 of $41.0 million is primarily comprised the release of valuation allowances on the Company’s U.S. deferred tax assets.

Deferred tax assets and liabilities result from temporary differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are anticipated to be in effect at the time the differences are expected to reverse. The realization of the deferred tax assets, including loss and credit carry forwards, is subject to the Company generating sufficient taxable income during the periods in which the temporary differences become realizable. In accordance with the applicable accounting rules, the Company maintains a valuation allowance for a deferred tax asset when it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. In evaluating whether a valuation allowance is required under such rules, the Company considers all available positive and negative evidence, including prior operating results, the nature and reason for any losses, its forecast of future taxable income, and the dates on which any deferred tax assets are expected to expire. These assumptions require a significant amount of judgment, including estimates of future taxable income. These estimates are based on the Company’s best judgment at the time made based on current and projected circumstances and conditions.

The Company has evaluated all available positive and negative evidence and 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 December 31, 2022 and 2021 relate primarily to federal and state deferred tax assets for tax attributes that the Company estimates are not more likely than not to be utilized prior to expiration. However, given the Company’s more recent earnings history, 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. The exact timing and amount of the valuation allowance release would be predicated on continued profitability of the Company combined with the continued profitability management believes the Company 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.

As of December 31, 2022, the Company had federal and state income tax credit carryforwards of $46.6 million and $29.0 million, respectively, which will expire if unused at various dates beginning on December 31, 2026. Such carryforwards expire as follows (in millions):


U.S. foreign tax credit	$	2.0	2027-2032
U.S. research tax credit	$	8.4	2026-2042
U.S. business tax credits	$	36.2	2035-2042
State investment tax credits	$	2.3	Do not expire
State research tax credits - definite lived	$	1.4	2031-2034
State research tax credits - indefinite lived	$	25.3	Do not expire

As of December 31, 2022, the Company had federal and state net operating loss (“NOLs”) and interest expense carryforwards of $544.1 million and $17.3 million, respectively. Such carryforwards expire as follows (in millions):


U.S. loss carryforwards - definite lived	$	96.8	2028-2037
U.S. interest expense carryforwards - indefinite lived	$	17.3	Do not expire
U.S. loss carryforwards - indefinite lived	$	215.9	Do not expire
State loss carryforwards	$	231.4	2023-2040

The Company’s ability to utilize the NOLs and credits to offset future taxable income may be deferred or limited significantly if the Company were to experience an “ownership change” as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). In general, an ownership change will occur if there is a cumulative change in ownership of the Company’s stock by “5-percent shareholders” (as defined in the Code) that exceeds 50 percentage points over a rolling three-year period. The Company determined that an ownership change has occurred for purposes of Section 382 on the date of the Topgolf merger. Topgolf experienced an ownership change in November 2021. As such, all of the Company’s federal NOLs and credits are limited to an annual Section 382 limitation on the utilization of its tax attributes. This change is not expected to have any material effect on the Company’s results of operations or statements of financial position. In addition, Topgolf’s NOLs are presently expected to be subject to “separate return limitation year” limitations. Separate return limitation year NOLs can only be used in years that both the consolidated group and the entity that created such NOLs have taxable income, which may limit our ability to utilize Topgolf’s NOLs in the future. Therefore, the Company’s ability to utilize Topgolf tax attributes to offset future taxable income may be deferred or limited significantly.

A reconciliation of the effective tax rate on income or loss and the statutory tax rate is as follows:


	Years Ended December 31,
	2022		2021		2020
Statutory U.S. tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of U.S. tax benefit	7.1	%	2.1	%	(4.1)	%
Foreign income taxed at other than U.S. statutory rate	(8.9)	%	(3.3)	%	7.0	%
Federal tax credits	(8.7)	%	(2.0)	%	2.8	%
Goodwill impairment	—	%	—	%	(24.5)	%
Revaluation of Company stock attributable to Topgolf merger	—	%	(15.1)	%	—	%
Other non-deductible expenses	1.0	%	0.7	%	(1.7)	%
Non-deductible compensation	4.5	%	1.4	%	(0.7)	%
U.S. Foreign tax inclusion	1.0	%	0.5	%	(0.4)	%
Foreign derived intangible income deduction	(3.0)	%	(2.1)	%	1.1	%
Stock compensation excess tax benefits	—	%	(1.6)	%	1.4	%
Impact of uncertain tax positions	(0.8)	%	(2.2)	%	(1.6)	%
Change in deferred tax valuation allowance	(23.0)	%	7.8	%	(0.7)	%
Other	(1.5)	%	1.0	%	0.8	%
Effective tax rate	(11.3)	%	8.2	%	0.4	%

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):


	2022		2021		2020
Balance at January 1	$	26.6	$	28.3	$	26.0
Additions based on tax positions related to the current year	1.7		1.7		3.1
Additions for tax positions of prior years	1.2		0.5		0.5
Reductions for tax positions of prior years	(1.5)		(0.9)		(0.2)
Settlement of tax audits	—		(2.7)		—
Current year acquisitions	—		6.7		—
Reductions due to lapsed statute of limitations	(1.8)		(7.0)		(1.1)
Balance at December 31	$	26.2	$	26.6	$	28.3

As of December 31, 2022, the gross liability for income taxes associated with uncertain tax benefits was $26.2 million. This liability could be reduced by $5.3 million of offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, which was recorded as a long-term income tax receivable, as well as $10.3 million of deferred taxes. The net amount of $10.6 million, if recognized, would affect the Company’s financial statements and favorably affect the Company’s effective income tax rate.

The Company does not expect changes to the unrecognized tax benefits in the next 12 months to have a material impact on its results of operations or its financial position.

The Company recognizes interest and/or penalties related to income tax matters in income tax expense. The Company recognized a tax benefit of $0.3 million, $0.6 million, and $0.4 million, for the years ended December 31, 2022, 2021 and 2020, respectively. As of December 31, 2022 and 2021, the gross amount of accrued interest and penalties included in income taxes payable in the accompanying consolidated balance sheets was $2.9 million and $3.2 million, respectively.

The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The Company is generally no longer subject to income tax examinations by tax authorities in its major jurisdictions as follows:


Major Tax Jurisdiction						Years No Longer Subject to Audit
U.S. Federal						2010 and prior
California (U.S.)						2008 and prior
Germany						2013 and prior
Japan						2016 and prior
South Korea						2016 and prior
United Kingdom						2018 and prior

As of December 31, 2022, the Company had $180.5 million of undistributed foreign earnings and profits. Pursuant to the Tax Act, the Company’s undistributed foreign earnings and profits were deemed repatriated as of December 31, 2017 and subsequent foreign profits are not expected to be subject to U.S. income tax upon repatriation. The Company has not provided deferred tax liabilities for foreign withholding taxes and certain state income taxes on the undistributed earnings and profits from certain non-U.S. subsidiaries that will be permanently reinvested outside the United States and expects the net impact of any future repatriations of permanently invested earnings on the Company’s overall tax liability to be insignificant. For jurisdictions in which the Company is not permanently reinvested, the Company has estimated and accrued $1.8 million for the net impact on the Company’s overall tax liability.

- 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

Stock Plans and Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Shares Authorized, Available for Future Grant and Outstanding Under Each Plans

The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans as of December 31, 2022 (in millions):


	Authorized	Available(1)	Outstanding(2)

2004 Incentive Plan	33.0	—	2.9
2013 Directors Plan	1.0	—	—
2021 Inducement Plan	1.3	—	0.5
2022 Incentive Plan	16.0	16.1	0.1
Topgolf Equity Compensation Plans and Option Agreement	3.4	—	1.9
Total	54.7	16.1	5.4

(1) Includes shares subject to a full award value under the 2022 Incentive Plan’s fungible share ratio.
(2) Excludes 0.1 million of issued restricted stock awards which are not outstanding.

Stock Option Activities

The following table summarizes the Company’s stock option activities for the year ended December 31, 2022 (in millions, except per share amounts and contractual term):


Options	Number of Shares	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	2.0	$	26.60
Granted	—	$	—
Exercised	(0.1)	$	11.87
Forfeited	—	$	—
Expired	—	$	—
Outstanding at December 31, 2022	1.9	$	26.97	3.72	$	1.9
Vested and expected to vest in the future at December 31, 2022	1.9	$	26.96	3.72	$	1.9
Exercisable at December 31, 2022	1.7	$	26.30	3.44	$	1.9

The following table summarizes information related to outstanding stock options as of December 31, 2022 (in millions, except option price and remaining life amounts):

Weighted Average

Range of Option Prices

Options Outstanding

Remaining Life (Years)

Exercise Price

$6.52 to $35.14

1.9

3.72

$26.97

Summary of Fair Value Assumptions

The table below summarizes the range and the weighted averages of the fair value assumptions used in the Black-Scholes valuation as of March 8, 2021.


Assumptions:	Range	Weighted Averages
Expected term (in years)	0.3 - 7.1	3.7
Volatility	43.0% - 85.4%	55.1%
Risk-free interest rate	0.1% -1.3%	0.6%
Dividend yield	—	—

Roll-Forward of Activity for Restricted Stock Units

The following table represents activity for restricted stock units for the year ended December 31, 2022 (in millions, except fair value amounts):


Restricted Stock Units	Units	Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2022	1.6	$	25.79
Granted	0.6	$	22.81
Vested	(0.7)	$	23.97
Forfeited	(0.1)	$	23.40
Expired	—	—
Unvested at December 31, 2022	1.4	$	25.47

Roll-Forward of Activity for Restricted Stock Awards

The following table represents activity related to restricted stock awards granted as part of the replacement awards for the year ended December 31, 2022 (in millions, except fair value amounts):


Restricted Stock Awards	Units	Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2022	0.2	$	29.52
Granted	—	—
Vested	(0.1)	$	29.52
Forfeited	—	—
Expired	—	—
Unvested at December 31, 2022	0.1	$	29.52

Roll-Forward of Activity for Performance Share Units

The following table represents the activity for performance based awards during the year ended December 31, 2022 (in millions, except fair value amounts):


Performance Share Units	Units	Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2022	2.0	$	27.00
Granted	0.5	$	34.68
Target Award Adjustment(1)	0.1	$	16.60
Vested	(0.4)	$	16.28
Forfeited	(0.1)	$	28.42
Unvested at December 31, 2022	2.1	$	30.24

(1) Represents incremental shares earned by participants at a performance achievement in excess of 100% for awards previously granted.

Share-Based Compensation Including Expense for Phantom Stock Units and Cash Settled Stock Appreciation Rights Granted to Employees


	Years Ended December 31,
	2022		2021		2020
Cost of products	$	1.6	$	1.2	$	0.8
Selling, general and administrative expenses	44.0		36.5		9.3
Research and development expenses	1.1		1.0		0.8
Other venue expenses	0.3		—		—
Total cost of share-based compensation included in income, before income tax	47.0		38.7		10.9
Income tax benefit	11.3		8.9		2.5
Total cost of employee share-based compensation, after tax	$	35.7	$	29.8	$	8.4

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Cumulative Effect, Period of Adoption, Adjustment	Restricted Stock	Options and Restricted Stock	Total	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	Additional Paid-in Capital Options and Restricted Stock	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive (Loss) Income	Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2019						95,600,000
Balance at beginning of period at Dec. 31, 2019		$ (300)			$ 767,400	$ 1,000		$ 323,600				$ 489,400	$ (300)	$ (22,400)	$ (24,200)
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2019															1,500,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock (in shares)															(1,100,000)
Acquisition of treasury stock	$ (22,200)														$ (22,200)
Exercise of stock options	200							(400)							$ 600
Compensatory awards released from restriction (in shares)															1,200,000
Compensatory awards released from restriction	0							(19,800)							$ 19,800
Share-based compensation	10,900							10,900
Stock dividends	(100)											(100)
Cash dividends	(1,900)											(1,900)
Foreign currency translation equity adjustment	25,700													25,700
Change in fair value of derivative instruments, net of tax	(9,800)													(9,800)
Equity component of convertible notes, net of issuance costs and tax	57,100							57,100
Capped call premium confirmations, net of tax	(24,500)							(24,500)
Net income (loss)	(126,900)											(126,900)
Balance at end of period (in shares) at Dec. 31, 2020						95,600,000
Balance at end of period at Dec. 31, 2020					675,600	$ 1,000		346,900				360,200		(6,500)	$ (26,000)
Treasury stock, balance at end of period (in shares) at Dec. 31, 2020															1,400,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock issued during period (in shares)						89,800,000	200,000
Common stock issued during period	2,650,200			$ 0		$ 900	$ 0	2,649,300			$ 0
Acquisition of treasury stock (in shares)															(1,400,000)
Acquisition of treasury stock	(38,100)							400							$ (38,500)
Exercise of stock options (in shares)						600,000									900,000
Exercise of stock options	22,300							1,800							$ 20,500
Compensatory awards released from restriction (in shares)						0									900,000
Compensatory awards released from restriction	0							(18,500)							$ 18,500
Share-based compensation	38,700		$ 33,000					38,700		$ 33,000
Foreign currency translation equity adjustment	(29,200)													(29,200)
Change in fair value of derivative instruments, net of tax	8,400													8,400
Net income (loss)	$ 322,000											322,000
Balance at end of period (in shares) at Dec. 31, 2021						186,200,000
Balance at end of period at Dec. 31, 2021		$ (44,700)			3,682,900	$ 1,900		3,051,600	$ (57,100)			682,200	$ 12,400	(27,300)	$ (25,500)
Treasury stock, balance at end of period (in shares) at Dec. 31, 2021	1,000,000														1,000,000.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	Accounting Standards Update 2020-06
Acquisition of treasury stock (in shares)															(1,600,000)
Acquisition of treasury stock	$ (35,800)							300							$ (36,100)
Exercise of stock options (in shares)	100,000														100,000
Exercise of stock options	$ 700							(700)							$ 1,400
Compensatory awards released from restriction (in shares)															1,200,000
Compensatory awards released from restriction	0							(29,000)							$ 29,000
Share-based compensation	47,000							47,000
Foreign currency translation equity adjustment	(44,700)													(44,700)
Change in fair value of derivative instruments, net of tax	10,500													10,500
Issuance of common stock related to convertible notes	500							500
Capped call transaction related to convertible note conversion	0							100							(100)
Net income (loss)	$ 157,900											157,900
Balance at end of period (in shares) at Dec. 31, 2022						186,200,000
Balance at end of period at Dec. 31, 2022					$ 3,774,300	$ 1,900		$ 3,012,700				$ 852,500		$ (61,500)	$ (31,300)
Treasury stock, balance at end of period (in shares) at Dec. 31, 2022	1,300,000														1,300,000

Summary of Significant Accounting Policies - Other Income (Expense) Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency forward contract gain, net	$ 44.5	$ 14.4	$ 2.9
Foreign currency transaction (loss) gain, net	(18.3)	(6.4)	9.0
Other	1.7	1.0	1.9
Other income	27.9	9.0	24.9
Other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency forward contract gain, net	44.5	14.4	2.2
Cross-currency debt swap contracts \| Other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Settlement of cross-currency swap contract	$ 0.0	$ 0.0	$ 11.1

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2022	Feb. 20, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-10962
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2,831,794,054
Entity Common Stock, Shares Outstanding		185,300,620
Documents Incorporated by Reference	Part III incorporates certain information by reference from the registrant’s Definitive Proxy Statement to be filed with the Securities and Exchange Commission (“SEC” or “Commission”) pursuant to Regulation 14A in connection with the registrant’s 2023 Annual Meeting of Shareholders, which is scheduled to be held on June 6, 2023. Such Definitive Proxy Statement will be filed with the Commission not later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2022.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0000837465

Leases - Sales-Type Lease, Lease Receivable, Maturity (Details) $ in Millions	Dec. 31, 2022 USD ($)
Sales-Type and Direct Financing Leases, Lease Receivable, Payments to be Received, Fiscal Year Maturity [Abstract]
2023	$ 24.0
2024	23.3
2025	18.5
2026	11.8
2027	5.7
Thereafter	3.6
Total future lease payments	86.9
Less: imputed interest	11.9
Total	$ 75.0

Commitments & Contingencies - Narrative (Details) $ in Millions	Dec. 31, 2022 USD ($)
Standby Letters of Credit
Long-term Purchase Commitment [Line Items]
Loss contingency accrual	$ 11.6
Topgolf International, Inc
Long-term Purchase Commitment [Line Items]
Minimum capital commitment	$ 48.0

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Total net revenues	$ 3,995.7	$ 3,133.4	$ 1,589.5
Costs and expenses:
Other venue expenses	1,076.9	731.5	0.0
Selling, general and administrative expense	970.6	849.7	542.5
Research and development expense	76.4	68.0	46.3
Goodwill and trade name impairment	0.0	0.0	174.3
Venue pre-opening costs	30.4	9.4	0.0
Total costs and expenses	3,738.9	2,928.7	1,695.0
Income (loss) from operations	256.8	204.7	(105.5)
Interest expense, net	(142.8)	(115.6)	(46.9)
Gain on Topgolf investment	0.0	252.5	0.0
Other income	27.9	9.0	24.9
Income (loss) before income taxes	141.9	350.6	(127.5)
Income tax (benefit) provision	(16.0)	28.6	(0.6)
Net income (loss)	$ 157.9	$ 322.0	$ (126.9)
Earnings (loss) per common share:
Basic (in dollars per share)	$ 0.85	$ 1.90	$ (1.35)
Diluted (in dollars per share)	$ 0.82	$ 1.82	$ (1.35)
Weighted-average common shares outstanding:
Basic (in shares)	184.9	169.1	94.2
Diluted (in shares)	201.3	176.9	94.2
Products
Total net revenues	$ 2,465.5	$ 2,058.7	$ 1,589.5
Costs and expenses:
Cost of products	1,400.6	1,136.6	931.9
Services
Total net revenues	1,530.2	1,074.7	0.0
Costs and expenses:
Cost of services, excluding depreciation and amortization	$ 184.0	$ 133.5	$ 0.0

Accumulated Other Comprehensive Income (Loss) (Tables)

12 Months Ended

Dec. 31, 2022

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

Schedule of Accumulated Other Comprehensive Income

The following table details the amounts reclassified from accumulated other comprehensive income (loss) and foreign currency translation adjustments for the years ended December 31, 2022, 2021 and 2020 (in millions):


	Derivative Instruments		Foreign Currency Translation		Total
Accumulated other comprehensive loss, January 1, 2020, after tax	$	(4.2)	$	(18.2)	$	(22.4)
Change in derivative instruments	3.0		—		3.0
Net losses reclassified to cost of goods sold	(1.0)		—		(1.0)
Net gains reclassified to other income (expense)	(16.8)				(16.8)
Net losses reclassified to interest expense	2.1				2.1
Income tax benefit on derivative instruments	2.9		—		2.9
Foreign currency translation adjustments	—		25.7		25.7
Accumulated other comprehensive loss, December 31, 2020, after tax	(14.0)		7.5		(6.5)
Change in derivative instruments	6.9		—		6.9
Net gains reclassified to cost of goods sold	(1.7)		—		(1.7)

Net losses reclassified to interest expense	4.8		—		4.8
Income tax provision on derivative instruments	(1.6)		—		(1.6)
Foreign currency translation adjustments	—		(29.2)		(29.2)
Accumulated other comprehensive loss, December 31, 2021, after tax	(5.6)		(21.7)		(27.3)
Change in derivative instruments	16.2		—		16.2
Net gains reclassified to cost of goods sold	(4.8)		—		(4.8)

Net losses reclassified to interest expense	1.6		—		1.6
Income tax provision on derivative instruments	(2.5)		—		(2.5)
Foreign currency translation adjustments	—		(44.7)		(44.7)
Accumulated other comprehensive loss, December 31, 2022, after tax	$	4.9	$	(66.4)	$	(61.5)

Capital Stock	12 Months Ended
Capital Stock	Dec. 31, 2022
Equity [Abstract]
Capital Stock	Capital Stock Common Stock and Preferred Stock As of December 31, 2022, the Company has authorized capital of 363.0 million shares, $0.01 par value per share, of which 360.0 million shares are designated common stock, and 3.0 million shares are designated preferred stock. Of the preferred stock, 0.2 million shares are designated Series A Junior Participating Preferred Stock and the remaining shares of preferred stock are undesignated as to series, rights, preferences, privileges or restrictions. The holders of common stock are entitled to one vote for each share of common stock on all matters submitted to a vote of the Company’s shareholders. Although to date no shares of Series A Junior Participating preferred stock have been issued, if such shares were issued, each share of Series A Junior Participating Preferred Stock would entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the shareholders of the Company. The holders of Series A Junior Participating Preferred Stock and the holders of common stock shall generally vote together as one class on all matters submitted to a vote of the Company’s shareholders. Treasury Stock and Stock Repurchases In May 2022, the Company’s Board of Directors authorized a $100.0 million share repurchase program (the “2022 Repurchase Program”) under which the Company is authorized to repurchase shares of its common stock in the open market or in private transactions, subject to the Company’s assessment of market conditions and repurchase opportunities. The 2022 Repurchase Program does not require the Company to acquire a specific number of shares and will remain in effect until completed or until terminated by the Company’s Board of Directors. As of December 31, 2022, no repurchases have been made under the 2022 Repurchase Program. During the first quarter of 2022, the Company completed a share repurchase program (the “2021 Repurchase Program”) in which the Company’s Board of Directors previously authorized the repurchase of up to $50.0 million of shares of the Company’s common stock in the open market or in private transactions. Under the program, the Company repurchased a total of 2.0 million shares of its common stock at a weighted average purchase price per share of $24.80. Repurchases made under the Company’s repurchase programs are made in accordance with the terms and conditions of the Company’s ABL Facility and long-term debt, which limit the amount of stock that can be repurchased. In addition to the aforementioned repurchase programs, the Company may repurchase shares in relation to the settlement of employee income tax withholding obligations related to the vesting and settlement of employee restricted stock unit awards and performance share unit awards. During the year ended 2022, the Company withheld 0.5 million shares of its common stock to satisfy the Company’s payroll tax withholding obligations in connection with the vesting and settlement of employee restricted stock unit awards and performance share unit awards, for a total cost of $10.9 million. The Company’s repurchases of shares of its common stock are recorded at cost and result in a reduction of shareholders’ equity.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: 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(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Leases - Sales-Type Leases (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Leasing receivables, net—short-term	$ 17.5	$ 12.8
Leasing receivables, net—long-term	57.5	44.1
Total leasing receivables	$ 75.0	$ 56.9

Business Combinations - Supplemental Pro-Forma Information (Details) - Topgolf International, Inc - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Net revenues	$ 3,276.4	$ 2,305.7
Net income (loss)	$ 72.3	(318.8)
Net revenues		1,087.6
Net loss		$ (29.6)

Income Taxes - Reconciliation of Effective Tax Rate on Income or Loss and Statutory Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Statutory U.S. tax rate	21.00%	21.00%	21.00%
State income taxes, net of U.S. tax benefit	7.10%	2.10%	(4.10%)
Foreign income taxed at other than U.S. statutory rate	(8.90%)	(3.30%)	7.00%
Federal tax credits	(8.70%)	(2.00%)	2.80%
Goodwill impairment	0.00%	0.00%	(24.50%)
Revaluation of Company stock attributable to Topgolf merger	0.00%	(15.10%)	0.00%
Other non-deductible expenses	1.00%	0.70%	(1.70%)
Non-deductible compensation	4.50%	1.40%	(0.70%)
U.S. Foreign tax inclusion	1.00%	0.50%	(0.40%)
Foreign derived intangible income deduction	(3.00%)	(2.10%)	1.10%
Stock compensation excess tax benefits	0.00%	(1.60%)	1.40%
Impact of uncertain tax positions	(0.80%)	(2.20%)	(1.60%)
Change in deferred tax valuation allowance	(23.00%)	7.80%	(0.70%)
Other	(1.50%)	1.00%	0.80%
Effective tax rate	(11.30%)	8.20%	0.40%

Leases - Other Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 157.0	$ 123.6	$ 39.8
Operating cash flows from finance leases	5.2	2.8	0.0
Financing cash flows from finance leases	2.7	0.8	0.8
Lease liabilities arising from new ROU assets:
Operating leases	51.9	19.6	65.5
Finance leases	$ 92.0	$ 52.7	$ 0.1
Weighted average remaining lease term (years):
Operating leases	16 years 7 months 6 days	14 years 1 month 6 days
Finance leases	36 years 6 months	36 years 2 months 12 days
Weighted average discount rate:
Operating leases	5.60%	5.30%
Finance leases	6.10%	5.30%
Deemed Landlord Finance Lease
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 36.9	$ 17.7
Financing cash flows from finance leases	4.8	0.0
Lease liabilities arising from new ROU assets:
Operating leases	$ 193.8	$ 171.4
Weighted average remaining lease term (years):
Finance leases	38 years 6 months	39 years
Weighted average discount rate:
Finance leases	8.80%	9.20%

Income Taxes - Income (Loss) Before Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
United States	$ 97.8	$ 295.3	$ 68.9
Foreign	44.1	55.3	(196.4)
Income (loss) before income taxes	$ 141.9	$ 350.6	$ (127.5)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Financing Arrangements - Mortgage Loans (Details)	Dec. 31, 2022 loan
Mortgages
Debt Instrument [Line Items]
Number of mortgage loans assumed	3

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Revenue Arrangement [Line Items]
Total net revenues	$ 3,995.7	$ 3,133.4	$ 1,589.5
Territory and franchise fee recognition, period	40 years
Deferred revenue, period for recognition	12 years
Deferred revenue from gift cards	$ 3.2	3.4
Reserve for cost recovery	25.5	25.9
Products
Deferred Revenue Arrangement [Line Items]
Total net revenues	2,465.5	2,058.7	1,589.5
Topgolf
Deferred Revenue Arrangement [Line Items]
Total net revenues	1,549.0	1,087.6	$ 0.0
Topgolf \| Products
Deferred Revenue Arrangement [Line Items]
Total net revenues	$ 18.7	$ 12.9

- Definition

+ References

+ Details

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 172.7	$ 146.3	$ 42.5
Financing lease costs:
Amortization of right-of-use assets	6.4	3.2	0.9
Interest on lease liabilities	9.3	4.5	0.0
Total financing lease costs	15.7	7.7	0.9
Variable lease costs	10.2	6.5	2.5
Total lease costs	198.6	160.5	$ 45.9
Deemed Landlord Finance Lease
Financing lease costs:
Amortization of right-of-use assets	14.5	5.7
Interest on lease liabilities	46.7	28.0
Total financing lease costs	$ 61.2	$ 33.7

Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 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

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 balance sheets as of December 31, 2022 and December 31, 2021 (in millions):


		Fair Value of Asset Derivatives
		December 31,
	Balance Sheet Location	2022		2021
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Other current assets	$	0.1	$	0.1
Interest rate swap contracts	Other current assets	4.4		—
Interest rate swap contracts	Other assets, net	2.8		—
Total		$	7.3	$	0.1
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	0.1		0.2

Total asset position		$	7.4	$	0.3


		Fair Value of Liability Derivatives
		December 31,
	Balance Sheet Location	2022		2021
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	$	2.6	$	—
Interest rate swap contracts	Accounts payable and accrued expenses	—		4.1
Interest rate swap contracts	Other long-term liabilities	—		4.6
		2.6		8.7
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	2.8		0.2
Total liability position		$	5.4	$	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 financial statements for the years ended December 31, 2022, 2021, and 2020 (in millions):


	Gain (Loss) Recognized in Other Comprehensive Income
	Year Ended December 31,
Derivatives designated as cash flow hedging instruments	2022		2021		2020
Foreign currency forward contracts	$	2.0	$	2.4	$	0.8
Cross-currency debt swap contracts	—		—		15.1
Interest rate swap agreements	14.2		4.4		(12.9)
	$	16.2	$	6.8	$	3.0


	Gain (Loss) Reclassified from Other Comprehensive Income into Earnings
	Year Ended December 31,
Derivatives designated as cash flow hedging instruments	2022		2021		2020
Foreign currency forward contracts	$	4.8	$	1.7	$	1.1
Cross-currency debt swap contracts	—		—		18.5
Interest rate swap agreements	(1.6)		(4.8)		(3.9)
	$	3.2	$	(3.1)	$	15.7

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

The following table summarizes the location of net gains and losses in the consolidated statements of operations that were recognized during the years ended December 31, 2022, 2021 and 2020, in addition to the derivative contract type (in millions):


		Amount of Net Gain Recognized in Income on Derivative Instruments
Derivatives not designated as hedging instruments	Location of Net Gain Recognized in Income on Derivative Instruments	Years Ended December 31,
		2022		2021		2020
Foreign currency forward contracts	Other income, net	$	44.5	$	14.4	$	2.2

Business Combinations (Tables)

12 Months Ended

Dec. 31, 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


	Year Ended December 31,
	2021		2020
	(in millions)
Net revenues	$	3,276.4	$	2,305.7
Net income (loss)	$	72.3	$	(318.8)

The following table presents net revenues and net income attributable to Topgolf included in the Company’s consolidated statements of operations for the year ended December 31, 2021 (in millions):


	Twelve Months Ended December 31,
	2021
Net revenues	$	1,087.6
Net loss	$	(29.6)

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

Sales-Type Leases

The Company enters into non-cancelable 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 statements of operations. There were no revenues attributed to sales-type leases for the year ended December 31, 2020. Leasing revenue attributed to sales-type leases consists of the selling price and interest income as follows (in millions):


	December 31, 2022		December 31, 2021
Sales-type lease selling price(1)	$	36.3	$	29.8
Cost of underlying assets	(17.6)		(11.9)
Operating profit	$	18.7	$	17.9

Interest income	$	4.5	$	4.3

Leasing revenue attributable to sales-type leases	$	40.8	$	34.1

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

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


	Balance Sheet Location	December 31, 2022		December 31, 2021
Leasing receivables, net—short-term	Other current assets	$	17.5	$	12.8
Leasing receivables, net—long-term	Other assets	57.5		44.1
Total leasing receivables		$	75.0	$	56.9

As of December 31, 2022, maturities of sales-type lease receivables for the next five years and thereafter were as follows (in millions):


	Sales-type Leases
2023	$	24.0
2024	23.3
2025	18.5
2026	11.8
2027	5.7
Thereafter	3.6
Total future lease payments	86.9
Less: imputed interest	11.9
Total	$	75.0

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):


		December 31,
	Balance Sheet Location	2022		2021
Operating Leases:
ROU assets, net	Operating lease ROU assets, net	$	1,419.1	$	1,384.5
Lease liabilities, short-term	Operating lease liabilities, short-term	$	76.4	$	72.3
Lease liabilities, long-term	Operating lease liabilities, long-term	$	1,437.5	$	1,385.4

Finance Leases:
ROU assets, net	Other assets	$	215.7	$	129.5
Lease liabilities, short-term	Accounts payable and accrued expenses	$	1.7	$	1.8
Lease liabilities, long-term	Other long-term liabilities	$	225.9	$	132.5

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


	Year Ended December 31,
	2022		2021		2020
Operating lease costs	$	172.7	$	146.3	$	42.5
Financing lease costs:
Amortization of right-of-use assets	6.4		3.2		0.9
Interest on lease liabilities	9.3		4.5		—
Total financing lease costs	15.7		7.7		0.9
Variable lease costs	10.2		6.5		2.5
Total lease costs	$	198.6	$	160.5	$	45.9

Other information related to leases was as follows:


	December 31,
Supplemental Cash Flows Information (in millions)	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	157.0	$	123.6	$	39.8
Operating cash flows from finance leases	$	5.2	$	2.8	$	—
Financing cash flows from finance leases	$	2.7	$	0.8	$	0.8

Lease liabilities arising from new ROU assets:
Operating leases	$	51.9	$	19.6	$	65.5
Finance leases	$	92.0	$	52.7	$	0.1


	December 31, 2022		December 31, 2021
Weighted average remaining lease term (years):
Operating leases	16.6		14.1
Finance leases	36.5		36.2

Weighted average discount rate:
Operating leases	5.6	%	5.3	%
Finance leases	6.1	%	5.3	%

Future minimum lease obligations as of December 31, 2022 were as follows (in millions):


	Operating Leases		Finance Leases
2023	$	152.5	$	11.2
2024	151.7		13.8
2025	148.3		15.1
2026	145.3		15.2
2027	143.6		15.5
Thereafter	1,719.0		564.8
Total future lease payments	2,460.4		635.6
Less: imputed interest	946.5		408.0
Total	$	1,513.9	$	227.6

Deemed Landlord Financing Obligations (“DLF” Obligations)

As of December 31, 2022, the Company had 38 DLF obligations that did not meet the sale-leaseback criteria upon the completion of construction. The assets of which the Company is deemed the accounting owner of under these DLF obligations consist primarily of land properties and buildings. While the Company 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 certain portion of the assets associated with the DLF obligations. As of December 31, 2022 and 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 $813.2 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 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):


	Balance Sheet Location	December 31, 2022		December 31, 2021
DLF obligation liabilities, short-term	Accounts payable and accrued expenses	$	2.4	$	0.9
DLF obligation liabilities, long-term	Deemed landlord financing obligations, long-term	$	658.0	$	460.6

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


	Income Statement Location	December 31, 2022		December 31, 2021
Amortization of DLF obligations	Amortization expense	$	14.5	$	5.7
Interest on DLF obligations	Interest expense, net	46.7		28.0
Total DLF contracts expenses		$	61.2	$	33.7

Other information related to DLF leases was as follows:


Supplemental Cash Flows Information (in millions)	December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from DLF obligations	$	36.9	$	17.7
Financing cash flows from DLF obligations	$	4.8	$	—

Lease liabilities arising from new ROU assets:
Operating DLF obligations	$	193.8	$	171.4


	December 31, 2022		December 31, 2021
Weighted average remaining lease term (years)	38.5		39.0
Weighted average discount rate	8.8	%	9.2	%

Future minimum financing obligations related to DLF obligations as of December 31, 2022 were as follows (in millions):


2023	$	52.2
2024	54.8
2025	55.1
2026	56.1
2027	57.4
Thereafter	2,622.7
Total future payments	2,898.3
Less: imputed interest	2,237.9
Total	$	660.4

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 $48.0 million as of December 31, 2022. As the Company is actively involved in the construction of these properties, the Company recorded $124.5 million in construction costs within property, plant and equipment as of December 31, 2022. Additionally, as of December 31, 2022, the Company recorded $35.4 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 December 31, 2022, the Company had $834.2 million of future lease obligations related to eight venues subject to non-cancellable leases that have been signed but have not yet commenced.

Leases

Sales-Type Leases


	December 31, 2022		December 31, 2021
Sales-type lease selling price(1)	$	36.3	$	29.8
Cost of underlying assets	(17.6)		(11.9)
Operating profit	$	18.7	$	17.9

Interest income	$	4.5	$	4.3

Leasing revenue attributable to sales-type leases	$	40.8	$	34.1

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

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


	Balance Sheet Location	December 31, 2022		December 31, 2021
Leasing receivables, net—short-term	Other current assets	$	17.5	$	12.8
Leasing receivables, net—long-term	Other assets	57.5		44.1
Total leasing receivables		$	75.0	$	56.9

As of December 31, 2022, maturities of sales-type lease receivables for the next five years and thereafter were as follows (in millions):


	Sales-type Leases
2023	$	24.0
2024	23.3
2025	18.5
2026	11.8
2027	5.7
Thereafter	3.6
Total future lease payments	86.9
Less: imputed interest	11.9
Total	$	75.0

Operating and Finance Leases

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


		December 31,
	Balance Sheet Location	2022		2021
Operating Leases:
ROU assets, net	Operating lease ROU assets, net	$	1,419.1	$	1,384.5
Lease liabilities, short-term	Operating lease liabilities, short-term	$	76.4	$	72.3
Lease liabilities, long-term	Operating lease liabilities, long-term	$	1,437.5	$	1,385.4

Finance Leases:
ROU assets, net	Other assets	$	215.7	$	129.5
Lease liabilities, short-term	Accounts payable and accrued expenses	$	1.7	$	1.8
Lease liabilities, long-term	Other long-term liabilities	$	225.9	$	132.5

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


	Year Ended December 31,
	2022		2021		2020
Operating lease costs	$	172.7	$	146.3	$	42.5
Financing lease costs:
Amortization of right-of-use assets	6.4		3.2		0.9
Interest on lease liabilities	9.3		4.5		—
Total financing lease costs	15.7		7.7		0.9
Variable lease costs	10.2		6.5		2.5
Total lease costs	$	198.6	$	160.5	$	45.9

Other information related to leases was as follows:


	December 31,
Supplemental Cash Flows Information (in millions)	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	157.0	$	123.6	$	39.8
Operating cash flows from finance leases	$	5.2	$	2.8	$	—
Financing cash flows from finance leases	$	2.7	$	0.8	$	0.8

Lease liabilities arising from new ROU assets:
Operating leases	$	51.9	$	19.6	$	65.5
Finance leases	$	92.0	$	52.7	$	0.1


	December 31, 2022		December 31, 2021
Weighted average remaining lease term (years):
Operating leases	16.6		14.1
Finance leases	36.5		36.2

Weighted average discount rate:
Operating leases	5.6	%	5.3	%
Finance leases	6.1	%	5.3	%

Future minimum lease obligations as of December 31, 2022 were as follows (in millions):


	Operating Leases		Finance Leases
2023	$	152.5	$	11.2
2024	151.7		13.8
2025	148.3		15.1
2026	145.3		15.2
2027	143.6		15.5
Thereafter	1,719.0		564.8
Total future lease payments	2,460.4		635.6
Less: imputed interest	946.5		408.0
Total	$	1,513.9	$	227.6

Deemed Landlord Financing Obligations (“DLF” Obligations)

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


	Balance Sheet Location	December 31, 2022		December 31, 2021
DLF obligation liabilities, short-term	Accounts payable and accrued expenses	$	2.4	$	0.9
DLF obligation liabilities, long-term	Deemed landlord financing obligations, long-term	$	658.0	$	460.6

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


	Income Statement Location	December 31, 2022		December 31, 2021
Amortization of DLF obligations	Amortization expense	$	14.5	$	5.7
Interest on DLF obligations	Interest expense, net	46.7		28.0
Total DLF contracts expenses		$	61.2	$	33.7

Other information related to DLF leases was as follows:


Supplemental Cash Flows Information (in millions)	December 31, 2022		December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from DLF obligations	$	36.9	$	17.7
Financing cash flows from DLF obligations	$	4.8	$	—

Lease liabilities arising from new ROU assets:
Operating DLF obligations	$	193.8	$	171.4


	December 31, 2022		December 31, 2021
Weighted average remaining lease term (years)	38.5		39.0
Weighted average discount rate	8.8	%	9.2	%

Future minimum financing obligations related to DLF obligations as of December 31, 2022 were as follows (in millions):


2023	$	52.2
2024	54.8
2025	55.1
2026	56.1
2027	57.4
Thereafter	2,622.7
Total future payments	2,898.3
Less: imputed interest	2,237.9
Total	$	660.4

Leases Under Construction

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Total net revenues	$ 3,995.7	$ 3,133.4	$ 1,589.5
United States
Disaggregation of Revenue [Line Items]
Total net revenues	2,798.0	2,067.1	778.6
Europe
Disaggregation of Revenue [Line Items]
Total net revenues	537.4	499.5	373.0
Asia
Disaggregation of Revenue [Line Items]
Total net revenues	545.4	465.5	212.1
Rest of World
Disaggregation of Revenue [Line Items]
Total net revenues	114.9	101.3	225.8
Topgolf
Disaggregation of Revenue [Line Items]
Total net revenues	1,549.0	1,087.6	0.0
Golf Equipment
Disaggregation of Revenue [Line Items]
Total net revenues	1,406.6	1,229.2	982.7
Active Lifestyle
Disaggregation of Revenue [Line Items]
Total net revenues	1,040.1	816.6	606.8
Venues \| Topgolf
Disaggregation of Revenue [Line Items]
Total net revenues	1,477.1	1,029.0	0.0
Venues \| Topgolf \| Reclassification, Other
Disaggregation of Revenue [Line Items]
Total net revenues		15.0
Other business lines \| Topgolf
Disaggregation of Revenue [Line Items]
Total net revenues	71.9	58.6	0.0
Golf club \| Golf Equipment
Disaggregation of Revenue [Line Items]
Total net revenues	1,097.1	994.5	787.1
Golf ball \| Golf Equipment
Disaggregation of Revenue [Line Items]
Total net revenues	309.5	234.7	195.6
Apparel \| Active Lifestyle
Disaggregation of Revenue [Line Items]
Total net revenues	631.7	490.9	349.3
Gear, accessories & other \| Active Lifestyle
Disaggregation of Revenue [Line Items]
Total net revenues	$ 408.4	$ 325.7	$ 257.5

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		12 Months Ended
	Mar. 08, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings (loss) per common share—basic
Net income (loss)		$ 157.9	$ 322.0	$ (126.9)
Weighted-average common shares outstanding—basic (in shares)		184.9	169.1	94.2
Basic earnings (loss) per common share (in dollars per share)		$ 0.85	$ 1.90	$ (1.35)
Earnings (loss) per common share—diluted
Net income (loss)		$ 157.9	$ 322.0	$ (126.9)
Interest expense		6.4	0.0	0.0
Net income (loss) available to common stockholders, diluted		$ 164.3	$ 322.0	$ (126.9)
Weighted-average common shares outstanding—basic (in shares)		184.9	169.1	94.2
Convertible notes weighted-average shares outstanding (in shares)		14.7	5.9	0.0
Options and restricted stock and performance share units (in shares)		1.7	1.9	0.0
Weighted-average common shares outstanding—diluted (in shares)		201.3	176.9	94.2
Dilutive earnings (loss) per common share (in dollars per share)		$ 0.82	$ 1.82	$ (1.35)
Antidilutive securities excluded from computation of earnings per share (in shares)			1.3	2.1
Common Stock
Earnings (loss) per common share—diluted
Common stock issued during period (in shares)	89.8		89.8
Common Stock \| Options and Restricted Stock
Earnings (loss) per common share—diluted
Common stock issued during period (in shares)	0.2		0.2
Topgolf International, Inc
Earnings (loss) per common share—diluted
Weighted-average common shares outstanding—diluted (in shares)			73.7

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2019-05 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL126732908-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 65
-Paragraph 3
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=128092918&loc=SL128093175-196984

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 65
-Paragraph 3
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=128092918&loc=SL128093175-196984

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(2)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 65
-Paragraph 15
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128097895&loc=SL121327923-165333

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 832
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128342835&loc=SL128342857-244232

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(2)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL122642865-165497

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(3)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 805
-SubTopic 20
-Section 65
-Paragraph 3
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128092918&loc=SL128093175-196984

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)(2)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(4)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL121967933-165497

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)(3)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL120254526-165497

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (b)(1)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iv)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(iii)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (h)(1)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 32: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22499-107794

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(2)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 65
-Paragraph 8
-Subparagraph (d)(2)
-URI https://asc.fasb.org/extlink&oid=126983759&loc=SL121830611-158277

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(3)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 38: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(ii)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 39: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 40: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 41: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL122150809-237846

Reference 42: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (a)(1)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL125981372-237846

Reference 43: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 44: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=128293352&loc=SL126838806-209984

Reference 45: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL122642865-165497

Reference 46: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126986314&loc=SL124402458-218513

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 310
-SubTopic 20
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126986314&loc=SL124402458-218513

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126983955&loc=SL120254526-165497

Reference 49: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL125981372-237846

Reference 50: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=128293352&loc=SL126838806-209984

Reference 51: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (a)(1)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 52: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 53: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (g)(2)(i)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 54: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 55: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 56: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 105
-SubTopic 10
-Section 65
-Paragraph 6
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126987489&loc=SL124442142-165695

Reference 57: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 58: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(03)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL125981372-237846

Reference 59: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 60: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (a)(2)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL125981372-237846

Reference 61: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 848
-SubTopic 10
-Section 65
-Paragraph 2
-Subparagraph (a)(3)(iii)(01)
-URI https://asc.fasb.org/extlink&oid=125980421&loc=SL125981372-237846

Reference 62: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 842
-SubTopic 10
-Section 65
-Paragraph 5
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128293352&loc=SL126838806-209984

Reference 63: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 832
-SubTopic 10
-Section 65
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=128342835&loc=SL128342857-244232

Reference 64: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 10
-Section 65
-Paragraph 4
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=122640432&loc=SL121648383-210437

Reference 65: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(3)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 66: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 40
-Section 65
-Paragraph 2
-Subparagraph (f)(1)
-URI https://asc.fasb.org/extlink&oid=124501264&loc=SL117420844-207641

Reference 67: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 68: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

+ Details

Income Taxes - Expiry Dates of Federal and State Income Tax Credit Carryforwards (Details) $ in Millions	Dec. 31, 2022 USD ($)
U.S. Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 46.6
California (U.S.)
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	29.0
U.S. foreign tax credit \| U.S. Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	2.0
U.S. research tax credit \| U.S. Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	8.4
U.S. business tax credits \| U.S. Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	36.2
State investment tax credits \| California (U.S.)
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	2.3
State research tax credits - definite lived \| California (U.S.)
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	1.4
State research tax credits - indefinite lived \| California (U.S.)
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 25.3

Stock Plans and Share-Based Compensation - Roll-Forward of Activity for Restricted Stock Units (Details) - Restricted Stock Units - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Units
Unvested balance at beginning of period (in shares)	1.6
Granted (in shares)	0.6
Vested (in shares)	(0.7)
Forfeited (in shares)	(0.1)
Expired (in shares)	0.0
Unvested balance at end of period (in shares)	1.4	1.6
Weighted- Average Grant-Date Fair Value
Unvested balance at beginning of period (in dollars per share)	$ 25.79
Granted (in dollars per share)	22.81	$ 29.60	$ 17.84
Vested (in dollars per share)	23.97
Forfeited (in dollars per share)	23.40
Expired (in dollars per share)	0
Unvested balance at end of period (in dollars per share)	$ 25.47	$ 25.79

Financing Arrangements - Schedule of Interest Expense, Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Line of Credit \| Revolving Credit Facility \| Japan Term Loan
Debt Instrument [Line Items]
Interest expense, debt	$ 0.0	$ 0.1	$ 0.1
Line of Credit \| Revolving Credit Facility \| Term Loan B
Debt Instrument [Line Items]
Interest expense, debt	31.2	24.1	25.6
Line of Credit \| Revolving Credit Facility \| Topgolf Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt	4.4	6.2	0.0
Secured Debt \| Topgolf Term Loan
Debt Instrument [Line Items]
Interest expense, debt	29.9	21.4	0.0
Senior Notes \| Convertible Notes
Debt Instrument [Line Items]
Interest expense, debt	7.1	7.1	4.7
Equipment Notes
Debt Instrument [Line Items]
Interest expense, debt	0.7	0.9	0.5
Mortgages
Debt Instrument [Line Items]
Interest expense, debt	4.8	4.0	0.0
Long-term debt
Debt Instrument [Line Items]
Interest expense, debt	78.1	63.8	30.9
Line of Credit \| Revolving Credit Facility \| U.S. Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt	4.3	1.6	5.1
Line of Credit \| Revolving Credit Facility \| 2022 Japan ABL Facility
Debt Instrument [Line Items]
Interest expense, debt	0.3	0.0	0.2
Short-Term Debt
Debt Instrument [Line Items]
Interest expense, debt	$ 4.6	$ 1.6	$ 5.3

Stock Plans and Share-Based Compensation - Stock Option Activities (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Shares
Balance at beginning of period (in shares)	2,000,000.0
Granted (in shares)	0	3,200,000	0
Exercised (in shares)	(100,000)
Forfeited (in shares)	0
Expired (in shares)	0
Balance at end of period (in shares)	1,900,000	2,000,000.0
Vested and expected to vest at end of period (in shares)	1,900,000
Exercisable at end of period (in shares)	1,700,000
Weighted- Average Exercise Price Per Share
Balance at beginning of period (in dollars per share)	$ 26.60
Granted (in dollars per share)	0
Exercised (in dollars per share)	11.87
Forfeited (in dollars per share)	0
Expired (in dollars per share)	0
Balance at end of period (in dollars per share)	26.97	$ 26.60
Vested and expected to vest at end of period (in dollars per share)	26.96
Exercisable at end of period (in dollars per share)	$ 26.30
Weighted- Average Remaining Contractual Term
Outstanding balance at end of period	3 years 8 months 19 days
Vested and expected to vest in the future at end of period	3 years 8 months 19 days
Exercisable at end of period	3 years 5 months 8 days
Aggregate Intrinsic Value
Outstanding balance at end of period	$ 1.9
Vested and expected to vest in the future at end of period	1.9
Exercisable at end of period	$ 1.9
Range of Option Prices, Minimum	$ 6.52
Range of Option Prices, Maximum	$ 35.14

Goodwill and Intangible Assets - Intangible Assets by Major Asset Class (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]
Gross	$ 1,619.2	$ 1,612.1
Net Book Value	1,412.7	1,425.2
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated Amortization	(79.8)	(64.6)
Net Book Value	82.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	1,619.2	1,612.1
Accumulated Amortization	(79.8)	(64.6)
Translation Adjustment	(35.7)	(18.9)
Net Book Value	1,503.7	1,528.6
Tradename and trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross	1,441.0	1,441.0
Translation Adjustment	(28.3)	(15.8)
Net Book Value	1,412.7	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	8.9	7.7
Translation Adjustment	0.0	0.0
Net Book Value	8.9	7.7
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	8.9	7.7
Patents
Finite-Lived Intangible Assets, Net [Abstract]
Gross	32.2	32.0
Accumulated Amortization	(31.8)	(31.7)
Translation Adjustment	0.0	0.0
Net Book Value	0.4	0.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (31.8)	$ (31.7)
Patents \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	2 years	2 years
Patents \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	16 years	16 years
Customer and distributor relationships and other
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 67.4	$ 61.7
Accumulated Amortization	(35.8)	(27.4)
Translation Adjustment	(4.2)	(2.3)
Net Book Value	27.4	32.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (35.8)	$ (27.4)
Customer and distributor relationships and other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	1 year	1 year
Customer and distributor relationships and other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	10 years	10 years
Developed technology
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	10 years	10 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 69.7	$ 69.7
Accumulated Amortization	(12.2)	(5.5)
Translation Adjustment	(3.2)	(0.8)
Net Book Value	54.3	63.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated Amortization	$ (12.2)	$ (5.5)

Accumulated Other Comprehensive Income (Loss)

12 Months Ended

Dec. 31, 2022

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

Accumulated Other Comprehensive Income (Loss)


	Derivative Instruments		Foreign Currency Translation		Total
Accumulated other comprehensive loss, January 1, 2020, after tax	$	(4.2)	$	(18.2)	$	(22.4)
Change in derivative instruments	3.0		—		3.0
Net losses reclassified to cost of goods sold	(1.0)		—		(1.0)
Net gains reclassified to other income (expense)	(16.8)				(16.8)
Net losses reclassified to interest expense	2.1				2.1
Income tax benefit on derivative instruments	2.9		—		2.9
Foreign currency translation adjustments	—		25.7		25.7
Accumulated other comprehensive loss, December 31, 2020, after tax	(14.0)		7.5		(6.5)
Change in derivative instruments	6.9		—		6.9
Net gains reclassified to cost of goods sold	(1.7)		—		(1.7)

Net losses reclassified to interest expense	4.8		—		4.8
Income tax provision on derivative instruments	(1.6)		—		(1.6)
Foreign currency translation adjustments	—		(29.2)		(29.2)
Accumulated other comprehensive loss, December 31, 2021, after tax	(5.6)		(21.7)		(27.3)
Change in derivative instruments	16.2		—		16.2
Net gains reclassified to cost of goods sold	(4.8)		—		(4.8)

Net losses reclassified to interest expense	1.6		—		1.6
Income tax provision on derivative instruments	(2.5)		—		(2.5)
Foreign currency translation adjustments	—		(44.7)		(44.7)
Accumulated other comprehensive loss, December 31, 2022, after tax	$	4.9	$	(66.4)	$	(61.5)

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Before Income Tax Provision (Benefit)

The Company’s income (loss) before income taxes was subject to taxes in the following jurisdictions for the following periods (in millions):


	Years Ended December 31,
	2022		2021		2020
United States	$	97.8	$	295.3	$	68.9
Foreign	44.1		55.3		(196.4)
	$	141.9	$	350.6	$	(127.5)

Expense (Benefit) for Income Taxes

The expense (benefit) for income taxes is comprised of (in millions):


	Years Ended December 31,
	2022		2021		2020
Current tax provision:
Federal	$	9.8	$	2.9	$	1.7
State	5.7		2.3		1.5
Foreign	6.4		14.6		5.3
	21.9		19.8		8.5
Deferred tax expense (benefit):
Federal	(42.6)		11.0		8.6
State	7.9		7.2		5.2
Foreign	(3.2)		(9.4)		(22.9)
	(37.9)		8.8		(9.1)
Income tax (benefit) provision	$	(16.0)	$	28.6	$	(0.6)

Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2022 and 2021 are as follows (in millions):


	December 31,
	2022		2021
Deferred tax assets:
Operating loss carryforwards	$	135.9	$	149.9
Tax credit carryforwards	57.3		64.3
ASC Topic 842 lease liability	441.6		396.4
Deemed landlord financing	167.5		115.1
Other	90.3		72.7
Total deferred tax assets	892.6		798.4
Valuation allowance for deferred tax assets	(100.2)		(120.5)
Deferred tax assets, net of valuation allowance	792.4		677.9

Deferred tax liabilities:
Basis difference related to fixed assets	(146.6)		(105.5)
Basis difference related to intangible assets with an indefinite life	(332.4)		(331.2)
ASC Topic 842 ROU assets	(414.7)		(375.7)
Other	(0.1)		(7.9)
Total deferred tax liabilities	(893.8)		(820.3)
Net deferred tax assets (liabilities) are shown on the accompanying consolidated balance sheets as follows:
Non-current deferred tax assets	16.1		21.2
Non-current deferred tax liabilities	(117.5)		(163.6)
Net deferred tax (liabilities)/ assets	$	(101.4)	$	(142.4)

Credit Carryforward Expiry


U.S. foreign tax credit	$	2.0	2027-2032
U.S. research tax credit	$	8.4	2026-2042
U.S. business tax credits	$	36.2	2035-2042
State investment tax credits	$	2.3	Do not expire
State research tax credits - definite lived	$	1.4	2031-2034
State research tax credits - indefinite lived	$	25.3	Do not expire

Net Operating Losses Expiry


U.S. loss carryforwards - definite lived	$	96.8	2028-2037
U.S. interest expense carryforwards - indefinite lived	$	17.3	Do not expire
U.S. loss carryforwards - indefinite lived	$	215.9	Do not expire
State loss carryforwards	$	231.4	2023-2040

Reconciliation of Effective Tax Rate on Income or Loss and Statutory Tax Rate

A reconciliation of the effective tax rate on income or loss and the statutory tax rate is as follows:


	Years Ended December 31,
	2022		2021		2020
Statutory U.S. tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of U.S. tax benefit	7.1	%	2.1	%	(4.1)	%
Foreign income taxed at other than U.S. statutory rate	(8.9)	%	(3.3)	%	7.0	%
Federal tax credits	(8.7)	%	(2.0)	%	2.8	%
Goodwill impairment	—	%	—	%	(24.5)	%
Revaluation of Company stock attributable to Topgolf merger	—	%	(15.1)	%	—	%
Other non-deductible expenses	1.0	%	0.7	%	(1.7)	%
Non-deductible compensation	4.5	%	1.4	%	(0.7)	%
U.S. Foreign tax inclusion	1.0	%	0.5	%	(0.4)	%
Foreign derived intangible income deduction	(3.0)	%	(2.1)	%	1.1	%
Stock compensation excess tax benefits	—	%	(1.6)	%	1.4	%
Impact of uncertain tax positions	(0.8)	%	(2.2)	%	(1.6)	%
Change in deferred tax valuation allowance	(23.0)	%	7.8	%	(0.7)	%
Other	(1.5)	%	1.0	%	0.8	%
Effective tax rate	(11.3)	%	8.2	%	0.4	%

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):


	2022		2021		2020
Balance at January 1	$	26.6	$	28.3	$	26.0
Additions based on tax positions related to the current year	1.7		1.7		3.1
Additions for tax positions of prior years	1.2		0.5		0.5
Reductions for tax positions of prior years	(1.5)		(0.9)		(0.2)
Settlement of tax audits	—		(2.7)		—
Current year acquisitions	—		6.7		—
Reductions due to lapsed statute of limitations	(1.8)		(7.0)		(1.1)
Balance at December 31	$	26.2	$	26.6	$	28.3

Major Jurisdictions No Longer Subject to Income Tax Examinations by Tax Authorities


Major Tax Jurisdiction						Years No Longer Subject to Audit
U.S. Federal						2010 and prior
California (U.S.)						2008 and prior
Germany						2013 and prior
Japan						2016 and prior
South Korea						2016 and prior
United Kingdom						2018 and prior

Leases - Narrative (Details)	12 Months Ended
Leases - Narrative (Details)	Dec. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Lessee, Lease, Description [Line Items]
Leasing revenue attributable to sales-type leases	$ 40,800,000	$ 34,100,000	$ 0
Number of deemed landlord financing lease that did not meet sale-leaseback criteria \| lease	38
Finance lease, right-of-use asset, after accumulated amortization	$ 215,700,000	129,500,000
Lessee, operating lease, lease not yet commenced, construction costs	124,500,000
Construction advances	$ 35,400,000	22,900,000
Lessee, operating lease, lease not yet commenced, term of contract	20 years
Rent abatement	$ 834,200,000
Lessee, operating lease, number of leases not yet commenced \| lease	8
Deemed Landlord Finance Lease
Lessee, Lease, Description [Line Items]
Finance lease, right-of-use asset, after accumulated amortization	$ 813,200,000	$ 620,300,000
Lessee, finance lease, term of contract	40 years
Lease Commencing 2021
Lessee, Lease, Description [Line Items]
Lessee, operating lease, lease not yet commenced, undiscounted amount	$ 48,000,000

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Statement of Cash Flows [Abstract]
Restricted cash, short-term	$ 19.1	$ 1.2
Restricted cash, long-term	$ 4.1	$ 4.3

Investments (Details) - USD ($) $ in Millions	12 Months Ended
Investments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Full Swing Golf Holdings, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other investments	$ 9.3	$ 9.3
Five Iron Golf
Accounts, Notes, Loans and Financing Receivable [Line Items]
Payments to noncontrolling interests	$ 30.0	$ 30.0
Topgolf International, Inc \| Full Swing Golf Holdings, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership percentage by noncontrolling owners	20.00%
Five Iron Golf \| Five Iron Golf
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership percentage by noncontrolling owners	20.00%

Income Taxes - Net Operating Losses Carryforwards Expire (Details) $ in Millions	Dec. 31, 2022 USD ($)
Income Tax Disclosure [Abstract]
U.S. loss carryforwards - definite lived	$ 96.8
U.S. interest expense carryforwards - indefinite lived	17.3
U.S. loss carryforwards - indefinite lived	215.9
State loss carryforwards	$ 231.4

Financing Arrangements - Schedule of Long-term Debt Obligations (Details) - USD ($)		1 Months Ended	12 Months Ended
	Mar. 08, 2021	Jan. 31, 2019	Dec. 31, 2022	Dec. 31, 2021	May 31, 2020
Debt Instrument [Line Items]
Short-term debt			$ 219,300,000	$ 9,100,000
Unamortized Debt Issuance Costs			24,300,000	85,800,000
Long-term debt, gross			1,214,400,000	1,130,200,000
Long-term debt			1,190,100,000	1,044,400,000
Equipment Notes
Debt Instrument [Line Items]
Long-term debt, gross			$ 27,800,000	31,100,000
Equipment Notes \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			0.0236%
Equipment Notes \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			0.0593%
Mortgages
Debt Instrument [Line Items]
Long-term debt, gross			$ 45,900,000	46,400,000
Mortgages \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			0.0975%
Mortgages \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			0.1131%
Tenant Improvements
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			8.00%
Long-term debt, gross			$ 3,500,000	3,700,000
Asset-based credit facilities
Debt Instrument [Line Items]
Short-term debt			219,300,000	9,100,000
Prepaid expenses
Debt Instrument [Line Items]
Short-term debt			600,000	900,000
Other long-term assets
Debt Instrument [Line Items]
Short-term debt			300,000	0
Other current liabilities
Debt Instrument [Line Items]
Long-term debt			13,800,000	19,100,000
Long-term debt
Debt Instrument [Line Items]
Long-term debt			$ 1,176,300,000	1,025,300,000
Term Loan B \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate		1.00%
Topgolf Term Loan \| Secured Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			10.58%
Long-term debt, gross			$ 336,900,000	340,400,000
Debt instrument, basis spread on variable rate	1.75%
Convertible Notes \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			2.75%		2.75%
Long-term debt, gross			$ 258,300,000	258,800,000
Short Term Unamortized Debt Issuance Costs
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs			$ 900,000	900,000
Revolving Credit Facility \| Japan Term Loan \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			0.85%
Long-term debt, gross			$ 0	13,000,000.0
Revolving Credit Facility \| Term Loan B \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			8.88%
Long-term debt, gross			$ 432,000,000.0	436,800,000
Revolving Credit Facility \| Term Loan B \| Line of Credit \| Minimum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			3.50%
Revolving Credit Facility \| Term Loan B \| Line of Credit \| Maximum \| London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate			4.50%
Revolving Credit Facility \| Topgolf Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			8.08%
Long-term debt, gross			$ 110,000,000.0	0
Revolving Credit Facility \| Line of Credit \| U.S. Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			5.65%
Short-term debt			$ 181,100,000	9,100,000
Revolving Credit Facility \| Line of Credit \| 2022 Japan ABL Facility
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			0.87%
Short-term debt			$ 38,200,000	$ 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%

Stock Plans and Share-Based Compensation - Shares Authorized, Available for Future Grant and Outstanding Under Each Plans (Details)	12 Months Ended
	Dec. 31, 2022 shares
Equity Incentive Plan [Line Items]
Authorized (in shares)	54,700,000
Available (in shares)	16,100,000
Outstanding (in shares)	5,400,000
2004 Incentive Plan
Equity Incentive Plan [Line Items]
Authorized (in shares)	33,000,000.0
Available (in shares)	0
Outstanding (in shares)	2,900,000
2013 Directors Plan
Equity Incentive Plan [Line Items]
Authorized (in shares)	1,000,000.0
Available (in shares)	0
Outstanding (in shares)	0
2021 Inducement Plan
Equity Incentive Plan [Line Items]
Authorized (in shares)	1,300,000
Available (in shares)	0
Outstanding (in shares)	500,000
2022 Incentive Plan
Equity Incentive Plan [Line Items]
Authorized (in shares)	16,000,000
Available (in shares)	16,100,000
Outstanding (in shares)	100,000
Topgolf Equity Compensation Plans and Option Agreement
Equity Incentive Plan [Line Items]
Authorized (in shares)	3,400,000
Available (in shares)	0
Outstanding (in shares)	1,900,000
Restricted Stock Units
Equity Incentive Plan [Line Items]
Issued restricted stock awards which are not outstanding (in shares)	100,000

Derivatives and Hedging - Location of Gains in Consolidated Condensed Statements of Operations that were Recognized and Derivative Contract Type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	$ 16.2	$ 6.9	$ 3.0
Foreign currency forward contract gain, net	44.5	14.4	2.9
Other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency forward contract gain, net	44.5	14.4	2.2
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	16.2	6.8	3.0
Settlement of cross-currency swap contract	3.2	(3.1)	15.7
Foreign currency forward contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	2.0	2.4	0.8
Settlement of cross-currency swap contract	4.8	1.7	1.1
Cross-currency debt swap contracts \| Other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Settlement of cross-currency swap contract	0.0	0.0	11.1
Cross-currency debt swap contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	0.0	0.0	15.1
Settlement of cross-currency swap contract	0.0	0.0	18.5
Interest rate swap agreements \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	14.2	4.4	(12.9)
Settlement of cross-currency swap contract	$ (1.6)	$ (4.8)	$ (3.9)

Capital Stock (Details) - USD ($)	3 Months Ended	12 Months Ended
Capital Stock (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2022	May 31, 2022	Dec. 31, 2021
Schedule Of Components Of Common Stock [Line Items]
Authorized capital, shares (in shares)		363,000,000
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01
Common stock, shares authorized (in shares)		360,000,000		360,000,000
Preferred stock, shares authorized (in shares)		3,000,000		3,000,000
Shares withheld for tax withholding obligation (in shares)		500,000
Shares withheld for tax withholding obligation		$ 10,900,000
Seriesa Junior Participating Preferred
Schedule Of Components Of Common Stock [Line Items]
Preferred stock, shares authorized (in shares)		200,000
2022 Repurchase Program
Schedule Of Components Of Common Stock [Line Items]
Stock repurchase program, authorized amount			$ 100,000,000
Acquisition of treasury stock (in shares)		0
2021 Repurchase Program
Schedule Of Components Of Common Stock [Line Items]
Stock repurchase program, authorized amount				$ 50,000,000
Treasury Stock \| 2021 Repurchase Program
Schedule Of Components Of Common Stock [Line Items]
Acquisition of treasury stock (in shares)	2,000,000
Stock repurchased, average cost per share (in dollars per share)	$ 24.80

Derivatives and Hedging

12 Months Ended

Dec. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

During its 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 interest rates on its long-term debt.

Foreign currency forward contracts and interest rate swap contracts are used only to meet the Company’s objectives of minimizing variability in its 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 closely monitors the credit ratings of these counterparties.


		Fair Value of Asset Derivatives
		December 31,
	Balance Sheet Location	2022		2021
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Other current assets	$	0.1	$	0.1
Interest rate swap contracts	Other current assets	4.4		—
Interest rate swap contracts	Other assets, net	2.8		—
Total		$	7.3	$	0.1
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	0.1		0.2

Total asset position		$	7.4	$	0.3


		Fair Value of Liability Derivatives
		December 31,
	Balance Sheet Location	2022		2021
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	$	2.6	$	—
Interest rate swap contracts	Accounts payable and accrued expenses	—		4.1
Interest rate swap contracts	Other long-term liabilities	—		4.6
		2.6		8.7
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	2.8		0.2
Total liability position		$	5.4	$	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 balance sheets as of December 31, 2022 and 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 reimbursements to its foreign subsidiaries. These contracts generally mature within 12 months to 15 months from inception. As of December 31, 2022 and December 31, 2021, the notional amounts of the Company’s foreign currency forward contracts designated as cash flow hedging instruments were approximately $100.0 million and $3.3 million, respectively.

During the year ended December 31, 2022, the Company recorded net gains of $2.0 million in accumulated other comprehensive loss related to foreign currency forward contracts, and released net gains of $4.8 million in cost of products for the underlying sales that were recognized. Additionally, for the year ended December 31, 2022, net gains related to the amortization of forward points of $0.4 million were released from other comprehensive income and recognized in cost of products. Based on the current valuation, the Company expects to reclassify net losses of $2.4 million related to foreign currency forward contracts from accumulated other comprehensive income into earnings during the next 12 months.

For the years ended December 31, 2021 and 2020, the Company recognized net gains of $2.4 million and $0.8 million, respectively, in cost of goods sold related to foreign currency forward contracts.

Interest Rate Swap Contract and Cross-Currency Debt Swap

The Company uses an interest rate swap in order to mitigate the risk of changes in interest rates associated with the Company’s variable-rate Term Loan (see Note 7). Over the life of the Term Loan, the Company will receive variable interest payments from the counterparty lenders in exchange for fixed interest rate payments made by the Company at 2.54% on the Term Loan, without exchange of the underlying notional amount. As of December 31, 2022 and 2021, notional amounts outstanding under the interest rate hedge contract were $192.3 million and $194.3 million, respectively. During 2020, the Company unwound a cross-currency debt swap related to a euro-denominated intercompany loan and discontinued the hedge as forecasted transaction in connection with this loan was no longer probable of occurring. As a result, the Company released net gains of $11.1 million from accumulated other comprehensive income into other income (expense).

During the years ended December 31, 2022, 2021, and 2020, the Company recorded net gains in accumulated other comprehensive income of $14.2 million and $4.4 million, and a net loss of $12.9 million, respectively, related to the remeasurement of the interest rate swap contract. Of these amounts, net losses of $1.6 million, $4.8 million, and $3.9 million were released from accumulated other comprehensive loss and recognized in interest expense during the years ended December 31, 2022, 2021 and 2020, respectively. Based on the current valuation as of December 31, 2022, the Company expects to reclassify a net gain of $4.4 million related to the interest rate swap contract from accumulated other comprehensive loss into earnings during the next 12 months.

During the year ended December 31, 2020, the Company recorded a net remeasurement gain of $15.1 million in accumulated other comprehensive loss in connection with the cross-currency debt swap, and released net gains of $18.5 million from accumulated other comprehensive loss into earnings as follows:

•$11.1 million related to the discontinuation of the cross-currency swap contract recognized in other income;

•$5.7 million related to foreign currency recognized in other income; and

•$1.7 million recognized in interest expense.

The following tables summarize the net effect of all cash flow hedges on the consolidated financial statements for the years ended December 31, 2022, 2021, and 2020 (in millions):


	Gain (Loss) Recognized in Other Comprehensive Income
	Year Ended December 31,
Derivatives designated as cash flow hedging instruments	2022		2021		2020
Foreign currency forward contracts	$	2.0	$	2.4	$	0.8
Cross-currency debt swap contracts	—		—		15.1
Interest rate swap agreements	14.2		4.4		(12.9)
	$	16.2	$	6.8	$	3.0


	Gain (Loss) Reclassified from Other Comprehensive Income into Earnings
	Year Ended December 31,
Derivatives designated as cash flow hedging instruments	2022		2021		2020
Foreign currency forward contracts	$	4.8	$	1.7	$	1.1
Cross-currency debt swap contracts	—		—		18.5
Interest rate swap agreements	(1.6)		(4.8)		(3.9)
	$	3.2	$	(3.1)	$	15.7

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 December 31, 2022, 2021 and 2020, the notional amounts of the Company’s foreign currency forward contracts used to mitigate the exposures discussed above were approximately $162.9 million, $67.8 million, and $81.6 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 its consolidated balance sheet at fair value, with changes in fair value recorded in the consolidated statements of operations. Foreign currency forward contracts are classified under Level 2 of the fair value hierarchy (see Note 17).


		Amount of Net Gain Recognized in Income on Derivative Instruments
Derivatives not designated as hedging instruments	Location of Net Gain Recognized in Income on Derivative Instruments	Years Ended December 31,
		2022		2021		2020
Foreign currency forward contracts	Other income, net	$	44.5	$	14.4	$	2.2

During the years ended December 31, 2022, 2021 and 2020, the Company recognized net foreign currency transactional losses of $18.3 million and $6.4 million, and a net foreign currency transactional gain of $9.0 million, respectively, in its consolidated statements of operations.

Financing Arrangements - Topgolf Credit Facilities (Details) - USD ($)	Mar. 08, 2021	May 31, 2019
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 400,000,000
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%
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%

Summary of Significant Accounting Policies - Useful Lives of Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Minimum
Estimated Useful Life
Property, plant and equipment, useful life	2 years
Maximum
Estimated Useful Life
Property, plant and equipment, useful life	40 years

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2022

Accounting Policies [Abstract]

Summary of Cash, Cash Equivalents and Restricted Cash

The following is a summary of cash, cash equivalents and restricted cash (in millions):


	Year Ended December 31,
	2022		2021
Cash and cash equivalents	$	180.2	$	352.2
Restricted cash, short-term	19.1		1.2
Restricted cash, long-term	4.1		4.3
Total cash, cash equivalents and restricted cash	$	203.4	$	357.7

Components of Other Income, Net

The components of other income, net are as follows (in millions):


	Years Ended December 31,
	2022		2021		2020
Foreign currency forward contract gain, net	$	44.5	$	14.4	$	2.9
Foreign currency transaction (loss) gain, net	(18.3)		(6.4)		9.0
Settlement of cross-currency swap contract (See Note 18)	—		—		11.1
Other	1.7		1.0		1.9
Other income, net	$	27.9	$	9.0	$	24.9

Business Combinations - Narrative (Details) - USD ($) $ / shares in Units, shares in Millions		12 Months Ended
	Mar. 08, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2022	Oct. 27, 2020
Business Acquisition [Line Items]
Gain on Topgolf investment		$ 0	$ 252,500,000	$ 0
Goodwill		1,983,700,000	1,960,100,000	56,600,000
Business combination, acquisition related costs		0	(16,200,000)	0
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 combination, step acquisition, equity interest in acquiree (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 (in dollars per share)	$ 19.40
Payments to acquire businesses	$ 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 interests 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	20,400,000	$ 8,500,000	$ 28,900,000
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	0.025
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	0.070
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	0.085
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%

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 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, 2020	$	—	$	27.0	$	29.6		$	56.6
Acquisitions	1,340.7		504.6		58.7			1,904.0
Foreign currency translation	—		(0.5)		—			(0.5)
Balance at December 31, 2021	$	1,340.7	$	531.1	$	88.3		$	1,960.1
Acquisitions	14.3		0.2		1.5			16.0

Foreign currency translation and other	8.6		(1.0)		—			7.6
Balance at December 31, 2022	$	1,363.6	$	530.3	$	89.8		$	1,983.7

Additions to goodwill during the year ended December 31, 2022 are related to adjustments made during the first quarter of 2022 to finalize the fair value on certain leases assumed and deferred taxes associated with the merger with Topgolf (See Note 6). Goodwill as of December 31, 2022 is net of accumulated impairment losses of $148.4 million, which were recorded prior to December 31, 2021 in the Active Lifestyle operating segment.

The estimated fair values of the Company’s reporting units, trade names and trademarks, significantly exceeded their carrying values for the years ended December 31, 2022 and 2021. As such, no impairment losses were recognized during these periods.

During 2020, due to the significant disruptions caused by the COVID-19 pandemic on the Company’s operations, the Company performed a qualitative assessment considering the macroeconomic conditions caused by the COVID-19 pandemic and determined that certain indicators of impairment existed. As a result, the Company proceeded to perform a quantitative assessment to test the recoverability of goodwill and indefinite-lived intangible assets for all of its reporting units.

As part of its quantitative assessment of goodwill and indefinite-lived intangible assets for all of its reporting units, the Company prepared valuations of its reporting units using both a market comparable methodology and an income methodology, using estimates and assumptions that it believed were reasonable at the time. The Company compared the results of those valuations with the respective carrying values of the reporting units to determine whether an impairment existed related to goodwill or indefinite-lived intangibles at any of its reporting units. As a result of this assessment, the Company determined that the carrying value of its Jack Wolfskin reporting unit, which is part of the Company’s Active Lifestyle operating segment, exceeded the fair value as determined by the Company’s quantitative test. As such, during the year ended December 31, 2020, the Company recognized impairment losses of $148.4 million and $25.9 million related to goodwill and the tradename intangible asset associated with its Jack Wolfskin reporting unit, respectively. The estimated fair values of the Company’s other reporting units, trade names and trademarks significantly exceeded their carrying values, and therefore no additional impairments were recognized in 2020.

The following sets forth the intangible assets by major asset class (in millions, except useful life years):


	Useful Life (Years)	December 31, 2022
		Gross		Accumulated Amortization		Translation Adjustment		Net Book Value
Indefinite-lived:
Tradename and trademarks	NA	$	1,441.0	$	—	$	(28.3)	$	1,412.7
Liquor licenses	NA	8.9		—		—		8.9
Amortizing:
Patents	2-16	32.2		(31.8)		—		0.4
Customer and distributor relationships and other	1-10	67.4		(35.8)		(4.2)		27.4
Developed technology	10	69.7		(12.2)		(3.2)		54.3
Total intangible assets		$	1,619.2	$	(79.8)	$	(35.7)	$	1,503.7


	Useful Life (Years)	December 31, 2021
		Gross		Accumulated Amortization		Translation Adjustment	Net Book Value
Indefinite-lived:
Tradename and trademarks	NA	$	1,441.0	$	—		$	(15.8)	$	1,425.2
Liquor licenses	NA	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

There were no impairment losses recognized on the Company’s indefinite-lived intangible assets during the years ended December 31, 2022 and 2021.

The Company recognized amortization expense related to intangible assets of $15.2 million, $13.0 million, and $5.1 million for the years ended December 31, 2022, 2021 and 2020, respectively, which is recorded in selling, general and administrative expenses in the accompanying consolidated statements of operations. Amortization expense related to intangible assets at December 31, 2022 in each of the next five fiscal years and beyond is expected to be incurred as follows (in millions):


2023	$	14.0
2024	11.1
2025	11.1
2026	11.0
2027	10.7
Thereafter	24.2
Total	$	82.1

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Costa Mesa, California
Auditor Firm ID	34

Revenue Recognition - Reconciliation of Short Term Sales Program Incentives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Sales Incentives, Current [Roll Forward]
Beginning Balance	$ 23.3	$ 26.2	$ 20.3
Additions	35.7	32.5	39.9
Credits issued	(32.9)	(32.1)	(34.7)
Other/foreign currency translation	(5.3)	(3.3)	0.7
Ending Balance	$ 20.8	$ 23.3	$ 26.2

Financing Arrangements - Japan ABL Facility (Details)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 JPY (¥)	May 31, 2019 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity			$ 400,000,000
2018 Japan ABL Credit Facility \| The Bank of Tokyo-Mitsubishi UFJ
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 45,800,000	¥ 6,000,000,000
Line of credit facility, remaining borrowing capacity	$ 7,600,000	¥ 1,000,000,000

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company has prepared the accompanying consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America (“GAAP”). 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 impact on previously reported financial information.
Fiscal Year End	Fiscal Year End The Company’s annual financial results are reported on a calendar year basis. In order to align with the Company’s reporting period, as of April 4, 2022, the Company’s Topgolf subsidiary changed its fiscal year end from a 52/53-week fiscal year, which ended on the Sunday closest to December 31, to a calendar year ending on December 31. Therefore, Topgolf financial information included in the Company’s consolidated financial statements for the years ended December 31, 2022 and 2021 are for the period beginning January 3, 2022 and ending December 31, 2022, and the period beginning March 8, 2021 (the date on which the Company completed its merger with Topgolf) and ending January 2, 2022, respectively. For more information on the merger with Topgolf, see Note 6.
Principles of Consolidation	Principles of ConsolidationThe accompanying consolidated financial statements include the accounts of the Company and its domestic and foreign subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of financial statements 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 experience and on various other assumptions that are believed to be reasonable under the circumstances. Examples of such estimates include provisions for warranty, expected credit losses, inventory obsolescence, sales returns, future price concessions, tax contingencies and valuation allowances, and other items requiring judgement. 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 as new information becomes available.
Revenue Recognition	Revenue Recognition Product Revenue Product revenue is comprised of golf clubs, golf balls, lifestyle and outdoor apparel, gear and accessories and golf apparel and accessories. The Company recognizes revenue from the sale of products when it satisfies a performance obligation to a customer, and transfers control of the products ordered to the customer. Control transfers when products are shipped, and in certain cases and in certain contract terms, 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, and retail shops within Topgolf venues. Sales taxes, value added taxes and other taxes that are collected in connection with revenue transactions are withheld and remitted to the respective taxing authorities. As such, these taxes are 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 products as soon as control of the goods transfers to the customer. The Company, in exchange for a royalty fee, licenses its trademarks and service marks to third parties for use on products such as golf apparel and footwear, practice aids and other golf accessories. Royalty income is recognized over time as underlying product sales occur, subject to certain minimum royalties, in accordance with the related licensing arrangements. Royalty income is included in the Company’s Topgolf and Active Lifestyle operating segments. Revenues from gift cards are deferred and recognized when the cards are redeemed for products and/or services. The Company’s gift cards have no expiration date. Revenue from unredeemed gift cards is recognized when the likelihood of redemption becomes remote (“breakage”) and under circumstances that comply with any applicable state escheatment laws. To determine when redemption is remote, the Company analyzes an aging of unredeemed cards (based on the date the card was last used or the activation date if the card has never been used) and compares that information with historical redemption trends. The Company uses this historical redemption rate to recognize breakage on unredeemed gift cards over the redemption period. The Company does not believe there is a reasonable likelihood that there will be a material change in future estimates or assumptions used to determine the timing of recognition of gift card revenues. Service Revenue Service revenue is comprised of revenue from the operation of its Topgolf venues consisting primarily of revenues from food and beverage sales, event deposits, fees charged for gameplay, purchases of game credits and membership fees. In addition, services revenues are recognized through the redemption of gift cards, sponsorship contracts, franchise fees, leasing revenue, the Company’s WGT digital golf game and non-refundable deposits for venue reservations. The Company’s food and beverage revenue is recognized at the time of sale. Event deposits received from guests attributable to food and beverage purchases are deferred and recognized as revenue when the event is held. All sales taxes collected from guests are excluded from revenue and are remitted to the appropriate taxing authorities. Fees charged for gameplay are recognized at the time of purchase. Event deposits received from guests attributable to gameplay purchases are deferred and recognized as revenue when the event is held. Purchases of game credits are deferred and recognized as revenue when the game credits are redeemed by the guest, or through breakage, when the likelihood of the game credits being redeemed by the guest is remote. The Company uses historic game credit redemption patterns to determine the likelihood of game credit redemption and breakage. Breakage is recorded consistent with historic redemption patterns. Premium membership fees received from guests are deferred and recognized as revenue over the life of the associated membership, which is one year or less. The Company enters into sponsorship contracts that provide advertising opportunities to market to Topgolf guests in the form of custom displays, lobby displays, digital and print posters and other advertising at Topgolf venues and on Topgolf websites. Sponsorship contracts are typically for a fixed price over a period of one to five years and revenue is generally recognized ratably over the contract period unless there is a different predominate pattern of performance. The Company enters into international development agreements that grant franchise partners the right to develop, open and operate a certain number of venues within a particular geographic area. The franchise partner may be required to pay a territory fee upon entering into a development agreement and a franchise fee for each developed venue. The franchisee will also pay ongoing royalty fees based upon a percentage of sales. Franchise fees for each venue are recognized over the franchise term, up to a maximum of 40 years, including renewal options, per the respective franchise agreement. Revenue from sales-based royalties is recognized as the related sales occur. Leasing revenue is recognized on non-cancelable sales-type lease agreements related to the licensing of Toptracer software and hardware to driving ranges and golf courses. See Note 4 for further discussion of the Company’s revenues. The Company’s WGT digital golf game is a service that allows players free gameplay via web and/or mobile gaming platforms and allows players the ability to purchase virtual currency within the game to obtain virtual goods which enhance the gameplay experience. Revenues from purchases of virtual currency are deferred at the point of purchase and recognized as revenue over the average life of a player, which is determined using historical trends and gameplay activity patterns. Variable Consideration The Company offers certain discounts and promotions on its products and services. 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 to the respective net revenue, trade accounts receivable, and sales program liability. The Company’s primary product 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. As part of this program, qualifying retailers can earn either discounts or rebates based on 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 related to product sales, which include sell-through promotions and price concessions or price reductions. Sell-through promotions are generally offered throughout the product’s life cycle of approximately two 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 product 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 deemed necessary to reflect the amount of consideration it expects to receive from its customers. There were no material changes to the rate during the years ended December 31, 2022, 2021 and 2020. Historically, the Company’s actual amount of variable consideration related to these sales programs has not been materially different from its estimates. The Company records an estimate for anticipated product returns as a reduction of sales 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 return liability as an offset to accounts receivable for anticipated returns related to these sales programs at the time of the sale based on the terms of the sales program. The cost recovery of inventory associated with this reserve is accounted for in other current assets. Historically, the Company’s actual sales returns have not been materially different from management’s original estimates. Product Warranty The Company has a stated two-year warranty policy for its golf clubs and certain Jack Wolfskin gear, as well as a limited lifetime warranty for its OGIO line of products. The Company’s policy is to accrue the estimated cost of satisfying future warranty claims at the time the sale is recorded. In estimating its future warranty obligations, the Company considers various relevant factors, including the Company’s stated warranty policies and practices, the historical frequency of claims, and the cost to replace or repair its products under warranty. The Company’s estimates for calculating the warranty reserve are principally based on assumptions regarding the warranty costs of each product line over the expected warranty period. The Company’s warranty reserve amounts for the years ended December 31, 2022, 2021 and 2020 were $10.6 million, $11.0 million, and $9.4 million, respectively. Cost of Products The Company’s cost of products is comprised primarily of variable costs that fluctuate with sales volumes, including raw materials and component costs, merchandise from third parties, conversion costs including direct labor and manufacturing overhead, and inbound freight, duties, and shipping charges. In addition, cost of products includes retail merchandise costs for products sold in retail shops within Topgolf venue facilities. Fixed overhead expenses include warehousing costs, indirect labor, and supplies, as well as depreciation expense associated with assets used to manufacture and distribute products. In addition, cost of products includes adjustments to reflect inventory at its net realizable value, as well as adjustments for obsolescence and product warranties. Cost of Services, Excluding Depreciation and Amortization The Company’s cost of services primarily consists of food and beverage costs sold at Topgolf venues and transaction fees with respect to in-app purchases within the Company’s WGT digital golf game. In addition, cost of services includes costs associated with Topgolf’s Toptracer license agreements classified as sales-type leases. Food and beverage costs are variable by nature, change with sales volume, and are impacted by product mix and commodity pricing. Cost of services excludes employee costs as well as depreciation and amortization. Other Venue Expenses Other venue expenses consist of employee costs that directly support venue operations, in addition to rent and occupancy costs, property taxes, depreciation associated with venues, supplies, credit card fees and marketing expenses. Other venue expenses include both fixed and variable components and therefore do not directly correlate with revenue. Venue Pre-Opening Costs Venue pre-opening costs primarily include costs associated with activities prior to the opening of a new Company-operated Topgolf venue and consist of, but are not limited to, labor, rent, occupancy costs, travel and marketing expenses. Pre-opening costs fluctuate based on the timing, size and location of new Company-operated venues.
Selling, General and Administrative Expenses (SG&A)	Selling, General and Administrative Expenses (SG&A) SG&A expenses are comprised primarily of employee costs, advertising and promotional expense, legal and professional fees, tour expenses, travel expenses, building and rent expenses, depreciation charges (excluding those related to manufacturing, distribution and venue operations), amortization of intangible assets, and other miscellaneous expenses.
Research and Development Expenses	Research and Development Expenses Research and development expenses are comprised of costs to design, develop, test or significantly improve the Company’s products and technology and primarily include employee costs of personnel engaged in research and development activities, research costs and depreciation expense.
Business Combinations	Business Combinations The Company allocates the purchase consideration to the identifiable assets acquired and liabilities assumed in a business combination based on their acquisition-date fair values. The Company uses its best estimates and assumptions to determine the fair value of tangible and intangible assets acquired and liabilities assumed, as well as the uncertain tax positions and tax-related valuation allowances that are initially recorded in connection with a business combination. These estimates and assumptions are uncertain and may require adjustment. During the measurement period of one year from the acquisition date, the Company continues to collect information and reevaluate these estimates and assumptions, and records adjustments to these estimates to goodwill as necessary. Any adjustments to the acquired assets and liabilities assumed that are identified subsequent to the measurement period are recorded in earnings.
Advertising Costs	Advertising CostsThe Company’s primary advertising costs include television, print, internet, and media placement. The Company’s policy is to expense advertising costs, including production costs, as incurred.
Cash, Cash Equivalents, and Restricted Cash	Cash, Cash Equivalents and Restricted CashCash equivalents are highly liquid investments purchased with original maturities of three months or less. Restricted cash is primarily comprised of escrowed funds related to a land purchase of approximately $18.3 million, which closed in January 2023, in addition to deposits associated with gift cards as required under certain statutory mandates. Long-term restricted cash is included in other assets on the accompanying consolidated balance sheet as of December 31, 2022 and 2021.
Allowance for Estimated Credit Losses	Allowance for Estimated Credit Losses The Company records an allowance for estimated credit losses based upon historical bad debts, current customer receivable balances, age of customer receivable balances and the customers’ financial condition, all of which are subject to change. Additionally, the Company monitors activities and considers future reasonable and supportable forecasts of economic conditions to adjust all general and customer specific reserve percentages as necessary. Balances recorded for estimated credit losses are written-off when they are determined to be uncollectible.
Inventories	Inventories The Company’s inventory is recorded at the lower of cost or net realizable value, which includes a reserve for excess, obsolete and/or unmarketable inventory. This reserve is regularly assessed based on current inventory levels, sales and historical trends, as well as management’s estimates of market conditions and forecasts of future product demand, all of which are subject to change. The Company utilizes the standard costing method, determined on the first-in, first-out basis, for its golf equipment inventory and soft goods inventory sold under the TravisMathew, OGIO, Callaway and Jack Wolfskin brands. Golf equipment inventory, which is directly manufactured by the Company, includes finished goods, raw materials, labor and manufacturing overhead costs and work in process. Inventory for the Company’s soft goods product lines, which are manufactured by third-party contractors, primarily include finished goods. Toptracer hardware and software, food and beverage products and Topgolf-specific retail merchandise inventories are stated at weighted-average cost.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation expense is recognized on a straight-line basis over the estimated useful lives of the related assets, which generally range from two years to 40 years. See Note 11 for further detail regarding the Company’s property, plant and equipment. Buildings capitalized in conjunction with DLF obligations, where the Company is deemed to be the accounting owner, are depreciated over the shorter of 40 years or the lease term, less the residual value. Normal repairs and maintenance costs are expensed as incurred. Costs that materially increase value, change capacities, or extend the useful lives of property, plant or equipment are capitalized. When property, plant or equipment is retired or disposed, the related costs and accumulated depreciation are removed from the accounts and any resulting gain or loss on disposition is recognized in earnings. Construction-in-process consists primarily of costs associated with building improvements, machinery and equipment and venues under construction that have not yet been placed into service, production molds, and in-process internal-use software. All direct external costs and internal direct labor costs incurred to develop internal-use software during the development stage are capitalized and depreciated on a straight-line basis over the estimated useful life of the software. Costs incurred during the preliminary project stage are expensed, as well as maintenance and training costs. Costs incurred to establish the technological feasibility of software to be sold, leased, or otherwise marketed are expensed as incurred and recorded in research and development expense. Once technological feasibility is established, costs are capitalized until the product is available for general use, and depreciated over the estimated useful life of the software.
Leases	Leases 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 related to the TravisMathew and Jack Wolfskin businesses and the apparel businesses in Japan and Korea. Certain real estate leases include one or more options to extend the lease term, options to purchase the leased property at the Company’s sole discretion, or escalation clauses that increase the rent payments over the lease term. When deemed reasonably certain of exercise, the renewal and purchase options are included in the determination of the lease term and lease payment obligation, respectively. The depreciable life of machinery and equipment, computer equipment and leasehold improvements are limited to the expected lease term unless there is a transfer of title or purchase option which is reasonably certain of exercise. In some instances, certain leases may require an additional contingent rent payment based on a percentage of total gross sales greater than certain amounts, which are specified within the specific lease agreement. The Company recognizes contingent rent expense when it is probable that sales thresholds will be reached during the fiscal year. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. Operating and Financing Leases The Company determines if an arrangement is a lease, or contains a lease, at the inception of the arrangement. If the Company determines that an arrangement is a lease or contains a lease, a right-of-use (“ROU”) asset representing the right to use the underlying asset during the lease term, and a lease liability representing the obligation to make lease payments that arise from the lease are recognized as either an Operating or Financing lease on the Company’s consolidated balance sheet. ROU assets and liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. When readily determinable, the Company uses the rate implicit in the lease agreement in determining the present value of minimum lease payments for the particular lease. If the implicit rate for the lease is not provided, the Company uses its incremental borrowing rate which is based on information available at the lease commencement date, including the lease term, and represents a rate the Company would incur to borrow an amount on a collateralized basis equal to the lease payments over a similar term and under similar economic conditions. At the commencement of a lease, the ROU asset is measured by taking the sum of the present value of the lease liability and any initial direct costs and/or prepaid lease payments, and deducting any lease incentives. After the lease commencement date, lease expense is recognized as a single lease cost on a straight-line basis over the lease term for Operating leases, and amortization expense and interest expense is recognized over the lease term for Financing leases. Lease agreements related to properties are generally comprised of both lease and non-lease components. Non-lease components, which include items such as common area maintenance charges, property taxes and insurance, are expensed as incurred and are recognized separately from the straight-line lease expense. Variable lease payments that do not depend on an index or rate, such as rental payments based on a percentage of retail revenue over contractual levels, are separately expensed as incurred, and are not included in the measurement of the ROU asset and lease liability. Variable lease payments that depend on an index or rate, such as rates that are adjusted periodically for inflation, are included in the initial measurement of the ROU asset and lease liability and are recognized on a straight-line basis over the lease term.
Leases	Deemed Landlord Financing Obligations (DLF obligations) In certain leasing arrangements related to the Company’s Topgolf venues, and due to the Company’s involvement in the construction of leased assets, the Company is deemed to be the accounting owner of certain leased assets that did not meet the sales-leaseback criteria upon completion of construction. In such cases, in addition to capitalizing the Company’s construction costs, the Company capitalizes the construction costs funded by the landlord related to its leased premises and recognizes a corresponding liability for those costs as construction advances during the construction period. At the end of the construction period, the Company applies the sale-and-leaseback criteria to determine whether the underlying asset should be derecognized. When the application of the sale-and-leaseback guidance results in a sale, the asset and liability on the Company’s balance sheet are derecognized. When the application of the sale-and-leaseback guidance results in a failed sale, the asset remains on the Company’s balance sheet and is depreciated over its respective useful life or the lease term, whichever is shorter, and the liability is accounted for as a DLF obligation. These DLF obligations are generally non-cancelable leases with initial terms of 20 years containing various renewal options following the initial term and escalation clauses that increase the payments over the lease term. Sales-Type Leases With respect to the Company’s Toptracer operations, the Company enters into non-cancelable license agreements that combine software and hardware. These license agreements provide the customer the right to use Company-owned software and hardware products for a specified period, generally ranging from three to five years. The software and hardware are a distinct bundle of goods which are highly interrelated. At the inception of the agreement, the lease classification is assessed, and generally results in the license agreement being classified as sales-type leases. Upon commencement of these sales-type leases, revenue is recognized for the software and hardware as a single component, and a leasing receivable consisting of the present value of payments over the non-cancelable term is recorded. Interest income on the leasing receivable is recognized over the term of the lease. The Company manages its risk on its sales-type leases through its pricing and through the terms of the leases. Any equipment returned to the Company as a result of a cancellation of a lease may be leased or sold to other customers, therefore risk associated with the Company’s sales-type leases is considered minimal.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Goodwill and acquired intangible assets are recorded in connection with an acquisition or business combination. Goodwill represents the excess of the total consideration paid over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in connection with the acquisition or business combination. Identifiable intangible assets consist of tradenames and trademarks, liquor licenses, patents, customer and distributor relationships, and developed technology. Intangible assets that are determined to have definite lives are amortized over their estimated useful lives and are assessed for impairment when indicators are present. Goodwill and intangible assets with indefinite lives are not amortized and are instead measured for impairment at least annually or more frequently when events or circumstances occur that indicate an impairment may exist. Except for software costs which are determined to be eligible for capitalization, costs related to the development, maintenance or renewal of internally developed intangible assets that are inherent in the Company’s continuing business that were not acquired as a part of a business combination or asset acquisition, are expensed as incurred. Impairments The Company assesses potential impairments of its long-lived assets, namely property, plant and equipment and ROU assets, and acquired intangible assets that are subject to amortization, such as acquired customer and distributor relationships whenever events or changes in circumstances indicate that the asset’s carrying value may not be recoverable. Events or changes that would necessitate an impairment assessment include a significant change in the extent or manner in which the asset is used, a significant change in legal or business factors that could affect the value of the asset, or a significant decline in the observable market value of an asset, amongst others. If such events or changes indicate a potential impairment, the Company would assess recoverability of the asset or asset group by determining if the carrying value of the asset or asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the asset or asset group. An impairment charge would be recognized when the carrying amount of a long-lived asset or asset group is determined to not be recoverable and exceeds its fair value. The Company performs an impairment assessment on its Goodwill and indefinite-lived intangible assets at least annually during the fourth quarter of the year, or more frequently when events or circumstances occur that indicate an impairment may exist. These events or circumstances may include macroeconomic conditions, significant changes in the industry or business climate, legal factors, or other operating performance indicators, amongst other things. If an event occurs that indicates an impairment may exist, the Company may perform a qualitative assessment to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired. If after the qualitative assessment the Company determines it is more likely than not that the indefinite-lived intangible asset is not impaired, no quantitative fair value test is necessary. If after performing the qualitative assessment the Company concludes it is more likely than not that the fair value of the indefinite-lived intangible is less than its carrying amount, the Company will perform a quantitative fair value test to determine the fair value of the asset or reporting unit. To determine fair value, the Company uses discounted cash flow estimates, quoted market prices, royalty rates when available, and independent appraisals and valuation specialists when appropriate. The Company calculates impairment as the excess of the carrying value of goodwill and other indefinite-lived intangible assets over their estimated fair value. If the carrying value exceeds the estimate of the fair value of the asset, a write-down is recorded. In 2020, due to the significant disruptions caused by the COVID-19 pandemic on the Company’s operations, the Company recognized an impairment loss on the goodwill and trade name associated with its Jack Wolfskin business. See Note 9 for further discussion of the Company’s impairment loss at Jack Wolfskin.
Investments	Investments The Company determines the appropriate classification of its investments at the time of acquisition and reevaluates such classification at each balance sheet date. The Company has elected to apply the measurement alternative to investments that do not have readily determinable fair values. As such, these investments are measured at cost, and are evaluated for changes in fair value if there is an observable price change in an orderly transaction for an identical or similar investment. The Company assesses investments for impairment whenever events or changes in circumstances indicate that the investment’s carrying value may not be recoverable. An impairment charge would be recognized when the carrying amount exceeds its fair value. See Note 10 for further discussion of the Company’s investments.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions A significant portion of the Company’s business is conducted outside of the United States in currencies other than the U.S. dollar. As a result, changes in foreign currency exchange rates can have a significant impact on the Company’s financial results. Revenues and expenses that are denominated in foreign currencies are translated using the average exchange rate for the period. Assets and liabilities are translated using the rate of exchange at the balance sheet date. Gains and losses from assets and liabilities denominated in a currency other than the functional currency of the entity in which they reside are generally recognized during the current period in the Company’s statements of operations. Gains and losses from the translation of foreign subsidiary financial statements into U.S. dollars are included in accumulated other comprehensive income or loss.
Derivatives and Hedging	Derivatives and Hedging In order to mitigate the impact of foreign currency translation on transactions and changes in interest rates, the Company uses foreign currency forward contracts and interest rate hedge contracts. The contracts are measured at fair value and are recorded as either assets or liabilities on the consolidated balance sheet. Contracts which satisfy certain criteria and are elected for hedge accounting treatment may be classified as either designated or undesignated cash flow hedges. Changes in the fair value of derivatives which are classified as undesignated hedges are recognized in earnings in the period of the change. Changes in the fair value of derivatives which qualify for and are classified as designated 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. The Company would discontinue hedge accounting prospectively (i) if it is determined that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated, or exercised, (iii) if it becomes probable that the forecasted transaction being hedged by the derivative will not occur, (iv) if a hedged firm commitment no longer meets the definition of a firm commitment, or (v) if it is determined that designation of the derivative as a hedge instrument is no longer appropriate. The Company estimates the fair value of its foreign currency forward contracts based on pricing models using current market rates. These contracts are classified under Level 2 of the fair value hierarchy. See Note 17 for further discussion of the Company’s financial instruments. 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 balance sheets as of December 31, 2022 and 2021.
Share-Based Compensation	Share-Based Compensation The Company may grant restricted stock units and awards, performance-based awards, stock options and stock appreciation rights, and other equity-based awards to its officers, employees, consultants and other non-employees who provide services to the Company under its stock incentive plans. The Company measures and recognizes share-based compensation expense for employees and non-employees based on estimated fair values, net of estimated forfeitures. Estimated forfeitures are based on historical experience and forfeiture trends. If actual forfeiture rates differ materially from the Company’s estimates, the Company may be required to record an adjustment to its share-based compensation expense in future periods. Restricted Stock Awards and Restricted Stock Units The estimated fair value of restricted stock awards and restricted stock units (collectively “restricted stock”) is calculated based on the closing price of the Company’s common stock on the date of grant multiplied by the number of shares of restricted stock granted. Compensation expense, net of estimated forfeitures, is recognized on a straight-line basis over a vesting period of three to five years from the date of grant. Performance Based Restricted Share Unit Awards The Company grants performance based restricted share unit awards (“PRSU”) in which the number of shares that may ultimately be issued upon vesting is based on the Company’s achievement of specific performance metrics for each award that are measured during a specified performance period, which may range from 0% to 200% of the participant’s target award. PRSU performance measures include adjusted earnings before interest, taxes, depreciation, amortization, stock compensation, non-cash lease amortization expense and non-recurring costs (“Adjusted EBITDA”), earnings per share (“EPS”), adjusted pre-tax income (“APTI”) and total shareholder return (“rTSR”). The performance period for these awards ranges from three to five years from the date of grant. PRSUs based on EBITDA, EPS and APTI are initially valued at the Company’s closing stock price on the date of grant. PRSUs based on rTSR performance measures are initially valued using a Monte Carlo simulation which utilizes the stock volatility, dividend yield and a market correlation of the Company and the Company’s peer group, and is based on the probable achievement of 100% of the rTSR performance goals as determined on the date of grant. Compensation expense for all PRSUs is recognized, net of estimated forfeitures, on a straight-line basis over a vesting period of three to five years, and is based on the fixed fair value assigned to each of the awards on the date of grant. Over the course of the performance period, compensation expense for PRSUs based on EBITDA, EPS and APTI is adjusted according to the anticipated level of achievement of the specified performance metric over the performance period for the award. If the performance goals are not probable of achievement during the performance period, compensation expense related to these awards is reversed. Compensation expense for rTSR PRSUs is based on a fixed grant date fair value derived from a Monte Carlo simulation which assumes the probable performance achievement of 100%, which is not adjusted over the course of the performance period or reversed if achievement is not probable. All awards that do not achieve the minimum cumulative performance threshold over the performance period are forfeited at the end of the specified performance period. Stock Options Stock options are granted at exercise prices no less than the Company’s closing stock price on the date of grant. Outstanding stock options generally vest over a three-year period from the grant date and generally expire up to 10 years after the grant date. The Company records compensation expense for employee stock options based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model. The model uses various assumptions, including a risk-free interest rate, the expected term of the options, the expected stock price volatility, and the expected dividend yield. Compensation expense for employee stock options is recognized over the vesting term, net of estimated forfeitures. See Note 15 for further discussion of the Company’s share-based compensation.
Income Taxes	Income Taxes Current income tax expense or benefit is the amount of income taxes expected to be payable or receivable for the current year. A deferred income tax asset or liability is established for the difference between the tax basis of an asset or liability that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled. The Company maintains a valuation allowance for a deferred tax asset when it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. In evaluating whether a valuation allowance is required under such rules, the Company considers all available positive and negative evidence, including prior operating results, the nature and reason for any losses, its forecast of future taxable income, and the dates on which any deferred tax assets are expected to expire. These assumptions require a significant amount of judgment, including estimates of future taxable income. These estimates are based on the Company’s best judgment at the time made based on current and projected circumstances and conditions. The Company accrues for the estimated additional amount of taxes for uncertain tax positions if it is deemed to be more likely than not that the Company would be required to pay such additional taxes. The Company is required to file federal and state income tax returns in the United States and various other income tax returns in foreign jurisdictions. The preparation of these income tax returns requires the Company to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax paid by the Company. The Company accrues an amount for its estimate of additional tax liability, including interest and penalties in income tax expense, for any uncertain tax positions taken or expected to be taken in an income tax return. The Company reviews and updates the accrual for uncertain tax positions as more definitive information becomes available. Historically, additional taxes paid as a result of the resolution of the Company’s uncertain tax positions have not been materially different from the Company’s expectations. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. See Note 12 for further discussion of the Company’s income taxes.
Other Income, Net	Other Income, NetOther income, net primarily includes gains and losses on foreign currency forward contracts, cross-currency swap contracts and foreign currency transactions.
Concentration of Risk	Concentration of Risk On a consolidated basis, no single customer accounted for more than 10% of the Company’s consolidated revenues in 2022, 2021 or 2020. The Company’s top five customers accounted for approximately 12% of the Company’s consolidated revenues in 2022, 13% in 2021, and 20% in 2020. The Company’s top five customers specific to the Golf Equipment and Active Lifestyle operating segments represented the following as a percentage of each segment’s total net revenues: •Golf Equipment customers accounted for approximately 26%, 24% and 25% of total consolidated Golf Equipment sales in 2022, 2021, and 2020, respectively; and •Active Lifestyle customers accounted for approximately 17% of total consolidated Active Lifestyle sales in both 2022 and 2021, and 12% in 2020. With respect to the Company’s trade receivables, the Company performs ongoing credit evaluations of its customers’ financial condition and generally does not require collateral from these customers. The Company maintains reserves for estimated credit losses, which it considers adequate to cover any such losses. At December 31, 2022 and 2021, one customer represented 17% and 11%, respectively, of the Company’s outstanding accounts receivable balance. Of the Company’s total consolidated net revenues, approximately 30%, 34% and 51% were derived from sales outside of the United States in 2022, 2021 and 2020, respectively. As a result of this international business, the Company is exposed to increased risks inherent in conducting business outside of the United States. The Company is dependent on a limited number of suppliers for its clubheads and shafts, some of which are single sourced. Furthermore, some of the Company’s products require specially developed manufacturing techniques and processes which make it difficult to identify and utilize alternative suppliers quickly. The Company also depends on a single or a limited number of suppliers for the materials it uses to make its golf balls. Many of these materials are customized for the Company. The Company’s financial instruments that are subject to concentrations of credit risk consist primarily of cash equivalents, trade receivables, foreign currency forward contracts, cross-currency debt swap contracts and interest rate hedge contracts. From time to time, the Company invests its excess cash in money market accounts and short-term U.S. government securities and has established guidelines relative to diversification and maturities in an effort to maintain safety and liquidity. These guidelines are periodically reviewed and modified to take advantage of trends in yields and interest rates. The Company enters into foreign currency forward contracts for the purpose of hedging foreign exchange rate exposures on existing or anticipated transactions, and interest rate hedge contracts for the purpose of hedging interest rate exposures on its term loan facility. In the event of a failure to honor one of these contracts by one of the banks with which the Company has contracted, management believes any loss would be limited to the exchange rate differential from the time the contract was entered into until the time it was settled. The Company’s hedging contracts are subject to a master netting agreement with each respective counterparty bank and are therefore net settled.
Recent Accounting Standards and Adoption of New Accounting Standards	Recent Accounting Standards In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. Adoption of New Accounting Standards In August 2020, the FASB issued 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 7) 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 year ended December 31, 2022, after-tax interest expense in the amount of $6.4 million was excluded from net income in the calculation of earnings per common share—diluted (see Note 8). 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. In July 2021, the FASB issued ASU No. 2021-05, “Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments” which requires lessors to classify and account for a lease with variable lease payments that do not depend on a reference index or a rate as an operating lease if both of the following criteria are met: (1) the lease would have been classified as a sales-type lease or a direct financing lease in accordance with the classification criteria in Topic 842; and (2) the lessor would have otherwise recognized a day-one loss. The amendments are effective for annual periods beginning after December 15, 2021 with early adoption permitted. The adoption of this ASU did not have any impact on the Company’s consolidated financial statements.

Revenue Recognition - Summary of Royalty Income by Operating Segment (Details) - Royalty - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Royalty income	$ 76.9	$ 68.2	$ 21.8
Topgolf
Segment Reporting Information [Line Items]
Royalty income	50.3	37.3	0.0
Active Lifestyle
Segment Reporting Information [Line Items]
Royalty income	$ 26.6	$ 30.9	$ 21.8

Derivatives and Hedging - Foreign Currency Forward Contracts Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Maximum maturity for foreign currency derivatives	12 months
Foreign currency gains (losses)	$ (18.3)	$ (6.4)	$ 9.0
Foreign currency forward contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative instrument, notional amount	$ 162.9	$ 67.8	$ 81.6

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 31, 2023
Significant Accounting Policies [Line Items]
Additional paid-in capital	$ (3,012.7)	$ (3,051.6)
Territory and franchise fee recognition, period	40 years
Sell-through promotion period	2 years
Product warranty accrual, warranty, period	2 years
Product warranty accrual, current	$ 10.6	11.0	$ 9.4
Advertising expenses	$ 116.1	$ 108.4	$ 83.4
Direct financing lease, term of contract	20 years
Subsequent Event
Significant Accounting Policies [Line Items]
Escrow funds to purchase land				$ 18.3
Sales Revenue, Net \| Customer Concentration Risk \| Regions outside the U.S.
Significant Accounting Policies [Line Items]
Concentration risk percentage	30.00%	34.00%	51.00%
Top Five Customers Worldwide \| Sales Revenue, Net \| Customer Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk percentage	12.00%	13.00%	20.00%
Top Five Customers Worldwide \| Sales Revenue, Net \| Customer Concentration Risk \| Golf club
Significant Accounting Policies [Line Items]
Concentration risk percentage	26.00%	24.00%	25.00%
Top Five Customers Worldwide \| Sales Revenue, Net \| Customer Concentration Risk \| Gear, accessories & other
Significant Accounting Policies [Line Items]
Concentration risk percentage	17.00%	17.00%	12.00%
One Customer \| Accounts Receivable \| Customer Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk percentage	17.00%	11.00%
Performance Shares
Significant Accounting Policies [Line Items]
Shares awarded as a percentage of granted	100.00%
Stock Options
Significant Accounting Policies [Line Items]
Vesting period	3 years
Expiration period	10 years
Capitalized Buildings
Significant Accounting Policies [Line Items]
Property, plant and equipment, useful life	40 years
Minimum
Significant Accounting Policies [Line Items]
Sponsorship, term of contract	1 year
Property, plant and equipment, useful life	2 years
Minimum \| Restricted Stock
Significant Accounting Policies [Line Items]
Vesting period	3 years
Minimum \| Performance Shares
Significant Accounting Policies [Line Items]
Vesting period	3 years
Shares awarded as a percentage of granted	0.00%
Minimum \| Performance Share Units with Total Shareholder Return Conditions
Significant Accounting Policies [Line Items]
Vesting period	3 years
Minimum \| Software And Hardware
Significant Accounting Policies [Line Items]
Operating lease, term of contract	3 years
Maximum
Significant Accounting Policies [Line Items]
Sponsorship, term of contract	5 years
Property, plant and equipment, useful life	40 years
Maximum \| Restricted Stock
Significant Accounting Policies [Line Items]
Vesting period	5 years
Maximum \| Performance Shares
Significant Accounting Policies [Line Items]
Vesting period	5 years
Shares awarded as a percentage of granted	200.00%
Maximum \| Performance Share Units with Total Shareholder Return Conditions
Significant Accounting Policies [Line Items]
Vesting period	5 years
Maximum \| Software And Hardware
Significant Accounting Policies [Line Items]
Operating lease, term of contract	5 years

Investments	12 Months Ended
Investments	Dec. 31, 2022
Investments, All Other Investments [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 owns an indoor golf simulation technology that delivers golf ball tracking data and measures ball flight indoors. The investment is accounted for at cost less impairments, and adjusted for observable changes in fair value. As of December 31, 2022 and December 31, 2021, the value of the Company’s investment in Full Swing was $9.3 million. This investment is included in other assets on the Company’s consolidated 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 for at cost less impairments, and adjusted for observable changes in fair value. As of each of December 31, 2022 and December 31, 2021, the value of the Company’s investment in Five Iron Golf was $30.0 million. This investment is included in other assets on the Company’s consolidated balance sheets.

Derivatives and Hedging - Interest Rate Hedge Contract and Cross-Currency Debt Swap (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Net gain (loss) in accumulated other comprehensive loss related to foreign currency forward contracts	$ 16.2	$ 6.9	$ 3.0
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Settlement of cross-currency swap contract	3.2	(3.1)	15.7
Net gain (loss) in accumulated other comprehensive loss related to foreign currency forward contracts	16.2	6.8	3.0
Cross-currency debt swap contracts \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Settlement of cross-currency swap contract	0.0	0.0	18.5
Net gain (loss) in accumulated other comprehensive loss related to foreign currency forward contracts	0.0	0.0	15.1
Cross-currency debt swap contracts \| Other income (expense)
Derivative [Line Items]
Settlement of cross-currency swap contract	0.0	0.0	11.1
Other comprehensive income (loss), foreign currency transaction and translation gain (loss) arising during period, net of tax			5.7
Cross-currency debt swap contracts \| Interest Income
Derivative [Line Items]
Settlement of cross-currency swap contract			1.7
Currency and Interest Rate Swap Agreements \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative instrument, notional amount	$ 192.3	194.3
Interest rate swap agreements \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, fixed interest rate	2.54%
Interest rate swap agreements \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Settlement of cross-currency swap contract	$ (1.6)	(4.8)	(3.9)
Net gain (loss) in accumulated other comprehensive loss related to foreign currency forward contracts	14.2	$ 4.4	$ (12.9)
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 4.4

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Valuation of Foreign Currency Exchange Contracts by Pricing Levels

The following table summarizes the valuation of the Company’s foreign currency forward contracts and interest rate hedge agreements (see Note 18) that are measured at fair value on a recurring basis, and are classified within Level 2 of the fair value hierarchy as of December 31, 2022 and December 31, 2021 (in millions):


	Fair Value		Level 2
December 31, 2022
Foreign currency forward contracts—asset position	$	0.2	$	0.2
Foreign currency forward contracts—liability position	(5.4)		(5.4)
Interest rate hedge agreements—asset position	7.2		7.2
Interest rate hedge agreements—liability position	—		—

	$	2.0	$	2.0
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, by Balance Sheet Grouping

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 balance sheets as of December 31, 2022 and consolidated balance sheets as of December 31, 2021 (in millions):


	December 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
U.S. Asset-Based Revolving Credit Facility	$	181.1	$	181.1	$	9.1	$	9.1
2022 Japan ABL Facility	$	38.2	$	38.2	$	—	$	—
Japan Term Loan	$	—	$	—	$	13.0	$	12.2
Term Loan	$	432.0	$	431.1	$	436.8	$	437.5
Topgolf Term Loan	$	336.9	$	337.1	$	340.4	$	346.1
Topgolf Revolving Credit Facility	$	110.0	$	110.0	$	—	$	—
Convertible Notes	$	258.3	$	337.7	$	258.8	$	444.4
Equipment Notes	$	27.8	$	23.6	$	31.1	$	30.2
Mortgage Loans	$	45.9	$	55.3	$	46.4	$	52.3

Financing Arrangements - Capped Call (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	May 31, 2020
Debt Instrument [Line Items]
Issuance of common stock related to convertible notes		$ 0.5	$ 0.0	$ 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, converted instrument, shares received	3,499
Convertible Notes \| Convertible Debt
Debt Instrument [Line Items]
Issuance of common stock related to convertible notes	$ 0.5

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 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, revolving credit facilities, 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 18) and are therefore categorized within Level 2 of the fair value hierarchy.


	Fair Value		Level 2
December 31, 2022
Foreign currency forward contracts—asset position	$	0.2	$	0.2
Foreign currency forward contracts—liability position	(5.4)		(5.4)
Interest rate hedge agreements—asset position	7.2		7.2
Interest rate hedge agreements—liability position	—		—

	$	2.0	$	2.0
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 years ended December 31, 2022 and 2021.

Disclosures about the Fair Value of Financial Instruments

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. 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 balance sheets as of December 31, 2022 and consolidated balance sheets as of December 31, 2021 (in millions):


	December 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
U.S. Asset-Based Revolving Credit Facility	$	181.1	$	181.1	$	9.1	$	9.1
2022 Japan ABL Facility	$	38.2	$	38.2	$	—	$	—
Japan Term Loan	$	—	$	—	$	13.0	$	12.2
Term Loan	$	432.0	$	431.1	$	436.8	$	437.5
Topgolf Term Loan	$	336.9	$	337.1	$	340.4	$	346.1
Topgolf Revolving Credit Facility	$	110.0	$	110.0	$	—	$	—
Convertible Notes	$	258.3	$	337.7	$	258.8	$	444.4
Equipment Notes	$	27.8	$	23.6	$	31.1	$	30.2
Mortgage Loans	$	45.9	$	55.3	$	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. During the year ended December 31, 2022, the Company recognized total impairment losses of $5.5 million, of which $4.8 million was 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 statements of operations during the year ended December 31, 2022, and was categorized within Level 3 of the fair value hierarchy. The Company did not recognize any impairments during the year ended December 31, 2021.

In the second quarter of 2020, the Company considered the macroeconomic conditions related to the COVID-19 pandemic and its potential impact to sales and operating income, and determined that there were indicators of impairment and proceeded with a quantitative assessment of goodwill for all reporting units. As a result of the assessment, the Company determined that the fair value of one of its reporting units was less than its carrying value, and therefore recognized a goodwill impairment loss of $148.4 million during 2020. In addition, the Company recognized an impairment loss of $25.9 million on one of its trade names (See Note 9). The goodwill and trade name impairments were categorized within Level 3 of the fair value hierarchy.

- 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

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 10.8	$ 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 outstanding (in shares)	0	0
Preferred stock, shares issued (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
Common stock held in treasury (in shares)	1,300,000	1,000,000

Revenue Recognition - Sales Return Reserve (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 47.4	$ 44.0	$ 29.0
Provision	128.4	91.0	106.2
Sales returns	(120.4)	(87.6)	(91.2)
Ending Balance	$ 55.4	$ 47.4	$ 44.0

Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 180.2	$ 352.2	$ 366.1
Restricted cash, short-term	19.1	1.2
Restricted cash, long-term	4.1	4.3
Total cash, cash equivalents and restricted cash	$ 203.4	$ 357.7	$ 366.1	$ 106.7

Commitments & Contingencies (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Future Purchase Commitments

As of December 31, 2022, the minimum obligation that the Company is required to pay under these agreements over the next five years as follows (in millions):


2023	$	47.2
2024	17.5
2025	9.0
2026	8.4
2027	1.8

	$	83.9

New Accounting Standards (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Significant Accounting Policies [Line Items]
Additional paid-in capital	$ (3,012.7)	$ (3,051.6)
Deferred tax liabilities	(101.4)	(142.4)
Retained earnings	$ 852.5	$ 682.2
Convertible notes weighted-average shares outstanding (in shares)	14.7	5.9	0.0
Interest expense	$ 6.4	$ 0.0	$ 0.0
Cumulative Effect, Period of Adoption, Adjustment \| Accounting Standards Update 2020-06
Significant Accounting Policies [Line Items]
Additional paid-in capital		57.1
Convertible notes payable		57.9
Deferred tax liabilities		13.2
Retained earnings		$ 12.4
Convertible notes weighted-average shares outstanding (in shares)		14.7