0000837465-23-000018 | 10-Q | XBRL Viewer | Topgolf Callaway Brands Corp

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Computation of Basic and Diluted Earnings Per Share

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


	Three Months Ended March 31,
		2023		2022
Earnings per common share—basic
Net income		$	25.0	$	86.7
Weighted-average common shares outstanding—basic		185.2		185.1
Earnings per common share—basic		$	0.13	$	0.47
Earnings per common share—diluted
Net income		$	25.0	$	86.7
Interest expense(1)		1.6		1.6
Net income attributable to earnings per common share—diluted		$	26.6	$	88.3

Weighted-average common shares outstanding—basic		185.2		185.1
Convertible Notes weighted-average common shares outstanding(1)		14.7		14.7
Outstanding options, restricted stock units and performance share units		1.6		1.0
Weighted-average common shares outstanding—diluted		201.5		200.8
Earnings per common share—diluted		$	0.13	$	0.44

(1) The If-converted method is used for calculating the dilutive weighted-average shares outstanding related to the Convertible Notes when calculating earnings per common share-diluted. Under this method, interest expense related to the Convertible Notes for the period presented is excluded from net income.

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 1,983.7
Foreign currency translation and other	0.2
Balance at end of period	1,983.9
Topgolf
Goodwill [Roll Forward]
Balance at beginning of period	1,363.6
Foreign currency translation and other	0.0
Balance at end of period	1,363.6
Golf Equipment
Goodwill [Roll Forward]
Balance at beginning of period	530.3
Foreign currency translation and other	0.2
Balance at end of period	530.5
Active Lifestyle
Goodwill [Roll Forward]
Balance at beginning of period	89.8
Foreign currency translation and other	0.0
Balance at end of period	$ 89.8

- 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

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 25.0	$ 86.7
Other comprehensive (loss) income:
Change in derivative instruments	(0.7)	8.9
Foreign currency translation adjustments	5.3	(13.4)
Comprehensive income, before income tax on other comprehensive income items	29.6	82.2
Income tax impact on derivative instruments	(0.4)	(0.5)
Comprehensive income	$ 30.0	$ 82.7

- Definition

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

+ References

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+ Details

Leases - Other Information Related to Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 38.0	$ 39.8
Operating cash flows from finance leases	1.2	2.1
Financing cash flows from finance leases	1.0	0.1
Lease liabilities arising from new ROU assets:
Operating leases	9.7	0.0
Finance leases	$ 17.6	30.0
Weighted average remaining lease term (years):
Operating leases	16 years 4 months 24 days		16 years 7 months 6 days
Finance leases	36 years 7 months 6 days		36 years 6 months
Weighted average discount rate:
Operating leases	5.60%		5.60%
Finance leases	6.10%		6.10%
Deemed Landlord Finance Lease
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 8.6	9.6
Financing cash flows from finance leases	4.4	0.0
Lease liabilities arising from new ROU assets:
Operating leases	$ 45.7	$ 2.6
Weighted average remaining lease term (years):
Finance leases	38 years 4 months 24 days		38 years 6 months
Weighted average discount rate:
Finance leases	8.90%		8.80%

Derivatives and Hedging

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

We are exposed to gains and losses resulting from fluctuations in foreign currency exchange rates and interest rates during our normal course of business. We use designated cash flow hedges and non-designated hedges in the form of foreign currency forward contracts as part of our 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. We also use interest rate swap contracts to mitigate the impact of variable interest rates on our long-term debt.

We only use foreign currency forward contracts and interest rate swap contracts to meet our objectives of minimizing variability in our operating results which may arise from changes in foreign exchange rates and interest rates, and we do not enter into either of these types of contracts for speculative purposes. We utilize counterparties for our derivative instruments that we believe are creditworthy at the time we enter into the transactions, and we closely monitor the credit ratings of these counterparties.

The following table summarizes the fair value of our derivative instruments as well as the location of the asset and/or liability on the condensed consolidated balance sheets as of March 31, 2023 and consolidated balance sheets as of December 31, 2022 (in millions):


	Balance Sheet Location	Fair Value of Asset Derivatives
		March 31, 2023		December 31, 2022
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Other current assets	$	1.2	$	0.1
Interest rate swap contract	Other current assets	—		4.4
Interest rate swap contract	Other assets	—		2.8
Total		$	1.2	$	7.3
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	2.2		0.1



Total asset position		$	3.4	$	7.4


	Balance Sheet Location	Fair Value of Liability Derivatives
		March 31, 2023		December 31, 2022
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	$	1.3	$	2.6




Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	4.6		2.8




Total liability position		$	5.9	$	5.4

Our derivative instruments are subject to a master netting agreement with each respective counterparty bank and are therefore net settled at their maturity date. Although we have the legal right of offset under the master netting agreements, we have elected not to present these contracts on a net settlement amount basis, and therefore present these contracts on a gross basis on the accompanying condensed consolidated balance sheets as of March 31, 2023 and consolidated balance sheets as of December 31, 2022.

Cash Flow Hedging Instruments

Foreign Currency Forward Contracts

We use foreign currency derivatives designated as qualifying cash flow hedging instruments, including foreign currency forward contracts to help mitigate our foreign currency exposure from intercompany sales of inventory and intercompany expense reimbursements to our foreign subsidiaries. These contracts generally mature within 12 months to 15 months from their inception. As of March 31, 2023 and December 31, 2022, the notional amounts of our foreign currency forward contracts designated as cash flow hedge instruments were $107.5 million and $100.0 million, respectively.

As of March 31, 2023, we recorded a net gain of $2.4 million in accumulated other comprehensive income related to foreign currency forward contracts. Of this amount, net gains of $1.3 million for the three months ended March 31, 2023, were removed from accumulated other comprehensive income and recognized in cost of products for the underlying sales that were recognized. Additionally, for the three months ended March 31, 2023, $1.0 million of net gains related to the amortization of forward points were removed from accumulated other comprehensive income and recognized in cost of products. Based on the current valuation of our foreign currency forward contracts, we expect to reclassify net losses of $1.3 million related to our foreign currency forward contracts from accumulated other comprehensive income into earnings over the course of the next 12 months.

During the three months ended March 31, 2022, we recognized net gains of $0.4 million in cost of products related to our foreign currency forward contracts.

Interest Rate Swap Contract

We used an interest rate swap designated as a cash flow hedge in order to mitigate the risk of changes in interest rates associated with our variable-rate Term Loan B, which was replaced by our 2023 Term Loan B as part of our debt modification which occurred in March 2023 (see Note 5). As part of this modification, we entered into a termination agreement to unwind our existing interest rate swap, and as a result of the termination we received proceeds of $5.6 million. As of March 31, 2023, we have a deferred gain of $5.4 million recognized in other comprehensive income related to these proceeds, which will be amortized into interest expense over the remaining term of the contract.

During the three months ended March 31, 2023 and March 31, 2022, we recognized net gains of $0.9 million and net losses of $1.2 million in interest expense related to the interest rate swap contract, respectively.

The following tables summarize the net effect of all cash flow hedges for each of our derivative contracts on the condensed consolidated financial statements for the three months ended March 31, 2023 and 2022 (in millions):


		Gain (Loss) Recognized in Other Comprehensive Income
	Three Months Ended March 31,
Derivatives designated as cash flow hedging instruments		2023		2022
Foreign currency forward contracts		$	2.4	$	1.0
Interest rate swap contract		(0.9)		7.1
		$	1.5	$	8.1


		Gain (Loss) Reclassified from Other Comprehensive Income into Earnings
	Three Months Ended March 31,
Derivatives designated as cash flow hedging instruments		2023		2022
Foreign currency forward contracts		$	1.3	$	0.4
Interest rate swap contract		0.9		(1.2)
		$	2.2	$	(0.8)

Foreign Currency Forward Contracts Not Designated as Hedging Instruments

We use 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 our international subsidiaries into U.S. dollars for financial reporting purposes. These contracts generally mature within 12 months from inception. As of March 31, 2023 and December 31, 2022, the notional amounts of our foreign currency forward contracts used to mitigate the exposures discussed above were approximately $443.4 million and $162.9 million, respectively. We estimate the fair values of foreign currency forward contracts based on pricing models using current market rates, and record all derivatives on the balance sheet at fair value with the changes in fair value recorded in the condensed consolidated statements of operations. Foreign currency forward contracts are classified under Level 2 of the fair value hierarchy (see Note 13).

The following table summarizes the location of net gains and losses for each type of our derivative contracts recognized in the condensed consolidated statements of operations during the three months ended March 31, 2023 and 2022, respectively (in millions):


	Location of Net Gain Recognized in Income on Derivative Instruments		Amount of Net Gain Recognized in Income on Derivative Instruments
Derivatives not designated as hedging instruments		Three Months Ended March 31,
			2023		2022
Foreign currency forward contracts	Other income, net		$	2.9	$	13.2

In addition, during the three months ended March 31, 2023 and 2022, we recognized net foreign currency transaction losses of $2.5 million and $5.7 million, respectively, in our condensed consolidated statements of operations.

Fair Value of Financial Instruments - Valuation of Foreign Currency Exchange Contracts by Pricing Levels (Details) - Fair Value, Recurring - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative fair value, net	$ (2.5)	$ 2.0
Foreign currency forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position	3.4	0.2
Derivative liability position	(5.9)	(5.4)
Interest rate swap contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position		7.2
Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative fair value, net	(2.5)	2.0
Level 2 \| Foreign currency forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position	3.4	0.2
Derivative liability position	$ (5.9)	(5.4)
Level 2 \| Interest rate swap contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position		$ 7.2

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2023

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

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)The following table details amounts reclassified from accumulated other comprehensive income (loss) and foreign currency translation adjustments for the three months ended March 31, 2023 (in millions):


	Derivative Instruments		Foreign Currency Translation		Total

Accumulated other comprehensive loss, December 31, 2022, after tax	$	4.9	$	(66.4)	$	(61.5)
Change in derivative instruments	1.5		—		1.5
Net gains reclassified to cost of products	(1.3)		—		(1.3)

Net gains reclassified to interest expense	(0.9)		—		(0.9)
Income tax impact on derivative instruments	0.4		—		0.4
Foreign currency translation adjustments	—		5.3		5.3
Accumulated other comprehensive loss, March 31, 2023, after tax	$	4.6	$	(61.1)	$	(56.5)

Selected Financial Data (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Selected Financial Statement Information

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


		March 31, 2023		December 31, 2022






Inventories:
Finished goods		$	748.8	$	770.1
Work in process		1.2		1.2
Raw materials		172.7		181.5
Food and beverage		7.1		6.4
		$	929.8	$	959.2

		March 31, 2023		December 31, 2022
Other current assets:
Credit card receivables		$	19.9	$	40.1
Sales return reserve cost recovery asset		34.0		25.5
VAT/Sales tax receivable		11.0		17.2
Other current assets		64.7		53.2
		$	129.6	$	136.0

	Estimated Useful Life	March 31, 2023		December 31, 2022
Property, plant and equipment, net:
Land		$	183.7	$	160.4
Buildings and leasehold improvements	10 - 40 years	1,238.4		1,196.7
Machinery and equipment	5 - 10 years	262.4		248.8
Furniture, computer hardware and equipment	3 - 5 years	321.0		299.1
Internal-use software	3 - 5 years	118.7		109.9
Production molds	2 - 5 years	9.2		9.1
Construction-in-process		315.0		271.6
		2,448.4		2,295.6
Less: Accumulated depreciation		534.2		486.0
		$	1,914.2	$	1,809.6


	March 31, 2023		December 31, 2022
Accounts payable and accrued expenses:
Accounts payable	$	228.2	$	159.1
Accrued expenses	181.3		160.9
Accrued inventory	176.3		260.0
	$	585.8	$	580.0

Earnings Per Common Share - Summary of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per common share—basic
Net income	$ 25.0	$ 86.7
Weighted-average common shares outstanding—basic (in shares)	185.2	185.1
Earnings (loss) per common share (in dollars per share)	$ 0.13	$ 0.47
Earnings per common share—diluted
Net income	$ 25.0	$ 86.7
Interest expense	1.6	1.6
Net income attributable to earnings per common share—diluted	$ 26.6	$ 88.3
Weighted-average common shares outstanding—basic (in shares)	185.2	185.1
Convertible notes weighted-average shares outstanding (in shares)	14.7	14.7
Outstanding options, restricted stock units and performance share units (in shares)	1.6	1.0
Weighted-average common shares outstanding—diluted (in shares)	201.5	200.8
Earnings (loss) per common share—diluted (in dollars per share)	$ 0.13	$ 0.44

Share-Based Compensation - Schedule of Share-Based Payment Arrangement Activity (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, granted (in shares)	0.6	0.5
Stock units, weighted-average grant date fair value (in dollars per share)	$ 23.46	$ 23.43
Performance based restricted share unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, granted (in shares)	0.6	0.6
Stock units, weighted-average grant date fair value (in dollars per share)	$ 36.58	$ 30.73

Derivatives and Hedging - Interest Rate Swap Contract (Details) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Gains (losses) reclassified from AOCI into earnings	$ 2.2	$ (0.8)
Interest rate swap contracts
Derivative [Line Items]
Proceeds from termination of interest rate swap contract	5.6
Unrealized gain on derivatives	5.4
Gains (losses) reclassified from AOCI into earnings	$ 0.9	$ (1.2)

Selected Financial Data (Details) - USD ($) $ in Millions	3 Months Ended
Selected Financial Data (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Inventories:
Finished goods	$ 748.8		$ 770.1
Work in process	1.2		1.2
Raw materials	172.7		181.5
Food and beverage	7.1		6.4
Inventories	929.8		959.2
Other current assets:
Credit card receivables	19.9		40.1
Sales return reserve cost recovery asset	34.0		25.5
VAT/Sales tax receivable	11.0		17.2
Other current assets	64.7		53.2
Other current assets	129.6		136.0
Property, plant and equipment, net:
Land	183.7		160.4
Buildings and leasehold improvements	1,238.4		1,196.7
Machinery and equipment	262.4		248.8
Furniture, computer hardware and equipment	321.0		299.1
Internal-use software	118.7		109.9
Production molds	9.2		9.1
Construction-in-process	315.0		271.6
Property, plant and equipment, gross	2,448.4		2,295.6
Less: Accumulated depreciation	534.2		486.0
Property, plant and equipment, net	1,914.2		1,809.6
Depreciation expense	51.9	$ 38.9
Accounts payable and accrued expenses:
Accounts payable	228.2		159.1
Accrued expenses	181.3		160.9
Accrued inventory	176.3		260.0
Accounts payable and accrued expenses	$ 585.8		$ 580.0
Minimum \| Buildings and leasehold improvements
Property, plant and equipment, net:
Property, plant and equipment, useful life	10 years
Minimum \| Machinery and equipment
Property, plant and equipment, net:
Property, plant and equipment, useful life	5 years
Minimum \| Furniture, computer hardware and equipment
Property, plant and equipment, net:
Property, plant and equipment, useful life	3 years
Minimum \| Internal-use software
Property, plant and equipment, net:
Property, plant and equipment, useful life	3 years
Minimum \| Production molds
Property, plant and equipment, net:
Property, plant and equipment, useful life	2 years
Maximum \| Buildings and leasehold improvements
Property, plant and equipment, net:
Property, plant and equipment, useful life	40 years
Maximum \| Machinery and equipment
Property, plant and equipment, net:
Property, plant and equipment, useful life	10 years
Maximum \| Furniture, computer hardware and equipment
Property, plant and equipment, net:
Property, plant and equipment, useful life	5 years
Maximum \| Internal-use software
Property, plant and equipment, net:
Property, plant and equipment, useful life	5 years
Maximum \| Production molds
Property, plant and equipment, net:
Property, plant and equipment, useful life	5 years

Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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


	Balance Sheet Location	Fair Value of Asset Derivatives
		March 31, 2023		December 31, 2022
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Other current assets	$	1.2	$	0.1
Interest rate swap contract	Other current assets	—		4.4
Interest rate swap contract	Other assets	—		2.8
Total		$	1.2	$	7.3
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	2.2		0.1



Total asset position		$	3.4	$	7.4


	Balance Sheet Location	Fair Value of Liability Derivatives
		March 31, 2023		December 31, 2022
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	$	1.3	$	2.6




Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	4.6		2.8




Total liability position		$	5.9	$	5.4

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


		Gain (Loss) Recognized in Other Comprehensive Income
	Three Months Ended March 31,
Derivatives designated as cash flow hedging instruments		2023		2022
Foreign currency forward contracts		$	2.4	$	1.0
Interest rate swap contract		(0.9)		7.1
		$	1.5	$	8.1


		Gain (Loss) Reclassified from Other Comprehensive Income into Earnings
	Three Months Ended March 31,
Derivatives designated as cash flow hedging instruments		2023		2022
Foreign currency forward contracts		$	1.3	$	0.4
Interest rate swap contract		0.9		(1.2)
		$	2.2	$	(0.8)

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


	Location of Net Gain Recognized in Income on Derivative Instruments		Amount of Net Gain Recognized in Income on Derivative Instruments
Derivatives not designated as hedging instruments		Three Months Ended March 31,
			2023		2022
Foreign currency forward contracts	Other income, net		$	2.9	$	13.2

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Valuation of Foreign Currency Exchange Contracts by Pricing Levels

The following table summarizes the valuation of our foreign currency forward contracts and interest rate hedge agreements (see Note 14) that are measured at fair value on a recurring basis, and are classified within Level 2 of the fair value hierarchy as of March 31, 2023 and December 31, 2022 (in millions):


	Fair Value		Level 2
March 31, 2023
Foreign currency forward contracts—asset position	$	3.4	$	3.4
Foreign currency forward contracts—liability position	(5.9)		(5.9)


	$	(2.5)	$	(2.5)
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

	$	2.0	$	2.0

Fair Value Relating to Financial Assets and Liabilities

The table below presents information about the fair value of our financial liabilities, and is provided for comparative purposes only relative to the carrying values of our financial instruments recognized in the condensed consolidated balance sheets as of March 31, 2023 and consolidated balance sheets as of December 31, 2022 (in millions):


	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
U.S. Asset-Based Revolving Credit Facility	$	65.1	$	65.1	$	181.1	$	181.1
2022 Japan ABL Facility	$	45.2	$	45.2	$	38.2	$	38.2
2023 Term Loan B	$	1,250.0	$	1,264.1	$	—	$	—
Convertible Notes	$	258.3	$	354.7	$	258.3	$	337.7
Equipment Notes	$	25.6	$	21.6	$	27.8	$	23.6
Mortgage Loans	$	45.6	$	53.2	$	45.9	$	55.3
Term Loan B	$	—	$	—	$	432.0	$	431.1
Topgolf Term Loan	$	—	$	—	$	336.9	$	337.1
Topgolf Revolving Credit Facility	$	—	$	—	$	110.0	$	110.0

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Sales-Type Lease, Revenue

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


	Three Months Ended March 31,
		2023		2022
Sales-type lease selling price(1)		$	8.2	$	7.1
Cost of underlying assets		(3.4)		(3.3)
Operating profit		$	4.8	$	3.8

Interest income		$	1.3	$	0.9

Leasing revenue attributable to sales-type leases		$	9.5	$	8.0

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

Supplemental Balance Sheet Information Related to Leases

Leasing receivables related to our net investment in sales-type leases are as follows (in millions):


	Balance Sheet Location	March 31, 2023		December 31, 2022
Leasing receivables, net—short-term	Other current assets	$	20.1	$	17.5
Leasing receivables, net—long-term	Other assets	59.8		57.5
Total Leasing receivables		$	79.9	$	75.0

As of March 31, 2023, net maturities of sales-type lease receivables for the next five years and thereafter were as follows (in millions):


	Sales-type Leases
Remainder of 2023	$	19.3
2024	24.5
2025	20.3
2026	13.6
2027	6.8
Thereafter	4.2
Total future lease proceeds	88.7
Less: imputed interest	8.8
Total	$	79.9

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


	Balance Sheet Location	March 31, 2023		December 31, 2022
Operating Leases
Right-of-use (“ROU”) assets, net	Operating lease ROU assets, net	$	1,411.3	$	1,419.1
Lease liabilities, short-term	Operating lease liabilities, short-term	$	80.0	$	76.4
Lease liabilities, long-term	Operating lease liabilities, long-term	$	1,430.9	$	1,437.5

Finance Leases
ROU assets, net	Other assets	$	231.9	$	215.7
Lease liabilities, short-term	Accounts payable and accrued expenses	$	1.6	$	1.7
Lease liabilities, long-term	Other long-term liabilities	$	245.3	$	225.9

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


	Balance Sheet Location	March 31, 2023		December 31, 2022
DLF obligations, short-term	Accounts payable and accrued expenses	$	0.9	$	2.4
DLF obligations, long-term	Deemed landlord financing obligations, long-term	$	707.5	$	658.0

Components of Lease Expense and Other Information Related to Leases

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


	Three Months Ended March 31,
		2023		2022
Operating lease costs		$	44.0	$	37.4
Financing lease costs:
Amortization of right-of-use assets		1.9		0.6
Interest on lease liabilities		3.6		2.1
Total financing lease costs		5.5		2.7
Variable lease costs		2.5		1.9
Total lease costs		$	52.0	$	42.0

Other information related to leases (in millions):


	Three Months Ended March 31,
Supplemental Cash Flows Information	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	38.0	$	39.8
Operating cash flows from finance leases	$	1.2	$	2.1
Financing cash flows from finance leases	$	1.0	$	0.1

Lease liabilities arising from new ROU assets:
Operating leases	$	9.7	$	—
Finance leases	$	17.6	$	30.0


	March 31, 2023		December 31, 2022
Weighted average remaining lease term (years):
Operating leases	16.4		16.6
Finance leases	36.6		36.5

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

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


	Three Months Ended March 31,
		2023		2022
Amortization of DLF obligations		$	5.1	$	3.2
Interest on DLF obligations		15.2		10.1
Total DLF contract expenses		$	20.3	$	13.3

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


	Three Months Ended March 31,
Supplemental Cash Flows Information	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from DLF obligations	$	8.6	$	9.6
Financing cash flows from DLF obligations	$	4.4	$	—

DLF obligations arising from new properties	$	45.7	$	2.6


	March 31, 2023		December 31, 2022
Weighted average remaining lease term (years)	38.4		38.5
Weighted average discount rate	8.9	%	8.8	%

Future Minimum Operating Lease Obligations

Future minimum lease obligations as of March 31, 2023 were as follows (in millions):


	Operating Leases		Finance Leases
Remainder of 2023	$	108.3	$	8.0
2024	155.9		14.4
2025	151.0		14.9
2026	146.7		15.0
2027	145.6		15.2
Thereafter	1,723.6		567.1
Total future lease payments	2,431.1		634.6
Less: imputed interest	920.2		387.7
Total	$	1,510.9	$	246.9

Future Minimum Financing Lease Obligations

Future minimum lease obligations as of March 31, 2023 were as follows (in millions):


	Operating Leases		Finance Leases
Remainder of 2023	$	108.3	$	8.0
2024	155.9		14.4
2025	151.0		14.9
2026	146.7		15.0
2027	145.6		15.2
Thereafter	1,723.6		567.1
Total future lease payments	2,431.1		634.6
Less: imputed interest	920.2		387.7
Total	$	1,510.9	$	246.9

Future minimum financing obligations related to DLF obligations as of March 31, 2023 were as follows (in millions):


Remainder of 2023	$	36.6
2024	56.4
2025	56.8
2026	57.8
2027	59.0
Thereafter	2,708.4
Total future lease payments	2,975.0
Less: imputed interest	2,266.6
Total	$	708.4

Derivatives and Hedging - Foreign Currency Forward Contracts Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Derivative [Line Items]
Maximum maturity for foreign currency derivatives	12 months
Foreign currency transaction losses	$ 2.5	$ 5.7
Foreign currency forward contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 443.4		$ 162.9

Leases - Narrative (Details) $ in Millions	3 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($) lease	Dec. 31, 2022 USD ($)
Lessee, Lease, Description [Line Items]
ROU assets, net	$ 231.9	$ 215.7
Lessee, operating lease, lease not yet commenced, undiscounted amount	63.0
Lessee, operating lease, lease not yet commenced, construction costs	145.0
Construction advances	$ 51.2	35.4
Lessee, operating lease, lease not yet commenced, term of contract	20 years
Rent abatement	$ 1,005.5
Lessee, operating lease, number of leases not yet commenced \| lease	10
Deemed Landlord Finance Lease
Lessee, Lease, Description [Line Items]
ROU assets, net	$ 852.9	$ 813.2
Lessee, finance lease, term of contract	40 years

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2023

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, 2022	$	1,363.6	$	530.3	$	89.8		$	1,983.7

Foreign currency translation and other	—		0.2		—			0.2
Balance at March 31, 2023	$	1,363.6	$	530.5	$	89.8		$	1,983.9

Intangible Assets by Major Asset Class

Our intangible assets by major asset class are as follows (in millions, except useful life amounts):


	Indefinite-lived:				Amortizing:
	Tradename and Trademarks		Liquor Licenses		Patents		Customer/ Distributor Relationships and Other		Developed Technology		Total
Useful Life (Years)	NA		NA		2-16		1-10		10
As of March 31, 2023
Gross	$	1,441.0	$	9.4	$	32.2	$	67.4	$	69.7	$	1,619.7
Accumulated amortization	—		—		(31.8)		(38.3)		(13.9)		(84.0)
Translation and other	(25.7)		—		—		(4.0)		(3.1)		(32.8)
Net book value	$	1,415.3	$	9.4	$	0.4	$	25.1	$	52.7	$	1,502.9

As of December 31, 2022
Gross	$	1,441.0	$	8.9	$	32.2	$	67.4	$	69.7	$	1,619.2
Accumulated amortization	—		—		(31.8)		(35.8)		(12.2)		(79.8)
Translation and other	(28.3)		—		—		(4.2)		(3.2)		(35.7)
Net book value	$	1,412.7	$	8.9	$	0.4	$	27.4	$	54.3	$	1,503.7

Amortization Expense Related to Intangible Assets

Amortization expense related to intangible assets at March 31, 2023 in each of the next five years and beyond is expected to be incurred as follows (in millions):


Remainder of 2023	$	9.8
2024	11.2
2025	11.1
2026	11.0
2027	10.7
Thereafter	24.4
	$	78.2

- 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

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Operating Leases
Right-of-use (“ROU”) assets, net	$ 1,411.3	$ 1,419.1
Lease liabilities, short-term	80.0	76.4
Lease liabilities, long-term	1,430.9	1,437.5
Finance Leases
ROU assets, net	231.9	215.7
Lease liabilities, short-term	1.6	1.7
Lease liabilities, long-term	$ 245.3	$ 225.9
Finance Lease, Liability, 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	$ 852.9	$ 813.2
Lease liabilities, short-term	0.9	2.4
Lease liabilities, long-term	$ 707.5	$ 658.0

The Company and Basis of Presentation (Details)	3 Months Ended
The Company and Basis of Presentation (Details)	Mar. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Commitments & Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments & Contingencies

Legal Matters

We are subject to routine legal claims, proceedings, and investigations associated with the normal conduct of our business activities, including commercial disputes and employment matters. From time to time we also receive information claiming that products we sell 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, which could adversely affect our overall ability to protect our product designs and ultimately limit our future success in the marketplace. Additionally, we are occasionally subject to non-routine claims, proceedings, or investigations.

We regularly assess such matters to determine the degree of probability that we 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 our financial statements if it is probable we will incur a loss and the amount of the loss can be reasonably estimated. Historically, the claims, proceedings, and investigations brought against us, individually and in the aggregate, have not had a material adverse effect on our 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, we are 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, we cannot assure that we will be successful in our defense of those matters, or that any amounts accrued in relation to a potential loss are sufficient.

Unconditional Purchase Obligations

During the normal course of business, we enter 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 we are required to pay royalty fees. The amounts listed below approximate the minimum purchase obligations we are 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 March 31, 2023, the minimum obligation we are required to pay under these agreements over the next five years and thereafter is as follows (in millions):


Remainder of 2023	$	50.8
2024	27.8
2025	18.3
2026	12.6
2027	5.6
Thereafter	—
	$	115.1

Our minimum capital commitment related to lease agreements for Topgolf venues under construction, net of amounts reimbursed by third-party real estate financing partners, of $63.0 million is not reflected in this total. These commitments are generally outstanding for periods less than a year (see Note 3).

Other Contingent Contractual Obligations

During the normal course of business, we have made certain indemnities, commitments and guarantees under which we may be required to make payments in relation to certain transactions. The duration of these indemnities, commitments and guarantees varies, and in certain cases, may be indefinite and the majority of these indemnities, commitments and guarantees do not provide for any limitation on the maximum amount of future payments we could be obligated to make. Historically, costs incurred to settle claims related to indemnities have not been material to our financial position, results of operations or cash flows. In addition, we believe the likelihood is remote that payments under the commitments and guarantees described above will have a material effect on our consolidated financial statements. The fair value of indemnities, commitments and guarantees that we issued during the three months ending, and as of March 31, 2023, were not material to our financial position, results of operations, or cash flows.

Financing Arrangements - 2023 Term Loan (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Line of Credit Facility [Line Items]
Loss on debt extinguishment		$ 10,500,000	$ 0
2023 Term Loan B \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount	$ 1,250,000,000	1,250,000,000
Debt issuance costs, gross	12,500,000	12,500,000
Loss on debt extinguishment		10,500,000
Fee amount	1,800,000	1,800,000
Debt issuance costs, net	$ 11,000,000	$ 11,000,000
Amortization rate, percentage	1.00%	1.00%
Interest rate, covenant, period		6 months
Interest rate, prepayment premium	0.0100	0.0100
2023 Term Loan B \| Secured Debt \| SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.10%
Debt instrument, interest rate, floor	0
2023 Term Loan B \| 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%
2023 Term Loan B \| Secured Debt \| One Month SOFR
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%
Debt instrument, interest rate, floor	0.01
2023 Term Loan B \| Secured Debt \| Prime Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.00%
2023 Term Loan B \| Secured Debt \| Minimum \| Applicable Margin
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.25%
2023 Term Loan B \| Secured Debt \| Minimum \| Applicable Margin Prime Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.25%
2023 Term Loan B \| Secured Debt \| Maximum \| Applicable Margin
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.50%
2023 Term Loan B \| Secured Debt \| Maximum \| Applicable Margin Prime Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.50%

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 180.6	$ 180.2
Restricted cash	0.5	19.1
Accounts receivable, less allowances of $10.7 million and $10.8 million, respectively	454.8	167.3
Inventories	929.8	959.2
Prepaid expenses	59.5	57.1
Other current assets	129.6	136.0
Total current assets	1,754.8	1,518.9
Property, plant and equipment, net	1,914.2	1,809.6
Operating lease right-of-use assets, net	1,411.3	1,419.1
Tradenames and trademarks	1,415.3	1,412.7
Other intangible assets, net	87.6	91.0
Goodwill	1,983.9	1,983.7
Other assets, net	374.3	355.4
Total assets	8,941.4	8,590.4
Current liabilities:
Accounts payable and accrued expenses	585.8	580.0
Accrued employee compensation and benefits	103.9	135.2
Asset-based credit facilities	110.3	219.3
Operating lease liabilities, short-term	80.0	76.4
Construction advances	51.2	35.4
Deferred revenue	102.8	94.9
Other current liabilities	40.6	35.0
Total current liabilities	1,074.6	1,176.2
Long-term debt, net (Note 5)	1,529.5	1,176.3
Operating lease liabilities, long-term	1,430.9	1,437.5
Deemed landlord financing obligations, long-term	707.5	658.0
Deferred taxes, net	119.9	117.5
Other long-term liabilities	267.9	250.6
Commitments and contingencies (Note 11)
Shareholders’ equity:
Preferred stock, $0.01 par value, 3.0 million shares authorized, none issued and outstanding at March 31, 2023 and December 31, 2022	0.0	0.0
Common stock, $0.01 par value, 360.0 million shares authorized, and 186.2 million shares issued at March 31, 2023 and December 31, 2022	1.9	1.9
Additional paid-in capital	3,002.6	3,012.7
Retained earnings	877.5	852.5
Accumulated other comprehensive loss	(56.5)	(61.5)
Less: Common stock held in treasury, at cost, 0.6 million shares and 1.3 million shares at March 31, 2023 and December 31, 2022, respectively	(14.4)	(31.3)
Total shareholders’ equity	3,811.1	3,774.3
Total liabilities and shareholders’ equity	$ 8,941.4	$ 8,590.4

Financing Arrangements (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our debt obligations are summarized as follows (in millions):


	Maturity Date	Interest Rate	March 31, 2023		December 31, 2022
Short-Term Credit Facilities
U.S. Asset-Based Revolving Credit Facility(1)	March 16, 2028	6.19%	$	65.1	$	181.1
2022 Japan ABL Credit Facility	January 25, 2025	0.86%	45.2		38.2
Total Principal Amount			$	110.3	$	219.3
Unamortized Debt Issuance Costs			$	4.4	$	0.9

Balance Sheet Location
Asset-based credit facilities			$	110.3	$	219.3
Prepaid expenses			$	1.0	$	0.6
Other long-term assets			$	3.4	$	0.3

	Maturity Date	Interest Rate	March 31, 2023		December 31, 2022
Long-Term Debt and Credit Facilities
2023 Term Loan B	March 16, 2030	8.26%	$	1,250.0	$	—
Convertible Notes	May 1, 2026	2.75%	258.3		258.3
Equipment Notes	July 24, 2023 - December 27, 2027	2.36% - 5.93%	25.6		27.8
Mortgage Loans	July 1, 2033 - July 29, 2036	9.75% - 11.31%	45.6		45.9
Financed Tenant Improvements	February 1, 2035	8.00%	3.5		3.5
Term Loan B	—	8.88%	—		432.0
Topgolf Term Loan	—	10.58%	—		336.9
Topgolf Revolving Credit Facility	—	8.08%	—		110.0
Total Principal Amount			$	1,583.0	$	1,214.4
Less: Unamortized Debt Issuance Costs			35.2		24.3
Total Debt, net of Unamortized Debt Issuance Costs			$	1,547.8	$	1,190.1

Balance Sheet Location
Other current liabilities			$	18.3	$	13.8
Long-term debt			1,529.5		1,176.3
			$	1,547.8	$	1,190.1
(1) Weighted Average interest rate. Fluctuates depending on availability ratio.

Schedule of Interest Expense, Debt

Total interest and amortization expense related to our debt obligations and credit facilities, which is included in “Interest Expense, net” in the condensed consolidated statement of operations, is summarized as follows (in millions):


	Three Months Ended March 31,
		2023		2022
Short-Term Credit Facilities
U.S. Asset-Based Revolving Credit Facility		$	3.7	$	0.3
2022 Japan ABL Credit Facility		0.1		0.1
Total		$	3.8	$	0.4

Long-Term Debt and Credit Facilities
2023 Term Loan B		$	4.7	$	—
Convertible Notes		1.8		1.8
Equipment Notes		0.2		0.2
Mortgage Loans		1.2		1.2
Term Loan B		8.6		6.0
Topgolf Term Loan		7.8		6.0
Topgolf Revolving Credit Facility		2.7		0.4
Total (1)		$	27.0	$	15.6

(1) Excludes interest expense from DLF obligations and financing leases (see Note 3).

Schedule of Aggregate Amount of Maturities for Debt

The following table presents our combined aggregate amount of maturities for our long-term debt over the next five years and thereafter as of March 31, 2023. Amounts payable under the 2023 Term Loan B included below represent the minimum principal repayment obligations as of March 31, 2023.


	(in millions)
Remainder of 2023	$	16.2
2024	20.8
2025	18.6
2026	276.4
2027	15.5
Thereafter	1,235.5
	$	1,583.0
Less: Unamortized Debt Issuance Costs	35.2
Total	$	1,547.8

- Definition

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

+ References

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-Section S99
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-Subparagraph (SX 210.12-04(a))
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+ Details

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

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Cash flows from operating activities:

Net income

$ 25.0

$ 86.7

Adjustments to reconcile net income to net cash used in operating activities:

Depreciation and amortization

56.1

42.6

Lease amortization expense

24.5

20.9

Non-cash interest on financing and deemed landlord financed leases

9.0

0.5

Amortization of debt discount and issuance costs

2.1

2.5

Deferred taxes, net

(3.7)

(12.6)

Share-based compensation

12.4

13.8

Unrealized net losses (gains) on hedging instruments and foreign currency

3.1

(0.7)

Loss on debt modification

10.5

0.0

Change in assets and liabilities:

Accounts receivable, net

(285.2)

(311.4)

Inventories

30.1

(24.0)

Leasing receivables

(4.3)

(3.5)

Other assets

16.3

(0.8)

Accounts payable and accrued expenses

4.5

50.7

Deferred revenue

8.8

4.8

Accrued employee compensation and benefits

(31.6)

(20.5)

Payments on operating leases

(20.5)

(21.1)

Income taxes receivable/payable, net

(8.5)

(9.1)

Other liabilities

(0.7)

(4.1)

Net cash used in operating activities

(152.1)

(185.3)

Cash flows from investing activities:

Capital expenditures

(121.4)

(124.3)

Asset acquisitions, net of cash acquired

(18.4)

0.0

Acquisition of intangible assets

(0.5)

0.0

Proceeds from sale of property and equipment

0.4

0.0

Net cash used in investing activities

(139.9)

(124.3)

Cash flows from financing activities:

Repayments of long-term debt

(775.8)

(77.6)

Proceeds from borrowings on long-term debt

1,224.8

60.0

(Repayments of) proceeds from credit facilities, net

(219.4)

212.2

Debt issuance cost

(1.2)

0.0

Payment on contingent earn-out obligation

0.0

(5.6)

Repayments of financing leases

(1.0)

(0.1)

Proceeds from lease financing

51.6

50.5

Exercise of stock options

3.6

0.0

Acquisition of treasury stock

(9.2)

(34.3)

Net cash provided by financing activities

273.4

205.1

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

0.6

(3.0)

Net decrease in cash, cash equivalents and restricted cash

(18.0)

(107.5)

Cash, cash equivalents and restricted cash at beginning of period

203.3

357.7

Cash, cash equivalents and restricted cash at end of period

185.3

250.2

Less: restricted cash

^[1]

(4.7)

(5.2)

Cash and cash equivalents at end of period

180.6

245.0

Supplemental disclosures:

Cash paid for income taxes, net

9.6

8.9

Cash paid for interest and fees

35.3

21.5

Non-cash investing and financing activities:

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

21.3

24.0

Accrued capital expenditures

40.8

50.4

Financed additions of capital expenditures

$ 35.8

$ 1.1

[1]	(1) Includes $0.5 million and $1.0 million of short-term restricted cash and $4.2 million and $4.2 million of long-term restricted cash included in other assets for the periods ended March 31, 2023 and 2022, respectively.

Financing Arrangements - Mortgage Loans (Details)	Mar. 31, 2023 loan
Mortgages \| Secured Debt
Debt Instrument [Line Items]
Number of mortgage loans assumed	3

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Our significant accounting policies are described in Note 2 to our audited consolidated financial statements for the year ended December 31, 2022, which are included in our Annual Report on Form 10-K which was filed with the SEC on March 1, 2023. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical information and various other assumptions that are believed to be reasonable under the circumstances. Examples of such estimates include, among other things, determining the nature and timing of the satisfaction of performance obligations as it relates to revenue recognition, the valuation of share-based awards, the recoverability of long-lived assets, the assessment of intangible assets and goodwill for impairment, the determination of the incremental borrowing rate for operating and financing leases, provisions for warranty and expected credit losses, inventory obsolescence, sales returns, future price concessions, tax contingencies and valuation allowances, the estimated useful lives of property, plant and equipment, and acquired intangible assets. Actual results may materially differ from these estimates. On an ongoing basis, we review our estimates to ensure that these estimates appropriately reflect changes in our business or new information as it becomes available. Recently Issued 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. We are in the process of evaluating the impact that this ASU will have on our consolidated financial statements and related disclosures.

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 3,774.3	$ 3,682.9
Change in derivative instruments	1.5
Income tax impact on derivative instruments	0.4	0.5
Foreign currency translation adjustments	5.3	(13.4)
Balance at end of period	3,811.1	3,700.5
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(61.5)	(27.3)
Foreign currency translation adjustments	5.3	(13.4)
Balance at end of period	(56.5)	$ (31.3)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	4.9
Change in derivative instruments	1.5
Income tax impact on derivative instruments	0.4
Foreign currency translation adjustments	0.0
Balance at end of period	4.6
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(66.4)
Change in derivative instruments	0.0
Income tax impact on derivative instruments	0.0
Foreign currency translation adjustments	5.3
Balance at end of period	(61.1)
Cost of Goods Sold
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	(1.3)
Cost of Goods Sold \| Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	(1.3)
Cost of Goods Sold \| Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	0.0
Interest Expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	(0.9)
Interest Expense \| Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	(0.9)
Interest Expense \| Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, before tax	$ 0.0

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2023 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impaired, accumulated impairment loss	$ 148.4
Amortization of intangible assets	$ 4.2	$ 3.7

Derivatives and Hedging - Forward Currency Forward Contracts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
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	$ 1.5
Forward points amortized on derivatives	(1.0)
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Net gain (loss) in accumulated other comprehensive loss related to foreign currency forward contracts	1.5	$ 8.1
Gains (losses) reclassified from AOCI into earnings	2.2	(0.8)
Foreign currency forward contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	107.5		$ 100.0
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	2.4	1.0
Gains (losses) reclassified from AOCI into earnings	1.3	$ 0.4
Interest rate cash flow hedge gain to be reclassified during next 12 months, net	$ 1.3

Financing Arrangements - 2022 Japan ABL Facility (Details) - 3 months ended Mar. 31, 2023	USD ($)	JPY (¥)
2022 Japan ABL Credit Facility \| The Bank of Tokyo-Mitsubishi UFJ
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 45,200,000	¥ 6,000,000,000
Line of credit facility, remaining borrowing capacity	$ 0
Revolving Credit Facility \| Japan ABL Credit Facility \| Line of Credit \| Tokyo Interbank Offered Rate (TIBOR)
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	0.80%

Financing Arrangements - Revolving Credit Facilities and Available Liquidity (Details) $ in Millions	Mar. 31, 2023 USD ($)
Debt Disclosure [Abstract]
Total available liquidity	$ 626.1

Leases - Sales-Type Leases, Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Leases [Abstract]
Sales-type lease, selling price	$ 8.2	$ 7.1
Cost of underlying assets	(3.4)	(3.3)
Operating profit	4.8	3.8
Interest income	1.3	0.9
Leasing revenue attributable to sales-type leases	$ 9.5	$ 8.0

Financing Arrangements - Convertible Notes (Details) $ / shares in Units, $ in Millions		1 Months Ended
	May 04, 2020	Jul. 31, 2022	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt, gross			$ 1,583.0	$ 1,214.4
Convertible Notes \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross			$ 258.3	$ 258.3
Interest Rate			2.75%
Debt instrument, convertible, conversion ratio	0.0568	0.0568
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares			$ 17.62

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	May 01, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-10962
Entity Registrant Name	Topgolf Callaway Brands Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3797580
Entity Address, Address Line One	2180 Rutherford Road
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92008
City Area Code	760
Local Phone Number	931-1771
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	MODG
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		185,602,572
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000837465
Current Fiscal Year End Date	--12-31

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Deferred Revenue Arrangement [Line Items]
Total net revenues	$ 1,167.4	$ 1,040.2
Territory and franchise fee recognition, period	40 years
Contract with customer, liability	$ 3.3		$ 3.2
Revenue recognized	29.5	29.5
Sales return reserve cost recovery asset	34.0		$ 25.5
Topgolf
Deferred Revenue Arrangement [Line Items]
Total net revenues	403.5	322.0
Products
Deferred Revenue Arrangement [Line Items]
Total net revenues	767.6	722.4
Products \| Topgolf
Deferred Revenue Arrangement [Line Items]
Total net revenues	$ 3.7	$ 4.2

- 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
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-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
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-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
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-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

Investments	3 Months Ended
Investments	Mar. 31, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investments	Investments Investment in Full Swing We have an ownership interest of less than 20.0% in Full Swing Golf Holdings, LLC (“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 March 31, 2023 and December 31, 2022, the value of our investment in Full Swing was $9.3 million. This investment is included in other assets on our condensed consolidated balance sheets. Investment in Five Iron GolfWe have an ownership interest of less than 20.0% in The Range NYC, LLC (“Five Iron Golf”), an urban indoor golf experience company which hosts a golf simulation technology and serves food and beverage. The investment is accounted for at cost less impairments, and adjusted for observable changes in fair value. As of March 31, 2023 and December 31, 2022, the value of our investment in Five Iron Golf was $30.0 million. This investment is included in other assets on our condensed consolidated balance sheets.

Commitments & Contingencies - Schedule of Future Purchase Commitments (Details) $ in Millions	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2023	$ 50.8
2024	27.8
2025	18.3
2026	12.6
2027	5.6
Thereafter	0.0
Unconditional purchase obligations	$ 115.1

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Impairment loss	$ 0.0	$ 0.0

Selected Financial Data

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Selected Financial Data

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


		March 31, 2023		December 31, 2022






Inventories:
Finished goods		$	748.8	$	770.1
Work in process		1.2		1.2
Raw materials		172.7		181.5
Food and beverage		7.1		6.4
		$	929.8	$	959.2

		March 31, 2023		December 31, 2022
Other current assets:
Credit card receivables		$	19.9	$	40.1
Sales return reserve cost recovery asset		34.0		25.5
VAT/Sales tax receivable		11.0		17.2
Other current assets		64.7		53.2
		$	129.6	$	136.0

	Estimated Useful Life	March 31, 2023		December 31, 2022
Property, plant and equipment, net:
Land		$	183.7	$	160.4
Buildings and leasehold improvements	10 - 40 years	1,238.4		1,196.7
Machinery and equipment	5 - 10 years	262.4		248.8
Furniture, computer hardware and equipment	3 - 5 years	321.0		299.1
Internal-use software	3 - 5 years	118.7		109.9
Production molds	2 - 5 years	9.2		9.1
Construction-in-process		315.0		271.6
		2,448.4		2,295.6
Less: Accumulated depreciation		534.2		486.0
		$	1,914.2	$	1,809.6

For the three months ended March 31, 2023 and 2022 we recorded depreciation expense of $51.9 million and $38.9 million, respectively, in our condensed consolidated statements of operations.


	March 31, 2023		December 31, 2022
Accounts payable and accrued expenses:
Accounts payable	$	228.2	$	159.1
Accrued expenses	181.3		160.9
Accrued inventory	176.3		260.0
	$	585.8	$	580.0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Shareholders’ equity:
Accounts receivable, allowance for credit loss	$ 10.7	$ 10.8
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	3,000,000	3,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	360,000,000	360,000,000
Common stock, shares issued (in shares)	186,200,000	186,200,000
Treasury stock (in shares)	600,000	1,300,000
Net book value	$ 1,415.3	$ 1,412.7
Other intangible assets, net	87.6	91.0
Goodwill	$ 1,983.9	$ 1,983.7

Revenue Recognition

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

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

Our contracts with customers for our products are generally in the form of a purchase order. In certain cases, we enter into sales agreements containing specific terms, discounts and allowances. We enter into licensing agreements with certain distributors and, with respect to our Toptracer operations, driving ranges and hospitality and entertainment venues.

The following table presents our revenue disaggregated by major category and operating and reportable segment (in millions):


	Three Months Ended March 31,
	2023		2022
Topgolf:
Venues	$	386.7	$	306.5
Other business lines	16.8		15.5
Total Topgolf	$	403.5	$	322.0

Golf Equipment:
Golf club	$	350.8	$	370.4
Golf ball	92.9		97.6
Total Golf Equipment	$	443.7	$	468.0

Active Lifestyle:
Apparel	$	176.1	$	138.4
Gear, accessories & other	144.1		111.8
Total Active Lifestyle	$	320.2	$	250.2

Total Consolidated	$	1,167.4	$	1,040.2

Venue product sales at our Topgolf operating segment include the sale of golf clubs, golf balls, apparel, gear and accessories. During the three months ended March 31, 2023 and 2022, venue product sales totaled $3.7 million and $4.2 million, respectively.

Product and Service Revenue

We sell our Golf Equipment products and Active Lifestyle products in the United States and internationally, with our principal international regions being Europe and Asia. Golf Equipment product sales are generally higher than Active Lifestyle sales in most regions except for 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 our revenue by major geographic region (in millions):


	Three Months Ended March 31,
		2023		2022
Revenue by Major Geographic Region:
United States		$	811.1	$	709.4
Europe		153.6		134.9
Asia		160.2		158.6
Rest of world		42.5		37.3
		$	1,167.4	$	1,040.2

Royalty Income

We receive royalty income at our Topgolf and Active Lifestyle operating segments primarily related to leasing agreements for Toptracer installations (see Note 3) and licensing agreements, respectively. The following table summarizes royalty income by operating segment (in millions):


	Three Months Ended March 31,
		2023		2022
Royalty Income:
Topgolf		$	12.1	$	9.7
Active Lifestyle		6.7		5.4
Total		$	18.8	$	15.1

Deferred Revenue

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

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

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


	Three Months Ended March 31,
		2023		2022
Beginning Balance		$	94.9	$	93.9
Deferral of revenue		157.8		107.4
Revenue recognized		(142.8)		(101.3)
Breakage		(7.0)		(4.9)
Foreign currency translation and other		(0.1)		4.2
Ending Balance		$	102.8	$	99.3

As of March 31, 2023 and December 31, 2022, our long-term deferred revenue balance was $3.3 million and $3.2 million, respectively.

For each of the three months ended March 31, 2023 and 2022, we recognized $29.5 million of revenue that was included in the deferred revenue balances at December 31, 2022 and 2021, respectively.

Variable Consideration

We recognize revenue based on the amount of consideration we expect to receive from customers for our products and services. The consideration is based on the sales price of our products and services adjusted for estimates of variable consideration, including sales returns, discounts and allowances, sales promotions and sales programs, and price concessions that we offer. 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 our short-term sales program incentives for the periods presented (in millions):


	Three Months Ended March 31,
		2023		2022
Beginning Balance		$	20.8	$	23.3
Additions		15.5		15.9
Credits issued		(10.7)		(6.2)
Foreign currency translation and other		(0.1)		(0.7)
Ending Balance		$	25.5	$	32.3

We record 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. Our 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 our sales return reserve for the periods presented (in millions):


	Three Months Ended March 31,
		2023		2022
Beginning Balance		$	55.4	$	47.4
Provision		58.9		49.9
Sales returns		(41.6)		(29.7)
Ending Balance		$	72.7	$	67.6

The cost recovery of inventory associated with the sales return liability is accounted for in other current assets on our condensed consolidated balance sheet. As of March 31, 2023 and December 31, 2022, our balance for cost recovery was $34.0 million and $25.5 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
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
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-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
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-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
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-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
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-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

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2023

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, 2022	$	1,363.6	$	530.3	$	89.8		$	1,983.7

Foreign currency translation and other	—		0.2		—			0.2
Balance at March 31, 2023	$	1,363.6	$	530.5	$	89.8		$	1,983.9

Goodwill is net of accumulated impairment losses of $148.4 million, which were recorded prior to December 31, 2022 in the Active Lifestyle segment.

Our intangible assets by major asset class are as follows (in millions, except useful life amounts):


	Indefinite-lived:				Amortizing:
	Tradename and Trademarks		Liquor Licenses		Patents		Customer/ Distributor Relationships and Other		Developed Technology		Total
Useful Life (Years)	NA		NA		2-16		1-10		10
As of March 31, 2023
Gross	$	1,441.0	$	9.4	$	32.2	$	67.4	$	69.7	$	1,619.7
Accumulated amortization	—		—		(31.8)		(38.3)		(13.9)		(84.0)
Translation and other	(25.7)		—		—		(4.0)		(3.1)		(32.8)
Net book value	$	1,415.3	$	9.4	$	0.4	$	25.1	$	52.7	$	1,502.9

As of December 31, 2022
Gross	$	1,441.0	$	8.9	$	32.2	$	67.4	$	69.7	$	1,619.2
Accumulated amortization	—		—		(31.8)		(35.8)		(12.2)		(79.8)
Translation and other	(28.3)		—		—		(4.2)		(3.2)		(35.7)
Net book value	$	1,412.7	$	8.9	$	0.4	$	27.4	$	54.3	$	1,503.7

For the three months ended March 31, 2023 and 2022 we recognized amortization expense related to acquired intangible assets of $4.2 million and $3.7 million, respectively. Amortization expense is included in selling, general and administrative expenses in the condensed consolidated statements of operations.

Amortization expense related to intangible assets at March 31, 2023 in each of the next five years and beyond is expected to be incurred as follows (in millions):


Remainder of 2023	$	9.8
2024	11.2
2025	11.1
2026	11.0
2027	10.7
Thereafter	24.4
	$	78.2

Leases - Future Minimum Lease Obligations (Details) $ in Millions	Mar. 31, 2023 USD ($)
Operating Leases
Remainder of 2023	$ 108.3
2024	155.9
2025	151.0
2026	146.7
2027	145.6
Thereafter	1,723.6
Total future lease payments	2,431.1
Less: imputed interest	920.2
Total	1,510.9
Finance Leases
Remainder of 2023	8.0
2024	14.4
2025	14.9
2026	15.0
2027	15.2
Thereafter	567.1
Total future lease payments	634.6
Less: imputed interest	387.7
Total	246.9
Deemed Landlord Finance Lease
Finance Leases
Remainder of 2023	36.6
2024	56.4
2025	56.8
2026	57.8
2027	59.0
Thereafter	2,708.4
Total future lease payments	2,975.0
Less: imputed interest	2,266.6
Total	$ 708.4

Commitments & Contingencies - Narrative (Details) $ in Millions	Mar. 31, 2023 USD ($)
Topgolf International, Inc
Long-term Purchase Commitment [Line Items]
Minimum capital commitment	$ 63.0

Revenue Recognition - Reconciliation of Short Term Sales Program Incentives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Sales Incentives, Current [Roll Forward]
Beginning Balance	$ 20.8	$ 23.3
Additions	15.5	15.9
Credits issued	(10.7)	(6.2)
Foreign currency translation and other	(0.1)	(0.7)
Ending Balance	$ 25.5	$ 32.3

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	Mar. 31, 2023	Dec. 31, 2022
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	$ 3.4	$ 7.4
Fair Value of Liability Derivatives	5.9	5.4
Not Designated as Hedging Instrument \| Foreign currency forward contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	2.2	0.1
Not Designated as Hedging Instrument \| Foreign currency forward contracts \| Accounts payable and accrued expenses
Derivatives, Fair Value [Line Items]
Fair Value of Liability Derivatives	4.6	2.8
Cash Flow Hedging \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	1.2	7.3
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency forward contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	1.2	0.1
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency forward contracts \| Accounts payable and accrued expenses
Derivatives, Fair Value [Line Items]
Fair Value of Liability Derivatives	1.3	2.6
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	0.0	4.4
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contracts \| Other assets
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	$ 0.0	$ 2.8

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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


	Three Months Ended March 31,
		2023		2022
Net revenues:
Topgolf		$	403.5	$	322.0
Golf Equipment		443.7		468.0
Active Lifestyle		320.2		250.2
Total net revenues		$	1,167.4	$	1,040.2

Segment operating income:
Topgolf		$	2.8	$	6.5
Golf Equipment		81.6		100.8
Active Lifestyle		37.3		26.7
Total segment operating income		121.7		134.0
Reconciling items(1)		(41.2)		(39.7)
Total operating income		80.5		94.3
Interest expense, net		(49.6)		(31.4)
Other income, net		(10.1)		8.1
Total income before income taxes		$	20.8	$	71.0

Additions to long-lived assets:
Topgolf		$	133.2	$	120.1
Golf Equipment		3.4		5.3
Active Lifestyle		3.4		3.6

Total additions to long-lived assets		$	140.0	$	129.0


(1) 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 2023 includes costs associated with the implementation of new IT systems. The amount for 2022 includes costs associated with the implementation of new IT systems, legal and credit agency fees related to a postponed debt refinancing, in addition to charges related to the suspension of the Jack Wolfskin retail business in Russia due to the Russia-Ukraine war.

Financing Arrangements - U.S. Asset-Based Revolving Credit Facility (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Instrument [Line Items]
Line of credit facility, average outstanding amount	$ 220,900,000
Line of credit facility, average remaining borrowing capacity	$ 249,400,000
Bank of America, N.A.
Debt Instrument [Line Items]
Debt covenant, fixed charge coverage ratio	1.0
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 \| Bank of America, N.A.
Debt Instrument [Line Items]
Debt, weighted average interest rate	4.91%
Revolving Credit Facility \| New ABL Agreement \| Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 525,000,000
Revolving Credit Facility \| New ABL Agreement \| Line of Credit \| United States
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	440,000,000
Revolving Credit Facility \| New ABL Agreement \| Line of Credit \| Canada
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	5,000,000
Revolving Credit Facility \| New ABL Agreement \| Line of Credit \| Germany
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	60,000,000
Revolving Credit Facility \| New ABL Agreement \| Line of Credit \| United Kingdom
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 20,000,000

Segment Information - Information Utilized by Management to Evaluate its Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 1,167.4	$ 1,040.2
Income from operations	80.5	94.3
Interest expense, net	(49.6)	(31.4)
Other (expense) income, net	(10.1)	8.1
Total income before income taxes	20.8	71.0
Additions to long-lived assets	140.0	129.0
Operating segments
Segment Reporting Information [Line Items]
Income before income taxes	121.7	134.0
Corporate and Reconciling Items
Segment Reporting Information [Line Items]
Income before income taxes	(41.2)	(39.7)
Topgolf
Segment Reporting Information [Line Items]
Net sales	403.5	322.0
Additions to long-lived assets	133.2	120.1
Topgolf \| Operating segments
Segment Reporting Information [Line Items]
Income before income taxes	2.8	6.5
Golf Equipment
Segment Reporting Information [Line Items]
Net sales	443.7	468.0
Additions to long-lived assets	3.4	5.3
Golf Equipment \| Operating segments
Segment Reporting Information [Line Items]
Income before income taxes	81.6	100.8
Active Lifestyle
Segment Reporting Information [Line Items]
Net sales	320.2	250.2
Additions to long-lived assets	3.4	3.6
Active Lifestyle \| Operating segments
Segment Reporting Information [Line Items]
Income before income taxes	$ 37.3	$ 26.7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Statement of Cash Flows [Abstract]
Restricted cash, current	$ 0.5	$ 1.0
Restricted cash, noncurrent	$ 4.2	$ 4.2

Leases - Sales-Type Lease, Lease Receivable, Maturity (Details) $ in Millions	Mar. 31, 2023 USD ($)
Sales-Type and Direct Financing Leases, Lease Receivable, Payments to be Received, Fiscal Year Maturity [Abstract]
Remainder of 2023	$ 19.3
2024	24.5
2025	20.3
2026	13.6
2027	6.8
Thereafter	4.2
Total future lease proceeds	88.7
Less: imputed interest	8.8
Total	$ 79.9

Earnings Per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings Per Common Share

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

Diluted earnings 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 12), as well as common shares underlying the Convertible Notes (see Note 5). Dilutive securities related to common shares underlying outstanding stock options, restricted stock units, and performance share units granted to employees and non-employee directors are included in the calculation of diluted earnings 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.

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

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


	Three Months Ended March 31,
		2023		2022
Earnings per common share—basic
Net income		$	25.0	$	86.7
Weighted-average common shares outstanding—basic		185.2		185.1
Earnings per common share—basic		$	0.13	$	0.47
Earnings per common share—diluted
Net income		$	25.0	$	86.7
Interest expense(1)		1.6		1.6
Net income attributable to earnings per common share—diluted		$	26.6	$	88.3

Weighted-average common shares outstanding—basic		185.2		185.1
Convertible Notes weighted-average common shares outstanding(1)		14.7		14.7
Outstanding options, restricted stock units and performance share units		1.6		1.0
Weighted-average common shares outstanding—diluted		201.5		200.8
Earnings per common share—diluted		$	0.13	$	0.44

(1) The If-converted method is used for calculating the dilutive weighted-average shares outstanding related to the Convertible Notes when calculating earnings per common share-diluted. Under this method, interest expense related to the Convertible Notes for the period presented is excluded from net income.

Anti-Dilutive Options and Restricted Stock Units

For the three months ended March 31, 2023 and 2022, approximately 1.2 million and 1.3 million securities outstanding, respectively, comprised of stock options and restricted stock units, were excluded from the calculation of earnings per common share—diluted as they would be anti-dilutive.

Revenue Recognition - Sales Return Reserve (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 55.4	$ 47.4
Provision	58.9	49.9
Sales returns	(41.6)	(29.7)
Ending Balance	$ 72.7	$ 67.6

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our revenue disaggregated by major category and operating and reportable segment (in millions):


	Three Months Ended March 31,
	2023		2022
Topgolf:
Venues	$	386.7	$	306.5
Other business lines	16.8		15.5
Total Topgolf	$	403.5	$	322.0

Golf Equipment:
Golf club	$	350.8	$	370.4
Golf ball	92.9		97.6
Total Golf Equipment	$	443.7	$	468.0

Active Lifestyle:
Apparel	$	176.1	$	138.4
Gear, accessories & other	144.1		111.8
Total Active Lifestyle	$	320.2	$	250.2

Total Consolidated	$	1,167.4	$	1,040.2

The following table summarizes our revenue by major geographic region (in millions):


	Three Months Ended March 31,
		2023		2022
Revenue by Major Geographic Region:
United States		$	811.1	$	709.4
Europe		153.6		134.9
Asia		160.2		158.6
Rest of world		42.5		37.3
		$	1,167.4	$	1,040.2

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


	Three Months Ended March 31,
		2023		2022
Royalty Income:
Topgolf		$	12.1	$	9.7
Active Lifestyle		6.7		5.4
Total		$	18.8	$	15.1

Reconciliation of Activity Related to Short-term Deferred Revenue

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


	Three Months Ended March 31,
		2023		2022
Beginning Balance		$	94.9	$	93.9
Deferral of revenue		157.8		107.4
Revenue recognized		(142.8)		(101.3)
Breakage		(7.0)		(4.9)
Foreign currency translation and other		(0.1)		4.2
Ending Balance		$	102.8	$	99.3

Reconciliation of Short Term Sales Program Incentives

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


	Three Months Ended March 31,
		2023		2022
Beginning Balance		$	20.8	$	23.3
Additions		15.5		15.9
Credits issued		(10.7)		(6.2)
Foreign currency translation and other		(0.1)		(0.7)
Ending Balance		$	25.5	$	32.3

Sales Returns and Allowances

The following table provides a reconciliation of the activity related to our sales return reserve for the periods presented (in millions):


	Three Months Ended March 31,
		2023		2022
Beginning Balance		$	55.4	$	47.4
Provision		58.9		49.9
Sales returns		(41.6)		(29.7)
Ending Balance		$	72.7	$	67.6

Revenue Recognition - Summary of Royalty Income by Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Total net revenues	$ 1,167.4	$ 1,040.2
Topgolf
Segment Reporting Information [Line Items]
Total net revenues	403.5	322.0
Active Lifestyle
Segment Reporting Information [Line Items]
Total net revenues	320.2	250.2
Royalties
Segment Reporting Information [Line Items]
Total net revenues	18.8	15.1
Royalties \| Topgolf
Segment Reporting Information [Line Items]
Total net revenues	12.1	9.7
Royalties \| Active Lifestyle
Segment Reporting Information [Line Items]
Total net revenues	$ 6.7	$ 5.4

- Definition

+ References

+ Details

Fair Value of Financial Instruments - Fair Value Relating to Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 1,547.8	$ 1,190.1
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes	258.3	258.3
Carrying Value \| Secured Debt \| 2023 Term Loan B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,250.0	0.0
Carrying Value \| Secured Debt \| Equipment Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	25.6	27.8
Carrying Value \| Secured Debt \| Term Loan B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0.0	432.0
Carrying Value \| Secured Debt \| Topgolf Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0.0	336.9
Carrying Value \| Secured Debt \| Topgolf Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0.0	110.0
Carrying Value \| Topgolf Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	45.6	45.9
Carrying Value \| U.S. Asset-Based Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	65.1	181.1
Carrying Value \| 2022 Japan ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	45.2	38.2
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes	354.7	337.7
Fair Value \| Secured Debt \| 2023 Term Loan B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,264.1	0.0
Fair Value \| Secured Debt \| Equipment Notes
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	21.6	23.6
Fair Value \| Secured Debt \| Term Loan B
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0.0	431.1
Fair Value \| Secured Debt \| Topgolf Term Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0.0	337.1
Fair Value \| Secured Debt \| Topgolf Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	0.0	110.0
Fair Value \| Topgolf Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	53.2	55.3
Fair Value \| U.S. Asset-Based Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	65.1	181.1
Fair Value \| 2022 Japan ABL Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	$ 45.2	$ 38.2

Goodwill and Intangible Assets - Amortization Expense Related to Intangible Assets (Details) $ in Millions	Mar. 31, 2023 USD ($)
Amortization expense related to intangible assets:
Remainder of 2023	$ 9.8
2024	11.2
2025	11.1
2026	11.0
2027	10.7
Thereafter	24.4
Net book value	$ 78.2

Leases - Sales-Type Leases (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Leasing receivables, net—short-term	$ 20.1	$ 17.5
Leasing receivables, net—long-term	59.8	57.5
Total Leasing receivables	$ 79.9	$ 75.0

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net revenues:
Total net revenues	$ 1,167.4	$ 1,040.2
Costs and expenses:
Other venue expense	305.5	230.4
Selling, general and administrative expense	268.5	243.1
Research and development expense	22.8	17.5
Venue pre-opening costs	3.7	4.1
Total costs and expenses	1,086.9	945.9
Income from operations	80.5	94.3
Interest expense, net	(49.6)	(31.4)
Other (expense) income, net	(10.1)	8.1
Income before income taxes	20.8	71.0
Income tax benefit	(4.2)	(15.7)
Net income	$ 25.0	$ 86.7
Earnings per common share:
Basic (in dollars per share)	$ 0.13	$ 0.47
Diluted (in dollars per share)	$ 0.13	$ 0.44
Weighted-average common shares outstanding:
Basic (in shares)	185.2	185.1
Diluted (in shares)	201.5	200.8
Products
Net revenues:
Total net revenues	$ 767.6	$ 722.4
Costs and expenses:
Cost of products	442.0	411.8
Services
Net revenues:
Total net revenues	399.8	317.8
Costs and expenses:
Cost of services, excluding depreciation and amortization	$ 44.4	$ 39.0

Financing Arrangements - Schedule of Interest Expense, Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Line of Credit \| Revolving Credit Facility \| Topgolf Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt	$ 1.2	$ 0.4
Senior Notes \| Convertible Notes
Debt Instrument [Line Items]
Interest expense, debt	8.6	1.8
Notes Payable, Other Payables
Debt Instrument [Line Items]
Interest expense, debt	7.8	0.2
Mortgages
Debt Instrument [Line Items]
Interest expense, debt	2.7	1.2
Secured Debt \| 2023 Term Loan B
Debt Instrument [Line Items]
Interest expense, debt	4.7	0.0
Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Interest expense, debt	1.8	6.0
Secured Debt \| Topgolf Term Loan
Debt Instrument [Line Items]
Interest expense, debt	0.2	6.0
Long-term debt
Debt Instrument [Line Items]
Interest expense, debt	27.0	15.6
Line of Credit \| Revolving Credit Facility \| U.S. Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt	3.7	0.3
Line of Credit \| Revolving Credit Facility \| Japan ABL Credit Facility
Debt Instrument [Line Items]
Interest expense, debt	0.1	0.1
Short-Term Debt
Debt Instrument [Line Items]
Interest expense, debt	$ 3.8	$ 0.4

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

We have three operating and reportable segments:

•Topgolf, which is primarily comprised of service revenues and expenses from our 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 our trademarks and service marks for various soft goods products.

There were no significant intersegment transactions during the three months ended March 31, 2023 or 2022.

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


	Three Months Ended March 31,
		2023		2022
Net revenues:
Topgolf		$	403.5	$	322.0
Golf Equipment		443.7		468.0
Active Lifestyle		320.2		250.2
Total net revenues		$	1,167.4	$	1,040.2

Segment operating income:
Topgolf		$	2.8	$	6.5
Golf Equipment		81.6		100.8
Active Lifestyle		37.3		26.7
Total segment operating income		121.7		134.0
Reconciling items(1)		(41.2)		(39.7)
Total operating income		80.5		94.3
Interest expense, net		(49.6)		(31.4)
Other income, net		(10.1)		8.1
Total income before income taxes		$	20.8	$	71.0

Additions to long-lived assets:
Topgolf		$	133.2	$	120.1
Golf Equipment		3.4		5.3
Active Lifestyle		3.4		3.6

Total additions to long-lived assets		$	140.0	$	129.0


(1) 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 2023 includes costs associated with the implementation of new IT systems. The amount for 2022 includes costs associated with the implementation of new IT systems, legal and credit agency fees related to a postponed debt refinancing, in addition to charges related to the suspension of the Jack Wolfskin retail business in Russia due to the Russia-Ukraine war.

- 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
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+ Details

Revenue Recognition - Reconciliation of Activity Related to Short-term Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Contract With Customer, Liability [Roll Forward]
Beginning Balance	$ 94.9	$ 93.9
Deferral of revenue	157.8	107.4
Revenue recognized	(142.8)	(101.3)
Breakage	(7.0)	(4.9)
Foreign currency translation and other	(0.1)	4.2
Ending Balance	$ 102.8	$ 99.3

Label	Element	Value
Accounting Standards Update [Extensible Enumeration]	us-gaap_AccountingStandardsUpdateExtensibleList	Accounting Standards Update 2020-06 [Member]

- Definition

Indicates amendment to accounting standards.

+ References

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+ Details

Derivatives and Hedging - Location of Gains in Consolidated Condensed Statements of Operations that were Recognized and Derivative Contract Type (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	$ 1.5
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	1.5	$ 8.1
Gains (losses) reclassified from AOCI into earnings	2.2	(0.8)
Foreign currency forward contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	2.4	1.0
Gains (losses) reclassified from AOCI into earnings	1.3	0.4
Interest rate swap contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	(0.9)	7.1
Gains (losses) reclassified from AOCI into earnings	0.9	(1.2)
Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency forward contracts	$ 2.9	$ 13.2

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

Sales-Type Leases

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


	Three Months Ended March 31,
		2023		2022
Sales-type lease selling price(1)		$	8.2	$	7.1
Cost of underlying assets		(3.4)		(3.3)
Operating profit		$	4.8	$	3.8

Interest income		$	1.3	$	0.9

Leasing revenue attributable to sales-type leases		$	9.5	$	8.0

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

Leasing receivables related to our net investment in sales-type leases are as follows (in millions):


	Balance Sheet Location	March 31, 2023		December 31, 2022
Leasing receivables, net—short-term	Other current assets	$	20.1	$	17.5
Leasing receivables, net—long-term	Other assets	59.8		57.5
Total Leasing receivables		$	79.9	$	75.0

As of March 31, 2023, net maturities of sales-type lease receivables for the next five years and thereafter were as follows (in millions):


	Sales-type Leases
Remainder of 2023	$	19.3
2024	24.5
2025	20.3
2026	13.6
2027	6.8
Thereafter	4.2
Total future lease proceeds	88.7
Less: imputed interest	8.8
Total	$	79.9

Operating and Finance Leases

As a lessee, we lease office spaces, manufacturing plants, warehouses, distribution centers, company-operated Topgolf venues, vehicles and equipment, as well as retail and outlet locations.

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


	Balance Sheet Location	March 31, 2023		December 31, 2022
Operating Leases
Right-of-use (“ROU”) assets, net	Operating lease ROU assets, net	$	1,411.3	$	1,419.1
Lease liabilities, short-term	Operating lease liabilities, short-term	$	80.0	$	76.4
Lease liabilities, long-term	Operating lease liabilities, long-term	$	1,430.9	$	1,437.5

Finance Leases
ROU assets, net	Other assets	$	231.9	$	215.7
Lease liabilities, short-term	Accounts payable and accrued expenses	$	1.6	$	1.7
Lease liabilities, long-term	Other long-term liabilities	$	245.3	$	225.9

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


	Three Months Ended March 31,
		2023		2022
Operating lease costs		$	44.0	$	37.4
Financing lease costs:
Amortization of right-of-use assets		1.9		0.6
Interest on lease liabilities		3.6		2.1
Total financing lease costs		5.5		2.7
Variable lease costs		2.5		1.9
Total lease costs		$	52.0	$	42.0

Other information related to leases (in millions):


	Three Months Ended March 31,
Supplemental Cash Flows Information	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	38.0	$	39.8
Operating cash flows from finance leases	$	1.2	$	2.1
Financing cash flows from finance leases	$	1.0	$	0.1

Lease liabilities arising from new ROU assets:
Operating leases	$	9.7	$	—
Finance leases	$	17.6	$	30.0


	March 31, 2023		December 31, 2022
Weighted average remaining lease term (years):
Operating leases	16.4		16.6
Finance leases	36.6		36.5

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

Future minimum lease obligations as of March 31, 2023 were as follows (in millions):


	Operating Leases		Finance Leases
Remainder of 2023	$	108.3	$	8.0
2024	155.9		14.4
2025	151.0		14.9
2026	146.7		15.0
2027	145.6		15.2
Thereafter	1,723.6		567.1
Total future lease payments	2,431.1		634.6
Less: imputed interest	920.2		387.7
Total	$	1,510.9	$	246.9

Deemed Landlord Financing Obligations (“DLF” Obligations)

We work with third-party developers or real estate financing partners to acquire rights to land and fund the construction associated with certain venues under build-to-suit arrangements. While we seek to use financing partners, in certain instances, we typically fund a portion of the construction ourselves, and in some cases, all of the construction costs. In certain build-to-suit arrangements, we are deemed to have control of the underlying assets under construction and are therefore considered the accounting owner of these assets. Upon the completion of construction, we determine whether control has transferred to the financing partner. If control has not been transferred to our financing partners, we reverse the construction advance accumulated during the construction phase and record a DLF obligation. When land is acquired directly or venue construction is self-financed, we may enter into arrangements to sell those assets and lease back from a financing partner. In these cases, if control is not transferred upon the closing of the transaction and the commencement of the subsequent leaseback, we will record a DLF obligation associated with the cash proceeds.

The net book value of assets under DLF obligations included in property, plant and equipment, including the portion of the assets that we funded, was $852.9 million and $813.2 million, as of March 31, 2023 and December 31, 2022, respectively. 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	March 31, 2023		December 31, 2022
DLF obligations, short-term	Accounts payable and accrued expenses	$	0.9	$	2.4
DLF obligations, long-term	Deemed landlord financing obligations, long-term	$	707.5	$	658.0

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


	Three Months Ended March 31,
		2023		2022
Amortization of DLF obligations		$	5.1	$	3.2
Interest on DLF obligations		15.2		10.1
Total DLF contract expenses		$	20.3	$	13.3

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


	Three Months Ended March 31,
Supplemental Cash Flows Information	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from DLF obligations	$	8.6	$	9.6
Financing cash flows from DLF obligations	$	4.4	$	—

DLF obligations arising from new properties	$	45.7	$	2.6


	March 31, 2023		December 31, 2022
Weighted average remaining lease term (years)	38.4		38.5
Weighted average discount rate	8.9	%	8.8	%

Future minimum financing obligations related to DLF obligations as of March 31, 2023 were as follows (in millions):


Remainder of 2023	$	36.6
2024	56.4
2025	56.8
2026	57.8
2027	59.0
Thereafter	2,708.4
Total future lease payments	2,975.0
Less: imputed interest	2,266.6
Total	$	708.4

Leases Under Construction

Our minimum capital commitment for leases under construction, net of amounts reimbursed by third-party real estate financing partners, was approximately $63.0 million as of March 31, 2023. As we are actively involved in the construction of these properties, we recorded $145.0 million in construction costs within property, plant and equipment as of March 31, 2023. Additionally, as of March 31, 2023, we recorded $51.2 million in construction advances from the landlords in connection with these properties. We 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 March 31, 2023, we had $1,005.5 million of future lease obligations related to 10 venues subject to non-cancellable leases that have been signed but have not yet commenced.

Leases

Sales-Type Leases


	Three Months Ended March 31,
		2023		2022
Sales-type lease selling price(1)		$	8.2	$	7.1
Cost of underlying assets		(3.4)		(3.3)
Operating profit		$	4.8	$	3.8

Interest income		$	1.3	$	0.9

Leasing revenue attributable to sales-type leases		$	9.5	$	8.0

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

Leasing receivables related to our net investment in sales-type leases are as follows (in millions):


	Balance Sheet Location	March 31, 2023		December 31, 2022
Leasing receivables, net—short-term	Other current assets	$	20.1	$	17.5
Leasing receivables, net—long-term	Other assets	59.8		57.5
Total Leasing receivables		$	79.9	$	75.0

As of March 31, 2023, net maturities of sales-type lease receivables for the next five years and thereafter were as follows (in millions):


	Sales-type Leases
Remainder of 2023	$	19.3
2024	24.5
2025	20.3
2026	13.6
2027	6.8
Thereafter	4.2
Total future lease proceeds	88.7
Less: imputed interest	8.8
Total	$	79.9

Operating and Finance Leases

As a lessee, we lease office spaces, manufacturing plants, warehouses, distribution centers, company-operated Topgolf venues, vehicles and equipment, as well as retail and outlet locations.

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


	Balance Sheet Location	March 31, 2023		December 31, 2022
Operating Leases
Right-of-use (“ROU”) assets, net	Operating lease ROU assets, net	$	1,411.3	$	1,419.1
Lease liabilities, short-term	Operating lease liabilities, short-term	$	80.0	$	76.4
Lease liabilities, long-term	Operating lease liabilities, long-term	$	1,430.9	$	1,437.5

Finance Leases
ROU assets, net	Other assets	$	231.9	$	215.7
Lease liabilities, short-term	Accounts payable and accrued expenses	$	1.6	$	1.7
Lease liabilities, long-term	Other long-term liabilities	$	245.3	$	225.9

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


	Three Months Ended March 31,
		2023		2022
Operating lease costs		$	44.0	$	37.4
Financing lease costs:
Amortization of right-of-use assets		1.9		0.6
Interest on lease liabilities		3.6		2.1
Total financing lease costs		5.5		2.7
Variable lease costs		2.5		1.9
Total lease costs		$	52.0	$	42.0

Other information related to leases (in millions):


	Three Months Ended March 31,
Supplemental Cash Flows Information	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	38.0	$	39.8
Operating cash flows from finance leases	$	1.2	$	2.1
Financing cash flows from finance leases	$	1.0	$	0.1

Lease liabilities arising from new ROU assets:
Operating leases	$	9.7	$	—
Finance leases	$	17.6	$	30.0


	March 31, 2023		December 31, 2022
Weighted average remaining lease term (years):
Operating leases	16.4		16.6
Finance leases	36.6		36.5

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

Future minimum lease obligations as of March 31, 2023 were as follows (in millions):


	Operating Leases		Finance Leases
Remainder of 2023	$	108.3	$	8.0
2024	155.9		14.4
2025	151.0		14.9
2026	146.7		15.0
2027	145.6		15.2
Thereafter	1,723.6		567.1
Total future lease payments	2,431.1		634.6
Less: imputed interest	920.2		387.7
Total	$	1,510.9	$	246.9

Deemed Landlord Financing Obligations (“DLF” Obligations)

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


	Balance Sheet Location	March 31, 2023		December 31, 2022
DLF obligations, short-term	Accounts payable and accrued expenses	$	0.9	$	2.4
DLF obligations, long-term	Deemed landlord financing obligations, long-term	$	707.5	$	658.0

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


	Three Months Ended March 31,
		2023		2022
Amortization of DLF obligations		$	5.1	$	3.2
Interest on DLF obligations		15.2		10.1
Total DLF contract expenses		$	20.3	$	13.3

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


	Three Months Ended March 31,
Supplemental Cash Flows Information	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from DLF obligations	$	8.6	$	9.6
Financing cash flows from DLF obligations	$	4.4	$	—

DLF obligations arising from new properties	$	45.7	$	2.6


	March 31, 2023		December 31, 2022
Weighted average remaining lease term (years)	38.4		38.5
Weighted average discount rate	8.9	%	8.8	%

Future minimum financing obligations related to DLF obligations as of March 31, 2023 were as follows (in millions):


Remainder of 2023	$	36.6
2024	56.4
2025	56.8
2026	57.8
2027	59.0
Thereafter	2,708.4
Total future lease payments	2,975.0
Less: imputed interest	2,266.6
Total	$	708.4

Leases Under Construction

Leases

Sales-Type Leases


	Three Months Ended March 31,
		2023		2022
Sales-type lease selling price(1)		$	8.2	$	7.1
Cost of underlying assets		(3.4)		(3.3)
Operating profit		$	4.8	$	3.8

Interest income		$	1.3	$	0.9

Leasing revenue attributable to sales-type leases		$	9.5	$	8.0

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

Leasing receivables related to our net investment in sales-type leases are as follows (in millions):


	Balance Sheet Location	March 31, 2023		December 31, 2022
Leasing receivables, net—short-term	Other current assets	$	20.1	$	17.5
Leasing receivables, net—long-term	Other assets	59.8		57.5
Total Leasing receivables		$	79.9	$	75.0

As of March 31, 2023, net maturities of sales-type lease receivables for the next five years and thereafter were as follows (in millions):


	Sales-type Leases
Remainder of 2023	$	19.3
2024	24.5
2025	20.3
2026	13.6
2027	6.8
Thereafter	4.2
Total future lease proceeds	88.7
Less: imputed interest	8.8
Total	$	79.9

Operating and Finance Leases

As a lessee, we lease office spaces, manufacturing plants, warehouses, distribution centers, company-operated Topgolf venues, vehicles and equipment, as well as retail and outlet locations.

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


	Balance Sheet Location	March 31, 2023		December 31, 2022
Operating Leases
Right-of-use (“ROU”) assets, net	Operating lease ROU assets, net	$	1,411.3	$	1,419.1
Lease liabilities, short-term	Operating lease liabilities, short-term	$	80.0	$	76.4
Lease liabilities, long-term	Operating lease liabilities, long-term	$	1,430.9	$	1,437.5

Finance Leases
ROU assets, net	Other assets	$	231.9	$	215.7
Lease liabilities, short-term	Accounts payable and accrued expenses	$	1.6	$	1.7
Lease liabilities, long-term	Other long-term liabilities	$	245.3	$	225.9

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


	Three Months Ended March 31,
		2023		2022
Operating lease costs		$	44.0	$	37.4
Financing lease costs:
Amortization of right-of-use assets		1.9		0.6
Interest on lease liabilities		3.6		2.1
Total financing lease costs		5.5		2.7
Variable lease costs		2.5		1.9
Total lease costs		$	52.0	$	42.0

Other information related to leases (in millions):


	Three Months Ended March 31,
Supplemental Cash Flows Information	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	38.0	$	39.8
Operating cash flows from finance leases	$	1.2	$	2.1
Financing cash flows from finance leases	$	1.0	$	0.1

Lease liabilities arising from new ROU assets:
Operating leases	$	9.7	$	—
Finance leases	$	17.6	$	30.0


	March 31, 2023		December 31, 2022
Weighted average remaining lease term (years):
Operating leases	16.4		16.6
Finance leases	36.6		36.5

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

Future minimum lease obligations as of March 31, 2023 were as follows (in millions):


	Operating Leases		Finance Leases
Remainder of 2023	$	108.3	$	8.0
2024	155.9		14.4
2025	151.0		14.9
2026	146.7		15.0
2027	145.6		15.2
Thereafter	1,723.6		567.1
Total future lease payments	2,431.1		634.6
Less: imputed interest	920.2		387.7
Total	$	1,510.9	$	246.9

Deemed Landlord Financing Obligations (“DLF” Obligations)

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


	Balance Sheet Location	March 31, 2023		December 31, 2022
DLF obligations, short-term	Accounts payable and accrued expenses	$	0.9	$	2.4
DLF obligations, long-term	Deemed landlord financing obligations, long-term	$	707.5	$	658.0

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


	Three Months Ended March 31,
		2023		2022
Amortization of DLF obligations		$	5.1	$	3.2
Interest on DLF obligations		15.2		10.1
Total DLF contract expenses		$	20.3	$	13.3

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


	Three Months Ended March 31,
Supplemental Cash Flows Information	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from DLF obligations	$	8.6	$	9.6
Financing cash flows from DLF obligations	$	4.4	$	—

DLF obligations arising from new properties	$	45.7	$	2.6


	March 31, 2023		December 31, 2022
Weighted average remaining lease term (years)	38.4		38.5
Weighted average discount rate	8.9	%	8.8	%

Future minimum financing obligations related to DLF obligations as of March 31, 2023 were as follows (in millions):


Remainder of 2023	$	36.6
2024	56.4
2025	56.8
2026	57.8
2027	59.0
Thereafter	2,708.4
Total future lease payments	2,975.0
Less: imputed interest	2,266.6
Total	$	708.4

Leases Under Construction

Financing Arrangements - Aggregate Amount of Maturities for Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Remainder of 2023	$ 16.2
2024	20.8
2025	18.6
2026	276.4
2027	15.5
Thereafter	1,235.5
Long-term debt, gross	1,583.0	$ 1,214.4
Less: Unamortized Debt Issuance Costs	35.2	24.3
Long-term debt	$ 1,547.8	$ 1,190.1

Share-Based Compensation - Amounts Recognized for Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total cost of share-based compensation included in income, before income tax	$ 12.4	$ 13.8
Income tax benefit	(3.0)	(3.3)
Total cost of share-based compensation, after tax	9.4	10.5
Cost of products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total cost of share-based compensation included in income, before income tax	0.4	0.5
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total cost of share-based compensation included in income, before income tax	10.8	12.8
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total cost of share-based compensation included in income, before income tax	0.5	0.4
Other venue expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total cost of share-based compensation included in income, before income tax	$ 0.7	$ 0.1

Share-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

We granted the following awards under our stock compensation plans during the periods presented (in millions, except per share data):


	Three Months Ended March 31,
	2023			2022
	Shares Granted	Weighted-average grant date fair value per share		Shares Granted	Weighted-average grant date fair value per share

Restricted stock units	0.6	$	23.46	0.5	$	23.43

Performance based restricted share unit awards (1)	0.6	$	36.58	0.6	$	30.73
(1) Weighted-average grant date fair value per share determined using Monte-Carlo valuation method.

Share-Based Compensation Expense

The table below summarizes total share-based compensation expense, net of estimated forfeitures, by award-type recognized in the condensed consolidated statement of operations for the periods presented (in millions):


	Three Months Ended March 31,
	2023		2022
Stock options	$	0.1	$	0.4
Restricted stock units	4.6		4.1
Restricted stock awards	0.2		0.4
Performance based restricted share unit awards	7.5		8.9
Total cost of share-based compensation included in income, before income tax	12.4		13.8
Income tax benefit	(3.0)		(3.3)
Total cost of share-based compensation, after tax	$	9.4	$	10.5

The table below summarizes total share-based compensation expense, net of estimated forfeitures, recognized for stock options, restricted stock awards, restricted stock units and performance-based restricted stock unit awards in the condensed consolidated statement of operations for the periods presented (in millions):


	Three Months Ended March 31,
		2023		2022

Cost of products		$	0.4	$	0.5
Selling, general and administrative expenses		10.8		12.8
Research and development expenses		0.5		0.4
Other venue expenses		0.7		0.1
Total cost of share-based compensation included in income, before income tax		12.4		13.8
Income tax benefit		(3.0)		(3.3)
Total cost of share-based compensation, after tax		$	9.4	$	10.5

Financing Arrangements - Capped Call (Details) - Convertible Notes	Mar. 31, 2023 $ / shares
Debt Instrument [Line Items]
Debt instrument, capped call transaction cap price (in dollars per share)	$ 27.10
Senior Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price (in dollars per share)	$ 17.62

Share-Based Compensation - Schedule of Share-Based Payment Arrangement Activity Expensed (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Cost (reversal) of employee share-based compensation included in income, before income tax	$ 12.4	$ 13.8
Income tax benefit	(3.0)	(3.3)
Total cost of share-based compensation, after tax	9.4	10.5
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Cost (reversal) of employee share-based compensation included in income, before income tax	0.1	0.4
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Cost (reversal) of employee share-based compensation included in income, before income tax	4.6	4.1
Restricted stock awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Cost (reversal) of employee share-based compensation included in income, before income tax	0.2	0.4
Performance based restricted share unit awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Cost (reversal) of employee share-based compensation included in income, before income tax	$ 7.5	$ 8.9

Financing Arrangements

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Financing Arrangements

Our debt obligations are summarized as follows (in millions):


	Maturity Date	Interest Rate	March 31, 2023		December 31, 2022
Short-Term Credit Facilities
U.S. Asset-Based Revolving Credit Facility(1)	March 16, 2028	6.19%	$	65.1	$	181.1
2022 Japan ABL Credit Facility	January 25, 2025	0.86%	45.2		38.2
Total Principal Amount			$	110.3	$	219.3
Unamortized Debt Issuance Costs			$	4.4	$	0.9

Balance Sheet Location
Asset-based credit facilities			$	110.3	$	219.3
Prepaid expenses			$	1.0	$	0.6
Other long-term assets			$	3.4	$	0.3

	Maturity Date	Interest Rate	March 31, 2023		December 31, 2022
Long-Term Debt and Credit Facilities
2023 Term Loan B	March 16, 2030	8.26%	$	1,250.0	$	—
Convertible Notes	May 1, 2026	2.75%	258.3		258.3
Equipment Notes	July 24, 2023 - December 27, 2027	2.36% - 5.93%	25.6		27.8
Mortgage Loans	July 1, 2033 - July 29, 2036	9.75% - 11.31%	45.6		45.9
Financed Tenant Improvements	February 1, 2035	8.00%	3.5		3.5
Term Loan B	—	8.88%	—		432.0
Topgolf Term Loan	—	10.58%	—		336.9
Topgolf Revolving Credit Facility	—	8.08%	—		110.0
Total Principal Amount			$	1,583.0	$	1,214.4
Less: Unamortized Debt Issuance Costs			35.2		24.3
Total Debt, net of Unamortized Debt Issuance Costs			$	1,547.8	$	1,190.1

Balance Sheet Location
Other current liabilities			$	18.3	$	13.8
Long-term debt			1,529.5		1,176.3
			$	1,547.8	$	1,190.1
(1) Weighted Average interest rate. Fluctuates depending on availability ratio.


	Three Months Ended March 31,
		2023		2022
Short-Term Credit Facilities
U.S. Asset-Based Revolving Credit Facility		$	3.7	$	0.3
2022 Japan ABL Credit Facility		0.1		0.1
Total		$	3.8	$	0.4

Long-Term Debt and Credit Facilities
2023 Term Loan B		$	4.7	$	—
Convertible Notes		1.8		1.8
Equipment Notes		0.2		0.2
Mortgage Loans		1.2		1.2
Term Loan B		8.6		6.0
Topgolf Term Loan		7.8		6.0
Topgolf Revolving Credit Facility		2.7		0.4
Total (1)		$	27.0	$	15.6

(1) Excludes interest expense from DLF obligations and financing leases (see Note 3).

Revolving Credit Facilities and Available Liquidity

In addition to cash on hand and cash generated from operations, we rely on our U.S. Asset-Based Revolving Credit Facility and 2022 Japan ABL Credit Facility to manage seasonal liquidity fluctuations. The principal terms of these credit facilities are described further below and in Note 7 in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K which was filed with SEC on March 1, 2023. As of March 31, 2023, our available liquidity, which is comprised of cash on hand and amounts available under our U.S. and Japan facilities, less outstanding letters of credit and outstanding borrowings, was $626.1 million.

U.S. Asset-Based Revolving Credit Facility

In March 2023, we entered into a Fifth Amended and Restated Loan and Security Agreement (the “New ABL Agreement”) with Bank of America, N.A. and other lenders, which provides for senior secured asset-based revolving credit facilities in an aggregate principal amount of up to $525.0 million, consisting of a U.S. facility in an aggregate principal amount of up to $440.0 million, a Canadian facility in an aggregate principal amount of up to $5.0 million, a German facility in an aggregate principal amount of up to $60.0 million, and a U.K./Dutch facility in an aggregate principal amount of up to $20.0 million (collectively, the “New ABL Facility”), in each case subject to borrowing base availability under the applicable facility and reallocation of such amounts between jurisdictions in accordance with the terms of the New ABL Agreement. Amounts outstanding under the New ABL Facility are secured by certain assets, (i) substantially all personal assets, including inventory, accounts receivable and intellectual property and (ii) certain eligible real estate, in each case of us and certain of our subsidiaries in the United States, Germany, Canada, the Netherlands, and the United Kingdom (the “U.K.”), subject to certain customary exceptions. The New ABL Facility includes customary affirmative and negative covenants, including among other things, restrictions on the incurrence of additional debt, liens, dividends and other restricted payments, asset sales, investments, mergers, acquisitions and affiliate transactions. Under the New ABL Facility, we are also subject to compliance with a 1.0:1.0 minimum fixed charge coverage ratio during certain specified periods in which our borrowing base availability, as adjusted, falls below 10.0% of the maximum aggregate principal amount of the New ABL Facility, as adjusted.

The interest rate applicable to outstanding borrowings under the New ABL Facility may fluctuate as specified in the New ABL Agreement, depending on our “Availability Ratio,” which is further defined in the New ABL Agreement and is expressed as a percentage of (i) the average daily availability under the New ABL Facility to (ii) the sum of the Canadian, German, U.K./Dutch and U.S. borrowing bases, as adjusted. Any unused portions of the New ABL Facility are subject to a monthly fee of 0.25% per annum.

During the three months ended March 31, 2023, average outstanding borrowings under the U.S. Asset-Based Revolving Credit Facility were $220.9 million. As of March 31, 2023 our trailing 12-month average availability under the U.S. Asset-Based Revolving Credit Facility was $249.4 million and the trailing 12-month average interest rate applicable to outstanding borrowings under the U.S. Asset-Based Revolving Credit Facility was 4.91%.

2022 Japan ABL Credit Facility

We have an Asset-Based Revolving Credit facility with the Bank of Tokyo-Mitsubishi UFJ (the “2022 Japan ABL Credit Facility”) which provides a line of credit to our Japan subsidiary of up to 6.0 billion Yen (or $45.2 million), is subject to borrowing base availability under the facility, and is secured by certain assets, including eligible inventory and accounts receivable of our Japan subsidiary which are subject to certain restrictions and covenants related to certain pledged assets and financial performance metrics. The interest rate applicable to outstanding borrowings under the 2022 Japan ABL Credit Facility is subject to an effective interest rate equal to the Tokyo Interbank Offered Rate plus 0.80%. As of March 31, 2023, there was no availability under the 2022 Japan ABL Credit Facility.

Long-Term Debt

2023 Term Loan B

In March 2023 we entered into a Credit Agreement (the “Credit Agreement”) with Bank of America, N.A. as administrative agent, and the financial institutions party thereto as lenders which provides for a Term Loan B facility (the “2023 Term Loan B”). The 2023 Term Loan B provides for an aggregate principal amount of $1,250.0 million, which was issued net of an original issuance discount of $12.5 million. We used a portion of the net proceeds from the 2023 Term Loan B for the repayment of outstanding principal and interest amounts on our prior Term Loan B, as well as the repayment of the outstanding principal, interest and fees associated with the prior Topgolf credit facilities, which consisted of the Topgolf Term Loan and Topgolf Revolving Credit Facility (collectively, the “Topgolf Credit Facilities”). We accounted for the transactions associated with the Credit Agreement and repayment and retirement of the prior Term Loan B and Topgolf Credit Facilities as a debt modification. As a result, during the three months ended March 31, 2023, we recognized a non-cash loss of $10.5 million within other income/expense in our condensed consolidated statement of operations related to the write-off of the unamortized original issuance discounts and debt issuance costs associated with the prior Term Loan B and Topgolf Credit Facilities for lenders who did not participate in the Credit Agreement. Additionally, we recognized $1.8 million of third-party fees and capitalized $11.0 million in debt issuance costs in connection with the Credit Agreement. The third-party fees of $1.8 million were recognized as selling, general and administrative expense in our condensed consolidated statement of operations during the three months ended March 31, 2023. The debt issuance costs and original issuance discount are being amortized into interest expense over the term of the Credit Agreement and are included as a reduction to long-term debt in our condensed consolidated balance sheet as of March 31, 2023.

The 2023 Term Loan B amortizes at a rate per annum equal to 1.00% of the initial aggregate principal amount of the loan, payable quarterly, commencing with the quarter ending June 30, 2023, with the remaining outstanding principal amount due and payable at maturity. The 2023 Term Loan B contains customary mandatory prepayment provisions and specifies that prepayments which occur in connection with a repricing transaction within six months after the closing date of the Credit Agreement are subject to a prepayment premium equal to 1.00% of the principal amount being prepaid, subject to certain customary exceptions. The 2023 Term Loan B also contains customary affirmative and negative covenants, including, among other things, restrictions related on the incurrence of additional debt, liens, dividends and other restricted payments, asset sales, investments, mergers, acquisitions, and affiliate transactions with which we must remain in compliance in order to avoid default or acceleration of the loan.

The interest rate on outstanding borrowings under the 2023 Term Loan B are, at our option, a rate per annum equal to (a) a term Secured Overnight Financing Rate (“Term SOFR”) plus a 0.10% credit spread adjustment (and subject to a 0% floor), plus an applicable margin of 3.25% or 3.50%, depending on our applicable Debt Rating (as defined below) or (b) a base rate equal to the sum of (i) the greater of (A) the greater of the federal funds rate and the overnight bank funding rate published by the Federal Reserve Bank of New York, plus 0.50%, (B) Term SOFR for a one-month interest period term plus 1.0% (and subject to a 1% floor), (C) the prime rate announced by Bank of America from time to time, and (D) 1.0%, plus (ii) an applicable margin of 2.25% or 2.50%, depending on our applicable Debt Rating.

Applicable margins on interest rates to the 2023 Term Loan B are determined depending on our applicable debt rating (the “Debt Rating”), which is based on our corporate credit rating determined by S&P, and our corporate family rating as determined by Moody’s.

Convertible Notes

We have $258.3 million of convertible senior notes (the “Convertible Notes”), which bear interest at a rate of 2.75% per annum on the principal amount, which is payable semi-annually in arrears on May 1 and November 1 of each year. The Convertible Notes are structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent we are not a holder thereof) preferred equity, if any, of our subsidiaries.

We may settle the Convertible Notes through cash settlement, physical settlement, or combination settlement at our 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 our 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 we are not a holder thereof) preferred equity, if any, of our subsidiaries.

Capped Call

In connection with the pricing of the Convertible Notes, we entered into privately negotiated capped call transactions with certain counterparties (“Capped Calls”). The Capped Calls cover the aggregate number of shares of our common stock that initially underlie the Convertible Notes, and are generally expected to reduce potential dilution and/or offset any cash payments we are 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 our condensed consolidated balance sheet.

Equipment Notes

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

Mortgage Loans

We have three mortgage loans related to our 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


	(in millions)
Remainder of 2023	$	16.2
2024	20.8
2025	18.6
2026	276.4
2027	15.5
Thereafter	1,235.5
	$	1,583.0
Less: Unamortized Debt Issuance Costs	35.2
Total	$	1,547.8

As of March 31, 2023, we were in compliance with all fixed charge coverage ratios and all other financial covenants and reporting requirements under the terms of our credit facilities mentioned above, as applicable.

- Definition

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

+ References

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
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-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
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-Name Accounting Standards Codification
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-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
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

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-Publisher FASB
-Name Accounting Standards Codification
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-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 (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income tax benefit	$ 4.2	$ 15.7
Effective tax rate	(20.00%)	(22.00%)
Liability for income taxes associated with uncertain tax positions	$ 27.3
Net amount of unrecognized tax benefit related to uncertain tax positions that would impact, if recognized, effective income tax rate	$ 10.9

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Investments (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
Investments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Full Swing Golf Holdings, Inc.
Schedule of Equity Method Investments [Line Items]
Other Investments	$ 9.3	$ 9.3
Five Iron Golf
Schedule of Equity Method Investments [Line Items]
Investments in golf related ventures	$ 30.0	$ 30.0
Topgolf International, Inc \| Full Swing Golf Holdings, Inc.
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	20.00%
Callaway Golf Co. \| Five Iron Golf
Schedule of Equity Method Investments [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	20.00%

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Payment Arrangement Activity

We granted the following awards under our stock compensation plans during the periods presented (in millions, except per share data):


	Three Months Ended March 31,
	2023			2022
	Shares Granted	Weighted-average grant date fair value per share		Shares Granted	Weighted-average grant date fair value per share

Restricted stock units	0.6	$	23.46	0.5	$	23.43

Performance based restricted share unit awards (1)	0.6	$	36.58	0.6	$	30.73
(1) Weighted-average grant date fair value per share determined using Monte-Carlo valuation method.

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


	Three Months Ended March 31,
	2023		2022
Stock options	$	0.1	$	0.4
Restricted stock units	4.6		4.1
Restricted stock awards	0.2		0.4
Performance based restricted share unit awards	7.5		8.9
Total cost of share-based compensation included in income, before income tax	12.4		13.8
Income tax benefit	(3.0)		(3.3)
Total cost of share-based compensation, after tax	$	9.4	$	10.5


	Three Months Ended March 31,
		2023		2022

Cost of products		$	0.4	$	0.5
Selling, general and administrative expenses		10.8		12.8
Research and development expenses		0.5		0.4
Other venue expenses		0.7		0.1
Total cost of share-based compensation included in income, before income tax		12.4		13.8
Income tax benefit		(3.0)		(3.3)
Total cost of share-based compensation, after tax		$	9.4	$	10.5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2021			186.2
Balance at beginning of period at Dec. 31, 2021	$ 3,682.9	$ (44.7)	$ 1.9	$ 3,051.6	$ (57.1)	$ 682.2	$ 12.4	$ (27.3)	$ (25.5)
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2021									(1.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock (in shares)									(1.5)
Acquisition of treasury stock	(34.2)								$ (34.2)
Compensatory awards released from restriction (in shares)									1.0
Compensatory awards released from restriction	0.0			(24.0)					$ 24.0
Share-based compensation	13.8			13.8
Equity adjustment from foreign currency translation	(13.4)							(13.4)
Change in fair value of derivative instruments, net of tax	9.4							9.4
Net income	86.7					86.7
Balance at end of period (in shares) at Mar. 31, 2022			186.2
Balance at end of period at Mar. 31, 2022	3,700.5		$ 1.9	2,984.3		781.3		(31.3)	$ (35.7)
Treasury stock, balance at end of period (in shares) at Mar. 31, 2022									(1.5)
Balance at beginning of period (in shares) at Dec. 31, 2022			186.2
Balance at beginning of period at Dec. 31, 2022	$ 3,774.3		$ 1.9	3,012.7		852.5		(61.5)	$ (31.3)
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2022	(1.3)								(1.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock (in shares)									(0.4)
Acquisition of treasury stock	$ (9.2)								$ (9.2)
Exercise of stock options (in shares)									0.2
Exercise of stock options	3.6			(1.2)					$ 4.8
Compensatory awards released from restriction (in shares)									0.9
Compensatory awards released from restriction	0.0			(21.3)					$ 21.3
Share-based compensation	12.4			12.4
Equity adjustment from foreign currency translation	5.3							5.3
Change in fair value of derivative instruments, net of tax	(0.3)							(0.3)
Net income	25.0					25.0
Balance at end of period (in shares) at Mar. 31, 2023			186.2
Balance at end of period at Mar. 31, 2023	$ 3,811.1		$ 1.9	$ 3,002.6		$ 877.5		$ (56.5)	$ (14.4)
Treasury stock, balance at end of period (in shares) at Mar. 31, 2023	(0.6)								(0.6)

Commitments & Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Purchase Commitments

As of March 31, 2023, the minimum obligation we are required to pay under these agreements over the next five years and thereafter is as follows (in millions):


Remainder of 2023	$	50.8
2024	27.8
2025	18.3
2026	12.6
2027	5.6
Thereafter	—
	$	115.1

Earnings Per Common Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Options and Restricted Stock
Debt Instrument [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1.2	1.3

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value Measurements

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

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

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

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

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

Hedging instruments are re-measured on a recurring basis using broker quotes, daily market foreign currency rates, and interest rate curves as applicable (see Note 14) and are therefore categorized within Level 2 of the fair value hierarchy.


	Fair Value		Level 2
March 31, 2023
Foreign currency forward contracts—asset position	$	3.4	$	3.4
Foreign currency forward contracts—liability position	(5.9)		(5.9)


	$	(2.5)	$	(2.5)
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

	$	2.0	$	2.0

There were no transfers of financial instruments between the levels of the fair value hierarchy during the three and three months ended March 31, 2023 and 2022.

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 our financial liabilities, and is provided for comparative purposes only relative to the carrying values of our financial instruments recognized in the condensed consolidated balance sheets as of March 31, 2023 and consolidated balance sheets as of December 31, 2022 (in millions):


	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
U.S. Asset-Based Revolving Credit Facility	$	65.1	$	65.1	$	181.1	$	181.1
2022 Japan ABL Facility	$	45.2	$	45.2	$	38.2	$	38.2
2023 Term Loan B	$	1,250.0	$	1,264.1	$	—	$	—
Convertible Notes	$	258.3	$	354.7	$	258.3	$	337.7
Equipment Notes	$	25.6	$	21.6	$	27.8	$	23.6
Mortgage Loans	$	45.6	$	53.2	$	45.9	$	55.3
Term Loan B	$	—	$	—	$	432.0	$	431.1
Topgolf Term Loan	$	—	$	—	$	336.9	$	337.1
Topgolf Revolving Credit Facility	$	—	$	—	$	110.0	$	110.0

During the three months ended March 31, 2023, we completed a modification of our U.S. Asset-Based Revolving Credit Facility, Term Loan B and Topgolf Credit Facilities. For further information about the modification of these facilities, see Note 5, “Financing Arrangements”.

Non-recurring Fair Value Measurements

We measure 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. We did not recognize any impairments during the three months ended March 31, 2023 and 2022.

- 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

The Company and Basis of Presentation	3 Months Ended
The Company and Basis of Presentation	Mar. 31, 2023
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. (together with its wholly-owned subsidiaries, referred to as “we,” “our,” “us,” or “Topgolf Callaway Brands” unless otherwise specified), a Delaware corporation, 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 our family of brand names which include Topgolf, Callaway Golf, Odyssey, TravisMathew, Jack Wolfskin, OGIO, Toptracer and World Golf Tour (“WGT”). Our products and brands are reported under three operating segments: Topgolf, which includes the operations of our Topgolf business; Golf Equipment, which includes the operations of our golf clubs and golf balls business under the Callaway Golf, Odyssey and Strata brand names; and Active Lifestyle, which includes the operations of our soft goods business marketed under the Callaway, TravisMathew, Jack Wolfskin and OGIO brand names. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have condensed or omitted certain information and disclosures that are normally included in our annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, these condensed consolidated financial statements include all of the normal and recurring adjustments necessary for the fair presentation of the financial position, results of operations and cash flows for the periods and dates presented. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 1, 2023. Interim operating results are not necessarily indicative of operating results that may be expected for the year ending December 31, 2023, or any other future periods. We translate the financial statements of our foreign subsidiaries using end-of-period exchange rates for assets and liabilities and average exchange rates during each reporting period for results of operations. All intercompany balances and transactions have been eliminated during consolidation. Our Topgolf subsidiary previously operated on a 52- or 53-week retail calendar year, which ended on the Sunday closest to December 31. As of April 4, 2022 and going forward, Topgolf began operating on a fiscal year calendar, which will end on December 31. Topgolf financial information included in our condensed consolidated financial statements for the three months ended March 31, 2023 is for the period beginning January 1, 2023 and ending March 31, 2023. Topgolf financial information included in our condensed consolidated financial statements for the three months ended March 31, 2022 is for the period beginning January 3, 2022 and ending April 3, 2022.

Financing Arrangements - Schedule of Long-term Debt Obligations (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Short-term debt	$ 110.3	$ 219.3
Long-term debt, gross	1,583.0	1,214.4
Less: Unamortized Debt Issuance Costs	35.2	24.3
Long-term debt	1,547.8	1,190.1
Asset-based credit facilities
Debt Instrument [Line Items]
Short-term debt	110.3	219.3
Prepaid expenses
Debt Instrument [Line Items]
Short-term debt	1.0	0.6
Other long-term assets
Debt Instrument [Line Items]
Short-term debt	3.4	0.3
Other current liabilities
Debt Instrument [Line Items]
Long-term debt	18.3	13.8
Long-term debt
Debt Instrument [Line Items]
Long-term debt	1,529.5	1,176.3
Short Term Unamortized Debt Issuance Costs
Debt Instrument [Line Items]
Less: Unamortized Debt Issuance Costs	4.4	0.9
Notes Payable, Other Payables
Debt Instrument [Line Items]
Long-term debt, gross	$ 25.6	27.8
Notes Payable, Other Payables \| Minimum
Debt Instrument [Line Items]
Interest Rate	0.0236%
Notes Payable, Other Payables \| Maximum
Debt Instrument [Line Items]
Interest Rate	0.0593%
Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 45.6	45.9
Mortgages \| Minimum
Debt Instrument [Line Items]
Interest Rate	0.0975%
Mortgages \| Maximum
Debt Instrument [Line Items]
Interest Rate	0.1131%
Tenant Improvements
Debt Instrument [Line Items]
Interest Rate	8.00%
Long-term debt, gross	$ 3.5	3.5
2023 Term Loan B \| Secured Debt
Debt Instrument [Line Items]
Interest Rate	8.26%
Long-term debt, gross	$ 1,250.0	0.0
Convertible Notes \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	2.75%
Long-term debt, gross	$ 258.3	258.3
Term Loan B \| Secured Debt
Debt Instrument [Line Items]
Interest Rate	8.88%
Long-term debt, gross	$ 0.0	432.0
Topgolf Term Loan \| Secured Debt
Debt Instrument [Line Items]
Interest Rate	10.58%
Long-term debt, gross	$ 0.0	336.9
Revolving Credit Facility \| Topgolf Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Interest Rate	8.08%
Long-term debt, gross	$ 0.0	110.0
Revolving Credit Facility \| Line of Credit \| U.S. Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	6.19%
Short-term debt	$ 65.1	181.1
Revolving Credit Facility \| Line of Credit \| Japan ABL Credit Facility
Debt Instrument [Line Items]
Interest Rate	0.86%
Short-term debt	$ 45.2	$ 38.2
Revolving Credit Facility \| Line of Credit \| Japan ABL Credit Facility \| Tokyo Interbank Offered Rate (TIBOR)
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	0.80%

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Total net revenues	$ 1,167.4	$ 1,040.2
United States
Disaggregation of Revenue [Line Items]
Total net revenues	811.1	709.4
Europe
Disaggregation of Revenue [Line Items]
Total net revenues	153.6	134.9
Asia
Disaggregation of Revenue [Line Items]
Total net revenues	160.2	158.6
Rest of world
Disaggregation of Revenue [Line Items]
Total net revenues	42.5	37.3
Topgolf
Disaggregation of Revenue [Line Items]
Total net revenues	403.5	322.0
Golf Equipment
Disaggregation of Revenue [Line Items]
Total net revenues	443.7	468.0
Active Lifestyle
Disaggregation of Revenue [Line Items]
Total net revenues	320.2	250.2
Venues \| Topgolf
Disaggregation of Revenue [Line Items]
Total net revenues	386.7	306.5
Other business lines \| Topgolf
Disaggregation of Revenue [Line Items]
Total net revenues	16.8	15.5
Golf club \| Golf Equipment
Disaggregation of Revenue [Line Items]
Total net revenues	350.8	370.4
Golf ball \| Golf Equipment
Disaggregation of Revenue [Line Items]
Total net revenues	92.9	97.6
Apparel \| Active Lifestyle
Disaggregation of Revenue [Line Items]
Total net revenues	176.1	138.4
Gear, accessories & other \| Active Lifestyle
Disaggregation of Revenue [Line Items]
Total net revenues	$ 144.1	$ 111.8

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We calculate our interim income tax provision in accordance with Accounting Standards Codification (“ASC”) Topic 270, “Interim Reporting,” and ASC Topic 740, “Accounting for Income Taxes.” At the end of each interim period, we estimate our annual effective tax rate and apply that rate to our ordinary quarterly earnings to calculate the tax related to ordinary income. The tax effects for other items that are excluded from ordinary income are discretely calculated and recognized in the period in which they occur. The realization of deferred tax assets, including loss and credit carryforwards, is subject to us generating sufficient taxable income during the periods in which the deferred tax assets become realizable. As a result of the Topgolf merger and the fact that Topgolf’s losses exceed our income in recent years, we have determined that it is not more likely than not that a portion of our U.S. deferred tax assets will be realized. The valuation allowance on our U.S. deferred tax assets as of March 31, 2023, primarily relate to federal and state deferred tax assets related to tax attributes that we estimate are not more likely than not to be utilized prior to expiration. However, if our more recent earnings history were to continue, management believes that it is possible that within the next 12 months sufficient positive evidence may become available to allow management to reach a conclusion that a significant portion of the valuation allowance will no longer be needed. Release of the valuation allowance would result in the recognition of certain deferred tax assets with a potential corresponding decrease to income tax expense for the period the release is recorded, which would represent a non-cash benefit. The exact timing and amount of the valuation allowance release would be predicated on our continued profitability combined with the continued profitability we believe we can maintain. With respect to non-U.S. entities, there continues to be sufficient positive evidence to conclude that realization of our deferred tax assets is more likely than not under applicable accounting rules, and therefore no significant valuation allowances have been established. We recorded an income tax benefit of $4.2 million and $15.7 million for the three months ended March 31, 2023 and 2022, respectively. As a percentage of pre-tax income, our effective tax rate was (20.0)% and (22.0)% for the three months ended March 31, 2023 and 2022, respectively. In the three months ended March 31, 2023 and 2022, the primary difference between the statutory rate and the effective rate relates to the release of valuation allowances on our deferred tax assets. At March 31, 2023, the gross liability for income taxes associated with uncertain tax positions was $27.3 million. Of this amount, $10.9 million would benefit our condensed consolidated financial statements and effective income tax rate if favorably settled. We recognize interest and penalties related to income tax matters in income tax expense.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

+ Details

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

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

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table details amounts reclassified from accumulated other comprehensive income (loss) and foreign currency translation adjustments for the three months ended March 31, 2023 (in millions):


	Derivative Instruments		Foreign Currency Translation		Total

Accumulated other comprehensive loss, December 31, 2022, after tax	$	4.9	$	(66.4)	$	(61.5)
Change in derivative instruments	1.5		—		1.5
Net gains reclassified to cost of products	(1.3)		—		(1.3)

Net gains reclassified to interest expense	(0.9)		—		(0.9)
Income tax impact on derivative instruments	0.4		—		0.4
Foreign currency translation adjustments	—		5.3		5.3
Accumulated other comprehensive loss, March 31, 2023, after tax	$	4.6	$	(61.1)	$	(56.5)

Goodwill and Intangibles - Intangible Assets by Major Asset Class (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Net book value	$ 1,415.3	$ 1,412.7
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated amortization	(84.0)	(79.8)
Net book value	78.2
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	1,619.7	1,619.2
Accumulated amortization	(84.0)	(79.8)
Translation and other	(32.8)	(35.7)
Net book value	1,502.9	1,503.7
Tradename and Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross	1,441.0	1,441.0
Translation and other	(25.7)	(28.3)
Net book value	1,415.3	1,412.7
Liquor Licenses
Indefinite-lived Intangible Assets [Line Items]
Gross	9.4	8.9
Translation and other	0.0	0.0
Net book value	9.4	8.9
Patents
Finite-Lived Intangible Assets, Net [Abstract]
Gross	32.2	32.2
Accumulated amortization	(31.8)	(31.8)
Translation and other	0.0	0.0
Net book value	0.4	0.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (31.8)	(31.8)
Patents \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	2 years
Patents \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	16 years
Customer/ Distributor Relationships and Other
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 67.4	67.4
Accumulated amortization	(38.3)	(35.8)
Translation and other	(4.0)	(4.2)
Net book value	25.1	27.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (38.3)	(35.8)
Customer/ Distributor Relationships and Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	1 year
Customer/ Distributor Relationships and Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years
Developed Technology
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 69.7	69.7
Accumulated amortization	(13.9)	(12.2)
Translation and other	(3.1)	(3.2)
Net book value	52.7	54.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (13.9)	$ (12.2)

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Pursuant to these rules and regulations, we have condensed or omitted certain information and disclosures that are normally included in our annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, these condensed consolidated financial statements include all of the normal and recurring adjustments necessary for the fair presentation of the financial position, results of operations and cash flows for the periods and dates presented. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 1, 2023. Interim operating results are not necessarily indicative of operating results that may be expected for the year ending December 31, 2023, or any other future periods. We translate the financial statements of our foreign subsidiaries using end-of-period exchange rates for assets and liabilities and average exchange rates during each reporting period for results of operations. All intercompany balances and transactions have been eliminated during consolidation. Our Topgolf subsidiary previously operated on a 52- or 53-week retail calendar year, which ended on the Sunday closest to December 31. As of April 4, 2022 and going forward, Topgolf began operating on a fiscal year calendar, which will end on December 31. Topgolf financial information included in our condensed consolidated financial statements for the three months ended March 31, 2023 is for the period beginning January 1, 2023 and ending March 31, 2023. Topgolf financial information included in our condensed consolidated financial statements for the three months ended March 31, 2022 is for the period beginning January 3, 2022 and ending April 3, 2022.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates on historical information and various other assumptions that are believed to be reasonable under the circumstances. Examples of such estimates include, among other things, determining the nature and timing of the satisfaction of performance obligations as it relates to revenue recognition, the valuation of share-based awards, the recoverability of long-lived assets, the assessment of intangible assets and goodwill for impairment, the determination of the incremental borrowing rate for operating and financing leases, provisions for warranty and expected credit losses, inventory obsolescence, sales returns, future price concessions, tax contingencies and valuation allowances, the estimated useful lives of property, plant and equipment, and acquired intangible assets. Actual results may materially differ from these estimates. On an ongoing basis, we review our estimates to ensure that these estimates appropriately reflect changes in our business or new information as it becomes available.
Recently Issued Accounting Standards	Recently Issued 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. We are in the process of evaluating the impact that this ASU will have on our consolidated financial statements and related disclosures.

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease costs	$ 44.0	$ 37.4
Financing lease costs:
Amortization of right-of-use assets	1.9	0.6
Interest on lease liabilities	3.6	2.1
Total financing lease costs	5.5	2.7
Variable lease costs	2.5	1.9
Total lease costs	52.0	42.0
Deemed Landlord Finance Lease
Financing lease costs:
Amortization of right-of-use assets	5.1	3.2
Interest on lease liabilities	15.2	10.1
Total financing lease costs	$ 20.3	$ 13.3