0000837465-24-000032 | 10-Q | XBRL Viewer | Topgolf Callaway Brands Corp

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CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Accounts receivable, allowance for credit loss	$ 11.1	$ 11.6
Shareholders’ equity:
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)	187,000,000	187,000,000
Treasury stock (in shares)	2,900,000	3,300,000

Financing Arrangements

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Financing Arrangements

Our credit facilities and long-term debt obligations are summarized as follows (in millions, except interest rates):


			March 31,		December 31,
	Maturity Date	Interest Rate	2024		2023
Short-Term Credit Facilities
2023 U.S. ABL Credit Facility	March 16, 2028	5.33%	$	25.8	$	26.3
2022 Japan ABL Credit Facility	January 25, 2025	0.85%	26.4		28.4
Total Principal Amount			$	52.2	$	54.7
Unamortized Debt Issuance Costs			$	4.2	$	4.5

	Balance Sheet Location
Total Principal Amount	Asset-based credit facilities		$	52.2	$	54.7

Unamortized Debt Issuance Costs - ST	Prepaid expenses		$	1.1	$	1.1
Unamortized Debt Issuance Costs - LT	Other long-term assets		3.1		3.4
Total Unamortized Debt Issuance Costs			$	4.2	$	4.5

			March 31,		December 31,
	Maturity Date	Interest Rate	2024		2023
Long-Term Debt and Credit Facilities
2023 Term Loan B	March 16, 2030	8.33%	$	1,237.5	$	1,240.6
Convertible Notes	May 1, 2026	2.75%	258.3		258.3
Equipment Notes	August 27, 2024 - December 21, 2027	2.36% - 5.93%	17.1		19.2
Mortgage Loans	July 1, 2033 - July 29, 2036	9.75% - 11.31%	45.2		45.4
Financed Tenant Improvements	February 1, 2035	8.00%	3.2		3.3
Total Principal Amount			$	1,561.3	$	1,566.8
Less: Unamortized Debt Issuance Costs			25.7		31.5
Total Debt, net of Unamortized Debt Issuance Costs			$	1,535.6	$	1,535.3

	Balance Sheet Location
Long-Term Debt - Current	Other current liabilities		$	16.4	$	17.1
Long-Term Debt - Non-current	Long-term debt		1,519.2		1,518.2
Total Debt, net of Unamortized Debt Issuance Costs			$	1,535.6	$	1,535.3

Total interest and amortization expense related to our credit facilities and long-term debt obligations, 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,
		2024		2023
Short-Term Credit Facilities
2023 U.S. ABL Credit Facility		$	0.6	$	3.7
2022 Japan ABL Credit Facility		0.1		0.1
Total		$	0.7	$	3.8

Long-Term Debt and Credit Facilities
2023 Term Loan B		$	28.5	$	4.7
Convertible Notes		1.8		1.8
Equipment Notes		0.2		0.2
Financed Tenant Improvements		0.1		—
Mortgage Loans		1.2		1.2
Term Loan B		—		8.6
Topgolf Term Loan		—		7.8
Topgolf Revolving Credit Facility		—		2.7
Total		$	31.8	$	27.0

Short-Term Credit Facilities and Available Liquidity

2023 U.S. Asset-Based Revolving Credit Facility

We have an asset-based revolving credit facility (the “2023 U.S. ABL Credit Facility”) 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 and consists of U.S., Canadian, German, and U.K./Dutch facilities, in each case, subject to borrowing base availability under the applicable facility. Amounts outstanding under the 2023 U.S. ABL Credit Facility are secured by a first priority lien on certain of our assets and certain of the assets of our subsidiaries in the United States, Germany, Canada, the Netherlands, and the United Kingdom (other than certain excluded subsidiaries) and a second-priority lien on substantially all of our and such subsidiaries’ other assets. The 2023 U.S. ABL Credit 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, as well as customary events of default. 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 falls below 10.0% of the maximum aggregate principal amount of the facility. The interest rate applicable to outstanding borrowings under the 2023 U.S. ABL Credit Facility may fluctuate depending on our “Availability Ratio,” as defined in the loan and security agreement governing the 2023 U.S. ABL Credit Facility, and any unused portions of the New ABL Facility are subject to a monthly fee of 0.25% per annum.

2022 Japan ABL Credit Facility

We have an asset-based revolving credit facility (the “2022 Japan ABL Credit Facility”) with the Bank of Tokyo-Mitsubishi UFJ, which provides a line of credit to our Japan subsidiary of up to 6.0 billion Yen (or approximately $39.6 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%.

The following table summarizes borrowings for the three months ended March 31, 2024, availability and interest rates for the trailing twelve months ended March 31, 2024, and consolidated available liquidity related to our short-term credit facilities as of the three months ended March 31, 2024. Consolidated available liquidity is comprised of cash on hand and amounts available under our 2023 U.S. ABL Credit Facility and 2022 Japan ABL Credit Facility, less outstanding letters of credit and outstanding borrowings.


(in millions, except interest rates)	March 31, 2024
2023 U.S. ABL Credit Facility
Average borrowings	$	25.9
Average availability	$	396.2
Weighted average interest rate	5.69		%

2022 Japan ABL Credit Facility
Total facility	$	39.6
Net availability	$	13.2

Consolidated Available Liquidity	$	719.7

Long-Term Debt and Credit Facilities

2023 Term Loan B

In March 2023, as part of a comprehensive debt refinancing plan (the “Refinancing Plan”), we entered into a senior secured term loan B facility (as amended, the “2023 Term Loan B”) with Bank of America, N.A. as administrative agent, and the financial institutions party thereto as lenders, in an original aggregate principal amount of $1,250.0 million, which was issued net of an original issuance discount of $12.5 million. As part of the Refinancing Plan, we used a portion of the net proceeds from the 2023 Term Loan B for the repayment of outstanding principal, interest and fees associated with our previous term loan B facility (the “Term Loan B”), as well as the previous credit facilities of our Topgolf operating segment, which consisted of a senior secured term loan facility (the “Topgolf Term Loan”) and a senior secured revolving credit facility (the “Topgolf Revolving Credit Facility”). We accounted for the transactions associated with the Refinancing Plan and 2023 Term Loan B as a debt modification, and as a result we recognized a non-cash loss of $10.5 million within other income (expense), net, and $2.3 million of third-party fees within selling, general and administrative expense in our condensed consolidated statement of operations for the three months ended March 31, 2023. Additionally, we deferred $11.0 million in debt issuance costs in connection with the transaction.

On March 19, 2024, we entered into an amendment to the 2023 Term Loan B (the “First Amendment”) in order to, among other things, decrease the interest rate applicable to the outstanding term loans thereunder. 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 SOFR-based rate (“Term SOFR”) (subject to a 0% floor) plus an applicable margin of 2.75% or 3.00%, depending on our applicable debt rating, as defined in the credit agreement governing the 2023 Term Loan B; 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 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 1.75% or 2.00%, depending on our applicable debt rating.

The First Amendment was accounted for as a partial debt modification and partial debt extinguishment, which resulted in a non-cash loss of $4.7 million related to the write-off of unamortized debt issuance costs and original issuance discounts for prior lenders under our 2023 Term Loan B who did not participate in the First Amendment. This non-cash loss was recognized in other income (expense), net in our condensed consolidated statement of operations during the three months ended March 31, 2024. Additionally, we also incurred $1.1 million of fees related to the transaction, of which $0.2 million were recognized as deferred debt issuance costs and $0.9 million were recognized as selling, general and administrative expense during the three months ended March 31, 2024. Debt issuance costs and original issuance discounts related to the 2023 Term Loan B are amortized into interest expense over the term of the loan and are included as a reduction to long-term debt in our condensed consolidated balance sheet as of March 31, 2024.

The 2023 Term Loan B 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, as well as customary events of default. The 2023 Term Loan B is not subject to any financial covenants and, subject to certain customary exceptions, is guaranteed by certain of our direct and indirect wholly-owned U.S. subsidiaries and secured by substantially all of our assets and the assets of each such subsidiary guarantor.

Convertible Notes

We have convertible senior notes issued in May 2020 (the “Convertible Notes”) which are structurally subordinated to all existing and future indebtedness and other liabilities and (to the extent we are not a holder thereof) preferred equity, if any, of our subsidiaries. The Convertible Notes are convertible into shares of our common stock at an initial conversion rate of 56.8 shares per $1,000 of principal, or an initial conversion price of $17.62 per share, and interest is payable on the Convertible Notes semi-annually in arrears on May 1 and November 1 of each year. As of May 6, 2023, we have the option to settle all or part of the Convertible Notes through cash settlement, physical settlement, or combination settlement at our election, subject to certain stipulations. 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.

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, which each have an exercise price of $17.62 per share, are subject to certain adjustments and each have a cap price of $26.93 per share. The initial cost of the Capped Calls was 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 we use 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 which 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 thereof.

Aggregate Amount of Long-Term Debt Maturities

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, 2024.


	(in millions)
Remainder of 2024	$	15.4
2025	18.6
2026	276.4
2027	15.5
2028	13.7
Thereafter	1,221.7
Total aggregate amount of maturities	$	1,561.3
Less: Unamortized debt issuance costs	25.7
Total aggregate amount of maturities, net of unamortized debt issuance costs	$	1,535.6

As of March 31, 2024, we were in compliance with all fixed charge coverage ratios and all other covenants and reporting requirements under the terms of our long-term debt and 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.

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+ Details

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating lease costs:
Amortization of ROU assets	$ 45.1	$ 44.0
Total operating lease costs	45.1	44.0
Financing lease costs:
Variable lease costs	3.5	2.5
Total lease costs	87.8	72.3
Financing Leases
Financing lease costs:
Amortization of ROU assets	1.9	1.9
Interest on lease liabilities	4.3	3.6
Total financing lease costs	6.2	5.5
DLF Obligations
Financing lease costs:
Amortization of ROU assets	9.0	5.1
Interest on lease liabilities	24.0	15.2
Total financing lease costs	$ 33.0	$ 20.3

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We calculate our interim income tax provision in accordance with ASC Topic 270, “Interim Reporting,” and ASC Topic 740, “Accounting for Income Taxes.” At the end of each interim period, 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. We recorded an income tax expense of $5.0 million and an income tax benefit of $4.2 million for the three months ended March 31, 2024 and 2023, respectively. As a percentage of pre-tax income, our effective tax rate was 43.3% and (20.0)% for the three months ended March 31, 2024 and 2023, respectively. In the three months ended March 31, 2024, the primary difference between the statutory rate and the effective rate is due to tax adjustments related to stock-based compensation and the establishment of valuation allowances on certain deferred tax assets. In the three months ended March 31, 2023, the primary difference between the statutory rate and the effective rate relates to the release of valuation allowances on our deferred tax assets. As of March 31, 2024, the gross liability for income taxes associated with uncertain tax positions was $29.4 million. Of this amount, $16.8 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.

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+ Details

Financing Arrangements - U.S. Asset-Based Revolving Credit Facility (Details)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023 USD ($)
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%
Revolving Credit Facility \| New ABL Agreement \| Line of Credit
Debt Instrument [Line Items]
Total facility		$ 525,000,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Sales-Type Lease, Lease Receivable, Maturity (Details) $ in Millions	Mar. 31, 2024 USD ($)
Sales-Type and Direct Financing Leases, Lease Receivable, Payments to be Received, Fiscal Year Maturity [Abstract]
Remainder of 2024	$ 26.4
2025	30.0
2026	23.4
2027	14.7
2028	7.9
Thereafter	3.6
Total future lease proceeds	106.0
Less: imputed interest	14.2
Total	$ 91.8

Leases - Other Information Related to Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 41.1	$ 38.0
Financing cash flows from finance leases	1.5	1.0
Lease liabilities arising from new ROU assets:
Operating leases	$ 19.0	9.7
Weighted average remaining lease term (years):
Operating leases	15 years 8 months 12 days		15 years 10 months 24 days
Weighted average discount rate:
Operating leases	5.80%		5.80%
Financing Leases
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 2.2	1.2
Financing cash flows from finance leases	1.5	1.0
Lease liabilities arising from new ROU assets:
Financing leases	$ 0.1	17.6
Weighted average remaining lease term (years):
Financing leases	36 years 7 months 6 days		36 years 9 months 18 days
Weighted average discount rate:
Financing leases	6.30%		6.30%
DLF Obligations
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 13.0	8.6
Financing cash flows from finance leases	6.6	4.4
Lease liabilities arising from new ROU assets:
Financing leases	30.6	45.7
Finance lease liability, third-party contributions	$ 2.3	5.4
Weighted average remaining lease term (years):
Financing leases	37 years 10 months 24 days		38 years 1 month 6 days
Weighted average discount rate:
Financing leases	9.70%		10.00%
DLF Obligations \| Previously Reported
Lease liabilities arising from new ROU assets:
Finance lease liability, third-party contributions		$ 35.8

Financing Arrangements - Summary of Borrowings, Availability, Interest Rate and Liquidity for Short-term Credit Facilities (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 JPY (¥)
Line of Credit Facility [Line Items]
Average borrowings	$ 25.9
Average availability	396.2
Consolidated Available Liquidity	$ 719.7
Bank of America, N.A. \| Line of Credit
Line of Credit Facility [Line Items]
Weighted average interest rate	5.69%	5.69%
The Bank of Tokyo-Mitsubishi UFJ \| 2022 Japan ABL Credit Facility
Line of Credit Facility [Line Items]
Total facility	$ 39.6	¥ 6,000,000,000
Net availability	$ 13.2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	We have prepared the accompanying condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America (“GAAP”). 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 which are prepared in accordance with GAAP. In the opinion of management, these condensed consolidated financial statements include all 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, 2023, which was filed with the SEC on February 29, 2024. Interim operating results are not indicative of operating results that may be expected for the year ending December 31, 2024, 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.
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, liabilities, revenue, expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at that time. We evaluate our estimates on an ongoing basis to ensure that these estimates appropriately reflect changes in our business or as new information becomes available. Actual results may differ from our estimates.
Recently Issued Accounting Standards	In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (ASU 2023-09), which includes amendments that further enhance income tax disclosures through the standardization and disaggregation of rate reconciliation categories and income taxes paid in both domestic and foreign jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be applied prospectively, with early adoption and retrospective application permitted. We are in the process of evaluating the impact that ASU 2023-09 will have on our income tax related disclosures. In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which introduces new reportable segment disclosure requirements related to significant segment expenses and also expands reportable segment disclosure requirements for interim reporting. The amendment will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and are included within each reportable segment’s profits and losses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are in the process of evaluating the impact that ASU 2023-07 will have on our segment related disclosures.

Leases - Future Minimum Lease Obligations (Details) $ in Millions	Mar. 31, 2024 USD ($)
Operating Leases
Remainder of 2024	$ 115.3
2025	164.2
2026	160.0
2027	157.1
2028	153.3
Thereafter	1,689.5
Total future lease payments	2,439.4
Less: imputed interest	922.0
Total	1,517.4
Total
Remainder of 2024	179.2
2025	262.6
2026	262.2
2027	260.6
2028	259.3
Thereafter	6,443.0
Total future lease payments	7,666.9
Less: imputed interest	4,845.2
Total	2,821.7
Deemed Landlord Finance Lease Reimbursements
Total
Receivable with imputed interest	37.3
Interest receivable	138.7
Financing Leases
Financing Leases
Remainder of 2024	11.0
2025	17.1
2026	17.3
2027	17.3
2028	17.6
Thereafter	739.5
Total future lease payments	819.8
Less: imputed interest	529.3
Total	290.5
DLF Obligations
Financing Leases
Remainder of 2024	52.9
2025	81.3
2026	84.9
2027	86.2
2028	88.4
Thereafter	4,014.0
Total future lease payments	4,407.7
Less: imputed interest	3,393.9
Total	$ 1,013.8

Goodwill and Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

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, 2023	$	1,368.0	$	530.7	$	90.0		$	1,988.7
Acquisitions	4.3		—		—			4.3
Foreign currency translation and other	—		(0.2)		(0.1)			(0.3)
Balance at March 31, 2024	$	1,372.3	$	530.5	$	89.9		$	1,992.7

Intangible Assets by Major Asset Class

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


	Indefinite-lived:				Amortizing:
	Trade names and Trademarks		Liquor Licenses		Patents		Customer/ Distributor Relationships and Other		Developed Technology		Total

Useful Life (Years)	NA		NA		2-16		1-10		10

Gross as of December 31, 2023	$	1,443.8	$	9.5	$	32.3	$	72.1	$	69.7	$	1,627.4
Acquisitions	3.1		0.2		0.1		0.5		—		3.9
Gross as of March 31, 2024	$	1,446.9	$	9.7	$	32.4	$	72.6	$	69.7	$	1,631.3
Accumulated amortization	—		—		(32.0)		(44.3)		(20.6)		(96.9)
Foreign currency and other	(26.7)		—		—		(3.9)		(3.0)		(33.6)
Net book value, March 31, 2024	$	1,420.2	$	9.7	$	0.4	$	24.4	$	46.1	$	1,500.8

Gross as of December 31, 2022	$	1,441.0	$	8.9	$	32.2	$	67.4	$	69.7	$	1,619.2
Acquisitions	2.8		0.6		0.1		4.7		—		8.2
Gross as of December 31, 2023	$	1,443.8	$	9.5	$	32.3	$	72.1	$	69.7	$	1,627.4
Accumulated amortization	—		—		(31.9)		(43.1)		(18.9)		(93.9)
Foreign currency and other	(22.0)		—		—		(3.5)		(2.5)		(28.0)
Net book value, December 31, 2023	$	1,421.8	$	9.5	$	0.4	$	25.5	$	48.3	$	1,505.5

Amortization Expense Related to Intangible Assets

As of March 31, 2024, intangible asset amortization expense is expected to be incurred for the periods presented as follows (in millions):


Remainder of 2024	$	8.5
2025	11.4
2026	11.4
2027	11.1
2028	10.1
Thereafter	18.4
Total	$	70.9

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Financing Arrangements (Tables)

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our credit facilities and long-term debt obligations are summarized as follows (in millions, except interest rates):


			March 31,		December 31,
	Maturity Date	Interest Rate	2024		2023
Short-Term Credit Facilities
2023 U.S. ABL Credit Facility	March 16, 2028	5.33%	$	25.8	$	26.3
2022 Japan ABL Credit Facility	January 25, 2025	0.85%	26.4		28.4
Total Principal Amount			$	52.2	$	54.7
Unamortized Debt Issuance Costs			$	4.2	$	4.5

	Balance Sheet Location
Total Principal Amount	Asset-based credit facilities		$	52.2	$	54.7

Unamortized Debt Issuance Costs - ST	Prepaid expenses		$	1.1	$	1.1
Unamortized Debt Issuance Costs - LT	Other long-term assets		3.1		3.4
Total Unamortized Debt Issuance Costs			$	4.2	$	4.5

			March 31,		December 31,
	Maturity Date	Interest Rate	2024		2023
Long-Term Debt and Credit Facilities
2023 Term Loan B	March 16, 2030	8.33%	$	1,237.5	$	1,240.6
Convertible Notes	May 1, 2026	2.75%	258.3		258.3
Equipment Notes	August 27, 2024 - December 21, 2027	2.36% - 5.93%	17.1		19.2
Mortgage Loans	July 1, 2033 - July 29, 2036	9.75% - 11.31%	45.2		45.4
Financed Tenant Improvements	February 1, 2035	8.00%	3.2		3.3
Total Principal Amount			$	1,561.3	$	1,566.8
Less: Unamortized Debt Issuance Costs			25.7		31.5
Total Debt, net of Unamortized Debt Issuance Costs			$	1,535.6	$	1,535.3

	Balance Sheet Location
Long-Term Debt - Current	Other current liabilities		$	16.4	$	17.1
Long-Term Debt - Non-current	Long-term debt		1,519.2		1,518.2
Total Debt, net of Unamortized Debt Issuance Costs			$	1,535.6	$	1,535.3

Schedule of Interest Expense, Debt


	Three Months Ended March 31,
		2024		2023
Short-Term Credit Facilities
2023 U.S. ABL Credit Facility		$	0.6	$	3.7
2022 Japan ABL Credit Facility		0.1		0.1
Total		$	0.7	$	3.8

Long-Term Debt and Credit Facilities
2023 Term Loan B		$	28.5	$	4.7
Convertible Notes		1.8		1.8
Equipment Notes		0.2		0.2
Financed Tenant Improvements		0.1		—
Mortgage Loans		1.2		1.2
Term Loan B		—		8.6
Topgolf Term Loan		—		7.8
Topgolf Revolving Credit Facility		—		2.7
Total		$	31.8	$	27.0

Summary of Borrowings, Availability, Interest Rate and Liquidity for Short-term Credit Facilities


(in millions, except interest rates)	March 31, 2024
2023 U.S. ABL Credit Facility
Average borrowings	$	25.9
Average availability	$	396.2
Weighted average interest rate	5.69		%

2022 Japan ABL Credit Facility
Total facility	$	39.6
Net availability	$	13.2

Consolidated Available Liquidity	$	719.7

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, 2024.


	(in millions)
Remainder of 2024	$	15.4
2025	18.6
2026	276.4
2027	15.5
2028	13.7
Thereafter	1,221.7
Total aggregate amount of maturities	$	1,561.3
Less: Unamortized debt issuance costs	25.7
Total aggregate amount of maturities, net of unamortized debt issuance costs	$	1,535.6

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 (in millions):


	Derivative Instruments		Foreign Currency Translation		Total

Accumulated other comprehensive loss, December 31, 2023, after tax	$	6.1	$	(53.6)	$	(47.5)
Change in derivative instruments	14.0		—		14.0
Net gains reclassified to cost of products	(1.3)		—		(1.3)

Net gains reclassified to interest expense	(2.7)		—		(2.7)
Income tax impact on derivative instruments	(0.4)		—		(0.4)
Foreign currency translation adjustments	—		(14.2)		(14.2)
Accumulated other comprehensive loss, March 31, 2024, after tax	$	15.7	$	(67.8)	$	(52.1)

Selected Financial Data

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023






Inventories:
Finished goods		$	547.6	$	623.1
Work in process		1.1		1.4
Raw materials		147.9		163.7
Food and beverage		6.3		6.2
		$	702.9	$	794.4

		March 31, 2024		December 31, 2023
Other current assets:
Credit card receivables		$	43.1	$	76.9
Sales return reserve cost recovery asset		35.4		25.7
VAT/Sales tax receivable		8.6		6.6
Leasing receivables		27.7		26.9
Hedging contract receivables		18.2		5.4
Other		42.0		41.6
		$	175.0	$	183.1

	Estimated Useful Life	March 31, 2024		December 31, 2023
Property, plant and equipment, net:
Land		$	189.9	$	185.2
Buildings and leasehold improvements	3 - 40 years	1,624.2		1,603.9
Machinery and equipment	2 - 10 years	292.9		289.8
Furniture, computer hardware and equipment	3 - 5 years	385.2		380.0
Internal-use software	3 - 5 years	137.5		136.2
Production molds	2 - 5 years	10.3		10.0
Construction-in-process		240.8		210.3
		2,880.8		2,815.4
Less: Accumulated depreciation		713.2		658.9
		$	2,167.6	$	2,156.5

For the three months ended March 31, 2024 and 2023, we recorded total depreciation expense of $62.4 million and $51.9 million, respectively, in our condensed consolidated statements of operations.


(in millions)	March 31, 2024		December 31, 2023
Accounts payable and accrued expenses:
Accounts payable	$	133.2	$	130.7
Accrued expenses	186.9		202.1
Accrued inventory	90.4		147.7
	$	410.5	$	480.5

Financing Arrangements - 2023 Term Loan (Details)		3 Months Ended
Financing Arrangements - 2023 Term Loan (Details)	Mar. 19, 2024	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Debt issuance costs, net		$ 25,700,000		$ 31,500,000
Loss on debt extinguishment		4,700,000	$ 10,500,000
2023 Term Loan B \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount			1,250,000,000
Debt issuance costs, net			12,500,000
Loss on debt extinguishment		4,700,000	10,500,000
Fee amount		900,000	2,300,000
Debt issuance costs, gross		200,000	$ 11,000,000
Unamortized debt issuance costs		$ 1,100,000
2023 Term Loan B \| Secured Debt \| SOFR
Line of Credit Facility [Line Items]
Debt instrument, interest rate, floor	0
2023 Term Loan B \| Secured Debt \| Applicable Margin \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.75%
2023 Term Loan B \| Secured Debt \| Applicable Margin \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	3.00%
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, interest rate, floor	0.01
Debt instrument, basis spread on variable rate	1.00%
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 \| Applicable Margin Prime Rate \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	1.75%
2023 Term Loan B \| Secured Debt \| Applicable Margin Prime Rate \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate	2.00%

Investments (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Full Swing Golf Holdings, Inc.
Schedule of Equity Method Investments [Line Items]
Equity securities, noncurrent	$ 9.3	$ 9.3
Five Iron Golf
Schedule of Equity Method Investments [Line Items]
Equity securities, noncurrent	$ 32.4	$ 32.4
Topgolf International, Inc \| Full Swing Golf Holdings, Inc.
Schedule of Equity Method Investments [Line Items]
Equity ownership, percentage	20.00%
Callaway Golf Co. \| Five Iron Golf
Schedule of Equity Method Investments [Line Items]
Equity ownership, percentage	20.00%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net revenues:
Total net revenues	$ 1,144.2	$ 1,167.4
Costs and expenses:
Other venue expense	323.4	305.5
Selling, general and administrative expense	273.0	268.5
Research and development expense	23.2	22.8
Venue pre-opening costs	3.2	3.7
Total costs and expenses	1,077.3	1,086.9
Income from operations	66.9	80.5
Interest expense, net	(58.8)	(49.6)
Other income (expense), net	3.4	(10.1)
Income before income taxes	11.5	20.8
Income tax provision (benefit)	5.0	(4.2)
Net income	$ 6.5	$ 25.0
Earnings per common share:
Basic (in dollars per share)	$ 0.04	$ 0.13
Diluted (in dollars per share)	$ 0.04	$ 0.13
Weighted-average common shares outstanding:
Basic (in shares)	183.7	185.2
Diluted (in shares)	184.4	201.5
Products
Net revenues:
Total net revenues	$ 726.1	$ 767.6
Costs and expenses:
Cost of products	412.9	442.0
Services
Net revenues:
Total net revenues	418.1	399.8
Costs and expenses:
Cost of services, excluding depreciation and amortization	$ 41.6	$ 44.4

Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

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,
		2024		2023
Net revenues:
Topgolf		$	422.8	$	403.5
Golf Equipment		449.9		443.7
Active Lifestyle		271.5		320.2
Total net revenues		$	1,144.2	$	1,167.4

Segment operating income:
Topgolf		$	2.9	$	2.8
Golf Equipment		82.1		81.6
Active Lifestyle		24.7		37.3
Total segment operating income		109.7		121.7
Reconciling items(1)		(42.8)		(41.2)
Total operating income		66.9		80.5
Interest expense, net		(58.8)		(49.6)
Other income, net		3.4		(10.1)
Total income before income taxes		$	11.5	$	20.8

Additions to property, plant, and equipment:
Topgolf		$	64.1	$	133.2
Golf Equipment		1.4		3.4
Active Lifestyle		3.7		3.4
Corporate		5.8		14.5
Total additions to long-lived assets		$	75.0	$	154.5


(1) Reconciling items include corporate general and administrative expenses not utilized by management in determining segment profitability, including the amortization and depreciation of acquired intangible assets, purchase accounting adjustments related to acquisitions and other non-recurring costs associated with our debt modifications, integration of new IT systems stemming from acquisitions, and cybersecurity costs.

Leases - Sales-Type Leases, Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Leases [Abstract]
Sales-type lease selling price	$ 7.5	$ 8.2
Cost of underlying assets	(2.0)	(3.4)
Operating profit	5.5	4.8
Interest income	1.7	1.3
Total revenue attributable to sales-type leases	$ 9.2	$ 9.5

Earnings Per Common Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Common Share

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


	Three Months Ended March 31,
		2024		2023
Earnings per common share—basic
Net income		$	6.5	$	25.0
Weighted-average common shares outstanding—basic		183.7		185.2
Earnings per common share—basic		$	0.04	$	0.13

Earnings per common share—diluted
Net income		$	6.5	$	25.0
Interest expense attributable to convertible notes		—		1.6
Net income attributable to earnings per common share—diluted		$	6.5	$	26.6

Weighted-average common shares outstanding—basic		183.7		185.2
Convertible Notes weighted-average common shares outstanding		—		14.7
Outstanding options, restricted stock units and performance share units		0.7		1.6
Weighted-average common shares outstanding—diluted		184.4		201.5
Earnings per common share—diluted		$	0.04	$	0.13

Anti-Dilutive Options and Restricted Stock Units

For the three months ended March 31, 2024, approximately 17.1 million securities outstanding, comprised of shares subject to conversion from the Convertible Notes, stock options and restricted stock units, were excluded from the calculation of diluted earnings per common share as they would be anti-dilutive. For the three months ended March 31, 2023, approximately 1.2 million securities outstanding, comprised of stock options and restricted stock units, were excluded from the calculation of diluted earnings per common share as they would be anti-dilutive.

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

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,
		2024		2023
			Shares Granted	Weighted-average grant date fair value per share		Shares Granted	Weighted-average grant date fair value per share

Restricted stock units			1.0	$	13.30	0.6	$	23.46

Performance based restricted share unit awards(1)			1.0	$	19.01	0.6	$	36.58
Total			2.0			1.2

(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

Share-based compensation expense by award-type, net of estimated forfeitures, recognized in the condensed consolidated statement of operations for the periods presented was (in millions):


	Three Months Ended March 31,
		2024		2023
Stock options		$	—	$	0.1
Restricted stock units		4.8		4.6
Restricted stock awards		—		0.2
Performance based restricted share unit awards		8.3		7.5
Cash-settled restricted stock		1.1		—
Share-based compensation expense, before tax		14.2		12.4
Income tax benefit		(3.4)		(3.0)
Share-based compensation expense, after tax		$	10.8	$	9.4

Share-based compensation, net of estimated forfeitures, recognized in the condensed consolidated statement of operations for the periods presented was (in millions):


	Three Months Ended March 31,
		2024		2023
Cost of products		$	0.5	$	0.4
Selling, general and administrative expense		12.4		10.8
Research and development expense		0.5		0.5
Other venue expense		0.8		0.7
Share-based compensation expense, before tax		14.2		12.4
Income tax benefit		(3.4)		(3.0)
Share-based compensation expense, after tax		$	10.8	$	9.4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Statement of Cash Flows [Abstract]
Restricted cash, current	$ 0.7	$ 0.5
Restricted cash, noncurrent	$ 4.7	$ 4.2

Revenue Recognition - Summary of Royalty Income by Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total net revenues	$ 1,144.2	$ 1,167.4
Topgolf
Segment Reporting Information [Line Items]
Total net revenues	422.8	403.5
Active Lifestyle
Segment Reporting Information [Line Items]
Total net revenues	271.5	320.2
Royalties
Segment Reporting Information [Line Items]
Total net revenues	18.8	18.8
Royalties \| Topgolf
Segment Reporting Information [Line Items]
Total net revenues	12.7	12.1
Royalties \| Active Lifestyle
Segment Reporting Information [Line Items]
Total net revenues	$ 6.1	$ 6.7

- 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
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2024

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, money market funds, accounts receivable, accounts payable and accrued expenses and certain other short-term liabilities approximate fair value due to their high liquidity and short-term nature, and are therefore categorized within Level 1 of the fair value hierarchy. Our money market funds accrue dividends, which are reinvested in the funds, and are reflected in the carrying values of the funds. As of March 31, 2024 and December 31, 2023, the carrying value of our money market funds was $59.9 million and $196.5 million, respectively, which is included in cash and cash equivalents on our condensed consolidated balance sheets.

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

The following table summarizes the valuation of our foreign currency forward contracts and interest rate hedge agreements (see Note 15) that are measured at fair value on a recurring basis, and are classified within Level 2 of the fair value hierarchy as of the periods presented (in millions):


	Fair Value		Level 2
March 31, 2024
Foreign currency forward contracts—asset position	$	11.9	$	11.9
Foreign currency forward contracts—liability position	(0.5)		(0.5)
Interest rate hedge agreements—asset position	9.9		9.9

	$	21.3	$	21.3
December 31, 2023
Foreign currency forward contracts—asset position	$	0.2	$	0.2
Foreign currency forward contracts—liability position	(4.5)		(4.5)
Interest rate hedge agreements—asset position	5.2		5.2
Interest rate hedge agreements—liability position	(2.6)		(2.6)
	$	(1.7)	$	(1.7)

There were no transfers of financial instruments between the levels of the fair value hierarchy during the three months ended March 31, 2024 and 2023.

Disclosures about the Fair Value of Financial Instruments

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


		March 31, 2024				December 31, 2023
	Measurement Level	Carrying Value		Fair Value		Carrying Value		Fair Value

2023 U.S. ABL Credit Facility	Level 2	$	25.8	$	25.8	$	26.3	$	26.3
2022 Japan ABL Credit Facility	Level 2	$	26.4	$	26.4	$	28.4	$	28.4
2023 Term Loan B	Level 2	$	1,237.5	$	1,245.2	$	1,240.6	$	1,242.2
Convertible Notes	Level 2	$	258.3	$	296.3	$	258.3	$	277.0
Equipment Notes	Level 2	$	17.1	$	15.4	$	19.2	$	17.0
Mortgage Loans	Level 2	$	45.2	$	57.1	$	45.4	$	54.8

Non-recurring Fair Value Measurements

We measure certain long-lived assets, goodwill, non-amortizing intangible assets and investments at fair value on a non-recurring basis, at least annually or more frequently if impairment indicators are present. We did not recognize any impairments on these assets during the three months ended March 31, 2024 and 2023.

- 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

Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

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


	Three Months Ended March 31,
		2024		2023
Topgolf:
Venues		$	405.7	$	386.7
Other business lines		17.1		16.8
Total Topgolf		422.8		403.5

Golf Equipment:
Golf clubs		$	345.9	$	350.8
Golf balls		104.0		92.9
Total Golf Equipment		449.9		443.7

Active Lifestyle:
Apparel		$	159.6	$	176.1
Gear, accessories & other		111.9		144.1
Total Active Lifestyle		271.5		320.2

Total Consolidated		$	1,144.2	$	1,167.4

The following table summarizes our revenue by major geographic region for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Revenue by Major Geographic Region:
United States		$	829.0	$	811.1
Europe		141.4		153.6
Asia		127.6		160.2
Rest of world		46.2		42.5
Total Consolidated		$	1,144.2	$	1,167.4

The following table summarizes these revenues by operating segment for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Topgolf		$	12.7	$	12.1
Active Lifestyle		6.1		6.7
Total		$	18.8	$	18.8

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,
		2024		2023
Beginning Balance		$	110.9	$	94.9
Deferral of revenue		146.0		157.8
Revenue recognized		(138.7)		(142.8)
Breakage		(11.4)		(7.0)
Foreign currency translation and other		(0.1)		(0.1)
Ending Balance		$	106.7	$	102.8

The following table summarizes the amount of the deferred revenue recognized during the periods presented which were included in the deferred revenue balances as of the end of the prior year reporting period (in millions):


	Three Months Ended March 31,
	2024		2023
Deferred revenue recognized from prior year ending balance	$	33.4	$	29.5

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,
		2024		2023
Beginning Balance		$	16.5	$	20.8
Additions		16.4		15.5
Credits issued		(10.0)		(10.7)
Foreign currency translation and other		(0.3)		(0.1)
Ending Balance		$	22.6	$	25.5

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,
		2024		2023
Beginning Balance		$	55.9	$	55.4
Provision		65.6		58.9
Sales returns		(42.6)		(41.6)
Ending Balance		$	78.9	$	72.7

Financing Arrangements - Aggregate Amount of Maturities for Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Remainder of 2024	$ 15.4
2025	18.6
2026	276.4
2027	15.5
2028	13.7
Thereafter	1,221.7
Total aggregate amount of maturities	1,561.3	$ 1,566.8
Less: Unamortized debt issuance costs	25.7	31.5
Total aggregate amount of maturities, net of unamortized debt issuance costs	$ 1,535.6	$ 1,535.3

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Money market funds	$ 59.9	$ 196.5
Impairment loss	$ 0.0

Commitments & Contingencies

3 Months Ended

Mar. 31, 2024

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 condensed consolidated results of operations, cash flows or financial position. While 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, we do not believe that the matters currently pending against us will have a material adverse effect on our business, condensed consolidated results of operations, cash flows or financial position.

Commitments

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, intellectual property licensing agreements pursuant to which we are required to pay royalty fees, and signed retail store lease agreements of which we have not taken possession as of quarter-end. The amounts listed below approximate the minimum future commitments 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, 2024, 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 2024	$	87.2
2025	49.8
2026	32.6
2027	21.1
2028	9.7
Thereafter	23.6
Total	$	224.0

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 condensed consolidated financial statements. Except as otherwise included under the heading “Commitments” above and in Note 5 to these condensed consolidated financial statements, the fair value of indemnities, commitments and guarantees that we issued during the three months ended, and as of, March 31, 2024, were not material to our financial position, results of operations, or cash flows.

The Company and Basis of Presentation	3 Months Ended
The Company and Basis of Presentation	Mar. 31, 2024
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,” the “Company,” 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 Company-operated and franchised Topgolf venues, Toptracer ball-flight tracking technology (“Toptracer”), and WGT digital golf game; Golf Equipment, which includes the operations of our golf clubs and golf balls business under the Callaway Golf and Odyssey 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 We have prepared the accompanying condensed consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America (“GAAP”). 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 which are prepared in accordance with GAAP. In the opinion of management, these condensed consolidated financial statements include all 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, 2023, which was filed with the SEC on February 29, 2024. Interim operating results are not indicative of operating results that may be expected for the year ending December 31, 2024, 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.

Fair Value of Financial Instruments - Valuation of Foreign Currency Exchange Contracts by Pricing Levels (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position	$ 18.2	$ 5.4
Fair Value, Recurring
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative fair value, net	21.3	(1.7)
Fair Value, Recurring \| Foreign currency forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position	11.9	0.2
Derivative liability position	(0.5)	(4.5)
Fair Value, Recurring \| Interest rate swap contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position	9.9	5.2
Derivative liability position		(2.6)
Fair Value, Recurring \| Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative fair value, net	21.3	(1.7)
Fair Value, Recurring \| Level 2 \| Foreign currency forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position	11.9	0.2
Derivative liability position	(0.5)	(4.5)
Fair Value, Recurring \| Level 2 \| Interest rate swap contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position	$ 9.9	5.2
Derivative liability position		$ (2.6)

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, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	$ 21.8	$ 5.4
Fair Value of Liability Derivatives	0.5	7.1
Not Designated as Hedging Instrument \| Foreign currency forward contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	7.1	0.2
Not Designated as Hedging Instrument \| Foreign currency forward contracts \| Accounts payable and accrued expenses
Derivatives, Fair Value [Line Items]
Fair Value of Liability Derivatives	0.5	4.5
Cash Flow Hedging \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	14.7	5.2
Fair Value of Liability Derivatives	0.0	2.6
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency forward contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	4.8	0.0
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	6.3	5.2
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contracts \| Other assets
Derivatives, Fair Value [Line Items]
Fair Value of Asset Derivatives	3.6	0.0
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contracts \| Other long-term liabilities
Derivatives, Fair Value [Line Items]
Fair Value of Liability Derivatives	$ 0.0	$ 2.6

Segment Information - Information Utilized by Management to Evaluate its Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 1,144.2	$ 1,167.4
Income from operations	66.9	80.5
Interest expense, net	(58.8)	(49.6)
Other income (expense), net	3.4	(10.1)
Total income before income taxes	11.5	20.8
Additions to property, plant and equipment	75.0	154.5
Operating segments
Segment Reporting Information [Line Items]
Income before income taxes	109.7	121.7
Corporate and Reconciling Items
Segment Reporting Information [Line Items]
Income before income taxes	(42.8)	(41.2)
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Additions to property, plant and equipment	5.8	14.5
Topgolf
Segment Reporting Information [Line Items]
Net sales	422.8	403.5
Topgolf \| Operating segments
Segment Reporting Information [Line Items]
Income before income taxes	2.9	2.8
Additions to property, plant and equipment	64.1	133.2
Golf Equipment
Segment Reporting Information [Line Items]
Net sales	449.9	443.7
Golf Equipment \| Operating segments
Segment Reporting Information [Line Items]
Income before income taxes	82.1	81.6
Additions to property, plant and equipment	1.4	3.4
Active Lifestyle
Segment Reporting Information [Line Items]
Net sales	271.5	320.2
Active Lifestyle \| Operating segments
Segment Reporting Information [Line Items]
Income before income taxes	24.7	37.3
Additions to property, plant and equipment	$ 3.7	$ 3.4

Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2024

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, 2023	$	1,368.0	$	530.7	$	90.0		$	1,988.7
Acquisitions	4.3		—		—			4.3
Foreign currency translation and other	—		(0.2)		(0.1)			(0.3)
Balance at March 31, 2024	$	1,372.3	$	530.5	$	89.9		$	1,992.7

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

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


	Indefinite-lived:				Amortizing:
	Trade names and Trademarks		Liquor Licenses		Patents		Customer/ Distributor Relationships and Other		Developed Technology		Total

Useful Life (Years)	NA		NA		2-16		1-10		10

Gross as of December 31, 2023	$	1,443.8	$	9.5	$	32.3	$	72.1	$	69.7	$	1,627.4
Acquisitions	3.1		0.2		0.1		0.5		—		3.9
Gross as of March 31, 2024	$	1,446.9	$	9.7	$	32.4	$	72.6	$	69.7	$	1,631.3
Accumulated amortization	—		—		(32.0)		(44.3)		(20.6)		(96.9)
Foreign currency and other	(26.7)		—		—		(3.9)		(3.0)		(33.6)
Net book value, March 31, 2024	$	1,420.2	$	9.7	$	0.4	$	24.4	$	46.1	$	1,500.8

Gross as of December 31, 2022	$	1,441.0	$	8.9	$	32.2	$	67.4	$	69.7	$	1,619.2
Acquisitions	2.8		0.6		0.1		4.7		—		8.2
Gross as of December 31, 2023	$	1,443.8	$	9.5	$	32.3	$	72.1	$	69.7	$	1,627.4
Accumulated amortization	—		—		(31.9)		(43.1)		(18.9)		(93.9)
Foreign currency and other	(22.0)		—		—		(3.5)		(2.5)		(28.0)
Net book value, December 31, 2023	$	1,421.8	$	9.5	$	0.4	$	25.5	$	48.3	$	1,505.5

For the three months ended March 31, 2024 and 2023, we recognized amortization expense related to acquired intangible assets of $3.0 million and $4.2 million, respectively, which is included in selling, general and administrative expenses in the condensed consolidated statements of operations.

As of March 31, 2024, intangible asset amortization expense is expected to be incurred for the periods presented as follows (in millions):


Remainder of 2024	$	8.5
2025	11.4
2026	11.4
2027	11.1
2028	10.1
Thereafter	18.4
Total	$	70.9

Derivatives and Hedging

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging

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 in the local currencies in the various international regions in which we do business. 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 the periods presented below (in millions):


	Balance Sheet Location	Fair Value of Asset Derivatives
		March 31, 2024		December 31, 2023
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Other current assets	$	4.8	$	—
Interest rate swap contract	Other current assets	6.3		5.2
Interest rate swap contract	Other assets	3.6		—
Total		$	14.7	$	5.2

Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	7.1		0.2



Total asset position		$	21.8	$	5.4


	Balance Sheet Location	Fair Value of Liability Derivatives
		March 31, 2024		December 31, 2023
Derivatives designated as cash flow hedging instruments:

Interest rate swap contracts	Other long-term liabilities	$	—	$	2.6

		$	—	$	2.6
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	0.5		4.5




Total liability position		$	0.5	$	7.1

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, 2024 and consolidated balance sheets as of December 31, 2023.

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, 2024, the notional amounts of our foreign currency forward contracts designated as cash flow hedge instruments was $108.2 million. As of December 31, 2023, there were no notional amounts on our foreign currency contracts designated as cash flow hedging instruments.

Interest Rate Swap Contract

We use interest rate swaps designated as a cash flow hedge to mitigate the risk of changes in interest rates associated with our variable-rate long-term debt. As part of our debt modification in March 2023, we entered into a termination agreement to unwind an existing interest rate swap. As a result of the termination, we received proceeds of $5.6 million, of which $2.5 million and $3.2 million were included in accumulated other comprehensive loss as of March 31, 2024 and December 31, 2023, respectively, and will be amortized into interest expense over the remaining term of the contract.

In April 2023, we entered into interest rate swaps designated as cash flow hedges in order to mitigate the risk of interest rate fluctuations associated with our 2023 Term Loan B as well as any of our other variable-rate debt. Over the life of the 2023 Term Loan B, we will receive variable interest payments from the counterparty lenders in exchange for our fixed interest rate payments which are made at a weighted average rate of 3.36% across our interest rate swap contracts, without exchange of the underlying notional amount, which was $400.0 million as of March 31, 2024 and December 31, 2023.

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 periods presented (in millions):


		Gain Recognized in Other Comprehensive Income
	Three Months Ended March 31,
Derivatives designated as cash flow hedging instruments		2024		2023
Foreign currency forward contracts		$	4.8	$	2.4
Interest rate swap contracts		9.2		(0.9)
		$	14.0	$	1.5


			Gain Reclassified from Other Comprehensive Income into Earnings
		Three Months Ended March 31,
Derivatives designated as cash flow hedging instruments	Statement of Operations Location		2024		2023
Foreign currency forward contracts	Cost of Products		$	1.3	$	1.3
Interest rate swap contracts	Interest Expense		2.7		0.9
			$	4.0	$	2.2

For the three months ended March 31, 2024, $0.9 million of net gains related to the amortization of forward points were released 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 release net gains of $3.9 million related to our foreign currency forward contracts from accumulated other comprehensive income into earnings over the course of the next 12 months.

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, 2024 and December 31, 2023, the notional amounts of our foreign currency forward contracts used to mitigate the exposures discussed above were approximately $463.5 million and $209.4 million, respectively.

The following table summarizes the location of net gains for each type of our derivative contracts recognized in the condensed consolidated statements of operations for the periods presented (in millions):


	Location of Net Gain Recognized in Income on Derivative Instruments		Net Gain Recognized in Income on Derivative Instruments
Derivatives not designated as hedging instruments		Three Months Ended March 31,
			2024		2023
Foreign currency forward contracts	Other income, net		$	17.6	$	2.9

During the three months ended March 31, 2024 and 2023, we recognized net foreign currency transaction losses of $11.4 million and $2.5 million, respectively, in other income (expense), net.

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Assets
Operating lease ROU assets, net	$ 1,402.8	$ 1,410.1
Current
Operating lease liabilities, short-term	86.7	86.4
Non-current
Operating lease liabilities, long-term	1,430.7	1,433.4
Financing Leases
Assets
Financing lease ROU assets, net	$ 255.1	$ 257.4
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Other assets, net	Other assets, net
Current
Financing lease liabilities, short-term	$ 1.6	$ 1.4
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Non-current
Financing lease liabilities, long-term	$ 288.9	$ 287.9
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities
DLF Obligations
Assets
Financing lease ROU assets, net	$ 927.2	$ 917.3
Finance Lease, Liability, Statement of Financial Position [Extensible List]	Property, plant and equipment, net	Property, plant and equipment, net
Current
Financing lease liabilities, short-term	$ 0.1	$ 0.1
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Non-current
Financing lease liabilities, long-term	$ 1,013.7	$ 980.0
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Deemed landlord financing obligations	Deemed landlord financing obligations

Financing Arrangements - Convertible Notes (Details) - Convertible Notes - Senior Notes		1 Months Ended
	May 04, 2020	Jul. 31, 2022	Mar. 31, 2024 $ / shares
Debt Instrument [Line Items]
Debt instrument, convertible, conversion ratio	0.0568	0.0568
Debt instrument, convertible, conversion price (in dollars per share)			$ 17.62

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income tax provision (benefit)	$ 5.0	$ (4.2)
Effective tax rate	43.30%	(20.00%)
Liability for income taxes associated with uncertain tax positions	$ 29.4
Net amount of unrecognized tax benefit related to uncertain tax positions that would impact, if recognized, effective income tax rate	$ 16.8

- Definition

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

+ References + Details

Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

We primarily recognize revenue from the sale of our products and the operation of our Topgolf venues. The following table presents our revenue disaggregated by operating and reportable segment and major category for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Topgolf:
Venues		$	405.7	$	386.7
Other business lines		17.1		16.8
Total Topgolf		422.8		403.5

Golf Equipment:
Golf clubs		$	345.9	$	350.8
Golf balls		104.0		92.9
Total Golf Equipment		449.9		443.7

Active Lifestyle:
Apparel		$	159.6	$	176.1
Gear, accessories & other		111.9		144.1
Total Active Lifestyle		271.5		320.2

Total Consolidated		$	1,144.2	$	1,167.4

Venues sales at our Topgolf operating segment include the sale of merchandise and franchise equipment. During the three months ended March 31, 2024 and 2023, venue merchandise and franchise equipment sales, which are included in product sales on our condensed consolidated statement of operations, were $4.7 million and $3.7 million, respectively.

Product and Service Revenue

We sell our Golf Equipment products and Active Lifestyle products in the United States and internationally. Revenue for our Topgolf operating segment is predominately in the United States due to significantly more domestic venues than international venues. Revenue related to other business lines at Topgolf is primarily in the United States, in addition to certain regions within Europe and Asia.

The following table summarizes our revenue by major geographic region for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Revenue by Major Geographic Region:
United States		$	829.0	$	811.1
Europe		141.4		153.6
Asia		127.6		160.2
Rest of world		46.2		42.5
Total Consolidated		$	1,144.2	$	1,167.4

Licensing, Royalty and Other Revenue

We have licensing and royalty income on non-cancelable sales-type leases and operating lease agreements for Toptracer installations and Swing Suite licensing agreements at our Topgolf operating segment (see Note 5), in addition to income from licensing agreements for apparel and soft good products in our Active Lifestyle operating segment. The following table summarizes these revenues by operating segment for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Topgolf		$	12.7	$	12.1
Active Lifestyle		6.1		6.7
Total		$	18.8	$	18.8

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, memberships and partnerships at Topgolf, loyalty points, virtual currency and game credits related to digital golf games, as well as upfront territory fees and upfront franchise fees received from international franchise partners.

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,
		2024		2023
Beginning Balance		$	110.9	$	94.9
Deferral of revenue		146.0		157.8
Revenue recognized		(138.7)		(142.8)
Breakage		(11.4)		(7.0)
Foreign currency translation and other		(0.1)		(0.1)
Ending Balance		$	106.7	$	102.8

At both March 31, 2024 and December 31, 2023, our long-term deferred revenue balance was $3.7 million.


	Three Months Ended March 31,
	2024		2023
Deferred revenue recognized from prior year ending balance	$	33.4	$	29.5

Variable Consideration

We recognize revenue based on the amount of consideration we expect to receive from customers for the sale of our products and services adjusted for estimates of variable consideration related to 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,
		2024		2023
Beginning Balance		$	16.5	$	20.8
Additions		16.4		15.5
Credits issued		(10.0)		(10.7)
Foreign currency translation and other		(0.3)		(0.1)
Ending Balance		$	22.6	$	25.5

Our provision for the sales return liability fluctuates with the seasonality of the business. Actual sales returns are 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,
		2024		2023
Beginning Balance		$	55.9	$	55.4
Provision		65.6		58.9
Sales returns		(42.6)		(41.6)
Ending Balance		$	78.9	$	72.7

As of March 31, 2024 and December 31, 2023, the cost recovery of inventory associated with the sales return liability was $35.4 million and $25.7 million, respectively, and is included in other current assets on our condensed consolidated balance sheet.

- 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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Business Combinations - Summary of Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	4 Months Ended
	Feb. 27, 2024	Mar. 31, 2024	Dec. 31, 2023
Assets Acquired
Goodwill		$ 1,992.7	$ 1,988.7
BigShots
Assets Acquired
Other current assets	$ 0.9
Property and equipment	36.2
Intangibles—trade name	5.9
Intangibles—other	2.5
Goodwill	8.7
Total assets acquired	54.2
Liabilities Assumed
Accounts payable and accrued liabilities	0.4
Other long-term liabilities	0.7
Net assets acquired	53.1
Total purchase price consideration	$ 53.1

Leases - Narrative (Details) $ in Millions	3 Months Ended
Leases - Narrative (Details) $ in Millions	Mar. 31, 2024 USD ($) lease	Dec. 31, 2023 USD ($)
Leases [Abstract]
Lessee, operating lease, lease not yet commenced, undiscounted amount	$ 126.0
Lessee, operating lease, lease not yet commenced, construction costs	165.0
Construction advances	$ 61.8	$ 59.3
Lessee, operating lease, lease not yet commenced, term of contract	20 years
Lessee, operating lease, lease not yet commenced, renewal term	20 years
Rent abatement	$ 396.7
Lessee, operating lease, number of leases not yet commenced \| lease	4

Financing Arrangements - Capped Call (Details) - Convertible Notes	Mar. 31, 2024 $ / shares
Debt Instrument [Line Items]
Debt instrument, capped call transaction cap price (in dollars per share)	$ 26.93
Senior Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price (in dollars per share)	$ 17.62

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Share-Based Compensation - Amounts Recognized for Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before tax	$ 14.2	$ 12.4
Income tax benefit	(3.4)	(3.0)
Share-based compensation expense, after tax	10.8	9.4
Cost of products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before tax	0.5	0.4
Selling, general and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before tax	12.4	10.8
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before tax	0.5	0.5
Other venue expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before tax	$ 0.8	$ 0.7

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Valuation of Foreign Currency Exchange Contracts by Pricing Levels


	Fair Value		Level 2
March 31, 2024
Foreign currency forward contracts—asset position	$	11.9	$	11.9
Foreign currency forward contracts—liability position	(0.5)		(0.5)
Interest rate hedge agreements—asset position	9.9		9.9

	$	21.3	$	21.3
December 31, 2023
Foreign currency forward contracts—asset position	$	0.2	$	0.2
Foreign currency forward contracts—liability position	(4.5)		(4.5)
Interest rate hedge agreements—asset position	5.2		5.2
Interest rate hedge agreements—liability position	(2.6)		(2.6)
	$	(1.7)	$	(1.7)

Fair Value Relating to Financial Assets and Liabilities


		March 31, 2024				December 31, 2023
	Measurement Level	Carrying Value		Fair Value		Carrying Value		Fair Value

2023 U.S. ABL Credit Facility	Level 2	$	25.8	$	25.8	$	26.3	$	26.3
2022 Japan ABL Credit Facility	Level 2	$	26.4	$	26.4	$	28.4	$	28.4
2023 Term Loan B	Level 2	$	1,237.5	$	1,245.2	$	1,240.6	$	1,242.2
Convertible Notes	Level 2	$	258.3	$	296.3	$	258.3	$	277.0
Equipment Notes	Level 2	$	17.1	$	15.4	$	19.2	$	17.0
Mortgage Loans	Level 2	$	45.2	$	57.1	$	45.4	$	54.8

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Deferred Revenue Arrangement [Line Items]
Total net revenues	$ 1,144.2	$ 1,167.4
Contract with customer, liability, noncurrent	3.7		$ 3.7
Sales return reserve cost recovery asset	35.4		$ 25.7
Topgolf
Deferred Revenue Arrangement [Line Items]
Total net revenues	422.8	403.5
Products
Deferred Revenue Arrangement [Line Items]
Total net revenues	726.1	767.6
Products \| Topgolf
Deferred Revenue Arrangement [Line Items]
Total net revenues	$ 4.7	$ 3.7

- Definition

+ References

+ Details

Business Combinations (Tables)

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary aggregated fair values of the assets acquired and liabilities assumed for each of the transactions as of their respective acquisition dates based on the purchase price allocation (in millions):


	Amounts recognized as of the Acquisition Dates
Assets Acquired


Other current assets	$	0.9
Property and equipment	36.2
Intangibles—trade name	5.9
Intangibles—other	2.5
Goodwill	8.7
Total assets acquired	54.2
Liabilities Assumed
Accounts payable and accrued liabilities	0.4
Other long-term liabilities	0.7
Net assets acquired	$	53.1
Total purchase price consideration	$	53.1

Derivatives and Hedging - Foreign Currency Forward Contracts Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative [Line Items]
Maximum maturity for foreign currency derivatives	12 months
Foreign currency transaction losses	$ 11.4	$ 2.5
Foreign currency forward contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 463.5		$ 209.4

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2024

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

Accumulated Other Comprehensive Income (Loss)


	Derivative Instruments		Foreign Currency Translation		Total

Accumulated other comprehensive loss, December 31, 2023, after tax	$	6.1	$	(53.6)	$	(47.5)
Change in derivative instruments	14.0		—		14.0
Net gains reclassified to cost of products	(1.3)		—		(1.3)

Net gains reclassified to interest expense	(2.7)		—		(2.7)
Income tax impact on derivative instruments	(0.4)		—		(0.4)
Foreign currency translation adjustments	—		(14.2)		(14.2)
Accumulated other comprehensive loss, March 31, 2024, after tax	$	15.7	$	(67.8)	$	(52.1)

Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Share-Based Awards Granted

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,
		2024		2023
			Shares Granted	Weighted-average grant date fair value per share		Shares Granted	Weighted-average grant date fair value per share

Restricted stock units			1.0	$	13.30	0.6	$	23.46

Performance based restricted share unit awards(1)			1.0	$	19.01	0.6	$	36.58
Total			2.0			1.2

(1) Weighted-average grant date fair value per share determined using Monte-Carlo valuation method.

Share-Based Compensation Expense

Share-based compensation expense by award-type, net of estimated forfeitures, recognized in the condensed consolidated statement of operations for the periods presented was (in millions):


	Three Months Ended March 31,
		2024		2023
Stock options		$	—	$	0.1
Restricted stock units		4.8		4.6
Restricted stock awards		—		0.2
Performance based restricted share unit awards		8.3		7.5
Cash-settled restricted stock		1.1		—
Share-based compensation expense, before tax		14.2		12.4
Income tax benefit		(3.4)		(3.0)
Share-based compensation expense, after tax		$	10.8	$	9.4

Share-based compensation, net of estimated forfeitures, recognized in the condensed consolidated statement of operations for the periods presented was (in millions):


	Three Months Ended March 31,
		2024		2023
Cost of products		$	0.5	$	0.4
Selling, general and administrative expense		12.4		10.8
Research and development expense		0.5		0.5
Other venue expense		0.8		0.7
Share-based compensation expense, before tax		14.2		12.4
Income tax benefit		(3.4)		(3.0)
Share-based compensation expense, after tax		$	10.8	$	9.4

Financing Arrangements - 2022 Japan ABL Facility (Details) - 3 months ended Mar. 31, 2024 $ in Millions	USD ($)	JPY (¥)
2022 Japan ABL Credit Facility \| The Bank of Tokyo-Mitsubishi UFJ
Line of Credit Facility [Line Items]
Total facility	$ 39.6	¥ 6,000,000,000
Revolving Credit Facility \| 2022 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%

Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

Sales-Type Leases

We enter into non-cancellable license agreements primarily related to Toptracer and Swing Suite. Certain of these license agreements are classified as sales-type leases.

Revenue from sales-type leases is included in service revenues within the condensed consolidated statements of operations and consists of the following for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Sales-type lease selling price		$	7.5	$	8.2
Cost of underlying assets		(2.0)		(3.4)
Operating profit		$	5.5	$	4.8

Interest income		$	1.7	$	1.3

Total revenue attributable to sales-type leases		$	9.2	$	9.5

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


	Balance Sheet Location	March 31, 2024		December 31, 2023
Leasing receivables, net—short-term	Other current assets	$	27.7	$	26.9
Leasing receivables, net—long-term	Other assets	64.1		65.1
Total leasing receivables		$	91.8	$	92.0

Net maturities of sales-type lease receivables for the next five years and thereafter as of March 31, 2024 are as follows (in millions):



Remainder of 2024	$	26.4
2025	30.0
2026	23.4
2027	14.7
2028	7.9
Thereafter	3.6
Total future lease proceeds	106.0
Less: imputed interest	14.2
Total	$	91.8

Operating Leases, Financing Leases and DLF Obligations

Supplemental balance sheet information related to our operating and financing right-of-use (“ROU”) assets and lease liabilities and deemed landlord financing (“DLF”) assets and obligations is as follows (in millions):


	Balance Sheet Location	March 31, 2024		December 31, 2023
Assets
Operating lease ROU assets, net	Operating lease ROU assets, net	$	1,402.8	$	1,410.1
Financing lease ROU assets, net	Other assets	$	255.1	$	257.4
DLF assets, net	Property, plant & equipment, net	$	927.2	$	917.3

Liabilities
Current
Operating lease liabilities, short-term	Operating lease liabilities, short-term	$	86.7	$	86.4
Financing lease liabilities, short-term	Accounts payable and accrued expenses	$	1.6	$	1.4
DLF obligations, short-term	Accounts payable and accrued expenses	$	0.1	$	0.1

Non-current
Operating lease liabilities, long-term	Operating lease liabilities, long-term	$	1,430.7	$	1,433.4
Financing lease liabilities, long-term	Other long-term liabilities	$	288.9	$	287.9
DLF obligations, long-term	Deemed landlord financing obligations	$	1,013.7	$	980.0

Leases Under Construction

Our minimum capital commitment for leases under construction, net of reimbursements from third-party real estate financing partners, was approximately $126.0 million as of March 31, 2024. As we are actively involved in the construction of these properties, we recorded $165.0 million in construction costs within property, plant and equipment and $61.8 million in construction advances from the landlords in connection with these properties as of March 31, 2024. We determine the lease classification for these properties at the end of the construction period. Upon lease commencement, the initial base term of these leases is normally 20 years, with most having options to extend for additional terms of up to 20 years. As of March 31, 2024, we had $396.7 million of future lease obligations related to four venues subject to non-cancellable leases that have been signed but have not yet commenced.

The components of lease expense included in our condensed consolidated statement of operations for the periods presented below are as follows for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Operating lease costs:
Amortization of ROU assets		$	45.1	$	44.0
Total operating lease costs		45.1		44.0
Financing lease costs:
Amortization of ROU assets		1.9		1.9
Interest on lease liabilities		4.3		3.6
Total financing lease costs		6.2		5.5
DLF obligation costs:
Depreciation of DLF assets		9.0		5.1
Interest on DLF obligations		24.0		15.2
Total DLF obligation costs		33.0		20.3
Variable lease costs		3.5		2.5
Total lease costs		$	87.8	$	72.3

Other information related to leases (in millions):


	Three Months Ended March 31,
Supplemental Cash Flows Information	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	41.1	$	38.0
Operating cash flows from finance leases	$	2.2	$	1.2
Operating cash flows from DLF obligations	$	13.0	$	8.6
Financing cash flows from finance leases	$	1.5	$	1.0
Financing cash flows from DLF obligations	$	6.6	$	4.4

Lease liabilities arising from new ROU assets:
Operating leases	$	19.0	$	9.7
Financing leases	$	0.1	$	17.6
DLF obligations (1)	$	30.6	$	45.7

(1) During the course of the construction of our venues, certain financing partners remit funds directly to our construction vendors on our behalf rather than providing the construction advances directly to us. These funds are presented as non-cash investing and financing activities within our condensed consolidated statement of cash flows. For the three months ended March 31, 2024, the amount contributed by these financing partners was $2.3 million. For the three months ended March 31, 2023, the amount contributed by these financing partners was $5.4 million, which was corrected from $35.8 million, as previously reported.


	March 31, 2024		December 31, 2023
Weighted average remaining lease term (years):
Operating leases	15.7		15.9
Financing leases	36.6		36.8
DLF obligations	37.9		38.1

Weighted average discount rate:
Operating leases	5.8	%	5.8	%
Financing leases	6.3	%	6.3	%
DLF obligations	9.7	%	10.0	%

As of March 31, 2024, our future minimum lease obligations were as follows (in millions):


	Operating Leases		Financing Leases		DLF Obligations(1)		Total
Remainder of 2024	$	115.3	$	11.0	$	52.9	$	179.2
2025	164.2		17.1		81.3		262.6
2026	160.0		17.3		84.9		262.2
2027	157.1		17.3		86.2		260.6
2028	153.3		17.6		88.4		259.3
Thereafter	1,689.5		739.5		4,014.0		6,443.0
Total future lease payments	2,439.4		819.8		4,407.7		7,666.9
Less: imputed interest	922.0		529.3		3,393.9		4,845.2
Total	$	1,517.4	$	290.5	$	1,013.8	$	2,821.7

(1) Future lease payments for DLF Obligations include approximately $37.3 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of March 31, 2024. Imputed interest includes approximately $138.7 million related to these unfunded DLF Obligations as of March 31, 2024.

Leases

Sales-Type Leases

We enter into non-cancellable license agreements primarily related to Toptracer and Swing Suite. Certain of these license agreements are classified as sales-type leases.

Revenue from sales-type leases is included in service revenues within the condensed consolidated statements of operations and consists of the following for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Sales-type lease selling price		$	7.5	$	8.2
Cost of underlying assets		(2.0)		(3.4)
Operating profit		$	5.5	$	4.8

Interest income		$	1.7	$	1.3

Total revenue attributable to sales-type leases		$	9.2	$	9.5

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


	Balance Sheet Location	March 31, 2024		December 31, 2023
Leasing receivables, net—short-term	Other current assets	$	27.7	$	26.9
Leasing receivables, net—long-term	Other assets	64.1		65.1
Total leasing receivables		$	91.8	$	92.0

Net maturities of sales-type lease receivables for the next five years and thereafter as of March 31, 2024 are as follows (in millions):



Remainder of 2024	$	26.4
2025	30.0
2026	23.4
2027	14.7
2028	7.9
Thereafter	3.6
Total future lease proceeds	106.0
Less: imputed interest	14.2
Total	$	91.8

Operating Leases, Financing Leases and DLF Obligations


	Balance Sheet Location	March 31, 2024		December 31, 2023
Assets
Operating lease ROU assets, net	Operating lease ROU assets, net	$	1,402.8	$	1,410.1
Financing lease ROU assets, net	Other assets	$	255.1	$	257.4
DLF assets, net	Property, plant & equipment, net	$	927.2	$	917.3

Liabilities
Current
Operating lease liabilities, short-term	Operating lease liabilities, short-term	$	86.7	$	86.4
Financing lease liabilities, short-term	Accounts payable and accrued expenses	$	1.6	$	1.4
DLF obligations, short-term	Accounts payable and accrued expenses	$	0.1	$	0.1

Non-current
Operating lease liabilities, long-term	Operating lease liabilities, long-term	$	1,430.7	$	1,433.4
Financing lease liabilities, long-term	Other long-term liabilities	$	288.9	$	287.9
DLF obligations, long-term	Deemed landlord financing obligations	$	1,013.7	$	980.0

Leases Under Construction

The components of lease expense included in our condensed consolidated statement of operations for the periods presented below are as follows for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Operating lease costs:
Amortization of ROU assets		$	45.1	$	44.0
Total operating lease costs		45.1		44.0
Financing lease costs:
Amortization of ROU assets		1.9		1.9
Interest on lease liabilities		4.3		3.6
Total financing lease costs		6.2		5.5
DLF obligation costs:
Depreciation of DLF assets		9.0		5.1
Interest on DLF obligations		24.0		15.2
Total DLF obligation costs		33.0		20.3
Variable lease costs		3.5		2.5
Total lease costs		$	87.8	$	72.3

Other information related to leases (in millions):


	Three Months Ended March 31,
Supplemental Cash Flows Information	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	41.1	$	38.0
Operating cash flows from finance leases	$	2.2	$	1.2
Operating cash flows from DLF obligations	$	13.0	$	8.6
Financing cash flows from finance leases	$	1.5	$	1.0
Financing cash flows from DLF obligations	$	6.6	$	4.4

Lease liabilities arising from new ROU assets:
Operating leases	$	19.0	$	9.7
Financing leases	$	0.1	$	17.6
DLF obligations (1)	$	30.6	$	45.7

(1) During the course of the construction of our venues, certain financing partners remit funds directly to our construction vendors on our behalf rather than providing the construction advances directly to us. These funds are presented as non-cash investing and financing activities within our condensed consolidated statement of cash flows. For the three months ended March 31, 2024, the amount contributed by these financing partners was $2.3 million. For the three months ended March 31, 2023, the amount contributed by these financing partners was $5.4 million, which was corrected from $35.8 million, as previously reported.


	March 31, 2024		December 31, 2023
Weighted average remaining lease term (years):
Operating leases	15.7		15.9
Financing leases	36.6		36.8
DLF obligations	37.9		38.1

Weighted average discount rate:
Operating leases	5.8	%	5.8	%
Financing leases	6.3	%	6.3	%
DLF obligations	9.7	%	10.0	%

As of March 31, 2024, our future minimum lease obligations were as follows (in millions):


	Operating Leases		Financing Leases		DLF Obligations(1)		Total
Remainder of 2024	$	115.3	$	11.0	$	52.9	$	179.2
2025	164.2		17.1		81.3		262.6
2026	160.0		17.3		84.9		262.2
2027	157.1		17.3		86.2		260.6
2028	153.3		17.6		88.4		259.3
Thereafter	1,689.5		739.5		4,014.0		6,443.0
Total future lease payments	2,439.4		819.8		4,407.7		7,666.9
Less: imputed interest	922.0		529.3		3,393.9		4,845.2
Total	$	1,517.4	$	290.5	$	1,013.8	$	2,821.7

(1) Future lease payments for DLF Obligations include approximately $37.3 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of March 31, 2024. Imputed interest includes approximately $138.7 million related to these unfunded DLF Obligations as of March 31, 2024.

Leases

Sales-Type Leases

We enter into non-cancellable license agreements primarily related to Toptracer and Swing Suite. Certain of these license agreements are classified as sales-type leases.

Revenue from sales-type leases is included in service revenues within the condensed consolidated statements of operations and consists of the following for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Sales-type lease selling price		$	7.5	$	8.2
Cost of underlying assets		(2.0)		(3.4)
Operating profit		$	5.5	$	4.8

Interest income		$	1.7	$	1.3

Total revenue attributable to sales-type leases		$	9.2	$	9.5

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


	Balance Sheet Location	March 31, 2024		December 31, 2023
Leasing receivables, net—short-term	Other current assets	$	27.7	$	26.9
Leasing receivables, net—long-term	Other assets	64.1		65.1
Total leasing receivables		$	91.8	$	92.0

Net maturities of sales-type lease receivables for the next five years and thereafter as of March 31, 2024 are as follows (in millions):



Remainder of 2024	$	26.4
2025	30.0
2026	23.4
2027	14.7
2028	7.9
Thereafter	3.6
Total future lease proceeds	106.0
Less: imputed interest	14.2
Total	$	91.8

Operating Leases, Financing Leases and DLF Obligations


	Balance Sheet Location	March 31, 2024		December 31, 2023
Assets
Operating lease ROU assets, net	Operating lease ROU assets, net	$	1,402.8	$	1,410.1
Financing lease ROU assets, net	Other assets	$	255.1	$	257.4
DLF assets, net	Property, plant & equipment, net	$	927.2	$	917.3

Liabilities
Current
Operating lease liabilities, short-term	Operating lease liabilities, short-term	$	86.7	$	86.4
Financing lease liabilities, short-term	Accounts payable and accrued expenses	$	1.6	$	1.4
DLF obligations, short-term	Accounts payable and accrued expenses	$	0.1	$	0.1

Non-current
Operating lease liabilities, long-term	Operating lease liabilities, long-term	$	1,430.7	$	1,433.4
Financing lease liabilities, long-term	Other long-term liabilities	$	288.9	$	287.9
DLF obligations, long-term	Deemed landlord financing obligations	$	1,013.7	$	980.0

Leases Under Construction

The components of lease expense included in our condensed consolidated statement of operations for the periods presented below are as follows for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Operating lease costs:
Amortization of ROU assets		$	45.1	$	44.0
Total operating lease costs		45.1		44.0
Financing lease costs:
Amortization of ROU assets		1.9		1.9
Interest on lease liabilities		4.3		3.6
Total financing lease costs		6.2		5.5
DLF obligation costs:
Depreciation of DLF assets		9.0		5.1
Interest on DLF obligations		24.0		15.2
Total DLF obligation costs		33.0		20.3
Variable lease costs		3.5		2.5
Total lease costs		$	87.8	$	72.3

Other information related to leases (in millions):


	Three Months Ended March 31,
Supplemental Cash Flows Information	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	41.1	$	38.0
Operating cash flows from finance leases	$	2.2	$	1.2
Operating cash flows from DLF obligations	$	13.0	$	8.6
Financing cash flows from finance leases	$	1.5	$	1.0
Financing cash flows from DLF obligations	$	6.6	$	4.4

Lease liabilities arising from new ROU assets:
Operating leases	$	19.0	$	9.7
Financing leases	$	0.1	$	17.6
DLF obligations (1)	$	30.6	$	45.7

(1) During the course of the construction of our venues, certain financing partners remit funds directly to our construction vendors on our behalf rather than providing the construction advances directly to us. These funds are presented as non-cash investing and financing activities within our condensed consolidated statement of cash flows. For the three months ended March 31, 2024, the amount contributed by these financing partners was $2.3 million. For the three months ended March 31, 2023, the amount contributed by these financing partners was $5.4 million, which was corrected from $35.8 million, as previously reported.


	March 31, 2024		December 31, 2023
Weighted average remaining lease term (years):
Operating leases	15.7		15.9
Financing leases	36.6		36.8
DLF obligations	37.9		38.1

Weighted average discount rate:
Operating leases	5.8	%	5.8	%
Financing leases	6.3	%	6.3	%
DLF obligations	9.7	%	10.0	%

As of March 31, 2024, our future minimum lease obligations were as follows (in millions):


	Operating Leases		Financing Leases		DLF Obligations(1)		Total
Remainder of 2024	$	115.3	$	11.0	$	52.9	$	179.2
2025	164.2		17.1		81.3		262.6
2026	160.0		17.3		84.9		262.2
2027	157.1		17.3		86.2		260.6
2028	153.3		17.6		88.4		259.3
Thereafter	1,689.5		739.5		4,014.0		6,443.0
Total future lease payments	2,439.4		819.8		4,407.7		7,666.9
Less: imputed interest	922.0		529.3		3,393.9		4,845.2
Total	$	1,517.4	$	290.5	$	1,013.8	$	2,821.7

(1) Future lease payments for DLF Obligations include approximately $37.3 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of March 31, 2024. Imputed interest includes approximately $138.7 million related to these unfunded DLF Obligations as of March 31, 2024.

Goodwill and Intangible Assets - Intangible Assets by Major Asset Class (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated amortization	$ (96.9)	$ (93.9)
Net book value	70.9
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	1,631.3	1,627.4	$ 1,619.2
Acquisitions	3.9	8.2
Accumulated amortization	(96.9)	(93.9)
Foreign currency translation and other	(33.6)	(28.0)
Net book value	1,500.8	1,505.5
Trade names and Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross	1,446.9	1,443.8	1,441.0
Indefinite-Lived Intangible Assets Acquired	3.1	2.8
Foreign currency translation and other	(26.7)	(22.0)
Net book value	1,420.2	1,421.8
Liquor Licenses
Indefinite-lived Intangible Assets [Line Items]
Gross	9.7	9.5	8.9
Indefinite-Lived Intangible Assets Acquired	0.2	0.6
Foreign currency translation and other	0.0	0.0
Net book value	9.7	9.5
Patents
Finite-Lived Intangible Assets, Net [Abstract]
Gross	32.4	32.3	32.2
Finite-Lived Intangible Assets Acquired	0.1	0.1
Accumulated amortization	(32.0)	(31.9)
Foreign currency translation and other	0.0	0.0
Net book value	0.4	0.4
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (32.0)	(31.9)
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	$ 72.6	72.1	67.4
Finite-Lived Intangible Assets Acquired	0.5	4.7
Accumulated amortization	(44.3)	(43.1)
Foreign currency translation and other	(3.9)	(3.5)
Net book value	24.4	25.5
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (44.3)	(43.1)
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	$ 69.7
Finite-Lived Intangible Assets Acquired	0.0	0.0
Accumulated amortization	(20.6)	(18.9)
Foreign currency translation and other	(3.0)	(2.5)
Net book value	46.1	48.3
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (20.6)	$ (18.9)

Financing Arrangements - Mortgage Loans (Details)	Mar. 31, 2024 loan
Mortgages \| Secured Debt
Debt Instrument [Line Items]
Number of mortgage loans assumed	3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Earnings Per Common Share - Narrative (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	17.1	1.2

The Company and Basis of Presentation (Details)	3 Months Ended
The Company and Basis of Presentation (Details)	Mar. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	3

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Share

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


	Three Months Ended March 31,
		2024		2023
Earnings per common share—basic
Net income		$	6.5	$	25.0
Weighted-average common shares outstanding—basic		183.7		185.2
Earnings per common share—basic		$	0.04	$	0.13

Earnings per common share—diluted
Net income		$	6.5	$	25.0
Interest expense attributable to convertible notes		—		1.6
Net income attributable to earnings per common share—diluted		$	6.5	$	26.6

Weighted-average common shares outstanding—basic		183.7		185.2
Convertible Notes weighted-average common shares outstanding		—		14.7
Outstanding options, restricted stock units and performance share units		0.7		1.6
Weighted-average common shares outstanding—diluted		184.4		201.5
Earnings per common share—diluted		$	0.04	$	0.13

Selected Financial Data (Details) - USD ($) $ in Millions	3 Months Ended
Selected Financial Data (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Inventories:
Finished goods	$ 547.6		$ 623.1
Work in process	1.1		1.4
Raw materials	147.9		163.7
Food and beverage	6.3		6.2
Inventories	702.9		794.4
Other current assets:
Credit card receivables	43.1		76.9
Sales return reserve cost recovery asset	35.4		25.7
VAT/Sales tax receivable	8.6		6.6
Leasing receivables	27.7		26.9
Hedging contract receivables	18.2		5.4
Other	42.0		41.6
Other current assets	175.0		183.1
Property, plant and equipment, net:
Land	189.9		185.2
Buildings and leasehold improvements	1,624.2		1,603.9
Machinery and equipment	292.9		289.8
Furniture, computer hardware and equipment	385.2		380.0
Internal-use software	137.5		136.2
Production molds	10.3		10.0
Construction-in-process	240.8		210.3
Property, plant and equipment, gross	2,880.8		2,815.4
Less: Accumulated depreciation	713.2		658.9
Property, plant and equipment, net	2,167.6		2,156.5
Depreciation expense	62.4	$ 51.9
Accounts payable and accrued expenses:
Accounts payable	133.2		130.7
Accrued expenses	186.9		202.1
Accrued inventory	90.4		147.7
Accounts payable and accrued expenses	$ 410.5		$ 480.5
Minimum \| Buildings and leasehold improvements
Property, plant and equipment, net:
Property, plant and equipment, useful life	3 years
Minimum \| Machinery and equipment
Property, plant and equipment, net:
Property, plant and equipment, useful life	2 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

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
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)
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 (loss)	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)
Balance at beginning of period (in shares) at Dec. 31, 2023		187.0
Balance at beginning of period at Dec. 31, 2023	$ 3,878.2	$ 1.9	3,032.7	947.5	(47.5)	$ (56.4)
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2023	(3.3)					(3.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock (in shares)						(0.4)
Acquisition of treasury stock	$ (6.2)					$ (6.2)
Exercise of stock options	0.0		(0.1)			$ 0.1
Compensatory awards released from restriction (in shares)						0.8
Compensatory awards released from restriction	0.0		(14.0)			$ 14.0
Share-based compensation	13.1		13.1
Equity adjustment from foreign currency translation	(14.2)				(14.2)
Change in fair value of derivative instruments, net of tax	9.6				9.6
Net income (loss)	6.5			6.5
Balance at end of period (in shares) at Mar. 31, 2024		187.0
Balance at end of period at Mar. 31, 2024	$ 3,887.0	$ 1.9	$ 3,031.7	$ 954.0	$ (52.1)	$ (48.5)
Treasury stock, balance at end of period (in shares) at Mar. 31, 2024	(2.9)					(2.9)

Business Combinations

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Business Combinations

BigShots Acquisition

On February 27, 2024, we completed a series of acquisitions of certain assets from Invited, Inc. (“Invited”), the largest owner and operator of private golf and country clubs in the United States, and affiliates of Invited, related to its BigShots Golf business (“BigShots”), which consisted of certain domestic venue locations of the BigShots brand as well as additional venue-related assets and development rights related to potential new venue locations which we intend to help expand our leadership position in off-course golf. The acquisitions were completed in three separate transactions, which occurred on November 1, 2023, January 1, 2024, and February 27, 2024 (the “Acquisition Dates”) for an aggregate total purchase price of $53.1 million, and were funded with existing cash on hand. Together, the three acquisitions were accounted for as a business combination. Goodwill arising from the acquisitions was assigned to our Topgolf operating segment and primarily consists of operational synergies. Goodwill is expected to be deductible for income tax purposes.


	Amounts recognized as of the Acquisition Dates
Assets Acquired


Other current assets	$	0.9
Property and equipment	36.2
Intangibles—trade name	5.9
Intangibles—other	2.5
Goodwill	8.7
Total assets acquired	54.2
Liabilities Assumed
Accounts payable and accrued liabilities	0.4
Other long-term liabilities	0.7
Net assets acquired	$	53.1
Total purchase price consideration	$	53.1

For the three months ended March 31, 2024, the results of operations for BigShots and acquisition-related costs were not material to our condensed consolidated statements of operations. As such, the pro-forma results of operations have not been presented.

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

3 Months Ended

Mar. 31, 2024

Mar. 31, 2023

Cash flows from operating activities:

Net income

$ 6.5

$ 25.0

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

Depreciation and amortization

65.4

56.1

Non-cash interest on financing and deemed landlord financed leases

13.1

9.0

Loss on disposal of long-lived assets

0.9

0.0

Amortization of debt discount and issuance costs

1.5

2.1

Deferred taxes, net

5.4

(3.7)

Share-based compensation

13.1

12.4

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

(2.8)

3.1

Loss on debt modification

4.7

10.5

Change in assets and liabilities, net of impacts of business combinations:

Accounts receivable, net

(227.1)

(285.2)

Inventories

79.3

30.1

Leasing receivables

(0.9)

(4.3)

Other assets

17.5

16.3

Accounts payable and accrued expenses

(50.4)

4.5

Deferred revenue

(4.3)

8.8

Accrued employee compensation and benefits

5.5

(31.6)

Operating lease assets and liabilities, net

3.8

4.0

Income taxes receivable/payable, net

(4.9)

(8.5)

Other liabilities

0.4

(0.7)

Net cash used in operating activities

(73.3)

(152.1)

Cash flows from investing activities:

Capital expenditures

(65.4)

(121.4)

Asset acquisitions, net of cash acquired

0.0

(18.4)

Asset acquisitions, net of cash acquired

(23.3)

0.0

Investment in golf-related ventures

(0.3)

0.0

Acquisition of intangible assets

(0.2)

(0.5)

Proceeds from sale of property and equipment

0.1

0.4

Net cash used in investing activities

(89.1)

(139.9)

Cash flows from financing activities:

Repayments of long-term debt and DLF obligations

(12.0)

(775.8)

Proceeds from borrowings on long-term debt

0.0

1,224.8

Repayments of credit facilities, net

0.0

(219.4)

Debt issuance costs

(0.2)

(1.2)

Repayments of financing leases

(1.5)

(1.0)

Proceeds from lease financing

27.2

51.6

Exercise of stock options

0.0

3.6

Acquisition of treasury stock

(6.2)

(9.2)

Net cash provided by financing activities

7.3

273.4

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

(4.4)

0.6

Net decrease in cash, cash equivalents and restricted cash

(159.5)

(18.0)

Cash, cash equivalents and restricted cash at beginning of period

398.8

203.3

Cash, cash equivalents and restricted cash at end of period

239.3

185.3

Less: restricted cash

^[1]

(5.4)

(4.7)

Cash and cash equivalents at end of period

233.9

180.6

Supplemental disclosures:

Cash paid for income taxes, net

4.8

9.6

Cash paid for interest

42.9

35.3

Non-cash investing and financing activities:

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

14.0

21.3

Accrued capital expenditures

34.9

40.8

Financed additions of capital expenditures

$ 2.3

$ 5.4

[1]	(1) Includes $0.7 million and $0.5 million of short-term restricted cash and $4.7 million and $4.2 million of long-term restricted cash included in other assets for the periods ended March 31, 2024 and 2023, respectively.

Segment Information - Narrative (Details)	3 Months Ended
Segment Information - Narrative (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3
Number of reportable segments	3

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 6.5	$ 25.0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accumulated Other Comprehensive Income (Loss) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 3,878.2
Balance at end of period	3,887.0
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(47.5)
Change in derivative instruments	14.0
Income tax provision (benefit) on derivative instruments	(0.4)
Foreign currency translation adjustments	(14.2)
Balance at end of period	(52.1)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	6.1
Change in derivative instruments	14.0
Income tax provision (benefit) on derivative instruments	(0.4)
Balance at end of period	15.7
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(53.6)
Foreign currency translation adjustments	(14.2)
Balance at end of period	(67.8)
Cost of Goods Sold \| Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net gains reclassified	(1.3)
Cost of Goods Sold \| Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net gains reclassified	(1.3)
Interest Expense \| Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net gains reclassified	(2.7)
Interest Expense \| Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net gains reclassified	$ (2.7)

Fair Value of Financial Instruments - Fair Value Relating to Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 1,535.6	$ 1,535.3
Level 2 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes	258.3	258.3
Level 2 \| Carrying Value \| Topgolf Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	45.2	45.4
Level 2 \| Carrying Value \| 2023 Term Loan B \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,237.5	1,240.6
Level 2 \| Carrying Value \| Equipment Notes \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	17.1	19.2
Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible notes	296.3	277.0
Level 2 \| Fair Value \| Topgolf Revolving Credit Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	57.1	54.8
Level 2 \| Fair Value \| 2023 Term Loan B \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,245.2	1,242.2
Level 2 \| Fair Value \| Equipment Notes \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	15.4	17.0
2023 U.S. ABL Credit Facility \| Level 2 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	25.8	26.3
2023 U.S. ABL Credit Facility \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	25.8	26.3
2022 Japan ABL Credit Facility \| Level 2 \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	26.4	28.4
2022 Japan ABL Credit Facility \| Level 2 \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	$ 26.4	$ 28.4

Commitments & Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Purchase Commitments

As of March 31, 2024, 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 2024	$	87.2
2025	49.8
2026	32.6
2027	21.1
2028	9.7
Thereafter	23.6
Total	$	224.0

Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Other current assets	$	4.8	$	—
Interest rate swap contract	Other current assets	6.3		5.2
Interest rate swap contract	Other assets	3.6		—
Total		$	14.7	$	5.2

Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	7.1		0.2



Total asset position		$	21.8	$	5.4


	Balance Sheet Location	Fair Value of Liability Derivatives
		March 31, 2024		December 31, 2023
Derivatives designated as cash flow hedging instruments:

Interest rate swap contracts	Other long-term liabilities	$	—	$	2.6

		$	—	$	2.6
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	0.5		4.5




Total liability position		$	0.5	$	7.1

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

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 periods presented (in millions):


		Gain Recognized in Other Comprehensive Income
	Three Months Ended March 31,
Derivatives designated as cash flow hedging instruments		2024		2023
Foreign currency forward contracts		$	4.8	$	2.4
Interest rate swap contracts		9.2		(0.9)
		$	14.0	$	1.5


			Gain Reclassified from Other Comprehensive Income into Earnings
		Three Months Ended March 31,
Derivatives designated as cash flow hedging instruments	Statement of Operations Location		2024		2023
Foreign currency forward contracts	Cost of Products		$	1.3	$	1.3
Interest rate swap contracts	Interest Expense		2.7		0.9
			$	4.0	$	2.2

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		Net Gain Recognized in Income on Derivative Instruments
Derivatives not designated as hedging instruments		Three Months Ended March 31,
			2024		2023
Foreign currency forward contracts	Other income, net		$	17.6	$	2.9

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 6.5	$ 25.0
Other comprehensive income:
Change in derivative instruments	10.0	(0.7)
Foreign currency translation adjustments	(14.2)	5.3
Comprehensive income, before income tax	2.3	29.6
Income tax provision (benefit) on derivative instruments	0.4	(0.4)
Comprehensive income	$ 1.9	$ 30.0

- Definition

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

+ References

+ Details

Leases (Tables)

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Sales-Type Lease, Revenue

Revenue from sales-type leases is included in service revenues within the condensed consolidated statements of operations and consists of the following for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Sales-type lease selling price		$	7.5	$	8.2
Cost of underlying assets		(2.0)		(3.4)
Operating profit		$	5.5	$	4.8

Interest income		$	1.7	$	1.3

Total revenue attributable to sales-type leases		$	9.2	$	9.5

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, 2024		December 31, 2023
Leasing receivables, net—short-term	Other current assets	$	27.7	$	26.9
Leasing receivables, net—long-term	Other assets	64.1		65.1
Total leasing receivables		$	91.8	$	92.0


	Balance Sheet Location	March 31, 2024		December 31, 2023
Assets
Operating lease ROU assets, net	Operating lease ROU assets, net	$	1,402.8	$	1,410.1
Financing lease ROU assets, net	Other assets	$	255.1	$	257.4
DLF assets, net	Property, plant & equipment, net	$	927.2	$	917.3

Liabilities
Current
Operating lease liabilities, short-term	Operating lease liabilities, short-term	$	86.7	$	86.4
Financing lease liabilities, short-term	Accounts payable and accrued expenses	$	1.6	$	1.4
DLF obligations, short-term	Accounts payable and accrued expenses	$	0.1	$	0.1

Non-current
Operating lease liabilities, long-term	Operating lease liabilities, long-term	$	1,430.7	$	1,433.4
Financing lease liabilities, long-term	Other long-term liabilities	$	288.9	$	287.9
DLF obligations, long-term	Deemed landlord financing obligations	$	1,013.7	$	980.0

Schedule of Maturities of Sales-Type Lease Receivables

Net maturities of sales-type lease receivables for the next five years and thereafter as of March 31, 2024 are as follows (in millions):



Remainder of 2024	$	26.4
2025	30.0
2026	23.4
2027	14.7
2028	7.9
Thereafter	3.6
Total future lease proceeds	106.0
Less: imputed interest	14.2
Total	$	91.8

Components of Lease Expense and Other Information Related to Leases

The components of lease expense included in our condensed consolidated statement of operations for the periods presented below are as follows for the periods presented (in millions):


	Three Months Ended March 31,
		2024		2023
Operating lease costs:
Amortization of ROU assets		$	45.1	$	44.0
Total operating lease costs		45.1		44.0
Financing lease costs:
Amortization of ROU assets		1.9		1.9
Interest on lease liabilities		4.3		3.6
Total financing lease costs		6.2		5.5
DLF obligation costs:
Depreciation of DLF assets		9.0		5.1
Interest on DLF obligations		24.0		15.2
Total DLF obligation costs		33.0		20.3
Variable lease costs		3.5		2.5
Total lease costs		$	87.8	$	72.3

Other information related to leases (in millions):


	Three Months Ended March 31,
Supplemental Cash Flows Information	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	41.1	$	38.0
Operating cash flows from finance leases	$	2.2	$	1.2
Operating cash flows from DLF obligations	$	13.0	$	8.6
Financing cash flows from finance leases	$	1.5	$	1.0
Financing cash flows from DLF obligations	$	6.6	$	4.4

Lease liabilities arising from new ROU assets:
Operating leases	$	19.0	$	9.7
Financing leases	$	0.1	$	17.6
DLF obligations (1)	$	30.6	$	45.7

(1) During the course of the construction of our venues, certain financing partners remit funds directly to our construction vendors on our behalf rather than providing the construction advances directly to us. These funds are presented as non-cash investing and financing activities within our condensed consolidated statement of cash flows. For the three months ended March 31, 2024, the amount contributed by these financing partners was $2.3 million. For the three months ended March 31, 2023, the amount contributed by these financing partners was $5.4 million, which was corrected from $35.8 million, as previously reported.


	March 31, 2024		December 31, 2023
Weighted average remaining lease term (years):
Operating leases	15.7		15.9
Financing leases	36.6		36.8
DLF obligations	37.9		38.1

Weighted average discount rate:
Operating leases	5.8	%	5.8	%
Financing leases	6.3	%	6.3	%
DLF obligations	9.7	%	10.0	%

Future Minimum Operating Lease Obligations

As of March 31, 2024, our future minimum lease obligations were as follows (in millions):


	Operating Leases		Financing Leases		DLF Obligations(1)		Total
Remainder of 2024	$	115.3	$	11.0	$	52.9	$	179.2
2025	164.2		17.1		81.3		262.6
2026	160.0		17.3		84.9		262.2
2027	157.1		17.3		86.2		260.6
2028	153.3		17.6		88.4		259.3
Thereafter	1,689.5		739.5		4,014.0		6,443.0
Total future lease payments	2,439.4		819.8		4,407.7		7,666.9
Less: imputed interest	922.0		529.3		3,393.9		4,845.2
Total	$	1,517.4	$	290.5	$	1,013.8	$	2,821.7

(1) Future lease payments for DLF Obligations include approximately $37.3 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of March 31, 2024. Imputed interest includes approximately $138.7 million related to these unfunded DLF Obligations as of March 31, 2024.

Future Minimum Financing Lease Obligations

As of March 31, 2024, our future minimum lease obligations were as follows (in millions):


	Operating Leases		Financing Leases		DLF Obligations(1)		Total
Remainder of 2024	$	115.3	$	11.0	$	52.9	$	179.2
2025	164.2		17.1		81.3		262.6
2026	160.0		17.3		84.9		262.2
2027	157.1		17.3		86.2		260.6
2028	153.3		17.6		88.4		259.3
Thereafter	1,689.5		739.5		4,014.0		6,443.0
Total future lease payments	2,439.4		819.8		4,407.7		7,666.9
Less: imputed interest	922.0		529.3		3,393.9		4,845.2
Total	$	1,517.4	$	290.5	$	1,013.8	$	2,821.7

(1) Future lease payments for DLF Obligations include approximately $37.3 million of reimbursements which we expect to receive from third-party financing partners that were not yet received as of March 31, 2024. Imputed interest includes approximately $138.7 million related to these unfunded DLF Obligations as of March 31, 2024.

Investments	3 Months Ended
Investments	Mar. 31, 2024
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”), owners of multi-sport indoor virtualization and simulation technology. The investment is accounted for at cost less impairments, and adjusted for observable changes in fair value. At both March 31, 2024 and December 31, 2023, the carrying value of our investment in Full Swing was $9.3 million, and is included in other assets on our condensed consolidated balance sheets. Investment in Five Iron Golf We have an ownership interest of less than 20.0% in preferred shares of 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 is adjusted for observable changes in fair value. At both March 31, 2024 and December 31, 2023, the carrying value of our investment in Five Iron Golf was $32.4 million, and is included in other assets on our condensed consolidated balance sheets.

Financing Arrangements - Schedule of Interest Expense, Debt (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Line of Credit \| Revolving Credit Facility \| Topgolf Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt	$ 0.0	$ 2.7
Senior Notes \| Convertible Notes
Debt Instrument [Line Items]
Interest expense, debt	1.8	1.8
Notes Payable, Other Payables
Debt Instrument [Line Items]
Interest expense, debt	0.2	0.2
Mortgages
Debt Instrument [Line Items]
Interest expense, debt	1.2	1.2
Secured Debt \| 2023 Term Loan B
Debt Instrument [Line Items]
Interest expense, debt	28.5	4.7
Secured Debt \| Term Loan B
Debt Instrument [Line Items]
Interest expense, debt	0.0	8.6
Secured Debt \| Topgolf Term Loan
Debt Instrument [Line Items]
Interest expense, debt	0.0	7.8
Long-Term Debt
Debt Instrument [Line Items]
Interest expense, debt	31.8	27.0
Tenant Improvements
Debt Instrument [Line Items]
Interest expense, debt	0.1	0.0
Line of Credit \| Revolving Credit Facility \| 2023 U.S. ABL Credit Facility
Debt Instrument [Line Items]
Interest expense, debt	0.6	3.7
Line of Credit \| Revolving Credit Facility \| 2022 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	$ 0.7	$ 3.8

Financing Arrangements - Schedule of Long-term Debt Obligations (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Short-term debt	$ 52.2	$ 54.7
Debt issuance costs, net	25.7	31.5
Long-term debt, gross	1,561.3	1,566.8
Total aggregate amount of maturities, net of unamortized debt issuance costs	1,535.6	1,535.3
Long-term debt, current maturities	16.4	17.1
Long-term debt, net	1,519.2	1,518.2
Notes Payable, Other Payables
Debt Instrument [Line Items]
Long-term debt, gross	$ 17.1	19.2
Notes Payable, Other Payables \| Minimum
Debt Instrument [Line Items]
Interest Rate	2.36%
Notes Payable, Other Payables \| Maximum
Debt Instrument [Line Items]
Interest Rate	5.93%
Mortgages
Debt Instrument [Line Items]
Long-term debt, gross	$ 45.2	45.4
Mortgages \| Minimum
Debt Instrument [Line Items]
Interest Rate	9.75%
Mortgages \| Maximum
Debt Instrument [Line Items]
Interest Rate	11.31%
Tenant Improvements
Debt Instrument [Line Items]
Interest Rate	8.00%
Long-term debt, gross	$ 3.2	3.3
ABL Credit Facilities
Debt Instrument [Line Items]
Debt issuance costs, current	1.1	1.1
Debt issuance costs, noncurrent	3.1	3.4
Debt issuance costs, net	$ 4.2	4.5
2023 Term Loan B \| Secured Debt
Debt Instrument [Line Items]
Interest Rate	8.33%
Debt issuance costs, net			$ 12.5
Long-term debt, gross	$ 1,237.5	1,240.6
Convertible Notes \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	2.75%
Long-term debt, gross	$ 258.3	258.3
Revolving Credit Facility \| 2023 U.S. ABL Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Interest Rate	5.33%
Short-term debt	$ 25.8	26.3
Revolving Credit Facility \| 2022 Japan ABL Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Interest Rate	0.85%
Short-term debt	$ 26.4	$ 28.4

Goodwill and Intangible Assets - Amortization Expense Related to Intangible Assets (Details) $ in Millions	Mar. 31, 2024 USD ($)
Amortization expense related to intangible assets:
Remainder of 2024	$ 8.5
2025	11.4
2026	11.4
2027	11.1
2028	10.1
Thereafter	18.4
Net book value	$ 70.9

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, impaired, accumulated impairment loss	$ 148.4
Amortization of intangible assets	$ 3.0	$ 4.2

Business Combinations - Narrative (Details) - BigShots $ in Millions	4 Months Ended
	Feb. 27, 2024 USD ($) transaction
Business Acquisition [Line Items]
Number of transactions \| transaction	3
Payments to acquire businesses, gross \| $	$ 53.1

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2024
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, 2023, which are included in our Annual Report on Form 10-K which was filed with the SEC on February 29, 2024. 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, liabilities, revenue, expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at that time. We evaluate our estimates on an ongoing basis to ensure that these estimates appropriately reflect changes in our business or as new information becomes available. Actual results may differ from our estimates. Recently Issued Accounting Standards In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (ASU 2023-09), which includes amendments that further enhance income tax disclosures through the standardization and disaggregation of rate reconciliation categories and income taxes paid in both domestic and foreign jurisdictions. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be applied prospectively, with early adoption and retrospective application permitted. We are in the process of evaluating the impact that ASU 2023-09 will have on our income tax related disclosures. In November 2023, the FASB issued ASU No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which introduces new reportable segment disclosure requirements related to significant segment expenses and also expands reportable segment disclosure requirements for interim reporting. The amendment will require public entities to disclose significant segment expenses that are regularly provided to the chief operating decision maker and are included within each reportable segment’s profits and losses. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are in the process of evaluating the impact that ASU 2023-07 will have on our segment related disclosures.

Segment Information

3 Months Ended

Mar. 31, 2024

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, 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 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, 2024 or 2023.

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,
		2024		2023
Net revenues:
Topgolf		$	422.8	$	403.5
Golf Equipment		449.9		443.7
Active Lifestyle		271.5		320.2
Total net revenues		$	1,144.2	$	1,167.4

Segment operating income:
Topgolf		$	2.9	$	2.8
Golf Equipment		82.1		81.6
Active Lifestyle		24.7		37.3
Total segment operating income		109.7		121.7
Reconciling items(1)		(42.8)		(41.2)
Total operating income		66.9		80.5
Interest expense, net		(58.8)		(49.6)
Other income, net		3.4		(10.1)
Total income before income taxes		$	11.5	$	20.8

Additions to property, plant, and equipment:
Topgolf		$	64.1	$	133.2
Golf Equipment		1.4		3.4
Active Lifestyle		3.7		3.4
Corporate		5.8		14.5
Total additions to long-lived assets		$	75.0	$	154.5


(1) Reconciling items include corporate general and administrative expenses not utilized by management in determining segment profitability, including the amortization and depreciation of acquired intangible assets, purchase accounting adjustments related to acquisitions and other non-recurring costs associated with our debt modifications, integration of new IT systems stemming from acquisitions, and cybersecurity costs.

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 42
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		183,570,181
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000837465
Current Fiscal Year End Date	--12-31

Revenue Recognition - Summary of Deferred Revenue Recognized from Prior Period (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Deferred revenue recognized from prior year ending balance	$ 33.4	$ 29.5

Derivatives and Hedging - Interest Rate Swap Contract (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Forward points amortized on derivatives	$ 0.9
Interest rate swap contracts \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Proceeds from termination of interest rate swap contract	5.6
Unrealized gain on derivatives	$ 2.5	$ 3.2
Derivative, fixed interest rate	3.36%
Derivative, notional amount	$ 400.0	400.0
Foreign currency forward contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	108.2	$ 0.0
Foreign currency forward contracts \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Interest rate cash flow hedge gain to be reclassified during next 12 months, net	$ 3.9

Share-Based Compensation - Schedule of Share-Based Payment Arrangement Activity Expensed (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before tax	$ 14.2	$ 12.4
Income tax benefit	(3.4)	(3.0)
Share-based compensation expense, after tax	10.8	9.4
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before tax	0.0	0.1
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before tax	4.8	4.6
Restricted stock awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before tax	0.0	0.2
Performance based restricted share unit awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before tax	8.3	7.5
Cash-settled restricted stock
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based compensation expense, before tax	$ 1.1	$ 0.0

Goodwill and Intangible Assets - Schedule of Goodwill (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 1,988.7
Acquisitions	4.3
Foreign currency translation and other	(0.3)
Balance at end of period	1,992.7
Topgolf
Goodwill [Roll Forward]
Balance at beginning of period	1,368.0
Acquisitions	4.3
Foreign currency translation and other	0.0
Balance at end of period	1,372.3
Golf Equipment
Goodwill [Roll Forward]
Balance at beginning of period	530.7
Acquisitions	0.0
Foreign currency translation and other	(0.2)
Balance at end of period	530.5
Active Lifestyle
Goodwill [Roll Forward]
Balance at beginning of period	90.0
Acquisitions	0.0
Foreign currency translation and other	(0.1)
Balance at end of period	$ 89.9

- 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

Commitments & Contingencies (Details) $ in Millions	Mar. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 87.2
2025	49.8
2026	32.6
2027	21.1
2028	9.7
Thereafter	23.6
Unconditional purchase obligations	$ 224.0

Revenue Recognition - Reconciliation of Short Term Sales Program Incentives (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Sales Incentives, Current [Roll Forward]
Beginning Balance	$ 16.5	$ 20.8
Additions	16.4	15.5
Credits issued	(10.0)	(10.7)
Foreign currency translation and other	(0.3)	(0.1)
Ending Balance	$ 22.6	$ 25.5

Share-Based Compensation - Schedule of Share-Based Payment Arrangement Activity (Details) - $ / shares shares in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, granted (in shares)	2.0	1.2
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, granted (in shares)	1.0	0.6
Stock units, weighted-average grant date fair value (in dollars per share)	$ 13.30	$ 23.46
Performance based restricted share unit awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock units, granted (in shares)	1.0	0.6
Stock units, weighted-average grant date fair value (in dollars per share)	$ 19.01	$ 36.58

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Derivatives and Hedging - Forward Currency Forward Contracts (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Minimum length of time, foreign currency cash flow hedge	12 months
Maximum maturity for foreign currency cash flow hedge	15 months
Foreign currency forward contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 108.2	$ 0.0

Leases - Sales-Type Leases (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Leasing receivables, net—short-term	$ 27.7	$ 26.9
Leasing receivables, net—long-term	64.1	65.1
Total leasing receivables	$ 91.8	$ 92.0

Revenue Recognition - Reconciliation of Activity Related to Short-term Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Contract With Customer, Liability [Roll Forward]
Beginning Balance	$ 110.9	$ 94.9
Deferral of revenue	146.0	157.8
Revenue recognized	(138.7)	(142.8)
Breakage	(11.4)	(7.0)
Foreign currency translation and other	(0.1)	(0.1)
Ending Balance	$ 106.7	$ 102.8

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, 2024	Mar. 31, 2023
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain Recognized in Other Comprehensive Income	$ 14.0	$ 1.5
Gain Reclassified from Other Comprehensive Income into Earnings	4.0	2.2
Foreign currency forward contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain Recognized in Other Comprehensive Income	4.8	2.4
Gain Reclassified from Other Comprehensive Income into Earnings	1.3	1.3
Interest rate swap contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Gain Recognized in Other Comprehensive Income	9.2	(0.9)
Gain Reclassified from Other Comprehensive Income into Earnings	2.7	0.9
Other income, net
Derivative Instruments, Gain (Loss) [Line Items]
Net Gain Recognized in Income on Derivative Instruments	$ 17.6	$ 2.9

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, 2024	Mar. 31, 2023
Earnings per common share—basic
Net income	$ 6.5	$ 25.0
Weighted-average common shares outstanding—basic (in shares)	183.7	185.2
Earnings (loss) per common share (in dollars per share)	$ 0.04	$ 0.13
Earnings per common share—diluted
Net income	$ 6.5	$ 25.0
Interest expense attributable to convertible notes	0.0	1.6
Net income attributable to earnings per common share—diluted	$ 6.5	$ 26.6
Weighted-average common shares outstanding—basic (in shares)	183.7	185.2
Convertible notes weighted-average shares outstanding (in shares)	0.0	14.7
Outstanding options, restricted stock units and performance share units (in shares)	0.7	1.6
Weighted-average common shares outstanding—diluted (in shares)	184.4	201.5
Earnings (loss) per common share—diluted (in dollars per share)	$ 0.04	$ 0.13

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total net revenues	$ 1,144.2	$ 1,167.4
United States
Disaggregation of Revenue [Line Items]
Total net revenues	829.0	811.1
Europe
Disaggregation of Revenue [Line Items]
Total net revenues	141.4	153.6
Asia
Disaggregation of Revenue [Line Items]
Total net revenues	127.6	160.2
Rest of world
Disaggregation of Revenue [Line Items]
Total net revenues	46.2	42.5
Topgolf
Disaggregation of Revenue [Line Items]
Total net revenues	422.8	403.5
Golf Equipment
Disaggregation of Revenue [Line Items]
Total net revenues	449.9	443.7
Active Lifestyle
Disaggregation of Revenue [Line Items]
Total net revenues	271.5	320.2
Venues \| Topgolf
Disaggregation of Revenue [Line Items]
Total net revenues	405.7	386.7
Other business lines \| Topgolf
Disaggregation of Revenue [Line Items]
Total net revenues	17.1	16.8
Golf club \| Golf Equipment
Disaggregation of Revenue [Line Items]
Total net revenues	345.9	350.8
Golf ball \| Golf Equipment
Disaggregation of Revenue [Line Items]
Total net revenues	104.0	92.9
Apparel \| Active Lifestyle
Disaggregation of Revenue [Line Items]
Total net revenues	159.6	176.1
Gear, accessories & other \| Active Lifestyle
Disaggregation of Revenue [Line Items]
Total net revenues	$ 111.9	$ 144.1

Selected Financial Data (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024		December 31, 2023






Inventories:
Finished goods		$	547.6	$	623.1
Work in process		1.1		1.4
Raw materials		147.9		163.7
Food and beverage		6.3		6.2
		$	702.9	$	794.4

		March 31, 2024		December 31, 2023
Other current assets:
Credit card receivables		$	43.1	$	76.9
Sales return reserve cost recovery asset		35.4		25.7
VAT/Sales tax receivable		8.6		6.6
Leasing receivables		27.7		26.9
Hedging contract receivables		18.2		5.4
Other		42.0		41.6
		$	175.0	$	183.1

	Estimated Useful Life	March 31, 2024		December 31, 2023
Property, plant and equipment, net:
Land		$	189.9	$	185.2
Buildings and leasehold improvements	3 - 40 years	1,624.2		1,603.9
Machinery and equipment	2 - 10 years	292.9		289.8
Furniture, computer hardware and equipment	3 - 5 years	385.2		380.0
Internal-use software	3 - 5 years	137.5		136.2
Production molds	2 - 5 years	10.3		10.0
Construction-in-process		240.8		210.3
		2,880.8		2,815.4
Less: Accumulated depreciation		713.2		658.9
		$	2,167.6	$	2,156.5


(in millions)	March 31, 2024		December 31, 2023
Accounts payable and accrued expenses:
Accounts payable	$	133.2	$	130.7
Accrued expenses	186.9		202.1
Accrued inventory	90.4		147.7
	$	410.5	$	480.5

Revenue Recognition - Sales Return Reserve (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 55.9	$ 55.4
Provision	65.6	58.9
Sales returns	(42.6)	(41.6)
Ending Balance	$ 78.9	$ 72.7

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 233.9	$ 393.5
Restricted cash	0.7	0.8
Accounts receivable, less allowances of $11.1 million and $11.6 million, respectively	423.9	200.5
Inventories	702.9	794.4
Prepaid expenses	56.8	55.8
Other current assets	175.0	183.1
Total current assets	1,593.2	1,628.1
Property, plant and equipment, net	2,167.6	2,156.5
Operating lease right-of-use assets, net	1,402.8	1,410.1
Other intangible assets, net	80.6	83.7
Trade names and trademarks	1,420.2	1,421.8
Goodwill	1,992.7	1,988.7
Other assets, net	434.9	431.7
Total assets	9,092.0	9,120.6
Current liabilities:
Accounts payable and accrued expenses	410.5	480.5
Accrued employee compensation and benefits	118.1	113.1
Asset-based credit facilities	52.2	54.7
Operating lease liabilities, short-term	86.7	86.4
Construction advances	61.8	59.3
Deferred revenue	106.7	110.9
Other current liabilities	39.0	42.7
Total current liabilities	875.0	947.6
Long-term debt, net	1,519.2	1,518.2
Operating lease liabilities, long-term	1,430.7	1,433.4
Deemed landlord financing obligations	1,013.7	980.0
Deferred taxes, net	41.9	36.7
Other long-term liabilities	324.5	326.5
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred stock, $0.01 par value, 3.0 million shares authorized, none issued and outstanding at March 31, 2024 and December 31, 2023	0.0	0.0
Common stock, $0.01 par value, 360.0 million shares authorized, and 187.0 million shares issued at both March 31, 2024 and December 31, 2023	1.9	1.9
Additional paid-in capital	3,031.7	3,032.7
Retained earnings	954.0	947.5
Accumulated other comprehensive loss	(52.1)	(47.5)
Less: Common stock held in treasury, at cost, 2.9 million shares and 3.3 million shares at March 31, 2024 and December 31, 2023, respectively	(48.5)	(56.4)
Total shareholders’ equity	3,887.0	3,878.2
Total liabilities and shareholders’ equity	$ 9,092.0	$ 9,120.6