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Segment Information (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Information Utilized by Management to Evaluate its Operating Segments

The table below contains information utilized by management to evaluate its operating segments.

			Years Ended December 31,
			2020						2019						2018
			(In thousands)
Net sales:
Golf Equipment			$	982,675					$	979,173					$	912,947
Apparel, Gear and Other			606,785						721,890						329,887
			$	1,589,460					$	1,701,063					$	1,242,834
Income (loss) before income tax:
Golf Equipment			$	148,578					$	140,316					$	128,619
Apparel, Gear and Other			679						75,490						54,879
Reconciling items(1)			(276,735)						(120,037)						(52,226)
			$	(127,478)					$	95,769					$	131,272
Identifiable assets:
Golf Equipment			$	481,214					$	508,463					$	437,604
Apparel, Gear and Other			754,601						939,463						269,432
Reconciling items(2)			744,785						512,622						345,908
			$	1,980,600					$	1,960,548					$	1,052,944
Additions to long-lived assets:(3)
Golf Equipment			$	25,695					$	29,167					$	27,778
Apparel, Gear and Other			21,235						25,386						9,712
			$	46,930					$	54,553					$	37,490
Goodwill:(4)
Golf Equipment			$	27,025					$	26,329					$	26,183
Apparel, Gear and Other			29,633						177,414						29,633
			$	56,658					$	203,743					$	55,816
Depreciation and amortization:
Golf Equipment			$	19,212					$	16,847					$	11,165
Apparel, Gear and Other			20,296						18,104						8,783
			$	39,508					$	34,951					$	19,948

(1)Reconciling items represent corporate general and administration expenses and other income (expenses) not utilized by management in determining segment profitability. The $156,698,000 increase in reconciling items in 2020 compared to 2019 includes the recognition of a $174,300,000 impairment of the Jack Wolfskin goodwill and trade name in 2020 (see Note 9), and an $8,100,000 increase in interest expense. These increases were partially offset by a $23,400,000 increase in other income primarily due to foreign currency and hedging contract gains, combined with $10,928,000 of amortization expense recognized in 2019 related to the inventory valuation step-up from the Jack Wolfskin acquisition (see Note 6). The increase in reconciling items in 2019 compared to 2018 includes incremental corporate general and administrative expenses associated with the addition of the Jack Wolfskin business in January 2019, in addition to $34,084,000 in non-recurring transition costs associated with the acquisition of Jack Wolfskin combined with amortization charges of intangible assets related to the Company's OGIO and TravisMathew acquisitions as well as the amortization of intangible assets and the cost impact associated with a change in valuation of inventory (inventory step-up) related to the Company's Jack Wolfskin acquisition. Reconciling items in 2019 also include incremental interest expense of $31,707,000 related to the Term Loan Facility used for the Jack Wolfskin acquisition, as well as $3,896,000 of net foreign currency exchange losses associated with the Jack Wolfskin acquisition. In 2018, reconciling items include $7,261,000 of net foreign currency exchange gains, and $3,661,000 of transaction costs associated with the Jack Wolfskin acquisition that was completed in January 2019.

(2)Identifiable assets are comprised of inventory, certain property, plant and equipment, intangible assets and goodwill. Reconciling items represent unallocated corporate assets not segregated between the two segments including cash and cash equivalents, net accounts receivable, and deferred tax assets. The $232,163,000 increase in reconciling items in

2020 compared to 2019 was primarily due to increases of $259,453,000 in cash and cash equivalents and $21,308,000 related to the additional investment in Topgolf in the third quarter of 2020, partially offset by a $14,213,000 decrease in net deferred tax assets, and a $13,407,000 decrease in prepaid assets. The $166,714,000 increase in reconciling items in 2019 compared to 2018 was primarily due to increases of $42,685,000 in cash and cash equivalents, $69,081,000 in net accounts receivable and a $17,897,000 increase related to the additional investment in Topgolf in the fourth quarter of 2019.

(3)Additions to long-lived assets are comprised of purchases of property, plant and equipment.

(4)The $147,085,000 decrease in goodwill in 2020 compared to 2019 was primarily due to an impairment of $148,375,000 for Jack Wolfskin goodwill. See Note 9 for further detail. The $147,927,000 increase in goodwill in 2019 compared to 2018 was primarily as a result of the acquisition of Jack Wolfskin in January 2019.

Net Sales By Product Category

Revenues and Long Lived Assets

Long-lived assets are based on location of domicile.

			Sales						Long-Lived Assets(1)
			(In thousands)
2020
United States			$	778,600					$	498,182
Europe			372,957						286,450
Japan			212,055						11,091
Rest of World			225,848						17,739
			$	1,589,460					$	813,462
2019
United States			$	788,232					$	466,957
Europe			428,628						444,468
Japan			246,260						10,347
Rest of World			237,943						15,380
			$	1,701,063					$	937,152
2018
United States			$	708,467					$	422,803
Europe			149,602						6,855
Japan			223,707						8,723
Rest of World			161,058						14,578
			$	1,242,834					$	452,959

(1)Long-lived assets include all non-current assets of the Company except deferred tax assets and operating lease right-of-use assets. Geographic information of property, plant and equipment, net is as follows:

			Years Ended December 31,
			2020						2019						2018
			(In thousands)
United States			$	116,459					$	103,111					$	75,320
Europe			17,078						19,148						2,562
Japan			6,028						5,655						5,489
Rest of World			6,930						4,846						5,101
			$	146,495					$	132,760					$	88,472

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