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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Valuation of Foreign Currency Exchange Contracts by Pricing Levels | The following table summarizes the valuation of the Company’s foreign currency forward contracts and interest rate hedge agreements (see Note 17) that are measured at fair value on a recurring basis by the above pricing levels at September 30, 2021 and December 31, 2020 (in thousands):
| Fair Value |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2021 |  |  |  |  |  |  |
Foreign currency forward contracts—asset position(1) | $ | 4,855 |  |  | $ | — |  |  | $ | 4,855 |  |  | $ | — |
Foreign currency forward contracts—liability position(1) | (470) |  |  | — |  |  | (470) |  |  | — |
Interest rate hedge agreements—liability position(2) | (12,224) |  |  | — |  |  | (12,224) |  |  | — |
| $ | (7,839) |  |  | $ | — |  |  | $ | (7,839) |  |  | $ | — |
December 31, 2020 |  |  |  |  |  |  |
Foreign currency forward contracts—asset position(1) | $ | 90 |  |  | $ | — |  |  | $ | 90 |  |  | $ | — |
Foreign currency forward contracts—liability position(1) | (1,553) |  |  | — |  |  | (1,553) |  |  | — |
Interest rate hedge agreements—liability position(2) | (17,922) |  |  | — |  |  | (17,922) |  |  | — |
| $ | (19,385) |  |  | $ | — |  |  | $ | (19,385) |  |  | $ | — |
(1)The fair value of the Company’s foreign currency forward contracts is based on observable inputs that are corroborated by market data. Observable inputs include broker quotes, daily market foreign currency rates and forward pricing curves. Remeasurement gains and losses on foreign currency forward contracts designated as cash flow hedges are recorded in accumulated other comprehensive income (loss) until recognized in earnings during the period that the hedged transactions take place (see Note 17). (2)The fair value of interest rate hedge contracts is based on observable inputs that are corroborated by market data. Observable inputs include daily market foreign currency rates and interest rate curves. Remeasurement gains and losses are recorded in accumulated other comprehensive income (loss) until recognized in earnings as interest payments are made or received on the Company’s variable-rate debt. Remeasurement gains and losses on foreign currency forward contracts that are not-designated as cash flow hedges are recorded in other income (see Note 17).
Fair Value Relating to Financial Assets and Liabilities | The carrying values of cash and cash equivalents, net accounts receivable, accounts payable and accrued expenses, and other current liabilities, at September 30, 2021 and December 31, 2020 are categorized within Level 1 of the fair value hierarchy. The table below illustrates information about fair value relating to the Company’s financial assets and liabilities that are recognized in the accompanying consolidated condensed balance sheets as of September 30, 2021 and December 31, 2020 (in thousands).
| September 30, 2021 |  | December 31, 2020
| Carrying Value |  | Fair Value |  | Carrying Value |  | Fair Value
Term Loan Facility(1) | $ | 438,000 |  |  | $ | 439,883 |  |  | $ | 441,600 |  |  | $ | 443,243 |
Japan Term Loan Facility(2) | 14,379 |  |  | 13,381 |  |  | 18,390 |  |  | 16,083 |
Convertible Notes(3) | 258,750 |  |  | 452,937 |  |  | 258,750 |  |  | 414,191 |
U.S. Asset-Based Revolving Credit Facility(4) | 30,108 |  |  | 30,108 |  |  | 22,130 |  |  | 22,130 |
Equipment Notes(5) | 25,546 |  |  | 24,777 |  |  | 31,822 |  |  | 29,385 |
Topgolf Revolving Credit Facility(6) | 35,000 |  |  | 28,556 |  |  | — |  |  | — |
Mortgage Loans(7) | 46,522 |  |  | 52,546 |  |  | — |  |  | — |
Topgolf Term Loan(8) | 341,250 |  |  | 339,782 |  |  | — |  |  | — |
(1)In January 2019, the Company entered into a Term Loan Facility. The fair value of this debt is based on quoted prices for similar instruments in active markets combined with quantitative pricing models, and is therefore categorized within Level 2 of the fair value hierarchy. See Note 7 for further information. (2)In August 2020, the Company entered into the Japan Term Loan Facility. The fair value is categorized within Level 2 of the fair value hierarchy. The Company used discounted cash flows and market-based expectations for interest rates, credit risk, and the contractual terms of the debt to derive the fair value. See Note 7 for further information. (3)In May 2020, the Company issued $258,750,000 of 2.75% Convertible Notes due in 2026. The fair value of this debt is based on quoted prices in secondary markets combined with quantitative pricing models, and is therefore categorized within Level 2 of the fair value hierarchy. For further discussion, see Note 7. (4)The carrying value of the amounts outstanding under the Company's ABL Facility approximates the fair value due to the short-term nature of these obligations. The fair value of this debt is categorized within Level 2 of the fair value hierarchy based on the observable market borrowing rates. See Note 7 for information on the Company's credit facilities, including certain risks and uncertainties related thereto. (5)The Company entered into equipment notes in 2017, 2019 and 2020 that are secured by certain equipment at the Company's golf ball manufacturing facility. The fair value of this debt is categorized within Level 2 of the fair value hierarchy. The Company used discounted cash flows and market-based expectations for interest rates, credit risk, and the contractual terms of the debt to derive the fair value. See Note 7 for further information. (6)The carrying amount of the Topgolf Revolving Credit Facility approximates its fair value because the applicable interest rate is adjusted regularly based on current market conditions. See Note 7 for further information. (7)The fair value of the mortgage loans is calculated based on the future payments under the mortgage agreement discounted at the incremental borrowing rate. See Note 7 for further information. (8)The fair value of the Topgolf Term Loan is based on quoted market rate from the lender. See Note 7 for further information.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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