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Revenue Recognition (Tables) | 3 Months Ended
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Mar. 31, 2022
Revenue from Contract with Customer [Abstract] |
Disaggregation of Revenue | The following table presents the Company’s revenue disaggregated by operating and reportable segment, and by major category (in millions):
|  |  | Operating and Reportable Segments
Three Months Ended March 31, 2022 |  | Three Months Ended March 31, 2021
| Topgolf (1) |  | Golf Equipment |  | Apparel, Gear & Other |  | Total |  | Topgolf (1) |  | Golf Equipment |  | Apparel, Gear & Other |  | Total
Venues | $ | 306.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 306.5 |  |  | $ | 86.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 86.1 |
Other Topgolf business lines | 15.5 |  |  | — |  |  | — |  |  | 15.5 |  |  | 6.5 |  |  | — |  |  | — |  |  | 6.5 |
Golf club | — |  |  | 370.4 |  |  | — |  |  | 370.4 |  |  | — |  |  | 316.4 |  |  | — |  |  | 316.4 |
Golf ball | — |  |  | 97.6 |  |  | — |  |  | 97.6 |  |  | — |  |  | 60.5 |  |  | — |  |  | 60.5 |
Apparel | — |  |  | — |  |  | 138.4 |  |  | 138.4 |  |  | — |  |  | — |  |  | 95.3 |  |  | 95.3 |
Gear, accessories & other | — |  |  | — |  |  | 111.8 |  |  | 111.8 |  |  | — |  |  | — |  |  | 86.8 |  |  | 86.8 |
| $ | 322.0 |  |  | $ | 468.0 |  |  | $ | 250.2 |  |  | $ | 1,040.2 |  |  | $ | 92.6 |  |  | $ | 376.9 |  |  | $ | 182.1 |  |  | $ | 651.6 |
(1) As of January 1, 2022, the Company began reporting revenues associated with corporate advertising sponsorship contracts within the venues service line to align with the Company’s current management reporting structure. These revenues were previously included within other Topgolf business lines. Accordingly, revenue of $1.0 million for the three months ended March 31, 2021 was reclassified from other Topgolf business lines to venues in order to conform with the current year presentation.
The following table summarizes revenue by geographical areas in which the Company operates (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
Revenue by Major Geographic Region(1): |  |  |  |  |  |  |
United States |  |  |  |  | $ | 709.4 |  |  | $ | 388.2 |
Europe |  |  |  |  | 134.9 |  |  | 108.3 |
Asia |  |  |  |  | 158.6 |  |  | 123.9 |
Rest of world |  |  |  |  | 37.3 |  |  | 31.2 |
|  |  |  |  | $ | 1,040.2 |  |  | $ | 651.6 |
(1) As of January 1, 2022, the Company modified the composition of its regions, and is now including Japan, Korea, China, South-East Asia and India in Asia. These regions, except for Japan, were previously reported in rest of world. As a result of this change, net revenues by region for the period presented in the prior year were recast to conform to the current year presentation.
Reconcilation of Activity Relaated to Short-term Deferred Revenue | The following table provides a reconciliation of activity related to the Company’s short-term deferred revenue balance (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
Balance as of January 1 |  |  |  |  | $ | 93.9 |  |  | $ | 2.5 |
Deferral of revenue |  |  |  |  | 107.4 |  |  | 74.2 |
Revenue recognized |  |  |  |  | (101.3) |  |  | (5.7) |
Breakage |  |  |  |  | (4.9) |  |  | (0.1) |
Other/foreign currency translation |  |  |  |  | 4.2 |  |  | — |
Balance as of March 31 |  |  |  |  | $ | 99.3 |  |  | $ | 70.9 |
Reconciliation of Short Term Sales Program Incentives | The following table provides a reconciliation of the activity related to the Company’s short-term sales program incentives (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
Balance as of January 1 |  |  |  |  | $ | 23.3 |  |  | $ | 26.2 |
Additions |  |  |  |  | 15.9 |  |  | 14.6 |
Credits issued |  |  |  |  | (6.2) |  |  | (6.4) |
Other/foreign currency translation |  |  |  |  | (0.7) |  |  | (1.0) |
Balance as of March 31 |  |  |  |  | $ | 32.3 |  |  | $ | 33.4 |
Sales Returns and Allowances | The following table provides a reconciliation of the activity related to the Company’s sales return liability (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2022 |  | 2021
Balance as of January 1 |  |  |  |  | $ | 47.4 |  |  | $ | 44.0 |
Provision |  |  |  |  | 49.9 |  |  | 35.9 |
Sales returns |  |  |  |  | (29.7) |  |  | (19.1) |
Balance as of March 31 |  |  |  |  | $ | 67.6 |  |  | $ | 60.8 |

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