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Business Combinations (Tables) | 3 Months Ended
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Mar. 31, 2022
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date based on the purchase price allocation (in millions):
| At March 8, 2021
Assets Acquired |  |
Cash |  | $ | 171.3 |
Accounts receivable |  | 10.7 |
Inventories |  | 13.9 |
Other current assets |  | 52.1 |
Property and equipment |  | 1,079.6 |
Operating lease right-of-use assets |  | 1,328.0 |
Investments |  | 28.8 |
Other assets |  | 33.7 |
Intangibles - trade name |  | 994.2 |
Intangibles - technology, customer relationships and liquor licenses |  | 81.9 |
Goodwill |  | 1,355.0 |
Total assets acquired |  | 5,149.2 |
Liabilities Assumed |  |
Accounts payable and accrued liabilities |  | 95.8 |
Accrued employee costs |  | 37.1 |
Construction advances |  | 40.5 |
Deferred revenue |  | 66.2 |
Other current liabilities |  | 7.8 |
Long-term debt |  | 535.1 |
Deemed landlord financing |  | 303.0 |
Operating lease liabilities |  | 1,402.3 |
Other long-term liabilities |  | 32.2 |
Deferred tax liabilities |  | 143.7 |
Net assets acquired |  | $ | 2,485.5 |
Goodwill allocated to other business units |  | 563.4 |
Total purchase price and consideration transferred in the merger |  | $ | 3,048.9 |
Supplemental Pro Forma Information | The following table presents supplemental pro forma information for the three months ended March 31, 2021, as if the merger with Topgolf had occurred on January 1, 2020. These amounts have been calculated after applying the Company’s accounting policies and are based upon currently available information. For this analysis, the Company assumed that certain gains and costs associated with the merger were recognized as of January 1, 2020, including a gain of $252.5 million recognized on the Company’s pre-acquisition investment in Topgolf, acquisition costs of $15.8 million, the amortization of estimated intangible assets and other fair value adjustments, as well as the tax effect on those costs, and a valuation allowance on certain acquired net operating losses and tax credit carryforwards (see Note 11). Pre-acquisition net revenue and net income/(loss) amounts for Topgolf were derived from the books and records of Topgolf prepared prior to the acquisition and are presented for informational purposes only and do not purport to be indicative of the results of future operations or of the results that would have occurred had the acquisition taken place as of the dates noted below. The pro forma amounts presented below consider the effects of the fair value adjustments recorded on the assets acquired and liabilities assumed throughout the measurement period. Accordingly, the amounts below reflect the impact of those adjustments.
|  |  | Three Months Ended March 31,
|  |  |  |  | 2021
|  |  | (in millions)
Net revenues |  |  |  |  | $794.6
Net income |  |  |  |  | $22.5

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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