Goodwill and Intangibles

3 Months Ended

Mar. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill by operating and reportable segment are as follows (in millions):


	Topgolf		Golf Equipment		Apparel, Gear and Other		Total
Balance, December 31, 2021	$	1,340.7	$	531.1	$	88.3		$	1,960.1
Additions	14.3		0.2		—			14.5
Impairments	—		—		—			—
Foreign currency translation	—		(0.2)		—			(0.2)
Balance, March 31, 2022	$	1,355.0	$	531.1	$	88.3		$	1,974.4

The additions to goodwill during the three months ended March 31, 2022 are related to adjustments to finalize the fair value on certain leases assumed in connection with the merger with Topgolf, as well as the deferred taxes associated with the transaction (see Note 5). Goodwill is net of accumulated impairment losses of $148.4 million, which were recorded prior to December 31, 2021, and are related to the Company’s Apparel, Gear and Other segment.

The Company’s intangible assets by major asset class are as follows (in millions, except useful life amounts):


	Useful Life (Years)	March 31, 2022
		Gross		Accumulated Amortization		Translation Adjustment		Net Book Value
Indefinite-lived:
Trade name, trademark, trade dress and other	—	$	1,441.0	$	—	$	(21.5)	$	1,419.5
Liquor licenses	—	7.9		—		—		7.9
Amortizing:
Patents	2-16	32.0		(31.7)		—		0.3
Customer and distributor relationships and other	1-10	61.7		(29.4)		(3.0)		29.3
Developed technology	10	69.7		(7.2)		(1.4)		61.1
Total intangible assets		$	1,612.3	$	(68.3)	$	(25.9)	$	1,518.1


	Useful Life (Years)	December 31, 2021
		Gross		Accumulated Amortization		Translation Adjustment		Net Book Value
Indefinite-lived:
Trade name, trademark, trade dress and other	—	$	1,441.0	$	—	$	(15.8)	$	1,425.2
Liquor licenses	—	7.7		—		—		7.7
Amortizing:
Patents	2-16	32.0		(31.7)		—		0.3
Customer and distributor relationships and other	1-10	61.7		(27.4)		(2.3)		32.0
Developed technology	10	69.7		(5.5)		(0.8)		63.4
Total intangible assets		$	1,612.1	$	(64.6)	$	(18.9)	$	1,528.6

The Company recognized amortization expense related to acquired intangible assets of $3.7 million and $2.3 million for the three months ended March 31, 2022 and 2021, respectively. Amortization expense is included in selling, general and administrative expenses in the consolidated condensed statements of operations.

Future amortization expense related to acquired intangible assets held as of March 31, 2022 is expected to be incurred as follows (in millions):


Remainder of 2022	$	9.5
2023	11.6
2024	11.5
2025	11.3
2026	11.2
Thereafter	35.6
	$	90.7