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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2022

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 15) that are measured at fair value on a recurring basis, and are classified within Level 2 of the fair value hierarchy as of March 31, 2022 and December 31, 2021 (in millions):

			Fair Value						Level 1						Level 2						Level 3
March 31, 2022
Foreign currency forward contracts—asset position			$	7.9					$	—					$	7.9					$	—
Foreign currency forward contracts—liability position			(1.5)						—						(1.5)						—
Interest rate hedge agreements—asset position			1.0						—						1.0						—
Interest rate hedge agreements—liability position			(1.5)						—						(1.5)						—
			$	5.9					$	—					$	5.9					$	—
December 31, 2021
Foreign currency forward contracts—asset position			$	0.3					$	—					$	0.3					$	—
Foreign currency forward contracts—liability position			(0.2)						—						(0.2)						—
Interest rate hedge agreements—liability position			(8.7)						—						(8.7)						—
			$	(8.6)					$	—					$	(8.6)					$	—

Fair Value Relating to Financial Assets and Liabilities

The table below illustrates information about fair value relating to the Company’s financial assets and liabilities. The fair value of these financial assets and liabilities are categorized within Level 2 of the fair value hierarchy and are based on quoted prices for similar instruments in active markets, quantitative pricing models, observable market borrowing rates, as well as other observable inputs and applicable valuation techniques. The financial assets and liabilities in the table below are recognized in the accompanying consolidated condensed balance sheets as of March 31, 2022 and December 31, 2021 (in millions).

						March 31, 2022												December 31, 2021
						Carrying Value						Fair Value						Carrying Value						Fair  Value
Term Loan						$	435.6					$	434.7					$	436.8					$	437.5
Japan Term Loan						$	—					$	—					$	13.0					$	12.2
Convertible Notes						$	258.8					$	390.1					$	258.8					$	444.4
U.S. Asset-Based Revolving Credit Facility						$	178.2					$	178.2					$	9.1					$	9.1
Japan ABL Facility						$	41.1					$	41.1					$	—					$	—
Equipment Notes						$	28.6					$	31.4					$	31.1					$	30.2
Mortgage Loans						$	46.3					$	52.1					$	46.4					$	52.3
Topgolf Term Loan						$	339.5					$	345.0					$	340.4					$	346.1

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- Definition

Tabular disclosure of the carrying value and fair value of financial instruments.

+ References

No definition available.

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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=123874694&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=123874694&loc=d3e19207-110258

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