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Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables present the Company’s revenue disaggregated by major product and service category and operating and reportable segment (in millions):

			Operating and Reportable Segments
			Three Months Ended September 30, 2022																								Three Months Ended September 30, 2021
			Topgolf(1)						Golf Equipment						Active Lifestyle						Total						Topgolf(1)						Golf Equipment						Active Lifestyle						Total
Venues			$	399.5					$	—					$	—					$	399.5					$	317.6					$	—					$	—					$	317.6
Other business lines			14.3						—						—						14.3						16.2						—						—						16.2
Golf club			—						221.4						—						221.4						—						229.3						—						229.3
Golf ball			—						75.3						—						75.3						—						60.3						—						60.3
Apparel			—						—						181.4						181.4						—						—						150.2						150.2
Gear, accessories & other			—						—						96.6						96.6						—						—						82.9						82.9
			$	413.8					$	296.7					$	278.0					$	988.5					$	333.8					$	289.6					$	233.1					$	856.5
(1) As of January 1, 2022, in order to align with the Company’s current management reporting structure, the Company began reporting revenues associated with corporate advertising sponsorship contracts in the venues business line within the Topgolf operating segment. These revenues were previously included in other business lines. In order to conform to the current year presentation, revenue associated with corporate advertising sponsorship contracts of $4.0 million for the three months ended September 30, 2021 was reclassified from other business lines to venues for comparative purposes.

			Operating and Reportable Segments
			Nine Months Ended September 30, 2022																								Nine Months Ended September 30, 2021
			Topgolf(1)						Golf Equipment						Active Lifestyle						Total						Topgolf(1)						Golf Equipment						Active Lifestyle												Total
Venues			$	1,089.4					$	—					$	—					$	1,089.4					$	710.8					$	—					$	—											$	710.8
Other business lines			50.1						—						—						50.1						41.0						—						—												41.0
Golf club			—						959.6						—						959.6						—						865.7						—												865.7
Golf ball			—						257.0						—						257.0						—						202.1						—												202.1
Apparel			—						—						456.7						456.7						—						—						336.9												336.9
Gear, accessories & other			—						—						331.6						331.6						—						—						265.2												265.2
			$	1,139.5					$	1,216.6					$	788.3					$	3,144.4					$	751.8					$	1,067.8					$	602.1											$	2,421.7
(1) As of January 1, 2022, in order to align with the Company’s current management reporting structure, the Company began reporting revenues associated with corporate advertising sponsorship contracts in the venues business line within the Topgolf operating segment. These revenues were previously included in other business lines. In order to conform to the current year presentation, revenue associated with corporate advertising sponsorship contracts of $8.7 million recognized from the merger date through September 30, 2021 was reclassified from other business lines to venues for comparative purposes.

The following table summarizes revenue by geographical regions in which the Company operates (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Revenue by Major Geographic Region(1):
United States			$	684.8					$	552.9					$	2,194.7					$	1,583.9
Europe			141.9						157.2						417.7						386.5
Asia			138.7						125.2						432.6						364.5
Rest of world			23.1						21.2						99.4						86.8
			$	988.5					$	856.5					$	3,144.4					$	2,421.7
(1) As of January 1, 2022, the Company modified the composition of its regions and combined Japan, Korea, China, South-East Asia and India into a single Asia region. These regions, except for Japan, were previously reported within 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.

The following table summarizes royalty income by operating segment (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Royalty Income:
Topgolf			$	9.0					$	9.7					$	33.2					$	25.9
Active Lifestyle			6.2						7.3						20.2						24.2
Total			$	15.2					$	17.0					$	53.4					$	50.1

Reconciliation of Activity Related to Short-term Deferred Revenue

The following table provides a reconciliation of activity related to the Company’s short-term deferred revenue balance for the periods presented (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Beginning Balance			$	91.8					$	83.6					$	93.9					$	2.5
Deferral of revenue			167.9						108.2						438.4						292.5
Revenue recognized			(160.1)						(108.2)						(427.9)						(209.1)
Breakage			(4.7)						(0.1)						(13.4)						(2.5)
Foreign currency translation and other			(0.5)						0.9						3.4						1.0
Ending Balance			$	94.4					$	84.4					$	94.4					$	84.4

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 for the periods presented (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Beginning Balance			$	35.2					$	25.8					$	23.3					$	26.2
Additions			6.1						7.8						33.6						26.7
Credits issued			(6.6)						(6.4)						(19.8)						(24.7)
Foreign currency translation and other			(1.3)						(0.3)						(3.7)						(1.3)
Ending Balance			$	33.4					$	26.9					$	33.4					$	26.9

Sales Returns and Allowances

The following table provides a reconciliation of the activity related to the Company’s sales return liability for the periods presented (in millions):

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
Beginning Balance			$	77.6					$	71.6					$	47.4					$	44.0
Provision			17.3						14.4						103.6						79.3
Sales returns			(23.5)						(14.6)						(79.6)						(51.9)
Ending Balance			$	71.4					$	71.4					$	71.4					$	71.4

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Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

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+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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