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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Changes in the carrying amount of goodwill by operating and reportable segment are as follows (in millions):
|  | Topgolf |  | Golf Equipment |  | Active Lifestyle |  |  |  | Total
Balance at December 31, 2020 |  | $ | — |  |  | $ | 27.0 |  |  | $ | 29.6 |  |  |  |  |  | $ | 56.6 |
Acquisitions |  | 1,340.7 |  |  | 504.6 |  |  | 58.7 |  |  |  |  |  | 1,904.0 |
Foreign currency translation |  | — |  |  | (0.5) |  |  | — |  |  |  |  |  | (0.5) |
Balance at December 31, 2021 |  | $ | 1,340.7 |  |  | $ | 531.1 |  |  | $ | 88.3 |  |  |  |  |  | $ | 1,960.1 |
Acquisitions |  | 14.3 |  |  | 0.2 |  |  | 1.5 |  |  |  |  |  | 16.0 |
Foreign currency translation and other |  | 8.6 |  |  | (1.0) |  |  | — |  |  |  |  |  | 7.6 |
Balance at December 31, 2022 |  | $ | 1,363.6 |  |  | $ | 530.3 |  |  | $ | 89.8 |  |  |  |  |  | $ | 1,983.7 |
Additions to goodwill during the year ended December 31, 2022 are related to adjustments made during the first quarter of 2022 to finalize the fair value on certain leases assumed and deferred taxes associated with the merger with Topgolf (See Note 6). Goodwill as of December 31, 2022 is net of accumulated impairment losses of $148.4 million, which were recorded prior to December 31, 2021 in the Active Lifestyle operating segment. The estimated fair values of the Company’s reporting units, trade names and trademarks, significantly exceeded their carrying values for the years ended December 31, 2022 and 2021. As such, no impairment losses were recognized during these periods. During 2020, due to the significant disruptions caused by the COVID-19 pandemic on the Company’s operations, the Company performed a qualitative assessment considering the macroeconomic conditions caused by the COVID-19 pandemic and determined that certain indicators of impairment existed. As a result, the Company proceeded to perform a quantitative assessment to test the recoverability of goodwill and indefinite-lived intangible assets for all of its reporting units. As part of its quantitative assessment of goodwill and indefinite-lived intangible assets for all of its reporting units, the Company prepared valuations of its reporting units using both a market comparable methodology and an income methodology, using estimates and assumptions that it believed were reasonable at the time. The Company compared the results of those valuations with the respective carrying values of the reporting units to determine whether an impairment existed related to goodwill or indefinite-lived intangibles at any of its reporting units. As a result of this assessment, the Company determined that the carrying value of its Jack Wolfskin reporting unit, which is part of the Company’s Active Lifestyle operating segment, exceeded the fair value as determined by the Company’s quantitative test. As such, during the year ended December 31, 2020, the Company recognized impairment losses of $148.4 million and $25.9 million related to goodwill and the tradename intangible asset associated with its Jack Wolfskin reporting unit, respectively. The estimated fair values of the Company’s other reporting units, trade names and trademarks significantly exceeded their carrying values, and therefore no additional impairments were recognized in 2020. The following sets forth the intangible assets by major asset class (in millions, except useful life years):
| Useful Life (Years) |  | December 31, 2022 |  |
| Gross |  | Accumulated Amortization |  | Translation Adjustment |  | Net Book Value |  |  |  |  |  |  |  |
Indefinite-lived: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tradename and trademarks | NA |  | $ | 1,441.0 |  |  | $ | — |  |  | $ | (28.3) |  |  | $ | 1,412.7 |  |  |  |  |  |  |  |  |  |  |  |  |
Liquor licenses | NA |  | 8.9 |  |  | — |  |  | — |  |  | 8.9 |  |  |  |  |  |  |  |  |  |  |  |  |
Amortizing: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Patents | 2-16 |  | 32.2 |  |  | (31.8) |  |  | — |  |  | 0.4 |  |  |  |  |  |  |  |  |  |  |  |  |
Customer and distributor relationships and other | 1-10 |  | 67.4 |  |  | (35.8) |  |  | (4.2) |  |  | 27.4 |  |  |  |  |  |  |  |  |  |  |  |  |
Developed technology | 10 |  | 69.7 |  |  | (12.2) |  |  | (3.2) |  |  | 54.3 |  |  |  |  |  |  |  |  |  |  |  |  |
Total intangible assets |  |  | $ | 1,619.2 |  |  | $ | (79.8) |  |  | $ | (35.7) |  |  | $ | 1,503.7 |  |  |  |  |  |  |  |  |  |  |  |  |
| Useful Life (Years) |  | December 31, 2021
| Gross |  | Accumulated Amortization |  |  |  | Translation Adjustment |  | Net Book Value
Indefinite-lived: |  |  |  |  |  |  |  |  |  |  |  |  |
Tradename and trademarks | NA |  | $ | 1,441.0 |  |  | $ | — |  |  |  |  |  |  | $ | (15.8) |  |  | $ | 1,425.2 |
Liquor licenses | NA |  | 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 |
There were no impairment losses recognized on the Company’s indefinite-lived intangible assets during the years ended December 31, 2022 and 2021. The Company recognized amortization expense related to intangible assets of $15.2 million, $13.0 million, and $5.1 million for the years ended December 31, 2022, 2021 and 2020, respectively, which is recorded in selling, general and administrative expenses in the accompanying consolidated statements of operations. Amortization expense related to intangible assets at December 31, 2022 in each of the next five fiscal years and beyond is expected to be incurred as follows (in millions):
2023 | $ | 14.0 |
2024 | 11.1 |
2025 | 11.1 |
2026 | 11.0 |
2027 | 10.7 |
Thereafter | 24.2 |
Total | $ | 82.1 |

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