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Revenue Recognition (Tables) | 12 Months Ended
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Dec. 31, 2022
Revenue Recognition [Abstract] |
Disaggregation of Revenue | The following table presents the Company’s revenue disaggregated by major category and operating and reportable segment (in millions):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Topgolf: |  |  |  |  |
Venues(1) | $ | 1,477.1 |  |  | $ | 1,029.0 |  |  | $ | — |
Other Topgolf business lines(1) | 71.9 |  |  | 58.6 |  |  | — |
Total Topgolf | $ | 1,549.0 |  |  | $ | 1,087.6 |  |  | $ | — |
Golf Equipment: |  |  |  |  |
Golf club | $ | 1,097.1 |  |  | $ | 994.5 |  |  | $ | 787.1 |
Golf ball | 309.5 |  |  | 234.7 |  |  | 195.6 |
Total Golf Equipment | $ | 1,406.6 |  |  | $ | 1,229.2 |  |  | $ | 982.7 |
Active Lifestyle: |  |  |  |  |
Apparel | $ | 631.7 |  |  | $ | 490.9 |  |  | $ | 349.3 |
Gear, accessories & other | 408.4 |  |  | 325.7 |  |  | 257.5 |
Total Active Lifestyle | $ | 1,040.1 |  |  | $ | 816.6 |  |  | $ | 606.8 |
Total Consolidated | $ | 3,995.7 |  |  | $ | 3,133.4 |  |  | $ | 1,589.5 |
(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 within other Topgolf business lines. In order to conform to the current year presentation, revenue associated with corporate advertising sponsorship contracts of $15.0 million recognized from the merger date through December 31, 2021 was reclassified from other Topgolf business lines to venues for comparative purposes.
The following table summarizes revenue by geographical areas in which the Company operates (in millions):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Revenue by Major Geographic Region(1): |  |  |  |  |
United States | $ | 2,798.0 |  |  | $ | 2,067.1 |  |  | $ | 778.6 |
Europe | 537.4 |  |  | 499.5 |  |  | 373.0 |
Asia | 545.4 |  |  | 465.5 |  |  | 212.1 |
Rest of World | 114.9 |  |  | 101.3 |  |  | 225.8 |
| $ | 3,995.7 |  |  | $ | 3,133.4 |  |  | $ | 1,589.5 |
(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):
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Royalty Income: |  |  |  |  |  |
Topgolf |  | $ | 50.3 |  |  | $ | 37.3 |  |  | $ | — |
Active Lifestyle |  | 26.6 |  |  | 30.9 |  |  | 21.8 |
Total |  | $ | 76.9 |  |  | $ | 68.2 |  |  | $ | 21.8 |
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 (in millions):
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Beginning Balance |  | $ | 93.9 |  |  | $ | 2.5 |  |  | $ | 2.2 |
Deferral of revenue |  | 646.4 |  |  | 459.6 |  |  | 3.1 |
Revenue recognized |  | (630.2) |  |  | (360.2) |  |  | (2.6) |
Breakage |  | (19.0) |  |  | (10.3) |  |  | (0.2) |
Other/foreign currency translation |  | 3.8 |  |  | 2.3 |  |  | — |
Ending Balance |  | $ | 94.9 |  |  | $ | 93.9 |  |  | $ | 2.5 |
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):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Beginning Balance | $ | 23.3 |  |  | $ | 26.2 |  |  | $ | 20.3 |
Additions | 35.7 |  |  | 32.5 |  |  | 39.9 |
Credits issued | (32.9) |  |  | (32.1) |  |  | (34.7) |
Other/foreign currency translation | (5.3) |  |  | (3.3) |  |  | 0.7 |
Ending Balance | $ | 20.8 |  |  | $ | 23.3 |  |  | $ | 26.2 |
Sales Returns and Allowances | The following table provides a reconciliation of the activity related to the Company’s sales return reserve (in millions):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Beginning Balance | $ | 47.4 |  |  | $ | 44.0 |  |  | $ | 29.0 |
Provision | 128.4 |  |  | 91.0 |  |  | 106.2 |
Sales returns | (120.4) |  |  | (87.6) |  |  | (91.2) |
Ending Balance | $ | 55.4 |  |  | $ | 47.4 |  |  | $ | 44.0 |

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