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v3.23.1

Financing Arrangements (Tables) | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Our debt obligations are summarized as follows (in millions):
|  | Maturity Date |  | Interest Rate |  | March 31, 2023 |  | December 31, 2022
Short-Term Credit Facilities |  |  |  |  |  |  |  |
U.S. Asset-Based Revolving Credit Facility(1) |  | March 16, 2028 |  | 6.19% |  | $ | 65.1 |  |  | $ | 181.1 |
2022 Japan ABL Credit Facility |  | January 25, 2025 |  | 0.86% |  | 45.2 |  |  | 38.2 |
Total Principal Amount |  |  |  |  |  | $ | 110.3 |  |  | $ | 219.3 |
Unamortized Debt Issuance Costs |  |  |  |  |  | $ | 4.4 |  |  | $ | 0.9 |
Balance Sheet Location |  |  |  |  |  |  |  |
Asset-based credit facilities |  | $ | 110.3 |  |  | $ | 219.3 |
Prepaid expenses |  | $ | 1.0 |  |  | $ | 0.6 |
Other long-term assets |  | $ | 3.4 |  |  | $ | 0.3 |
|  | Maturity Date |  | Interest Rate |  | March 31, 2023 |  | December 31, 2022
Long-Term Debt and Credit Facilities |  |  |  |  |  |  |  |
2023 Term Loan B |  | March 16, 2030 |  | 8.26% |  | $ | 1,250.0 |  |  | $ | — |
Convertible Notes |  | May 1, 2026 |  | 2.75% |  | 258.3 |  |  | 258.3 |
Equipment Notes |  | July 24, 2023 - December 27, 2027 |  | 2.36% - 5.93% |  | 25.6 |  |  | 27.8 |
Mortgage Loans |  | July 1, 2033 - July 29, 2036 |  | 9.75% - 11.31% |  | 45.6 |  |  | 45.9 |
Financed Tenant Improvements |  | February 1, 2035 |  | 8.00% |  | 3.5 |  |  | 3.5 |
Term Loan B |  | — |  | 8.88% |  | — |  |  | 432.0 |
Topgolf Term Loan |  | — |  | 10.58% |  | — |  |  | 336.9 |
Topgolf Revolving Credit Facility |  | — |  | 8.08% |  | — |  |  | 110.0 |
Total Principal Amount |  |  |  |  |  | $ | 1,583.0 |  |  | $ | 1,214.4 |
Less: Unamortized Debt Issuance Costs |  |  |  |  |  | 35.2 |  |  | 24.3 |
Total Debt, net of Unamortized Debt Issuance Costs |  |  |  |  |  | $ | 1,547.8 |  |  | $ | 1,190.1 |
Balance Sheet Location |  |  |  |  |  |  |  |
Other current liabilities |  | $ | 18.3 |  |  | $ | 13.8 |
Long-term debt |  | 1,529.5 |  |  | 1,176.3 |
|  |  |  |  |  | $ | 1,547.8 |  |  | $ | 1,190.1 |
(1) Weighted Average interest rate. Fluctuates depending on availability ratio.
Schedule of Interest Expense, Debt | Total interest and amortization expense related to our debt obligations and credit facilities, which is included in “Interest Expense, net” in the condensed consolidated statement of operations, is summarized as follows (in millions):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2023 |  | 2022
Short-Term Credit Facilities |  |  |  |  |  |  |
U.S. Asset-Based Revolving Credit Facility |  |  |  |  | $ | 3.7 |  |  | $ | 0.3 |
2022 Japan ABL Credit Facility |  |  |  |  | 0.1 |  |  | 0.1 |
Total |  |  |  |  | $ | 3.8 |  |  | $ | 0.4 |
Long-Term Debt and Credit Facilities |  |  |  |  |  |  |
2023 Term Loan B |  |  |  |  | $ | 4.7 |  |  | $ | — |
Convertible Notes |  |  |  |  | 1.8 |  |  | 1.8 |
Equipment Notes |  |  |  |  | 0.2 |  |  | 0.2 |
Mortgage Loans |  |  |  |  | 1.2 |  |  | 1.2 |
Term Loan B |  |  |  |  | 8.6 |  |  | 6.0 |
Topgolf Term Loan |  |  |  |  | 7.8 |  |  | 6.0 |
Topgolf Revolving Credit Facility |  |  |  |  | 2.7 |  |  | 0.4 |
Total (1) |  |  |  |  | $ | 27.0 |  |  | $ | 15.6 |
(1) Excludes interest expense from DLF obligations and financing leases (see Note 3).
Schedule of Aggregate Amount of Maturities for Debt | The following table presents our combined aggregate amount of maturities for our long-term debt over the next five years and thereafter as of March 31, 2023. Amounts payable under the 2023 Term Loan B included below represent the minimum principal repayment obligations as of March 31, 2023.
|  | (in millions)
Remainder of 2023 |  | $ | 16.2 |
2024 |  | 20.8 |
2025 |  | 18.6 |
2026 |  | 276.4 |
2027 |  | 15.5 |
Thereafter |  | 1,235.5 |
|  | $ | 1,583.0 |
Less: Unamortized Debt Issuance Costs |  | 35.2 |
Total |  | $ | 1,547.8 |

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- Definition Tabular disclosure of contractual obligation by timing of payment due. Includes, but is not limited to, long-term debt obligation, lease obligation, and purchase obligation. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 303 -Paragraph (a) -Subparagraph (5) + Details
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