Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Valuation of Foreign Currency Exchange Contracts by Pricing Levels

The following table summarizes the valuation of our foreign currency forward contracts and interest rate hedge agreements (see Note 14) 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, 2023 and December 31, 2022 (in millions):


	Fair Value		Level 2
March 31, 2023
Foreign currency forward contracts—asset position	$	3.4	$	3.4
Foreign currency forward contracts—liability position	(5.9)		(5.9)


	$	(2.5)	$	(2.5)
December 31, 2022
Foreign currency forward contracts—asset position	$	0.2	$	0.2
Foreign currency forward contracts—liability position	(5.4)		(5.4)
Interest rate hedge agreements—asset position	7.2		7.2

	$	2.0	$	2.0

Fair Value Relating to Financial Assets and Liabilities

The table below presents information about the fair value of our financial liabilities, and is provided for comparative purposes only relative to the carrying values of our financial instruments recognized in the condensed consolidated balance sheets as of March 31, 2023 and consolidated balance sheets as of December 31, 2022 (in millions):


	March 31, 2023				December 31, 2022
	Carrying Value		Fair Value		Carrying Value		Fair Value
U.S. Asset-Based Revolving Credit Facility	$	65.1	$	65.1	$	181.1	$	181.1
2022 Japan ABL Facility	$	45.2	$	45.2	$	38.2	$	38.2
2023 Term Loan B	$	1,250.0	$	1,264.1	$	—	$	—
Convertible Notes	$	258.3	$	354.7	$	258.3	$	337.7
Equipment Notes	$	25.6	$	21.6	$	27.8	$	23.6
Mortgage Loans	$	45.6	$	53.2	$	45.9	$	55.3
Term Loan B	$	—	$	—	$	432.0	$	431.1
Topgolf Term Loan	$	—	$	—	$	336.9	$	337.1
Topgolf Revolving Credit Facility	$	—	$	—	$	110.0	$	110.0