XML 49 R39.htm IDEA: XBRL DOCUMENT v3.23.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
The following table contains information utilized by management to evaluate our operating segments for the interim periods presented (in millions):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2023202220232022
Net revenues:
Topgolf$470.8 $403.7 $874.3 $725.7 
Golf Equipment451.0 451.9 894.7 919.9 
Active Lifestyle257.9 260.1 578.1 510.3 
Total net revenues$1,179.7 $1,115.7 $2,347.1 $2,155.9 
Segment operating income:
Topgolf$44.0 $44.2 $46.8 $50.7 
Golf Equipment96.4 100.3 178.0 201.1 
Active Lifestyle19.5 22.5 56.8 49.2 
Total segment operating income159.9 167.0 281.6 301.0 
Reconciling items(1)
(43.9)(38.0)(85.1)(77.7)
Total operating income116.0 129.0 196.5 223.3 
Interest expense, net(51.7)(32.5)(101.3)(63.9)
Other income, net7.3 11.8 (2.8)19.9 
Total income before income taxes$71.6 $108.3 $92.4 $179.3 
Additions to property, plant, and equipment(2):
Topgolf$123.3 $102.4 $256.5 $222.5 
Golf Equipment7.9 3.5 11.3 8.8 
Active Lifestyle2.1 7.2 5.5 10.8 
Total additions to long-lived assets$133.3 $113.1 $273.3 $242.1 
(1) Reconciling items include corporate general and administrative expenses not utilized by management in determining segment profitability, including $3.1 million in reorganization charges incurred during the second quarter of 2023 to reorganize our IT functions and improve our organizational structure. We expect to incur total charges of approximately $8.0 million in connection with these initiatives, which we expect will be completed by the end of 2023 and are primarily comprised of severance benefits and legal fees. As of June 30, 2023, our total liability in accrued employee costs and benefits related to the reorganization was $3.1 million. Reconciling items in 2023 and 2022 also include the amortization and depreciation of acquired intangible assets and purchase accounting adjustments and one-time costs associated with the integration of new IT systems stemming from acquisitions. In addition, 2022 also includes legal and credit agency fees related to the postponement of our debt refinancing, and charges related to the suspension of our Jack Wolfskin retail business in Russia due to the Russia-Ukraine war.
(2) Additions to Property, Plant, and Equipment exclude fixed asset additions which are determined not to be used in any revenue generating segment and as such are noted as corporate additions similar to the reconciling expenses noted above.