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Segment Information (Tables) | 12 Months Ended
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Dec. 31, 2023
Segment Reporting [Abstract] |
Information Utilized by Management to Evaluate its Operating Segments | The following table contains information utilized by management to evaluate our operating segments for the periods presented below (in millions):
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Net revenues: |  |  |  |  |
Topgolf(1) | $ | 1,761.0 |  |  | $ | 1,549.0 |  |  | $ | 1,087.6 |
Golf Equipment | 1,387.5 |  |  | 1,406.6 |  |  | 1,229.2 |
Active Lifestyle | 1,136.3 |  |  | 1,040.1 |  |  | 816.6 |
Total net revenues | $ | 4,284.8 |  |  | $ | 3,995.7 |  |  | $ | 3,133.4 |
Income before income taxes: |  |  |  |  |
Topgolf(1) | $ | 108.8 |  |  | $ | 76.8 |  |  | $ | 58.2 |
Golf Equipment | 193.3 |  |  | 251.4 |  |  | 203.9 |
Active Lifestyle | 117.0 |  |  | 77.4 |  |  | 68.5 |
Total segment operating income | 419.1 |  |  | 405.6 |  |  | 330.6 |
Reconciling Items(2) | (181.4) |  |  | (148.8) |  |  | (125.9) |
Total operating income | 237.7 |  |  | 256.8 |  |  | 204.7 |
Gain on Topgolf investment(3) | — |  |  | — |  |  | 252.5 |
Interest expense, net | (210.2) |  |  | (142.8) |  |  | (115.6) |
Other income, net | 7.3 |  |  | 27.9 |  |  | 9.0 |
Total income before income taxes | $ | 34.8 |  |  | $ | 141.9 |  |  | $ | 350.6 |
(1) On March 8, 2021, the Company completed the merger with Topgolf and has included the results of operations of Topgolf in its consolidated statements of operations and statements of financial position from that date forward.
(2) Reconciling items in 2023 include corporate general and administrative expenses not utilized by management in determining segment profitability, including reorganization charges of $12.3 million incurred during the twelve months ended December 31, 2023 to reorganize our IT functions and improve the organizational structure in our Active Lifestyle and Topgolf Segments. As of December 31, 2023, our total liability in accrued employee costs and benefits related to the reorganization was $4.0 million. Reconciling items in 2023 and 2022 also include the amortization and depreciation of acquired intangible assets, purchase accounting adjustments related to acquisitions, non-recurring costs associated with the integration of new IT systems stemming from acquisitions, and costs related to a 2023 cybersecurity incident. In addition, reconciling items in 2022 and 2021 include 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 and the closure of a pre-merger Topgolf concept location. The amount for 2021 also includes transaction, transition and other non-recurring costs associated with the merger with Topgolf and costs associated with the implementation of new IT systems for Jack Wolfskin.
(3) The gain on Topgolf investment is related to the fair value step-up on the Company’s investment in Topgolf (see Note 4).
| December 31,
| 2023 |  | 2022
Inventory: |  |  |
Topgolf | $ | 50.2 |  |  | $ | 38.2 |
Golf Equipment | 454.2 |  |  | 567.2 |
Active Lifestyle | 290.0 |  |  | 353.8 |
Total inventory | $ | 794.4 |  |  | $ | 959.2 |
Property, Plant, & Equipment, net: |  |  |
Topgolf | $ | 1,963.0 |  |  | $ | 1,612.4 |
Golf Equipment | 102.5 |  |  | 106.5 |
Active Lifestyle | 91.0 |  |  | 90.7 |
Total property, plant, & equipment, net | $ | 2,156.5 |  |  | $ | 1,809.6 |
Goodwill & Intangibles, net: |  |  |
Topgolf | $ | 2,427.6 |  |  | $ | 2,421.3 |
Golf Equipment | 621.5 |  |  | 620.6 |
Active Lifestyle | 445.1 |  |  | 445.5 |
Total goodwill & intangibles, net | $ | 3,494.2 |  |  | $ | 3,487.4 |
Additions to long-lived assets: |  |  |
Topgolf | $ | 503.1 |  |  | $ | 490.4 |
Golf Equipment | 8.1 |  |  | 13.8 |
Active Lifestyle | 20.2 |  |  | 22.4 |
Corporate | 57.7 |  |  | 36.3 |
Total additions to long-lived assets | $ | 589.1 |  |  | $ | 562.9 |
Depreciation and amortization: |  |  |
Topgolf | $ | 183.9 |  |  | $ | 143.8 |
Golf Equipment | 19.7 |  |  | 20.7 |
Active Lifestyle | 36.1 |  |  | 28.3 |
Total depreciation and amortization | $ | 239.7 |  |  | $ | 192.8 |
Summary of Revenue and Long Lived Assets by Geographical Areas | Long-lived assets are based on location of domicile.
| 2023 |  | 2022 |  | 2021
| (in millions)
Net Revenues: |  |  |  |  |
United States | $ | 3,081.4 |  |  | $ | 2,798.0 |  |  | $ | 2,067.1 |
Europe | 540.6 |  |  | 537.4 |  |  | 499.5 |
Asia | 531.9 |  |  | 545.4 |  |  | 465.5 |
Rest of World | 130.9 |  |  | 114.9 |  |  | 101.3 |
Total Net Revenues | $ | 4,284.8 |  |  | $ | 3,995.7 |  |  | $ | 3,133.4 |
Long-Lived Assets |  |  |  |  |
United States | $ | 2,041.4 |  |  | $ | 1,729.0 |  |  | $ | 1,383.6 |
Europe | 92.9 |  |  | 58.8 |  |  | 48.9 |
Asia | 19.2 |  |  | 18.8 |  |  | 7.2 |
Rest of World | 3.0 |  |  | 3.0 |  |  | 11.7 |
Total Long-Lived Assets | $ | 2,156.5 |  |  | $ | 1,809.6 |  |  | $ | 1,451.4 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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