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Revenue Recognition (Tables) | 12 Months Ended
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Dec. 31, 2023
Revenue Recognition [Abstract] |
Disaggregation of Revenue | The following table presents our revenue disaggregated by operating and reportable segment and major category (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Topgolf (1): |  |  |  |  |
Venues | $ | 1,692.6 |  |  | $ | 1,477.1 |  |  | $ | 1,029.0 |
Other business lines | 68.4 |  |  | 71.9 |  |  | 58.6 |
Total Topgolf | $ | 1,761.0 |  |  | $ | 1,549.0 |  |  | $ | 1,087.6 |
Golf Equipment: |  |  |  |  |
Golf clubs | $ | 1,073.5 |  |  | $ | 1,097.1 |  |  | $ | 994.5 |
Golf balls | 314.0 |  |  | 309.5 |  |  | 234.7 |
Total Golf Equipment | $ | 1,387.5 |  |  | $ | 1,406.6 |  |  | $ | 1,229.2 |
Active Lifestyle: |  |  |  |  |
Apparel | $ | 713.2 |  |  | $ | 631.7 |  |  | $ | 490.9 |
Gear, accessories & other | 423.1 |  |  | 408.4 |  |  | 325.7 |
Total Active Lifestyle | $ | 1,136.3 |  |  | $ | 1,040.1 |  |  | $ | 816.6 |
Total Consolidated | $ | 4,284.8 |  |  | $ | 3,995.7 |  |  | $ | 3,133.4 |
(1) Topgolf revenues for year ended December 31, 2021 are for the period of March 8, 2021 through January 2, 2022, due to the timing of the merger.
The following table summarizes revenue by geographical region (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Revenue by Major Geographic Region: |  |  |  |  |
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 | $ | 4,284.8 |  |  | $ | 3,995.7 |  |  | $ | 3,133.4 |
The following table summarizes all licensing, royalty and other income revenues by operating and reportable segment (in millions):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Topgolf |  | $ | 49.0 |  |  | $ | 50.3 |  |  | $ | 37.3 |
Active Lifestyle |  | 26.9 |  |  | 26.6 |  |  | 30.9 |
Total |  | $ | 75.9 |  |  | $ | 76.9 |  |  | $ | 68.2 |
Reconciliation of Activity Related to Short-term Deferred Revenue | The following table provides a reconciliation of activity related to our short-term deferred revenue balance for the periods presented (in millions):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Beginning Balance(1) |  | $ | 94.9 |  |  | $ | 93.9 |  |  | $ | 2.5 |
Deferral of revenue |  | 694.1 |  |  | 646.4 |  |  | 459.6 |
Revenue recognized |  | (651.7) |  |  | (630.2) |  |  | (360.2) |
Breakage |  | (26.3) |  |  | (19.0) |  |  | (10.3) |
Foreign currency translation and other |  | (0.1) |  |  | 3.8 |  |  | 2.3 |
Ending Balance |  | $ | 110.9 |  |  | $ | 94.9 |  |  | $ | 93.9 |
(1) 2021 Beginning Balance excludes Topgolf due to the timing of the merger.
The following table summarizes the amount of the deferred revenue recognized during the periods presented which were included in the balance of deferred revenue balances as of the end of the prior year reporting period (in millions):
| Year Ended December 31, |
| 2023 |  | 2022 |  | 2021 |
Deferred revenue recognized from prior period ending balance(1) | $ | 63.7 |  |  | $ | 67.0 |  |  | $ | 1.5 |  |
(1) 2021 excludes Topgolf due to the timing of the merger. |  |  |  |  |  |
Reconciliation of Short Term Sales Program Incentives | The following table provides a reconciliation of our short-term sales program incentives activity for the periods presented (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Beginning Balance | $ | 20.8 |  |  | $ | 23.3 |  |  | $ | 26.2 |
Additions | 40.0 |  |  | 35.7 |  |  | 32.5 |
Credits issued | (42.6) |  |  | (32.9) |  |  | (32.1) |
Foreign currency translation and other | (1.7) |  |  | (5.3) |  |  | (3.3) |
Ending Balance | $ | 16.5 |  |  | $ | 20.8 |  |  | $ | 23.3 |
Sales Returns and Allowances | The following table provides a reconciliation of the activity related to our sales return reserve for the periods presented (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Beginning Balance | $ | 55.4 |  |  | $ | 47.4 |  |  | $ | 44.0 |
Provision | 181.9 |  |  | 128.4 |  |  | 91.0 |
Sales returns | (181.4) |  |  | (120.4) |  |  | (87.6) |
Ending Balance | $ | 55.9 |  |  | $ | 55.4 |  |  | $ | 47.4 |

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