Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill by operating and reportable segment are as follows (in millions):


	Topgolf		Golf Equipment		Active Lifestyle		Total
Balance at December 31, 2021	$	1,340.7	$	531.1	$	88.3		$	1,960.1
Acquisitions	14.3		0.2		1.5			16.0
Foreign currency translation and other	8.6		(1.0)		—			7.6
Balance at December 31, 2022	$	1,363.6	$	530.3	$	89.8		$	1,983.7
Acquisitions	4.4		—		—			4.4
Foreign currency translation and other	—		0.4		0.2			0.6
Balance at December 31, 2023	$	1,368.0	$	530.7	$	90.0		$	1,988.7

Additions to goodwill during the year ended December 31, 2023 are primarily related to the acquisition of BigShots, which is further described in Note 4. Additions to goodwill during the year ended December 31, 2022 are related to purchase accounting adjustments made during the first quarter of 2022 to finalize the fair value on certain leases assumed and deferred taxes associated with the merger with Topgolf. As of December 31, 2023, goodwill is presented net of accumulated impairment losses of $148.4 million, which were recorded prior to December 31, 2021 in the Active Lifestyle operating segment.

The estimated fair values of our reporting units, trade names and trademarks, exceeded their carrying values for the years ended December 31, 2023 and 2022. As such, no impairment losses were recognized during these periods.

Intangible assets by major asset class for the periods presented in the table below were (in millions, except useful life years):


	Indefinite-lived:				Amortizing:
	Tradename and Trademarks		Liquor Licenses		Patents		Customer/ Distributor Relationships and Other		Developed Technology		Total

Useful Life (Years)	NA		NA		2 - 16		1 - 10		10

Gross as of December 31, 2022	$	1,441.0	$	8.9	$	32.2	$	67.4	$	69.7	$	1,619.2
Acquisitions	2.8		0.6		0.1		4.7		—		8.2
Gross as of December 31, 2023	$	1,443.8	$	9.5	$	32.3	$	72.1	$	69.7	$	1,627.4
Accumulated amortization	—		—		(31.9)		(43.1)		(18.9)		(93.9)
Foreign currency translation and other	(22.0)		—		—		(3.5)		(2.5)		(28.0)
Net book value, December 31, 2023	$	1,421.8	$	9.5	$	0.4	$	25.5	$	48.3	$	1,505.5

Gross as of December 31, 2021	$	1,441.0	$	7.7	$	32.0	$	61.7	$	69.7	$	1,612.1
Acquisitions	—		1.2		0.2		5.7		—		7.1
Gross as of December 31, 2022	$	1,441.0	$	8.9	$	32.2	$	67.4	$	69.7	$	1,619.2
Accumulated amortization	—		—		(31.8)		(35.8)		(12.2)		(79.8)
Foreign currency translation and other	(28.3)		—		—		(4.2)		(3.2)		(35.7)
Net book value, December 31, 2022	$	1,412.7	$	8.9	$	0.4	$	27.4	$	54.3	$	1,503.7

There were no impairment losses recognized on our indefinite-lived intangible assets during the years ended December 31, 2023 and 2022.

We recognized $14.1 million, $15.2 million, and $13.0 million of amortization expense related to intangible assets for the years ended December 31, 2023, 2022 and 2021, respectively, which is recorded in selling, general and administrative expenses in the consolidated statements of operations.

As of December 31, 2023, amortization expense related to intangible assets in each of the next five fiscal years and beyond is expected to be as follows (in millions):


2024	$	11.6
2025	11.5
2026	11.5
2027	11.2
2028	10.9
Thereafter	17.5
Total	$	74.2