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Stock Plans and Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Shares Authorized, Available for Future Grant and Outstanding Under Each Plans

The following table presents shares authorized, available for future grant and outstanding under each of our plans as of December 31, 2023 (in millions):

			Authorized						Available(1)						Outstanding(2)
2004 Incentive Plan			33.0						—						2.0
2021 Inducement Plan			1.3						—						0.3
2022 Incentive Plan			16.0						12.0						1.3
Topgolf Equity Compensation Plans and Option Agreement			3.4						—						1.1
Total			53.7						12.0						4.7
(1) Includes shares subject to a full award value under the 2022 Incentive Plan’s fungible share ratio.
(2) Excludes 0.8 million of issued restricted stock awards which are not outstanding.

Stock Option Activities

The following table summarizes our stock option activities for the year ended December 31, 2023 (in millions, except per share amounts and contractual term):

Options						Number of Shares						Weighted- Average Exercise Price Per Share						Weighted- Average Remaining Contractual Term						Aggregate Intrinsic Value
Outstanding at January 1, 2023						1.9						$	26.97
Granted						—						$	—
Exercised						(0.3)						$	15.11
Forfeited(1)						—						$	35.14
Expired						(0.5)						$	29.93
Outstanding at December 31, 2023						1.1						$	28.44					3.18						$	0.1
Vested and expected to vest in the future at December 31, 2023						1.1						$	28.44					3.18						$	0.1
Exercisable at December 31, 2023						1.0						$	28.20					3.07						$	0.1
(1) A nominal number of stock options were forfeited during the year ended December 31, 2023.

The following table summarizes information related to outstanding stock options as of December 31, 2023 (in millions, except option price and remaining life amounts):

Weighted Average

Range of Option Prices

Options Outstanding

Remaining Life (Years)

Exercise Price

$6.91 to $35.14

1.1

3.18

$28.44

Summary of Intrinsic Value and Cash Received for Option Exercises

The following table summarizes information related to intrinsic value and cash received related to option exercises for the periods presented below (in millions):

			Year Ended December 31,
			2023						2022						2021
Intrinsic value for options exercised			$	1.7					$	0.6					$	26.3
Cash received from exercise of options			$	4.2					$	0.7					$	22.3

Summary of Fair Value Assumptions

The table below summarizes the range and the weighted averages of the fair value assumptions used in the Black-Scholes valuation as of March 8, 2021.

Assumptions:						Range						Weighted Averages
Expected term (in years)						0.3 - 7.1						3.7
Volatility						43.0% - 85.4%						55.1%
Risk-free interest rate						0.1% -1.3%						0.6%
Dividend yield						—						—

Roll-Forward of Activity for Restricted Stock Units

The following table represents activity for restricted stock units, restricted stock awards, and performance based awards for the year ended December 31, 2023 (in millions, except fair value amounts):

						RSUs												RSAs												PRSUs
						Units						Weighted- Average Grant-Date Fair Value						Units						Weighted- Average Grant-Date Fair Value						Units						Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2023						1.4						$	25.47					0.1						$	29.52					2.1						$	30.24
Granted						0.8						$	22.78					0.8						$	19.60					0.6						$	36.58
Vested						(0.7)						$	25.21					(0.1)						$	29.52					(0.4)						$	20.74
Target Award Adjustment(1)						—						$	—					—						$	—					0.1						$	19.85
Forfeited(2)						(0.1)						$	25.09					—						$	29.52					(0.1)						$	32.44
Unvested at December 31, 2023						1.4						$	24.13					0.8						$	19.83					2.3						$	32.71
(1) Represents incremental shares earned by participants at a performance achievement in excess of 100% for awards previously granted.
(2) A nominal number of RSAs were forfeited during the year ended December 31, 2023.

Roll-Forward of Activity for Restricted Stock

The following table represents activity for restricted stock units, restricted stock awards, and performance based awards for the year ended December 31, 2023 (in millions, except fair value amounts):

						RSUs												RSAs												PRSUs
						Units						Weighted- Average Grant-Date Fair Value						Units						Weighted- Average Grant-Date Fair Value						Units						Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2023						1.4						$	25.47					0.1						$	29.52					2.1						$	30.24
Granted						0.8						$	22.78					0.8						$	19.60					0.6						$	36.58
Vested						(0.7)						$	25.21					(0.1)						$	29.52					(0.4)						$	20.74
Target Award Adjustment(1)						—						$	—					—						$	—					0.1						$	19.85
Forfeited(2)						(0.1)						$	25.09					—						$	29.52					(0.1)						$	32.44
Unvested at December 31, 2023						1.4						$	24.13					0.8						$	19.83					2.3						$	32.71
(1) Represents incremental shares earned by participants at a performance achievement in excess of 100% for awards previously granted.
(2) A nominal number of RSAs were forfeited during the year ended December 31, 2023.

Roll-Forward of Activity for Performance Shares

The following table represents activity for restricted stock units, restricted stock awards, and performance based awards for the year ended December 31, 2023 (in millions, except fair value amounts):

						RSUs												RSAs												PRSUs
						Units						Weighted- Average Grant-Date Fair Value						Units						Weighted- Average Grant-Date Fair Value						Units						Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2023						1.4						$	25.47					0.1						$	29.52					2.1						$	30.24
Granted						0.8						$	22.78					0.8						$	19.60					0.6						$	36.58
Vested						(0.7)						$	25.21					(0.1)						$	29.52					(0.4)						$	20.74
Target Award Adjustment(1)						—						$	—					—						$	—					0.1						$	19.85
Forfeited(2)						(0.1)						$	25.09					—						$	29.52					(0.1)						$	32.44
Unvested at December 31, 2023						1.4						$	24.13					0.8						$	19.83					2.3						$	32.71
(1) Represents incremental shares earned by participants at a performance achievement in excess of 100% for awards previously granted.
(2) A nominal number of RSAs were forfeited during the year ended December 31, 2023.

Summary of Fair Value of Awards Vested and Weighted Average Grant Date Fair Value per Share

The following table summarizes fair value of awards vested and the weighted average grant date fair value per share of awards granted during the periods presented below (in millions, except for per share amounts):

			Years Ended December 31,
			2023						2022						2021
RSUs:
Total fair value of RSUs vested			$	17.3					$	17.2					$	6.5
Per share weighted average grant date fair value of RSU grants			$	22.78					$	22.81					$	29.60
RSAs:
Total fair value of RSAs vested			$	1.3					$	2.1					$	0.8
Per share weighted average grant date fair value of RSA grants(1)			$	19.60					$	—					$	28.74
PRSUs:
Total fair value of PRSUs vested			$	7.8					$	6.9					$	8.2
Per share weighted average grant date fair value of PRSU grants			$	36.58					$	34.68					$	30.35
(1) There were no RSAs granted during the year ended December 31, 2022.

Share-Based Payment Arrangement, Nonvested Award, Cost Not Yet Recognized

The following table summarizes the unamortized compensation expense, net of estimated forfeitures, of awards granted under our share-based plans as of December 31, 2023, as well as their related weighted-average remaining recognition period (in millions, except for periods):

			December 31, 2023
RSUs:
Unamortized compensation expense for RSUs			$	16.2
Weighted-average remaining recognition period (in years)			1.4
PRSUs:
Unamortized compensation expense for PRSUs			$	25.0
Weighted-average remaining recognition period (in years)			1.0

Share-Based Compensation Including Expense for Phantom Stock Units and Cash Settled Stock Appreciation Rights Granted to Employees

The table below summarizes amounts recognized for share-based compensation by award-type, net of estimated forfeitures, in our consolidated statement of operations for the periods presented (in millions):

			Years Ended December 31,
			2023						2022						2021
Stock options			$	0.4					$	1.4					$	2.6
Restricted stock units			18.9						17.6						14.0
Restricted stock awards			0.6						1.3						2.4
Performance based restricted share unit awards			26.8						26.7						19.7
Total share-based compensation expense, before tax			46.7						47.0						38.7
Income tax benefit			(11.2)						(11.3)						(8.9)
Total share-based compensation expense, after tax			$	35.5					$	35.7					$	29.8

The table below summarizes amounts recognized for share-based compensation, net of estimated forfeitures, in our consolidated statement of operations for the periods presented (in millions):

			Years Ended December 31,
			2023						2022						2021
Cost of products			$	1.9					$	1.6					$	1.2
Selling, general and administrative expenses			39.8						44.0						36.5
Research and development expenses			1.6						1.1						1.0
Other venue expenses			3.4						0.3						—
Total share-based compensation expense, before tax			46.7						47.0						38.7
Income tax benefit			(11.2)						(11.3)						(8.9)
Total share-based compensation expense, after tax			$	35.5					$	35.7					$	29.8

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