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Segment Information (Tables)
 12 Months Ended
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,
202320222021
Net revenues:
Topgolf(1)
$1,761.0 $1,549.0 $1,087.6 
Golf Equipment1,387.5 1,406.6 1,229.2 
Active Lifestyle1,136.3 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 Equipment193.3 251.4 203.9 
Active Lifestyle117.0 77.4 68.5 
Total segment operating income419.1 405.6 330.6 
Reconciling Items(2)
(181.4)(148.8)(125.9)
Total operating income237.7 256.8 204.7 
Gain on Topgolf investment(3)
— — 252.5 
Interest expense, net(210.2)(142.8)(115.6)
Other income, net7.3 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,
20232022
Inventory:
Topgolf$50.2 $38.2 
Golf Equipment454.2 567.2 
Active Lifestyle290.0 353.8 
Total inventory$794.4 $959.2 
Property, Plant, & Equipment, net:
Topgolf$1,963.0 $1,612.4 
Golf Equipment102.5 106.5 
Active Lifestyle91.0 90.7 
Total property, plant, & equipment, net$2,156.5 $1,809.6 
Goodwill & Intangibles, net:
Topgolf$2,427.6 $2,421.3 
Golf Equipment621.5 620.6 
Active Lifestyle445.1 445.5 
Total goodwill & intangibles, net$3,494.2 $3,487.4 
Additions to long-lived assets:
Topgolf$503.1 $490.4 
Golf Equipment8.1 13.8 
Active Lifestyle20.2 22.4 
Corporate57.7 36.3 
Total additions to long-lived assets$589.1 $562.9 
Depreciation and amortization:
Topgolf$183.9 $143.8 
Golf Equipment19.7 20.7 
Active Lifestyle36.1 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.
202320222021
(in millions)
Net Revenues:
United States$3,081.4 $2,798.0 $2,067.1 
Europe540.6 537.4 499.5 
Asia531.9 545.4 465.5 
Rest of World130.9 114.9 101.3 
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 
Europe92.9 58.8 48.9 
Asia19.2 18.8 7.2 
Rest of World3.0 3.0 11.7 
Total Long-Lived Assets$2,156.5 $1,809.6 $1,451.4