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Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill and Intangible Assets

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, 2023						$	1,368.0					$	530.7					$	90.0														$	1,988.7
Acquisitions						4.3						—						—															4.3
Foreign currency translation and other						—						(0.3)						(0.1)															(0.4)
Balance at June 30, 2024						$	1,372.3					$	530.4					$	89.9														$	1,992.6

Goodwill is net of accumulated impairment losses of $148.4 million, which were recorded prior to December 31, 2023 in the Active Lifestyle segment.

Intangible assets by major asset class are as follows (in millions, except useful life amounts):

			Indefinite-lived:												Amortizing:
			Trade names 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, 2023			$	1,443.8					$	9.5					$	32.3					$	72.1					$	69.7					$	1,627.4
Acquisitions			3.1						1.2						0.1						0.5						—						4.9
Gross as of June 30, 2024			$	1,446.9					$	10.7					$	32.4					$	72.6					$	69.7					$	1,632.3
Accumulated amortization			—						—						(32.0)						(45.5)						(22.3)						(99.8)
Foreign currency and other			(28.1)						—						0.1						(4.1)						(2.9)						(35.0)
Net book value, June 30, 2024			$	1,418.8					$	10.7					$	0.5					$	23.0					$	44.5					$	1,497.5
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 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

For the three months ended June 30, 2024 and 2023, we recognized amortization expense related to acquired intangible assets of $2.9 million and $4.2 million, respectively. For the six months ended June 30, 2024 and 2023, we recognized amortization expense related to acquired intangible assets of $5.9 million and $8.4 million, respectively. Amortization expense is included in selling, general and administrative expenses in the condensed consolidated statements of operations.

As of June 30, 2024, intangible asset amortization expense is expected to be incurred for the periods presented as follows (in millions):

Remainder of 2024			$	6.8
2025			11.4
2026			11.4
2027			10.9
2028			9.0
Thereafter			18.5
Total			$	68.0

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- References

No definition available.

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- Definition

The entire disclosure for goodwill and intangible assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-30/tableOfContent

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/350-20/tableOfContent

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