XML 41 R25.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We have three operating and reportable segments:
•Topgolf, which is primarily comprised of service revenues and expenses from our Company-operated Topgolf venues, Toptracer ball-flight tracking technology, and WGT digital golf game;
•Golf Equipment, which is comprised of product revenues and expenses that encompass golf club and golf ball products, including Callaway Golf-branded woods, hybrids, irons, wedges, and packaged sets, Odyssey putters, Callaway Golf and Strata-branded golf balls and sales of pre-owned golf clubs; and
•Active Lifestyle, which is comprised of product revenues and expenses for the Jack Wolfskin outdoor apparel, gear and accessories business, the TravisMathew golf and lifestyle apparel and accessories business, the Callaway soft goods business and the OGIO business, which consists of golf apparel and accessories (including golf bags), and storage gear for sport and personal use. This segment also includes royalties from licensing of our trademarks and service marks for various soft goods products.
There were no significant intersegment transactions during the three and six months ended June 30, 2024 or 2023.
The following table contains information utilized by management to evaluate our operating segments for the interim periods presented (in millions):
Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
Net revenues:
Topgolf$494.4 $470.8 $917.2 $874.3 
Golf Equipment413.8 451.0 863.7 894.7 
Active Lifestyle249.6 257.9 521.1 578.1 
Total net revenues$1,157.8 $1,179.7 $2,302.0 $2,347.1 
Segment operating income:
Topgolf$56.1 $44.0 $59.0 $46.8 
Golf Equipment77.4 96.4 159.5 178.0 
Active Lifestyle14.7 19.5 39.4 56.8 
Total segment operating income148.2 159.9 257.9 281.6 
Reconciling items(1)
(45.2)(43.9)(88.0)(85.1)
Total operating income103.0 116.0 169.9 196.5 
Interest expense, net(57.0)(51.7)(115.8)(101.3)
Other income, net6.4 7.3 9.8 (2.8)
Total income before income taxes$52.4 $71.6 $63.9 $92.4 
Additions to property, plant, and equipment:
Topgolf (2)
$65.6 $123.3 $129.7 $256.5 
Golf Equipment2.4 7.9 3.8 11.3 
Active Lifestyle8.6 2.1 12.3 5.5 
Corporate6.7 23.4 12.5 37.6 
Total additions to long-lived assets$83.3 $156.7 $158.3 $310.9 
(1) Reconciling items include corporate general and administrative expenses not utilized by management in determining segment profitability, including the amortization of acquired intangible assets, other non-recurring costs associated with our debt modifications, restructuring, integration of new IT systems stemming from acquisitions, and cybersecurity costs.
(2) Amounts for the six months ended June 30, 2024 include property, plant and equipment in connection with the acquisition of BigShots (see Note 3.)