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v3.24.3

Financing Arrangements (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Long-term Debt Instruments | Our credit facilities and long-term debt obligations are summarized as follows (in millions, except interest rates):
|  |  |  |  |  | September 30, |  | December 31,
|  | Maturity Date |  | Interest Rate |  | 2024 |  | 2023
Short-Term Credit Facilities |  |  |  |  |  |  |  |
2023 U.S. ABL Credit Facility |  | March 16, 2028 |  | 4.88% |  | $ | 13.2 |  |  | $ | 26.3 |
2022 Japan ABL Credit Facility |  | January 25, 2025 |  | 1.15% |  | 27.8 |  |  | 28.4 |
Total Principal Amount |  |  |  |  |  | $ | 41.0 |  |  | $ | 54.7 |
Unamortized Debt Issuance Costs |  |  |  |  |  | $ | 3.6 |  |  | $ | 4.5 |
|  | Balance Sheet Location |  |  |  |  |  |
Total Principal Amount |  | Asset-based credit facilities |  |  |  | $ | 41.0 |  |  | $ | 54.7 |
Unamortized Debt Issuance Costs - ST |  | Prepaid expenses |  |  |  | $ | 1.1 |  |  | $ | 1.1 |
Unamortized Debt Issuance Costs - LT |  | Other long-term assets |  |  |  | 2.5 |  |  | 3.4 |
Total Unamortized Debt Issuance Costs |  |  |  |  |  | $ | 3.6 |  |  | $ | 4.5 |
|  |  |  |  |  | September 30, |  | December 31,
|  | Maturity Date |  | Interest Rate |  | 2024 |  | 2023
Long-Term Debt and Credit Facilities |  |  |  |  |  |  |  |
2023 Term Loan B |  | March 16, 2030 |  | 7.85% |  | $ | 1,181.2 |  |  | $ | 1,240.6 |
Convertible Notes |  | May 1, 2026 |  | 2.75% |  | 258.3 |  |  | 258.3 |
Equipment Notes |  | July 24, 2025 - December 21, 2027 |  | 2.36% - 5.93% |  | 13.1 |  |  | 19.2 |
Mortgage Loans |  | July 1, 2033 - July 29, 2036 |  | 9.75% - 11.31% |  | 44.5 |  |  | 45.4 |
Financed Tenant Improvements |  | February 1, 2035 |  | 8.00% |  | 3.2 |  |  | 3.3 |
Total Principal Amount |  |  |  |  |  | $ | 1,500.3 |  |  | $ | 1,566.8 |
Less: Unamortized Debt Issuance Costs |  |  |  | 23.5 |  |  | 31.5 |
Total Debt, net of Unamortized Debt Issuance Costs |  |  |  | $ | 1,476.8 |  |  | $ | 1,535.3 |
|  | Balance Sheet Location |  |  |  |  |  |
Long-Term Debt - Current |  | Other current liabilities |  |  |  | $ | 15.6 |  |  | $ | 17.1 |
Long-Term Debt - Non-current |  | Long-term debt |  |  |  | 1,461.2 |  |  | 1,518.2 |
Total Debt, net of Unamortized Debt Issuance Costs |  |  |  | $ | 1,476.8 |  |  | $ | 1,535.3 |
Schedule of Interest Expense, Debt | Total interest and amortization expense related to our credit facilities and long-term debt obligations, which is included in “Interest expense, net” in the condensed consolidated statement of operations, is summarized as follows (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
| 2024 |  | 2023 |  | 2024 |  | 2023 |  |
Short-Term Credit Facilities |  |  |  |  |  |  |  |  |
2023 U.S. ABL Credit Facility | $ | 0.5 |  |  | $ | 0.9 |  |  | $ | 1.7 |  |  | $ | 6.5 |  |  |
2022 Japan ABL Credit Facility | 0.1 |  |  | 0.1 |  |  | 0.2 |  |  | 0.3 |  |  |
Total | $ | 0.6 |  |  | $ | 1.0 |  |  | $ | 1.9 |  |  | $ | 6.8 |  |  |
Long-Term Debt and Credit Facilities |  |  |  |  |  |  |  |  |
2023 Term Loan B | $ | 25.9 |  |  | $ | 29.1 |  |  | $ | 81.0 |  |  | $ | 61.7 |  |  |
Convertible Notes | 1.7 |  |  | 1.7 |  |  | 5.3 |  |  | 5.3 |  |  |
Equipment Notes | 0.1 |  |  | 0.2 |  |  | 0.4 |  |  | 0.7 |  |  |
Financed Tenant Improvements | 0.1 |  |  | — |  |  | 0.2 |  |  | — |  |  |
Mortgage Loans | 1.2 |  |  | 1.2 |  |  | 3.5 |  |  | 3.5 |  |  |
Term Loan B | — |  |  | — |  |  | — |  |  | 8.6 |  |  |
Topgolf Term Loan | — |  |  | — |  |  | — |  |  | 7.8 |  |  |
Topgolf Revolving Credit Facility | — |  |  | — |  |  | — |  |  | 2.7 |  |  |
Total | $ | 29.0 |  |  | $ | 32.2 |  |  | $ | 90.4 |  |  | $ | 90.3 |  |  |
Schedule of Borrowings, Availability, Interest Rate and Liquidity for Short-term Credit Facilities | The following table summarizes borrowings for the nine months ended September 30, 2024, availability and interest rates for the trailing twelve months ended September 30, 2024, and consolidated available liquidity related to our short-term credit facilities as of the nine months ended September 30, 2024. Consolidated available liquidity is comprised of cash on hand and amounts available under our 2023 U.S. ABL Credit Facility and 2022 Japan ABL Credit Facility, less outstanding letters of credit and outstanding borrowings.
(in millions, except interest rates) | September 30, 2024
2023 U.S. ABL Credit Facility |
Average borrowings | $ | 23.0 |
Average availability | $ | 409.4 |
Weighted average interest rate | 5.40 | %
2022 Japan ABL Credit Facility |
Total facility | $ | 41.8 |
Net availability | $ | 13.9 |
Consolidated Available Liquidity | $ | 863.0 |
Schedule of Aggregate Amount of Maturities for Debt | The following table presents our combined aggregate amount of maturities for our long-term debt over the next five years and thereafter as of September 30, 2024.
|  | (in millions)
Remainder of 2024 |  | $ | 4.6 |
2025 |  | 18.6 |
2026 |  | 276.4 |
2027 |  | 15.5 |
2028 |  | 13.7 |
Thereafter |  | 1,171.5 |
Total aggregate amount of maturities |  | $ | 1,500.3 |
Less: Unamortized debt issuance costs |  | 23.5 |
Total aggregate amount of maturities, net of unamortized debt issuance costs |  | $ | 1,476.8 |

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