Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

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	5.9		0.2		—			6.1
Balance at September 30, 2024	$	1,378.2	$	530.9	$	90.0		$	1,999.1

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		0.2		3.3		—		7.8
Other	(5.9)		—		—		—		—		(5.9)
Gross as of September 30, 2024	$	1,441.0	$	10.7	$	32.5	$	75.4	$	69.7	$	1,629.3
Accumulated amortization	—		—		(32.0)		(46.8)		(23.9)		(102.7)
Foreign currency and other	(20.2)		—		—		(3.4)		(2.3)		(25.9)
Net book value, September 30, 2024	$	1,420.8	$	10.7	$	0.5	$	25.2	$	43.5	$	1,500.7



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 September 30, 2024 and 2023, we recognized amortization expense related to acquired intangible assets of $2.9 million and $2.8 million, respectively. For the nine months ended September 30, 2024 and 2023, we recognized amortization expense related to acquired intangible assets of $8.8 million and $11.2 million, respectively. Amortization expense is included in selling, general and administrative expenses in the condensed consolidated statements of operations.

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


Remainder of 2024	$	3.0
2025	11.8
2026	11.8
2027	11.4
2028	11.0
Thereafter	18.8
Total	$	67.8