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Stock Plans and Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Shares Authorized, Available for Future Grant and Outstanding Under Each Plans | The following table summarizes shares authorized, available for future grant and outstanding under each of our plans as of December 31, 2024 (in millions):
| Authorized |  | Available(1) |  | Outstanding
2004 Incentive Plan | 33.0 |  |  | — |  |  | 1.0 |
2022 Incentive Plan | 16.0 |  |  | 9.8 |  |  | 2.9 |
Topgolf Equity Compensation Plans and Option Agreement | 3.4 |  |  | — |  |  | 0.6 |
Total | 52.4 |  |  | 9.8 |  |  | 4.5 |
(1) Includes shares subject to a full award value under the 2022 Incentive Plan’s fungible share ratio. PRSUs are counted against the share reserve based on “max” level of performance and may vest up to 200% of the “target” number of units (150% with respect to certain units granted in connection with the Topgolf merger), depending on the year granted and the terms of such awards.
Schedule of Stock Option Activities | The following table summarizes our stock option activities for the year ended December 31, 2024 (in millions, except per share amounts and contractual term):
Options |  | Number of Shares |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at January 1, 2024 |  | 1.1 |  |  | $ | 28.44 |  |  |  |  |
Exercised(1) |  | — |  |  | $ | 7.23 |  |  |  |  |
Expired |  | (0.5) |  |  | $ | 27.48 |  |  |  |  |
Outstanding at December 31, 2024 |  | 0.6 |  |  | $ | 29.44 |  |  | 3.4 |  | $ | — |
Vested and expected to vest in the future at December 31, 2024 |  | 0.6 |  |  | $ | 29.44 |  |  | 3.4 |  | $ | — |
Exercisable at December 31, 2024 |  | 0.6 |  |  | $ | 29.44 |  |  | 3.4 |  | $ | — |
(1) A nominal number of stock options were exercised during the year ended December 31, 2024.
Schedule of Intrinsic Value and Cash Received for Option Exercises | The following table summarizes information related to intrinsic value and cash received related to option exercises for the periods presented below (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Intrinsic value for options exercised(1) | $ | — |  |  | $ | 1.7 |  |  | $ | 0.6 |
Cash received from exercise of options | $ | 0.1 |  |  | $ | 4.2 |  |  | $ | 0.7 |
(1) Intrinsic value for options exercised was nominal during the year ended December 31, 2024.
Schedule of Roll-Forward of Activity for Restricted Stock Units | The following table summarizes activity for restricted stock units, restricted stock awards, and performance-based awards for the year ended December 31, 2024 (in millions, except fair value amounts):
|  | RSUs |  | RSAs |  | PRSUs
|  | Units |  | Weighted- Average Grant-Date Fair Value |  | Units |  | Weighted- Average Grant-Date Fair Value |  | Units |  | Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2024 |  | 1.4 |  |  | $ | 24.13 |  |  | 0.8 |  |  | $ | 19.83 |  |  | 2.3 |  |  | $ | 32.71 |
Granted |  | 1.3 |  |  | $ | 13.25 |  |  | — |  |  | $ | — |  |  | 1.0 |  |  | $ | 19.01 |
Vested (1) |  | (0.8) |  |  | $ | 23.36 |  |  | — |  |  | $ | 29.52 |  |  | (1.4) |  |  | $ | 29.80 |
Target Award Adjustment (2) |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | 0.6 |  |  | $ | 29.40 |
Forfeited |  | (0.2) |  |  | $ | 18.48 |  |  | (0.8) |  |  | $ | 19.60 |  |  | (0.2) |  |  | $ | 32.40 |
Unvested at December 31, 2024 |  | 1.7 |  |  | $ | 16.81 |  |  | — |  |  | $ | — |  |  | 2.3 |  |  | $ | 27.85 |
(1) A nominal number of RSAs vested during the year ended December 31, 2024.
(2) Represents incremental shares earned by participants at a performance achievement in excess of 100% for awards previously granted.
Schedule of Roll-Forward of Activity for Restricted Stock | The following table summarizes activity for restricted stock units, restricted stock awards, and performance-based awards for the year ended December 31, 2024 (in millions, except fair value amounts):
|  | RSUs |  | RSAs |  | PRSUs
|  | Units |  | Weighted- Average Grant-Date Fair Value |  | Units |  | Weighted- Average Grant-Date Fair Value |  | Units |  | Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2024 |  | 1.4 |  |  | $ | 24.13 |  |  | 0.8 |  |  | $ | 19.83 |  |  | 2.3 |  |  | $ | 32.71 |
Granted |  | 1.3 |  |  | $ | 13.25 |  |  | — |  |  | $ | — |  |  | 1.0 |  |  | $ | 19.01 |
Vested (1) |  | (0.8) |  |  | $ | 23.36 |  |  | — |  |  | $ | 29.52 |  |  | (1.4) |  |  | $ | 29.80 |
Target Award Adjustment (2) |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | 0.6 |  |  | $ | 29.40 |
Forfeited |  | (0.2) |  |  | $ | 18.48 |  |  | (0.8) |  |  | $ | 19.60 |  |  | (0.2) |  |  | $ | 32.40 |
Unvested at December 31, 2024 |  | 1.7 |  |  | $ | 16.81 |  |  | — |  |  | $ | — |  |  | 2.3 |  |  | $ | 27.85 |
(1) A nominal number of RSAs vested during the year ended December 31, 2024.
(2) Represents incremental shares earned by participants at a performance achievement in excess of 100% for awards previously granted.
Schedule of Roll-Forward of Activity for Performance Shares | The following table summarizes activity for restricted stock units, restricted stock awards, and performance-based awards for the year ended December 31, 2024 (in millions, except fair value amounts):
|  | RSUs |  | RSAs |  | PRSUs
|  | Units |  | Weighted- Average Grant-Date Fair Value |  | Units |  | Weighted- Average Grant-Date Fair Value |  | Units |  | Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2024 |  | 1.4 |  |  | $ | 24.13 |  |  | 0.8 |  |  | $ | 19.83 |  |  | 2.3 |  |  | $ | 32.71 |
Granted |  | 1.3 |  |  | $ | 13.25 |  |  | — |  |  | $ | — |  |  | 1.0 |  |  | $ | 19.01 |
Vested (1) |  | (0.8) |  |  | $ | 23.36 |  |  | — |  |  | $ | 29.52 |  |  | (1.4) |  |  | $ | 29.80 |
Target Award Adjustment (2) |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | 0.6 |  |  | $ | 29.40 |
Forfeited |  | (0.2) |  |  | $ | 18.48 |  |  | (0.8) |  |  | $ | 19.60 |  |  | (0.2) |  |  | $ | 32.40 |
Unvested at December 31, 2024 |  | 1.7 |  |  | $ | 16.81 |  |  | — |  |  | $ | — |  |  | 2.3 |  |  | $ | 27.85 |
(1) A nominal number of RSAs vested during the year ended December 31, 2024.
(2) Represents incremental shares earned by participants at a performance achievement in excess of 100% for awards previously granted.
Schedule of Fair Value of Awards Vested and Weighted Average Grant Date Fair Value per Share | The following table summarizes fair value of awards vested and the weighted-average grant date fair value per share of awards granted during the periods presented below (in millions, except for per share amounts):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
RSUs: |  |  |  |  |
Total fair value of RSUs vested | $ | 19.1 |  |  | $ | 17.3 |  |  | $ | 17.2 |
Per share weighted-average grant date fair value of RSU grants | $ | 13.25 |  |  | $ | 22.78 |  |  | $ | 22.81 |
RSAs: |  |  |  |  |
Total fair value of RSAs vested | $ | 0.5 |  |  | $ | 1.3 |  |  | $ | 2.1 |
Per share weighted-average grant date fair value of RSA grants(1) | $ | — |  |  | $ | 19.60 |  |  | $ | — |
PRSUs: |  |  |  |  |
Total fair value of PRSUs vested | $ | 40.8 |  |  | $ | 7.8 |  |  | $ | 6.9 |
Per share weighted-average grant date fair value of PRSU grants | $ | 19.01 |  |  | $ | 36.58 |  |  | $ | 34.68 |
(1) There were no RSAs granted during the years ended December 31, 2024 and December 31, 2022.
Schedule of Share-Based Payment Arrangement, Nonvested Award, Cost Not Yet Recognized | The following table summarizes unamortized compensation expense, net of estimated forfeitures, and the weighted-average remaining recognition period of awards granted under our share-based compensation plans as of December 31, 2024 (in millions, except for periods):
| December 31, 2024
RSUs: |
Unamortized compensation expense for RSUs | $ | 14.7 |
Weighted-average remaining recognition period (in years) | 1.7
PRSUs: |
Unamortized compensation expense for PRSUs | $ | 19.0 |
Weighted-average remaining recognition period (in years) | 1.2
Schedule of Share-Based Compensation Including Expense for Phantom Stock Units and Cash Settled Stock Appreciation Rights Granted to Employees | The table below summarizes amounts recognized for share-based compensation by award-type, net of estimated forfeitures, in our consolidated statement of operations for the periods presented (in millions):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Stock options | $ | — |  |  | $ | 0.4 |  |  | $ | 1.4 |
Restricted stock units | 15.1 |  |  | 18.9 |  |  | 17.6 |
Restricted stock awards | — |  |  | 0.6 |  |  | 1.3 |
Performance based restricted share unit awards | 21.9 |  |  | 26.8 |  |  | 26.7 |
Cash-settled restricted stock | 1.1 |  |  | — |  |  | — |
Total share-based compensation expense, before tax | 38.1 |  |  | 46.7 |  |  | 47.0 |
Income tax benefit | (9.1) |  |  | (11.2) |  |  | (11.3) |
Total share-based compensation expense, after tax | $ | 29.0 |  |  | $ | 35.5 |  |  | $ | 35.7 |
The table below summarizes amounts recognized for share-based compensation, net of estimated forfeitures, in our consolidated statement of operations for the periods presented (in millions):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Cost of products | $ | 1.6 |  |  | $ | 1.9 |  |  | $ | 1.6 |
Selling, general and administrative expenses | 33.7 |  |  | 39.8 |  |  | 44.0 |
Research and development expenses | 0.7 |  |  | 1.6 |  |  | 1.1 |
Other venue expenses | 2.1 |  |  | 3.4 |  |  | 0.3 |
Share-based compensation expense, before tax | 38.1 |  |  | 46.7 |  |  | 47.0 |
Income tax benefit | (9.1) |  |  | (11.2) |  |  | (11.3) |
Share-based compensation expense, after tax | $ | 29.0 |  |  | $ | 35.5 |  |  | $ | 35.7 |

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