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Restructuring and Separation Costs | 6 Months Ended
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Jun. 30, 2025
Restructuring and Related Activities [Abstract] |
Restructuring and Separation Costs | Restructuring and Separation Costs Our restructuring costs primarily consist of severance and termination benefits, asset disposals, write-offs and impairments and other exit and disposal costs. Severance costs generally include severance payments, outplacement services, health insurance coverage and legal costs. Separation costs primarily consist of consulting and legal costs incurred in connection with the sale of the Jack Wolfskin business and our planned separation from Topgolf . Restructuring Costs 2023 Restructuring Plan During 2023, we initiated a reorganization and restructuring plan, which was completed in December 2024, in order to improve the organizational structure of and increase operational efficiencies for certain businesses and functions within our Active Lifestyle and Topgolf operating segments. There were no costs incurred pursuant to the 2023 Restructuring Plan during the three and six months ended June 30, 2025. During the three and six months ended June 30, 2024, $11.7 million and $11.8 million of costs were incurred pursuant to the 2023 Restructuring Plan, respectively. As of December 31, 2024, we incurred cumulative costs of $33.6 million under the 2023 Restructuring Plan. The following table summarizes the restructuring liability that is included in accounts payable and accrued expenses, accrued employee compensation and benefits, and other current liabilities on the condensed consolidated balance sheets as of the periods presented below (in millions):
| Employee termination costs |  | PP&E disposals |  | Legal & other costs |  | Total
Balance at December 31, 2024 | $ | 10.2 |  |  | $ | 0.4 |  |  | $ | 3.2 |  |  | $ | 13.8 |
Payments | (10.2) |  |  | — |  |  | (3.2) |  |  | (13.4) |
Non-cash adjustments | — |  |  | (0.4) |  |  | — |  |  | (0.4) |
Balance at June 30, 2025 | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Transformation Plan In connection with the September 2024 announcement of our intended separation of the Topgolf business, we initiated a plan which is intended to optimize organizational efficiencies and decrease operating costs under the separate business structures that are anticipated after the separation (the “Transformation Plan”). For the three and six months ended June 30, 2025, costs incurred under the Transformation Plan were primarily related to employee termination and severance costs and the disposal of property, plant and equipment. We expect to incur a total of approximately $20.0 million to $30.0 million in costs related to the Transformation Plan, which we expect to be completed in conjunction with the timing of the separation. The following table summarizes costs related to the restructuring plan recognized within selling, general and administrative expenses in the condensed consolidated statement of operations for the periods presented below (in millions):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  |  |  | 2025 |  |
Employee termination & severance | $ | 0.9 |  |  |  |  | $ | 5.3 |  |  |
PP&E disposals | 3.1 |  |  |  |  | 6.4 |  |  |
Legal & other | 0.1 |  |  |  |  | 0.1 |  |  |
Total restructuring | $ | 4.1 |  |  |  |  | $ | 11.8 |  |  |
The following table summarizes the restructuring liability that is included in accounts payable and accrued expenses, accrued employee compensation and benefits, and other current liabilities on the condensed consolidated balance sheets as of the periods presented below (in millions):
| Employee Termination costs |  | PP&E disposals |  | Legal & other costs |  | Total
Balance at December 31, 2024 | $ | 0.6 |  |  | $ | — |  |  | $ | 0.1 |  |  | $ | 0.7 |
Additions | 5.3 |  |  | 6.4 |  |  | 0.1 |  |  | 11.8 |
Payments | (5.6) |  |  | — |  |  | (0.2) |  |  | (5.8) |
Non-cash adjustments | — |  |  | (6.4) |  |  | — |  |  | (6.4) |
Balance at June 30, 2025 | $ | 0.3 |  |  | $ | — |  |  | $ | — |  |  | $ | 0.3 |
As of June 30, 2025, we incurred cumulative costs of $13.2 million related to the Transformation Plan, of which $1.4 million was incurred during the fourth quarter of 2024. Of the $13.2 million in total costs incurred, $2.1 million and $11.1 million were associated with our corporate functions and Topgolf business, respectively. Separation Costs In addition to the restructuring costs noted above, we recognized consulting, legal, accounting and other costs in connection with the planned separation of Topgolf and the sale of the Jack Wolfskin business, respectively, which are primarily included within selling, general and administrative expenses in the condensed consolidated statement of operations.
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in millions) | 2025 |  |  |  | 2025 |  |
Jack Wolfskin | $ | 2.0 |  |  |  |  | $ | 3.1 |  |  |
Topgolf | 4.5 |  |  |  |  | 7.1 |  |  |
Total Separation Costs | $ | 6.5 |  |  |  |  | $ | 10.2 |  |  |
Costs incurred related to restructuring plans and planned separations are excluded from the measurement of segment profitability for internal and external reporting purposes, and are included in Reconciling Items. See Note 17 for further information.

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- Definition The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4.e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479823/420-10-S99-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/420/tableOfContent Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482017/420-10-50-1 + Details
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