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Discontinued Operations (Tables) | 6 Months Ended
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Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract] |
Schedule of Discontinued Operations | The following is a summary of the results of discontinued operations on the condensed consolidated statement of operations for the periods presented below (in millions). Results of discontinued operations for the three and six months ended June 30, 2026 primarily reflect the settlement of certain indemnification obligations and costs directly related to our divestitures of Topgolf and Jack Wolfskin, in addition to the recognition of an income tax benefit in connection with the sale of Topgolf.
| Three Months Ended June 30, 2026 |  | Six Months Ended June 30, 2026
| Topgolf |  | Jack Wolfskin |  | Total |  | Topgolf |  | Jack Wolfskin |  | Total
Selling, general and administrative expense | $ | 0.1 |  |  | $ | 0.5 |  |  | $ | 0.6 |  |  | $ | (2.6) |  |  | $ | 0.5 |  |  | $ | (2.1) |
Total costs and expenses | 0.1 |  |  | 0.5 |  |  | 0.6 |  |  | (2.6) |  |  | 0.5 |  |  | (2.1) |
Income (loss) from discontinued operations | (0.1) |  |  | (0.5) |  |  | (0.6) |  |  | 2.6 |  |  | (0.5) |  |  | 2.1 |
Other income (expense), net | — |  |  | — |  |  | — |  |  | (7.5) |  |  | — |  |  | (7.5) |
Income (loss) from discontinued operations before income taxes | (0.1) |  |  | (0.5) |  |  | (0.6) |  |  | (4.9) |  |  | (0.5) |  |  | (5.4) |
Income tax provision (benefit) | — |  |  | — |  |  | — |  |  | (23.0) |  |  | — |  |  | (23.0) |
Net income (loss) from discontinued operations | $ | (0.1) |  |  | $ | (0.5) |  |  | $ | (0.6) |  |  | $ | 18.1 |  |  | $ | (0.5) |  |  | $ | 17.6 |
| Three Months Ended June 30, 2025 |  | Six Months Ended June 30, 2025
| Topgolf |  | Jack Wolfskin |  | Total |  | Topgolf |  | Jack Wolfskin |  | Total
Net revenues: |  |  |  |  |  |  |  |  |  |  |
Products | $ | 3.8 |  |  | $ | 25.9 |  |  | $ | 29.7 |  |  | $ | 7.4 |  |  | $ | 95.4 |  |  | $ | 102.8 |
Services | 481.4 |  |  | — |  |  | 481.4 |  |  | 871.5 |  |  | — |  |  | 871.5 |
Total net revenues | 485.2 |  |  | 25.9 |  |  | 511.1 |  |  | 878.9 |  |  | 95.4 |  |  | 974.3 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |  |
Cost of products | 2.0 |  |  | 16.4 |  |  | 18.4 |  |  | 4.2 |  |  | 54.5 |  |  | 58.7 |
Cost of services, excluding depreciation and amortization | 50.3 |  |  | — |  |  | 50.3 |  |  | 89.4 |  |  | — |  |  | 89.4 |
Other venue expense | 336.3 |  |  | — |  |  | 336.3 |  |  | 657.5 |  |  | — |  |  | 657.5 |
Selling, general and administrative expense | 46.6 |  |  | 21.6 |  |  | 68.2 |  |  | 96.9 |  |  | 64.6 |  |  | 161.5 |
Research and development expense | 3.6 |  |  | 0.8 |  |  | 4.4 |  |  | 7.6 |  |  | 2.2 |  |  | 9.8 |
Venue pre-opening costs | 1.8 |  |  | — |  |  | 1.8 |  |  | 2.4 |  |  | — |  |  | 2.4 |
Total costs and expenses | 440.6 |  |  | 38.8 |  |  | 479.4 |  |  | 858.0 |  |  | 121.3 |  |  | 979.3 |
Income (loss) from discontinued operations | 44.6 |  |  | (12.9) |  |  | 31.7 |  |  | 20.9 |  |  | (25.9) |  |  | (5.0) |
Interest income (expense), net | (43.4) |  |  | — |  |  | (43.4) |  |  | (86.5) |  |  | (0.1) |  |  | (86.6) |
Other income (expense), net | — |  |  | (12.7) |  |  | (12.7) |  |  | (0.3) |  |  | (11.6) |  |  | (11.9) |
Income (loss) from discontinued operations before income taxes | 1.2 |  |  | (25.6) |  |  | (24.4) |  |  | (65.9) |  |  | (37.6) |  |  | (103.5) |
Income tax provision (benefit) | 6.0 |  |  | (5.2) |  |  | 0.8 |  |  | (12.8) |  |  | (4.2) |  |  | (17.0) |
Net income (loss) from discontinued operations | $ | (4.8) |  |  | $ | (20.4) |  |  | $ | (25.2) |  |  | $ | (53.1) |  |  | $ | (33.4) |  |  | $ | (86.5) |
The following tables summarize the assets and liabilities of discontinued operations on the condensed consolidated balance sheets for the periods presented (in millions). As Jack Wolfskin was sold on May 31, 2025, and the sale of Topgolf was completed effective January 1, 2026, there are no assets or liabilities of discontinued operations as of June 30, 2026.
As of December 31, 2025
| Topgolf
Current assets of discontinued operations |
Accounts receivable | $ | 4.2 |
Inventories | 37.1 |
Other current assets | 117.2 |
Total current assets of discontinued operations | 158.5 |
Long-term assets of discontinued operations |
Property, plant and equipment, net | 2,072.5 |
Operating lease right-of-use assets, net | 1,066.4 |
Trade names and trademarks | 607.9 |
Other intangible assets, net | 46.5 |
Other assets, net | 218.2 |
Total long-term assets of discontinued operations | 4,011.5 |
Total assets of discontinued operations | $ | 4,170.0 |
Current liabilities of discontinued operations |
Accounts payable and accrued expenses | $ | 117.2 |
Accrued employee compensation and benefits | 56.1 |
Operating lease liabilities, short-term | 59.8 |
Construction advances | 29.1 |
Deferred revenue | 59.7 |
Other current liabilities | 3.1 |
Total current liabilities of discontinued operations | 325.0 |
Long-term liabilities of discontinued operations |
Long-term debt, net | 42.8 |
Operating lease liabilities, long-term | 1,102.5 |
Deemed landlord financing obligations | 1,300.7 |
Other long-term liabilities | 342.5 |
Total long-term liabilities of discontinued operations | 2,788.5 |
Total liabilities of discontinued operations | $ | 3,113.5 |

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