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Stock Plans and Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Shares Authorized, Available for Future Grant and Outstanding Under Each Plans
The following table presents shares authorized, available for future grant and outstanding under each of the Company’s plans as of December 31, 2022 (in millions):
Authorized
Available(1)
Outstanding(2)
2004 Incentive Plan33.0 — 2.9 
2013 Directors Plan1.0 — — 
2021 Inducement Plan1.3 — 0.5 
2022 Incentive Plan16.0 16.1 0.1 
Topgolf Equity Compensation Plans and Option Agreement3.4 — 1.9 
Total54.7 16.1 5.4 
(1) Includes shares subject to a full award value under the 2022 Incentive Plan’s fungible share ratio.
(2) Excludes 0.1 million of issued restricted stock awards which are not outstanding.
Stock Option Activities
The following table summarizes the Company’s stock option activities for the year ended December 31, 2022 (in millions, except per share amounts and contractual term):
OptionsNumber of
Shares		Weighted-
Average
Exercise Price
Per Share		Weighted-
Average
Remaining
Contractual
Term		Aggregate
Intrinsic
Value
Outstanding at January 1, 20222.0 $26.60 
Granted— $— 
Exercised(0.1)$11.87 
Forfeited— $— 
Expired— $— 
Outstanding at December 31, 20221.9 $26.97 3.72$1.9 
Vested and expected to vest in the future at December 31, 20221.9 $26.96 3.72$1.9 
Exercisable at December 31, 20221.7 $26.30 3.44$1.9 
The following table summarizes information related to outstanding stock options as of December 31, 2022 (in millions, except option price and remaining life amounts):
Weighted Average
Range of Option PricesOptions OutstandingRemaining Life (Years)Exercise Price
$6.52 to $35.14
1.93.72$26.97
Summary of Fair Value Assumptions The table below summarizes the range and the weighted averages of the fair value assumptions used in the Black-Scholes valuation as of March 8, 2021.
Assumptions:RangeWeighted Averages
Expected term (in years)
0.3 - 7.1
3.7
Volatility
43.0% - 85.4%
55.1%
Risk-free interest rate
0.1% -1.3%
0.6%
Dividend yield——
Roll-Forward of Activity for Restricted Stock Units
The following table represents activity for restricted stock units for the year ended December 31, 2022 (in millions, except fair value amounts):
Restricted Stock UnitsUnitsWeighted-
Average
Grant-Date
Fair Value
Unvested at January 1, 2022
1.6 $25.79 
Granted0.6 $22.81 
Vested(0.7)$23.97 
Forfeited(0.1)$23.40 
Expired— — 
Unvested at December 31, 2022
1.4 $25.47 
Roll-Forward of Activity for Restricted Stock Awards
The following table represents activity related to restricted stock awards granted as part of the replacement awards for the year ended December 31, 2022 (in millions, except fair value amounts):
Restricted Stock AwardsUnitsWeighted-
Average
Grant-Date
Fair Value
Unvested at January 1, 2022
0.2 $29.52 
Granted— — 
Vested(0.1)$29.52 
Forfeited— — 
Expired— — 
Unvested at December 31, 2022
0.1 $29.52 
Roll-Forward of Activity for Performance Share Units
The following table represents the activity for performance based awards during the year ended December 31, 2022 (in millions, except fair value amounts):
Performance Share UnitsUnitsWeighted-
Average
Grant-Date
Fair Value
Unvested at January 1, 2022
2.0 $27.00 
Granted0.5 $34.68 
Target Award Adjustment(1)
0.1 $16.60 
Vested(0.4)$16.28 
Forfeited(0.1)$28.42 
Unvested at December 31, 2022
2.1 $30.24 
(1) Represents incremental shares earned by participants at a performance achievement in excess of 100% for awards previously granted.
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 related to grants of RSUs, PRSUs and stock options in the Company’s consolidated statement of operations for the periods presented (in millions):
Years Ended December 31,
202220212020
Cost of products$1.6 $1.2 $0.8 
Selling, general and administrative expenses44.0 36.5 9.3 
Research and development expenses1.1 1.0 0.8 
Other venue expenses0.3 — — 
Total cost of share-based compensation included in income, before income tax47.0 38.7 10.9 
Income tax benefit11.3 8.9 2.5 
Total cost of employee share-based compensation, after tax$35.7 $29.8 $8.4