Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Valuation of Foreign Currency Exchange Contracts by Pricing Levels

The following table summarizes the valuation of the Company’s foreign currency forward contracts and interest rate hedge agreements (see Note 18) that are measured at fair value on a recurring basis, and are classified within Level 2 of the fair value hierarchy as of December 31, 2022 and December 31, 2021 (in millions):


	Fair Value		Level 2
December 31, 2022
Foreign currency forward contracts—asset position	$	0.2	$	0.2
Foreign currency forward contracts—liability position	(5.4)		(5.4)
Interest rate hedge agreements—asset position	7.2		7.2
Interest rate hedge agreements—liability position	—		—

	$	2.0	$	2.0
December 31, 2021
Foreign currency forward contracts—asset position	$	0.3	$	0.3
Foreign currency forward contracts—liability position	(0.2)		(0.2)


Interest rate hedge agreements—liability position	(8.7)		(8.7)
	$	(8.6)	$	(8.6)

Fair Value, by Balance Sheet Grouping

The table below presents information about the fair value of the Company’s financial liabilities, and is provided for comparative purposes only relative to the carrying values of the Company’s financial instruments recognized in the consolidated balance sheets as of December 31, 2022 and consolidated balance sheets as of December 31, 2021 (in millions):


	December 31, 2022				December 31, 2021
	Carrying Value		Fair Value		Carrying Value		Fair Value
U.S. Asset-Based Revolving Credit Facility	$	181.1	$	181.1	$	9.1	$	9.1
2022 Japan ABL Facility	$	38.2	$	38.2	$	—	$	—
Japan Term Loan	$	—	$	—	$	13.0	$	12.2
Term Loan	$	432.0	$	431.1	$	436.8	$	437.5
Topgolf Term Loan	$	336.9	$	337.1	$	340.4	$	346.1
Topgolf Revolving Credit Facility	$	110.0	$	110.0	$	—	$	—
Convertible Notes	$	258.3	$	337.7	$	258.8	$	444.4
Equipment Notes	$	27.8	$	23.6	$	31.1	$	30.2
Mortgage Loans	$	45.9	$	55.3	$	46.4	$	52.3