XML 61 R46.htm IDEA: XBRL DOCUMENT v3.22.4
Segment Information (Tables)
 12 Months Ended
Dec. 31, 2022
Segment Reporting [Abstract]  
Information Utilized by Management to Evaluate its Operating Segments
The following table contains information utilized by management to evaluate its operating segments for the periods presented below (in millions):
Years Ended December 31,
202220212020
Net revenues:
Topgolf(1)
$1,549.0 $1,087.6 $— 
Golf Equipment1,406.6 1,229.2 982.7 
Active Lifestyle1,040.1 816.6 606.8 
Total net revenues$3,995.7 $3,133.4 $1,589.5 
Income (loss) before income taxes:
Topgolf(1)
$76.8 $58.2 $— 
Golf Equipment251.4 203.9 148.6 
Active Lifestyle77.4 68.5 0.7 
Total segment operating income405.6 330.6 149.3 
Reconciling Items(2)
(148.8)(125.9)(254.8)
Total operating income (loss)256.8 204.7 (105.5)
Gain on Topgolf investment(3)
— 252.5 — 
Interest expense, net(142.8)(115.6)(46.9)
Other income, net27.9 9.0 24.9 
Total income (loss) before income taxes$141.9 $350.6 $(127.5)
December 31,
20222021
Identifiable assets:
Topgolf(1)
$5,302.0 $4,910.0 
Golf Equipment1,340.0 1,107.6 
Active Lifestyle1,034.0 840.5 
Reconciling items(2)
914.4 889.7 
Total identifiable assets$8,590.4 $7,747.8 
Additions to long-lived assets:
Topgolf(1)
$490.4 $286.8 
Golf Equipment13.8 30.7 
Active Lifestyle22.4 21.0 
Total additions to long-lived assets$526.6 $338.5 
Depreciation and amortization:
Topgolf(1)
$143.8 $114.6 
Golf Equipment20.7 14.1 
Active Lifestyle28.3 27.1 
Total depreciation and amortization$192.8 $155.8 
(1) On March 8, 2021, the Company completed the merger with Topgolf and has included the results of operations, identifiable assets, additions to long-lived assets, and depreciation and amortization of Topgolf in its consolidated statements of operations and statements of financial position from that date forward.
(2) Reconciling items include corporate general and administrative expenses not utilized by management in determining segment profitability as well as the amortization and depreciation of acquired intangible assets and purchase accounting adjustments. The amount for 2022 also includes costs associated with the one-time implementation of new ERP systems installed at acquired companies, legal and credit agency fees related to a postponed debt refinancing, and impairment losses related to an underperforming premerger Topgolf concept location in addition to the suspension of business operations in Russia. The amount for 2021 also includes transaction, transition and other non-recurring costs associated with the merger with Topgolf and costs associated with the implementation of new IT systems for Jack Wolfskin.
(3) The gain on Topgolf investment is related to the fair value step-up on the Company’s investment in Topgolf (see Note 6).
Summary of Revenue and Long Lived Assets by Geographical Areas Long-lived assets are based on location of domicile.
202220212020
(in millions)
Net Revenues:
United States$2,798.0 $2,067.1 $778.6 
Europe537.4 499.5 373.0 
Asia545.4 465.5 212.1 
Rest of World114.9 101.3 225.8 
Total Net Revenues$3,995.7 $3,133.4 $1,589.5 
Long-Lived Assets(1)
United States$1,729.0 $1,383.6 $116.5 
Europe58.8 48.9 17.1 
Asia18.8 7.2 6.0 
Rest of World3.0 11.7 6.9 
Total Long-Lived Assets$1,809.6 $1,451.4 $146.5 
(1) In 2021, the Company re-evaluated its definition of long-lived assets to include property, plant and equipment. As a result, the information presented for 2020 was recast to conform with the current year presentation.