Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our revenue disaggregated by major category and operating and reportable segment (in millions):

	Three Months Ended March 31,
	2023		2022
Topgolf:
Venues	$	386.7	$	306.5
Other business lines	16.8		15.5
Total Topgolf	$	403.5	$	322.0
Golf Equipment:
Golf club	$	350.8	$	370.4
Golf ball	92.9		97.6
Total Golf Equipment	$	443.7	$	468.0
Active Lifestyle:
Apparel	$	176.1	$	138.4
Gear, accessories & other	144.1		111.8
Total Active Lifestyle	$	320.2	$	250.2
Total Consolidated	$	1,167.4	$	1,040.2

The following table summarizes our revenue by major geographic region (in millions):

	Three Months Ended March 31,
	2023		2022
Revenue by Major Geographic Region:
United States	$	811.1	$	709.4
Europe	153.6		134.9
Asia	160.2		158.6
Rest of world	42.5		37.3
	$	1,167.4	$	1,040.2

The following table summarizes royalty income by operating segment (in millions):

	Three Months Ended March 31,
	2023		2022
Royalty Income:
Topgolf	$	12.1	$	9.7
Active Lifestyle	6.7		5.4
Total	$	18.8	$	15.1

Reconciliation of Activity Related to Short-term Deferred Revenue

The following table provides a reconciliation of activity related to our short-term deferred revenue balance for the periods presented (in millions):

	Three Months Ended March 31,
	2023		2022
Beginning Balance	$	94.9	$	93.9
Deferral of revenue	157.8		107.4
Revenue recognized	(142.8)		(101.3)
Breakage	(7.0)		(4.9)
Foreign currency translation and other	(0.1)		4.2
Ending Balance	$	102.8	$	99.3

Reconciliation of Short Term Sales Program Incentives

The following table provides a reconciliation of the activity related to our short-term sales program incentives for the periods presented (in millions):

	Three Months Ended March 31,
	2023		2022
Beginning Balance	$	20.8	$	23.3
Additions	15.5		15.9
Credits issued	(10.7)		(6.2)
Foreign currency translation and other	(0.1)		(0.7)
Ending Balance	$	25.5	$	32.3

Sales Returns and Allowances

The following table provides a reconciliation of the activity related to our sales return reserve for the periods presented (in millions):

	Three Months Ended March 31,
	2023		2022
Beginning Balance	$	55.4	$	47.4
Provision	58.9		49.9
Sales returns	(41.6)		(29.7)
Ending Balance	$	72.7	$	67.6