Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Topgolf:
Venues	$	430.5	$	399.5	$	1,270.4	$	1,089.4
Other business lines	17.2		14.3		51.6		50.1
Total Topgolf	$	447.7	$	413.8	$	1,322.0	$	1,139.5

Golf Equipment:
Golf clubs	$	222.2	$	221.4	$	913.3	$	959.6
Golf balls	71.2		75.3		274.8		257.0
Total Golf Equipment	$	293.4	$	296.7	$	1,188.1	$	1,216.6

Active Lifestyle:
Apparel	$	211.7	$	181.4	$	531.3	$	456.7
Gear, accessories & other	87.8		96.6		346.3		331.6
Total Active Lifestyle	$	299.5	$	278.0	$	877.6	$	788.3

Total	$	1,040.6	$	988.5	$	3,387.7	$	3,144.4

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Revenue by Major Geographic Region:
United States	$	737.3	$	684.8	$	2,435.1	$	2,194.7
Europe	149.5		141.9		423.3		417.7
Asia	130.7		138.7		419.1		432.6
Rest of world	23.1		23.1		110.2		99.4
Total	$	1,040.6	$	988.5	$	3,387.7	$	3,144.4

The following table summarizes these revenues by operating segment (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Topgolf	$	12.2	$	9.0	$	36.5	$	33.2
Active Lifestyle	6.0		6.2		20.9		20.2
Total	$	18.2	$	15.2	$	57.4	$	53.4

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Beginning Balance	$	98.5	$	91.8	$	94.9	$	93.9
Deferral of revenue	154.6		167.9		478.3		438.4
Revenue recognized	(150.7)		(160.1)		(457.5)		(427.9)
Breakage	(5.4)		(4.7)		(18.5)		(13.4)
Foreign currency translation and other	(0.1)		(0.5)		(0.3)		3.4
Ending Balance	$	96.9	$	94.4	$	96.9	$	94.4

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Beginning Balance	$	24.8	$	35.2	$	20.8	$	23.3
Additions	4.8		6.1		26.9		33.6
Credits issued	(11.7)		(6.6)		(28.3)		(19.8)
Foreign currency translation and other	(0.4)		(1.3)		(1.9)		(3.7)
Ending Balance	$	17.5	$	33.4	$	17.5	$	33.4

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 September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Beginning Balance	$	81.1	$	77.6	$	55.4	$	47.4
Provision	33.5		17.3		145.0		103.6
Sales returns	(31.9)		(23.5)		(117.7)		(79.6)
Ending Balance	$	82.7	$	71.4	$	82.7	$	71.4