Goodwill and Intangible Assets

3 Months Ended

Mar. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Changes in the carrying amount of goodwill by operating and reportable segment are as follows (in millions):


	Golf Equipment		Active Lifestyle		Total
Balance at December 31, 2024	$	530.3	$	89.9		$	620.2


Reclassified to assets held for sale(1)	—		(1.7)			(1.7)
Foreign currency translation and other	0.4		0.1			0.5
Balance at March 31, 2025	$	530.7	$	88.3		$	619.0
(1) Represents goodwill associated with the Jack Wolfskin business classified as held for sale as of March 31, 2025 (see Note 18).

Goodwill is net of accumulated impairment losses of $1,500.8 million, which were recorded prior to December 31, 2024 in the Topgolf and Active Lifestyle segments.

Intangible assets by major asset class are as follows (in millions, except useful life amounts):


	Indefinite-lived:				Amortizing:
	Trade names and Trademarks		Liquor Licenses		Patents		Customer/ Distributor Relationships and Other		Developed Technology		Total

Useful Life (Years)	NA		NA		2-16		1-10		10

Gross as of December 31, 2024	$	1,338.7	$	10.7	$	32.5	$	75.4	$	63.4	$	1,520.7

Reclassified to assets held for sale (1)	(202.3)		—		—		(41.5)		—		(243.8)

Gross as of March 31, 2025	$	1,136.4	$	10.7	$	32.5	$	33.9	$	63.4	$	1,276.9
Accumulated amortization	—		—		(32.0)		(49.3)		(27.0)		$	(108.3)
Reclassified to assets held for sale (1)	—		—		—		27.7		—		27.7
Foreign currency and other	(26.2)		—		0.1		(3.9)		(2.4)		(32.4)
Net book value, March 31, 2025	$	1,110.2	$	10.7	$	0.6	$	8.4	$	34.0	$	1,163.9

Gross as of December 31, 2024	$	1,338.7	$	10.7	$	32.5	$	75.4	$	63.4	$	1,520.7
Accumulated amortization	—		—		(32.0)		(48.1)		(25.5)		(105.6)
Foreign currency and other	(34.8)		—		—		(4.5)		(3.2)		(42.5)
Net book value, December 31, 2024	$	1,303.9	$	10.7	$	0.5	$	22.8	$	34.7	$	1,372.6
(1) Represents intangible assets associated with the Jack Wolfskin business classified as held for sale as of March 31, 2025 (see Note 18).

For the three months ended March 31, 2025 and 2024, we recognized amortization expense of $2.7 million and $3.0 million, respectively, related to acquired intangible assets, and is included in selling, general and administrative expenses in the condensed consolidated statements of operations.

As of March 31, 2025, intangible asset amortization expense is expected to be incurred for the periods presented as follows (in millions):


Remainder of 2025	$	5.3
2026	7.0
2027	6.7
2028	6.4
2029	6.3
Thereafter	9.9
Total	$	41.6