Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 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


Disposals (1)	—		(1.5)			(1.5)
Foreign currency translation and other	1.3		(0.1)			1.2
Balance at June 30, 2025	$	531.6	$	88.3		$	619.9
(1) Represents goodwill associated with the sale of the Jack Wolfskin business completed during the second quarter of 2025 (see Note 3).

Goodwill is net of accumulated impairment losses of $1,352.4 million, which were recorded prior to December 31, 2024 in the Topgolf segment.

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
Acquisitions	0.3		0.1		0.4		—		—		0.8
Disposals (1)	(228.4)		—		—		(41.9)		—		(270.3)
Impairment	—		(0.2)		—		—		—		(0.2)
Gross as of June 30, 2025	$	1,110.6	$	10.6	$	32.9	$	33.5	$	63.4	$	1,251.0
Accumulated amortization	—		—		(32.0)		(49.7)		(28.4)		$	(110.1)
Disposals (1)	—		—		—		24.3		—		24.3
Foreign currency and other	—		—		0.1		(0.1)		(1.7)		(1.7)
Net book value, June 30, 2025	$	1,110.6	$	10.6	$	1.0	$	8.0	$	33.3	$	1,163.5

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 asset amounts disposed of in connection with the sale of the Jack Wolfskin business which was completed during the second quarter of 2025 (see Note 3).

For the three months ended June 30, 2025 and 2024, we recognized amortization expense of $1.8 million and $2.9 million, respectively, related to acquired intangible assets, which is primarily included in selling, general and administrative expenses in the condensed consolidated statements of operations. For the six months ended June 30, 2025 and 2024, we recognized amortization expense of $4.5 million and $5.9 million, respectively, related to acquired intangible assets, which is primarily included in selling, general and administrative expenses in the condensed consolidated statements of operations.

As of June 30, 2025, intangible asset amortization expense is expected to be incurred for the periods presented as follows (in millions):


Remainder of 2025	$	3.6
2026	7.2
2027	6.9
2028	6.6
2029	6.5
Thereafter	10.1
Total	$	40.9