Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents the Company’s revenue disaggregated by operating and reportable segment, and by major category (in millions):

			Operating and Reportable Segments
	Three Months Ended March 31, 2022								Three Months Ended March 31, 2021
	Topgolf (1)		Golf Equipment		Apparel, Gear & Other		Total		Topgolf (1)		Golf Equipment		Apparel, Gear & Other		Total
Venues	$	306.5	$	—	$	—	$	306.5	$	86.1	$	—	$	—	$	86.1
Other Topgolf business lines	15.5		—		—		15.5		6.5		—		—		6.5
Golf club	—		370.4		—		370.4		—		316.4		—		316.4
Golf ball	—		97.6		—		97.6		—		60.5		—		60.5
Apparel	—		—		138.4		138.4		—		—		95.3		95.3
Gear, accessories & other	—		—		111.8		111.8		—		—		86.8		86.8
	$	322.0	$	468.0	$	250.2	$	1,040.2	$	92.6	$	376.9	$	182.1	$	651.6
(1) As of January 1, 2022, the Company began reporting revenues associated with corporate advertising sponsorship contracts within the venues service line to align with the Company’s current management reporting structure. These revenues were previously included within other Topgolf business lines. Accordingly, revenue of $1.0 million for the three months ended March 31, 2021 was reclassified from other Topgolf business lines to venues in order to conform with the current year presentation.

The following table summarizes revenue by geographical areas in which the Company operates (in millions):

	Three Months Ended March 31,
	2022		2021
Revenue by Major Geographic Region(1):
United States	$	709.4	$	388.2
Europe	134.9		108.3
Asia	158.6		123.9
Rest of world	37.3		31.2
	$	1,040.2	$	651.6
(1) As of January 1, 2022, the Company modified the composition of its regions, and is now including Japan, Korea, China, South-East Asia and India in Asia. These regions, except for Japan, were previously reported in rest of world. As a result of this change, net revenues by region for the period presented in the prior year were recast to conform to the current year presentation.

Reconcilation of Activity Relaated to Short-term Deferred Revenue

The following table provides a reconciliation of activity related to the Company’s short-term deferred revenue balance (in millions):

	Three Months Ended March 31,
	2022		2021
Balance as of January 1	$	93.9	$	2.5
Deferral of revenue	107.4		74.2
Revenue recognized	(101.3)		(5.7)
Breakage	(4.9)		(0.1)
Other/foreign currency translation	4.2		—
Balance as of March 31	$	99.3	$	70.9

Reconciliation of Short Term Sales Program Incentives

The following table provides a reconciliation of the activity related to the Company’s short-term sales program incentives (in millions):

	Three Months Ended March 31,
	2022		2021
Balance as of January 1	$	23.3	$	26.2
Additions	15.9		14.6
Credits issued	(6.2)		(6.4)
Other/foreign currency translation	(0.7)		(1.0)
Balance as of March 31	$	32.3	$	33.4

Sales Returns and Allowances

The following table provides a reconciliation of the activity related to the Company’s sales return liability (in millions):

	Three Months Ended March 31,
	2022		2021
Balance as of January 1	$	47.4	$	44.0
Provision	49.9		35.9
Sales returns	(29.7)		(19.1)
Balance as of March 31	$	67.6	$	60.8