v3.25.4
Discontinued Operations (Tables)
 12 Months Ended
Dec. 31, 2025
Discontinued Operations and Disposal Groups [Abstract]  
Summary of Discontinued Operations
The following table summarizes the major categories of assets and liabilities sold (in millions):
May 31, 2025
Assets
Accounts receivable$11.7 
Inventories86.2 
Property, plant and equipment, net11.8 
Operating lease right-of-use assets, net67.4 
Trade names and trademarks212.2 
Goodwill and other intangible assets16.2 
Other assets36.2 
Total assets$441.7 
Liabilities
Accounts payable and accrued expenses$48.6 
Operating lease liabilities64.7 
Other liabilities40.7 
Total liabilities$154.0 
Carrying value of net assets sold$287.7 
The following is a summary of the results of discontinued operations on the consolidated statement of operations for the periods presented below (in millions):
For the year ended December 31, 2025
TopgolfJack WolfskinTotal
Net revenues:
Products$13.7 $95.4 $109.1 
Services1,778.6 — 1,778.6 
Total net revenues1,792.3 95.4 1,887.7 
Costs and expenses:
Cost of products7.2 54.5 61.7 
Cost of services, excluding depreciation and amortization188.2 — 188.2 
Other venue expense1,295.4 — 1,295.4 
Selling, general and administrative expense179.5 68.7 248.2 
Research and development expense15.2 2.2 17.4 
Trade name impairment284.0 — 284.0 
Loss on classification of Topgolf as discontinued operations143.1 — 143.1 
Venue pre-opening costs7.7 — 7.7 
Total costs and expenses2,120.3 125.4 2,245.7 
Income (loss) from discontinued operations(328.0)(30.0)(358.0)
Interest expense, net(176.0)(0.1)(176.1)
Other income (expense), net(1.0)(11.5)(12.5)
Income (loss) from discontinued operations before income taxes(505.0)(41.6)(546.6)
Income tax provision (benefit)(98.1)(0.4)(98.5)
Net income (loss) from discontinued operations$(406.9)$(41.2)$(448.1)
For the year ended December 31, 2024
TopgolfJack WolfskinTotal
Net revenues:
Products$17.9 $355.1 $373.0 
Services1,791.5 — 1,791.5 
Total net revenues1,809.4 355.1 2,164.5 
Costs and expenses:
Cost of products10.5 203.3 213.8 
Cost of services, excluding depreciation and amortization186.7 — 186.7 
Other venue expense1,303.5 — 1,303.5 
Selling, general and administrative expense194.1 181.6 375.7 
Research and development expense19.7 8.3 28.0 
Goodwill and trade name impairment1,452.0 — 1,452.0 
Venue pre-opening costs14.8 — 14.8 
Total costs and expenses3,181.3 393.2 3,574.5 
Income (loss) from discontinued operations(1,371.9)(38.1)(1,410.0)
Interest expense, net(167.3)(0.8)(168.1)
Other income (expense), net— (6.5)(6.5)
Income (loss) from discontinued operations before income taxes(1,539.2)(45.4)(1,584.6)
Income tax provision (benefit)(40.1)(3.4)(43.5)
Net income (loss) from discontinued operations$(1,499.1)$(42.0)$(1,541.1)
For the year ended December 31, 2023
TopgolfJack WolfskinTotal
Net revenues:
Products$16.3 $393.5 $409.8 
Services1,744.7 — 1,744.7 
Total net revenues1,761.0 393.5 2,154.5 
Costs and expenses:
Cost of products10.1 230.6 240.7 
Cost of services, excluding depreciation and amortization186.8 — 186.8 
Other venue expense1,252.3 — 1,252.3 
Selling, general and administrative expense185.1 180.3 365.4 
Research and development expense30.9 9.0 39.9 
Venue pre-opening costs25.9 — 25.9 
Total costs and expenses1,691.1 419.9 2,111.0 
Income (loss) from discontinued operations69.9 (26.4)43.5 
Interest expense, net(137.3)(2.2)(139.5)
Other income (expense), net0.8 0.5 1.3 
Income (loss) from discontinued operations before income taxes(66.6)(28.1)(94.7)
Income tax provision (benefit)(82.6)(7.6)(90.2)
Net income (loss) from discontinued operations$16.0 $(20.5)$(4.5)
The following tables summarize the assets and liabilities of discontinued operations on the consolidated balance sheets for the periods presented below (in millions). As Jack Wolfskin was sold on May 31, 2025, there are no balances to disclose as of December 31, 2025:
As of December 31, 2025
Topgolf
Current assets of discontinued operations
Accounts receivable$4.2 
Inventories37.1 
Other current assets117.2 
Total current assets of discontinued operations158.5 
Long-term assets of discontinued operations
Property, plant and equipment, net2,072.5 
Operating lease right-of-use assets, net1,066.4 
Trade names and trademarks607.9 
Other intangible assets, net46.5 
Other assets, net218.2 
Total long-term assets of discontinued operations4,011.5 
Total assets of discontinued operations$4,170.0 
Current liabilities of discontinued operations
Accounts payable and accrued expenses$117.2 
Accrued employee compensation and benefits56.1 
Operating lease liabilities, short-term59.8 
Construction advances29.1 
Deferred revenue59.7 
Other current liabilities3.1 
Total current liabilities of discontinued operations325.0 
Long-term liabilities of discontinued operations
Long-term debt, net
42.8 
Operating lease liabilities, long-term1,102.5 
Deemed landlord financing obligations1,300.7 
Other long-term liabilities342.5 
Total long-term liabilities of discontinued operations2,788.5 
Total liabilities of discontinued operations$3,113.5 
As of December 31, 2024
TopgolfJack WolfskinTotal
Current assets of discontinued operations
Accounts receivable$8.1 $30.4 $38.5 
Inventories43.5 85.6 129.1 
Other current assets103.8 16.7 120.5 
Total current assets of discontinued operations155.4 132.7 288.1 
Long-term assets of discontinued operations
Property, plant and equipment, net2,030.8 12.3 2,043.1 
Operating lease right-of-use assets, net1,122.8 64.5 1,187.3 
Trade names and trademarks891.9 193.6 1,085.5 
Other intangible assets, net50.5 14.1 64.6 
Goodwill— 1.5 1.5 
Other assets, net349.5 14.1 363.6 
Total long-term assets of discontinued operations4,445.5 300.1 4,745.6 
Total assets of discontinued operations$4,600.9 $432.8 $5,033.7 
Current liabilities of discontinued operations
Accounts payable and accrued expenses$121.8 $62.3 $184.1 
Accrued employee compensation and benefits51.9 13.2 65.1 
Operating lease liabilities, short-term55.6 15.6 71.2 
Construction advances6.0 — 6.0 
Deferred revenue78.2 1.9 80.1 
Other current liabilities5.3 7.6 12.9 
Total current liabilities of discontinued operations318.8 100.6 419.4 
Long-term liabilities of discontinued operations
Long-term debt, net
43.6 — 43.6 
Operating lease liabilities, long-term1,162.0 50.6 1,212.6 
Deemed landlord financing obligations1,194.8 — 1,194.8 
Other long-term liabilities341.1 26.2 367.3 
Total long-term liabilities of discontinued operations2,741.5 76.8 2,818.3 
Total liabilities of discontinued operations$3,060.3 $177.4 $3,237.7