v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net income from continuing operations $ 38.8 $ 93.4 $ 99.5
Adjustments to reconcile net income from continuing operations to net cash provided by operating activities:      
Depreciation and amortization 46.4 44.5 45.7
Amortization of debt discount and issuance costs 6.0 5.7 5.8
Impairment losses 2.1 0.9 0.0
Deferred taxes, net 19.0 (12.8) (11.7)
Share-based compensation 23.8 27.6 33.3
Loss on debt modification 0.0 4.7 0.0
Loss on disposals of long-lived assets 1.2 3.3 10.5
Unrealized net losses (gains) on hedging instruments and foreign currency (1.8) (0.3) 13.3
Other 0.4 0.0 1.3
Change in assets and liabilities:      
Accounts receivable, net 23.5 16.0 (46.4)
Inventories 9.2 (34.1) 153.8
Other assets (9.0) (4.1) 2.9
Accounts payable and accrued expenses 14.6 19.7 (66.7)
Deferred revenue 5.7 3.3 3.2
Accrued employee compensation and benefits 35.6 (4.9) (20.9)
Operating lease assets and liabilities, net 1.5 1.7 0.9
Income taxes receivable/payable, net 3.5 (1.7) 2.8
Other liabilities (0.8) 3.3 (2.4)
Net cash provided by operating activities - continuing operations 219.7 166.2 224.9
Net cash provided by operating activities - discontinued operations 114.3 215.8 139.8
Net cash provided by operating activities 334.0 382.0 364.7
Cash flows from investing activities:      
Capital expenditures (31.8) (48.7) (50.0)
Investment in golf-related ventures (1.1) (2.2) (2.5)
Acquisition of intangible assets (0.8) (1.9) 0.0
Proceeds from sales of intangible assets 0.7 0.0 0.0
Proceeds from sale of business lines, net of cash retained 286.0 0.0 0.0
Net cash provided by (used in) investing activities - continuing operations 253.0 (52.8) (52.5)
Net cash used in investing activities - discontinued operations (231.4) (244.5) (490.4)
Net cash provided by (used in) investing activities 21.6 (297.3) (542.9)
Cash flows from financing activities:      
Proceeds from borrowings on long-term debt 0.0 0.0 1,224.8
Repayments of long-term debt (18.0) (70.2) (450.2)
Proceeds from (repayments of) credit facilities, net 19.9 0.0 (142.6)
Debt issuance costs (1.0) (0.2) (1.8)
Repayments of financing leases (0.2) (0.3) (0.4)
Exercise of stock options 0.1 0.1 4.2
Acquisition of treasury stock (3.7) (31.4) (56.0)
Net cash provided by (used in) financing activities - continuing operations (2.9) (102.0) 578.0
Net cash provided by (used in) financing activities - discontinued operations 94.4 78.4 (202.2)
Net cash provided by (used in) financing activities 91.5 (23.6) 375.8
Effect of exchange rate changes on cash, cash equivalents and restricted cash 6.1 (9.6) (2.2)
Net increase in cash, cash equivalents and restricted cash 453.2 51.5 195.4
Cash, cash equivalents and restricted cash at beginning of period 450.3 398.8 203.4
Cash, cash equivalents and restricted cash at end of period 903.5 450.3 398.8
Less: cash equivalents and restricted cash of discontinued operations at end of period (0.3) (5.3) (5.3)
Cash and cash equivalents of continuing operations at end of period 903.2 445.0 393.5
Supplemental disclosures      
Cash paid for interest and fees [1],[2] 200.1 198.7 184.7
Non-cash investing and financing activities:      
Issuance of treasury stock and common stock for compensatory stock awards released from restriction 21.0 36.9 24.6
Accrued capital expenditures 20.7 63.4 45.5
Financed additions of capital expenditures $ 6.6 $ 5.6 $ 60.6
[1]
(1) Supplemental disclosures are inclusive of activity for both continuing and discontinued operations.
[2]
(2) See Note 12 for disclosures regarding our cash paid for income taxes.