v3.26.1
Discontinued Operations (Tables)
 6 Months Ended
Jun. 30, 2026
Discontinued Operations and Disposal Groups [Abstract]  
Schedule of Discontinued Operations
The following is a summary of the results of discontinued operations on the condensed consolidated statement of operations for the periods presented below (in millions). Results of discontinued operations for the three and six months ended June 30, 2026 primarily reflect the settlement of certain indemnification obligations and costs directly related to our divestitures of Topgolf and Jack Wolfskin, in addition to the recognition of an income tax benefit in connection with the sale of Topgolf.
Three Months Ended June 30, 2026
Six Months Ended June 30, 2026
TopgolfJack WolfskinTotalTopgolfJack WolfskinTotal
Selling, general and administrative expense$0.1 $0.5 $0.6 $(2.6)$0.5 $(2.1)
Total costs and expenses0.1 0.5 0.6 (2.6)0.5 (2.1)
Income (loss) from discontinued operations(0.1)(0.5)(0.6)2.6 (0.5)2.1 
Other income (expense), net— — — (7.5)— (7.5)
Income (loss) from discontinued operations before income taxes(0.1)(0.5)(0.6)(4.9)(0.5)(5.4)
Income tax provision (benefit)— — — (23.0)— (23.0)
Net income (loss) from discontinued operations$(0.1)$(0.5)$(0.6)$18.1 $(0.5)$17.6 
Three Months Ended June 30, 2025
Six Months Ended June 30, 2025
TopgolfJack WolfskinTotalTopgolfJack WolfskinTotal
Net revenues:
Products$3.8 $25.9 $29.7 $7.4 $95.4 $102.8 
Services481.4 — 481.4 871.5 — 871.5 
Total net revenues485.2 25.9 511.1 878.9 95.4 974.3 
Costs and expenses:
Cost of products2.0 16.4 18.4 4.2 54.5 58.7 
Cost of services, excluding depreciation and amortization50.3 — 50.3 89.4 — 89.4 
Other venue expense336.3 — 336.3 657.5 — 657.5 
Selling, general and administrative expense46.6 21.6 68.2 96.9 64.6 161.5 
Research and development expense3.6 0.8 4.4 7.6 2.2 9.8 
Venue pre-opening costs1.8 — 1.8 2.4 — 2.4 
Total costs and expenses440.6 38.8 479.4 858.0 121.3 979.3 
Income (loss) from discontinued operations44.6 (12.9)31.7 20.9 (25.9)(5.0)
Interest income (expense), net(43.4)— (43.4)(86.5)(0.1)(86.6)
Other income (expense), net— (12.7)(12.7)(0.3)(11.6)(11.9)
Income (loss) from discontinued operations before income taxes1.2 (25.6)(24.4)(65.9)(37.6)(103.5)
Income tax provision (benefit)6.0 (5.2)0.8 (12.8)(4.2)(17.0)
Net income (loss) from discontinued operations$(4.8)$(20.4)$(25.2)$(53.1)$(33.4)$(86.5)
The following tables summarize the assets and liabilities of discontinued operations on the condensed consolidated balance sheets for the periods presented (in millions). As Jack Wolfskin was sold on May 31, 2025, and the sale of Topgolf was completed effective January 1, 2026, there are no assets or liabilities of discontinued operations as of June 30, 2026.
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