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Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Aggregate amortization expense on intangible assets	$ 0.9	$ 0.7	$ 3.4

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-18

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-11

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-24

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-12

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 55
-Paragraph 40
-SubTopic 30
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482640/350-30-55-40

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482665/350-30-50-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

Stock Plans and Share-Based Compensation - Roll-Forward of Activity for Restricted Stock Unit, Restricted Stock and Performance Shares (Details) - $ / shares	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Units
Units
Unvested balance at beginning of period (in shares)	1,700,000
Granted (in shares)	2,900,000
Vested (in shares)	(900,000)
Forfeited (in shares)	(500,000)
Unvested balance at end of period (in shares)	3,200,000	1,700,000
Weighted- Average Grant-Date Fair Value
Unvested balance at beginning of period (in dollars per share)	$ 16.81
Granted (in dollars per share)	6.86	$ 13.25	$ 22.78
Vested (in dollars per share)	17.14
Forfeited (in dollars per share)	9.52
Unvested balance at end of period (in dollars per share)	$ 8.88	$ 16.81
Restricted Stock
Units
Unvested balance at beginning of period (in shares)	0
Granted (in shares)	0	0
Vested (in shares)	0
Forfeited (in shares)	0
Unvested balance at end of period (in shares)	0	0
Weighted- Average Grant-Date Fair Value
Unvested balance at beginning of period (in dollars per share)	$ 0
Granted (in dollars per share)	0	$ 0	19.60
Vested (in dollars per share)	0
Forfeited (in dollars per share)	0
Unvested balance at end of period (in dollars per share)	$ 0	$ 0
Performance Shares
Units
Unvested balance at beginning of period (in shares)	2,300,000
Granted (in shares)	1,700,000
Vested (in shares)	(500,000)
Forfeited (in shares)	(900,000)
Unvested balance at end of period (in shares)	2,600,000	2,300,000
Weighted- Average Grant-Date Fair Value
Unvested balance at beginning of period (in dollars per share)	$ 27.85
Granted (in dollars per share)	8.57	$ 19.01	$ 36.58
Vested (in dollars per share)	29.52
Forfeited (in dollars per share)	23.85
Unvested balance at end of period (in dollars per share)	$ 16.20	$ 27.85

Earnings (Loss) Per Common Share - Summary of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings (loss) per common share—basic
Net income from continuing operations									$ 38.8	$ 93.4	$ 99.5
Income (loss) from discontinued operations, net of tax									(448.1)	(1,541.1)	(4.5)
Net income (loss)	$ (417.0)	$ (14.7)	$ 20.3	$ 2.1	$ (1,512.7)	$ (3.6)	$ 62.1	$ 6.5	$ (409.3)	$ (1,447.7)	$ 95.0
Weighted-average common shares outstanding—basic (in shares)									183.7	183.7	185.0
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ (0.36)	$ (0.02)	$ 0.25	$ 0.35	$ (0.51)	$ 0.17	$ 0.54	$ 0.31	$ 0.21	$ 0.51	$ 0.54
Discontinued operations (in dollars per share)	(1.91)	(0.06)	(0.14)	(0.33)	(7.72)	(0.19)	(0.20)	(0.27)	(2.44)	(8.39)	(0.02)
Basic earnings (loss) per common share (in dollars per share)	(2.27)	(0.08)	0.11	0.01	(8.23)	(0.02)	0.34	0.04	$ (2.23)	$ (7.88)	$ 0.51
Diluted earnings (loss) per common share:
Add: Interest expense attributable to convertible notes, net of tax									$ 0.0	$ 6.5	$ 6.5
Income (loss) from continuing operations and assumed conversions									38.8	99.9	106.0
Net (loss) income attributable to earnings per common share									$ (409.3)	$ (1,441.2)	$ 101.5
Incremental shares for assumed conversion of Convertible Notes (in shares)									0.0	14.7	14.7
Outstanding options, restricted stock units and performance share units (in shares)									2.0	0.9	1.4
Weighted-average common shares outstanding—diluted (in shares)									185.7	199.3	201.1
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	(0.36)	(0.02)	0.24	0.33	(0.51)	0.16	0.51	0.29	$ 0.21	$ 0.50	$ 0.53
Discontinued operations, diluted (in dollars per share)	(1.91)	(0.06)	(0.12)	(0.30)	(7.72)	(0.17)	(0.18)	(0.25)	(2.41)	(7.73)	(0.02)
Diluted earnings (loss) per common share (in dollars per share)	$ (2.27)	$ (0.08)	$ 0.11	$ 0.02	$ (8.23)	$ (0.01)	$ 0.32	$ 0.04	$ (2.20)	$ (7.23)	$ 0.50

Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Schedule of Information Utilized by Management to Evaluate its Operating Segments

The following table contains information utilized by the CODM to evaluate our operating segments for the periods presented (in millions).


	Years Ended December 31,
	2025		2024		2023
Golf Equipment:
Net sales	$	1,375.1	$	1,382.7	$	1,388.0
Less: Cost of sales	828.3		833.9		828.6
Gross profit	546.8		548.8		559.4

Less: Selling, general and administrative expense	323.6		313.9		316.6
Less: Research and development expense	53.1		51.2		49.4
Income before income taxes	$	170.1	$	183.7	$	193.4

Apparel, Gear and Other:
Net sales	$	685.0	$	695.0	$	744.7
Less: Cost of sales	361.8		353.9		375.8
Gross profit	323.2		341.1		368.9

Less: Selling, general and administrative expense	223.2		228.8		221.8
Less: Research and development expense	12.2		12.8		12.3
Income before income taxes	$	87.8	$	99.5	$	134.8

Segment income from continuing operations	257.9		283.2		328.2

Reconciling items:
Non-recurring expenses (1)	(6.0)		(8.4)		(14.4)
Corporate costs and expenses (2)	(123.8)		(121.9)		(119.7)
Total Reconciling items:	(129.8)		(130.3)		(134.1)
Total operating income	128.1		152.9		194.1
Interest expense, net	(60.6)		(63.0)		(70.7)
Other income, net	20.1		21.6		6.1
Total income from continuing operations before income taxes	$	87.6	$	111.5	$	129.5

(1) Includes non-cash amortization of acquired intangible assets and non-recurring expenses primarily consisting of restructuring and reorganization charges, other non-recurring losses and costs associated debt modifications, the integration of new IT systems stemming from acquisitions, and non-recurring costs related to a cybersecurity incident.
(2) Corporate costs and expenses include corporate general and administrative expenses not utilized by management in determining segment profitability. Corporate costs and expenses also includes adjustments for discontinued operations related to indirect costs that were previously allocated to the segment.


	Years Ended December 31,
	2025		2024		2023
Depreciation and amortization:
Golf Equipment	$	26.5	$	25.4	$	25.9
Apparel, Gear and Other	19.9		19.1		19.8
Total depreciation and amortization	$	46.4	$	44.5	$	45.7

Schedule of Revenue and Long Lived Assets by Geographical Areas

Long-lived assets are based on location of domicile.


	Years Ended December 31,
	2025		2024		2023
Net Sales:
United States	$	1,363.3	$	1,381.1	$	1,395.7
Europe	203.8		182.1		173.4
Asia	363.1		379.1		436.6
Rest of World	129.9		135.4		127.0
Total Net Sales	$	2,060.1	$	2,077.7	$	2,132.7


	December 31, 2025		December 31, 2024
Long-Lived Assets
United States	$	136.4	$	156.7
Europe	4.2		3.0
Asia	12.9		11.0
Rest of World	6.0		5.2
Total Long-Lived Assets	$	159.5	$	175.9

Income Taxes - Narrative (Details) - USD ($) $ in Millions			12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Nov. 17, 2025	May 31, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Schedule Of Income Tax [Line Items]
Decrease in net deferred taxes			$ 61.0
Decrease in valuation allowance			(143.4)	$ (31.3)
Operating loss carryforwards			65.9
U.S. capital loss carryforwards - definite lived			352.1
U.S. interest expense carryforwards - indefinite lived			19.8
Liability for income taxes associated with uncertain tax positions			18.4	27.7	$ 29.3	$ 26.2
Tax benefits associated with potential transfer pricing adjustments			0.1
Net amount of unrecognized tax benefit related to uncertain tax positions that would impact, if recognized, effective income tax rate			11.4
Interest and penalties expense (benefit) related to income tax matters			(2.2)	0.3	0.1
Income tax accrued for payment of interest and penalties			0.4	2.6
Cash paid for income taxes, net			22.9	$ 20.9	$ 21.5
Held-for-Sale \| Topgolf
Schedule Of Income Tax [Line Items]
Percentage of equity interests sold	60.00%	60.00%
U.S. Federal
Schedule Of Income Tax [Line Items]
Tax credit carryforwards			73.5
U.S. capital loss carryforwards - definite lived			352.1
U.S. interest expense carryforwards - indefinite lived			19.8
State
Schedule Of Income Tax [Line Items]
Tax credit carryforwards			$ 35.9

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss	Treasury Stock
Balance at beginning of period (in shares) at Dec. 31, 2022		186.2
Balance at beginning of period at Dec. 31, 2022	$ 3,774.3	$ 1.9	$ 3,012.7	$ 852.5	$ (61.5)	$ (31.3)
Treasury stock, balance at beginning of period (in shares) at Dec. 31, 2022						(1.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock (in shares)						(3.3)
Acquisition of treasury stock	(56.0)					$ (56.0)
Issuance of common stock (in shares)		0.8
Exercise of stock options (in shares)						0.2
Exercise of stock options	4.2		(2.1)			$ 6.3
Compensatory awards released from restriction (in shares)						1.1
Compensatory awards released from restriction	0.0		(24.6)			$ 24.6
Share-based compensation	46.7		46.7
Foreign currency translation equity adjustment	12.8				12.8
Change in fair value of derivative instruments, net of tax	1.2				1.2
Impact from dissolution of foreign subsidiary	0.0
Net income (loss)	95.0			95.0
Balance at end of period (in shares) at Dec. 31, 2023		187.0
Balance at end of period at Dec. 31, 2023	3,878.2	$ 1.9	3,032.7	947.5	(47.5)	$ (56.4)
Treasury stock, balance at end of period (in shares) at Dec. 31, 2023						(3.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock (in shares)						(2.0)
Acquisition of treasury stock	(31.4)					$ (31.4)
Acquisition of common stock (in shares)		(0.8)
Exercise of stock options	0.1					$ 0.1
Compensatory awards released from restriction (in shares)						2.2
Compensatory awards released from restriction	0.0		(36.9)			$ 36.9
Share-based compensation	37.0		37.0
Foreign currency translation equity adjustment	(32.8)				(32.8)
Change in fair value of derivative instruments, net of tax	0.9				0.9
Impact from dissolution of foreign subsidiary	3.4				3.4
Net income (loss)	(1,447.7)			(1,447.7)
Balance at end of period (in shares) at Dec. 31, 2024		186.2
Balance at end of period at Dec. 31, 2024	$ 2,407.7	$ 1.9	3,032.8	(500.2)	(76.0)	$ (50.8)
Treasury stock, balance at end of period (in shares) at Dec. 31, 2024	(3.1)					(3.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Acquisition of treasury stock (in shares)						(0.5)
Acquisition of treasury stock	$ (3.7)					$ (3.7)
Exercise of stock options (in shares)	0.0
Exercise of stock options	$ 0.1					$ 0.1
Compensatory awards released from restriction (in shares)						1.3
Compensatory awards released from restriction	0.0		(21.0)			$ 21.0
Share-based compensation	25.7		25.7
Foreign currency translation equity adjustment	40.6				40.6
Change in fair value of derivative instruments, net of tax	(6.0)				(6.0)
Impact from dissolution of foreign subsidiary	13.8				13.8
Net income (loss)	(409.3)			(409.3)
Balance at end of period (in shares) at Dec. 31, 2025		186.2
Balance at end of period at Dec. 31, 2025	$ 2,068.9	$ 1.9	$ 3,037.5	$ (909.5)	$ (27.6)	$ (33.4)
Treasury stock, balance at end of period (in shares) at Dec. 31, 2025	(2.3)					(2.3)

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Assets
Operating lease ROU assets, net	$ 173.5	$ 151.9
Financing lease ROU assets, net	$ 0.7	$ 0.6
Financing lease ROU assets, net, location	Other assets, net	Other assets, net
Current
Operating lease liabilities, short-term	$ 22.9	$ 18.1
Financing lease liabilities, short-term	$ 0.3	$ 0.2
Financing lease liabilities, short-term, location	Accounts payable and accrued expenses	Accounts payable and accrued expenses
Non-current
Operating lease liabilities, long-term	$ 189.7	$ 164.5
Financing lease liabilities, long-term	$ 0.5	$ 0.4
Financing lease liabilities, long-term, location	Other long-term liabilities	Other long-term liabilities

Financing Arrangements - Schedule of Long-term Debt Obligations (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Short-term debt	$ 44.7	$ 25.4
Long-term debt, gross	1,434.0	1,451.2
Unamortized Debt Issuance Costs	18.0	22.3
Long-Term Debt - Current	765.3	14.6
Long-Term Debt - Non-current	650.7	1,414.3
Total aggregate amount of maturities, net of Unamortized Debt Issuance Costs	1,416.0	1,428.9
Equipment Notes
Debt Instrument [Line Items]
Long-term debt, gross	$ 6.5	11.7
Equipment Notes \| Minimum
Debt Instrument [Line Items]
Interest Rate	2.36%
Equipment Notes \| Maximum
Debt Instrument [Line Items]
Interest Rate	5.93%
Financed Tenant Improvements
Debt Instrument [Line Items]
Long-term debt, gross	$ 3.6	3.1
Financed Tenant Improvements \| Minimum
Debt Instrument [Line Items]
Interest Rate	8.00%
Financed Tenant Improvements \| Maximum
Debt Instrument [Line Items]
Interest Rate	10.00%
Asset-based credit facilities
Debt Instrument [Line Items]
Short-term debt	$ 44.7	25.4
Prepaid expenses
Debt Instrument [Line Items]
Short-term debt	1.2	1.1
Other assets, net
Debt Instrument [Line Items]
Short-term debt	$ 1.4	2.3
2023 Term Loan B \| Secured Debt
Debt Instrument [Line Items]
Interest Rate	6.72%
Long-term debt, gross	$ 1,165.6	1,178.1
Convertible Notes \| Senior Notes
Debt Instrument [Line Items]
Interest Rate	2.75%
Long-term debt, gross	$ 258.3	258.3
Short Term Unamortized Debt Issuance Costs
Debt Instrument [Line Items]
Unamortized Debt Issuance Costs	$ 2.6	3.4
Revolving Credit Facility \| Line of Credit \| 2023 ABL Credit Facility
Debt Instrument [Line Items]
Interest Rate	5.21%
Short-term debt	$ 0.0	0.0
Revolving Credit Facility \| Line of Credit \| 2025 Japan ABL Credit Facility
Debt Instrument [Line Items]
Interest Rate	1.57%
Short-term debt	$ 44.7	0.0
Revolving Credit Facility \| Line of Credit \| 2022 Japan ABL Credit Facility
Debt Instrument [Line Items]
Interest Rate	1.21%
Short-term debt	$ 0.0	$ 25.4

Restructuring and Separation Costs - Schedule of Restructuring Reserve by Type of Cost (Details) - Transformation Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring Reserve [Roll Forward]
Balance at beginning of period	$ 0.2
Additions	3.4	$ 0.9
Payments	(3.1)
Non-Cash adjustments	(0.3)
Balance at end of period	0.2	0.2
Employee termination costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0.1
Additions	3.0
Payments	(2.9)
Non-Cash adjustments	0.0
Balance at end of period	0.2	0.1
PP&E disposals
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0.0
Additions	0.3
Payments	0.0
Non-Cash adjustments	(0.3)
Balance at end of period	0.0	0.0
Legal & other costs
Restructuring Reserve [Roll Forward]
Balance at beginning of period	0.1
Additions	0.1
Payments	(0.2)
Non-Cash adjustments	0.0
Balance at end of period	$ 0.0	$ 0.1

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

Revenue Recognition

12 Months Ended

Dec. 31, 2025

Revenue Recognition [Abstract]

Revenue Recognition

We primarily recognize revenue from the sale of our products. The following table presents our sales disaggregated by operating and reportable segment and major category (in millions):


	Year Ended December 31,
	2025		2024		2023
Golf Equipment:
Golf clubs	$	1,052.9	$	1,060.9	$	1,073.4
Golf balls	322.2		321.8		314.5
Total Golf Equipment	$	1,375.1	$	1,382.7	$	1,387.9

Apparel, Gear and Other:
Apparel	$	398.8	$	405.6	$	411.7
Gear, accessories & other	286.2		289.4		333.1
Total Apparel, Gear and Other	$	685.0	$	695.0	$	744.8

Total Consolidated	$	2,060.1	$	2,077.7	$	2,132.7

Net sales

We sell our Golf Equipment products and Apparel, Gear and Other products in the United States and internationally, with our principal international regions being Europe and Asia. Golf Equipment product sales are generally higher than Apparel, Gear and Other sales in most regions.

The following table summarizes sales by geographical region (in millions):


	Year Ended December 31,
	2025		2024		2023
Sales by Major Geographic Region:
United States	$	1,363.3	$	1,381.1	$	1,395.7
Europe	203.8		182.1		173.4
Asia	363.1		379.1		436.6
Rest of World	129.9		135.4		127.0
Total	$	2,060.1	$	2,077.7	$	2,132.7

Licensing, royalty and other income

We have licensing and royalty income from licensing agreements for apparel and soft good products in our Apparel, Gear and Other operating segment. The following table summarizes the licensing and royalty income we received, which is recorded as sales, for the periods presented (in millions):


	Year Ended December 31,
	2025		2024		2023
Apparel, Gear and Other	$	28.8	$	27.1	$	26.9

Deferred revenue

Our deferred revenue balance includes short-term revenue which consists primarily of revenue from the sale of gift cards and accrued customer loyalty points.

The following table provides a reconciliation of activity related to our short-term deferred revenue balance for the periods presented (in millions):


	Year Ended December 31,
	2025		2024		2023
Beginning Balance	$	15.9	$	12.7	$	10.5
Deferral of revenue	25.2		23.4		18.5
Revenue recognized	(17.4)		(19.5)		(15.5)
Breakage	(2.1)		(1.4)		(0.8)
Foreign currency translation and other	(0.1)		0.7		—
Ending Balance	$	21.5	$	15.9	$	12.7

The following table summarizes the amount of the deferred revenue recognized related to the redemption of gift cards during the periods presented which were included in the deferred revenue balance as of the end of the prior year reporting period (in millions):


	Year Ended December 31,
	2025		2024		2023
Deferred revenue recognized from prior period ending balance (excluding breakage)	$	3.0	$	5.0	$	3.2

Variable consideration

We recognize revenue based on the amount of consideration we expect to receive from customers for the sale of our products adjusted for estimates of variable consideration related to sales returns, discounts and allowances, sales promotions and sales programs, and price concessions that we offer. These estimates are based on the amounts earned or expected to be claimed by customers.

The following table provides a reconciliation of our short-term sales program incentives activity for the periods presented (in millions):


	Year Ended December 31,
	2025		2024		2023
Sales Program Incentives:
Beginning Balance	$	18.2	$	15.9	$	20.1
Additions	44.5		43.4		39.3
Credits issued	(46.9)		(39.6)		(41.9)
Foreign currency translation and other	(0.8)		(1.5)		(1.6)
Ending Balance	$	15.0	$	18.2	$	15.9

Our provision for the sales return liability fluctuates with the seasonality of the business, while actual sales returns are generally more heavily weighted toward the second half of the year as the golf season comes to an end. The following table provides a reconciliation of the activity related to our sales return reserve for the periods presented (in millions):


	Year Ended December 31,
	2025		2024		2023
Sales Return Liability:
Beginning Balance	$	62.2	$	51.6	$	50.0
Provision	185.0		178.1		174.4
Sales returns	(183.0)		(167.5)		(172.8)
Ending Balance	$	64.2	$	62.2	$	51.6

The following table summarizes the cost recovery of inventory associated with our sales return liability included in other current assets (in millions):


	Year Ended December 31,
	2025		2024		2023
Cost recovery of inventory	$	30.4	$	27.9	$	24.2

The following table summarizes the accrued rebate liability associated with our sales program included in accounts payable and accrued expenses (in millions):


	Year Ended December 31,
	2025		2024		2023
Accrued rebate liability	$	15.0	$	14.3	$	13.6

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Revenue Recognition - Reconciliation of Activity Related to Short-term Deferred Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Contract With Customer, Liability [Roll Forward]
Beginning Balance	$ 15.9	$ 12.7	$ 10.5
Deferral of revenue	25.2	23.4	18.5
Revenue recognized	(17.4)	(19.5)	(15.5)
Breakage	(2.1)	(1.4)	(0.8)
Foreign currency translation and other	(0.1)	0.7	0.0
Ending Balance	$ 21.5	$ 15.9	$ 12.7

Capital Stock	12 Months Ended
Capital Stock	Dec. 31, 2025
Equity [Abstract]
Capital Stock	Capital Stock Common Stock and Preferred Stock Holders of our common stock are entitled to one vote for each share of common stock on all matters submitted to a vote of our shareholders. Holders of our preferred stock are not entitled to any voting rights on matters submitted to a vote of our shareholders. Of the authorized shares of our preferred stock, 0.2 million shares are designated as Series A Junior Participating Preferred Stock. Holders of our Series A Junior Participating preferred stock are entitled to 1,000 votes on all matters submitted to a vote of our shareholders. The holders of Series A Junior Participating Preferred Stock and the holders of common stock generally vote together as one class on all matters submitted to a vote of our shareholders. To date, no Series A Junior Participation preferred stock has been issued, therefore there are currently no preferences for the preferred stock. Treasury Stock and Stock Repurchases On May 26, 2022, we announced that our Board of Directors authorized a $100.0 million share repurchase program (the “2022 Repurchase Program”) under which we were authorized to repurchase shares of our common stock in the open market or in private transactions, subject to our assessment of market conditions, buying opportunities, and compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as well as the terms of our credit facilities. The 2022 Repurchase Program did not require us to acquire a specific number of shares and was to remain in effect until completed or terminated by the Board of Directors. In January 2026, we announced that our Board authorized a new $200.0 million share repurchase program (the “2025 Repurchase Program”), which replaced the 2022 Repurchase Program and authorizes repurchases on the same terms. The 2025 Repurchase Program will remain in effect until completed or terminated by the Board. During the year ended December 31, 2025, we did not repurchase any shares of our common stock under either repurchase program. Repurchases made under our repurchase programs are made in accordance with the terms and conditions of our 2023 ABL Credit Facility and other long term debt, which limit the amount of stock that can be repurchased. In addition to the aforementioned repurchase programs, we treat shares withheld for tax purposes on behalf of our employees in connection with the vesting and settlement of employee RSUs and PRSUs as common stock repurchases because they reduce the number of shares that would have been issued to the employee upon vesting. These withheld shares of common stock are not considered to be repurchases under the share repurchase program. During the years ended December 31, 2025, 2024 and 2023 we withheld 0.5 million, 0.9 million, and 0.4 million shares of our common stock, respectively, to satisfy employee payroll tax withholding obligations of $3.6 million, $13.1 million, and $9.3 million, respectively, related to the vesting and settlement of restricted stock unit and performance share unit awards. Repurchases of shares of our own common stock are recorded at cost and are a reduction of shareholders’ equity.

- Definition

The entire disclosure for equity.

+ References

+ Details

Employee Benefit Plans (Details) $ in Millions	12 Months Ended
Employee Benefit Plans (Details) $ in Millions	Dec. 31, 2025 USD ($) plan	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Defined Contribution Plan Disclosure [Line Items]
Number of plans \| plan	1
Callaway Golf 401(k) Plan
Defined Contribution Plan Disclosure [Line Items]
Maximum employee contribution to defined contribution benefit plans	75.00%
Employer matching contribution, percentage	50.00%
Employer matching contribution, percentage of employees' gross pay	6.00%
Defined contribution plan, maximum matching contributions per employee, percent	3.00%
Defined contribution plan employee vesting percentage	100.00%
Defined contribution plan employer vesting percentage	50.00%
Number of years of service required to vest in full (in years)	2 years
Employer contribution towards compensation plan \| $	$ 5.9	$ 5.4	$ 4.8

Income Taxes - Expense (Benefit) for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Current tax provision:
Federal	$ 13.7	$ 18.9	$ 29.0
State	3.3	2.5	3.8
Foreign	12.9	8.6	7.0
Current tax provision	29.9	30.0	39.8
Deferred tax provision (benefit):
Federal	17.6	(10.9)	(12.5)
State	3.5	0.7	(0.2)
Foreign	(2.2)	(1.7)	2.9
Deferred tax provision (benefit)	18.9	(11.9)	(9.8)
Income tax provision (benefit)	$ 48.8	$ 18.1	$ 30.0

Revenue Recognition - Schedule of Cost Recovery Of Inventory Associated With Our Sales Return Liability (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Cost recovery of inventory	$ 30.4	$ 27.9	$ 24.2

Earnings (Loss) Per Common Share (Tables)

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table summarizes the computation of Basic and Diluted EPS (in millions, except per share data):


	Year Ended December 31,
	2025		2024		2023
Earnings (loss) per common share—basic
Numerator:
Net income (loss) from continuing operations	$	38.8	$	93.4	$	99.5
Income (loss) from discontinued operations, net of tax	(448.1)		(1,541.1)		(4.5)
Net income (loss)	$	(409.3)	$	(1,447.7)	$	95.0
Denominator:
Weighted-average common shares outstanding	183.7		183.7		185.0
Basic earnings (loss) per common share:
Continuing operations	$	0.21	$	0.51	$	0.54
Discontinued operations	$	(2.44)	$	(8.39)	$	(0.02)
Net earnings (loss) per common share	$	(2.23)	$	(7.88)	$	0.51
Earnings (loss) per common share—diluted
Numerator:
Net income (loss) from continuing operations	$	38.8	$	93.4	$	99.5
Add: Interest expense attributable to convertible notes, net of tax	—		6.5		6.5
Income (loss) from continuing operations and assumed conversions	38.8		99.9		106.0
Loss from discontinued operations, net of tax	(448.1)		(1,541.1)		(4.5)
Net (loss) income attributable to earnings per common share	$	(409.3)	$	(1,441.2)	$	101.5
Denominator:
Weighted-average common shares outstanding—basic	183.7		183.7		185.0
Incremental shares for assumed conversion of Convertible Notes	—		14.7		14.7
Outstanding options, restricted stock units and performance share units	2.0		0.9		1.4
Weighted-average common shares outstanding—diluted	185.7		199.3		201.1
Diluted earnings (loss) per common share:
Continuing operations	$	0.21	$	0.50	$	0.53
Discontinued operations	$	(2.41)	$	(7.73)	$	(0.02)
Net diluted earnings (loss) per common share	$	(2.20)	$	(7.23)	$	0.50

Capital Stock (Details)	12 Months Ended
Capital Stock (Details)	Dec. 31, 2025 USD ($) vote shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 03, 2025 USD ($)	May 26, 2022 USD ($)
Schedule of Components of Common Stock [Line Items]
Number of votes per common share \| vote	1
Preferred stock, authorized (in shares)	3,000,000.0	3,000,000.0
Preferred stock, issued (in shares)	0	0
Shares withheld for tax withholding obligation (in shares)	500,000	900,000	400,000
Shares withheld for tax withholding obligation \| $	$ 3,600,000	$ 13,100,000	$ 9,300,000
Series A Junior Participating Preferred
Schedule of Components of Common Stock [Line Items]
Preferred stock, authorized (in shares)	200,000
Preferred stock, number of votes \| vote	1,000
Preferred stock, issued (in shares)	0
2022 Repurchase Program
Schedule of Components of Common Stock [Line Items]
Stock repurchase program, authorized amount \| $					$ 100,000,000.0
Acquisition of treasury stock (in shares)	0
2025 Repurchase Program
Schedule of Components of Common Stock [Line Items]
Stock repurchase program, authorized amount \| $				$ 200,000,000.0

Commitments & Contingencies - Narrative (Details) $ in Millions	Dec. 31, 2025 USD ($)
Standby Letters of Credit
Long-term Purchase Commitment [Line Items]
Loss contingency accrual	$ 1.1

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Valuation of Foreign Currency Exchange Contracts by Pricing Levels

The following table summarizes the valuation of our foreign currency forward contracts and interest rate hedge agreements (see Note 18) that are measured at fair value on a recurring basis, and are classified within Level 2 of the fair value hierarchy as of the periods presented below (in millions):


	Level 2 Fair Value
December 31, 2025
Foreign currency forward contracts—asset position	$	0.7
Foreign currency forward contracts—liability position	(0.8)


Total	$	(0.1)
December 31, 2024
Foreign currency forward contracts—asset position	$	5.7
Foreign currency forward contracts—liability position	(1.0)
Interest rate hedge agreements—asset position	7.8

Total	$	12.5

Schedule of Fair Value, by Balance Sheet Grouping

The table below presents information about the fair value of our financial liabilities whose value were derived using Level 2 inputs of the fair value hierarchy, and is provided for comparative purposes only, relative to the carrying values of our financial instruments recognized in the consolidated balance sheets for the periods presented below (in millions):


	December 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2025 Japan ABL Credit Facility	$	44.7	$	44.7	$	—	$	—
2022 Japan ABL Credit Facility	$	—	$	—	$	25.4	$	25.4
2023 Term Loan B	$	1,165.6	$	1,170.7	$	1,178.1	$	1,175.2
Convertible Notes	$	258.3	$	257.8	$	258.3	$	250.1
Equipment Notes	$	6.5	$	6.2	$	11.7	$	10.7

Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Accounting Policies [Abstract]
Cash and cash equivalents	$ 903.2	$ 445.0

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Deferred tax assets:
Tax loss and interest expense carryforwards	$ 109.1	$ 50.1
Tax credit carryforwards	87.7	65.6
Lease liabilities	403.8	412.0
Deemed landlord financing	326.7	297.2
Other deferred tax assets	113.7	108.5
Total deferred tax assets	1,041.0	933.4
Valuation allowance for deferred tax assets	(143.4)	(31.3)
Deferred tax assets, net of valuation allowance	897.6	902.1
Deferred tax liabilities:
Basis difference related to fixed assets	(238.9)	(235.7)
Basis difference related to intangible assets with an indefinite life	(185.9)	(241.9)
Lease right-of-use assets	(359.1)	(371.3)
Other deferred tax liabilities	(6.3)	(6.8)
Total deferred tax liabilities	(790.2)	(855.7)
Net deferred tax assets (liabilities) are shown on the accompanying consolidated balance sheets as follows:
Non-current deferred tax assets	109.2	48.6
Non-current deferred tax liabilities	(1.8)	(2.2)
Deferred tax assets, net	$ 107.4	$ 46.4

Derivatives and Hedging - Interest Rate Swap Contracts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Derivative [Line Items]
Net (gain) loss reclassified from accumulated other comprehensive income	$ (2.3)
Interest rate swap contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, fixed interest rate	3.36%
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ 0.0
Currency and Interest Rate Swap Agreements \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative instrument, notional amount	0.0	$ 400.0
Foreign currency forward contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	$ (0.5)

New Accounting Standards	12 Months Ended
New Accounting Standards	Dec. 31, 2025
Accounting Changes and Error Corrections [Abstract]
New Accounting Standards	New Accounting Standards Recently Issued Accounting Standards In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires disclosure, on an annual and interim basis, of specific information about cost and expense related items within the notes to our consolidated financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on either a prospective or retrospective basis with early adoption permitted. We are in the process of evaluating the impact that ASU 2024-03 will have on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-06, “Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”), which clarifies the difference between expensed costs and capitalized costs by removing all references to software development project stages so that the guidance is neutral to different software development methods, including methods that entities may use to develop software in the future. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are in the process of evaluating the impact that ASU 2025-06 will have on our consolidated financial statements and related disclosures. Adoption of New Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the effective tax rate reconciliation and provide additional detail regarding income tax payments to foreign, federal, state and local jurisdictions, among other changes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 on either a prospective or retrospective basis with early adoption permitted. We adopted this ASU effective for our fiscal year ended December 31, 2025 on a prospective basis. The adoption resulted in expanded presentation and disclosures for our effective tax reconciliation and income taxes paid (see Note 12) and did not have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-04, “—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments” (“ASU 2024-04”), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for fiscal years beginning after December 15, 2025 on either a prospective or retrospective basis with early adoption permitted. We adopted this ASU effective for our fiscal year ended December 31, 2025 on a prospective basis. The adoption of this ASU had no impact on our consolidated financial statements or related disclosures. In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”), which allows a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses, that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim periods within annual reporting periods beginning after December 15, 2025, with early adoption permitted. We adopted this ASU effective for our fiscal year ended December 31, 2025 on a prospective basis. The adoption of this ASU did not have a material impact on our consolidated financial statements or related disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(1)
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 105
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-Section 65
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)(2)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 10
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479654/326-10-65-4

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480530/250-10-S99-6

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 250
-Publisher FASB
-URI https://asc.fasb.org/250/tableOfContent

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (e)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

The following is a summary of our cash and cash equivalents (in millions):


	December 31,
	2025		2024
Cash and cash equivalents	$	903.2	$	445.0

Schedule of Components of Other Income, Net

The components of other income, net are as follows (in millions):


	Years Ended December 31,
	2025		2024		2023
Foreign currency forward contract loss (gain), net	$	(18.5)	$	31.9	$	19.6
Foreign currency transaction loss (gain), net	17.5		(19.4)		(8.2)
Other	21.1		9.1		(5.3)
Other income, net	$	20.1	$	21.6	$	6.1

Selected Financial Data (Tables)

12 Months Ended

Dec. 31, 2025

Disclosure Selected Financial Statement Information [Abstract]

Selected of Financial Statement Information

Selected financial data as of the dates presented below is as follows (in millions, except useful life data):


		December 31, 2025		December 31, 2024
Finished goods		$	517.4	$	507.4
Work in process		0.7		0.9
Raw materials		107.2		119.9

Total inventories		$	625.3	$	628.2

		December 31, 2025		December 31, 2024
Other current assets:
Credit card and other receivables		$	24.0	$	17.0
Sales return reserve cost recovery asset		30.4		27.9
Taxes receivable		14.7		7.3

Other		0.7		9.3
Total other current assets		$	69.8	$	61.5

		December 31, 2025		December 31, 2024
Property, plant and equipment, net:	Estimated Useful Life
Land		$	7.2	$	7.1
Buildings and leasehold improvements	3 - 30 years	154.5		144.0
Machinery and equipment	3 - 15 years	159.4		154.6
Furniture, computer hardware and equipment	3 - 5 years	127.6		123.0
Internal-use software	3 - 10 years	39.8		41.8
Production molds	2 - 5 years	11.4		10.9
Construction-in-process		6.6		8.1
Total property, plant, and equipment, gross		506.5		489.5
Less: Accumulated depreciation		347.0		313.6
Total property, plant, and equipment, net		$	159.5	$	175.9


	December 31, 2025		December 31, 2024
Accounts payable and accrued expenses:
Accounts payable	$	109.6	$	61.7
Accrued expenses	89.9		70.2
Accrued inventory	96.7		135.3
Total accounts payable and accrued expenses	$	296.2	$	267.2

Income Taxes - Reconciliation of Effective Tax Rate on Income or Loss and Statutory Tax Rate (2025) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Dollars
Pre-tax income	$ 87.6	$ 111.5	$ 129.5
U.S. federal statutory income tax rate	18.4
Research and development credits	(1.7)
Nondeductible compensation	5.5
Other nontaxable and nondeductible items	0.4
Global intangible low-taxed income, net of foreign tax credit	2.5
Foreign-derived intangible income deduction	(0.4)
Other cross-border tax laws	0.2
Changes in valuation allowances	24.0
Domestic state and local income taxes, net of federal effect	5.3
Worldwide changes in unrecognized tax benefits	(0.6)
Income tax provision (benefit)	$ 48.8	$ 18.1	$ 30.0
Percentages
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%
Research and development credits	(1.90%)
Nondeductible compensation	6.30%	4.00%	3.70%
Other nontaxable and nondeductible items	0.50%	1.30%	0.80%
Global intangible low-taxed income, net of foreign tax credit	2.90%
Foreign-derived intangible income deduction	(0.50%)	(2.70%)	(2.70%)
Other cross-border tax laws	0.20%
Changes in valuation allowances	27.40%	(0.10%)	0.00%
Other adjustments		(0.10%)	2.50%
Domestic state and local income taxes, net of federal effect	6.00%	2.30%	2.20%
Statutory income tax rate differential		1.40%	1.40%
Worldwide changes in unrecognized tax benefits	(0.70%)
Income tax provision and effective tax rate	55.70%	16.20%	23.20%
United States
Dollars
Other adjustments	$ (0.8)
Percentages
Other adjustments	(0.90%)
China
Dollars
Statutory income tax rate differential	$ 1.8
Income excluded from corporate income tax	$ (10.5)
Percentages
Statutory income tax rate differential	2.10%
Income excluded from corporate income tax	(12.00%)
Hong Kong
Dollars
Statutory income tax rate differential	$ 3.7
Percentages
Statutory income tax rate differential	4.20%
Japan
Dollars
Other adjustments	$ (0.2)
Statutory income tax rate differential	$ 1.0
Percentages
Other adjustments	(0.20%)
Statutory income tax rate differential	1.10%
Other foreign jurisdictions
Dollars
Statutory income tax rate differential	$ 0.2
Percentages
Statutory income tax rate differential	0.20%

Selected Financial Data (Details) - USD ($) $ in Millions	12 Months Ended
Selected Financial Data (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Estimated Useful Life
Finished goods	$ 517.4	$ 507.4
Work in process	0.7	0.9
Raw materials	107.2	119.9
Total inventories	625.3	628.2
Other current assets:
Credit card and other receivables	24.0	17.0
Sales return reserve cost recovery asset	30.4	27.9
Taxes receivable	14.7	7.3
Other	0.7	9.3
Total other current assets	69.8	61.5
Property, plant and equipment, net:
Land	7.2	7.1
Buildings and leasehold improvements	154.5	144.0
Machinery and equipment	159.4	154.6
Furniture, computer hardware and equipment	127.6	123.0
Internal-use software	39.8	41.8
Production molds	11.4	10.9
Construction-in-process	6.6	8.1
Total property, plant, and equipment, gross	506.5	489.5
Less: Accumulated depreciation	347.0	313.6
Total property, plant, and equipment, net	159.5	175.9
Depreciation	45.5	43.8	$ 42.3
Accounts payable and accrued expenses:
Accounts payable	109.6	61.7
Accrued expenses	89.9	70.2
Accrued inventory	96.7	135.3
Total accounts payable and accrued expenses	$ 296.2	$ 267.2
Minimum
Property, plant and equipment, net:
Property, plant and equipment, useful life	2 years
Maximum
Property, plant and equipment, net:
Property, plant and equipment, useful life	30 years
Buildings and leasehold improvements \| Minimum
Property, plant and equipment, net:
Property, plant and equipment, useful life	3 years
Buildings and leasehold improvements \| Maximum
Property, plant and equipment, net:
Property, plant and equipment, useful life	30 years
Machinery and equipment \| Minimum
Property, plant and equipment, net:
Property, plant and equipment, useful life	3 years
Machinery and equipment \| Maximum
Property, plant and equipment, net:
Property, plant and equipment, useful life	15 years
Furniture, computer hardware and equipment \| Minimum
Property, plant and equipment, net:
Property, plant and equipment, useful life	3 years
Furniture, computer hardware and equipment \| Maximum
Property, plant and equipment, net:
Property, plant and equipment, useful life	5 years
Internal-use software \| Minimum
Property, plant and equipment, net:
Property, plant and equipment, useful life	3 years
Internal-use software \| Maximum
Property, plant and equipment, net:
Property, plant and equipment, useful life	10 years
Production molds \| Minimum
Property, plant and equipment, net:
Property, plant and equipment, useful life	2 years
Production molds \| Maximum
Property, plant and equipment, net:
Property, plant and equipment, useful life	5 years

Income Taxes - Income Taxes Paid, Net of Refunds Received (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]
U.S. federal	$ 1.0
Foreign
Total income taxes paid, net	22.9	$ 20.9	$ 21.5
Texas
U.S. state and local
U.S. state and local	1.4
Other
U.S. state and local
U.S. state and local	7.5
Canada
Foreign
Foreign	1.4
China
Foreign
Foreign	2.5
Japan
Foreign
Foreign	5.0
Other
Foreign
Foreign	$ 4.1

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Fair Value Disclosures [Abstract]
Money market funds	$ 791.7	$ 304.1
Investment income, dividend	19.9	8.7	$ 3.5
Impairment losses	$ 2.1	$ 0.9	$ 0.0

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2025
Accounting Policies [Abstract]
Basis of Presentation	We have prepared the accompanying consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America (“GAAP”). We translate the financial statements of our foreign subsidiaries using end-of-period exchange rates for assets and liabilities and average exchange rates during each reporting period for results of operations. All intercompany balances and transactions have been eliminated during consolidation. Unless otherwise specified, disclosures in these consolidated financial statements reflect continuing operations only. Prior period financial information related to discontinued operations has been reclassified and separately presented in the consolidated financial statements and accompanying notes to conform to the current period presentation. See Note 4 for further information regarding our discontinued operations.
Principles of Consolidation	The accompanying consolidated financial statements include the accounts of Callaway Golf Company. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at that time. We evaluate our estimates on an ongoing basis to ensure that these estimates appropriately reflect changes in our business or as new information becomes available. Actual results may differ from our estimates.
Revenue Recognition	Net sales Net sales (also referred to as “revenue” or “net revenue”) is comprised of golf clubs, golf balls, golf and lifestyle apparel, and gear and accessories which are sold to on- and off-course golf shops and national retail stores, and directly to consumers through our e-commerce business and at our apparel retail locations. Contracts with customers for the purchase of our products are generally in the form of a purchase order. In certain cases, we enter into sales agreements which may contain specific terms, discounts and allowances. We recognize revenue from the sale of products when we satisfy a performance obligation to a customer and transfer control of the products ordered to the customer. Control transfers when products are shipped, and in certain cases, when products are received by customers. In addition, we recognize revenue at the point of sale on transactions with consumers through our e-commerce business and at our retail locations. Sales taxes, value added taxes and other taxes that are collected in connection with revenue transactions are withheld and remitted to the respective taxing authorities. As such, these taxes are excluded from revenue. We account for shipping and handling as activities to fulfill the promise to transfer the good. Therefore, shipping and handling fees that are billed to customers are recognized in revenue and the associated shipping and handling costs are recognized in cost of sales as soon as control of the goods transfers to the customer. We license our trademarks and service marks to third parties in exchange for a royalty fee for use on products such as golf apparel and footwear, practice aids, other golf accessories, and sport and travel gear. Royalty income is recognized as the underlying product sales occur, subject to certain minimum royalties, and in accordance with the related licensing arrangements. We sell gift cards for our products, which do not have an expiration date. Revenues from gift cards are deferred and recognized when redeemed, which generally occurs within a 12-month period from the date of purchase. We recognize revenue from unredeemed gift cards when the likelihood of redemption becomes remote (“breakage”) and under circumstances that comply with any applicable state escheatment laws. To determine when redemption is remote, we perform an aging analysis of unredeemed cards and compare that information with historical redemption trends. We use this historical redemption rate to recognize breakage over the redemption period. We do not believe there is a reasonable likelihood that there will be a material change in future estimates or assumptions used to determine the timing of recognition of revenue from gift cards. Variable consideration We offer certain discounts and promotions on our products. The amount of revenue we recognize is based on the amount of consideration we expect to receive from customers which is the sales price of the product or service adjusted for estimates of variable consideration. Variable consideration may include sales returns, discounts and allowances, sales programs, and sales promotions and price concessions that we offer, as further described below. Estimates of variable consideration are based on the amounts earned or expected to be claimed by customers on the related sales and are therefore recorded to the respective net revenue, trade accounts receivable, and/or sales program liability. We record a sales return liability as a reduction of sales and cost of sales and accounts receivable in the period in which the related sales are recorded. Sales returns are estimated based upon historical returns, current economic trends, changes in customer demands and product sell-through. We also offer sales programs to certain customers that allow for specific returns. The cost recovery of inventory associated with the sales return reserve is recorded in other current assets on our consolidated balance sheet. Historically, actual sales returns have not been materially different from our estimates. Our primary product sales program, the “Preferred Retailer Program,” offers rebates and discounts to participating retailers in exchange for providing certain benefits to us including the maintenance of agreed upon inventory levels, prime product placement and retailer staff training. As part of this program, participating retailers can either earn discounts or rebates based on the amount of product purchased. Discounts are applied and recorded at the time of sale. Variable consideration for rebates is estimated at the time of sale based on the customer’s estimated qualifying current year product purchases which are based on the historical level of qualifying purchases, and are adjusted quarterly, for any factors expected to affect current year purchases. The actual amount of rebates to be paid are known as of the end of the year and are paid to customers shortly after year-end. Historically, the actual amount of variable consideration related to our Preferred Retailer Program has not been materially different from our estimates. We also offer short-term sales program incentives related to product sales, which include sell-through promotions and price concessions or price reductions. Sell-through promotions are generally offered throughout the product’s life cycle which is approximately two years, and price concessions or price reductions are generally offered at the end of the product’s life cycle. The estimated variable consideration related to these programs is based on a rate that includes historical and forecasted data. We record a reduction to net sales using this rate at the time of the sale and we adjust the rate as necessary to reflect the amount of consideration we expect to receive from our customers. There have been no material changes to the rate during the years ended December 31, 2025, 2024 and 2023, and historically, the actual amount of variable consideration related to these sales programs has not been materially different from our estimates. Product warranty We have stated warranty policies for certain of our golf equipment and apparel, gear and other products which generally range from one to two years, as well as a limited lifetime warranty for our OGIO line of products. We accrue the estimated cost of satisfying future warranty claims over the expected warranty period when the products are sold and consider various relevant factors, including our stated warranty policies and practices, the historical frequency of claims, and replacement or repair costs of the products. As of the years ended December 31, 2025 and 2024, our warranty reserve amounts were $9.3 million and $11.0 million, respectively. Cost of sales Cost of sales primarily consists of variable costs that fluctuate with sales volumes, including raw materials for soft good and golf equipment products and golf equipment component costs, and merchandise costs. Cost of sales also includes direct labor and manufacturing overhead, inbound freight, duties, shipping charges, and fixed overhead expenses which are comprised of warehousing costs, indirect labor, supplies, and depreciation and amortization expense associated with assets used to manufacture and distribute products. In addition, cost of sales also includes adjustments to reflect inventory at its net realizable value, as well as adjustments for obsolescence and product warranties.
Selling, general and administrative expenses (SG&A)	SG&A expenses are comprised primarily of employee costs, advertising and promotional expense, legal and professional fees, tour expenses, travel expenses, building and rent expenses, depreciation charges (excluding those related to manufacturing and distribution), amortization of intangible assets, and other miscellaneous expenses.
Advertising costs	Our primary advertising costs include television, print, internet, production and media placement. Our policy is to expense advertising costs as incurred.
Research and development expense	Research and development expenses are comprised of costs to design, develop, test or significantly improve our products and technology and primarily include employee costs of personnel engaged in research and development activities, research costs and depreciation expense.
Restructuring and reorganization costs	Restructuring and reorganization costs are costs related to management-approved restructuring or reorganization plans in order to improve efficiencies, reduce our cost structure, or better allocate and align resources. These costs may include employee termination and severance costs, costs to dispose of property or equipment, charges related to the termination of lease agreements, and legal and other costs that are associated with the initiative. See Note 21 for further detail regarding our restructuring and reorganization costs.
Cash and cash equivalents	Cash equivalents are highly liquid investments purchased with original maturities of three months or less.
Allowance for estimated credit losses	We record an allowance for estimated credit losses based upon historical bad debts, current customer receivable balances, age of customer receivable balances and the customers’ financial condition. Additionally, we monitor activity and consider future reasonable and supportable forecasts of economic conditions to adjust all general and customer specific reserve percentages as necessary. Amounts recorded for estimated credit losses are written-off when they are determined to be uncollectible.
Inventories	We record inventory at the lower of cost or net realizable value, which includes a reserve for excess, obsolete and/or unmarketable inventory. This reserve is regularly assessed based on current inventory levels, sales, historical trends and management’s estimates of market conditions and forecasts of future product demand. We utilize the standard costing method, determined on the first-in, first-out basis, for our golf equipment inventory and soft goods inventory sold under the TravisMathew, OGIO, and Callaway brands. Golf equipment inventory, which is primarily manufactured by us, includes finished goods, raw materials, labor and manufacturing overhead costs and work in process. Certain golf equipment related to pre-owned products are stated at weighted-average cost. Inventory for our soft goods product lines, which are manufactured by third-party contractors, primarily include finished goods.
Property, plant and equipment	Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation expense is recognized on a straight-line basis over the estimated useful lives of the related assets, which generally range from two to 30 years. Normal repairs and maintenance costs are expensed as incurred. Costs that materially increase value, change capacities, or extend the useful lives of property, plant or equipment are capitalized. Construction-in-process primarily consists of costs associated with building improvements, machinery and equipment, production molds, and in-process internal-use software. When property, plant or equipment is retired or disposed, the related capitalized costs and accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in earnings in the period in which the disposition occurred. See Note 11 for further detail regarding our property, plant and equipment.
Internal use software and cloud computing arrangements	We capitalize certain costs related to computer software obtained or developed for internal use. All direct external costs and direct internal labor costs incurred during the application development stage are capitalized and depreciated on a straight-line basis over the estimated useful life of the software. Costs incurred during the preliminary project stage, as well as maintenance, training, and data conversion costs are expensed as incurred. Once technological feasibility is established, costs are capitalized until the product is available for general use and are depreciated over the estimated useful life of the software. We enter into cloud-based software hosting arrangements to access and use third-party software in support of our operations. As part of these arrangements, we may incur implementation costs related to the integration, configuration, or customization of the hosted third-party software. We assess these arrangements to determine whether the contract meets the definition of a service contract or internal-use software. For hosting arrangements that meet the definition of a service contract, we capitalize eligible implementation costs and amortize these costs on a straight-line basis over the fixed, non-cancellable term of contract, including any renewal periods that are reasonably certain at that time. Costs incurred during the preliminary project stage, as well as maintenance, training, and data conversion costs related to these arrangements are expensed as incurred. The useful lives of our internal-use software and capitalized cloud computing implementation costs are generally three to five years, however, the useful lives of major information system installations such as implementations of enterprise resource planning systems and certain related software are determined on an individual basis and may exceed five years depending on the estimated period of use.
Leases	We lease office space, manufacturing plants, warehouses, distribution centers, vehicles and equipment, as well as retail and/or outlet locations related to the TravisMathew business and the apparel businesses in Japan and Korea. Certain real estate leases include one or more options to extend the lease term or escalation clauses that increase the rent payments over the lease term. When deemed reasonably certain of exercise, the extension options are included in the determination of the lease term and lease payment obligation, respectively. The depreciable life of machinery and equipment and/or any leasehold improvements that are associated with each lease are limited to the expected lease term unless there is a transfer of title or purchase option which is reasonably certain of exercise. In some instances, certain leases may require an additional contingent rent payment based on a percentage of total gross sales which are greater than a specified amount stated in the lease agreement. We recognize these additional contingent payments as rent expense when it is probable that sales thresholds will be reached. Our lease agreements do not contain any material residual value guarantees, material restrictive covenants, or material asset retirement obligations. Operating and financing leases We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement. If we determine that an arrangement is a lease or contains a lease that is for a term of one year or longer, we recognize a right-of-use (“ROU”) asset and a lease liability as either an operating or financing lease on our consolidated balance sheet. ROU assets and liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. When readily determinable, we use the rate implicit in the lease agreement to determine the present value of minimum lease payments for the particular lease. If the implicit rate for the lease is not provided, we use our incremental borrowing rate, which represents a rate we would incur to borrow an amount on a collateralized basis equal to the lease payments over a similar term and under similar economic conditions. At the commencement of a lease, the ROU asset is measured by taking the sum of the present value of the lease liability and any initial direct costs and/or prepaid lease payments and deducting any lease incentives. The amortization of operating lease ROU assets is recognized as a single straight-line lease expense over the lease term. Financing lease ROU assets are amortized on a straight-line basis over the lease term, and financing lease liabilities are measured using the effective interest rate method, with the interest accretion recognized in interest expense. Lease agreements related to properties are generally comprised of both lease and non-lease components. Non-lease components, which include items such as common area maintenance charges, property taxes and insurance, are recognized separately from the straight-line lease expense and are expensed as incurred within cost of sales and selling, general and administrative expenses on our consolidated statement of operations. Variable lease payments that do not depend on an index or rate, such as rental payments based on a percentage of retail revenue over contractual levels, are separately expensed as incurred, and are not included in the measurement of the ROU asset and lease liability. Variable lease payments that depend on an index or rate, such as rates that are adjusted periodically for inflation, are included in the initial measurement of the ROU asset and lease liability and are recognized on a straight-line basis over the lease term.
Assets held for sale and discontinued operations	Assets held for sale and discontinued operations We classify assets and related liabilities of a qualifying business as held for sale when the following conditions are met: (i) management has committed to a plan to sell the net assets, (ii) the net assets are available for immediate sale, (iii) there is an active program to locate a buyer, (iv) the sale and transfer of the net assets is probable within one year, (v) the net assets are being actively marketed for sale at a price that is reasonable in relation to the current fair value, and (vi) it is unlikely that significant changes will be made to the plan to sell the net assets. Assets and related liabilities which have been classified as held for sale are excluded from the net assets and liabilities of continuing operations in the period in which the held for sale criteria was met. We classify a component of our business as a discontinued operation when its disposal represents a strategic shift that has or will have a major effect on our operations and financial results. The results of discontinued operations are reported in income/loss from discontinued operations, net of tax on the consolidated statements of operations for all current and prior periods presented. The results of discontinued operations include direct costs attributable to the divested business and any gain or loss recognized in connection with the sale, or adjustment of the carrying amount to fair value less cost to sell while being held for sale, and excludes any indirect cost allocation associated with any shared-service or corporate functions not solely dedicated to the divested business. Interest costs specifically attributable to interest from corporate debt obligated to be repaid following the completion of a divestiture from corporate debt is included as a component of income from discontinued operations. Adjustments to discontinued operations subsequent to the completion of a transaction or disposition are generally attributable to contingencies and indemnifications directly related to the disposal transaction, operations of the discontinued operations, or settlement of obligations directly related to the disposal. Transactions between the businesses determined to be discontinued operations and businesses that are expected to continue to exist after the disposal are not eliminated in order to appropriately reflect the continuing operations as well as the activity to be disposed of. Assets and liabilities of discontinued operations, including those that meet the held-for-sale criteria are presented separately in the consolidated balance sheets. Upon classification as held for sale, assets are measured at the lower of carrying amount or fair value less cost to sell, and depreciation and amortization cease. Any impairment losses or subsequent measurement adjustments are recognized in the results of discontinued operations in the period in which they are identified. Cash flows attributable to discontinued operations are presented separately in the consolidated statements of cash flows, or otherwise disclosed, for all periods presented.
Goodwill and intangible assets and impairments	Goodwill and intangible assets Goodwill and acquired intangible assets are recorded in connection with an acquisition or business combination. Goodwill represents the excess of the total consideration paid over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in connection with the acquisition or business combination. Identifiable intangible assets primarily consist of trade names and trademarks, patents, and customer and distributor relationships. Intangible assets that are determined to have definite lives are amortized over their estimated useful lives and are assessed for impairment when indicators are present. Goodwill and intangible assets with indefinite lives are not amortized and are instead assessed for impairment at least annually or when events or circumstances occur that indicate an impairment may exist. Except for software costs which are determined to be eligible for capitalization, costs related to the development, maintenance or renewal of internally developed intangible assets that are inherent in our continuing business that were not acquired as a part of a business combination or asset acquisition, are expensed as incurred. Impairments We assess potential impairments of our long-lived assets, namely property, plant and equipment and ROU assets, and acquired intangible assets that are subject to amortization, such as acquired customer and distributor relationships whenever events or changes in circumstances indicate that the asset’s carrying value may not be recoverable. Events or changes that may necessitate an impairment assessment include a significant change in the extent or manner in which the asset is used, a significant change in legal or business factors that could affect the value of the asset, or a significant decline in the observable market value of an asset, amongst others. If such events or changes indicate a potential impairment, we would assess the recoverability of the asset or asset group by determining if the carrying value of the asset or asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the asset or asset group. If the carrying amount of a long-lived asset or asset group is determined to not be recoverable and exceeds its fair value, an impairment charge would be recognized in the period in which the impairment was determined. We perform an impairment assessment on our goodwill and indefinite-lived intangible assets at least annually during the fourth quarter of the year, or when events or circumstances occur that indicate an impairment may exist. These events or circumstances may include macroeconomic conditions, significant changes in the industry or business climate, legal factors, or other operating performance indicators, amongst other things. If an event occurs that indicates an impairment may exist, we may perform a qualitative assessment to determine whether it is more likely than not that goodwill and/or the indefinite-lived intangible asset is impaired. If after the qualitative assessment we determine it is more likely than not that goodwill and/or the indefinite-lived intangible asset is not impaired, no quantitative fair value test is necessary. If after performing the qualitative assessment we conclude it is more likely than not that the fair value of goodwill and/or the indefinite-lived intangible is less than our carrying amount, we will perform a quantitative fair value test to determine the fair value of the asset or reporting unit. To determine fair value, we use discounted cash flow estimates, quoted market prices, royalty rates when available, and independent appraisals and valuation specialists, when appropriate. We calculate an impairment as the excess of the carrying value of goodwill and/or other indefinite-lived intangible assets over the estimated fair value of the respective asset. If the carrying value exceeds the estimated fair value of the asset, an impairment charge is recorded in the period in which the impairment was determined.
Investments	We determine the appropriate classification of our investments at the time of acquisition and reassess such classification at each reporting date. For investments in entities in which we do not have a controlling financial interest but over which we have the ability to exercise significant influence, we apply the equity method of accounting. Significant influence is generally presumed when we own between 20% and 50% of the voting interests of the investee, although such determination also considers other relevant factors. For investments accounted for under the equity method, we record our proportionate share of the investee’s net income or loss within other income/expense, net, in our consolidated statements of operations. We evaluate equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. For investments in entities where we do not have a controlling financial interest or significant influence and that do not have readily determinable fair values, we have elected to apply the measurement alternative in which these investments are measured at cost and are evaluated for changes in fair value if there is an observable price change as a result of an orderly transaction for an identical or similar investment. These investments are evaluated for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. In the event that the carrying value of any such investment exceeds its estimated fair value, an impairment charge is recognized in the period in which the impairment was determined. See Note 10 for further information related to our investments.
Foreign currency translation and transactions	A significant portion of our business is conducted outside of the United States in currencies other than the U.S. dollar. As a result, changes in foreign currency exchange rates can have a significant impact on our financial results. Revenues and expenses denominated in foreign currencies are translated using the average exchange rate for the reporting period and assets and liabilities are translated using the end-of-period exchange rates at the balance sheet date. Gains and losses from assets and liabilities denominated in a currency other than the functional currency of the entity in which they reside are recognized during the current period in our statements of operations. Gains and losses from the translation of foreign subsidiary financial statements into U.S. dollars are included in accumulated other comprehensive income or loss.
Derivatives and hedging	We use foreign currency forward contracts to meet our objectives of minimizing variability in our operating results, including intercompany transactions, which may arise from changes in foreign exchange rates, as well as interest rate swap contracts to minimize our exposure to changes in interest rates. We do not enter into hedging contracts for speculative purposes. Foreign currency forward contracts generally mature within 12 months to 15 months from inception and interest rate swap agreements generally mature within 60 months from inception. Both types of contracts are measured at fair value and recorded as hedging receivables and/or payables on our consolidated balance sheet. Certain of our foreign currency forward contracts and our interest rate swap agreements satisfy the criteria for hedge accounting treatment and are classified as designated cash flow hedges. Changes in the fair value of these designated cash flow hedges are recorded as a component of accumulated other comprehensive income, net of tax, and are released in earnings during the period in which the hedged transaction takes place. Remeasurement gains or losses of derivatives that are not elected for hedge accounting treatment are recognized in earnings immediately in other income/expense. We would discontinue hedge accounting prospectively (i) if it is determined that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated, or exercised, (iii) if it becomes probable that the forecasted transaction being hedged by the derivative will not occur, (iv) if a hedged firm commitment no longer meets the definition of a firm commitment, or (v) if it is determined that designation of the derivative as a hedge instrument is no longer appropriate. We estimate the fair value of our foreign currency forward contracts based on pricing models using current market rates. These contracts are classified under Level 2 of the fair value hierarchy. See Note 17 for further discussion of our financial instruments. Our derivative instruments are subject to a master netting agreement with each respective counterparty bank and are therefore net settled at their respective maturity date. Although we have the legal right of offset under the master netting agreements, we have elected to present these contracts on a gross basis on the accompanying consolidated balance sheets as of December 31, 2025 and 2024. Gains and losses related to our derivative instruments are presented as an adjustment to reconcile net income to net cash provided by or used in operating activities in the consolidated statements of cash flows.
Share-based compensation	We may grant restricted stock units (“RSUs”), restricted stock awards (“RSAs”), performance-based awards, stock options, and other equity-based awards to our officers, employees, consultants and other non-employees who provide services to us under our stock incentive plans. We measure and recognize share-based compensation expense for employees and non-employees based on estimated fair values, net of estimated forfeitures. Estimated forfeitures are based on historical data and forfeiture trends and are revised, if necessary, in subsequent periods if actual forfeitures differ materially from our initial estimates. RSUs and RSAs The estimated fair value of RSUs and RSAs (“restricted stock”) is calculated based on the closing price of our common stock on the date of grant multiplied by the number of granted shares. Compensation expense for restricted stock is recognized on a straight-line basis, net of estimated forfeitures, over a vesting period of three to five years from the date of grant. Performance based restricted share unit awards (“PRSU”) We grant PRSUs in which the number of shares that may ultimately be issued upon vesting is based on the achievement of company-specific performance metrics or market-conditions for each award over a specified performance period. The performance period for these awards ranges from three to five years from the date of grant and the number of shares that may ultimately be issued upon vesting may range from 0% to 200% of the participant’s target award. Awards which are based only on performance metrics are initially valued at the closing price of our stock on the date of grant. Awards which contain market conditions are initially valued using a Monte Carlo simulation which values the awards based on a range of future probable outcomes related to the achievement of the vesting conditions of the award at the date of grant. Compensation expense for all PRSUs is based on the grant-date fair value of each award and is recognized net of estimated forfeitures on a straight-line basis over the respective performance period for the award. For awards which only contain company-specific performance metrics, compensation expense is adjusted during the performance period to reflect the anticipated level of achievement of the respective award. For awards with market conditions, compensation expense is not adjusted over the course of the performance period or reversed if achievement is not probable. Any awards that do not achieve the minimum cumulative performance threshold over the performance period are forfeited at the end of the specified performance period. Stock options Outstanding stock options granted to our employees and directors were granted at an exercise price which is no less than the closing price of our stock on the date of grant and generally vest over a three-year period from the grant date and generally expire up to 10 years after the grant date. Compensation expense for employee stock options is recognized over the vesting term, net of estimated forfeitures, and is based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model.
Income taxes	Current income tax provision or benefit is the amount of income taxes expected to be payable or receivable for the current year. A deferred income tax asset or liability is established for the difference between the tax basis of an asset or liability that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled. The realization of the deferred tax assets, including loss and credit carry forwards, is subject to our ability to generate sufficient taxable income during the periods in which the temporary differences become realizable. We maintain a valuation allowance for a deferred tax asset when it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. In evaluating whether a valuation allowance is required under such rules, we consider all available positive and negative evidence, including prior operating results, the nature and reason for any losses, our forecast of future taxable income, and the dates on which any deferred tax assets are expected to expire. These assumptions require a significant amount of judgment, including estimates of future taxable income and are based on our best judgment at the time. We accrue for the estimated additional amount of taxes for uncertain tax positions if it is deemed to be more likely than not that we would be required to pay such additional taxes. We are required to file federal and state income tax returns in the United States and various other income tax returns in foreign jurisdictions. The preparation of these income tax returns requires us to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax we pay. We accrue an amount for our estimate of additional tax liability, including interest and penalties in the income tax provision, for any uncertain tax positions taken or expected to be taken in an income tax return and we review and update our accrual for uncertain tax positions as more definitive information becomes available. Historically, additional taxes paid as a result of the resolution of our uncertain tax positions have not been materially different from our expectations.
Other income, net	Other income, net primarily includes gains and losses on foreign currency forward contracts and foreign currency transactions and dividend income from our investments and money-market accounts.
Concentration of risk	On a consolidated basis, no single customer accounted for more than 10% of our net sales in 2025, 2024 or 2023. Our top five customers accounted for approximately 21%, 22% and 23% of our net sales in 2025, 2024 and 2023, respectively. Our top five customers specific to our Golf Equipment and Apparel, Gear and Other operating segments represented the following as a percentage of each segment’s total net sales: •Golf Equipment top five customers accounted for approximately 24%, 26% and 25% of total consolidated Golf Equipment sales in 2025, 2024 and 2023, respectively; and •Apparel, Gear and Other top five customers accounted for approximately 25%, 24% and 26% of total consolidated Apparel, Gear and Other sales in 2025, 2024 and 2023, respectively. With respect to our trade receivables, we perform ongoing credit evaluations of our customers’ financial condition and generally do not require collateral from our customers. We maintain reserves for estimated credit losses, which we consider adequate to cover any such losses. At December 31, 2025 three customers represented 16%, 12%, and 11%, respectively and at December 31, 2024, three customers represented 20%, 12%, and 11%, respectively, of our outstanding accounts receivable balances. No other customers represented more than 10% of our outstanding accounts receivable balance. As a result of our international business, we are exposed to increased risks inherent in conducting business outside of the United States. During 2025, 2024 and 2023, approximately 34%, 34% and 35% of our net sales were derived from sales outside of the United States, respectively. See Note 20 for information on net sales and long-lived assets by geographical location. We are dependent on a limited number of suppliers for our clubheads and shafts, some of which are single sourced. Furthermore, some of our products require specially developed manufacturing techniques and processes which make it difficult to identify and utilize alternative suppliers quickly. We also depend on a single or a limited number of suppliers for the materials used to make our golf balls, many of which are customized for us. Our financial instruments that are subject to concentrations of credit risk consist primarily of cash equivalents, trade receivables, foreign currency forward contracts and interest rate swap contracts. From time to time, we invest our excess cash in money market accounts and short-term U.S. government securities and have established guidelines relative to diversification and maturities in an effort to maintain safety and liquidity. We periodically review and modify these guidelines to take advantage of trends in yields and interest rates. We enter into foreign currency forward contracts for the purpose of hedging foreign exchange rate exposure on existing or anticipated transactions, and interest rate hedge contracts for the purpose of hedging interest rate exposure on our term loan facility. In the event of a failure to honor one of these contracts by one of the banks with which we have contracted, we believe any loss would be limited to the exchange rate difference from the time the contract was entered into until the time it was settled. Our hedging contracts are subject to a master netting agreement with each respective counterparty bank and are therefore net settled.
Recently Issued Accounting Standards and Adoption of New Accounting Standards	Recently Issued Accounting Standards In November 2024, the FASB issued ASU No. 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses” (“ASU 2024-03”), which requires disclosure, on an annual and interim basis, of specific information about cost and expense related items within the notes to our consolidated financial statements. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, on either a prospective or retrospective basis with early adoption permitted. We are in the process of evaluating the impact that ASU 2024-03 will have on our consolidated financial statements and related disclosures. In September 2025, the FASB issued ASU No. 2025-06, “Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU 2025-06”), which clarifies the difference between expensed costs and capitalized costs by removing all references to software development project stages so that the guidance is neutral to different software development methods, including methods that entities may use to develop software in the future. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are in the process of evaluating the impact that ASU 2025-06 will have on our consolidated financial statements and related disclosures. Adoption of New Accounting Standards In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which modifies the rules on income tax disclosures to require entities to disclose specific categories in the effective tax rate reconciliation and provide additional detail regarding income tax payments to foreign, federal, state and local jurisdictions, among other changes. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 on either a prospective or retrospective basis with early adoption permitted. We adopted this ASU effective for our fiscal year ended December 31, 2025 on a prospective basis. The adoption resulted in expanded presentation and disclosures for our effective tax reconciliation and income taxes paid (see Note 12) and did not have a material impact on our consolidated financial statements. In November 2024, the FASB issued ASU No. 2024-04, “—Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments” (“ASU 2024-04”), which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion. ASU 2024-04 is effective for fiscal years beginning after December 15, 2025 on either a prospective or retrospective basis with early adoption permitted. We adopted this ASU effective for our fiscal year ended December 31, 2025 on a prospective basis. The adoption of this ASU had no impact on our consolidated financial statements or related disclosures. In July 2025, the FASB issued ASU No. 2025-05, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”), which allows a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses, that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim periods within annual reporting periods beginning after December 15, 2025, with early adoption permitted. We adopted this ASU effective for our fiscal year ended December 31, 2025 on a prospective basis. The adoption of this ASU did not have a material impact on our consolidated financial statements or related disclosures.

Restructuring - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2025
2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Restructuring and related cost, incurred cost	$ 0.9
Transformation Plan
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs		$ 10.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Financing Arrangements - Consolidated Available Liquidity (Details) - USD ($) $ in Millions			12 Months Ended
	Jan. 02, 2026	Nov. 17, 2025	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Line of Credit Facility [Line Items]
Total available liquidity			$ 1,245.1
Repayments of long-term debt			$ 18.0	$ 70.2	$ 450.2
Subsequent Event
Line of Credit Facility [Line Items]
Total available liquidity	$ 1,021.9
Held-for-Sale \| Topgolf
Line of Credit Facility [Line Items]
Proceeds from divestiture of interest in consolidated subsidiaries		$ 800.0
Term Loan B \| Secured Debt \| Subsequent Event
Line of Credit Facility [Line Items]
Repayments of long-term debt	$ 1,000.0

Discontinued Operations - Narrative (Jack Wolfskin) (Details) - USD ($) $ in Millions		12 Months Ended
	May 31, 2025	Dec. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loss on sale, before taxes		$ 26.2
Disposed of by Sale \| Jack Wolfskin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of equity interests sold	100.00%
Sale price	$ 290.0

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

Proceeds from sale of business lines, net of cash retained

286.0

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

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

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)

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.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Restructuring and Separation Costs - Schedule of Costs Related to Restructuring Plan (Details) - Transformation Plan - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Restructuring Cost and Reserve [Line Items]
Employee termination & severance	$ 3.0	$ 0.7
PP&E and lease disposal costs	0.3	0.0
Legal & other	0.1	0.2
Total restructuring	$ 3.4	$ 0.9
Total Restructuring, location	Selling, general and administrative expense	Selling, general and administrative expense

- Definition

Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

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
Inventories	86.2
Property, plant and equipment, net	11.8
Operating lease right-of-use assets, net	67.4
Trade names and trademarks	212.2
Goodwill and other intangible assets	16.2
Other assets	36.2
Total assets	$	441.7

Liabilities
Accounts payable and accrued expenses	$	48.6
Operating lease liabilities	64.7
Other liabilities	40.7
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
	Topgolf		Jack Wolfskin		Total
Net revenues:
Products	$	13.7	$	95.4	$	109.1
Services	1,778.6		—		1,778.6
Total net revenues	1,792.3		95.4		1,887.7
Costs and expenses:
Cost of products	7.2		54.5		61.7
Cost of services, excluding depreciation and amortization	188.2		—		188.2
Other venue expense	1,295.4		—		1,295.4
Selling, general and administrative expense	179.5		68.7		248.2
Research and development expense	15.2		2.2		17.4
Trade name impairment	284.0		—		284.0
Loss on classification of Topgolf as discontinued operations	143.1		—		143.1
Venue pre-opening costs	7.7		—		7.7
Total costs and expenses	2,120.3		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
	Topgolf		Jack Wolfskin		Total
Net revenues:
Products	$	17.9	$	355.1	$	373.0
Services	1,791.5		—		1,791.5
Total net revenues	1,809.4		355.1		2,164.5
Costs and expenses:
Cost of products	10.5		203.3		213.8
Cost of services, excluding depreciation and amortization	186.7		—		186.7
Other venue expense	1,303.5		—		1,303.5
Selling, general and administrative expense	194.1		181.6		375.7
Research and development expense	19.7		8.3		28.0
Goodwill and trade name impairment	1,452.0		—		1,452.0
Venue pre-opening costs	14.8		—		14.8
Total costs and expenses	3,181.3		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
	Topgolf		Jack Wolfskin		Total
Net revenues:
Products	$	16.3	$	393.5	$	409.8
Services	1,744.7		—		1,744.7
Total net revenues	1,761.0		393.5		2,154.5
Costs and expenses:
Cost of products	10.1		230.6		240.7
Cost of services, excluding depreciation and amortization	186.8		—		186.8
Other venue expense	1,252.3		—		1,252.3
Selling, general and administrative expense	185.1		180.3		365.4
Research and development expense	30.9		9.0		39.9

Venue pre-opening costs	25.9		—		25.9
Total costs and expenses	1,691.1		419.9		2,111.0
Income (loss) from discontinued operations	69.9		(26.4)		43.5
Interest expense, net	(137.3)		(2.2)		(139.5)
Other income (expense), net	0.8		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
Inventories	37.1
Other current assets	117.2
Total current assets of discontinued operations	158.5
Long-term assets of discontinued operations
Property, plant and equipment, net	2,072.5
Operating lease right-of-use assets, net	1,066.4
Trade names and trademarks	607.9
Other intangible assets, net	46.5

Other assets, net	218.2
Total long-term assets of discontinued operations	4,011.5
Total assets of discontinued operations	$	4,170.0
Current liabilities of discontinued operations
Accounts payable and accrued expenses	$	117.2
Accrued employee compensation and benefits	56.1

Operating lease liabilities, short-term	59.8
Construction advances	29.1
Deferred revenue	59.7
Other current liabilities	3.1
Total current liabilities of discontinued operations	325.0
Long-term liabilities of discontinued operations
Long-term debt, net	42.8
Operating lease liabilities, long-term	1,102.5
Deemed landlord financing obligations	1,300.7
Other long-term liabilities	342.5
Total long-term liabilities of discontinued operations	2,788.5
Total liabilities of discontinued operations	$	3,113.5


As of December 31, 2024
	Topgolf		Jack Wolfskin		Total
Current assets of discontinued operations

Accounts receivable	$	8.1	$	30.4	$	38.5
Inventories	43.5		85.6		129.1
Other current assets	103.8		16.7		120.5
Total current assets of discontinued operations	155.4		132.7		288.1
Long-term assets of discontinued operations
Property, plant and equipment, net	2,030.8		12.3		2,043.1
Operating lease right-of-use assets, net	1,122.8		64.5		1,187.3
Trade names and trademarks	891.9		193.6		1,085.5
Other intangible assets, net	50.5		14.1		64.6
Goodwill	—		1.5		1.5
Other assets, net	349.5		14.1		363.6
Total long-term assets of discontinued operations	4,445.5		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 benefits	51.9		13.2		65.1

Operating lease liabilities, short-term	55.6		15.6		71.2
Construction advances	6.0		—		6.0
Deferred revenue	78.2		1.9		80.1
Other current liabilities	5.3		7.6		12.9
Total current liabilities of discontinued operations	318.8		100.6		419.4
Long-term liabilities of discontinued operations
Long-term debt, net	43.6		—		43.6
Operating lease liabilities, long-term	1,162.0		50.6		1,212.6
Deemed landlord financing obligations	1,194.8		—		1,194.8
Other long-term liabilities	341.1		26.2		367.3
Total long-term liabilities of discontinued operations	2,741.5		76.8		2,818.3
Total liabilities of discontinued operations	$	3,060.3	$	177.4	$	3,237.7

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Income Taxes - Expiry Dates of Federal and State Income Tax Credit Carryforwards (Details) $ in Millions	Dec. 31, 2025 USD ($)
U.S. Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 73.5
State
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	35.9
U.S. foreign tax credit \| U.S. Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	3.5
U.S. business tax credits \| U.S. Federal
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	70.0
State business tax credits - indefinite lived \| State
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	27.9
State business tax credits - definite lived \| State
Tax Credit Carryforward [Line Items]
Tax credit carryforwards	$ 8.0

Financing Arrangements - Convertible Notes (Details) - Convertible Notes $ / shares in Units, $ in Millions		1 Months Ended
	May 04, 2020	Jul. 31, 2022 USD ($) shares	Dec. 31, 2025 $ / shares
Senior Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price (in dollars per share) \| $ / shares			$ 17.62
Debt instrument, convertible, conversion ratio	0.0568	0.0568
Convertible Debt
Debt Instrument [Line Items]
Converted instrument, amount \| $		$ 0.5
Debt conversion, converted instrument, shares issued \| shares		25,602

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Derivatives and Hedging - Foreign Currency Forward Contracts Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Maximum maturity for foreign currency derivatives	12 months
Foreign currency gains (losses)	$ 17.5	$ (19.4)	$ (8.2)
Foreign currency forward contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 88.4	$ 203.0	$ 209.4

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Statement [Abstract]
Net sales	$ 2,060.1	$ 2,077.7	$ 2,132.7
Cost of sales	1,192.5	1,190.7	1,205.6
Gross profit	867.6	887.0	927.1
Operating expenses:
Selling, general and administrative expense	674.0	670.0	671.2
Research and development expense	65.5	64.1	61.8
Total operating expenses	739.5	734.1	733.0
Income (loss) from continuing operations	128.1	152.9	194.1
Interest expense, net	(60.6)	(63.0)	(70.7)
Other income, net	20.1	21.6	6.1
Income (loss) from continuing operations, before income taxes	87.6	111.5	129.5
Income tax provision (benefit)	48.8	18.1	30.0
Net income (loss) from continuing operations	38.8	93.4	99.5
Income (loss) from discontinued operations, net of tax	(448.1)	(1,541.1)	(4.5)
Net income (loss)	$ (409.3)	$ (1,447.7)	$ 95.0
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ 0.21	$ 0.51	$ 0.54
Discontinued operations (in dollars per share)	(2.44)	(8.39)	(0.02)
Basic earnings (loss) per common share (in dollars per share)	(2.23)	(7.88)	0.51
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	0.21	0.50	0.53
Discontinued operations, diluted (in dollars per share)	(2.41)	(7.73)	(0.02)
Diluted earnings (loss) per common share (in dollars per share)	$ (2.20)	$ (7.23)	$ 0.50
Weighted-average common shares outstanding:
Basic (in shares)	183.7	183.7	185.0
Diluted (in shares)	185.7	199.3	201.1

Summarized Quarterly Data (Unaudited)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Data (Unaudited)

. Summarized Quarterly Data (Unaudited)

We have revised previously reported quarterly financial information for the fiscal years ended December 31, 2025 and 2024 to reflect the results of our sold business lines as discontinued operations for all periods presented (see Note 4):


	Quarter Ended
	March 31,		June 30,		September 30,		December 31,		Total
	(in millions, except per share data)
2025
Net sales	$	629.6	$	600.4	$	462.6	$	367.5	$	2,060.1
Income (loss) from continuing operations	$	103.1	$	74.3	$	4.8	$	(54.1)	$	128.1
Loss from discontinued operations, net of tax	$	(61.3)	$	(25.2)	$	(10.6)	$	(351.0)	$	(448.1)
Net income (loss)	$	2.1	$	20.3	$	(14.7)	$	(417.0)	$	(409.3)
Basic earnings (loss) per common share:
Continuing operations	$	0.35	$	0.25	$	(0.02)	$	(0.36)	$	0.21
Discontinued operations	$	(0.33)	$	(0.14)	$	(0.06)	$	(1.91)	$	(2.44)
Net earnings (loss)	$	0.01	$	0.11	$	(0.08)	$	(2.27)	$	(2.23)
Diluted earnings (loss) per common share:
Continuing operations	$	0.33	$	0.24	$	(0.02)	$	(0.36)	$	0.21
Discontinued operations	$	(0.30)	$	(0.12)	$	(0.06)	$	(1.91)	$	(2.41)
Net earnings (loss)	$	0.02	$	0.11	$	(0.08)	$	(2.27)	$	(2.20)


	Quarter Ended
	March 31,		June 30,		September 30,		December 31,		Total
	(in millions, except per share data)
2024
Net sales	$	639.7	$	614.3	$	452.3	$	371.4	$	2,077.7
Income (loss) from continuing operations	$	78.8	$	86.7	$	12.0	$	(24.6)	$	152.9
Loss from discontinued operations, net of tax	$	(50.4)	$	(37.3)	$	(34.6)	$	(1,418.8)	$	(1,541.1)
Net income (loss)	$	6.5	$	62.1	$	(3.6)	$	(1,512.7)	$	(1,447.7)
Basic earnings (loss) per common share:
Continuing operations	$	0.31	$	0.54	$	0.17	$	(0.51)	$	0.51
Discontinued operations	$	(0.27)	$	(0.20)	$	(0.19)	$	(7.72)	$	(8.39)
Net earnings	$	0.04	$	0.34	$	(0.02)	$	(8.23)	$	(7.88)
Diluted earnings (loss) per common share:
Continuing operations	$	0.29	$	0.51	$	0.16	$	(0.51)	$	0.50
Discontinued operations	$	(0.25)	$	(0.18)	$	(0.17)	$	(7.72)	$	(7.73)
Net earnings (loss)	$	0.04	$	0.32	$	(0.01)	$	(8.23)	$	(7.23)

Financing Arrangements - Aggregate Amount of Maturities for Debt (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Debt Disclosure [Abstract]
2026	$ 775.6
2027	14.7
2028	12.8
2029	12.8
2030	616.0
Thereafter	2.1
Total aggregate amount of maturities	1,434.0	$ 1,451.2
Less: Unamortized Debt Issuance Costs	18.0	22.3
Total aggregate amount of maturities, net of Unamortized Debt Issuance Costs	$ 1,416.0	$ 1,428.9

Goodwill and Intangible Assets

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Changes in the carrying amount of goodwill by operating and reportable segment are as follows (in millions):


	Golf Equipment		Apparel, Gear and Other		Total
Balance at December 31, 2023	$	531.0	$	88.3		$	619.3

Foreign currency translation and other	(0.6)		—			(0.6)
Balance at December 31, 2024	$	530.4	$	88.3		$	618.7



Foreign currency translation and other	1.1		—			1.1
Balance at December 31, 2025	$	531.5	$	88.3		$	619.8

Intangible assets by major asset class for the periods presented in the table below were (in millions, except useful life years):


	Indefinite-lived:		Amortizing:
	Trade name and Trademarks			Patents		Customer/ Distributor Relationships and Other		Total

Useful Life (Years)	NA			2 - 16		1 - 10

Gross as of December 31, 2024	$	218.4		$	31.6	$	24.1	$	274.1
Acquisitions	0.4			0.3		0.1		0.8



Gross as of December 31, 2025	$	218.8		$	31.9	$	24.2	$	274.9
Accumulated amortization	—			(31.6)		(20.8)		(52.4)
Foreign currency translation and other	—			—		(0.1)		(0.1)
Net book value, December 31, 2025	$	218.8		$	0.3	$	3.3	$	222.4

Gross as of December 31, 2023	$	218.4		$	31.6	$	21.3	$	271.3
Acquisitions	—			—		2.8		2.8
Gross as of December 31, 2024	$	218.4		$	31.6	$	24.1	$	274.1
Accumulated amortization	—			(31.6)		(19.9)		(51.5)
Foreign currency translation and other	—			—		(0.1)		(0.1)
Net book value, December 31, 2024	$	218.4		$	—	$	4.1	$	222.5

We recognized $0.9 million, $0.7 million and $3.4 million of amortization expense related to acquired intangible assets for the years ended December 31, 2025, 2024 and 2023, respectively, which is primarily recorded in selling, general and administrative expenses in the consolidated statements of operations.

As of December 31, 2025, intangible asset amortization expense is expected to be incurred for the periods presented as follows (in millions):


2026	$	0.9
2027	0.6
2028	0.3
2029	0.3
2030	0.1
Thereafter	—
Total	$	2.2

Stock Plans and Share-Based Compensation - Stock Option Activities (Details) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares
Number of Shares
Balance at beginning of period (in shares) \| shares	0.6
Exercised (in shares) \| shares	0.0
Expired (in shares) \| shares	(0.1)
Balance at end of period (in shares) \| shares	0.5
Vested and expected to vest at end of period (in shares) \| shares	0.5
Exercisable at end of period (in shares) \| shares	0.5
Weighted- Average Exercise Price Per Share
Balance at beginning of period (in dollars per share) \| $ / shares	$ 29.44
Exercised (in dollars per share) \| $ / shares	9.37
Expired (in dollars per share) \| $ / shares	20.48
Balance at end of period (in dollars per share) \| $ / shares	30.82
Vested and expected to vest at end of period (in dollars per share) \| $ / shares	30.82
Exercisable at end of period (in dollars per share) \| $ / shares	$ 30.82
Weighted- Average Remaining Contractual Term
Outstanding balance at end of period	2 years 4 months 24 days
Vested and expected to vest in the future at end of period	2 years 4 months 24 days
Exercisable at end of period	2 years 4 months 24 days
Aggregate Intrinsic Value
Outstanding balance at end of period \| $	$ 0.0
Vested and expected to vest in the future at end of period \| $	0.0
Exercisable at end of period \| $	$ 0.0

Revenue Recognition - Schedule of Cost Recovery Of Inventory Associated With Our Sales Return Liability (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Accrued rebate liability	$ 15.0	$ 14.3	$ 13.6

Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The following table details the amounts reclassified from accumulated other comprehensive loss and foreign currency translation adjustments for the periods presented below (in millions):


	Derivative Instruments		Foreign Currency Translation		Total
Accumulated other comprehensive loss, January 1, 2023, after tax	$	4.9	$	(66.4)	$	(61.5)
Change in derivative instruments	15.5		—		15.5
Net gains reclassified to cost products	(5.9)		—		(5.9)
Net gains reclassified to interest expense	(8.2)		—		(8.2)
Income tax impact on derivative instruments	(0.2)		—		(0.2)
Foreign currency translation adjustments	—		12.8		12.8
Accumulated other comprehensive loss, December 31, 2023, after tax	$	6.1	$	(53.6)	$	(47.5)
Change in derivative instruments	17.5		—		17.5
Net gains reclassified to cost products	(5.9)		—		(5.9)
Net gains reclassified to interest expense	(10.3)		—		(10.3)
Income tax impact on derivative instruments	(0.4)		—		(0.4)
Cumulative foreign currency translation adjustments reclassified into other income upon dissolution of foreign subsidiary	—		3.4		3.4
Foreign currency translation adjustments	—		(32.8)		(32.8)
Accumulated other comprehensive loss, December 31, 2024, after tax	$	7.0	$	(83.0)	$	(76.0)
Change in derivative instruments	(10.0)		—		(10.0)
Net gains reclassified to cost products	5.3		—		5.3

Net gains reclassified to interest expense	(3.1)		—		(3.1)
Income tax impact on derivative instruments	1.8		—		1.8
Cumulative foreign currency translation adjustments reclassified into other income upon dissolution of foreign subsidiary	—		13.8		13.8
Foreign currency translation adjustments	—		40.6		40.6
Accumulated other comprehensive loss, December 31, 2025, after tax	$	1.0	$	(28.6)	$	(27.6)

Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Fair Value of Derivative Instruments by Contract Type and Location of Asset and/or Liability on Consolidated Condensed Balance Sheets

The following table summarizes the fair value of our derivative instruments as well as the location of the asset and/or liability on the consolidated balance sheets as of the periods presented below (in millions):


		Fair Value of Asset Derivatives
		December 31,
	Balance Sheet Location	2025		2024
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Other current assets	$	0.4	$	0.1
Interest rate swap contracts	Other current assets	—		3.0
Interest rate swap contracts	Other assets, net	—		4.8
Total		$	0.4	$	7.9
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	0.3		5.6

Total asset position		$	0.7	$	13.5


		Fair Value of Liability Derivatives
		December 31,
	Balance Sheet Location	2025		2024
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	$	0.4	$	0.8



Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	0.4		0.2
Total liability position		$	0.8	$	1.0

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following tables summarize the net effect of all cash flow hedges on the consolidated financial statements for the periods presented (in millions):


	Gain (Loss) Recognized in Other Comprehensive Income
	Year Ended December 31,
Derivatives designated as cash flow hedging instruments	2025		2024		2023
Foreign currency forward contracts	$	(5.1)	$	4.9	$	8.6

Interest rate swap contracts	(4.9)		12.6		6.9
Total	$	(10.0)	$	17.5	$	15.5


		Gain (Loss) Reclassified from Other Comprehensive Income into Earnings
		Year Ended December 31,
Derivatives designated as cash flow hedging instruments	Statement of Operations Location	2025		2024		2023
Foreign currency forward contracts	Cost of sales	$	(5.2)	$	5.9	$	5.9

Interest rate swap contracts	Interest expense	3.1		10.3		8.2
Total		$	(2.1)	$	16.2	$	14.1

Schedule of Location of Gains in Consolidated Condensed Statements of Operations that were Recognized and Derivative Contract Type

The following table summarizes the location of net gains and losses for each type of our derivative contracts recognized in the consolidated statements of operations for the periods presented (in millions):


		Amount of Net Gain Recognized in Income on Derivative Instruments
Derivatives not designated as hedging instruments	Location of Net Gain (Loss) Recognized in Income on Derivative Instruments	Years Ended December 31,
		2025		2024		2023
Foreign currency forward contracts	Other income, net	$	(18.5)	$	31.9	$	19.6

Stock Plans and Share-Based Compensation - Narrative (Details)	12 Months Ended
	Dec. 31, 2025 USD ($) plan $ / shares shares	Dec. 31, 2024 shares	Dec. 31, 2023 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shareholder approved stock plans \| plan	1
Authorized (in shares)	36,100,000
Granted (in shares)	0	0	0
Range of option prices, minimum \| $ / shares	$ 21.08
Range of option prices, maximum \| $ / shares	$ 35.14
2022 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized (in shares)	33,400,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense related to non-vested shares granted \| $	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) shares in Millions, $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 903.2	$ 445.0
Accounts receivable, less allowances of $4.9 million and $5.8 million, respectively	123.2	137.2
Inventories	625.3	628.2
Prepaid expenses	44.1	40.7
Other current assets	69.8	61.5
Current assets of discontinued operations (Note 4)	4,170.0	288.1
Total current assets	5,935.6	1,600.7
Property, plant and equipment, net	159.5	175.9
Operating lease right-of-use assets, net	173.5	151.9
Intangible assets, net	222.4	222.5
Goodwill	619.8	618.7
Other assets, net	175.2	120.8
Long-term assets of discontinued operations (Note 4)	0.0	4,745.6
Total assets	7,286.0	7,636.1
Current liabilities:
Accounts payable and accrued expenses	296.2	267.2
Accrued employee compensation and benefits	84.9	48.3
Long-term debt, current portion	765.3	14.6
Asset-based credit facilities	44.7	25.4
Operating lease liabilities, short-term	22.9	18.1
Deferred revenue	21.5	15.9
Other current liabilities	18.5	17.0
Current liabilities of discontinued operations (Note 4)	3,113.5	419.4
Total current liabilities	4,367.5	825.9
Long-term debt, net	650.7	1,414.3
Operating lease liabilities, long-term	189.7	164.5
Other long-term liabilities	9.2	5.4
Long-term liabilities of discontinued operations (Note 4)	0.0	2,818.3
Commitments and contingencies (Note 13)
Shareholders’ equity:
Preferred stock, $0.01 par value, 3.0 million shares authorized, none issued and outstanding at both December 31, 2025 and December 31, 2024	0.0	0.0
Common stock, $0.01 par value, 360.0 million shares authorized, 186.2 million shares issued at both December 31, 2025 and December 31, 2024	1.9	1.9
Additional paid-in capital	3,037.5	3,032.8
Retained earnings (accumulated deficit)	(909.5)	(500.2)
Accumulated other comprehensive loss	(27.6)	(76.0)
Less: Common stock held in treasury, at cost, 2.3 million shares and 3.1 million shares at December 31, 2025 and December 31, 2024, respectively	(33.4)	(50.8)
Total shareholders’ equity	2,068.9	2,407.7
Total liabilities and shareholders’ equity	$ 7,286.0	$ 7,636.1
Common stock, issued (in shares)	186.2	186.2

Investments	12 Months Ended
Investments	Dec. 31, 2025
Investments, All Other Investments [Abstract]
Investments	Investments Investment in Full Swing We have an ownership interest of less than 20.0% in Full Swing Golf Holdings, LLC (“Full Swing”), owners of multi-sport indoor virtualization and simulation technology. The investment is accounted for at cost less impairments and adjusted for observable changes in fair value. At both December 31, 2025 and December 31, 2024, the carrying value of our investment in Full Swing was $9.3 million, and is included in other assets, net on our consolidated balance sheets. In May 2024, we received a $4.1 million dividend distribution from Full Swing, which is included in other income on our consolidated statement of operations. Investment in Five Iron Golf We have an ownership interest of less than 20.0% in preferred shares of The Range NYC, LLC (“Five Iron Golf”), an urban indoor golf experience company which hosts a golf simulation technology and serves food and beverage. The investment is accounted for at cost less impairments, and is adjusted for observable changes in fair value. At both December 31, 2025 and December 31, 2024, the carrying value of our investment in Five Iron Golf was $33.9 million, and is included in other assets, net on our consolidated balance sheets. Other Investments In addition to the investments above, as of December 31, 2025 and December 31, 2024, we had other miscellaneous equity investments of approximately $4.4 million and $3.3 million, respectively, which are classified as other assets, net on our consolidated balance sheets. The investments are accounted for at cost less impairments and are adjusted for observable changes in fair value.

Derivatives and Hedging - Location of Gains in Consolidated Condensed Statements of Operations that were Recognized and Derivative Contract Type (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency forward contract loss (gain), net	$ (18.5)	$ 31.9	$ 19.6
Other income (expense)
Derivative Instruments, Gain (Loss) [Line Items]
Foreign currency forward contract loss (gain), net	(18.5)	31.9	19.6
Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	(10.0)	17.5	15.5
Settlement of cross-currency swap contract	(2.1)	16.2	14.1
Foreign currency forward contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	(5.1)	4.9	8.6
Settlement of cross-currency swap contract	(5.2)	5.9	5.9
Interest rate swap contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Change in derivative instruments	(4.9)	12.6	6.9
Settlement of cross-currency swap contract	$ 3.1	$ 10.3	$ 8.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 182
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480401/815-10-55-182

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CCC
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CCC

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4CC

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
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-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4C
-Subparagraph (bb)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4C

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4D

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-4E

+ Details

Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2025

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Loss

The following table details the amounts reclassified from accumulated other comprehensive loss and foreign currency translation adjustments for the periods presented below (in millions):


	Derivative Instruments		Foreign Currency Translation		Total
Accumulated other comprehensive loss, January 1, 2023, after tax	$	4.9	$	(66.4)	$	(61.5)
Change in derivative instruments	15.5		—		15.5
Net gains reclassified to cost products	(5.9)		—		(5.9)
Net gains reclassified to interest expense	(8.2)		—		(8.2)
Income tax impact on derivative instruments	(0.2)		—		(0.2)
Foreign currency translation adjustments	—		12.8		12.8
Accumulated other comprehensive loss, December 31, 2023, after tax	$	6.1	$	(53.6)	$	(47.5)
Change in derivative instruments	17.5		—		17.5
Net gains reclassified to cost products	(5.9)		—		(5.9)
Net gains reclassified to interest expense	(10.3)		—		(10.3)
Income tax impact on derivative instruments	(0.4)		—		(0.4)
Cumulative foreign currency translation adjustments reclassified into other income upon dissolution of foreign subsidiary	—		3.4		3.4
Foreign currency translation adjustments	—		(32.8)		(32.8)
Accumulated other comprehensive loss, December 31, 2024, after tax	$	7.0	$	(83.0)	$	(76.0)
Change in derivative instruments	(10.0)		—		(10.0)
Net gains reclassified to cost products	5.3		—		5.3

Net gains reclassified to interest expense	(3.1)		—		(3.1)
Income tax impact on derivative instruments	1.8		—		1.8
Cumulative foreign currency translation adjustments reclassified into other income upon dissolution of foreign subsidiary	—		13.8		13.8
Foreign currency translation adjustments	—		40.6		40.6
Accumulated other comprehensive loss, December 31, 2025, after tax	$	1.0	$	(28.6)	$	(27.6)

Discontinued Operations

12 Months Ended

Dec. 31, 2025

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

Discontinued operations is comprised of our former Topgolf and Jack Wolfskin businesses. Results of operations, financial position and cash flows for these businesses are reported as discontinued operations for all periods presented and the notes to the financial statements have been adjusted on a retrospective basis.

Divestiture of the Topgolf Business

On November 17, 2025, we entered into a definitive agreement to sell a 60% stake in the Topgolf and Toptracer businesses (“Topgolf”) to private equity funds managed by Leonard Green & Partners, L.P. The sale was completed effective January 1, 2026 whereby the purchaser acquired 60% of the indirect equity interests of Topgolf (the “Sale”) based upon an equity value of approximately $1,100.0 million. In connection with the Sale and related financing transactions, we received proceeds of approximately $800 million, net of working capital adjustments and transaction expenses, which will be subject to further customary purchase price adjustments. In the fourth quarter of 2025, we concluded the assets and liabilities of Topgolf met the criteria for classification as held for sale and determined the ultimate disposal represents a strategic shift that will have a major effect on our operations and financial results. Accordingly, the assets and liabilities of Topgolf are presented separately on the consolidated balance sheets for all periods presented, and the results of Topgolf are presented as discontinued operations in the accompanying consolidated statements of operations for all periods presented and as such have been excluded from continuing operations and segment results.

We have continuing involvement with Topgolf as we have retained a 40% ownership interest in the business, which will be accounted for under the equity method of accounting. We also maintain involvement primarily through ongoing sales of products, a preferred marketing agreement, a warehousing agreement, and a transition services agreement through which certain services will be provided for a period of time of up to eighteen months following the separation.

Certain revenues that were previously eliminated in consolidation as intra-entity transactions prior to the sale of Topgolf are required to be reflected in continuing operations. For the years ended December 31, 2025, 2024 and 2023, net sales and cost of sales of $3.0 million, $2.9 million and $2.4 million, respectively, are now recognized in continuing operations that relate to transactions with Topgolf following its disposal. Prior to the sale, these amounts were eliminated in consolidation as intercompany revenues, intercompany cost of sales, and royalty income.

We ceased depreciating and amortizing our long-lived assets and intangible assets for the Topgolf business when it met the held for sale criteria, which primarily includes property and equipment, right-of-use assets and amortizing intangible assets. Additionally, due to the amendment of our Term Loan B requiring a mandatory repayment of $500.0 million upon the consummation of the sale of Topgolf, we attributed a portion of the interest expense incurred on our Term Loan B to discontinued operations. Accordingly, for the years ended December 31, 2025, 2024 and 2023, we allocated interest expense of $38.1 million, $43.5 million, and $36.8 million, respectively, from continuing operations to discontinued operations.

Assets and liabilities classified as held for sale are subject to an impairment assessment before applying a measurement basis of fair value less cost to sell on the carrying value of the disposal group. As a result of this assessment, we determined that as of December 31, 2025, the carrying value of the Topgolf trade name was above its fair value and we therefore recognized an impairment loss of $284.0 million within discontinued operations in the consolidated statement of operations. Subsequently, we determined that the carrying amount of the disposal group exceeded its fair value less cost to sell and recorded an estimated loss on sale of $143.1 million within discontinued operations in the consolidated statement of operations.

Divestiture of the Jack Wolfskin Business

On May 31, 2025, pursuant to the terms and conditions of the previously disclosed Sale & Purchase Agreement, dated as of April 10, 2025 by and between the Company and Anca Holdco GmbH & Co. KG, an indirect wholly-owned subsidiary of ANTA Sports Products Limited, we completed the sale of 100% of the outstanding equity interests of Callaway Germany Holdco GmbH, which owned various entities that operate the Jack Wolfskin business, for $290.0 million, net of cash retained and subject to net working capital and other customary adjustments. We recorded a total loss on the sale of $26.2 million within discontinued operations in the consolidated statement of operations. Certain working capital adjustments are to be finalized over a defined period from the closing of the sale. Any resulting revisions will be settled in cash, with an offsetting impact recognized in loss on sale.

Although the Jack Wolfskin business was initially classified as held for sale, its results were not presented as discontinued operations at that time, as the disposition alone did not meet the criteria for discontinued operations. Following the sale of a majority stake in the Topgolf business, management determined that both transactions collectively represent a strategic shift to focus the Company on its core Golf Equipment and complementary soft goods businesses. As a result, the operating results of Jack Wolfskin are presented as discontinued operations for all periods presented in the consolidated financial statements.

The following table summarizes the major categories of assets and liabilities sold (in millions):


	May 31, 2025
Assets

Accounts receivable	$	11.7
Inventories	86.2
Property, plant and equipment, net	11.8
Operating lease right-of-use assets, net	67.4
Trade names and trademarks	212.2
Goodwill and other intangible assets	16.2
Other assets	36.2
Total assets	$	441.7

Liabilities
Accounts payable and accrued expenses	$	48.6
Operating lease liabilities	64.7
Other liabilities	40.7
Total liabilities	$	154.0

Carrying value of net assets sold	$	287.7

Results of Discontinued Operations

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
	Topgolf		Jack Wolfskin		Total
Net revenues:
Products	$	13.7	$	95.4	$	109.1
Services	1,778.6		—		1,778.6
Total net revenues	1,792.3		95.4		1,887.7
Costs and expenses:
Cost of products	7.2		54.5		61.7
Cost of services, excluding depreciation and amortization	188.2		—		188.2
Other venue expense	1,295.4		—		1,295.4
Selling, general and administrative expense	179.5		68.7		248.2
Research and development expense	15.2		2.2		17.4
Trade name impairment	284.0		—		284.0
Loss on classification of Topgolf as discontinued operations	143.1		—		143.1
Venue pre-opening costs	7.7		—		7.7
Total costs and expenses	2,120.3		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
	Topgolf		Jack Wolfskin		Total
Net revenues:
Products	$	17.9	$	355.1	$	373.0
Services	1,791.5		—		1,791.5
Total net revenues	1,809.4		355.1		2,164.5
Costs and expenses:
Cost of products	10.5		203.3		213.8
Cost of services, excluding depreciation and amortization	186.7		—		186.7
Other venue expense	1,303.5		—		1,303.5
Selling, general and administrative expense	194.1		181.6		375.7
Research and development expense	19.7		8.3		28.0
Goodwill and trade name impairment	1,452.0		—		1,452.0
Venue pre-opening costs	14.8		—		14.8
Total costs and expenses	3,181.3		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
	Topgolf		Jack Wolfskin		Total
Net revenues:
Products	$	16.3	$	393.5	$	409.8
Services	1,744.7		—		1,744.7
Total net revenues	1,761.0		393.5		2,154.5
Costs and expenses:
Cost of products	10.1		230.6		240.7
Cost of services, excluding depreciation and amortization	186.8		—		186.8
Other venue expense	1,252.3		—		1,252.3
Selling, general and administrative expense	185.1		180.3		365.4
Research and development expense	30.9		9.0		39.9

Venue pre-opening costs	25.9		—		25.9
Total costs and expenses	1,691.1		419.9		2,111.0
Income (loss) from discontinued operations	69.9		(26.4)		43.5
Interest expense, net	(137.3)		(2.2)		(139.5)
Other income (expense), net	0.8		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)

Assets and Liabilities of Discontinued Operations


As of December 31, 2025
	Topgolf
Current assets of discontinued operations

Accounts receivable	$	4.2
Inventories	37.1
Other current assets	117.2
Total current assets of discontinued operations	158.5
Long-term assets of discontinued operations
Property, plant and equipment, net	2,072.5
Operating lease right-of-use assets, net	1,066.4
Trade names and trademarks	607.9
Other intangible assets, net	46.5

Other assets, net	218.2
Total long-term assets of discontinued operations	4,011.5
Total assets of discontinued operations	$	4,170.0
Current liabilities of discontinued operations
Accounts payable and accrued expenses	$	117.2
Accrued employee compensation and benefits	56.1

Operating lease liabilities, short-term	59.8
Construction advances	29.1
Deferred revenue	59.7
Other current liabilities	3.1
Total current liabilities of discontinued operations	325.0
Long-term liabilities of discontinued operations
Long-term debt, net	42.8
Operating lease liabilities, long-term	1,102.5
Deemed landlord financing obligations	1,300.7
Other long-term liabilities	342.5
Total long-term liabilities of discontinued operations	2,788.5
Total liabilities of discontinued operations	$	3,113.5


As of December 31, 2024
	Topgolf		Jack Wolfskin		Total
Current assets of discontinued operations

Accounts receivable	$	8.1	$	30.4	$	38.5
Inventories	43.5		85.6		129.1
Other current assets	103.8		16.7		120.5
Total current assets of discontinued operations	155.4		132.7		288.1
Long-term assets of discontinued operations
Property, plant and equipment, net	2,030.8		12.3		2,043.1
Operating lease right-of-use assets, net	1,122.8		64.5		1,187.3
Trade names and trademarks	891.9		193.6		1,085.5
Other intangible assets, net	50.5		14.1		64.6
Goodwill	—		1.5		1.5
Other assets, net	349.5		14.1		363.6
Total long-term assets of discontinued operations	4,445.5		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 benefits	51.9		13.2		65.1

Operating lease liabilities, short-term	55.6		15.6		71.2
Construction advances	6.0		—		6.0
Deferred revenue	78.2		1.9		80.1
Other current liabilities	5.3		7.6		12.9
Total current liabilities of discontinued operations	318.8		100.6		419.4
Long-term liabilities of discontinued operations
Long-term debt, net	43.6		—		43.6
Operating lease liabilities, long-term	1,162.0		50.6		1,212.6
Deemed landlord financing obligations	1,194.8		—		1,194.8
Other long-term liabilities	341.1		26.2		367.3
Total long-term liabilities of discontinued operations	2,741.5		76.8		2,818.3
Total liabilities of discontinued operations	$	3,060.3	$	177.4	$	3,237.7

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Goodwill [Roll Forward]
Balance at beginning of period	$ 618.7	$ 619.3
Foreign currency translation and other	1.1	(0.6)
Balance at end of period	619.8	618.7
Golf Equipment
Goodwill [Roll Forward]
Balance at beginning of period	530.4	531.0
Foreign currency translation and other	1.1	(0.6)
Balance at end of period	531.5	530.4
Apparel, Gear and Other
Goodwill [Roll Forward]
Balance at beginning of period	88.3	88.3
Foreign currency translation and other	0.0	0.0
Balance at end of period	$ 88.3	$ 88.3

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 805
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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+ Details

Commitments & Contingencies

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments & Contingencies

Legal Matters

We are subject to routine legal claims, proceedings, and investigations associated with the normal conduct of our business activities, including commercial disputes and employment matters. We also receive from time-to-time information claiming that products we sell infringe or may infringe patent, trademark, or other intellectual property rights of third parties. One or more such claims of potential infringement could lead to litigation, the need to obtain licenses, the need to alter a product to avoid infringement, a settlement or judgment, or some other action or material loss, which could adversely affect our overall ability to protect our product designs and ultimately limit our future success in the marketplace. Additionally, we are occasionally subject to non-routine claims, proceedings, or investigations.

We regularly assess such matters to determine the degree of probability that we will incur a material loss as a result of such matters, as well as the range of possible loss. An estimated loss contingency is accrued in our financial statements if it is probable we will incur a loss, and the amount of the loss can be reasonably estimated. Historically, the claims, proceedings, and investigations brought against us, individually and in the aggregate, have not had a material adverse effect on our consolidated results of operations, cash flows or financial position. While it is not possible to predict the outcome of the pending actions, and, as with any litigation, it is possible that some of these actions could be decided unfavorably, we do not believe that the matters currently pending against us will have a material adverse effect on our business, consolidated results of operations, cash flows or financial position.

Commitments

During the normal course of our business, we enter into agreements to purchase goods and services, including commitments for endorsement agreements with professional athletes and other endorsers, consulting and service agreements, intellectual property licensing agreements pursuant to which we are required to pay royalty fees, and signed retail lease agreements of which we have not taken possession as of year-end. The amounts listed below approximate the minimum future commitments we are obligated to pay under these agreements. The actual amounts paid under some of the agreements may be higher or lower than these amounts due to the variable nature of these obligations.

As of December 31, 2025, the minimum obligation that we are required to pay under these agreements over the next five years is as follows (in millions):


2026	$	51.9
2027	25.7
2028	11.5
2029	2.1
2030	1.3
Thereafter	7.6
Total minimum obligations	$	100.1

Other Contingent Contractual Obligations

During our normal course of business, we have made certain indemnities, commitments and guarantees under which we may be required to make payments in relation to certain transactions. These include (i) intellectual property indemnities to our customers and licensees in connection with the use, sale and/or license of our product or trademarks, (ii) indemnities to various lessors in connection with facility leases for certain claims arising from such facilities or leases, (iii) indemnities to vendors and service providers pertaining to the goods and services provided to us or based on our negligence or willful misconduct and (iv) indemnities involving the accuracy of representations and warranties in certain contracts. In addition, we have consulting agreements that provide for payment of nominal fees upon the issuance of patents and/or the commercialization of research results. We have also issued guarantees in the form of standby letters of credit of $1.1 million as of December 31, 2025.

We have also made certain indemnities under which we may be required to make payments in relation to divestitures of the Topgolf and Jack Wolfskin businesses. These include indemnities against (i) damages arising from certain ongoing litigation matters, (ii) certain exempted claims and (iii) certain pre-closing tax and other liabilities.

The duration of these indemnities, commitments and guarantees varies, and in certain cases, may be indefinite. The majority of these indemnities, commitments and guarantees do not provide for any limitation on the maximum amount of future payments we could be obligated to make. Historically, costs incurred to settle claims related to indemnities have not been material to our financial position, results of operations or cash flows. In addition, we believe the likelihood is remote that payments under the commitments and guarantees described above will have a material effect on our consolidated financial statements. Except as otherwise included in Note 4, Note 6, and Note 13 to these consolidated financial statements, the fair value of indemnities, commitments and guarantees that we issued during the year ended and as of December 31, 2025 was not material to our financial position, results of operations or cash flows.

Discontinued Operations - Narrative (Topgolf) (Details) - USD ($) $ in Millions					1 Months Ended	2 Months Ended	12 Months Ended
	Jan. 01, 2026	Dec. 01, 2025	Nov. 17, 2025	May 31, 2025	Dec. 31, 2025	Feb. 27, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
2023 Term Loan B \| Secured Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent repayment of debt		$ 500.0			$ 1,000.0
Subsequent Event \| 2023 Term Loan B \| Secured Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Contingent repayment of debt	$ 500.0
Held-for-Sale \| Topgolf
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of equity interests sold			60.00%	60.00%
Disposal group, including discontinued operation, fair value			$ 1,100.0
Proceeds from divestiture of interest in consolidated subsidiaries			$ 800.0
Ownership interest after disposal			40.00%
Gross profit (loss)							$ 3.0	$ 2.9	$ 2.4
Interest from corporate debt							38.1	43.5	$ 36.8
Trade name impairment							$ 284.0	$ 1,452.0
Held-for-Sale \| Topgolf \| Subsequent Event
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Trade name impairment						$ 143.1

Financing Arrangements

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Financing Arrangements

Our credit facilities and long-term debt obligations are summarized as follows (in millions):


	Maturity Date	Interest Rate	December 31, 2025		December 31, 2024
Short-Term Credit Facilities
2023 ABL Credit Facility	March 16, 2028	5.21%	$	—	$	—
2025 Japan ABL Credit Facility	January 21, 2028	1.57%	44.7		—
2022 Japan ABL Credit Facility	January 25, 2025	1.21%	—		25.4
Total Principal Amount			$	44.7	$	25.4
Unamortized Debt Issuance Costs			$	2.6	$	3.4

	Balance Sheet Location
ABL Credit Facilities	Asset-based credit facilities		$	44.7	$	25.4
Unamortized Debt Issuance Costs - Current	Prepaid expenses		$	1.2	$	1.1
Unamortized Debt Issuance Costs - Non-current	Other assets, net		$	1.4	$	2.3

	Maturity Date	Interest Rate	December 31, 2025		December 31, 2024
Long-Term Debt and Credit Facilities
2023 Term Loan B	March 16, 2030	6.72%	$	1,165.6	$	1,178.1
Convertible Notes	May 1, 2026	2.75%	258.3		258.3
Equipment Notes	December 15, 2026 - December 21, 2027	2.36% - 5.93%	6.5		11.7

Financed Tenant Improvements	February 1, 2035	8.00% - 10.00%	3.6		3.1



Total Principal Amount			$	1,434.0	$	1,451.2
Less: Unamortized Debt Issuance Costs			18.0		22.3
Total Debt, net of Unamortized Debt Issuance Costs			$	1,416.0	$	1,428.9

	Balance Sheet Location
Long-Term Debt - Current	Long-term debt, current portion		$	765.3	$	14.6
Long-Term Debt - Non-current	Long-term debt		650.7		1,414.3
Total Debt, net of Unamortized Debt Issuance Costs			$	1,416.0	$	1,428.9

Total interest and amortization expense related to our credit facilities and long-term debt obligations, which is included in Interest expense, net and Discontinued operations in our consolidated statement of operations, is summarized as follows (in millions):


	Year Ended December 31,
	2025		2024		2023
Short-Term Credit Facilities
2025 Japan ABL Credit Facility	$	1.1	$	—	$	—
2023 ABL Credit Facility	1.8		1.0		5.0
2022 Japan ABL Credit Facility	—		0.3		0.3
Total	$	2.9	$	1.3	$	5.3

Long-Term Debt and Credit Facilities
2023 Term Loan B	$	51.4	$	61.5	$	54.3
Convertible Notes	7.1		7.1		7.1
Equipment Notes	0.4		0.6		0.8
Financed Tenant Improvements	0.3		0.3		0.3

2019 Term Loan B	—		—		8.6



Total	$	59.2	$	69.5	$	71.1

Short-Term Credit Facilities and Available Liquidity

2025 Japan ABL Credit Facility

In January 2025, our Japan subsidiary entered into a new 3-year asset-based revolving credit facility (the “2025 Japan ABL Credit Facility”) with the Mizuho Bank, Ltd., which provides a line of credit to our Japan subsidiary of up to 9,000.0 million Yen (or approximately $57.4 million using the exchange rate in effect as of December 31, 2025), is subject to borrowing base availability under the facility and is secured by certain assets, including eligible inventory and accounts receivable of our Japan subsidiary which are subject to certain restrictions and covenants related to certain pledged assets and financial performance metrics. The interest rate applicable to outstanding borrowings under the 2025 Japan ABL Credit Facility is subject to an effective interest rate equal to the Tokyo Interbank Offered Rate (“TIBOR”) plus 0.70%.

2023 Asset-Based Revolving Credit Facility

We have a senior secured asset-based revolving credit facility (as amended, the “2023 ABL Credit Facility”) with Bank of America, N.A. and other lenders, which provides for senior secured asset-based revolving credit facilities in an aggregate principal amount of up to $485.0 million and consists of U.S., Canadian, and U.K./Dutch facilities, in each case, subject to borrowing base availability under the applicable facility. Amounts outstanding under the 2023 ABL Credit Facility are secured by a first priority lien on certain of our assets and certain of the assets of our subsidiaries in the United States, Canada, the Netherlands, and the United Kingdom (other than certain excluded subsidiaries) and a second-priority lien on substantially all of our and such subsidiaries’ other assets (in each case, other than certain excluded assets).

The 2023 ABL Credit Facility includes customary affirmative and negative covenants, including among other things, restrictions on the incurrence of additional debt, liens, dividends and other restricted payments, asset sales, investments, mergers, acquisitions and affiliate transactions, as well as customary events of default. We are also subject to compliance with a 1.0:1.0 minimum fixed charge coverage ratio during certain specified periods in which our borrowing base availability falls below 10.0% of the maximum aggregate principal amount of the facility. The interest rate applicable to outstanding borrowings under the 2023 ABL Credit Facility may fluctuate depending on our “Availability Ratio,” as defined in the loan and security agreement governing the 2023 ABL Credit Facility, and any unused portions of the 2023 ABL Credit Facility are subject to a monthly fee of 0.25% per annum.

On April 9, 2025, we entered into an amendment to the 2023 ABL Credit Facility, pursuant to which, concurrently with the completion of the sale of the Jack Wolfskin business, among other things, (a) Jack Wolfskin Ausrüstung Für Draussen GmbH & Co. KGaA was released as a borrower and a guarantor under the 2023 ABL Credit Facility, (b) a portion of the revolving commitments under the 2023 ABL Credit Facility, in an aggregate principal amount of $20.0 million, was reallocated from the German facility thereunder (the “German Facility”) to the U.S. facility thereunder, and (c) the remainder of the German Facility was terminated.

On November 21, 2025, we entered into an amendment to the 2023 ABL Credit Facility, pursuant to which, in connection with the sale of the Topgolf business, among other things, (a) TOP GOLF USA INC. and TOPGOLF LIMITED were released as borrowers and guarantors under the 2023 ABL Credit Facility, as borrowers and guarantors under the ABL Credit Agreement, (b) Callaway TG Holdco Inc. and certain Topgolf subsidiaries were designated as unrestricted subsidiaries under the ABL Credit Facility and released as guarantors thereunder, and (c) certain financial definitions, covenants and other provisions of the ABL Credit Agreement were amended, including to reflect the consummation of the sale of the Topgolf business.

2022 Japan ABL Credit Facility

We had an asset-based revolving credit facility (the “2022 Japan ABL Credit Facility”) with the Bank of Tokyo-Mitsubishi UFJ, which provided a line of credit to our Japan subsidiary of up to 6,000.0 million Japanese Yen (or approximately $38.7 million using the exchange rate in effect as of January 31, 2025), subject to borrowing base availability under the facility and was secured by certain assets, including eligible inventory and accounts receivable of our Japan subsidiary which were subject to certain restrictions and covenants related to certain pledged assets and financial performance metrics. The interest rate applicable to outstanding borrowings under the 2022 Japan ABL Credit Facility was subject to an effective interest rate equal to the TIBOR plus 0.80%. The 2022 Japan ABL Credit Facility matured and was repaid in full on January 25, 2025.

Consolidated Available Liquidity

Consolidated available liquidity is comprised of cash on hand and amounts available under our U.S. and Japan ABL credit facilities, less outstanding letters of credit and outstanding borrowings and was $1,245.1 million as of December 31, 2025. Our estimated consolidated available liquidity was $1,021.9 million as of January 2, 2026 after receiving the $800.0 million cash proceeds for the Topgolf sale and repayment of the $1,000.0 million of outstanding borrowings on the Term Loan B. Our average availability and weighted-average interest rate under our 2023 ABL Credit Facility and 2025 Japan ABL Credit Facility were as follows for the periods presented (in millions except interest rates):


	December 31, 2025
2023 ABL Credit Facility
Average availability	$	411.0
Weighted-average interest rate	7.89		%

2025 Japan ABL Credit Facility
Average availability	$	13.3
Weighted-average interest rate	1.32		%

Long-Term Debt

2023 Term Loan B

In March 2023, as part of a comprehensive debt refinancing plan (the “Refinancing Plan”), we entered into a senior secured term loan B facility (as amended, the “2023 Term Loan B”) with Bank of America, N.A. as administrative agent, and the financial institutions party thereto as lenders, in an original aggregate principal amount of $1,250.0 million, which was issued net of an original issuance discount of $12.5 million. As part of the Refinancing Plan, we used a portion of the net proceeds from the 2023 Term Loan B for the repayment of outstanding principal, interest and fees associated with our previous term loan B facility (the “2019 Term Loan B”), as well as the previous credit facilities of our Topgolf operating segment, which consisted of a senior secured term loan facility and a senior secured revolving credit facility. We accounted for the transactions associated with the Refinancing Plan and 2023 Term Loan B as a debt modification, and as a result we recognized a non-cash loss of $10.5 million within other income (expense), net, and $2.3 million of third-party fees within selling, general and administrative expense in our consolidated statement of operations for the year ended December 31, 2023.

In March 2024, we entered into an amendment to the 2023 Term Loan B (the “First Amendment”) in order to, among other things, decrease the interest rate applicable to the outstanding term loans thereunder. The interest rate on outstanding borrowings under the 2023 Term Loan B are, at our option, a rate per annum equal to: (a) a term SOFR-based rate (“Term SOFR”) (subject to a 0% floor) plus an applicable margin of 2.75% or 3.00%, depending on our applicable debt rating, as defined in the credit agreement governing the 2023 Term Loan B; or (b) a base rate equal to the sum of (i) the greater of (A) the greater of the federal funds rate and the overnight bank funding rate published by the Federal Reserve Bank of New York, plus 0.50%, (B) Term SOFR for a one-month interest period plus 1.0% (and subject to a 1% floor), (C) the prime rate announced by Bank of America from time to time, and (D) 1.0%, plus (ii) an applicable margin of 1.75% or 2.00%, depending on our applicable debt rating.

The First Amendment was accounted for as a partial debt modification and partial debt extinguishment, which resulted in a non-cash loss of $4.7 million related to the write-off of unamortized debt issuance costs and original issuance discounts for prior lenders under our 2023 Term Loan B who did not participate in the First Amendment. This non-cash loss was recognized in other income (expense), net in our condensed consolidated statement of operations during the three months ended March 31, 2024. Additionally, we also incurred $1.1 million of fees related to the transaction, of which $0.2 million were recognized as deferred debt issuance costs and $0.9 million were recognized as selling, general and administrative expense during the three months ended March 31, 2024.

The 2023 Term Loan B includes customary affirmative and negative covenants, including among other things, restrictions on the incurrence of additional debt, liens, dividends and other restricted payments, asset sales, investments, mergers, acquisitions and affiliate transactions, as well as customary events of default. The 2023 Term Loan B is not subject to any financial covenants and, subject to certain customary exceptions, is guaranteed by certain of our direct and indirect wholly-owned U.S. subsidiaries and secured by substantially all of our assets and the assets of each such subsidiary guarantor, with priority of the liens securing the 2023 Term Loan B and the liens securing the 2023 ABL Credit Facility subject to the terms of a customary intercreditor agreement.

On December 1, 2025, we entered into an amendment to the 2023 Term Loan B, pursuant to which, in connection with the sale of the Topgolf business, among other things, (a) Callaway TG Holdco Inc. and certain Topgolf subsidiaries were designated as unrestricted subsidiaries under the 2023 Term Loan B and released as guarantors thereunder, (b) certain financial definitions, covenants and other provisions of the 2023 Term Loan B were amended, including to reflect the consummation of the sale of the Topgolf business, and to require a $500.0 million partial repayment of the 2023 Term Loan B upon the consummation of the sale of the Topgolf business, which was therefore classified as a current portion of long-term debt. In addition to these amendments, on January 1, 2026, we made a separate discretionary repayment of $500.0 million on the 2023 Term Loan B, for a total partial repayment of $1,000.0 million on the loan.

Convertible notes

We have convertible senior notes issued in May 2020 (the “Convertible Notes”) which are structurally subordinated to all existing and future indebtedness and other liabilities and (to the extent we are not a holder thereof) preferred equity, if any, of our subsidiaries. The Convertible Notes are convertible into shares of our common stock at an initial conversion rate of 56.8 shares per $1,000 of principal, or an initial conversion price of $17.62 per share, and interest is payable on the Convertible Notes semi-annually in arrears on May 1 and November 1 of each year. As of May 6, 2023, we have the option to settle all or part of the Convertible Notes through cash settlement, physical settlement, or combination settlement at our election, subject to certain stipulations. Additionally, all or any portion of the Convertible Notes may be converted at the conversion rate and at the holders’ option on or after February 1, 2026 until the close of business on the second trading day immediately prior to the maturity date, and upon the occurrence of certain contingent conversion events. The Convertible Notes mature on May 1, 2026, unless earlier redeemed or repurchased by the Company or converted, and are reflected under current liabilities on our consolidated balance sheet as of December 31, 2025.

In July 2022, in accordance with the terms of the indenture under which the Convertible Notes were issued, holders of our Convertible Notes elected to convert $0.5 million of Convertible Notes into 25,602 shares of our common stock. The Convertible Notes were converted at a conversion rate of 56.8 shares of our common stock per $1,000 principal amount of Convertible Notes.

Capped Call

In connection with the pricing of the Convertible Notes, we entered into privately negotiated capped call transactions with certain counterparties (“Capped Calls”). The Capped Calls cover the aggregate number of shares of our common stock that initially underlie the Convertible Notes and are generally expected to reduce potential dilution and/or offset any cash payments we are required to make related to any conversion of the Convertible Notes. The Capped Calls, which each have an exercise price of $17.62 per share, are subject to certain adjustments and each have a cap price of $23.71 per share. The initial cost of the Capped Calls was a reduction to additional paid-in-capital on our consolidated balance sheet.

In connection with the conversion of $0.5 million of Convertible Notes in July 2022, we and the counterparties entered into a partial termination of the Capped Calls with respect to the Convertible Notes converted, which resulted us receiving 3,499 shares of our common stock from the counterparties.

Equipment Notes

We have long-term financing agreements (the “Equipment Notes”) with various lenders which we use to invest in certain facilities and information technology equipment. The loans are secured by the relative underlying equipment.

Aggregate Amount of Long-Term Debt Maturities

The following table presents our combined aggregate amount of maturities for our long-term debt over the next five years and thereafter as of December 31, 2025.


	(in millions)
2026	$	775.6
2027	14.7
2028	12.8
2029	12.8
2030	616.0
Thereafter	2.1
Total aggregate amount of maturities	1,434.0
Less: Unamortized Debt Issuance Costs	18.0
Total aggregate amount of maturities, net of Unamortized Debt Issuance Costs	$	1,416.0

As of December 31, 2025, we were in compliance with all fixed charge coverage ratios and all other covenants and reporting requirements under the terms of our long-term debt and credit facilities mentioned above, as applicable.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Leases - Other Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 32.8	$ 29.4	$ 23.1
Operating cash flows from finance leases	0.0	0.0	0.1
Financing cash flows from finance leases	0.2	0.3	0.4
Lease liabilities arising from new ROU assets:
Operating leases	49.6	32.5	47.3
Finance leases	$ 0.3	$ 0.1	$ 0.3
Weighted-average remaining lease term (years):
Operating leases	9 years 4 months 24 days	10 years 4 months 24 days
Finance leases	3 years 4 months 24 days	2 years 10 months 24 days
Weighted-average discount rate:
Operating leases	6.80%	6.60%
Finance leases	7.10%	6.90%

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Significant Accounting Policies [Line Items]
Sell-through promotion period	2 years
Product warranty accrual, current	$ 9.3	$ 11.0
Advertising expenses	84.8	88.8	$ 90.3
Capitalized implementation costs	14.4	14.0
Capitalized implementation costs, amortization	$ 4.5	$ 5.4	$ 0.8
Minimum length of time, foreign currency cash flow hedge	12 months
Maximum maturity for foreign currency cash flow hedge	15 months
Maximum maturity for interest rate swap contracts	60 months
Sales Revenue, Net \| Customer Concentration Risk \| Regions outside the U.S.
Significant Accounting Policies [Line Items]
Concentration risk percentage	34.00%	34.00%	35.00%
Top Five Customers Worldwide \| Sales Revenue, Net \| Customer Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk percentage	21.00%	22.00%	23.00%
Top Five Customers Worldwide \| Sales Revenue, Net \| Customer Concentration Risk \| Golf Equipment
Significant Accounting Policies [Line Items]
Concentration risk percentage	24.00%	26.00%	25.00%
Top Five Customers Worldwide \| Sales Revenue, Net \| Customer Concentration Risk \| Apparel, Gear and Other
Significant Accounting Policies [Line Items]
Concentration risk percentage	25.00%	24.00%	26.00%
One Customer \| Accounts Receivable \| Customer Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk percentage	16.00%	20.00%
Two Customer \| Accounts Receivable \| Customer Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk percentage	12.00%	12.00%
Three Customer \| Accounts Receivable \| Customer Concentration Risk
Significant Accounting Policies [Line Items]
Concentration risk percentage	11.00%	11.00%
Stock Options
Significant Accounting Policies [Line Items]
Vesting period	3 years
Expiration period	10 years
Minimum
Significant Accounting Policies [Line Items]
Product warranty accrual, warranty, period	1 year
Property, plant and equipment, useful life	2 years
Capitalized contract cost, useful life	3 years
Minimum \| Restricted Stock
Significant Accounting Policies [Line Items]
Vesting period	3 years
Minimum \| Performance Shares
Significant Accounting Policies [Line Items]
Vesting period	3 years
Shares awarded as a percentage of granted	0.00%
Maximum
Significant Accounting Policies [Line Items]
Product warranty accrual, warranty, period	2 years
Property, plant and equipment, useful life	30 years
Capitalized contract cost, useful life	5 years
Maximum \| Restricted Stock
Significant Accounting Policies [Line Items]
Vesting period	5 years
Maximum \| Performance Shares
Significant Accounting Policies [Line Items]
Vesting period	5 years
Shares awarded as a percentage of granted	200.00%

Earnings (Loss) Per Common Share

12 Months Ended

Dec. 31, 2025

Earnings Per Share [Abstract]

Earnings (Loss) Per Common Share

Basic earnings (loss) per common share (“Basic EPS”) is computed by dividing net income by the weighted-average number of common shares outstanding for the period.

Diluted earnings (loss) per common share (“Diluted EPS”) takes into account the potential dilution that could occur if outstanding securities were exercised or settled in shares. Dilutive securities that may impact Diluted EPS include shares underlying outstanding stock options, RSUs and PRSUs granted to employees and non-employee directors (see Note 15), as well as common shares underlying the Convertible Notes (see Note 7). Dilutive securities related to shares underlying outstanding stock options, RSUs and PRSUs granted to employees and non-employee directors are included in the calculation of diluted earnings per common share using the treasury stock method. Dilutive securities related to common shares underlying the Convertible Notes are included in the calculation of Diluted EPS using the if-converted method. Basic and diluted weighted-average common shares outstanding are the same in periods when a net loss is reported or in periods when anti-dilution occurs.

The following table summarizes the computation of Basic and Diluted EPS (in millions, except per share data):


	Year Ended December 31,
	2025		2024		2023
Earnings (loss) per common share—basic
Numerator:
Net income (loss) from continuing operations	$	38.8	$	93.4	$	99.5
Income (loss) from discontinued operations, net of tax	(448.1)		(1,541.1)		(4.5)
Net income (loss)	$	(409.3)	$	(1,447.7)	$	95.0
Denominator:
Weighted-average common shares outstanding	183.7		183.7		185.0
Basic earnings (loss) per common share:
Continuing operations	$	0.21	$	0.51	$	0.54
Discontinued operations	$	(2.44)	$	(8.39)	$	(0.02)
Net earnings (loss) per common share	$	(2.23)	$	(7.88)	$	0.51
Earnings (loss) per common share—diluted
Numerator:
Net income (loss) from continuing operations	$	38.8	$	93.4	$	99.5
Add: Interest expense attributable to convertible notes, net of tax	—		6.5		6.5
Income (loss) from continuing operations and assumed conversions	38.8		99.9		106.0
Loss from discontinued operations, net of tax	(448.1)		(1,541.1)		(4.5)
Net (loss) income attributable to earnings per common share	$	(409.3)	$	(1,441.2)	$	101.5
Denominator:
Weighted-average common shares outstanding—basic	183.7		183.7		185.0
Incremental shares for assumed conversion of Convertible Notes	—		14.7		14.7
Outstanding options, restricted stock units and performance share units	2.0		0.9		1.4
Weighted-average common shares outstanding—diluted	185.7		199.3		201.1
Diluted earnings (loss) per common share:
Continuing operations	$	0.21	$	0.50	$	0.53
Discontinued operations	$	(2.41)	$	(7.73)	$	(0.02)
Net diluted earnings (loss) per common share	$	(2.20)	$	(7.23)	$	0.50

Anti-Dilutive Options and Restricted Stock Units

For the year ended December 31, 2025, approximately 16.7 million securities outstanding comprised of shares subject to conversion from the Convertible Notes, stock options, restricted stock units and performance share units, were excluded from the calculation of Diluted EPS, as they would be anti-dilutive. For the years ended December 31, 2024 and 2023, approximately 2.5 million and 2.3 million securities outstanding, respectively, comprised of stock options, restricted stock units and performance share units, were excluded from the calculation of Diluted EPS, as they would be anti-dilutive.

Goodwill and Intangible Assets - Amortization Expense Related to Intangible Assets (Details) $ in Millions	Dec. 31, 2025 USD ($)
Intangible Asset Amortization Expense
2026	$ 0.9
2027	0.6
2028	0.3
2029	0.3
2030	0.1
Thereafter	0.0
Total	$ 2.2

Fair Value of Financial Instruments - Fair Value Relating to Financial Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	$ 258.3	$ 258.3
Carrying Value \| 2023 Term Loan B \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,165.6	1,178.1
Carrying Value \| Equipment Notes \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	6.5	11.7
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Convertible Notes	257.8	250.1
Fair Value \| 2023 Term Loan B \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	1,170.7	1,175.2
Fair Value \| Equipment Notes \| Secured Debt
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	6.2	10.7
2025 Japan ABL Credit Facility \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	44.7	0.0
2025 Japan ABL Credit Facility \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	44.7	0.0
2022 Japan ABL Credit Facility \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	0.0	25.4
2022 Japan ABL Credit Facility \| Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Credit facilities	$ 0.0	$ 25.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax Provision (Benefit)

Our income from continuing operations before income taxes was subject to taxes in the following jurisdictions for the following periods (in millions):


	Years Ended December 31,
	2025		2024		2023
United States	$	17.6	$	42.0	$	65.8
Foreign	70.0		69.5		63.7
Total	$	87.6	$	111.5	$	129.5

Schedule of Expense (Benefit) for Income Taxes

The provision (benefit) for income taxes allocated to continuing operations is comprised of (in millions):


	Years Ended December 31,
	2025		2024		2023
Current tax provision:
Federal	$	13.7	$	18.9	$	29.0
State	3.3		2.5		3.8
Foreign	12.9		8.6		7.0
	29.9		30.0		39.8
Deferred tax provision (benefit):
Federal	17.6		(10.9)		(12.5)
State	3.5		0.7		(0.2)
Foreign	(2.2)		(1.7)		2.9
	18.9		(11.9)		(9.8)
Income tax provision (benefit)	$	48.8	$	18.1	$	30.0

Schedule of Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows (in millions):


		December 31,
		2025		2024
Deferred tax assets:
Tax loss and interest expense carryforwards		$	109.1	$	50.1
Tax credit carryforwards		87.7		65.6
Lease liabilities		403.8		412.0
Deemed landlord financing		326.7		297.2


Other deferred tax assets		113.7		108.5
Total deferred tax assets		1,041.0		933.4
Valuation allowance for deferred tax assets		(143.4)		(31.3)
Deferred tax assets, net of valuation allowance		897.6		902.1
Deferred tax liabilities:
Basis difference related to fixed assets		(238.9)		(235.7)
Basis difference related to intangible assets with an indefinite life		(185.9)		(241.9)
Lease right-of-use assets		(359.1)		(371.3)
Other deferred tax liabilities		(6.3)		(6.8)
Total deferred tax liabilities		(790.2)		(855.7)
Net deferred tax assets (liabilities) are shown on the accompanying consolidated balance sheets as follows:
	Balance Sheet Location
Non-current deferred tax assets	Other assets, net	109.2		48.6
Non-current deferred tax liabilities	Other long-term liabilities	(1.8)		(2.2)
Deferred tax assets, net		$	107.4	$	46.4

Schedule of Credit Carryforward Expiry

As of December 31, 2025, we had U.S. federal and state income tax credit carryforwards of $73.5 million and $35.9 million, respectively, which will expire if unused at various dates beginning on December 31, 2028. Such carryforwards expire as follows (in millions):


U.S. foreign tax credit	$	3.5	2028-2035
U.S. business tax credits	$	70.0	2037-2045
State business tax credits - indefinite lived	$	27.9	Do not expire
State business tax credits - definite lived	$	8.0	2032-2048

Schedule of Net Operating Losses Expiry

As of December 31, 2025, we had U.S. federal net operating loss (“NOLs”), capital loss, and interest expense carryforwards of $65.9 million, $352.1 million and $19.8 million, respectively. Such carryforwards expire as follows (in millions):


U.S. net operating loss carryforwards - definite lived	$	11.9	2028-2035
U.S. capital loss carryforwards - definite lived	$	352.1	2030
U.S. interest expense carryforwards - indefinite lived	$	19.8	Do not expire
U.S. net operating loss carryforwards - indefinite lived	$	54.0	Do not expire

Schedule of Reconciliation of Effective Tax Rate on Income or Loss and Statutory Tax Rate

A reconciliation of the effective tax rate on our 2025 income from continuing operations and the U.S. federal statutory tax rate is as follows (dollar amounts in millions):


	Year Ended December 31, 2025
	Dollars		Percentages
Pre-tax income	$	87.6

U.S. federal statutory income tax rate	18.4		21.0	%
Domestic federal
Tax credits
Research and development credits	(1.7)		(1.9)	%
Nontaxable and nondeductible items
Nondeductible compensation	5.5		6.3	%
Other nontaxable and nondeductible items	0.4		0.5	%
Cross-border tax laws
Global intangible low-taxed income, net of foreign tax credit	2.5		2.9	%
Foreign-derived intangible income deduction	(0.4)		(0.5)	%
Other cross-border tax laws	0.2		0.2	%
Changes in valuation allowances	24.0		27.4	%
Other adjustments	(0.8)		(0.9)	%

Domestic state and local income taxes, net of federal effect (1)	5.3		6.0	%

Foreign tax effects
China
Statutory income tax rate differential	1.8		2.1	%
Income excluded from corporate income tax	(10.5)		(12.0)	%
Hong Kong
Global minimum tax	3.7		4.2	%
Japan
Statutory income tax rate differential	1.0		1.1	%
Other	(0.2)		(0.2)	%
Other foreign jurisdictions	0.2		0.2	%

Worldwide changes in unrecognized tax benefits	(0.6)		(0.7)	%
Income tax provision and effective tax rate	$	48.8	55.7	%

(1) The majority (greater than 50%) of the income tax effect within this category was from the following state and local jurisdictions: California, Illinois, New Jersey, New York, Pennsylvania, and Texas.

A reconciliation of the effective tax rate on our 2024 and 2023 income from continuing operations and the U.S. federal statutory tax rate is as follows:


	Years ended December 31,
	2024		2023
Statutory U.S. tax rate	21.0	%	21.0	%
State income taxes, net of U.S. tax benefit	2.3	%	2.2	%
Foreign income taxed at other than U.S. statutory rate	(7.0)	%	(3.6)	%
Federal tax credits	(4.7)	%	(3.6)	%
Other non-deductible expenses	1.3	%	0.8	%
Non-deductible compensation	4.0	%	3.7	%
U.S. Foreign tax inclusion	1.4	%	1.4	%
Foreign derived intangible income deduction	(2.7)	%	(2.7)	%

Impact of uncertain tax positions	0.8	%	1.5	%
Change in deferred tax valuation allowance	(0.1)	%	—	%

Other	(0.1)	%	2.5	%
Effective tax rate	16.2	%	23.2	%

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):


	2025		2024		2023
Balance at January 1	$	27.7	$	29.3	$	26.2
Additions based on tax positions related to the current year	0.7		2.1		1.8
Additions for tax positions of prior years	—		—		2.0
Reductions for tax positions of prior years	(1.3)		(0.8)		—
Settlement of tax audits	(6.1)		(1.1)		—
Current year dispositions	(2.2)		—		—
Reductions due to lapsed statute of limitations	(0.4)		(1.8)		(0.7)
Balance at December 31	$	18.4	$	27.7	$	29.3

Schedule of Major Jurisdictions No Longer Subject to Income Tax Examinations by Tax Authorities

We or one of our subsidiaries file income tax returns in the U.S. federal jurisdiction and various U.S. states and foreign jurisdictions. We are generally no longer subject to income tax examinations by tax authorities in our major jurisdictions as follows:


Major Tax Jurisdiction						Years No Longer Subject to Audit
U.S. Federal						2009 and prior


Japan						2019 and prior
South Korea						2021 and prior
United Kingdom						2020 and prior

Schedule of Income Taxes Paid, Net of Refunds Received

Income taxes paid, net of refunds received, during 2025 by jurisdiction were (in millions):


	Year Ended December 31,
	2025
U.S. federal	$	1.0
U.S. state and local
Texas	1.4
Other	7.5
Foreign
Canada	1.4
China	2.5
Japan	5.0
Other	4.1
Total income taxes paid, net	$	22.9

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2025 segment
Segment Reporting [Abstract]
Number of operating segments	2
Number of reportable segments	2

Financing Arrangements - Schedule of Interest Expense, Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Secured Debt \| 2023 Term Loan B
Debt Instrument [Line Items]
Interest expense, debt	$ 51.4	$ 61.5	$ 54.3
Secured Debt \| 2019 Term Loan B
Debt Instrument [Line Items]
Interest expense, debt	0.0	0.0	8.6
Senior Notes \| Convertible Notes
Debt Instrument [Line Items]
Interest expense, debt	7.1	7.1	7.1
Equipment Notes
Debt Instrument [Line Items]
Interest expense, debt	0.4	0.6	0.8
Financed Tenant Improvements
Debt Instrument [Line Items]
Interest expense, debt	0.3	0.3	0.3
Long-Term Debt - Non-current
Debt Instrument [Line Items]
Interest expense, debt	59.2	69.5	71.1
Line of Credit \| Revolving Credit Facility \| 2025 Japan ABL Credit Facility
Debt Instrument [Line Items]
Interest expense, debt	1.1	0.0	0.0
Line of Credit \| Revolving Credit Facility \| 2023 ABL Credit Facility
Debt Instrument [Line Items]
Interest expense, debt	1.8	1.0	5.0
Line of Credit \| Revolving Credit Facility \| 2022 Japan ABL Credit Facility
Debt Instrument [Line Items]
Interest expense, debt	0.0	0.3	0.3
Short-Term Debt
Debt Instrument [Line Items]
Interest expense, debt	$ 2.9	$ 1.3	$ 5.3

Stock Plans and Share-Based Compensation - Share-Based Payment Arrangement, Nonvested Award, Cost Not Yet Recognized (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense	$ 15.8
Weighted-average remaining recognition period	1 year 9 months 18 days
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unamortized compensation expense	$ 13.4
Weighted-average remaining recognition period	1 year 7 months 6 days

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 2,407.7	$ 3,878.2	$ 3,774.3
Change in derivative instruments	(10.0)	17.5	15.5
Net (gains) losses reclassified	13.8	3.4
Income tax impact on derivative instruments	1.8	(0.4)	(0.2)
Foreign currency translation adjustments	40.6	(32.8)	12.8
Balance at end of period	2,068.9	2,407.7	3,878.2
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(76.0)	(47.5)	(61.5)
Balance at end of period	(27.6)	(76.0)	(47.5)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	7.0	6.1	4.9
Change in derivative instruments	(10.0)	17.5	15.5
Income tax impact on derivative instruments	1.8	(0.4)	(0.2)
Balance at end of period	1.0	7.0	6.1
Foreign Currency Translation
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(83.0)	(53.6)	(66.4)
Net (gains) losses reclassified	13.8	3.4
Foreign currency translation adjustments	40.6	(32.8)	12.8
Balance at end of period	(28.6)	(83.0)	(53.6)
Net gains reclassified to cost products
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gains) losses reclassified	5.3	(5.9)	(5.9)
Net gains reclassified to cost products \| Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gains) losses reclassified	5.3	(5.9)	(5.9)
Net gains reclassified to interest expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gains) losses reclassified	(3.1)	(10.3)	(8.2)
Net gains reclassified to interest expense \| Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Net (gains) losses reclassified	$ (3.1)	$ (10.3)	$ (8.2)

Summarized Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Net sales	$ 367.5	$ 462.6	$ 600.4	$ 629.6	$ 371.4	$ 452.3	$ 614.3	$ 639.7	$ 2,060.1	$ 2,077.7	$ 2,132.7
Income (loss) from continuing operations	(54.1)	4.8	74.3	103.1	(24.6)	12.0	86.7	78.8	128.1	152.9	194.1
Loss from discontinued operations, net of tax	(351.0)	(10.6)	(25.2)	(61.3)	(1,418.8)	(34.6)	(37.3)	(50.4)	(448.1)	(1,541.1)
Net income (loss)	$ (417.0)	$ (14.7)	$ 20.3	$ 2.1	$ (1,512.7)	$ (3.6)	$ 62.1	$ 6.5	$ (409.3)	$ (1,447.7)	$ 95.0
Basic earnings (loss) per common share:
Continuing operations (in dollars per share)	$ (0.36)	$ (0.02)	$ 0.25	$ 0.35	$ (0.51)	$ 0.17	$ 0.54	$ 0.31	$ 0.21	$ 0.51	$ 0.54
Discontinued operations (in dollars per share)	(1.91)	(0.06)	(0.14)	(0.33)	(7.72)	(0.19)	(0.20)	(0.27)	(2.44)	(8.39)	(0.02)
Basic earnings (loss) per common share (in dollars per share)	(2.27)	(0.08)	0.11	0.01	(8.23)	(0.02)	0.34	0.04	(2.23)	(7.88)	0.51
Diluted earnings (loss) per common share:
Continuing operations (in dollars per share)	(0.36)	(0.02)	0.24	0.33	(0.51)	0.16	0.51	0.29	0.21	0.50	0.53
Discontinued operations	(1.91)	(0.06)	(0.12)	(0.30)	(7.72)	(0.17)	(0.18)	(0.25)	(2.41)	(7.73)	(0.02)
Diluted earnings (loss) per common share (in dollars per share)	$ (2.27)	$ (0.08)	$ 0.11	$ 0.02	$ (8.23)	$ (0.01)	$ 0.32	$ 0.04	$ (2.20)	$ (7.23)	$ 0.50

Selected Financial Data

12 Months Ended

Dec. 31, 2025

Disclosure Selected Financial Statement Information [Abstract]

Selected Financial Data

Selected financial data as of the dates presented below is as follows (in millions, except useful life data):


		December 31, 2025		December 31, 2024
Finished goods		$	517.4	$	507.4
Work in process		0.7		0.9
Raw materials		107.2		119.9

Total inventories		$	625.3	$	628.2

		December 31, 2025		December 31, 2024
Other current assets:
Credit card and other receivables		$	24.0	$	17.0
Sales return reserve cost recovery asset		30.4		27.9
Taxes receivable		14.7		7.3

Other		0.7		9.3
Total other current assets		$	69.8	$	61.5

		December 31, 2025		December 31, 2024
Property, plant and equipment, net:	Estimated Useful Life
Land		$	7.2	$	7.1
Buildings and leasehold improvements	3 - 30 years	154.5		144.0
Machinery and equipment	3 - 15 years	159.4		154.6
Furniture, computer hardware and equipment	3 - 5 years	127.6		123.0
Internal-use software	3 - 10 years	39.8		41.8
Production molds	2 - 5 years	11.4		10.9
Construction-in-process		6.6		8.1
Total property, plant, and equipment, gross		506.5		489.5
Less: Accumulated depreciation		347.0		313.6
Total property, plant, and equipment, net		$	159.5	$	175.9

Depreciation expense is recognized in cost of sales, research and development expenses, and selling, general and administrative expenses on the consolidated statement of operations, consistent with the use of the underlying asset. We recorded $45.5 million, $43.8 million and $42.3 million of total depreciation expense in our consolidated statements of operations for the years ended December 31, 2025, 2024 and 2023, respectively.


	December 31, 2025		December 31, 2024
Accounts payable and accrued expenses:
Accounts payable	$	109.6	$	61.7
Accrued expenses	89.9		70.2
Accrued inventory	96.7		135.3
Total accounts payable and accrued expenses	$	296.2	$	267.2

Employee Benefit Plans	12 Months Ended
Employee Benefit Plans	Dec. 31, 2025
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans We have one voluntary deferred compensation plan under Section 401(k) of the Internal Revenue Code (the “Callaway Golf Company 401(k) Plan” for employees who satisfy the age and service requirements. Callaway Golf Company 401(k) Plan Under the Callaway Golf Company 401(k) Plan, each participant may elect to contribute up to 75% of annual compensation, up to the maximum allowable limit permitted by the IRS. Under the plan, the Company contributes an amount equal to 50% of the participant’s contributions, up to 6% of the participant’s eligible annual compensation, for a maximum annual employer matching contribution of 3%. The portion of the participant’s account attributable to elective deferral contributions and rollover contributions made by the participant are 100% vested upon contribution and are not able to be forfeited. Employer contributions vest at a rate of 50% per year, and are fully vested after two years of service. During the years ended December 31, 2025, 2024 and 2023, our matching contributions under the plan were $5.9 million, $5.4 million and $4.8 million, respectively.

Derivatives and Hedging

12 Months Ended

Dec. 31, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Hedging


		Fair Value of Asset Derivatives
		December 31,
	Balance Sheet Location	2025		2024
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Other current assets	$	0.4	$	0.1
Interest rate swap contracts	Other current assets	—		3.0
Interest rate swap contracts	Other assets, net	—		4.8
Total		$	0.4	$	7.9
Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Other current assets	0.3		5.6

Total asset position		$	0.7	$	13.5


		Fair Value of Liability Derivatives
		December 31,
	Balance Sheet Location	2025		2024
Derivatives designated as cash flow hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	$	0.4	$	0.8



Derivatives not designated as hedging instruments:
Foreign currency forward contracts	Accounts payable and accrued expenses	0.4		0.2
Total liability position		$	0.8	$	1.0

Our derivative instruments are subject to a master netting agreement with each respective counterparty bank and are therefore net settled at their respective maturity date. Although we have the legal right of offset under the master netting agreements, we have elected to present these contracts on a gross basis on the accompanying consolidated balance sheets as of December 31, 2025 and 2024. Gains and losses related to our derivative instruments are presented as an adjustment to reconcile net income to net cash provided by or used in operating activities in the consolidated statements of cash flows.

Cash Flow Hedging Instruments

Foreign Currency Forward Contracts

As of December 31, 2025, there were no notional amounts on our foreign currency forward contracts designated as cash flow hedging instruments. As of December 31, 2024, the notional amounts of our foreign currency forward contracts designated as cash flow hedging instruments was a short position of approximately $9.4 million.

Interest Rate Swap Contracts

We used interest rate swaps in order to mitigate the risk of changes in interest rates associated with our variable-rate long term debt.

In April 2023, we entered into interest rate swaps designated as cash flow hedges in order to mitigate the risk of interest rate fluctuations associated with our 2023 Term Loan B as well as any of our other variable rate debt. Over the life of the 2023 Term Loan B, we were to receive variable interest payments from the counterparty lenders in exchange for fixed interest rate payments, which were made at a weighted-average rate of 3.36% across our interest rate swap contracts without exchange of the underlying notional amount. During the fourth quarter of 2025, we closed out our interest rate swaps in connection with an amendment to the 2023 Term Loan B (see Note 7) resulting in no underlying notional amounts as of December 31, 2025. As of December 31, 2024, our underlying notional amounts on interest rate swaps was $400.0 million.

The following tables summarize the net effect of all cash flow hedges on the consolidated financial statements for the periods presented (in millions):


	Gain (Loss) Recognized in Other Comprehensive Income
	Year Ended December 31,
Derivatives designated as cash flow hedging instruments	2025		2024		2023
Foreign currency forward contracts	$	(5.1)	$	4.9	$	8.6

Interest rate swap contracts	(4.9)		12.6		6.9
Total	$	(10.0)	$	17.5	$	15.5


		Gain (Loss) Reclassified from Other Comprehensive Income into Earnings
		Year Ended December 31,
Derivatives designated as cash flow hedging instruments	Statement of Operations Location	2025		2024		2023
Foreign currency forward contracts	Cost of sales	$	(5.2)	$	5.9	$	5.9

Interest rate swap contracts	Interest expense	3.1		10.3		8.2
Total		$	(2.1)	$	16.2	$	14.1

For the year ended December 31, 2025, $2.3 million of net gains related to the amortization of forward points were released from other comprehensive income and recognized in cost of sales. Based on the current valuation, we expect to reclassify net losses of $0.5 million related to foreign currency forward contracts from accumulated other comprehensive income into earnings during the next 12 months.

Based on forecasted transactions as of December 31, 2025, we do not expect to reclassify a net gain related to the interest rate swap contracts from accumulated other comprehensive loss into earnings during the next 12 months.

Foreign Currency Forward Contracts Not Designated as Hedging Instruments

We use foreign currency forward contracts that are not designated as qualifying cash flow hedging instruments to mitigate our exposure to fluctuations in foreign currency exchange rates due to the remeasurement of certain balance sheet payables and receivables denominated in foreign currencies, as well as gains and losses resulting from the translation of the operating results of our international subsidiaries into U.S. dollars for financial reporting purposes. These contracts generally mature within 12 months from inception. As of December 31, 2025, 2024 and 2023, the notional amounts of our foreign currency forward contracts used to mitigate the exposures discussed above were approximately $88.4 million, $203.0 million, and $209.4 million, respectively. We estimate the fair values of foreign currency forward contracts based on pricing models using current market rates, and record all derivatives on our consolidated balance sheet at fair value, with changes in fair value recorded in our consolidated statements of operations. Foreign currency forward contracts are classified under Level 2 of the fair value hierarchy (see Note 17).


		Amount of Net Gain Recognized in Income on Derivative Instruments
Derivatives not designated as hedging instruments	Location of Net Gain (Loss) Recognized in Income on Derivative Instruments	Years Ended December 31,
		2025		2024		2023
Foreign currency forward contracts	Other income, net	$	(18.5)	$	31.9	$	19.6

During the years ended December 31, 2025, 2024 and 2023, we recognized net foreign currency transactional gains of $17.5 million, losses of $19.4 million and losses of $8.2 million, respectively, in our consolidated statements of operations.

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

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+ Details

Restructuring (Tables)

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Schedule of Costs Related to Restructuring Plan

The following table summarizes continuing operations costs related to the Transformation Plan recognized within selling, general and administrative expenses in the consolidated statement of operations for the periods presented below (in millions):


	Years Ended December 31,
	2025		2024
Employee termination & severance	$	3.0	$	0.7
PP&E and lease disposal costs	0.3		—
Legal & other	0.1		0.2
Total restructuring	$	3.4	$	0.9

Schedule of Restructuring Reserve by Type of Cost

The following table summarizes the continuing operations restructuring liability that is included in accounts payable and accrued expenses, accrued employee compensation and benefits, and other current liabilities on the consolidated balance sheets as of the periods presented below (in millions):


	Employee termination costs		PP&E disposals		Legal & other costs		Total
Balance at December 31, 2024	$	0.1	$	—	$	0.1	$	0.2
Additions	3.0		0.3		0.1		3.4
Payments	(2.9)		—		(0.2)		(3.1)
Non-Cash adjustments	—		(0.3)		—		(0.3)
Balance at December 31, 2025	$	0.2	$	—	$	—	$	0.2

Revenue Recognition - Sales Return Reserve (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Sales Return Liability:
Beginning Balance	$ 62.2	$ 51.6	$ 50.0
Provision	185.0	178.1	174.4
Sales returns	(183.0)	(167.5)	(172.8)
Ending Balance	$ 64.2	$ 62.2	$ 51.6

Revenue Recognition - Summary of Deferred Revenue Recognized from Prior Period (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition and Deferred Revenue [Abstract]
Deferred revenue recognized from prior period ending balance (excluding breakage)	$ 3.0	$ 5.0	$ 3.2

Leases - Components of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Leases [Abstract]
Operating lease costs:	$ 34.3	$ 30.9	$ 23.7
Financing lease costs:
Amortization of ROU assets	0.3	0.2	0.3
Interest on lease liabilities	0.0	0.0	0.0
Total financing lease costs	0.3	0.2	0.3
Variable lease costs	1.7	2.7	2.7
Total lease costs	$ 36.3	$ 33.8	$ 26.7

Derivatives and Hedging - Forward Currency Forward Contracts (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Foreign currency forward contracts \| Designated as Hedging Instrument
Derivative [Line Items]
Derivative, notional amount	$ 0.0	$ 9.4

Stock Plans and Share-Based Compensation - Summary of Fair Value of Awards Vested and Weighted Average Grant Date Fair Value per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value	$ 14.8	$ 19.1	$ 17.3
Stock units, weighted average grant-date fair value (in dollars per share)	$ 6.86	$ 13.25	$ 22.78
Number of stock units granted (in shares)	2,900,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value	$ 0.0	$ 0.5	$ 1.3
Stock units, weighted average grant-date fair value (in dollars per share)	$ 0	$ 0	$ 19.60
Number of stock units granted (in shares)	0	0
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vested in period, fair value	$ 13.7	$ 40.8	$ 7.8
Stock units, weighted average grant-date fair value (in dollars per share)	$ 8.57	$ 19.01	$ 36.58
Number of stock units granted (in shares)	1,700,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Discontinued Operations - Schedule of the Results of Discontinued Operations on the Consolidated Income Statement (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Costs and expenses:
Net income (loss) from discontinued operations	$ (351.0)	$ (10.6)	$ (25.2)	$ (61.3)	$ (1,418.8)	$ (34.6)	$ (37.3)	$ (50.4)	$ (448.1)	$ (1,541.1)
Total
Net revenues:
Net revenues									1,887.7	2,164.5	$ 2,154.5
Costs and expenses:
Other venue expense									1,295.4	1,303.5	1,252.3
Selling, general and administrative expense									248.2	375.7	365.4
Research and development expense									17.4	28.0	39.9
Trade name impairment									284.0	1,452.0
Loss on classification of Topgolf as discontinued operations									143.1
Venue pre-opening costs									7.7	14.8	25.9
Total costs and expenses									2,245.7	3,574.5	2,111.0
Income (loss) from discontinued operations									(358.0)	(1,410.0)	43.5
Interest expense, net									(176.1)	(168.1)	(139.5)
Other income (expense), net									(12.5)	(6.5)	1.3
Income (loss) from discontinued operations before income taxes									(546.6)	(1,584.6)	(94.7)
Income tax provision (benefit)									(98.5)	(43.5)	(90.2)
Net income (loss) from discontinued operations									(448.1)	(1,541.1)	(4.5)
Held-for-Sale \| Topgolf
Net revenues:
Net revenues									1,792.3	1,809.4	1,761.0
Costs and expenses:
Other venue expense									1,295.4	1,303.5	1,252.3
Selling, general and administrative expense									179.5	194.1	185.1
Research and development expense									15.2	19.7	30.9
Trade name impairment									284.0	1,452.0
Loss on classification of Topgolf as discontinued operations									143.1
Venue pre-opening costs									7.7	14.8	25.9
Total costs and expenses									2,120.3	3,181.3	1,691.1
Income (loss) from discontinued operations									(328.0)	(1,371.9)	69.9
Interest expense, net									(176.0)	(167.3)	(137.3)
Other income (expense), net									(1.0)	0.0	0.8
Income (loss) from discontinued operations before income taxes									(505.0)	(1,539.2)	(66.6)
Income tax provision (benefit)									(98.1)	(40.1)	(82.6)
Net income (loss) from discontinued operations									(406.9)	(1,499.1)	16.0
Disposed of by Sale \| Jack Wolfskin
Net revenues:
Net revenues									95.4	355.1	393.5
Costs and expenses:
Other venue expense									0.0	0.0	0.0
Selling, general and administrative expense									68.7	181.6	180.3
Research and development expense									2.2	8.3	9.0
Trade name impairment									0.0	0.0
Loss on classification of Topgolf as discontinued operations									0.0
Venue pre-opening costs									0.0	0.0	0.0
Total costs and expenses									125.4	393.2	419.9
Income (loss) from discontinued operations									(30.0)	(38.1)	(26.4)
Interest expense, net									(0.1)	(0.8)	(2.2)
Other income (expense), net									(11.5)	(6.5)	0.5
Income (loss) from discontinued operations before income taxes									(41.6)	(45.4)	(28.1)
Income tax provision (benefit)									(0.4)	(3.4)	(7.6)
Net income (loss) from discontinued operations									(41.2)	(42.0)	(20.5)
Products \| Total
Net revenues:
Net revenues									109.1	373.0	409.8
Costs and expenses:
Costs of products and services									61.7	213.8	240.7
Products \| Held-for-Sale \| Topgolf
Net revenues:
Net revenues									13.7	17.9	16.3
Costs and expenses:
Costs of products and services									7.2	10.5	10.1
Products \| Disposed of by Sale \| Jack Wolfskin
Net revenues:
Net revenues									95.4	355.1	393.5
Costs and expenses:
Costs of products and services									54.5	203.3	230.6
Services \| Total
Net revenues:
Net revenues									1,778.6	1,791.5	1,744.7
Costs and expenses:
Costs of products and services									188.2	186.7	186.8
Services \| Held-for-Sale \| Topgolf
Net revenues:
Net revenues									1,778.6	1,791.5	1,744.7
Costs and expenses:
Costs of products and services									188.2	186.7	186.8
Services \| Disposed of by Sale \| Jack Wolfskin
Net revenues:
Net revenues									0.0	0.0	0.0
Costs and expenses:
Costs of products and services									$ 0.0	$ 0.0	$ 0.0

Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Our credit facilities and long-term debt obligations are summarized as follows (in millions):


	Maturity Date	Interest Rate	December 31, 2025		December 31, 2024
Short-Term Credit Facilities
2023 ABL Credit Facility	March 16, 2028	5.21%	$	—	$	—
2025 Japan ABL Credit Facility	January 21, 2028	1.57%	44.7		—
2022 Japan ABL Credit Facility	January 25, 2025	1.21%	—		25.4
Total Principal Amount			$	44.7	$	25.4
Unamortized Debt Issuance Costs			$	2.6	$	3.4

	Balance Sheet Location
ABL Credit Facilities	Asset-based credit facilities		$	44.7	$	25.4
Unamortized Debt Issuance Costs - Current	Prepaid expenses		$	1.2	$	1.1
Unamortized Debt Issuance Costs - Non-current	Other assets, net		$	1.4	$	2.3

	Maturity Date	Interest Rate	December 31, 2025		December 31, 2024
Long-Term Debt and Credit Facilities
2023 Term Loan B	March 16, 2030	6.72%	$	1,165.6	$	1,178.1
Convertible Notes	May 1, 2026	2.75%	258.3		258.3
Equipment Notes	December 15, 2026 - December 21, 2027	2.36% - 5.93%	6.5		11.7

Financed Tenant Improvements	February 1, 2035	8.00% - 10.00%	3.6		3.1



Total Principal Amount			$	1,434.0	$	1,451.2
Less: Unamortized Debt Issuance Costs			18.0		22.3
Total Debt, net of Unamortized Debt Issuance Costs			$	1,416.0	$	1,428.9

	Balance Sheet Location
Long-Term Debt - Current	Long-term debt, current portion		$	765.3	$	14.6
Long-Term Debt - Non-current	Long-term debt		650.7		1,414.3
Total Debt, net of Unamortized Debt Issuance Costs			$	1,416.0	$	1,428.9

Schedule of Interest Expense, Debt


	Year Ended December 31,
	2025		2024		2023
Short-Term Credit Facilities
2025 Japan ABL Credit Facility	$	1.1	$	—	$	—
2023 ABL Credit Facility	1.8		1.0		5.0
2022 Japan ABL Credit Facility	—		0.3		0.3
Total	$	2.9	$	1.3	$	5.3

Long-Term Debt and Credit Facilities
2023 Term Loan B	$	51.4	$	61.5	$	54.3
Convertible Notes	7.1		7.1		7.1
Equipment Notes	0.4		0.6		0.8
Financed Tenant Improvements	0.3		0.3		0.3

2019 Term Loan B	—		—		8.6



Total	$	59.2	$	69.5	$	71.1

Schedule of Borrowings, Availability, Interest Rate and Liquidity for Short-term Credit Facilities

Our average availability and weighted-average interest rate under our 2023 ABL Credit Facility and 2025 Japan ABL Credit Facility were as follows for the periods presented (in millions except interest rates):


	December 31, 2025
2023 ABL Credit Facility
Average availability	$	411.0
Weighted-average interest rate	7.89		%

2025 Japan ABL Credit Facility
Average availability	$	13.3
Weighted-average interest rate	1.32		%

Schedule of Aggregate Amount of Maturities for Debt

The following table presents our combined aggregate amount of maturities for our long-term debt over the next five years and thereafter as of December 31, 2025.


	(in millions)
2026	$	775.6
2027	14.7
2028	12.8
2029	12.8
2030	616.0
Thereafter	2.1
Total aggregate amount of maturities	1,434.0
Less: Unamortized Debt Issuance Costs	18.0
Total aggregate amount of maturities, net of Unamortized Debt Issuance Costs	$	1,416.0

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Revenue Recognition - Reconciliation of Short Term Sales Program Incentives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Sales Program Incentives:
Beginning Balance	$ 18.2	$ 15.9	$ 20.1
Additions	44.5	43.4	39.3
Credits issued	(46.9)	(39.6)	(41.9)
Foreign currency translation and other	(0.8)	(1.5)	(1.6)
Ending Balance	$ 15.0	$ 18.2	$ 15.9

Earnings (Loss) Per Common Share - Narrative (Details) - shares shares in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share (in shares)	16.7	2.5	2.3

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2025
Audit Information [Abstract]
Auditor Name	Deloitte & Touche LLP
Auditor Location	Costa Mesa, California
Auditor Firm ID	34

Restructuring

12 Months Ended

Dec. 31, 2025

Restructuring and Related Activities [Abstract]

Restructuring

Our restructuring costs primarily consist of severance and termination benefits, asset disposals, write-offs and impairments and other exit and disposal costs. Severance costs generally include severance payments, outplacement services, health insurance coverage and legal costs. Separation costs primarily consist of consulting and legal costs incurred in connection with the sale of our Topgolf and Jack Wolfskin businesses.

Restructuring Costs

2023 Restructuring Plan

During 2023, we initiated a reorganization and restructuring plan in order to improve the organizational structure and increase operational efficiencies for certain businesses and functions within our Apparel, Gear and Other operating segment (the “2023 Restructuring Plan”). The 2023 Restructuring Plan was completed in December 2024. Under the 2023 Restructuring Plan, we incurred $0.9 million in costs, which were incurred in our Apparel, Gear and Other segment and paid in full prior to December 31, 2024.

Transformation Plan

In connection with the September 2024 announcement of our intended separation of the Topgolf business, we initiated a plan which is intended to optimize organizational efficiencies and decrease operating costs under the separate business structures that are anticipated after the separation (the “Transformation Plan”). For the twelve months ended months ended December 31, 2025, costs incurred under the Transformation Plan were primarily related to employee termination and severance costs and the disposal of property, plant and equipment. We expect to incur up to $10.0 million in costs related to the Transformation Plan, which we expect to be substantially complete by the end of 2026.


	Years Ended December 31,
	2025		2024
Employee termination & severance	$	3.0	$	0.7
PP&E and lease disposal costs	0.3		—
Legal & other	0.1		0.2
Total restructuring	$	3.4	$	0.9


	Employee termination costs		PP&E disposals		Legal & other costs		Total
Balance at December 31, 2024	$	0.1	$	—	$	0.1	$	0.2
Additions	3.0		0.3		0.1		3.4
Payments	(2.9)		—		(0.2)		(3.1)
Non-Cash adjustments	—		(0.3)		—		(0.3)
Balance at December 31, 2025	$	0.2	$	—	$	—	$	0.2

Segment Information - Summary of Revenue and Long Lived Assets by Geographical Areas (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 367.5	$ 462.6	$ 600.4	$ 629.6	$ 371.4	$ 452.3	$ 614.3	$ 639.7	$ 2,060.1	$ 2,077.7	$ 2,132.7
Long-Lived Assets	159.5				175.9				159.5	175.9
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									1,363.3	1,381.1	1,395.7
Long-Lived Assets	136.4				156.7				136.4	156.7
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									203.8	182.1	173.4
Long-Lived Assets	4.2				3.0				4.2	3.0
Asia
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									363.1	379.1	436.6
Long-Lived Assets	12.9				11.0				12.9	11.0
Rest of World
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales									129.9	135.4	$ 127.0
Long-Lived Assets	$ 6.0				$ 5.2				$ 6.0	$ 5.2

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Callaway Golf Company. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances at that time. We evaluate our estimates on an ongoing basis to ensure that these estimates appropriately reflect changes in our business or as new information becomes available. Actual results may differ from our estimates.

Revenue Recognition

Net sales

Net sales (also referred to as “revenue” or “net revenue”) is comprised of golf clubs, golf balls, golf and lifestyle apparel, and gear and accessories which are sold to on- and off-course golf shops and national retail stores, and directly to consumers through our e-commerce business and at our apparel retail locations. Contracts with customers for the purchase of our products are generally in the form of a purchase order. In certain cases, we enter into sales agreements which may contain specific terms, discounts and allowances. We recognize revenue from the sale of products when we satisfy a performance obligation to a customer and transfer control of the products ordered to the customer. Control transfers when products are shipped, and in certain cases, when products are received by customers. In addition, we recognize revenue at the point of sale on transactions with consumers through our e-commerce business and at our retail locations. Sales taxes, value added taxes and other taxes that are collected in connection with revenue transactions are withheld and remitted to the respective taxing authorities. As such, these taxes are excluded from revenue. We account for shipping and handling as activities to fulfill the promise to transfer the good. Therefore, shipping and handling fees that are billed to customers are recognized in revenue and the associated shipping and handling costs are recognized in cost of sales as soon as control of the goods transfers to the customer.

We license our trademarks and service marks to third parties in exchange for a royalty fee for use on products such as golf apparel and footwear, practice aids, other golf accessories, and sport and travel gear. Royalty income is recognized as the underlying product sales occur, subject to certain minimum royalties, and in accordance with the related licensing arrangements.

We sell gift cards for our products, which do not have an expiration date. Revenues from gift cards are deferred and recognized when redeemed, which generally occurs within a 12-month period from the date of purchase. We recognize revenue from unredeemed gift cards when the likelihood of redemption becomes remote (“breakage”) and under circumstances that comply with any applicable state escheatment laws. To determine when redemption is remote, we perform an aging analysis of unredeemed cards and compare that information with historical redemption trends. We use this historical redemption rate to recognize breakage over the redemption period. We do not believe there is a reasonable likelihood that there will be a material change in future estimates or assumptions used to determine the timing of recognition of revenue from gift cards.

Variable consideration

We offer certain discounts and promotions on our products. The amount of revenue we recognize is based on the amount of consideration we expect to receive from customers which is the sales price of the product or service adjusted for estimates of variable consideration. Variable consideration may include sales returns, discounts and allowances, sales programs, and sales promotions and price concessions that we offer, as further described below. Estimates of variable consideration are based on the amounts earned or expected to be claimed by customers on the related sales and are therefore recorded to the respective net revenue, trade accounts receivable, and/or sales program liability.

We record a sales return liability as a reduction of sales and cost of sales and accounts receivable in the period in which the related sales are recorded. Sales returns are estimated based upon historical returns, current economic trends, changes in customer demands and product sell-through. We also offer sales programs to certain customers that allow for specific returns. The cost recovery of inventory associated with the sales return reserve is recorded in other current assets on our consolidated balance sheet. Historically, actual sales returns have not been materially different from our estimates.

Our primary product sales program, the “Preferred Retailer Program,” offers rebates and discounts to participating retailers in exchange for providing certain benefits to us including the maintenance of agreed upon inventory levels, prime product placement and retailer staff training. As part of this program, participating retailers can either earn discounts or rebates based on the amount of product purchased. Discounts are applied and recorded at the time of sale. Variable consideration for rebates is estimated at the time of sale based on the customer’s estimated qualifying current year product purchases which are based on the historical level of qualifying purchases, and are adjusted quarterly, for any factors expected to affect current year purchases. The actual amount of rebates to be paid are known as of the end of the year and are paid to customers shortly after year-end. Historically, the actual amount of variable consideration related to our Preferred Retailer Program has not been materially different from our estimates.

We also offer short-term sales program incentives related to product sales, which include sell-through promotions and price concessions or price reductions. Sell-through promotions are generally offered throughout the product’s life cycle which is approximately two years, and price concessions or price reductions are generally offered at the end of the product’s life cycle. The estimated variable consideration related to these programs is based on a rate that includes historical and forecasted data. We record a reduction to net sales using this rate at the time of the sale and we adjust the rate as necessary to reflect the amount of consideration we expect to receive from our customers. There have been no material changes to the rate during the years ended December 31, 2025, 2024 and 2023, and historically, the actual amount of variable consideration related to these sales programs has not been materially different from our estimates.

Product warranty

We have stated warranty policies for certain of our golf equipment and apparel, gear and other products which generally range from one to two years, as well as a limited lifetime warranty for our OGIO line of products. We accrue the estimated cost of satisfying future warranty claims over the expected warranty period when the products are sold and consider various relevant factors, including our stated warranty policies and practices, the historical frequency of claims, and replacement or repair costs of the products. As of the years ended December 31, 2025 and 2024, our warranty reserve amounts were $9.3 million and $11.0 million, respectively.

Cost of sales

Cost of sales primarily consists of variable costs that fluctuate with sales volumes, including raw materials for soft good and golf equipment products and golf equipment component costs, and merchandise costs. Cost of sales also includes direct labor and manufacturing overhead, inbound freight, duties, shipping charges, and fixed overhead expenses which are comprised of warehousing costs, indirect labor, supplies, and depreciation and amortization expense associated with assets used to manufacture and distribute products. In addition, cost of sales also includes adjustments to reflect inventory at its net realizable value, as well as adjustments for obsolescence and product warranties.

Selling, general and administrative expenses (SG&A)

SG&A expenses are comprised primarily of employee costs, advertising and promotional expense, legal and professional fees, tour expenses, travel expenses, building and rent expenses, depreciation charges (excluding those related to manufacturing and distribution), amortization of intangible assets, and other miscellaneous expenses.

Advertising costs

Our primary advertising costs include television, print, internet, production and media placement. Our policy is to expense advertising costs as incurred. For the years ended December 31, 2025, 2024 and 2023, advertising costs were $84.8 million, $88.8 million and $90.3 million, respectively, and are recognized within SG&A expenses in the consolidated statements of operations.

Research and development expense

Research and development expenses are comprised of costs to design, develop, test or significantly improve our products and technology and primarily include employee costs of personnel engaged in research and development activities, research costs and depreciation expense.

Restructuring and reorganization costs

Restructuring and reorganization costs are costs related to management-approved restructuring or reorganization plans in order to improve efficiencies, reduce our cost structure, or better allocate and align resources. These costs may include employee termination and severance costs, costs to dispose of property or equipment, charges related to the termination of lease agreements, and legal and other costs that are associated with the initiative. See Note 21 for further detail regarding our restructuring and reorganization costs.

Cash and cash equivalents

Cash equivalents are highly liquid investments purchased with original maturities of three months or less. The following is a summary of our cash and cash equivalents (in millions):


	December 31,
	2025		2024
Cash and cash equivalents	$	903.2	$	445.0

Allowance for estimated credit losses

We record an allowance for estimated credit losses based upon historical bad debts, current customer receivable balances, age of customer receivable balances and the customers’ financial condition. Additionally, we monitor activity and consider future reasonable and supportable forecasts of economic conditions to adjust all general and customer specific reserve percentages as necessary. Amounts recorded for estimated credit losses are written-off when they are determined to be uncollectible.

Inventories

We record inventory at the lower of cost or net realizable value, which includes a reserve for excess, obsolete and/or unmarketable inventory. This reserve is regularly assessed based on current inventory levels, sales, historical trends and management’s estimates of market conditions and forecasts of future product demand. We utilize the standard costing method, determined on the first-in, first-out basis, for our golf equipment inventory and soft goods inventory sold under the TravisMathew, OGIO, and Callaway brands. Golf equipment inventory, which is primarily manufactured by us, includes finished goods, raw materials, labor and manufacturing overhead costs and work in process. Certain golf equipment related to pre-owned products are stated at weighted-average cost. Inventory for our soft goods product lines, which are manufactured by third-party contractors, primarily include finished goods.

Property, plant and equipment

Property, plant and equipment are stated at cost, net of accumulated depreciation. Depreciation expense is recognized on a straight-line basis over the estimated useful lives of the related assets, which generally range from two to 30 years. Normal repairs and maintenance costs are expensed as incurred. Costs that materially increase value, change capacities, or extend the useful lives of property, plant or equipment are capitalized. Construction-in-process primarily consists of costs associated with building improvements, machinery and equipment, production molds, and in-process internal-use software. When property, plant or equipment is retired or disposed, the related capitalized costs and accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in earnings in the period in which the disposition occurred. See Note 11 for further detail regarding our property, plant and equipment.

Internal use software and cloud computing arrangements

We capitalize certain costs related to computer software obtained or developed for internal use. All direct external costs and direct internal labor costs incurred during the application development stage are capitalized and depreciated on a straight-line basis over the estimated useful life of the software. Costs incurred during the preliminary project stage, as well as maintenance, training, and data conversion costs are expensed as incurred. Once technological feasibility is established, costs are capitalized until the product is available for general use and are depreciated over the estimated useful life of the software.

We enter into cloud-based software hosting arrangements to access and use third-party software in support of our operations. As part of these arrangements, we may incur implementation costs related to the integration, configuration, or customization of the hosted third-party software. We assess these arrangements to determine whether the contract meets the definition of a service contract or internal-use software. For hosting arrangements that meet the definition of a service contract, we capitalize eligible implementation costs and amortize these costs on a straight-line basis over the fixed, non-cancellable term of contract, including any renewal periods that are reasonably certain at that time. Costs incurred during the preliminary project stage, as well as maintenance, training, and data conversion costs related to these arrangements are expensed as incurred.

The useful lives of our internal-use software and capitalized cloud computing implementation costs are generally three to five years, however, the useful lives of major information system installations such as implementations of enterprise resource planning systems and certain related software are determined on an individual basis and may exceed five years depending on the estimated period of use.

As of December 31, 2025 and 2024, we had $14.4 million and $14.0 million, respectively, of total capitalized implementation costs related to cloud computing arrangements. Capitalized implementation costs related to these cloud computing arrangements are included in prepaid expenses and other assets on our consolidated balance sheet. During the years ended December 31, 2025, 2024 and 2023, we amortized $4.5 million, $5.4 million and $0.8 million related to the implementation costs of these cloud computing arrangements, respectively, which are recognized as computer software expenses within selling, general and administrative expenses on our consolidated statements of operations.

Leases

We lease office space, manufacturing plants, warehouses, distribution centers, vehicles and equipment, as well as retail and/or outlet locations related to the TravisMathew business and the apparel businesses in Japan and Korea. Certain real estate leases include one or more options to extend the lease term or escalation clauses that increase the rent payments over the lease term. When deemed reasonably certain of exercise, the extension options are included in the determination of the lease term and lease payment obligation, respectively. The depreciable life of machinery and equipment and/or any leasehold improvements that are associated with each lease are limited to the expected lease term unless there is a transfer of title or purchase option which is reasonably certain of exercise. In some instances, certain leases may require an additional contingent rent payment based on a percentage of total gross sales which are greater than a specified amount stated in the lease agreement. We recognize these additional contingent payments as rent expense when it is probable that sales thresholds will be reached. Our lease agreements do not contain any material residual value guarantees, material restrictive covenants, or material asset retirement obligations.

Operating and financing leases

We determine if an arrangement is a lease, or contains a lease, at the inception of the arrangement. If we determine that an arrangement is a lease or contains a lease that is for a term of one year or longer, we recognize a right-of-use (“ROU”) asset and a lease liability as either an operating or financing lease on our consolidated balance sheet. ROU assets and liabilities are recognized at the commencement date of the lease and are based on the present value of lease payments over the lease term. When readily determinable, we use the rate implicit in the lease agreement to determine the present value of minimum lease payments for the particular lease. If the implicit rate for the lease is not provided, we use our incremental borrowing rate, which represents a rate we would incur to borrow an amount on a collateralized basis equal to the lease payments over a similar term and under similar economic conditions. At the commencement of a lease, the ROU asset is measured by taking the sum of the present value of the lease liability and any initial direct costs and/or prepaid lease payments and deducting any lease incentives. The amortization of operating lease ROU assets is recognized as a single straight-line lease expense over the lease term. Financing lease ROU assets are amortized on a straight-line basis over the lease term, and financing lease liabilities are measured using the effective interest rate method, with the interest accretion recognized in interest expense. Lease agreements related to properties are generally comprised of both lease and non-lease components. Non-lease components, which include items such as common area maintenance charges, property taxes and insurance, are recognized separately from the straight-line lease expense and are expensed as incurred within cost of sales and selling, general and administrative expenses on our consolidated statement of operations.

Variable lease payments that do not depend on an index or rate, such as rental payments based on a percentage of retail revenue over contractual levels, are separately expensed as incurred, and are not included in the measurement of the ROU asset and lease liability. Variable lease payments that depend on an index or rate, such as rates that are adjusted periodically for inflation, are included in the initial measurement of the ROU asset and lease liability and are recognized on a straight-line basis over the lease term.

Assets held for sale and discontinued operations

We classify assets and related liabilities of a qualifying business as held for sale when the following conditions are met: (i) management has committed to a plan to sell the net assets, (ii) the net assets are available for immediate sale, (iii) there is an active program to locate a buyer, (iv) the sale and transfer of the net assets is probable within one year, (v) the net assets are being actively marketed for sale at a price that is reasonable in relation to the current fair value, and (vi) it is unlikely that significant changes will be made to the plan to sell the net assets. Assets and related liabilities which have been classified as held for sale are excluded from the net assets and liabilities of continuing operations in the period in which the held for sale criteria was met.

We classify a component of our business as a discontinued operation when its disposal represents a strategic shift that has or will have a major effect on our operations and financial results. The results of discontinued operations are reported in income/loss from discontinued operations, net of tax on the consolidated statements of operations for all current and prior periods presented. The results of discontinued operations include direct costs attributable to the divested business and any gain or loss recognized in connection with the sale, or adjustment of the carrying amount to fair value less cost to sell while being held for sale, and excludes any indirect cost allocation associated with any shared-service or corporate functions not solely dedicated to the divested business. Interest costs specifically attributable to interest from corporate debt obligated to be repaid following the completion of a divestiture from corporate debt is included as a component of income from discontinued operations. Adjustments to discontinued operations subsequent to the completion of a transaction or disposition are generally attributable to contingencies and indemnifications directly related to the disposal transaction, operations of the discontinued operations, or settlement of obligations directly related to the disposal. Transactions between the businesses determined to be discontinued operations and businesses that are expected to continue to exist after the disposal are not eliminated in order to appropriately reflect the continuing operations as well as the activity to be disposed of.

Assets and liabilities of discontinued operations, including those that meet the held-for-sale criteria are presented separately in the consolidated balance sheets. Upon classification as held for sale, assets are measured at the lower of carrying amount or fair value less cost to sell, and depreciation and amortization cease. Any impairment losses or subsequent measurement adjustments are recognized in the results of discontinued operations in the period in which they are identified. Cash flows attributable to discontinued operations are presented separately in the consolidated statements of cash flows, or otherwise disclosed, for all periods presented.

Goodwill and intangible assets

Goodwill and acquired intangible assets are recorded in connection with an acquisition or business combination. Goodwill represents the excess of the total consideration paid over the fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed in connection with the acquisition or business combination. Identifiable intangible assets primarily consist of trade names and trademarks, patents, and customer and distributor relationships. Intangible assets that are determined to have definite lives are amortized over their estimated useful lives and are assessed for impairment when indicators are present. Goodwill and intangible assets with indefinite lives are not amortized and are instead assessed for impairment at least annually or when events or circumstances occur that indicate an impairment may exist. Except for software costs which are determined to be eligible for capitalization, costs related to the development, maintenance or renewal of internally developed intangible assets that are inherent in our continuing business that were not acquired as a part of a business combination or asset acquisition, are expensed as incurred.

Impairments

We assess potential impairments of our long-lived assets, namely property, plant and equipment and ROU assets, and acquired intangible assets that are subject to amortization, such as acquired customer and distributor relationships whenever events or changes in circumstances indicate that the asset’s carrying value may not be recoverable. Events or changes that may necessitate an impairment assessment include a significant change in the extent or manner in which the asset is used, a significant change in legal or business factors that could affect the value of the asset, or a significant decline in the observable market value of an asset, amongst others. If such events or changes indicate a potential impairment, we would assess the recoverability of the asset or asset group by determining if the carrying value of the asset or asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life of the asset or asset group. If the carrying amount of a long-lived asset or asset group is determined to not be recoverable and exceeds its fair value, an impairment charge would be recognized in the period in which the impairment was determined.

We perform an impairment assessment on our goodwill and indefinite-lived intangible assets at least annually during the fourth quarter of the year, or when events or circumstances occur that indicate an impairment may exist. These events or circumstances may include macroeconomic conditions, significant changes in the industry or business climate, legal factors, or other operating performance indicators, amongst other things. If an event occurs that indicates an impairment may exist, we may perform a qualitative assessment to determine whether it is more likely than not that goodwill and/or the indefinite-lived intangible asset is impaired. If after the qualitative assessment we determine it is more likely than not that goodwill and/or the indefinite-lived intangible asset is not impaired, no quantitative fair value test is necessary. If after performing the qualitative assessment we conclude it is more likely than not that the fair value of goodwill and/or the indefinite-lived intangible is less than our carrying amount, we will perform a quantitative fair value test to determine the fair value of the asset or reporting unit. To determine fair value, we use discounted cash flow estimates, quoted market prices, royalty rates when available, and independent appraisals and valuation specialists, when appropriate. We calculate an impairment as the excess of the carrying value of goodwill and/or other indefinite-lived intangible assets over the estimated fair value of the respective asset. If the carrying value exceeds the estimated fair value of the asset, an impairment charge is recorded in the period in which the impairment was determined.

Investments

We determine the appropriate classification of our investments at the time of acquisition and reassess such classification at each reporting date. For investments in entities in which we do not have a controlling financial interest but over which we have the ability to exercise significant influence, we apply the equity method of accounting. Significant influence is generally presumed when we own between 20% and 50% of the voting interests of the investee, although such determination also considers other relevant factors.

For investments accounted for under the equity method, we record our proportionate share of the investee’s net income or loss within other income/expense, net, in our consolidated statements of operations. We evaluate equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.

For investments in entities where we do not have a controlling financial interest or significant influence and that do not have readily determinable fair values, we have elected to apply the measurement alternative in which these investments are measured at cost and are evaluated for changes in fair value if there is an observable price change as a result of an orderly transaction for an identical or similar investment. These investments are evaluated for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. In the event that the carrying value of any such investment exceeds its estimated fair value, an impairment charge is recognized in the period in which the impairment was determined. See Note 10 for further information related to our investments.

Foreign currency translation and transactions

A significant portion of our business is conducted outside of the United States in currencies other than the U.S. dollar. As a result, changes in foreign currency exchange rates can have a significant impact on our financial results. Revenues and expenses denominated in foreign currencies are translated using the average exchange rate for the reporting period and assets and liabilities are translated using the end-of-period exchange rates at the balance sheet date. Gains and losses from assets and liabilities denominated in a currency other than the functional currency of the entity in which they reside are recognized during the current period in our statements of operations. Gains and losses from the translation of foreign subsidiary financial statements into U.S. dollars are included in accumulated other comprehensive income or loss.

Derivatives and hedging

We use foreign currency forward contracts to meet our objectives of minimizing variability in our operating results, including intercompany transactions, which may arise from changes in foreign exchange rates, as well as interest rate swap contracts to minimize our exposure to changes in interest rates. We do not enter into hedging contracts for speculative purposes. Foreign currency forward contracts generally mature within 12 months to 15 months from inception and interest rate swap agreements generally mature within 60 months from inception. Both types of contracts are measured at fair value and recorded as hedging receivables and/or payables on our consolidated balance sheet. Certain of our foreign currency forward contracts and our interest rate swap agreements satisfy the criteria for hedge accounting treatment and are classified as designated cash flow hedges. Changes in the fair value of these designated cash flow hedges are recorded as a component of accumulated other comprehensive income, net of tax, and are released in earnings during the period in which the hedged transaction takes place. Remeasurement gains or losses of derivatives that are not elected for hedge accounting treatment are recognized in earnings immediately in other income/expense.

We would discontinue hedge accounting prospectively (i) if it is determined that the derivative is no longer effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is sold, terminated, or exercised, (iii) if it becomes probable that the forecasted transaction being hedged by the derivative will not occur, (iv) if a hedged firm commitment no longer meets the definition of a firm commitment, or (v) if it is determined that designation of the derivative as a hedge instrument is no longer appropriate. We estimate the fair value of our foreign currency forward contracts based on pricing models using current market rates. These contracts are classified under Level 2 of the fair value hierarchy. See Note 17 for further discussion of our financial instruments.

Share-based compensation

We may grant restricted stock units (“RSUs”), restricted stock awards (“RSAs”), performance-based awards, stock options, and other equity-based awards to our officers, employees, consultants and other non-employees who provide services to us under our stock incentive plans. We measure and recognize share-based compensation expense for employees and non-employees based on estimated fair values, net of estimated forfeitures. Estimated forfeitures are based on historical data and forfeiture trends and are revised, if necessary, in subsequent periods if actual forfeitures differ materially from our initial estimates.

RSUs and RSAs

The estimated fair value of RSUs and RSAs (“restricted stock”) is calculated based on the closing price of our common stock on the date of grant multiplied by the number of granted shares. Compensation expense for restricted stock is recognized on a straight-line basis, net of estimated forfeitures, over a vesting period of three to five years from the date of grant.

Performance based restricted share unit awards (“PRSU”)

We grant PRSUs in which the number of shares that may ultimately be issued upon vesting is based on the achievement of company-specific performance metrics or market-conditions for each award over a specified performance period. The performance period for these awards ranges from three to five years from the date of grant and the number of shares that may ultimately be issued upon vesting may range from 0% to 200% of the participant’s target award. Awards which are based only on performance metrics are initially valued at the closing price of our stock on the date of grant. Awards which contain market conditions are initially valued using a Monte Carlo simulation which values the awards based on a range of future probable outcomes related to the achievement of the vesting conditions of the award at the date of grant.

Compensation expense for all PRSUs is based on the grant-date fair value of each award and is recognized net of estimated forfeitures on a straight-line basis over the respective performance period for the award. For awards which only contain company-specific performance metrics, compensation expense is adjusted during the performance period to reflect the anticipated level of achievement of the respective award. For awards with market conditions, compensation expense is not adjusted over the course of the performance period or reversed if achievement is not probable. Any awards that do not achieve the minimum cumulative performance threshold over the performance period are forfeited at the end of the specified performance period.

Stock options

Outstanding stock options granted to our employees and directors were granted at an exercise price which is no less than the closing price of our stock on the date of grant and generally vest over a three-year period from the grant date and generally expire up to 10 years after the grant date. Compensation expense for employee stock options is recognized over the vesting term, net of estimated forfeitures, and is based on the estimated fair value of the options on the date of grant using the Black-Scholes option-pricing model.

See Note 15 for further discussion of our share-based compensation.

Income taxes

Current income tax provision or benefit is the amount of income taxes expected to be payable or receivable for the current year. A deferred income tax asset or liability is established for the difference between the tax basis of an asset or liability that will result in taxable or deductible amounts in future years when the reported amount of the asset or liability is recovered or settled. The realization of the deferred tax assets, including loss and credit carry forwards, is subject to our ability to generate sufficient taxable income during the periods in which the temporary differences become realizable. We maintain a valuation allowance for a deferred tax asset when it is deemed to be more likely than not that some or all of the deferred tax assets will not be realized. In evaluating whether a valuation allowance is required under such rules, we consider all available positive and negative evidence, including prior operating results, the nature and reason for any losses, our forecast of future taxable income, and the dates on which any deferred tax assets are expected to expire. These assumptions require a significant amount of judgment, including estimates of future taxable income and are based on our best judgment at the time.

We accrue for the estimated additional amount of taxes for uncertain tax positions if it is deemed to be more likely than not that we would be required to pay such additional taxes. We are required to file federal and state income tax returns in the United States and various other income tax returns in foreign jurisdictions. The preparation of these income tax returns requires us to interpret the applicable tax laws and regulations in effect in such jurisdictions, which could affect the amount of tax we pay. We accrue an amount for our estimate of additional tax liability, including interest and penalties in the income tax provision, for any uncertain tax positions taken or expected to be taken in an income tax return and we review and update our accrual for uncertain tax positions as more definitive information becomes available. Historically, additional taxes paid as a result of the resolution of our uncertain tax positions have not been materially different from our expectations. See Note 12 for further discussion of our income taxes.

Other income, net

Other income, net primarily includes gains and losses on foreign currency forward contracts and foreign currency transactions and dividend income from our investments and money-market accounts. The components of other income, net are as follows (in millions):


	Years Ended December 31,
	2025		2024		2023
Foreign currency forward contract loss (gain), net	$	(18.5)	$	31.9	$	19.6
Foreign currency transaction loss (gain), net	17.5		(19.4)		(8.2)
Other	21.1		9.1		(5.3)
Other income, net	$	20.1	$	21.6	$	6.1

Concentration of risk

On a consolidated basis, no single customer accounted for more than 10% of our net sales in 2025, 2024 or 2023. Our top five customers accounted for approximately 21%, 22% and 23% of our net sales in 2025, 2024 and 2023, respectively.

Our top five customers specific to our Golf Equipment and Apparel, Gear and Other operating segments represented the following as a percentage of each segment’s total net sales:

•Golf Equipment top five customers accounted for approximately 24%, 26% and 25% of total consolidated Golf Equipment sales in 2025, 2024 and 2023, respectively; and

•Apparel, Gear and Other top five customers accounted for approximately 25%, 24% and 26% of total consolidated Apparel, Gear and Other sales in 2025, 2024 and 2023, respectively.

With respect to our trade receivables, we perform ongoing credit evaluations of our customers’ financial condition and generally do not require collateral from our customers. We maintain reserves for estimated credit losses, which we consider adequate to cover any such losses. At December 31, 2025 three customers represented 16%, 12%, and 11%, respectively and at December 31, 2024, three customers represented 20%, 12%, and 11%, respectively, of our outstanding accounts receivable balances. No other customers represented more than 10% of our outstanding accounts receivable balance.

As a result of our international business, we are exposed to increased risks inherent in conducting business outside of the United States. During 2025, 2024 and 2023, approximately 34%, 34% and 35% of our net sales were derived from sales outside of the United States, respectively. See Note 20 for information on net sales and long-lived assets by geographical location.

We are dependent on a limited number of suppliers for our clubheads and shafts, some of which are single sourced. Furthermore, some of our products require specially developed manufacturing techniques and processes which make it difficult to identify and utilize alternative suppliers quickly. We also depend on a single or a limited number of suppliers for the materials used to make our golf balls, many of which are customized for us.

Our financial instruments that are subject to concentrations of credit risk consist primarily of cash equivalents, trade receivables, foreign currency forward contracts and interest rate swap contracts. From time to time, we invest our excess cash in money market accounts and short-term U.S. government securities and have established guidelines relative to diversification and maturities in an effort to maintain safety and liquidity. We periodically review and modify these guidelines to take advantage of trends in yields and interest rates.

We enter into foreign currency forward contracts for the purpose of hedging foreign exchange rate exposure on existing or anticipated transactions, and interest rate hedge contracts for the purpose of hedging interest rate exposure on our term loan facility. In the event of a failure to honor one of these contracts by one of the banks with which we have contracted, we believe any loss would be limited to the exchange rate difference from the time the contract was entered into until the time it was settled. Our hedging contracts are subject to a master netting agreement with each respective counterparty bank and are therefore net settled.

Financing Arrangements - U.S. Asset-Based Revolving Credit Facility Narrative (Details) - Revolving Credit Facility - 2023 ABL Credit Facility - Line of Credit	12 Months Ended
	Dec. 31, 2025	Apr. 09, 2025 USD ($)	Apr. 08, 2025 USD ($)
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity			$ 485,000,000.0
Debt covenant, fixed charge coverage ratio	1.0
Fixed charges coverage ratio covenant reference borrowing capacity, percent	10.00%
Line of credit facility, unused capacity, commitment fee percentage	0.25%
Debt instrument, face amount		$ 20,000,000.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Income Taxes - Net Operating Losses Carryforwards Expire (Details) $ in Millions	Dec. 31, 2025 USD ($)
Operating Loss Carryforwards [Line Items]
U.S. capital loss carryforwards - definite lived	$ 352.1
U.S. interest expense carryforwards - indefinite lived	19.8
U.S. Federal
Operating Loss Carryforwards [Line Items]
U.S. net operating loss carryforwards - definite lived	11.9
U.S. capital loss carryforwards - definite lived	352.1
U.S. interest expense carryforwards - indefinite lived	19.8
U.S. net operating loss carryforwards - indefinite lived	$ 54.0

Derivatives and Hedging - Summary of Fair Value of Derivative Instruments by Contract Type and Location of Asset and/or Liability on Consolidated Condensed Balance Sheets (Details) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	$ 0.7	$ 13.5
Derivative liability, fair value, gross liability including not subject to master netting arrangement	0.8	1.0
Not Designated as Hedging Instrument \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	0.3	5.6
Not Designated as Hedging Instrument \| Foreign currency forward contracts \| Accounts payable and accrued expenses
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability including not subject to master netting arrangement	0.4	0.2
Cash Flow Hedging \| Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	0.4	7.9
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency forward contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	0.4	0.1
Cash Flow Hedging \| Designated as Hedging Instrument \| Foreign currency forward contracts \| Accounts payable and accrued expenses
Derivatives, Fair Value [Line Items]
Derivative liability, fair value, gross liability including not subject to master netting arrangement	0.4	0.8
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contracts \| Other current assets
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	0.0	3.0
Cash Flow Hedging \| Designated as Hedging Instrument \| Interest rate swap contracts \| Other assets, net
Derivatives, Fair Value [Line Items]
Derivative asset, fair value, gross asset including not subject to matter netting arrangement	$ 0.0	$ 4.8

Income Taxes

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Our income from continuing operations before income taxes was subject to taxes in the following jurisdictions for the following periods (in millions):


	Years Ended December 31,
	2025		2024		2023
United States	$	17.6	$	42.0	$	65.8
Foreign	70.0		69.5		63.7
Total	$	87.6	$	111.5	$	129.5

The provision (benefit) for income taxes allocated to continuing operations is comprised of (in millions):


	Years Ended December 31,
	2025		2024		2023
Current tax provision:
Federal	$	13.7	$	18.9	$	29.0
State	3.3		2.5		3.8
Foreign	12.9		8.6		7.0
	29.9		30.0		39.8
Deferred tax provision (benefit):
Federal	17.6		(10.9)		(12.5)
State	3.5		0.7		(0.2)
Foreign	(2.2)		(1.7)		2.9
	18.9		(11.9)		(9.8)
Income tax provision (benefit)	$	48.8	$	18.1	$	30.0

Significant components of our deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows (in millions):


		December 31,
		2025		2024
Deferred tax assets:
Tax loss and interest expense carryforwards		$	109.1	$	50.1
Tax credit carryforwards		87.7		65.6
Lease liabilities		403.8		412.0
Deemed landlord financing		326.7		297.2


Other deferred tax assets		113.7		108.5
Total deferred tax assets		1,041.0		933.4
Valuation allowance for deferred tax assets		(143.4)		(31.3)
Deferred tax assets, net of valuation allowance		897.6		902.1
Deferred tax liabilities:
Basis difference related to fixed assets		(238.9)		(235.7)
Basis difference related to intangible assets with an indefinite life		(185.9)		(241.9)
Lease right-of-use assets		(359.1)		(371.3)
Other deferred tax liabilities		(6.3)		(6.8)
Total deferred tax liabilities		(790.2)		(855.7)
Net deferred tax assets (liabilities) are shown on the accompanying consolidated balance sheets as follows:
	Balance Sheet Location
Non-current deferred tax assets	Other assets, net	109.2		48.6
Non-current deferred tax liabilities	Other long-term liabilities	(1.8)		(2.2)
Deferred tax assets, net		$	107.4	$	46.4

The net change in net deferred taxes in 2025 of $61.0 million is primarily due to an increase in tax loss and tax credit carryforwards. As described in Note 4, we divested Jack Wolfskin entirely and of 60% of Topgolf in May 2025 and January 2026, respectively. Due to the 2026 timing for the latter sale, certain Topgolf deferred tax assets and liabilities included above will be derecognized from our consolidated balance sheets during the first quarter of 2026. We do not expect the impact from the derecognition of those net deferred tax assets and deferred tax liabilities will be significant.

The valuation allowance on our deferred tax assets as of December 31, 2025 and 2024 of $143.4 million and $31.3 million, respectively, relate primarily to U.S. federal and state net operating loss carryforwards, foreign and business tax credits, and capital loss carryforward.


U.S. foreign tax credit	$	3.5	2028-2035
U.S. business tax credits	$	70.0	2037-2045
State business tax credits - indefinite lived	$	27.9	Do not expire
State business tax credits - definite lived	$	8.0	2032-2048


U.S. net operating loss carryforwards - definite lived	$	11.9	2028-2035
U.S. capital loss carryforwards - definite lived	$	352.1	2030
U.S. interest expense carryforwards - indefinite lived	$	19.8	Do not expire
U.S. net operating loss carryforwards - indefinite lived	$	54.0	Do not expire

Our ability to utilize the U.S. NOLs and tax credits to offset future taxable income may be deferred or limited significantly if we were to experience an “ownership change” as defined in Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). In general, an ownership change will occur if there is a cumulative change in ownership of our stock by “5-percent shareholders” (as defined in the Code) that exceeds 50 percentage points over a rolling three-year period. We determined that no ownership change has occurred for purposes of Section 382 for the period ended December 31, 2025. Any ownership changes that have occurred for periods prior to 2025 are not expected to have a material impact on our ability to utilize U.S. NOLs and tax credits.

A reconciliation of the effective tax rate on our 2025 income from continuing operations and the U.S. federal statutory tax rate is as follows (dollar amounts in millions):


	Year Ended December 31, 2025
	Dollars		Percentages
Pre-tax income	$	87.6

U.S. federal statutory income tax rate	18.4		21.0	%
Domestic federal
Tax credits
Research and development credits	(1.7)		(1.9)	%
Nontaxable and nondeductible items
Nondeductible compensation	5.5		6.3	%
Other nontaxable and nondeductible items	0.4		0.5	%
Cross-border tax laws
Global intangible low-taxed income, net of foreign tax credit	2.5		2.9	%
Foreign-derived intangible income deduction	(0.4)		(0.5)	%
Other cross-border tax laws	0.2		0.2	%
Changes in valuation allowances	24.0		27.4	%
Other adjustments	(0.8)		(0.9)	%

Domestic state and local income taxes, net of federal effect (1)	5.3		6.0	%

Foreign tax effects
China
Statutory income tax rate differential	1.8		2.1	%
Income excluded from corporate income tax	(10.5)		(12.0)	%
Hong Kong
Global minimum tax	3.7		4.2	%
Japan
Statutory income tax rate differential	1.0		1.1	%
Other	(0.2)		(0.2)	%
Other foreign jurisdictions	0.2		0.2	%

Worldwide changes in unrecognized tax benefits	(0.6)		(0.7)	%
Income tax provision and effective tax rate	$	48.8	55.7	%

(1) The majority (greater than 50%) of the income tax effect within this category was from the following state and local jurisdictions: California, Illinois, New Jersey, New York, Pennsylvania, and Texas.

A reconciliation of the effective tax rate on our 2024 and 2023 income from continuing operations and the U.S. federal statutory tax rate is as follows:


	Years ended December 31,
	2024		2023
Statutory U.S. tax rate	21.0	%	21.0	%
State income taxes, net of U.S. tax benefit	2.3	%	2.2	%
Foreign income taxed at other than U.S. statutory rate	(7.0)	%	(3.6)	%
Federal tax credits	(4.7)	%	(3.6)	%
Other non-deductible expenses	1.3	%	0.8	%
Non-deductible compensation	4.0	%	3.7	%
U.S. Foreign tax inclusion	1.4	%	1.4	%
Foreign derived intangible income deduction	(2.7)	%	(2.7)	%

Impact of uncertain tax positions	0.8	%	1.5	%
Change in deferred tax valuation allowance	(0.1)	%	—	%

Other	(0.1)	%	2.5	%
Effective tax rate	16.2	%	23.2	%

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):


	2025		2024		2023
Balance at January 1	$	27.7	$	29.3	$	26.2
Additions based on tax positions related to the current year	0.7		2.1		1.8
Additions for tax positions of prior years	—		—		2.0
Reductions for tax positions of prior years	(1.3)		(0.8)		—
Settlement of tax audits	(6.1)		(1.1)		—
Current year dispositions	(2.2)		—		—
Reductions due to lapsed statute of limitations	(0.4)		(1.8)		(0.7)
Balance at December 31	$	18.4	$	27.7	$	29.3

As of December 31, 2025, the gross liability for income taxes associated with uncertain tax benefits was $18.4 million. This liability could be reduced by $0.1 million of offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, which was recorded as a long-term income tax receivable. Of the net amount, $11.4 million, if recognized, would affect our financial statements and favorably affect our effective income tax rate.

We recognize interest and penalties related to income tax matters in the income tax provision. We recognized a tax expense (benefit) of $(2.2) million, $0.3 million and $0.1 million, for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025 and 2024, the gross amount of accrued interest and penalties included in income taxes payable in the accompanying consolidated balance sheets was $0.4 million and $2.6 million, respectively.


Major Tax Jurisdiction						Years No Longer Subject to Audit
U.S. Federal						2009 and prior


Japan						2019 and prior
South Korea						2021 and prior
United Kingdom						2020 and prior

Our undistributed foreign earnings were deemed repatriated on December 31, 2017 from a U.S. federal income tax perspective, and a significant amount of our foreign earnings that have been accumulated through December 31, 2025 are not expected to be subject to U.S. income tax upon repatriation. We have not recognized deferred tax liabilities for foreign withholding taxes nor for U.S. state and local income taxes on the undistributed foreign earnings from our non-U.S. subsidiaries that we intend to reinvest indefinitely. Furthermore, we expect future earnings generated within the U.S. will be sufficient to meet our future domestic cash needs. With respect to our non-U.S. subsidiaries’ earnings for which we do not expect to reinvest indefinitely, we expect the net impact from such future repatriations on our overall tax liability to be insignificant.

Income taxes paid, net of refunds received, during 2025 by jurisdiction were (in millions):


	Year Ended December 31,
	2025
U.S. federal	$	1.0
U.S. state and local
Texas	1.4
Other	7.5
Foreign
Canada	1.4
China	2.5
Japan	5.0
Other	4.1
Total income taxes paid, net	$	22.9

Income taxes paid, net of refunds received, during the years ended December 31, 2024 and 2023 were $20.9 million and $21.5 million, respectively.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stock Plans and Share-Based Compensation - Share-Based Compensation Related to Employees and Directors (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense, before tax	$ 23.8	$ 27.6	$ 33.3
Income tax benefit	(5.7)	(6.6)	(8.0)
Share-based compensation expense, after tax	18.1	21.0	25.3
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense, before tax	1.6	1.6	2.4
Selling, general and administrative expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense, before tax	21.8	25.5	30.7
Research and development expenses
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Share-based compensation expense, before tax	$ 0.4	$ 0.5	$ 0.2

Income Taxes - Reconciliation of Effective Tax Rate on Income or Loss and Statutory Tax Rate (2024 and 2023) (Details)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Percentages
Statutory U.S. tax rate	21.00%	21.00%	21.00%
State income taxes, net of U.S. tax benefit	6.00%	2.30%	2.20%
Foreign income taxed at other than U.S. statutory rate		(7.00%)	(3.60%)
Federal tax credits		(4.70%)	(3.60%)
Other non-deductible expenses	0.50%	1.30%	0.80%
Non-deductible compensation	6.30%	4.00%	3.70%
U.S. Foreign tax inclusion		1.40%	1.40%
Foreign derived intangible income deduction	(0.50%)	(2.70%)	(2.70%)
Impact of uncertain tax positions		0.80%	1.50%
Change in deferred tax valuation allowance	27.40%	(0.10%)	0.00%
Other		(0.10%)	2.50%
Income tax provision and effective tax rate	55.70%	16.20%	23.20%

Commitments & Contingencies - Future Purchase Commitments (Details) $ in Millions	Dec. 31, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2026	$ 51.9
2027	25.7
2028	11.5
2029	2.1
2030	1.3
Thereafter	7.6
Total minimum obligations	$ 100.1

Leases (Tables)

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to our operating and financing ROU assets and lease liabilities is as follows (in millions):


		December 31,
	Balance Sheet Location	2025		2024
Assets
Operating lease ROU assets, net	Operating lease ROU assets, net	$	173.5	$	151.9
Financing lease ROU assets, net	Other assets, net	$	0.7	$	0.6

Liabilities
Current
Operating lease liabilities, short-term	Operating lease liabilities, short-term	$	22.9	$	18.1
Financing lease liabilities, short-term	Accounts payable and accrued expenses	$	0.3	$	0.2

Non-current
Operating lease liabilities, long-term	Operating lease liabilities, long-term	$	189.7	$	164.5
Financing lease liabilities, long-term	Other long-term liabilities	$	0.5	$	0.4

Schedule of Components of Lease Expense and Other Information Related to Leases

The components of lease expense included in our consolidated statements of operations for the periods presented below are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023

Operating lease costs:	$	34.3	$	30.9	$	23.7

Financing lease costs:
Amortization of ROU assets	0.3		0.2		0.3
Interest on lease liabilities	—		—		—
Total financing lease costs	0.3		0.2		0.3
Variable lease costs	1.7		2.7		2.7
Total lease costs	$	36.3	$	33.8	$	26.7

Other information related to leases (in millions):


	Year Ended December 31,
Supplemental Cash Flows Information	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	32.8	$	29.4	$	23.1
Operating cash flows from finance leases	$	—	$	—	$	0.1
Financing cash flows from finance leases	$	0.2	$	0.3	$	0.4

Lease liabilities arising from new ROU assets:
Operating leases	$	49.6	$	32.5	$	47.3
Finance leases	$	0.3	$	0.1	$	0.3


	December 31,
	2025		2024
Weighted-average remaining lease term (years):
Operating leases	9.4		10.4
Finance leases	3.4		2.9

Weighted-average discount rate:
Operating leases	6.8	%	6.6	%
Finance leases	7.1	%	6.9	%

Schedule of Future Minimum Lease Obligations

As of December 31, 2025, our future minimum lease obligations were as follows (in millions):


	Operating Leases		Finance Leases		Total
2026	$	36.1	$	0.3	$	36.4
2027	33.8		0.3		34.1
2028	32.0		0.1		32.1
2029	31.2		0.1		31.3
2030	27.3		0.1		27.4
Thereafter	137.5		—		137.5
Total future lease payments	297.9		0.9		298.8
Less: imputed interest	85.3		0.1		85.4
Total	$	212.6	$	0.8	$	213.4

Schedule of Future Minimum Lease Obligations

As of December 31, 2025, our future minimum lease obligations were as follows (in millions):


	Operating Leases		Finance Leases		Total
2026	$	36.1	$	0.3	$	36.4
2027	33.8		0.3		34.1
2028	32.0		0.1		32.1
2029	31.2		0.1		31.3
2030	27.3		0.1		27.4
Thereafter	137.5		—		137.5
Total future lease payments	297.9		0.9		298.8
Less: imputed interest	85.3		0.1		85.4
Total	$	212.6	$	0.8	$	213.4

The Company and Basis of Presentation (Details) - segment			12 Months Ended
	Nov. 17, 2025	May 31, 2025	Dec. 31, 2025
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of reportable segments			2
Number of operating segments			2
Disposed of by Sale \| Jack Wolfskin
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of equity interests sold		100.00%
Held-for-Sale \| Topgolf
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of equity interests sold	60.00%	60.00%
Ownership interest after disposal	40.00%

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	We have developed and implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information. We design and assess our program based on the National Institute of Standards and Technology Cybersecurity Framework (“NIST CSF”). This does not imply that we meet any particular technical standards, specifications, or requirements, only that we use the NIST CSF as a guide to help us identify, assess, and manage cybersecurity risks relevant to our business. Our cybersecurity risk management program is integrated into our overall risk management program, and shares common reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas. Key elements of our cybersecurity risk management program include but are not limited to the following: •risk assessments designed to help identify material cybersecurity risks to our critical systems and information; •a cybersecurity team principally responsible for managing our (1) cybersecurity risk assessment processes, (2) security controls, and (3) response to cybersecurity incidents; •the use of external service providers and software, where appropriate, to monitor, assess, test or otherwise assist with aspects of our security processes; •cybersecurity awareness training of our employees; •a global incident response plan that includes procedures for responding to cybersecurity incidents; and •a third-party risk management process for key service providers and suppliers. We have not identified risks from known cybersecurity threats, including as a result of prior cybersecurity incidents, that have materially affected or are reasonably likely to materially affect us, including our operations, business strategy, results of operations, or financial condition. However, there can be no assurance that our cybersecurity risk management program and processes, including our policies, controls, or procedures, will be fully implemented, complied with or effective in protecting our systems and information. Refer to “Item 1A. Risk Factors”, including “Cybersecurity incidents, including cyber-attacks, unauthorized access to, or accidental disclosure of, personal information including payment card information, that we or our vendors collect or store on our behalf may result in significant expense and negatively impact our reputation and business,” for additional discussion about our cybersecurity risks.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity risk management program is integrated into our overall risk management program, and shares common reporting channels and governance processes that apply across the risk management program to other legal, compliance, strategic, operational, and financial risk areas.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board considers cybersecurity risk as part of its risk oversight function and has delegated to the Audit Committee oversight of cybersecurity risks, including oversight of management’s implementation of our cybersecurity risk management program. The Audit Committee receives reports from management on our cybersecurity risks, no less than annually. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program. Our management team, led by our Chief Information Security Officer (CISO) and supported by leaders from our Global Information Technology, Information Security, and Information Technology Compliance organizations, oversees the assessment and management of material risks associated with cybersecurity threats. This includes directing our comprehensive cybersecurity risk management program, supervising internal cybersecurity personnel, and collaborating with external cybersecurity consultants to maintain a robust and adaptive security posture, as well as strengthening our cybersecurity framework and ensuring alignment with evolving regulatory requirements and industry best practices. These efforts underscore our commitment to proactively managing risks and safeguarding critical assets in an increasingly complex threat landscape. Our CISO has over 15 years of experience overseeing cybersecurity strategy, risk management, cyber defense and regulatory compliance, including for a large casino and hospitality company and a large, nationwide health system. Additionally, our CISO holds the Certified Information Security Manager (CISM) credential. Our CISO is supported by a leadership team with over 75 years of combined experience and extensive expertise in cybersecurity, risk management, and compliance. Team members hold numerous globally recognized certifications, including Certified Information Systems Security Professional (CISSP) from ISC2, Certified Information Systems Manager (CISM) and Certified Information Systems Auditor (CISA) from ISACA, Security+ and Network+ from CompTIA, Github Advanced Security through Microsoft and Certified Ethical Hacker (C\|EH) from EC-Council, among others. Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants we engage; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management team, led by our Chief Information Security Officer (CISO) and supported by leaders from our Global Information Technology, Information Security, and Information Technology Compliance organizations, oversees the assessment and management of material risks associated with cybersecurity threats.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our management team, led by our Chief Information Security Officer (CISO) and supported by leaders from our Global Information Technology, Information Security, and Information Technology Compliance organizations, oversees the assessment and management of material risks associated with cybersecurity threats. This includes directing our comprehensive cybersecurity risk management program, supervising internal cybersecurity personnel, and collaborating with external cybersecurity consultants to maintain a robust and adaptive security posture, as well as strengthening our cybersecurity framework and ensuring alignment with evolving regulatory requirements and industry best practices. These efforts underscore our commitment to proactively managing risks and safeguarding critical assets in an increasingly complex threat landscape.
Cybersecurity Risk Role of Management [Text Block]	Our management team, led by our Chief Information Security Officer (CISO) and supported by leaders from our Global Information Technology, Information Security, and Information Technology Compliance organizations, oversees the assessment and management of material risks associated with cybersecurity threats. This includes directing our comprehensive cybersecurity risk management program, supervising internal cybersecurity personnel, and collaborating with external cybersecurity consultants to maintain a robust and adaptive security posture, as well as strengthening our cybersecurity framework and ensuring alignment with evolving regulatory requirements and industry best practices. These efforts underscore our commitment to proactively managing risks and safeguarding critical assets in an increasingly complex threat landscape. Our CISO has over 15 years of experience overseeing cybersecurity strategy, risk management, cyber defense and regulatory compliance, including for a large casino and hospitality company and a large, nationwide health system. Additionally, our CISO holds the Certified Information Security Manager (CISM) credential. Our CISO is supported by a leadership team with over 75 years of combined experience and extensive expertise in cybersecurity, risk management, and compliance. Team members hold numerous globally recognized certifications, including Certified Information Systems Security Professional (CISSP) from ISC2, Certified Information Systems Manager (CISM) and Certified Information Systems Auditor (CISA) from ISACA, Security+ and Network+ from CompTIA, Github Advanced Security through Microsoft and Certified Ethical Hacker (C\|EH) from EC-Council, among others. Our management team takes steps to stay informed about and monitor efforts to prevent, detect, mitigate, and remediate cybersecurity risks and incidents through various means, which may include briefings from internal security personnel; threat intelligence and other information obtained from governmental, public or private sources, including external consultants we engage; and alerts and reports produced by security tools deployed in the IT environment.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Our management team, led by our Chief Information Security Officer (CISO) and supported by leaders from our Global Information Technology, Information Security, and Information Technology Compliance organizations, oversees the assessment and management of material risks associated with cybersecurity threats. This includes directing our comprehensive cybersecurity risk management program, supervising internal cybersecurity personnel, and collaborating with external cybersecurity consultants to maintain a robust and adaptive security posture, as well as strengthening our cybersecurity framework and ensuring alignment with evolving regulatory requirements and industry best practices.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	Our CISO has over 15 years of experience overseeing cybersecurity strategy, risk management, cyber defense and regulatory compliance, including for a large casino and hospitality company and a large, nationwide health system. Additionally, our CISO holds the Certified Information Security Manager (CISM) credential. Our CISO is supported by a leadership team with over 75 years of combined experience and extensive expertise in cybersecurity, risk management, and compliance. Team members hold numerous globally recognized certifications, including Certified Information Systems Security Professional (CISSP) from ISC2, Certified Information Systems Manager (CISM) and Certified Information Systems Auditor (CISA) from ISACA, Security+ and Network+ from CompTIA, Github Advanced Security through Microsoft and Certified Ethical Hacker (C\|EH) from EC-Council, among others.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	The Audit Committee receives reports from management on our cybersecurity risks, no less than annually. In addition, management updates the Audit Committee, as necessary, regarding any material cybersecurity incidents, as well as any incidents with lesser impact potential. The Audit Committee reports to the full Board regarding its activities, including those related to cybersecurity. The full Board also receives briefings from management on our cyber risk management program.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Stock Plans and Share-Based Compensation - Summary of Intrinsic Value and Cash Received for Option Exercises (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Intrinsic value for options exercised	$ 0.0	$ 0.0	$ 1.7
Cash received from exercise of options	$ 0.1	$ 0.1	$ 4.2

Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Operating leases and financing leases

Supplemental balance sheet information related to our operating and financing ROU assets and lease liabilities is as follows (in millions):


		December 31,
	Balance Sheet Location	2025		2024
Assets
Operating lease ROU assets, net	Operating lease ROU assets, net	$	173.5	$	151.9
Financing lease ROU assets, net	Other assets, net	$	0.7	$	0.6

Liabilities
Current
Operating lease liabilities, short-term	Operating lease liabilities, short-term	$	22.9	$	18.1
Financing lease liabilities, short-term	Accounts payable and accrued expenses	$	0.3	$	0.2

Non-current
Operating lease liabilities, long-term	Operating lease liabilities, long-term	$	189.7	$	164.5
Financing lease liabilities, long-term	Other long-term liabilities	$	0.5	$	0.4

The components of lease expense included in our consolidated statements of operations for the periods presented below are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023

Operating lease costs:	$	34.3	$	30.9	$	23.7

Financing lease costs:
Amortization of ROU assets	0.3		0.2		0.3
Interest on lease liabilities	—		—		—
Total financing lease costs	0.3		0.2		0.3
Variable lease costs	1.7		2.7		2.7
Total lease costs	$	36.3	$	33.8	$	26.7

Other information related to leases (in millions):


	Year Ended December 31,
Supplemental Cash Flows Information	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	32.8	$	29.4	$	23.1
Operating cash flows from finance leases	$	—	$	—	$	0.1
Financing cash flows from finance leases	$	0.2	$	0.3	$	0.4

Lease liabilities arising from new ROU assets:
Operating leases	$	49.6	$	32.5	$	47.3
Finance leases	$	0.3	$	0.1	$	0.3


	December 31,
	2025		2024
Weighted-average remaining lease term (years):
Operating leases	9.4		10.4
Finance leases	3.4		2.9

Weighted-average discount rate:
Operating leases	6.8	%	6.6	%
Finance leases	7.1	%	6.9	%

As of December 31, 2025, our future minimum lease obligations were as follows (in millions):


	Operating Leases		Finance Leases		Total
2026	$	36.1	$	0.3	$	36.4
2027	33.8		0.3		34.1
2028	32.0		0.1		32.1
2029	31.2		0.1		31.3
2030	27.3		0.1		27.4
Thereafter	137.5		—		137.5
Total future lease payments	297.9		0.9		298.8
Less: imputed interest	85.3		0.1		85.4
Total	$	212.6	$	0.8	$	213.4

Leases

Operating leases and financing leases

Supplemental balance sheet information related to our operating and financing ROU assets and lease liabilities is as follows (in millions):


		December 31,
	Balance Sheet Location	2025		2024
Assets
Operating lease ROU assets, net	Operating lease ROU assets, net	$	173.5	$	151.9
Financing lease ROU assets, net	Other assets, net	$	0.7	$	0.6

Liabilities
Current
Operating lease liabilities, short-term	Operating lease liabilities, short-term	$	22.9	$	18.1
Financing lease liabilities, short-term	Accounts payable and accrued expenses	$	0.3	$	0.2

Non-current
Operating lease liabilities, long-term	Operating lease liabilities, long-term	$	189.7	$	164.5
Financing lease liabilities, long-term	Other long-term liabilities	$	0.5	$	0.4

The components of lease expense included in our consolidated statements of operations for the periods presented below are as follows (in millions):


	Year Ended December 31,
	2025		2024		2023

Operating lease costs:	$	34.3	$	30.9	$	23.7

Financing lease costs:
Amortization of ROU assets	0.3		0.2		0.3
Interest on lease liabilities	—		—		—
Total financing lease costs	0.3		0.2		0.3
Variable lease costs	1.7		2.7		2.7
Total lease costs	$	36.3	$	33.8	$	26.7

Other information related to leases (in millions):


	Year Ended December 31,
Supplemental Cash Flows Information	2025		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	32.8	$	29.4	$	23.1
Operating cash flows from finance leases	$	—	$	—	$	0.1
Financing cash flows from finance leases	$	0.2	$	0.3	$	0.4

Lease liabilities arising from new ROU assets:
Operating leases	$	49.6	$	32.5	$	47.3
Finance leases	$	0.3	$	0.1	$	0.3


	December 31,
	2025		2024
Weighted-average remaining lease term (years):
Operating leases	9.4		10.4
Finance leases	3.4		2.9

Weighted-average discount rate:
Operating leases	6.8	%	6.6	%
Finance leases	7.1	%	6.9	%

As of December 31, 2025, our future minimum lease obligations were as follows (in millions):


	Operating Leases		Finance Leases		Total
2026	$	36.1	$	0.3	$	36.4
2027	33.8		0.3		34.1
2028	32.0		0.1		32.1
2029	31.2		0.1		31.3
2030	27.3		0.1		27.4
Thereafter	137.5		—		137.5
Total future lease payments	297.9		0.9		298.8
Less: imputed interest	85.3		0.1		85.4
Total	$	212.6	$	0.8	$	213.4

Discontinued Operations - Schedule of the Results of Discontinued Operations on the Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2025	May 31, 2025	Dec. 31, 2024
Current assets of discontinued operations
Total current assets of discontinued operations	$ 4,170.0		$ 288.1
Long-term assets of discontinued operations
Total long-term assets of discontinued operations	0.0		4,745.6
Current liabilities of discontinued operations
Total current liabilities of discontinued operations	3,113.5		419.4
Long-term liabilities of discontinued operations
Total long-term liabilities of discontinued operations	0.0		2,818.3
Total
Current assets of discontinued operations
Accounts receivable			38.5
Inventories			129.1
Other current assets			120.5
Total current assets of discontinued operations			288.1
Long-term assets of discontinued operations
Property, plant and equipment, net			2,043.1
Operating lease right-of-use assets, net			1,187.3
Trade names and trademarks			1,085.5
Other intangible assets, net			64.6
Goodwill			1.5
Other assets, net			363.6
Total long-term assets of discontinued operations			4,745.6
Total assets of discontinued operations			5,033.7
Current liabilities of discontinued operations
Accounts payable and accrued expenses			184.1
Accrued employee compensation and benefits			65.1
Operating lease liabilities, short-term			71.2
Construction advances			6.0
Deferred revenue			80.1
Other current liabilities			12.9
Total current liabilities of discontinued operations			419.4
Long-term liabilities of discontinued operations
Long-term debt, net			43.6
Operating lease liabilities, long-term			1,212.6
Deemed landlord financing obligations			1,194.8
Other long-term liabilities			367.3
Total long-term liabilities of discontinued operations			2,818.3
Total liabilities of discontinued operations			3,237.7
Held-for-Sale \| Topgolf
Current assets of discontinued operations
Accounts receivable	4.2		8.1
Inventories	37.1		43.5
Other current assets	117.2		103.8
Total current assets of discontinued operations	158.5		155.4
Long-term assets of discontinued operations
Property, plant and equipment, net	2,072.5		2,030.8
Operating lease right-of-use assets, net	1,066.4		1,122.8
Trade names and trademarks	607.9		891.9
Other intangible assets, net	46.5		50.5
Goodwill			0.0
Other assets, net	218.2		349.5
Total long-term assets of discontinued operations	4,011.5		4,445.5
Total assets of discontinued operations	4,170.0		4,600.9
Current liabilities of discontinued operations
Accounts payable and accrued expenses	117.2		121.8
Accrued employee compensation and benefits	56.1		51.9
Operating lease liabilities, short-term	59.8		55.6
Construction advances	29.1		6.0
Deferred revenue	59.7		78.2
Other current liabilities	3.1		5.3
Total current liabilities of discontinued operations	325.0		318.8
Long-term liabilities of discontinued operations
Long-term debt, net	42.8		43.6
Operating lease liabilities, long-term	1,102.5		1,162.0
Deemed landlord financing obligations	1,300.7		1,194.8
Other long-term liabilities	342.5		341.1
Total long-term liabilities of discontinued operations	2,788.5		2,741.5
Total liabilities of discontinued operations	$ 3,113.5		3,060.3
Disposed of by Sale \| Jack Wolfskin
Current assets of discontinued operations
Accounts receivable		$ 11.7	30.4
Inventories		86.2	85.6
Other current assets		36.2	16.7
Total current assets of discontinued operations			132.7
Long-term assets of discontinued operations
Property, plant and equipment, net			12.3
Operating lease right-of-use assets, net			64.5
Trade names and trademarks			193.6
Other intangible assets, net			14.1
Goodwill			1.5
Other assets, net			14.1
Total long-term assets of discontinued operations			300.1
Total assets of discontinued operations		441.7	432.8
Current liabilities of discontinued operations
Accounts payable and accrued expenses			62.3
Accrued employee compensation and benefits			13.2
Operating lease liabilities, short-term			15.6
Construction advances			0.0
Deferred revenue			1.9
Other current liabilities			7.6
Total current liabilities of discontinued operations			100.6
Long-term liabilities of discontinued operations
Long-term debt, net			0.0
Operating lease liabilities, long-term			50.6
Deemed landlord financing obligations			0.0
Other long-term liabilities			26.2
Total long-term liabilities of discontinued operations			76.8
Total liabilities of discontinued operations		$ 154.0	$ 177.4

Stock Plans and Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Shares Authorized, Available for Future Grant and Outstanding Under Each Plans

The following table presents shares authorized, available for future grant and outstanding under each of our plans as of December 31, 2025 (in millions):


	Authorized	Available (1)	Outstanding




2022 Incentive Plan	33.4	16.4	5.8
Topgolf Equity Compensation Plans and Option Agreement	2.7	—	0.5
Total	36.1	16.4	6.3

(1) Includes shares subject to a full award value under the 2022 Incentive Plan’s fungible share ratio. PRSUs are counted against the share reserve based on “maximum” level of performance and may vest up to 200% of the “target” number of units, depending on the year granted and the terms of such awards.

Schedule of Stock Option Activities

The following table summarizes our stock option activities for the year ended December 31, 2025 (in millions, except per share amounts and contractual term):


Options	Number of Shares	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2025	0.6	$	29.44

Exercised (1)	—	$	9.37

Expired	(0.1)	$	20.48
Outstanding at December 31, 2025	0.5	$	30.82	2.4	$	—
Vested and expected to vest in the future at December 31, 2025	0.5	$	30.82	2.4	$	—
Exercisable at December 31, 2025	0.5	$	30.82	2.4	$	—

(1) A nominal number of stock options were exercised during the year ended December 31, 2025.

Schedule of Intrinsic Value and Cash Received for Option Exercises

The following table summarizes information related to intrinsic value and cash received related to option exercises for the periods presented below (in millions):


	Year Ended December 31,
	2025		2024		2023
Intrinsic value for options exercised (1)	$	—	$	—	$	1.7
Cash received from exercise of options (1)	$	0.1	$	0.1	$	4.2

(1) Intrinsic value and cash received related to option exercises were nominal during the years ended December 31, 2025 and 2024.

Schedule of Roll-Forward of Activity for Restricted Stock Units

The following table represents activity for restricted stock units, restricted stock awards, and performance-based awards for the year ended December 31, 2025 (in millions, except fair value amounts):


	RSUs			RSAs			PRSUs
	Units	Weighted- Average Grant-Date Fair Value		Units	Weighted- Average Grant-Date Fair Value		Units	Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2025	1.7	$	16.81	—	$	—	2.3	$	27.85
Granted	2.9	$	6.86	—	$	—	1.7	$	8.57
Vested	(0.9)	$	17.14	—	$	—	(0.5)	$	29.52

Forfeited	(0.5)	$	9.52	—	$	—	(0.9)	$	23.85

Unvested at December 31, 2025	3.2	$	8.88	—	$	—	2.6	$	16.20

Schedule of Roll-Forward of Activity for Restricted Stock


	RSUs			RSAs			PRSUs
	Units	Weighted- Average Grant-Date Fair Value		Units	Weighted- Average Grant-Date Fair Value		Units	Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2025	1.7	$	16.81	—	$	—	2.3	$	27.85
Granted	2.9	$	6.86	—	$	—	1.7	$	8.57
Vested	(0.9)	$	17.14	—	$	—	(0.5)	$	29.52

Forfeited	(0.5)	$	9.52	—	$	—	(0.9)	$	23.85

Unvested at December 31, 2025	3.2	$	8.88	—	$	—	2.6	$	16.20

Schedule of Roll-Forward of Activity for Performance Shares


	RSUs			RSAs			PRSUs
	Units	Weighted- Average Grant-Date Fair Value		Units	Weighted- Average Grant-Date Fair Value		Units	Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2025	1.7	$	16.81	—	$	—	2.3	$	27.85
Granted	2.9	$	6.86	—	$	—	1.7	$	8.57
Vested	(0.9)	$	17.14	—	$	—	(0.5)	$	29.52

Forfeited	(0.5)	$	9.52	—	$	—	(0.9)	$	23.85

Unvested at December 31, 2025	3.2	$	8.88	—	$	—	2.6	$	16.20

Schedule of Fair Value of Awards Vested and Weighted Average Grant Date Fair Value per Share

The following table summarizes fair value of awards vested and the weighted-average grant date fair value per share of awards granted during the periods presented below (in millions, except for per share amounts):


	Years Ended December 31,
	2025		2024		2023
RSUs:
Total fair value of RSUs vested	$	14.8	$	19.1	$	17.3
Per share weighted-average grant date fair value of RSU grants	$	6.86	$	13.25	$	22.78

RSAs:
Total fair value of RSAs vested	$	—	$	0.5	$	1.3
Per share weighted-average grant date fair value of RSA grants (1)	$	—	$	—	$	19.60

PRSUs:
Total fair value of PRSUs vested	$	13.7	$	40.8	$	7.8
Per share weighted-average grant date fair value of PRSU grants	$	8.57	$	19.01	$	36.58

(1) There were no RSAs granted during the years ended December 31, 2025 and 2024.

Schedule of Share-Based Payment Arrangement, Nonvested Award, Cost Not Yet Recognized

The following table summarizes the unamortized compensation expense, net of estimated forfeitures, of awards granted under our share-based plans as of December 31, 2025, as well as their related weighted-average remaining recognition period (in millions, except for periods):


	December 31, 2025
RSUs:
Unamortized compensation expense for RSUs	$	15.8
Weighted-average remaining recognition period (in years)	1.8





PRSUs:
Unamortized compensation expense for PRSUs	$	13.4
Weighted-average remaining recognition period (in years)	1.6

Schedule of Share-Based Compensation Including Expense for Phantom Stock Units and Cash Settled Stock Appreciation Rights Granted to Employees

The table below summarizes amounts recognized for share-based compensation by award-type, net of estimated forfeitures, in our consolidated statement of operations for the periods presented (in millions):


	Years Ended December 31,
	2025		2024		2023

Restricted stock units	$	10.2	$	9.8	$	11.8

Performance based restricted share unit awards	13.6		17.8		21.5

Total share-based compensation expense, before tax	23.8		27.6		33.3
Income tax benefit	(5.7)		(6.6)		(8.0)
Total share-based compensation expense, after tax	$	18.1	$	21.0	$	25.3

The table below summarizes amounts recognized for share-based compensation, net of estimated forfeitures, in our consolidated statement of operations for the periods presented (in millions):


	Years Ended December 31,
	2025		2024		2023
Cost of sales	$	1.6	$	1.6	$	2.4
Selling, general and administrative expenses	21.8		25.5		30.7
Research and development expenses	0.4		0.5		0.2
Share-based compensation expense, before tax	23.8		27.6		33.3
Income tax benefit	(5.7)		(6.6)		(8.0)
Share-based compensation expense, after tax	$	18.1	$	21.0	$	25.3

Leases - Future Minimum Lease Obligations (Details) $ in Millions	Dec. 31, 2025 USD ($)
Operating Leases
2026	$ 36.1
2027	33.8
2028	32.0
2029	31.2
2030	27.3
Thereafter	137.5
Total future lease payments	297.9
Less: imputed interest	85.3
Total	212.6
Finance Leases
2026	0.3
2027	0.3
2028	0.1
2029	0.1
2030	0.1
Thereafter	0.0
Total future lease payments	0.9
Less: imputed interest	0.1
Total	0.8
Total
2026	36.4
2027	34.1
2028	32.1
2029	31.3
2030	27.4
Thereafter	137.5
Total future lease payments	298.8
Less: imputed interest	85.4
Total	$ 213.4

Stock Plans and Share-Based Compensation - Schedule of Share-Based Payment Arrangement Activity Expensed (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense, before tax	$ 23.8	$ 27.6	$ 33.3
Income tax benefit	(5.7)	(6.6)	(8.0)
Total share-based compensation expense, after tax	18.1	21.0	25.3
Restricted Stock Units
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense, before tax	10.2	9.8	11.8
Performance Shares
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total share-based compensation expense, before tax	$ 13.6	$ 17.8	$ 21.5

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit loss	$ 4.9	$ 5.8
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	3,000,000.0	3,000,000.0
Preferred stock, outstanding (in shares)	0	0
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	360,000,000.0	360,000,000.0
Common stock, issued (in shares)	186,200,000	186,200,000
Common stock held in treasury (in shares)	2,300,000	3,100,000

Income Taxes - Income (Loss) Before Income Tax Provision (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Income Tax Disclosure [Abstract]
United States	$ 17.6	$ 42.0	$ 65.8
Foreign	70.0	69.5	63.7
Income (loss) from continuing operations, before income taxes	$ 87.6	$ 111.5	$ 129.5

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Section 55
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 12: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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+ Details

Financing Arrangements - Capped Call (Details) - Convertible Notes - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jul. 31, 2022	Dec. 31, 2025
Debt Instrument [Line Items]
Debt instrument, capped call transaction cap price (in dollars per share)		$ 23.71
Senior Notes
Debt Instrument [Line Items]
Debt instrument, convertible, conversion price (in dollars per share)		$ 17.62
Debt conversion, converted instrument, shares received	3,499
Convertible Debt
Debt Instrument [Line Items]
Converted instrument, amount	$ 0.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 367.5	$ 462.6	$ 600.4	$ 629.6	$ 371.4	$ 452.3	$ 614.3	$ 639.7	$ 2,060.1	$ 2,077.7	$ 2,132.7
United States
Disaggregation of Revenue [Line Items]
Net sales									1,363.3	1,381.1	1,395.7
Europe
Disaggregation of Revenue [Line Items]
Net sales									203.8	182.1	173.4
Asia
Disaggregation of Revenue [Line Items]
Net sales									363.1	379.1	436.6
Rest of World
Disaggregation of Revenue [Line Items]
Net sales									129.9	135.4	127.0
Golf Equipment
Disaggregation of Revenue [Line Items]
Net sales									1,375.1	1,382.7	1,387.9
Apparel, Gear and Other
Disaggregation of Revenue [Line Items]
Net sales									685.0	695.0	744.8
Golf clubs \| Golf Equipment
Disaggregation of Revenue [Line Items]
Net sales									1,052.9	1,060.9	1,073.4
Golf balls \| Golf Equipment
Disaggregation of Revenue [Line Items]
Net sales									322.2	321.8	314.5
Apparel \| Apparel, Gear and Other
Disaggregation of Revenue [Line Items]
Net sales									398.8	405.6	411.7
Gear, accessories & other \| Apparel, Gear and Other
Disaggregation of Revenue [Line Items]
Net sales									$ 286.2	$ 289.4	$ 333.1

Financing Arrangements - Schedule of Borrowings, Availability, Interest Rate and Liquidity for Short-term Credit Facilities (Details) $ in Millions	12 Months Ended
	Dec. 31, 2025 USD ($)
Line of Credit Facility [Line Items]
Total available liquidity	$ 1,245.1
Revolving Credit Facility \| 2023 ABL Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Average availability	$ 411.0
Weighted-average interest rate	7.89%
Revolving Credit Facility \| 2025 Japan ABL Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Average availability	$ 13.3
Weighted-average interest rate	1.32%

Commitments & Contingencies (Tables)

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Purchase Commitments

As of December 31, 2025, the minimum obligation that we are required to pay under these agreements over the next five years is as follows (in millions):


2026	$	51.9
2027	25.7
2028	11.5
2029	2.1
2030	1.3
Thereafter	7.6
Total minimum obligations	$	100.1

Stock Plans and Share-Based Compensation - Shares Authorized, Available for Future Grant and Outstanding Under Each Plans (Details)	12 Months Ended
	Dec. 31, 2025 shares
Equity Incentive Plan [Line Items]
Authorized (in shares)	36,100,000
Available (in shares)	16,400,000
Outstanding (in shares)	6,300,000
Share-based compensation arrangement by share-based payment award, percentage of outstanding stock maximum	200.00%
2022 Incentive Plan
Equity Incentive Plan [Line Items]
Authorized (in shares)	33,400,000
Available (in shares)	16,400,000
Outstanding (in shares)	5,800,000
Topgolf Equity Compensation Plans and Option Agreement
Equity Incentive Plan [Line Items]
Authorized (in shares)	2,700,000
Available (in shares)	0
Outstanding (in shares)	500,000

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill by operating and reportable segment are as follows (in millions):


	Golf Equipment		Apparel, Gear and Other		Total
Balance at December 31, 2023	$	531.0	$	88.3		$	619.3

Foreign currency translation and other	(0.6)		—			(0.6)
Balance at December 31, 2024	$	530.4	$	88.3		$	618.7



Foreign currency translation and other	1.1		—			1.1
Balance at December 31, 2025	$	531.5	$	88.3		$	619.8

Schedule of Intangible Assets by Major Asset Class

Intangible assets by major asset class for the periods presented in the table below were (in millions, except useful life years):


	Indefinite-lived:		Amortizing:
	Trade name and Trademarks			Patents		Customer/ Distributor Relationships and Other		Total

Useful Life (Years)	NA			2 - 16		1 - 10

Gross as of December 31, 2024	$	218.4		$	31.6	$	24.1	$	274.1
Acquisitions	0.4			0.3		0.1		0.8



Gross as of December 31, 2025	$	218.8		$	31.9	$	24.2	$	274.9
Accumulated amortization	—			(31.6)		(20.8)		(52.4)
Foreign currency translation and other	—			—		(0.1)		(0.1)
Net book value, December 31, 2025	$	218.8		$	0.3	$	3.3	$	222.4

Gross as of December 31, 2023	$	218.4		$	31.6	$	21.3	$	271.3
Acquisitions	—			—		2.8		2.8
Gross as of December 31, 2024	$	218.4		$	31.6	$	24.1	$	274.1
Accumulated amortization	—			(31.6)		(19.9)		(51.5)
Foreign currency translation and other	—			—		(0.1)		(0.1)
Net book value, December 31, 2024	$	218.4		$	—	$	4.1	$	222.5

Schedule of Amortization Expense Related to Intangible Assets

As of December 31, 2025, intangible asset amortization expense is expected to be incurred for the periods presented as follows (in millions):


2026	$	0.9
2027	0.6
2028	0.3
2029	0.3
2030	0.1
Thereafter	—
Total	$	2.2

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Summarized Quarterly Data (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2025

Quarterly Financial Information Disclosure [Abstract]

Summarized Quarterly Data


	Quarter Ended
	March 31,		June 30,		September 30,		December 31,		Total
	(in millions, except per share data)
2025
Net sales	$	629.6	$	600.4	$	462.6	$	367.5	$	2,060.1
Income (loss) from continuing operations	$	103.1	$	74.3	$	4.8	$	(54.1)	$	128.1
Loss from discontinued operations, net of tax	$	(61.3)	$	(25.2)	$	(10.6)	$	(351.0)	$	(448.1)
Net income (loss)	$	2.1	$	20.3	$	(14.7)	$	(417.0)	$	(409.3)
Basic earnings (loss) per common share:
Continuing operations	$	0.35	$	0.25	$	(0.02)	$	(0.36)	$	0.21
Discontinued operations	$	(0.33)	$	(0.14)	$	(0.06)	$	(1.91)	$	(2.44)
Net earnings (loss)	$	0.01	$	0.11	$	(0.08)	$	(2.27)	$	(2.23)
Diluted earnings (loss) per common share:
Continuing operations	$	0.33	$	0.24	$	(0.02)	$	(0.36)	$	0.21
Discontinued operations	$	(0.30)	$	(0.12)	$	(0.06)	$	(1.91)	$	(2.41)
Net earnings (loss)	$	0.02	$	0.11	$	(0.08)	$	(2.27)	$	(2.20)


	Quarter Ended
	March 31,		June 30,		September 30,		December 31,		Total
	(in millions, except per share data)
2024
Net sales	$	639.7	$	614.3	$	452.3	$	371.4	$	2,077.7
Income (loss) from continuing operations	$	78.8	$	86.7	$	12.0	$	(24.6)	$	152.9
Loss from discontinued operations, net of tax	$	(50.4)	$	(37.3)	$	(34.6)	$	(1,418.8)	$	(1,541.1)
Net income (loss)	$	6.5	$	62.1	$	(3.6)	$	(1,512.7)	$	(1,447.7)
Basic earnings (loss) per common share:
Continuing operations	$	0.31	$	0.54	$	0.17	$	(0.51)	$	0.51
Discontinued operations	$	(0.27)	$	(0.20)	$	(0.19)	$	(7.72)	$	(8.39)
Net earnings	$	0.04	$	0.34	$	(0.02)	$	(8.23)	$	(7.88)
Diluted earnings (loss) per common share:
Continuing operations	$	0.29	$	0.51	$	0.16	$	(0.51)	$	0.50
Discontinued operations	$	(0.25)	$	(0.18)	$	(0.17)	$	(7.72)	$	(7.73)
Net earnings (loss)	$	0.04	$	0.32	$	(0.01)	$	(8.23)	$	(7.23)

Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2025

Revenue Recognition [Abstract]

Schedule of Disaggregation of Revenue

The following table presents our sales disaggregated by operating and reportable segment and major category (in millions):


	Year Ended December 31,
	2025		2024		2023
Golf Equipment:
Golf clubs	$	1,052.9	$	1,060.9	$	1,073.4
Golf balls	322.2		321.8		314.5
Total Golf Equipment	$	1,375.1	$	1,382.7	$	1,387.9

Apparel, Gear and Other:
Apparel	$	398.8	$	405.6	$	411.7
Gear, accessories & other	286.2		289.4		333.1
Total Apparel, Gear and Other	$	685.0	$	695.0	$	744.8

Total Consolidated	$	2,060.1	$	2,077.7	$	2,132.7

The following table summarizes sales by geographical region (in millions):


	Year Ended December 31,
	2025		2024		2023
Sales by Major Geographic Region:
United States	$	1,363.3	$	1,381.1	$	1,395.7
Europe	203.8		182.1		173.4
Asia	363.1		379.1		436.6
Rest of World	129.9		135.4		127.0
Total	$	2,060.1	$	2,077.7	$	2,132.7

The following table summarizes the licensing and royalty income we received, which is recorded as sales, for the periods presented (in millions):


	Year Ended December 31,
	2025		2024		2023
Apparel, Gear and Other	$	28.8	$	27.1	$	26.9

Schedule of Reconciliation of Activity Related to Short-term Deferred Revenue

The following table provides a reconciliation of activity related to our short-term deferred revenue balance for the periods presented (in millions):


	Year Ended December 31,
	2025		2024		2023
Beginning Balance	$	15.9	$	12.7	$	10.5
Deferral of revenue	25.2		23.4		18.5
Revenue recognized	(17.4)		(19.5)		(15.5)
Breakage	(2.1)		(1.4)		(0.8)
Foreign currency translation and other	(0.1)		0.7		—
Ending Balance	$	21.5	$	15.9	$	12.7


	Year Ended December 31,
	2025		2024		2023
Deferred revenue recognized from prior period ending balance (excluding breakage)	$	3.0	$	5.0	$	3.2

Schedule of Reconciliation of Short Term Sales Program Incentives

The following table provides a reconciliation of our short-term sales program incentives activity for the periods presented (in millions):


	Year Ended December 31,
	2025		2024		2023
Sales Program Incentives:
Beginning Balance	$	18.2	$	15.9	$	20.1
Additions	44.5		43.4		39.3
Credits issued	(46.9)		(39.6)		(41.9)
Foreign currency translation and other	(0.8)		(1.5)		(1.6)
Ending Balance	$	15.0	$	18.2	$	15.9

Schedule of Sales Returns and Allowances

The following table provides a reconciliation of the activity related to our sales return reserve for the periods presented (in millions):


	Year Ended December 31,
	2025		2024		2023
Sales Return Liability:
Beginning Balance	$	62.2	$	51.6	$	50.0
Provision	185.0		178.1		174.4
Sales returns	(183.0)		(167.5)		(172.8)
Ending Balance	$	64.2	$	62.2	$	51.6

Schedule of Cost Recovery Of Inventory

The following table summarizes the cost recovery of inventory associated with our sales return liability included in other current assets (in millions):


	Year Ended December 31,
	2025		2024		2023
Cost recovery of inventory	$	30.4	$	27.9	$	24.2

Schedule of Accrued Rebate Liability

The following table summarizes the accrued rebate liability associated with our sales program included in accounts payable and accrued expenses (in millions):


	Year Ended December 31,
	2025		2024		2023
Accrued rebate liability	$	15.0	$	14.3	$	13.6

Goodwill and Intangible Assets - Intangible Assets by Major Asset Class (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Accumulated amortization	$ (52.4)	$ (51.5)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Gross	274.9	274.1	$ 271.3
Acquisitions	0.8	2.8
Accumulated amortization	(52.4)	(51.5)
Foreign currency translation and other	(0.1)	(0.1)
Net book value	222.4	222.5
Trade name and Trademarks
Indefinite-lived Intangible Assets [Line Items]
Gross	218.8	218.4	218.4
Acquisitions	0.4	0.0
Foreign currency translation and other	0.0	0.0
Net book value	218.8	218.4
Patents
Finite-Lived Intangible Assets, Net [Abstract]
Gross	31.9	31.6	31.6
Acquisitions	0.3	0.0
Accumulated amortization	(31.6)	(31.6)
Foreign currency translation and other	0.0	0.0
Net book value	0.3	0.0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (31.6)	(31.6)
Patents \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	2 years
Patents \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	16 years
Customer/ Distributor Relationships and Other
Finite-Lived Intangible Assets, Net [Abstract]
Gross	$ 24.2	24.1	$ 21.3
Acquisitions	0.1	2.8
Accumulated amortization	(20.8)	(19.9)
Foreign currency translation and other	(0.1)	(0.1)
Net book value	3.3	4.1
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Accumulated amortization	$ (20.8)	$ (19.9)
Customer/ Distributor Relationships and Other \| Minimum
Finite-Lived Intangible Assets [Line Items]
Useful life	1 year
Customer/ Distributor Relationships and Other \| Maximum
Finite-Lived Intangible Assets [Line Items]
Useful life	10 years

Segment Information

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Segment Information

Our operating segments are based on how the Chief Executive Officer as the designated Chief Operating Decision Maker (“CODM”) makes decisions about assessing performance and allocating resources. The CODM primarily evaluates segment performance using segment operating income (loss), which is calculated by taking total segment revenues less segment operating expenses. Segment operating expenses include operating expenses directly attributable to the segment as well as certain shared corporate administration services and other costs which are allocated to the reportable segments. Segment operating expenses exclude certain non-recurring items and other costs, such as interest expense, interest income and taxes. Our CODM evaluates the profitability of each reportable segment based on segment operating income (loss) because it provides insight to operational leverage and other key operational metrics for each segment. Segment operating income (loss) is also used in the annual budget and forecasting process, and budget-to-actual and forecast-to-actual variances are considered when determining the appropriate allocation of company resources to each of our segments. The CODM does not evaluate a measure of assets when assessing segment performance.

We have two operating and reportable segments:

•Golf Equipment, which is comprised of product sales and expenses that encompass golf club and golf ball products, including Callaway Golf-branded woods, hybrids, irons, wedges, Odyssey putters, packaged sets, Callaway Golf-branded golf balls and sales of pre-owned golf clubs; and

•Apparel, Gear and Other, which is comprised of product sales and expenses for the TravisMathew golf and lifestyle apparel and accessories business, the Callaway soft goods business and the OGIO business, which consists of golf apparel and accessories (including golf bags), and storage gear for sport and personal use. This segment also includes royalties from licensing of our trademarks and service marks for various soft goods products.

Operating segment and business results for Topgolf and Jack Wolfskin through the date of the sale are included within discontinued operations. See Note 4 for further information.

There were no significant intersegment transactions during the years ended December 31, 2025, 2024, or 2023.

The following table contains information utilized by the CODM to evaluate our operating segments for the periods presented (in millions).


	Years Ended December 31,
	2025		2024		2023
Golf Equipment:
Net sales	$	1,375.1	$	1,382.7	$	1,388.0
Less: Cost of sales	828.3		833.9		828.6
Gross profit	546.8		548.8		559.4

Less: Selling, general and administrative expense	323.6		313.9		316.6
Less: Research and development expense	53.1		51.2		49.4
Income before income taxes	$	170.1	$	183.7	$	193.4

Apparel, Gear and Other:
Net sales	$	685.0	$	695.0	$	744.7
Less: Cost of sales	361.8		353.9		375.8
Gross profit	323.2		341.1		368.9

Less: Selling, general and administrative expense	223.2		228.8		221.8
Less: Research and development expense	12.2		12.8		12.3
Income before income taxes	$	87.8	$	99.5	$	134.8

Segment income from continuing operations	257.9		283.2		328.2

Reconciling items:
Non-recurring expenses (1)	(6.0)		(8.4)		(14.4)
Corporate costs and expenses (2)	(123.8)		(121.9)		(119.7)
Total Reconciling items:	(129.8)		(130.3)		(134.1)
Total operating income	128.1		152.9		194.1
Interest expense, net	(60.6)		(63.0)		(70.7)
Other income, net	20.1		21.6		6.1
Total income from continuing operations before income taxes	$	87.6	$	111.5	$	129.5

(1) Includes non-cash amortization of acquired intangible assets and non-recurring expenses primarily consisting of restructuring and reorganization charges, other non-recurring losses and costs associated debt modifications, the integration of new IT systems stemming from acquisitions, and non-recurring costs related to a cybersecurity incident.
(2) Corporate costs and expenses include corporate general and administrative expenses not utilized by management in determining segment profitability. Corporate costs and expenses also includes adjustments for discontinued operations related to indirect costs that were previously allocated to the segment.


	Years Ended December 31,
	2025		2024		2023
Depreciation and amortization:
Golf Equipment	$	26.5	$	25.4	$	25.9
Apparel, Gear and Other	19.9		19.1		19.8
Total depreciation and amortization	$	46.4	$	44.5	$	45.7

We market our products in the United States and internationally, with our principal international markets being Asia and Europe. The tables below contain information about the geographical areas in which we operate. Net sales are attributed to the location to which the product was shipped. Long-lived assets are based on location of domicile.


	Years Ended December 31,
	2025		2024		2023
Net Sales:
United States	$	1,363.3	$	1,381.1	$	1,395.7
Europe	203.8		182.1		173.4
Asia	363.1		379.1		436.6
Rest of World	129.9		135.4		127.0
Total Net Sales	$	2,060.1	$	2,077.7	$	2,132.7


	December 31, 2025		December 31, 2024
Long-Lived Assets
United States	$	136.4	$	156.7
Europe	4.2		3.0
Asia	12.9		11.0
Rest of World	6.0		5.2
Total Long-Lived Assets	$	159.5	$	175.9

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Segment Information - Information Utilized by Management to Evaluate Operating Segments (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 367.5	$ 462.6	$ 600.4	$ 629.6	$ 371.4	$ 452.3	$ 614.3	$ 639.7	$ 2,060.1	$ 2,077.7	$ 2,132.7
Cost of sales									1,192.5	1,190.7	1,205.6
Gross profit									867.6	887.0	927.1
Selling, general and administrative expense									674.0	670.0	671.2
Research and development expense									65.5	64.1	61.8
Income (loss) from continuing operations, before income taxes									87.6	111.5	129.5
Total operating income	$ (54.1)	$ 4.8	$ 74.3	$ 103.1	$ (24.6)	$ 12.0	$ 86.7	$ 78.8	128.1	152.9	194.1
Interest expense, net									(60.6)	(63.0)	(70.7)
Other income, net									20.1	21.6	6.1
Depreciation and amortization									46.4	44.5	45.7
Golf Equipment
Segment Reporting Information [Line Items]
Net sales									1,375.1	1,382.7	1,387.9
Apparel, Gear and Other
Segment Reporting Information [Line Items]
Net sales									685.0	695.0	744.8
Operating Segments
Segment Reporting Information [Line Items]
Total operating income									257.9	283.2	328.2
Operating Segments \| Golf Equipment
Segment Reporting Information [Line Items]
Net sales									1,375.1	1,382.7	1,388.0
Cost of sales									828.3	833.9	828.6
Gross profit									546.8	548.8	559.4
Selling, general and administrative expense									323.6	313.9	316.6
Research and development expense									53.1	51.2	49.4
Income (loss) from continuing operations, before income taxes									170.1	183.7	193.4
Depreciation and amortization									26.5	25.4	25.9
Operating Segments \| Apparel, Gear and Other
Segment Reporting Information [Line Items]
Net sales									685.0	695.0	744.7
Cost of sales									361.8	353.9	375.8
Gross profit									323.2	341.1	368.9
Selling, general and administrative expense									223.2	228.8	221.8
Research and development expense									12.2	12.8	12.3
Income (loss) from continuing operations, before income taxes									87.8	99.5	134.8
Depreciation and amortization									19.9	19.1	19.8
Non-recurring expenses
Segment Reporting Information [Line Items]
Reconciling items									(6.0)	(8.4)	(14.4)
Reconciling items
Segment Reporting Information [Line Items]
Income (loss) from continuing operations, before income taxes									87.6	111.5	129.5
Reconciling items									(123.8)	(121.9)	(119.7)
Total operating income									128.1	152.9	194.1
Interest expense, net									(60.6)	(63.0)	(70.7)
Other income, net									20.1	21.6	6.1
Corporate And Reconciling Items
Segment Reporting Information [Line Items]
Reconciling items									$ (129.8)	$ (130.3)	$ (134.1)

Financing Arrangements - Japan ABL Facility (Details) - Revolving Credit Facility ¥ in Millions, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2025 JPY (¥)	Jan. 31, 2025 JPY (¥)
2025 Japan ABL Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, term	3 years
Debt instrument, basis spread on variable rate	0.70%
2025 Japan ABL Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 57.4			¥ 9,000.0
2022 Japan ABL Credit Facility \| The Bank of Tokyo-Mitsubishi UFJ
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 38.7	¥ 6,000.0
2022 Japan ABL Credit Facility \| The Bank of Tokyo-Mitsubishi UFJ \| Line of Credit
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate		0.80%

Financing Arrangements - 2023 Term Loan (Details)			1 Months Ended		3 Months Ended	12 Months Ended
Financing Arrangements - 2023 Term Loan (Details)	Jan. 01, 2026 USD ($)	Dec. 01, 2025 USD ($)	Dec. 31, 2025 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
Loss on debt modification						$ 0	$ 4,700,000	$ 0
2023 Term Loan B \| Secured Debt
Line of Credit Facility [Line Items]
Debt instrument, face amount									$ 1,250,000,000
Debt issuance costs, net									$ 12,500,000
Loss on debt modification						$ 4,700,000		(10,500,000)
Asset-based credit facility, origination fees				$ 900,000	$ 900,000			$ 2,300,000
Unamortized debt issuance costs					1,100,000
Debt issuance costs, gross				$ 200,000	$ 200,000
Contingent repayment of debt		$ 500,000,000.0	$ 1,000,000,000
2023 Term Loan B \| Secured Debt \| Subsequent Event
Line of Credit Facility [Line Items]
Contingent repayment of debt	$ 500,000,000.0
2023 Term Loan B \| Secured Debt \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt instrument, interest rate, floor				0
2023 Term Loan B \| Secured Debt \| Applicable Margin \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				2.75%
2023 Term Loan B \| Secured Debt \| Applicable Margin \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				3.00%
2023 Term Loan B \| Secured Debt \| Fed Funds Effective Rate Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				0.50%
2023 Term Loan B \| Secured Debt \| One Month Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Debt instrument, interest rate, floor				0.01
Debt instrument, basis spread on variable rate				1.00%
2023 Term Loan B \| Secured Debt \| Prime Rate
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				1.00%
2023 Term Loan B \| Secured Debt \| Applicable Margin Prime Rate \| Minimum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				1.75%
2023 Term Loan B \| Secured Debt \| Applicable Margin Prime Rate \| Maximum
Line of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				2.00%

Revenue Recognition - Summary of Royalty Income by Operating Segment (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 367.5	$ 462.6	$ 600.4	$ 629.6	$ 371.4	$ 452.3	$ 614.3	$ 639.7	$ 2,060.1	$ 2,077.7	$ 2,132.7
Apparel, Gear and Other
Segment Reporting Information [Line Items]
Net sales									685.0	695.0	744.8
Royalty \| Apparel, Gear and Other
Segment Reporting Information [Line Items]
Net sales									$ 28.8	$ 27.1	$ 26.9

- Definition

+ References

+ Details

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Fair Value Measurements

We measure our financial assets and liabilities at fair value on a recurring basis using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. Authoritative guidance establishes three levels of the fair value hierarchy as follows:

Level 1: Quoted market prices in active markets for identical assets or liabilities;

Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

Level 3: Fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

The carrying amounts of cash and cash equivalents, money market funds, accounts receivables, accounts payable and accrued expenses, revolving credit facilities, and other current liabilities approximate fair value due to their short-term nature, and are therefore categorized within Level 1 of the fair value hierarchy.

Our money market funds accrue dividends, which are reinvested in the funds, and are reflected in their carrying value of the funds. As of December 31, 2025 and December 31, 2024, the carrying value of our money market funds was $791.7 million and $304.1 million, respectively, which is included in cash and cash equivalents on our consolidated balance sheets. During years ended December 31, 2025, 2024 and 2023, we recognized $19.9 million, $8.7 million and $3.5 million, respectively, of dividend income on our money market funds. Dividend income is included in other income, net in our consolidated statements of operations.

Hedging instruments are re-measured on a recurring basis using broker quotes, daily market foreign currency rates, and interest rate curves as applicable (see Note 18) and are therefore categorized within Level 2 of the fair value hierarchy.


	Level 2 Fair Value
December 31, 2025
Foreign currency forward contracts—asset position	$	0.7
Foreign currency forward contracts—liability position	(0.8)


Total	$	(0.1)
December 31, 2024
Foreign currency forward contracts—asset position	$	5.7
Foreign currency forward contracts—liability position	(1.0)
Interest rate hedge agreements—asset position	7.8

Total	$	12.5

There were no transfers of financial instruments between the levels of the fair value hierarchy during the years ended December 31, 2025 and 2024.

Disclosures about the Fair Value of Financial Instruments


	December 31, 2025				December 31, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value
2025 Japan ABL Credit Facility	$	44.7	$	44.7	$	—	$	—
2022 Japan ABL Credit Facility	$	—	$	—	$	25.4	$	25.4
2023 Term Loan B	$	1,165.6	$	1,170.7	$	1,178.1	$	1,175.2
Convertible Notes	$	258.3	$	257.8	$	258.3	$	250.1
Equipment Notes	$	6.5	$	6.2	$	11.7	$	10.7

Non-recurring Fair Value Measurements

We measure certain assets at fair value on a non-recurring basis at least annually or more frequently if it is determined that impairment indicators are present. These assets include long-lived assets, goodwill, non-amortizing intangible assets and investments, which are written down to fair value when they are classified as discontinued operations or determined to be impaired. Any impairment charges related to the Topgolf and Jack Wolfskin businesses have been reclassified to discontinued operations, net of tax on the consolidated statement of operations for all periods presented (see Note 4).

During the year ended December 31, 2025, we recognized $2.1 million of impairment charges as a result of an assessment of retail locations of our TravisMathew business. During this assessment, we determined that certain operating ROU and fixed assets related to certain retail stores may not be fully recoverable based on the estimated cash flows for these stores over the remaining lease terms and asset lives, and the impairment losses were recognized within selling, general and administrative expense within our consolidated statement of operations related to the reduction of the carrying values of these assets to their fair values, which are categorized within Level 3 of the fair value hierarchy.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (409.3)	$ (1,447.7)	$ 95.0
Other comprehensive income (loss):
Change in derivative instruments	(7.8)	1.3	1.4
Cumulative foreign currency translation adjustments recognized from dissolution of foreign subsidiary	13.8	3.4	0.0
Foreign currency translation adjustments	40.6	(32.8)	12.8
Comprehensive income (loss), before income tax on other comprehensive income (loss)	(362.7)	(1,475.8)	109.2
Income tax provision (benefit) on derivative instruments	(1.8)	0.4	0.2
Comprehensive income (loss)	$ (360.9)	$ (1,476.2)	$ 109.0

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

Investments (Details) - USD ($) $ in Millions	1 Months Ended
Investments (Details) - USD ($) $ in Millions	May 31, 2024	Dec. 31, 2025	Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]
Other investments		$ 4.4	$ 3.3
Full Swing Golf Holdings, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Equity securities, noncurrent		9.3	9.3
Dividends received	$ 4.1
Five Iron Golf
Accounts, Notes, Loans and Financing Receivable [Line Items]
Equity securities, noncurrent		$ 33.9	$ 33.9
Topgolf International, Inc \| Full Swing Golf Holdings, Inc.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Equity ownership, percentage		20.00%
Callaway Golf Co. \| Five Iron Golf
Accounts, Notes, Loans and Financing Receivable [Line Items]
Equity ownership, percentage		20.00%

Fair Value of Financial Instruments - Valuation of Foreign Currency Exchange Contracts by Pricing Levels (Details) - Level 2 Fair Value - USD ($) $ in Millions	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative fair value, net	$ (0.1)	$ 12.5
Foreign currency forward contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position	0.7	5.7
Derivative liability position	$ (0.8)	(1.0)
Interest rate swap contracts
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative asset position		$ 7.8

Summary of Significant Accounting Policies - Other Income (Expense) Net (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Accounting Policies [Abstract]
Foreign currency forward contract loss (gain), net	$ (18.5)	$ 31.9	$ 19.6
Foreign currency transaction loss (gain), net	17.5	(19.4)	(8.2)
Other	21.1	9.1	(5.3)
Other income, net	$ 20.1	$ 21.6	$ 6.1

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Discontinued Operations- Schedule of Assets and Liabilities (Jack Wolfskin) (Details) - Disposed of by Sale - Jack Wolfskin - USD ($) $ in Millions	May 31, 2025	Dec. 31, 2024
Assets
Accounts receivable	$ 11.7	$ 30.4
Inventories	86.2	85.6
Property, plant and equipment, net	11.8
Operating lease right-of-use assets, net	67.4
Trade names and trademarks	212.2
Goodwill and other intangible assets	16.2
Other assets	36.2	16.7
Total assets of discontinued operations	441.7	432.8
Liabilities
Accounts payable and accrued expenses	48.6
Operating lease liabilities	64.7
Other liabilities	40.7
Total liabilities of discontinued operations	154.0	$ 177.4
Carrying value of net assets sold	$ 287.7

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 19, 2026	Jun. 30, 2025
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2025
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-10962
Entity Registrant Name	Callaway Golf Company
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-3797580
Entity Address, Address Line One	2180 Rutherford Road
Entity Address, City or Town	Carlsbad
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92008
City Area Code	760
Local Phone Number	931-1771
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	CALY
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,116.2
Entity Common Stock, Shares Outstanding		184,094,276
Documents Incorporated by Reference	Part III incorporates certain information by reference from the registrant’s Definitive Proxy Statement to be filed with the Securities and Exchange Commission (“SEC” or “Commission”) pursuant to Regulation 14A in connection with the registrant’s 2025 Annual Meeting of Shareholders, which is scheduled to be held on May 21, 2026. Such Definitive Proxy Statement will be filed with the Commission not later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2025.
Amendment Flag	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	FY
Entity Central Index Key	0000837465

The Company and Basis of Presentation	12 Months Ended
The Company and Basis of Presentation	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Basis of Presentation	The Company and Basis of Presentation The Company Callaway Golf Company (together with its wholly-owned subsidiaries, referred to as “we,” “our,” “us,” “the Company,” or “Callaway” unless otherwise specified), a Delaware corporation, is a premium golf equipment, gear and apparel company that designs, manufactures and sells high-performance golf clubs, golf balls, apparel, bags, and other accessories through our family of brand names, which include Callaway Golf, Odyssey, TravisMathew, and OGIO. Our products and brands are reported under two operating segments: Golf Equipment, which includes the operations of our golf clubs and golf balls business under the Callaway Golf and Odyssey brand names; and Apparel, Gear and Other (formerly, “Active Lifestyle”), which includes the operations of our soft goods business marketed under the Callaway, TravisMathew, and OGIO brand names. Effective as of the fourth quarter of 2025, we renamed our “Active Lifestyle” segment to “Apparel, Gear and Other.” This change did not impact the composition of the segment or previously reported financial results. Divestitures of Topgolf and Jack Wolfskin In 2025, we undertook a strategic realignment to focus on our core Golf Equipment and complementary soft goods businesses, which resulted in the sale of our Jack Wolfskin and Topgolf businesses. On May 31, 2025, we completed the sale of 100% of the outstanding equity interests of Callaway Germany Holdco GmbH, which owned the Jack Wolfskin business, to a subsidiary of ANTA Sports Products Limited. Following this, and in connection with our previously announced intent to separate from the Topgolf business in September 2024, on November 17, 2025, we entered into a definitive agreement to sell a 60% ownership interest in our Topgolf and Toptracer businesses to private equity funds managed by Leonard Green & Partners, L.P. The transaction closed effective January 1, 2026, at which time we retained a 40% ownership interest in Topgolf, which will be accounted for under the equity method. As a result of these divestitures, the operating results of Jack Wolfskin and Topgolf are reported in discontinued operations for all periods presented in this Annual Report on Form 10-K. See Note 4 for additional information. Company Name and Ticker Symbol Change In connection with the completion of the Topgolf transaction, effective January 15, 2026, we changed our corporate name from “Topgolf Callaway Brands Corp.” back to “Callaway Golf Company” and, on January 16, 2026, we updated our New York Stock Exchange ticker symbol from “MODG” to “CALY.” Basis of Presentation We have prepared the accompanying consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and accounting principles generally accepted in the United States of America (“GAAP”). We translate the financial statements of our foreign subsidiaries using end-of-period exchange rates for assets and liabilities and average exchange rates during each reporting period for results of operations. All intercompany balances and transactions have been eliminated during consolidation. Unless otherwise specified, disclosures in these consolidated financial statements reflect continuing operations only. Prior period financial information related to discontinued operations has been reclassified and separately presented in the consolidated financial statements and accompanying notes to conform to the current period presentation. See Note 4 for further information regarding our discontinued operations. Fiscal Year End Our annual financial results are reported on a calendar year basis.

Stock Plans and Share-Based Compensation

12 Months Ended

Dec. 31, 2025

Share-Based Payment Arrangement [Abstract]

Stock Plans and Share-Based Compensation

Equity Compensation Plans

As of December 31, 2025, we had one shareholder approved stock plan under which shares were available for equity-based awards; the Amended and Restated 2022 Incentive Plan (the “2022 Incentive Plan”). As of the effective date of the 2022 Incentive Plan, we ceased granting awards under our other shareholder-approved stock plans. Awards outstanding under such plans as of that date remained outstanding in accordance with their terms, and any shares remaining available for future issuance under those plans were canceled.

The 2022 Incentive Plan permits the granting of stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance share units and other equity-based awards to our officers, employees, consultants, eligible directors serving on our Board of Directors and certain other non-employees who provide services to us. All grants under the 2022 Incentive Plan are discretionary. Directors may receive a one-time grant upon their initial appointment to our Board of Directors and may receive an annual grant thereafter upon being re-elected at each annual meeting of shareholders. The maximum number of shares issuable over the term of the 2022 Incentive Plan is approximately 33.4 million shares, which includes shares underlying awards under the Company’s Amended and Restated 2004 Incentive Plan that lapsed, expired, terminated or were canceled.

The following table presents shares authorized, available for future grant and outstanding under each of our plans as of December 31, 2025 (in millions):


	Authorized	Available (1)	Outstanding




2022 Incentive Plan	33.4	16.4	5.8
Topgolf Equity Compensation Plans and Option Agreement	2.7	—	0.5
Total	36.1	16.4	6.3

(1) Includes shares subject to a full award value under the 2022 Incentive Plan’s fungible share ratio. PRSUs are counted against the share reserve based on “maximum” level of performance and may vest up to 200% of the “target” number of units, depending on the year granted and the terms of such awards.

Stock Options

The following table summarizes our stock option activities for the year ended December 31, 2025 (in millions, except per share amounts and contractual term):


Options	Number of Shares	Weighted- Average Exercise Price Per Share		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2025	0.6	$	29.44

Exercised (1)	—	$	9.37

Expired	(0.1)	$	20.48
Outstanding at December 31, 2025	0.5	$	30.82	2.4	$	—
Vested and expected to vest in the future at December 31, 2025	0.5	$	30.82	2.4	$	—
Exercisable at December 31, 2025	0.5	$	30.82	2.4	$	—

(1) A nominal number of stock options were exercised during the year ended December 31, 2025.

There were no stock options granted in 2025, 2024 or 2023, and as of December 31, 2025, there was no unamortized compensation expense related to stock options granted to employees under our share-based payment plans. The range of option prices for options which were exercisable as of December 31, 2025 was $21.08 to $35.14.

The following table summarizes information related to intrinsic value and cash received related to option exercises for the periods presented below (in millions):


	Year Ended December 31,
	2025		2024		2023
Intrinsic value for options exercised (1)	$	—	$	—	$	1.7
Cash received from exercise of options (1)	$	0.1	$	0.1	$	4.2

(1) Intrinsic value and cash received related to option exercises were nominal during the years ended December 31, 2025 and 2024.

RSUs, RSAs, and PRSUs


	RSUs			RSAs			PRSUs
	Units	Weighted- Average Grant-Date Fair Value		Units	Weighted- Average Grant-Date Fair Value		Units	Weighted- Average Grant-Date Fair Value
Unvested at January 1, 2025	1.7	$	16.81	—	$	—	2.3	$	27.85
Granted	2.9	$	6.86	—	$	—	1.7	$	8.57
Vested	(0.9)	$	17.14	—	$	—	(0.5)	$	29.52

Forfeited	(0.5)	$	9.52	—	$	—	(0.9)	$	23.85

Unvested at December 31, 2025	3.2	$	8.88	—	$	—	2.6	$	16.20


	Years Ended December 31,
	2025		2024		2023
RSUs:
Total fair value of RSUs vested	$	14.8	$	19.1	$	17.3
Per share weighted-average grant date fair value of RSU grants	$	6.86	$	13.25	$	22.78

RSAs:
Total fair value of RSAs vested	$	—	$	0.5	$	1.3
Per share weighted-average grant date fair value of RSA grants (1)	$	—	$	—	$	19.60

PRSUs:
Total fair value of PRSUs vested	$	13.7	$	40.8	$	7.8
Per share weighted-average grant date fair value of PRSU grants	$	8.57	$	19.01	$	36.58

(1) There were no RSAs granted during the years ended December 31, 2025 and 2024.


	December 31, 2025
RSUs:
Unamortized compensation expense for RSUs	$	15.8
Weighted-average remaining recognition period (in years)	1.8





PRSUs:
Unamortized compensation expense for PRSUs	$	13.4
Weighted-average remaining recognition period (in years)	1.6

Share-based compensation expense


	Years Ended December 31,
	2025		2024		2023

Restricted stock units	$	10.2	$	9.8	$	11.8

Performance based restricted share unit awards	13.6		17.8		21.5

Total share-based compensation expense, before tax	23.8		27.6		33.3
Income tax benefit	(5.7)		(6.6)		(8.0)
Total share-based compensation expense, after tax	$	18.1	$	21.0	$	25.3

The table below summarizes amounts recognized for share-based compensation, net of estimated forfeitures, in our consolidated statement of operations for the periods presented (in millions):


	Years Ended December 31,
	2025		2024		2023
Cost of sales	$	1.6	$	1.6	$	2.4
Selling, general and administrative expenses	21.8		25.5		30.7
Research and development expenses	0.4		0.5		0.2
Share-based compensation expense, before tax	23.8		27.6		33.3
Income tax benefit	(5.7)		(6.6)		(8.0)
Share-based compensation expense, after tax	$	18.1	$	21.0	$	25.3

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]
Balance at beginning of period	$ 27.7	$ 29.3	$ 26.2
Additions based on tax positions related to the current year	0.7	2.1	1.8
Additions for tax positions of prior years	0.0	0.0	2.0
Reductions for tax positions of prior years	(1.3)	(0.8)	0.0
Settlement of tax audits	(6.1)	(1.1)	0.0
Current year dispositions	(2.2)	0.0	0.0
Reductions due to lapsed statute of limitations	(0.4)	(1.8)	(0.7)
Balance at end of period	$ 18.4	$ 27.7	$ 29.3