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Income Taxes (Tables) | 12 Months Ended
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Dec. 26, 2021
Income Tax Disclosure [Abstract] |
Schedule of Components of Earnings Before Income Taxes, Determined by Tax Jurisdiction | The components of earnings before income taxes, determined by tax jurisdiction, are as follows:
(In millions) | 2021 |  | 2020 |  | 2019
United States | $ | 236.8 |  |  | 191.5 |  |  | 250.5 |
International | 345.1 |  |  | 130.6 |  |  | 343.8 |
Total earnings before income taxes | $ | 581.9 |  |  | 322.1 |  |  | 594.3 |
Schedule of Income Taxes Attributable to Earnings Before Income Taxes | Income taxes attributable to earnings before income taxes are:
(In millions) | 2021 |  | 2020 |  | 2019
Current |  |  |  |  |
United States | $ | 59.5 |  |  | 22.3 |  |  | 41.4 |
State and local | 15.4 |  |  | 6.2 |  |  | 5.6 |
International | 42.9 |  |  | 37.9 |  |  | 41.8 |
| 117.8 |  |  | 66.4 |  |  | 88.8 |
Deferred |  |  |  |  |
United States | 7.1 |  |  | 27.2 |  |  | (20.1) |
State and local | (0.3) |  |  | (10.8) |  |  | (1.5) |
International | 22.0 |  |  | 13.9 |  |  | 6.6 |
| 28.8 |  |  | 30.3 |  |  | (15.0) |
Total income taxes | $ | 146.6 |  |  | 96.7 |  |  | 73.8 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory United States federal income tax rate to Hasbro’s effective income tax rate is as follows:
| 2021 |  | 2020 |  | 2019
Statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net | 1.5 |  |  | 2.2 |  |  | 0.5 |
Tax on international earnings | (1.1) |  |  | (3.5) |  |  | (2.7) |
Domestic tax on foreign earnings | (1.7) |  |  | (2.7) |  |  | (1.9) |
Change in unrecognized tax benefits | (3.4) |  |  | 4.1 |  |  | 0.6 |
Change in valuation allowance | (1.6) |  |  | 4.5 |  |  | — |
Share-based compensation | (0.6) |  |  | (0.4) |  |  | (0.8) |
Research and development tax credits | (1.1) |  |  | (1.6) |  |  | (0.7) |
Deferred tax rate change | 6.5 |  |  | 3.6 |  |  | — |
Gains on integrated hedging instruments | — |  |  | — |  |  | (4.0) |
Officers' compensation | 1.9 |  |  | 1.4 |  |  | — |
Loss on disposition of business | 3.9 |  |  | — |  |  | — |
Other, net | (0.1) |  |  | 1.4 |  |  | 0.4 |
| 25.2 | % |  | 30.0 | % |  | 12.4 | %
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 26, 2021 and December 27, 2020 are:
(In millions) | 2021 |  | 2020
Deferred tax assets: |  |  |
Accounts receivable | $ | 30.8 |  |  | 32.7 |
Inventories | 14.1 |  |  | 14.0 |
Loss and credit carryforwards | 175.7 |  |  | 221.6 |
Operating leases | 17.8 |  |  | 23.1 |
Operating expenses | 23.5 |  |  | 32.9 |
Pension | 16.3 |  |  | 16.6 |
Other compensation | 37.3 |  |  | 33.7 |
Postretirement benefits | 8.5 |  |  | 7.9 |
Interest rate hedge | 4.7 |  |  | 5.0 |
Tax sharing agreement | 1.5 |  |  | 2.2 |
Deferred revenue | 4.0 |  |  | 8.3 |
Other | 13.5 |  |  | 12.0 |
Gross deferred tax assets | 347.7 |  |  | 410.0 |
Deferred tax liabilities: |  |  |
Depreciation and amortization of long-lived assets | 144.5 |  |  | 181.2 |
Equity method investment | 6.7 |  |  | 21.3 |
Operating leases | 15.1 |  |  | 20.1 |
Foreign exchange | 13.7 |  |  | 7.3 |
Prepaid expenses | 3.5 |  |  | 3.6 |
Other | 8.8 |  |  | 19.5 |
Gross deferred tax liabilities | 192.3 |  |  | 253.0 |
Valuation allowance | (171.2) |  |  | (174.2) |
Net deferred income taxes | $ | (15.8) |  |  | (17.2) |
Schedule of Deferred Tax Assets and Liabilities by Balance Sheet Location | At December 26, 2021 and December 27, 2020, the Company’s net deferred income taxes are recorded in the consolidated balance sheets as follows:
(In millions) | 2021 |  | 2020
Other assets | 132.1 |  |  | 137.6 |
Other liabilities | (147.9) |  |  | (154.8) |
Net deferred income taxes | $ | (15.8) |  |  | (17.2) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of unrecognized tax benefits, excluding potential interest and penalties, for the fiscal years ended December 26, 2021, December 27, 2020, and December 29, 2019 is as follows:
(In millions) | 2021 |  | 2020 |  | 2019
Balance at beginning of year | $ | 67.8 |  |  | 36.7 |  |  | 46.1 |
Gross increases in prior period tax positions | 0.6 |  |  | 12.7 |  |  | 2.0 |
Gross increase from acquisition | — |  |  | 13.7 |  |  | — |
Gross decreases in prior period tax positions | (12.0) |  |  | — |  |  | — |
Gross increases in current period tax positions | 4.6 |  |  | 11.7 |  |  | 4.2 |
Decreases related to settlements with tax authorities | (2.7) |  |  | — |  |  | (12.0) |
Decreases from the expiration of statute of limitations | (7.7) |  |  | (7.0) |  |  | (3.6) |
Balance at end of year | $ | 50.6 |  |  | 67.8 |  |  | 36.7 |

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