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Segment Reporting | 3 Months Ended
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Mar. 27, 2022
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting Hasbro is a global play and entertainment company with a broad portfolio of brands and entertainment content spanning toys, games, licensed products ranging from traditional to digital, as well as film and television entertainment. Effective for the three months ended March 28, 2021, the Company realigned its reportable segment structure to: (1) align with changes to its business structure subsequent to the integration of eOne; and (2) reflect changes to its reporting structure and provide transparency into how operating performance is measured. The Company's three principal reportable segments are (i) Consumer Products, (ii) Wizards of the Coast and Digital Gaming, and (iii) Entertainment. The Consumer Products segment engages in the sourcing, marketing and sales of toy and game products around the world. The Consumer Products business also promotes the Company's brands through the out-licensing of our trademarks, characters and other brand and intellectual property rights to third parties, through the sale of branded consumer products such as toys and apparel. The Wizards of the Coast and Digital Gaming business engages in the promotion of the Company's brands through the development of trading card, role-playing and digital game experiences based on Hasbro and Wizards of the Coast games. Additionally, the Company out-licenses certain brands to other third-party digital game developers who transform Hasbro brand-based characters and other intellectual properties, into digital gaming experiences. The Entertainment segment engages in the development, acquisition, production, financing, distribution and sale of world-class entertainment content including film, scripted and unscripted television, family programming, digital content and live entertainment. The significant accounting policies of the Company's segments are the same as those referenced in note 1. Results shown for the quarter ended March 27, 2022 are not necessarily representative of those which may be expected for the full year 2022, nor were those of the comparable 2021 periods representative of those actually experienced for the full year 2021. Similarly, such results are not necessarily those which would be achieved were each segment an unaffiliated business enterprise. Information by segment and a reconciliation to reported amounts for the quarters ended March 27, 2022 and March 28, 2021 are as follows:
| Quarter Ended
| March 27, 2022 |  | March 28, 2021
Net revenues | External |  | Affiliate (c) |  | External |  | Affiliate (c)
Consumer Products | $ | 672.8 |  |  | $ | 91.9 |  |  | $ | 653.9 |  |  | $ | 70.3 |
Wizards of the Coast and Digital Gaming | 262.8 |  |  | 29.8 |  |  | 242.2 |  |  | 25.4 |
Entertainment | 227.5 |  |  | 13.9 |  |  | 218.7 |  |  | 14.1 |
Corporate and Other (a) | — |  |  | (135.6) |  |  | — |  |  | (109.8) |
| $ | 1,163.1 |  |  | $ | — |  |  | $ | 1,114.8 |  |  | $ | — |
| Quarter Ended |  |
Operating profit (loss) | March 27, 2022 |  | March 28, 2021 |  |  |  |
Consumer Products (a) | $ | 8.6 |  |  | $ | 32.3 |  |  |  |  |
Wizards of the Coast and Digital Gaming | 106.4 |  |  | 110.0 |  |  |  |  |
Entertainment (a) | 12.2 |  |  | 17.0 |  |  |  |  |
Corporate and Other (a) | (7.2) |  |  | (12.0) |  |  |  |  |
| $ | 120.0 |  |  | $ | 147.3 |  |  |  |  |
Total assets | March 27, 2022 |  | March 28, 2021 |  | December 26, 2021
Consumer Products (b) | $ | 4,817.9 |  |  | $ | 5,567.7 |  |  | $ | 4,925.5 |
Wizards of the Coast and Digital Gaming | 1,877.7 |  |  | 616.9 |  |  | 1,585.1 |
Entertainment (a) | 6,214.4 |  |  | 6,106.8 |  |  | 6,052.8 |
Corporate and Other (a) | (3,391.3) |  |  | (2,102.3) |  |  | (2,525.6) |
| $ | 9,518.7 |  |  | $ | 10,189.1 |  |  | $ | 10,037.8 |
(a) Certain long-term assets, including property, plant and equipment, goodwill and other intangibles, which benefit multiple operating segments, are included in both Entertainment and Corporate and Other. Allocations of certain Corporate and Other expenses, related to these assets are made to the individual operating segments at the beginning of the year based on budgeted amounts. Any differences between actual and budgeted amounts are reflected in Corporate and Other because allocations are translated from the U.S. Dollar to local currency at budgeted rates when recorded. Beginning in 2022, the Company has allocated certain of the intangible amortization costs related to the assets acquired in the eOne acquisition, between the Consumer Products and Entertainment segments. Corporate and Other also includes the elimination of inter-company balance sheet amounts. (b) During the second quarter of 2021, the Company adjusted certain inter-segment balance sheet amounts which impacted the Consumer Products and Corporate and Other total asset values. These adjustments did not impact the Company's total assets. (c) Amounts represent revenues from transactions with other operating segments that are included in the operating profit (loss) of the segment. The following table represents consolidated Consumer Products segment net revenues by major geographic region for the quarters ended March 27, 2022 and March 28, 2021:
| Quarter Ended |  |
| March 27, 2022 |  | March 28, 2021 |  |  |  |
North America | $ | 405.2 |  |  | $ | 362.7 |  |  |  |  |
Europe | 176.7 |  |  | 188.5 |  |  |  |  |
Asia Pacific | 52.2 |  |  | 64.8 |  |  |  |  |
Latin America | 38.7 |  |  | 37.9 |  |  |  |  |
Net revenues | $ | 672.8 |  |  | $ | 653.9 |  |  |  |  |
The following table represents consolidated Wizards of the Coast and Digital Gaming segment net revenues by category for the quarters ended March 27, 2022 and March 28, 2021:
| Quarter Ended
| March 27, 2022 |  | March 28, 2021
Tabletop Gaming | $ | 192.2 |  |  | $ | 175.3 |
Digital and Licensed Gaming | 70.6 |  |  | 66.9 |
Net revenues | $ | 262.8 |  |  | $ | 242.2 |
The following table represents consolidated Entertainment segment net revenues by category for the quarters ended March 27, 2022 and March 28, 2021:
| Quarter Ended |  |
| March 27, 2022 |  | March 28, 2021 |  |  |  |
Film and TV | $ | 190.2 |  |  | $ | 166.4 |  |  |  |  |
Family Brands | 23.2 |  |  | 18.8 |  |  |  |  |
Music and Other | 14.1 |  |  | 33.5 |  |  |  |  |
Net revenues | $ | 227.5 |  |  | $ | 218.7 |  |  |  |  |
The following table presents consolidated net revenues by brand and entertainment portfolio for the quarters ended March 27, 2022 and March 28, 2021:
| Quarter Ended |  |
| March 27, 2022 |  | March 28, 2021 |  |  |  |
Franchise Brands (1) | $ | 543.1 |  |  | $ | 523.1 |  |  |  |  |
Partner Brands | 206.5 |  |  | 188.0 |  |  |  |  |
Hasbro Gaming (2) | 143.6 |  |  | 136.3 |  |  |  |  |
Emerging Brands (1) | 76.4 |  |  | 73.1 |  |  |  |  |
TV/Film/Entertainment | 193.5 |  |  | 194.3 |  |  |  |  |
Total | $ | 1,163.1 |  |  | $ | 1,114.8 |  |  |  |  |
(1) Effective in the first quarter of 2022, the Company moved PEPPA PIG into Franchise Brands from Emerging Brands. For comparability, net revenues for the quarter ended March 28, 2021 have been restated to reflect the elevation of PEPPA PIG from Emerging Brands to Franchise Brands, which amounted to a change of $31.6 million. (2) Hasbro's total gaming category, which includes all gaming net revenues, both those reported in Hasbro Gaming and those reported elsewhere, most notably MAGIC: THE GATHERING and MONOPOLY which are reported within Franchise Brands, totaled $378.8 million and $365.3 million for the quarters ended March 27, 2022 and March 28, 2021, respectively.

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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