XML 43 R29.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Segment Reporting | 12 Months Ended
--- | ---
Dec. 29, 2024
Segment Reporting [Abstract] |
Segment Reporting | Segment Reporting The Company's reportable segments are strategic business units that offer different products and services. They are managed separately because the business requires different technology and marketing strategies. The Company's reportable segments are as follows: •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. Additionally, through license agreements with third parties, we develop and sell products based on popular third-party brands. •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, we license certain of our 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 and production of Hasbro-branded entertainment content including film, television, children’s programming, digital content and live entertainment focused on Hasbro-owned properties. Corporate and Other, which does not meet the criteria to be an operating segment, provides management and administrative services to the Company's principal reporting segments described above and consists of unallocated corporate expenses and administrative costs and activities not considered when evaluating segment performance as well as certain assets benefiting more than one segment. Segment performance is measured at the operating profit level. Intersegment sales and transfers are reflected in management reports at amounts approximating cost. Certain shared costs, including global development and marketing expenses and corporate administration, are allocated to segments based upon expenses and foreign exchange rates fixed at the beginning of the year, with adjustments to actual expenses and foreign exchange rates included in Corporate and Other. The accounting policies of the segments are the same as those referenced in Note 1, Summary of Significant Accounting Policies. The chief operating decision maker ("CODM"), the Company's Chief Executive Officer, primarily uses the segments' operating profit or loss to allocate resources for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a monthly basis when making decision about resources to the segments. Results shown for fiscal years 2024, 2023 and 2022 are not necessarily those which would be achieved if each segment was an unaffiliated business enterprise. Information by segment and a reconciliation to reported amounts are as follows for fiscal year 2024:
(In millions) |  | Consumer Products |  | Wizards of the Coast and Digital Gaming |  | Entertainment |  | Corporate and Other |  | Total
Revenues |  | $ | 2,786.1 |  |  | $ | 1,666.0 |  |  | $ | 132.6 |  |  | $ | 161.2 |  |  | $ | 4,745.9 |
Less: Intersegment revenue |  | 242.2 |  |  | 154.7 |  |  | 52.3 |  |  | 161.2 |  |  | 610.4 |
Total net revenues |  | 2,543.9 |  | — |  | 1,511.3 |  | — |  | 80.3 |  | — |  | — |  | — |  | 4,135.5 |
Cost of sales(1) |  | 931.2 |  |  | 269.9 |  |  | 5.8 |  |  | (27.4) |  |  | 1,179.5 |
Program cost amortization |  | — |  |  | — |  |  | 49.3 |  |  | — |  |  | 49.3 |
Royalties |  | 297.3 |  |  | 42.3 |  |  | (58.5) |  |  | 3.1 |  |  | 284.2 |
Advertising |  | 223.3 |  |  | 95.2 |  |  | 1.0 |  |  | — |  |  | 319.5 |
Amortization of intangible amortization |  | 44.5 |  |  | 8.2 |  |  | 15.3 |  |  | 0.3 |  |  | 68.3 |
Distribution (2) |  | 165.7 |  |  | 31.4 |  |  | — |  |  | 2.1 |  |  | 199.2 |
Managed expense (1) (3) |  | 766.6 |  |  | 432.3 |  |  | 69.0 |  |  | 77.6 |  |  | 1,345.5 |
Operating profit (loss) |  | $ | 115.3 |  | — |  | $ | 632.0 |  | — |  | $ | (1.6) |  | — |  | $ | (55.7) |  | — |  | $ | 690.0 |
Reconciliation to Earnings (loss) before income taxes: |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  | 171.2 |
Interest income |  |  |  |  |  |  |  |  |  | (47.3) |
Other expense (income), net |  |  |  |  |  |  |  |  |  | 69.1 |
Earnings (loss) before income taxes |  |  |  |  |  |  |  |  |  | $ | 497.0 |
(1) During December 29, 2024, the Company recorded two non-recurring prior year adjustments: (i) a $31.1 million expense related to historical environmental exposures that was recorded in managed expense and (ii) a $26.7 million benefit related to over-accrual of vendor commitment liabilities that was recorded in Cost of sales. See Note 1 for further information. Both of these originally related to the Consumer Products segment; however, because the non-recurring nature of these adjustments are related to historical periods and not associated with the on-going future operations of the Consumer Products segment, the Company recorded the error corrections within Corporate and Other. (2) Distribution expenses consist of shipping and warehousing expense and is included in Selling, distribution and administration in the Consolidated Statement of Operations. (3) Managed expenses consist of product development, selling and administrative expense, and loss on disposal of business. Product development is included in Product Development in the Consolidated Statement of Operations. Selling and administrative expense is included in Selling, distribution and administration in the Consolidated Statement of Operations. Loss on disposal of business is included in Loss on disposal of business in the Consolidated Statement of Operations. Information by segment and a reconciliation to reported amounts are follows for fiscal year 2023:
(In millions) |  | Consumer Products |  | Wizards of the Coast and Digital Gaming |  | Entertainment |  | Corporate and Other |  | Total
Revenues |  | $ | 3,171.1 |  |  | $ | 1,641.2 |  |  | $ | 711.1 |  |  | $ | 187.2 |  |  | $ | 5,710.6 |
Less: Intersegment revenue |  | 284.7 |  |  | 183.6 |  |  | 51.8 |  |  | 187.2 |  |  | 707.3 |
Total net revenues |  | 2,886.4 |  | — |  | 1,457.6 |  | — |  | 659.3 |  | — |  | — |  |  | 5,003.3 |
Cost of sales |  | 1,371.0 |  |  | 321.9 |  |  | 12.0 |  |  | 1.1 |  |  | 1,706.0 |
Program cost amortization |  | — |  |  | 3.5 |  |  | 445.4 |  |  | — |  |  | 448.9 |
Royalties |  | 315.0 |  |  | 57.4 |  |  | 55.8 |  |  | 0.1 |  |  | 428.3 |
Advertising |  | 227.8 |  |  | 92.6 |  |  | 36.3 |  |  | 1.7 |  |  | 358.4 |
Amortization of intangible amortization |  | 53.3 |  |  | 7.7 |  |  | 21.4 |  |  | 0.6 |  |  | 83.0 |
Distribution (1) |  | 197.2 |  |  | 28.2 |  |  | — |  |  | 0.2 |  |  | 225.6 |
Managed expense (2) |  | 786.8 |  |  | 420.6 |  |  | 1,999.9 |  |  | 84.6 |  |  | 3,291.9 |
Operating profit (loss) |  | $ | (64.7) |  | — |  | $ | 525.7 |  |  | $ | (1,911.5) |  | — |  | $ | (88.3) |  | — |  | $ | (1,538.8) |
Reconciliation to Earnings (loss) before income taxes: |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  | 186.3 |
Interest income |  |  |  |  |  |  |  |  |  | (23.0) |
Other expense (income), net |  |  |  |  |  |  |  |  |  | 7.0 |
Earnings (loss) before income taxes |  |  |  |  |  |  |  |  |  | $ | (1,709.1) |
(1) Distribution expenses consist of shipping and warehousing expense and is included in Selling, distribution and administration in the Consolidated Statement of Operations. (2) Managed expenses consist of product development, selling and administrative expense, goodwill impairment and loss on disposal of business. Product development is included in Product Development in the Consolidated Statement of Operations. Selling and administrative expense is included in Selling, distribution and administration in the Consolidated Statement of Operations. Impairment of goodwill is included in Impairment of goodwill in the Consolidated Statement of Operations. Loss on disposal of business is included in Loss on disposal of business in the Consolidated Statement of Operations. Information by segment and a reconciliation to reported amounts are as follows for fiscal year 2022:
(In millions) |  | Consumer Products |  | Wizards of the Coast and Digital Gaming |  | Entertainment |  | Corporate and Other |  | Total
Revenues |  | $ | 3,926.4 |  |  | $ | 1,497.6 |  |  | $ | 1,016.6 |  |  | $ | 225.9 |  |  | $ | 6,666.5 |
Less: Intersegment revenue |  | 353.9 |  |  | 172.5 |  |  | 57.5 |  |  | 225.9 |  |  | 809.8 |
Total net revenues |  | 3,572.5 |  | — |  | 1,325.1 |  | — |  | 959.1 |  | — |  | — |  | — |  | 5,856.7 |
Cost of sales |  | 1,586.7 |  |  | 278.6 |  |  | 46.5 |  |  | — |  |  | 1,911.8 |
Program cost amortization |  | — |  |  | — |  |  | 555.5 |  |  | — |  |  | 555.5 |
Royalties |  | 385.3 |  |  | 20.5 |  |  | 81.4 |  |  | 5.8 |  |  | 493.0 |
Advertising |  | 273.4 |  |  | 90.6 |  |  | 21.5 |  |  | 1.8 |  |  | 387.3 |
Amortization of intangible amortization |  | 68.1 |  |  | 4.7 |  |  | 34.2 |  |  | (1.7) |  |  | 105.3 |
Distribution (1) |  | 221.2 |  |  | 26.5 |  |  | — |  |  | (0.1) |  |  | 247.6 |
Managed expense (2) |  | 820.5 |  |  | 365.9 |  |  | 197.3 |  |  | 364.8 |  |  | 1,748.5 |
Operating profit (loss) |  | $ | 217.3 |  | — |  | $ | 538.3 |  | — |  | $ | 22.7 |  | — |  | $ | (370.6) |  | — |  | $ | 407.7 |
Reconciliation to Earnings (loss) before income taxes: |  |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  |  |  |  |  |  | 171.0 |
Interest income |  |  |  |  |  |  |  |  |  | (11.8) |
Other expense (income), net |  |  |  |  |  |  |  |  |  | (13.0) |
Earnings (loss) before income taxes |  |  |  |  |  |  |  |  |  | $ | 261.5 |
(1) Distribution expenses consist of shipping and warehousing expense and is included in Selling, distribution and administration in the Consolidated Statement of Operations. (2) Managed expenses consist of product development, selling and administrative expense and the loss on disposal of business. Product development is included in Product Development in the Consolidated Statement of Operations. Selling and administrative expense is included in Selling, distribution and administration in the Consolidated Statement of Operations. Loss on disposal of business is included in Loss on disposal of business in the Consolidated Statement of Operations. Total assets information by segments is as follows:
(In millions) | 2024 |  | 2023
Total Assets |  |  |
Consumer Products | $ | 7,785.2 |  |  | $ | 6,456.2 |
Wizards of the Coast and Digital Gaming | 5,778.4 |  |  | 4,340.5 |
Entertainment | 2,857.8 |  |  | 3,507.7 |
Corporate and Other(1) | (10,081.1) |  |  | (7,763.5) |
Total | $ | 6,340.3 |  |  | $ | 6,540.9 |
(1) Corporate and Other consists of investments in subsidiary and intercompany receivables. Other supplemental information by segments are as follows:
(In millions) |  | 2024 |  | 2023 |  | 2022
Depreciation and intangible asset amortization(1) |  |  |  |  |  |
Consumer Products |  | $ | 105.1 |  |  | $ | 130.0 |  |  | $ | 152.5 |
Wizards of the Coast and Digital Gaming |  | 17.6 |  |  | 27.8 |  |  | 14.6 |
Entertainment |  | 16.7 |  |  | 28.5 |  |  | 43.8 |
Corporate and Other |  | 23.6 |  |  | 24.4 |  |  | 21.6 |
Total |  | $ | 163.0 |  |  | $ | 210.7 |  |  | $ | 232.5 |
Additions to property, plant and equipment |  |  |  |  |  |
Consumer Products |  | $ | 50.6 |  |  | $ | 60.0 |  |  | $ | 87.0 |
Wizards of the Coast and Digital Gaming |  | 21.8 |  |  | 48.7 |  |  | 6.5 |
Entertainment |  | 0.1 |  |  | 0.4 |  |  | 6.9 |
Corporate and Other |  | 14.7 |  |  | 26.4 |  |  | 27.8 |
Total |  | $ | 87.2 |  |  | $ | 135.5 |  |  | $ | 128.2 |
(1) The amounts of depreciation disclosed by reportable segments are included within cost of sales, distribution and managed expense. Intangible asset amortization is included within intangible amortization. Information as to Hasbro’s operations in different geographical areas is presented below on the basis the Company uses to manage its business. Net revenues are categorized based on the location of the customer, while long-lived assets are categorized based on their location. Principal international markets include Europe, Canada, Mexico and Latin America, Australia, China and Hong Kong. Net revenue to external customers by geographic area were as follows:
(In millions) | 2024 |  | 2023 |  | 2022
Net revenues |  |  |  |  |
United States | $ | 2,599.8 |  |  | $ | 3,010.1 |  |  | $ | 3,544.2 |
International | 1,535.7 |  |  | 1,993.2 |  |  | 2,312.5 |
| $ | 4,135.5 |  |  | $ | 5,003.3 |  |  | $ | 5,856.7 |
Long-lived assets, which represent property, plant and equipment, by geographic area were as follows:
(In millions) | 2024 |  | 2023
Long-lived assets |  |  |
United States | $ | 185.9 |  |  | $ | 185.9 |
International | 116.7 |  |  | 148.4 |
| $ | 302.6 |  |  | $ | 334.3 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -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 4: http://www.xbrl.org/2003/role/disclosureRef -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 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-34 Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-15 Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-42 Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-40 Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26 Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-41 Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration