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Goodwill and Intangible Assets | 12 Months Ended
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Dec. 29, 2024
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Changes in the carrying amount of goodwill, by operating segment are as follows:
(In millions) | Consumer Products |  | Wizards of the Coast and Digital Gaming |  | Entertainment |  | Total
Balance at December 25, 2022 | $ | 1,584.7 |  |  | $ | 371.5 |  |  | $ | 1,513.9 |  |  | $ | 3,470.1 |
Impairment during the period | — |  |  | — |  |  | (1,191.2) |  |  | (1,191.2) |
Foreign exchange translation | (2.4) |  |  | 0.2 |  |  | 2.5 |  |  | 0.3 |
Balance at December 31, 2023 | $ | 1,582.3 |  |  | $ | 371.7 |  |  | $ | 325.2 |  |  | $ | 2,279.2 |
Foreign exchange translation | (0.3) |  |  | (0.7) |  |  | — |  |  | (1.0) |
Balance at December 29, 2024 | $ | 1,582.0 |  |  | $ | 371.0 |  |  | $ | 325.2 |  |  | $ | 2,278.2 |
The Company performs an annual impairment assessment on goodwill. This annual impairment assessment is performed in the fourth quarter of the Company’s fiscal year. In addition, if an event occurs or circumstances change that indicate that the carrying value may not be recoverable, the Company will perform an interim impairment test at that time. During the fourth quarter of 2024, the Company performed a qualitative goodwill assessment with respect to each of its reporting units. Based on its qualitative assessments, the Company determined it is not more likely than not that the carrying values exceed the fair values for any of its reporting units. As a result, the Company concluded it was not necessary to perform a quantitative test for impairment of goodwill for any reporting unit. During 2023, the Company recorded $1,191.2 million of non-cash goodwill impairment charges related to the Film and TV reporting unit within the Company's Entertainment segment as the carrying value of the Film and TV reporting unit exceeded its expected fair value, as determined using a discounted cash flow model which is primarily based on management’s future revenue and cost estimates. There were no other non-cash goodwill impairment charges recorded in 2023. During 2022, the Company recorded $11.8 million of non-cash goodwill impairment charges related to exiting certain non-core businesses within the Entertainment segment. The non-cash goodwill impairment charge was recorded within Loss on disposal of business in the Consolidated Statement of Operations. Other Intangible Assets, Net The following table represents a summary of the Company’s other intangible assets:
(In millions) | 2024(1) |  | 2023
Acquired product rights | $ | 863.9 |  |  | $ | 1,763.8 |
Licensed rights of entertainment properties | — |  |  | 45.0 |
Impairment | — |  |  | (116.0) |
Accumulated amortization | (421.2) |  |  | (1,181.0) |
Amortizable intangible assets | 442.7 |  |  | 511.8 |
Product rights with indefinite lives | 75.7 |  |  | 75.7 |
Total other intangibles assets, net | $ | 518.4 |  |  | $ | 587.5 |
(1) Excludes the original cost and accumulated amortization of fully-amortized intangibles. Certain intangible assets relating to rights obtained in the Company’s acquisition of Milton Bradley in 1984 and Tonka in 1991 are not amortized. These rights were determined to have indefinite lives and are included as product rights with indefinite lives in the table above. The Company tests these assets for impairment on an annual basis in the fourth quarter of each year or when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. The Company completed its annual impairment tests of indefinite-lived intangible assets in the fourth quarter of 2024, concluding that there was no impairment of these assets. The Company did not have any impairments of its indefinite-lived intangible assets in 2024 or 2023. The Company’s other intangible assets are amortized over their remaining useful lives, and accumulated amortization of these other intangibles is reflected in Other intangible assets, net in the accompanying Consolidated Balance Sheets. Intangible assets are reviewed for indications of impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. During 2024, there were no impairments recorded related to the Company's definite-lived intangible assets. During 2023, the Company recorded a non-cash intangible asset impairment charge of $65.0 million related to the eOne Trademark associated with the Film and TV reporting unit. Additionally, during 2023, the Company recorded a $51.0 million impairment charge related to PJ MASKS definite-lived intangible asset based upon lower revenue forecasts for this intangible asset. Both charges were recorded in Selling, distribution and administration expense within the Consolidated Statements of Operations in the Entertainment segment. There were no additional definite-lived intangible asset impairments recorded in 2024 or 2023. The Company currently estimates amortization expense related to the above intangible assets for the next five years to be approximately:
| (In millions)
2025 | $ | 65.5 |
2026 | 57.7 |
2027 | 57.7 |
2028 | 56.6 |
2029 | 55.8 |
Thereafter | 149.4 |
Total | $ | 442.7 |

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- Definition The entire disclosure for goodwill and intangible assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-30/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/350-20/tableOfContent + Details
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