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Segment Reporting (Tables) | 12 Months Ended
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Dec. 29, 2024
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information by Segment | 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.
Schedule of Other Supplemental Information by Segments | 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.
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | 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 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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