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Retirement Plans | 12 Months Ended
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Dec. 29, 2024
Retirement Benefits [Abstract] |
Retirement Plans | Retirement Plans Pension and Postretirement Benefits The Company recognizes an asset or liability for each of its defined benefit pension plans equal to the difference between the projected benefit obligation of the plan and the fair value of the plan’s assets. Actuarial gains and losses and prior service costs that have not yet been included in income are recognized in the Consolidated Balance Sheets in AOCE. Reclassifications to earnings from AOCE related to pension and postretirement plans are recorded to Other expense (income). Expenses related to the Company’s defined benefit pension plans for 2024, 2023 and 2022 were approximately $3.0 million, $4.0 million and $6.0 million, respectively, and were recorded within Other expense (income). United States Plans The Company sponsors a defined benefit retirement plan, which pays benefits to eligible employees at the time of retirement, using actuarial formulas based upon a participant’s years of credited service and compensation. The plan is closed and frozen to all employees. The Company also provides certain postretirement health care and life insurance benefits to eligible employees, primarily employees who retired prior to January 1, 2020. Amounts related to the defined benefit retirements plan and other postretirement plans recognized in the Company’s consolidated financial statements are determined on an actuarial basis. Reconciliations of the beginning and ending balances for the projected benefit obligation, the fair value of plan assets and the funded status are included below.
| Pension |  | Postretirement
(In millions) | 2024 |  | 2023 |  | 2024 |  | 2023
Change in Projected Benefit Obligation |  |  |  |  |  |  |
Projected benefit obligation — beginning | $ | 30.1 |  |  | $ | 30.3 |  |  | $ | 20.2 |  |  | $ | 19.6 |
Interest cost | 1.5 |  |  | 1.6 |  |  | 1.0 |  |  | 1.1 |
Actuarial (gain) loss | (0.4) |  |  | 1.5 |  |  | (0.9) |  |  | 1.1 |
Benefits paid | (3.5) |  |  | (3.3) |  |  | (1.6) |  |  | (1.6) |
Curtailments | — |  |  | — |  |  | 0.9 |  |  | — |
Projected benefit obligation — ending | $ | 27.7 |  |  | $ | 30.1 |  |  | $ | 19.6 |  |  | $ | 20.2 |
Accumulated benefit obligation — ending | $ | 27.7 |  |  | $ | 30.1 |  |  | $ | 19.6 |  |  | $ | 20.2 |
Change in Plan Assets |  |  |  |  |  |  |
Fair value of plan assets — beginning | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Fair value of plan assets — ending | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Reconciliation of Funded Status |  |  |  |  |  |  |
Projected benefit obligation | $ | (27.7) |  |  | $ | (30.1) |  |  | $ | (19.6) |  |  | $ | (20.2) |
Fair value of plan assets | — |  |  | — |  |  | — |  |  | — |
Funded status | (27.7) |  |  | (30.1) |  |  | (19.6) |  |  | (20.2) |
Unrecognized prior service cost (credit) | — |  |  | — |  |  | (0.2) |  |  | (0.6) |
Unrecognized net loss (earnings) | 4.1 |  |  | 4.6 |  |  | (2.5) |  |  | (2.6) |
Net amount | $ | (23.6) |  |  | $ | (25.5) |  |  | $ | (22.3) |  |  | $ | (23.4) |
Accrued liabilities | $ | (2.8) |  |  | $ | (3.0) |  |  | $ | (1.6) |  |  | $ | (1.5) |
Other liabilities | (24.9) |  |  | (27.1) |  |  | (18.0) |  |  | (18.7) |
Accumulated other comprehensive (earnings) loss | 4.1 |  |  | 4.6 |  |  | (2.7) |  |  | (3.2) |
Net amount | $ | (23.6) |  |  | $ | (25.5) |  |  | $ | (22.3) |  |  | $ | (23.4) |
Assumptions used to determine the year-end pension and postretirement benefit obligations are as follows:
| 2024 |  | 2023
Pension |  |  |
Weighted average discount rate | 5.67 | % |  | 5.23 | %
Mortality table | PriH-2012/Scale MP - 2021 |  | PriH-2012/Scale MP - 2021
Postretirement |  |  |
Discount rate | 5.74 | % |  | 5.20 | %
Health care cost trend rate assumed for next year | 7.00 | % |  | 6.75 | %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00 | % |  | 5.00 | %
Year that the rate reaches the ultimate trend | 2033 |  | 2031
The following presents detail of the components of the net periodic benefit cost:
(In millions) | 2024 |  | 2023 |  | 2022
Components of Net Periodic Cost |  |  |  |  |
Pension |  |  |  |  |
Service cost | $ | — |  |  | $ | — |  |  | $ | — |
Interest cost | 1.5 |  |  | 1.6 |  |  | 1.1 |
Expected return on assets | — |  |  | — |  |  | — |
Amortization of actuarial loss | 0.1 |  |  | — |  |  | 0.8 |
Curtailment/Settlement (gain) loss | — |  |  | — |  |  | — |
Net periodic benefit cost | $ | 1.6 |  |  | $ | 1.6 |  |  | $ | 1.9 |
Postretirement |  |  |  |  |
Interest cost | $ | 1.0 |  |  | $ | 1.1 |  |  | $ | 0.8 |
Amortization of service credit | (0.2) |  |  | (0.3) |  |  | (0.3) |
Amortization of actuarial (gain) loss | (0.1) |  |  | (0.2) |  |  | 0.1 |
Curtailment/Settlement (gain) loss | (0.2) |  |  | — |  |  | — |
Net periodic benefit cost | $ | 0.5 |  |  | $ | 0.6 |  |  | $ | 0.6 |
Assumptions used to determine net periodic benefit cost of the pension plans and postretirement plan is as follows:
| 2024 |  | 2023 |  | 2022
Pension |  |  |  |  |
Weighted average discount rate | 5.43 | % |  | 5.61 | % |  | 2.91 | %
Long-term rate of return on plan assets | N/A |  | N/A |  | N/A
Postretirement |  |  |  |  |
Discount rate | 5.41 | % |  | 5.58 | % |  | 3.03 | %
Health care cost trend rate assumed for next year | 6.75 | % |  | 7.00 | % |  | 6.00 | %
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00 | % |  | 5.00 | % |  | 5.00 | %
Year that the rate reaches the ultimate trend rate | 2031 |  | 2031 |  | 2025
During fiscal 2025, Hasbro expects to make contributions of $2.9 million and $1.7 million for the defined benefit pension plans and post-retirement plans, respectively, primarily to fund benefit payments. Expected benefit payments under the defined benefit pension plans and the postretirement benefit plans for the next five years subsequent to 2024 and in the aggregate for the following five years are as follows:
(In millions) | Pension |  | Postretirement
2025 | $ | 2.9 |  |  | $ | 1.7 |
2026 | 2.8 |  |  | 1.6 |
2027 | 2.8 |  |  | 1.6 |
2028 | 2.7 |  |  | 1.5 |
2029 | 2.6 |  |  | 1.5 |
2030 through 2034 | 11.6 |  |  | 6.9 |
International Plans Pension coverage for employees of Hasbro’s international subsidiaries is provided, to the extent deemed appropriate, through separate defined benefit and defined contribution plans. As of December 29, 2024 and December 31, 2023, the defined benefit plans had total projected benefit obligations of $79.2 million and $83.4 million, respectively, and fair values of plan assets of $71.6 million and $78.8 million, respectively. Substantially all of the plan assets are invested in equity and fixed income securities. The pension expense related to these plans was $0.8 million, $1.3 million and $3.1 million in 2024, 2023 and 2022, respectively. In fiscal 2024, the Company expects an immaterial amount of unrecognized net losses, amortization of prior service costs and unrecognized transition obligation to be included as a component of net periodic benefit cost. Expected benefit payments under the international defined benefit pension plans for the five years subsequent to 2024 and in the aggregate for the five years thereafter are as follows: 2025: $2.6 million; 2026: $2.8 million; 2027: $3.0 million; 2028: $3.6 million; 2029: $3.4 million; and 2030 through 2034: $19.3 million. Post-employment Benefits Hasbro has several plans covering certain groups of employees, which may provide benefits to such employees following their period of active employment but prior to their retirement. These plans include certain severance plans which provide benefits to employees involuntarily terminated and certain plans which continue the Company’s health and life insurance contributions for employees who have left Hasbro under terms of its long-term disability plan. Defined Contribution Plan Hasbro maintains defined contribution savings plans for the benefit of its eligible employees. The expense recognized for these plans was $39.5 million, $40.9 million, and $39.5 million in 2024, 2023 and 2022, respectively.

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