0000046080-23-000017 | 10-K | XBRL Viewer

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Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 25, 2022	Feb. 16, 2023	Jun. 24, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 25, 2022
Current Fiscal Year End Date	--12-25
Entity File Number	1-6682
Entity Registrant Name	Hasbro, Inc.
Entity Incorporation, State or Country Code	RI
Entity Tax Identification Number	05-0155090
Entity Address, Address Line One	1027 Newport Avenue
Entity Address, City or Town	Pawtucket,
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02861
City Area Code	401
Local Phone Number	431-8697
Title of 12(b) Security	Common Stock
Trading Symbol	HAS
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 11,751,405,393
Entity Common Stock, Shares Outstanding		138,219,857
Documents Incorporated by Reference	Portions of our definitive proxy statement for our 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this Report.
Entity Central Index Key	0000046080
Document Transition Report	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information	12 Months Ended
Audit Information	Dec. 25, 2022
Audit Information [Abstract]
Auditor Name	KPMG LLP
Auditor Location	Providence, Rhode Island
Auditor Firm ID	185

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Current assets
Cash and cash equivalents including restricted cash of $14.5 in 2022 and $35.8 in 2021	$ 513.1	$ 1,019.2
Accounts receivable, less allowance for credit losses of $20.0 in 2022 and $22.9 in 2021	1,132.4	1,500.4
Inventories	676.8	552.1
Prepaid expenses and other current assets	676.8	656.4
Total current assets	2,999.1	3,728.1
Property, plant and equipment, net	422.8	421.1
Other assets
Goodwill	3,470.1	3,419.6
Other intangibles, net	814.6	1,172.0
Other	1,589.3	1,297.0
Total other assets	5,874.0	5,888.6
Total assets	9,295.9	10,037.8
Current liabilities
Short-term borrowings	142.4	0.8
Current portion of long-term debt	113.2	200.1
Accounts payable	427.3	580.2
Accrued liabilities	1,506.8	1,674.8
Total current liabilities	2,189.7	2,455.9
Long-term debt	3,711.2	3,824.2
Other liabilities	533.1	670.7
Total liabilities	6,434.0	6,950.8
Redeemable noncontrolling interests	0.0	23.9
Shareholders’ equity
Preference stock of $2.50 par value. Authorized 5,000,000 shares; none issued	0.0	0.0
Common stock of $0.50 par value. Authorized 600,000,000 shares; issued 220,286,736 shares as of 2022 and 2021	110.1	110.1
Additional paid-in capital	2,540.6	2,428.0
Retained earnings	4,071.4	4,257.8
Accumulated other comprehensive loss	(254.9)	(235.3)
Treasury stock, at cost, 82,106,383 shares in 2022 and 82,066,136 shares in 2021	(3,634.4)	(3,534.7)
Noncontrolling interests	29.1	37.2
Total shareholders’ equity	2,861.9	3,063.1
Total liabilities, noncontrolling interests and shareholders’ equity	$ 9,295.9	$ 10,037.8

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Statement of Financial Position [Abstract]
Restricted cash	$ 14.5	$ 35.8
Accounts receivable, allowance for doubtful accounts	$ 20.0	$ 22.9
Preference stock, par value (in dollars per share)	$ 2.50	$ 2.50
Preference stock, shares authorized (in shares)	5,000,000	5,000,000
Preference stock, shares issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50
Common stock, shares authorized (in shares)	600,000,000	600,000,000
Common stock, shares issued (in shares)	220,286,736	220,286,736
Treasury stock, at cost, shares (in shares)	82,106,383	82,066,136

Consolidated Statements of Operations - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Income Statement [Abstract]
Net revenues	$ 5,856.7	$ 6,420.4	$ 5,465.4
Costs and expenses:
Cost of sales	1,911.8	1,927.5	1,718.9
Program cost amortization	555.5	628.6	387.1
Royalties	493.0	620.4	570.0
Product development	307.9	315.7	259.5
Advertising	387.3	506.6	412.7
Amortization of intangible assets	105.3	116.8	144.7
Selling, distribution and administration	1,666.1	1,432.7	1,252.1
Loss on disposal of business	22.1	108.8	0.0
Acquisition and related costs	0.0	0.0	218.6
Total costs and expenses	5,449.0	5,657.1	4,963.6
Operating profit	407.7	763.3	501.8
Non-operating expense (income):
Interest expense	171.0	179.7	201.1
Interest income	(11.8)	(5.4)	(7.4)
Other expense (income), net	(13.0)	7.1	(14.0)
Total non-operating expense, net	146.2	181.4	179.7
Earnings before income taxes	261.5	581.9	322.1
Income taxes	58.5	146.6	96.7
Net earnings	203.0	435.3	225.4
Net earnings attributable to noncontrolling interests	(0.5)	6.6	2.9
Net earnings attributable to Hasbro, Inc.	$ 203.5	$ 428.7	$ 222.5
Net earnings attributable to Hasbro, Inc. per common share:
Basic (in dollars per share)	$ 1.47	$ 3.11	$ 1.62
Diluted (in dollars per share)	1.46	3.10	1.62
Cash dividends declared (in dollars per share)	$ 2.80	$ 2.72	$ 2.72

Consolidated Statements of Comprehensive Earnings - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Statement of Comprehensive Income [Abstract]
Net earnings	$ 203.0	$ 435.3	$ 225.4
Other comprehensive earnings (loss):
Foreign currency translation adjustments, net of tax	(45.4)	(61.9)	10.1
Unrealized holding (losses) gains on available-for-sale securities, net of tax	(0.3)	(0.1)	0.6
Net gains on cash flow hedging activities, net of tax	10.2	13.5	2.4
Changes in unrecognized pension amounts, net of tax	30.8	3.4	(6.6)
Reclassifications to earnings, net of tax:
Net (gains) losses on cash flow hedging activities	(16.2)	2.6	(19.3)
Amortization of unrecognized pension and postretirement amounts	1.3	2.2	2.0
Other comprehensive loss, net of tax	(19.6)	(40.3)	(10.8)
Total comprehensive earnings, net of tax	183.4	395.0	214.6
Total comprehensive (loss) earnings attributable to noncontrolling Interests	(0.5)	6.6	2.9
Total comprehensive earnings attributable to Hasbro, Inc.	$ 183.9	$ 388.4	$ 211.7

Consolidated Statement of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Cash flows from operating activities
Net earnings	$ 203.0	$ 435.3	$ 225.4
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation of property, plant and equipment	127.3	163.3	120.2
Loss on disposal of business	22.1	108.8	0.0
Impairment of intangibles and production assets	281.0	0.0	71.5
Loss on Discovery investment	0.0	74.1	0.0
Fair value adjustment on Discovery Option	0.0	(20.1)	(1.5)
Amortization of intangible assets	105.3	116.8	144.7
Program cost amortization	555.5	628.6	387.1
Deferred income taxes	(130.1)	36.0	30.3
Stock-based compensation	83.4	97.8	49.7
Other non-cash items	3.2	(1.5)	9.0
Changes in operating assets and liabilities, net of acquired and disposed balances:
Decrease (increase) in accounts receivable	339.6	(159.5)	210.8
(Increase) decrease in inventories	(139.5)	(173.9)	62.8
Decrease (increase) in prepaid expenses and other current assets	17.0	(30.6)	(7.5)
Program spend, net	(767.7)	(697.3)	(438.9)
Increase (decrease) in accounts payable and accrued liabilities	(278.7)	313.2	49.3
Change in net deemed repatriation tax	(18.4)	(18.4)	(18.4)
Other	(30.1)	(54.7)	81.8
Net cash provided by operating activities	372.9	817.9	976.3
Cash flows from investing activities
Additions to property, plant and equipment	(174.2)	(132.7)	(125.8)
Investments and acquisitions, net of cash acquired	(146.3)	0.0	(4,412.9)
Proceeds from sale of business, net of cash	0.0	378.5	0.0
Other	7.5	(3.8)	38.5
Net cash provided (utilized) by investing activities	(313.0)	242.0	(4,500.2)
Cash flows from financing activities
Net proceeds from borrowings	3.8	144.0	1,112.6
Repayments of borrowings	(206.0)	(1,220.1)	(275.5)
Net proceeds (repayments) of other short-term borrowings	141.7	(5.6)	(8.6)
Purchases of common stock	(125.0)	0.0	0.0
Stock-based compensation transactions	74.2	30.6	16.6
Dividends paid	(385.3)	(374.5)	(372.7)
Payments related to tax withholding for share-based compensation	(24.0)	(13.7)	(6.0)
Redemption of equity instruments	0.0	0.0	(47.4)
Debt extinguishment costs	0.0	(9.1)	0.0
Other	(32.7)	(11.4)	(13.1)
Net cash (utilized) provided by financing activities	(553.3)	(1,459.8)	405.9
Effect of exchange rate changes on cash	(12.7)	(30.6)	(12.7)
Decrease in cash, cash equivalents and restricted cash	(506.1)	(430.5)	(3,130.7)
Cash, cash equivalents and restricted cash at beginning of year	1,019.2	1,449.7	4,580.4
Cash, cash equivalents and restricted cash at end of year	513.1	1,019.2	1,449.7
Supplemental information
Interest paid	161.7	171.9	182.9
Income taxes paid	$ 177.2	$ 160.5	$ 81.6

Consolidated Statements of Shareholders’ Equity and Redeemable Noncontrolling Interests - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Non-controlling Interests
Beginning balance at Dec. 29, 2019	$ 2,995.7	$ 110.1	$ 2,275.8	$ 4,354.7	$ (184.2)	$ (3,560.7)	$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Noncontrolling interests related to acquisition of eOne	43.3						43.3
Net earnings attributable to Hasbro, Inc.	222.5			222.5
Net earnings attributable to noncontrolling interests	2.5						2.5
Buyout of noncontrolling interest	0.6		0.6
Other comprehensive loss	(10.8)				(10.8)
Stock-based compensation transactions	10.6		1.9			8.7
Stock-based compensation expense	49.7		49.4			0.3
Dividends declared	(373.0)			(373.0)
Distributions paid to noncontrolling owners and other foreign exchange	(4.4)		1.4				(5.8)
Ending balance at Dec. 27, 2020	2,936.7	110.1	2,329.1	4,204.2	(195.0)	(3,551.7)	40.0
Beginning balance at Dec. 29, 2019	0.0
Increase (Decrease) in Temporary Equity [Roll Forward]
Noncontrolling interests related to acquisition of eOne	26.2
Net earnings (loss) attributable to noncontrolling interests	0.4
Distributions paid to noncontrolling owners and other foreign exchange	(2.2)
Ending balance at Dec. 27, 2020	24.4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Hasbro, Inc.	428.7			428.7
Net earnings attributable to noncontrolling interests	3.3						3.3
Change in put option value	(1.3)		(1.3)
Other comprehensive loss	(40.3)				(40.3)
Stock-based compensation transactions	16.8		1.2			15.6
Stock-based compensation expense	97.8		96.4			1.4
Dividends declared	(375.1)			(375.1)
Distributions paid to noncontrolling owners and other foreign exchange	(3.5)		2.6				(6.1)
Ending balance at Dec. 26, 2021	3,063.1	110.1	2,428.0	4,257.8	(235.3)	(3,534.7)	37.2
Increase (Decrease) in Temporary Equity [Roll Forward]
Net earnings (loss) attributable to noncontrolling interests	3.3
Distributions paid to noncontrolling owners and other foreign exchange	(3.8)
Ending balance at Dec. 26, 2021	23.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings attributable to Hasbro, Inc.	203.5			203.5
Net earnings attributable to noncontrolling interests	(1.1)						(1.1)
Buyout of noncontrolling interest			4.5				(4.5)
Change in put option value	(0.4)		(0.4)
Other comprehensive loss	(19.6)				(19.6)
Stock-based compensation transactions	48.5		23.5			25.0
Stock-based compensation expense	83.4		83.1			0.3
Purchase of common stock	(125.0)					(125.0)
Dividends declared	(388.0)	1.9		(389.9)
Distributions paid to noncontrolling owners and other foreign exchange	(2.5)						(2.5)
Ending balance at Dec. 25, 2022	2,861.9	$ 110.1	$ 2,540.6	$ 4,071.4	$ (254.9)	$ (3,634.4)	$ 29.1
Increase (Decrease) in Temporary Equity [Roll Forward]
Net earnings (loss) attributable to noncontrolling interests	0.6
Distributions paid to noncontrolling owners and other foreign exchange	(1.9)
Buyout of redeemable noncontrolling interest	(22.6)
Ending balance at Dec. 25, 2022	$ 0.0

Summary of Significant Accounting Policies

12 Months Ended

Dec. 25, 2022

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Preparation of Consolidated Financial Statements

The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes thereto. Actual results could differ from those estimates.

Principles of Consolidation

The consolidated financial statements include the accounts of Hasbro, Inc. and all majority-owned subsidiaries (“Hasbro” or the “Company”). Investments representing 20% to 50% ownership interests in other companies are accounted for using the equity method. For those majority-owned subsidiaries that are not 100% owned by Hasbro, the interests of the minority owners are accounted for as noncontrolling interests.

All intercompany balances and transactions have been eliminated.

Fiscal Year

Hasbro’s fiscal year ends on the last Sunday in December. The fiscal years ended December 25, 2022, December 26, 2021, and December 27, 2020 were all fifty-two week periods.

Blueprint 2.0 and Operational Excellence Charges

On October 4, 2022, the Company announced the results of its strategic review, Blueprint 2.0, a new customer-centric approach focusing on fewer, bigger brands, expanded licensing, branded entertainment, and high-margin growth in games, digital and direct. As the Company began implementing this new strategy, charges of $322.4 million were recorded for the year ended December 25, 2022, consisting of: a loss associated with the disposal of non-core businesses within the Entertainment segment of $21.1 million included within Loss on Disposal of Business; asset impairments and charges within the Corporate and Other segment of $281.3 million, of which $281.0 million relates to a partial impairment of the Company's definite-lived Power Rangers intangible asset, in Selling, Distribution and Administration; incurred incremental asset charges related to inventory reserve and asset write offs of $14.9 million in Cost of Sales within the Consumer Products segment; and, strategy related asset impairments within the Entertainment segment of $4.1 million related to the discontinuation of certain projects. The businesses exited do not constitute a material part of the Company's operations. See note 6 for further information.

In support of Blueprint 2.0, the Company also announced an Operational Excellence program. Charges of $106.4 million were recorded for the year ended December 25, 2022 related to this program, consisting of severance and other employee charges of $94.1 million and program related transformation office and consulting fees of $12.3 million included within Selling, Distribution, and Administration within the Corporate and Other segment.

D&D Beyond Acquisition

On May 19, 2022, the Company acquired D&D Beyond, a strategic, complementary acquisition of the premier digital content platform for DUNGEONS & DRAGONS, which has accelerated our direct-to-fans capability for DUNGEONS & DRAGONS in physical and digital play. The all-cash transaction in the amount of $146.3 million was funded with cash on hand. The allocation of assets acquired includes $81.4 million to intangible assets, $64.7 million to goodwill, with the remainder allocated to property, plant, and equipment.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include all cash balances and highly liquid investments purchased with an initial maturity to the Company of three months or less. Under the Company's production financing facilities, certain of the Company's cash is restricted while the financing is outstanding. At December 25, 2022, $14.5 million of the Company's cash was restricted by such facilities. See Production Financing below and notes 9 and 11 for further details.

Marketable Securities

Included in marketable securities is common stock in a public company arising from a business relationship. This type of investment is also included in prepaid expenses and other current assets in the accompanying consolidated balance sheets.

Accounts Receivable and Allowance for Credit Losses

Credit is granted to customers predominantly on an unsecured basis. Credit limits and payment terms are established based on extensive evaluations made on an ongoing basis throughout the fiscal year with regard to the financial performance, cash generation, financing availability and liquidity status of each customer. The majority of customers are formally reviewed at least annually; more frequent reviews are performed based on the customer’s financial condition and the level of credit being extended. For customers on credit who are experiencing financial difficulties, management performs additional financial analyses before shipping orders. The Company uses a variety of financial transactions, based on availability and cost, to increase the collectability of certain of its accounts, including letters of credit, credit insurance, and requiring cash in advance of shipping.

The Company records an allowance for credit losses for accounts receivable based on management’s expected credit losses. Management's estimate of expected credit losses is based on its assessment of the business environment, customers’ financial condition, historical collection experience, accounts receivable aging and customer disputes.

Accounts receivable, net on the consolidated balance sheet represents amounts due from customers less the allowance for credit losses as well as allowances for discounts, rebates and returns.

Inventories

Inventories are valued at the lower of cost (first-in, first-out) or net realizable value. Based upon a consideration of quantities on hand, actual and projected sales volume, anticipated product selling price and product lines planned to be discontinued, slow-moving and obsolete inventory is written down to its estimated net realizable value. At both December 25, 2022 and December 26, 2021, substantially all inventory is comprised of finished goods.

Equity Method Investment

For the Company’s equity method investments, only the Company’s investment in and amounts due to and from the equity method investment are included in the consolidated balance sheets and only the Company’s share of the equity method investment’s earnings (losses) is included in other expense (income), net in the consolidated statements of operations. Dividends, cash distributions, loans or other cash received from the equity method investment, additional cash investments, loan repayments or other cash paid to the investee are included in the consolidated statements of cash flows.

The Company reviews its equity method investments for impairment on a periodic basis. If it has been determined that the fair value of the equity investment is less than its related carrying value and that this decline is other-than-temporary, the carrying value of the investment is adjusted downward to reflect these declines in value. The Company owns an interest in a joint venture, Discovery Family Channel (“the Network”), with Discovery Communications, Inc. (“Discovery”). The Company has determined that it does not meet the control requirements to consolidate the Network and accounts for the investment using the equity method of accounting.

During the fourth quarter of 2021, the Company reviewed its investment in the Network for impairment and concluded that the fair value of the Company's interest in the joint venture was less than its carrying value, and as such, recorded an impairment loss of $74.1 million, which is included in other expense (income), net in the consolidated statements of operations for the year ended December 26, 2021. This impairment was caused by the impact of accelerating changes in the cable distribution industry.

The Company and Discovery are also party to an option agreement with respect to the Network. The Company has recorded a liability for this option agreement at fair value which is included in other liabilities in the consolidated balance sheets. Unrealized gains and losses on this option are recognized in other expense (income), net in the consolidated statements of operations as they occur. In 2021, as a result of the impairment loss recognized on the investment in the Network, the Company adjusted the option's fair value resulting in a $20.1 million gain.

See notes 7 and 14 for additional information.

Noncontrolling Interests

The financial results and position of the noncontrolling interests acquired through the acquisition of eOne are included in their entirety in the Company’s consolidated statements of operations and consolidated balance sheets beginning with the first quarter of 2020. The value of the redeemable noncontrolling interests is presented in the consolidated balance sheets as temporary equity between liabilities and shareholders' equity. During 2022, the Company redeemed all outstanding redeemable noncontrolling interest in Renegade Entertainment, LLC, the only entity for which the Company previously held redeemable noncontrolling interest. During 2022, the Company's outstanding non-redeemable noncontrolling interest in Round Room Live, LLC was included with the disposition of certain non-core businesses associated with the Company's Blueprint 2.0 strategy shift. The value of the non-redeemable noncontrolling interests is presented in the consolidated balance sheets within total shareholders' equity. Earnings (losses) attributable to the redeemable noncontrolling interests and non-redeemable noncontrolling interests are presented as a separate line on the consolidated statements of operations which is necessary to identify those earnings (losses) specifically attributable to Hasbro. The Company's remaining non-redeemable noncontrolling interests as of December 25, 2022 is shown below.

Name

Country of Incorporation

Ownership Interest

Proportion Held

Principal Activity

Astley Baker Davies Limited

England and Wales

Nonredeemable

70%

Ownership of intellectual property

Property, Plant and Equipment, Net

Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using accelerated and straight-line methods to depreciate the cost of property, plant and equipment over their estimated useful lives. The principal lives, in years, used in determining depreciation rates of various assets are: land improvements 15 to 19, buildings and improvements 15 to 25 and machinery and equipment (including computer hardware and software) 3 to 12. Depreciation expense is classified in the consolidated statements of operations based on the nature of the property and equipment being depreciated. Tools, dies and molds are depreciated over their useful lives, which is generally three years, using an accelerated method. The Company generally owns all tools, dies and molds related to its products.

Property, plant and equipment, net is reviewed for impairment whenever events or circumstances indicate the carrying value may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the asset or related asset group to future undiscounted cash flows expected to be generated by the asset or asset group. If such assets are considered to be impaired, the impairment to be recognized would be measured by the amount by which the carrying value of the assets exceeds their fair value wherein the fair value is the appraised value. Furthermore, assets to be disposed of are carried at the lower of the net book value or their estimated fair value less disposal costs.

Goodwill and Other Intangible Assets, Net

Goodwill results from acquisitions the Company has made over time. Substantially all of the Company's other intangible assets consist of the cost of acquired product rights. In establishing the value of such rights, the Company considers existing trademarks, copyrights, patents, license agreements and other product-related rights. These rights were valued on their acquisition dates based on the anticipated future cash flows from the underlying product lines. The Company has certain intangible assets related to the Tonka and Milton Bradley acquisitions that have indefinite lives.

Goodwill and intangible assets deemed to have indefinite lives are not amortized and are tested for impairment at least annually. The annual goodwill test begins with a qualitative assessment, where qualitative factors and their impact on critical inputs are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company determines that a reporting unit has an indication of impairment based on the qualitative assessment, it is required to perform a quantitative assessment.

During the third quarter of 2022, the Company determined to exit certain non-core businesses within the Entertainment segment. A revaluation of the effected businesses resulted in a pre-tax non-cash goodwill impairment charge of $11.8 million, recorded within Loss on Disposal of Business in the Consolidated Statement of Operations, and within the Entertainment segment for the year ended December 25, 2022.

During the fourth quarter of 2022 the Company performed a qualitative goodwill assessment with respect to each of its reporting units and determined that the fair values of the Company’s reporting units exceeded their

carrying values. As a result of this assessment, the Company concluded that, other than the Loss on Disposal goodwill impairment noted above, there was no other impairment to any of its reporting units. Accordingly, no goodwill impairment was recorded as a result of the qualitative test for the year ended December 25, 2022.

During the first quarter of 2021, the Company realigned its financial reporting structure creating its current three principal reporting segments: Consumer Products, Wizards of the Coast and Digital Gaming and Entertainment. As a result of these changes, the Company reallocated its goodwill among the revised reporting units based on the change in relative fair values of the respective reporting units. (See note 6 for details on the allocation of goodwill across the Company's reporting structure.)

In the third of quarter 2021, the Company sold eOne Music for net proceeds of $397.0 million. The Company acquired eOne Music through its acquisition of eOne in 2020. Based on the value of the net assets held by eOne Music, which included certain goodwill and intangible assets allocated to the eOne reportable segment and attributable to eOne Music, the Company recorded a pre-tax non-cash goodwill impairment charge of $108.8 million within Loss on Disposal of Business on the Consolidated Statements of Operations for the year ended December 26, 2021. See note 6 for details on the eOne Music goodwill impairment.

Prior to its 2021 annual impairment test, the Company had not performed a quantitative assessment of goodwill since 2013. Given the length of time since the last quantitative analysis, as well as the changes that have occurred within its goodwill balances since that time, the Company elected to perform a quantitative assessment of goodwill for each reporting unit in the fourth quarter of 2021. Based on the quantitative assessment with respect to each of its reporting units, the Company determined that the fair values of its reporting units exceeded their carrying values. As a result of this assessment, the Company concluded that there was no impairment to any of its reporting units. Accordingly, other than the Music goodwill impairment loss noted above, there was no goodwill impairment recorded for the year ended December 26, 2021.

The Company's intangible assets having definite lives are being amortized over periods ranging from two to nineteen years, primarily using the straight-line method.

The Company reviews intangible assets with definite lives for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset or asset group. If such assets were considered to be impaired, the impairment to be recognized would be measured by the amount by which the carrying value of the assets exceeds their fair value wherein that fair value is determined based on discounted cash flows.

During the fourth quarter of 2022, following the decision to cancel certain projects in conjunction with the Company's Blueprint 2.0 strategy shift, it was determined that there was a partial impairment of the Company's definite-lived Power Rangers intangible asset. As a result, a charge of $281.0 million was recorded during the fourth quarter of 2022 within Selling, Distribution and Administration in the Corporate and Other segment.

There were no other triggering events in 2022 or 2021 which would indicate the Company's intangible assets were impaired.

During 2020, the Company determined that certain of its definite-lived intangible entertainment and production assets related to properties, from both the legacy Hasbro business as well as properties acquired through the eOne acquisition, were impaired. It was determined that the carrying values of these intangible assets exceeded their related future cash flows. As a result, charges of $20.0 million and $30.7 million were recorded in the first and fourth quarters, respectively, within Acquisition and Related Costs in the Company's Consolidated Statement of Operations.

Financial Instruments

Hasbro’s financial instruments include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At December 25, 2022, the carrying cost of these instruments approximated their fair value. The Company’s financial instruments at December 25, 2022 also include long-term borrowings (see note 11 for carrying cost and related fair values) as well as certain assets and liabilities measured at fair value (see notes 14 and 18).

Production Financing

Production financing relates to financing facilities for certain of the Company's television and film productions. Production financing facilities are arranged on an individual production basis by either special purpose production subsidiaries, each secured by the assets and future revenues of such production subsidiaries, which are non-recourse to the Company's assets, or through a senior revolving credit facility obtained in November 2021, dedicated to production financing. These facilities typically have maturities of less than two years while the titles are in production, and are repaid once the production is delivered and all tax credits, broadcaster pre-sales and international sales have been received. In connection with the production of a television or film program, the Company records initial cash outflows within cash flows from operating activities due to its investment in the production and concurrently records cash inflows within cash flows from financing activities from the production financing it normally obtains. Under these facilities, certain of the Company's cash is restricted while the financing is outstanding. At December 25, 2022, $14.5 million of the Company's cash was restricted by such facilities. For further details, see note 11.

Revenue Recognition

Revenue is recognized when control of the promised goods, intellectual property or production is transferred to the customers or licensees, in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable.

The majority of the Company’s revenues are derived from sales of finished products to customers. Revenues from sales of finished products to customers accounted for 76%, 74% and 77% of the Company’s revenues for the years ended December 25, 2022, December 26, 2021 and December 27, 2020, respectively. When determining whether control of the finished products has transferred to the customer, the Company considers any future performance obligations. Generally, the Company has no post-shipment obligation on sales of finished products to customers and revenues from product sales are recognized upon passing of title to the customer, which is generally at the time of shipment. Any shipping and handling activities that are performed by the Company, whether before or after a customer has obtained control of the products, are considered activities to fulfill our obligation to transfer the products, and are recorded as incurred within selling, distribution, and administration expenses. The Company offers various discounts, rebates, allowances, returns, and markdowns to its customers (collectively, “allowances”), all of which are considered when determining the transaction price. Certain allowances are fixed and determinable at the time of sale and are recorded at the time of sale as a reduction to revenues. Other allowances can vary depending on future outcomes such as customer sales volume (“variable consideration”). The Company estimates the amount of variable consideration using the expected value method. In estimating the amount of variable consideration using the expected value method, the Company considers various factors including but not limited to: customer terms, historical experience, any expected deviations from historical experience, and existing or expected market conditions. The Company then records an estimate of variable consideration as a reduction to revenues at the time of sale. The Company adjusts its estimate of variable consideration at least quarterly or when facts and circumstances used in the estimation process may change. Historically, adjustments to estimated variable consideration have not been material.

The Company enters into contracts to license its intellectual property, which consists of its brands, in various channels including but not limited to: consumer products such as apparel or home goods, within formats such as online and digital games, within venues such as theme parks, or within formats such as television and film. The licensees pay the Company either a sales-based or usage-based royalty, or a combination of both, for use of the brands, in some cases subject to minimum guaranteed amounts or fixed fees. The license of the Company’s brands provide access to the intellectual property over the term of the license, generally without any other performance obligation of the Company other than keeping the intellectual property active, and is therefore considered a right-to-access license of symbolic intellectual property. The Company records sales-based or usage-based royalty revenues for right-to-access licenses at the occurrence of the licensees’ subsequent sale or usage. When the arrangement includes a minimum guarantee, the Company records the minimum guarantee on a ratable basis over the term of the license period and does not record the sales-based or usage-based royalty revenues until they exceed the minimum guarantee.

The Company also produces, sells and licenses television and film content for distribution to third parties in formats that include broadcast, digital streaming, transactional and theatrical. These are intellectual property licenses where the licensees pay either a fixed fee for the content license or a variable fee in the form of a sales based royalty. The content that the Company delivers to its licensees typically has stand-alone functionality, generally without any other performance obligation of the Company, and is therefore considered a right-to-use license of functional intellectual property. The Company records revenues for right-to-use licenses once the license period has commenced and the licensee has the ability to use the delivered content. In arrangements where the licensee pays the Company a fixed fee for multiple seasons or multiple series of programming, arrangement fees are recorded as revenues based upon their relative fair values. The Company also earns advertising revenues from certain content made available on free to consumer, streaming video on demand platforms where the Company earns a portion of the advertising revenues earned by the service provider. The performance obligation is met and revenue is recorded when the user accesses the Company’s content through the streaming platform.

The Company develops and hosts digital games featuring its brands within the games, such as Magic: The Gathering Arena and D&D Beyond. The Company does not charge a fee to the end users for the download of the games or the ability to play the games. The end users make in-application purchases of virtual currencies with such purchased virtual currencies to be used in the games. The Company records revenues from in-application purchases based on either the usage patterns of the players or the player’s estimated life, depending on the nature of the game item purchased in exchange for virtual currency. For items recognized over the player's estimated life, the Company currently recognizes digital game's revenues ratably within six months of purchase. The Company controls all aspects of the digital goods delivered to the consumer.

The Company also develops certain digital games available for online and offline play, such as Dungeons & Dragons: Dark Alliance, which are delivered to customers through digital downloads or as physical discs compatible for play through various gaming platforms. Initially these game purchases may come with future software updates to be delivered as needed, or additional downloadable content, delivered when made available by the Company. For these games, the Company allocates the revenue to the identified performance obligations. For the software license performance obligation, the Company recognizes revenue when control of the gaming license has been transferred to the customer, typically at the time of purchase. If applicable, revenue related to future downloadable content or software updates is recognized ratably over the estimated service period.

Costs of Sales

Cost of sales primarily consists of purchased materials, labor, tooling, manufacturing overheads and other inventory-related costs such as obsolescence.

Investment in Productions and Acquired Content Rights and Program Cost Amortization

The Company incurs costs in connection with the production of television programming and live action movies. The majority of these costs are capitalized by the Company as they are incurred and amortized using the individual-film-forecast method, whereby these costs are amortized in the proportion that the current year’s revenues bear to management’s estimate of total ultimate revenues as of the beginning of such period related to the program. Ultimate revenue estimates are periodically reviewed and adjustments, if any, will result in changes to amortization rates and estimated accruals for residuals and participations. Ultimate revenue includes estimates over a period not to exceed ten years following the date of release of the production. Ultimate revenue used in amortization of acquired content rights is estimated over the life of the acquired rights but no longer than a period of ten years. These capitalized costs are reported at the lower of cost, less accumulated amortization, or fair value, and reviewed for impairment when an event or change in circumstances occurs that indicates that impairment may exist. The fair value is determined using a discounted cash flow model which is primarily based on management’s future revenue and cost estimates. Certain of these agreements require the Company to pay minimum guaranteed advances ("MGs") for participations and residuals. MGs are recognized in the consolidated balance sheets when a liability arises, usually on delivery of the television or film program to the Company. The current portion of MGs are recorded as Payables and Accrued Liabilities and the long-term portion are recorded as Other Liabilities.

Royalties

The Company enters into license agreements with strategic partners, inventors, designers and others for the use of intellectual properties in its products. In addition, the Company enters into minimum guarantee royalty arrangements related to the purchase of film and television rights for content to be delivered in the future. These agreements may call for payment in advance or future payment of minimum guaranteed amounts. Amounts paid in advance are recorded as an asset and charged to expense when the related revenue is recognized in the consolidated statements of operations. If all or a portion of the minimum guaranteed amounts appear not to be recoverable through future use of the rights obtained under the license, the non-recoverable portion of the guaranty is charged to expense at that time.

Advertising

Production costs of commercials are expensed in the fiscal year during which the production is first aired. The costs of other advertising and promotion programs are expensed in the fiscal year incurred.

Shipping and Handling

Hasbro expenses costs related to the shipment and handling of goods to customers as incurred. For 2022, 2021 and 2020, these costs were $247.7 million, $264.1 million and $228.0 million, respectively, and are included in selling, distribution and administration expenses.

Operating Leases

The Company leases certain property, vehicles and other equipment through operating leases. Operating lease right-of-use assets are recorded within Property, Plant and Equipment and the related liabilities recorded within Accrued Liabilities and Other Liabilities on the Company’s consolidated balance sheets. The Company has no material finance leases.

Operating lease assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent an obligation to make lease payments according to the terms of the lease. Operating lease assets and liabilities are recognized at the inception of the lease agreement based on the estimated present value of lease payments over the lease term, using our incremental borrowing rate based on information available on the lease commencement date. The Company capitalizes non-lease components for equipment leases, but expenses non-lease components as incurred for real estate leases. Leases with an expected term of 12 months or less are not capitalized. Lease expense under such leases is recorded straight line over the life of the lease. For further details on the Company's operating leases, see note 17.

Income Taxes

Hasbro uses the asset and liability approach for financial accounting and reporting of income taxes. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred taxes are measured using rates expected to apply to taxable income in years in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent it believes that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. The assumptions utilized in determining future taxable income require significant judgment and are consistent with the plans and estimates used to manage the underlying businesses. Actual operating results in future years could differ from current assumptions, judgments and estimates. However, the Company believes that it is more likely than not that most of the deferred tax assets recorded on our Consolidated Balance Sheets will ultimately be realized. A valuation allowance is recorded to reduce deferred tax assets to the net amount believed to be more likely than not to be realized. As of December 25, 2022, the valuation allowance of $189.8 million was primarily related to net operating losses acquired as part of the eOne acquisition. If it is determined that our deferred tax assets will be realizable in the future in excess of their net recorded amount, an adjustment would be made to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company uses a two-step process for the measurement of uncertain tax positions that have been taken or are expected to be taken in a tax return. The first step is a determination of whether the tax position should be recognized in the consolidated financial statements. The second step determines the measurement of the tax position. The Company records potential interest and penalties on uncertain tax positions as a component of income tax expense.

Foreign Currency Translation

Foreign currency assets and liabilities are translated into U.S. dollars at period-end exchange rates, and revenues, costs and expenses are translated at weighted average exchange rates during each reporting period. Net earnings include gains or losses resulting from foreign currency transactions and, when required, translation gains and losses resulting from the use of the U.S. dollar as the functional currency in highly inflationary economies. Other gains and losses resulting from translation of financial statements are a component of other comprehensive earnings (loss).

Pension Plans, Postretirement and Postemployment Benefits

Pension expense and related amounts in the consolidated balance sheets are based on actuarial computations of current and future benefits. Actual results that differ from the actuarial assumptions are accumulated and, if outside a certain corridor, amortized over future periods and, therefore affect recognized expense in future periods. The corridor used for this purpose is equal to 10% of the greater of plan liabilities or market asset values, and future periods vary by plan, but generally equal the actuarially determined average expected future working lifetime of active plan participants. The Company’s policy is to fund amounts which are required by applicable regulations and which are tax deductible. The estimated amounts of future payments to be made under other retirement programs are being accrued currently over the period of active employment and are also included in pension expense. Hasbro has a contributory postretirement health and life insurance plan covering substantially all employees who retired under any of its United States defined benefit pension plans prior to January 1, 2020, and meet certain age and length of service requirements. During the fourth quarter of 2019, with the approval of the Compensation Committee of the Company's Board of Directors, the Company announced the elimination of the contributory post-retirement health and life insurance coverage for employees whose retirement eligibility begins after December 31, 2019. See note 16 for further discussion.

The cost of providing these benefits on behalf of employees who retired prior to 1993 has been substantially borne by the Company.

The cost of providing benefits on behalf of eligible employees who retire after 1992 is borne by the employee. The Company also has several plans covering certain groups of employees, which may provide benefits to such employees following their period of employment but prior to their retirement. The Company measures the costs of these obligations based on actuarial computations.

Stock-Based Compensation

The Company has a stock-based employee compensation plan for employees and non-employee members of the Company’s Board of Directors. Under this plan the Company may grant stock options at or above the fair market value of the Company’s stock, as well as restricted stock, restricted stock units and contingent stock performance awards. All awards are measured at fair value at the date of the grant and amortized as expense on a straight-line basis over the requisite service period of the award. For awards contingent upon Company performance, the measurement of the expense for these awards is based on the Company’s current estimate of its performance over the performance period. See note 15 for further discussion.

Dividend Equivalent Units

Beginning with employee stock incentive awards granted in 2022, the payment of cash dividends to shareholders also results in the crediting of Dividend Equivalent Units (“DEUs”) to holders of restricted stock units ("RSUs") and contingent stock performance awards ("PSUs") granted under the Company's Restated 2003 Stock Incentive Plan, as amended, for employees as defined and described in note 15. The DEUs are credited as additional RSUs or PSUs and settled concurrently with the vesting of associated awards. DEUs are forfeited in the event the underlying RSUs or PSU's do not vest. The dividend equivalent value of forfeitable DEUs is treated as a reduction of retained earnings or, if the Company is in a retained deficit position, as a reduction of additional paid-in capital.

Risk Management Contracts

Hasbro uses foreign currency forward and option contracts to mitigate the impact of currency rate fluctuations on firmly committed and projected future foreign currency transactions. These over-the-counter contracts, which hedge future purchases of inventory, product sales, television and film production costs and production financing as well as other cross-border currency requirements not denominated in the functional currency of the business unit, are primarily denominated in United States, Canadian and Hong Kong dollars as well as Euros and British pound sterling. All contracts are entered into with a number of counterparties, all of which are major financial institutions. The Company believes that a default by a counterparty would not have a material adverse effect on the financial condition of the Company. Hasbro does not enter into derivative financial instruments for speculative purposes.

At the inception of the contracts, Hasbro designates its derivatives as either cash flow or fair value hedges. The Company formally documents all relationships between hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking various hedge transactions. All hedges designated as cash flow hedges are linked to forecasted transactions and the Company assesses, both at the inception of the hedge and on an on-going basis, the effectiveness of the derivatives used in hedging transactions in offsetting changes in the cash flows of the forecasted transaction.

The Company records all derivatives, such as foreign currency exchange contracts, on the consolidated balance sheets at fair value. Changes in the derivative fair values that are designated as cash flow hedges are deferred and recorded as a component of Accumulated Other Comprehensive Loss (“AOCE”) until the hedged transactions occur and are then recognized in the consolidated statements of operations. The Company’s foreign currency contracts hedging anticipated cash flows are designated as cash flow hedges. When it is determined that a derivative is not highly effective as a hedge, the Company discontinues hedge accounting prospectively. Any gain or loss deferred through that date remains in AOCE until the forecasted transaction occurs, at which time it is reclassified to the consolidated statements of operations. To the extent the transaction is no longer deemed probable of occurring, hedge accounting treatment is discontinued and amounts deferred would be reclassified to the consolidated statements of operations. In the event hedge accounting requirements are not met, gains and losses on such instruments are included in the consolidated statements of operations. The Company uses derivatives to economically hedge intercompany loans denominated in foreign currencies. The Company does not use hedge accounting for these contracts as changes in the fair value of these contracts are substantially offset by changes in the fair value of the intercompany loans.

Prior to the issuance of certain long-term Notes due 2021 and 2044, the Company entered into a forward-starting interest rate swap contract to hedge the anticipated U.S. Treasury interest rates on the anticipated debt issuance. These instruments, which were designated and effective as hedges, were terminated on the date of the related debt issuance and the then fair value of these instruments was recorded to AOCE and amortized through the consolidated statements of operations using an effective interest rate method over the life of the related debt.

Net Earnings Per Common Share

Basic net earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding for the year as well as awards that have not been issued but all contingencies have been met. Diluted net earnings per share is similar except that the weighted average number of shares outstanding is increased by dilutive securities, and net earnings are adjusted, if necessary, for certain amounts related to dilutive securities. Dilutive securities include shares issuable upon exercise of stock options for which the market price exceeds the exercise price, less shares which could have been purchased by the Company with the related proceeds. Dilutive securities also include shares issuable under restricted stock unit award agreements. Options and restricted stock unit awards totaling 2.7 million, 2.2 million and 2.8 million for 2022, 2021, and 2020, respectively, were excluded from the calculation of diluted earnings per share because to include them would have been antidilutive.

A reconciliation of net earnings and average number of shares for each of the three fiscal years ended December 25, 2022 is as follows:


	2022			2021		2020
(In millions, except per share data)	Basic		Diluted	Basic	Diluted	Basic	Diluted
Net earnings attributable to Hasbro, Inc.	$	203.5	203.5	428.7	428.7	222.5	222.5
Average shares outstanding	138.7		138.7	138.0	138.0	137.3	137.3
Effect of dilutive securities:
Options and other share-based awards	—		0.2	—	0.4	—	0.3
Equivalent shares	138.7		138.9	138.0	138.4	137.3	137.6
Net earnings per share attributable to Hasbro, Inc.	$	1.47	1.46	3.11	3.10	1.62	1.62

Revenue Recognition

12 Months Ended

Dec. 25, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Contract Assets and Liabilities

In the ordinary course of business, the Company’s Consumer Products, Wizards of the Coast and Digital Gaming and Entertainment segments enter into contracts to license certain of the Company’s intellectual property, providing licensees right-to-use or access such intellectual property for use in the production and sale of consumer products and digital game development, and for use within content for distribution over streaming platforms and for television and film. The Company also licenses owned television and film content for distribution to third parties in formats that include broadcast, digital streaming and theatrical. Through these arrangements, the Company may receive advanced royalty payments from licensees, either in advance of a licensees’ subsequent sales to customers or, prior to the completion of the Company’s performance obligation. In addition, the Company’s Wizards of the Coast and Digital Gaming segment may receive advanced payments from end users of its digital games at the time of the initial purchase or through in-application purchases. These digital gaming revenues are recognized over a period of time, determined based on player usage patterns or the estimated playing life of the user or when additional downloadable content is made available. The Company defers revenues on all licensee and digital gaming advanced payments until the respective performance obligations are satisfied. The Company records the aggregate deferred revenues as contract liabilities, with the current portion recorded within Accrued Liabilities and the long-term portion recorded as Other Non-current Liabilities in the Company’s consolidated balance sheets. The Company records contract assets, primarily related to (1) minimum guarantees being recognized in advance of contractual invoicing, which are recognized ratably over the terms of the respective license periods, and (2) film and television distribution revenues recorded for content delivered, where payment will occur over the license term. The current portion of contract assets is recorded in Prepaid Expenses and Other Current Assets, respectively, and the long-term portion is recorded within Other Long-Term Assets.

The change in the carrying amount of contract assets and liabilities for the year ended December 25, 2022 is as follows:


(In millions)	December 25, 2022
Assets
Balance at beginning of the year	$	391.1
Recognized in current year	1,064.8

Amounts reclassified to accounts receivable	(855.1)
Foreign currency impact	(6.4)
Ending Balance	$	594.4

Liabilities
Balance at beginning of the year	$	121.2
Recognized in current year	337.5
Amounts in beginning balance reclassified to revenue	(58.5)
Current year amounts reclassified to revenue	(278.9)
Dispositions	(4.0)
Foreign currency impact	(4.3)
Ending Balance	$	113.0

Unsatisfied Performance Obligations

Unsatisfied performance obligations relate primarily to in-production television content to be delivered in the future under existing agreements with partnering content providers such as broadcasters, distributors, television networks and subscription video on demand services. As of December 25, 2022, unrecognized revenue attributable to unsatisfied performance obligations expected to be recognized in the future was $274.2 million. Of this amount, we expect to recognize approximately $225.8 million in 2023, $44.3 million in 2024, and $4.0 million in 2025. These amounts include only fixed consideration.

Accounts Receivable and Allowance for Credit Losses

The Company’s balance for accounts receivable on the consolidated balance sheets as of December 25, 2022 and December 26, 2021 are primarily from contracts with customers. The Company had no material expense for credit losses in the years ended December 25, 2022, December 26, 2021, or December 27, 2020.

Disaggregation of revenues

The Company disaggregates its revenues from contracts with customers by reportable segment: Consumer Products, Wizards of the Coast and Digital Gaming and Entertainment. The Company further disaggregates revenues within its Consumer Products segment by major geographic region: North America, Europe, Latin America, and Asia Pacific; within its Wizards of the Coast and Digital Gaming segment by category: Tabletop Gaming and Digital and Licensing Gaming; and within its Entertainment segment by category: Film & TV, Family Brands, and Music and Other. Finally, the Company disaggregates its revenues by brand portfolio into five brand categories: Franchise Brands, Partner Brands, Hasbro Gaming, Emerging Brands and TV/Film/Entertainment. We believe these collectively depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See note 21 for additional information on disaggregation of revenues.

In addition to the required disclosures below, see further discussion of the Company's revenue recognition policy in note 1.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Business Combination	12 Months Ended
Business Combination	Dec. 25, 2022
Business Combination and Asset Acquisition [Abstract]
Business Combination	Business Combination On December 30, 2019, the Company completed its acquisition of Entertainment One ("eOne"), a global independent studio that specializes in the development, acquisition, production, distribution and sales of entertainment content. The aggregate purchase price of $4.6 billion was comprised of $3.8 billion of cash consideration for shares outstanding and $0.8 billion related to the redemption of eOne's outstanding senior secured notes and the payoff of eOne's revolving credit facility. The Company financed the acquisition with proceeds from the following debt and equity financings: (1) the issuance of senior unsecured notes in an aggregate principal amount of $2.4 billion in November 2019, (2) the issuance of 10.6 million shares of common stock at a public offering price of $95.00 per share in November 2019 (resulting in net proceeds of $975.2 million) and (3) $1.0 billion in term loans provided by a term loan agreement, which were borrowed on the date of closing. See note 11 for further discussion of the issuance of the senior unsecured notes and term loan agreement. eOne's results of operations and financial position have been included in the Company's consolidated financial statements and accompanying footnotes beginning on December 30, 2019, the date of the acquisition, and the start of the Company's fiscal year 2020. The acquisition was accounted for as a business combination under FASB Accounting Standards Codification Topic 805, Business Combinations (“Topic 805”). Pursuant to Topic 805, the Company allocated the eOne purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values as of the acquisition date. Goodwill in the amount of $3.2 billion was recorded as a result of the acquisition, which is the excess of the purchase price over those fair values and represents the value placed on the combined company’s brand building capabilities, storytelling capabilities and franchise economics in TV, film and other mediums to strengthen Hasbro brands. In addition, the acquisition goodwill depicts added benefits of long-term profitable growth through in-sourcing toy and game production for the acquired preschool brands and cost-synergies, as well as future revenue growth opportunities. The goodwill recorded as part of this acquisition was included within the Entertainment and Consumer Products segments for the year ended December 27, 2020. The goodwill associated with the acquisition will not be amortized for financial reporting purposes and will not be deductible for federal tax purposes. See note 6 for information on the Company's goodwill reallocation during the first quarter of 2021 and the goodwill impairment charge recorded in the second quarter of 2021 as a result of the sale of the eOne music business, which was completed during the third quarter of 2021. In 2020, the Company incurred charges of $218.6 million related to the eOne acquisition recorded in acquisition and related costs within the Company’s Consolidated Statement of Operations, of which $133.2 million. were recorded within the Entertainment segment and the remaining charges were recorded within the Corporate and Other segment. See note 3 to the consolidated financial statements included in Part ll, Item 8. Financial Statements, of the Company's Form 10-K for the year ended December 27, 2020 for further information on the Company's acquisition of eOne.

Other Comprehensive Earnings (Loss)

12 Months Ended

Dec. 25, 2022

Equity [Abstract]

Other Comprehensive Earnings (Loss)

Components of other comprehensive earnings (loss) are presented within the consolidated statements of comprehensive earnings. The following table presents the related tax effects on changes in other comprehensive earnings (loss) for each of the three fiscal years ended December 25, 2022.


(In millions)	2022		2021		2020
Other comprehensive earnings (loss), tax effect:
Tax benefit (expense) on unrealized holding gains (losses)	$	0.1	$	—	(0.2)
Tax expense on cash flow hedging activities	(1.3)		(1.0)		(3.4)
Tax (expense) benefit on foreign currency translation amounts	—		(7.2)		2.1
Tax (expense) benefit on changes in unrecognized pension amounts	(5.9)		(1.5)		2.6
Reclassifications to earnings, tax effect:
Tax expense (benefit) on cash flow hedging activities	1.6		(0.5)		4.3
Tax benefit on amortization of unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations	(0.3)		(0.6)		(0.8)

Total tax effect on other comprehensive earnings (loss)	$	(5.8)	(10.8)		4.6

Changes in the components of accumulated other comprehensive loss, net of tax for each of the three fiscal years ended December 25, 2022 are as follows:


(In millions)	Pension and Postretirement Amounts		Gains (Losses) on Derivative Instruments	Unrealized Holding Gains (Losses) on Available for-Sale Securities	Foreign Currency Translation Adjustments	Total Accumulated Other Comprehensive Earnings (Loss)
2022
Balance at December 26, 2021	$	(35.1)	(6.0)	0.2	(194.4)	(235.3)
Current period other comprehensive earnings (loss)	30.8		10.2	(0.3)	(45.4)	(4.7)
Reclassifications from AOCE to earnings	1.3		(16.2)	—	—	(14.9)
Balance at December 25, 2022	$	(3.0)	(12.0)	(0.1)	(239.8)	(254.9)
2021
Balance at December 27, 2020	$	(40.7)	(22.1)	0.3	(132.5)	(195.0)

Current period other comprehensive earnings (loss)	3.4		13.5	(0.1)	(61.9)	(45.1)
Reclassifications from AOCE to earnings	2.2		2.6	—	—	4.8
Balance at December 26, 2021	$	(35.1)	(6.0)	0.2	(194.4)	(235.3)
2020
Balance at December 29, 2019	$	(36.1)	(5.2)	(0.3)	(142.6)	(184.2)
Current period other comprehensive earnings (loss)	(6.6)		2.4	0.5	10.1	6.4
Reclassifications from AOCE to earnings	2.0		(19.3)	—	—	(17.2)
Balance at December 27, 2020	$	(40.7)	(22.1)	0.3	(132.5)	(195.0)

Gains (Losses) on Derivative Instruments

At December 25, 2022, the Company had remaining net deferred gains on foreign currency forward contracts, net of tax, of $3.0 million in AOCE. These instruments hedge payments related to inventory purchased in the fourth quarter of 2022 or forecasted to be purchased in 2023, intercompany expenses expected to be paid or received during 2023, television and movie production costs paid in 2022 or expected to be paid in 2023 or 2024, and cash receipts for sales made at the end of the fourth quarter of 2022 or forecasted to be made in 2023. These amounts will be reclassified into the consolidated statements of operations upon the sale of the related inventory or recognition of the related sales expenses.

In addition to foreign currency forward contracts, the Company entered into hedging contracts on future interest payments related to the 3.15% Notes, that were repaid in full in the aggregate principal amount of $300.0 million during the first quarter of 2021 (See note 11), and the 5.10% Notes due 2044. At the date of debt issuance, these contracts were terminated and the fair value on the date of settlement was deferred in AOCE and is being amortized to interest expense over the life of the related notes using the effective interest rate method. At December 25, 2022, deferred losses, net of tax, of $14.9 million related to these instruments remained in AOCE. For the year ended December 25, 2022, losses, net of tax of $0.7 million related to these hedging instruments were reclassified from AOCE to net earnings. For the years ended December 26, 2021 and December 27, 2020, losses, net of tax of $1.0 million and $1.4 million, respectively, related to these hedging instruments were reclassified from AOCE to net earnings.

Of the net deferred gains included in AOCE at December 25, 2022, the Company expects net gains of approximately $1.3 million to be reclassified to the consolidated statements of operations within the next 12 months. However, the amount ultimately realized in earnings is dependent on the fair value of the hedging instruments on the settlement dates.

See notes 16 and 18 for additional discussion on reclassifications from AOCE to earnings.

Property, Plant and Equipment

12 Months Ended

Dec. 25, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


(In millions)	2022		2021
Land and improvements	$	3.1	3.2
Buildings and improvements	221.1		220.3
Machinery, equipment and software	672.4		604.7
	896.6		828.2
Less accumulated depreciation	654.5		630.0
	242.1		198.2
Tools, dies and molds, net of accumulated depreciation	62.4		63.6
	304.5		261.8
Right of use assets	239.6		256.4
Less accumulated depreciation	121.3		97.1
Total property, plant and equipment, net	$	422.8	421.1

Expenditures for maintenance and repairs which do not materially extend the life of the assets are charged to operations as incurred. In 2022, 2021 and 2020 the Company recorded $127.3 million, $163.3 million and $120.2 million, respectively, of depreciation expense.

See note 17 for additional discussion on right of use assets.

Goodwill and Intangible Assets

12 Months Ended

Dec. 25, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

Goodwill

During the first quarter of 2021, the Company realigned its financial reporting structure creating the following three principal reporting segments: Consumer Products, Wizards of the Coast and Digital Gaming and Entertainment. In our realignment, some, but not all, of our reporting units were changed. As a result of these changes, the Company reallocated its goodwill among the revised reporting units based on the changes in relative fair values of the respective reporting units.

Changes in the carrying amount of goodwill, by operating segment, for the years ended December 25, 2022 and December 26, 2021 are as follows:


(In millions)	Consumer Products		Wizards of the Coast and Digital Gaming	Entertainment	Total
2022
Balance at December 26, 2021	$	1,584.9	307.3	1,527.4	3,419.6
Acquired during the period	—		64.7	—	64.7
Impairment during the period	—		—	(11.8)	(11.8)

Foreign exchange translation	(0.2)		(0.5)	(1.7)	(2.4)
Balance at December 25, 2022	$	1,584.7	371.5	1,513.9	3,470.1
2021
Balance at December 27, 2020	$	1,385.7	53.1	2,252.9	3,691.7
Goodwill allocation	199.4		254.2	(453.6)	—
Goodwill associated with disposal of business	—		—	(162.2)	(162.2)
Impairment during the period	—		—	(108.8)	(108.8)
Foreign exchange translation	(0.2)		—	(0.9)	(1.1)
Balance at December 26, 2021	$	1,584.9	307.3	1,527.4	3,419.6

A portion of the Company’s goodwill and other intangible assets reside in the Corporate segment of the business. For purposes of the goodwill impairment testing, these assets are allocated to the reporting units within the Company’s operating segments.

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.

On May 19, 2022, the Company completed its acquisition of D&D Beyond for $146.3 million, which was funded with cash on hand. Based on the valuation of these assets, $64.7 million was allocated to goodwill within the Wizards of the Coast and Digital Gaming segment during the second quarter of 2022.

During the fourth quarter of 2022, the Company performed a qualitative goodwill assessment with respect to each of its reporting units and determined that the fair values of the Company’s reporting units exceeded their carrying values. As a result of this assessment, the Company concluded that, other than the Loss on Disposal goodwill impairment noted above, there was no other impairment to any of its reporting units. Accordingly, no goodwill impairment was recorded as a result of the qualitative test for the year ended December 25, 2022.

During the second quarter of 2021, the Company entered into a definitive agreement to sell the Entertainment One Music business ("eOne Music") for an aggregate sales price of $385.0 million, subject to certain closing adjustments related to working capital and net debt. Based on the value of the net assets held by eOne Music, which included goodwill and intangible assets allocated to eOne Music as part of the eOne acquisition, the Company recorded a pre-tax non-cash goodwill impairment charge of $108.8 million, during 2021, within Loss on Disposal of Business in the Consolidated Statements of Operations, and within the Entertainment segment. On June 29, 2021, during the Company's fiscal third quarter, the eOne Music sale was completed and associated goodwill and intangible assets were removed from the consolidated financial statements. There were no underlying business conditions that provided an indication of the existence of impairment.

During the fourth quarter of 2021 the Company performed a quantitative goodwill assessment with respect to each of its reporting units and determined that the fair values of the Company’s reporting units exceeded their carrying values. As a result of this assessment, the Company concluded that, other than the Music goodwill impairment loss noted above, there was no other impairment to any of its reporting units. Accordingly, no goodwill impairment was recorded as a result of the quantitative test for the year ended December 26, 2021.

Other Intangible Assets, Net

The following table represents a summary of the Company’s other intangible assets, net at December 25, 2022 and December 26, 2021:


(In millions)	2022		2021
Acquired product rights	$	2,112.1	2,101.7
Licensed rights of entertainment properties	45.0		45.0
Impairment	(281.0)		—
Accumulated amortization	(1,137.2)		(1,050.4)
Amortizable intangible assets	738.9		1,096.3
Product rights with indefinite lives	75.7		75.7
Total other intangibles assets, net	$	814.6	1,172.0

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 definite-lived

intangible assets in the fourth quarter of 2022 and 2021, concluding that there was no impairment of these assets. 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 the fourth quarter of 2022, following the Company's Blueprint 2.0 strategy shift with a focus on fewer, bigger, better brands, it was determined that there was a partial impairment of the Company's definite-lived Power Rangers intangible asset as the approach to prioritize other brands in film development resulted in lower than expected cash flow related to the brand. Using the discounted cash flow method under the income approach to determine fair value, changes to anticipated revenues and related cash flows led to the determination that the carrying value of this intangible asset exceeded its fair value, thus resulting in an impairment. Charges of $281.0 million were recorded in the fourth quarter of 2022 within Selling, Distribution and Administration within the Corporate and Other segment.

There were no other triggering events in 2022 or 2021 that would indicate the Company's intangible assets were impaired.

The Company will continue to incur amortization expense related to the use of acquired and licensed rights to produce various products. A portion of the amortization of these product rights will fluctuate depending on brand activation, related revenues during an annual period and future expectations, as well as rights reaching the end of their useful lives. The Company currently estimates amortization expense related to the above intangible assets for the next five years to be approximately:


	(In millions)
2023	$	89.6
2024	87.9
2025	87.9
2026	87.9
2027	74.9

Equity Method Investment	12 Months Ended
Equity Method Investment	Dec. 25, 2022
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investment	Equity Method Investment The Company owns an interest in a joint venture, Discovery Family Channel (the “Network”), with Warner Bros. Discovery, Inc. ("Discovery"). The Company has determined that it does not meet the control requirements to consolidate the Network and accounts for the investment using the equity method of accounting. The Network was established to create a cable television network in the United States dedicated to high-quality children’s and family entertainment. In October 2009, the Company purchased an initial 50% share in the Network for a payment of $300.0 million and certain future tax payments based on the value of certain tax benefits expected to be received by the Company. On September 23, 2014, the Company and Discovery amended their relationship with respect to the Network and Discovery increased its equity interest in the Network to 60% while the Company retained a 40% equity interest in the Network. As of December 25, 2022 and December 26, 2021, the Company’s investment in the Network totaled $120.8 million and $161.2 million, respectively. During the fourth quarter of 2021, the Company reviewed its investment with Discovery for impairment and concluded that the fair value of the Company's interest in the joint venture was less than its carrying value, and as such, recorded an impairment loss of $74.1 million, which is included in other (income) expense, net in the consolidated statements of operations for the year ended December 26, 2021. The Company utilized the discounted cash flow method under the income approach to estimate the fair value of the Network, which requires assumptions and estimates that include: future annual cash flows, income tax rates, discount rates, estimated growth rates, and other market factors. Accelerating changes in the cable distribution industry, including technological changes and expanding options for digital content offerings, has resulted in the fragmentation of viewership, declines in subscribers to the traditional cable bundle, and pricing pressure. These factors led to the lower valuation of the Network as compared to its carrying value. During the fourth quarter of 2022, the Company reviewed its investment with Discovery for impairment and determined that the fair value of the Company's interest in the joint venture exceeded its carrying value, and as such, concluded that there was no impairment in its investment in the Network. The Company’s share in the earnings of the Network for the years ended December 25, 2022, December 26, 2021 and December 27, 2020 totaled $8.1 million, $20.8 million and $21.8 million, respectively, and is included as a component of other expense (income), net in the consolidated statements of operations. The Company also enters into certain other transactions with the Network. During 2022, 2021 and 2020, these transactions were not material. In connection with the September 23, 2014 amendment, the Company and Discovery entered into an option agreement to acquire the Company’s remaining 40% ownership in the Network, exercisable during the one-year period following December 31, 2021. During 2022 the Company and Discovery further amended the agreement by extending the option exercise window through March 2025. As of December 25, 2022, the Company had not exercised the option to acquire the remaining ownership in the Network. The exercise price of the option agreement is based upon 80% of the then fair market value of the Network, subject to a fair market value floor. At December 25, 2022 and December 26, 2021, the fair market value of this option was $1.7 million and was included as a component of other liabilities. During 2021, the Company recorded a gain of $20.1 million in other (income) expense, net relating to the change in fair value of this option, which was driven by an impairment loss recorded on the Company's investment in the Network during 2021. There were no material changes to the option's value in 2022 or 2020. The Company also has a related liability due to Discovery under the existing tax sharing agreement. The balance of the associated liability, including imputed interest, was $14.4 million and $18.3 million at December 25, 2022 and December 26, 2021, respectively, and is included as a component of other liabilities in the accompanying consolidated balance sheets. During 2022 and 2021, the Company recognized income of $0.7 million and a loss of $2.1 million, respectively, related to this liability due to changes in the Company's 2021 and 2020 income tax rates that resulted in adjustments to future payments owed to the Network. During 2022, 2021 and 2020, the Company made payments to Discovery under this tax sharing agreement in the amount of $5.4 million, $5.3 million and $4.7 million, respectively. See note 20 for more information on estimated future payments in relation to the Company's Discovery tax sharing agreement. The Company had a license agreement with the Network that required the payment of royalties by the Company to the Network based on a percentage of revenue derived from products related to television shows broadcast by the joint venture. The license included a minimum royalty guarantee of $125.0 million, which was paid in five annual installments of $25.0 million per year, commencing in 2009, which was earned out over approximately a 12-year period. As of December 25, 2022 the Company did not have a prepaid royalty balance related to this agreement as the licensing agreement ended in 2021. Beginning in 2021, the Company and the Network agreed that Hasbro would no longer provide the Network with new content. Previous to this amendment, the parties were subject to an agreement under which the Company would provide the Network with an exclusive first look in the U.S. to license certain types of programming developed by the Company based on its intellectual property. In the event the Network licenses the programming from the Company to air, it is required to pay the Company a license fee.

Investments in Productions and Investments in Acquired Content Rights

12 Months Ended

Dec. 25, 2022

Other Industries [Abstract]

Investments in Productions and Investments in Acquired Content Rights

Investments in Productions and Investments in Acquired Content RightsInvestments in productions and investments in acquired content rights are predominantly monetized on a title-by-title basis and are recorded within other assets in the Company's consolidated balance sheets, to the extent they are considered recoverable against future revenues. These amounts are being amortized to program cost amortization using a model that reflects the consumption of the asset as it is released through various channels including broadcast licenses, theatrical release and home entertainment. Amounts capitalized are reviewed periodically on an individual film basis and any portion of the unamortized amount that appears not to be recoverable from future net revenues is expensed as part of program cost amortization during the period the loss becomes evident.

Programming costs are included in other assets and consist of the following at December 25, 2022 and December 26, 2021:


(In millions)	2022		2021
Investment in Films and Television Programs:
Individual monetization
Released, net of amortization	$	584.5	$	481.7
Completed and not released	23.3		18.5
In production	199.4		151.6
Pre-production	41.3		84.0
	848.5		735.8
Film/TV group monetization
Released, net of amortization	25.8		32.2

In production	22.2		13.0

	48.0		45.2
Investment in other programming:
Released, net of amortization	9.8		5.3
Completed and not released	—		0.4
In production	11.8		12.6
Pre-production	3.3		1.7
	24.9		20.0

Total program investments	$	921.4	$	801.0

The Company recorded $555.5 million of program cost amortization related to released programming during 2022, consisting of the following:


(In millions)	Investment in Production		Investment in Content		Total
Program cost amortization	$	495.4	$	60.1	$	555.5

Based on management’s total revenue estimates at December 25, 2022, the Company's expected future amortization expenses for capitalized programming costs over the next three years are as follows:


(In millions)	2023		2024	2025
Estimated Future Amortization Expense:
Individual monetization
Released	$	114.6	67.4	58.3
Completed and not released	42.3		n/a	n/a

Film/TV group monetization

Released	28.8		15.0	14.8

Total	$	185.7	82.4	73.1

In the normal course of its business, the Company also enters into contracts related to obtaining right of first refusal ("first look deals") to purchase, distribute, or license certain entertainment projects or content. See note 20 for more information on the Company's expected future payments for first look deals.

Financing Arrangements	12 Months Ended
Financing Arrangements	Dec. 25, 2022
Debt Disclosure [Abstract]
Financing Arrangements	Financing Arrangements At December 25, 2022, Hasbro had available an unsecured revolving credit agreement (see Amended Revolving Credit Agreement below) in the amount of $1.5 billion and unsecured uncommitted lines of credit from various banks approximating $101.5 million. Substantially all of the short term borrowings outstanding at the end of 2022 and 2021 represent borrowings made under, or supported by, these lines of credit. Borrowings under the lines of credit as of December 25, 2022 and December 26, 2021 were made in the form of production demand loans at various interest rates. The weighted average interest rates of the outstanding borrowings under the uncommitted lines of credit as of December 25, 2022 and December 26, 2021 were 3.3% and 3.9%, respectively. The Company had no borrowings outstanding under its committed line of credit at December 25, 2022 and December 26, 2021. During 2022 and 2021, Hasbro’s working capital needs were fulfilled by cash available and cash generated from operations. During the second half of 2019, in preparation for the Company's acquisition of eOne, the Company completed the following debt and equity financings: (i) the issuance of senior unsecured Notes in an aggregate principal amount of $2.4 billion, (ii) the issuance of 10.6 million shares of common stock at a public offering price of $95.00 per share and (iii) $1.0 billion in term loans provided by a Term Loan Agreement (the “Term Loan Agreement”) entered into with Bank of America, N.A., as administrative agent, and certain financial institutions, as lenders, pursuant to which such lenders committed to provide, contingent on completion of the eOne acquisition and certain other customary conditions to funding, facilities consisting of a three-year senior unsecured term loan facility in an aggregate principal amount of $400.0 million and a five-year senior unsecured term loan facility in an aggregate principal amount of $600.0 million. On December 30, 2019, the Company completed the acquisition of eOne and on that date, borrowed the full amount of $1.0 billion under the Term Loan facilities. As of December 25, 2022, the Company has repaid the full aggregate principal amount of $400.0 million on the three-year term loan facility and $290.0 million of the aggregate principal amount on the five-year term loan facility. See note 11 for further discussion on the Term Loan Agreement. The Company has a second amended and restated revolving credit agreement with Bank of America, as administrative agent, swing line lender and a letter of credit issuer and lender and certain other financial institutions, as lenders thereto (the "Amended Revolving Credit Agreement"), which provides the Company with commitments having a maximum aggregate principal amount of $1.5 billion. The Amended Revolving Credit Agreement also provides for a potential additional incremental commitment increase of up to $500.0 million subject to agreement of the lenders. The Amended Revolving Credit Agreement contains certain financial covenants setting forth leverage and coverage requirements, and certain other limitations typical of an investment grade facility, including with respect to liens, mergers and incurrence of indebtedness. The Amended Revolving Credit Agreement extends through September 20, 2024. The Company was in compliance with all covenants as of and for the year ended December 25, 2022. The Company had no borrowings outstanding under its committed revolving credit facility as of December 25, 2022. The Company pays a commitment fee (0.125% as of December 25, 2022) based on the unused portion of the revolving credit facility and interest equal to a Base Rate or Eurocurrency Rate plus a spread on borrowings under the facility. The Base Rate is determined based on either the Federal Funds Rate plus a spread, or Prime Rate plus a spread. The commitment fee and the amount of the spread to the Base Rate or Eurocurrency Rate both vary based on the Company’s long-term debt ratings and the Company’s leverage. At December 25, 2022, the interest rate under the revolving credit facility was equal to Eurocurrency Rate plus 1.250%. The Company also has an agreement with a group of banks providing a commercial paper program (the “Program”). Under the Program, at the Company’s request and subject to market conditions, the banks may either purchase from the Company, or arrange for the sale by the Company of, unsecured commercial paper notes. Borrowings under the Program are supported by the aforementioned unsecured committed line of credit and the Company may issue notes from time to time up to an aggregate principal amount outstanding at any given time of $1.0 billion. The maturities of the notes may vary but may not exceed 397 days. Subject to market conditions, the notes will be sold under customary terms in the commercial paper market and will be issued at a discount to par, or alternatively, will be sold at par and will bear varying interest rates based on a fixed or floating rate basis. The interest rates will vary based on market conditions and the ratings assigned to the notes by the credit rating agencies at the time of issuance. At December 25, 2022 and December 26, 2021, the Company did not have any notes outstanding under the Program. During November 2021, the Company secured a senior revolving film and television production credit facility (the “RPCF”) with MUFG Union Bank, N.A., as administrative agent and lender and certain other financial institutions, as lenders thereto (the “Revolving Production Financing Agreement”) which provides the Company with commitments having a maximum aggregate principal amount of $250.0 million. The Revolving Production Financing Agreement also provides the Company with the option to request a commitment increase up to an aggregate additional amount of $150.0 million subject to agreement of the lenders. The Revolving Production Financing Agreement extends through November 22, 2024. The Company uses the RPCF to fund certain of the Company’s original film and TV production costs. Borrowings under the RPCF are non-recourse to the Company's assets.

Accrued Liabilities

12 Months Ended

Dec. 25, 2022

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

Components of accrued liabilities for the fiscal years ended on December 25, 2022 and December 26, 2021 are as follows:


(In millions)	2022		2021
Participations and residuals	$	300.2	$	299.1
Royalties	195.4		253.0
Deferred revenue	111.3		114.1
Severance	100.3		32.0
Dividends	96.7		94.0
Cancellation charges	89.2		74.1
Other Taxes	82.1		95.0
Accrued expenses IIC & IIP	80.8		74.9
Payroll and management incentives	66.7		183.6
Advertising	53.2		60.4
Accrued income taxes	44.8		30.9
General vendor accruals	44.3		29.8
Current lease liability	39.6		43.9
Freight	28.5		107.5
Other	173.7		182.5
Total accrued liabilities	$	1,506.8	$	1,674.8

Long-Term Debt

12 Months Ended

Dec. 25, 2022

Debt Disclosure [Abstract]

Long-Term Debt

Components of long-term debt for the fiscal years ended on December 25, 2022 and December 26, 2021 are as follows:


(In millions)	2022			2021
	Carrying Cost		Fair Value	Carrying Cost		Fair Value
3.90% Notes Due 2029	$	900.0	808.2	$	900.0	991.7
3.55% Notes Due 2026	675.0		635.3	675.0		725.6
3.00% Notes Due 2024	500.0		482.2	500.0		521.2
6.35% Notes Due 2040	500.0		498.4	500.0		692.8
3.50% Notes Due 2027	500.0		465.8	500.0		539.2

5.10% Notes Due 2044	300.0		261.1	300.0		374.5

6.60% Debentures Due 2028	109.9		112.1	109.9		136.7

Variable % Notes Due December 30, 2024 (1)	310.0		310.0	397.5		397.5
Production Financing Facilities	53.2		53.2	170.1		170.1
Total long-term debt	$	3,848.1	3,626.3	$	4,052.5	4,549.3
Less: Deferred debt expenses	23.7		—	28.2		—
Less: Current portion	113.2		—	200.1		—
Long-term debt	$	3,711.2	3,626.3	$	3,824.2	4,549.3

(1) During the first quarter of 2022, the Company repaid $50.0 million of the principal balance of the Variable % Notes Due December 30, 2024.

In November 2019, in conjunction with the Company's acquisition of eOne, the Company issued an aggregate of $2.4 billion of senior unsecured debt securities (the "Notes") consisting of the following tranches: $300.0 million of notes due 2022 (the "2022 Notes") that bear interest at a fixed rate of 2.60%, $500.0 million of notes due 2024 (the "2024 Notes") that bear interest at a fixed rate of 3.00%, $675.0 million of notes due 2026 (the "2026 Notes") that bear interest at a fixed rate of 3.55% and $900.0 million of notes due 2029 (the "2029 Notes") that bear interest at a fixed rate of 3.90%. Net proceeds from the issuance of the Notes, after deduction of $20.0 million of underwriting discount and fees, totaled $2.4 billion. These costs are being amortized over the life of the Notes outstanding, which range from five years to ten years from the date of issuance. During the third quarter of 2021, the Company repaid in full the $300.0 million of 2022 Notes and recorded $9.1 million of debt extinguishment costs within other expense (income) in the Consolidated Statements of Operations.

The Notes bear interest at the stated rates but may be subject to upward adjustment if the credit rating of the Company is reduced by Moody's or Standard & Poors. The adjustment can be from 0.25% to 2.00% based on the extent of the ratings decrease. The Company may redeem the Notes at its option at the greater of the principal amount of the Notes or the present value of the remaining scheduled payments discounted using the effective interest rate on applicable U.S. Treasury bills at the time of repurchase, plus (1) 25 basis points (in the case of the 2024 Notes); (2) 30 basis points (in the case of the 2026 Notes); and (3) 35 basis points (in the case of the 2029 Notes). In addition, on and after October 19, 2024 for the 2024 Notes, September 19, 2026 for the 2026 Notes and August 19, 2029 for the 2029 Notes, such series of Notes will be redeemable, in whole at any time or in part from time to time, at the Company's option at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus any accrued and unpaid interest.

In September 2019, the Company entered into the $1.0 billion Term Loan Agreement consisting of (1) a three-year senior unsecured term loan facility in an aggregate principal amount of $400.0 million (the “Three-Year Tranche”) and (2) a five-year senior unsecured term loan facility in an aggregate principal amount of $600.0 million (the “Five-Year Tranche” and together with the Three-Year Tranche, the “Term Loan Facilities”). The full amount of the Term Loan Facilities were drawn down on December 30, 2019, the closing date of the eOne acquisition. During 2021, the Company paid $480.0 million toward the $1.0 billion term loan notes consisting of the remaining $300.0 million of the principal balance of the Three-Year Tranche loans as well as $150.0 million principal balance and principal amortization payments totaling $30.0 million on the Five-Year Tranche loans. During 2022, the

Company made $50.0 million principal balance and principal amortization payments totaling $37.5 million on the Five-Year Tranche loans.

Loans under the Five-Year Tranche bear interest at the Company’s option, at either the Eurocurrency Rate or the Base Rate, plus a per annum applicable rate that fluctuates between 100.0 basis points and 187.5 basis points, in the case of loans priced at the Eurocurrency Rate, and between 0.0 basis points and 87.5 basis points, in the case of loans priced at the Base Rate, in each case, based upon the non-credit enhanced, senior unsecured long-term debt ratings of the Company by Fitch Ratings Inc., Moody’s Investor Service, Inc. and S&P Global Rankings, subject to certain provisions taking into account potential differences in ratings issued by the relevant rating agencies or a lack of ratings issued by such rating agencies. Loans under the Five-Year Tranche require principal amortization payments that are payable in equal quarterly installments of 5.0% per annum of the original principal amount thereof for each of the first two years after funding, increasing to 10.0% per annum of the original principal amount thereof for each subsequent year. The Term Loan Agreement contains affirmative and negative covenants typical of this type of facility, including: (i) restrictions on the Company’s and its domestic subsidiaries’ ability to allow liens on their assets, (ii) restrictions on the incurrence of indebtedness, (iii) restrictions on the Company’s and certain of its subsidiaries’ ability to engage in certain mergers, (iv) the requirement that the Company maintain a Consolidated Interest Coverage Ratio of no less than 3.00:1.00 as of the end of any fiscal quarter and (v) the requirement that the Company maintain a Consolidated Total Leverage Ratio of no more than, depending on the gross proceeds of equity securities issued after the effective date of the acquisition of eOne, 5.65:1.00 or 5.40:1.00 for each of the first, second and third fiscal quarters ended after the funding of the Term Loan Facilities, with periodic step downs to 3.50:1.00 for the fiscal quarter ending December 31, 2023 and thereafter. As of December 25, 2022, the Company was in compliance with the financial covenants contained in the Term Loan Agreement.

The Company may redeem its 5.10% notes due in 2044 (the "2044 Notes") at its option, at the greater of the principal amount of the notes or the present value of the remaining scheduled payments, discounted using the effective interest rate on applicable U.S. Treasury bills at the time of repurchase.

Current portion of long-term debt at December 25, 2022 of $113.2 million, as shown on the consolidated balance sheet, represents the current portion of required quarterly principal amortization payments for the 5-Year Tranche of the Term Loan Facilities and other production financing facilities. All of the Company’s other long-term borrowings have contractual maturities that occur subsequent to 2023 with the exception of certain of the Company’s production financing facilities and annual principal payments related to the Term Loan Facilities.

The Company's long-term borrowings have the following future contractual maturities:


Future long-term borrowings contractual payments	(In millions)
2023*	$	60.0
2024	750.0
2025	—
2026	675.0
2027	500.0
2028 and thereafter	1,809.9
	3,794.9
Production financing facilities	53.2
	$	3,848.1

* Represents the Company's required quarterly principal amortization payments for term loan facilities in 2023.

The fair values of the Company’s long-term debt are considered Level 3 fair values (see note 14 for further discussion of the fair value hierarchy) and are measured using the discounted future cash flows method. In addition to the debt terms, the valuation methodology includes an assumption of a discount rate that approximates the current yield on a similar debt security. This assumption is considered an unobservable input in that it reflects the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability. The Company believes that this is the best information available for use in the fair value measurement.

Production Financing

In addition to the Company's financial instruments, the Company uses production financing to fund certain of its television and film productions which are arranged on an individual production basis by either special purpose production subsidiaries, each secured by the assets and future revenues of such production subsidiaries, which are non-recourse to the Company's assets, or through a senior revolving credit facility obtained in November 2021, dedicated to production financing.

Production financing facilities typically have maturities of less than two years, while the titles are in production, and are repaid once delivered and all credits, broadcaster pre-sales and international sales have been received. The production financing facilities as of December 25, 2022 are as follows:


(In millions)	2022		2021







Production financing included in the consolidated balance sheet as:


Current liabilities	$	195.6	170.1

Interest is charged at bank prime rate plus a margin based on the risk of the respective production. The weighted average interest rate on all production financing as of December 25, 2022 was 3.3%.

The Company has Canadian dollar and U.S. dollar production credit facilities with various banks. The carrying amounts are denominated in the following currencies:


(In millions)	Canadian Facilities		U.S. Facilities	Total
As of December 25, 2022	$	53.2	142.4	195.6

The following table represents the movements in production financing loans during 2022:


(In millions)	Production Financing
December 26, 2021	$	170.1
Drawdowns	258.5
Repayments	(231.5)
Foreign exchange differences	(1.5)
Balance at December 25, 2022	$	195.6

The Company expects to repay all of its outstanding production financing loans in 2023.

Income Taxes

12 Months Ended

Dec. 25, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The components of earnings before income taxes, determined by tax jurisdiction, are as follows:


(In millions)	2022		2021	2020
United States	$	17.0	236.8	191.5
International	244.5		345.1	130.6
Total earnings before income taxes	$	261.5	581.9	322.1

Income taxes attributable to earnings before income taxes are:


(In millions)	2022		2021	2020
Current
United States	$	93.8	59.5	22.3
State and local	18.0		15.4	6.2
International	76.8		42.9	37.9
	188.6		117.8	66.4
Deferred
United States	(105.7)		7.1	27.2
State and local	(16.6)		(0.3)	(10.8)
International	(7.8)		22.0	13.9
	(130.1)		28.8	30.3
Total income taxes	$	58.5	146.6	96.7

A reconciliation of the statutory United States federal income tax rate to Hasbro’s effective income tax rate is as follows:


	2022		2021		2020
Statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net	1.2		1.5		2.2
Tax on international earnings	(4.0)		(1.1)		(3.5)
Domestic tax on foreign earnings	(6.5)		(1.7)		(2.7)

Change in unrecognized tax benefits	3.1		(3.4)		4.1
Change in valuation allowance	9.7		(1.6)		4.5
Share-based compensation	1.4		(0.6)		(0.4)

Research and development tax credits	(3.5)		(1.1)		(1.6)
Deferred tax rate change	—		6.5		3.6

Officers' compensation	1.9		1.9		1.4
Loss on disposition of business	1.5		3.9		—
Other, net	(3.4)		(0.1)		1.4
	22.4	%	25.2	%	30.0	%

Certain reclassifications have been made to prior year presentation to conform to current year presentation.

The components of deferred income tax expense (benefit) arise from various temporary differences and relate to items included in the consolidated statements of operations as well as items recognized in other comprehensive earnings. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 25, 2022 and December 26, 2021 are:


(In millions)	2022		2021
Deferred tax assets:
Accounts receivable	$	28.8	30.8
Inventories	22.6		14.1
Loss and credit carryforwards	175.3		179.1
Operating leases	11.2		17.8
Operating expenses	29.9		29.9
Pension	9.1		16.3
Other compensation	50.7		37.3
Postretirement benefits	5.7		8.5
Interest rate hedge	4.5		4.7
Tax sharing agreement	0.3		1.5
Deferred revenue	4.4		4.0
Capitalized research and experimentation	81.2		26.1
Other	11.7		13.5
Gross deferred tax assets	435.4		383.6
Deferred tax liabilities:
Depreciation and amortization of long-lived assets	61.8		170.5
Equity method investment	14.9		13.1
Operating leases	9.3		15.1
Foreign exchange	—		13.7
Prepaid expenses	4.4		3.5
Other	15.4		12.3
Gross deferred tax liabilities	105.8		228.2
Valuation allowance	(189.8)		(171.2)
Net deferred income taxes	$	139.8	(15.8)

Certain reclassifications have been made to prior year presentation to conform to current year presentation.

The most significant amount of the loss and credit carryforwards relate to tax attributes of the acquired eOne entities that historically operated at losses in certain jurisdictions. At December 25, 2022, the Company has loss and credit carryforwards of $175.3 million, which is a decrease of $3.8 million from $179.1 million at December 26, 2021. Loss and credit carryforwards as of December 25, 2022 relate primarily to the U.S. and Canada. The Canadian loss carryforwards expire at various dates from 2031 to 2042. Some U.S. federal, state and international loss and credit carryforwards expire at various dates throughout 2023 while others have an indefinite carryforward period.

The recoverability of these future tax deductions and credits is evaluated by assessing the adequacy of future expected taxable income from all sources, including taxable income in prior carryback years, reversal of taxable temporary differences, forecasted operating earnings and available tax planning strategies. To the extent the Company does not consider it more likely than not that a deferred tax asset will be recovered, a valuation allowance is generally established. To the extent that a valuation allowance was established and it is subsequently determined that it is more likely than not that the deferred tax assets will be recovered, the change in the valuation allowance is recognized in the consolidated statements of income.

The Company has a valuation allowance for certain net deferred tax assets at December 25, 2022 of $189.8 million, which is an increase of $18.6 million from $171.2 million at December 26, 2021. The valuation allowance

pertains to certain U.S. state and international loss and credit carryforwards, some of which have no expiration and others that expire beginning in 2023, and other net deferred tax assets. The increase in the valuation allowance is primarily due a valuation allowance recorded in 2022 against net deferred tax assets in Russia, due to the on-going conflict in Ukraine, as well as increases in certain net deferred tax assets with no corresponding tax benefit.

At December 25, 2022 and December 26, 2021, the Company’s net deferred income taxes are recorded in the consolidated balance sheets as follows:


(In millions)	2022		2021
Other assets	$	262.1	132.1
Other liabilities	(122.3)		(147.9)
Net deferred income taxes	$	139.8	(15.8)

We previously considered the earnings in our non-U.S. subsidiaries to be indefinitely reinvested and, accordingly, recorded no deferred income taxes. However, the Tax Cuts and Jobs Act (the "Tax Act") enacted on December 22, 2017 gave the Company more flexibility to manage cash globally. The Company still has significant cash needs outside the United States and continues to consistently monitor and analyze its global working capital and cash requirements. However, we intend to repatriate substantially all of our accumulated foreign earnings when appropriate. As of 2022, we have recorded $3.6 million of foreign withholding and U.S. state income tax liability. The Company has not finalized the timing of any actual cash distributions or the specific amounts and therefore we could still be subject to some additional foreign withholding taxes and U.S. state taxes. We will record these additional tax effects, if any, in the period that we complete our analysis and are able to make a reasonable estimate.

A reconciliation of unrecognized tax benefits, excluding potential interest and penalties, for the fiscal years ended December 25, 2022, December 26, 2021, and December 27, 2020 is as follows:


(In millions)	2022		2021	2020
Balance at beginning of year	$	50.6	67.8	36.7
Gross increases in prior period tax positions	0.9		0.6	12.7
Gross increase from acquisition	—		—	13.7
Gross decreases in prior period tax positions	(0.2)		(12.0)	—
Gross increases in current period tax positions	28.6		4.6	11.7
Decrease related to settlements with tax authorities	—		(2.7)	—
Decreases from the expiration of statute of limitations	(2.1)		(7.7)	(7.0)
Balance at end of year	$	77.8	50.6	67.8

Unrecognized tax benefits as of December 25, 2022, December 26, 2021 and December 27, 2020, were $77.8 million, $50.6 million, and $67.8 million, respectively, and are recorded within other liabilities, prepaid expenses and other current assets, and other assets in the Company's consolidated balance sheets. If recognized, these tax benefits would have affected our income tax provision for fiscal years 2022, 2021, and 2020, by approximately $53.0 million, $46.0 million, and $57.0 million, respectively.

During 2022, 2021, and 2020, the Company recognized $2.2 million, $2.6 million, and $3.7 million, respectively, of potential interest and penalties, which are included as a component of income taxes in the accompanying consolidated statements of operations. At December 25, 2022, December 26, 2021, and December 27, 2020, the Company had accrued potential interest and penalties of $8.8 million, $7.3 million, and $11.6 million, respectively.

The Company and its subsidiaries file income tax returns in the United States and various state and international jurisdictions. In the normal course of business, the Company is regularly audited by U.S. federal, state and local and international tax authorities in various tax jurisdictions. The Company is no longer subject to U.S. federal income tax examinations for years before 2012. With few exceptions, the Company is no longer subject to U.S. state or local and non-U.S. income tax examinations by tax authorities in its major jurisdictions for years before

2016. The Company is currently under income tax examination by the Internal Revenue Service and in several U.S. state and local and non-U.S. jurisdictions.

The Company believes it is reasonably possible that a decrease of approximately $0.0 million - $10.0 million in gross unrecognized tax benefits may be necessary within the coming year as a result of expected tax return settlements and lapse of statute of limitations.

In May 2019, a public referendum held in Switzerland approved the Swiss Federal Act on Tax Reform and AHV Financing (TRAF) proposals previously approved by the Swiss Parliament. The Swiss tax reform measures were effective on January 1, 2020. Changes in tax reform include the abolishment of preferential tax regimes for holding companies, domicile companies and mixed companies at the cantonal level. The enacted changes in Swiss federal and cantonal tax, including cantonal transitional provisions adopted in 2021, were not material to the Company’s financial statements.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Capital Stock	12 Months Ended
Capital Stock	Dec. 25, 2022
Equity [Abstract]
Capital Stock	Capital StockThe Company has a long history of increasing shareholder value through its share repurchase program. Purchases of the Company’s common stock may be made from time to time, subject to market conditions, and may be made in the open market or through privately negotiated transactions. The Company has no obligation to repurchase shares under the authorization and the time, actual number, and the value of the shares which are repurchased will depend on a number of factors, including the price of the Company’s common stock. As part of this initiative, since 2005, the Company's Board of Directors adopted numerous share repurchase authorizations with a cumulative authorized repurchase amount of $4.3 billion. The most recent authorization for the repurchase of up to $500.0 million in common stock was approved in May 2018. As a result of the financing activities related to the eOne acquisition, the Company suspended its share repurchase program to prioritize deleveraging, and did not repurchase any shares during 2021 and 2020. In April 2022, given the Company's progress towards reducing debt, the Company resumed its share repurchase activity and has since repurchased approximately 1.4 million shares at a total cost of $125.0 million and at an average price of $87.46 per share. At December 25, 2022, $241.6 million remained under the current authorization.

Fair Value of Financial Instruments

12 Months Ended

Dec. 25, 2022

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

The Company measures certain financial instruments at fair value. The fair value hierarchy consists of three levels: Level 1 fair values are based on quoted market prices in active markets for identical assets or liabilities that the entity has the ability to access; Level 2 fair values are those based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities; and Level 3 fair values are based on inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. There have been no transfers between levels within the fair value hierarchy.

Accounting standards permit entities to measure many financial instruments and certain other items at fair value and establish presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar assets and liabilities. The Company elected the fair value option for certain available-for-sale investments using net asset value per share and during 2020, the Company liquidated these investments as part of its global cash management strategy. The Company recorded a net loss of $0.3 million on these investments in other (income) expense, net for the year ended December 27, 2020 relating to the change in fair value of such investments.

At December 25, 2022 and December 26, 2021, the Company had the following assets and liabilities measured at fair value in its consolidated balance sheets (excluding assets for which the fair value is measured using net asset value per share):


			Fair Value Measurements Using
(In millions)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
December 25, 2022
Assets:
Available-for-sale securities	$	1.7	1.7	—	—
Derivatives	7.9		—	7.9	—
Total assets	$	9.6	1.7	7.9	—
Liabilities:
Derivatives	$	2.9	—	2.9	—
Option agreement	1.7		—	—	1.7
Total liabilities	$	4.6	—	2.9	1.7
December 26, 2021
Assets:
Available-for-sale securities	$	1.9	1.9	—	—
Derivatives	10.9		—	10.9	—
Total assets	$	12.8	1.9	10.9	—
Liabilities:
Derivatives	$	2.6	—	2.6	—
Option agreement	1.7		—	—	1.7
Total liabilities	$	4.3	—	2.6	1.7

Available-for-sale securities include equity securities of one company quoted on an active public market.

The Company’s derivatives consist of foreign currency forward and option contracts. The Company uses current forward rates of the respective foreign currencies to measure the fair value of these contracts. The Company's option agreement relates to an equity method investment in Discovery Family Channel. The option agreement is included in other liabilities at December 25, 2022 and December 26, 2021, and is valued using an option pricing model based on the fair value of the related investment. Inputs used in the option pricing model include volatility and fair value of the underlying company which are considered unobservable inputs as they reflect the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability. The Company believes that this is the best information available for use in the fair value measurement. Due to the 2021 revaluation of the Discovery Family Channel and resulting impairment charges, the Company reduced the option's fair value by $20.1 million during the fourth quarter of 2021. See note 7 for more information on the Company's investment in the Discovery Family Channel.

The following is a reconciliation of the beginning and ending balances of the fair value measurements of the Company’s financial instruments which use significant unobservable inputs (Level 3):


(In millions)	2022		2021
Balance at beginning of year	$	(1.7)	$	(20.6)
Gain from change in fair value	—		18.9
Balance at end of year	$	(1.7)	$	(1.7)

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Stock Options, Other Stock Awards and Warrants

12 Months Ended

Dec. 25, 2022

Share-Based Payment Arrangement [Abstract]

Stock Options, Other Stock Awards and Warrants

The Company has reserved 10.5 million shares of its common stock for issuance upon exercise of options and other awards granted or to be granted under stock incentive plans for employees and for non-employee members of the Board of Directors (collectively, the “plans”). These awards generally vest and are expensed in equal annual amounts over three to five years. The plans provide that options be granted at exercise prices not less than the market value of the underlying common stock on the date the option is granted and options and share awards are adjusted for such changes as stock splits and stock dividends. Options are exercisable for periods of no more than seven years after date of grant. Upon exercise in the case of stock options, grant in the case of restricted stock or vesting in the case of performance based contingent stock and restricted stock unit grants, shares are issued out of available treasury shares. The Company’s current plan permits the granting of awards in the form of stock, stock appreciation rights, stock awards and cash awards in addition to stock options.

Total compensation expense related to stock options, restricted stock units, including those awards made to non-employee members of its Board of Directors, and stock performance awards for the years ended December 25, 2022, December 26, 2021 and December 27, 2020 was $81.3 million, $97.8 million and $49.7 million, respectively, and was recorded as follows:


(In millions)	2022		2021	2020

Product development	$	4.8	3.7	3.3
Selling, distribution and administration (a)	76.5		94.1	46.4
Total stock compensation expense before income taxes	81.3		97.8	49.7
Income tax benefit	9.0		10.2	5.3
Total stock compensation expense after income taxes	$	72.3	87.6	44.4

(a)The 2021 increase in compensation expense compared to 2020 reflects $20.9 million of additional expense associated with the contractual accelerated vesting of certain equity awards as a result of the passing of the Company's former CEO.

The following table represents total stock compensation expense, net of performance adjustments, by award type related to stock performance awards, restricted stock units, stock options and awards made to non-employee members of the Company’s Board of Directors, for the years ended December 25, 2022, December 26, 2021 and December 27, 2020:


(In millions)	2022		2021	2020
Stock performance awards	$	9.6	26.9	8.4
Restricted stock units	60.7		50.9	28.5
Stock options	8.9		18.4	11.0
Non-employee awards	2.1		1.6	1.8
Total stock compensation expense before income taxes	81.3		97.8	49.7
Income tax benefit	9.0		10.2	5.3
Total compensation expense after income taxes	$	72.3	87.6	44.4

Stock Performance Awards

In 2022, 2021 and 2020, as part of its annual equity grant to executive officers and certain other employees, the Company issued contingent stock performance awards (the “Stock Performance Awards”). These awards provide the recipients with the ability to earn shares of the Company’s common stock based on the Company’s achievement of stated cumulative operating performance targets over the three fiscal years ended December 2023, December 2022, and December 2022 for the 2022, 2021 and 2020 awards, respectively. Each Stock Performance Award granted in 2020 has a target number of shares of common stock associated with such award which may be earned by the recipient if the Company achieves the stated diluted earnings per share and revenue targets and for certain employees participating in the 2020 awards, the Stock Performance Awards include an additional target for the Company's return on invested capital. For the 2021 and 2022 awards, all employee awards will be measured on achieving diluted earnings per share, revenue and return on invested capital targets. The ultimate amount of the award may vary from 0% to 200% of the target number of shares, depending on the cumulative results achieved.

Information with respect to Stock Performance Awards for 2022, 2021 and 2020 is as follows:


(In millions, except per share data)	2022		2021	2020
Outstanding at beginning of year	0.7		0.6	0.5
Granted	0.4		0.2	0.4
Forfeited	(0.1)		—	(0.1)
Canceled	—		(0.1)	(0.2)
Vested	(0.2)		—	—
Outstanding at end of year	0.8		0.7	0.6
Weighted average grant-date fair value:
Granted	$	88.77	96.06	56.49
Forfeited	$	80.77	—	80.31
Canceled	$	—	77.33	88.25
Vested	$	86.90	—	99.58
Outstanding at end of year	$	78.15	75.74	69.25

Shares canceled in 2021 and 2020 represent Stock Performance Awards granted during 2019 and 2018, respectively, that were canceled based on the failure to meet the targets set forth by the agreements.

Stock Performance Awards are valued at the market value of the underlying common stock at the dates of grant and are expensed over the performance period. On a periodic basis, the Company reviews the actual and forecasted performance of the Company against the stated targets for each award. The total expense is adjusted upward or downward based on the expected number of shares to be issued as defined in the respective stock performance award agreement. If minimum targets as detailed under the award are not met, no additional compensation expense will be recognized and any previously recognized compensation expense will be reversed. During 2022, 2021 and 2020, the Company recognized expense, net of performance adjustments, of $9.6 million, $26.9 million and $8.4 million, respectively, relating to Stock Performance Awards. The expense recognized in 2021 included $7.6 million of additional stock expense associated with the contractual acceleration of outstanding performance share awards upon the passing of the Company's former CEO. At December 25, 2022, the amount of total unrecognized compensation cost related to these awards is approximately $26.5 million and the weighted average period over which this will be expensed is 22 months.

Restricted Stock Units

The Company, as part of its annual equity grant to executive officers and certain other employees, issues restricted stock or grants restricted stock units. These shares or units are nontransferable and subject to forfeiture for periods prescribed by the Company. These awards are valued at the market value of the underlying common stock at the date of grant and are subsequently amortized over the periods during which the restrictions lapse, generally three years. During 2022, 2021 and 2020, the Company recognized compensation expense, net of forfeitures, on these awards of $60.7 million, $50.9 million and $28.5 million, respectively. The expense recognized in 2021 included $6.0 million of additional stock expense associated with the contractual acceleration of outstanding restricted stock awards upon the passing of the Company's former CEO. At December 25, 2022, the amount of total unrecognized compensation cost related to restricted stock units is $61.8 million and the weighted average period over which this will be expensed is 23 months.

Information with respect to the remaining Restricted Stock Awards and Restricted Stock Units for 2022, 2021 and 2020 is as follows:


(In millions, except per share data)	2022		2021	2020
Outstanding at beginning of year	1.1		1.0	0.5
Granted	0.7		0.7	0.8
Forfeited	(0.1)		(0.1)	(0.1)
Vested	(0.5)		(0.5)	(0.2)
Outstanding at end of year	1.2		1.1	1.0
Weighted average grant-date fair value:
Granted	$	86.41	91.06	91.80
Forfeited	$	91.18	85.88	94.01
Vested	$	91.33	91.42	94.21
Outstanding at end of year	$	88.85	91.78	91.56

Stock Options

Information with respect to stock options for each of the three fiscal years ended December 25, 2022 is as follows:


(In millions, except per share data)	2022		2021	2020
Outstanding at beginning of year	2.9		2.8	2.4
Granted	0.6		0.6	0.8
Exercised	(0.8)		(0.5)	(0.3)
Expired or forfeited	(0.9)		—	(0.1)
Outstanding at end of year	1.8		2.9	2.8
Exercisable at end of year	0.8		2.1	1.5
Weighted average exercise price:
Granted	$	94.89	90.31	96.79
Exercised	$	85.60	65.12	55.82
Expired or forfeited	$	97.16	95.59	94.32
Outstanding at end of year	$	93.62	92.15	88.16
Exercisable at end of year	$	92.95	92.05	82.80

With respect to the 1.8 million outstanding options and 0.8 million options exercisable at December 25, 2022, the weighted average remaining contractual life of these options was 4.61 years and 3.26 years, respectively, all of which have no intrinsic value.

The Company uses the Black-Scholes valuation model in determining the fair value of stock options. The expected life of the options used in this calculation is the period of time the options are expected to be outstanding

and has been determined based on historical exercise experience. The weighted average fair value of options granted in fiscal 2022, 2021 and 2020 was $22.12, $21.30 and $18.58, respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the fiscal years 2022, 2021 and 2020:


	2022		2021		2020
Risk-free interest rate	1.79	%	0.50	%	1.38	%
Expected dividend yield	2.95	%	3.01	%	2.81	%
Expected volatility	37	%	38	%	30	%
Expected option life	4 years		4 years		4 years

The intrinsic values, which represent the difference between the fair market value on the date of exercise and the exercise price of the option, for the options exercised in fiscal 2022, 2021 and 2020 were $13.6 million, $16.0 million and $9.7 million, respectively.

At December 25, 2022, the amount of total unrecognized compensation cost related to stock options was $10.6 million and the weighted average period over which this will be expensed is 23 months.

Non-Employee Awards

In 2022, 2021 and 2020, the Company granted 24,000, 17,000 and 30,000 shares of common stock, respectively, to its non-employee members of its Board of Directors. Of these shares, the receipt of 12,000 shares from the 2022 grant, 10,000 shares from the 2021 grant and 20,000 shares from the 2020 grant has been deferred to the date upon which the respective director ceases to be a member of the Company’s Board of Directors. These awards were valued at the market value of the underlying common stock at the date of grant and vested upon grant. In connection with these grants, compensation cost of $2.1 million was recorded in selling, distribution and administration expense in the year ended December 25, 2022, $1.6 million in the year ended December 26, 2021 and $1.8 million in the year December 27, 2020.

Pension, Postretirement and Postemployment Benefits

12 Months Ended

Dec. 25, 2022

Retirement Benefits [Abstract]

Pension, Postretirement and Postemployment Benefits

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 (income) expense.

Expenses related to the Company’s defined benefit pension and defined contribution plans for 2022, 2021 and 2020 were approximately $45.5 million, $49.3 million and $44.7 million, respectively. Of these amounts, $39.5 million, $42.7 million and $38.4 million, respectively, related to defined contribution plans in the United States and certain international subsidiaries. The remainder of the expense relates to defined benefit pension plans discussed below.

United States Plans

Prior to 2008, substantially all United States employees were covered under at least one of several non-contributory defined benefit pension plans maintained by the Company. Benefits under the two major plans which principally covered non-union employees, were based primarily on salary and years of service. Benefits under the remaining plans are based primarily on fixed amounts for specified years of service. In 2007, for the two major plans covering its non-union employees, the Company froze benefits being accrued effective at the end of December 2007. Following the August 2015 sale of its manufacturing facility in East Longmeadow, MA, the Company elected to freeze benefits related to its major plan covering union employees. Effective January 1, 2016, the plan covering union employees merged with and into the Hasbro Inc. Pension Plan, and ceased to exist as a separate plan on that date.

In February 2018, the Compensation Committee of the Company’s Board of Directors approved a resolution to terminate the Company’s U.S. defined benefit pension plan (“U.S. Pension Plan”). During the first quarter of 2018

the Company commenced the U.S. Pension Plan termination process and received regulatory approval during the fourth quarter of 2018. During the second quarter of 2019, the Company settled all remaining benefits directly with vested participants electing a lump sum payout, and purchased a group annuity contract from Massachusetts Mutual Life Insurance Company to administer all future payments to remaining U.S. Pension Plan participants. The U.S. Pension Plan's net funded asset position was sufficient to cover the lump sum payments and the purchase of the group annuity contract and settle all other remaining benefit obligations with no additional cost to the Company. After the settlement of the benefit obligations and payment of expenses, the Company had excess assets in the U.S. Pension Plan of approximately $20.2 million. The Company elected to utilize the remaining surplus after payment of administrative expenses for the Company's future matching contributions under the Company's 401(k) plan. The Company made a transfer of $19.5 million to the Company’s 401(k) plan which occurred in February 2020, with the remainder transferred in November 2021. Upon settlement of the pension liability, which occurred in May 2019, the Company recognized a non-operating settlement charge of $110.8 million, with an additional settlement charge of $0.2 million in December 2019, related to pension losses, reclassified from accumulated other comprehensive loss to other (income) expense in the Company's consolidated statements of operations, adjusted for market conditions and settlement costs at benefit distribution.

During 2020, the Company merged its employee retirement agreements, which had beginning benefit liabilities of $14.8 million, with its remaining US pension plans.

At December 25, 2022, the measurement date, the Company's remaining plans were unfunded with an aggregate accumulated and projected benefit obligation of $30.3 million.

The Company also provides certain postretirement health care and life insurance benefits to eligible employees who retired prior to January 1, 2020 and have either attained age 65 with 5 years of service or age 55 with 10 years of service. The cost of providing these benefits on behalf of employees who retired prior to 1993 has been substantially borne by the Company. The cost of providing benefits to all eligible employees who retire after 1992 is borne by the employee. The plan is not funded. During the fourth quarter of 2019, with the approval of the Compensation Committee of the Company's Board of Directors, the Company announced the elimination of the contributory postretirement health and life insurance coverage for employees whose retirement eligibility begins after December 31, 2019.

As of December 25, 2022, the Company had unrecognized gains related to its remaining U.S. pension and post retirement plans of $1.6 million.

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 for the years ended December 25, 2022 and December 26, 2021.


	Pension				Postretirement
(In millions)	2022		2021		2022	2021
Change in Projected Benefit Obligation
Projected benefit obligation — beginning	$	41.6	46.0		28.1	29.9

Interest cost	1.1		1.1		0.8	0.8
Transfer in	—		—		—	—
Actuarial (gain) loss	(9.3)		(1.1)		(7.6)	0.4
Benefits paid	(3.1)		(3.1)		(1.7)	(1.8)
Plan amendments	—		—		—	(1.2)

Settlements paid	—		(1.3)		—	—
Projected benefit obligation — ending	$	30.3	41.6		19.6	28.1
Accumulated benefit obligation — ending	$	30.3	41.6		19.6	28.1
Change in Plan Assets
Fair value of plan assets — beginning	$	—	$	—	—	—






Fair value of plan assets — ending	$	—	—		—	—
Reconciliation of Funded Status
Projected benefit obligation	$	(30.3)	(41.6)		(19.6)	(28.1)
Fair value of plan assets	—		—		—	—
Funded status	(30.3)		(41.6)		(19.6)	(28.1)
Unrecognized prior service cost (credit)	—		—		(0.9)	(1.2)
Unrecognized net loss	3.2		13.2		(3.8)	3.9
Net amount	$	(27.1)	(28.4)		(24.3)	(25.4)
Accrued liabilities	$	(3.0)	(3.2)		(1.5)	(1.6)
Other liabilities	(27.3)		(38.4)		(18.0)	(26.5)
Accumulated other comprehensive (earnings) loss	3.2		13.2		(4.8)	2.7
Net amount	$	(27.1)	(28.4)		(24.3)	(25.4)

Assumptions used to determine the year-end pension and postretirement benefit obligations are as follows:


	2022		2021
Pension
Weighted average discount rate	5.61	%	2.91	%
Mortality table	PriH-2012/Scale MP - 2021		PriH-2012/Scale MP - 2021
Postretirement
Discount rate	5.58	%	3.03	%
Health care cost trend rate assumed for next year	7.00	%	6.00	%
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	2031		2025

The following presents detail of the components of the net periodic benefit cost for the three years ended December 25, 2022.


(In millions)	2022		2021	2020
Components of Net Periodic Cost
Pension
Service cost	$	—	—	—
Interest cost	1.1		1.1	1.5
Expected return on assets	—		—	—

Amortization of actuarial loss	0.8		1.0	0.7
Curtailment/Settlement losses	—		0.5	—
Net periodic benefit cost	$	1.9	2.6	2.2
Postretirement
Interest cost	0.8		0.8	0.9
Amortization of service cost	(0.3)		—	—
Amortization of actuarial loss	0.1		—	—
Net periodic benefit cost	$	0.6	0.8	0.9

Assumptions used to determine net periodic benefit cost of the pension plan and postretirement plan for each fiscal year follow:


	2022		2021		2020
Pension
Weighted average discount rate	2.91	%	2.51	%	3.33	%
Long-term rate of return on plan assets	N/A		N/A		N/A
Postretirement
Discount rate	3.03	%	2.72	%	3.46	%
Health care cost trend rate assumed for next year	6.00	%	6.25	%	6.25	%
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	2025		2025		2024

Expected benefit payments under the defined benefit pension plans and the postretirement benefit plan for the next five years subsequent to 2022 and in the aggregate for the following five years are as follows:


(In millions)	Pension		Postretirement
2023	$	3.1	$	1.6
2024	3.0		1.6
2025	2.9		1.5
2026	2.8		1.5
2027	2.7		1.5
2028-2032	12.3		6.8

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. At December 25, 2022 and December 26, 2021, the defined benefit plans had total projected benefit obligations of $77.8 million and $121.6 million, respectively, and fair values of plan assets of $71.0 million and $94.8 million, respectively. Substantially all of the plan assets are invested in equity and fixed income securities. The pension expense related to these plans was $3.1 million, $4.0 million and $3.5 million in 2022, 2021 and 2020, respectively. In fiscal 2023, 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 2022 and in the aggregate for the five years thereafter are as follows: 2023: $2.3 million; 2024: $2.5 million; 2025: $2.6 million; 2026: $2.8 million; 2027: $3.0 million; and 2028 through 2032: $19.0 million.

Postemployment 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’s employ under terms of its long-term disability plan.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

12 Months Ended

Dec. 25, 2022

Leases [Abstract]

Leases

The Company occupies offices and uses certain equipment under various operating lease arrangements. The Company has no finance leases. The leases have remaining terms of 1 to 10 years, some of which include options to extend lease terms or options to terminate current lease terms at certain times, subject to notice requirements set out in the lease agreement. Payments under certain of the lease agreements may be subject to adjustment based on a consumer price index or other inflationary indices. The lease liability for such lease agreements as of the adoption date, was based on fixed payments as of the adoption date. Any adjustments to these payments based on the related indices will be recorded to expense as incurred. Leases with an expected term of 12 months or less are not capitalized. Lease expense under such leases is recorded straight line over the life of the lease. The Company capitalizes non-lease components for equipment leases, but expenses non-lease components as incurred for real estate leases.

The rent expense under such arrangements and similar arrangements that do not qualify as leases under ASU 2016-02, net of sublease income amounted to $93.9 million, $88.2 million and $90.6 million, respectively, for each of the years ended December 27, 2020, December 26, 2021 and December 25, 2022, and was not material to the Company’s financial statements nor were expenses related to short term leases (expected term less than twelve months) or variable lease payments during those same periods.

All leases expire prior to 2033. Real estate taxes, insurance and maintenance expenses are generally obligations of the Company. Operating leases often contain renewal options. In those locations in which the Company continues to operate, management expects that, in the normal course of business, leases that expire will be renewed or replaced by leases on other properties.

Information related to the Company's leases for the years ended December 25, 2022 and December 26, 2021 is as follows:


	Year Ended			Year Ended
(In millions)	December 25, 2022			December 26, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	52.4		$	53.4
Right-of-use assets obtained in exchange for lease obligations:
Operating leases net of lease modifications	$	5.8		$	28.4

Weighted Average Remaining Lease Term:
Operating leases	4.4 years			5.6 years
Weighted Average Discount Rate:
Operating leases	3.4		%	3.0		%

The following is a reconciliation of future undiscounted cash flows to the operating liabilities, and the related right of use assets, included in our Consolidated Balance Sheets as of December 25, 2022:


	Year Ended
(In millions)	December 25, 2022
2023	$	44.8
2024	31.8
2025	25.9
2026	20.4
2027	12.3
2028 and thereafter	14.1
Total future lease payments	149.3
Less imputed interest	17.8
Present value of future operating lease payments	131.5
Less current portion of operating lease liabilities (1)	39.6
Non-current operating lease liability (2)	91.9
Operating lease right-of-use assets, net (3)	$	118.3

(1) Included in Accrued liabilities on the consolidated balance sheets
(2) Included in Other liabilities on the consolidated balance sheets
(3) Included in Property, plant and equipment on the consolidated balance sheets

At December 25, 2022, the Company was party to certain operating lease agreements commencing during 2023 and as such, are not included in the Company's consolidated balance sheets as of December 25, 2022. These lease agreements have terms extending into 2029 and the total future expected undiscounted payments for these leases are $65.2 million.

Derivative Financial Instruments

12 Months Ended

Dec. 25, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Hasbro uses foreign currency forward and option contracts to mitigate the impact of currency rate fluctuations on firmly committed and projected future foreign currency transactions. These over-the-counter contracts, which hedge future currency requirements related to purchases of inventory, product sales, television and film production cost and production financing facilities (see note 11) as well as other cross-border transactions not denominated in the functional currency of the business unit, are primarily denominated in United States and Hong Kong dollars, and Euros. All contracts are entered into with a number of counterparties, all of which are major financial institutions. The Company believes that a default by a single counterparty would not have a material adverse effect on the financial condition of the Company. Hasbro does not enter into derivative financial instruments for speculative purposes.

Cash Flow Hedges

All of the Company’s designated foreign currency forward contracts are considered to be cash flow hedges. These instruments hedge a portion of the Company’s currency requirements associated with anticipated inventory purchases, product sales, certain production financing loans and other cross-border transactions, primarily in years 2023 and to a lesser extent, 2024.

At December 25, 2022 and December 26, 2021, the notional amounts and fair values of the Company’s foreign currency forward and option contracts designated as cash flow hedging instruments were as follows:


	2022			2021
(In millions)	Notional Amount		Fair Value	Notional Amount	Fair Value
Hedged transaction
Inventory purchases	$	166.3	(2.7)	199.1	10.4
Sales	99.2		1.2	104.5	(1.9)
Production financing and other	116.8		1.5	217.0	2.3
Total	$	382.3	—	520.6	10.8

The Company has a master agreement with each of its counterparties that allows for the netting of outstanding forward contracts. The fair values of the Company’s foreign currency forward contracts designated as cash flow hedges are recorded in the consolidated balance sheets at December 25, 2022 and December 26, 2021 as follows:


(In millions)	2022		2021
Prepaid expenses and other current assets
Unrealized gains	$	4.3	13.8
Unrealized losses	(1.8)		(3.1)
Net unrealized gains	$	2.5	10.7
Other assets
Unrealized gains	$	0.3	0.2
Unrealized losses	—		—
Net unrealized gains	$	0.3	0.2
Accrued liabilities
Unrealized gains	$	1.6	—
Unrealized losses	(4.4)		(0.1)
Net unrealized losses	$	(2.8)	(0.1)

Net gains (losses) on cash flow hedging activities have been reclassified from other comprehensive earnings (loss) to net earnings for the years ended December 25, 2022, December 26, 2021 and December 27, 2020 as follows:


(In millions)	2022		2021	2020
Consolidated Statements of Operations Classification
Cost of sales	$	17.3	(4.7)	21.2
Net revenues	2.3		1.0	2.9
Other	(0.9)		2.0	1.2
Net realized (losses) gains	$	18.7	(1.7)	25.3

Undesignated Hedges

The Company also enters into foreign currency forward contracts to minimize the impact of changes in the fair value of intercompany loans due to foreign currency changes. The Company does not use hedge accounting for these contracts as changes in the fair values of these contracts are substantially offset by changes in the fair value of the intercompany loans. Additionally, to manage transactional exposure to fair value movements on certain monetary assets and liabilities denominated in foreign currencies, the Company has implemented a balance sheet hedging program. The Company does not use hedge accounting for these contracts as changes in the fair values of these contracts are offset by changes in the fair value of the balance sheet items. As of December 25, 2022 and

December 26, 2021, the total notional amounts of the Company’s undesignated derivative instruments were $765.6 million and $632.0 million, respectively.

At December 25, 2022 and December 26, 2021, the fair value of the Company’s undesignated derivative financial instruments are recorded in the consolidated balance sheets as follows:


(In millions)	2022		2021
Prepaid expenses and other current assets
Unrealized gains	$	10.9	—
Unrealized losses	(5.9)		—
Net unrealized gains	$	5.0	—

Accrued liabilities
Unrealized gains	$	—	3.5
Unrealized losses	—		(6.0)
Net unrealized losses	$	—	(2.5)
Total unrealized (losses) gains, net	$	5.0	(2.5)

The Company recorded net gains (losses) of $42.1 million, $4.6 million and $(27.7) million on these instruments to other (income) expense, net for 2022, 2021 and 2020, respectively, relating to the change in fair value of such derivatives, substantially offsetting gains and losses from the change in fair value of intercompany loans to which the instruments relate.

For additional information related to the Company’s derivative financial instruments see notes 4 and 14.

Restructuring Actions

12 Months Ended

Dec. 25, 2022

Restructuring Charges [Abstract]

Restructuring Actions

During 2018 and 2020, the Company took certain restructuring actions including headcount reduction aimed at right-sizing the Company’s cost-structure and integration actions related to the acquisition of eOne. As of December 25, 2022, the Company had a remaining balance of $9.0 million in severance and other employee expenses related to these programs, after reflecting payments of $5.8 million during the year.

During 2022, in support of Blueprint 2.0, Hasbro announced an Operational Excellence program under which the Company took certain restructuring actions, including global workforce reductions, resulting in severance and other employee charges of $94.1 million recorded in Selling, Distribution and Administration within the Corporate and Other segment.

The detail of activity related to the Company's Operational Excellence program as of December 25, 2022 is as follows:


(In millions)	Total




2022 Operational Excellence charges	$	94.1

Payments made in 2022	(9.2)
Remaining amounts to be paid as of December 25, 2022	$	84.9

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 25, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesHasbro had unused open letters of credit and related instruments of approximately $11.9 million and $13.6 million at December 25, 2022 and December 26, 2021, respectively. The Company enters into license agreements with strategic partners, inventors, designers and others for the use of intellectual properties in its products. Certain of these agreements contain provisions for the payment of guaranteed or minimum royalty amounts. In addition, the Company enters into contractual commitments to obtain film and television content distribution rights and minimum guarantee commitments related to the purchase of film and television rights for content to be delivered in the future. Under terms of existing agreements as of December 25, 2022, Hasbro may, provided the other party meets their contractual commitment, be required to pay amounts as follows: 2023: $149.4 million; 2024: $64.8 million; 2025: $70.5 million; 2026: $73.0 million; 2027: $10.0 million; and thereafter: $13.0 million. At December 25, 2022, the Company had $12.9 million of prepaid royalties, all of which are included in prepaid expenses and other current assets Interest payment obligations on the Company's fixed-rate long-term debt are as follows: 2023: $145.9 million; 2024: $145.9 million; 2025: $130.9 million; 2026: $130.9 million; 2027: $104.0 million; and thereafter: $719.1 million. See note 11 for information on repayment terms for the Company's variable rate term loans. The Company enters into contracts with certain partners which among other things, provide the Company with the right of first refusal to purchase, distribute, or license certain entertainment projects or content. At December 25, 2022, the Company estimates that it may be obligated to pay $18.9 million and $4.5 million, in 2023 and 2024, respectively, related to such agreements. In connection with the Company’s agreement to form a joint venture with Discovery, the Company is obligated to make future payments to Discovery under a tax sharing agreement. The Company estimates these payments may total approximately $15.6 million and may range from approximately $0.4 million to $6.4 million per year during the period 2023 to 2026, with no remaining payments due thereafter. These payments are contingent upon the Company having sufficient taxable income to realize the expected tax deductions of certain amounts related to the joint venture. At December 25, 2022, the Company estimates payments related to inventory and tooling purchase commitments may total approximately $452.7 million, including the remaining contractual commitment of $85.0 million in 2023 under the manufacturing agreement with Cartamundi. Hasbro is party to certain legal proceedings, as well as certain asserted and unasserted claims. Amounts accrued, as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated financial statements. See note 17 for additional information on the Company's future lease payment commitments. See note 11 for additional information on the Company's long-term debt and production financing repayments.

Segment Reporting

12 Months Ended

Dec. 25, 2022

Segment Reporting [Abstract]

Segment Reporting

Segment and Geographic Information

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. In the first quarter of 2020, the Company completed its acquisition of the global independent studio, eOne and throughout 2020, the Company successfully integrated the acquired eOne business and started to achieve synergies as a combined company. During the first quarter of 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. The Entertainment segment engages in the development, acquisition, production, distribution and sale of world-class entertainment content including film, scripted and unscripted television, family programming, digital content and live entertainment.

Segment performance is measured at the operating profit level. Included in Corporate and eliminations are certain corporate expenses, including the elimination of intersegment transactions and certain assets benefiting more than one segment. 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 eliminations. The accounting policies of the segments are the same as those referenced in note 1.

Results shown for fiscal years 2022, 2021 and 2020 are not necessarily those which would be achieved if each segment was an unaffiliated business enterprise.

Reclassifications of certain prior year segment results and account balances have been made to conform to the current-year presentation. None of the segment changes impact the Company's previously reported consolidated net revenue, operating profits, net earnings or net earnings per share.

On June 29, 2021, the Company completed the sale of eOne Music. The financial results of eOne Music were recorded within the Company's Entertainment segment through the date of the closing of the sale. The assets and liabilities of eOne Music were de-consolidated as of the closing date and there are no remaining carrying amounts in the Company's Consolidated Balance Sheets as of December 26, 2021. The sale of eOne Music in 2021 did not impact the Company's previously reported 2020 net revenues, operating profit, earnings, assets or liabilities.

Information by segment and a reconciliation to reported amounts are as follows:


(In millions)	Revenues from External Customers		Affiliate Revenue	Operating Profit (Loss)	Depreciation and Amortization	Capital Additions	Total Assets
2022
Consumer Products(a)	$	3,572.5	396.7	217.3	152.5	87.0	5,757.7
Wizards of the Coast and Digital Gaming	1,325.1		172.5	538.3	14.6	52.5	2,968.7
Entertainment(a)	959.1		57.5	22.7	43.8	6.9	6,273.3
Corporate and Other(b)	—		(626.7)	(370.6)	21.6	27.8	(5,703.8)
Consolidated Total	$	5,856.7	—	407.7	232.5	174.2	9,295.9
2021
Consumer Products	$	3,981.6	465.4	401.4	112.4	73.1	4,925.5
Wizards of the Coast and Digital Gaming	1,286.6		121.6	547.0	48.5	35.1	1,585.1
Entertainment	1,152.2		61.5	(91.8)	96.6	6.2	6,052.8
Corporate and Other(b)	—		(648.5)	(93.3)	22.6	18.3	(2,525.6)
Consolidated Total	$	6,420.4	—	763.3	280.1	132.7	10,037.8
2020
Consumer Products	$	3,649.6	379.0	308.1	78.3	69.3	5,552.5
Wizards of the Coast and Digital Gaming	906.7		77.3	420.4	9.0	35.9	585.7
Entertainment	909.1		5.9	(141.1)	138.0	6.6	6,003.0
Corporate and Other(b)	—		(462.2)	(85.6)	39.7	14.0	(1,322.8)
Consolidated Total	$	5,465.4	—	501.8	265.0	125.8	10,818.4

(a)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.

(b)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 expenses, related assets within the individual operating segments, are done at the beginning of the

year based on budgeted amounts. Any differences between actual and budgeted amounts are reflected in Corporate and Other. Furthermore, Corporate and Other includes elimination of inter-company income statement transactions. Corporate and Other also includes the elimination of inter-company balance sheet amounts.

The following table represents consolidated Consumer Products segment net revenues by major geographic region for the three fiscal years ended December 25, 2022.


(In millions)	2022		2021	2020
North America	$	2,064.8	2,315.9	2,116.2
Europe	899.5		1,067.7	989.2
Asia Pacific	293.4		310.1	295.6
Latin America	314.8		287.9	248.6
Net revenues	$	3,572.5	3,981.6	3,649.6

The following table represents consolidated Wizards of the Coast and Digital Gaming segment net revenues by category for the three fiscal years ended December 25, 2022:


(In millions)	2022		2021	2020
Tabletop Gaming	$	1,067.0	950.6	659.6
Digital and Licensed Gaming	258.1		336.0	247.1
Net revenues	$	1,325.1	1,286.6	906.7

The following table represents consolidated Entertainment segment net revenues by category for the three fiscal years ended December 25, 2022.


(In millions)	2022		2021	2020
Film and TV	$	837.6	932.5	700.5
Family Brands	79.4		132.9	86.5
Music and Other	42.1		86.8	122.1
Net revenues	$	959.1	1,152.2	909.1

The following table presents consolidated net revenues by brand portfolio for the three fiscal years ended December 25, 2022.


(In millions)	2022		2021	2020
Franchise Brands (1)	$	2,830.6	2,955.6	2,394.3
Partner Brands	1,052.0		1,161.0	1,079.4
Hasbro Gaming (2)	743.3		851.4	814.8
Emerging Brands (1)	402.1		454.7	372.2
TV/Film/Entertainment	828.7		997.7	804.7
Net revenues	$	5,856.7	6,420.4	5,465.4

(1) Effective in the first quarter of 2022, the Company moved PEPPA PIG into Franchise Brands from Emerging Brands. For comparability, the year ended December 26, 2021 net revenues have been restated to reflect the elevation of PEPPA PIG from Emerging Brands into Franchise Brands resulting in a change of $162.9 million.

(2) Hasbro’s total gaming category, including all gaming net revenues, most notably MAGIC: THE GATHERING and MONOPOLY, totaled $1,997.5 million, $2,098.9 million and $1,763.8 million for the years ended December 25, 2022, December 26, 2021 and December 27, 2020, respectively.

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 (property, plant and equipment, goodwill and other intangibles) are categorized based on their location.


(In millions)	2022		2021	2020
Net revenues
United States	$	3,544.2	3,898.9	3,202.4
International	2,312.5		2,521.5	2,263.0
	$	5,856.7	6,420.4	5,465.4
Long-lived assets
United States	$	1,042.3	1,359.6	1,491.3
International	3,665.3		3,653.0	4,220.2
	$	4,707.6	5,012.6	5,711.5

Principal international markets include Europe, Canada, Mexico and Latin America, Australia, China and Hong Kong. Long-lived assets include property, plant and equipment, goodwill and other intangibles.

Other Information

Hasbro markets its tangible products primarily to customers in the retail sector. Although the Company closely monitors the creditworthiness of its customers, adjusting credit policies and limits as deemed appropriate, a substantial portion of its customers’ ability to discharge amounts owed is generally dependent upon the overall retail economic environment.

In 2022 and 2021 the Company’s largest customers were Walmart, Inc. and Amazon.com, Inc. Sales to each of these customers amounted to 11% and 10%, respectively, of consolidated net revenues in 2022 and 13% and 11%, respectively, of consolidated net revenues during 2021. In 2020 sales to these customers amounted to 15% and 10%, respectively, of consolidated net revenues. Net revenues from the Company’s major customers are reported within the Consumer Products segment, Wizards of the Coast & Digital Gaming segment and the Entertainment segment.

Hasbro purchases certain components used in its manufacturing process and certain finished products from manufacturers in the Far East. The Company’s reliance on external sources of manufacturing can be shifted, over a period of time, to alternative sources of supply for products it sells, should such changes be necessary. However, if the Company were prevented from obtaining products from a substantial number of its current Far East suppliers due to political, labor or other factors beyond its control, the Company’s operations would be disrupted, potentially for a significant period of time, while alternative sources of product were secured. The imposition of trade sanctions, tariffs, border adjustment taxes or other measures by the United States or the European Union against a class of products imported by Hasbro from, or the loss of “normal trade relations” status with, China, or other countries where we manufacture products, or other factors which increase the cost of manufacturing in China, or other countries where we manufacture products, such as higher labor costs or an appreciation in the Chinese Yuan, could significantly disrupt our operations and/or significantly increase the cost of the products which are manufactured and imported into other markets.

The Company has agreements which allow it to develop and market products based on properties owned by third parties including its license with Marvel Entertainment, LLC and Marvel Characters B.V. (together “Marvel”) and its license with Lucas Licensing Ltd. and Lucasfilm Ltd. (together “Lucas”). These licenses have multi-year terms and provide the Company with the right to market and sell designated classes of products based on Marvel’s portfolio of brands, including SPIDER-MAN and THE AVENGERS, and Lucas’s STAR WARS brand. Both Marvel and Lucas are owned by The Walt Disney Company.

- 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
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

eOne Music Sale

12 Months Ended

Dec. 25, 2022

Discontinued Operations and Disposal Groups [Abstract]

eOne Music Sale

On April 25, 2021, the Company entered into a definitive agreement to sell eOne Music for an aggregate sales price of $385.0 million, subject to certain closing adjustments related to working capital and net debt.

On June 29, 2021, the Company completed the sale of eOne Music for net proceeds of $397.0 million, including the sales price of $385.0 million and $12.0 million of closing adjustments related to working capital and net debt calculations. The final proceeds were subject to further adjustment upon completion of closing working capital, which resulted in a net outflow of $0.9 million. The Company acquired eOne Music through its acquisition of eOne in December 2019. Based on the value of the net assets held by eOne Music, which included goodwill and intangible assets allocated to eOne Music as part of the eOne acquisition, the Company recorded a pre-tax non-cash goodwill impairment charge of $108.8 million within Loss on Disposal of Business on the Consolidated Statements of Operations for the year ended December 26, 2021. The Company also recorded pre-tax cash transaction expenses of $9.5 million within Selling, Distribution and Administration expenses on the Consolidated Statements of Operations during the second quarter of 2021. The impairment charge was recorded within the Entertainment segment and the transaction costs were recorded within the Corporate and Other segment.

The operations of eOne Music did not meet the criteria to be presented as discontinued operations in accordance with Accounting Standards Update No. 2014-08 (ASU 2014-08) Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360) - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity and eOne Music did not represent an individually significant component of the Company’s business. Income from operations before income taxes, attributable to eOne Music, was recorded to the Company's Consolidated Statements of Operations, within the Entertainment segment through the sale transaction closing date. Assets of $473.5 million and liabilities of $77.3 million, attributable to eOne Music, were de-consolidated as of the closing date and, as of December 26, 2021, there are no remaining carrying amounts in the Company's Consolidated Balance Sheets.

The following table presents the carrying amounts of the major classes of eOne Music assets and liabilities sold on June 29, 2021 and reflects final working capital adjustments.


(In millions)	December 26, 2021
Cash and Cash Equivalents	$	18.2
Goodwill and Other Intangible Assets	410.3
Prepaid Expenses	31.0
Other Assets	14.0
Total Assets	$	473.5

Accrued Liabilities	$	24.4
Deferred Taxes	36.9
Other Liabilities	16.0
Total Liabilities	$	77.3

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 25, 2022
Accounting Policies [Abstract]
Preparation of Consolidated Financial Statements	The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes thereto. Actual results could differ from those estimates.
Principles of Consolidation, and Noncontrolling Interests	The consolidated financial statements include the accounts of Hasbro, Inc. and all majority-owned subsidiaries (“Hasbro” or the “Company”). Investments representing 20% to 50% ownership interests in other companies are accounted for using the equity method. For those majority-owned subsidiaries that are not 100% owned by Hasbro, the interests of the minority owners are accounted for as noncontrolling interestsThe financial results and position of the noncontrolling interests acquired through the acquisition of eOne are included in their entirety in the Company’s consolidated statements of operations and consolidated balance sheets beginning with the first quarter of 2020. The value of the redeemable noncontrolling interests is presented in the consolidated balance sheets as temporary equity between liabilities and shareholders' equity. During 2022, the Company redeemed all outstanding redeemable noncontrolling interest in Renegade Entertainment, LLC, the only entity for which the Company previously held redeemable noncontrolling interest. During 2022, the Company's outstanding non-redeemable noncontrolling interest in Round Room Live, LLC was included with the disposition of certain non-core businesses associated with the Company's Blueprint 2.0 strategy shift. The value of the non-redeemable noncontrolling interests is presented in the consolidated balance sheets within total shareholders' equity. Earnings (losses) attributable to the redeemable noncontrolling interests and non-redeemable noncontrolling interests are presented as a separate line on the consolidated statements of operations which is necessary to identify those earnings (losses) specifically attributable to Hasbro.
Fiscal Year	Hasbro’s fiscal year ends on the last Sunday in December. The fiscal years ended December 25, 2022, December 26, 2021, and December 27, 2020 were all fifty-two week periods.
Cash and Cash Equivalents	Cash and cash equivalents include all cash balances and highly liquid investments purchased with an initial maturity to the Company of three months or less. Under the Company's production financing facilities, certain of the Company's cash is restricted while the financing is outstanding. At December 25, 2022, $14.5 million of the Company's cash was restricted by such facilities. See Production Financing below and notes 9 and 11 for further details.
Marketable Securities	Included in marketable securities is common stock in a public company arising from a business relationship. This type of investment is also included in prepaid expenses and other current assets in the accompanying consolidated balance sheets.
Accounts Receivable and Allowance for Credit Losses	Credit is granted to customers predominantly on an unsecured basis. Credit limits and payment terms are established based on extensive evaluations made on an ongoing basis throughout the fiscal year with regard to the financial performance, cash generation, financing availability and liquidity status of each customer. The majority of customers are formally reviewed at least annually; more frequent reviews are performed based on the customer’s financial condition and the level of credit being extended. For customers on credit who are experiencing financial difficulties, management performs additional financial analyses before shipping orders. The Company uses a variety of financial transactions, based on availability and cost, to increase the collectability of certain of its accounts, including letters of credit, credit insurance, and requiring cash in advance of shipping. The Company records an allowance for credit losses for accounts receivable based on management’s expected credit losses. Management's estimate of expected credit losses is based on its assessment of the business environment, customers’ financial condition, historical collection experience, accounts receivable aging and customer disputes. Accounts receivable, net on the consolidated balance sheet represents amounts due from customers less the allowance for credit losses as well as allowances for discounts, rebates and returns.
Inventories	Inventories are valued at the lower of cost (first-in, first-out) or net realizable value. Based upon a consideration of quantities on hand, actual and projected sales volume, anticipated product selling price and product lines planned to be discontinued, slow-moving and obsolete inventory is written down to its estimated net realizable value.
Equity Method Investment	For the Company’s equity method investments, only the Company’s investment in and amounts due to and from the equity method investment are included in the consolidated balance sheets and only the Company’s share of the equity method investment’s earnings (losses) is included in other expense (income), net in the consolidated statements of operations. Dividends, cash distributions, loans or other cash received from the equity method investment, additional cash investments, loan repayments or other cash paid to the investee are included in the consolidated statements of cash flows. The Company reviews its equity method investments for impairment on a periodic basis. If it has been determined that the fair value of the equity investment is less than its related carrying value and that this decline is other-than-temporary, the carrying value of the investment is adjusted downward to reflect these declines in value. The Company owns an interest in a joint venture, Discovery Family Channel (“the Network”), with Discovery Communications, Inc. (“Discovery”). The Company has determined that it does not meet the control requirements to consolidate the Network and accounts for the investment using the equity method of accounting. During the fourth quarter of 2021, the Company reviewed its investment in the Network for impairment and concluded that the fair value of the Company's interest in the joint venture was less than its carrying value, and as such, recorded an impairment loss of $74.1 million, which is included in other expense (income), net in the consolidated statements of operations for the year ended December 26, 2021. This impairment was caused by the impact of accelerating changes in the cable distribution industry. The Company and Discovery are also party to an option agreement with respect to the Network. The Company has recorded a liability for this option agreement at fair value which is included in other liabilities in the consolidated balance sheets. Unrealized gains and losses on this option are recognized in other expense (income), net in the consolidated statements of operations as they occur. In 2021, as a result of the impairment loss recognized on the investment in the Network, the Company adjusted the option's fair value resulting in a $20.1 million gain.
Property, Plant and Equipment, Net	Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using accelerated and straight-line methods to depreciate the cost of property, plant and equipment over their estimated useful lives. The principal lives, in years, used in determining depreciation rates of various assets are: land improvements 15 to 19, buildings and improvements 15 to 25 and machinery and equipment (including computer hardware and software) 3 to 12. Depreciation expense is classified in the consolidated statements of operations based on the nature of the property and equipment being depreciated. Tools, dies and molds are depreciated over their useful lives, which is generally three years, using an accelerated method. The Company generally owns all tools, dies and molds related to its products. Property, plant and equipment, net is reviewed for impairment whenever events or circumstances indicate the carrying value may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the asset or related asset group to future undiscounted cash flows expected to be generated by the asset or asset group. If such assets are considered to be impaired, the impairment to be recognized would be measured by the amount by which the carrying value of the assets exceeds their fair value wherein the fair value is the appraised value. Furthermore, assets to be disposed of are carried at the lower of the net book value or their estimated fair value less disposal costs.
Goodwill and Other Intangible Assets, Net	Goodwill results from acquisitions the Company has made over time. Substantially all of the Company's other intangible assets consist of the cost of acquired product rights. In establishing the value of such rights, the Company considers existing trademarks, copyrights, patents, license agreements and other product-related rights. These rights were valued on their acquisition dates based on the anticipated future cash flows from the underlying product lines. The Company has certain intangible assets related to the Tonka and Milton Bradley acquisitions that have indefinite lives. Goodwill and intangible assets deemed to have indefinite lives are not amortized and are tested for impairment at least annually. The annual goodwill test begins with a qualitative assessment, where qualitative factors and their impact on critical inputs are assessed to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If the Company determines that a reporting unit has an indication of impairment based on the qualitative assessment, it is required to perform a quantitative assessment. The Company's intangible assets having definite lives are being amortized over periods ranging from two to nineteen years, primarily using the straight-line method.The Company reviews intangible assets with definite lives for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset or asset group. If such assets were considered to be impaired, the impairment to be recognized would be measured by the amount by which the carrying value of the assets exceeds their fair value wherein that fair value is determined based on discounted cash flows.
Financial Instruments	Hasbro’s financial instruments include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At December 25, 2022, the carrying cost of these instruments approximated their fair value.
Production Financing	Production financing relates to financing facilities for certain of the Company's television and film productions. Production financing facilities are arranged on an individual production basis by either special purpose production subsidiaries, each secured by the assets and future revenues of such production subsidiaries, which are non-recourse to the Company's assets, or through a senior revolving credit facility obtained in November 2021, dedicated to production financing. These facilities typically have maturities of less than two years while the titles are in production, and are repaid once the production is delivered and all tax credits, broadcaster pre-sales and international sales have been received. In connection with the production of a television or film program, the Company records initial cash outflows within cash flows from operating activities due to its investment in the production and concurrently records cash inflows within cash flows from financing activities from the production financing it normally obtains. Under these facilities, certain of the Company's cash is restricted while the financing is outstanding.
Revenue Recognition	Revenue is recognized when control of the promised goods, intellectual property or production is transferred to the customers or licensees, in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. The majority of the Company’s revenues are derived from sales of finished products to customers. Revenues from sales of finished products to customers accounted for 76%, 74% and 77% of the Company’s revenues for the years ended December 25, 2022, December 26, 2021 and December 27, 2020, respectively. When determining whether control of the finished products has transferred to the customer, the Company considers any future performance obligations. Generally, the Company has no post-shipment obligation on sales of finished products to customers and revenues from product sales are recognized upon passing of title to the customer, which is generally at the time of shipment. Any shipping and handling activities that are performed by the Company, whether before or after a customer has obtained control of the products, are considered activities to fulfill our obligation to transfer the products, and are recorded as incurred within selling, distribution, and administration expenses. The Company offers various discounts, rebates, allowances, returns, and markdowns to its customers (collectively, “allowances”), all of which are considered when determining the transaction price. Certain allowances are fixed and determinable at the time of sale and are recorded at the time of sale as a reduction to revenues. Other allowances can vary depending on future outcomes such as customer sales volume (“variable consideration”). The Company estimates the amount of variable consideration using the expected value method. In estimating the amount of variable consideration using the expected value method, the Company considers various factors including but not limited to: customer terms, historical experience, any expected deviations from historical experience, and existing or expected market conditions. The Company then records an estimate of variable consideration as a reduction to revenues at the time of sale. The Company adjusts its estimate of variable consideration at least quarterly or when facts and circumstances used in the estimation process may change. Historically, adjustments to estimated variable consideration have not been material. The Company enters into contracts to license its intellectual property, which consists of its brands, in various channels including but not limited to: consumer products such as apparel or home goods, within formats such as online and digital games, within venues such as theme parks, or within formats such as television and film. The licensees pay the Company either a sales-based or usage-based royalty, or a combination of both, for use of the brands, in some cases subject to minimum guaranteed amounts or fixed fees. The license of the Company’s brands provide access to the intellectual property over the term of the license, generally without any other performance obligation of the Company other than keeping the intellectual property active, and is therefore considered a right-to-access license of symbolic intellectual property. The Company records sales-based or usage-based royalty revenues for right-to-access licenses at the occurrence of the licensees’ subsequent sale or usage. When the arrangement includes a minimum guarantee, the Company records the minimum guarantee on a ratable basis over the term of the license period and does not record the sales-based or usage-based royalty revenues until they exceed the minimum guarantee. The Company also produces, sells and licenses television and film content for distribution to third parties in formats that include broadcast, digital streaming, transactional and theatrical. These are intellectual property licenses where the licensees pay either a fixed fee for the content license or a variable fee in the form of a sales based royalty. The content that the Company delivers to its licensees typically has stand-alone functionality, generally without any other performance obligation of the Company, and is therefore considered a right-to-use license of functional intellectual property. The Company records revenues for right-to-use licenses once the license period has commenced and the licensee has the ability to use the delivered content. In arrangements where the licensee pays the Company a fixed fee for multiple seasons or multiple series of programming, arrangement fees are recorded as revenues based upon their relative fair values. The Company also earns advertising revenues from certain content made available on free to consumer, streaming video on demand platforms where the Company earns a portion of the advertising revenues earned by the service provider. The performance obligation is met and revenue is recorded when the user accesses the Company’s content through the streaming platform. The Company develops and hosts digital games featuring its brands within the games, such as Magic: The Gathering Arena and D&D Beyond. The Company does not charge a fee to the end users for the download of the games or the ability to play the games. The end users make in-application purchases of virtual currencies with such purchased virtual currencies to be used in the games. The Company records revenues from in-application purchases based on either the usage patterns of the players or the player’s estimated life, depending on the nature of the game item purchased in exchange for virtual currency. For items recognized over the player's estimated life, the Company currently recognizes digital game's revenues ratably within six months of purchase. The Company controls all aspects of the digital goods delivered to the consumer. The Company also develops certain digital games available for online and offline play, such as Dungeons & Dragons: Dark Alliance, which are delivered to customers through digital downloads or as physical discs compatible for play through various gaming platforms. Initially these game purchases may come with future software updates to be delivered as needed, or additional downloadable content, delivered when made available by the Company. For these games, the Company allocates the revenue to the identified performance obligations. For the software license performance obligation, the Company recognizes revenue when control of the gaming license has been transferred to the customer, typically at the time of purchase. If applicable, revenue related to future downloadable content or software updates is recognized ratably over the estimated service period.
Costs of Sales	Cost of sales primarily consists of purchased materials, labor, tooling, manufacturing overheads and other inventory-related costs such as obsolescence.
Investment in Productions and Acquired Content Rights and Program Cost Amortization	The Company incurs costs in connection with the production of television programming and live action movies. The majority of these costs are capitalized by the Company as they are incurred and amortized using the individual-film-forecast method, whereby these costs are amortized in the proportion that the current year’s revenues bear to management’s estimate of total ultimate revenues as of the beginning of such period related to the program. Ultimate revenue estimates are periodically reviewed and adjustments, if any, will result in changes to amortization rates and estimated accruals for residuals and participations. Ultimate revenue includes estimates over a period not to exceed ten years following the date of release of the production. Ultimate revenue used in amortization of acquired content rights is estimated over the life of the acquired rights but no longer than a period of ten years. These capitalized costs are reported at the lower of cost, less accumulated amortization, or fair value, and reviewed for impairment when an event or change in circumstances occurs that indicates that impairment may exist. The fair value is determined using a discounted cash flow model which is primarily based on management’s future revenue and cost estimates. Certain of these agreements require the Company to pay minimum guaranteed advances ("MGs") for participations and residuals. MGs are recognized in the consolidated balance sheets when a liability arises, usually on delivery of the television or film program to the Company. The current portion of MGs are recorded as Payables and Accrued Liabilities and the long-term portion are recorded as Other Liabilities.
Royalties	The Company enters into license agreements with strategic partners, inventors, designers and others for the use of intellectual properties in its products. In addition, the Company enters into minimum guarantee royalty arrangements related to the purchase of film and television rights for content to be delivered in the future. These agreements may call for payment in advance or future payment of minimum guaranteed amounts. Amounts paid in advance are recorded as an asset and charged to expense when the related revenue is recognized in the consolidated statements of operations. If all or a portion of the minimum guaranteed amounts appear not to be recoverable through future use of the rights obtained under the license, the non-recoverable portion of the guaranty is charged to expense at that time.
Advertising	Production costs of commercials are expensed in the fiscal year during which the production is first aired. The costs of other advertising and promotion programs are expensed in the fiscal year incurred.
Shipping and Handling	Hasbro expenses costs related to the shipment and handling of goods to customers as incurred.
Operating Leases	The Company leases certain property, vehicles and other equipment through operating leases. Operating lease right-of-use assets are recorded within Property, Plant and Equipment and the related liabilities recorded within Accrued Liabilities and Other Liabilities on the Company’s consolidated balance sheets. The Company has no material finance leases. Operating lease assets represent the Company’s right to use the underlying asset for the lease term and lease liabilities represent an obligation to make lease payments according to the terms of the lease. Operating lease assets and liabilities are recognized at the inception of the lease agreement based on the estimated present value of lease payments over the lease term, using our incremental borrowing rate based on information available on the lease commencement date. The Company capitalizes non-lease components for equipment leases, but expenses non-lease components as incurred for real estate leases. Leases with an expected term of 12 months or less are not capitalized. Lease expense under such leases is recorded straight line over the life of the lease.
Income Taxes	Hasbro uses the asset and liability approach for financial accounting and reporting of income taxes. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred taxes are measured using rates expected to apply to taxable income in years in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.The Company recognizes deferred tax assets to the extent it believes that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence is considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. The assumptions utilized in determining future taxable income require significant judgment and are consistent with the plans and estimates used to manage the underlying businesses. Actual operating results in future years could differ from current assumptions, judgments and estimates. However, the Company believes that it is more likely than not that most of the deferred tax assets recorded on our Consolidated Balance Sheets will ultimately be realized. A valuation allowance is recorded to reduce deferred tax assets to the net amount believed to be more likely than not to be realized.
Foreign Currency Translation	Foreign currency assets and liabilities are translated into U.S. dollars at period-end exchange rates, and revenues, costs and expenses are translated at weighted average exchange rates during each reporting period. Net earnings include gains or losses resulting from foreign currency transactions and, when required, translation gains and losses resulting from the use of the U.S. dollar as the functional currency in highly inflationary economies. Other gains and losses resulting from translation of financial statements are a component of other comprehensive earnings (loss).
Pension Plans, Postretirement and Postemployment Benefits	Pension expense and related amounts in the consolidated balance sheets are based on actuarial computations of current and future benefits. Actual results that differ from the actuarial assumptions are accumulated and, if outside a certain corridor, amortized over future periods and, therefore affect recognized expense in future periods. The corridor used for this purpose is equal to 10% of the greater of plan liabilities or market asset values, and future periods vary by plan, but generally equal the actuarially determined average expected future working lifetime of active plan participants. The Company’s policy is to fund amounts which are required by applicable regulations and which are tax deductible. The estimated amounts of future payments to be made under other retirement programs are being accrued currently over the period of active employment and are also included in pension expense. Hasbro has a contributory postretirement health and life insurance plan covering substantially all employees who retired under any of its United States defined benefit pension plans prior to January 1, 2020, and meet certain age and length of service requirements. During the fourth quarter of 2019, with the approval of the Compensation Committee of the Company's Board of Directors, the Company announced the elimination of the contributory post-retirement health and life insurance coverage for employees whose retirement eligibility begins after December 31, 2019. See note 16 for further discussion. The cost of providing these benefits on behalf of employees who retired prior to 1993 has been substantially borne by the Company. The cost of providing benefits on behalf of eligible employees who retire after 1992 is borne by the employee. The Company also has several plans covering certain groups of employees, which may provide benefits to such employees following their period of employment but prior to their retirement. The Company measures the costs of these obligations based on actuarial computations.
Stock-Based Compensation	The Company has a stock-based employee compensation plan for employees and non-employee members of the Company’s Board of Directors. Under this plan the Company may grant stock options at or above the fair market value of the Company’s stock, as well as restricted stock, restricted stock units and contingent stock performance awards. All awards are measured at fair value at the date of the grant and amortized as expense on a straight-line basis over the requisite service period of the award. For awards contingent upon Company performance, the measurement of the expense for these awards is based on the Company’s current estimate of its performance over the performance period.
Dividend Equivalent Units	Beginning with employee stock incentive awards granted in 2022, the payment of cash dividends to shareholders also results in the crediting of Dividend Equivalent Units (“DEUs”) to holders of restricted stock units ("RSUs") and contingent stock performance awards ("PSUs") granted under the Company's Restated 2003 Stock Incentive Plan, as amended, for employees as defined and described in note 15. The DEUs are credited as additional RSUs or PSUs and settled concurrently with the vesting of associated awards. DEUs are forfeited in the event the underlying RSUs or PSU's do not vest. The dividend equivalent value of forfeitable DEUs is treated as a reduction of retained earnings or, if the Company is in a retained deficit position, as a reduction of additional paid-in capital.
Risk Management Contracts	Hasbro uses foreign currency forward and option contracts to mitigate the impact of currency rate fluctuations on firmly committed and projected future foreign currency transactions. These over-the-counter contracts, which hedge future purchases of inventory, product sales, television and film production costs and production financing as well as other cross-border currency requirements not denominated in the functional currency of the business unit, are primarily denominated in United States, Canadian and Hong Kong dollars as well as Euros and British pound sterling. All contracts are entered into with a number of counterparties, all of which are major financial institutions. The Company believes that a default by a counterparty would not have a material adverse effect on the financial condition of the Company. Hasbro does not enter into derivative financial instruments for speculative purposes. At the inception of the contracts, Hasbro designates its derivatives as either cash flow or fair value hedges. The Company formally documents all relationships between hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking various hedge transactions. All hedges designated as cash flow hedges are linked to forecasted transactions and the Company assesses, both at the inception of the hedge and on an on-going basis, the effectiveness of the derivatives used in hedging transactions in offsetting changes in the cash flows of the forecasted transaction. The Company records all derivatives, such as foreign currency exchange contracts, on the consolidated balance sheets at fair value. Changes in the derivative fair values that are designated as cash flow hedges are deferred and recorded as a component of Accumulated Other Comprehensive Loss (“AOCE”) until the hedged transactions occur and are then recognized in the consolidated statements of operations. The Company’s foreign currency contracts hedging anticipated cash flows are designated as cash flow hedges. When it is determined that a derivative is not highly effective as a hedge, the Company discontinues hedge accounting prospectively. Any gain or loss deferred through that date remains in AOCE until the forecasted transaction occurs, at which time it is reclassified to the consolidated statements of operations. To the extent the transaction is no longer deemed probable of occurring, hedge accounting treatment is discontinued and amounts deferred would be reclassified to the consolidated statements of operations. In the event hedge accounting requirements are not met, gains and losses on such instruments are included in the consolidated statements of operations. The Company uses derivatives to economically hedge intercompany loans denominated in foreign currencies. The Company does not use hedge accounting for these contracts as changes in the fair value of these contracts are substantially offset by changes in the fair value of the intercompany loans. Prior to the issuance of certain long-term Notes due 2021 and 2044, the Company entered into a forward-starting interest rate swap contract to hedge the anticipated U.S. Treasury interest rates on the anticipated debt issuance. These instruments, which were designated and effective as hedges, were terminated on the date of the related debt issuance and the then fair value of these instruments was recorded to AOCE and amortized through the consolidated statements of operations using an effective interest rate method over the life of the related debt.
Net Earnings Per Common Share	Basic net earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding for the year as well as awards that have not been issued but all contingencies have been met. Diluted net earnings per share is similar except that the weighted average number of shares outstanding is increased by dilutive securities, and net earnings are adjusted, if necessary, for certain amounts related to dilutive securities. Dilutive securities include shares issuable upon exercise of stock options for which the market price exceeds the exercise price, less shares which could have been purchased by the Company with the related proceeds. Dilutive securities also include shares issuable under restricted stock unit award agreements.

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 25, 2022

Accounting Policies [Abstract]

Schedule of Redeemable Noncontrolling Interests and Non-Redeemable Noncontrolling Interests

The Company's remaining non-redeemable noncontrolling interests as of December 25, 2022 is shown below.

Name

Country of Incorporation

Ownership Interest

Proportion Held

Principal Activity

Astley Baker Davies Limited

England and Wales

Nonredeemable

70%

Ownership of intellectual property

Reconciliation of Net Earnings per Share and Average Number of Shares

A reconciliation of net earnings and average number of shares for each of the three fiscal years ended December 25, 2022 is as follows:


	2022			2021		2020
(In millions, except per share data)	Basic		Diluted	Basic	Diluted	Basic	Diluted
Net earnings attributable to Hasbro, Inc.	$	203.5	203.5	428.7	428.7	222.5	222.5
Average shares outstanding	138.7		138.7	138.0	138.0	137.3	137.3
Effect of dilutive securities:
Options and other share-based awards	—		0.2	—	0.4	—	0.3
Equivalent shares	138.7		138.9	138.0	138.4	137.3	137.6
Net earnings per share attributable to Hasbro, Inc.	$	1.47	1.46	3.11	3.10	1.62	1.62

Revenue Recognition (Tables)

12 Months Ended

Dec. 25, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Liabilities

The change in the carrying amount of contract assets and liabilities for the year ended December 25, 2022 is as follows:


(In millions)	December 25, 2022
Assets
Balance at beginning of the year	$	391.1
Recognized in current year	1,064.8

Amounts reclassified to accounts receivable	(855.1)
Foreign currency impact	(6.4)
Ending Balance	$	594.4

Liabilities
Balance at beginning of the year	$	121.2
Recognized in current year	337.5
Amounts in beginning balance reclassified to revenue	(58.5)
Current year amounts reclassified to revenue	(278.9)
Dispositions	(4.0)
Foreign currency impact	(4.3)
Ending Balance	$	113.0

Other Comprehensive Earnings (Loss) (Tables)

12 Months Ended

Dec. 25, 2022

Equity [Abstract]

Schedule of Other Comprehensive Earnings (Loss), Tax Effect

The following table presents the related tax effects on changes in other comprehensive earnings (loss) for each of the three fiscal years ended December 25, 2022.


(In millions)	2022		2021		2020
Other comprehensive earnings (loss), tax effect:
Tax benefit (expense) on unrealized holding gains (losses)	$	0.1	$	—	(0.2)
Tax expense on cash flow hedging activities	(1.3)		(1.0)		(3.4)
Tax (expense) benefit on foreign currency translation amounts	—		(7.2)		2.1
Tax (expense) benefit on changes in unrecognized pension amounts	(5.9)		(1.5)		2.6
Reclassifications to earnings, tax effect:
Tax expense (benefit) on cash flow hedging activities	1.6		(0.5)		4.3
Tax benefit on amortization of unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations	(0.3)		(0.6)		(0.8)

Total tax effect on other comprehensive earnings (loss)	$	(5.8)	(10.8)		4.6

Schedule of Accumulated Other Comprehensive Loss

Changes in the components of accumulated other comprehensive loss, net of tax for each of the three fiscal years ended December 25, 2022 are as follows:


(In millions)	Pension and Postretirement Amounts		Gains (Losses) on Derivative Instruments	Unrealized Holding Gains (Losses) on Available for-Sale Securities	Foreign Currency Translation Adjustments	Total Accumulated Other Comprehensive Earnings (Loss)
2022
Balance at December 26, 2021	$	(35.1)	(6.0)	0.2	(194.4)	(235.3)
Current period other comprehensive earnings (loss)	30.8		10.2	(0.3)	(45.4)	(4.7)
Reclassifications from AOCE to earnings	1.3		(16.2)	—	—	(14.9)
Balance at December 25, 2022	$	(3.0)	(12.0)	(0.1)	(239.8)	(254.9)
2021
Balance at December 27, 2020	$	(40.7)	(22.1)	0.3	(132.5)	(195.0)

Current period other comprehensive earnings (loss)	3.4		13.5	(0.1)	(61.9)	(45.1)
Reclassifications from AOCE to earnings	2.2		2.6	—	—	4.8
Balance at December 26, 2021	$	(35.1)	(6.0)	0.2	(194.4)	(235.3)
2020
Balance at December 29, 2019	$	(36.1)	(5.2)	(0.3)	(142.6)	(184.2)
Current period other comprehensive earnings (loss)	(6.6)		2.4	0.5	10.1	6.4
Reclassifications from AOCE to earnings	2.0		(19.3)	—	—	(17.2)
Balance at December 27, 2020	$	(40.7)	(22.1)	0.3	(132.5)	(195.0)

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 25, 2022

Property, Plant and Equipment [Abstract]

Components of Property, Plant and Equipment


(In millions)	2022		2021
Land and improvements	$	3.1	3.2
Buildings and improvements	221.1		220.3
Machinery, equipment and software	672.4		604.7
	896.6		828.2
Less accumulated depreciation	654.5		630.0
	242.1		198.2
Tools, dies and molds, net of accumulated depreciation	62.4		63.6
	304.5		261.8
Right of use assets	239.6		256.4
Less accumulated depreciation	121.3		97.1
Total property, plant and equipment, net	$	422.8	421.1

Goodwill and Intangible Assets (Tables)

12 Months Ended

Dec. 25, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill, by operating segment, for the years ended December 25, 2022 and December 26, 2021 are as follows:


(In millions)	Consumer Products		Wizards of the Coast and Digital Gaming	Entertainment	Total
2022
Balance at December 26, 2021	$	1,584.9	307.3	1,527.4	3,419.6
Acquired during the period	—		64.7	—	64.7
Impairment during the period	—		—	(11.8)	(11.8)

Foreign exchange translation	(0.2)		(0.5)	(1.7)	(2.4)
Balance at December 25, 2022	$	1,584.7	371.5	1,513.9	3,470.1
2021
Balance at December 27, 2020	$	1,385.7	53.1	2,252.9	3,691.7
Goodwill allocation	199.4		254.2	(453.6)	—
Goodwill associated with disposal of business	—		—	(162.2)	(162.2)
Impairment during the period	—		—	(108.8)	(108.8)
Foreign exchange translation	(0.2)		—	(0.9)	(1.1)
Balance at December 26, 2021	$	1,584.9	307.3	1,527.4	3,419.6

Schedule of Finite-Lived Intangible Assets

The following table represents a summary of the Company’s other intangible assets, net at December 25, 2022 and December 26, 2021:


(In millions)	2022		2021
Acquired product rights	$	2,112.1	2,101.7
Licensed rights of entertainment properties	45.0		45.0
Impairment	(281.0)		—
Accumulated amortization	(1,137.2)		(1,050.4)
Amortizable intangible assets	738.9		1,096.3
Product rights with indefinite lives	75.7		75.7
Total other intangibles assets, net	$	814.6	1,172.0

Schedule of Indefinite-Lived Intangible Assets

The following table represents a summary of the Company’s other intangible assets, net at December 25, 2022 and December 26, 2021:


(In millions)	2022		2021
Acquired product rights	$	2,112.1	2,101.7
Licensed rights of entertainment properties	45.0		45.0
Impairment	(281.0)		—
Accumulated amortization	(1,137.2)		(1,050.4)
Amortizable intangible assets	738.9		1,096.3
Product rights with indefinite lives	75.7		75.7
Total other intangibles assets, net	$	814.6	1,172.0

Schedule of Expected Amortization Expense

The Company currently estimates amortization expense related to the above intangible assets for the next five years to be approximately:


	(In millions)
2023	$	89.6
2024	87.9
2025	87.9
2026	87.9
2027	74.9

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1A
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+ Details

Investments in Productions and Investments in Acquired Content Rights (Tables)

12 Months Ended

Dec. 25, 2022

Other Industries [Abstract]

Schedule of Programming Costs

Programming costs are included in other assets and consist of the following at December 25, 2022 and December 26, 2021:


(In millions)	2022		2021
Investment in Films and Television Programs:
Individual monetization
Released, net of amortization	$	584.5	$	481.7
Completed and not released	23.3		18.5
In production	199.4		151.6
Pre-production	41.3		84.0
	848.5		735.8
Film/TV group monetization
Released, net of amortization	25.8		32.2

In production	22.2		13.0

	48.0		45.2
Investment in other programming:
Released, net of amortization	9.8		5.3
Completed and not released	—		0.4
In production	11.8		12.6
Pre-production	3.3		1.7
	24.9		20.0

Total program investments	$	921.4	$	801.0

Program Cost Amortization

The Company recorded $555.5 million of program cost amortization related to released programming during 2022, consisting of the following:


(In millions)	Investment in Production		Investment in Content		Total
Program cost amortization	$	495.4	$	60.1	$	555.5

Based on management’s total revenue estimates at December 25, 2022, the Company's expected future amortization expenses for capitalized programming costs over the next three years are as follows:


(In millions)	2023		2024	2025
Estimated Future Amortization Expense:
Individual monetization
Released	$	114.6	67.4	58.3
Completed and not released	42.3		n/a	n/a

Film/TV group monetization

Released	28.8		15.0	14.8

Total	$	185.7	82.4	73.1

Accrued Liabilities (Tables)

12 Months Ended

Dec. 25, 2022

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Components of accrued liabilities for the fiscal years ended on December 25, 2022 and December 26, 2021 are as follows:


(In millions)	2022		2021
Participations and residuals	$	300.2	$	299.1
Royalties	195.4		253.0
Deferred revenue	111.3		114.1
Severance	100.3		32.0
Dividends	96.7		94.0
Cancellation charges	89.2		74.1
Other Taxes	82.1		95.0
Accrued expenses IIC & IIP	80.8		74.9
Payroll and management incentives	66.7		183.6
Advertising	53.2		60.4
Accrued income taxes	44.8		30.9
General vendor accruals	44.3		29.8
Current lease liability	39.6		43.9
Freight	28.5		107.5
Other	173.7		182.5
Total accrued liabilities	$	1,506.8	$	1,674.8

Long-Term Debt (Tables)

12 Months Ended

Dec. 25, 2022

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

Components of long-term debt for the fiscal years ended on December 25, 2022 and December 26, 2021 are as follows:


(In millions)	2022			2021
	Carrying Cost		Fair Value	Carrying Cost		Fair Value
3.90% Notes Due 2029	$	900.0	808.2	$	900.0	991.7
3.55% Notes Due 2026	675.0		635.3	675.0		725.6
3.00% Notes Due 2024	500.0		482.2	500.0		521.2
6.35% Notes Due 2040	500.0		498.4	500.0		692.8
3.50% Notes Due 2027	500.0		465.8	500.0		539.2

5.10% Notes Due 2044	300.0		261.1	300.0		374.5

6.60% Debentures Due 2028	109.9		112.1	109.9		136.7

Variable % Notes Due December 30, 2024 (1)	310.0		310.0	397.5		397.5
Production Financing Facilities	53.2		53.2	170.1		170.1
Total long-term debt	$	3,848.1	3,626.3	$	4,052.5	4,549.3
Less: Deferred debt expenses	23.7		—	28.2		—
Less: Current portion	113.2		—	200.1		—
Long-term debt	$	3,711.2	3,626.3	$	3,824.2	4,549.3

(1) During the first quarter of 2022, the Company repaid $50.0 million of the principal balance of the Variable % Notes Due December 30, 2024.

Contractual Obligation, Fiscal Year Maturity

The Company's long-term borrowings have the following future contractual maturities:


Future long-term borrowings contractual payments	(In millions)
2023*	$	60.0
2024	750.0
2025	—
2026	675.0
2027	500.0
2028 and thereafter	1,809.9
	3,794.9
Production financing facilities	53.2
	$	3,848.1

* Represents the Company's required quarterly principal amortization payments for term loan facilities in 2023.

Production Financing Loans

The production financing facilities as of December 25, 2022 are as follows:


(In millions)	2022		2021







Production financing included in the consolidated balance sheet as:


Current liabilities	$	195.6	170.1

Carrying Amount of Currencies for Production Credit Facilities

The Company has Canadian dollar and U.S. dollar production credit facilities with various banks. The carrying amounts are denominated in the following currencies:


(In millions)	Canadian Facilities		U.S. Facilities	Total
As of December 25, 2022	$	53.2	142.4	195.6

Schedule of Movements in Production Financing and Other Related Loans

The following table represents the movements in production financing loans during 2022:


(In millions)	Production Financing
December 26, 2021	$	170.1
Drawdowns	258.5
Repayments	(231.5)
Foreign exchange differences	(1.5)
Balance at December 25, 2022	$	195.6

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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-Name Accounting Standards Codification
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-Paragraph 1
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (SX 210.12-04(a))
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/extlink&oid=124435984&loc=d3e28541-108399

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=d3e21475-112644

+ Details

Income Taxes (Tables)

12 Months Ended

Dec. 25, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Earnings Before Income Taxes, Determined by Tax Jurisdiction

The components of earnings before income taxes, determined by tax jurisdiction, are as follows:


(In millions)	2022		2021	2020
United States	$	17.0	236.8	191.5
International	244.5		345.1	130.6
Total earnings before income taxes	$	261.5	581.9	322.1

Schedule of Income Taxes Attributable to Earnings Before Income Taxes

Income taxes attributable to earnings before income taxes are:


(In millions)	2022		2021	2020
Current
United States	$	93.8	59.5	22.3
State and local	18.0		15.4	6.2
International	76.8		42.9	37.9
	188.6		117.8	66.4
Deferred
United States	(105.7)		7.1	27.2
State and local	(16.6)		(0.3)	(10.8)
International	(7.8)		22.0	13.9
	(130.1)		28.8	30.3
Total income taxes	$	58.5	146.6	96.7

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory United States federal income tax rate to Hasbro’s effective income tax rate is as follows:


	2022		2021		2020
Statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net	1.2		1.5		2.2
Tax on international earnings	(4.0)		(1.1)		(3.5)
Domestic tax on foreign earnings	(6.5)		(1.7)		(2.7)

Change in unrecognized tax benefits	3.1		(3.4)		4.1
Change in valuation allowance	9.7		(1.6)		4.5
Share-based compensation	1.4		(0.6)		(0.4)

Research and development tax credits	(3.5)		(1.1)		(1.6)
Deferred tax rate change	—		6.5		3.6

Officers' compensation	1.9		1.9		1.4
Loss on disposition of business	1.5		3.9		—
Other, net	(3.4)		(0.1)		1.4
	22.4	%	25.2	%	30.0	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 25, 2022 and December 26, 2021 are:


(In millions)	2022		2021
Deferred tax assets:
Accounts receivable	$	28.8	30.8
Inventories	22.6		14.1
Loss and credit carryforwards	175.3		179.1
Operating leases	11.2		17.8
Operating expenses	29.9		29.9
Pension	9.1		16.3
Other compensation	50.7		37.3
Postretirement benefits	5.7		8.5
Interest rate hedge	4.5		4.7
Tax sharing agreement	0.3		1.5
Deferred revenue	4.4		4.0
Capitalized research and experimentation	81.2		26.1
Other	11.7		13.5
Gross deferred tax assets	435.4		383.6
Deferred tax liabilities:
Depreciation and amortization of long-lived assets	61.8		170.5
Equity method investment	14.9		13.1
Operating leases	9.3		15.1
Foreign exchange	—		13.7
Prepaid expenses	4.4		3.5
Other	15.4		12.3
Gross deferred tax liabilities	105.8		228.2
Valuation allowance	(189.8)		(171.2)
Net deferred income taxes	$	139.8	(15.8)

Schedule of Deferred Tax Assets and Liabilities by Balance Sheet Location

At December 25, 2022 and December 26, 2021, the Company’s net deferred income taxes are recorded in the consolidated balance sheets as follows:


(In millions)	2022		2021
Other assets	$	262.1	132.1
Other liabilities	(122.3)		(147.9)
Net deferred income taxes	$	139.8	(15.8)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of unrecognized tax benefits, excluding potential interest and penalties, for the fiscal years ended December 25, 2022, December 26, 2021, and December 27, 2020 is as follows:


(In millions)	2022		2021	2020
Balance at beginning of year	$	50.6	67.8	36.7
Gross increases in prior period tax positions	0.9		0.6	12.7
Gross increase from acquisition	—		—	13.7
Gross decreases in prior period tax positions	(0.2)		(12.0)	—
Gross increases in current period tax positions	28.6		4.6	11.7
Decrease related to settlements with tax authorities	—		(2.7)	—
Decreases from the expiration of statute of limitations	(2.1)		(7.7)	(7.0)
Balance at end of year	$	77.8	50.6	67.8

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 25, 2022

Fair Value Disclosures [Abstract]

Fair Value Hierarchy


			Fair Value Measurements Using
(In millions)	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
December 25, 2022
Assets:
Available-for-sale securities	$	1.7	1.7	—	—
Derivatives	7.9		—	7.9	—
Total assets	$	9.6	1.7	7.9	—
Liabilities:
Derivatives	$	2.9	—	2.9	—
Option agreement	1.7		—	—	1.7
Total liabilities	$	4.6	—	2.9	1.7
December 26, 2021
Assets:
Available-for-sale securities	$	1.9	1.9	—	—
Derivatives	10.9		—	10.9	—
Total assets	$	12.8	1.9	10.9	—
Liabilities:
Derivatives	$	2.6	—	2.6	—
Option agreement	1.7		—	—	1.7
Total liabilities	$	4.3	—	2.6	1.7

Reconciliation of Level 3 Fair Value

The following is a reconciliation of the beginning and ending balances of the fair value measurements of the Company’s financial instruments which use significant unobservable inputs (Level 3):


(In millions)	2022		2021
Balance at beginning of year	$	(1.7)	$	(20.6)
Gain from change in fair value	—		18.9
Balance at end of year	$	(1.7)	$	(1.7)

Stock Options, Other Stock Awards and Warrants (Tables)

12 Months Ended

Dec. 25, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Total Compensation Expense Related to Stock Options, Restricted Stock Units and Stock Performance Awards


(In millions)	2022		2021	2020

Product development	$	4.8	3.7	3.3
Selling, distribution and administration (a)	76.5		94.1	46.4
Total stock compensation expense before income taxes	81.3		97.8	49.7
Income tax benefit	9.0		10.2	5.3
Total stock compensation expense after income taxes	$	72.3	87.6	44.4


(In millions)	2022		2021	2020
Stock performance awards	$	9.6	26.9	8.4
Restricted stock units	60.7		50.9	28.5
Stock options	8.9		18.4	11.0
Non-employee awards	2.1		1.6	1.8
Total stock compensation expense before income taxes	81.3		97.8	49.7
Income tax benefit	9.0		10.2	5.3
Total compensation expense after income taxes	$	72.3	87.6	44.4

Schedule of Stock Performance Awards

Information with respect to Stock Performance Awards for 2022, 2021 and 2020 is as follows:


(In millions, except per share data)	2022		2021	2020
Outstanding at beginning of year	0.7		0.6	0.5
Granted	0.4		0.2	0.4
Forfeited	(0.1)		—	(0.1)
Canceled	—		(0.1)	(0.2)
Vested	(0.2)		—	—
Outstanding at end of year	0.8		0.7	0.6
Weighted average grant-date fair value:
Granted	$	88.77	96.06	56.49
Forfeited	$	80.77	—	80.31
Canceled	$	—	77.33	88.25
Vested	$	86.90	—	99.58
Outstanding at end of year	$	78.15	75.74	69.25

Schedule of Restricted Stock Awards and Restricted Stock Units

Information with respect to the remaining Restricted Stock Awards and Restricted Stock Units for 2022, 2021 and 2020 is as follows:


(In millions, except per share data)	2022		2021	2020
Outstanding at beginning of year	1.1		1.0	0.5
Granted	0.7		0.7	0.8
Forfeited	(0.1)		(0.1)	(0.1)
Vested	(0.5)		(0.5)	(0.2)
Outstanding at end of year	1.2		1.1	1.0
Weighted average grant-date fair value:
Granted	$	86.41	91.06	91.80
Forfeited	$	91.18	85.88	94.01
Vested	$	91.33	91.42	94.21
Outstanding at end of year	$	88.85	91.78	91.56

Schedule of Stock Option Information

Information with respect to stock options for each of the three fiscal years ended December 25, 2022 is as follows:


(In millions, except per share data)	2022		2021	2020
Outstanding at beginning of year	2.9		2.8	2.4
Granted	0.6		0.6	0.8
Exercised	(0.8)		(0.5)	(0.3)
Expired or forfeited	(0.9)		—	(0.1)
Outstanding at end of year	1.8		2.9	2.8
Exercisable at end of year	0.8		2.1	1.5
Weighted average exercise price:
Granted	$	94.89	90.31	96.79
Exercised	$	85.60	65.12	55.82
Expired or forfeited	$	97.16	95.59	94.32
Outstanding at end of year	$	93.62	92.15	88.16
Exercisable at end of year	$	92.95	92.05	82.80

Schedule of Share-based Payment Award, Stock Option, Valuation Assumptions

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the fiscal years 2022, 2021 and 2020:


	2022		2021		2020
Risk-free interest rate	1.79	%	0.50	%	1.38	%
Expected dividend yield	2.95	%	3.01	%	2.81	%
Expected volatility	37	%	38	%	30	%
Expected option life	4 years		4 years		4 years

Pension, Postretirement and Postemployment Benefits (Tables)

12 Months Ended

Dec. 25, 2022

Retirement Benefits [Abstract]

Summary of Changes in Projected Benefit Obligation, Plan Assets and Funded Status


	Pension				Postretirement
(In millions)	2022		2021		2022	2021
Change in Projected Benefit Obligation
Projected benefit obligation — beginning	$	41.6	46.0		28.1	29.9

Interest cost	1.1		1.1		0.8	0.8
Transfer in	—		—		—	—
Actuarial (gain) loss	(9.3)		(1.1)		(7.6)	0.4
Benefits paid	(3.1)		(3.1)		(1.7)	(1.8)
Plan amendments	—		—		—	(1.2)

Settlements paid	—		(1.3)		—	—
Projected benefit obligation — ending	$	30.3	41.6		19.6	28.1
Accumulated benefit obligation — ending	$	30.3	41.6		19.6	28.1
Change in Plan Assets
Fair value of plan assets — beginning	$	—	$	—	—	—






Fair value of plan assets — ending	$	—	—		—	—
Reconciliation of Funded Status
Projected benefit obligation	$	(30.3)	(41.6)		(19.6)	(28.1)
Fair value of plan assets	—		—		—	—
Funded status	(30.3)		(41.6)		(19.6)	(28.1)
Unrecognized prior service cost (credit)	—		—		(0.9)	(1.2)
Unrecognized net loss	3.2		13.2		(3.8)	3.9
Net amount	$	(27.1)	(28.4)		(24.3)	(25.4)
Accrued liabilities	$	(3.0)	(3.2)		(1.5)	(1.6)
Other liabilities	(27.3)		(38.4)		(18.0)	(26.5)
Accumulated other comprehensive (earnings) loss	3.2		13.2		(4.8)	2.7
Net amount	$	(27.1)	(28.4)		(24.3)	(25.4)

Assumptions used to determine year-end pension and postretirement benefit obligations

Assumptions used to determine the year-end pension and postretirement benefit obligations are as follows:


	2022		2021
Pension
Weighted average discount rate	5.61	%	2.91	%
Mortality table	PriH-2012/Scale MP - 2021		PriH-2012/Scale MP - 2021
Postretirement
Discount rate	5.58	%	3.03	%
Health care cost trend rate assumed for next year	7.00	%	6.00	%
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	2031		2025

Components of Net Periodic Benefit Cost

The following presents detail of the components of the net periodic benefit cost for the three years ended December 25, 2022.


(In millions)	2022		2021	2020
Components of Net Periodic Cost
Pension
Service cost	$	—	—	—
Interest cost	1.1		1.1	1.5
Expected return on assets	—		—	—

Amortization of actuarial loss	0.8		1.0	0.7
Curtailment/Settlement losses	—		0.5	—
Net periodic benefit cost	$	1.9	2.6	2.2
Postretirement
Interest cost	0.8		0.8	0.9
Amortization of service cost	(0.3)		—	—
Amortization of actuarial loss	0.1		—	—
Net periodic benefit cost	$	0.6	0.8	0.9

Assumptions Used to Determine Net Periodic Benefit Cost of Pension Plan and Postretirement Plan

Assumptions used to determine net periodic benefit cost of the pension plan and postretirement plan for each fiscal year follow:


	2022		2021		2020
Pension
Weighted average discount rate	2.91	%	2.51	%	3.33	%
Long-term rate of return on plan assets	N/A		N/A		N/A
Postretirement
Discount rate	3.03	%	2.72	%	3.46	%
Health care cost trend rate assumed for next year	6.00	%	6.25	%	6.25	%
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	2025		2025		2024

Schedule of Expected Benefit Payments


(In millions)	Pension		Postretirement
2023	$	3.1	$	1.6
2024	3.0		1.6
2025	2.9		1.5
2026	2.8		1.5
2027	2.7		1.5
2028-2032	12.3		6.8

Leases (Tables)

12 Months Ended

Dec. 25, 2022

Leases [Abstract]

Lease Cost

Information related to the Company's leases for the years ended December 25, 2022 and December 26, 2021 is as follows:


	Year Ended			Year Ended
(In millions)	December 25, 2022			December 26, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	52.4		$	53.4
Right-of-use assets obtained in exchange for lease obligations:
Operating leases net of lease modifications	$	5.8		$	28.4

Weighted Average Remaining Lease Term:
Operating leases	4.4 years			5.6 years
Weighted Average Discount Rate:
Operating leases	3.4		%	3.0		%

Maturities of Operating Lease Liabilities


	Year Ended
(In millions)	December 25, 2022
2023	$	44.8
2024	31.8
2025	25.9
2026	20.4
2027	12.3
2028 and thereafter	14.1
Total future lease payments	149.3
Less imputed interest	17.8
Present value of future operating lease payments	131.5
Less current portion of operating lease liabilities (1)	39.6
Non-current operating lease liability (2)	91.9
Operating lease right-of-use assets, net (3)	$	118.3

(1) Included in Accrued liabilities on the consolidated balance sheets
(2) Included in Other liabilities on the consolidated balance sheets
(3) Included in Property, plant and equipment on the consolidated balance sheets

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 25, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedging Instruments


	2022			2021
(In millions)	Notional Amount		Fair Value	Notional Amount	Fair Value
Hedged transaction
Inventory purchases	$	166.3	(2.7)	199.1	10.4
Sales	99.2		1.2	104.5	(1.9)
Production financing and other	116.8		1.5	217.0	2.3
Total	$	382.3	—	520.6	10.8

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The fair values of the Company’s foreign currency forward contracts designated as cash flow hedges are recorded in the consolidated balance sheets at December 25, 2022 and December 26, 2021 as follows:


(In millions)	2022		2021
Prepaid expenses and other current assets
Unrealized gains	$	4.3	13.8
Unrealized losses	(1.8)		(3.1)
Net unrealized gains	$	2.5	10.7
Other assets
Unrealized gains	$	0.3	0.2
Unrealized losses	—		—
Net unrealized gains	$	0.3	0.2
Accrued liabilities
Unrealized gains	$	1.6	—
Unrealized losses	(4.4)		(0.1)
Net unrealized losses	$	(2.8)	(0.1)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Operations


(In millions)	2022		2021	2020
Consolidated Statements of Operations Classification
Cost of sales	$	17.3	(4.7)	21.2
Net revenues	2.3		1.0	2.9
Other	(0.9)		2.0	1.2
Net realized (losses) gains	$	18.7	(1.7)	25.3

Fair Values of Undesignated Derivative Financial Instruments

At December 25, 2022 and December 26, 2021, the fair value of the Company’s undesignated derivative financial instruments are recorded in the consolidated balance sheets as follows:


(In millions)	2022		2021
Prepaid expenses and other current assets
Unrealized gains	$	10.9	—
Unrealized losses	(5.9)		—
Net unrealized gains	$	5.0	—

Accrued liabilities
Unrealized gains	$	—	3.5
Unrealized losses	—		(6.0)
Net unrealized losses	$	—	(2.5)
Total unrealized (losses) gains, net	$	5.0	(2.5)

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

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+ Details

Restructuring Actions (Tables)

12 Months Ended

Dec. 25, 2022

Restructuring Charges [Abstract]

Schedule of Restructuring and Related Costs

The detail of activity related to the Company's Operational Excellence program as of December 25, 2022 is as follows:


(In millions)	Total




2022 Operational Excellence charges	$	94.1

Payments made in 2022	(9.2)
Remaining amounts to be paid as of December 25, 2022	$	84.9

Segment Reporting (Tables)

12 Months Ended

Dec. 25, 2022

Segment Reporting [Abstract]

Schedule of Information and Reconciliation by Segment

Information by segment and a reconciliation to reported amounts are as follows:


(In millions)	Revenues from External Customers		Affiliate Revenue	Operating Profit (Loss)	Depreciation and Amortization	Capital Additions	Total Assets
2022
Consumer Products(a)	$	3,572.5	396.7	217.3	152.5	87.0	5,757.7
Wizards of the Coast and Digital Gaming	1,325.1		172.5	538.3	14.6	52.5	2,968.7
Entertainment(a)	959.1		57.5	22.7	43.8	6.9	6,273.3
Corporate and Other(b)	—		(626.7)	(370.6)	21.6	27.8	(5,703.8)
Consolidated Total	$	5,856.7	—	407.7	232.5	174.2	9,295.9
2021
Consumer Products	$	3,981.6	465.4	401.4	112.4	73.1	4,925.5
Wizards of the Coast and Digital Gaming	1,286.6		121.6	547.0	48.5	35.1	1,585.1
Entertainment	1,152.2		61.5	(91.8)	96.6	6.2	6,052.8
Corporate and Other(b)	—		(648.5)	(93.3)	22.6	18.3	(2,525.6)
Consolidated Total	$	6,420.4	—	763.3	280.1	132.7	10,037.8
2020
Consumer Products	$	3,649.6	379.0	308.1	78.3	69.3	5,552.5
Wizards of the Coast and Digital Gaming	906.7		77.3	420.4	9.0	35.9	585.7
Entertainment	909.1		5.9	(141.1)	138.0	6.6	6,003.0
Corporate and Other(b)	—		(462.2)	(85.6)	39.7	14.0	(1,322.8)
Consolidated Total	$	5,465.4	—	501.8	265.0	125.8	10,818.4

Net Revenues by Geographic Regions

The following table represents consolidated Consumer Products segment net revenues by major geographic region for the three fiscal years ended December 25, 2022.


(In millions)	2022		2021	2020
North America	$	2,064.8	2,315.9	2,116.2
Europe	899.5		1,067.7	989.2
Asia Pacific	293.4		310.1	295.6
Latin America	314.8		287.9	248.6
Net revenues	$	3,572.5	3,981.6	3,649.6

Net Revenues by Category and Brand Portfolio

The following table represents consolidated Wizards of the Coast and Digital Gaming segment net revenues by category for the three fiscal years ended December 25, 2022:


(In millions)	2022		2021	2020
Tabletop Gaming	$	1,067.0	950.6	659.6
Digital and Licensed Gaming	258.1		336.0	247.1
Net revenues	$	1,325.1	1,286.6	906.7

The following table represents consolidated Entertainment segment net revenues by category for the three fiscal years ended December 25, 2022.


(In millions)	2022		2021	2020
Film and TV	$	837.6	932.5	700.5
Family Brands	79.4		132.9	86.5
Music and Other	42.1		86.8	122.1
Net revenues	$	959.1	1,152.2	909.1

The following table presents consolidated net revenues by brand portfolio for the three fiscal years ended December 25, 2022.


(In millions)	2022		2021	2020
Franchise Brands (1)	$	2,830.6	2,955.6	2,394.3
Partner Brands	1,052.0		1,161.0	1,079.4
Hasbro Gaming (2)	743.3		851.4	814.8
Emerging Brands (1)	402.1		454.7	372.2
TV/Film/Entertainment	828.7		997.7	804.7
Net revenues	$	5,856.7	6,420.4	5,465.4

Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas


(In millions)	2022		2021	2020
Net revenues
United States	$	3,544.2	3,898.9	3,202.4
International	2,312.5		2,521.5	2,263.0
	$	5,856.7	6,420.4	5,465.4
Long-lived assets
United States	$	1,042.3	1,359.6	1,491.3
International	3,665.3		3,653.0	4,220.2
	$	4,707.6	5,012.6	5,711.5

eOne Music Sale (Tables)

12 Months Ended

Dec. 25, 2022

Discontinued Operations and Disposal Groups [Abstract]

Major Classes of Assets and Liabilities Held for Sale

The following table presents the carrying amounts of the major classes of eOne Music assets and liabilities sold on June 29, 2021 and reflects final working capital adjustments.


(In millions)	December 26, 2021
Cash and Cash Equivalents	$	18.2
Goodwill and Other Intangible Assets	410.3
Prepaid Expenses	31.0
Other Assets	14.0
Total Assets	$	473.5

Accrued Liabilities	$	24.4
Deferred Taxes	36.9
Other Liabilities	16.0
Total Liabilities	$	77.3

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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+ Details

Summary of Significant Accounting Policies - Narrative (Details) shares in Millions			3 Months Ended							12 Months Ended
	May 19, 2022 USD ($)	Jun. 29, 2021 USD ($)	Dec. 25, 2022 USD ($)	Sep. 25, 2022 USD ($)	Dec. 26, 2021 USD ($)	Sep. 26, 2021 USD ($)	Mar. 28, 2021 segment	Dec. 27, 2020 USD ($)	Mar. 29, 2020 USD ($)	Dec. 25, 2022 USD ($) shares	Dec. 26, 2021 USD ($) shares	Dec. 27, 2020 USD ($) shares
Property, Plant and Equipment [Line Items]
Asset impairments										$ 281,000,000.0	$ 0	$ 71,500,000
Impairment of intangible assets, finite-lived			$ 281,000,000
Goodwill			3,470,100,000		$ 3,419,600,000			$ 3,691,700,000		3,470,100,000	3,419,600,000	3,691,700,000
Restricted cash			14,500,000		35,800,000					14,500,000	35,800,000
Goodwill impairment			0	$ 11,800,000						11,800,000	108,800,000
Number of reporting segments \| segment							3
Proceeds from sale of business, net of cash										$ 0	$ 378,500,000	$ 0
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]										Selling, distribution and administration
Percentage of revenues from sales of finished products										76.00%	74.00%	77.00%
Program cost amortization period										10 years
Selling, distribution and administration										$ 1,666,100,000	$ 1,432,700,000	$ 1,252,100,000
Deferred tax assets, valuation allowance			189,800,000		171,200,000					$ 189,800,000	$ 171,200,000
Antidilutive securities excluded from computation of earnings (in shares) \| shares										2.7	2.2	2.8
Entertainment
Property, Plant and Equipment [Line Items]
Goodwill			$ 1,513,900,000		1,527,400,000			2,252,900,000		$ 1,513,900,000	$ 1,527,400,000	$ 2,252,900,000
Goodwill impairment										$ 11,800,000	108,800,000
Digital Game
Property, Plant and Equipment [Line Items]
Revenue recognition, period from purchase										6 months
Shipping and handling
Property, Plant and Equipment [Line Items]
Selling, distribution and administration										$ 247,700,000	264,100,000	$ 228,000,000
Production Financing Facilities
Property, Plant and Equipment [Line Items]
Debt instrument term										2 years
Entertainment and Production Assets
Property, Plant and Equipment [Line Items]
Impairment of intangible assets, finite-lived								$ 30,700,000	$ 20,000,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| eOne Music
Property, Plant and Equipment [Line Items]
Goodwill impairment											108,800,000
Proceeds from sale of business, net of cash		$ 397,000,000				$ 397,000,000
Minimum
Property, Plant and Equipment [Line Items]
Finite-lived intangible asset, useful life										2 years
Minimum \| Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life										15 years
Minimum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life										15 years
Minimum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life										3 years
Maximum
Property, Plant and Equipment [Line Items]
Finite-lived intangible asset, useful life										19 years
Maximum \| Land and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life										19 years
Maximum \| Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life										25 years
Maximum \| Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life										12 years
Maximum \| Tools, dies and molds
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life										3 years
The Network, Joint Venture
Property, Plant and Equipment [Line Items]
Impairment loss					$ 74,100,000
Gain on change in value of joint venture option agreement											$ 20,100,000
D&D Beyond
Property, Plant and Equipment [Line Items]
Aggregate purchase price	$ 146,300,000
Intangible assets	81,400,000
Goodwill	$ 64,700,000
Blueprint 2.0
Property, Plant and Equipment [Line Items]
Restructuring charges										$ 322,400,000
Loss on assets held for sale										21,100,000
Asset impairments										281,300,000
Impairment of intangible assets, finite-lived										281,000,000
Inventory reserve and asset write offs										14,900,000
Blueprint 2.0 \| Entertainment
Property, Plant and Equipment [Line Items]
Asset impairments										4,100,000
Operational Excellence Program
Property, Plant and Equipment [Line Items]
Restructuring charges										106,400,000
Severance charges										94,100,000
Restructuring consulting fees										$ 12,300,000

Summary of Significant Accounting Policies - Breakout of Noncontrolling Interests (Details)	Dec. 25, 2022
Astley Baker Davies Limited
Noncontrolling Interest [Line Items]
Proportion Held	70.00%

Summary of Significant Accounting Policies - Schedule of Earnings per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Basic
Net earnings attributable to Hasbro, Inc., basic	$ 203.5	$ 428.7	$ 222.5
Average shares outstanding, basic (in shares)	138.7	138.0	137.3
Net earnings attributable to Hasbro, Inc. (in dollars per share)	$ 1.47	$ 3.11	$ 1.62
Diluted
Net earnings attributable to Hasbro, Inc., diluted	$ 203.5	$ 428.7	$ 222.5
Effect of dilutive securities:
Average shares outstanding, basic (in shares)	138.7	138.0	137.3
Options and other share-based awards (in shares)	0.2	0.4	0.3
Equivalent shares, diluted (in shares)	138.9	138.4	137.6
Net earnings attributable to Hasbro, Inc. (in dollars per share)	$ 1.46	$ 3.10	$ 1.62

Revenue Recognition - Contract Assets and Liabilities (Details) $ in Millions	12 Months Ended
	Dec. 25, 2022 USD ($)
Change In Contract With Customer, Asset [Roll Forward]
Balance at beginning of the year	$ 391.1
Recognized in current year	1,064.8
Amounts reclassified to accounts receivable	(855.1)
Foreign currency impact	(6.4)
Ending Balance	594.4
Change In Contract With Customer, Liability [Roll Forward]
Balance at beginning of the year	121.2
Recognized in current year	337.5
Amounts in beginning balance reclassified to revenue	(58.5)
Current year amounts reclassified to revenue	(278.9)
Dispositions	(4.0)
Foreign currency impact	(4.3)
Ending Balance	$ 113.0

Revenue Recognition - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 25, 2022 USD ($) brand_category	Dec. 26, 2021 USD ($)	Dec. 27, 2020 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, amount	$ 274.2
Charge for credit losses for accounts receivable	$ 0.0	$ 0.0	$ 0.0
Number of brand categories \| brand_category	5
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-12-26
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, amount	$ 225.8
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, amount	$ 44.3
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-30
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, amount	$ 4.0
Revenue, remaining performance obligation, period	1 year

Business Combination (Details) - USD ($) $ / shares in Units, shares in Millions		1 Months Ended	12 Months Ended
	Dec. 30, 2019	Nov. 30, 2019	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020	Sep. 30, 2019
Business Acquisition [Line Items]
Goodwill			$ 3,470,100,000	$ 3,419,600,000	$ 3,691,700,000
Acquisition and related costs			0	0	218,600,000
Entertainment
Business Acquisition [Line Items]
Goodwill			$ 1,513,900,000	$ 1,527,400,000	2,252,900,000
Senior Notes
Business Acquisition [Line Items]
Debt instrument, face amount		$ 2,400,000,000
Unsecured Debt \| $1.0 Billion Term Loan Agreement
Business Acquisition [Line Items]
Debt instrument, face amount						$ 1,000,000,000
eOne Acquisition
Business Acquisition [Line Items]
Total purchase price to be allocated	$ 4,600,000,000
Total purchase price to be allocated	3,800,000,000
Aggregate purchase price, liabilities assumed	800,000,000
Shares issued in business combination (in shares)		10.6
Offering price (in dollars per share)		$ 95.00
Shares issued in business combination value		$ 975,200,000
Goodwill	$ 3,200,000,000
Acquisition and related costs					218,600,000
eOne Acquisition \| Entertainment
Business Acquisition [Line Items]
Acquisition and related costs					$ 133,200,000
eOne Acquisition \| Senior Notes
Business Acquisition [Line Items]
Debt instrument, face amount		2,400,000,000
eOne Acquisition \| Unsecured Debt \| $1.0 Billion Term Loan Agreement
Business Acquisition [Line Items]
Debt instrument, face amount		$ 1,000,000,000

Other Comprehensive Earnings (Loss) - Schedule of Other Comprehensive Income (Loss), Tax Effect (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Other comprehensive earnings (loss), tax effect:
Tax benefit (expense) on unrealized holding gains (losses)	$ 0.1	$ 0.0	$ (0.2)
Tax expense on cash flow hedging activities	(1.3)	(1.0)	(3.4)
Tax (expense) benefit on foreign currency translation amounts	0.0	(7.2)	2.1
Tax (expense) benefit on changes in unrecognized pension amounts	(5.9)	(1.5)	2.6
Reclassifications to earnings, tax effect:
Tax expense (benefit) on cash flow hedging activities	1.6	(0.5)	4.3
Tax benefit on amortization of unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations	(0.3)	(0.6)	(0.8)
Total tax effect on other comprehensive earnings (loss)	$ (5.8)	$ (10.8)	$ 4.6

Other Comprehensive Earnings (Loss) - Schedule of Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (235.3)
Current period other comprehensive earnings (loss)	(4.7)	$ (45.1)	$ 6.4
Reclassifications from AOCE to earnings	(14.9)	4.8	(17.2)
Ending balance	(254.9)	(235.3)
Pension and Postretirement Amounts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(35.1)	(40.7)	(36.1)
Current period other comprehensive earnings (loss)	30.8	3.4	(6.6)
Reclassifications from AOCE to earnings	1.3	2.2	2.0
Ending balance	(3.0)	(35.1)	(40.7)
Gains (Losses) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(6.0)	(22.1)	(5.2)
Current period other comprehensive earnings (loss)	10.2	13.5	2.4
Reclassifications from AOCE to earnings	(16.2)	2.6	(19.3)
Ending balance	(12.0)	(6.0)	(22.1)
Unrealized Holding Gains (Losses) on Available for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	0.2	0.3	(0.3)
Current period other comprehensive earnings (loss)	(0.3)	(0.1)	0.5
Reclassifications from AOCE to earnings	0.0	0.0	0.0
Ending balance	(0.1)	0.2	0.3
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(194.4)	(132.5)	(142.6)
Current period other comprehensive earnings (loss)	(45.4)	(61.9)	10.1
Reclassifications from AOCE to earnings	0.0	0.0	0.0
Ending balance	(239.8)	(194.4)	(132.5)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(235.3)	(195.0)	(184.2)
Ending balance	$ (254.9)	$ (235.3)	$ (195.0)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Other Comprehensive Earnings (Loss) - Gains (Losses) on Derivative Instruments (Details) - USD ($)	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020	Mar. 28, 2021	Dec. 29, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ (254,900,000)	$ (235,300,000)
Deferred losses reclassified from AOCE to net earnings	171,000,000.0	179,700,000	$ 201,100,000
Cash flow hedge gain (loss) to be reclassified within twelve months	$ 1,300,000
3.15% Notes Due 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Debt stated interest rate				3.15%
Debt instrument, face amount				$ 300,000,000
5.10% Notes Due 2044
Accumulated Other Comprehensive Income (Loss) [Line Items]
Debt stated interest rate	5.10%
Gains (Losses) on Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	$ (12,000,000.0)	(6,000,000.0)	(22,100,000)		$ (5,200,000)
Foreign exchange forward \| Gains (Losses) on Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	3,000,000
Interest rate contract \| Gains (Losses) on Derivative Instruments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive income (loss)	(14,900,000)
Interest rate contract \| Gains (Losses) on Derivative Instruments \| Reclassification out of accumulated other comprehensive income
Accumulated Other Comprehensive Income (Loss) [Line Items]
Deferred losses reclassified from AOCE to net earnings	$ 700,000	$ 1,000,000	$ 1,400,000

Property, Plant and Equipment - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, net	$ 422.8	$ 421.1
Total property, plant and equipment, net	304.5	261.8
Right of use assets	239.6	256.4
Less accumulated depreciation	121.3	97.1
Land and improvements
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	3.1	3.2
Buildings and improvements
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	221.1	220.3
Machinery, equipment and software
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	672.4	604.7
Land and Improvements, Buildings and Improvements, and Machinery, Equipment and Software
Property, Plant and Equipment [Line Items]
Gross property, plant and equipment	896.6	828.2
Less accumulated depreciation	654.5	630.0
Total property, plant and equipment, net	242.1	198.2
Tools, dies and molds
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, net	$ 62.4	$ 63.6

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 127.3	$ 163.3	$ 120.2

Goodwill and Intangible Assets - Narrative (Details)		3 Months Ended				12 Months Ended
Goodwill and Intangible Assets - Narrative (Details)	May 19, 2022 USD ($)	Dec. 25, 2022 USD ($)	Sep. 25, 2022 USD ($)	Jun. 27, 2021 USD ($)	Mar. 28, 2021 segment	Dec. 25, 2022 USD ($)	Dec. 26, 2021 USD ($)	Apr. 25, 2021 USD ($)	Dec. 27, 2020 USD ($)
Finite-Lived Intangible Assets [Line Items]
Number of reporting segments \| segment					3
Goodwill		$ 3,470,100,000				$ 3,470,100,000	$ 3,419,600,000		$ 3,691,700,000
Goodwill impairment		0	$ 11,800,000			11,800,000	108,800,000
Impairment of intangible assets, finite-lived		281,000,000
Disposal Group, Held-for-sale, Not Discontinued Operations \| eOne Music
Finite-Lived Intangible Assets [Line Items]
Goodwill impairment				$ 108,800,000
Aggregate sales price				$ 385,000,000				$ 385,000,000
Wizards of the Coast and Digital Gaming
Finite-Lived Intangible Assets [Line Items]
Goodwill		$ 371,500,000				371,500,000	307,300,000		$ 53,100,000
Goodwill impairment						$ 0	$ 0
D&D Beyond
Finite-Lived Intangible Assets [Line Items]
Aggregate purchase price	$ 146,300,000
Goodwill	64,700,000
D&D Beyond \| Wizards of the Coast and Digital Gaming
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 64,700,000

Goodwill and Intangible Assets - Schedule of Goodwill (Details) - USD ($)	3 Months Ended		12 Months Ended
	Dec. 25, 2022	Sep. 25, 2022	Dec. 25, 2022	Dec. 26, 2021
Goodwill [Roll Forward]
Beginning goodwill			$ 3,419,600,000	$ 3,691,700,000
Acquired during the period			64,700,000
Impairment during the period	$ 0	$ (11,800,000)	(11,800,000)	(108,800,000)
Goodwill associated with disposal of business				(162,200,000)
Foreign exchange translation			(2,400,000)	(1,100,000)
Goodwill allocation				0
Ending goodwill	3,470,100,000		3,470,100,000	3,419,600,000
Consumer Products
Goodwill [Roll Forward]
Beginning goodwill			1,584,900,000	1,385,700,000
Acquired during the period			0
Impairment during the period			0	0
Goodwill associated with disposal of business				0
Foreign exchange translation			(200,000)	(200,000)
Goodwill allocation				199,400,000
Ending goodwill	1,584,700,000		1,584,700,000	1,584,900,000
Wizards of the Coast and Digital Gaming
Goodwill [Roll Forward]
Beginning goodwill			307,300,000	53,100,000
Acquired during the period			64,700,000
Impairment during the period			0	0
Goodwill associated with disposal of business				0
Foreign exchange translation			(500,000)	0
Goodwill allocation				254,200,000
Ending goodwill	371,500,000		371,500,000	307,300,000
Entertainment
Goodwill [Roll Forward]
Beginning goodwill			1,527,400,000	2,252,900,000
Acquired during the period			0
Impairment during the period			(11,800,000)	(108,800,000)
Goodwill associated with disposal of business				(162,200,000)
Foreign exchange translation			(1,700,000)	(900,000)
Goodwill allocation				(453,600,000)
Ending goodwill	$ 1,513,900,000		$ 1,513,900,000	$ 1,527,400,000

Goodwill and Intangible Assets - Schedule of Other Intangibles (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Summary of Other Intangible Assets [Abstract]
Acquired product rights	$ 2,112.1	$ 2,101.7
Licensed rights of entertainment properties	45.0	45.0
Impairment	(281.0)	0.0
Accumulated amortization	(1,137.2)	(1,050.4)
Amortizable intangible assets	738.9	1,096.3
Product rights with indefinite lives	75.7	75.7
Total other intangibles assets, net	$ 814.6	$ 1,172.0

Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Details) $ in Millions	Dec. 25, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 89.6
2024	87.9
2025	87.9
2026	87.9
2027	$ 74.9

Equity Method Investment (Details) $ in Millions		1 Months Ended	3 Months Ended	12 Months Ended
Equity Method Investment (Details) $ in Millions	Oct. 31, 2009 USD ($) royalty_installment_payment	Oct. 31, 2009 USD ($)	Dec. 26, 2021 USD ($)	Dec. 25, 2022 USD ($)	Dec. 26, 2021 USD ($)	Dec. 27, 2020 USD ($)	Sep. 23, 2014
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ 0.0	$ (74.1)	$ 0.0
The Network, Joint Venture
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%					40.00%
Payments to acquire interest in joint venture		$ 300.0
Equity method investments			$ 161.2	120.8	161.2
Impairment loss			74.1
Option agreement, exercise price, as percentage of fair market value of equity method investee							80.00%
(Gains) losses related to change in value of joint venture option agreement					(20.1)
Payments made under tax sharing agreement				5.4	5.3	4.7
Royalty Guarantees, Commitments, Amount	$ 125.0	125.0
Number of annual installments for minimum royalty guarantee \| royalty_installment_payment	5
Amount of annual installment for minimum royalty guarantee	$ 25.0	$ 25.0
Royalty guarantees, earnout period	12 years	12 years
The Network, Joint Venture \| Other liabilities
Schedule of Equity Method Investments [Line Items]
Option agreement			1.7	1.7	1.7
Remaining Present Value Of Expected Future Payments			18.3	14.4	18.3
Income (loss) on tax sharing agreement			$ (2.1)	0.7
The Network, Joint Venture \| Other expense
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments				$ 8.1	$ 20.8	$ 21.8
The Network, Joint Venture \| Discovery
Schedule of Equity Method Investments [Line Items]
Joint venture, ownership interest							60.00%

Investments in Productions and Investments in Acquired Content Rights - Programming Costs (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Individual monetization
Released, net of amortization	$ 584.5	$ 481.7
Completed and not released	23.3	18.5
In production	199.4	151.6
Pre-production	41.3	84.0
Individual monetization, costs	848.5	735.8
Film/TV group monetization
Released, net of amortization	25.8	32.2
In production	22.2	13.0
Total film costs	48.0	45.2
Investment in other programming:
Released, net of amortization	9.8	5.3
Completed and not released	0.0	0.4
In production	11.8	12.6
Pre-production	3.3	1.7
Other programming costs	24.9	20.0
Total program investments	$ 921.4	$ 801.0

Investments in Productions and Investments in Acquired Content Rights - Program Costs Amortization (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Product Information [Line Items]
Program cost amortization	$ 555.5	$ 628.6	$ 387.1
Capitalized Programming Costs, Individual Monetization [Abstract]
Released, 2023	114.6
Released, 2024	67.4
Released, 2025	58.3
Completed and not released, 2023	42.3
Capitalized Programming Costs, Film/TV Group Monetization [Abstract]
2023	28.8
2024	15.0
2025	14.8
Total
2023	185.7
2024	82.4
2025	73.1
Investment in Production
Product Information [Line Items]
Program cost amortization	495.4
Investment in Content
Product Information [Line Items]
Program cost amortization	$ 60.1

Financing Arrangements (Details) - USD ($) $ / shares in Units, shares in Millions		1 Months Ended		12 Months Ended
	Dec. 30, 2019	Nov. 30, 2019	Sep. 29, 2019	Dec. 25, 2022	Dec. 26, 2021	Nov. 30, 2021	Sep. 30, 2019
eOne Acquisition
Line of Credit Facility [Line Items]
Shares issued in business combination (in shares)		10.6
Offering price (in dollars per share)		$ 95.00
Commercial Paper Program
Line of Credit Facility [Line Items]
Debt instrument term				397 days
Line of credit facility, maximum borrowing capacity				$ 1,000,000,000
Revolving Credit Facility \| Revolving Production Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity						$ 250,000,000
Potential additional incremental commitment						$ 150,000,000
Line of Credit \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit facility, available borrowing capacity				1,500,000,000
Line of credit outstanding amount				0	$ 0
Line of credit facility, maximum borrowing capacity				1,500,000,000
Potential additional incremental commitment				$ 500,000,000
Line of credit facility, unused capacity, commitment fee percentage				0.125%
Line of credit facility, interest rate at period end				1.25%
Line of Credit \| Unsecured Uncommitted Lines Of Credit
Line of Credit Facility [Line Items]
Line of credit facility, available borrowing capacity				$ 101,500,000
Weighted average interest rate				3.30%	3.90%
Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 2,400,000,000
Senior Notes \| eOne Acquisition
Line of Credit Facility [Line Items]
Debt instrument, face amount		2,400,000,000
Unsecured Debt \| $1.0 Billion Term Loan Agreement
Line of Credit Facility [Line Items]
Debt instrument, face amount							$ 1,000,000,000
Borrowing from line of credit	$ 1,000,000,000
Unsecured Debt \| $1.0 Billion Term Loan Agreement \| eOne Acquisition
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 1,000,000,000
Unsecured Debt \| Three-Year Term Loan Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount							400,000,000
Debt instrument term			3 years
Repayments of debt				$ 400,000,000
Unsecured Debt \| Five-Year Term Loan Facility
Line of Credit Facility [Line Items]
Debt instrument, face amount							$ 600,000,000
Debt instrument term			5 years
Repayments of debt				$ 290,000,000

Accrued Liabilities (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Accrued Liabilities, Current [Abstract]
Participations and residuals	$ 300.2	$ 299.1
Royalties	195.4	253.0
Deferred revenue	111.3	114.1
Severance	100.3	32.0
Dividends	96.7	94.0
Cancellation charges	89.2	74.1
Other Taxes	82.1	95.0
Accrued expenses IIC & IIP	80.8	74.9
Payroll and management incentives	66.7	183.6
Advertising	53.2	60.4
Accrued income taxes	44.8	30.9
General vendor accruals	$ 44.3	$ 29.8
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total accrued liabilities	Total accrued liabilities
Current lease liability	$ 39.6	$ 43.9
Freight	28.5	107.5
Other	173.7	182.5
Total accrued liabilities	$ 1,506.8	$ 1,674.8

Long-Term Debt - Long-term Debt Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 27, 2022	Dec. 25, 2022	Dec. 26, 2021
Debt Instrument [Line Items]
Carrying Cost		$ 3,848.1	$ 4,052.5
Less: Deferred debt expenses		23.7	28.2
Current portion of long-term debt		113.2	200.1
Long-term debt		3,711.2	3,824.2
Fair Value		3,626.3	4,549.3
Long-term debt, fair value		$ 3,626.3	4,549.3
3.90% Notes Due 2029
Debt Instrument [Line Items]
Debt stated interest rate		3.90%
Carrying Cost		$ 900.0	900.0
Fair Value		$ 808.2	991.7
3.55% Notes Due 2026
Debt Instrument [Line Items]
Debt stated interest rate		3.55%
Carrying Cost		$ 675.0	675.0
Fair Value		$ 635.3	725.6
3.00% Notes Due 2024
Debt Instrument [Line Items]
Debt stated interest rate		3.00%
Carrying Cost		$ 500.0	500.0
Fair Value		$ 482.2	521.2
6.35% Notes Due 2040
Debt Instrument [Line Items]
Debt stated interest rate		6.35%
Carrying Cost		$ 500.0	500.0
Fair Value		$ 498.4	692.8
3.50% Notes Due 2027
Debt Instrument [Line Items]
Debt stated interest rate		3.50%
Carrying Cost		$ 500.0	500.0
Fair Value		$ 465.8	539.2
5.10% Notes Due 2044
Debt Instrument [Line Items]
Debt stated interest rate		5.10%
Carrying Cost		$ 300.0	300.0
Fair Value		$ 261.1	374.5
6.60% Debentures Due 2028
Debt Instrument [Line Items]
Debt stated interest rate		6.60%
Carrying Cost		$ 109.9	109.9
Fair Value		112.1	136.7
Variable % Notes Due December 30, 2024
Debt Instrument [Line Items]
Carrying Cost		310.0	397.5
Fair Value		310.0	397.5
Repayments of debt	$ 50.0
Production Financing Facilities
Debt Instrument [Line Items]
Carrying Cost		53.2	170.1
Fair Value		$ 53.2	$ 170.1

Long-Term Debt - Narrative (Details) - USD ($)	1 Months Ended		3 Months Ended	12 Months Ended
Long-Term Debt - Narrative (Details) - USD ($)	Nov. 30, 2019	Sep. 29, 2019	Sep. 26, 2021	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Payment for debt prepayment cost				$ 0	$ 9,100,000	$ 0
Current portion of long-term debt				$ 113,200,000	200,100,000
Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 2,400,000,000
Debt issuance costs, gross	$ 20,000,000
Redemption price	100.00%
Senior Notes \| Minimum
Debt Instrument [Line Items]
Debt instrument term	5 years
Debt instrument, interest rate	0.25%
Senior Notes \| Maximum
Debt Instrument [Line Items]
Debt instrument term	10 years
Debt instrument, interest rate	2.00%
2.60% Notes Due 2022 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 300,000,000
Debt stated interest rate	2.60%
Repayments of debt			$ 300,000,000
Payment for debt prepayment cost			$ 9,100,000
3.00% Notes Due 2024
Debt Instrument [Line Items]
Debt stated interest rate				3.00%
3.00% Notes Due 2024 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 500,000,000
Debt stated interest rate	3.00%
3.00% Notes Due 2024 \| Senior Notes \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
3.55% Notes Due 2026
Debt Instrument [Line Items]
Debt stated interest rate				3.55%
3.55% Notes Due 2026 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 675,000,000
Debt stated interest rate	3.55%
3.55% Notes Due 2026 \| Senior Notes \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.30%
3.90% Notes Due 2029
Debt Instrument [Line Items]
Debt stated interest rate				3.90%
3.90% Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Debt instrument, face amount	$ 900,000,000
Debt stated interest rate	3.90%
3.90% Notes Due 2029 \| Senior Notes \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.35%
$1.0 Billion Term Loan Agreement \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount							$ 1,000,000,000
Repayments of unsecured debt					480,000,000
Coverage ratio							3.00
Consolidated total leverage ratio							3.50
$1.0 Billion Term Loan Agreement \| Unsecured Debt \| Minimum
Debt Instrument [Line Items]
Consolidated total leverage ratio							5.40
$1.0 Billion Term Loan Agreement \| Unsecured Debt \| Maximum
Debt Instrument [Line Items]
Consolidated total leverage ratio							5.65
Three-Year Term Loan Facility \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount							$ 400,000,000
Repayments of debt				$ 400,000,000
Debt instrument term		3 years
Repayments of unsecured debt					300,000,000
Five-Year Term Loan Facility \| Unsecured Debt
Debt Instrument [Line Items]
Debt instrument, face amount							$ 600,000,000
Repayments of debt				290,000,000
Debt instrument term		5 years
Repayments of unsecured debt, principal				50,000,000	150,000,000
Repayments of unsecured debt, principal, interest				$ 37,500,000	$ 30,000,000
Five-Year Term Loan Facility \| Unsecured Debt \| Redemption, Period One
Debt Instrument [Line Items]
Debt stated interest rate							5.00%
Debt instrument term		2 years
Five-Year Term Loan Facility \| Unsecured Debt \| Redemption, Period Two
Debt Instrument [Line Items]
Debt stated interest rate							10.00%
Five-Year Term Loan Facility \| Unsecured Debt \| Minimum \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate		1.00%
Five-Year Term Loan Facility \| Unsecured Debt \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.00%
Five-Year Term Loan Facility \| Unsecured Debt \| Maximum \| Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate		1.875%
Five-Year Term Loan Facility \| Unsecured Debt \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate		0.875%
5.10% Notes Due 2044
Debt Instrument [Line Items]
Debt stated interest rate				5.10%
Production Financing Facilities
Debt Instrument [Line Items]
Debt instrument term				2 years
Weighted average interest rate				3.30%

Long-Term Debt - Future Contractual Maturities (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Debt Instrument [Line Items]
Long-term borrowings	$ 3,848.1	$ 4,052.5
Debt Instruments Excluding Production Financing Facilities
Debt Instrument [Line Items]
2023	60.0
2024	750.0
2025	0.0
2026	675.0
2027	500.0
2028 and thereafter	1,809.9
Long-term borrowings	3,794.9
Production Financing Facilities
Debt Instrument [Line Items]
Long-term borrowings	$ 53.2	$ 170.1

Long-Term Debt - Production Financing Loans (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Debt Disclosure [Abstract]
Production financing	$ 195.6	$ 170.1

Long-Term Debt - Schedule of Line of Credit Facilities (Details) - Dec. 25, 2022 $ in Millions, $ in Millions	USD ($)	CAD ($)
Line of Credit Facility [Line Items]
Production financing loan and other loans	$ 195.6
Canadian Facilities
Line of Credit Facility [Line Items]
Production financing loan and other loans		$ 53.2
U.S. Facilities
Line of Credit Facility [Line Items]
Production financing loan and other loans	$ 142.4

Long-Term Debt - Schedule of Movements in Production Financing and Other Related Loans (Details) $ in Millions	12 Months Ended
	Dec. 25, 2022 USD ($)
Production Financing
Production financing loans, beginning balance	$ 170.1
Drawdowns	258.5
Repayments	(231.5)
Foreign exchange differences	(1.5)
Production financing loans, ending balance	195.6
Production financing loan and other loans	$ 195.6

Income Taxes - Components of Earnings Before Income Taxes Determined by Tax Jurisdiction (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Income Tax Disclosure [Abstract]
United States	$ 17.0	$ 236.8	$ 191.5
International	244.5	345.1	130.6
Total earnings before income taxes	$ 261.5	$ 581.9	$ 322.1

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(8))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Income Taxes - Income Taxes Attributable to Earnings Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Current
United States	$ 93.8	$ 59.5	$ 22.3
State and local	18.0	15.4	6.2
International	76.8	42.9	37.9
Current income tax expense (benefit)	188.6	117.8	66.4
Deferred
United States	(105.7)	7.1	27.2
State and local	(16.6)	(0.3)	(10.8)
International	(7.8)	22.0	13.9
Deferred income tax expense (benefit)	(130.1)	28.8	30.3
Total income taxes	$ 58.5	$ 146.6	$ 96.7

Income Taxes - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Income Tax Disclosure [Abstract]
Statutory income tax rate	21.00%	21.00%	21.00%
State and local income taxes, net	1.20%	1.50%	2.20%
Tax on international earnings	(4.00%)	(1.10%)	(3.50%)
Domestic tax on foreign earnings	(6.50%)	(1.70%)	(2.70%)
Change in unrecognized tax benefits	3.10%	(3.40%)	4.10%
Change in valuation allowance	9.70%	(1.60%)	4.50%
Share-based compensation	1.40%	(0.60%)	(0.40%)
Research and development tax credits	(3.50%)	(1.10%)	(1.60%)
Deferred tax rate change	0.00%	6.50%	3.60%
Officers' compensation	1.90%	1.90%	1.40%
Loss on disposition of business	1.50%	3.90%	0.00%
Other, net	(3.40%)	(0.10%)	1.40%
Effective income tax rate, continuing operations	22.40%	25.20%	30.00%

Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Deferred tax assets:
Accounts receivable	$ 28.8	$ 30.8
Inventories	22.6	14.1
Loss and credit carryforwards	175.3	179.1
Operating leases	11.2	17.8
Operating expenses	29.9	29.9
Pension	9.1	16.3
Other compensation	50.7	37.3
Postretirement benefits	5.7	8.5
Interest rate hedge	4.5	4.7
Tax sharing agreement	0.3	1.5
Deferred revenue	4.4	4.0
Capitalized research and experimentation	81.2	26.1
Other	11.7	13.5
Gross deferred tax assets	435.4	383.6
Deferred tax liabilities:
Depreciation and amortization of long-lived assets	61.8	170.5
Equity method investment	14.9	13.1
Operating leases	9.3	15.1
Foreign exchange	0.0	13.7
Prepaid expenses	4.4	3.5
Other	15.4	12.3
Gross deferred tax liabilities	105.8	228.2
Valuation allowance	(189.8)	(171.2)
Net deferred income taxes	$ 139.8
Net deferred income taxes		$ (15.8)

Income Taxes - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Loss and credit carryforwards	$ 175.3	$ 179.1
Operating loss carryforwards, decrease	3.8
Deferred tax assets, valuation allowance	189.8	171.2
Valuation allowance, deferred tax asset, increase (decrease), amount	18.6
Additional foreign tax withholding amount	3.6
Unrecognized tax benefits	77.8	50.6	$ 67.8	$ 36.7
Unrecognized tax benefits that would impact effective tax rate	53.0	46.0	57.0
Income taxes recognized potential interest and penalties	2.2	2.6	3.7
Unrecognized tax benefits, income tax penalties and interest accrued	8.8	$ 7.3	$ 11.6
Minimum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	0.0
Maximum
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Decrease in unrecognized tax benefits is reasonably possible	$ 10.0

Income Taxes - Deferred Tax Assets and Liabilities by Balance Sheet Location (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Income Tax Disclosure [Abstract]
Other assets	$ 262.1	$ 132.1
Other liabilities	(122.3)	(147.9)
Net deferred income taxes	$ 139.8
Net deferred income taxes		$ (15.8)

Income Taxes - Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Balance at beginning of year	$ 50.6	$ 67.8	$ 36.7
Gross increases in prior period tax positions	0.9	0.6	12.7
Gross increase from acquisition	0.0	0.0	13.7
Gross decreases in prior period tax positions	(0.2)	(12.0)	0.0
Gross increases in current period tax positions	28.6	4.6	11.7
Decrease related to settlements with tax authorities	0.0	(2.7)	0.0
Decreases from the expiration of statute of limitations	(2.1)	(7.7)	(7.0)
Balance at end of year	$ 77.8	$ 50.6	$ 67.8

Capital Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	9 Months Ended	12 Months Ended
	Dec. 25, 2022	Dec. 25, 2022	May 31, 2018
Equity [Abstract]
Stock repurchase program, authorized amount	$ 4,300.0	$ 4,300.0	$ 500.0
Stock Repurchased During Period (in shares)	1.4
Purchases of common stock	$ 125.0	125.0
Stock Repurchased During Period, (in dollars per share)	$ 87.46
Stock repurchase program, remaining authorized repurchase amount	$ 241.6	$ 241.6

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 26, 2021	Dec. 27, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net (losses) gains on change of fair value option investments		$ (0.3)
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Other Nonoperating Income (Expense)
The Network, Joint Venture
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gain on change in value of joint venture option agreement	$ 20.1

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Assets:
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets, Assets, Noncurrent, Excluding Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Liabilities:
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current, Other Liabilities, Noncurrent
Fair value, recurring
Assets:
Available-for-sale securities	$ 1.7	$ 1.9
Derivatives	7.9	10.9
Total assets	9.6	12.8
Liabilities:
Derivatives	2.9	2.6
Option agreement	1.7	1.7
Total liabilities	4.6	4.3
Fair value, recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Available-for-sale securities	1.7	1.9
Derivatives	0.0	0.0
Total assets	1.7	1.9
Liabilities:
Derivatives	0.0	0.0
Option agreement	0.0	0.0
Total liabilities	0.0	0.0
Fair value, recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Available-for-sale securities	0.0	0.0
Derivatives	7.9	10.9
Total assets	7.9	10.9
Liabilities:
Derivatives	2.9	2.6
Option agreement	0.0	0.0
Total liabilities	2.9	2.6
Fair value, recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Available-for-sale securities	0.0	0.0
Derivatives	0.0	0.0
Total assets	0.0	0.0
Liabilities:
Derivatives	0.0	0.0
Option agreement	1.7	1.7
Total liabilities	$ 1.7	$ 1.7

Fair Value of Financial Instruments - Reconciliation of Level 3 Fair Value (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance at beginning of year	$ (1.7)	$ (20.6)
Gain from change in fair value	0.0	18.9
Balance at end of year	$ (1.7)	$ (1.7)

Stock Options, Other Stock Awards and Warrants - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020	Dec. 29, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)	10,500
Options expiration period (in years)	7 years
Compensation expense (income)	$ 81.3	$ 97.8	$ 49.7
Stock performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)	$ 9.6	$ 26.9	$ 8.4
Performance measurement period (in years)	3 years
Percentage of target number of shares, range lower limit	0.00%
Percentage of target number of shares, range upper limit	200.00%
Share-based payment arrangement, nonvested award, cost not yet recognized, amount	$ 26.5
Weighted average period for recognition of total unrecognized compensation expense	22 months
Granted (in shares)	400	200	400
Stock performance awards \| Former CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)		$ 7.6
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)	$ 60.7	50.9	$ 28.5
Share-based payment arrangement, nonvested award, cost not yet recognized, amount	$ 61.8
Weighted average period for recognition of total unrecognized compensation expense	23 months
Restrictions lapse period (in years)	3 years
Restricted Stock \| Former CEO
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)		6.0
Restricted stock units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)	$ 60.7	$ 50.9	$ 28.5
Granted (in shares)	700	700	800
Share-based Payment Arrangement, Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)	$ 8.9	$ 18.4	$ 11.0
Share-based payment arrangement, nonvested award, cost not yet recognized, amount	$ 10.6
Weighted average period for recognition of total unrecognized compensation expense	23 months
Share-based compensation arrangement by share-based payment award, options (in shares)	1,800	2,900	2,800	2,400
Exercisable (in shares)	800	2,100	1,500
Weighted average remaining contractual term for outstanding options	4 years 7 months 9 days	3 years 3 months 3 days
Share-based compensation arrangement by share-based payment award, options, grants in period (in dollars per share)	$ 22,120,000	$ 21.30	$ 18.58
Share-based compensation arrangement by share-based payment award, options, exercises in period, intrinsic value	$ 13.6	$ 16.0	$ 9.7
Share-based Payment Arrangement, Option \| Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation expense (income)	$ 2.1	$ 1.6	$ 1.8
Granted (in shares)	24	17	30
Number of deferred shares (in shares)	12	10	20
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plans, vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock incentive plans, vesting period	5 years

Stock Options, Other Stock Awards and Warrants - Total Compensation Expense Related to Stock Options, Restricted Stock Units and Stock Performance Awards (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated share-based compensation (income) expense	$ 81.3	$ 97.8	$ 49.7
Income tax benefit	9.0	10.2	5.3
Allocated share-based compensation expense, net of tax	72.3	87.6	44.4
Stock performance awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated share-based compensation (income) expense	9.6	26.9	8.4
Restricted stock units (RSUs)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated share-based compensation (income) expense	60.7	50.9	28.5
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated share-based compensation (income) expense	8.9	18.4	11.0
Stock Options Non Employee
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated share-based compensation (income) expense	2.1	1.6	1.8
Former CEO \| Stock performance awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated share-based compensation (income) expense		7.6
Product development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated share-based compensation (income) expense	4.8	3.7	3.3
Selling, Distribution and Administration
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated share-based compensation (income) expense	$ 76.5	94.1	$ 46.4
Selling, Distribution and Administration \| Former CEO
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Allocated share-based compensation (income) expense		$ 20.9

Stock Options, Other Stock Awards and Warrants - Activities of Stock Performance Awards and Restricted Stock Units (Details) - $ / shares shares in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Stock performance awards
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year (in shares)	0.7	0.6	0.5
Granted (in shares)	0.4	0.2	0.4
Forfeited (in shares)	(0.1)	0.0	(0.1)
Canceled (in shares)	0.0	(0.1)	(0.2)
Vested (in shares)	(0.2)	0.0	0.0
Outstanding at end of year (in shares)	0.8	0.7	0.6
Weighted average grant-date fair value:
Granted (in dollars per share)	$ 88.77	$ 96.06	$ 56.49
Forfeited (in dollars per share)	80.77	0	80.31
Canceled (in dollars per share)	0	77.33	88.25
Vested (in dollars per share)	86.90	0	99.58
Outstanding at end of year (in dollars per share)	$ 78.15	$ 75.74	$ 69.25
Restricted stock units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding at beginning of year (in shares)	1.1	1.0	0.5
Granted (in shares)	0.7	0.7	0.8
Forfeited (in shares)	(0.1)	(0.1)	(0.1)
Vested (in shares)	(0.5)	(0.5)	(0.2)
Outstanding at end of year (in shares)	1.2	1.1	1.0
Weighted average grant-date fair value:
Granted (in dollars per share)	$ 86.41	$ 91.06	$ 91.80
Forfeited (in dollars per share)	91.18	85.88	94.01
Vested (in dollars per share)	91.33	91.42	94.21
Outstanding at end of year (in dollars per share)	$ 88.85	$ 91.78	$ 91.56

Stock Options, Other Stock Awards and Warrants - Stock Options Activities (Details) - Share-based Payment Arrangement, Option - $ / shares shares in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]
Outstanding at beginning of year	2.9	2.8	2.4
Granted (in shares)	0.6	0.6	0.8
Exercised (in shares)	(0.8)	(0.5)	(0.3)
Expired or forfeited (in shares)	(0.9)	0.0	(0.1)
Outstanding at end of year	1.8	2.9	2.8
Exercisable at end of year (in shares)	0.8	2.1	1.5
Weighted average exercise price:
Granted (in dollars per share)	$ 94.89	$ 90.31	$ 96.79
Exercised (in dollars per share)	85.60	65.12	55.82
Expired or forfeited (in dollars per share)	97.16	95.59	94.32
Outstanding at end of year (in dollars per share)	93.62	92.15	88.16
Exercisable at end of year (in dollars per share)	$ 92.95	$ 92.05	$ 82.80

Stock Options, Other Stock Awards and Warrants - Options Valuation Assumptions (Details) - Share-based Payment Arrangement, Option	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.79%	0.50%	1.38%
Expected dividend yield	2.95%	3.01%	2.81%
Expected volatility	37.00%	38.00%	30.00%
Expected option life (in years)	4 years	4 years	4 years

Pension, Postretirement and Postemployment Benefits - Narrative (Details) $ in Millions		1 Months Ended			12 Months Ended
	Jan. 01, 2020	Feb. 29, 2020 USD ($)	Dec. 31, 2019 USD ($)	May 31, 2019 USD ($)	Dec. 25, 2022 USD ($) defined_benefit_pension_plan	Dec. 26, 2021 USD ($)	Dec. 27, 2020 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined contribution plan, cost					$ 39.5	$ 42.7	$ 38.4
Defined benefit plans, number of major plans covering non-union employees \| defined_benefit_pension_plan					2
Benefit liabilities							14.8
Employee retirement age, option one	65
Employee service period, option one	5 years
Employee retirement age, option two	55
Employee service period, option two	10 years
Unrecognized gain (loss) in pension and post retirement plans					$ 1.6
2028-2032					19.0
Foreign plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension expense					3.1	4.0	3.5
Projected benefit obligation					77.8	121.6
Fair value of plan assets					71.0	94.8
2023					2.3
2024					2.5
2025					2.6
2026					2.8
2027					3.0
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Pension expense					45.5	49.3	44.7
Transfers		$ 19.5
Settlements paid			$ 0.2	$ 110.8
2023					3.1
2024					3.0
2025					2.9
2026					2.8
2027					2.7
2028-2032					12.3
Pension \| Unfunded Plan
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined benefit obligations in the amount					30.3
Pension \| UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Excess assets for U.S. Pension Plan					20.2
Projected benefit obligation					30.3	41.6	46.0
Fair value of plan assets					$ 0.0	$ 0.0	$ 0.0

Pension, Postretirement and Postemployment Benefits - Summary of Changes in Projected Benefit Obligation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Pension
Change in Projected Benefit Obligation
Interest cost	$ 1.1	$ 1.1	$ 1.5
Pension \| UNITED STATES
Change in Projected Benefit Obligation
Projected benefit obligation — beginning	41.6	46.0
Interest cost	1.1	1.1
Transfer in	0.0	0.0
Actuarial (gain) loss	(9.3)	(1.1)
Benefits paid	(3.1)	(3.1)
Plan amendments	0.0	0.0
Settlements paid	0.0	(1.3)
Projected benefit obligation — ending	30.3	41.6	46.0
Accumulated benefit obligation — ending	30.3	41.6
Change in Plan Assets
Fair value of plan assets — beginning	0.0	0.0
Fair value of plan assets — ending	0.0	0.0	0.0
Reconciliation of Funded Status
Projected benefit obligation	(30.3)	(41.6)	(46.0)
Fair value of plan assets	0.0	0.0	0.0
Funded status	(30.3)	(41.6)
Unrecognized prior service cost (credit)	0.0	0.0
Unrecognized net loss	3.2	13.2
Net amount	(27.1)	(28.4)
Accrued liabilities	(3.0)	(3.2)
Other liabilities	(27.3)	(38.4)
Accumulated other comprehensive (earnings) loss	3.2	13.2
Net amount	(27.1)	(28.4)
Postretirement
Change in Projected Benefit Obligation
Interest cost	0.8	0.8	0.9
Postretirement \| UNITED STATES
Change in Projected Benefit Obligation
Projected benefit obligation — beginning	28.1	29.9
Interest cost	0.8	0.8
Transfer in	0.0	0.0
Actuarial (gain) loss	(7.6)	0.4
Benefits paid	(1.7)	(1.8)
Plan amendments	0.0	(1.2)
Settlements paid	0.0	0.0
Projected benefit obligation — ending	19.6	28.1	29.9
Accumulated benefit obligation — ending	19.6	28.1
Change in Plan Assets
Fair value of plan assets — beginning	0.0	0.0
Fair value of plan assets — ending	0.0	0.0	0.0
Reconciliation of Funded Status
Projected benefit obligation	(19.6)	(28.1)	(29.9)
Fair value of plan assets	0.0	0.0	$ 0.0
Funded status	(19.6)	(28.1)
Unrecognized prior service cost (credit)	(0.9)	(1.2)
Unrecognized net loss	(3.8)	3.9
Net amount	(24.3)	(25.4)
Accrued liabilities	(1.5)	(1.6)
Other liabilities	(18.0)	(26.5)
Accumulated other comprehensive (earnings) loss	(4.8)	2.7
Net amount	$ (24.3)	$ (25.4)

Pension, Postretirement and Postemployment Benefits - Assumptions used to determine year-end Pension and Postretirement Benefit Obligation (Details)	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average discount rate	5.61%	2.91%
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average discount rate	5.58%	3.03%
Health care cost trend rate assumed for next year	7.00%	6.00%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.00%	5.00%

Pension, Postretirement and Postemployment Benefits - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 0.0	$ 0.0	$ 0.0
Interest cost	1.1	1.1	1.5
Expected return on assets	0.0	0.0	0.0
Amortization of actuarial loss	0.8	1.0	0.7
Curtailment/Settlement losses	0.0	0.5	0.0
Net periodic benefit cost (income)	1.9	2.6	2.2
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Interest cost	0.8	0.8	0.9
Amortization of prior service cost	(0.3)	0.0	0.0
Amortization of actuarial loss	0.1	0.0	0.0
Net periodic benefit cost (income)	$ 0.6	$ 0.8	$ 0.9

Pension, Postretirement and Postemployment Benefits - Assumptions used to determine Net Periodic Benefit Cost of Pension Plan and Postreitrement Plan (Details)	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average discount rate	2.91%	2.51%	3.33%
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Weighted average discount rate	3.03%	2.72%	3.46%
Health care cost trend rate assumed for next year	6.00%	6.25%	6.25%
Rate to which the cost trend rate is assumed to decline (ultimate trend rate)	5.00%	5.00%	5.00%

Pension, Postretirement and Postemployment Benefits - Expected Benefit Payments (Details) $ in Millions	Dec. 25, 2022 USD ($)
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2028-2032	$ 19.0
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2023	3.1
2024	3.0
2025	2.9
2026	2.8
2027	2.7
2028-2032	12.3
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
2023	1.6
2024	1.6
2025	1.5
2026	1.5
2027	1.5
2028-2032	$ 6.8

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Lessee, Lease, Description [Line Items]
Rent expense	$ 90.6	$ 88.2	$ 93.9
Future expected undiscounted payments for leases not yet commenced	$ 65.2
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	10 years

Leases - Lease Cost (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 52.4	$ 53.4
Right-of-use assets obtained in exchange for lease obligations, Operating leases leases net of lease modifications	$ 5.8	$ 28.4
Weighted average remaining lease term, operating leases	4 years 4 months 24 days	5 years 7 months 6 days
Weighted average discount rate, operating lease	3.40%	3.00%

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Leases [Abstract]
2023	$ 44.8
2024	31.8
2025	25.9
2026	20.4
2027	12.3
2028 and thereafter	14.1
Total future lease payments	149.3
Less imputed interest	17.8
Present value of future operating lease payments	131.5
Current lease liability	39.6	$ 43.9
Non-current operating lease liability	91.9
Operating lease right-of-use asset, net	$ 118.3
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization

Derivative Financial Instruments - Cash Flow Hedging Instruments (Details) - Designated as hedging instrument - Cash flow hedging - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Derivative [Line Items]
Notional Amount	$ 382.3	$ 520.6
Fair Value	0.0	10.8
Inventory purchases
Derivative [Line Items]
Notional Amount	166.3	199.1
Fair Value	(2.7)	10.4
Sales
Derivative [Line Items]
Notional Amount	99.2	104.5
Fair Value	1.2	(1.9)
Production financing and other
Derivative [Line Items]
Notional Amount	116.8	217.0
Fair Value	$ 1.5	$ 2.3

Derivative Financial Instruments - Statements of Financial Performance and Financial Position (Details) - Designated as hedging instrument - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Prepaid expenses and other current assets
Derivative [Line Items]
Unrealized gains	$ 4.3	$ 13.8
Unrealized losses	(1.8)	(3.1)
Net unrealized gain (loss)	2.5	10.7
Other assets
Derivative [Line Items]
Unrealized gains	0.3	0.2
Unrealized losses	0.0	0.0
Net unrealized gain (loss)	0.3	0.2
Accrued liabilities
Derivative [Line Items]
Unrealized gains	1.6	0.0
Unrealized losses	(4.4)	(0.1)
Net unrealized gain (loss)	$ (2.8)	$ (0.1)

Derivative Financial Instruments - Derivative Financial Instruments (Details) - Cash flow hedging - Foreign exchange forward - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Derivative [Line Items]
Effective portion, amount of net gains (losses) reclassified from other comprehensive earnings into earnings	$ 18.7	$ (1.7)	$ 25.3
Cost of sales
Derivative [Line Items]
Effective portion, amount of net gains (losses) reclassified from other comprehensive earnings into earnings	17.3	(4.7)	21.2
Sales
Derivative [Line Items]
Effective portion, amount of net gains (losses) reclassified from other comprehensive earnings into earnings	2.3	1.0	2.9
Other
Derivative [Line Items]
Effective portion, amount of net gains (losses) reclassified from other comprehensive earnings into earnings	$ (0.9)	$ 2.0	$ 1.2

Derivative Financial Instruments - Narrative (Details) - Fair value hedging - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Foreign currency forward contract \| Not designated as hedging instrument
Derivative [Line Items]
Notional Amount	$ 765.6	$ 632.0
Foreign exchange forward
Derivative [Line Items]
Other (income) expense	$ 42.1	$ 4.6	$ (27.7)

Derivative Financial Instruments - Fair Value of Undesignated Derivate Financial Instruments (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Not designated as hedging instrument
Derivative [Line Items]
Net unrealized gain (loss)	$ 5.0	$ (2.5)
Not designated as hedging instrument \| Prepaid expenses and other current assets
Derivative [Line Items]
Unrealized gains	10.9	0.0
Unrealized losses	(5.9)	0.0
Not designated as hedging instrument \| Accrued liabilities
Derivative [Line Items]
Unrealized gains	0.0	3.5
Unrealized losses	0.0	(6.0)
Designated as hedging instrument \| Prepaid expenses and other current assets
Derivative [Line Items]
Unrealized gains	4.3	13.8
Unrealized losses	(1.8)	(3.1)
Net unrealized gain (loss)	2.5	10.7
Designated as hedging instrument \| Prepaid expenses and other current assets \| Foreign exchange forward
Derivative [Line Items]
Net unrealized gain (loss)	5.0	0.0
Designated as hedging instrument \| Accrued liabilities
Derivative [Line Items]
Unrealized gains	1.6	0.0
Unrealized losses	(4.4)	(0.1)
Net unrealized gain (loss)	(2.8)	(0.1)
Designated as hedging instrument \| Accrued liabilities \| Foreign exchange forward
Derivative [Line Items]
Net unrealized gain (loss)	$ 0.0	$ (2.5)

Restructuring Actions - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 25, 2022 USD ($)
2018 and 2020 Restructuring Actions
Restructuring Cost and Reserve [Line Items]
Payment of restructuring	$ 9.0
Payments for restructuring	5.8
Operational Excellence Program
Restructuring Cost and Reserve [Line Items]
Severance charges	$ 94.1

Restructuring Actions - Schedule of Restructuring and Related Costs (Details) - Operational Excellence Program $ in Millions	12 Months Ended
	Dec. 25, 2022 USD ($)
Restructuring Cost and Reserve [Line Items]
2022 Operational Excellence charges	$ 94.1
Payments made in 2022	(9.2)
Remaining amounts to be paid as of December 25, 2022	$ 84.9

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 25, 2022	Dec. 26, 2021
Other Commitments [Line Items]
Unused Open Letters Of Credit And Related Instruments	$ 11.9	$ 13.6
Interest payment obligation in 2023	145.9
Interest payment obligation in 2024	145.9
Interest payment obligation in 2025	130.9
Interest payment obligation in 2026	130.9
Interest payment obligation in 2027	104.0
Interest payment obligation, thereafter	719.1
Purchase commitments	452.7
Royalties
Other Commitments [Line Items]
Purchase obligation to be paid in 2023	149.4
Purchase obligation to be paid in 2024	64.8
Purchase obligation to be paid in 2025	70.5
Purchase obligation to be paid in 2026	73.0
Purchase obligation to be paid in 2027	10.0
Royalties Contingency Due After Fifth Year	13.0
Prepaid royalties	12.9
Entertainment Projects or Content Agreements
Other Commitments [Line Items]
Purchase obligation to be paid in 2023	18.9
Purchase obligation to be paid in 2024	4.5
Tax sharing agreement
Other Commitments [Line Items]
Tax sharing agreements, future payments	15.6
Tax sharing agreements, annual payment, minimum	0.4
Tax sharing agreements, annual payment, maximum	6.4
Cartamundi manufacturing agreement
Other Commitments [Line Items]
Purchase obligation to be paid in 2023	$ 85.0

Segment Reporting - Information and Reconciliation by Segment (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 28, 2021 segment	Dec. 25, 2022 USD ($)	Dec. 26, 2021 USD ($)	Dec. 27, 2020 USD ($)
Segment Reporting [Abstract]
Number of reporting segments \| segment	3
Segment Reporting Information [Line Items]
Revenues from External Customers		$ 5,856.7	$ 6,420.4	$ 5,465.4
Affiliate Revenue		0.0	0.0	0.0
Operating Profit (Loss)		407.7	763.3	501.8
Depreciation and Amortization		232.5	280.1	265.0
Capital Additions		174.2	132.7	125.8
Total Assets		9,295.9	10,037.8	10,818.4
Corporate and Other
Segment Reporting Information [Line Items]
Revenues from External Customers		0.0	0.0	0.0
Affiliate Revenue		(626.7)	(648.5)	(462.2)
Operating Profit (Loss)		(370.6)	(93.3)	(85.6)
Depreciation and Amortization		21.6	22.6	39.7
Capital Additions		27.8	18.3	14.0
Total Assets		(5,703.8)	(2,525.6)	(1,322.8)
Consumer Products \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from External Customers		3,572.5	3,981.6	3,649.6
Affiliate Revenue		396.7	465.4	379.0
Operating Profit (Loss)		217.3	401.4	308.1
Depreciation and Amortization		152.5	112.4	78.3
Capital Additions		87.0	73.1	69.3
Total Assets		5,757.7	4,925.5	5,552.5
Wizards of the Coast and Digital Gaming
Segment Reporting Information [Line Items]
Revenues from External Customers		1,325.1	1,286.6	906.7
Wizards of the Coast and Digital Gaming \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from External Customers		1,325.1	1,286.6	906.7
Affiliate Revenue		172.5	121.6	77.3
Operating Profit (Loss)		538.3	547.0	420.4
Depreciation and Amortization		14.6	48.5	9.0
Capital Additions		52.5	35.1	35.9
Total Assets		2,968.7	1,585.1	585.7
Entertainment
Segment Reporting Information [Line Items]
Revenues from External Customers		959.1	1,152.2	909.1
Entertainment \| Operating Segments
Segment Reporting Information [Line Items]
Revenues from External Customers		959.1	1,152.2	909.1
Affiliate Revenue		57.5	61.5	5.9
Operating Profit (Loss)		22.7	(91.8)	(141.1)
Depreciation and Amortization		43.8	96.6	138.0
Capital Additions		6.9	6.2	6.6
Total Assets		$ 6,273.3	$ 6,052.8	$ 6,003.0

Segment Reporting - Net Revenues by Geographic Regions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 5,856.7	$ 6,420.4	$ 5,465.4
Reportable geographical components
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	3,572.5	3,981.6	3,649.6
North America \| Reportable geographical components
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	2,064.8	2,315.9	2,116.2
Europe \| Reportable geographical components
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	899.5	1,067.7	989.2
Asia Pacific \| Reportable geographical components
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	293.4	310.1	295.6
Latin America \| Reportable geographical components
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 314.8	$ 287.9	$ 248.6

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Reporting - Net Revenues by Category (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Revenue from External Customer [Line Items]
Net revenues	$ 5,856.7	$ 6,420.4	$ 5,465.4
Wizards of the Coast and Digital Gaming
Revenue from External Customer [Line Items]
Net revenues	1,325.1	1,286.6	906.7
Wizards of the Coast and Digital Gaming \| Tabletop Gaming
Revenue from External Customer [Line Items]
Net revenues	1,067.0	950.6	659.6
Wizards of the Coast and Digital Gaming \| Digital and Licensed Gaming
Revenue from External Customer [Line Items]
Net revenues	258.1	336.0	247.1
Entertainment
Revenue from External Customer [Line Items]
Net revenues	959.1	1,152.2	909.1
Entertainment \| Film and TV
Revenue from External Customer [Line Items]
Net revenues	837.6	932.5	700.5
Entertainment \| Family Brands
Revenue from External Customer [Line Items]
Net revenues	79.4	132.9	86.5
Entertainment \| Music and Other
Revenue from External Customer [Line Items]
Net revenues	$ 42.1	$ 86.8	$ 122.1

- Definition

+ References

+ Details

Segment Reporting - Net Revenues by Brand Portfolio (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Revenue from External Customer [Line Items]
Net revenues	$ 5,856.7	$ 6,420.4	$ 5,465.4
Franchise Brands
Revenue from External Customer [Line Items]
Net revenues	2,830.6	2,955.6	2,394.3
Partner Brands
Revenue from External Customer [Line Items]
Net revenues	1,052.0	1,161.0	1,079.4
Hasbro Gaming
Revenue from External Customer [Line Items]
Net revenues	743.3	851.4	814.8
Emerging Brands
Revenue from External Customer [Line Items]
Net revenues	402.1	454.7	372.2
TV/Film/Entertainment
Revenue from External Customer [Line Items]
Net revenues	828.7	997.7	804.7
Gaming including Magic the Gathering and Monopoly
Revenue from External Customer [Line Items]
Net revenues	$ 1,997.5	2,098.9	$ 1,763.8
Peppa Pig
Revenue from External Customer [Line Items]
Net revenues		$ 162.9

- Definition

+ References

+ Details

Segment Reporting - Geographic Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 5,856.7	$ 6,420.4	$ 5,465.4
Long-lived assets	4,707.6	5,012.6	5,711.5
UNITED STATES \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	3,544.2	3,898.9	3,202.4
Long-lived assets	1,042.3	1,359.6	1,491.3
International \| Operating Segments
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	2,312.5	2,521.5	2,263.0
Long-lived assets	$ 3,665.3	$ 3,653.0	$ 4,220.2

- Definition

+ References

+ Details

Segment Reporting - Other Information (Details) - Revenue Benchmark - Customer Concentration Risk	12 Months Ended
	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020
Wal-mart stores, Inc.
Product Information [Line Items]
Concentration risk, percentage	11.00%	13.00%	15.00%
Amazon.com
Product Information [Line Items]
Concentration risk, percentage	10.00%	11.00%	10.00%

eOne Music Sale (Details) - USD ($)		3 Months Ended				12 Months Ended
eOne Music Sale (Details) - USD ($)	Jun. 29, 2021	Dec. 25, 2022	Sep. 25, 2022	Sep. 26, 2021	Jun. 27, 2021	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020	Apr. 25, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business, net of cash						$ 0	$ 378,500,000	$ 0
Goodwill impairment		$ 0	$ 11,800,000			$ 11,800,000	108,800,000
eOne Music \| Disposal Group, Held-for-sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate sales price					$ 385,000,000				$ 385,000,000
Goodwill impairment					108,800,000
eOne Music \| Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate sales price	$ 385,000,000
Proceeds from sale of business, net of cash	397,000,000			$ 397,000,000
Aggregate sales price, closing adjustments	12,000,000
Net cash outflow, divestiture of business	$ 900,000
Goodwill impairment							108,800,000
Pre-tax cash transaction expenses					$ 9,500,000
Assets de-consolidated							473,500,000
Liabilities de-consolidated							$ 77,300,000

eOne Music Sale - Major Classes of eOne Music Assets and Liabilities Sold (Details) - eOne Music - Disposal Group, Disposed of by Sale, Not Discontinued Operations $ in Millions	Dec. 26, 2021 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash and Cash Equivalents	$ 18.2
Goodwill and Other Intangible Assets	410.3
Prepaid Expenses	31.0
Other Assets	14.0
Total Assets	473.5
Accrued Liabilities	24.4
Deferred Taxes	36.9
Other Liabilities	16.0
Total Liabilities	$ 77.3