Document_and_Entity_Informatio
Document and Entity Information (USD $) | 9 Months Ended | ||
Sep. 29, 2013 | Oct. 21, 2013 | Jun. 29, 2012 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'HASBRO INC | ' | ' |
Entity Central Index Key | '0000046080 | ' | ' |
Current Fiscal Year End Date | '--12-29 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $3,930,604,000 |
Entity Common Stock, Shares Outstanding | ' | 129,754,586 | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 29-Sep-13 | ' | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Current assets | ' | ' | ' |
Cash and cash equivalents | $588,668 | $849,701 | $696,733 |
Accounts receivable, less allowance for doubtful accounts of $22,200, $19,600 and $26,000 | 1,215,289 | 1,029,959 | 1,195,517 |
Inventories | 447,113 | 316,049 | 463,433 |
Prepaid expenses and other current assets | 346,215 | 312,493 | 263,297 |
Total current assets | 2,597,285 | 2,508,202 | 2,618,980 |
Property, plant and equipment, less accumulated depreciation of $497,100, $481,500 and $480,600 | 231,199 | 230,414 | 217,636 |
Other assets | ' | ' | ' |
Goodwill | 594,208 | 474,925 | 474,741 |
Other intangibles, less accumulated amortization of $704,300, $666,700 and $650,900 | 414,033 | 416,659 | 432,402 |
Other | 753,420 | 695,187 | 702,528 |
Total other assets | 1,761,661 | 1,586,771 | 1,609,671 |
Total assets | 4,590,145 | 4,325,387 | 4,446,287 |
Current liabilities | ' | ' | ' |
Short-term borrowings | 212,926 | 224,365 | 264,745 |
Current portion of long-term debt | 430,424 | 0 | 0 |
Accounts payable | 263,086 | 139,906 | 237,400 |
Accrued liabilities | 742,443 | 596,164 | 624,474 |
Total current liabilities | 1,648,879 | 960,435 | 1,126,619 |
Long-term debt | 959,895 | 1,396,421 | 1,398,906 |
Other liabilities | 410,672 | 461,152 | 393,873 |
Total liabilities | 3,019,446 | 2,818,008 | 2,919,398 |
Redeemable Noncontrolling Interests | 47,269 | 0 | 0 |
Shareholders' equity | ' | ' | ' |
Preference stock of $2.50 par value. Authorized 5,000,000 shares; none issued | 0 | 0 | 0 |
Common stock of $.50 par value. Authorized 600,000,000 shares; issued 209,694,630 | 104,847 | 104,847 | 104,847 |
Additional paid-in capital | 709,005 | 655,943 | 648,235 |
Retained earnings | 3,354,820 | 3,354,545 | 3,270,534 |
Accumulated other comprehensive loss | -78,723 | -72,307 | -38,235 |
Treasury stock, at cost; 79,855,578 at September 29, 2013, 80,754,417 at December 30, 2012 and 79,295,919 at September 30, 2012 | -2,566,519 | -2,535,649 | -2,458,492 |
Total shareholders' equity | 1,523,430 | 1,507,379 | 1,526,889 |
Total liabilities, redeemable noncontrolling interests and shareholders' equity | $4,590,145 | $4,325,387 | $4,446,287 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) Parenthetical (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 30, 2012 |
In Thousands, except Share data, unless otherwise specified | |||
Current assets | ' | ' | ' |
Accounts receivable, allowance for doubtful accounts | $22,200 | $19,600 | $26,000 |
Property, plant and equipment, accumulated depreciation | 497,100 | 481,500 | 480,600 |
Other assets | ' | ' | ' |
Other intangibles, accumulated amortization | $704,300 | $666,700 | $650,900 |
Shareholders' equity | ' | ' | ' |
Preference stock, par value (in dollars per share) | $2.50 | $2.50 | $2.50 |
Preference stock, authorized shares (in shares) | 5,000,000 | 5,000,000 | 5,000,000 |
Preference stock, issued (in shares) | 0 | 0 | 0 |
Common stock, par value (in dollars per share) | $0.50 | $0.50 | $0.50 |
Common stock, authorized shares (in shares) | 600,000,000 | 600,000,000 | 600,000,000 |
Common stock, issued (in shares) | 209,694,630 | 209,694,630 | 209,694,630 |
Treasury stock, at cost; shares (in shares) | 79,855,578 | 80,754,417 | 79,295,919 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Consolidated Statements of Operations (Unaudited) [Abstract] | ' | ' | ' | ' |
Net revenues | $1,370,348 | $1,345,137 | $2,800,384 | $2,805,454 |
Costs and expenses | ' | ' | ' | ' |
Cost of sales | 568,582 | 586,516 | 1,136,724 | 1,155,536 |
Royalties | 143,947 | 89,224 | 243,568 | 212,551 |
Product development | 59,366 | 48,472 | 154,455 | 143,511 |
Advertising | 136,487 | 134,997 | 277,278 | 279,339 |
Amortization of intangibles | 14,224 | 12,636 | 37,677 | 34,792 |
Program production cost amortization | 17,991 | 12,794 | 34,023 | 25,950 |
Selling, distribution and administration | 231,045 | 210,876 | 633,238 | 602,145 |
Total costs and expenses | 1,171,642 | 1,095,515 | 2,516,963 | 2,453,824 |
Operating profit | 198,706 | 249,622 | 283,421 | 351,630 |
Non-operating (income) expense | ' | ' | ' | ' |
Interest expense | 41,194 | 23,043 | 86,398 | 68,568 |
Interest income | -1,326 | -1,270 | -4,239 | -5,434 |
Other expense, net | 2,925 | 2,900 | 10,766 | 8,754 |
Total non-operating expense, net | 42,793 | 24,673 | 92,925 | 71,888 |
Earnings before income taxes | 155,913 | 224,949 | 190,496 | 279,742 |
Income tax expense | 30,070 | 60,097 | 34,844 | 74,042 |
Net earnings | 125,843 | 164,852 | 155,652 | 205,700 |
Net Loss Attributable to Noncontrolling Interests | -731 | 0 | -731 | 0 |
Net Earnings Attributable to Hasbro, Inc. | $126,574 | $164,852 | $156,383 | $205,700 |
Net earnings attributable to Hasbro, Inc. per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.97 | $1.26 | $1.20 | $1.58 |
Diluted (in dollars per share) | $0.96 | $1.24 | $1.19 | $1.56 |
Cash dividends declared per common share (in dollars per share) | $0.40 | $0.36 | $1.20 | $1.08 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Earnings (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Consolidated Statements of Comprehensive Earnings [Abstract] | ' | ' | ' | ' |
Net earnings | $125,843 | $164,852 | $155,652 | $205,700 |
Other comprehensive earnings (loss): | ' | ' | ' | ' |
Foreign currency translation adjustments | 12,993 | 9,020 | -8,880 | 1,113 |
Net (losses) gains on cash flow hedging activities, net of tax | -12,580 | -5,989 | -198 | 974 |
Reclassifications to earnings, net of tax: | ' | ' | ' | ' |
Net gains on cash flow hedging activities | -3,589 | -1,623 | -4,629 | -4,379 |
Unrecognized pension and postretirement amounts | 2,319 | 0 | 7,291 | 0 |
Total other comprehensive earnings (loss), net of tax | -857 | 1,408 | -6,416 | -2,292 |
Total comprehensive earnings | 124,986 | 166,260 | 149,236 | 203,408 |
Total comprehensive loss attributable to noncontrolling interests | -731 | 0 | -731 | 0 |
Total comprehensive earnings attributable to Hasbro, Inc. | $125,717 | $166,260 | $149,967 | $203,408 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net earnings | $155,652 | $205,700 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ' | ' |
Depreciation of plant and equipment | 75,526 | 75,113 |
Amortization of intangibles | 37,677 | 34,792 |
Program production cost amortization | 34,023 | 25,950 |
Deferred income taxes | 604 | -1,694 |
Stock-based compensation | 20,599 | 18,040 |
Change in operating assets and liabilities: | ' | ' |
Increase in accounts receivable | -203,159 | -141,259 |
Increase in inventories | -133,738 | -125,472 |
Increase in prepaid expenses and other current assets | -20,672 | -196 |
Program Production Costs | -31,520 | -41,195 |
Increase in accounts payable and accrued liabilities | 222,695 | 72,486 |
Other, including long-term portion of royalty advances | -110,370 | 21,351 |
Net cash provided by operating activities | 47,317 | 143,616 |
Cash flows from investing activities | ' | ' |
Additions to property, plant and equipment | -78,246 | -74,896 |
Investments and acquisitions, net of cash acquired | -109,955 | 0 |
Other | 3,121 | 2,558 |
Net cash utilized by investing activities | -185,080 | -72,338 |
Cash flows from financing activities | ' | ' |
Net (repayments of) proceeds from short-term borrowings | -11,235 | 83,380 |
Purchases of common stock | -86,972 | -15,079 |
Stock option transactions | 74,400 | 40,661 |
Excess tax benefits from stock-based compensation | 12,772 | 8,521 |
Dividends paid | -104,164 | -132,231 |
Net cash utilized by financing activities | -115,199 | -14,748 |
Effect of exchange rate changes on cash | -8,071 | -1,485 |
(Decrease) increase in cash and cash equivalents | -261,033 | 55,045 |
Cash and cash equivalents at beginning of year | 849,701 | 641,688 |
Cash and cash equivalents at end of period | 588,668 | 696,733 |
Cash paid during the period for: | ' | ' |
Interest | 76,700 | 79,724 |
Income taxes | $50,548 | $50,446 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Sep. 29, 2013 | |
Basis of Presentation [Abstract] | ' |
Basis of Presentation | ' |
(1) Basis of Presentation | |
In the opinion of management, the accompanying unaudited interim financial statements contain all normal and recurring adjustments necessary to present fairly the financial position of Hasbro, Inc. and all majority-owned subsidiaries ("Hasbro" or the "Company") as of September 29, 2013 and September 30, 2012, and the results of its operations and cash flows for the periods then ended in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and notes thereto. Actual results could differ from those estimates. | |
The quarters ended September 29, 2013 and September 30, 2012 are each 13-week periods. The nine-month periods ended September 29, 2013 and September 30, 2012 are 39-week and 40-week periods, respectively. | |
The results of operations for the quarter and nine-month period ended September 29, 2013 are not necessarily indicative of results to be expected for the full year, nor were those of the comparable 2012 periods representative of those actually experienced for the full year 2012. | |
These condensed consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Â Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. Â The Company filed audited consolidated financial statements for the fiscal year ended December 30, 2012 in its Annual Report on Form 10-K, which includes all such information and disclosures and, accordingly, should be read in conjunction with the financial information included herein. | |
The Company's accounting policies are the same as those described in Note 1 to the Company's consolidated financial statements in its Annual Report on Form 10-K for the fiscal year ended December 30, 2012. | |
Substantially all of the Company's inventories consist of finished goods. | |
HASBRO, INC. AND SUBSIDIARIES | |
Condensed Notes to Consolidated Financial Statements (continued) | |
(Thousands of Dollars and Shares Except Per Share Data) | |
(Unaudited) |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Earnings Per Share (Thousands of Dollars and Shares Except Per Share Data) [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
(2) Earnings Per Share | |||||||||||||||||
 Net earnings per share data for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012 were computed as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Quarter | Basic | Diluted | Basic | Diluted | |||||||||||||
Net earnings attributable to Hasbro, Inc. | $ | 126,574 | 126,574 | 164,852 | 164,852 | ||||||||||||
Average shares outstanding | 130,253 | 130,253 | 130,619 | 130,619 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Options and other share-based awards | - | 1,592 | - | 1,864 | |||||||||||||
Equivalent Shares | 130,253 | 131,845 | 130,619 | 132,483 | |||||||||||||
Net earnings attributable to Hasbro, Inc. per common share | $ | 0.97 | 0.96 | 1.26 | 1.24 | ||||||||||||
2013 | 2012 | ||||||||||||||||
Nine Months | Basic | Diluted | Basic | Diluted | |||||||||||||
Net earnings attributable to Hasbro, Inc. | $ | 156,383 | 156,383 | 205,700 | 205,700 | ||||||||||||
Average shares outstanding | 129,972 | 129,972 | 130,146 | 130,146 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Options and other share-based awards | - | 1,601 | - | 1,893 | |||||||||||||
Equivalent Shares | 129,972 | 131,573 | 130,146 | 132,039 | |||||||||||||
Net earnings attributable to Hasbro, Inc. per common share | $ | 1.2 | 1.19 | 1.58 | 1.56 | ||||||||||||
For the quarters ended September 29, 2013 and September 30, 2012, options and restricted stock unit awards totaling 775 and 3,478, respectively, were excluded from the calculation of diluted earnings per share because to include them would have been antidilutive. For the nine-month periods ended September 29, 2013 and September 30, 2012, options and restricted stock unit awards totaling 1,266 and 3,508, respectively, were excluded from the calculation of diluted earnings per share because to include them would have been antidilutive. | |||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||
(Unaudited) |
Other_Comprehensive_Earnings
Other Comprehensive Earnings | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Other Comprehensive Earnings [Abstract] | ' | ||||||||||||||||
Other Comprehensive Earnings (Loss) | ' | ||||||||||||||||
(3) Other Comprehensive Earnings | |||||||||||||||||
Components of other comprehensive earnings are presented within the consolidated statements of comprehensive earnings. The related tax benefit (expense) of (losses) gains on cash flow hedging activities within other comprehensive earnings were $2,548 and $(424) for the quarter and nine-month periods ended September 29, 2013, respectively. The income tax expense related to reclassification adjustments of net gains on cash flow hedging activities from other comprehensive earnings were $861 and $1,280 for the quarter and nine-month periods ended September 29, 2013, respectively. The income tax benefit related to the reclassification of amortization of unrecognized pension and postretirement amounts was $712 and $2,136 for the quarter and nine months ended September 29, 2013, respectively. | |||||||||||||||||
The related tax (benefit) expense of gains (losses) on cash flow hedging activities within other comprehensive earnings was $861 and $(1,000) for the quarter and nine-month periods ended September 30, 2012, respectively. The income tax expense related to reclassification adjustments of net gains on cash flow hedging activities from other comprehensive earnings was $501 and $1,063 for the quarter and nine-month periods ended September 30, 2012, respectively. | |||||||||||||||||
At September 29, 2013, the Company had remaining deferred losses on hedging instruments, net of tax, of $5,835 in accumulated other comprehensive earnings ("AOCE"). These instruments hedge payments related to inventory purchased during the third quarter of 2013 or forecasted to be purchased during the remainder of 2013 and 2014, intercompany expenses and royalty payments expected to be paid or received during the remainder of 2013 and 2014 as well as cash receipts for sales forecasted to be made during the remainder of 2013 and 2014. These amounts will be reclassified into the consolidated statement of operations upon the sale of the related inventory or recognition of the related sales, royalties or expenses. Of the amount included in AOCE at September 29, 2013, the Company expects losses of approximately $2,746 to be reclassified to earnings within the next twelve months. However, the amount ultimately realized in earnings is dependent on the fair value of the contracts on the settlement dates. | |||||||||||||||||
Changes in the components of accumulated other comprehensive loss for the nine months ended September 29, 2013 and September 30, 2012 are as follows: | |||||||||||||||||
Pension and Postretirement Amounts | Gains (Losses) on Derivative Instruments | Foreign Currency Translation Adjustments | Total Accumulated Other Comprehensive Loss | ||||||||||||||
2013 | |||||||||||||||||
Balance at December 30, 2012 | $ | (120,422 | ) | (1,008 | ) | 49,123 | (72,307 | ) | |||||||||
Current period other comprehensive earnings (loss) | 7,291 | (4,827 | ) | (8,880 | ) | (6,416 | ) | ||||||||||
Balance at September 29, 2013 | $ | (113,131 | ) | (5,835 | ) | 40,243 | (78,723 | ) | |||||||||
2012 | |||||||||||||||||
Balance at December 25, 2011 | $ | (86,822 | ) | 10,081 | 40,798 | (35,943 | ) | ||||||||||
Current period other comprehensive earnings (loss) | - | (3,405 | ) | 1,113 | (2,292 | ) | |||||||||||
Balance at September 30, 2012 | $ | (86,822 | ) | 6,676 | 41,911 | (38,235 | ) |
Financial_Instruments
Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Financial Instruments (Thousands of Dollars) [Abstract] | ' | ||||||||||||||||||||||||
Financial Instruments | ' | ||||||||||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(4) Financial Instruments | |||||||||||||||||||||||||
The Company's financial instruments include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At September 29, 2013, September 30, 2012 and December 30, 2012, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at September 29, 2013, September 30, 2012 and December 30, 2012 also include certain assets and liabilities measured at fair value (see Notes 6 and 8) as well as long-term borrowings. The carrying costs and fair values of the Company's long-term borrowings as of September 29, 2013, September 30, 2012 and December 30, 2012 are as follows: | |||||||||||||||||||||||||
29-Sep-13 | 30-Sep-12 | 30-Dec-12 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | ||||||||||||||||||||
Cost | Value | Cost | Value | Cost | Value | ||||||||||||||||||||
6.35% Notes Due 2040 | $ | 500,000 | 535,000 | 500,000 | 599,300 | 500,000 | 615,650 | ||||||||||||||||||
6.125% Notes Due 2014 | 430,424 | 437,750 | 439,011 | 459,680 | 436,526 | 455,175 | |||||||||||||||||||
6.30% Notes Due 2017 | 350,000 | 402,500 | 350,000 | 409,325 | 350,000 | 399,700 | |||||||||||||||||||
6.60% Debentures Due 2028 | 109,895 | 121,983 | 109,895 | 127,478 | 109,895 | 129,687 | |||||||||||||||||||
Total long-term debt | 1,390,319 | 1,497,233 | 1,398,906 | 1,595,783 | 1,396,421 | 1,600,212 | |||||||||||||||||||
Less: Current portion | 430,424 | 437,750 | - | - | - | - | |||||||||||||||||||
Long-term debt excluding current portion | $ | 959,895 | 1,059,483 | 1,398,906 | 1,595,783 | 1,396,421 | 1,600,212 | ||||||||||||||||||
The carrying cost of the 6.125 % Notes Due 2014 includes principal amounts of $425,000 as well as fair value adjustments of $5,424, $14,011, and $11,526 at September 29, 2013, September 30, 2012 and December 30, 2012, respectively, related to interest rate swaps. The interest rate swaps were terminated in November 2012 and the fair value adjustment at September 29, 2013 and December 30, 2012 represent the unamortized portions of the fair value of the interest rate swaps at the date of termination. At September 29, 2013 the principal amount and fair value adjustment associated with the 6.125 % Notes Due 2014, totaling $430,424, were included in the current portion of long-term debt. All other carrying costs represent principal amounts and were included in long-term debt excluding the current portion at September 29, 2013. The total principal amount of long-term debt, including the current portion, at September 29, 2013, September 30, 2012 and December 30, 2012 was $1,384,895. | |||||||||||||||||||||||||
The fair values of the Company's long-term debt are considered Level 3 fair values (see Note 6 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. | |||||||||||||||||||||||||
The Company was party to a series of interest rate swap agreements to adjust the amount of debt that is subject to fixed interest rates. The interest rate swaps were matched with a portion of the 6.125% Notes Due 2014 and accounted for as fair value hedges of those notes. The interest rate swaps had a total notional amount of $400,000 with maturities in 2014 which matched the maturity date of the related notes. In each of the contracts, the Company received payments based upon a fixed interest rate of 6.125 %, which matched the interest rate of the notes being hedged, and made payments based upon a floating rate based on Libor. These contracts were designated and effective as hedges of the changes in the fair value of the associated debt. In November 2012, these interest rate swap agreements were terminated. The fair value was recorded as an adjustment to long-term debt and is being amortized through the consolidated statements of operations over the life of the related debt using a straight-line method. At September 29, 2013 and December 30, 2012, this adjustment to total long-term debt was $5,424 and $11,526, respectively. At September 30, 2012, the fair value of these contracts was an asset of $14,011 which was recorded in other assets with a corresponding fair value adjustment to increase long-term debt. The Company recorded losses of $651 and $1,966 for the quarter and nine-month periods ended September 30, 2012, respectively, on these instruments in other (income) expense, net relating to the change in fair value of such derivatives, wholly offsetting (gains) losses from the change in fair value of the associated long-term debt, also included in other (income) expense. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 29, 2013 | |
Income Taxes (Thousands of Dollars) [Abstract] | ' |
Income Taxes | ' |
HASBRO, INC. AND SUBSIDIARIES | |
Condensed Notes to Consolidated Financial Statements (continued) | |
(Thousands of Dollars and Shares Except Per Share Data) | |
(Unaudited) | |
(5) Income Taxes | |
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 2010. 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 2006. | |
The U.S. Internal Revenue Service recently completed an examination related to the 2008 and 2009 U.S. federal income tax returns. During the third quarter of 2013, as a result of the completion of this examination, unrecognized tax benefits, which are included as a component of other liabilities in the consolidated balance sheets, decreased $67,174. Of this amount, $29,970 was recorded as an increase to current liabilities, $14,112 as a reduction of deferred tax assets and the remainder as a reduction to income tax expense. The total income tax benefit resulting from the completion of tax examinations, including other adjustments, totaled $23,637 for the quarter and nine months ended September 29, 2013. The Company is currently under income tax examination in several U.S. state and local and non-U.S. jurisdictions. | |
In connection with the Mexican tax examinations for the years 2000 to 2007, the Company has received tax assessments totaling approximately $241,770 (at September 29, 2013 exchange rates), which include interest, penalties and inflation updates, related to transfer pricing which the Company is vigorously defending. In order to continue the process of defending its position, the Company was required to guarantee the amount of the assessments for the years 2000 to 2004, as is usual and customary in Mexico with respect to these matters. Accordingly, as of September 29, 2013, bonds totaling approximately $183,540 (at September 29, 2013 exchange rates) have been provided to the Mexican government related to the 2000 to 2004 assessments, allowing the Company to defend its positions. The Company is not currently required to guarantee the amounts of the 2005, 2006 and 2007 assessments. The Company expects to be successful in sustaining its position with respect to these assessments as well as similar positions that may be taken by the Mexican tax authorities for periods subsequent to 2007. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Fair Value of Financial Instruments (Thousands of Dollars) [Abstract] | ' | ||||||||||||||||
Fair Value of Financial Instruments | ' | ||||||||||||||||
(6) 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. | |||||||||||||||||
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 has elected the fair value option for certain available-for-sale investments. At September 29, 2013, September 30, 2012 and December 30, 2012, these investments totaled $23,452, $23,403 and $24,091, respectively, and are included in prepaid expenses and other current assets in the consolidated balance sheets. The Company recorded net losses of $176 and $166 on these investments in other (income) expense, net for the quarter and nine-month periods ended September 29, 2013, respectively, related to the change in fair value of such instruments. For the quarter and nine-month periods ended September 30, 2012 the Company recorded net gains of $1,082 and $1,847, respectively, on these investments in other (income) expense, net, related to the change in fair value of such investments. | |||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
At September 29, 2013, September 30, 2012 and December 30, 2012, the Company had the following assets and liabilities measured at fair value in its consolidated balance sheets: | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
Fair | Quoted | Significant | Significant | ||||||||||||||
Value | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
for | (Level 2) | ||||||||||||||||
Identical | |||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
29-Sep-13 | |||||||||||||||||
Assets: | |||||||||||||||||
Available-for-sale securities | $ | 23,460 | 8 | 18,050 | 5,402 | ||||||||||||
Derivatives | 3,311 | - | 2,321 | 990 | |||||||||||||
Total assets | $ | 26,771 | 8 | 20,371 | 6,392 | ||||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 8,324 | - | 8,324 | - | ||||||||||||
30-Sep-12 | |||||||||||||||||
Assets: | |||||||||||||||||
Available-for-sale securities | $ | 23,415 | 12 | 18,403 | 5,000 | ||||||||||||
Derivatives | 22,088 | - | 19,699 | 2,389 | |||||||||||||
Total assets | $ | 45,503 | 12 | 38,102 | 7,389 | ||||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 2,312 | - | 2,312 | - | ||||||||||||
30-Dec-12 | |||||||||||||||||
Assets: | |||||||||||||||||
Available-for-sale securities | $ | 24,099 | 8 | 18,986 | 5,105 | ||||||||||||
Derivatives | 4,254 | - | 1,741 | 2,513 | |||||||||||||
Total assets | $ | 28,353 | 8 | 20,727 | 7,618 | ||||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 3,461 | - | 3,461 | - | ||||||||||||
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): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance at beginning of year | $ | 7,618 | 3,724 | ||||||||||||||
Purchases | - | 5,000 | |||||||||||||||
Loss from change in fair value | (1,226 | ) | (1,335 | ) | |||||||||||||
Balance at end of third quarter | $ | 6,392 | 7,389 | ||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||
(Unaudited) |
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Pension and Postretirement Benefits (Thousands of Dollars) [Abstract] | ' | ||||||||||||||||
Pension and Postretirement Benefits | ' | ||||||||||||||||
(7) Pension and Postretirement Benefits | |||||||||||||||||
The components of the net periodic cost of the Company's defined benefit pension and other postretirement plans for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012 are as follows: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
Pension | Postretirement | ||||||||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||||||
Service cost | $ | 1,549 | 1,001 | 188 | 183 | ||||||||||||
Interest cost | 4,849 | 5,104 | 345 | 440 | |||||||||||||
Expected return on assets | (5,600 | ) | (5,377 | ) | - | - | |||||||||||
Net amortization and deferrals | 2,418 | 1,788 | (65 | ) | 20 | ||||||||||||
Curtailment/settlement losses | 1,064 | 673 | - | - | |||||||||||||
Net periodic benefit cost | $ | 4,280 | 3,189 | 468 | 643 | ||||||||||||
Nine Months Ended | |||||||||||||||||
Pension | Postretirement | ||||||||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||||||
Service cost | $ | 4,559 | 3,280 | 563 | 551 | ||||||||||||
Interest cost | 14,447 | 15,650 | 1,035 | 1,320 | |||||||||||||
Expected return on assets | (16,691 | ) | (16,280 | ) | - | - | |||||||||||
Net amortization and deferrals | 7,206 | 5,457 | (195 | ) | 60 | ||||||||||||
Curtailment/settlement losses | 6,485 | 673 | - | - | |||||||||||||
Net periodic benefit cost | $ | 16,006 | 8,780 | 1,403 | 1,931 | ||||||||||||
During the first three quarters of fiscal 2013, the Company made cash contributions to its defined benefit pension plans of approximately $4,500 in the aggregate. The Company expects to contribute approximately $1,300 during the remainder of fiscal 2013. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Derivative Financial Instruments (Thousands of Dollars) [Abstract] | ' | ||||||||||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
(8) Derivative Financial Instruments | |||||||||||||||||||||||||
The Company uses foreign currency forward 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 and 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 and 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. | |||||||||||||||||||||||||
The Company also has warrants to purchase common stock of an unrelated company that constitute and are accounted for as derivatives. For additional information related to these warrants see Note 6. | |||||||||||||||||||||||||
Cash Flow Hedges | |||||||||||||||||||||||||
The Company uses foreign currency forward contracts to reduce the impact of currency rate fluctuations on firmly committed and projected future foreign currency transactions. 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 and other cross-border transactions in 2013 and 2014. | |||||||||||||||||||||||||
At September 29, 2013, September 30, 2012 and December 30, 2012, the notional amounts and fair values of the Company's foreign currency forward contracts designated as cash flow hedging instruments were as follows. | |||||||||||||||||||||||||
29-Sep-13 | 30-Sep-12 | 30-Dec-12 | |||||||||||||||||||||||
Notional Amount | Fair | Notional | Fair | Notional | Fair | ||||||||||||||||||||
Hedged transaction | Value | Amount | Value | Amount | Value | ||||||||||||||||||||
Inventory purchases | $ | 525,911 | (6,114 | ) | 431,666 | 4,569 | 397,770 | (2,638 | ) | ||||||||||||||||
Intercompany royalty transactions | 174,974 | (2,258 | ) | 156,358 | 1,297 | 131,693 | (1,168 | ) | |||||||||||||||||
Sales | 232,709 | 497 | 152,763 | (2,925 | ) | 92,761 | 2,458 | ||||||||||||||||||
Other | 27,148 | 1,000 | 9,956 | 273 | 2,420 | (45 | ) | ||||||||||||||||||
Total | $ | 960,742 | (6,875 | ) | 750,743 | 3,214 | 624,644 | (1,393 | ) | ||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
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 September 29, 2013, September 30, 2012 and December 30, 2012 as follows: | |||||||||||||||||||||||||
29-Sep-13 | 30-Sep-12 | 30-Dec-12 | |||||||||||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||||||||||||
Unrealized gains | $ | 2,923 | 5,677 | 2,802 | |||||||||||||||||||||
Unrealized losses | (1,572 | ) | (2,692 | ) | (1,073 | ) | |||||||||||||||||||
Net unrealized gain | $ | 1,351 | 2,985 | 1,729 | |||||||||||||||||||||
Other assets | |||||||||||||||||||||||||
Unrealized gains | $ | 109 | 2,448 | 12 | |||||||||||||||||||||
Unrealized losses | (11 | ) | (360 | ) | - | ||||||||||||||||||||
Net unrealized gain | $ | 98 | 2,088 | 12 | |||||||||||||||||||||
Accrued liabilities | |||||||||||||||||||||||||
Unrealized gains | $ | 3,023 | 2,816 | 1,466 | |||||||||||||||||||||
Unrealized losses | (8,652 | ) | (4,617 | ) | (4,245 | ) | |||||||||||||||||||
Net unrealized loss | $ | (5,629 | ) | (1,801 | ) | (2,779 | ) | ||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||
Unrealized gains | $ | 191 | 104 | 20 | |||||||||||||||||||||
Unrealized losses | (2,886 | ) | (162 | ) | (375 | ) | |||||||||||||||||||
Net unrealized loss | $ | (2,695 | ) | (58 | ) | (355 | ) | ||||||||||||||||||
Net gains (losses) on cash flow hedging activities have been reclassified from other comprehensive earnings to net earnings for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012 as follows: | |||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||
Statements of Operations Classification | |||||||||||||||||||||||||
Cost of sales | $ | 1,614 | 3,431 | 1,650 | 6,372 | ||||||||||||||||||||
Royalties | (303 | ) | 824 | (347 | ) | 1,830 | |||||||||||||||||||
Sales | 2,906 | (2,178 | ) | 4,441 | (2,821 | ) | |||||||||||||||||||
Net realized gains | $ | 4,217 | 2,077 | 5,744 | 5,381 | ||||||||||||||||||||
In addition, net gains of $233 and $165 were reclassified to earnings as a result of hedge ineffectiveness for the quarter and nine-month periods ended September 29, 2013, respectively, and net gains of $47 and $61 were reclassified to earnings as a result of hedge ineffectiveness for the quarter and nine-month periods ended September 30, 2012, respectively. | |||||||||||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
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. Due to the nature of the derivative contracts involved, the Company does not use hedge accounting for these contracts. Â At September 29, 2013, September 30, 2012 and December 30, 2012 the total notional amounts of the Company's undesignated derivative instruments were $257,325, $184,555 and $189,217, respectively. | |||||||||||||||||||||||||
At September 29, 2013, September 30, 2012 and December 30, 2012, the fair values of the Company's undesignated derivative financial instruments were recorded in the consolidated balance sheets as follows: | |||||||||||||||||||||||||
29-Sep-13 | 30-Sep-12 | 30-Dec-12 | |||||||||||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||||||||||||
Unrealized gains | $ | 1,761 | 1,119 | - | |||||||||||||||||||||
Unrealized losses | (1,107 | ) | (504 | ) | - | ||||||||||||||||||||
Net unrealized gain | 654 | 615 | - | ||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||
Unrealized gains | 298 | - | - | ||||||||||||||||||||||
Unrealized losses | (80 | ) | - | - | |||||||||||||||||||||
Net unrealized gain | 218 | - | - | ||||||||||||||||||||||
Accrued liabilities | |||||||||||||||||||||||||
Unrealized gains | - | - | 469 | ||||||||||||||||||||||
Unrealized losses | - | - | (796 | ) | |||||||||||||||||||||
Net unrealized gain | - | - | (327 | ) | |||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||
Unrealized gains | - | 74 | - | ||||||||||||||||||||||
Unrealized losses | - | (527 | ) | - | |||||||||||||||||||||
Net unrealized loss | - | (453 | ) | - | |||||||||||||||||||||
Total unrealized gain (loss), net | $ | 872 | 162 | (327 | ) | ||||||||||||||||||||
The Company recorded net gains (losses) of $2,467 and $2,557 on these instruments to other (income) expense, net for the quarter and nine-month periods ended September 29, 2013, respectively, and $(726) and $(2,194) on these instruments to other (income) expense, net for the quarter and nine-month periods ended September 30, 2012, 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 contracts relate. | |||||||||||||||||||||||||
For additional information related to the Company's derivative financial instruments see Notes 4 and 6. | |||||||||||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||||||||||
(Unaudited) |
Consolidation_Program_and_Rest
Consolidation Program and Restructuring Charge | 9 Months Ended | ||||
Sep. 29, 2013 | |||||
Consolidation Program and Restructuring Charge [Abstract] | ' | ||||
Consolidation Program and Restructuring Charge | ' | ||||
(9) Consolidation Program and Restructuring Charge | |||||
In the fourth quarter of 2012 the Company announced a multi-year cost savings initiative. This initiative includes workforce reductions, facility consolidations, process improvements and other cost savings measures. Through September 29, 2013, the Company has incurred pre-tax restructuring and partial pension settlement charges of $71,526 in connection with this initiative. Of these charges, $36,045 was recorded during the fourth quarter of 2012 and $35,481 was recorded during the nine months of 2013, of which $4,093 was recorded in the third quarter of 2013. | |||||
During the fourth quarter of 2012, charges included severance costs of $34,888 related to the reduction of approximately 560 employees and $1,157 of facility costs related to the commencement of this program. Charges for the nine months of 2013 totaled $35,481 and were comprised of $27,267in severance costs, $6,485 in non-cash pension charges, and $1,729 in costs associated with exiting a contractual obligation.  Severance costs recognized during the first nine months of 2013 primarily related to a voluntary retirement program for certain eligible employees in the United States. Non-cash pension charges included $2,959 which resulted from a curtailment charge related to the Company's U.S. pension plans during the first quarter of 2013 and $3,526 of partial settlement charges as a result of the amount of lump sum pension distributions to date during 2013, primarily related to restructuring activities. Costs associated with exiting a contractual obligation were paid during the quarter ended March 31, 2013. The total 2013 charge of $35,481 was recorded in the consolidated statements of operations as follows:  $8,493 – cost of sales; $3,515 – product development; and $23,473 – selling, distribution and administration. | |||||
The following is a summary of the severance and other personnel charges related to the Company's cost savings initiative included in accrued liabilities as of September 29, 2013: | |||||
Balance at December  30, 2012 | $ | 34,888 | |||
2013 Charges | 27,267 | ||||
Payments | (24,620 | ) | |||
Balance at September 29, 2013 | $ | 37,535 | |||
The nine months ended September 30, 2012 also included severance charges of $11,130 associated with certain business functions.  These charges were recognized in the consolidated statement of operations as follows: $2,764 – cost of sales; $2,479 – product development; and $5,887 – selling, distribution and administration. | |||||
See Note 12 for information by segment. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 29, 2013 | |
Contingencies [Abstract] | ' |
Contingencies | ' |
(10) Contingencies | |
The Company is currently involved in two disputes with an inventor relating to the contractual interpretation of two license agreements between the parties, and the payment of royalties. Certain of the claims relate to products included in the Company's NERF product line and are subject to binding arbitration. The other claims relate to products included in the Company's SUPER SOAKER line, are not subject to binding arbitration, and are subject to a complaint filed in February 2013 in the United States District Court for the Northern District of Georgia. The arbitration hearing for the claims related to NERF products took place in August of 2013. On October 29, 2013, the arbitrator issued a ruling which award $72,933, including damages, interest, fees and expenses to the licensor. The Company disagrees with the arbitrator's ruling and is considering all possible appeals and challenges to this award. The Company recognized a third quarter charge related to this arbitration award of $75,546, of which $57,164 was included in royalty expense and $18,382 in interest expense. With respect to the SUPER SOAKER claim pending in the United States District Court for the Northern District of Georgia, the Company believes that it has meritorious defenses, intends to vigorously defends its position and does not believe any potential loss relating to these claims will be material to the consolidated financial statements. | |
In addition to the above matter as well as the Mexican tax assessments discussed in footnote 5, the Company is party to certain other 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. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 29, 2013 | |
Acquisitions [Abstract] | ' |
Acquisitions [Text Block] | ' |
HASBRO, INC. AND SUBSIDIARIES | |
Condensed Notes to Consolidated Financial Statements (continued) | |
(Thousands of Dollars and Shares Except Per Share Data) | |
(Unaudited) | |
(11) Acquisitions | |
On July 8, 2013, the Company acquired a majority interest in Backflip Studios, LLC ("Backflip"), a mobile game developer based in Boulder, Colorado. Â The Company paid $112,000 in cash to acquire a 70% interest in Backflip, and will be required to purchase the remaining 30% in the future contingent on the achievement by Backflip of certain predetermined financial performance metrics. The Company is consolidating the financial statements of Backflip and reporting the 30% redeemable noncontrolling interests as a separate line in the consolidated balance sheets and statements of operation. | |
Based on a preliminary valuation of approximately $160,000, the Company has allocated approximately $6,000 to net tangible assets, $35,000 to identifiable intangible assets, $119,000 to goodwill, and $48,000 to redeemable noncontrolling interests. The Company expects to finalize its valuations and allocation of the purchase price in the fourth quarter of 2013. Â Goodwill reflects the value to the Company from leveraging Backflip's expertise in developing and marketing mobile digital games, including the continued expansion of its own brands in this arena. The goodwill recorded as part of this acquisition will be reflected in the Entertainment and Licensing segment and the amortization will be deductible for income tax purposes. The $48,000 preliminary value of the redeemable noncontrolling interests has been presented in the consolidated balance sheets as temporary equity between liabilities and shareholders' equity. This presentation is required because the Company has the obligation to purchase the remaining 30% of Backflip in the future contingent on the achievement by Backflip of certain predetermined financial performance metrics. | |
The consolidated statements of operations for the quarter and nine-month periods ended September 29, 2013 include the operations of Backflip from the closing date of July 8, 2013. Actual and pro forma results have not been disclosed because they are not material to the consolidated financial statements. Â Net loss attributable to noncontrolling interests for the quarter and nine months ended September 29, 2013 was $731. | |
Segment_Reporting
Segment Reporting | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Segment Reporting (Thousands of Dollars) [Abstract] | ' | ||||||||||||||||
Segment Reporting | ' | ||||||||||||||||
(12) Segment Reporting | |||||||||||||||||
Hasbro is a worldwide leader in children's and family leisure time products and services with a broad portfolio of brands and entertainment properties across toys, games and licensed products ranging from traditional to high-tech and digital. The Company's segments are (i) U.S. and Canada; (ii) International; (iii) Entertainment and Licensing; and (iv) Global Operations. | |||||||||||||||||
The U.S. and Canada segment includes the marketing and selling of boys' action figures, vehicles and playsets, girls' toys, electronic toys and games, plush products, preschool toys and infant products, electronic interactive products, toy-related specialty products, traditional board games and puzzles, DVD-based games and trading card and role-playing games within the United States and Canada. Within the International segment, the Company markets and sells both toy and game products in markets outside of the U.S. and Canada, primarily in the European, Asia Pacific, and Latin and South American regions. The Company's Entertainment and Licensing segment includes the Company's lifestyle licensing, digital gaming, movie, television and online entertainment operations as well as the operations of Backflip. The Global Operations segment is responsible for manufacturing and sourcing finished products for the Company's U.S. and Canada and International segments. | |||||||||||||||||
Segment performance is measured at the operating profit level. Included in Corporate and Eliminations are certain corporate expenses, certain restructuring charges, 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 product 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 the quarter are not necessarily representative of those which may be expected for the full year 2013, nor were those of the comparable 2012 period representative of those actually experienced for the full year 2012. Similarly, such results are not necessarily those which would be achieved were each segment an unaffiliated business enterprise. | |||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Information by segment and a reconciliation to reported amounts for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012 are as follows. | |||||||||||||||||
Quarter Ended | |||||||||||||||||
29-Sep-13 | 30-Sep-12 | ||||||||||||||||
Net revenues | External | Affiliate | External | Affiliate | |||||||||||||
U.S. and Canada | $ | 735,619 | 1,290 | 774,539 | 1,814 | ||||||||||||
International | 582,676 | 55 | 524,144 | 110 | |||||||||||||
Entertainment and Licensing | 48,637 | 6,806 | 43,066 | 3,179 | |||||||||||||
Global Operations (a) | 3,416 | 591,867 | 3,388 | 578,528 | |||||||||||||
Corporate and Eliminations | - | (600,018 | ) | - | (583,631 | ) | |||||||||||
$ | 1,370,348 | - | 1,345,137 | - | |||||||||||||
Nine Months Ended | |||||||||||||||||
29-Sep-13 | 30-Sep-12 | ||||||||||||||||
Net revenues | External | Affiliate | External | Affiliate | |||||||||||||
U.S. and Canada | $ | 1,466,921 | 3,384 | 1,510,112 | 4,076 | ||||||||||||
International | 1,212,665 | 280 | 1,174,366 | 285 | |||||||||||||
Entertainment and Licensing | 114,747 | 12,328 | 115,618 | 6,009 | |||||||||||||
Global Operations (a) | 6,051 | 1,097,852 | 5,358 | 1,134,727 | |||||||||||||
Corporate and Eliminations | - | (1,113,844 | ) | - | (1,145,097 | ) | |||||||||||
$ | 2,800,384 | - | 2,805,454 | - | |||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
Operating profit (loss) | 29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | |||||||||||||
U.S. and Canada | $ | 146,991 | 154,239 | 243,738 | 229,578 | ||||||||||||
International | 105,663 | 85,498 | 115,951 | 110,265 | |||||||||||||
Entertainment and Licensing | 7,625 | 10,722 | 16,622 | 26,652 | |||||||||||||
Global Operations (a) | 17,578 | 8,720 | 3,638 | (12,996 | ) | ||||||||||||
Corporate and Eliminations (b) | (79,151 | ) | (9,557 | ) | (96,528 | ) | (1,869 | ) | |||||||||
$ | 198,706 | 249,622 | 283,421 | 351,630 | |||||||||||||
Total assets | 29-Sep-13 | 30-Sep-12 | 30-Dec-12 | ||||||||||||||
U.S. and Canada | $ | 6,564,121 | 5,888,392 | 6,041,893 | |||||||||||||
International | 2,290,130 | 2,161,186 | 2,176,021 | ||||||||||||||
Entertainment and Licensing | 1,383,554 | 1,127,569 | 1,164,715 | ||||||||||||||
Global Operations | 2,755,595 | 2,336,528 | 2,493,976 | ||||||||||||||
Corporate and Eliminations (b) | (8,403,255 | ) | (7,067,388 | ) | (7,551,218 | ) | |||||||||||
$ | 4,590,145 | 4,446,287 | 4,325,387 | ||||||||||||||
(a) The Global Operations segment derives substantially all of its revenues, and thus its operating results, from intersegment activities. | |||||||||||||||||
(b) Certain intangible assets, primarily goodwill, which benefit multiple operating segments are reflected as Corporate assets for segment reporting purposes. In accordance with accounting standards related to impairment testing, these amounts have been allocated to the reporting unit which benefits from their use. In addition, allocations of certain expenses related to these assets to the individual operating segments are done at the beginning of the year based on budgeted amounts. Any difference between actual and budgeted amounts is reflected in Corporate and Eliminations. | |||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Restructuring charges for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012 were included by segment as follows: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||||||
U.S. and Canada | $ | - | - | - | 2,444 | ||||||||||||
International | - | - | - | 1,628 | |||||||||||||
Entertainment and Licensing | - | - | 1,729 | 555 | |||||||||||||
Global Operations | - | - | - | 4,307 | |||||||||||||
Corporate and Eliminations | 4,093 | - | 33,752 | 2,196 | |||||||||||||
Total Charges | $ | 4,093 | - | 35,481 | 11,130 | ||||||||||||
The following table represents consolidated International segment net revenues by major geographic region for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012. | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||||||
Europe | $ | 376,648 | 345,281 | 755,097 | 751,547 | ||||||||||||
Latin America | 131,914 | 115,342 | 260,443 | 237,090 | |||||||||||||
Asia Pacific | 74,114 | 63,521 | 197,125 | 185,729 | |||||||||||||
Net revenues | $ | 582,676 | 524,144 | 1,212,665 | 1,174,366 | ||||||||||||
The following table presents consolidated net revenues by class of principal products for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012. | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||||||
Boys | $ | 392,014 | 471,125 | 888,494 | 1,162,958 | ||||||||||||
Games | 387,450 | 365,714 | 873,774 | 763,460 | |||||||||||||
Girls | 388,696 | 302,304 | 652,889 | 499,731 | |||||||||||||
Preschool | 202,188 | 205,994 | 385,227 | 379,305 | |||||||||||||
Net revenues | $ | 1,370,348 | 1,345,137 | 2,800,384 | 2,805,454 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Earnings Per Share (Thousands of Dollars and Shares Except Per Share Data) [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
 Net earnings per share data for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012 were computed as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Quarter | Basic | Diluted | Basic | Diluted | |||||||||||||
Net earnings attributable to Hasbro, Inc. | $ | 126,574 | 126,574 | 164,852 | 164,852 | ||||||||||||
Average shares outstanding | 130,253 | 130,253 | 130,619 | 130,619 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Options and other share-based awards | - | 1,592 | - | 1,864 | |||||||||||||
Equivalent Shares | 130,253 | 131,845 | 130,619 | 132,483 | |||||||||||||
Net earnings attributable to Hasbro, Inc. per common share | $ | 0.97 | 0.96 | 1.26 | 1.24 | ||||||||||||
2013 | 2012 | ||||||||||||||||
Nine Months | Basic | Diluted | Basic | Diluted | |||||||||||||
Net earnings attributable to Hasbro, Inc. | $ | 156,383 | 156,383 | 205,700 | 205,700 | ||||||||||||
Average shares outstanding | 129,972 | 129,972 | 130,146 | 130,146 | |||||||||||||
Effect of dilutive securities: | |||||||||||||||||
Options and other share-based awards | - | 1,601 | - | 1,893 | |||||||||||||
Equivalent Shares | 129,972 | 131,573 | 130,146 | 132,039 | |||||||||||||
Net earnings attributable to Hasbro, Inc. per common share | $ | 1.2 | 1.19 | 1.58 | 1.56 | ||||||||||||
Other_Comprehensive_Earnings_T
Other Comprehensive Earnings (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Other Comprehensive Earnings [Abstract] | ' | ||||||||||||||||
Schedule of Accumulated Other Comprehensive Earnings (Loss) | ' | ||||||||||||||||
Pension and Postretirement Amounts | Gains (Losses) on Derivative Instruments | Foreign Currency Translation Adjustments | Total Accumulated Other Comprehensive Loss | ||||||||||||||
2013 | |||||||||||||||||
Balance at December 30, 2012 | $ | (120,422 | ) | (1,008 | ) | 49,123 | (72,307 | ) | |||||||||
Current period other comprehensive earnings (loss) | 7,291 | (4,827 | ) | (8,880 | ) | (6,416 | ) | ||||||||||
Balance at September 29, 2013 | $ | (113,131 | ) | (5,835 | ) | 40,243 | (78,723 | ) | |||||||||
2012 | |||||||||||||||||
Balance at December 25, 2011 | $ | (86,822 | ) | 10,081 | 40,798 | (35,943 | ) | ||||||||||
Current period other comprehensive earnings (loss) | - | (3,405 | ) | 1,113 | (2,292 | ) | |||||||||||
Balance at September 30, 2012 | $ | (86,822 | ) | 6,676 | 41,911 | (38,235 | ) |
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Financial Instruments (Thousands of Dollars) [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | ' | ||||||||||||||||||||||||
The Company's financial instruments include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At September 29, 2013, September 30, 2012 and December 30, 2012, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at September 29, 2013, September 30, 2012 and December 30, 2012 also include certain assets and liabilities measured at fair value (see Notes 6 and 8) as well as long-term borrowings. The carrying costs and fair values of the Company's long-term borrowings as of September 29, 2013, September 30, 2012 and December 30, 2012 are as follows: | |||||||||||||||||||||||||
29-Sep-13 | 30-Sep-12 | 30-Dec-12 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | ||||||||||||||||||||
Cost | Value | Cost | Value | Cost | Value | ||||||||||||||||||||
6.35% Notes Due 2040 | $ | 500,000 | 535,000 | 500,000 | 599,300 | 500,000 | 615,650 | ||||||||||||||||||
6.125% Notes Due 2014 | 430,424 | 437,750 | 439,011 | 459,680 | 436,526 | 455,175 | |||||||||||||||||||
6.30% Notes Due 2017 | 350,000 | 402,500 | 350,000 | 409,325 | 350,000 | 399,700 | |||||||||||||||||||
6.60% Debentures Due 2028 | 109,895 | 121,983 | 109,895 | 127,478 | 109,895 | 129,687 | |||||||||||||||||||
Total long-term debt | 1,390,319 | 1,497,233 | 1,398,906 | 1,595,783 | 1,396,421 | 1,600,212 | |||||||||||||||||||
Less: Current portion | 430,424 | 437,750 | - | - | - | - | |||||||||||||||||||
Long-term debt excluding current portion | $ | 959,895 | 1,059,483 | 1,398,906 | 1,595,783 | 1,396,421 | 1,600,212 | ||||||||||||||||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Fair Value of Financial Instruments (Thousands of Dollars) [Abstract] | ' | ||||||||||||||||
Fair Value Hierarchy | ' | ||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
At September 29, 2013, September 30, 2012 and December 30, 2012, the Company had the following assets and liabilities measured at fair value in its consolidated balance sheets: | |||||||||||||||||
Fair Value Measurements Using: | |||||||||||||||||
Fair | Quoted | Significant | Significant | ||||||||||||||
Value | Prices in | Other | Unobservable | ||||||||||||||
Active | Observable | Inputs | |||||||||||||||
Markets | Inputs | (Level 3) | |||||||||||||||
for | (Level 2) | ||||||||||||||||
Identical | |||||||||||||||||
Assets | |||||||||||||||||
(Level 1) | |||||||||||||||||
29-Sep-13 | |||||||||||||||||
Assets: | |||||||||||||||||
Available-for-sale securities | $ | 23,460 | 8 | 18,050 | 5,402 | ||||||||||||
Derivatives | 3,311 | - | 2,321 | 990 | |||||||||||||
Total assets | $ | 26,771 | 8 | 20,371 | 6,392 | ||||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 8,324 | - | 8,324 | - | ||||||||||||
30-Sep-12 | |||||||||||||||||
Assets: | |||||||||||||||||
Available-for-sale securities | $ | 23,415 | 12 | 18,403 | 5,000 | ||||||||||||
Derivatives | 22,088 | - | 19,699 | 2,389 | |||||||||||||
Total assets | $ | 45,503 | 12 | 38,102 | 7,389 | ||||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 2,312 | - | 2,312 | - | ||||||||||||
30-Dec-12 | |||||||||||||||||
Assets: | |||||||||||||||||
Available-for-sale securities | $ | 24,099 | 8 | 18,986 | 5,105 | ||||||||||||
Derivatives | 4,254 | - | 1,741 | 2,513 | |||||||||||||
Total assets | $ | 28,353 | 8 | 20,727 | 7,618 | ||||||||||||
Liabilities: | |||||||||||||||||
Derivatives | $ | 3,461 | - | 3,461 | - | ||||||||||||
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): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Balance at beginning of year | $ | 7,618 | 3,724 | ||||||||||||||
Purchases | - | 5,000 | |||||||||||||||
Loss from change in fair value | (1,226 | ) | (1,335 | ) | |||||||||||||
Balance at end of third quarter | $ | 6,392 | 7,389 | ||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||
(Unaudited) |
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Pension and Postretirement Benefits (Thousands of Dollars) [Abstract] | ' | ||||||||||||||||
Components of net periodic cost | ' | ||||||||||||||||
(7) Pension and Postretirement Benefits | |||||||||||||||||
The components of the net periodic cost of the Company's defined benefit pension and other postretirement plans for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012 are as follows: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
Pension | Postretirement | ||||||||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||||||
Service cost | $ | 1,549 | 1,001 | 188 | 183 | ||||||||||||
Interest cost | 4,849 | 5,104 | 345 | 440 | |||||||||||||
Expected return on assets | (5,600 | ) | (5,377 | ) | - | - | |||||||||||
Net amortization and deferrals | 2,418 | 1,788 | (65 | ) | 20 | ||||||||||||
Curtailment/settlement losses | 1,064 | 673 | - | - | |||||||||||||
Net periodic benefit cost | $ | 4,280 | 3,189 | 468 | 643 | ||||||||||||
Nine Months Ended | |||||||||||||||||
Pension | Postretirement | ||||||||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||||||
Service cost | $ | 4,559 | 3,280 | 563 | 551 | ||||||||||||
Interest cost | 14,447 | 15,650 | 1,035 | 1,320 | |||||||||||||
Expected return on assets | (16,691 | ) | (16,280 | ) | - | - | |||||||||||
Net amortization and deferrals | 7,206 | 5,457 | (195 | ) | 60 | ||||||||||||
Curtailment/settlement losses | 6,485 | 673 | - | - | |||||||||||||
Net periodic benefit cost | $ | 16,006 | 8,780 | 1,403 | 1,931 |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||||||||||
Derivative Financial Instruments (Thousands of Dollars) [Abstract] | ' | ||||||||||||||||||||||||
Summary of Cash Flow Hedging Instruments | ' | ||||||||||||||||||||||||
At September 29, 2013, September 30, 2012 and December 30, 2012, the notional amounts and fair values of the Company's foreign currency forward contracts designated as cash flow hedging instruments were as follows. | |||||||||||||||||||||||||
29-Sep-13 | 30-Sep-12 | 30-Dec-12 | |||||||||||||||||||||||
Notional Amount | Fair | Notional | Fair | Notional | Fair | ||||||||||||||||||||
Hedged transaction | Value | Amount | Value | Amount | Value | ||||||||||||||||||||
Inventory purchases | $ | 525,911 | (6,114 | ) | 431,666 | 4,569 | 397,770 | (2,638 | ) | ||||||||||||||||
Intercompany royalty transactions | 174,974 | (2,258 | ) | 156,358 | 1,297 | 131,693 | (1,168 | ) | |||||||||||||||||
Sales | 232,709 | 497 | 152,763 | (2,925 | ) | 92,761 | 2,458 | ||||||||||||||||||
Other | 27,148 | 1,000 | 9,956 | 273 | 2,420 | (45 | ) | ||||||||||||||||||
Total | $ | 960,742 | (6,875 | ) | 750,743 | 3,214 | 624,644 | (1,393 | ) | ||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||
Derivatives Fair Value by Balance Sheet Location | ' | ||||||||||||||||||||||||
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 September 29, 2013, September 30, 2012 and December 30, 2012 as follows: | |||||||||||||||||||||||||
29-Sep-13 | 30-Sep-12 | 30-Dec-12 | |||||||||||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||||||||||||
Unrealized gains | $ | 2,923 | 5,677 | 2,802 | |||||||||||||||||||||
Unrealized losses | (1,572 | ) | (2,692 | ) | (1,073 | ) | |||||||||||||||||||
Net unrealized gain | $ | 1,351 | 2,985 | 1,729 | |||||||||||||||||||||
Other assets | |||||||||||||||||||||||||
Unrealized gains | $ | 109 | 2,448 | 12 | |||||||||||||||||||||
Unrealized losses | (11 | ) | (360 | ) | - | ||||||||||||||||||||
Net unrealized gain | $ | 98 | 2,088 | 12 | |||||||||||||||||||||
Accrued liabilities | |||||||||||||||||||||||||
Unrealized gains | $ | 3,023 | 2,816 | 1,466 | |||||||||||||||||||||
Unrealized losses | (8,652 | ) | (4,617 | ) | (4,245 | ) | |||||||||||||||||||
Net unrealized loss | $ | (5,629 | ) | (1,801 | ) | (2,779 | ) | ||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||
Unrealized gains | $ | 191 | 104 | 20 | |||||||||||||||||||||
Unrealized losses | (2,886 | ) | (162 | ) | (375 | ) | |||||||||||||||||||
Net unrealized loss | $ | (2,695 | ) | (58 | ) | (355 | ) | ||||||||||||||||||
Schedule of Derivative Instruments, Gain (Loss) in Statement of Operations | ' | ||||||||||||||||||||||||
Net gains (losses) on cash flow hedging activities have been reclassified from other comprehensive earnings to net earnings for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012 as follows: | |||||||||||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||||||||||||||
Statements of Operations Classification | |||||||||||||||||||||||||
Cost of sales | $ | 1,614 | 3,431 | 1,650 | 6,372 | ||||||||||||||||||||
Royalties | (303 | ) | 824 | (347 | ) | 1,830 | |||||||||||||||||||
Sales | 2,906 | (2,178 | ) | 4,441 | (2,821 | ) | |||||||||||||||||||
Net realized gains | $ | 4,217 | 2,077 | 5,744 | 5,381 | ||||||||||||||||||||
Fair values of undesignated derivative financial instruments | ' | ||||||||||||||||||||||||
At September 29, 2013, September 30, 2012 and December 30, 2012, the fair values of the Company's undesignated derivative financial instruments were recorded in the consolidated balance sheets as follows: | |||||||||||||||||||||||||
29-Sep-13 | 30-Sep-12 | 30-Dec-12 | |||||||||||||||||||||||
Prepaid expenses and other current assets | |||||||||||||||||||||||||
Unrealized gains | $ | 1,761 | 1,119 | - | |||||||||||||||||||||
Unrealized losses | (1,107 | ) | (504 | ) | - | ||||||||||||||||||||
Net unrealized gain | 654 | 615 | - | ||||||||||||||||||||||
Other assets | |||||||||||||||||||||||||
Unrealized gains | 298 | - | - | ||||||||||||||||||||||
Unrealized losses | (80 | ) | - | - | |||||||||||||||||||||
Net unrealized gain | 218 | - | - | ||||||||||||||||||||||
Accrued liabilities | |||||||||||||||||||||||||
Unrealized gains | - | - | 469 | ||||||||||||||||||||||
Unrealized losses | - | - | (796 | ) | |||||||||||||||||||||
Net unrealized gain | - | - | (327 | ) | |||||||||||||||||||||
Other liabilities | |||||||||||||||||||||||||
Unrealized gains | - | 74 | - | ||||||||||||||||||||||
Unrealized losses | - | (527 | ) | - | |||||||||||||||||||||
Net unrealized loss | - | (453 | ) | - | |||||||||||||||||||||
Total unrealized gain (loss), net | $ | 872 | 162 | (327 | ) |
Consolidation_Program_and_Rest1
Consolidation Program and Restructuring Charge (Tables) | 9 Months Ended | ||||
Sep. 29, 2013 | |||||
Consolidation Program and Restructuring Charge [Abstract] | ' | ||||
Schedule of Restructuring and Related Costs | ' | ||||
The following is a summary of the severance and other personnel charges related to the Company's cost savings initiative included in accrued liabilities as of September 29, 2013: | |||||
Balance at December  30, 2012 | $ | 34,888 | |||
2013 Charges | 27,267 | ||||
Payments | (24,620 | ) | |||
Balance at September 29, 2013 | $ | 37,535 |
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 29, 2013 | |||||||||||||||||
Segment Reporting (Thousands of Dollars) [Abstract] | ' | ||||||||||||||||
Net revenues by segment | ' | ||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Information by segment and a reconciliation to reported amounts for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012 are as follows. | |||||||||||||||||
Quarter Ended | |||||||||||||||||
29-Sep-13 | 30-Sep-12 | ||||||||||||||||
Net revenues | External | Affiliate | External | Affiliate | |||||||||||||
U.S. and Canada | $ | 735,619 | 1,290 | 774,539 | 1,814 | ||||||||||||
International | 582,676 | 55 | 524,144 | 110 | |||||||||||||
Entertainment and Licensing | 48,637 | 6,806 | 43,066 | 3,179 | |||||||||||||
Global Operations (a) | 3,416 | 591,867 | 3,388 | 578,528 | |||||||||||||
Corporate and Eliminations | - | (600,018 | ) | - | (583,631 | ) | |||||||||||
$ | 1,370,348 | - | 1,345,137 | - | |||||||||||||
Nine Months Ended | |||||||||||||||||
29-Sep-13 | 30-Sep-12 | ||||||||||||||||
Net revenues | External | Affiliate | External | Affiliate | |||||||||||||
U.S. and Canada | $ | 1,466,921 | 3,384 | 1,510,112 | 4,076 | ||||||||||||
International | 1,212,665 | 280 | 1,174,366 | 285 | |||||||||||||
Entertainment and Licensing | 114,747 | 12,328 | 115,618 | 6,009 | |||||||||||||
Global Operations (a) | 6,051 | 1,097,852 | 5,358 | 1,134,727 | |||||||||||||
Corporate and Eliminations | - | (1,113,844 | ) | - | (1,145,097 | ) | |||||||||||
$ | 2,800,384 | - | 2,805,454 | - | |||||||||||||
Operating profit (loss) by segments | ' | ||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
Operating profit (loss) | 29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | |||||||||||||
U.S. and Canada | $ | 146,991 | 154,239 | 243,738 | 229,578 | ||||||||||||
International | 105,663 | 85,498 | 115,951 | 110,265 | |||||||||||||
Entertainment and Licensing | 7,625 | 10,722 | 16,622 | 26,652 | |||||||||||||
Global Operations (a) | 17,578 | 8,720 | 3,638 | (12,996 | ) | ||||||||||||
Corporate and Eliminations (b) | (79,151 | ) | (9,557 | ) | (96,528 | ) | (1,869 | ) | |||||||||
$ | 198,706 | 249,622 | 283,421 | 351,630 | |||||||||||||
Total assets by segments | ' | ||||||||||||||||
Total assets | 29-Sep-13 | 30-Sep-12 | 30-Dec-12 | ||||||||||||||
U.S. and Canada | $ | 6,564,121 | 5,888,392 | 6,041,893 | |||||||||||||
International | 2,290,130 | 2,161,186 | 2,176,021 | ||||||||||||||
Entertainment and Licensing | 1,383,554 | 1,127,569 | 1,164,715 | ||||||||||||||
Global Operations | 2,755,595 | 2,336,528 | 2,493,976 | ||||||||||||||
Corporate and Eliminations (b) | (8,403,255 | ) | (7,067,388 | ) | (7,551,218 | ) | |||||||||||
$ | 4,590,145 | 4,446,287 | 4,325,387 | ||||||||||||||
(a) The Global Operations segment derives substantially all of its revenues, and thus its operating results, from intersegment activities. | |||||||||||||||||
(b) Certain intangible assets, primarily goodwill, which benefit multiple operating segments are reflected as Corporate assets for segment reporting purposes. In accordance with accounting standards related to impairment testing, these amounts have been allocated to the reporting unit which benefits from their use. In addition, allocations of certain expenses related to these assets to the individual operating segments are done at the beginning of the year based on budgeted amounts. Any difference between actual and budgeted amounts is reflected in Corporate and Eliminations. | |||||||||||||||||
Schedule of Restructuring Charges Reported by Segment | ' | ||||||||||||||||
HASBRO, INC. AND SUBSIDIARIES | |||||||||||||||||
Condensed Notes to Consolidated Financial Statements (continued) | |||||||||||||||||
(Thousands of Dollars and Shares Except Per Share Data) | |||||||||||||||||
(Unaudited) | |||||||||||||||||
Restructuring charges for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012 were included by segment as follows: | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||||||
U.S. and Canada | $ | - | - | - | 2,444 | ||||||||||||
International | - | - | - | 1,628 | |||||||||||||
Entertainment and Licensing | - | - | 1,729 | 555 | |||||||||||||
Global Operations | - | - | - | 4,307 | |||||||||||||
Corporate and Eliminations | 4,093 | - | 33,752 | 2,196 | |||||||||||||
Total Charges | $ | 4,093 | - | 35,481 | 11,130 | ||||||||||||
Schedule of net revenues by international region | ' | ||||||||||||||||
The following table represents consolidated International segment net revenues by major geographic region for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012. | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||||||
Europe | $ | 376,648 | 345,281 | 755,097 | 751,547 | ||||||||||||
Latin America | 131,914 | 115,342 | 260,443 | 237,090 | |||||||||||||
Asia Pacific | 74,114 | 63,521 | 197,125 | 185,729 | |||||||||||||
Net revenues | $ | 582,676 | 524,144 | 1,212,665 | 1,174,366 | ||||||||||||
Net revenues by product category | ' | ||||||||||||||||
The following table presents consolidated net revenues by class of principal products for the quarter and nine-month periods ended September 29, 2013 and September 30, 2012. | |||||||||||||||||
Quarter Ended | Nine Months Ended | ||||||||||||||||
29-Sep-13 | 30-Sep-12 | 29-Sep-13 | 30-Sep-12 | ||||||||||||||
Boys | $ | 392,014 | 471,125 | 888,494 | 1,162,958 | ||||||||||||
Games | 387,450 | 365,714 | 873,774 | 763,460 | |||||||||||||
Girls | 388,696 | 302,304 | 652,889 | 499,731 | |||||||||||||
Preschool | 202,188 | 205,994 | 385,227 | 379,305 | |||||||||||||
Net revenues | $ | 1,370,348 | 1,345,137 | 2,800,384 | 2,805,454 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Earnings Per Share (Thousands of Dollars and Shares Except Per Share Data) [Abstract] | ' | ' | ' | ' |
Net earnings attributable to Hasbro, Inc. | $126,574 | $164,852 | $156,383 | $205,700 |
Basic [Abstract] | ' | ' | ' | ' |
Adjusted net earnings (basic) (in dollars) | 126,574 | 164,852 | 156,383 | 205,700 |
Average shares outstanding (in shares) | 130,253 | 130,619 | 129,972 | 130,146 |
Equivalent shares (basic) (in shares) | 130,253 | 130,619 | 129,972 | 130,146 |
Net earnings attributable to Hasbro, Inc. per common share-basic (in dollars per share) | $0.97 | $1.26 | $1.20 | $1.58 |
Diluted [Abstract] | ' | ' | ' | ' |
Adjusted net earnings (Diluted) (in dollars) | $126,574 | $164,852 | $156,383 | $205,700 |
Average shares outstanding (in shares) | 130,253 | 130,619 | 129,972 | 130,146 |
Effect of dilutive securities: | ' | ' | ' | ' |
Options and other share-based awards (in shares) | 1,592 | 1,864 | 1,601 | 1,893 |
Equivalent shares (diluted) (in shares) | 131,845 | 132,483 | 131,573 | 132,039 |
Net earnings attributable to Hasbro, Inc. per common share-diluted (in dollars per share) | $0.96 | $1.24 | $1.19 | $1.56 |
Options to acquire shares totaling excluded as antidilutive | 775 | 3,478 | 1,266 | 3,508 |
Other_Comprehensive_Earnings_D
Other Comprehensive Earnings (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Other Comprehensive Earnings [Abstract] | ' | ' | ' | ' |
Other Comprehensive Earnings, Net gains (losses) on cash flow hedging activities, Tax | $2,548 | $861 | ($424) | ($1,000) |
Other Comprehensive Earnings, Reclassification Adjustment from AOCE, Net gains on cash flow hedging activities, Tax | 861 | 501 | 1,280 | 1,063 |
Other Comprehensive Earnings, Reclassification Adjustment from AOCE, Unrecognized pension and postretirement amounts, Tax | 712 | ' | 2,136 | ' |
Cash Flow Hedge Loss to be Reclassified within Twelve Months | -2,746 | ' | ' | ' |
Accumulated Other Comprehensive Earnings (Loss) [Line Items] | ' | ' | ' | ' |
Total accumulated other comprehensive earnings (loss), Beginning of Year | ' | ' | -72,307 | -35,943 |
Other Comprehensive Earnings (Loss), Net of Tax, Total | -857 | 1,408 | -6,416 | -2,292 |
Total accumulated other comprehensive earnings (loss), End of Period | -78,723 | -38,235 | -78,723 | -38,235 |
Pension and Postretirement Amounts [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Earnings (Loss) [Line Items] | ' | ' | ' | ' |
Total accumulated other comprehensive earnings (loss), Beginning of Year | ' | ' | -120,422 | -86,822 |
Other Comprehensive Earnings (Loss), Net of Tax, Total | ' | ' | 7,291 | 0 |
Total accumulated other comprehensive earnings (loss), End of Period | -113,131 | -86,822 | -113,131 | -86,822 |
Gains (Losses) On Derivative Instruments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Earnings (Loss) [Line Items] | ' | ' | ' | ' |
Total accumulated other comprehensive earnings (loss), Beginning of Year | ' | ' | -1,008 | 10,081 |
Other Comprehensive Earnings (Loss), Net of Tax, Total | ' | ' | -4,827 | -3,405 |
Total accumulated other comprehensive earnings (loss), End of Period | -5,835 | 6,676 | -5,835 | 6,676 |
Foreign Currency Translation Adjustments [Member] | ' | ' | ' | ' |
Accumulated Other Comprehensive Earnings (Loss) [Line Items] | ' | ' | ' | ' |
Total accumulated other comprehensive earnings (loss), Beginning of Year | ' | ' | 49,123 | 40,798 |
Other Comprehensive Earnings (Loss), Net of Tax, Total | ' | ' | -8,880 | 1,113 |
Total accumulated other comprehensive earnings (loss), End of Period | $40,243 | $41,911 | $40,243 | $41,911 |
Financial_Instruments_Details
Financial Instruments (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 30, 2012 |
In Thousands, unless otherwise specified | Interest Rate Swap 6.125% Note Due 2014 [Member] | Interest Rate Swap 6.125% Note Due 2014 [Member] | Notes 6.125% Due 2014 [Member] | Notes 6.125% Due 2014 [Member] | Notes 6.125% Due 2014 [Member] | Notes 6.30% Due 2017 [Member] | Notes 6.30% Due 2017 [Member] | Notes 6.30% Due 2017 [Member] | Debentures 6.60% Due 2028 [Member] | Debentures 6.60% Due 2028 [Member] | Debentures 6.60% Due 2028 [Member] | Notes 6.35% Due 2040 [Member] | Notes 6.35% Due 2040 [Member] | Notes 6.35% Due 2040 [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying Cost | $1,390,319 | $1,396,421 | $1,398,906 | ' | ' | $430,424 | $439,011 | $436,526 | $350,000 | $350,000 | $350,000 | $109,895 | $109,895 | $109,895 | $500,000 | $500,000 | $500,000 |
Carrying Cost, Current | 430,424 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying Cost, Non-Current | 959,895 | 1,396,421 | 1,398,906 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value | 1,497,233 | 1,600,212 | 1,595,783 | ' | ' | 437,750 | 459,680 | 455,175 | 402,500 | 409,325 | 399,700 | 121,983 | 127,478 | 129,687 | 535,000 | 599,300 | 615,650 |
Fair Value, Current | 437,750 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Non-Current | 1,059,483 | 1,600,212 | 1,595,783 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal Amount | 1,384,895 | 1,384,895 | 1,384,895 | ' | ' | 425,000 | 425,000 | 425,000 | 350,000 | 350,000 | 350,000 | 109,895 | 109,895 | 109,895 | 500,000 | 500,000 | 500,000 |
Maturity Date | ' | ' | ' | ' | ' | '2014 | '2014 | '2014 | '2017 | '2017 | '2017 | '2028 | '2028 | '2028 | '2040 | '2040 | '2040 |
Interest Rate | ' | ' | ' | ' | ' | 6.13% | 6.13% | 6.13% | 6.30% | 6.30% | 6.30% | 6.60% | 6.60% | 6.60% | 6.35% | 6.35% | 6.35% |
Adjustments included in carrying costs related to interest rate swaps | ' | ' | ' | ' | ' | 5,424 | 14,011 | 11,526 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap notional amount | ' | ' | ' | 400,000 | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap maturity date | ' | ' | ' | '2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value, interest rate swap | ' | ' | ' | 14,011 | 14,011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from interest rate swap | ' | ' | ' | ($651) | ($1,966) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
Internal Revenue Service (IRS) [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax years under examination | '2008 and 2009 |
Income Tax Examination, Increase (Decrease) in Liability from Prior Year | ($67,174) |
Income Tax Examination, Liability (Refund) Adjustment from Settlement with Taxing Authority | -23,637 |
Internal Revenue Service (IRS) [Member] | Other Current Liabilities [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Increase (Decrease) in Liability from Prior Year | 29,970 |
Internal Revenue Service (IRS) [Member] | Deferred Tax Assets [Member] | ' |
Income Tax Examination [Line Items] | ' |
Income Tax Examination, Increase (Decrease) in Liability from Prior Year | -14,112 |
Mexican Tax Authorities [Member] | ' |
Income Tax Examination [Line Items] | ' |
Tax years under examination | '2000 to 2007 |
Tax assessments relating to Mexican tax examinations for the years 2000 to 2007 | 241,770 |
Bonds provided to the Mexican government related to the 2000 to 2004 assessments | $183,540 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 30, 2012 |
Fair Value of Financial Instruments (Thousands of Dollars) [Abstract] | ' | ' | ' | ' | ' |
Fair Value of Available for Sale Investments, Fair Value Option | $23,452 | $23,403 | $23,452 | $23,403 | $24,091 |
Net Gain (Loss) on Available-for-Sale Investments, Fair Value Option | -176 | 1,082 | -166 | 1,847 | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale securities, assets | 23,460 | 23,415 | 23,460 | 23,415 | 24,099 |
Derivatives, assets | 3,311 | 22,088 | 3,311 | 22,088 | 4,254 |
Total assets, fair value hierarchy | 26,771 | 45,503 | 26,771 | 45,503 | 28,353 |
Derivatives, liabilities | 8,324 | 2,312 | 8,324 | 2,312 | 3,461 |
Reconciliation of fair value for Level 3 financial instruments | ' | ' | ' | ' | ' |
Balance at beginning of year | ' | ' | 7,618 | 3,724 | ' |
Purchases | ' | ' | 0 | 5,000 | ' |
Loss from change in fair value | ' | ' | -1,226 | -1,335 | ' |
Balance at end of third quarter | 6,392 | 7,389 | 6,392 | 7,389 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale securities, assets | 8 | 12 | 8 | 12 | 8 |
Derivatives, assets | 0 | 0 | 0 | 0 | 0 |
Total assets, fair value hierarchy | 8 | 12 | 8 | 12 | 8 |
Derivatives, liabilities | 0 | 0 | 0 | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale securities, assets | 18,050 | 18,403 | 18,050 | 18,403 | 18,986 |
Derivatives, assets | 2,321 | 19,699 | 2,321 | 19,699 | 1,741 |
Total assets, fair value hierarchy | 20,371 | 38,102 | 20,371 | 38,102 | 20,727 |
Derivatives, liabilities | 8,324 | 2,312 | 8,324 | 2,312 | 3,461 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' |
Available-for-sale securities, assets | 5,402 | 5,000 | 5,402 | 5,000 | 5,105 |
Derivatives, assets | 990 | 2,389 | 990 | 2,389 | 2,513 |
Total assets, fair value hierarchy | 6,392 | 7,389 | 6,392 | 7,389 | 7,618 |
Derivatives, liabilities | $0 | $0 | $0 | $0 | $0 |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Curtailment/settlement losses | ' | ' | $6,485 | ' |
Pension [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | 1,549 | 1,001 | 4,559 | 3,280 |
Interest cost | 4,849 | 5,104 | 14,447 | 15,650 |
Expected return on assets | -5,600 | -5,377 | -16,691 | -16,280 |
Net amortization and deferrals | 2,418 | 1,788 | 7,206 | 5,457 |
Curtailment/settlement losses | 1,064 | 673 | 6,485 | 673 |
Net periodic benefit cost | 4,280 | 3,189 | 16,006 | 8,780 |
Contributions to defined benefit pension plans | ' | ' | 4,500 | ' |
Expected contributions during the remainder of fiscal year | ' | ' | 1,300 | ' |
Postretirement [Member] | ' | ' | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' | ' |
Service cost | 188 | 183 | 563 | 551 |
Interest cost | 345 | 440 | 1,035 | 1,320 |
Expected return on assets | 0 | 0 | 0 | 0 |
Net amortization and deferrals | -65 | 20 | -195 | 60 |
Curtailment/settlement losses | 0 | 0 | 0 | 0 |
Net periodic benefit cost | $468 | $643 | $1,403 | $1,931 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments (Details) (USD $) | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Dec. 30, 2012 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Notional amount of hedged item | $960,742 | $750,743 | $624,644 |
Fair value of hedged item | -6,875 | 3,214 | -1,393 |
Inventory Purchases [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Hedge description of hedged item | 'Inventory purchases | 'Inventory purchases | 'Inventory purchases |
Underlying risk | 'foreign currency | 'foreign currency | 'foreign currency |
Notional amount of hedged item | 525,911 | 431,666 | 397,770 |
Fair value of hedged item | -6,114 | 4,569 | -2,638 |
Intercompany Royalty Transactions [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Hedge description of hedged item | 'Intercompany royalty transaction | 'Intercompany royalty transaction | 'Intercompany royalty transaction |
Underlying risk | 'foreign currency | 'foreign currency | 'foreign currency |
Notional amount of hedged item | 174,974 | 156,358 | 131,693 |
Fair value of hedged item | -2,258 | 1,297 | -1,168 |
Sales [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Hedge description of hedged item | 'Sales | 'Sales | 'Sales |
Underlying risk | 'foreign currency | 'foreign currency | 'foreign currency |
Notional amount of hedged item | 232,709 | 152,763 | 92,761 |
Fair value of hedged item | 497 | -2,925 | 2,458 |
Other [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Hedge description of hedged item | 'Other | 'Other | 'Other |
Underlying risk | 'foreign currency | 'foreign currency | 'foreign currency |
Notional amount of hedged item | 27,148 | 9,956 | 2,420 |
Fair value of hedged item | 1,000 | 273 | -45 |
Intercompany Loans [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Hedge description of hedged item | 'intercompany loans | 'intercompany loans | 'intercompany loans |
Underlying risk | 'foreign currency | 'foreign currency | 'foreign currency |
Notional amount of hedged item | 257,325 | 184,555 | 189,217 |
Fair value of hedged item | $872 | $162 | ($327) |
Derivative_Financial_Instrumen3
Derivative Financial Instruments, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) (Foreign Exchange Forward [Member], USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 30, 2012 |
In Thousands, unless otherwise specified | |||
Designated as Hedging Instrument [Member] | Prepaid expenses and other current assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Unrealized gains | $2,923 | $2,802 | $5,677 |
Unrealized losses | -1,572 | -1,073 | -2,692 |
Net unrealized gain (loss) | 1,351 | 1,729 | 2,985 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Unrealized gains | 109 | 12 | 2,448 |
Unrealized losses | -11 | 0 | -360 |
Net unrealized gain (loss) | 98 | 12 | 2,088 |
Designated as Hedging Instrument [Member] | Accrued liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Unrealized gains | 3,023 | 1,466 | 2,816 |
Unrealized losses | -8,652 | -4,245 | -4,617 |
Net unrealized gain (loss) | -5,629 | -2,779 | -1,801 |
Designated as Hedging Instrument [Member] | Other liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Unrealized gains | 191 | 20 | 104 |
Unrealized losses | -2,886 | -375 | -162 |
Net unrealized gain (loss) | -2,695 | -355 | -58 |
Not Designated as Hedging Instrument [Member] | Prepaid expenses and other current assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Unrealized gains | 1,761 | 0 | 1,119 |
Unrealized losses | -1,107 | 0 | -504 |
Net unrealized gain (loss) | 654 | 0 | 615 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Unrealized gains | 298 | 0 | 0 |
Unrealized losses | -80 | 0 | 0 |
Net unrealized gain (loss) | 218 | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Accrued liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Unrealized gains | 0 | 469 | 0 |
Unrealized losses | 0 | -796 | 0 |
Net unrealized gain (loss) | 0 | -327 | 0 |
Not Designated as Hedging Instrument [Member] | Other liabilities [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Unrealized gains | 0 | 0 | 74 |
Unrealized losses | 0 | 0 | -527 |
Net unrealized gain (loss) | $0 | $0 | ($453) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Effective portion, amount of gains (losses) reclassified from other comprehensive earnings into earnings | $4,217 | $2,077 | $5,744 | $5,381 |
Ineffective portion, amount of gains (losses) reclassified from other comprehensive earnings into earnings | 233 | 47 | 165 | 61 |
Cash Flow Hedging [Member] | Cost of Sales [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Effective portion, amount of gains (losses) reclassified from other comprehensive earnings into earnings | 1,614 | 3,431 | 1,650 | 6,372 |
Cash Flow Hedging [Member] | Royalty Expense[Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Effective portion, amount of gains (losses) reclassified from other comprehensive earnings into earnings | -303 | 824 | -347 | 1,830 |
Cash Flow Hedging [Member] | Sales [Member] | Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Effective portion, amount of gains (losses) reclassified from other comprehensive earnings into earnings | 2,906 | -2,178 | 4,441 | -2,821 |
Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $2,467 | ($726) | $2,557 | ($2,194) |
Consolidation_Program_and_Rest2
Consolidation Program and Restructuring Charge (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 |
Consolidation Program and Restructuring Charge [Abstract] | ' | ' | ' | ' | ' |
Restructuring and Related Cost, Number of Positions Eliminated | ' | ' | 560 | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Costs of Sales | ' | ' | $8,493 | $2,764 | ' |
Product Development | ' | ' | 3,515 | 2,479 | ' |
Selling, distribution and administration | ' | ' | 23,473 | 5,887 | ' |
Restructuring and Related Cost, Cost Incurred to Date | 4,093 | 36,045 | 35,481 | 11,130 | 71,526 |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' |
Restructuring Reserve, Ending Balance | 0 | ' | 0 | ' | 0 |
Breakdown of Current Period Pension Charges | ' | ' | ' | ' | ' |
Pension Charges Due to Settlements | ' | ' | 3,526 | ' | ' |
Pension Charges Due to Curtailments | ' | ' | 2,959 | ' | ' |
Curtailment/settlement losses | ' | ' | 6,485 | ' | ' |
Facility Costs [Member] | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' |
Restructuring Reserve, Beginning Balance | ' | ' | 1,157 | ' | ' |
Restructuring Reserve, Settled without Cash | ' | ' | 1,157 | ' | ' |
Severance Costs [Member] | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' |
Restructuring Reserve, Beginning Balance | ' | ' | 34,888 | ' | ' |
Restructuring Reserve, Current Period Charges | ' | ' | 27,267 | ' | ' |
Restructuring Reserve, Settled with Cash | ' | ' | -24,620 | ' | ' |
Restructuring Reserve, Ending Balance | 37,535 | ' | 37,535 | ' | 37,535 |
Contract Termination [Member] | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' |
Restructuring Reserve, Beginning Balance | ' | ' | 0 | ' | ' |
Restructuring Reserve, Current Period Charges | ' | ' | 1,729 | ' | ' |
Restructuring Reserve, Settled with Cash | ' | ' | 1,729 | ' | ' |
Restructuring Reserve, Ending Balance | 0 | ' | 0 | ' | 0 |
Non-Cash Pension Charges [Member] | ' | ' | ' | ' | ' |
Restructuring Reserve [Roll Forward] | ' | ' | ' | ' | ' |
Restructuring Reserve, Beginning Balance | ' | ' | 0 | ' | ' |
Restructuring Reserve, Current Period Charges | ' | ' | 6,485 | ' | ' |
Restructuring Reserve, Settled without Cash | ' | ' | 6,485 | ' | ' |
Restructuring Reserve, Ending Balance | $0 | ' | $0 | ' | $0 |
Contingencies_Details
Contingencies (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 29, 2013 |
NERF [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Lawsuit Filing Date | '2013-02 |
Loss Contingency, Allegations | 'contractual interpretation of products subject to license agreements between the inventor and the Company, and payment of royalties |
Loss Contingency, Damages Awarded, Value | $72,933 |
Loss Contingency, Loss in Period | 75,546 |
Unasserted Claim [Member] | Pending Litigation [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Lawsuit Filing Date | '2013-02 |
Loss Contingency, Allegations | 'contractual interpretation of products subject to license agreements between the inventor and the Company, and payment of royalties |
Interest Expense [Member] | NERF [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Loss in Period | 18,382 |
Royalty Expense[Member] | NERF [Member] | ' |
Loss Contingencies [Line Items] | ' |
Loss Contingency, Loss in Period | $57,164 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | Jul. 08, 2013 |
Acquisitions [Abstract] | ' | ' | ' | ' | ' |
Date of Acquisition | 8-Jul-13 | ' | ' | ' | ' |
Business Acquisition, Name of Acquired Entity | 'Backflip Studios, LLC | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | 70.00% |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | 30.00% |
Preliminary Valuation | ' | ' | ' | ' | $160,000 |
Payments to Acquire Businesses, Gross | 112,000 | ' | ' | ' | ' |
Intangible Assets, Valuation | ' | ' | ' | ' | 35,000 |
Goodwill, Valuation | 119,000 | ' | ' | ' | ' |
Net Loss Attributable to Noncontrolling Interests | -731 | 0 | -731 | 0 | ' |
Net tangible assets acquired | ' | ' | ' | ' | 6,000 |
Acquisition of Less than 100 Percent, Noncontrolling Interest, Fair Value | ' | ' | ' | ' | $48,000 |
Segment_Reporting_Net_revenues
Segment Reporting, Net revenues by segment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Net revenues, external | $1,370,348 | $1,345,137 | $2,800,384 | $2,805,454 | ||||
Net revenues, affiliates | 0 | 0 | 0 | 0 | ||||
Operating Profit (Loss) | 198,706 | 249,622 | 283,421 | 351,630 | ||||
U.S. and Canada [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Net revenues, external | 735,619 | 774,539 | 1,466,921 | 1,510,112 | ||||
Net revenues, affiliates | 1,290 | 1,814 | 3,384 | 4,076 | ||||
Operating Profit (Loss) | 146,991 | 154,239 | 243,738 | 229,578 | ||||
International [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Net revenues, external | 582,676 | 524,144 | 1,212,665 | 1,174,366 | ||||
Net revenues, affiliates | 55 | 110 | 280 | 285 | ||||
Operating Profit (Loss) | 105,663 | 85,498 | 115,951 | 110,265 | ||||
Entertainment and Licensing [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Net revenues, external | 48,637 | 43,066 | 114,747 | 115,618 | ||||
Net revenues, affiliates | 6,806 | 3,179 | 12,328 | 6,009 | ||||
Operating Profit (Loss) | 7,625 | 10,722 | 16,622 | 26,652 | ||||
Global Operations [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Net revenues, external | 3,416 | [1] | 3,388 | [1] | 6,051 | [1] | 5,358 | [1] |
Net revenues, affiliates | 591,867 | [1] | 578,528 | [1] | 1,097,852 | [1] | 1,134,727 | [1] |
Operating Profit (Loss) | 17,578 | [1] | 8,720 | [1] | 3,638 | [1] | -12,996 | [1] |
Corporate and Eliminations [Member] | ' | ' | ' | ' | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ' | ' | ' | ' | ||||
Net revenues, external | 0 | 0 | 0 | 0 | ||||
Net revenues, affiliates | -600,018 | -583,631 | -1,113,844 | -1,145,097 | ||||
Operating Profit (Loss) | ($79,151) | [2] | ($9,557) | [2] | ($96,528) | [2] | ($1,869) | [2] |
[1] | The Global Operations segment derives substantially all of its revenues, and thus its operating results, from intersegment activities. | |||||||
[2] | Certain intangible assets, primarily goodwill, which benefit multiple operating segments are reflected as Corporate assets for segment reporting purposes. In accordance with accounting standards related to impairment testing, these amounts have been allocated to the reporting unit which benefits from their use. In addition, allocations of certain expenses related to these assets to the individual operating segments are done at the beginning of the year based on budgeted amounts. Any difference between actual and budgeted amounts is reflected in Corporate and Eliminations. |
Segment_Reporting_Operating_pr
Segment Reporting, Operating profit (loss) by segments (Details) (USD $) | Sep. 29, 2013 | Dec. 30, 2012 | Sep. 30, 2012 | |||
In Thousands, unless otherwise specified | ||||||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Total assets | $4,590,145 | $4,325,387 | $4,446,287 | |||
U.S. and Canada [Member] | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Total assets | 6,564,121 | 6,041,893 | 5,888,392 | |||
International [Member] | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Total assets | 2,290,130 | 2,176,021 | 2,161,186 | |||
Entertainment and Licensing [Member] | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Total assets | 1,383,554 | 1,164,715 | 1,127,569 | |||
Global Operations [Member] | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Total assets | 2,755,595 | 2,493,976 | 2,336,528 | |||
Corporate and Eliminations [Member] | ' | ' | ' | |||
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' | |||
Total assets | ($8,403,255) | [1] | ($7,551,218) | [1] | ($7,067,388) | [1] |
[1] | Certain intangible assets, primarily goodwill, which benefit multiple operating segments are reflected as Corporate assets for segment reporting purposes. In accordance with accounting standards related to impairment testing, these amounts have been allocated to the reporting unit which benefits from their use. In addition, allocations of certain expenses related to these assets to the individual operating segments are done at the beginning of the year based on budgeted amounts. Any difference between actual and budgeted amounts is reflected in Corporate and Eliminations. |
Segment_Reporting_Total_assets
Segment Reporting, Total assets by segments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Segment Reporting, Restructuring Charges Reconciling Item [Line Items] | ' | ' | ' | ' |
Restructuring Charges | $4,093 | $0 | $35,481 | $11,130 |
U.S. and Canada [Member] | ' | ' | ' | ' |
Segment Reporting, Restructuring Charges Reconciling Item [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0 | 0 | 0 | 2,444 |
International [Member] | ' | ' | ' | ' |
Segment Reporting, Restructuring Charges Reconciling Item [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0 | 0 | 0 | 1,628 |
Entertainment and Licensing [Member] | ' | ' | ' | ' |
Segment Reporting, Restructuring Charges Reconciling Item [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0 | 0 | 1,729 | 555 |
Global Operations [Member] | ' | ' | ' | ' |
Segment Reporting, Restructuring Charges Reconciling Item [Line Items] | ' | ' | ' | ' |
Restructuring Charges | 0 | 0 | 0 | 4,307 |
Corporate and Eliminations [Member] | ' | ' | ' | ' |
Segment Reporting, Restructuring Charges Reconciling Item [Line Items] | ' | ' | ' | ' |
Restructuring Charges | $4,093 | $0 | $33,752 | $2,196 |
Segment_Reporting_Internationa
Segment Reporting, International Segment Net Revenues (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues by geographical location | $582,676 | $524,144 | $1,212,665 | $1,174,366 |
Europe [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues by geographical location | 376,648 | 345,281 | 755,097 | 751,547 |
Asia Pacific [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues by geographical location | 74,114 | 63,521 | 197,125 | 185,729 |
Latin America [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenues by geographical location | $131,914 | $115,342 | $260,443 | $237,090 |
Segment_Reporting_Revenue_by_P
Segment Reporting, Revenue by Products (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 29, 2013 | Sep. 30, 2012 | Sep. 29, 2013 | Sep. 30, 2012 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net revenue | $1,370,348 | $1,345,137 | $2,800,384 | $2,805,454 |
Boys [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net revenue | 392,014 | 471,125 | 888,494 | 1,162,958 |
Games [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net revenue | 387,450 | 365,714 | 873,774 | 763,460 |
Girls [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net revenue | 388,696 | 302,304 | 652,889 | 499,731 |
Preschool [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net revenue | $202,188 | $205,994 | $385,227 | $379,305 |