Cover
| Cover - shares | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 25, 2024 | |
| Cover [Abstract] | ||
| Document Type | 10-Q | |
| Document Quarterly Report | true | |
| Document Period End Date | Mar. 31, 2024 | |
| Document Transition Report | false | |
| Entity File Number | 1-6682 | |
| Entity Registrant Name | HASBRO, INC. | |
| Entity Incorporation, State or Country Code | RI | |
| Entity Tax Identification Number | 05-0155090 | |
| Entity Address, Address Line One | 1027 Newport Avenue | |
| Entity Address, City or Town | Pawtucket, | |
| Entity Address, State or Province | RI | |
| Entity Address, Postal Zip Code | 02861 | |
| City Area Code | 401 | |
| Local Phone Number | 431-8697 | |
| Title of 12(b) Security | Common Stock, $0.50 par value per share | |
| Trading Symbol | HAS | |
| Security Exchange Name | NASDAQ | |
| Entity Current Reporting Status | Yes | |
| Entity Interactive Data Current | Yes | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Small Business | false | |
| Entity Emerging Growth Company | false | |
| Entity Shell Company | false | |
| Entity Common Stock, Shares Outstanding | 139,215,964 | |
| Entity Central Index Key | 0000046080 | |
| Current Fiscal Year End Date | --12-29 | |
| Document Fiscal Year Focus | 2024 | |
| Document Fiscal Period Focus | Q1 | |
| Amendment Flag | false |
Consolidated Balance Sheets
| Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 02, 2023 |
| Current assets | |||
| Cash and cash equivalents including restricted cash of $0.9 million, $13.4 million and $0.6 million | $ 570.2 | $ 545.4 | $ 386.2 |
| Accounts receivable, net | 632.5 | 1,029.3 | 685.2 |
| Inventories | 336.2 | 332 | 713.4 |
| Prepaid expenses and other current assets | 456.5 | 416.9 | 754.4 |
| Total current assets | 1,995.4 | 2,323.6 | 2,539.2 |
| Property, plant and equipment, less accumulated depreciation of $625.4 million, $637.8 million and $618.9 million | 501.3 | 488.6 | 509.1 |
| Other assets: | |||
| Goodwill | 2,278.8 | 2,279.2 | 3,470.1 |
| Other intangible assets, net of accumulated amortization of $1,314.7 million, $1,165.3 million and $1,296.9 million | 569.7 | 587.5 | 801 |
| Other | 857.8 | 862 | 1,604.3 |
| Total other assets | 3,706.3 | 3,728.7 | 5,875.4 |
| Total assets | 6,203 | 6,540.9 | 8,923.7 |
| Current liabilities | |||
| Short-term borrowings | 0 | 0 | 134.5 |
| Current portion of long-term debt | 500 | 500 | 109 |
| Accounts payable | 254.2 | 340.6 | 360.1 |
| Accrued liabilities | 1,038 | 1,215.8 | 1,293.8 |
| Total current liabilities | 1,792.2 | 2,056.4 | 1,897.4 |
| Long-term debt | 2,966.9 | 2,965.8 | 3,682.4 |
| Other liabilities | 414 | 431.7 | 585.2 |
| Total liabilities | 5,173.1 | 5,453.9 | 6,165 |
| Shareholders' equity | |||
| Preference stock of $2.50 par value. Authorized 5,000,000 shares; none issued | 0 | 0 | 0 |
| Common stock of $0.50 par value. Authorized 600,000,000 shares; issued 220,286,736 shares at March 31, 2024, April 2, 2023, and December 31, 2023 | 110.1 | 110.1 | 110.1 |
| Additional paid-in capital | 2,569.9 | 2,590.6 | 2,535.7 |
| Retained earnings | 2,148 | 2,188.4 | 3,951.8 |
| Accumulated other comprehensive loss | (203.3) | (201.5) | (237.4) |
| Treasury stock, at cost; 81,081,180 shares at March 31, 2024; 81,687,608 shares at April 2, 2023; and 81,498,181 shares at December 31, 2023 | (3,618.8) | (3,625.7) | (3,629.4) |
| Noncontrolling interests | 24 | 25.1 | 27.9 |
| Total shareholders' equity | 1,029.9 | 1,087 | 2,758.7 |
| Total liabilities, noncontrolling interests and shareholders' equity | $ 6,203 | $ 6,540.9 | $ 8,923.7 |
Consolidated Balance Sheets (Pa
| Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 02, 2023 |
| Statement of Financial Position [Abstract] | |||
| Restricted cash | $ 0.9 | $ 0.6 | $ 13.4 |
| Property, plant and equipment, accumulated depreciation | 625.4 | 618.9 | 637.8 |
| Other intangibles, accumulated amortization | $ 1,314.7 | $ 1,296.9 | $ 1,165.3 |
| Preference stock, par value (in dollars per share) | $ 2.50 | $ 2.50 | $ 2.50 |
| Preference stock, authorized (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 (in shares) | 600,000,000 | 600,000,000 | 600,000,000 |
| Common stock, issued (in shares) | 220,286,736 | 220,286,736 | 220,286,736 |
| Treasury stock (in shares) | 81,081,180 | 81,498,181 | 81,687,608 |
Consolidated Statements of Oper
| Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Income Statement [Abstract] | ||
| Net revenues | $ 757.3 | $ 1,001 |
| Costs and expenses: | ||
| Cost of sales | 204.2 | 285.3 |
| Program cost amortization | 8.1 | 122.5 |
| Royalties | 50.9 | 69 |
| Product development | 65.5 | 83.3 |
| Advertising | 51.5 | 82.8 |
| Amortization of intangibles | 17 | 23.1 |
| Selling, distribution and administration | 234.8 | 317.1 |
| Loss on disposal of business | 9.1 | 0 |
| Total costs and expenses | 641.1 | 983.1 |
| Operating profit | 116.2 | 17.9 |
| Non-operating expense (income): | ||
| Interest expense | 38.5 | 46.3 |
| Interest income | (8.3) | (6) |
| Other expense (income), net | 5 | (1.4) |
| Total non-operating expense, net | 35.2 | 38.9 |
| Earnings (loss) before income taxes | 81 | (21) |
| Income tax expense | 21.9 | 0.7 |
| Net earnings (loss) | 59.1 | (21.7) |
| Net earnings attributable to noncontrolling interests | 0.9 | 0.4 |
| Net earnings (loss) attributable to Hasbro, Inc. | $ 58.2 | $ (22.1) |
| Net earnings (loss) per common share: | ||
| Basic (in dollars per share) | $ 0.42 | $ (0.16) |
| Diluted (in dollars per share) | 0.42 | (0.16) |
| Cash dividends declared per common share (in dollars per share) | $ 0.70 | $ 0.70 |
Consolidated Statements of Comp
| Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Statement of Comprehensive Income [Abstract] | ||
| Net earnings (loss) | $ 59.1 | $ (21.7) |
| Other comprehensive earnings (loss): | ||
| Foreign currency translation adjustments, net of tax | (4) | 24.3 |
| Net gains (losses) on cash flow hedging activities, net of tax | 1.8 | (4.6) |
| Reclassifications to earnings, net of tax: | ||
| Net losses (gains) on cash flow hedging activities | 0.4 | (2.1) |
| Amortization of unrecognized pension and postretirement amounts | 0 | (0.1) |
| Total other comprehensive earnings (loss), net of tax | (1.8) | 17.5 |
| Total comprehensive earnings attributable to noncontrolling interests | 0.9 | 0.4 |
| Total comprehensive earnings (loss) attributable to Hasbro, Inc. | $ 56.4 | $ (4.6) |
Consolidated Statements of Cash
| Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Cash flows from operating activities: | ||
| Net earnings (loss) | $ 59.1 | $ (21.7) |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | ||
| Depreciation of plant and equipment | 21.3 | 23.9 |
| Loss on disposal of business | 9.1 | 0 |
| Amortization of intangibles | 17 | 23.1 |
| Program cost amortization | 8.1 | 122.5 |
| Deferred income taxes | 10.8 | (2.8) |
| Stock-based compensation | (5) | 15.7 |
| Other non-cash items | 8.7 | (0.5) |
| Change in operating assets and liabilities net of acquired balances: | ||
| Decrease in accounts receivable | 388.3 | 454.6 |
| Increase in inventories | (7.9) | (32.5) |
| Increase in prepaid expenses and other current assets | (36.4) | (75.4) |
| Program spend, net | (9.3) | (266.3) |
| Decrease in accounts payable and accrued liabilities | (279.3) | (167) |
| Stock-based compensation transactions | 0.2 | 0 |
| Other | (6.7) | 15.2 |
| Net cash provided by operating activities | 177.8 | 88.8 |
| Cash flows from investing activities: | ||
| Additions to property, plant and equipment | (45.8) | (53.2) |
| Other | (2.3) | (2.4) |
| Net cash utilized by investing activities | (48.1) | (55.6) |
| Cash flows from financing activities: | ||
| Proceeds from borrowings with maturity greater than three months | 0 | 1.2 |
| Repayments of borrowings with maturity greater than three months | 0 | (35.5) |
| Net repayments from other short-term borrowings | 0 | (7.7) |
| Dividends paid | (97.2) | (96.7) |
| Payments related to tax withholding for share-based compensation | (10.2) | (14) |
| Other | (1.7) | (3.9) |
| Net cash utilized by financing activities | (108.9) | (156.6) |
| Effect of exchange rate changes on cash | 4 | (3.5) |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 24.8 | (126.9) |
| Cash, cash equivalents and restricted cash at beginning of year | 545.4 | 513.1 |
| Cash, cash equivalents and restricted cash at end of period | 570.2 | 386.2 |
| Cash paid during the period for: | ||
| Interest | 28.5 | 34.3 |
| Income taxes, net | $ 5.1 | $ 26 |
Consolidated Statements of Shar
| Consolidated Statements of Shareholders' Equity and Redeemable Noncontrolling Interests - USD ($) $ in Millions | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Treasury Stock | Noncontrolling Interests |
| Beginning balance at Dec. 25, 2022 | $ 2,861.9 | $ 110.1 | $ 2,540.6 | $ 4,071.4 | $ (254.9) | $ (3,634.4) | $ 29.1 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Net (Loss) earnings attributable to Hasbro, Inc. | (22.1) | (22.1) | |||||
| Net earnings attributable to noncontrolling interests | 0.4 | 0.4 | |||||
| Other comprehensive earnings (loss) | 17.5 | 17.5 | |||||
| Stock-based compensation transactions | (14) | (19) | 5 | ||||
| Stock-based compensation expense | 15.7 | 15.7 | |||||
| Dividends declared | (97) | 0.5 | (97.5) | ||||
| Distributions paid to noncontrolling owners and other foreign exchange | (1.6) | (1.6) | |||||
| Buyout of redeemable noncontrolling interest | (2.1) | (2.1) | |||||
| Ending balance at Apr. 02, 2023 | 2,758.7 | 110.1 | 2,535.7 | 3,951.8 | (237.4) | (3,629.4) | 27.9 |
| Beginning balance at Dec. 31, 2023 | 1,087 | 110.1 | 2,590.6 | 2,188.4 | (201.5) | (3,625.7) | 25.1 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
| Net (Loss) earnings attributable to Hasbro, Inc. | 58.2 | 58.2 | |||||
| Net earnings attributable to noncontrolling interests | 0.9 | 0.9 | |||||
| Other comprehensive earnings (loss) | (1.8) | (1.8) | |||||
| Stock-based compensation transactions | (10) | (16.9) | 6.9 | ||||
| Stock-based compensation expense | (5) | (5) | |||||
| Dividends declared | (97.4) | 1.2 | (98.6) | ||||
| Distributions paid to noncontrolling owners and other foreign exchange | (2) | (2) | |||||
| Ending balance at Mar. 31, 2024 | $ 1,029.9 | $ 110.1 | $ 2,569.9 | $ 2,148 | $ (203.3) | $ (3,618.8) | $ 24 |
Basis of Presentation
| Basis of Presentation | 3 Months Ended |
| Mar. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the consolidated financial position of Hasbro, Inc. and all consolidated subsidiaries ("Hasbro" or the "Company") as of March 31, 2024, April 2, 2023, and December 31, 2023, and the results of its operations and cash flows and shareholders' equity for the periods ended March 31, 2024 and April 2, 2023 in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and condensed notes thereto. Actual results could differ from those estimates. The quarters ended March 31, 2024 and April 2, 2023 were 13-week and 14-week periods, respectively. The results of operations for the quarter ended March 31, 2024 are not necessarily indicative of results to be expected for the full year 2024, nor were those of the comparable 2023 period representative of those actually experienced for the full year 2023. These consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). 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. The Company filed with the SEC audited consolidated financial statements for the fiscal year ended December 31, 2023 in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 ("2023 Form 10-K"), which includes all such information and disclosures and, accordingly, should be read in conjunction with the financial information included herein. Other Adjustments During the quarter ended March 31, 2024, the Company corrected a prior year error and recorded an $18.1 million benefit related to the reversal of stock compensation expense for the Company's performance stock awards that should have been recorded during fiscal year 2023. The $18.1 million benefit recorded during the quarter ended March 31, 2024 is not considered to be material to the full year 2023 or 2024 consolidated financial statements. Significant Accounting Policies The Company's significant accounting policies are summarized in note 1 to the consolidated financial statements included in the Company's 2023 Form 10-K. Recently Adopted Accounting Standards During the quarter ended March 31, 2024, there were no recently adopted accounting standards that had a material effect on the Company’s financial statements. Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this update enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. The standard did not change the definition of a segment, the method for determining segments or the criteria for aggregating operating segments into reportable segments. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective adoption is required for all prior periods presented in the financial statements. We are assessing the impact of this ASU and upon adoption expect that any impact would be limited to additional segment expense disclosures in the footnotes to our consolidated financial statements. We expect to adopt the standard beginning with our 2024 Form 10-K. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements in Income Tax Disclosures . The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This amendment requires public companies to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, under the amendment, entities are required to disclose the amount of income taxes paid disaggregated by federal, state and foreign taxes, as well as disaggregated by material individual jurisdictions. Finally, the amendment requires entities to disclose income from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense from continuing operations disaggregated by federal, state and foreign. The new rules are effective for annual periods beginning after December 15, 2024. We are currently assessing the impact of this ASU on our consolidated financial statements. |
Revenue Recognition
| Revenue Recognition | 3 Months Ended |
| Mar. 31, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| Revenue Recognition | Revenue Recognition Revenue is recognized when control of the promised goods, functional intellectual property or production is transferred to the customers or licensees, in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. The majority of the Company’s revenues are derived from sales of finished products to customers. See note 1 of the Company's 2023 Annual Report for the Company's revenue recognition accounting policy. Contract Assets and Liabilities In the ordinary course of business, the Company’s Consumer Products, Wizards of the Coast and Digital Gaming and Entertainment segments enter into contracts to license certain of the Company’s intellectual property, providing licensees right-to-use or access such intellectual property for use in the production and sale of consumer products and digital game development, and for use within content for distribution over streaming platforms and for television and film. The Company also licenses owned television and film content for distribution to third parties in formats that include broadcast, digital streaming and theatrical. Through these arrangements, the Company may receive advanced royalty payments from licensees, either in advance of a licensees’ subsequent sales to customers or, prior to the completion of the Company’s performance obligation. In addition, the Company’s Wizards of the Coast and Digital Gaming segment may receive advanced payments from end users of its digital games at the time of the initial purchase, through in-application purchases or through subscription services. These digital gaming revenues are recognized over a period of time, determined based on player usage patterns or the estimated playing life of the user, or when additional downloadable content is made available, or as with subscription services, ratably over the subscription term. The Company defers revenues on all licensee and digital gaming advanced payments until the respective performance obligations are satisfied. The Company records the aggregate deferred revenues as contract liabilities, with the current portion recorded within Accrued liabilities and the long-term portion recorded as Other non-current liabilities in the Company’s Consolidated Balance Sheets. The Company records contract assets, primarily related to (1) minimum guarantees being recognized in advance of contractual invoicing, which are recognized ratably over the terms of the respective license periods, and (2) film and television distribution revenues recorded for content delivered, where payment will occur over the license term. The current portion of contract assets is recorded in Prepaid expenses and Other current assets and the long-term portion is recorded within Other long-term assets. The changes in carrying amounts of contract assets and liabilities for the three months ended March 31, 2024 and April 2, 2023 are as follows: March 31, April 2, Assets Balance at beginning of the year $ 213.3 $ 594.4 Recognized in current year 60.8 213.8 Amounts reclassified to accounts receivable (54.8) (218.7) Foreign currency impact 0.3 7.7 Ending Balance $ 219.6 $ 597.2 Liabilities Balance at beginning of the year $ 230.8 $ 113.0 Recognized in current year 55.0 80.3 Amounts in beginning balance reclassified to revenue (22.1) (53.3) Current year amounts reclassified to revenue (22.0) (22.5) Foreign currency impact (10.1) (2.2) Ending Balance $ 231.6 $ 115.3 Unsatisfied performance obligations Unsatisfied performance obligations relate primarily to in-production television content to be delivered in the future under existing agreements with partnering content providers such as broadcasters, distributors, television networks and subscription video on demand services. As of March 31, 2024, unrecognized revenue attributable to unsatisfied performance obligations expected to be recognized in the future was $2.1 million. Of this amount, we expect to recognize $1.9 million in the remainder of 2024 and $0.2 million in 2025. These amounts include only fixed consideration. Accounts Receivable and Allowance for Credit Losses The Company’s balance for accounts receivable on the Consolidated Balance Sheets as of March 31, 2024 and April 2, 2023 are primarily from contracts with customers. A summary of the activity in the allowance for credit losses for the three months ended March 31, 2024 and April 2, 2023 are as follows: March 31, April 2, Balance at beginning of the year $ 12.7 $ 20.0 Charged to costs and expenses, net 0.7 1.3 Foreign currency impact (0.3) 0.4 Ending balance $ 13.1 $ 21.7 Disaggregation of revenues The Company disaggregates its revenues from contracts with customers by reportable segment: Consumer Products, Wizards of the Coast and Digital Gaming, and Entertainment. The Company further disaggregates revenues within its Consumer Products segment by major geographic region: North America, Europe, Latin America, and Asia Pacific; within its Wizards of the Coast and Digital Gaming segment by category: Tabletop Gaming and Digital and Licensed Gaming; and within its Entertainment segment by category: Film & TV, Family Brands, and Other. Finally, the Company disaggregates its revenues by brand portfolio into three brand categories: Franchise Brands, Partner Brands and Portfolio Brands. We believe these collectively depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Effective in the first quarter of 2024, subsequent to the sale of the eOne Film and TV business (as defined in Note 3), the Company moved the remaining Non-Hasbro Branded Film & TV brands into Portfolio Brands to align with the Company's Brand Strategy. For comparability, net revenues for quarter ended April 2, 2023, has been reclassified to reflect the movement, resulting in a change of $0.1 million. The following table represents consolidated Consumer Products segment net revenues by major geographic region for the quarters ended March 31, 2024 and April 2, 2023: Quarter Ended March 31, April 2, North America $ 239.1 $ 279.1 Europe 87.5 131.6 Asia Pacific 48.8 63.3 Latin America 37.6 46.4 Net revenues $ 413.0 $ 520.4 The following table represents consolidated Wizards of the Coast and Digital Gaming segment net revenues by category for the quarters ended March 31, 2024 and April 2, 2023: Quarter Ended March 31, April 2, Tabletop Gaming $ 228.2 $ 217.9 Digital and Licensed Gaming 88.1 77.3 Net revenues $ 316.3 $ 295.2 The following table represents consolidated Entertainment segment net revenues by category for the quarters ended March 31, 2024 and April 2, 2023: Quarter Ended March 31, April 2, Film and TV $ — $ 168.4 Family Brands 28.0 17.0 Net revenues $ 28.0 $ 185.4 The following table presents consolidated net revenues by brand portfolio for the quarters ended March 31, 2024 and April 2, 2023: Quarter Ended Net revenues March 31, April 2, Franchise Brands $ 606.5 $ 613.4 Partner Brands 87.7 132.7 Portfolio Brands 63.1 92.1 Non-Hasbro Branded Film & TV (1) — 162.8 Total $ 757.3 $ 1,001.0 (1) Net revenues from the Company's Non-Hasbro-branded Film and TV portfolio were associated with the Company's non-core eOne Film and TV business sold to Lionsgate during the fourth quarter of 2023. |
Sale of Non-Core Entertainment
| Sale of Non-Core Entertainment One Film and TV Business | 3 Months Ended |
| Mar. 31, 2024 | |
| Discontinued Operations and Disposal Groups [Abstract] | |
| Sale of Non-Core Entertainment One Film and TV Business | Sale of Non-Core Entertainment One Film and TV Business On December 27, 2023, the Company completed the sale of its Entertainment One film and television business ("eOne Film and TV") to Lions Gate Entertainment Corp., Lions Gate Entertainment Inc. and Lions Gate International Motion Pictures S.à.r.l (collectively "Lionsgate"), pursuant to the terms of an Equity Purchase Agreement dated August 3, 2023, among Hasbro and Lionsgate. The Company sold eOne Film and TV for a sales price of $375.0 million in cash, subject to the satisfaction of customary net working capital closing conditions and holdbacks for certain retained liabilities, plus the assumption by Lionsgate of production financing loans. The Company recorded a pre-tax non-cash charge of $539.0 million within Loss on disposal of business on the Consolidated Statements of Operations for the year ended December 31, 2023. The Company also recorded pre-tax cash transaction expenses of $35.1 million within Selling, distribution and administration expense on the Consolidated Statements of Operations for the year ended December 31, 2023. See note 3 of the Company's 2023 Annual Report for further detail of the Company's sale of the eOne Film and TV business. |
Earnings (Loss) Per Share
| Earnings (Loss) Per Share | 3 Months Ended |
| Mar. 31, 2024 | |
| Earnings Per Share [Abstract] | |
| Earnings (Loss) Per Share | Earnings (Loss) Per Share Net earnings (loss) per share data for the quarters ended March 31, 2024 and April 2, 2023 were computed as follows: Quarter Ended March 31, 2024 April 2, 2023 Net earnings (loss) attributable to Hasbro, Inc. $ 58.2 $ (22.1) Average shares outstanding 139.1 138.6 Effect of dilutive securities: Options and other share-based awards 0.2 — Equivalent Shares 139.3 138.6 Net earnings (loss) attributable to Hasbro, Inc. per common share Basic $ 0.42 $ (0.16) Diluted $ 0.42 $ (0.16) For the quarters ended March 31, 2024 and April 2, 2023, options and restricted stock units totaling 2.6 million and 4.2 million, respectively, were excluded from the calculation of diluted earnings per share because to include them would have been anti-dilutive. Of the fiscal 2023 amount, 2.0 million would have been included in the calculation of diluted shares had the Company not had a net loss for the quarter ended April 2, 2023. Assuming that these awards and options were included, under the treasury stock method, they would have resulted in an additional 0.1 million being included in the diluted earnings per share calculation for the quarter ended April 2, 2023. |
Goodwill
| Goodwill | 3 Months Ended |
| Mar. 31, 2024 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Goodwill | Goodwill Changes in the carrying amount of goodwill, by operating segment, for the quarters ended March 31, 2024 and April 2, 2023 are as follows: Consumer Products Wizards of the Coast and Digital Gaming Entertainment Total 2024 Balance as of December 31, 2023 (1) $ 1,582.3 $ 371.7 $ 325.2 $ 2,279.2 Foreign exchange translation (0.1) (0.2) (0.1) (0.4) Balance as of March 31, 2024 $ 1,582.2 $ 371.5 $ 325.1 $ 2,278.8 Consumer Products Wizards of the Coast and Digital Gaming Entertainment Total 2023 Balance as of December 25, 2022 $ 1,584.7 $ 371.5 $ 1,513.9 $ 3,470.1 Foreign exchange translation — — — — Balance as of April 2, 2023 (1) $ 1,584.7 $ 371.5 $ 1,513.9 $ 3,470.1 (1) During the second and fourth quarters of 2023, the Company recorded $231.2 million and $960.0 million of non-cash goodwill impairments charges, respectively, within the Entertainment segment. See further detail in the 2023 Annual Report. |
Other Comprehensive Earnings (L
| Other Comprehensive Earnings (Loss) | 3 Months Ended |
| Mar. 31, 2024 | |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
| Other Comprehensive Earnings (Loss) | Other Comprehensive Earnings (Loss) Components of Other comprehensive earnings (loss) are presented within the Consolidated Statements of Comprehensive Earnings (Loss). The following table presents the related tax effects on changes in Other comprehensive earnings (loss) for the quarters ended March 31, 2024 and April 2, 2023. Quarter Ended March 31, April 2, Other comprehensive earnings (loss), tax effect: Tax benefit on cash flow hedging activities $ — $ 1.2 Reclassifications to earnings, tax effect: Tax (benefit) expense on cash flow hedging activities (0.2) 0.1 Total tax effect on other comprehensive earnings (loss) $ (0.2) $ 1.3 Changes in the components of Accumulated other comprehensive earnings (loss), net of tax for the quarters ended March 31, 2024 and April 2, 2023 are as follows: Pension and Gains Unrealized Foreign Total 2024 Balance at December 31, 2023 $ (4.2) $ (16.8) $ (0.1) $ (180.4) $ (201.5) Current period other comprehensive earnings (loss) — 2.2 — (4.0) (1.8) Balance at March 31, 2024 $ (4.2) $ (14.6) $ (0.1) $ (184.4) $ (203.3) 2023 Balance at December 25, 2022 $ (3.0) $ (12.0) $ (0.1) $ (239.8) $ (254.9) Current period other comprehensive earnings (loss) (0.1) (6.7) — 24.3 17.5 Balance at April 2, 2023 $ (3.1) $ (18.7) $ (0.1) $ (215.5) $ (237.4) Gains (Losses) on Derivative Instruments At March 31, 2024, the Company had remaining net deferred losses on foreign currency forward contracts, net of tax, of $0.6 million in Accumulated other comprehensive earnings (loss) ("AOCE"). These instruments hedge payments related to inventory purchased in the first quarter of 2024 or forecasted to be purchased during the remainder of 2024, intercompany expenses expected to be paid or received during 2024 and cash receipts for sales made at the end of the first quarter of 2024 or forecasted to be made in the remainder of 2024. These amounts will be reclassified into the Consolidated Statements of Operations upon the sale of the related inventory or recognition of the related sales expenses. In addition to foreign currency forward contracts, the Company entered into hedging contracts on future interest payments related to the 3.15% Notes that were repaid in full in the aggregate principal amount of $300.0 million in 2021, and the 5.10% Notes due 2044. At the date of debt issuance, these contracts were terminated and the fair value on the date of settlement was deferred in AOCE and is being amortized to interest expense over the life of the related notes using the effective interest rate method. At March 31, 2024, deferred losses, net of tax of $13.8 million related to these instruments remained in AOCE. For the quarters ended March 31, 2024 and April 2, 2023, previously deferred losses of $0.2 million related to these instruments were reclassified from AOCE to net earnings. Of the net deferred losses included in AOCE at March 31, 2024, the Company expects net losses of approximately $0.9 million to be reclassified to the Consolidated Statements of Operations within the next twelve months. However, the amount ultimately realized in earnings is dependent on the fair value of the hedging instruments on the settlement dates. See note 12 for additional discussion on reclassifications from AOCE to earnings. |
Additional Balance Sheet Inform
| Additional Balance Sheet Information | 3 Months Ended |
| Mar. 31, 2024 | |
| Payables and Accruals [Abstract] | |
| Additional Balance Sheet Information | Additional Balance Sheet Information Components of Accrued liabilities for the periods ended March 31, 2024, April 2, 2023 and December 31, 2023 were as follows: March 31, April 2, December 31, 2023 Royalties $ 255.6 $ 131.0 $ 286.8 Deferred revenue 103.5 113.7 101.6 Lag and cancellation charges 112.0 84.6 118.9 Dividends 97.4 97.0 97.2 Severance 75.7 82.4 83.7 Accrued income taxes 59.0 33.5 61.6 Other taxes 45.8 71.6 68.7 Interest 38.1 40.8 29.9 General vendor accruals 34.9 50.1 51.9 Participations and residuals 33.7 275.7 34.0 Advertising 33.3 36.7 45.0 Lease liability - current 29.1 37.9 30.5 Payroll and management incentives 21.9 15.4 85.6 Defined contributions plans 18.9 23.2 29.7 Freight 17.0 22.7 22.9 Insurance 14.6 12.8 13.3 Professional fees 10.0 10.4 12.4 Accrued expenses - IIP & IIC 0.7 60.6 0.7 Other 36.8 93.7 41.4 Total accrued liabilities $ 1,038.0 $ 1,293.8 $ 1,215.8 Prepaid expenses and other current assets include accrued income, current of $127.3 million, $423.0 million, and $85.6 million as of March 31, 2024, April 2, 2023 and December 31, 2023 , respectively. Other assets include deferred tax assets of $406.3 million, $263.5 million, and $427.9 million as of March 31, 2024, April 2, 2023 and December 31, 2023 , respectively, and content assets of $165.3 million, $950.2 million, and $162.8 million as of March 31, 2024, April 2, 2023 and December 31, 2023 , respectively. |
Debt
| Debt | 3 Months Ended |
| Mar. 31, 2024 | |
| Debt Disclosure [Abstract] | |
| Debt | Debt The carrying costs, which are equal to the outstanding principal amounts, and fair values of the Company's long-term borrowings as of March 31, 2024, April 2, 2023 and December 31, 2023 are as follows: March 31, 2024 April 2, 2023 December 31, 2023 Carrying Fair Carrying Fair Carrying Fair 3.90% Notes Due 2029 $ 900.0 $ 835.3 $ 900.0 $ 817.3 $ 900.0 $ 839.8 3.55% Notes Due 2026 675.0 643.8 675.0 634.2 675.0 641.0 3.00% Notes Due 2024 500.0 491.0 500.0 482.8 500.0 488.4 6.35% Notes Due 2040 500.0 511.5 500.0 501.7 500.0 520.1 3.50% Notes Due 2027 500.0 470.7 500.0 470.8 500.0 472.2 5.10% Notes Due 2044 300.0 257.3 300.0 261.2 300.0 271.6 6.60% Debentures Due 2028 109.9 114.8 109.9 112.8 109.9 116.0 Variable % Notes Due December 30, 2024 (1) — — 280.0 280.0 — — Production Financing Facilities (2) — — 49.0 49.0 — — Total long-term debt $ 3,484.9 $ 3,324.4 $ 3,813.9 $ 3,609.8 $ 3,484.9 $ 3,349.1 Less: Deferred debt expenses 18.0 — 22.5 — 19.1 — Less: Current portion 500.0 — 109.0 — 500.0 — Long-term debt $ 2,966.9 $ 3,324.4 $ 3,682.4 $ 3,609.8 $ 2,965.8 $ 3,349.1 (1 ) During the fourth quarter of 2023, the Company paid the remaining principal balance of the Variable % Notes Due December 30, 2024. (2) The Company's production financing facilities were assumed by Lionsgate effective upon the closing of the sale of the eOne Film and TV business in the fourth quarter of 2023. See note 3 for additional information. Other Financing Arrangements The Company's third amended and restated revolving credit facility with Bank of America, as administrative agent, swing line lender, a letter of credit issuer and a lender and certain other financial institutions as lenders thereto (the "Amended Revolving Credit Facility") provides the Company with commitments having a maximum aggregate principal amount of $1.25 billion. The Amended Revolving Credit Agreement contains certain financial covenants setting forth leverage and coverage requirements, and certain other limitations typical of an investment grade facility, including with respect to liens, mergers and incurrence of indebtedness. It also provides for a potential additional incremental commitment increase of up to $500.0 million subject to agreement of the lenders. The Company also has a supplier finance program which provides participating suppliers the option of receiving payment in advance of an invoice due date, to be paid by certain administering banks, on the basis of invoices that the Company has confirmed as valid and approved. The Company’s obligation is to make payment in the invoice amount negotiated with participating suppliers, to the administering banks on the invoice due date. The Company’s suppliers are not required to participate in the supplier finance program. The early payment transactions between the Company’s supplier and the administering bank are subject to an agreement between those parties, and the Company does not participate in any financial aspect of the agreements between the Company’s suppliers and the administering banks. The Company has not pledged any assets to the administering bank under the supplier financing program. The Company or the administering bank may terminate the agreement upon at least 30 days’ written notice. The amount of obligations confirmed under the program that remain unpaid by the Company were $47.7 million, $66.0 million and $43.3 million as of March 31, 2024, April 2, 2023 and December 31, 2023 , respectively. These obligations are presented within Accounts payable |
Investments in Productions and
| Investments in Productions and Investments in Acquired Content Rights | 3 Months Ended |
| Mar. 31, 2024 | |
| Other Industries [Abstract] | |
| Investment in Productions and Investments in Acquired Content Rights | Investments in Productions and Investments in Acquired Content Rights Investments in productions and investments in acquired content rights are predominantly monetized on a title-by-title basis and are recorded within Other assets in the Company's Consolidated Balance Sheets, to the extent they are considered recoverable against future revenues. These amounts are being amortized to program cost amortization using a model that reflects the consumption of the asset as it is released through various channels including broadcast licenses, theatrical release and home entertainment. Amounts capitalized are reviewed periodically on an individual title basis and any portion of the unamortized amount that appears not to be recoverable from future net revenues is expensed as part of program cost amortization during the period the loss becomes evident. The Company's unamortized investments in productions and investments in acquired content rights consisted of the following at March 31, 2024, April 2, 2023, and December 31, 2023: March 31, April 2, December 31, 2023 (1) Investment in Films and Television Programs: Individual Monetization Released, net of amortization $ 60.3 $ 613.3 $ 74.7 Completed and not released — 53.0 5.1 In production 27.3 85.8 27.1 Pre-production 8.5 126.4 10.4 96.1 878.5 117.3 Film/TV Group Monetization Released, net of amortization 25.4 17.6 26.0 In production 24.3 24.0 23.6 49.7 41.6 49.6 Investment in Other Programming Released, net of amortization 13.7 13.2 16.1 In production 5.1 8.2 0.8 Pre-production 0.7 3.9 0.8 19.5 25.3 17.7 Total Program Investments $ 165.3 $ 945.4 $ 184.6 (1) Investments in productions and investments in acquired content totaling $734.8 million were removed from the Company's balance sheet as of December 31, 2023, in connection with the sale of the eOne Film and TV business completed on December 27, 2023. See note 3 for additional information. The Company recorded $8.1 million of program cost amortization related to released programming during the quarter ended March 31, 2024, consisting of the following: Quarter Ended March 31, April 2, Investment in production $ 8.1 $ 110.9 Investment in content — 11.6 Total program cost amortization $ 8.1 $ 122.5 |
Income Taxes
| Income Taxes | 3 Months Ended |
| Mar. 31, 2024 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | 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. Our effective tax rate ("ETR") from continuing operations was 27.1% for the quarter ended March 31, 2024 and (3.4)% for the quarter ended April 2, 2023. The following items caused the year-to-date ETR in 2024 to be significantly different from the prior year first quarter ETR: • During the quarter ended March 31, 2024, the Company recorded a net discrete tax expense of $1.8 million, primarily associated with stock-based compensation. • During the quarter ended April 2, 2023, the Company recorded a net discrete tax expense of $3.3 million, primarily associated with stock-based compensation coupled with a pre-tax loss for the quarter. |
Fair Value of Financial Instrum
| Fair Value of Financial Instruments | 3 Months Ended |
| Mar. 31, 2024 | |
| Fair Value Disclosures [Abstract] | |
| Fair Value of Financial Instruments | 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; • 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. At March 31, 2024, April 2, 2023 and December 31, 2023, the Company had the following assets and liabilities measured at fair value in its Consolidated Balance Sheets (excluding assets for which the fair value is measured using net asset value per share): Fair Value Measurements Using: Fair Quoted Significant Significant March 31, 2024 Assets: Available-for-sale securities (1) $ 0.8 $ 0.8 $ — $ — Derivatives 8.5 — 8.5 — Total assets $ 9.3 $ 0.8 $ 8.5 $ — Liabilities: Derivatives $ 2.9 $ — $ 2.9 $ — Option agreement 1.7 — — 1.7 Total liabilities $ 4.6 $ — $ 2.9 $ 1.7 April 2, 2023 Assets: Available-for-sale securities (1) $ 1.3 $ 1.3 $ — $ — Derivatives 3.2 — 3.2 — Total assets $ 4.5 $ 1.3 $ 3.2 $ — Liabilities: Derivatives $ 5.2 $ — $ 5.2 $ — Option agreement 1.7 — — 1.7 Total liabilities $ 6.9 $ — $ 5.2 $ 1.7 December 31, 2023 Assets: Available-for-sale securities (1) $ 1.1 $ 1.1 $ — $ — Derivatives 0.7 — 0.7 — Total assets $ 1.8 $ 1.1 $ 0.7 $ — Liabilities: Derivatives $ 3.9 $ — $ 3.9 $ — Option agreement 1.7 — — 1.7 Total Liabilities $ 5.6 $ — $ 3.9 $ 1.7 (1) Available-for-sale securities include equity securities of one company quoted on an active public market. The Company's derivatives primarily consist of foreign currency forward and option contracts. The Company uses current forward rates of the respective foreign currencies to measure the fair value of these contracts. There were no changes in these valuation techniques during the quarter ended March 31, 2024. There were no material changes to fair value measurements of the Company's financial instruments which use significant unobservable inputs (Level 3) for both the quarters ended March 31, 2024 and April 2, 2023. Other Fair Value Measurements |
Derivative Financial Instrument
| Derivative Financial Instruments | 3 Months Ended |
| Mar. 31, 2024 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivative Financial Instruments | Derivative Financial Instruments Hasbro uses foreign currency forward and option contracts to mitigate the impact of currency rate fluctuations on firmly committed and projected future foreign currency transactions. These over-the-counter contracts, which hedge future currency requirements related to purchases of inventory, product sales 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. All contracts are entered into with a number of counterparties, all of which are major financial institutions. The Company believes that a default by a single counterparty would not have a material adverse effect on the financial condition of the Company. Hasbro does not enter into derivative financial instruments for speculative purposes. Cash Flow Hedges All of the Company's designated foreign currency forward contracts are considered to be cash flow hedges. These instruments hedge a portion of the Company's currency requirements associated with anticipated inventory purchases, product sales and other cross-border transactions, primarily for the remainder of 2024, and into 2025. At March 31, 2024, April 2, 2023 and December 31, 2023, the notional amounts and fair values of the Company's foreign currency forward contracts designated as cash flow hedging instruments were as follows: March 31, 2024 April 2, 2023 December 31, 2023 Hedged transaction Notional Fair Notional Fair Notional Fair Inventory purchases $ 151.2 $ 0.3 $ 141.5 $ (5.1) $ 129.9 $ (1.7) Sales 75.3 (0.2) 74.5 0.4 89.7 (0.2) Production financing and other 30.7 (1.1) 123.7 0.8 31.7 (0.5) Total $ 257.2 $ (1.0) $ 339.7 $ (3.9) $ 251.3 $ (2.4) 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 March 31, 2024, April 2, 2023 and December 31, 2023 as follows: March 31, April 2, December 31, Prepaid expenses and other current assets Unrealized gains $ 2.4 $ 2.7 $ 0.5 Unrealized losses (0.8) (1.8) (0.1) Net unrealized gains $ 1.6 $ 0.9 $ 0.4 Other Assets Unrealized gains $ 0.1 $ — $ — Net unrealized gains $ 0.1 $ — $ — Accrued liabilities Unrealized gains $ 1.4 $ 2.5 $ 0.7 Unrealized losses (4.1) (7.3) (3.5) Net unrealized losses $ (2.7) $ (4.8) $ (2.8) Net gains (losses) on cash flow hedging activities have been reclassified from other comprehensive earnings (loss) to net earnings for the quarters ended March 31, 2024 and April 2, 2023 as follows: Quarter Ended March 31, April 2, Statements of Operations Classification Cost of sales $ 0.1 $ 2.5 Net revenues (0.1) 0.1 Other (0.1) (0.2) Net realized (losses) gains $ (0.1) $ 2.4 Undesignated Hedges The Company also enters into foreign currency forward contracts to minimize the impact of changes in the fair value of intercompany loans due to foreign currency changes. The Company does not use hedge accounting for these contracts as changes in the fair values of these contracts are substantially offset by changes in the fair value of the intercompany loans. As of March 31, 2024, April 2, 2023 and December 31, 2023, the total notional amounts of the Company's undesignated derivative instruments were $328.6 million, $723.3 million and $340.5 million, respectively. At March 31, 2024, April 2, 2023 and December 31, 2023, the fair values of the Company's undesignated derivative financial instruments were recorded in the Consolidated Balance Sheets as follows: March 31, April 2, December 31, Prepaid expenses and other current assets Unrealized gains $ 7.0 $ 6.5 $ 0.3 Unrealized losses (0.2) (4.3) — Net unrealized gains $ 6.8 $ 2.2 $ 0.3 Accrued liabilities Unrealized gains $ — $ — $ 1.4 Unrealized losses (0.2) (0.3) (2.5) Net unrealized losses $ (0.2) $ (0.3) $ (1.1) The Company recorded net gains of $9.1 million and $4.4 million on these instruments to Other (income) expense, net for the quarters ended March 31, 2024 and April 2, 2023, 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 6 and 11). |
Restructuring Actions
| Restructuring Actions | 3 Months Ended |
| Mar. 31, 2024 | |
| Restructuring and Related Activities [Abstract] | |
| Restructuring Actions | Restructuring Actions During 2018 and 2020, the Company took certain restructuring actions including headcount reduction aimed at right-sizing the Company’s cost-structure and integration actions related to the acquisition of eOne. As of March 31, 2024, the Company had a remaining balance of $1.0 million in severance and other employee expenses related to these programs included within Other accrued liabilities in the Consolidated Balance Sheets, after making payments of $1.6 million in the first quarter of 2024. Substantially all of the remaining cash payments related to these programs are expected to be made by the end of 2024. During 2022 and 2023, Hasbro implemented its Operational Excellence program ("the Program"), an ongoing enterprise-wide initiative intended to improve our business through programs that include targeted cost-savings, supply chain transformation and certain other restructuring actions designed to drive growth and enhance shareholder value. The Company's organizational structure changes have resulted and will further result in workforce reductions as well as the reallocation of people and resources, which will include voluntary early retirement for certain groups of employees and additional involuntary reduction in employees ("Additional Actions"). The Company currently anticipates that the Additional Actions will be substantially complete over the next 18 to 24 months. Charges related to the Program were recorded in Selling, distribution and administration within Corporate and Other. Going forward, the Company may implement further cost-saving initiatives under the Program that could result in additional restructuring charges including severance and other employee charges. As of March 31, 2024, the liability balance associated with the Program related restructuring actions consisted of severance payments recorded within Other accrued liabilities in the Consolidated Balance Sheets as follows: Quarter Ended Operational Excellence March 31, April 2, Balance at beginning of the year $ 81.2 $ 84.9 Charges 5.7 — Payments (14.3) (16.2) Ending Balance $ 72.6 $ 68.7 The following table presents the restructuring charges incurred to date under the Program, along with the estimated charges expected to be incurred on approved initiatives under the Programs as of March 31, 2024: Operational Excellence Total Charges incurred to date $ 138.0 Estimated charges to be incurred on approved initiatives — Total expected charges on approved initiatives $ 138.0 |
Commitment and Contingencies
| Commitment and Contingencies | 3 Months Ended |
| Mar. 31, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| Commitments and Contingencies | Commitments and Contingencies Contingencies – The Company is subject to claims related to product and other commercial matters. In determining costs to accrue related to these items, the Company carefully analyzes cases and considers the likelihood of adverse judgments or outcomes, as well as the potential range of possible loss. The Company accrues for matters when losses are both probable and estimable. Any amounts accrued for these matters are monitored on an ongoing basis and are updated based on new developments or new information as it becomes available for each matter. Litigation and Other Claims – The Company from time to time may be subject to lawsuits and other claims related to product, commercial, employee, environmental and other matters in the normal course of business. In determining costs to accrue related to these items, the Company carefully analyzes cases and considers the likelihood of adverse judgments or outcomes, as well as the potential range of possible loss. The Company accrues for matters when losses are both probable and estimable. Any amounts accrued for these matters are monitored on an ongoing basis and are updated based on new developments or new information as it becomes available for each matter. Contractual obligations and commercial commitments, as detailed in the Company's 2023 Form 10-K, did not materially change outside of certain payments made in the normal course of business. |
Segment Reporting
| Segment Reporting | 3 Months Ended |
| Mar. 31, 2024 | |
| Segment Reporting [Abstract] | |
| Segment Reporting | Segment Reporting Hasbro is a toy and game company with a broad portfolio of brands and entertainment content spanning toys, games, licensed products ranging from traditional to digital, as well as film and television entertainment. The Company's reportable segments are Consumer Products, Wizards of the Coast and Digital Gaming, Entertainment and Corporate and Other. • The Consumer Products segment engages in the sourcing, marketing and sales of toy and game products around the world. The Consumer Products business also promotes the Company's brands through the out-licensing of our trademarks, characters and other brand and intellectual property rights to third parties, through the sale of branded consumer products such as toys and apparel. Additionally, through license agreements with third parties, we develop and sell products based on popular third-party brands. • The Wizards of the Coast and Digital Gaming business engages in the promotion of the Company's brands through the development of trading card, role-playing and digital game experiences based on Hasbro and Wizards of the Coast games. Additionally, we license certain of our brands to other third-party digital game developers who transform Hasbro brand-based characters and other intellectual properties, into digital gaming experiences. • The Entertainment segment engages in the development and production of Hasbro-branded entertainment content including film, television, children's programming, digital content and live entertainment focused on Hasbro-owned properties. Corporate and Other provides management and administrative services to the Company's principal reporting segments described above and consists of unallocated corporate expenses and administrative costs and activities not considered when evaluating segment performance as well as certain assets benefiting more than one segment. Information by segment and a reconciliation to reported amounts for the quarters ended March 31, 2024 and April 2, 2023 are as follows: Quarter Ended March 31, April 2, Net revenues: Consumer Products $ 413.0 $ 520.4 Wizards of the Coast and Digital Gaming 316.3 295.2 Entertainment 28.0 185.4 Corporate and Other — — Total net revenues: $ 757.3 $ 1,001.0 Intercompany revenues: (b) Consumer Products $ 39.3 $ 73.3 Wizards of the Coast and Digital Gaming 37.9 47.8 Entertainment 8.5 13.1 Corporate and Other (85.7) (134.2) Total intercompany revenues: $ — $ — Operating profit (loss): Consumer Products $ (46.9) $ (46.0) Wizards of the Coast and Digital Gaming 122.8 76.8 Entertainment (a) 5.8 (8.7) Corporate and Other (a) (c) 34.5 (4.2) Total Operating profit 116.2 17.9 Interest expense 38.5 46.3 Interest income (8.3) (6.0) Other non-operating expense (income) 5.0 (1.4) Earnings (loss) before income taxes $ 81.0 $ (21.0) (a) Certain long-term assets, including property, plant and equipment, goodwill and other intangibles, which benefit multiple operating segments, are included in both Entertainment and Corporate and Other. Allocations of certain Corporate and Other expenses, related to these assets are made to the individual operating segments at the beginning of the year based on budgeted amounts. Any differences between actual and budgeted amounts are reflected in Corporate and Other because allocations are translated from the U.S. Dollar to local currency at budgeted rates when recorded. Corporate and Other also includes the elimination of inter-company balance sheet amounts. (b) Amounts represent revenues from transactions with other operating segments that are included in the operating profit (loss) of the segment. (c) Corporate and Other Operating profit (loss) includes Operational Excellence related transformation office and consulting fees of $5.2 million and $10.6 million, for the quarters ended March 31, 2024 and April 2, 2023, respectively, which are recorded within Selling, distribution and administration costs within the Consolidated Statements of Operations. Third party consultants were engaged to assist the Company in performing a comprehensive review of operations and developing a transformation plan designed to support the organization in identifying, realizing, and capturing savings through the identification of organizational initiatives intended to create efficiencies and improve business processes and operations. The consultants assisted in providing benchmark data and are currently assisting with the design of an improved operating model and supply chain function. The Company expects this consulting assistance to conclude within 2024 in line with the planning stages of the final components of the transformation plan. |
Pay vs Performance Disclosure
| Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Pay vs Performance Disclosure | ||
| Net (Loss) earnings attributable to Hasbro, Inc. | $ 58.2 | $ (22.1) |
Insider Trading Arrangements
| Insider Trading Arrangements | 3 Months Ended |
| Mar. 31, 2024 | |
| Trading Arrangements, by Individual | |
| Rule 10b5-1 Arrangement Adopted | false |
| Non-Rule 10b5-1 Arrangement Adopted | false |
| Rule 10b5-1 Arrangement Terminated | false |
| Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
| Basis of Presentation (Policies) | 3 Months Ended |
| Mar. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the consolidated financial position of Hasbro, Inc. and all consolidated subsidiaries ("Hasbro" or the "Company") as of March 31, 2024, April 2, 2023, and December 31, 2023, and the results of its operations and cash flows and shareholders' equity for the periods ended March 31, 2024 and April 2, 2023 in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and condensed notes thereto. Actual results could differ from those estimates. |
| Recently Adopted Accounting Standards and Issued Accounting Pronouncements | Recently Adopted Accounting Standards During the quarter ended March 31, 2024, there were no recently adopted accounting standards that had a material effect on the Company’s financial statements. Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . The amendments in this update enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. The standard did not change the definition of a segment, the method for determining segments or the criteria for aggregating operating segments into reportable segments. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Retrospective adoption is required for all prior periods presented in the financial statements. We are assessing the impact of this ASU and upon adoption expect that any impact would be limited to additional segment expense disclosures in the footnotes to our consolidated financial statements. We expect to adopt the standard beginning with our 2024 Form 10-K. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements in Income Tax Disclosures . The amendments in this update enhance the transparency and decision usefulness of income tax disclosures. This amendment requires public companies to disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. Additionally, under the amendment, entities are required to disclose the amount of income taxes paid disaggregated by federal, state and foreign taxes, as well as disaggregated by material individual jurisdictions. Finally, the amendment requires entities to disclose income from continuing operations before income tax expense disaggregated between domestic and foreign and income tax expense from continuing operations disaggregated by federal, state and foreign. The new rules are effective for annual periods beginning after December 15, 2024. We are currently assessing the impact of this ASU on our consolidated financial statements. |
| Revenue Recognition | Revenue is recognized when control of the promised goods, functional intellectual property or production is transferred to the customers or licensees, in an amount that reflects the consideration the Company expects to be entitled to in exchange for transferring those goods. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of consideration is probable. The majority of the Company’s revenues are derived from sales of finished products to customers. See note 1 of the Company's 2023 Annual Report for the Company's revenue recognition accounting policy. Contract Assets and Liabilities In the ordinary course of business, the Company’s Consumer Products, Wizards of the Coast and Digital Gaming and Entertainment segments enter into contracts to license certain of the Company’s intellectual property, providing licensees right-to-use or access such intellectual property for use in the production and sale of consumer products and digital game development, and for use within content for distribution over streaming platforms and for television and film. The Company also licenses owned television and film content for distribution to third parties in formats that include broadcast, digital streaming and theatrical. Through these arrangements, the Company may receive advanced royalty payments from licensees, either in advance of a licensees’ subsequent sales to customers or, prior to the completion of the Company’s performance obligation. In addition, the Company’s Wizards of the Coast and Digital Gaming segment may receive advanced payments from end users of its digital games at the time of the initial purchase, through in-application purchases or through subscription services. These digital gaming revenues are recognized over a period of time, determined based on player usage patterns or the estimated playing life of the user, or when additional downloadable content is made available, or as with subscription services, ratably over the subscription term. The Company defers revenues on all licensee and digital gaming advanced payments until the respective performance obligations are satisfied. The Company records the aggregate deferred revenues as contract liabilities, with the current portion recorded within Accrued liabilities and the long-term portion recorded as Other non-current liabilities in the Company’s Consolidated Balance Sheets. The Company records contract assets, primarily related to (1) minimum guarantees being recognized in advance of contractual invoicing, which are recognized ratably over the terms of the respective license periods, and (2) film and television distribution revenues recorded for content delivered, where payment will occur over the license term. The current portion of contract assets is recorded in Prepaid expenses and Other current assets and the long-term portion is recorded within Other long-term assets. Disaggregation of revenues The Company disaggregates its revenues from contracts with customers by reportable segment: Consumer Products, Wizards of the Coast and Digital Gaming, and Entertainment. The Company further disaggregates revenues within its Consumer Products segment by major geographic region: North America, Europe, Latin America, and Asia Pacific; within its Wizards of the Coast and Digital Gaming segment by category: Tabletop Gaming and Digital and Licensed Gaming; and within its Entertainment segment by category: Film & TV, Family Brands, and Other. Finally, the Company disaggregates its revenues by brand portfolio into three brand categories: Franchise Brands, Partner Brands and Portfolio Brands. We believe these collectively depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Effective in the first quarter of 2024, subsequent to the sale of the eOne Film and TV business (as defined in Note 3), the Company moved the remaining Non-Hasbro Branded Film & TV brands into Portfolio Brands to align with the Company's Brand Strategy. For comparability, net revenues for quarter ended April 2, 2023, has been reclassified to reflect the movement, resulting in a change of $0.1 million. |
Revenue Recognition (Tables)
| Revenue Recognition (Tables) | 3 Months Ended |
| Mar. 31, 2024 | |
| Revenue from Contract with Customer [Abstract] | |
| Schedule of Contract Assets and Liabilities | The changes in carrying amounts of contract assets and liabilities for the three months ended March 31, 2024 and April 2, 2023 are as follows: March 31, April 2, Assets Balance at beginning of the year $ 213.3 $ 594.4 Recognized in current year 60.8 213.8 Amounts reclassified to accounts receivable (54.8) (218.7) Foreign currency impact 0.3 7.7 Ending Balance $ 219.6 $ 597.2 Liabilities Balance at beginning of the year $ 230.8 $ 113.0 Recognized in current year 55.0 80.3 Amounts in beginning balance reclassified to revenue (22.1) (53.3) Current year amounts reclassified to revenue (22.0) (22.5) Foreign currency impact (10.1) (2.2) Ending Balance $ 231.6 $ 115.3 |
| Summary of Activity in Allowance for Credit Losses | A summary of the activity in the allowance for credit losses for the three months ended March 31, 2024 and April 2, 2023 are as follows: March 31, April 2, Balance at beginning of the year $ 12.7 $ 20.0 Charged to costs and expenses, net 0.7 1.3 Foreign currency impact (0.3) 0.4 Ending balance $ 13.1 $ 21.7 |
| Schedule of Operating Profit (Loss) by Segment | The following table represents consolidated Consumer Products segment net revenues by major geographic region for the quarters ended March 31, 2024 and April 2, 2023: Quarter Ended March 31, April 2, North America $ 239.1 $ 279.1 Europe 87.5 131.6 Asia Pacific 48.8 63.3 Latin America 37.6 46.4 Net revenues $ 413.0 $ 520.4 |
| Summary of Net Revenues by Geographic Regions | The following table represents consolidated Wizards of the Coast and Digital Gaming segment net revenues by category for the quarters ended March 31, 2024 and April 2, 2023: Quarter Ended March 31, April 2, Tabletop Gaming $ 228.2 $ 217.9 Digital and Licensed Gaming 88.1 77.3 Net revenues $ 316.3 $ 295.2 The following table represents consolidated Entertainment segment net revenues by category for the quarters ended March 31, 2024 and April 2, 2023: Quarter Ended March 31, April 2, Film and TV $ — $ 168.4 Family Brands 28.0 17.0 Net revenues $ 28.0 $ 185.4 The following table presents consolidated net revenues by brand portfolio for the quarters ended March 31, 2024 and April 2, 2023: Quarter Ended Net revenues March 31, April 2, Franchise Brands $ 606.5 $ 613.4 Partner Brands 87.7 132.7 Portfolio Brands 63.1 92.1 Non-Hasbro Branded Film & TV (1) — 162.8 Total $ 757.3 $ 1,001.0 (1) Net revenues from the Company's Non-Hasbro-branded Film and TV portfolio were associated with the Company's non-core eOne Film and TV business sold to Lionsgate during the fourth quarter of 2023. |
Earnings (Loss) Per Share (Tabl
| Earnings (Loss) Per Share (Tables) | 3 Months Ended |
| Mar. 31, 2024 | |
| Earnings Per Share [Abstract] | |
| Schedule of Earnings (Loss) Per Share | Net earnings (loss) per share data for the quarters ended March 31, 2024 and April 2, 2023 were computed as follows: Quarter Ended March 31, 2024 April 2, 2023 Net earnings (loss) attributable to Hasbro, Inc. $ 58.2 $ (22.1) Average shares outstanding 139.1 138.6 Effect of dilutive securities: Options and other share-based awards 0.2 — Equivalent Shares 139.3 138.6 Net earnings (loss) attributable to Hasbro, Inc. per common share Basic $ 0.42 $ (0.16) Diluted $ 0.42 $ (0.16) |
Goodwill (Tables)
| Goodwill (Tables) | 3 Months Ended |
| Mar. 31, 2024 | |
| Goodwill and Intangible Assets Disclosure [Abstract] | |
| Schedule of Goodwill | Changes in the carrying amount of goodwill, by operating segment, for the quarters ended March 31, 2024 and April 2, 2023 are as follows: Consumer Products Wizards of the Coast and Digital Gaming Entertainment Total 2024 Balance as of December 31, 2023 (1) $ 1,582.3 $ 371.7 $ 325.2 $ 2,279.2 Foreign exchange translation (0.1) (0.2) (0.1) (0.4) Balance as of March 31, 2024 $ 1,582.2 $ 371.5 $ 325.1 $ 2,278.8 Consumer Products Wizards of the Coast and Digital Gaming Entertainment Total 2023 Balance as of December 25, 2022 $ 1,584.7 $ 371.5 $ 1,513.9 $ 3,470.1 Foreign exchange translation — — — — Balance as of April 2, 2023 (1) $ 1,584.7 $ 371.5 $ 1,513.9 $ 3,470.1 (1) During the second and fourth quarters of 2023, the Company recorded $231.2 million and $960.0 million of non-cash goodwill impairments charges, respectively, within the Entertainment segment. See further detail in the 2023 Annual Report. |
Other Comprehensive Earnings _2
| Other Comprehensive Earnings (Loss) (Tables) | 3 Months Ended |
| Mar. 31, 2024 | |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |
| Schedule of Other Comprehensive Income (Loss), Tax Effect | The following table presents the related tax effects on changes in Other comprehensive earnings (loss) for the quarters ended March 31, 2024 and April 2, 2023. Quarter Ended March 31, April 2, Other comprehensive earnings (loss), tax effect: Tax benefit on cash flow hedging activities $ — $ 1.2 Reclassifications to earnings, tax effect: Tax (benefit) expense on cash flow hedging activities (0.2) 0.1 Total tax effect on other comprehensive earnings (loss) $ (0.2) $ 1.3 |
| Schedule of Accumulated Other Comprehensive Earnings (Loss), Net of Tax | Changes in the components of Accumulated other comprehensive earnings (loss), net of tax for the quarters ended March 31, 2024 and April 2, 2023 are as follows: Pension and Gains Unrealized Foreign Total 2024 Balance at December 31, 2023 $ (4.2) $ (16.8) $ (0.1) $ (180.4) $ (201.5) Current period other comprehensive earnings (loss) — 2.2 — (4.0) (1.8) Balance at March 31, 2024 $ (4.2) $ (14.6) $ (0.1) $ (184.4) $ (203.3) 2023 Balance at December 25, 2022 $ (3.0) $ (12.0) $ (0.1) $ (239.8) $ (254.9) Current period other comprehensive earnings (loss) (0.1) (6.7) — 24.3 17.5 Balance at April 2, 2023 $ (3.1) $ (18.7) $ (0.1) $ (215.5) $ (237.4) |
Additional Balance Sheet Info_2
| Additional Balance Sheet Information (Tables) | 3 Months Ended |
| Mar. 31, 2024 | |
| Payables and Accruals [Abstract] | |
| Schedule of Accrued Liabilities | Components of Accrued liabilities for the periods ended March 31, 2024, April 2, 2023 and December 31, 2023 were as follows: March 31, April 2, December 31, 2023 Royalties $ 255.6 $ 131.0 $ 286.8 Deferred revenue 103.5 113.7 101.6 Lag and cancellation charges 112.0 84.6 118.9 Dividends 97.4 97.0 97.2 Severance 75.7 82.4 83.7 Accrued income taxes 59.0 33.5 61.6 Other taxes 45.8 71.6 68.7 Interest 38.1 40.8 29.9 General vendor accruals 34.9 50.1 51.9 Participations and residuals 33.7 275.7 34.0 Advertising 33.3 36.7 45.0 Lease liability - current 29.1 37.9 30.5 Payroll and management incentives 21.9 15.4 85.6 Defined contributions plans 18.9 23.2 29.7 Freight 17.0 22.7 22.9 Insurance 14.6 12.8 13.3 Professional fees 10.0 10.4 12.4 Accrued expenses - IIP & IIC 0.7 60.6 0.7 Other 36.8 93.7 41.4 Total accrued liabilities $ 1,038.0 $ 1,293.8 $ 1,215.8 |
Debt (Tables)
| Debt (Tables) | 3 Months Ended |
| Mar. 31, 2024 | |
| Debt Disclosure [Abstract] | |
| Schedule of Long-term Borrowings | The carrying costs, which are equal to the outstanding principal amounts, and fair values of the Company's long-term borrowings as of March 31, 2024, April 2, 2023 and December 31, 2023 are as follows: March 31, 2024 April 2, 2023 December 31, 2023 Carrying Fair Carrying Fair Carrying Fair 3.90% Notes Due 2029 $ 900.0 $ 835.3 $ 900.0 $ 817.3 $ 900.0 $ 839.8 3.55% Notes Due 2026 675.0 643.8 675.0 634.2 675.0 641.0 3.00% Notes Due 2024 500.0 491.0 500.0 482.8 500.0 488.4 6.35% Notes Due 2040 500.0 511.5 500.0 501.7 500.0 520.1 3.50% Notes Due 2027 500.0 470.7 500.0 470.8 500.0 472.2 5.10% Notes Due 2044 300.0 257.3 300.0 261.2 300.0 271.6 6.60% Debentures Due 2028 109.9 114.8 109.9 112.8 109.9 116.0 Variable % Notes Due December 30, 2024 (1) — — 280.0 280.0 — — Production Financing Facilities (2) — — 49.0 49.0 — — Total long-term debt $ 3,484.9 $ 3,324.4 $ 3,813.9 $ 3,609.8 $ 3,484.9 $ 3,349.1 Less: Deferred debt expenses 18.0 — 22.5 — 19.1 — Less: Current portion 500.0 — 109.0 — 500.0 — Long-term debt $ 2,966.9 $ 3,324.4 $ 3,682.4 $ 3,609.8 $ 2,965.8 $ 3,349.1 (1 ) During the fourth quarter of 2023, the Company paid the remaining principal balance of the Variable % Notes Due December 30, 2024. (2) The Company's production financing facilities were assumed by Lionsgate effective upon the closing of the sale of the eOne Film and TV business in the fourth quarter of 2023. See note 3 for additional information. |
Investments in Productions an_2
| Investments in Productions and Investments in Acquired Content Rights (Tables) | 3 Months Ended |
| Mar. 31, 2024 | |
| Other Industries [Abstract] | |
| Schedule of Program Production Costs | The Company's unamortized investments in productions and investments in acquired content rights consisted of the following at March 31, 2024, April 2, 2023, and December 31, 2023: March 31, April 2, December 31, 2023 (1) Investment in Films and Television Programs: Individual Monetization Released, net of amortization $ 60.3 $ 613.3 $ 74.7 Completed and not released — 53.0 5.1 In production 27.3 85.8 27.1 Pre-production 8.5 126.4 10.4 96.1 878.5 117.3 Film/TV Group Monetization Released, net of amortization 25.4 17.6 26.0 In production 24.3 24.0 23.6 49.7 41.6 49.6 Investment in Other Programming Released, net of amortization 13.7 13.2 16.1 In production 5.1 8.2 0.8 Pre-production 0.7 3.9 0.8 19.5 25.3 17.7 Total Program Investments $ 165.3 $ 945.4 $ 184.6 (1) Investments in productions and investments in acquired content totaling $734.8 million were removed from the Company's balance sheet as of December 31, 2023, in connection with the sale of the eOne Film and TV business completed on December 27, 2023. See note 3 for additional information. |
| Schedule of Program Cost Amortization | The Company recorded $8.1 million of program cost amortization related to released programming during the quarter ended March 31, 2024, consisting of the following: Quarter Ended March 31, April 2, Investment in production $ 8.1 $ 110.9 Investment in content — 11.6 Total program cost amortization $ 8.1 $ 122.5 |
Fair Value of Financial Instr_2
| Fair Value of Financial Instruments (Tables) | 3 Months Ended |
| Mar. 31, 2024 | |
| Fair Value Disclosures [Abstract] | |
| Schedule of Fair Value Hierarchy | At March 31, 2024, April 2, 2023 and December 31, 2023, the Company had the following assets and liabilities measured at fair value in its Consolidated Balance Sheets (excluding assets for which the fair value is measured using net asset value per share): Fair Value Measurements Using: Fair Quoted Significant Significant March 31, 2024 Assets: Available-for-sale securities (1) $ 0.8 $ 0.8 $ — $ — Derivatives 8.5 — 8.5 — Total assets $ 9.3 $ 0.8 $ 8.5 $ — Liabilities: Derivatives $ 2.9 $ — $ 2.9 $ — Option agreement 1.7 — — 1.7 Total liabilities $ 4.6 $ — $ 2.9 $ 1.7 April 2, 2023 Assets: Available-for-sale securities (1) $ 1.3 $ 1.3 $ — $ — Derivatives 3.2 — 3.2 — Total assets $ 4.5 $ 1.3 $ 3.2 $ — Liabilities: Derivatives $ 5.2 $ — $ 5.2 $ — Option agreement 1.7 — — 1.7 Total liabilities $ 6.9 $ — $ 5.2 $ 1.7 December 31, 2023 Assets: Available-for-sale securities (1) $ 1.1 $ 1.1 $ — $ — Derivatives 0.7 — 0.7 — Total assets $ 1.8 $ 1.1 $ 0.7 $ — Liabilities: Derivatives $ 3.9 $ — $ 3.9 $ — Option agreement 1.7 — — 1.7 Total Liabilities $ 5.6 $ — $ 3.9 $ 1.7 (1) |
Derivative Financial Instrume_2
| Derivative Financial Instruments (Tables) | 3 Months Ended |
| Mar. 31, 2024 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Schedule of Cash Flow Hedging Instruments | At March 31, 2024, April 2, 2023 and December 31, 2023, the notional amounts and fair values of the Company's foreign currency forward contracts designated as cash flow hedging instruments were as follows: March 31, 2024 April 2, 2023 December 31, 2023 Hedged transaction Notional Fair Notional Fair Notional Fair Inventory purchases $ 151.2 $ 0.3 $ 141.5 $ (5.1) $ 129.9 $ (1.7) Sales 75.3 (0.2) 74.5 0.4 89.7 (0.2) Production financing and other 30.7 (1.1) 123.7 0.8 31.7 (0.5) Total $ 257.2 $ (1.0) $ 339.7 $ (3.9) $ 251.3 $ (2.4) |
| Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The fair values of the Company's foreign currency forward contracts designated as cash flow hedges are recorded in the Consolidated Balance Sheets at March 31, 2024, April 2, 2023 and December 31, 2023 as follows: March 31, April 2, December 31, Prepaid expenses and other current assets Unrealized gains $ 2.4 $ 2.7 $ 0.5 Unrealized losses (0.8) (1.8) (0.1) Net unrealized gains $ 1.6 $ 0.9 $ 0.4 Other Assets Unrealized gains $ 0.1 $ — $ — Net unrealized gains $ 0.1 $ — $ — Accrued liabilities Unrealized gains $ 1.4 $ 2.5 $ 0.7 Unrealized losses (4.1) (7.3) (3.5) Net unrealized losses $ (2.7) $ (4.8) $ (2.8) |
| 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 (loss) to net earnings for the quarters ended March 31, 2024 and April 2, 2023 as follows: Quarter Ended March 31, April 2, Statements of Operations Classification Cost of sales $ 0.1 $ 2.5 Net revenues (0.1) 0.1 Other (0.1) (0.2) Net realized (losses) gains $ (0.1) $ 2.4 |
| Schedule of Fair Values of Undesignated Derivative Financial Instruments | At March 31, 2024, April 2, 2023 and December 31, 2023, the fair values of the Company's undesignated derivative financial instruments were recorded in the Consolidated Balance Sheets as follows: March 31, April 2, December 31, Prepaid expenses and other current assets Unrealized gains $ 7.0 $ 6.5 $ 0.3 Unrealized losses (0.2) (4.3) — Net unrealized gains $ 6.8 $ 2.2 $ 0.3 Accrued liabilities Unrealized gains $ — $ — $ 1.4 Unrealized losses (0.2) (0.3) (2.5) Net unrealized losses $ (0.2) $ (0.3) $ (1.1) |
Restructuring Actions (Tables)
| Restructuring Actions (Tables) | 3 Months Ended |
| Mar. 31, 2024 | |
| Restructuring and Related Activities [Abstract] | |
| Schedule of Restructuring and Related Costs | As of March 31, 2024, the liability balance associated with the Program related restructuring actions consisted of severance payments recorded within Other accrued liabilities in the Consolidated Balance Sheets as follows: Quarter Ended Operational Excellence March 31, April 2, Balance at beginning of the year $ 81.2 $ 84.9 Charges 5.7 — Payments (14.3) (16.2) Ending Balance $ 72.6 $ 68.7 The following table presents the restructuring charges incurred to date under the Program, along with the estimated charges expected to be incurred on approved initiatives under the Programs as of March 31, 2024: Operational Excellence Total Charges incurred to date $ 138.0 Estimated charges to be incurred on approved initiatives — Total expected charges on approved initiatives $ 138.0 |
Segment Reporting (Tables)
| Segment Reporting (Tables) | 3 Months Ended |
| Mar. 31, 2024 | |
| Segment Reporting [Abstract] | |
| Schedule of Information by Segment and Reconciliation to Reported Amounts | Information by segment and a reconciliation to reported amounts for the quarters ended March 31, 2024 and April 2, 2023 are as follows: Quarter Ended March 31, April 2, Net revenues: Consumer Products $ 413.0 $ 520.4 Wizards of the Coast and Digital Gaming 316.3 295.2 Entertainment 28.0 185.4 Corporate and Other — — Total net revenues: $ 757.3 $ 1,001.0 Intercompany revenues: (b) Consumer Products $ 39.3 $ 73.3 Wizards of the Coast and Digital Gaming 37.9 47.8 Entertainment 8.5 13.1 Corporate and Other (85.7) (134.2) Total intercompany revenues: $ — $ — Operating profit (loss): Consumer Products $ (46.9) $ (46.0) Wizards of the Coast and Digital Gaming 122.8 76.8 Entertainment (a) 5.8 (8.7) Corporate and Other (a) (c) 34.5 (4.2) Total Operating profit 116.2 17.9 Interest expense 38.5 46.3 Interest income (8.3) (6.0) Other non-operating expense (income) 5.0 (1.4) Earnings (loss) before income taxes $ 81.0 $ (21.0) (a) Certain long-term assets, including property, plant and equipment, goodwill and other intangibles, which benefit multiple operating segments, are included in both Entertainment and Corporate and Other. Allocations of certain Corporate and Other expenses, related to these assets are made to the individual operating segments at the beginning of the year based on budgeted amounts. Any differences between actual and budgeted amounts are reflected in Corporate and Other because allocations are translated from the U.S. Dollar to local currency at budgeted rates when recorded. Corporate and Other also includes the elimination of inter-company balance sheet amounts. (b) Amounts represent revenues from transactions with other operating segments that are included in the operating profit (loss) of the segment. (c) Corporate and Other Operating profit (loss) includes Operational Excellence related transformation office and consulting fees of $5.2 million and $10.6 million, for the quarters ended March 31, 2024 and April 2, 2023, respectively, which are recorded within Selling, distribution and administration costs within the Consolidated Statements of Operations. Third party consultants were engaged to assist the Company in performing a comprehensive review of operations and developing a transformation plan designed to support the organization in identifying, realizing, and capturing savings through the identification of organizational initiatives intended to create efficiencies and improve business processes and operations. The consultants assisted in providing benchmark data and are currently assisting with the design of an improved operating model and supply chain function. The Company expects this consulting assistance to conclude within 2024 in line with the planning stages of the final components of the transformation plan. |
Basis of Presentation - Additio
| Basis of Presentation - Additional Information (Details) $ in Millions | 3 Months Ended |
| Mar. 31, 2024 USD ($) | |
| Revision of Prior Period, Error Correction, Adjustment | Performance Shares | |
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
| Reversal of stock compensation expense | $ 18.1 |
Revenue Recognition - Contract
| Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Assets | ||
| Balance at beginning of the year | $ 213.3 | $ 594.4 |
| Recognized in current year | 60.8 | 213.8 |
| Amounts reclassified to accounts receivable | (54.8) | (218.7) |
| Foreign currency impact | 0.3 | 7.7 |
| Ending Balance | 219.6 | 597.2 |
| Liabilities | ||
| Balance at beginning of the year | 230.8 | 113 |
| Recognized in current year | 55 | 80.3 |
| Amounts in beginning balance reclassified to revenue | (22.1) | (53.3) |
| Current year amounts reclassified to revenue | (22) | (22.5) |
| Foreign currency impact | (10.1) | (2.2) |
| Ending Balance | $ 231.6 | $ 115.3 |
Revenue Recognition - Accounts
| Revenue Recognition - Accounts Receivable and Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
| Balance at beginning of the year | $ 12.7 | $ 20 |
| Charged to costs and expenses, net | 0.7 | 1.3 |
| Foreign currency impact | (0.3) | 0.4 |
| Ending balance | $ 13.1 | $ 21.7 |
Revenue Recognition - Additiona
| Revenue Recognition - Additional Information (Details) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 USD ($) brand_category | Apr. 02, 2023 USD ($) | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
| Revenue, remaining performance obligation, amount | $ 2.1 | |
| Number of brand categories | brand_category | 3 | |
| Net revenues | $ 757.3 | $ 1,001 |
| Non-Hasbro Branded Film & TV brands | ||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
| Net revenues | $ 0.1 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | ||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
| Revenue, remaining performance obligation, amount | $ 1.9 | |
| Revenue, remaining performance obligation, period | 9 months | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-30 | ||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
| Revenue, remaining performance obligation, amount | $ 0.2 | |
| Revenue, remaining performance obligation, period | 1 year | |
Revenue Recognition - Net Reven
| Revenue Recognition - Net Revenues by Geographic Regions (Details) - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Revenue from External Customer [Line Items] | ||
| Net revenues | $ 757.3 | $ 1,001 |
| Consumer Products | Operating Segments | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | 413 | 520.4 |
| North America | Consumer Products | Operating Segments | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | 239.1 | 279.1 |
| Europe | Consumer Products | Operating Segments | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | 87.5 | 131.6 |
| Asia Pacific | Consumer Products | Operating Segments | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | 48.8 | 63.3 |
| Latin America | Consumer Products | Operating Segments | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | $ 37.6 | $ 46.4 |
Revenue Recognition - Net Rev_2
| Revenue Recognition - Net Revenues by Category (Details) - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Revenue from External Customer [Line Items] | ||
| Net revenues | $ 757.3 | $ 1,001 |
| Wizards of the Coast and Digital Gaming | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | 316.3 | 295.2 |
| Entertainment | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | 28 | 185.4 |
| Tabletop Gaming | Wizards of the Coast and Digital Gaming | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | 228.2 | 217.9 |
| Digital and Licensed Gaming | Wizards of the Coast and Digital Gaming | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | 88.1 | 77.3 |
| Film and TV | Entertainment | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | 0 | 168.4 |
| Family Brands | Entertainment | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | $ 28 | $ 17 |
Revenue Recognition - Net Rev_3
| Revenue Recognition - Net Revenues by Brand Portfolio (Details) - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Revenue from External Customer [Line Items] | ||
| Net revenues | $ 757.3 | $ 1,001 |
| Franchise Brands | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | 606.5 | 613.4 |
| Partner Brands | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | 87.7 | 132.7 |
| Portfolio Brands | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | 63.1 | 92.1 |
| Non-Hasbro Branded Film & TV | ||
| Revenue from External Customer [Line Items] | ||
| Net revenues | $ 0 | $ 162.8 |
Sale of Non-Core Entertainmen_2
| Sale of Non-Core Entertainment One Film and TV Business - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
| Dec. 27, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Loss on disposal of business | $ 9.1 | $ 0 | |
| eOne Film and TV | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
| Aggregate sales price | $ 375 | ||
| Loss on disposal of business | 539 | ||
| Pre-tax cash transaction expenses | $ 35.1 | ||
Earnings (Loss) Per Share - Sch
| Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Earnings Per Share [Abstract] | ||
| Net earnings (loss) attributable to Hasbro, Inc. | $ 58.2 | $ (22.1) |
| Average shares outstanding, basic (in shares) | 139.1 | 138.6 |
| Options and other share-based awards (in shares) | 0.2 | 0 |
| Equivalent shares, diluted (in shares) | 139.3 | 138.6 |
| Net earnings (loss) per common share, basic (in dollars per share) | $ 0.42 | $ (0.16) |
| Net earnings (loss) per common share, diluted (in dollars per share) | $ 0.42 | $ (0.16) |
Earnings (Loss) Per Share - Add
| Earnings (Loss) Per Share - Additional Information (Details) - shares shares in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Antidilutive securities excluded from computation of earnings per share, shares would have been included if no net loss (in shares) | 2 | |
| Antidilutive securities excluded from computation of earnings per share, amount, treasury stock method (in shares) | 0.1 | |
| Employee stock option and restricted stock units | ||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
| Antidilutive securities excluded from computation of earnings per share (in shares) | 2.6 | 4.2 |
Goodwill - Schedule of Goodwill
| Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | |||
| Mar. 31, 2024 | Dec. 31, 2023 | Jul. 02, 2023 | Apr. 02, 2023 | |
| Goodwill [Roll Forward] | ||||
| Beginning balance | $ 2,279.2 | $ 3,470.1 | $ 3,470.1 | |
| Foreign exchange translation | (0.4) | 0 | ||
| Ending balance | 2,278.8 | $ 2,279.2 | 3,470.1 | |
| Impairment during the period | 960 | 231.2 | ||
| Consumer Products | ||||
| Goodwill [Roll Forward] | ||||
| Beginning balance | 1,582.3 | 1,584.7 | 1,584.7 | |
| Foreign exchange translation | (0.1) | 0 | ||
| Ending balance | 1,582.2 | 1,582.3 | 1,584.7 | |
| Wizards of the Coast and Digital Gaming | ||||
| Goodwill [Roll Forward] | ||||
| Beginning balance | 371.7 | 371.5 | 371.5 | |
| Foreign exchange translation | (0.2) | 0 | ||
| Ending balance | 371.5 | 371.7 | 371.5 | |
| Entertainment | ||||
| Goodwill [Roll Forward] | ||||
| Beginning balance | 325.2 | $ 1,513.9 | 1,513.9 | |
| Foreign exchange translation | (0.1) | 0 | ||
| Ending balance | $ 325.1 | $ 325.2 | $ 1,513.9 | |
Other Comprehensive Earnings _3
| Other Comprehensive Earnings (Loss) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Other comprehensive earnings (loss), tax effect: | ||
| Tax benefit on cash flow hedging activities | $ 0 | $ 1.2 |
| Reclassifications to earnings, tax effect: | ||
| Tax (benefit) expense on cash flow hedging activities | (0.2) | 0.1 |
| Total tax effect on other comprehensive earnings (loss) | $ (0.2) | $ 1.3 |
Other Comprehensive Earnings _4
| Other Comprehensive Earnings (Loss) - Schedule of Accumulated Other Comprehensive Earnings (Loss), Net of Tax (Details) - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
| Beginning balance | $ 1,087 | $ 2,861.9 |
| Current period other comprehensive earnings (loss) | (1.8) | 17.5 |
| Ending balance | 1,029.9 | 2,758.7 |
| Pension and Postretirement Amounts | ||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
| Beginning balance | (4.2) | (3) |
| Current period other comprehensive earnings (loss) | 0 | (0.1) |
| Ending balance | (4.2) | (3.1) |
| Gains (Losses) on Derivative Instruments | ||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
| Beginning balance | (16.8) | (12) |
| Current period other comprehensive earnings (loss) | 2.2 | (6.7) |
| Ending balance | (14.6) | (18.7) |
| Unrealized Holding Gains (Losses) on Available- for-Sale Securities | ||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
| Beginning balance | (0.1) | (0.1) |
| Current period other comprehensive earnings (loss) | 0 | 0 |
| Ending balance | (0.1) | (0.1) |
| Foreign Currency Translation Adjustments | ||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
| Beginning balance | (180.4) | (239.8) |
| Current period other comprehensive earnings (loss) | (4) | 24.3 |
| Ending balance | (184.4) | (215.5) |
| Accumulated Other Comprehensive Loss | ||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
| Beginning balance | (201.5) | (254.9) |
| Current period other comprehensive earnings (loss) | (1.8) | 17.5 |
| Ending balance | $ (203.3) | $ (237.4) |
Other Comprehensive Earnings _5
| Other Comprehensive Earnings (Loss) - - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
| Mar. 31, 2024 | Apr. 02, 2023 | Mar. 28, 2021 | Dec. 31, 2023 | Dec. 27, 2020 | |
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Accumulated other comprehensive loss | $ 203.3 | $ 237.4 | $ 201.5 | ||
| Net losses expected to be reclassified within next 12 months | $ 0.9 | ||||
| 3.15% Notes Due 2021 | |||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Debt stated interest rate | 3.15% | ||||
| Repayments of debt | $ 300 | ||||
| 5.10% Notes Due 2044 | |||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Debt stated interest rate | 5.10% | ||||
| Interest Rate Contract | Interest Expense | |||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Deferred losses reclassified from AOCE to net earnings | $ 0.2 | $ 0.2 | |||
| Gains (Losses) on Derivative Instruments | Foreign Exchange Forward | |||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Accumulated other comprehensive loss | 0.6 | ||||
| Gains (Losses) on Derivative Instruments | Interest Rate Contract | |||||
| Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||||
| Accumulated other comprehensive loss | $ 13.8 | ||||
Additional Balance Sheet Info_3
| Additional Balance Sheet Information - Components of Accrued liabilities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 02, 2023 |
| Payables and Accruals [Abstract] | |||
| Royalties | $ 255.6 | $ 286.8 | $ 131 |
| Deferred revenue | 103.5 | 101.6 | 113.7 |
| Lag and cancellation charges | 112 | 118.9 | 84.6 |
| Dividends | 97.4 | 97.2 | 97 |
| Severance | 75.7 | 83.7 | 82.4 |
| Accrued income taxes | 59 | 61.6 | 33.5 |
| Other taxes | 45.8 | 68.7 | 71.6 |
| Interest | 38.1 | 29.9 | 40.8 |
| General vendor accruals | 34.9 | 51.9 | 50.1 |
| Participations and residuals | 33.7 | 34 | 275.7 |
| Advertising | 33.3 | 45 | 36.7 |
| Lease liability - current | $ 29.1 | $ 30.5 | $ 37.9 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total accrued liabilities | Total accrued liabilities | Total accrued liabilities |
| Payroll and management incentives | $ 21.9 | $ 85.6 | $ 15.4 |
| Defined contributions plans | 18.9 | 29.7 | 23.2 |
| Freight | 17 | 22.9 | 22.7 |
| Insurance | 14.6 | 13.3 | 12.8 |
| Professional fees | 10 | 12.4 | 10.4 |
| Accrued expenses - IIP & IIC | 0.7 | 0.7 | 60.6 |
| Other | 36.8 | 41.4 | 93.7 |
| Total accrued liabilities | $ 1,038 | $ 1,215.8 | $ 1,293.8 |
Additional Balance Sheet Info_4
| Additional Balance Sheet Information - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 02, 2023 |
| Payables and Accruals [Abstract] | |||
| Prepaid Expenses and other current assets | $ 127.3 | $ 85.6 | $ 423 |
| Content assets | 165.3 | 162.8 | 950.2 |
| Other Assets | |||
| Other Assets [Line Items] | |||
| Deferred income tax assets | $ 406.3 | $ 427.9 | $ 263.5 |
Debt - Long-term Debt Instrumen
| Debt - Long-term Debt Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 02, 2023 |
| Debt Instrument [Line Items] | |||
| Carrying Cost | $ 3,484.9 | $ 3,484.9 | $ 3,813.9 |
| Less: Deferred debt expenses | 18 | 19.1 | 22.5 |
| Current portion of long-term debt | 500 | 500 | 109 |
| Long-term debt, carrying cost | 2,966.9 | 2,965.8 | 3,682.4 |
| Fair Value | 3,324.4 | 3,349.1 | 3,609.8 |
| Long-term debt, fair value | $ 3,324.4 | 3,349.1 | 3,609.8 |
| 3.90% Notes Due 2029 | |||
| Debt Instrument [Line Items] | |||
| Debt stated interest rate | 3.90% | ||
| Carrying Cost | $ 900 | 900 | 900 |
| Fair Value | $ 835.3 | 839.8 | 817.3 |
| 3.55% Notes Due 2026 | |||
| Debt Instrument [Line Items] | |||
| Debt stated interest rate | 3.55% | ||
| Carrying Cost | $ 675 | 675 | 675 |
| Fair Value | $ 643.8 | 641 | 634.2 |
| 3.00% Notes Due 2024 | |||
| Debt Instrument [Line Items] | |||
| Debt stated interest rate | 3% | ||
| Carrying Cost | $ 500 | 500 | 500 |
| Fair Value | $ 491 | 488.4 | 482.8 |
| 6.35% Notes Due 2040 | |||
| Debt Instrument [Line Items] | |||
| Debt stated interest rate | 6.35% | ||
| Carrying Cost | $ 500 | 500 | 500 |
| Fair Value | $ 511.5 | 520.1 | 501.7 |
| 3.50% Notes Due 2027 | |||
| Debt Instrument [Line Items] | |||
| Debt stated interest rate | 3.50% | ||
| Carrying Cost | $ 500 | 500 | 500 |
| Fair Value | $ 470.7 | 472.2 | 470.8 |
| 5.10% Notes Due 2044 | |||
| Debt Instrument [Line Items] | |||
| Debt stated interest rate | 5.10% | ||
| Carrying Cost | $ 300 | 300 | 300 |
| Fair Value | $ 257.3 | 271.6 | 261.2 |
| 6.60% Debentures Due 2028 | |||
| Debt Instrument [Line Items] | |||
| Debt stated interest rate | 6.60% | ||
| Carrying Cost | $ 109.9 | 109.9 | 109.9 |
| Fair Value | 114.8 | 116 | 112.8 |
| Variable % Notes Due December 30, 2024 | |||
| Debt Instrument [Line Items] | |||
| Carrying Cost | 0 | 0 | 280 |
| Fair Value | 0 | 0 | 280 |
| Production Financing Facilities | |||
| Debt Instrument [Line Items] | |||
| Carrying Cost | 0 | 0 | 49 |
| Fair Value | $ 0 | $ 0 | $ 49 |
Debt - Additional Information (
| Debt - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Apr. 02, 2023 |
| Debt Instrument [Line Items] | ||||
| Supplier finance program, obligation | $ 47.7 | $ 43.3 | $ 66 | |
| Supplier Finance Program, Obligation, Statement of Financial Position [Extensible Enumeration] | Accounts payable | Accounts payable | ||
| Revolving Credit Facility | Amended Revolving Credit Agreement | ||||
| Debt Instrument [Line Items] | ||||
| Line of credit facility, maximum borrowing capacity | $ 1,250 | |||
| Potential additional incremental commitment | $ 500 |
Investments in Productions an_3
| Investments in Productions and Investments in Acquired Content Rights - Program Production Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
| Dec. 31, 2023 | Mar. 31, 2024 | Apr. 02, 2023 | |
| Individual Monetization | |||
| Released, net of amortization | $ 74.7 | $ 60.3 | $ 613.3 |
| Completed and not released | 5.1 | 0 | 53 |
| In production | 27.1 | 27.3 | 85.8 |
| Pre-production | 10.4 | 8.5 | 126.4 |
| Individual monetization, costs | 117.3 | 96.1 | 878.5 |
| Film/TV Group Monetization | |||
| Released, net of amortization | 26 | 25.4 | 17.6 |
| In production | 23.6 | 24.3 | 24 |
| Total film costs | 49.6 | 49.7 | 41.6 |
| Investment in Other Programming | |||
| Released, net of amortization | 16.1 | 13.7 | 13.2 |
| In production | 0.8 | 5.1 | 8.2 |
| Pre-production | 0.8 | 0.7 | 3.9 |
| Other programming costs | 17.7 | 19.5 | 25.3 |
| Total Program Investments | 184.6 | $ 165.3 | $ 945.4 |
| Productions and investments in acquired | $ 734.8 |
Investments in Productions an_4
| Investments in Productions and Investments in Acquired Content Rights - Program Costs Amortization (Details) - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Other Industries [Abstract] | ||
| Investment in production | $ 8.1 | $ 110.9 |
| Investment in content | 0 | 11.6 |
| Total program cost amortization | $ 8.1 | $ 122.5 |
Income Taxes - Additional Infor
| Income Taxes - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Income Tax Disclosure [Abstract] | ||
| Effective income tax rate | 27.10% | (3.40%) |
| Discrete income tax expense | $ 1.8 | $ 3.3 |
Fair Value of Financial Instr_3
| Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 02, 2023 |
| Assets: | |||
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets, Assets, Noncurrent, Excluding Property, Plant, And Equipment And Finance Lease Right-of-Use Asset, After Accumulated Depreciation And Amortization | Prepaid expenses and other current assets, Assets, Noncurrent, Excluding Property, Plant, And Equipment And Finance Lease Right-of-Use Asset, After Accumulated Depreciation And Amortization | Prepaid expenses and other current assets, Assets, Noncurrent, Excluding Property, Plant, And Equipment And Finance Lease Right-of-Use Asset, After Accumulated Depreciation And Amortization |
| Fair value, recurring | |||
| Assets: | |||
| Available-for-sale securities | $ 0.8 | $ 1.1 | $ 1.3 |
| Derivatives | 8.5 | 0.7 | 3.2 |
| Total assets | 9.3 | 1.8 | 4.5 |
| Liabilities: | |||
| Derivatives | 2.9 | 3.9 | 5.2 |
| Option agreement | 1.7 | 1.7 | 1.7 |
| Total liabilities | 4.6 | 5.6 | 6.9 |
| Fair value, recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
| Assets: | |||
| Available-for-sale securities | 0.8 | 1.1 | 1.3 |
| Derivatives | 0 | 0 | 0 |
| Total assets | 0.8 | 1.1 | 1.3 |
| Liabilities: | |||
| Derivatives | 0 | 0 | 0 |
| Option agreement | 0 | 0 | 0 |
| Total liabilities | 0 | 0 | 0 |
| Fair value, recurring | Significant Other Observable Inputs (Level 2) | |||
| Assets: | |||
| Available-for-sale securities | 0 | 0 | 0 |
| Derivatives | 8.5 | 0.7 | 3.2 |
| Total assets | 8.5 | 0.7 | 3.2 |
| Liabilities: | |||
| Derivatives | 2.9 | 3.9 | 5.2 |
| Option agreement | 0 | 0 | 0 |
| Total liabilities | 2.9 | 3.9 | 5.2 |
| Fair value, recurring | Significant Unobservable Inputs (Level 3) | |||
| Assets: | |||
| Available-for-sale securities | 0 | 0 | 0 |
| Derivatives | 0 | 0 | 0 |
| Total assets | 0 | 0 | 0 |
| Liabilities: | |||
| Derivatives | 0 | 0 | 0 |
| Option agreement | 1.7 | 1.7 | 1.7 |
| Total liabilities | $ 1.7 | $ 1.7 | $ 1.7 |
Derivative Financial Instrume_3
| Derivative Financial Instruments - Schedule of Cash Flow Hedging Instruments (Details) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 02, 2023 |
| Derivative [Line Items] | |||
| Notional Amount | $ 257.2 | $ 251.3 | $ 339.7 |
| Fair Value | (1) | (2.4) | (3.9) |
| Inventory purchases | |||
| Derivative [Line Items] | |||
| Notional Amount | 151.2 | 129.9 | 141.5 |
| Fair Value | 0.3 | (1.7) | (5.1) |
| Sales | |||
| Derivative [Line Items] | |||
| Notional Amount | 75.3 | 89.7 | 74.5 |
| Fair Value | (0.2) | (0.2) | 0.4 |
| Production financing and other | |||
| Derivative [Line Items] | |||
| Notional Amount | 30.7 | 31.7 | 123.7 |
| Fair Value | $ (1.1) | $ (0.5) | $ 0.8 |
Derivative Financial Instrume_4
| Derivative Financial Instruments - Schedule of Foreign Currency Forward Contracts Designated as Cash Flow Hedges (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 02, 2023 |
| Derivatives, Fair Value [Line Items] | |||
| Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid expenses and other current assets, Assets, Noncurrent, Excluding Property, Plant, And Equipment And Finance Lease Right-of-Use Asset, After Accumulated Depreciation And Amortization | Prepaid expenses and other current assets, Assets, Noncurrent, Excluding Property, Plant, And Equipment And Finance Lease Right-of-Use Asset, After Accumulated Depreciation And Amortization | Prepaid expenses and other current assets, Assets, Noncurrent, Excluding Property, Plant, And Equipment And Finance Lease Right-of-Use Asset, After Accumulated Depreciation And Amortization |
| Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued liabilities | Accrued liabilities | Accrued liabilities |
| Designated as Hedging Instrument | Prepaid expenses and other current assets | |||
| Derivatives, Fair Value [Line Items] | |||
| Unrealized gains | $ 2.4 | $ 0.5 | $ 2.7 |
| Unrealized losses | (0.8) | (0.1) | (1.8) |
| Net unrealized gains | 1.6 | 0.4 | 0.9 |
| Designated as Hedging Instrument | Other Assets | |||
| Derivatives, Fair Value [Line Items] | |||
| Unrealized gains | 0.1 | 0 | 0 |
| Net unrealized gains | 0.1 | 0 | 0 |
| Designated as Hedging Instrument | Accrued liabilities | |||
| Derivatives, Fair Value [Line Items] | |||
| Unrealized gains | 1.4 | 0.7 | 2.5 |
| Unrealized losses | (4.1) | (3.5) | (7.3) |
| Net unrealized gains | $ (2.7) | $ (2.8) | $ (4.8) |
Derivative Financial Instrume_5
| Derivative Financial Instruments - Schedule of Net Gains (Losses) on Cash Flow Hedges Activities (Details) - Cash Flow Hedging - Foreign Exchange Forward - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Net realized (losses) gains | $ (0.1) | $ 2.4 |
| Cost of sales | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Net realized (losses) gains | 0.1 | 2.5 |
| Net revenues | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Net realized (losses) gains | (0.1) | 0.1 |
| Other | ||
| Derivative Instruments, Gain (Loss) [Line Items] | ||
| Net realized (losses) gains | $ (0.1) | $ (0.2) |
Derivative Financial Instrume_6
| Derivative Financial Instruments - Additional Information (Details) - Foreign Exchange Forward - Fair Value Hedging - USD ($) $ in Millions | 3 Months Ended | ||
| Mar. 31, 2024 | Apr. 02, 2023 | Dec. 31, 2023 | |
| Derivative [Line Items] | |||
| Net gains (losses) on derivative | $ 9.1 | $ 4.4 | |
| Not Designated as Hedging Instrument | |||
| Derivative [Line Items] | |||
| Notional amount | $ 328.6 | $ 723.3 | $ 340.5 |
Derivative Financial Instrume_7
| Derivative Financial Instruments - Fair Values of Undesignated Derivative Financial Instruments (Details) - Foreign Exchange Forward - Not Designated as Hedging Instrument - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 | Apr. 02, 2023 |
| Prepaid expenses and other current assets | |||
| Derivatives, Fair Value [Line Items] | |||
| Unrealized gains | $ 7 | $ 0.3 | $ 6.5 |
| Unrealized losses | (0.2) | 0 | (4.3) |
| Net unrealized gains | 6.8 | 0.3 | 2.2 |
| Accrued liabilities | |||
| Derivatives, Fair Value [Line Items] | |||
| Unrealized gains | 0 | 1.4 | 0 |
| Unrealized losses | (0.2) | (2.5) | (0.3) |
| Net unrealized gains | $ (0.2) | $ (1.1) | $ (0.3) |
Restructuring Actions - Additio
| Restructuring Actions - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |||
| Mar. 31, 2024 | Apr. 02, 2023 | Dec. 31, 2023 | Dec. 25, 2022 | |
| 2018 And 2020 Restructuring Actions | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring reserve | $ 1 | |||
| Payments for restructuring | 1.6 | |||
| Operational Excellence Program | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Restructuring reserve | 72.6 | $ 68.7 | $ 81.2 | $ 84.9 |
| Payments for restructuring | $ 14.3 | $ 16.2 | ||
| Operational Excellence Program | Minimum | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Expected positions eliminated, period | 18 months | |||
| Operational Excellence Program | Maximum | ||||
| Restructuring Cost and Reserve [Line Items] | ||||
| Expected positions eliminated, period | 24 months | |||
Restructuring Actions - Schedul
| Restructuring Actions - Schedule of Restructuring Action (Details) - Operational Excellence Program - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Restructuring Reserve [Roll Forward] | ||
| Balance at beginning of the year | $ 81.2 | $ 84.9 |
| Charges | 5.7 | 0 |
| Payments | (14.3) | (16.2) |
| Ending Balance | $ 72.6 | $ 68.7 |
Restructuring Actions - Sched_2
| Restructuring Actions - Schedule of Restructuring Charges (Details) - Operational Excellence Program $ in Millions | Mar. 31, 2024 USD ($) |
| Restructuring Cost and Reserve [Line Items] | |
| Charges incurred to date | $ 138 |
| Estimated charges to be incurred on approved initiatives | 0 |
| Total expected charges on approved initiatives | $ 138 |
Segment Reporting - Net Revenue
| Segment Reporting - Net Revenues by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Net revenues | $ 757.3 | $ 1,001 |
| Affiliate | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Net revenues | 0 | 0 |
| Corporate and Other | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Net revenues | 0 | 0 |
| Corporate and Other | Operational Excellence Program | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Transformation office and consulting fees | 5.2 | 10.6 |
| Corporate and Other | Affiliate | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Net revenues | (85.7) | (134.2) |
| Consumer Products | Operating Segments | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Net revenues | 413 | 520.4 |
| Consumer Products | Operating Segments | Affiliate | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Net revenues | 39.3 | 73.3 |
| Wizards of the Coast and Digital Gaming | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Net revenues | 316.3 | 295.2 |
| Wizards of the Coast and Digital Gaming | Operating Segments | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Net revenues | 316.3 | 295.2 |
| Wizards of the Coast and Digital Gaming | Operating Segments | Affiliate | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Net revenues | 37.9 | 47.8 |
| Entertainment | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Net revenues | 28 | 185.4 |
| Entertainment | Operating Segments | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Net revenues | 28 | 185.4 |
| Entertainment | Operating Segments | Affiliate | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Net revenues | $ 8.5 | $ 13.1 |
Segment Reporting - Operating P
| Segment Reporting - Operating Profit (Loss) by Segments (Details) - USD ($) $ in Millions | 3 Months Ended | |
| Mar. 31, 2024 | Apr. 02, 2023 | |
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Operating profit (loss): | $ 116.2 | $ 17.9 |
| Interest expense | 38.5 | 46.3 |
| Interest income | (8.3) | (6) |
| Other non-operating expense (income) | 5 | (1.4) |
| Earnings (loss) before income taxes | 81 | (21) |
| Corporate and Other | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Operating profit (loss): | 34.5 | (4.2) |
| Consumer Products | Operating Segments | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Operating profit (loss): | (46.9) | (46) |
| Wizards of the Coast and Digital Gaming | Operating Segments | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Operating profit (loss): | 122.8 | 76.8 |
| Entertainment | Operating Segments | ||
| Segment Reporting, Revenue Reconciling Item [Line Items] | ||
| Operating profit (loss): | $ 5.8 | $ (8.7) |