Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 30, 2018 | Feb. 08, 2019 | Jun. 29, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | HASBRO INC | ||
Entity Central Index Key | 46,080 | ||
Current Fiscal Year End Date | --12-30 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Public Float | $ 10,601,897,195 | ||
Entity Common Stock, Shares Outstanding | 125,842,470 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 30, 2018 | ||
Trading Symbol | HAS |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 1,182,371 | $ 1,581,234 |
Accounts receivable, less allowance for doubtful accounts of $9,100 in 2018 and $31,400 in 2017 | 1,188,052 | 1,405,399 |
Inventories | 443,383 | 433,293 |
Prepaid expenses and other current assets | 268,698 | 214,000 |
Total current assets | 3,082,504 | 3,633,926 |
Property, plant and equipment, net | 256,473 | 259,710 |
Other assets | ||
Goodwill | 485,881 | 573,063 |
Other intangibles, net | 693,842 | 217,382 |
Other | 744,288 | 605,902 |
Total other assets | 1,924,011 | 1,396,347 |
Total assets | 5,262,988 | 5,289,983 |
Current liabilities | ||
Short-term borrowings | 9,740 | 154,957 |
Accounts payable | 333,521 | 348,476 |
Accrued liabilities | 931,063 | 748,264 |
Total current liabilities | 1,274,324 | 1,251,697 |
Long-term debt | 1,695,092 | 1,693,609 |
Other liabilities | 539,086 | 514,720 |
Total liabilities | 3,508,502 | 3,460,026 |
Shareholders' equity | ||
Preference stock of $2.50 par value. Authorized 5,000,000 shares; none issued | 0 | 0 |
Common stock of $0.50 par value. Authorized 600,000,000 shares; issued 209,694,630 shares in 2018 and 2017 | 104,847 | 104,847 |
Additional paid-in capital | 1,275,059 | 1,050,605 |
Retained earnings | 4,184,374 | 4,260,222 |
Accumulated other comprehensive loss | (294,514) | (239,425) |
Treasury stock, at cost, 83,565,598 shares in 2018 and 85,244,923 shares in 2017 | (3,515,280) | (3,346,292) |
Total shareholders' equity | 1,754,486 | 1,829,957 |
Total liabilities, redeemable noncontrolling interests and shareholders' equity | $ 5,262,988 | $ 5,289,983 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Current assets | ||
Accounts receivable, allowance for doubtful accounts | $ 9,100 | $ 31,400 |
Less accumulated depreciation | $ 462,710 | $ 422,052 |
Shareholders' equity | ||
Preference stock, par value (in dollars per share) | $ 2.5 | $ 2.5 |
Preference stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preference stock, shares issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.5 | $ 0.5 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 209,694,630 | 209,694,630 |
Treasury stock, at cost, shares (in shares) | 83,565,598 | 85,244,923 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Consolidated Statements of Operations [Abstract] | |||
Net revenues, external | $ 4,579,646 | $ 5,209,782 | $ 5,019,822 |
Costs and expenses | |||
Cost of sales | 1,850,678 | 2,033,693 | 1,905,474 |
Royalties | 351,660 | 405,488 | 409,522 |
Product development | 246,165 | 269,020 | 266,375 |
Advertising | 439,922 | 501,813 | 468,940 |
Amortization of intangibles | 28,703 | 28,818 | 34,763 |
Program production cost amortization | 43,906 | 35,798 | 35,931 |
Selling, distribution and administration | 1,287,560 | 1,124,793 | 1,110,769 |
Total expenses | 4,248,594 | 4,399,423 | 4,231,774 |
Operating profit | 331,052 | 810,359 | 788,048 |
Non-operating (income) expense | |||
Interest Expense | 90,826 | 98,268 | 97,405 |
Interest income | (22,357) | (22,155) | (9,367) |
Other (income) expense, net | (7,819) | (51,904) | 7,521 |
Total non-operating expense, net | 60,650 | 24,209 | 95,559 |
Earnings before income taxes | 270,402 | 786,150 | 692,489 |
Income taxes | 49,968 | 389,543 | 159,338 |
Net earnings | 220,434 | 396,607 | 533,151 |
Net Loss Attributable to Noncontrolling Interests | 0 | 0 | (18,229) |
Net Earnings Attributable to Hasbro, Inc. | $ 220,434 | $ 396,607 | $ 551,380 |
Net earnings attributable to Hasbro, Inc. per common share: | |||
Basic (in dollars per share) | $ 1.75 | $ 3.17 | $ 4.4 |
Diluted (in dollars per share) | 1.74 | 3.12 | 4.34 |
Cash dividends declared (in dollars per share) | $ 2.52 | $ 2.28 | $ 2.04 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Consolidated Statements of Comprehensive Earnings [Abstract] | |||
Net earnings | $ 220,434 | $ 396,607 | $ 533,151 |
Other comprehensive earnings (loss): | |||
Foreign currency translation adjustments | (55,524) | 32,017 | (5,033) |
Unrealized holding (losses) gains on available-for-sale securities, net of tax | (2,000) | (390) | 166 |
Net gains (losses) on cash flow hedging activities, net of tax | 36,107 | (90,302) | 25,748 |
Changes in unrecognized pension and postretirement amounts, net of tax | (23,763) | 1,555 | (20,829) |
Reclassifications to earnings, net of tax: | |||
Net losses (gains) on cash flow hedging activities | 1,929 | 6,390 | (53,980) |
Amortization of unrecognized pension and postretirement amounts | 9,665 | 5,875 | 5,359 |
Other comprehensive loss | (33,586) | (44,855) | (48,569) |
Total comprehensive earnings | 186,848 | 351,752 | 484,582 |
Total comprehensive loss attributable to noncontrolling interests | 0 | 0 | (18,229) |
Total comprehensive earnings attributable to Hasbro, Inc. | $ 186,848 | $ 351,752 | $ 502,811 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Cash flows from operating activities | |||
Net earnings | $ 220,434 | $ 396,607 | $ 533,151 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation of plant and equipment | 139,255 | 143,018 | 119,707 |
Impairment of goodwill | 86,253 | 0 | 32,858 |
Impairment of intangible assets, finite-lived | 31,303 | 0 | 0 |
Amortization of intangibles | 28,703 | 28,818 | 34,763 |
Program production cost amortization | 43,906 | 35,798 | 35,931 |
Deferred income taxes | (11,094) | 112,105 | (662) |
Stock-based compensation | 27,892 | 56,032 | 61,624 |
Other non-cash items | (18,879) | (44,001) | (16,011) |
Changes in operating assets and liabilities net of acquired and disposed balances: | |||
Decrease (increase) in accounts receivable | 180,113 | (50,376) | (149,923) |
Increase in inventories | (37,211) | (25,301) | (12,065) |
(Increase) decrease in prepaid expenses and other current assets | (11,929) | 24,450 | 7,422 |
Program production costs | (131,984) | (48,003) | (48,690) |
Increase (decrease) in accounts payable and accrued liabilities | 107,426 | (80,461) | 246,223 |
Net deemed repatriation tax | 27,027 | 181,305 | 0 |
Other, including long-term advances | (35,218) | (5,613) | (27,015) |
Net cash provided by operating activities | 645,997 | 724,378 | 817,313 |
Cash flows from investing activities | |||
Additions to property, plant and equipment | (140,426) | (134,877) | (154,900) |
Investments and acquisitions, net of cash acquired | (155,451) | 0 | (12,436) |
Other investing activities | 9,400 | 3,396 | 28,945 |
Net cash utilized by investing activities | (286,477) | (131,481) | (138,391) |
Cash flows from financing activities | |||
Net proceeds from borrowings with maturity greater than three months | 0 | 493,878 | 0 |
Repayments of borrowings with maturity greater than three months | 0 | (350,000) | 0 |
Net (repayments of) proceeds from other short-term borrowings | (142,357) | (18,419) | 8,978 |
Purchases of common stock | (250,054) | (151,311) | (150,075) |
Stock option transactions | 29,999 | 29,431 | 42,207 |
Dividends paid | (309,258) | (276,973) | (248,881) |
Payments related to tax withholding for share based compensation | (58,344) | (31,994) | (21,969) |
Other financing activities | (7,087) | (6,785) | (5,758) |
Net cash utilized by financing activities | (737,101) | (312,173) | (375,498) |
Effect of exchange rate changes on cash | (21,282) | 18,225 | 2,111 |
(Decrease) increase in cash and cash equivalents | (398,863) | 298,949 | 305,535 |
Cash and cash equivalents at beginning of year | 1,581,234 | 1,282,285 | 976,750 |
Cash and cash equivalents at end of year | 1,182,371 | 1,581,234 | 1,282,285 |
Supplemental information | |||
Interest paid | 82,258 | 89,294 | 88,525 |
Income taxes paid | $ 117,854 | $ 115,753 | $ 98,913 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Earnings [Member] | Treasury Stock [Member] | Total Shareholders' Equity Attributable to Hasbro, Inc. [Member] | Redeemable Noncontrolling Interests [Member] |
Balance at Dec. 27, 2015 | $ 104,847 | $ 893,630 | $ 3,852,321 | $ (146,001) | $ (3,040,895) | $ 1,663,902 | $ 40,170 | |
Net earnings attributable to Hasbro, Inc. | $ 551,380 | 0 | 0 | 551,380 | 0 | 0 | 551,380 | 0 |
Net Loss Attributable to Noncontrolling Interests | (18,229) | 0 | 0 | 0 | 0 | 0 | 0 | (18,229) |
Other comprehensive (loss) earnings | (48,569) | 0 | 0 | 0 | (48,569) | 0 | (48,569) | 0 |
Stock-based compensation transactions | 0 | 30,230 | 0 | 0 | 10,479 | 40,709 | 0 | |
Purchases of common stock | 0 | 0 | 0 | 0 | (151,331) | (151,331) | 0 | |
Stock-based compensation expense | 0 | 61,558 | 0 | 0 | 66 | 61,624 | 0 | |
Dividends declared | 0 | 0 | (254,979) | 0 | 0 | (254,979) | 0 | |
Contributions From (Distributions To) Noncontrolling Interests, Total | 0 | 0 | 0 | 0 | 0 | 0 | 763 | |
Balance at Dec. 25, 2016 | 104,847 | 985,418 | 4,148,722 | (194,570) | (3,181,681) | 1,862,736 | 22,704 | |
Cumulative effect of new accounting principle in period of adoption | Impact of adoption of ASU 2016-09 [Member] | 0 | 916 | (697) | 0 | 0 | 219 | 0 | |
Net earnings attributable to Hasbro, Inc. | 396,607 | 0 | 0 | 396,607 | 0 | 0 | 396,607 | 0 |
Acquisition of remaining interest in Backflip | 0 | 22,704 | 0 | 0 | 0 | 22,704 | (22,704) | |
Net Loss Attributable to Noncontrolling Interests | 0 | |||||||
Other comprehensive (loss) earnings | (44,855) | 0 | 0 | 0 | (44,855) | 0 | (44,855) | 0 |
Stock-based compensation transactions | 0 | (13,021) | 0 | 0 | (16,001) | (29,022) | 0 | |
Purchases of common stock | 0 | 0 | 0 | 0 | (150,054) | (150,054) | 0 | |
Stock-based compensation expense | 0 | 54,588 | 0 | 0 | 1,444 | 56,032 | 0 | |
Dividends declared | 0 | 0 | (284,410) | 0 | 0 | (284,410) | 0 | |
Balance at Dec. 31, 2017 | 1,829,957 | 104,847 | 1,050,605 | 4,260,222 | (239,425) | (3,346,292) | 1,829,957 | 0 |
Cumulative effect of new accounting principle in period of adoption | Impact of adoption of ASU 2018-02 [Member] | 0 | 0 | 21,503 | (21,503) | 0 | 0 | 0 | |
Net earnings attributable to Hasbro, Inc. | 220,434 | 0 | 0 | 220,434 | 0 | 0 | 220,434 | 0 |
Issuance of Hasbro common shares for Saban purchase | 0 | 198,853 | 0 | 0 | 81,544 | 280,397 | 0 | |
Net Loss Attributable to Noncontrolling Interests | 0 | |||||||
Other comprehensive (loss) earnings | (33,586) | 0 | 0 | 0 | (33,586) | 0 | (33,586) | 0 |
Stock-based compensation transactions | 0 | (2,075) | 0 | 0 | (694) | (2,769) | 0 | |
Purchases of common stock | 250,054 | 0 | 0 | 0 | 0 | (250,054) | (250,054) | 0 |
Stock-based compensation expense | 0 | 27,676 | 0 | 0 | 216 | 27,892 | 0 | |
Dividends declared | 0 | 0 | (317,785) | 0 | 0 | (317,785) | 0 | |
Balance at Dec. 30, 2018 | $ 1,754,486 | $ 104,847 | $ 1,275,059 | $ 4,184,374 | $ (294,514) | $ (3,515,280) | $ 1,754,486 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | (1) Summary of Significant Accounting Policies Preparation of Consolidated Financial Statements The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes thereto. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements include the accounts of Hasbro, Inc. and all majority-owned subsidiaries ("Hasbro" or the "Compan y"). Investments representing 20 % to 50 % ownership interests in other companies are accounted for using the equity method. For those majority-owned subsidiaries that are not 100% owned by Hasbro, the interests of the minority owners are accounted for as n oncontrolling interests. At December 30, 2018, the Company had no majority-owned subsidiaries. All intercompany balances and transactions have been eliminated. Fiscal Year Hasbro's fiscal year ends on the last Sunday in December. The fiscal years ended December 30, 2018 and December 25, 2016 were fifty-two week periods while the year ended December 31, 2017 was a fifty-three week period. Cash and Cash Equivalents Cash and cash equivalents include all cash balances and highly liquid investments pu rchased with an initial maturity to the Company of three months or less. Marketable Securities Included in marketable securities are investments in private investment funds. These investments are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets, and, due to the nature and business purpose of these investments, the Company has selected the fair value option which requires the Company to record the unrealized gains and losses on these investments in the consolidated statements of operations at the time they occur. Marketable securities also include common stock in a public company arising from a business relationship. This type of investment is also included in prepaid expenses and other current assets in the accompanying consolidated balance sheets; however, due to its nature and business purpose, the Company records unrealized gains and losses in accumulated other comprehensive loss in the consolidated balance sheets until it is sold or the decline in value is deemed to be other than temporary, at which point the gains or losses will be recognized in the consolidated statements of operations. Accounts Receivable and Allowance for Doubtful Accounts Credit is granted to customers predominantly on an u nsecured basis. Credit limits and payment terms are established based on extensive evaluations made on an ongoing basis throughout the fiscal year with regard to the financial performance, cash generation, financing availability and liquidity status of eac h customer. The majority of customers are formally reviewed at least annually; more frequent reviews are performed based on the customer’s financial condition and the level of credit being extended. For customers on credit who are experiencing financial di fficulties, management performs additional financial analyses before shipping orders. The Company uses a variety of financial transactions, based on availability and cost, to increase the collectability of certain of its accounts, including letters of cred it, credit insurance, and requiring cash in advance of shipping. The Company records an allowance for doubtful accounts based on management’s assessment of the business environment, customers’ financial condition, historical collection experience, accoun ts receivable aging and customer disputes. Accounts receivable, net on the consolidated balance sheet represents amounts due from customers less the allowance for doubtful accounts as well as allowances for discounts, rebates and returns. Inventories I nventories are valued at the lower of cost (first-in, first-out) or net realizable value. Based upon a consideration of quantities on hand, actual and projected sales volume, anticipated product selling price and product lines planned to be discontinued, s low-moving and obsolete inventory is written down to its estimated net realizable value. At both December 30, 2018 and December 31, 2017, substantially all inventory is comprised of finished goods. Equity Method Investment For the Company’s equity method investments, only the Company’s investment in and amounts due to and from the equity method investment are included in the consolidated balance sheets and only the Company’s share of the equity method investment's earnings (losses) is included in other ex pense, net in the consolidated statements of operations. Dividends, cash distributions, loans or other cash received from the equity method investment, additional cash investments, loan repayments or other cash paid to the investee are included in the cons olidated statements of cash flows. The Company reviews its equity method investments for impairment on a periodic basis. If it has been determined that the fair value of the equity investment is less than its related carrying value and that this decline is other-than-temporary, the carrying value of the investment is adjusted downward to reflect these declines in value. The Company has one significant equity method investment, its 40 % interest in a joint venture with Discovery Communications, Inc. ("Disco very"). The Company and Discovery are party to an option agreement with respect to this joint venture. The Company has recorded a liability for this option agreement at fair value which is included in other liabilities in the consolidated balance sheets. Unrealized gains and losses on this option are recognized in the consolidated statements of operations as they occur. See notes 6 and 13 for additional information. Redeemable Noncontrolling Interests Redeemable noncontrolling interests are those nonco ntrolling interests which are or may become redeemable at a fixed or determinable price on a fixed or determinable date, at the option of the holder, or upon occurrence of an event. The financial results and position of the redeemable noncontrolling intere st are included in their entirety in the Company’s consolidated statements of operations and consolidated balance sheets. The value of the redeemable noncontrolling interests is presented in the consolidated balance sheets as temporary equity between liabi lities and shareholders’ equity. Earnings (losses) attributable to the noncontrolling interest are presented as a separate line on the consolidated statements of operations which is necessary to identify those earnings specifically attributable to Hasbro. Through 2016 , the Company had one investment with a redeemable noncontrolling interest which was the Company’s 70 % majority interest in Backflip Studios, LLC (“Backflip”). During the first quarter of 2017, the remaining 30 % of Bac kflip was acquired by Hasbro for no additional consideration, making it a wholly- owned subsidiary of the Company . Property, Plant and Equipment, Net Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using accelerated and straight-line methods to depreciate the cost of property, plant and equipment over their estimated useful lives. The principal lives, in years, used in determining depreciation rates of various assets are: land improvements 15 to 19, buildings and improvements 15 to 25 and machinery and equipment (including computer hardware and software) 3 to 12. Depreciation expense is classified in the consolidated statements of operations based on the nature of the property and equipment being depreciated. Tools, dies and molds are depreciated over a three-year period or their useful lives, whichever is less, using an accelerated method. The Company generally owns a ll tools, dies and molds related to its products. Property, plant and equipment, net is reviewed for impairment whenever events or circumstances indicate the carrying value may not be recoverable. Recoverability is measured by a comparison of the carryi ng amount of the asset to future undiscounted cash flows expected to be generated by the asset or asset group. If such assets are considered to be impaired, the impairment to be recognized would be measured by the amount by which the carrying value of the assets exceeds their fair value wherein the fair value is the appraised value. Furthermore, assets to be disposed of are carried at the lower of the net book value or their estimated fair value less disposal costs. Goodwill and Other Intangibles, Net G oodwill results from acquisitions the Company has made over time. Substantially all of the other intangibles consist of the cost of acquired product rights. In establishing the value of such rights, the Company considers existing trademarks, copyrights, pa tents, license agreements and other product-related rights. These rights were valued on their acquisition date based on the anticipated future cash flows from the underlying product line. The Company has certain intangible assets related to the Tonka and M ilton Bradley acquisitions that have an indefinite life. During the fourth quarter of 2018 the Company adopted Accounting Standards Update No 2017-04 (ASU 2017-04), Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The standard eliminates the requirement to measure the implied fair value of goodwill by assigning the fair value of a reporting unit to all assets and liabilities within that unit (“the Step 2 test”) from the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited by the amount of goodwill in that reporting unit. Goodwill and intangible assets deemed to have indefinite live s are not amortized and are tested for impairment at least annually. The annual goodwill test begins with a qualitative assessment, where qualitative factors and their impact on critical inputs are assessed to determine whether it is more likely than not t hat the fair value of a reporting unit is less than its carrying value. If the Company determines that a reporting unit has an indication of impairment based on the qualitative assessment, it is required to perform a quantitative assessment. Prior to the a doption of ASU 2017-04, the quantitative assessment consisted of a two-step process beginning with an estimation of fair value of the reporting unit using an income approach, which looked to the present value of expected future cash flows. The first step w as a screen for potential impairment while the second step was to determine the implied fair value of the goodwill and compare it to its carrying amount on the balance sheet. Under ASU 2017-04, the Step 2 test was eliminated. As a result, once it has been determined that the carrying amount of a reporting unit exceeds its fair value, the excess carrying amount is recognized as an impairment loss. During the fourth quarter of 2018, the Company, recorded a non-cash impairment charge of $ 86,253 within administrative expense and in the Company’s Entertainment and Licensing segment, which was the full amount of remaining goodwill associated with the Backflip reporting unit. See further discussion in note 5. Based on its qualitative assessment of goodwill for all reporting units with the exception of Backflip, the company concluded there was no other impairment of goodwill during 2018. During the fourth quarter of 2017, and prior to the adoption of ASU 2017- 0 4 which eliminated the Step 2 test from the impairment testing process, the Company performed a qualitative assessment with respect to goodwill associated with all but two of its reporting units and determined that it was not necessary to perform a quantitative assessment for the goodwill of th ese reporting units. The Company performed the first step of the quantitative two-step annual impairment test on the goodwill associated with Backflip and on the goodwill associated with the Company’s Entertainment reporting unit. As a result of the 2017 assessment the Company concluded that no impairments were indicated as the estimated fair values were in excess of the carrying values of the related reporting units. During the fourth quarter of 2016, the Company performed a qualitative assessment with r espect to goodwill associated with all but its Backflip reporting unit and determined that it was not necessary to perform a quantitative assessment for the goodwill of these reporting units. The Company performed a quantitative two-step annual impairment test related to its goodwill associated with Backflip. As a result of the 2016 annual impairment test, the Company concluded the goodwill associated with the Backflip reporting unit was impaired and recorded a non-cash impairment charge of $ 32,858 for the year ended December 25, 2016. No other impairments were indicated. See further discussion in note 5. The remaining intangibles having defin ite lives are being amortized over periods ranging from four to twenty -five years, primarily using the straight-lin e method. The Company reviews other intangibles with defin ite lives for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset or asset group. If such assets were considered to be impaired, the impairment to be recognized would be measured by the amount by which the carrying value of the assets exceeds their fair value wherein that fair value is determined based on di scounted cash flows. In the fourth quarter of 2018 the Company recorded non-cash impairments of $ 31,303 . No impairments were recorded in 2017 or 2016. See further discussion in note 5. Financial Instruments Hasbro's financial instruments include cash a nd cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At December 30, 2018, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at December 3 0, 2018 also include long-term borrowings (see note 10 for carrying cost and related fair values) as well as certain assets and liabilities measured at fair value (see notes 13 and 17). Revenue Recognition Revenue is recognized when control of the promised goods is transferred to the customers, 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. On January 1, 2018, the Company adopted Finan cial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606 or the “New Revenue Standard”) using the modified retrospective method. ASC 606 supersedes the revenue recognition requirem ents in ASC 605 – Revenue Recognition and most industry-specific guidance in U.S. GAAP. The New Revenue Standard provides a five-step model for analyzing contracts and transactions to determine when, how, and if revenue is recognized. Revenue should be rec ognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The cumulative impact of the adoption of the New Reven ue Standard was not material to the Company therefore the Company did not record any adjustments to retained earnings. This was determined by analyzing contracts not completed as of January 1, 2018. The comparative information has not been restated and con tinues to be reported under the accounting standards in effect for those periods. For further details, see note 2 for further discussion. Revenue recognition from the sale of finished products to customers, which is the majority of the Company’s revenues, did not change under the new standard and the Company does not expect material changes in the future as a result of the New Revenue Standard related to the sale of finished products to its customers. Within the Company’s Entertainment and Licensing segment , the timing of revenue recognition for minimum guarantees that the Company receives from licensees was impacted by the New Revenue Standard. Prior to the adoption of ASC 606, for licenses of the Company’s brands that are subject to minimum guaranteed lice nse fees, the Company recognized the difference between the minimum guaranteed amount and the actual royalties earned from licensee merchandise sales (“shortfalls”) at the end of the contract period, which was in the fourth quarter for most of the Company’ s licensee arrangements. In periods following January 1, 2018, minimum guaranteed amounts are being recognized on a straight-line basis over the license period. While the impact of this change was not material to the year, it impacted the timing of revenue recognition within the Company’s Entertainment and Licensing segment such that under ASC 606, less revenues are recorded in the fourth quarter and more revenues are recorded within the first, second, and third quarters. No other areas of the Company’s bus iness were materially impacted by the New Revenue Standard. The majority of the Company’s revenues are derived from sales of finished products to customers. Revenues from sales of finished products to customers accounted for 92 % and 94 % of the Company’s revenues for the years ended December 30, 2018 and December 31, 2017, respectively . When determining whether control of the finished products has transferred to the customer, the Company considers any future performance obligations. Generally, the Company has no post-shipment obligation on sales of finished products to customers and revenues from product sales are recognized upon passing of title to the customer, which is generally at the time of shipment. Any shipping and handling activities that are perf ormed by the Company, whether before or after a customer has obtained control of the products, are considered activities to fulfill our obligation to transfer the products, and are recorded as incurred within selling, distribution, and administration expen ses. The Company offers various discounts, rebates, allowances, returns, and markdowns to its customers, (collectively, “allowances”), all of which are considered when determining the transaction price. Certain allowances are fixed and determinable at the time of sale and are recorded at the time of sale as a reduction to revenues. Other allowances can vary depending on future outcomes such as customer sales volume (“variable consideration”). The Company estimates the amount of variable consideration usi ng the expected value method. In estimating the amount of variable consideration using the expected value method, the Company considers various factors including but not limited to: customer terms, historical experience, any expected deviations from histo rical experience, and existing or expected market conditions. The Company then records an estimate of variable consideration as a reduction to revenues at the time of sale. The Company adjusts its estimate of variable consideration at least quarterly or when facts and circumstances used in the estimation process may change. Historically, adjustments to estimated variable consideration have not been material. The Company enters into contracts to license its intellectual property, which consists of its br ands, in various channels including but not limited to: consumer products such as apparel or home goods, within formats such as on-line games, within venues such as theme parks, or within formats such as motion picture films. The licensees pay the Company either a sales-based or usage-based royalty, or a combination of both, for use of the brands, in some cases subject to minimum guaranteed amounts or fixed fees. The license of the Company’s brands provide access to the intellectual property over the term of the license, generally without any other performance obligation of the Company other than keeping the intellectual property active, and is therefore considered a right-to-access license of symbolic intellectual property. The Company records sales-base d or usage-based royalty revenues for right-to-access licenses at the occurrence of the licensees’ subsequent sale or usage. When the arrangement includes a minimum guarantee, the Company records the minimum guarantee on a ratable basis over the term of th e license period and does not record the sales-based or usage-based royalty revenues until they exceed the minimum guarantee. The Company also produces television or streaming programming for licensing to third parties. The licensees typically pay a fixe d fee for the license of the produced content. The content that the Company delivers to its licensees has stand-alone functionality, generally without any other performance obligation of the Company, and is therefore considered a right-to-use license of f unctional intellectual property. The Company records revenues for right-to-use licenses once the license period has commenced and the licensee has the ability to use the delivered content. In arrangements where the licensee pays the Company a fixed fee f or multiple seasons or multiple series of programming, arrangement fees are recorded as revenues based upon their relative fair values. The Company also develops application based digital games featuring its brands within the games. These games are hoste d by third-party platform providers. The Company does not charge a fee to the end users for the download of the games or the ability to play the games. The end users make in-application purchases of digital currencies, via the Company’s platform provider s, with such purchased digital currencies to be used in the games. The Company records revenues from in-application purchases based on the usage patterns of the players. For the majority of the Company’s digital games, players use their currencies in the month of purchase, and therefore revenues are recorded at the time of sale. The Company has no additional performance obligations other than delivery of the currency via its platform providers. The Company controls all aspects of the goods delivered to the consumer. The third-party platform providers are providing only the service of hosting and administering receipt from the end users. The Company is the principal in the arrangement and records the gross revenues within Net Revenues in our Consolidate d Statements of Operations. The fee charged by the third-party platform providers to the Company are recorded within cost of sales. Costs of Sales Cost of sales primarily consists of purchased materials, labor, tooling, manufacturing overheads and other inventory-related costs such as obsolescence. Royalties The Company enters into license agreements with strategic partners, inventors, designers a nd others for the use of intellectual properties in its products. These agreements may call for payment in advance or future payment of minimum guaranteed amounts. Amounts paid in advance are recorded as an asset and charged to expense when the related rev enue is recognized in the consolidated statements of operations. If all or a portion of the minimum guaranteed amounts appear not to be recoverable through future use of the rights obtained under the license, the non-recoverable portion of the guaranty is charged to expense at that time. Advertising Production costs of commercials are expensed in the fiscal year during which the production is first aired. The costs of other advertising and promotion programs are expensed in the fiscal year incurred. Program Production Costs The Company incurs costs in connection with the production of television programming and motion pictures. These costs are capitalized by the Company as they are incurred and amortized using the individual-film-forecast method, whe reby these costs are amortized in the proportion that the current year’s revenues bear to management’s estimate of total ultimate revenues as of the beginning of such period related to the program. These capitalized costs are reported at the lower of cost, less accumulated amortization, or fair value, and reviewed for impairment when an event or change in circumstances occurs that indicates that impairment may exist. The fair value is determined using a discounted cash flow model which is primarily based on management’s future revenue and cost estimates. Shipping and Handling Hasbro expenses costs related to the shipment and handling of goods to customers as incurred. For 2018, 2017 and 2016, these costs were $ 206,30 7 , $ 190,999 and $ 180,270 , respectively , and are included in selling, distribution and administration expenses. Operating Leases Hasbro records lease expense on a straight-line basis inclusive of rent concessions and increases. Reimbursements from lessors for leasehold improvements are deferr ed and recognized as a reduction to lease expense over the remaining lease term. In February 2016, the FASB issued Accounting Standards Update No. ASU 2016-02 (ASU 2016-02), Leases (Topic 842), which will require lessees to recognize a right-of-use asset and a lease liability for virtually all leases. The liability will be based on the present value of lease payments and the asset will be based on the liability. For income statement purposes, a dual model was retained requiring leases to be either classif ied as operating or finance. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. Additional quantitative and qualitative disclosures will be required. ASU 2016-02 is required for public companies for fiscal years beginning after December 15, 2018. ASU 2016-02 as originally issued required modified retrospective adoption. In July 2018, the FASB issued ASU 2018-11, which provides an alternative transition method in addition to the existin g method by allowing entities to apply ASU 2016-02 as of the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted ASU-2016-02 on December 31, 2018 using the r etrospective basis as provided in ASU 2018-11. No cumulative effect was recorded to the balance sheet. The Company also elected certain practical expedients as provided under the standard. These included (i) the election not to reassess whether contracts e xisting at the adoption date contain a lease under the new definition of a lease under the standard; (ii) the election not to reassess the lease classification for existing leases as of the adoption date; (iii) the election not to reassess whether previous ly capitalized initial direct costs would qualify for capitalization under the standard; (iv) the election to use hindsight in determining the relevant lease terms for use in the capitalization of the lease liability; and (v) the election to use hindsight in reviewing the right-of-use assets for impairment. For all leases, the terms are being evaluated, including extension and renewal options as well as the lease payments associated with the leases. The Company does not expect that its results of operatio ns will be materially impacted by this standard. The adoption of this standard will not have an impact on the Company’s cash flows. Income Taxes Hasbro uses the asset and liability approach for financial accounting and reporting of income taxes. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred taxes are measured using rates expected to apply to taxable income in years in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize defer red tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary diffe rences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment t o the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company uses a two-step process for the measurement of uncertain tax positions that have been taken or are expected to be taken in a tax return. The first step is a determination of whether the tax position should be recognized in the consolidated financial statements. The second step determines the measurement of the tax position. The Company records potential interest and penalties on uncertain tax positio ns as a component of income tax expense. The Tax Act subjects a U.S. shareholder to tax on Global Intangible Low Tax Income (GILTI) earned by certain foreign subsidiaries. The FASB Staff Q&A Topic 740, No. 5 "Accounting for Global Intangible Low-Taxed In come," states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is in curred as a period expense only. We have elected to account for GILTI as a current period expense when incurred. Foreign Currency Translation Foreign currency assets and liabilities are translated into U.S. dollars at period-end exchange rates, and reven ues, costs and expenses are translated at weighted average exchange rates during each reporting period. Net earnings include gains or losses resulting from foreign currency transactions and, when required, translation gains and losses resulting from the us e of the U.S. dollar as the functional currency in highly inflationary economies. Other gains and losses resulting from translation of financial statements are a component of other comprehensive earnings (loss). Pension Plans, Postretirement and Postemployment Benefits Pension expense and related amounts in the consolidated balance sheets are based on actuarial computations of current and future benefits. Actual results that differ from the actuarial assumptions are accumulated and, if outside a certain corridor, amortized over future periods and, therefore affect recognized expense in future periods. The corridor used for this purpose is equal to 10% of the greater of plan liabilities or market asset values, and future periods vary by plan, but g enerally equal the actuarially determined average expected future working lifetime of active plan participants. The Company's policy is to fund amounts which are required by applicable regulations and which are tax deductible. The estimated amounts of fut ure payments to be made under other retirement programs are being accrued currently over the period of active employment and are also included in pension expense. Hasbro has a contributory postretirement health and life insurance plan covering substantiall y all employees who retire under any of its United States defined benefit pension plans and meet certain age and length of service requirements. The cost of providing these benefits on behalf of employees who retired prior to 1993 has been substantially bo rne by the Company. The cost of providing benefits on behalf of substantially all employees who retire after 1992 is borne by the employee. It also has several plans covering certain groups of employees, which may provide benefits to such employees follow ing their period of employment but prior to their retirement. The Company measures the costs of these obligations based on actuarial computations. In March 2017, the FASB issued Accounting Standards Update No. 2017-07 (ASU 2017-07), Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The standard requires companies to present |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | (2) Revenue Recognition In addition to the required disclosures below, please see further discussion of the Company revenue recognition policy in note 1. As of December 30, 2018, the Company did not have any material future performance commitments for film streaming or television orders that have not yet been delivered. Contract Assets and Liabilities A contract asset is defined as an entity's right to con sideration for goods or services that the entity has transferred to a customer. A contract liability is defined to occur if the customer's payment of consideration precedes the entity's performance and represents the entity's obligation to transfer goods or services to a customer for which the entity has received consideration. The Company occasionally will require payment from customers for finished product in advance of the customer receiving control of the finished product. In these situations, the Co mpany defers revenue on the advanced payment until the customer has control of the finished product, generally within the next month. Within our Entertainment and Licensing segment, the Company may receive royalty payments from licensees in advance of the licensees’ subsequent sales to their customers, or in advance of the Company’s performance obligation being satisfied. The Company defers revenues on these advanced payments until its performance obligation is satisfied. The aggregate deferred revenues are recorded as liabilities and were $ 50,759 , and $ 7,549 as of December 30, 2018 and December 31, 2017, respectively, and the changes in deferred revenues are not material to the Company’s consolidated statement of operations for the years ended December 3 0, 2018 and December 31, 2017. The Company records contract assets in the case of minimum guarantees that are being recognized ratably over the term of the respective license periods. At December 30, 2018 and December 31, 2017, these contract assets were not material to the Company’s consolidated balance sheets. Accounts Receivable and Allowance for Doubtful Accounts The Company’s accounts receivable on the c onsolidated balance sheets as of December 30, 2018 and December 31, 2017 are primarily from contracts with customers. In the year ended December 30, 2018, the Company recorded a bad debt charge of approximately $ 49,000 related to Toys“R”Us. In the year en ded December 31, 2017, the Company recorded a bad debt charge of approximately $ 18,000 related to Toys“R”Us. The Company had no other mate rial bad debt expense in the years ended December 30, 2018, December 31, 2017 or December 30, 2016. Disaggregation of revenues The Company disaggregates its revenues from contracts with customers by segment: US and Canada, International, Entertainment and Licensing, and Global Operations. The Company further disaggregates revenues within its International segment by majo r geographic region: Europe, Latin America, and Asia Pacific. Finally, the Company disaggregates its revenues by brand portfolio into four brand categories: Franchise brands, Partner brands, Hasbro gaming, and Emerging brands. We believe these collective ly depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See note 21 for further information. |
Other Comprehensive Earnings
Other Comprehensive Earnings | 12 Months Ended |
Dec. 30, 2018 | |
Other comprehensive earnings (loss) [Abstract] | |
Other Comprehensive Earnings (Loss) | (3 ) Other Comprehensive Earnings (Loss) Components of other comprehensive earnings (loss) are presented within the consolidated statements of comprehensive earnings. The following table presents the related tax effects on changes in other comprehensive earnings (loss) for each of the three fiscal years ended December 30, 2018. 2018 2017 2016 Other comprehensive earnings (loss), tax effect: Tax benefit (expense) on unrealized holding gains $ 581 221 (94) Tax (expense) benefit on cash flow hedging activities (930) 4,850 1,340 Tax benefit (expense) on unrecognized pension and postretirement amounts 6,085 (2,363) 12,945 Reclassifications to earnings, tax effect: Tax expense (benefit) on cash flow hedging activities 817 (4,881) 4,098 Tax benefit on amortization of unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations (2,729) (3,482) (3,038) Total tax effect on other comprehensive earnings (loss) $ 3,824 (5,655) 15,251 Changes in the components of accumulated other comprehensive earnings (loss), net of tax are as follows: Unrealized Gains Holding Gains Foreign Total Accumulated Pension and (Losses) on on Available Currency Other Postretirement Derivative for-Sale Translation Comprehensive Amounts Instruments Securities Adjustments Earnings(Loss) 2018 Balance at December 31, 2017 $ (110,971) (32,827) 1,034 (96,661) (239,425) Adoption of ASU 2018-02 (18,065) (3,660) 222 — (21,503) Current period other comprehensive (23,763) 36,107 (2,000) (55,524) (45,180) earnings (loss) Reclassifications from AOCE to earnings 9,665 1,929 — — 11,594 Balance at December 30, 2018 $ (143,134) 1,549 (744) (152,185) (294,514) 2017 Balance at December 25, 2016 $ (118,401) 51,085 1,424 (128,678) (194,570) Current period other comprehensive 1,555 (90,302) (390) 32,017 (57,120) earnings (loss) Reclassifications from AOCE to earnings 5,875 6,390 — — 12,265 Balance at December 31, 2017 $ (110,971) (32,827) 1,034 (96,661) (239,425) 2016 Balance at December 27, 2015 $ (102,931) 79,317 1,258 (123,645) (146,001) Current period other comprehensive (20,829) 25,748 166 (5,033) 52 earnings (loss) Reclassifications from AOCE to earnings 5,359 (53,980) — — (48,621) Balance at December 25, 2016 $ (118,401) 51,085 1,424 (128,678) (194,570) Gains (Losses) on Derivative Instruments At December 30, 2018, the Company had remaining net deferred gains on foreign currency forward contracts, net of tax, of $ 20,861 in AOCE. These instruments hedge payments related to inventory purchased in the fourth quarter of 2018 or forecasted to be purchased from 2019 through 2022 , intercompany expenses expected to be paid or received during 2019, television and movie production costs paid in 2018 or expected to be paid in 2019, and cash receipts for sales f orecasted to be made in 2019 through 2021. These amounts will be reclassified into the consolidated statements of operations upon the sale of the related inventory or recognition of the related sales, royalties or expenses. In addition to foreign curren cy forward contracts, the Company entered into hedging contracts on future interest payments related to the long-term notes due 2021 and 2044. At the date of debt issuance, these contracts were terminated and the fair value on the date of settlement was d eferred in AOCE and is being amortized to interest expense over the life of the related notes using the effective interest rate method. At December 30, 2018, deferred losses, net of tax, of $ 19,313 related to these instruments remained in AOCE. For the yea r ended December 30, 2018, losses, net of tax of $ 1,394 related to these hedging instruments were reclassified from AOCE to net earnings. For each of the years ended December 31, 2017 and December 25, 2016, losses, net of tax of $ 1,170 and $ 1,148 related t o these hedging instruments were reclassified from AOCE to net earnings. In 2018, 2017 and 2016, net gains on cash flow hedging activities reclassified to earnings, net of tax, included (losses) gains of $ (5,8 07 ) , $ (5,497 ) and $ 1,428 , respectively, as a result of hedge ineffectiveness. Of the net deferred gains included in AOCE at December 30, 2018, the Company expects approximately $ 15, 218 to be reclassified to the consolidated statements of operations within the next 12 months. However, the amount ultimately realized in earnings is dependent on the fair value of the hedging instruments on the settlement dates. See notes 15 and 17 for addi tional discussion on reclassifications from AOCE to earnings. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | (4) Property, Plant and Equipment 2018 2017 Land and improvements $ 3,243 3,350 Buildings and improvements 191,096 193,940 Machinery, equipment and software 446,628 405,209 640,967 602,499 Less accumulated depreciation 462,710 422,052 178,257 180,447 Tools, dies and molds, net of accumulated depreciation 78,216 79,263 Total property, plant and equipment, net $ 256,473 259,710 Expenditures for ma intenance and repairs which do not materially extend the life of the assets are charged to operations as incurred. In 2018, 2017 and 2016 the Company recorded $ 139,255 , $ 143,018 and $ 119,707 , respectively, of depreciation expense . |
Goodwill and Intangibles
Goodwill and Intangibles | 12 Months Ended |
Dec. 30, 2018 | |
Goodwill and Intangibles [Abstract] | |
Goodwill and Intangibles | (5 ) Goodwill and Intangibles Goodwill Changes in the carrying amount of goodwill, by operating segment, for the years ended December 30, 2018 and December 31, 2017 are as follows: Entertainment U.S. and Canada International and Licensing Total 2018 Balance at December 31, 2017 $ 296,978 170,699 105,386 573,063 Impairment during the period — — (86,253) (86,253) Foreign exchange translation — (338) (591) (929) Balance at December 30, 2018 $ 296,978 170,361 18,542 485,881 2017 Balance at December 25, 2016 $ 296,978 169,833 103,744 570,555 Foreign exchange translation — 866 1,642 2,508 Balance at December 31, 2017 $ 296,978 170,699 105,386 573,063 A portion of the Company's goodwill and other intangible assets reside in the Corporate segment of the business. For purposes of the goodwill impairment testing, these assets are allocated to the reporting units within the Company's operating segments. The Company performs an annual impairment assessment on goodwill. This annual impairment assessment is performed in the fourth quarter of the Company's fiscal year. In addition, if an event occurs or circumstances change that indicate that the carrying val ue may not be recoverable, the Company will perform an interim impairment test at that time. During the fourth quarter of 2018 the Company adopted (ASU 2017-04), Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The standard eliminates the requirement to measure the implied fair value of goodwill by assigning the fair value of a reporting unit to all assets and liabilities within that unit (“the Step 2 test”) from the goodwill impairment test. Instead, if the carr ying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited by the amount of goodwill in that reporting unit. During the fourth quarter of 2018, the Company took a number of actions t o react to a rapidly changing mobile gaming industry that resulted in a modification to the Company’s long-term plan for its Backflip business. These modifications included organizational actions and related personnel changes, the extension of launch dates for game currently in or planned for development and the addition of partners for the development of future game s releases. The modifications resulted in changes to the long-term projections for the Backflip business. The goodwill impairment analysis involved comparing the Backflip carrying value to its estimated fair value, which was calculated based on the Income Approach. Discounted cash flows serve as the primary basis for the Income Approach. The Company utilized forecasted cash flows for the Ba ckflip reporting unit that included assumptions including but not limited to: expected revenues to be realized based on planned future mobile game releases, expected EBITDA margins derived in part based on expected future royalty costs, advertising and mar keting costs, development costs, overhead costs, and expected future tax rates. The cash flows beyond the forecast period were estimated using a terminal value growth rate of 3 %. To calculate the fair value of the future cash flows under the Income Appro ach, a discount rate of 19 % was utilized, representing the reporting unit’s estimated weighted-average cost of capital. Based on the results of the impairment test, the Company determined that the carrying value of the Backflip reporting unit exceeded its estimated fair value. Based on this assessment, the Company recorded an impairment charge of $ 86,253 in the fourth quarter of 2018, in the Company’s Entertainment and Licensing segment, which was the full amount of remaining goodwill associated with the B ackflip reporting unit. During the fourth quarter of 2016 in conjunction with the Company’s annual review for impairment, the Company recorded an impairment charge of $ 32,858 after completing its evaluation of the Backflip reporting unit. The Company’s 20 16 evaluation was dependent in large part on the performance of related product launches that took place during the fourth quarter of 2016 in addition to revised expectations regarding the timing of future product launches at that time. Based on its qua litative assessment of goodwill for all reporting units with the exception of Backflip, the company concluded there was no other impairment of goodwill during 2018 or 2016. The Company completed its annual impairment tests of goodwill in the fourth quarte r of 2017 and concluded that there was no impairment of its goodwill. Other Intangibles, Net A summary of the Company's other intangibles, net at December 30 , 2018 and December 31 , 2017 : 2018 2017 Acquired product rights $ 1,309,344 789,940 Licensed rights of entertainment properties 30,501 256,555 Accumulated amortization (721,741) (904,851) Amortizable intangible assets 618,104 141,644 Product rights with indefinite lives 75,738 75,738 Total other intangibles, net $ 693,842 217,382 Certain intangible assets relating to rights obtained in the Company's acquisition of Milton Bradley in 1984 and Tonka in 1991 are not amortized. These rights were determined to have indefinite lives and are included as product rights with indefinite lives in the table above. The Company tests these assets for impairment on an annual basis in the fourth quarter of each year or when an event occurs or circumstances change that indicate that the carrying value may not be recoverable. The Company completed its annual impairment tests of indefinite-lived intangible assets in the fourth quarter of 2018, 2017, and 2016 concluding that there was no impairment of these assets. The Company's other intangible assets are amortized over their remaining useful lives, and accumulated amortization of these other intangibles is reflected in other intangibles, net in the accompanying consolidated balance sheets. Intangible assets are reviewed for indications of impairment whenever e vents or changes in circumstances indicate the carrying value may not be recoverable. In the fourth quarter of 2018, the Company reviewed intangible assets recorded in connection with licensed property rights and owned technology. Due to a decline in revenue and revised projections for future revenue, it was determined that the intangible asset carrying values exceeded expected future cash flows, indicating that the intangible assets were impaired. The Company calculated the fair value of the intangible assets based on a discounted cash flow, w hich resulted in a charge of $ 31,303 million recorded within administrative expense and in the Company’s Corporate and Eliminations segment . Other than the intangible assets discussed above, no other indications of impairment existed. The Company will co ntinue to incur amortization expense related to the use of acquired and licensed rights to produce various products. A portion of the amortization of these product rights will fluctuate depending on brand activation, related revenues during an annual perio d and future expectations, as well as rights reaching the end of their useful lives. The Company currently estimates amortization expense related to the above intangible assets for the next five years to be approximately: 2019 $ 47,000 2020 49,000 2021 36,000 2022 36,000 2023 27,000 |
Equity Method Investment
Equity Method Investment | 12 Months Ended |
Dec. 30, 2018 | |
Equity Method Investment [Abstract] | |
Equity Method Investment | (6) Equity Method Investment The Company owns an interest in a joint venture, Discovery Family Channel (the "Network"), with Discovery Communications, Inc. ("Discovery"). The Company has determined that it does not meet the control requirements to consolidate the Network and accounts for the investment using the equity method of accounting. The Network was established to create a cable television network in the United States dedicated to high-quality children's and family entertainment. In October 2009, the Company purchased an initial 50 % share in the Network for a payment of $ 300,000 and certain future tax payments based on the value of certain tax benefits expected to be received by the Company. On September 23, 2014, the Company and Discovery amended their relationship with respect to the Network and Discovery increased its equity interest in the Network to 60 % while the Company retained a 40% equity interest in the Network. In connection with the amendment, the Company and Discovery entered into an option agreement related to the Company's remaining 40% ownership in the Network, exercisable during the one-year period following December 31, 2021. The exercise price of the option agreement is based upon 80 % of the then fair market value of the Network, subject to a fair market value floor. At December 30, 2018, and December 31, 2017, the fair market value of this option was $ 23,440 and $ 23,980 , respectively and was included as a component of other liabilities. During 2018, 2017 and 2016, the Company recorded (gains) losses of $ (540) , $ (4,790) and $ 410 in other (income) expense, net relating to the change in fair value of this option. T he Company also has a related liability due to Discovery under the existing tax sharing agreement. The balance of the associated liability, including i mputed int erest, was $ 25,289 and $ 30,043 at December 30 , 2018 and December 31 , 201 7 , respectively, and is included as a component of other liabilities in the accompanying consolidated balance sheets. The Company recognized a gain of $ 19,911 in the fourth q uarter of 2017 related to a reduction of this liability due to the reduction of the future payments under the agreement as a result of U.S. tax reform passed in December 2017. During 2018, 2017 and 2016, the Company made payments under the tax sharing agre ement to Discovery of $ 7,087 , $ 6,785 and $ 6,520 , respectively. The Company has a license agreement with the Network that requires the payment of royalties by the Company to the Network based on a percentage of revenue derived from products related to tele vision shows broadcast by the joint venture. The license includes a minimum royalty guarant ee of $ 125,000 , which was paid in five annual installments of $ 25,000 per year, commencing in 2009, which can be earned out over approximately a 1 2 -year period. As of December 30, 2018 and December 31, 2017, the Company had $ 41,041 and $ 55,072 , respectively, of prepaid royalties related to this agreement, $ 13,216 and $ 15,958 , respectively, of which are included in prepaid expenses and other current assets and $ 27,825 and $ 39,114 , respectively, of which are included in other assets. The Company and the Network are also parties to an agreement under which the Company will provide the Network with an exclusive first look in the U.S. to license certain types of programming developed by the Company based on its intellectual property. In the event the Network licenses the programming from the Company to air, it is required to pay the Company a license fee. As of December 30, 2018 and December 31, 2017 the Compan y's investment in the Network totaled $ 236,934 and $ 237,996 , respectively. The Company's share in the earnings of the Network for the years ended December 30, 2018, December 31, 2017 and December 25, 2016 totaled $ 21,145 , $ 23,270 and $ 23,764 , respectively and is included as a component of other (income) expense, net in the consolidated statements of operation s . The Company also enters into certain other transactions with the Network including the licensing of television programming and the purchase of adver tising. During 2018 , 2017 and 2016 , these transactions were not material. |
Program Production Costs
Program Production Costs | 12 Months Ended |
Dec. 30, 2018 | |
Program Production Costs [Abstract] | |
Program Production Costs | (7 ) Program Production Costs Program production costs are included in other assets and consist of the following at December 30, 2018 and December 31, 2017: 2018 2017 Television programming Released, less amortization $ 30,800 40,386 In production 42,768 31,596 Pre-production 489 326 Theatrical programming Released, less amortization 71,339 16,027 In production 9,503 — Pre-production 2,452 4,526 Total program production costs $ 157,351 92,861 Based on management’s total revenue estimates at December 30, 2018, $ 42,389 of the $ 102,139 unamortized programming costs relating to released productions are expected to be amortized during fiscal 2019 . Based on current estimates, the Company expects to amortize all of the programming costs relating to released productions during the next four years . |
Financing Arrangements
Financing Arrangements | 12 Months Ended |
Dec. 30, 2018 | |
Financing Arrangements [Abstract] | |
Financing Arrangements | (8) Financing Arrangements At December 30, 2018, Hasbro had available an unsecured committed line and unsecured uncommitted lines of credit from various banks approximating $1,100,000 and $ 148,000 , respectively . Substantially a ll of the short-term borrowings outstanding at the end o f 201 8 and 201 7, represent borrowings made under, or supported by, these lines of credit. Borrowings under the lines of credit were made by certain international affiliates of the Company on terms and at interest rates generally extended to companies of co mparable creditworthiness in those markets. The weighted average interest rates of the outstanding borrowings under the uncommitted lines of credit as of December 3 0 , 201 8 and December 31 , 201 7 were 3.92 % and 4.32 %, respectively. The Company had no borrowi ngs outstanding under its committed line of credit at December 3 0 , 201 8 . During 2018, Hasbro's working capital needs were fulfilled by cash available and generated from operations . During the fourth quarter of 2018, the Company entered into an amended and restated revolving credit agreement with the lenders party thereto (the “Amended Agreement”) which provides the Company with a $ 1,100,000 committed borrowing facility. The Amended Agreement contains certain financial covenants setting forth leverage and coverage requirements, and certain other limitations typical of an investment grade facility, including with respect to liens, mergers and incurrence of indebtedness. The Amended Agreement also provides for a potential additional incremental commitment increase of up to $ 500,000 . The Amended Agreement extends the term of our prior facility from March 30, 2020 to November 26, 2023 . The Amended Agreement contains certain financial covenants setting forth leverage and coverage requirements, and certain other limitations typical of an investment grade facility, including with respect to liens, mergers and incurrence of indebtedness. The Company was in compliance with all covenants as of and for the fiscal year ended December 30, 2018. The Company pays a commitment fee ( 0.1 0 % as of December 30, 2018) based on the unused portion of the facility and interest equal to a Ba se Rate or Eurocurrency Rate plus a spread on borrowings under the facility. The Base Rate is determined based on either the Federal Funds Rate plus a spread, Prime Rate or Eurocurrency Rate plus a spread. The commitment fee and the amount of the spread to the Base Rate or Eurocurrency Rate both vary based on the Company's long-term debt ratings and the Company's leverage. At December 30, 2018, the interest rate under the facility was equal to Eurocurrency Rate plus 1.125%. The Company has an agreement wit h a group of banks providing a commercial paper program (the “ Program”). Under the Program, at the Company’s request the banks may either purchase from the Company, or arrange for the sale by the Company of, unsecured commercial paper notes. Borrowings und er the Program are supported by the aforementioned unsecured committed line of credit and the Company may issue notes from time to time up to an aggregate principal amount outstanding at any given time of $ 1, 0 00,000 . The maturities of the notes may vary bu t may not exceed 397 days . Subject to market conditions, the notes will be sold under customary terms in the commercial paper market and will be issued at a discount to par, or alternatively, will be sold at par and will bear varying interest rates based o n a fixed or floating rate basis. The interest rates will vary based on market conditions and the ratings assigned to the notes by the credit rating agencies at the time of issuance. At December 3 0 , 2 0 1 8 , the Company did not have any notes outstanding und er the Program . At December 31 , 201 7 , the Company had notes outstanding under the Program of $ 137,500 with a weighted average interest rate of 1.85 %. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 30, 2018 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | (9) Accrued Liabilities Components of accrued liabilities for the fiscal years ended on December 30, 2018 and December 31, 2017 are as follows: 2018 2017 Royalties $ 151,852 148,858 Advertising 68,811 75,483 Payroll and management incentives 46,472 79,976 Dividends 79,461 70,936 Severance 76,920 10,952 Deferred payment on Power Rangers acquisition 100,000 — Other Taxes 75,973 57,155 Other 331,574 304,904 Total accrued liabilities $ 931,063 748,264 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 30, 2018 | |
Long-Term Debt [Abstract] | |
Long-Term Debt | ( 10 ) Long-Term Debt Components of long-term debt for the fiscal years ended on December 30, 2018 and December 31, 2017 are as follows: 2018 2017 Carrying Cost Fair Value Carrying Cost Fair Value 6.35% Notes Due 2040 $ 500,000 535,000 500,000 601,800 3.50% Notes Due 2027 500,000 457,350 500,000 488,300 5.10% Notes Due 2044 300,000 272,640 300,000 313,320 3.15% Notes Due 2021 300,000 297,600 300,000 302,640 6.60% Debentures Due 2028 109,895 123,346 109,895 131,390 Total long-term debt 1,709,895 1,685,936 1,709,895 1,837,450 Less: Deferred debt expenses 14,803 — 16,286 — Long-term debt $ 1,695,092 1,685,936 1,693,609 1,837,450 In September 2017, the Company issued $ 500,000 of Notes due in 2027 that bear interest at a fixed rate of 3.50 % (the “3.50% Notes”). Net proceeds from the issuance of the 3.50% Notes, after deduction of $ 6,122 of underwriting discount and debt issuance expenses, totaled $ 493,878 . These costs are being amortized over the life of the 3.50% Notes, or 10 years. The Company may redeem the 3.50% Notes at its option at the greater of the principal amount of the Notes or the present value of the remaining scheduled payments discounted using the effective interest rate on applicable U.S. Treasury bills at the time of repurchase, plus 25 basis points. In addition, three months prior to their maturity date, the Company may redeem at its option the 3.50% Notes, in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the 3.50% Notes to be redeemed. The proceeds from this debt issuance were used to repay the $ 350,000 a ggregate principal amount of its 6.30 % Notes that matured during the third quarter of 2017. The Company used the remaining net proceeds for general corporate purposes. The Company may redeem the Notes due in 2021 and 2044 at its option at the greater of t he principal amount of the Notes or the present value of the remaining scheduled payments discounted using the effective interest rate on applicable U.S. Treasury bills at the time of repurchase. Prior to the issuance of these Notes, the Company held forwa rd-starting interest rate swap contracts to hedge the variability in the anticipated underlying U.S. Treasury interest rate associated with the expected issuance of the Notes. At the date of issuance, these contracts were terminated and the Company paid $ 3 3,306 , the fair value of the contracts on that date, to settle. Of this amount, $ 6,373 related to 3.15% Notes Due 2021 and $ 26,933 related to 5.10% Notes Due 2044, which have been deferred in AOCE and are being amortized to interest expense over the life o f the respective notes using the effective interest rate method. The fair values of the Company’s long-term debt are considered Level 3 fair values (see note 13 for further discussion of the fair value hierarchy) and are measured using the discounted futu re cash flows method. In addition to the debt terms, the valuation methodology includes an assumption of a discount rate that approximates the current yield on a similar debt security. This assumption is considered an unobservable input in that it reflects the Company’s own assumptions about the inputs that market participants would use in pricing the asset or liability. The Company believes that this is the best information available for use in the fair value measurement. T he Company’s 3.15% Notes mature in 2021. All of the Company’s other long-term borrowings have contractual maturities that occur subsequent to 202 3 . The aggregate principal amount of long-term debt maturing in the next five years is $ 300,000 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 30, 2018 | |
Income Taxes [Abstract] | |
Income Taxes | (11) Income Taxes The Tax Cuts and Jobs Act (the “Tax Act”) enacted on December 22, 2017 introduced significant changes to U.S. income tax law. Effective 2018, the Tax Act reduced the U.S. statutory tax rate from 35% to 21% and created new taxes on certain foreign-sourced earnings and certain related-party payments. In accordance with the Tax Act, the Company recorded a provisional tax expense of $ 316 ,423 in the fourth quarter of 2017, the period in which the legislation was enacted. Th e total expense included $ 2 71 ,605 for the deemed repatriation tax and $ 44,818 of expense primarily due to the remeasurement of deferred taxes associated with the corporate rate reduction. The Company expected to utilize $ 90 ,300 of existing ta x credits to reduce the $271,605 U.S. fe deral tax liability due to the deemed repatriation tax, which resulted in $ 181 ,305 to be paid over eight years. This liability was included as a component of other liabilities as of December 31, 2017. Additionally, Staff Accounting Bulletin (SAB) 118 was issued to address the application of U.S. GAAP in situations when the registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effect s of the Tax Act. December 22, 2018 marked the end of the measurement period for purposes of SAB 118. As such, the Company has completed its analysis based on legislative updates relating to the Tax Act currently available which resulted in an additional SAB 118 tax expense of $ 40,650 , primarily related to adjustments to the transition tax in the year ended December 30, 2018. The components of earnings before income taxes, determined by tax jurisdiction, are as follows: 2018 2017 2016 United States $ 6,293 168,370 146,013 International 264,109 617,780 546,476 Total earnings before income taxes $ 270,402 786,150 692,489 Income taxes attributable to earnings before income taxes are: 2018 2017 2016 Current United States $ 12,805 202,374 78,958 State and local 5,644 2,926 3,208 International 42,613 72,138 77,834 61,062 277,438 160,000 Deferred United States (4,937) 105,174 11,989 State and local (471) 1,658 411 International (5,686) 5,273 (13,062) (11,094) 112,105 (662) Total income taxes $ 49,968 389,543 159,338 A reconciliation of the statutory United States federal income tax rate to Hasbro's effective income tax rate is as follows : 2018 2017 2016 Statutory income tax rate 21.0% 35.0% 35.0% State and local income taxes, net 1.5 0.3 0.3 Tax on international earnings (11.4) (23.0) (15.8) Change in unrecognized tax benefits (7.9) 1.0 1.7 Share-based compensation (4.0) (4.1) — Tax Cuts and Jobs Act of 2017 15.0 39.4 — Research and development tax credits (1.9) (0.5) (0.4) Non-deductible goodwill impairment 2.0 — — Other, net 4.2 1.5 2.2 18.5% 49.6% 23.0% Certain reclassifications have been made to prior year amounts to conform to current year presentation. The components of deferred income tax expense (benefit) arise from various temporary differences and relate to items included in the consolidated statements of operations as well as items recognized in other comprehensive earnings. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 30, 2018 and December 31, 2017 are: 2018 2017 Deferred tax assets: Accounts receivable $ 29,094 31,424 Inventories 11,958 11,198 Loss and credit carryforwards 105,915 36,821 Operating expenses 21,213 20,424 Pension 11,543 8,372 Other compensation 35,418 37,718 Postretirement benefits 7,894 8,497 Interest rate hedge 5,607 6,012 Tax sharing agreement 4,015 5,514 Other 9,077 11,721 Gross deferred tax assets 241,734 177,701 Valuation allowance (36,311) (32,851) Net deferred tax assets 205,423 144,850 Deferred tax liabilities: Depreciation and amortization of long-lived assets 12,258 29,226 Equity method investment 15,113 12,829 Other 9,885 11,018 Deferred tax liabilities 37,256 53,073 Net deferred income taxes $ 168,167 91,777 Certain reclassifications have been made to prior year amounts to conform to current year presentation. The most significant amount of the carryforward relates to tax attributes that will be used to offset the 2017 transition tax. At December 30, 2018 and December 31, 2017, the Company’s net deferred income taxes are recorded in the consolidated balance sheets as follows: 2018 2017 Other assets 174,077 97,870 Other liabilities (5,910) (6,093) Net deferred income taxes $ 168,167 91,777 The Company has a valuation allowance for certain deferred tax assets at December 30, 2018 of $36,311 , which is a n in crease of $ 3,460 from $ 32,851 at December 31, 2017 . The valuation allowance pertains to certain U.S. state and international loss and credit carryforwards, some of which have no expiration and others that would expire beginning in 2019 . We previously considered the earnings in our non-U.S. subsidiaries to be indefinitely reinvested and, accordingly, recorded no deferred incom e taxes. The Tax Act eliminates the deferral of U.S. income tax on these foreign earnings by imposing a transition tax which is a one-time mandatory deemed repatriation tax. As a result we now intend to repatriate substantially all of our accumulated forei gn earnings. The Company still has significant cash needs outside the United States and continues to consistently monitor and analyze its global working capital and cash requirements. However, tax reform gives more companies flexibility to manage cash glob ally. We have recorded $ 494 of US state income taxes as part of the provisional repatriation tax amount, which will be incurred due to certain future cash distributions. The Company has not finalized the timing of any actual cash distributions or the speci fic amounts and therefore we could still be subject to some additional foreign withholding taxes and U.S. state taxes. We will record these additional tax effects, if any, in the period that we complete our analysis and are able to make a reasonable estima te. A reconciliation of unrecognized tax benefits, excluding potential interest and penalties, for the fiscal years ended December 30, 2018, December 31, 2017, and December 25, 20 16 is as follows: 2018 2017 2016 Balance at beginning of year $ 84,244 80,388 63,549 Gross increases in prior period tax positions 4,449 2,518 2,727 Gross decreases in prior period tax positions (55,752) (28,653) (3,103) Gross increases in current period tax positions 16,987 34,056 34,155 Decreases related to settlements with tax authorities (1,102) (1,375) (11,662) Decreases from the expiration of statute of limitations (2,752) (2,690) (5,278) Balance at end of year $ 46,074 84,244 80,388 Unrecognized tax benefits as of December 30, 2018, December 31, 2017 and December 25, 2016, were $46,074, $84,244 , and $ 80,388 , respectively. If recognized, these tax benefits would have affected our income tax provision for fiscal years 2018, 2017, and 2016, by approximately $ 45,000 , $ 7 7 ,000 , and $ 70, 000 , respectively. During 2018, 2017, and 2016, the Company recognized $ 3, 101 , $ 2, 431 , and $ 2,135 , respectively, of potential interest and penalties, which are included as a component of inc ome taxes in the accompanying consolidated statements of operations. At December 30, 2018, December 31, 2017, and December 25, 2016, the Company had accrued potential interest and penalties of $ 4,200 , $ 5,157 , and $ 3,966 , respectively. The Company an d 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 vari ous tax jurisdictions. The Company is no longer subject to U.S. federal income tax examinations for years before 2013. With few exceptions, the Company is no longer subject to U.S. state or local and non-U.S. income tax examinations by tax authorities in i ts major jurisdictions for years before 2012. The Company believes it is reasonably possible that a decrease of approximately $ 15,700 in gross unrecognized tax benefits may be necessary within the coming year as a result of expected tax return settl ements and lapse of statute of limitations. |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 30, 2018 | |
Capital Stock [Abstract] | |
Capital Stock | (1 2 ) Capital Stock In May 201 8, the Company’s Board of Directors authorized the repurchases of up to $ 500,000 in common stock . Purchases of the Company’s common stock may be made from time to time, subject to market conditions, and may be made in the open market or through privately negotiated transactions. The Company has no obligation to repurchase shares under the authorizati on and the time, actual number, and the value of the shares which are repurchased will depend on a number of factors, including the price of the Company’s common stock. In 2018 , the Company repurchased 2 , 655 shares at an average price of $ 94.15 . The total cost of these repurchases, including transaction costs, was $ 2 5 0,0 54 . At December 30 , 2018 , $ 427,966 remained under the current authorizations. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 30, 2018 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value of Financial Instruments | (1 3 ) Fair Value of Financial Instruments The Company measures certain assets at fair value in accordance with current accounting standards. The fair value hierarchy consists of three levels: Level 1 fair values are valuations 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 valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or othe r inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities; and Level 3 fair values are valuations based on inputs that are supported by little or no market activity and that are sign ificant to the fair value of the assets or liabilities. There have been no transfers between levels within the fair value hierarchy. Current accounting standards permit entities to choose to measure many financial instruments and certain other items at fa ir value and establish presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar assets and liabilities. The Company has elected the fair value option for certain i nvestments using net asset value per share . At December 30 , 2018 and December 31 , 201 7 , these investments tota led $ 23,913 and $ 2 4,436 , respectively, and are included in prepaid expenses and other current assets in the consolidated balance sheets. The Company recorded net (losses) gains of $ (18 0 ) , $ 1,500 and $ 1,010 on these investments in other (income) expense, net for the years ended December 30, 2018, December 31, 2017 and December 25, 2016, respectively, relating to the change in fair value of such investments. At December 30 , 2018 and December 31 , 2017 , 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 Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Fair Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) December 30, 2018 Assets: Available-for-sale securities $ 914 914 — — Derivatives 26,076 — 26,076 — Total assets $ 26,990 914 26,076 — Liabilities: Derivatives $ 1,610 — 1,610 — Option agreement 23,440 — — 23,440 Total liabilities $ 25,050 — 1,610 23,440 December 31, 2017 Assets: Available-for-sale securities $ 3,126 3,126 — — Derivatives 12,226 — 12,226 — Total assets $ 15,352 3,126 12,226 — Liabilities: Derivatives $ 23,051 — 23,051 — Option agreement 23,980 — — 23,980 Total liabilities $ 47,031 — 23,051 23,980 Available-for-sale securities include equity securities of one company quoted on an active public market. The Company's derivatives consist of foreign currency forward contracts. The Company used current forward rates of the respective foreign currencies to measure the fair value of these contracts. The option agreement included in other liabilities at December 30 , 2018 and December 31 , 2017 is valued using an option pricing model based on the fair value of the related investment. Inputs used in the option pricing model include volatility and fair value of the underlying company which are considered unobservable inputs as they reflect the Company's own assumptions about the inputs that market participants would use in pricing the asset or liability. The Company believes that this is the best information available for use in the fair value measurement. There were no changes in these valuation techniques during 20 18 . The following is a reconciliation of the beginning and ending balances of the fair value measurements of the Company’s financial instruments which use significant unobservable inputs (Level 3): 2018 2017 Balance at beginning of year $ (23,980) (28,770) Net gains from change in fair value 540 4,790 Balance at end of year $ (23,440) (23,980) In addition to the above, the Company has three investments for which the fair value is measured using ne t asset value per share. At December 30, 2018 and Dec ember 31 , 2017 th ese invest ments had fair values of $ 23,913 and $ 24,436 , respectively. Two of the investments have net asset values that are predominantly based on underlying investments which are traded on an active market and are redeemable within 45 days. The third investment invests in hedge funds which are generally redeem able on a quarterly basis with 30 – 90 days’ notice . |
Stock Options, Other Stock Awar
Stock Options, Other Stock Awards and Warrants | 12 Months Ended |
Dec. 30, 2018 | |
Stock Options, Other Stock Awards and Warrants [Abstract] | |
Stock Options, Other Stock Awards and Warrants | (1 4 ) Stock Options, Other Stock Awards and Warrants The Company has reserved 8,495 shares of its common stock for issuance upon exercise of options and other awards granted or to be granted under stock incentive plans for employees and for non-employee members of the Board of Directors (collectively, the "plans"). These awards generally vest a nd are expensed in equal annual amounts over three to five years. The plans provide that options be granted at exercise prices not less than the market value of the underlying common stock on the date the option is granted and options and share awards are adjusted for such changes as stock splits and stock dividends. Options are exercisable for periods of no more than seven years after date of grant. Upon exercise in the case of stock options, grant in the case of restricted stock or vesting in the case of performance based contingent stock and restricted stock unit grants, shares are issued out of available treasury shares. The Company’s current plan permits the granting of awards in the form of stock, stock appreciation rights, stock awards and cash awards in addition to stock options. Total compensation expense related to stock options, restricted stock units, including those awards made to non-employee members of its Board of Directors, and stock performance awards for the years ende d December 30, 2018, December 31 , 2017 and December 25 , 201 6 was $ 27,892 , $ 56,032 and $ 61,624 , respectively, and was recorded as follows: 2018 2017 2016 Cost of sales $ — — 200 Product development 3,466 3,312 3,248 Selling, distribution and administration 24,426 52,720 58,176 27,892 56,032 61,624 Income tax benefit 2,832 9,574 20,298 $ 25,060 46,458 41,326 The following table represents total stock compensation expense by award type related to stock performance awards, restricted stock units, stock options and awards made to non-employee members of the Company’s Board of Directors, for the years ended December 3 0 , 2018 , December 31 , 2017 and December 2 5 , 2016 : 2018 2017 2016 Stock performance awards $ 842 27,522 34,248 Restricted stock units 17,897 20,573 19,908 Stock options 7,393 6,342 5,838 Non-employee awards 1,760 1,595 1,630 27,892 56,032 61,624 Income tax benefit 2,832 9,574 20,298 $ 25,060 46,458 41,326 Stock Performance Awards In 2018 , 2017 and 2016 , as part of its annual equity grant to executive officers and certain other employees, the Company issued contingent stock performance awards (the "Stock Performance Awards"). These awards provide the recipients with the ability to earn shares of the Comp any's common stock based on the Company's achievement of stated cumulative operating performance targe ts over the three fiscal years ended December 2020 , December 2019 , and December 2018 for the 2018 , 2017 and 2016 awards, respectively. Each Stock Performa nce Award has a target number of shares of common stock associated with such award which may be earned by the recipient if the Company achieves the stated diluted earnings per share and revenue targets . For certain employees, the Stock Performance Awards a lso include an additional return on invested capital target in addition to the diluted earnings per share and revenue targets. The ultimate amount of the award may vary from 0 % to 200 % of the target number of shares, depending on the cumulative results achieved . Information with respect to Stock Performance Awards for 2018 , 2017 and 2016 is as follows: 2018 2017 2016 Outstanding at beginning of year 900 1,074 992 Granted 250 428 529 Forfeited (49) (28) (23) Vested (468) (574) (424) Outstanding at end of year 633 900 1,074 Weighted average grant-date fair value: Granted $ 88.18 99.58 74.69 Forfeited $ 86.27 74.86 61.86 Vested $ 61.86 52.21 47.21 Outstanding at end of year $ 86.58 77.27 62.19 Shares granted in 2018 include 14 shares related to the 2016 award, reflecting increase s in the ultimate amount of shares to be issued based on the Company’s cumulative results achieved during the performance period. These shares are excluded from the calculation of the weighted average grant-date fair value of Stock Performance awards granted in 2018. Similarly, s hares granted in 2017 include d 227 additional shares related to the 2015 award, and shares granted in 2016 included 276 additional shares related to the 2014 award. These shares were excluded from the calculation of the weighted average grant-date fair value of Stoc k Performance awards granted in 2017 and 2016. During 2018 , 2017 and 2016 , the Company recogniz ed $ 842 , $ 27,522 and $ 34,248 , respectively, of expense relating to Stock Performance Awards . Awards are valued at the market value of the underlying common stock at the dates of grant and are expensed over the performance period. On a periodic basis , the C ompany reviews the actual and forecasted performance of the Company against the stated targets for each award. The total expense is adjusted upward or downward based on the expected amount of shares to be issued as defined in the respective stock performan ce award agreement. If minimum targets as detailed under the award are not met, no additional compensation expense will be recognized and any previously recognized compensation expense will be reversed. During 2018, it was determined that it was no longer probable that targets would be met for certain Stock Performance Awards and, as a result, a portion of the previously recognized expense related to those awards was reversed. At December 30 , 2018 , the amount of total unrecognized compensation cost related to these awards is approximately $ 15,516 and the weighted average period over which this will be expensed is 23 months. Restricted Stock Units The Company, as part of its annual equity grant to executive officers and certain other employees, issues restricted stock or grants restricted stock units. These shares or units are nontransferable and subject to forfeiture for periods prescribed by the C ompany. These awards are valued at the market value of the underlying common stock at the date of grant and are subsequently amortized over the periods during which the restrictions lapse, generally three years. During 2018, 2017 and 2016, the Company recognized compensation expense, net of forfeitures, on these awards of $ 17,897 , $ 20,573 and $ 19,908 , respectively. At December 30, 2018, the amount of total unrecognized compensation cost related to r estricted stock units is $ 2 5,152 and the weighted average period over which this will be expensed is 23 months. In October 2012, as part of an Amended and Restated Employment Agreement, (the “Agreement”), the Company's Chief Executive Officer was awarded 587 shares to be granted in two tranches across 2013 and 2014, which were expensed from 2013 through 2017 . These awards provided the recipient with the ability to earn shares of the Company’s common stock based on the Company’s achievement of four stated stock price hurdles and continued employment through December 31, 2017. In August 2014, the Agreement was further amended to include additional requirements. Specifically, if the third and fourth stock price hurdles were achieved, the number of shares ulti mately issued was dependent on the average stock price for the thirty day period immediately prior to December 31, 2017. This amendment did not result in any incremental fair value to the award which was used to record compensation expense for the award. A t December 31, 2017, all requirements of the Agreement were met and 587 shares were issued. E xcluding the aforementioned award for 587 shares, information with respect to the remaining Restricted Stock Awards and Restricted Stock Units for 2018 , 2017 and 2016 is as follows: 2018 2017 2016 Outstanding at beginning of year 636 795 955 Granted 257 203 245 Forfeited (40) (41) (41) Vested (419) (321) (364) Outstanding at end of year 434 636 795 Weighted average grant-date fair value: Granted $ 97.45 98.88 75.23 Forfeited $ 93.45 68.01 59.37 Vested $ 67.34 57.58 43.89 Outstanding at end of year $ 94.22 75.13 61.65 Stock Options Information with respect to stock options for each of the three fiscal years ended December 30 , 2018 is as follows: 2018 2017 2016 Outstanding at beginning of year 2,579 2,768 3,445 Granted 538 458 492 Exercised (736) (597) (1,143) Expired or forfeited (71) (50) (26) Outstanding at end of year 2,310 2,579 2,768 Exercisable at end of year 1,391 1,661 1,708 Weighted average exercise price: Granted $ 98.10 98.80 74.42 Exercised $ 45.64 49.31 41.75 Expired or forfeited $ 93.81 57.33 56.43 Outstanding at end of year $ 74.78 62.12 53.21 Exercisable at end of year $ 61.59 50.02 45.50 With respect to the 2,310 outstanding options and 1,391 options exercisable at December 30 , 2018 , the weighted average remaining contractual life of these options was 3. 90 years and 2. 8 1 years , respectively. The aggregate intrinsic value of the options outstanding and exercisable at December 30, 2018 was $ 30,574 and $ 29,652 , respectively. Substantially all unvested outstanding options are expected to vest. The Company uses the Black-Scholes valuation model in determining the fair value of stock options. The expected life of the options used in this calculation is the period of time the options are expected to be outstanding and has been determined based on historical exercise ex perience. The weighted average fair value of options granted in fiscal 2018 , 2017 and 2016 was $ 1 9.26 , $ 18.25 and $ 13.01 , respectively. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the fiscal years 2018, 2017 and 2016 : 2018 2017 2016 Risk-free interest rate 2.57% 1.85% 1.16% Expected dividend yield 2.57% 2.31% 2.74% Expected volatility 27% 24% 26% Expected option life 4 years 5 years 5 years The intrinsic values, which represent the difference between the fair market value on the date of exercise and the exercise price of the option, of the options exercised in fiscal 201 8 , 201 7 and 201 6 were $ 3 8, 909 , $ 31,406 and $ 4 7,992 , respectively. At December 3 0 , 201 8 , the amount of total unrecognized compensation cost related to stock options was $ 10,096 and the weighted average period over which this will be expensed is 22 months. Non-Employee Awards In 20 18 , 201 7 and 201 6 , the Company granted 20 , 16 and 2 3 shares of common stock, respectively, to its non-employee members of its Board of Directors. Of these shares, the receipt of 1 1 shares from the 201 8 grant, 1 0 shares from the 201 7 grant and 16 shares from the 201 6 grant has been deferred to the date upon which the respective director ceases to be a member of the Company's Board of Directors. These awards were valued at the market value of the underlying common stock at the date of grant and vested upon grant. In connection with these grants, compensation c ost of $ 1, 760 was recorded in selling, distribution and administration expense in the year ended December 3 0 , 201 8 , $ 1, 595 in the year ended December 31 , 201 7 and $ 1, 630 in the year ended December 2 5 , 201 6 . |
Pension, Postretirement and Pos
Pension, Postretirement and Postemployment Benefits | 12 Months Ended |
Dec. 30, 2018 | |
Pension, Postretirement and Postemployment Benefits [Abstract] | |
Pension, Postretirement and Postemployment Benefits | (1 5 ) Pension, Postretirement and Postemployment Benefits Pension and Postretirement Benefits The Company recognizes an asset or liability for each of its defined benefit pension plans equal to the difference between the projected benefit obligation of the plan and the fair value of the plan’s assets. Actuarial gains and losses and prior service costs that have not yet been included in income are recognized in the consolidated balance sheets in AOCE. Prior to 2018, r eclassifications to earnings from AOCE related to pension and postretirement plans are recorded to selling, distribution and administration expense. As a result of the adoption of ASU 2017-07 (see Note 1) in 2018, reclassifications to earnings from AOCE related to pension and postretirement pl ans were recorded to other (income) expense in 2018. Expenses related to the Company's defined benefit pension and defined contribution plans for 2018, 2017 and 2016 were approximately $ 41,900 , $ 45,900 and $ 45,200 , respectively. Of these amounts, $ 32,300 , $ 36,000 and $ 33,300 , respectively, related to defined contribution plans in the United States and certain international subsidiaries. The remainder of the expense relates to defined benefit pension plans discussed below. United States Plans Prior to 200 8, substantially all United States employees were covered under at least one of several non-contributory defined benefit pension plans maintained by the Company. Benefits under the two major plans which principally cover ed non-union employees, were based p rimarily on salary and years of service. One of these major plans is funded. Benefits under the remaining plans are based primarily on fixed amounts for specified years of service. In 2007, for the two major plans covering its non-union employees, the Comp any froze benefits being accrued effective at the end of December 2007. Following the August 2015 sale of its manufacturing facility in East Longmeadow, MA, the Company elected to freeze benefits related to its major plan covering union employees. Effecti ve January 1, 2016, the p lan covering union employees merged with and into the Hasbro Inc. Pension Plan, and ceased to exist as a separ ate plan on that date. In February 2018 , the Compensation Committee of the Company’s Board of Directors approved a resolution to terminate the Company’s U.S. defined benefit pension plan (“Plan”). During the first quarter of 2018 the Company commenced the plan termination process and expects to complete the transfer of the Plan’s assets to a third-party administrator i n the second quarter of 2019. In connection with the decision to terminate the Plan, the Company remeasured the projected benefit obligation in the first quarter of 2018 based on the expected Plan termination costs. This remeasurement utilized a discount rate of 3.2 % compared to the discount rate of 3.7 % utilized in the December 31, 2017 measurement and resulted in an increase in the projected benefit obligation of $ 35,192 with offsetting amounts recorded to accumulated other comprehensive losses and defer red taxes. Upon settlement of the pension liability, the Company will reclassify the related pension losses, currently recorded to accumulated other comprehensive loss, to the consolidated statements of operations. As of December 30, 2018, the Company had unrecognized losses related to the Plan of $ 142,439 . The Company will recognize this loss upon termination of the Plan, adjusted for year-end remeasurement, as well as the total required payout to plan participants which will be determined based on employe e elections and market conditions present at the time of termination. At December 30, 2018 , the measurement date, the projected benefit obligations of the funded plans were in excess of the fair value of the plans’ assets in the amount of $ 6,423 while the unfunded plans of the Company had an aggregate accumulated and projected benefit obligation of $ 32,072 . At December 31, 2017 the fair value of the funded plans’ assets were in excess of the projected benefit obligations in the amount of $ 25,603 while the u nfunded plans of the Company had an aggregate accumulated and projected benefit obligation of $ 35 ,981 . Hasbro also provides certain postretirement health care and life insurance benefits to eligible employees who retire and have either attaine d age 65 with 5 years of service or age 55 with 10 years of service. The cost of providing these benefits on behalf of employees who retired prior to 1993 has been substantially borne by the Company. The cost of providing benefits on behalf of substantiall y all employees who retire after 1992 is borne by the employee. The plan is not funded. Reconciliations of the beginning and ending balances for the projected benefit obligation, the fair value of plan assets and the funded status are included below for the years ended D ecember 30 , 2018 and December 31 , 2017 . Pension Postretirement 2018 2017 2018 2017 Change in Projected Benefit Obligation Projected benefit obligation – beginning $ 393,367 372,824 32,153 28,484 Service cost 1,300 1,290 756 691 Interest cost 13,358 15,303 1,171 1,179 Amendment (78) — — — Actuarial (gain) loss 13,010 27,670 (2,339) 3,432 Benefits paid (22,718) (22,579) (1,660) (1,633) Expenses paid (2,521) (1,141) — — Projected benefit obligation – ending $ 395,718 393,367 30,081 32,153 Accumulated benefit obligation – ending $ 395,718 393,367 30,081 32,153 Change in Plan Assets Fair value of plan assets – beginning $ 382,989 309,380 — — Actual return on plan assets (3,328) 44,562 — — Employer contribution 2,802 52,767 — — Benefits paid (22,718) (22,579) — — Expenses paid (2,521) (1,141) — — Fair value of plan assets – ending $ 357,224 382,989 — — Reconciliation of Funded Status Projected benefit obligation $ (395,718) (393,367) (30,081) (32,153) Fair value of plan assets 357,224 382,989 — — Funded status (38,494) (10,378) (30,081) (32,153) Unrecognized net loss 155,829 132,088 3,350 5,853 Net amount $ 117,335 121,710 (26,731) (26,300) Accrued liabilities $ (8,946) (2,448) (1,607) (1,630) Other liabilities (29,548) (7,930) (28,474) (30,523) Accumulated other comprehensive earnings (loss) 155,829 132,088 3,350 5,853 Net amount $ 117,335 121,710 (26,731) (26,300) In fiscal 2019 , the Company expects amortization of unrecognized net losses related to its defined benefit pension plans and post retirement plan of $ 12,116 and $ 21 , respectively, to be included as a component of net periodic benefit cost. Assumptions used to determine the year-end pension and postretirement benefit obligations are as follows: 2018 2017 Pension Weighted average discount rate 3.72% 3.71% Mortality table RP-2014/Scale BB RP-2014/Scale BB Postretirement Discount rate 4.33% 3.74% Health care cost trend rate assumed for next year 6.50% 6.50% Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 5.00% 5.00% Year that the rate reaches the ultimate trend 2024 2024 Hasbro's pension plan assets (the "Plan Assets") are intended to provide retirement benefits to participants in accordance with the benefit structure established by Hasbro, Inc. The Plan Asset investment managers, who exercise full investment discretion wi thin guidelines outlined in the Plan Asset Investment Policy, are charged with managing the assets with the care, skill, prudence and diligence that a prudent investment professional in similar circumstance would exercise. Investment practices, at a minimu m, must comply with the Employee Retirement Income Security Act (ERISA) and any other applicable laws and regulations. The Plan Asset’s allocations are structured to meet a long-term targeted total return consistent with the ongoing nature of the pension plan liabilities. The shared long-term total return goal, presently 4.75 % , includes income plus realized and unrealized gains and/or losses on the Plan’s assets. Utilizing generally accepted diversification techniques, the Plan Assets, in aggregate and at the individual portfolio level, are invested so that the total portfolio risk exposure and risk-adjusted returns best meet the pension plan long-term obligations to employees. The Company’s asset allocation has included alternative investment strategies de signed to achieve a modest absolute return in addition to the return on an underlying asset class such as bond or equity indices. These alternative investment strategies used derivatives to gain market returns in an efficient and timely manner; however, de rivatives were not used to leverage the portfolio beyond the market value of the underlying assets. The Plan’s Assets were not involved in these alternative investment strategies at December 30, 2018. Investments in these alternative strategies were inclu ded in other equity, total return fund and fixed income asset categories at December 31, 2017. Plan asset allocations are reviewed at least quarterly and rebalanced to achieve target allocation among the asset categories when necessary. The Plan Assets’ in vestment managers are provided specific guidelines under which they are to invest the assets assigned to them. In general, investment managers are expected to remain fully invested in their asset class with further limitations of risk as related to investm ents in a single security, portfolio turnover and credit quality. With the exception of the alternative investment strategies mentioned above, the Plan’s Investment Policy restricts the use of derivatives associated with leverage or speculation. In additi on, the Investment Policy also restricts investments in securities issued by Hasbro, Inc. except through index-related strategies (e.g. an S&P 500 Index Fund) and/or commingled funds. In addition, unless specifically approved by the Investment Committee (w hich comprises members of management, established by the Board to manage and control pension plan assets), certain securities, strategies, and investments are ineligible for inclusion within the Plan Assets. The assets of the funded plans are managed by investment advisors. The fair values of the plan assets by asset class and fair value hierarchy level (excluding assets for which the fair value is measured using net asset value per share) as of December 30 , 2018 and December 31 , 2017 are as follows: Fair value measurements using: Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) 2018 Equity: Other measured at net asset value (a) 300 — — — Fixed Income measured at net asset value (a) 251,300 251,300 — — Cash Equivalents measured as net asset value (a) 105,600 — — — $ 357,200 251,300 — — 2017 Equity: Large Cap $ 38,400 38,400 — — Small Cap 25,300 25,300 — — International measured at net asset value (a) 43,900 43,900 — — Other measured at net asset value (a) 300 — — — Fixed Income measured at net asset value (a) 217,200 — — — Total Return Fund measured at net asset value (a) 26,900 26,900 — — Cash Equivalents measured as net asset value (a) 31,000 — — — $ 383,000 134,500 — — (a) Certain investments that are measured at fair value using the net asset value per share are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Changes in Plan Assets disclosed previously in this note. The Plan’s Level 1 assets consist of investments traded on active markets that are valued using publ ished closing prices. At December 30, 2018 the Company’s investments for which the fair value is measured using net asset value per share include the following; Cash and cash equivalents - $ 105,600 of cash and cash equivalents which are redeemable daily and public-private investment funds - $ 3 00 consisting of a public-private investment fund which is valued using the net asset value provided by the investment manager and invests in commercial mortgage-backed securities and non-agency residential mortgage-backed securities. The Company believes that the net asset values are the best information available for use in the fair value measurement of these funds. The following is a detail of the components of the net periodic benefit cost for the three years ended December 30, 2018. 2018 2017 2016 Components of Net Periodic Cost Pension Service cost $ 1,300 1,290 2,100 Interest cost 13,358 15,303 16,106 Expected return on assets (18,475) (19,534) (17,013) Amortization of actuarial loss 10,995 9,082 7,361 Net periodic benefit cost $ 7,178 6,141 8,554 Postretirement Service cost $ 756 691 532 Interest cost 1,171 1,179 1,175 Amortization of actuarial loss 165 — — Net periodic benefit cost (income) $ 2,092 1,870 1,707 Assumptions used to determine net periodic benefit cost of the pension plan and postretirement plan for each fiscal year follow: 2018 2017 2016 Pension Weighted average discount rate 3.71% 4.22% 4.58% Long-term rate of return on plan assets 4.75% 6.25% 6.75% Postretirement Discount rate 3.74% 4.26% 4.64% Health care cost trend rate assumed for next year 6.50% 7.00% 7.00% Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 5.00% 5.00% 5.00% Year that the rate reaches the ultimate trend rate 2024 2021 2021 If the health care cost trend rate were increased one percentage point in each year, the accumulated postretirement b enefit obligation at December 30, 2018 and the aggregate of the benefits earned during the period and the interest cost would have both increased by approximately 0. 7 %. Hasbro works with external benefit investment specialists to assist in the development of the long-term rate of return assump tions used to model and determine the overall asset allocation. Forecast returns are based on the combination of historical returns, current market conditions and a forecast for the capital markets for the next 5-7 years. All asset class assumptions are wi thin certain bands around the long-term historical averages. Correlations are based primarily on historical return patterns. Expected benefit payments under the defined benefit pension plans (which reflects the expected completion of the termination of the Plan in 2019) and the postretirement benefit plan for the ne xt five years subsequent to 2018 and in the aggregate for the following five years are as follows: Pension Postretirement 2019 $ 368,278 1,641 2020 2,465 1,594 2021 2,434 1,548 2022 2,410 1,510 2023 2,420 1,472 2024-2028 11,634 7,031 International Plans Pension coverage for employ ees of Hasbro's interna tional subsidiaries is provided, to the extent deemed appropriate, through separate defined benefit and defined contribution plans. At D ecember 3 0 , 201 8 and December 31 , 201 7 , the defined benefit plans had total projected benefit obligations of $ 98,476 and $ 127,012 , respectively, and fair values of plan assets of $ 78,184 and $ 100,766 , respectively. Substantially all of the plan assets are invested in equity and fixed income securities. The pension expense related to these plans was $ 2,392 , $ 3,473 and $ 1,533 in 201 8 , 201 7 and 201 6 , respectively. In fiscal 201 9 , the Company expects amortization of $ (3 4 ) of prior service cost s, $ 965 o f unrecognized net losses and $ 2 of unrecognized transition obligation to be included as a component of net periodic benefit cost. Expected benefit payments under the international defined benefit pension plans for t he five years subsequent to 201 8 and in the aggregate for the five years thereafter are as follows: 201 9 : $ 1,774 ; 20 20 : $ 1,958 ; 202 1 : $ 2,072 ; 202 2 : $ 2,279 ; 202 3 : $ 2,531 ; and 202 4 through 202 8 : $ 15,337 . Postemployment Benefits Hasbro has several plans covering certain groups of employees, which may provide benefits to such employees following their period of active employment but prior to their retirement. These plans include certain severance plans which provide benefits to employees involuntarily terminated and certain plans which continue the Company's health and life insurance contributions for employees who have left Hasbro's employ under terms of its long-term disability plan. |
Leases
Leases | 12 Months Ended |
Dec. 30, 2018 | |
Leases [Abstract] | |
Leases | (1 6 ) Leases Hasbro occupies offices and uses certain equipment under various operating lease arrangements. The rent expense under such arrangements, net of sublease income which is not material, for 2018 , 2017 and 2016 amounted to $ 65,181 , $ 63,615 and $ 52,585 , respect ively. Minimum rentals, net of minimum sublease income, which is not material, under long-term operating leases for the five years subsequent to 201 8 and in the aggregate thereafter are as follows: 201 9 : $ 47,131 ; 20 20 : $ 31,414 ; 202 1 : $ 22,807 ; 202 2 : $ 15,876 ; 202 3 : $ 12,524 ; and thereafter: $ 27,077 . All leases expire prior to the end of 2037. Real estate taxes, insurance and maintenance expenses are generally obligations of the Company. It is expected that, in the normal course of business, leases that e xpire will be renewed or replaced by leases on other properties; thus, it is anticipated that future minimum lease commitments will not be less than the amounts shown for 201 9. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (ASU 2016-02), which will require lessees to recognize a right-of-use asset and a lease liability for virtually all leases. The liability will be based on the present value of lease payments and the asset will be based on the liability. For income statement purposes, a dual model was retained requiring leases to be either classified as operating or finance. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. Additional quantitative and qualitative disclosures will be required. ASU 2016-02 is required for public companies for fiscal years beginning after December 15, 2018. ASU 2016-02 as originally issued required modified retrospective adoption. In July 2018, the FASB issued ASU 2018-11, which provides an alternative transition method in addition to the existing method by allowing entities to apply ASU 2016-02 as of the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted ASU-2016-02 on December 31, 2018 using the retrospective basis as provided in ASU 2018-11. No cumulative effect was recorded to the balance sheet. The Company also elected certain practical expedients as provided under the standard. These included ( i ) the election not to reassess whether contracts existing at the adoption date contain a lease under the new definition of a lease under the standard; (ii) the election not to reassess the lease classification for existing leases as of the adoption date; (iii) the election not to reassess whether previously capitalized initial direct costs would qualify for capitalization under the standard; (iv) the election to use hindsight in determining the relevant lease terms for use in the capitalization of the lease liability; and (v) the election to use hindsight in reviewing the right-of-use assets for impairment. For all leases, the terms are being evaluated, including extension and renewal options as well as the lease payments associated with the leases. The Company does not expect that its results of operations will be materially impacted by this standard. The adoption of this standard will not have an impact on the Company’s cash flows. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 30, 2018 | |
Derivative Financial Instruments [Abstract] | |
Derivative Financial Instruments | (1 7 ) Derivative Financial Instruments Hasbro uses foreign currency forward contracts to mitigate the impact of currency rate fluctuations on firmly committed and projected future foreign currency transactions. These over-the-counter contracts, which hedge future currency requirements related to purchases of inventory, product sales and other cross-border transactions not denominated in the functional currency of the business unit, are primarily denominated in United States and Hong Ko ng 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 con dition of the Company. Hasbro does not enter into derivative financial instruments for speculative purposes. Cash Flow Hedges Hasbro uses foreign currency forward contracts to reduce the impact of currency rate fluctuations on firmly committed and proje cted future foreign currency transactions. All of the Company’s designated foreign currency forward contracts are considered to be cash flow hedges. These instruments hedge a portion of the Company’s currency requirements associated with anticipated invent ory purchases and other cross-border transactions in years 2019 through 2022. At December 30 , 2018 and December 31 , 2017 , the notional amounts and fair values of assets (liabilities) for the Company’s foreign currency forward contracts designated as cash flow hedging instruments were as follows: 2018 2017 Hedged transaction Notional Fair Notional Fair Amount Value Amount Value Inventory purchases $ 468,305 15,089 756,673 (13,695) Sales 298,194 11,232 423,315 16,144 Royalties and Other 26,341 (304) 196,889 (10,383) Total $ 792,840 26,017 1,376,877 (7,934) 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 consolid ated balance sheet at December 30 , 2018 and December 31 , 2017 as follows: 2018 2017 Prepaid expenses and other current assets Unrealized gains $ 21,718 13,666 Unrealized losses (972) (10,319) Net unrealized gain $ 20,746 3,347 Other assets Unrealized gains $ 6,173 11,255 Unrealized losses (843) (2,376) Net unrealized gain $ 5,330 8,879 Accrued liabilities Unrealized gains $ 77 4,215 Unrealized losses (136) (15,484) Net unrealized loss $ (59) (11,269) Other liabilities Unrealized gains $ — 4,546 Unrealized losses — (13,437) Net unrealized loss $ — (8,891) Net gains (losses) on cash flow hedging activities have been reclassified from other comprehensive earnings to net earnings for the years ended December 30 , 2018 , December 31 , 2017 and December 25 , 2016 as follows: 2018 2017 2016 Consolidated Statements of Operations Classification Cost of sales $ 3,909 (1,905) 57,786 Sales 3,479 5,315 7,467 Royalties and other (527) (6,000) (5,776) Net realized gains (losses) $ 6,861 (2,590) 59,477 In addition, net ( losses) gains of $ (6, 173 ) , $ (6,847) and $ 400 were reclassified to earnings as a result of hedge ineffectiveness in 2018, 2017 and 2016, respectively. 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 December 30 , 2018 and De cember 31 , 2017 , the total notional amount of the Company’s undesignated derivative instruments was $ 4 52,773 and $ 418,471 , respectively. At December 30, 2018 and December 31, 2017 , the fair value of the Company’s un designated derivative financial instrume nts are recorded in the consolidated balance sheets as follows: 2018 2017 Accrued liabilities Unrealized gains $ 1,269 1,793 Unrealized losses (2,820) (4,684) Net unrealized loss $ (1,551) (2,891) Total unrealized losses $ (1,551) (2,891) The Company recorded net gains (losses) of $ 11,698 , $ (4,267) and $ 32 , 524 on these instruments to other (income) expense, net for 201 8 , 201 7 and 201 6 , respectively, relating to the change in fair value of such derivatives, substantially offsetting gains and losses from the change in fair value of intercompany loans to which the instruments relate. For additional information related to the Company’s derivative finan cial instruments see notes 3 and 13 . |
Acquisition
Acquisition | 12 Months Ended |
Dec. 30, 2018 | |
Acquisitions [Abstract] | |
Business Combination Disclosure [Text Block] | (18) Acquisition In January 2018, the FASB issued Accounting Standards Update No. 2017-01 (“ASU 2017-01”), Business Combinations (Topic 805): Clarifying the Definition of a Business. The standard clarifies the definition of a business with the objective of providing guidance when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. For public companies, the standard was effective for annual reporting periods beginning after December 15, 2017. The Company adopted ASU 2017-01 in the second quarter of 2018. On June 12, 2018 , the Company completed the acquisition of Saban Properties’ POWER RANGERS and other Entertainment Assets. The Company accounted for the acquisition as an asset acquisit ion based on the guidance in ASU 2017-01, which uses the cost accumulation and allocation method. As such, the Company included acquisition costs in its calculation of the purchase price to be allocated to the assets acquired. The total purchase price fo r the assets was $535,850, consisting of the following: Cash Consideration: To seller (1) $ 152,000 Held in escrow (2) 25,000 Market value of stock issued to seller (3) 280,397 Deferred purchase price due in January 2019 (4) 75,000 532,397 Acquisition costs 1,973 Other adjustment 1,480 Total Purchase Price to be allocated $ 535,850 1. The Company previously paid Saban Brands $ 22,250 for the P OWER RANGERS master toy license agreement announced in February 2018 and those amounts were credited to, and included above, in the purchase price. 2. The $25,000 was placed into an escrow account to support customary indemnification obligations of Saban Properties, and is considered restricted cash within cash and cash equivalents on the balance sheet with an offsetting liability included in other current liabilities. One-half of the $25,00 0 in escrow was released on January 3, 2019, and the remaining half is scheduled on the one-year anniversary of the closing date, less any claim amounts deducted from the escrow prior to those dates. 3. The Company issued 3,074 shares of Hasbro common stock to Saban Properties, valued at $280,397. 4. An additional $75,000 was paid in January 2019 with no contingencies. The total purchase price was allocated on a relative fair value basis as follows: • $ 534,370 was recorded as an intangible asset – P OWER R ANGERS IP rights, which will be amortized over a period of 25 years; • $ 7,884 as current assets; • $ 325 as capitalized production costs; and • $ 6,729 as other current liabilities. On July 13, 2016 , the Company acquired Boulder Media Limited (“Boulde r”), an animation studio based in Dublin, Ireland. The consideration included an initial cash payment of approximately $ 13,177 and provisions for future earnout payments. Bas ed on the Company’s analysis, goodwill in the amount of $ 1 1,821 was recorded. |
Restructuring Actions
Restructuring Actions | 12 Months Ended |
Dec. 30, 2018 | |
Restructuring Charges [Abstract] | |
Restructuring disclosure [Text Block] | ( 1 9 ) Restructuring Actions During 2018, the Company announced a comprehensive res tructuring plan which consists of re-designing its go- to-market strategy and re-shaping its org anization to become a more responsive, innovative and digitally-driven play and entertainment company. As the global consumer landscape, shopping behaviors and the retail environment continue to evolve, the Company continues to transform and reimagine its business to make sure it has the right talent and capabilities to stay competitive. This includes addi ng new capabilities based on our understanding of the consumer and how our retailers are going to market, while also changing many of the ways we organize across our Brand Blueprint. As part of this pro cess the Company has taken certain actions, which will continue through 2019. The actions primarily include headcount reduction aimed at right-sizing the Company’s cost-structure and giving it the ability to add required new talent in the future. I n the f irst quarter of 2018, the Company recorded a pre-tax seve rance expense of $ 17,349 , primarily outside of the U.S., related to this 2018 restructuring program. D uring the fourth quarter of 2018, the Company recorded an additional $ 72,000 of pre-tax severance charges related to the program . The se charges were included within selling, distribution and administration costs on the Consolidated Statements of Operations for the year ended December 30, 2018 and reported within Corpo rate and Eliminations . The detail of activity related to the program is as follows: Total expense recorded in 2018 $ 89,349 Payments made in 2018 (20,157) Remaining amounts to be paid in 2019 $ 69,192 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 30, 2018 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | (20) Commitments and Contingencies Hasbro had unused open letters of credit and related instruments of approximately $ 29,000 and $ 36,500 at December 3 0 , 201 8 and December 31 , 201 7 , respectively. The Company enters into license agreements with strategic partners, inventors, designers and others for the use of intellectual properties in its products. Certain of these agreements contain provisions for the payment of guaranteed or minimum royalty amou nts. Under terms of existing agreements as of December 3 0 , 201 8 , Hasbro may, provided the other party meets their contractual commitment, be required to pay amounts as follows: 2019 : $ 78,711 ; 2020: $ 103,166 ; 2021: $ 90,350 ; 2022: $ 64,892 ; 2023: $ 153 ; and th ereafter: $ 459 . At December 3 0 , 201 8 , the Company had $ 72,671 of prepaid royalties, $ 38,321 of which are included in prepaid expenses and other current assets and $ 34,350 of which are included in other assets. In addition to the above commitments, certain of the above contracts impose minimum marketing commitments on the Company. The Company may be subject to additional royalty guarantees totaling $ 50,000 that are not included in the amounts above that may be payable during th e year contingent upon the quan tity and types of theatrical movie releases by the licensor. In connection with the Company’s agreement to form a joint venture with Discovery, the Company is obligated to make future payments to Discovery under a tax sharing agreement. The Company estimates these payments may total approximately $ 33, 8 00 and may ran ge from approximately $ 4,500 to $ 5,400 per year during the period 2019 to 2023 , and approximately $ 9,230 in aggregate for all years occurring thereafter. These payments are contingent upon the Company having sufficient taxable income to realize the expecte d tax deductions of certain amounts related to the joint venture. At December 30, 2018, the Company estimates payments related to inventory and tooling purchase commitments may total approximately $ 536,688 , including contractual commitments under the man ufacturing agreement with Cartamundi as follows : 20 19 : $ 102,772 and 20 20 : $ 81,423 . Hasbro is party to certain legal proceedings, as well as certain asserted and unasserted claims. Amounts accrued, as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated financial statements. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | (21 ) Segment Reporting Segment and Geographic Information Hasbro is a global play and entertainment company with a broad portfolio of brands and entertainment properties spanning toys, games, licensed products ranging from traditional to high-tech and digital, and film and television entertainment. The Company's segments are (i) U.S. and Canada, (ii) International, (iii) Entertainment and Licensing, and (iv) Global Operations. The U.S. and Canada segment includes the marketing and selling of action figures, arts and crafts and creative play products, electronic t oys and related electronic interactive products, fashion and other dolls, infant products, play sets, preschool toys, plush products, sports action blasters and accessories, vehicles and toy-related specialty products, as well as traditional board games, a nd trading card and role-playing games primarily within the United States and Canada. Within the International segment, the Company markets and sells both toy and game products in markets outside of the U.S. and Canada, primarily in the European, Asia Paci fic, and Latin and South American regions. The Company's Entertainment and Licensing segment includes the Company's consumer products licensing, digital gaming, movie and television entertainment operations. The Global Operations segment is responsible for sourcing finished products for the Company's U.S. and Canada and International segments. Segment performance is measured at the operating profit level. Included in Corporate and eliminations are certain corporate expenses, including the elimination of in tersegment transactions and certain assets benefiting more than one segment. Intersegment sales and transfers are reflected in management reports at amounts approximating cost. Certain shared costs, including global development and marketing expenses and c orporate administration, are allocated to segments based upon expenses and foreign exchange rates fixed at the beginning of the year, with adjustments to actual expenses and foreign exchange rates included in Corporate and eliminations. The accounting poli cies of the segments are the same as those referenced in note 1. Results shown for fiscal years 2018, 2017 and 2016 are not necessarily those which would be achieved if each segment was an unaffiliated business enterprise. Information by segment and a reconciliation to reported amounts are as follows: Revenues from Operating Depreciation External Affiliate Profit and Capital Total Customers Revenue (Loss) Amortization Additions Assets 2018 U.S. and Canada $ 2,433,412 10,242 382,013 12,327 29,775 2,928,209 International 1,847,585 290 39,470 6,530 4,652 2,229,053 Entertainment and Licensing 298,540 15,796 17,311 3,419 2,111 592,202 Global Operations (a) 109 1,439,292 (8,415) 84,759 82,912 3,197,847 Corporate and eliminations (b) — (1,465,620) (99,327) 60,923 20,976 (3,684,323) Consolidated Total $ 4,579,646 — 331,052 167,958 140,426 5,262,988 2017 U.S. and Canada $ 2,690,527 8,157 509,942 19,457 5,849 2,749,384 International 2,233,579 382 228,669 9,527 4,669 2,499,985 Entertainment and Licensing 285,579 21,889 96,400 5,526 7,637 626,193 Global Operations (a) 97 1,644,650 4,014 92,595 89,619 2,819,768 Corporate and eliminations (b) — (1,675,078) (28,666) 44,731 27,103 (3,405,347) Consolidated Total $ 5,209,782 — 810,359 171,836 134,877 5,289,983 2016 U.S. and Canada $ 2,559,907 7,091 522,287 12,764 8,107 2,559,792 International 2,194,651 1,908 294,497 20,768 7,258 2,368,761 Entertainment and Licensing 265,205 23,220 49,876 9,869 13,072 692,898 Global Operations (a) 59 1,617,370 19,440 78,249 89,051 2,326,566 Corporate and eliminations (b) — (1,649,589) (98,052) 32,820 37,412 (2,856,651) Consolidated Total $ 5,019,822 — 788,048 154,470 154,900 5,091,366 (a) The Global Operations segment derives substantially all of its revenues, and thus its operating results, from intersegment activities. (b) Certain long-term assets, including property, plant and equipment, goodwill and other intangibles, which benefit multiple operating segments, are included in Corporate and eliminations. Allocations of certain expenses related to these assets to the individ ual operating segments are done at the beginning of the year based on budgeted amounts. Any differences between actual and budgeted amounts are reflected in Corporate and eliminations. Furthermore, Corporate and eliminations includes elimination of inter-c ompany income statement transactions. One such example includes licensing and service arrangements with affiliates. Payments received in advance from affiliates are recognized as revenue and eliminated in consolidation as earned and payment becomes assure d over the life of the contract. During 2018 , 2017 and 201 6 , affiliate licensing and service fees of $338,304, $298,693 and $283,078, respectively, that were received in 2017, 2016 and 2015, respectively, were recognized as revenue and eliminated in consoli dation. Corporate and eliminations also includes the elimination of inter-company balance sheet amounts . The following table represents consolidated International segment net revenues by major geographic region for the three fiscal years ended December 30 , 2018 . 2018 2017 2016 Europe $ 1,046,901 1,381,949 1,404,478 Latin America 454,066 485,088 463,638 Asia Pacific 346,618 366,542 326,535 Net revenues $ 1,847,585 2,233,579 2,194,651 The following table presents consolidated net revenues by brand portfolio for the three fiscal years ended December 3 0 , 201 8 . 2018 2017 2016 Franchise brands $ 2,445,902 2,690,394 2,375,265 Partner brands 987,283 1,271,597 1,412,770 Hasbro gaming 787,692 893,019 813,433 Emerging brands 358,769 354,772 418,354 Net revenues $ 4,579,646 5,209,782 5,019,822 For the years ended December 3 1, 2017 and December 25,2016 , net revenues of $ 122,432 and $ 47,597 , respectively, were reclassified from Emerging Brands to Franchise Brands to conform to the presentation for the year ended Decembe r 30, 2018. Hasbro's total gaming category, including all gaming net revenues, most notably MAGIC: THE GATHERING and MONOPO LY, totaled $ 1,443,164 , $ 1,497,795 and $ 1,387,077 for the years ended December 30, 2018, December 31, 2017 and December 25, 2016, respectively . Information as to Hasbro’s operations in different geographical areas is presented below on the basis the Company uses to manage its business. Net revenues are categorized based on location of the customer, while long-lived assets (property, plant and equipment, goodwill and other intangibles) are categorized based on their location. 2018 2017 2016 Net revenues United States $ 2,497,331 2,732,034 2,575,696 International 2,082,315 2,477,748 2,444,126 4,579,646 5,209,782 5,019,822 Long-lived assets United States 1,287,444 894,597 933,848 International 148,753 155,558 150,054 $ 1,436,197 1,050,155 1,083,902 Principal international markets include Europe, Canada, Mexico and Latin America, Australia, China and Hong Kong. Long-lived assets include property, plant and equipment, goodwill and other intangibles . Other Information Hasbro markets its products primarily to customers in the retail sector. Although the Company closely monitors the creditworthiness of its customers, adjusting credit policies and limits as deemed appropriate, a substantial portion of its customers' ability to discharge amounts owed is generally dependent upon the overall retail economic environment. In 2018 the Company’s largest customers were Wal-Mart Stores, Inc. and Target Corporation . Sales to t hese customers amounted to 20 %, and 9 % , respectively of consolidated net revenues in 2018. In 2017 and 2016 the Company's largest customers were Wal-Mart Stores, Inc., Toys “R” Us, Inc. and Target Corporation. Sales to these customers amounted t o 19 %, 9 % and 9 %, respectively, of consolidated net revenues during 2017 and 18 %, 9 % and 9 %, respectively, of consolidated net revenues during 2016. These sales were primarily within the U.S. and Canada segment. Hasbro purchases certain components used i n its manufacturing process and certain finished products from manufacturers in the Far East. The Company's reliance on external sources of manufacturing can be shifted, over a period of time, to alternative sources of supply for products it sells, should such changes be necessary. However, if the Company were prevented from obtaining products from a substantial number of its current Far East suppliers due to political, labor or other factors beyond its control, the Company's operations would be disrupted, potentially for a significant period of time, while alternative sources of product were secured. The imposition of trade sanctions, tariffs, border adjustment taxes or other measures by the United States or the European Union against a class of products im ported by Hasbro from, or the loss of “normal trade relations" status with, China, or other countries where we manufacture products, or other factors which increase the cost of manufacturing in China, or other countries where we manufacture products, such as higher labor costs or an appreciation in the Chinese Yuan, could significantly disrupt our operations and/or significantly increase the cost of the products which are manufactured and imported into other markets. The Company has agreements which allow it to develop and market products based on properties owned by third parties including its license with Marvel Entertainment, LLC and Marvel Characters B.V. (together “Marvel”) and its license with Lucas Licensing Ltd. and Lucasfilm Ltd. (together “Lucas”). These licenses have multi-year terms and provide the Company with the right to market and sell designated classes of products based on Marvel’s portfolio of brands, including SPIDER-MAN and THE AVENGERS, and Lucas’s STAR WARS brand. The Company also has a license to market products with The Walt Disney Company for DISNEY PRINCESS and DISNEY FROZEN lines. Hasbro’s net revenues from these licenses can be significant in any given year based on the level of third party entertainment. In addition to DISNEY PRINCESS and DISNEY FROZEN, both M arvel and Lucas are owned by The Walt Disney Company. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 30, 2018 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Quarterly Financial Data (Unaudited) | (22) Quarterly Financial Data (Unaudited – see accompanying accountants’ report ) Quarter First Second Third Fourth Full Year 2018 Net revenues $ 716,341 904,458 1,569,686 1,389,161 4,579,646 Operating profit (80,419) 87,588 313,336 10,547 331,052 Earnings before income taxes (88,388) 68,124 295,794 (5,128) 270,402 Net earnings (loss) (112,492) 60,299 263,861 8,766 220,434 Per common share Net earnings (loss) Basic $ (0.90) 0.48 2.08 0.07 1.75 Diluted (0.90) 0.48 2.06 0.07 1.74 Market price High $ 103.39 93.00 109.60 107.57 109.60 Low 83.56 79.00 91.70 76.84 76.84 Cash dividends declared $ 0.63 0.63 0.63 0.63 2.52 Quarter First Second Third Fourth Full Year 2017 Net revenues $ 849,663 972,506 1,791,502 1,596,111 5,209,782 Operating profit 78,343 99,984 360,944 271,088 810,359 Earnings before income taxes 70,837 86,886 349,841 278,586 786,150 Net earnings (loss) 68,599 67,723 265,583 (5,298) 396,607 Per common share Net earnings (loss) Basic $ 0.55 0.54 2.12 (0.04) 3.17 Diluted 0.54 0.53 2.09 (0.04) 3.12 Market price High $ 101.08 113.49 116.20 99.17 116.20 Low 77.20 94.76 91.57 87.92 77.20 Cash dividends declared $ 0.57 0.57 0.57 0.57 2.28 |
Schedule II Valuation and Quali
Schedule II Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 30, 2018 | |
Schedule II - Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | Valuation and Qualifying Accounts Fiscal Years Ended in December (Thousands of Dollars) Balance at Balance Beginning of Expense Other Write-Offs at End of Year (Benefit) Additions and Other Year Valuation accounts deducted from assets to which they apply – for doubtful accounts receivable: 2018 $ 31,400 57,800 — (80,100) $ 9,100 2017 $ 16,800 23,300 — (8,700) $ 31,400 2016 $ 14,900 19,500 — (17,600) $ 16,800 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Preparation of Financial Statements | The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes thereto. Actual results could differ from those estimates. |
Principles of Consolidation | The consolidated financial statements include the accounts of Hasbro, Inc. and all majority-owned subsidiaries ("Hasbro" or the "Compan y"). Investments representing 20 % to 50 % ownership interests in other companies are accounted for using the equity method. For those majority-owned subsidiaries that are not 100% owned by Hasbro, the interests of the minority owners are accounted for as n oncontrolling interests. At December 30, 2018, the Company had no majority-owned subsidiaries. All intercompany balances and transactions have been eliminated. |
Fiscal Year | Hasbro's fiscal year ends on the last Sunday in December. The fiscal years ended December 30, 2018 and December 25, 2016 were fifty-two week periods while the year ended December 31, 2017 was a fifty-three week period. |
Cash and Cash Equivalents | Cash and cash equivalents include all cash balances and highly liquid investments pu rchased with an initial maturity to the Company of three months or less. |
Marketable Securities | Included in marketable securities are investments in private investment funds. These investments are included in prepaid expenses and other current assets in the accompanying consolidated balance sheets, and, due to the nature and business purpose of these investments, the Company has selected the fair value option which requires the Company to record the unrealized gains and losses on these investments in the consolidated statements of operations at the time they occur. Marketable securities also include common stock in a public company arising from a business relationship. This type of investment is also included in prepaid expenses and other current assets in the accompanying consolidated balance sheets; however, due to its nature and business purpose, the Company records unrealized gains and losses in accumulated other comprehensive loss in the consolidated balance sheets until it is sold or the decline in value is deemed to be other than temporary, at which point the gains or losses will be recognized in the consolidated statements of operations. |
Accounts Receivable and Allowance for Doubtful Accounts | Credit is granted to customers predominantly on an u nsecured basis. Credit limits and payment terms are established based on extensive evaluations made on an ongoing basis throughout the fiscal year with regard to the financial performance, cash generation, financing availability and liquidity status of eac h customer. The majority of customers are formally reviewed at least annually; more frequent reviews are performed based on the customer’s financial condition and the level of credit being extended. For customers on credit who are experiencing financial di fficulties, management performs additional financial analyses before shipping orders. The Company uses a variety of financial transactions, based on availability and cost, to increase the collectability of certain of its accounts, including letters of cred it, credit insurance, and requiring cash in advance of shipping. The Company records an allowance for doubtful accounts based on management’s assessment of the business environment, customers’ financial condition, historical collection experience, accoun ts receivable aging and customer disputes. Accounts receivable, net on the consolidated balance sheet represents amounts due from customers less the allowance for doubtful accounts as well as allowances for discounts, rebates and returns. |
Inventories | I nventories are valued at the lower of cost (first-in, first-out) or net realizable value. Based upon a consideration of quantities on hand, actual and projected sales volume, anticipated product selling price and product lines planned to be discontinued, s low-moving and obsolete inventory is written down to its estimated net realizable value. At both December 30, 2018 and December 31, 2017, substantially all inventory is comprised of finished goods. |
Equity Method Investments | For the Company’s equity method investments, only the Company’s investment in and amounts due to and from the equity method investment are included in the consolidated balance sheets and only the Company’s share of the equity method investment's earnings (losses) is included in other ex pense, net in the consolidated statements of operations. Dividends, cash distributions, loans or other cash received from the equity method investment, additional cash investments, loan repayments or other cash paid to the investee are included in the cons olidated statements of cash flows. The Company reviews its equity method investments for impairment on a periodic basis. If it has been determined that the fair value of the equity investment is less than its related carrying value and that this decline is other-than-temporary, the carrying value of the investment is adjusted downward to reflect these declines in value. The Company has one significant equity method investment, its 40 % interest in a joint venture with Discovery Communications, Inc. ("Disco very"). The Company and Discovery are party to an option agreement with respect to this joint venture. The Company has recorded a liability for this option agreement at fair value which is included in other liabilities in the consolidated balance sheets. Unrealized gains and losses on this option are recognized in the consolidated statements of operations as they occur. See notes 6 and 13 for additional information. |
Redeemable Noncontrolling Interests Policy [Policy Text Block] | Redeemable noncontrolling interests are those nonco ntrolling interests which are or may become redeemable at a fixed or determinable price on a fixed or determinable date, at the option of the holder, or upon occurrence of an event. The financial results and position of the redeemable noncontrolling intere st are included in their entirety in the Company’s consolidated statements of operations and consolidated balance sheets. The value of the redeemable noncontrolling interests is presented in the consolidated balance sheets as temporary equity between liabi lities and shareholders’ equity. Earnings (losses) attributable to the noncontrolling interest are presented as a separate line on the consolidated statements of operations which is necessary to identify those earnings specifically attributable to Hasbro. Through 2016 , the Company had one investment with a redeemable noncontrolling interest which was the Company’s 70 % majority interest in Backflip Studios, LLC (“Backflip”). During the first quarter of 2017, the remaining 30 % of Bac kflip was acquired by Hasbro for no additional consideration, making it a wholly- owned subsidiary of the Company . |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is computed using accelerated and straight-line methods to depreciate the cost of property, plant and equipment over their estimated useful lives. The principal lives, in years, used in determining depreciation rates of various assets are: land improvements 15 to 19, buildings and improvements 15 to 25 and machinery and equipment (including computer hardware and software) 3 to 12. Depreciation expense is classified in the consolidated statements of operations based on the nature of the property and equipment being depreciated. Tools, dies and molds are depreciated over a three-year period or their useful lives, whichever is less, using an accelerated method. The Company generally owns a ll tools, dies and molds related to its products. Property, plant and equipment, net is reviewed for impairment whenever events or circumstances indicate the carrying value may not be recoverable. Recoverability is measured by a comparison of the carryi ng amount of the asset to future undiscounted cash flows expected to be generated by the asset or asset group. If such assets are considered to be impaired, the impairment to be recognized would be measured by the amount by which the carrying value of the assets exceeds their fair value wherein the fair value is the appraised value. Furthermore, assets to be disposed of are carried at the lower of the net book value or their estimated fair value less disposal costs. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | G oodwill results from acquisitions the Company has made over time. Substantially all of the other intangibles consist of the cost of acquired product rights. In establishing the value of such rights, the Company considers existing trademarks, copyrights, pa tents, license agreements and other product-related rights. These rights were valued on their acquisition date based on the anticipated future cash flows from the underlying product line. The Company has certain intangible assets related to the Tonka and M ilton Bradley acquisitions that have an indefinite life. During the fourth quarter of 2018 the Company adopted Accounting Standards Update No 2017-04 (ASU 2017-04), Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . The standard eliminates the requirement to measure the implied fair value of goodwill by assigning the fair value of a reporting unit to all assets and liabilities within that unit (“the Step 2 test”) from the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss is recognized in an amount equal to that excess, limited by the amount of goodwill in that reporting unit. Goodwill and intangible assets deemed to have indefinite live s are not amortized and are tested for impairment at least annually. The annual goodwill test begins with a qualitative assessment, where qualitative factors and their impact on critical inputs are assessed to determine whether it is more likely than not t hat the fair value of a reporting unit is less than its carrying value. If the Company determines that a reporting unit has an indication of impairment based on the qualitative assessment, it is required to perform a quantitative assessment. Prior to the a doption of ASU 2017-04, the quantitative assessment consisted of a two-step process beginning with an estimation of fair value of the reporting unit using an income approach, which looked to the present value of expected future cash flows. The first step w as a screen for potential impairment while the second step was to determine the implied fair value of the goodwill and compare it to its carrying amount on the balance sheet. Under ASU 2017-04, the Step 2 test was eliminated. As a result, once it has been determined that the carrying amount of a reporting unit exceeds its fair value, the excess carrying amount is recognized as an impairment loss. During the fourth quarter of 2018, the Company, recorded a non-cash impairment charge of $ 86,253 within administrative expense and in the Company’s Entertainment and Licensing segment, which was the full amount of remaining goodwill associated with the Backflip reporting unit. See further discussion in note 5. Based on its qualitative assessment of goodwill for all reporting units with the exception of Backflip, the company concluded there was no other impairment of goodwill during 2018. During the fourth quarter of 2017, and prior to the adoption of ASU 2017- 0 4 which eliminated the Step 2 test from the impairment testing process, the Company performed a qualitative assessment with respect to goodwill associated with all but two of its reporting units and determined that it was not necessary to perform a quantitative assessment for the goodwill of th ese reporting units. The Company performed the first step of the quantitative two-step annual impairment test on the goodwill associated with Backflip and on the goodwill associated with the Company’s Entertainment reporting unit. As a result of the 2017 assessment the Company concluded that no impairments were indicated as the estimated fair values were in excess of the carrying values of the related reporting units. During the fourth quarter of 2016, the Company performed a qualitative assessment with r espect to goodwill associated with all but its Backflip reporting unit and determined that it was not necessary to perform a quantitative assessment for the goodwill of these reporting units. The Company performed a quantitative two-step annual impairment test related to its goodwill associated with Backflip. As a result of the 2016 annual impairment test, the Company concluded the goodwill associated with the Backflip reporting unit was impaired and recorded a non-cash impairment charge of $ 32,858 for the year ended December 25, 2016. No other impairments were indicated. See further discussion in note 5. The remaining intangibles having defin ite lives are being amortized over periods ranging from four to twenty -five years, primarily using the straight-lin e method. The Company reviews other intangibles with defin ite lives for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Recoverability is measured by a comparison of the carrying amount of the asset to future undiscounted cash flows expected to be generated by the asset or asset group. If such assets were considered to be impaired, the impairment to be recognized would be measured by the amount by which the carrying value of the assets exceeds their fair value wherein that fair value is determined based on di scounted cash flows. In the fourth quarter of 2018 the Company recorded non-cash impairments of $ 31,303 . No impairments were recorded in 2017 or 2016. See further discussion in note 5. |
Financial Instruments | Hasbro's financial instruments include cash a nd cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At December 30, 2018, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at December 3 0, 2018 also include long-term borrowings (see note 10 for carrying cost and related fair values) as well as certain assets and liabilities measured at fair value (see notes 13 and 17). |
Revenue Recognition Policy [Text Block] | Revenue is recognized when control of the promised goods is transferred to the customers, 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. On January 1, 2018, the Company adopted Finan cial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (ASC 606 or the “New Revenue Standard”) using the modified retrospective method. ASC 606 supersedes the revenue recognition requirem ents in ASC 605 – Revenue Recognition and most industry-specific guidance in U.S. GAAP. The New Revenue Standard provides a five-step model for analyzing contracts and transactions to determine when, how, and if revenue is recognized. Revenue should be rec ognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The cumulative impact of the adoption of the New Reven ue Standard was not material to the Company therefore the Company did not record any adjustments to retained earnings. This was determined by analyzing contracts not completed as of January 1, 2018. The comparative information has not been restated and con tinues to be reported under the accounting standards in effect for those periods. For further details, see note 2 for further discussion. Revenue recognition from the sale of finished products to customers, which is the majority of the Company’s revenues, did not change under the new standard and the Company does not expect material changes in the future as a result of the New Revenue Standard related to the sale of finished products to its customers. Within the Company’s Entertainment and Licensing segment , the timing of revenue recognition for minimum guarantees that the Company receives from licensees was impacted by the New Revenue Standard. Prior to the adoption of ASC 606, for licenses of the Company’s brands that are subject to minimum guaranteed lice nse fees, the Company recognized the difference between the minimum guaranteed amount and the actual royalties earned from licensee merchandise sales (“shortfalls”) at the end of the contract period, which was in the fourth quarter for most of the Company’ s licensee arrangements. In periods following January 1, 2018, minimum guaranteed amounts are being recognized on a straight-line basis over the license period. While the impact of this change was not material to the year, it impacted the timing of revenue recognition within the Company’s Entertainment and Licensing segment such that under ASC 606, less revenues are recorded in the fourth quarter and more revenues are recorded within the first, second, and third quarters. No other areas of the Company’s bus iness were materially impacted by the New Revenue Standard. The majority of the Company’s revenues are derived from sales of finished products to customers. Revenues from sales of finished products to customers accounted for 92 % and 94 % of the Company’s revenues for the years ended December 30, 2018 and December 31, 2017, respectively . When determining whether control of the finished products has transferred to the customer, the Company considers any future performance obligations. Generally, the Company has no post-shipment obligation on sales of finished products to customers and revenues from product sales are recognized upon passing of title to the customer, which is generally at the time of shipment. Any shipping and handling activities that are perf ormed by the Company, whether before or after a customer has obtained control of the products, are considered activities to fulfill our obligation to transfer the products, and are recorded as incurred within selling, distribution, and administration expen ses. The Company offers various discounts, rebates, allowances, returns, and markdowns to its customers, (collectively, “allowances”), all of which are considered when determining the transaction price. Certain allowances are fixed and determinable at the time of sale and are recorded at the time of sale as a reduction to revenues. Other allowances can vary depending on future outcomes such as customer sales volume (“variable consideration”). The Company estimates the amount of variable consideration usi ng the expected value method. In estimating the amount of variable consideration using the expected value method, the Company considers various factors including but not limited to: customer terms, historical experience, any expected deviations from histo rical experience, and existing or expected market conditions. The Company then records an estimate of variable consideration as a reduction to revenues at the time of sale. The Company adjusts its estimate of variable consideration at least quarterly or when facts and circumstances used in the estimation process may change. Historically, adjustments to estimated variable consideration have not been material. The Company enters into contracts to license its intellectual property, which consists of its br ands, in various channels including but not limited to: consumer products such as apparel or home goods, within formats such as on-line games, within venues such as theme parks, or within formats such as motion picture films. The licensees pay the Company either a sales-based or usage-based royalty, or a combination of both, for use of the brands, in some cases subject to minimum guaranteed amounts or fixed fees. The license of the Company’s brands provide access to the intellectual property over the term of the license, generally without any other performance obligation of the Company other than keeping the intellectual property active, and is therefore considered a right-to-access license of symbolic intellectual property. The Company records sales-base d or usage-based royalty revenues for right-to-access licenses at the occurrence of the licensees’ subsequent sale or usage. When the arrangement includes a minimum guarantee, the Company records the minimum guarantee on a ratable basis over the term of th e license period and does not record the sales-based or usage-based royalty revenues until they exceed the minimum guarantee. The Company also produces television or streaming programming for licensing to third parties. The licensees typically pay a fixe d fee for the license of the produced content. The content that the Company delivers to its licensees has stand-alone functionality, generally without any other performance obligation of the Company, and is therefore considered a right-to-use license of f unctional intellectual property. The Company records revenues for right-to-use licenses once the license period has commenced and the licensee has the ability to use the delivered content. In arrangements where the licensee pays the Company a fixed fee f or multiple seasons or multiple series of programming, arrangement fees are recorded as revenues based upon their relative fair values. The Company also develops application based digital games featuring its brands within the games. These games are hoste d by third-party platform providers. The Company does not charge a fee to the end users for the download of the games or the ability to play the games. The end users make in-application purchases of digital currencies, via the Company’s platform provider s, with such purchased digital currencies to be used in the games. The Company records revenues from in-application purchases based on the usage patterns of the players. For the majority of the Company’s digital games, players use their currencies in the month of purchase, and therefore revenues are recorded at the time of sale. The Company has no additional performance obligations other than delivery of the currency via its platform providers. The Company controls all aspects of the goods delivered to the consumer. The third-party platform providers are providing only the service of hosting and administering receipt from the end users. The Company is the principal in the arrangement and records the gross revenues within Net Revenues in our Consolidate d Statements of Operations. The fee charged by the third-party platform providers to the Company are recorded within cost of sales. |
Costs of Sales | Cost of sales primarily consists of purchased materials, labor, tooling, manufacturing overheads and other inventory-related costs such as obsolescence. |
Royalties | The Company enters into license agreements with strategic partners, inventors, designers a nd others for the use of intellectual properties in its products. These agreements may call for payment in advance or future payment of minimum guaranteed amounts. Amounts paid in advance are recorded as an asset and charged to expense when the related rev enue is recognized in the consolidated statements of operations. If all or a portion of the minimum guaranteed amounts appear not to be recoverable through future use of the rights obtained under the license, the non-recoverable portion of the guaranty is charged to expense at that time. |
Advertising | Production costs of commercials are expensed in the fiscal year during which the production is first aired. The costs of other advertising and promotion programs are expensed in the fiscal year incurred. |
Program Production Costs | The Company incurs costs in connection with the production of television programming and motion pictures. These costs are capitalized by the Company as they are incurred and amortized using the individual-film-forecast method, whe reby these costs are amortized in the proportion that the current year’s revenues bear to management’s estimate of total ultimate revenues as of the beginning of such period related to the program. These capitalized costs are reported at the lower of cost, less accumulated amortization, or fair value, and reviewed for impairment when an event or change in circumstances occurs that indicates that impairment may exist. The fair value is determined using a discounted cash flow model which is primarily based on management’s future revenue and cost estimates. |
Shipping and Handling | Hasbro expenses costs related to the shipment and handling of goods to customers as incurred. For 2018, 2017 and 2016, these costs were $ 206,30 7 , $ 190,999 and $ 180,270 , respectively , and are included in selling, distribution and administration expenses. |
Operating Leases | Hasbro records lease expense on a straight-line basis inclusive of rent concessions and increases. Reimbursements from lessors for leasehold improvements are deferr ed and recognized as a reduction to lease expense over the remaining lease term. In February 2016, the FASB issued Accounting Standards Update No. ASU 2016-02 (ASU 2016-02), Leases (Topic 842), which will require lessees to recognize a right-of-use asset and a lease liability for virtually all leases. The liability will be based on the present value of lease payments and the asset will be based on the liability. For income statement purposes, a dual model was retained requiring leases to be either classif ied as operating or finance. Operating leases will result in straight-line expense while finance leases will result in a front-loaded expense pattern. Additional quantitative and qualitative disclosures will be required. ASU 2016-02 is required for public companies for fiscal years beginning after December 15, 2018. ASU 2016-02 as originally issued required modified retrospective adoption. In July 2018, the FASB issued ASU 2018-11, which provides an alternative transition method in addition to the existin g method by allowing entities to apply ASU 2016-02 as of the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption. The Company adopted ASU-2016-02 on December 31, 2018 using the r etrospective basis as provided in ASU 2018-11. No cumulative effect was recorded to the balance sheet. The Company also elected certain practical expedients as provided under the standard. These included (i) the election not to reassess whether contracts e xisting at the adoption date contain a lease under the new definition of a lease under the standard; (ii) the election not to reassess the lease classification for existing leases as of the adoption date; (iii) the election not to reassess whether previous ly capitalized initial direct costs would qualify for capitalization under the standard; (iv) the election to use hindsight in determining the relevant lease terms for use in the capitalization of the lease liability; and (v) the election to use hindsight in reviewing the right-of-use assets for impairment. For all leases, the terms are being evaluated, including extension and renewal options as well as the lease payments associated with the leases. The Company does not expect that its results of operatio ns will be materially impacted by this standard. The adoption of this standard will not have an impact on the Company’s cash flows. |
Income Taxes | Hasbro uses the asset and liability approach for financial accounting and reporting of income taxes. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Deferred taxes are measured using rates expected to apply to taxable income in years in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize defer red tax assets to the extent that we believe that these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary diffe rences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment t o the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company uses a two-step process for the measurement of uncertain tax positions that have been taken or are expected to be taken in a tax return. The first step is a determination of whether the tax position should be recognized in the consolidated financial statements. The second step determines the measurement of the tax position. The Company records potential interest and penalties on uncertain tax positio ns as a component of income tax expense. The Tax Act subjects a U.S. shareholder to tax on Global Intangible Low Tax Income (GILTI) earned by certain foreign subsidiaries. The FASB Staff Q&A Topic 740, No. 5 "Accounting for Global Intangible Low-Taxed In come," states that an entity can make an accounting policy election to either recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to provide for the tax expense related to GILTI in the year the tax is in curred as a period expense only. We have elected to account for GILTI as a current period expense when incurred. |
Foreign Currency Translation | Foreign currency assets and liabilities are translated into U.S. dollars at period-end exchange rates, and reven ues, costs and expenses are translated at weighted average exchange rates during each reporting period. Net earnings include gains or losses resulting from foreign currency transactions and, when required, translation gains and losses resulting from the us e of the U.S. dollar as the functional currency in highly inflationary economies. Other gains and losses resulting from translation of financial statements are a component of other comprehensive earnings (loss). |
Pension Plans, Postretirement and Postemployment Benefits | Pension expense and related amounts in the consolidated balance sheets are based on actuarial computations of current and future benefits. Actual results that differ from the actuarial assumptions are accumulated and, if outside a certain corridor, amortized over future periods and, therefore affect recognized expense in future periods. The corridor used for this purpose is equal to 10% of the greater of plan liabilities or market asset values, and future periods vary by plan, but g enerally equal the actuarially determined average expected future working lifetime of active plan participants. The Company's policy is to fund amounts which are required by applicable regulations and which are tax deductible. The estimated amounts of fut ure payments to be made under other retirement programs are being accrued currently over the period of active employment and are also included in pension expense. Hasbro has a contributory postretirement health and life insurance plan covering substantiall y all employees who retire under any of its United States defined benefit pension plans and meet certain age and length of service requirements. The cost of providing these benefits on behalf of employees who retired prior to 1993 has been substantially bo rne by the Company. The cost of providing benefits on behalf of substantially all employees who retire after 1992 is borne by the employee. It also has several plans covering certain groups of employees, which may provide benefits to such employees follow ing their period of employment but prior to their retirement. The Company measures the costs of these obligations based on actuarial computations. In March 2017, the FASB issued Accounting Standards Update No. 2017-07 (ASU 2017-07), Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The standard requires companies to present the service cost component of net benefit cost in the income sta tement line items where they report compensation cost. Companies will present all other components of net benefit cost outside operating income, if this subtotal is presented. For public companies, this standard was effective for annual reporting periods b eginning after December 15, 2017, and early adoption was permitted. The Company adopted this standard January 1, 2018 and the adoption of this standard did not have a material impact on the Company’s results or consolidated financial statements in the fisc al year ended December 30, 2018. In February 2018, the Compensation Committee of the Company’s Board of Directors approved a resolution to terminate the Company’s U.S. defined benefit pension plan (“Plan”). The Company had frozen the Plan’s benefits effective at the end of December 2007. During 2018 the Company commenced the plan termination process and expects to complete the transfer of the Plan’s assets to a third-party administrator , which the Company expects to complete in the second quarter of 2 019 . |
Accounting for Stock-Based Compensation | The Company has a stock-based employee compensation plan for employees and non-employee members of the Company's Board of Directors. Under this plan the Company may grant stock options at or above the fair market value of the Company’s stock, as well as restricted stock, restricted stock units and contingent stock performance awards. All awards are measured at fair value at the date of the grant and amortized as expense on a straight-line basis over the requisite service pe riod of the award. For awards contingent upon Company performance, the measurement of the expense for these awards is based on the Company’s current estimate of its performance over the performance period. For awards contingent upon the achievement of mark et conditions, the probability of satisfying the market condition is considered in the estimation of the grant date fair value. See note 1 4 for further discussion. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Ac counting, which amends ASC Topic 718, Compensation – Stock Compensation. The ASU includes provisions intended to simplify various aspects related to how share-based payments are accounted for and presented in the financial statements including (1) a requir ement to prospectively record all of the tax effects related to share-based payments at settlement (or expiration) through the income statement; (2) a requirement that all tax-related cash flows resulting from share-based payments be reported as operating activities on the statement of cash flows; (3) the removal of the requirement to withhold shares upon settlement of an award at the minimum statutory withholding requirement; (4) a requirement that all cash payments made to taxing authorities on the employ ees’ behalf for withheld shares shall be presented as financing activities in the statements of cash flows; and (5) entities will be permitted to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards choosing either to estimate forfeitures as required today or recognize forfeitures as they occur. ASU 2016-09 was effective for public companies for annual reporting periods beginning after December 15, 2016, and interim periods within that reporting period. The Company adopted ASU 2016-09 in the first quarter of 2017. The impact of the adoption included the following: • Prospectively, the requirement to record all of the tax effects related to share-based payments at settlement through the income statement. For the year s ended December 30, 2018 and December 31, 2017, excess tax benefits of $ 10,757 and $ 32,116 , respectively, were recorded to income tax expense. • Entities are permitted to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards choosing either to estimate forfeitures as previously required or recognize forfeitures as they occur. The Company elected to change its method of accounting for forfeitures from est imating the number of stock-based awards expected to vest, to accounting for forfeitures as they occur which resulted in a one-time charge, net of tax, of $ 700 to retained earnings recorded during the first quarter of 2017. |
Risk Management Contracts | Has bro uses foreign currency forward contracts to mitigate the impact of currency rate fluctuations on firmly committed and projected future foreign currency transactions. These over-the-counter contracts, which hedge future purchases of inventory and other c ross-border currency requirements not denominated in the functional currency of the business unit, are primarily denominated in United States and Hong Kong dollars as well as Euros. All contracts are entered into with a number of counterparties, all of whi ch are major financial institutions. The Company believes that a default by a counterparty would not have a material adverse effect on the financial condition of the Company. Hasbro does not enter into derivative financial instruments for speculative purpo ses. At the inception of the contracts, Hasbro designates its derivatives as either cash flow or fair value hedges. The Company formally documents all relationships between hedging instruments and hedged items as well as its risk management objectives and strategies for undertaking various hedge transactions. All hedges designated as cash flow hedges are linked to forecasted transactions and the Company assesses, both at the inception of the hedge and on an on-going basis, the effectiveness of the derivati ves used in hedging transactions in offsetting changes in the cash flows of the forecasted transaction. The ineffective portion of a hedging derivative, if any, is recognized in the consolidated statements of operations. The Company records all derivati ves, such as foreign currency exchange contracts, on the consolidated balance sheets at fair value. Changes in the derivative fair values that are designated as cash flow hedges and are effective are deferred and recorded as a component of Accumulated Othe r Comprehensive Loss (“AOCE”) until the hedged transactions occur and are then recognized in the consolidated statements of operations. The Company's foreign currency contracts hedging anticipated cash flows are designated as cash flow hedges. When it is d etermined that a derivative is not highly effective as a hedge, the Company discontinues hedge accounting prospectively. Any gain or loss deferred through that date remains in AOCE until the forecasted transaction occurs, at which time it is reclassified t o the consolidated statements of operations. To the extent the transaction is no longer deemed probable of occurring, hedge accounting treatment is discontinued and amounts deferred would be reclassified to the consolidated statements of operations. In the event hedge accounting requirements are not met, gains and losses on such instruments are included in the consolidated statements of operations. The Company uses derivatives to economically hedge intercompany loans denominated in foreign currencies. The C ompany does not use hedge accounting for these contracts as changes in the fair value of these contracts are substantially offset by changes in the fair value of the intercompany loans. Prior to the issuance of certain long-term notes due 2021 and 2044, the Company entered into a forward-starting interest rate swap contract to hedge the anticipated U.S. Treasury interest rates on the anticipated debt issuance. These instruments, which were designated and effective as hedges, were terminated on the date o f the related debt issuance and the then fair value of these instruments was recorded to AOCE and amortized through the consolidated statements of operations using an effective interest rate method over the life of the related debt. |
Net Earnings Per Common Share | Basic net earnings per share is computed by dividing net earnings by the weighted average number of shares outstanding for the year as well as awards that have not been issued but all contingencies have been met. Diluted net earnings per share is similar except that the weighted average number of shares outstanding is increased by dilutive securities, and net earnings are adjusted, if necessary, for certain amounts related to dilutive securities. Dilutive securities include shares issuable upon exe rcise of stock options for which the market price exceeds the exercise price, less shares which could have been purchased by the Company with the related proceeds. Dilutive securities also include shares issuable under restricted stock unit award agreement s . Options and restricted stock unit awards totaling 1,077 , 499 and 277 for 201 8, 2017, and 2016 , respectively, were excluded from the calculation of diluted earnings per share because to include them would have been antidilutive. A reconciliation of net earnings and average number of shares for each of the three fiscal years ended December 30 , 2018 is as follows: 2018 2017 2016 Basic Diluted Basic Diluted Basic Diluted Net earnings attributable to Hasbro, Inc. $ 220,434 220,434 396,607 396,607 551,380 551,380 Average shares outstanding 126,132 126,132 125,039 125,039 125,292 125,292 Effect of dilutive securities: Options and other share-based awards – 758 – 1,992 – 1,674 Equivalent shares 126,132 126,890 125,039 127,031 125,292 126,966 Net earnings attributable to Hasbro, Inc. per share $ 1.75 1.74 3.17 3.12 4.40 4.34 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Summary of Significant Accounting Policies [Abstract] | |
Reconciliation of Net Earnings per Share | 2018 2017 2016 Basic Diluted Basic Diluted Basic Diluted Net earnings attributable to Hasbro, Inc. $ 220,434 220,434 396,607 396,607 551,380 551,380 Average shares outstanding 126,132 126,132 125,039 125,039 125,292 125,292 Effect of dilutive securities: Options and other share-based awards – 758 – 1,992 – 1,674 Equivalent shares 126,132 126,890 125,039 127,031 125,292 126,966 Net earnings attributable to Hasbro, Inc. per share $ 1.75 1.74 3.17 3.12 4.40 4.34 |
Other Comprehensive Earnings (T
Other Comprehensive Earnings (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Other comprehensive earnings (loss) [Abstract] | |
Schedule of Tax Effect in Statement of Comprehensive Income | 2018 2017 2016 Other comprehensive earnings (loss), tax effect: Tax benefit (expense) on unrealized holding gains $ 581 221 (94) Tax (expense) benefit on cash flow hedging activities (930) 4,850 1,340 Tax benefit (expense) on unrecognized pension and postretirement amounts 6,085 (2,363) 12,945 Reclassifications to earnings, tax effect: Tax expense (benefit) on cash flow hedging activities 817 (4,881) 4,098 Tax benefit on amortization of unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations (2,729) (3,482) (3,038) Total tax effect on other comprehensive earnings (loss) $ 3,824 (5,655) 15,251 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in the components of accumulated other comprehensive earnings (loss), net of tax are as follows: Unrealized Gains Holding Gains Foreign Total Accumulated Pension and (Losses) on on Available Currency Other Postretirement Derivative for-Sale Translation Comprehensive Amounts Instruments Securities Adjustments Earnings(Loss) 2018 Balance at December 31, 2017 $ (110,971) (32,827) 1,034 (96,661) (239,425) Adoption of ASU 2018-02 (18,065) (3,660) 222 — (21,503) Current period other comprehensive (23,763) 36,107 (2,000) (55,524) (45,180) earnings (loss) Reclassifications from AOCE to earnings 9,665 1,929 — — 11,594 Balance at December 30, 2018 $ (143,134) 1,549 (744) (152,185) (294,514) 2017 Balance at December 25, 2016 $ (118,401) 51,085 1,424 (128,678) (194,570) Current period other comprehensive 1,555 (90,302) (390) 32,017 (57,120) earnings (loss) Reclassifications from AOCE to earnings 5,875 6,390 — — 12,265 Balance at December 31, 2017 $ (110,971) (32,827) 1,034 (96,661) (239,425) 2016 Balance at December 27, 2015 $ (102,931) 79,317 1,258 (123,645) (146,001) Current period other comprehensive (20,829) 25,748 166 (5,033) 52 earnings (loss) Reclassifications from AOCE to earnings 5,359 (53,980) — — (48,621) Balance at December 25, 2016 $ (118,401) 51,085 1,424 (128,678) (194,570) |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | (4) Property, Plant and Equipment 2018 2017 Land and improvements $ 3,243 3,350 Buildings and improvements 191,096 193,940 Machinery, equipment and software 446,628 405,209 640,967 602,499 Less accumulated depreciation 462,710 422,052 178,257 180,447 Tools, dies and molds, net of accumulated depreciation 78,216 79,263 Total property, plant and equipment, net $ 256,473 259,710 |
Goodwill and Intangibles (Table
Goodwill and Intangibles (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Goodwill and Intangibles [Abstract] | |
Schedule of Goodwill | Entertainment U.S. and Canada International and Licensing Total 2018 Balance at December 31, 2017 $ 296,978 170,699 105,386 573,063 Impairment during the period — — (86,253) (86,253) Foreign exchange translation — (338) (591) (929) Balance at December 30, 2018 $ 296,978 170,361 18,542 485,881 2017 Balance at December 25, 2016 $ 296,978 169,833 103,744 570,555 Foreign exchange translation — 866 1,642 2,508 Balance at December 31, 2017 $ 296,978 170,699 105,386 573,063 |
Schedule of Other Intangibles | 2018 2017 Acquired product rights $ 1,309,344 789,940 Licensed rights of entertainment properties 30,501 256,555 Accumulated amortization (721,741) (904,851) Amortizable intangible assets 618,104 141,644 Product rights with indefinite lives 75,738 75,738 Total other intangibles, net $ 693,842 217,382 |
Schedule of Expected Amortization Expense | 2019 $ 47,000 2020 49,000 2021 36,000 2022 36,000 2023 27,000 |
Program Production Costs (Table
Program Production Costs (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Program Production Costs [Abstract] | |
Schedule of Program Production Costs | 2018 2017 Television programming Released, less amortization $ 30,800 40,386 In production 42,768 31,596 Pre-production 489 326 Theatrical programming Released, less amortization 71,339 16,027 In production 9,503 — Pre-production 2,452 4,526 Total program production costs $ 157,351 92,861 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Liabilities | (9) Accrued Liabilities Components of accrued liabilities for the fiscal years ended on December 30, 2018 and December 31, 2017 are as follows: 2018 2017 Royalties $ 151,852 148,858 Advertising 68,811 75,483 Payroll and management incentives 46,472 79,976 Dividends 79,461 70,936 Severance 76,920 10,952 Deferred payment on Power Rangers acquisition 100,000 — Other Taxes 75,973 57,155 Other 331,574 304,904 Total accrued liabilities $ 931,063 748,264 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Long-Term Debt [Abstract] | |
Schedule of Long-Term Debt Instruments | 2018 2017 Carrying Cost Fair Value Carrying Cost Fair Value 6.35% Notes Due 2040 $ 500,000 535,000 500,000 601,800 3.50% Notes Due 2027 500,000 457,350 500,000 488,300 5.10% Notes Due 2044 300,000 272,640 300,000 313,320 3.15% Notes Due 2021 300,000 297,600 300,000 302,640 6.60% Debentures Due 2028 109,895 123,346 109,895 131,390 Total long-term debt 1,709,895 1,685,936 1,709,895 1,837,450 Less: Deferred debt expenses 14,803 — 16,286 — Long-term debt $ 1,695,092 1,685,936 1,693,609 1,837,450 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Income Taxes [Abstract] | |
Schedule of Components of Earnings Before Income Taxes, Determined by Tax Jurisdiction | 2018 2017 2016 United States $ 6,293 168,370 146,013 International 264,109 617,780 546,476 Total earnings before income taxes $ 270,402 786,150 692,489 |
Schedule of Income Taxes Attributable to Earnings Before Income Taxes | 2018 2017 2016 Current United States $ 12,805 202,374 78,958 State and local 5,644 2,926 3,208 International 42,613 72,138 77,834 61,062 277,438 160,000 Deferred United States (4,937) 105,174 11,989 State and local (471) 1,658 411 International (5,686) 5,273 (13,062) (11,094) 112,105 (662) Total income taxes $ 49,968 389,543 159,338 |
Schedule of Effective Income Tax Rate Reconciliation | 2018 2017 2016 Statutory income tax rate 21.0% 35.0% 35.0% State and local income taxes, net 1.5 0.3 0.3 Tax on international earnings (11.4) (23.0) (15.8) Change in unrecognized tax benefits (7.9) 1.0 1.7 Share-based compensation (4.0) (4.1) — Tax Cuts and Jobs Act of 2017 15.0 39.4 — Research and development tax credits (1.9) (0.5) (0.4) Non-deductible goodwill impairment 2.0 — — Other, net 4.2 1.5 2.2 18.5% 49.6% 23.0% Certain reclassifications have been made to prior year amounts to conform to current year presentation. |
Schedule of Deferred Tax Assets and Liabilities | 2018 2017 Deferred tax assets: Accounts receivable $ 29,094 31,424 Inventories 11,958 11,198 Loss and credit carryforwards 105,915 36,821 Operating expenses 21,213 20,424 Pension 11,543 8,372 Other compensation 35,418 37,718 Postretirement benefits 7,894 8,497 Interest rate hedge 5,607 6,012 Tax sharing agreement 4,015 5,514 Other 9,077 11,721 Gross deferred tax assets 241,734 177,701 Valuation allowance (36,311) (32,851) Net deferred tax assets 205,423 144,850 Deferred tax liabilities: Depreciation and amortization of long-lived assets 12,258 29,226 Equity method investment 15,113 12,829 Other 9,885 11,018 Deferred tax liabilities 37,256 53,073 Net deferred income taxes $ 168,167 91,777 Certain reclassifications have been made to prior year amounts to conform to current year presentation. The most significant amount of the carryforward relates to tax attributes that will be used to offset the 2017 transition tax. |
Schedule of Deferred Tax Assets and Liabilities by Balance Sheet Location | 2018 2017 Other assets 174,077 97,870 Other liabilities (5,910) (6,093) Net deferred income taxes $ 168,167 91,777 |
Schedule of Unrecognized Tax Benefits Roll Forward | 2018 2017 2016 Balance at beginning of year $ 84,244 80,388 63,549 Gross increases in prior period tax positions 4,449 2,518 2,727 Gross decreases in prior period tax positions (55,752) (28,653) (3,103) Gross increases in current period tax positions 16,987 34,056 34,155 Decreases related to settlements with tax authorities (1,102) (1,375) (11,662) Decreases from the expiration of statute of limitations (2,752) (2,690) (5,278) Balance at end of year $ 46,074 84,244 80,388 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Fair Value of Financial Instruments [Abstract] | |
Fair Value Hierarchy | Fair Value Measurements Using Significant Quoted Prices in Other Significant Active Markets for Observable Unobservable Fair Identical Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) December 30, 2018 Assets: Available-for-sale securities $ 914 914 — — Derivatives 26,076 — 26,076 — Total assets $ 26,990 914 26,076 — Liabilities: Derivatives $ 1,610 — 1,610 — Option agreement 23,440 — — 23,440 Total liabilities $ 25,050 — 1,610 23,440 December 31, 2017 Assets: Available-for-sale securities $ 3,126 3,126 — — Derivatives 12,226 — 12,226 — Total assets $ 15,352 3,126 12,226 — Liabilities: Derivatives $ 23,051 — 23,051 — Option agreement 23,980 — — 23,980 Total liabilities $ 47,031 — 23,051 23,980 |
Reconciliation of Level 3 Fair Value | 2018 2017 Balance at beginning of year $ (23,980) (28,770) Net gains from change in fair value 540 4,790 Balance at end of year $ (23,440) (23,980) |
Stock Options, Other Stock Aw_2
Stock Options, Other Stock Awards and Warrants (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Stock Options, Other Stock Awards and Warrants [Abstract] | |
Schedule of Total Compensation Expense Related to Stock Options, Restricted Stock Units and Stock Performance Awards | 2018 2017 2016 Cost of sales $ — — 200 Product development 3,466 3,312 3,248 Selling, distribution and administration 24,426 52,720 58,176 27,892 56,032 61,624 Income tax benefit 2,832 9,574 20,298 $ 25,060 46,458 41,326 2018 2017 2016 Stock performance awards $ 842 27,522 34,248 Restricted stock units 17,897 20,573 19,908 Stock options 7,393 6,342 5,838 Non-employee awards 1,760 1,595 1,630 27,892 56,032 61,624 Income tax benefit 2,832 9,574 20,298 $ 25,060 46,458 41,326 |
Schedule of Stock Performance Awards | 2018 2017 2016 Outstanding at beginning of year 900 1,074 992 Granted 250 428 529 Forfeited (49) (28) (23) Vested (468) (574) (424) Outstanding at end of year 633 900 1,074 Weighted average grant-date fair value: Granted $ 88.18 99.58 74.69 Forfeited $ 86.27 74.86 61.86 Vested $ 61.86 52.21 47.21 Outstanding at end of year $ 86.58 77.27 62.19 |
Schedule of Restricted Stock Awards and Restricted Stock Units | 2018 2017 2016 Outstanding at beginning of year 636 795 955 Granted 257 203 245 Forfeited (40) (41) (41) Vested (419) (321) (364) Outstanding at end of year 434 636 795 Weighted average grant-date fair value: Granted $ 97.45 98.88 75.23 Forfeited $ 93.45 68.01 59.37 Vested $ 67.34 57.58 43.89 Outstanding at end of year $ 94.22 75.13 61.65 |
Schedule of Stock Option Information | 2018 2017 2016 Outstanding at beginning of year 2,579 2,768 3,445 Granted 538 458 492 Exercised (736) (597) (1,143) Expired or forfeited (71) (50) (26) Outstanding at end of year 2,310 2,579 2,768 Exercisable at end of year 1,391 1,661 1,708 Weighted average exercise price: Granted $ 98.10 98.80 74.42 Exercised $ 45.64 49.31 41.75 Expired or forfeited $ 93.81 57.33 56.43 Outstanding at end of year $ 74.78 62.12 53.21 Exercisable at end of year $ 61.59 50.02 45.50 |
Schedule of weighted average assumptions used to determine the fair value of option grants | 2018 2017 2016 Risk-free interest rate 2.57% 1.85% 1.16% Expected dividend yield 2.57% 2.31% 2.74% Expected volatility 27% 24% 26% Expected option life 4 years 5 years 5 years |
Pension, Postretirement and P_2
Pension, Postretirement and Postemployment Benefits (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Pension, Postretirement and Postemployment Benefits [Abstract] | |
Summary of Changes in Projected Benefit Obligation, Plan Assets and Funded Status | Pension Postretirement 2018 2017 2018 2017 Change in Projected Benefit Obligation Projected benefit obligation – beginning $ 393,367 372,824 32,153 28,484 Service cost 1,300 1,290 756 691 Interest cost 13,358 15,303 1,171 1,179 Amendment (78) — — — Actuarial (gain) loss 13,010 27,670 (2,339) 3,432 Benefits paid (22,718) (22,579) (1,660) (1,633) Expenses paid (2,521) (1,141) — — Projected benefit obligation – ending $ 395,718 393,367 30,081 32,153 Accumulated benefit obligation – ending $ 395,718 393,367 30,081 32,153 Change in Plan Assets Fair value of plan assets – beginning $ 382,989 309,380 — — Actual return on plan assets (3,328) 44,562 — — Employer contribution 2,802 52,767 — — Benefits paid (22,718) (22,579) — — Expenses paid (2,521) (1,141) — — Fair value of plan assets – ending $ 357,224 382,989 — — Reconciliation of Funded Status Projected benefit obligation $ (395,718) (393,367) (30,081) (32,153) Fair value of plan assets 357,224 382,989 — — Funded status (38,494) (10,378) (30,081) (32,153) Unrecognized net loss 155,829 132,088 3,350 5,853 Net amount $ 117,335 121,710 (26,731) (26,300) Accrued liabilities $ (8,946) (2,448) (1,607) (1,630) Other liabilities (29,548) (7,930) (28,474) (30,523) Accumulated other comprehensive earnings (loss) 155,829 132,088 3,350 5,853 Net amount $ 117,335 121,710 (26,731) (26,300) |
Assumptions used to determine year-end pension and postretirement benefit obligations | Assumptions used to determine the year-end pension and postretirement benefit obligations are as follows: 2018 2017 Pension Weighted average discount rate 3.72% 3.71% Mortality table RP-2014/Scale BB RP-2014/Scale BB Postretirement Discount rate 4.33% 3.74% Health care cost trend rate assumed for next year 6.50% 6.50% Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 5.00% 5.00% Year that the rate reaches the ultimate trend 2024 2024 |
Fair Values of Plan Assets by Asset Class and Fair Value Hierarchy Level | Fair value measurements using: Quoted Prices in Active Significant Markets For Other Significant Identical Observable Unobservable Fair Assets Inputs Inputs Value (Level 1) (Level 2) (Level 3) 2018 Equity: Other measured at net asset value (a) 300 — — — Fixed Income measured at net asset value (a) 251,300 251,300 — — Cash Equivalents measured as net asset value (a) 105,600 — — — $ 357,200 251,300 — — 2017 Equity: Large Cap $ 38,400 38,400 — — Small Cap 25,300 25,300 — — International measured at net asset value (a) 43,900 43,900 — — Other measured at net asset value (a) 300 — — — Fixed Income measured at net asset value (a) 217,200 — — — Total Return Fund measured at net asset value (a) 26,900 26,900 — — Cash Equivalents measured as net asset value (a) 31,000 — — — $ 383,000 134,500 — — (a) Certain investments that are measured at fair value using the net asset value per share are not classified in the fair value hierarchy. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Schedule of Changes in Plan Assets disclosed previously in this note. |
Components of Net Periodic Benefit Cost | The following is a detail of the components of the net periodic benefit cost for the three years ended December 30, 2018. 2018 2017 2016 Components of Net Periodic Cost Pension Service cost $ 1,300 1,290 2,100 Interest cost 13,358 15,303 16,106 Expected return on assets (18,475) (19,534) (17,013) Amortization of actuarial loss 10,995 9,082 7,361 Net periodic benefit cost $ 7,178 6,141 8,554 Postretirement Service cost $ 756 691 532 Interest cost 1,171 1,179 1,175 Amortization of actuarial loss 165 — — Net periodic benefit cost (income) $ 2,092 1,870 1,707 |
Assumptions Used to Determine Net Periodic Benefit Cost of Pension Plan and Postretirement Plan | 2018 2017 2016 Pension Weighted average discount rate 3.71% 4.22% 4.58% Long-term rate of return on plan assets 4.75% 6.25% 6.75% Postretirement Discount rate 3.74% 4.26% 4.64% Health care cost trend rate assumed for next year 6.50% 7.00% 7.00% Rate to which the cost trend rate is assumed to decline (ultimate trend rate) 5.00% 5.00% 5.00% Year that the rate reaches the ultimate trend rate 2024 2021 2021 |
Schedule of Expected Benefit Payments | Pension Postretirement 2019 $ 368,278 1,641 2020 2,465 1,594 2021 2,434 1,548 2022 2,410 1,510 2023 2,420 1,472 2024-2028 11,634 7,031 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Derivative Financial Instruments [Abstract] | |
Summary of Cash Flow Hedging Instruments | 2018 2017 Hedged transaction Notional Fair Notional Fair Amount Value Amount Value Inventory purchases $ 468,305 15,089 756,673 (13,695) Sales 298,194 11,232 423,315 16,144 Royalties and Other 26,341 (304) 196,889 (10,383) Total $ 792,840 26,017 1,376,877 (7,934) |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location | 2018 2017 Prepaid expenses and other current assets Unrealized gains $ 21,718 13,666 Unrealized losses (972) (10,319) Net unrealized gain $ 20,746 3,347 Other assets Unrealized gains $ 6,173 11,255 Unrealized losses (843) (2,376) Net unrealized gain $ 5,330 8,879 Accrued liabilities Unrealized gains $ 77 4,215 Unrealized losses (136) (15,484) Net unrealized loss $ (59) (11,269) Other liabilities Unrealized gains $ — 4,546 Unrealized losses — (13,437) Net unrealized loss $ — (8,891) |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Operations | 2018 2017 2016 Consolidated Statements of Operations Classification Cost of sales $ 3,909 (1,905) 57,786 Sales 3,479 5,315 7,467 Royalties and other (527) (6,000) (5,776) Net realized gains (losses) $ 6,861 (2,590) 59,477 |
Fair Values of Undesignated Derivative Financial Instruments | 2018 2017 Accrued liabilities Unrealized gains $ 1,269 1,793 Unrealized losses (2,820) (4,684) Net unrealized loss $ (1,551) (2,891) Total unrealized losses $ (1,551) (2,891) |
Asset Acquisition (Tables)
Asset Acquisition (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Acquisitions [Abstract] | |
Schedule of business acquisition (Tables) | Cash Consideration: To seller (1) $ 152,000 Held in escrow (2) 25,000 Market value of stock issued to seller (3) 280,397 Deferred purchase price due in January 2019 (4) 75,000 532,397 Acquisition costs 1,973 Other adjustment 1,480 Total Purchase Price to be allocated $ 535,850 1. The Company previously paid Saban Brands $ 22,250 for the P OWER RANGERS master toy license agreement announced in February 2018 and those amounts were credited to, and included above, in the purchase price. 2. The $25,000 was placed into an escrow account to support customary indemnification obligations of Saban Properties, and is considered restricted cash within cash and cash equivalents on the balance sheet with an offsetting liability included in other current liabilities. One-half of the $25,00 0 in escrow was released on January 3, 2019, and the remaining half is scheduled on the one-year anniversary of the closing date, less any claim amounts deducted from the escrow prior to those dates. 3. The Company issued 3,074 shares of Hasbro common stock to Saban Properties, valued at $280,397. 4. An additional $75,000 was paid in January 2019 with no contingencies. |
Restructuring Actions (Tables)
Restructuring Actions (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Restructuring Charges [Abstract] | |
Schedule of restructuring and related costs (Tables) | Total expense recorded in 2018 $ 89,349 Payments made in 2018 (20,157) Remaining amounts to be paid in 2019 $ 69,192 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Information and Reconciliation by Segment | Information by segment and a reconciliation to reported amounts are as follows: Revenues from Operating Depreciation External Affiliate Profit and Capital Total Customers Revenue (Loss) Amortization Additions Assets 2018 U.S. and Canada $ 2,433,412 10,242 382,013 12,327 29,775 2,928,209 International 1,847,585 290 39,470 6,530 4,652 2,229,053 Entertainment and Licensing 298,540 15,796 17,311 3,419 2,111 592,202 Global Operations (a) 109 1,439,292 (8,415) 84,759 82,912 3,197,847 Corporate and eliminations (b) — (1,465,620) (99,327) 60,923 20,976 (3,684,323) Consolidated Total $ 4,579,646 — 331,052 167,958 140,426 5,262,988 2017 U.S. and Canada $ 2,690,527 8,157 509,942 19,457 5,849 2,749,384 International 2,233,579 382 228,669 9,527 4,669 2,499,985 Entertainment and Licensing 285,579 21,889 96,400 5,526 7,637 626,193 Global Operations (a) 97 1,644,650 4,014 92,595 89,619 2,819,768 Corporate and eliminations (b) — (1,675,078) (28,666) 44,731 27,103 (3,405,347) Consolidated Total $ 5,209,782 — 810,359 171,836 134,877 5,289,983 2016 U.S. and Canada $ 2,559,907 7,091 522,287 12,764 8,107 2,559,792 International 2,194,651 1,908 294,497 20,768 7,258 2,368,761 Entertainment and Licensing 265,205 23,220 49,876 9,869 13,072 692,898 Global Operations (a) 59 1,617,370 19,440 78,249 89,051 2,326,566 Corporate and eliminations (b) — (1,649,589) (98,052) 32,820 37,412 (2,856,651) Consolidated Total $ 5,019,822 — 788,048 154,470 154,900 5,091,366 |
Schedule of Geographic Information | 2018 2017 2016 Net revenues United States $ 2,497,331 2,732,034 2,575,696 International 2,082,315 2,477,748 2,444,126 4,579,646 5,209,782 5,019,822 Long-lived assets United States 1,287,444 894,597 933,848 International 148,753 155,558 150,054 $ 1,436,197 1,050,155 1,083,902 |
Net revenues by product category | 2018 2017 2016 Franchise brands $ 2,445,902 2,690,394 2,375,265 Partner brands 987,283 1,271,597 1,412,770 Hasbro gaming 787,692 893,019 813,433 Emerging brands 358,769 354,772 418,354 Net revenues $ 4,579,646 5,209,782 5,019,822 |
Schedule of Net Revenues by International Region | 2018 2017 2016 Europe $ 1,046,901 1,381,949 1,404,478 Latin America 454,066 485,088 463,638 Asia Pacific 346,618 366,542 326,535 Net revenues $ 1,847,585 2,233,579 2,194,651 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 30, 2018 | |
Quarterly Financial Data (Unaudited) [Abstract] | |
Quarterly Financial Information [Table Text Block] | Quarter First Second Third Fourth Full Year 2018 Net revenues $ 716,341 904,458 1,569,686 1,389,161 4,579,646 Operating profit (80,419) 87,588 313,336 10,547 331,052 Earnings before income taxes (88,388) 68,124 295,794 (5,128) 270,402 Net earnings (loss) (112,492) 60,299 263,861 8,766 220,434 Per common share Net earnings (loss) Basic $ (0.90) 0.48 2.08 0.07 1.75 Diluted (0.90) 0.48 2.06 0.07 1.74 Market price High $ 103.39 93.00 109.60 107.57 109.60 Low 83.56 79.00 91.70 76.84 76.84 Cash dividends declared $ 0.63 0.63 0.63 0.63 2.52 Quarter First Second Third Fourth Full Year 2017 Net revenues $ 849,663 972,506 1,791,502 1,596,111 5,209,782 Operating profit 78,343 99,984 360,944 271,088 810,359 Earnings before income taxes 70,837 86,886 349,841 278,586 786,150 Net earnings (loss) 68,599 67,723 265,583 (5,298) 396,607 Per common share Net earnings (loss) Basic $ 0.55 0.54 2.12 (0.04) 3.17 Diluted 0.54 0.53 2.09 (0.04) 3.12 Market price High $ 101.08 113.49 116.20 99.17 116.20 Low 77.20 94.76 91.57 87.92 77.20 Cash dividends declared $ 0.57 0.57 0.57 0.57 2.28 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 30, 2018USD ($)$ / shares | Sep. 30, 2018USD ($)$ / shares | Jul. 01, 2018USD ($)$ / shares | Apr. 01, 2018USD ($)$ / shares | Dec. 31, 2017USD ($)$ / shares | Oct. 01, 2017USD ($)$ / shares | Jul. 02, 2017USD ($)$ / shares | Apr. 02, 2017USD ($)$ / shares | Dec. 30, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 25, 2016USD ($)$ / sharesshares | Sep. 23, 2014 | Oct. 31, 2009 | |
Long-lived assets [Line Items] | |||||||||||||
Cost of sales | $ 1,850,678 | $ 2,033,693 | $ 1,905,474 | ||||||||||
Options excluded from calculation of diluted earnings per share (in shares) | shares | 1,077 | 499 | 277 | ||||||||||
Selling, distribution and administration | $ 1,287,560 | $ 1,124,793 | $ 1,110,769 | ||||||||||
Earnings per share, basic [Abstract] | |||||||||||||
Net earnings attributable to Hasbro, Inc. | $ 8,766 | $ 263,861 | $ 60,299 | $ (112,492) | $ (5,298) | $ 265,583 | $ 67,723 | $ 68,599 | $ 220,434 | $ 396,607 | $ 551,380 | ||
Average shares outstanding (in shares) | shares | 126,132 | 125,039 | 125,292 | ||||||||||
Net earnings per share, basic (in dollars per share) | $ / shares | $ 0.07 | $ 2.08 | $ 0.48 | $ (0.9) | $ (0.04) | $ 2.12 | $ 0.54 | $ 0.55 | $ 1.75 | $ 3.17 | $ 4.4 | ||
Earnings per share, diluted [Abstract] | |||||||||||||
Net earnings attributable to Hasbro, Inc. | $ 8,766 | $ 263,861 | $ 60,299 | $ (112,492) | $ (5,298) | $ 265,583 | $ 67,723 | $ 68,599 | $ 220,434 | $ 396,607 | $ 551,380 | ||
Average shares outstanding (in shares) | shares | 126,132 | 125,039 | 125,292 | ||||||||||
Effect of dilutive securities: [Abstract] | |||||||||||||
Options and other share-based awards (in shares) | shares | 758 | 1,992 | 1,674 | ||||||||||
Equivalent shares (in shares) | shares | 126,890 | 127,031 | 126,966 | ||||||||||
Net earnings per share, diluted (in dollars per share) | $ / shares | $ 0.07 | $ 2.06 | $ 0.48 | $ (0.9) | $ (0.04) | $ 2.09 | $ 0.53 | $ 0.54 | $ 1.74 | $ 3.12 | $ 4.34 | ||
Asset Impairment Charges Abstract | |||||||||||||
Impairment of goodwill | $ (86,253) | $ 0 | $ (32,858) | ||||||||||
Impairment of intangible assets, finite-lived | (31,303) | $ 0 | $ 0 | ||||||||||
Noncontrolling Interest Abstract | |||||||||||||
Noncontrolling Interest, Remaining Ownership Percentage Acquired by Parent | 30.00% | ||||||||||||
Minority Interest Ownership Percentage By Parent | 70.00% | ||||||||||||
Minority Interest Ownership Percentage By Noncontrolling Owners | 30.00% | ||||||||||||
Acquired interest in joint venture, Discovery Family Channel | 40.00% | 50.00% | |||||||||||
Shipping And Handling [Member] | |||||||||||||
Long-lived assets [Line Items] | |||||||||||||
Selling, distribution and administration | 206,307 | $ 190,999 | $ 180,270 | ||||||||||
Retained Earnings [Member] | |||||||||||||
Earnings per share, basic [Abstract] | |||||||||||||
Net earnings attributable to Hasbro, Inc. | 220,434 | 396,607 | 551,380 | ||||||||||
Earnings per share, diluted [Abstract] | |||||||||||||
Net earnings attributable to Hasbro, Inc. | $ 220,434 | 396,607 | $ 551,380 | ||||||||||
Minimum [Member] | |||||||||||||
Long-lived assets [Line Items] | |||||||||||||
Finite-lived intangible assets, useful life | 4 years | ||||||||||||
Maximum [Member] | |||||||||||||
Long-lived assets [Line Items] | |||||||||||||
Finite-lived intangible assets, useful life | 25 years | ||||||||||||
Joint Venture [Member] | |||||||||||||
Long-lived assets [Line Items] | |||||||||||||
Number of significant equity method investments | 1 | ||||||||||||
Noncontrolling Interest Abstract | |||||||||||||
Acquired interest in joint venture, Discovery Family Channel | 40.00% | 40.00% | |||||||||||
Accounting Standards Update 2016-09 [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
Excess tax benefit from share-based compensation | $ 10,757 | 32,116 | |||||||||||
Accounting Standards Update 2016-09 [Member] | Retained Earnings [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
New accounting pronouncement or change in accounting principle cumulative effect of change on equity or net assets | $ 700 | $ 700 | |||||||||||
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member] | |||||||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||||||||
New accounting pronouncement or change in accounting principle cumulative effect of change on equity or net assets | $ 21,503 | $ 21,503 | |||||||||||
Percentage of Revenues from Sales of Finished Products [Member] | |||||||||||||
Long-lived assets [Line Items] | |||||||||||||
Percentage of revenues from sales of finished products | 92.00% | 94.00% | |||||||||||
Land and Improvements [Member] | Minimum [Member] | |||||||||||||
Long-lived assets [Line Items] | |||||||||||||
Depreciation period | 15 years | ||||||||||||
Land and Improvements [Member] | Maximum [Member] | |||||||||||||
Long-lived assets [Line Items] | |||||||||||||
Depreciation period | 19 years | ||||||||||||
Buildings and Improvements [Member] | Minimum [Member] | |||||||||||||
Long-lived assets [Line Items] | |||||||||||||
Depreciation period | 15 years | ||||||||||||
Buildings and Improvements [Member] | Maximum [Member] | |||||||||||||
Long-lived assets [Line Items] | |||||||||||||
Depreciation period | 25 years | ||||||||||||
Machinery and Equipment [Member] | Minimum [Member] | |||||||||||||
Long-lived assets [Line Items] | |||||||||||||
Depreciation period | 3 years | ||||||||||||
Machinery and Equipment [Member] | Maximum [Member] | |||||||||||||
Long-lived assets [Line Items] | |||||||||||||
Depreciation period | 12 years | ||||||||||||
Tools, Dies and Molds [Member] | Maximum [Member] | |||||||||||||
Long-lived assets [Line Items] | |||||||||||||
Depreciation period | 3 years |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Bad debt expense related to ToysRUs | $ 49,000 | $ 18,000 |
Accounting Standards Update 2014-09 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred revenues recorded as liabilities | $ 50,759 | $ 7,549 |
Percentage of Revenues from Sales of Finished Products [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Percentage of revenues from sales of finished products | 92.00% | 94.00% |
Other Comprehensive Loss_Compon
Other Comprehensive Loss_Components (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Other comprehensive earnings (loss) [Abstract] | |||
Tax benefit (expense) on unrealized holding gains | $ 581 | $ 221 | $ (94) |
Tax benefit (expense) on cash flow hedging activities | (930) | 4,850 | 1,340 |
Tax benefit (expense) on unrecognized pension and postretirement amounts | 6,085 | (2,363) | 12,945 |
Reclassifications to earnings, tax effect: Tax (benefit) expense on cash flow hedging activities | 817 | (4,881) | 4,098 |
Reclassifications to earnings, tax effect: Tax (benefit) expense on unrecognized pension and postretirement amounts | (2,729) | (3,482) | (3,038) |
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent, Total | 3,824 | (5,655) | 15,251 |
Gain On Cash Flow Hedge Ineffectiveness Net Of Tax | (5,807) | $ (5,497) | $ 1,428 |
Foreign Currency and Interest Rate Cash Flow Hedge Gain (Loss) To Be Reclassified During Next12 Months Net Of Tax | $ 15,218 |
Other Comprehensive Loss_Rollfo
Other Comprehensive Loss_Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive earnings (loss), Beginning of Year | $ (239,425) | $ (194,570) | $ (146,001) |
Adoption of ASU 2018-02 | (21,503) | ||
Current period other comprehensive earnings (loss) | (45,180) | (57,120) | 52 |
Reclassifications from AOCE to earnings | 11,594 | 12,265 | (48,621) |
Total accumulated other comprehensive earnings (loss), End of Period | (294,514) | (239,425) | (194,570) |
Pension and Postretirement Amounts [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive earnings (loss), Beginning of Year | (110,971) | (118,401) | (102,931) |
Adoption of ASU 2018-02 | (18,065) | ||
Current period other comprehensive earnings (loss) | (23,763) | 1,555 | (20,829) |
Reclassifications from AOCE to earnings | 9,665 | 5,875 | 5,359 |
Total accumulated other comprehensive earnings (loss), End of Period | (143,134) | (110,971) | (118,401) |
Gains (Losses) On Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive earnings (loss), Beginning of Year | (32,827) | 51,085 | 79,317 |
Adoption of ASU 2018-02 | (3,660) | ||
Current period other comprehensive earnings (loss) | 36,107 | (90,302) | 25,748 |
Reclassifications from AOCE to earnings | 1,929 | 6,390 | (53,980) |
Total accumulated other comprehensive earnings (loss), End of Period | 1,549 | (32,827) | 51,085 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive earnings (loss), Beginning of Year | (96,661) | (128,678) | (123,645) |
Adoption of ASU 2018-02 | 0 | ||
Current period other comprehensive earnings (loss) | (55,524) | 32,017 | (5,033) |
Reclassifications from AOCE to earnings | 0 | 0 | 0 |
Total accumulated other comprehensive earnings (loss), End of Period | (152,185) | (96,661) | (128,678) |
Unrealized Holding Gains on Available-for-Sale Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive earnings (loss), Beginning of Year | 1,034 | 1,424 | 1,258 |
Adoption of ASU 2018-02 | 222 | ||
Current period other comprehensive earnings (loss) | (2,000) | (390) | 166 |
Reclassifications from AOCE to earnings | 0 | 0 | 0 |
Total accumulated other comprehensive earnings (loss), End of Period | (744) | $ 1,034 | $ 1,424 |
Interest Rate Contract [Member] | Gains (Losses) On Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive earnings (loss), End of Period | (19,313) | ||
Foreign Exchange Forward [Member] | Gains (Losses) On Derivative Instruments [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Total accumulated other comprehensive earnings (loss), End of Period | $ 20,861 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Components of property, plant and equipment [Abstract] | ||
Gross property, plant and equipment | $ 640,967 | $ 602,499 |
Less accumulated depreciation | 462,710 | 422,052 |
Net property, plant and equipment less tools, dies and molds | 178,257 | 180,447 |
Tools, dies and molds, net of accumulated depreciation | 78,216 | 79,263 |
Net property, plant and equipment | 256,473 | 259,710 |
Land and Improvements [Member] | ||
Components of property, plant and equipment [Abstract] | ||
Gross property, plant and equipment | 3,243 | 3,350 |
Buildings and Improvements [Member] | ||
Components of property, plant and equipment [Abstract] | ||
Gross property, plant and equipment | 191,096 | 193,940 |
Machinery, Equipment and Software [Member] | ||
Components of property, plant and equipment [Abstract] | ||
Gross property, plant and equipment | $ 446,628 | $ 405,209 |
Goodwill and Intangibles (Detai
Goodwill and Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Goodwill [Roll Forward] | |||
Goodwill | $ 573,063 | $ 570,555 | |
Acquired During Period | 0 | 0 | |
Impairment of goodwill | (86,253) | 0 | $ (32,858) |
Foreign exchange translation | (929) | 2,508 | |
Goodwill | $ 485,881 | 573,063 | 570,555 |
Terminal value growth rate, income approach, Backflip | 3.00% | ||
Discount rate, income approach, goodwill impairment analysis, Backflip | 19.00% | ||
US and Canada [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | $ 296,978 | 296,978 | |
Foreign exchange translation | 0 | 0 | |
Goodwill | 296,978 | 296,978 | 296,978 |
International [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 170,699 | 169,833 | |
Foreign exchange translation | (338) | 866 | |
Goodwill | 170,361 | 170,699 | 169,833 |
Entertainment and Licensing [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill | 105,386 | 103,744 | |
Acquired During Period | 0 | 0 | |
Impairment of goodwill | (86,253) | 0 | |
Foreign exchange translation | (591) | 1,642 | |
Goodwill | $ 18,542 | $ 105,386 | $ 103,744 |
Goodwill and Intangibles, Finit
Goodwill and Intangibles, Finite-Lived Intangible Assets by Major Class and Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Summary of Other Intangible Assets [Abstract] | |||
Acquired product rights | $ 1,309,344 | $ 789,940 | |
Licensed rights of entertainment properties | 30,501 | 256,555 | |
Accumulated amortization | (721,741) | (904,851) | |
Amortizable intangible assets | 618,104 | 141,644 | |
Product rights with indefinite lives | 75,738 | 75,738 | |
Total other intangibles, net | 693,842 | 217,382 | |
Impairment of intangible assets, finite-lived | 31,303 | $ 0 | $ 0 |
Intangible Assets, Future Amortization Expense By Year [Abstract] | |||
2,019 | 47,000 | ||
2,020 | 49,000 | ||
2,021 | 36,000 | ||
2,022 | 36,000 | ||
2,023 | $ 27,000 |
Equity Method Investment (Detai
Equity Method Investment (Details) $ in Thousands | Oct. 31, 2009USD ($)Royality_Installment_Payments | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | Sep. 23, 2014 |
Schedule of Equity Method Investments [Line Items] | |||||
Acquired interest in joint venture, Discovery Family Channel | 50.00% | 40.00% | |||
Payment for purchase of interest in joint venture | $ 300,000 | ||||
Percentage of fair market value of equity method investment | 80.00% | ||||
Minimum royalty guarantee | $ 125,000 | ||||
Number of annual installments for minimum royalty guarantee | Royality_Installment_Payments | 5 | ||||
Amount of annual installment for minimum royalty guarantee | $ 25,000 | ||||
Discovery Communications, Inc. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Joint Venture - Ownership Interest | 60.00% | ||||
Payments made to Discovery under tax sharing agreement | $ 7,087 | $ 6,785 | $ 6,520 | ||
Net (gains) losses related to change in value of joint venture option agreement | (540) | (4,790) | 410 | ||
Discovery Communications, Inc. [Member] | Other Liabilities [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Option Agreement | 23,440 | 23,980 | |||
Liability associated with investment in joint venture, including imputed interest | $ 25,289 | 30,043 | |||
Discovery Family Channel [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Acquired interest in joint venture, Discovery Family Channel | 40.00% | ||||
Prepaid Royalties | $ 41,041 | 55,072 | |||
Interest in joint venture | 236,934 | 237,996 | |||
Discovery Family Channel [Member] | Other Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Prepaid Royalties | 27,825 | 39,114 | |||
Discovery Family Channel [Member] | Prepaid Expenses and Other Current Assets [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Prepaid Royalties | 13,216 | 15,958 | |||
Discovery Family Channel [Member] | Other Expense [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Earnings (loss) of joint venture | 21,145 | $ 23,270 | $ 23,764 | ||
Discovery Family Channel [Member] | Discovery Communications, Inc. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Gain from reduction of remaining present value of expected future payments, tax cuts and jobs act | $ 19,911 |
Program Production Costs (Detai
Program Production Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Program Production Costs [Abstract] | ||
Released, less amortization, television programming | $ 30,800 | $ 40,386 |
In production, television programming | 42,768 | 31,596 |
Pre-production, television programming | 489 | 326 |
Released, less amortization, theatrical film | 71,339 | 16,027 |
In production, theatrical film | 9,503 | 0 |
Pre-production, theatrical film | 2,452 | 4,526 |
Total program production costs | $ 157,351 | $ 92,861 |
Period of amortization for the unamortized television programming costs related to released productions | next four years | |
Amortization expected for the released programs in next operating period | $ 42,389 | |
Total unamortized programming costs related to released productions | $ 102,139 |
Financing Arrangements (Details
Financing Arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Short-term borrowings [Abstract] | ||
Maturities of the notes, maximum | 397 days | |
Commercial paper program, notes outstanding | $ 0 | $ 137,500 |
Commercial paper program, weighted average interest rate | 0.00% | 1.85% |
Unsecured Committed [Member] | ||
Short-term borrowings [Abstract] | ||
Maturity Date, Line of credit facility | Nov. 26, 2023 | |
Line of credit facility, available borrowing capacity | $ 1,100,000 | |
Potential Additional Commitment Increase | $ 500,000 | |
Commitment fee based on unused portion of line of credit facility | 0.10% | |
Interest rate under line of credit facility | Eurocurrency Rate plus 1.125%. | |
Maximum aggregate principal amount of commercial paper notes issuable by the Company | $ 1,000,000 | |
Unsecured Uncommitted [Member] | ||
Short-term borrowings [Abstract] | ||
Line of credit facility, available borrowing capacity | $ 148,000 | |
Weighted average interest rates of outstanding borrowings | 3.92% | 4.32% |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Accrued Liabilities [Abstract] | ||
Royalties | $ 151,852 | $ 148,858 |
Advertising | 68,811 | 75,483 |
Payroll and management incentives | 46,472 | 79,976 |
Dividends | 79,461 | 70,936 |
Severance | 76,920 | 10,952 |
Deferred payment on Power Rangers Acquisition | 100,000 | 0 |
Other taxes | 75,973 | 57,155 |
Other | 331,574 | 304,904 |
Total Accrued Liabilities | $ 931,063 | $ 748,264 |
Long-Term Debt (Details)
Long-Term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Debt Instrument [Line Items] | |||
Carrying Cost | $ 1,709,895 | $ 1,709,895 | |
Long-Term Debt, Current Maturities | 0 | 0 | |
Deferred Debt Expenses | 14,803 | 16,286 | |
Long Term Debt | 1,695,092 | 1,693,609 | |
Fair Value | 1,685,936 | 1,837,450 | |
Long Term Debt Fair Value Current Maturities | 0 | 0 | |
Long Term Debt Fair Value Excluding Current Maturities | 1,685,936 | 1,837,450 | |
Aggregate Amount of Long-Term Debt Maturing in Next 5 Years | 300,000 | ||
Fair value at date of interest rate swap contract settlement | 33,306 | ||
Deferred Finance Costs Gross | 6,122 | ||
Proceeds from Issuance of Long-term Debt | 0 | 493,878 | $ 0 |
Notes 6.35% Due 2040 [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Cost | 500,000 | 500,000 | |
Fair Value | $ 535,000 | 601,800 | |
Interest rate on long-term debt | 6.35% | ||
Long-term debt, principal amount | $ 500,000 | 500,000 | |
Maturity Date | 2,040 | ||
Notes 6.30% Due 2017 [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Cost | $ 0 | 0 | |
Fair Value | $ 0 | 0 | |
Interest rate on long-term debt | 6.30% | ||
Long-term debt, principal amount | $ 0 | 350,000 | |
Debentures 6.60% Due 2028 [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Cost | 109,895 | 109,895 | |
Fair Value | $ 123,346 | 131,390 | |
Interest rate on long-term debt | 6.60% | ||
Long-term debt, principal amount | $ 109,895 | 109,895 | |
Maturity Date | 2,028 | ||
Notes 3.15% Due 2021 Member [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Cost | $ 300,000 | 300,000 | |
Fair Value | $ 297,600 | 302,640 | |
Interest rate on long-term debt | 3.15% | ||
Long-term debt, principal amount | $ 300,000 | 300,000 | |
Maturity Date | 2,021 | ||
Fair value at date of interest rate swap contract settlement | $ 6,373 | ||
Notes 5.10% Due 2044 [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Cost | 300,000 | 300,000 | |
Fair Value | $ 272,640 | 313,320 | |
Interest rate on long-term debt | 5.10% | ||
Long-term debt, principal amount | $ 300,000 | 300,000 | |
Maturity Date | 2,044 | ||
Fair value at date of interest rate swap contract settlement | $ 26,933 | ||
Notes 3.50% Due 2027 [Member] | |||
Debt Instrument [Line Items] | |||
Carrying Cost | 500,000 | 500,000 | |
Fair Value | $ 457,350 | 488,300 | |
Interest rate on long-term debt | 3.50% | ||
Long-term debt, principal amount | $ 500,000 | $ 500,000 | |
Maturity Date | 2,027 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Current [Abstract] | |||
United States | $ 12,805 | $ 202,374 | $ 78,958 |
State and local | 5,644 | 2,926 | 3,208 |
International | 42,613 | 72,138 | 77,834 |
Current income tax expense | 61,062 | 277,438 | 160,000 |
Deferred [Abstract] | |||
United States | (4,937) | 105,174 | 11,989 |
State and local | (471) | 1,658 | 411 |
International | (5,686) | 5,273 | (13,062) |
Deferred income tax benefit | (11,094) | 112,105 | (662) |
Total income tax expense | $ 49,968 | $ 389,543 | $ 159,338 |
Effective income tax rate reconciliation [Abstract] | |||
Statutory income tax rate | 21.00% | 35.00% | 35.00% |
State and local income taxes, net | 1.50% | 0.30% | 0.30% |
Tax on international earnings | (11.40%) | (23.00%) | (15.80%) |
Change in unrecognized tax benefits | (7.90%) | 1.00% | 1.70% |
Share-based compensation | (4.00%) | (4.10%) | 0.00% |
Tax Cuts and Jobs Act of 2017 | 15.00% | 39.40% | 0.00% |
Research and development tax credits | (1.90%) | (0.50%) | (0.40%) |
Non-deductible goodwill impairment | 2.00% | 0.00% | 0.00% |
Other, net | 4.20% | 1.50% | 2.20% |
Effective income tax rate, continuing operations | 18.50% | 49.60% | 23.00% |
Components of earnings before income taxes, determined by tax jurisdiction [Abstract] | |||
United States | $ 6,293 | $ 168,370 | $ 146,013 |
International | 264,109 | 617,780 | 546,476 |
Earnings before income taxes | 270,402 | 786,150 | 692,489 |
Deferred tax assets [Abstract] | |||
Accounts receivable | 29,094 | 31,424 | |
Inventories | 11,958 | 11,198 | |
Loss and credit carryforwards | 105,915 | 36,821 | |
Operating expenses | 21,213 | 20,424 | |
Pension | 11,543 | 8,372 | |
Other compensation | 35,418 | 37,718 | |
Postretirement benefits | 7,894 | 8,497 | |
Interest rate hedge | 5,607 | 6,012 | |
Tax sharing agreement | 4,015 | 5,514 | |
Other | 9,077 | 11,721 | |
Gross deferred tax assets | 241,734 | 177,701 | |
Valuation allowance | (36,311) | (32,851) | |
Net deferred tax assets | 205,423 | 144,850 | |
Deferred tax liabilities [Abstract] | |||
Depreciation and amortization of long-lived assets | 12,258 | 29,226 | |
Equity method investment | 15,113 | 12,829 | |
Other | 9,885 | 11,018 | |
Deferred tax liabilities | 37,256 | 53,073 | |
Net deferred income taxes | 168,167 | 91,777 | |
Increase in the valuation allowance for certain deferred tax assets | 3,460 | ||
Deferred income taxes included in other assets | 174,077 | 97,870 | |
Deferred income taxes included in other liabilities | (5,910) | (6,093) | |
Reconciliation of unrecognized tax benefits [Roll Forward] | |||
Balance at beginning of year | 84,244 | 80,388 | 63,549 |
Gross increases in prior period tax positions | 4,449 | 2,518 | 2,727 |
Gross decreases in prior period tax positions | (55,752) | (28,653) | (3,103) |
Gross increases in current period tax positions | 16,987 | 34,056 | 34,155 |
Decreases related to settlements with tax authorities | (1,102) | (1,375) | (11,662) |
Decreases from the expiration of statute of limitations | (2,752) | (2,690) | (5,278) |
Balance at end of year | 46,074 | 84,244 | 80,388 |
Unrecognized tax benefits that would impact effective tax rate | 45,000 | 77,000 | 70,000 |
Decrease In Unrecognized Tax Benefits Is Reasonably Possible | 15,700 | ||
Recognized potential interest and penalties | 3,101 | 2,431 | 2,135 |
Accrued potential interest and penalties | 4,200 | 5,157 | $ 3,966 |
Income Taxes Tax Cuts and Jobs Act [Abstract] | |||
Provisional tax expense, net | 316,423 | ||
Transition tax, net | 271,605 | ||
Re-measurement, provisional charge, net | 44,818 | ||
Accumulated foreign earnings provisional tax charge, net | 181,305 | ||
Reversal of previously recorded deferred tax liabilities | $ 90,300 | ||
US state income taxes, Tax Cuts and Jobs Act of 2017 | 494 | ||
Increase (decrease) to provisional tax expense, net | $ 40,650 |
Capital Stock (Details)
Capital Stock (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 30, 2018USD ($)$ / sharesshares | |
Capital Stock [Abstract] | |
Amount of common stock Board of Directors authorized to be repurchased after previous authorizations, maximum (in thousands of dollars) | $ 500,000 |
Number of shares repurchased (in shares) | shares | 2,655 |
Average price per share for the shares repurchased (in dollars per share) | $ / shares | $ 94.15 |
Purchases of common stock | $ 250,054 |
Amount remaining under the authorization | $ 427,966 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Fair Value of Financial Instruments [Abstract] | |||
Fair value of available for sale investments, fair value option | $ 23,913 | $ 24,436 | |
Gain on available for sale investments, fair value option | $ (180) | 1,500 | $ 1,010 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Redemption period | 45 days | ||
Reconciliation of Level 3 Assets | |||
Balance at beginning of year | $ (23,980) | (28,770) | |
(Loss) gain from change in fair value | 540 | 4,790 | |
Balance at end of year | $ (23,440) | (23,980) | $ (28,770) |
Minimum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Redemption period | 30 days | ||
Maximum [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Redemption period | 90 days | ||
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, assets | $ 914 | 3,126 | |
Derivatives, assets | 26,076 | 12,226 | |
Total assets | 26,990 | 15,352 | |
Derivatives, liabilities | 1,610 | 23,051 | |
Option Agreement | 23,440 | 23,980 | |
Total Liabilities | 25,050 | 47,031 | |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, assets | 914 | 3,126 | |
Derivatives, assets | 0 | 0 | |
Total assets | 914 | 3,126 | |
Derivatives, liabilities | 0 | 0 | |
Option Agreement | 0 | 0 | |
Total Liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, assets | 0 | 0 | |
Derivatives, assets | 26,076 | 12,226 | |
Total assets | 26,076 | 12,226 | |
Derivatives, liabilities | 1,610 | 23,051 | |
Option Agreement | 0 | 0 | |
Total Liabilities | 1,610 | 23,051 | |
Fair Value, Measurements, Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available-for-sale securities, assets | 0 | 0 | |
Derivatives, assets | 0 | 0 | |
Total assets | 0 | 0 | |
Derivatives, liabilities | 0 | 0 | |
Option Agreement | 23,440 | 23,980 | |
Total Liabilities | $ 23,440 | $ 23,980 |
Stock Options, Other Stock Aw_3
Stock Options, Other Stock Awards and Warrants (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 30, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 25, 2016USD ($)$ / sharesshares | Dec. 28, 2014 | Dec. 29, 2013shares | |
Stock Options, Other Stock Awards and Warrants [Abstract] | |||||
Number of shares of common stock reserved for issuance under stock incentive plans for employees and non-employee directors (in shares) | 8,495 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense (income) | $ | $ 27,892 | $ 56,032 | $ 61,624 | ||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock incentive plans, vesting period | 3 years | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock incentive plans, vesting period | 5 years | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense (income) | $ | $ 17,897 | $ 20,573 | $ 19,908 | ||
Number of shares [Abstract] | |||||
Outstanding at beginning of year (in shares) | 636 | 795 | 955 | ||
Granted (in shares) | 257 | 203 | 245 | ||
Forfeited (in shares) | (40) | (41) | (41) | ||
Vested (in shares) | (419) | (321) | (364) | ||
Outstanding at end of year (in shares) | 434 | 636 | 795 | ||
Weighted average grant-date fair value [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 97.45 | $ 98.88 | $ 75.23 | ||
Forfeited (in dollars per share) | $ / shares | 93.45 | 68.01 | 59.37 | ||
Vested (in dollars per share) | $ / shares | 67.34 | 57.58 | 43.89 | ||
Outstanding at end of year (in dollars per share) | $ / shares | $ 94.22 | $ 75.13 | $ 61.65 | ||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of tranches | 2 | ||||
Number of shares [Abstract] | |||||
Total Shares Prescribed by Employment Agreement (in shares) | 587 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense (income) | $ | $ 17,897 | $ 20,573 | $ 19,908 | ||
Total unrecognized compensation cost | $ | $ 25,152 | ||||
Weighted average period for recognition of total unrecognized compensation expense | 23 months | ||||
Stock Performance Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Additional shares granted (in shares) | 14 | 227 | 276 | ||
Compensation expense (income) | $ | $ 842 | $ 27,522 | $ 34,248 | ||
Total unrecognized compensation cost | $ | $ 15,516 | ||||
Weighted average period for recognition of total unrecognized compensation expense | 23 months | ||||
Percentage of Target Number of Shares, Range Lower Limit | 0.00% | ||||
Percentage of Target Number of Shares, Range Upper Limit | 200.00% | ||||
Number of shares [Abstract] | |||||
Outstanding at beginning of year (in shares) | 900 | 1,074 | 992 | ||
Granted (in shares) | 250 | 428 | 529 | ||
Forfeited (in shares) | (49) | (28) | (23) | ||
Cancelled (in shares) | 0 | 0 | 0 | ||
Vested (in shares) | (468) | (574) | (424) | ||
Outstanding at end of year (in shares) | 633 | 900 | 1,074 | ||
Weighted average grant-date fair value [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 88.18 | $ 99.58 | $ 74.69 | ||
Forfeited (in dollars per share) | $ / shares | 86.27 | 74.86 | 61.86 | ||
Cancelled (in dollars per share) | $ / shares | 0 | 0 | 0 | ||
Vested (in dollars per share) | $ / shares | 61.86 | 52.21 | 47.21 | ||
Outstanding at end of year (in dollars per share) | $ / shares | $ 86.58 | $ 77.27 | $ 62.19 | ||
Cash-settled Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense (income) | $ | $ 0 | $ 0 | $ 0 | ||
Stock Awards Non Employee [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense (income) | $ | $ 1,760 | $ 1,595 | $ 1,630 | ||
Number of deferred shares (in shares) | 11 | 10 | 16 | ||
Number of shares [Abstract] | |||||
Granted (in shares) | 20 | 16 | 23 | ||
Employee Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense (income) | $ | $ 7,393 | $ 6,342 | $ 5,838 | ||
Total unrecognized compensation cost | $ | $ 10,096 | ||||
Weighted average period for recognition of total unrecognized compensation expense | 22 months | ||||
Stock options [Roll Forward] | |||||
Outstanding at beginning of year (in shares) | 2,579 | 2,768 | 3,445 | ||
Granted (in shares) | 538 | 458 | 492 | ||
Exercised (in shares) | 736 | 597 | 1,143 | ||
Expired or forfeited (in shares) | 71 | 50 | 26 | ||
Outstanding at end of year (in shares) | 2,310 | 2,579 | 2,768 | ||
Exercisable at end of year (in shares) | 1,391 | 1,661 | 1,708 | ||
Weighted average exercise price [Abstract] | |||||
Granted (in dollars per share) | $ / shares | $ 98.1 | $ 98.8 | $ 74.42 | ||
Exercised (in dollars per share) | $ / shares | 45.64 | 49.31 | 41.75 | ||
Expired or forfeited (in dollars per share) | $ / shares | 93.81 | 57.33 | 56.43 | ||
Outstanding at end of year (in dollars per share) | $ / shares | 74.78 | 62.12 | 53.21 | ||
Exercisable at end of year (in dollars per share) | $ / shares | $ 61.59 | 50.02 | 45.5 | ||
Outstanding at end of year, weighted average remaining contractual life | 3 years 10 months 7 days | ||||
Exercisable at end of year, weighted average exercise price remaining contractual life | 2 years 9 months 7 days | ||||
Outstanding at end of year, aggregate intrinsic value | $ | $ 30,574 | ||||
Exercisable at end of year, aggregate intrinsic value | $ | $ 29,652 | ||||
Weighted average fair value of awards granted (in dollars per share) | $ / shares | $ 19.26 | $ 18.25 | $ 13.01 | ||
Weighted average assumptions used in determining the fair value of option grants [Abstract] | |||||
Risk-free interest rate | 2.57% | 1.85% | 1.16% | ||
Expected dividend yield | 2.57% | 2.31% | 2.74% | ||
Expected volatility | 27.00% | 24.00% | 26.00% | ||
Expected option life | 4 years | 5 years | 5 years | ||
Intrinsic values of options exercised | $ | $ 38,909 | $ 31,406 | $ 47,992 |
Stock Options, Other Stock Aw_4
Stock Options, Other Stock Awards and Warrants, Allocation of Recognized Period Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Allocation of total compensation expense related to stock options, restricted stock units and Stock Performance Awards [Abstract] | |||
Allocated share-based compensation (income) expense | $ 27,892 | $ 56,032 | $ 61,624 |
Income tax benefit | 2,832 | 9,574 | 20,298 |
Allocated share-based compensation expense, net of tax | 25,060 | 46,458 | 41,326 |
Cost of Sales [Member] | |||
Allocation of total compensation expense related to stock options, restricted stock units and Stock Performance Awards [Abstract] | |||
Allocated share-based compensation (income) expense | 0 | 0 | 200 |
Product Development [Member] | |||
Allocation of total compensation expense related to stock options, restricted stock units and Stock Performance Awards [Abstract] | |||
Allocated share-based compensation (income) expense | 3,466 | 3,312 | 3,248 |
Selling, Distribution and Administration [Member] | |||
Allocation of total compensation expense related to stock options, restricted stock units and Stock Performance Awards [Abstract] | |||
Allocated share-based compensation (income) expense | 24,426 | 52,720 | 58,176 |
Restricted Stock Units (RSUs) [Member] | |||
Allocation of total compensation expense related to stock options, restricted stock units and Stock Performance Awards [Abstract] | |||
Allocated share-based compensation (income) expense | 17,897 | 20,573 | 19,908 |
Stock Performance Awards [Member] | |||
Allocation of total compensation expense related to stock options, restricted stock units and Stock Performance Awards [Abstract] | |||
Allocated share-based compensation (income) expense | 842 | 27,522 | 34,248 |
Stock Awards Non Employee [Member] | |||
Allocation of total compensation expense related to stock options, restricted stock units and Stock Performance Awards [Abstract] | |||
Allocated share-based compensation (income) expense | 1,760 | 1,595 | 1,630 |
Employee Stock Options [Member] | |||
Allocation of total compensation expense related to stock options, restricted stock units and Stock Performance Awards [Abstract] | |||
Allocated share-based compensation (income) expense | 7,393 | 6,342 | 5,838 |
Cash-settled Restricted Stock Units [Member] | |||
Allocation of total compensation expense related to stock options, restricted stock units and Stock Performance Awards [Abstract] | |||
Allocated share-based compensation (income) expense | $ 0 | $ 0 | $ 0 |
Pension, Postretirement and P_3
Pension, Postretirement and Postemployment Benefits (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 25, 2016USD ($) | Dec. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Pension expense | $ 41,900 | $ 45,900 | $ 45,200 | ||
Pension expense related to defined contribution plans | $ 32,300 | 36,000 | 33,300 | ||
Defined benefit plan, number of major plans which principally cover non-union employees | 2 | ||||
Assumptions used to determine year-end pension and postretirement benefit obligations [Abstract] | |||||
Defined benefit plan, number of major plans that are funded | 1 | ||||
Defined Benefit Plan Plan Amendment [Abstract] | |||||
Date Of Resolution Approval Plan Termination | February 2,018 | ||||
United States [Member] | |||||
Defined Benefit Plan Plan Amendment [Abstract] | |||||
Defined benefit plan accumulated benefit obligation increase decrease for plan amendment | $ 35,192 | ||||
Unrecognized losses, U.S. pension plan, remaining in accumulated other comprehensive loss | $ 142,439 | ||||
Pension [Member] | |||||
Assumptions used to determine year-end pension and postretirement benefit obligations [Abstract] | |||||
Weighted average discount rate | 3.72% | 3.71% | |||
Change in Projected Benefit Obligation [Roll Forward] | |||||
Service cost | 1,300 | 1,290 | 2,100 | ||
Interest cost | 13,358 | 15,303 | 16,106 | ||
Reconciliation of Funded Status [Abstract] | |||||
Expected amortization of unrecognized net losses in next fiscal year | $ 12,116 | ||||
Pension [Member] | International Plans[Member] | |||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||
Pension expense | 2,392 | 3,473 | 1,533 | ||
Reconciliation of Funded Status [Abstract] | |||||
Expected amortization of unrecognized net losses in next fiscal year | 965 | ||||
Expected amortization of unrecognized prior service cost in next fiscal year | (34) | ||||
Pension [Member] | United States [Member] | |||||
Change in Projected Benefit Obligation [Roll Forward] | |||||
Projected benefit obligation - beginning | 393,367 | 372,824 | |||
Service cost | 1,300 | 1,290 | |||
Interest cost | 13,358 | 15,303 | |||
Actuarial (gain) loss | 13,010 | 27,670 | |||
Curtailment | 0 | 0 | |||
Plan amendment | (78) | 0 | |||
Benefits paid | 22,718 | 22,579 | |||
Expenses paid | 2,521 | 1,141 | |||
Projected benefit obligation - ending | 395,718 | 393,367 | 372,824 | ||
Accumulated benefit obligation - ending | 395,718 | $ 393,367 | |||
Change in Plan Assets [Roll Forward] | |||||
Fair value of plan assets - beginning | 382,989 | 309,380 | |||
Actual return on plan assets | (3,328) | 44,562 | |||
Employer contribution | 2,802 | 52,767 | |||
Benefits paid | (22,718) | (22,579) | |||
Expenses paid | (2,521) | (1,141) | |||
Fair value of plan assets - ending | 357,224 | 382,989 | 309,380 | ||
Reconciliation of Funded Status [Abstract] | |||||
Projected benefit obligation | (395,718) | (372,824) | (372,824) | (395,718) | (393,367) |
Fair value of plan assets | $ 382,989 | $ 382,989 | 309,380 | 357,224 | 382,989 |
Funded status | (38,494) | (10,378) | |||
Unrecognized net loss (gain) | 155,829 | 132,088 | |||
Unrecognized prior service cost | 0 | 0 | |||
Net amount recognized | 117,335 | 121,710 | |||
Accrued liabilities | (8,946) | (2,448) | |||
Other liabilities | (29,548) | (7,930) | |||
Accumulated other comprehensive earnings (loss) | $ 155,829 | $ 132,088 | |||
Defined Benefit Plan Plan Amendment [Abstract] | |||||
Weighted Average Discount Rate, Defined Benefit Plan, Plan Amendment | 3.20% | 3.70% | |||
Pension [Member] | United States [Member] | Funded [Member] | |||||
Assumptions used to determine year-end pension and postretirement benefit obligations [Abstract] | |||||
Projected benefit obligations in excess of the fair value of the plans' assets | $ 6,423 | $ 25,603 | |||
Pension [Member] | United States [Member] | Unfunded [Member] | |||||
Assumptions used to determine year-end pension and postretirement benefit obligations [Abstract] | |||||
Projected benefit obligations in excess of the fair value of the plans' assets | $ 32,072 | $ 35,981 | |||
Postretirement [Member] | |||||
Assumptions used to determine year-end pension and postretirement benefit obligations [Abstract] | |||||
Weighted average discount rate | 4.33% | 3.74% | |||
Health care cost trend rate assumed for next year | 6.50% | 6.50% | |||
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | 5.00% | |||
Year that the rate reaches the ultimate trend | 2,024 | 2,024 | |||
Change in Projected Benefit Obligation [Roll Forward] | |||||
Service cost | $ 756 | $ 691 | 532 | ||
Interest cost | 1,171 | 1,179 | 1,175 | ||
Reconciliation of Funded Status [Abstract] | |||||
Expected amortization of unrecognized net losses in next fiscal year | $ 21 | ||||
Postretirement [Member] | United States [Member] | |||||
Change in Projected Benefit Obligation [Roll Forward] | |||||
Projected benefit obligation - beginning | 32,153 | 28,484 | |||
Service cost | 756 | 691 | |||
Interest cost | 1,171 | 1,179 | |||
Actuarial (gain) loss | (2,339) | 3,432 | |||
Curtailment | 0 | 0 | |||
Plan amendment | 0 | 0 | |||
Benefits paid | 1,660 | 1,633 | |||
Expenses paid | 0 | 0 | |||
Projected benefit obligation - ending | 30,081 | 32,153 | 28,484 | ||
Accumulated benefit obligation - ending | 30,081 | $ 32,153 | |||
Change in Plan Assets [Roll Forward] | |||||
Fair value of plan assets - beginning | 0 | 0 | |||
Actual return on plan assets | 0 | 0 | |||
Employer contribution | 0 | 0 | |||
Benefits paid | 0 | 0 | |||
Expenses paid | 0 | 0 | |||
Fair value of plan assets - ending | 0 | 0 | 0 | ||
Reconciliation of Funded Status [Abstract] | |||||
Projected benefit obligation | (32,153) | (32,153) | (28,484) | (30,081) | (32,153) |
Fair value of plan assets | $ 0 | $ 0 | $ 0 | 0 | 0 |
Funded status | (30,081) | (32,153) | |||
Unrecognized net loss (gain) | 3,350 | 5,853 | |||
Unrecognized prior service cost | 0 | 0 | |||
Net amount recognized | (26,731) | (26,300) | |||
Accrued liabilities | (1,607) | (1,630) | |||
Other liabilities | (28,474) | (30,523) | |||
Accumulated other comprehensive earnings (loss) | $ 3,350 | $ 5,853 |
Pension, Postretirement and P_4
Pension, Postretirement and Postemployment Benefits, Beginning of Fair Value Measurement (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | $ 357,200 | $ 383,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 251,300 | 134,500 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Equity - Large Cap [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 38,400 |
Equity - Large Cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 38,400 |
Equity - Large Cap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Equity - Large Cap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Equity - Small Cap [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 25,300 |
Equity - Small Cap [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 25,300 |
Equity - Small Cap [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Equity - Small Cap [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Equity - International [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 43,900 |
Equity - International [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 43,900 |
Equity - International [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Equity - International [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Equity - Other [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 300 | 300 |
Equity - Other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Equity - Other [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Equity - Other [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Fixed Income Funds [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 251,300 | 217,200 |
Fixed Income Funds [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 251,300 | 0 |
Fixed Income Funds [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Fixed Income Funds [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Total Return Fund [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 26,900 |
Total Return Fund [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 26,900 |
Total Return Fund [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Total Return Fund [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Cash Equivalents [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 105,600 | 31,000 |
Cash Equivalents [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Cash Equivalents [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | 0 | 0 |
Cash Equivalents [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair values of plan assets by asset class and fair value hierarchy level [Abstract] | ||
Fair Value of Plan Asset | $ 0 | $ 0 |
Pension, Postretirement and P_5
Pension, Postretirement and Postemployment Benefits, End of Fair Value Measurement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Equity - Other [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Investments for which the fair value is measured using net asset value per share | 300 | ||
Cash Equivalents [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Investments for which the fair value is measured using net asset value per share | 105,600 | ||
International Plans [Member] | |||
Expected benefit payments under defined benefit pension plans and postretirement benefit plan for next five years [Abstract] | |||
2,019 | $ 1,774 | ||
2,020 | 1,958 | ||
2,021 | 2,072 | ||
2,022 | 2,279 | ||
2,023 | 2,531 | ||
2024-2028 | 15,337 | ||
Projected benefit obligation | 98,476 | $ 127,012 | |
Fair value of plan assets | 78,184 | $ 100,766 | |
Expected amortization of unrecognized transition obligation in next fiscal year | $ 2 | ||
Pension [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Shared long-term total return goal on plan assets | 4.75% | 6.25% | 6.75% |
Components of net periodic cost [Abstract] | |||
Service cost | $ 1,300 | $ 1,290 | $ 2,100 |
Interest cost | 13,358 | 15,303 | 16,106 |
Expected return on assets | (18,475) | (19,534) | (17,013) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of actuarial loss | 10,995 | 9,082 | 7,361 |
Curtailment/settlement losses | 0 | 0 | 0 |
Net periodic benefit cost | $ 7,178 | $ 6,141 | $ 8,554 |
Assumptions used to determine net periodic benefit cost of pension plan and postretirement plan [Abstract] | |||
Weighted average discount rate | 3.71% | 4.22% | 4.58% |
Long-term rate of return on plan assets | 4.75% | 6.25% | 6.75% |
Expected benefit payments under defined benefit pension plans and postretirement benefit plan for next five years [Abstract] | |||
2,019 | $ 368,278 | ||
2,020 | 2,465 | ||
2,021 | 2,434 | ||
2,022 | 2,410 | ||
2,023 | 2,420 | ||
2024-2028 | 11,634 | ||
Postretirement [Member] | |||
Components of net periodic cost [Abstract] | |||
Service cost | 756 | $ 691 | $ 532 |
Interest cost | 1,171 | 1,179 | 1,175 |
Amortization of actuarial loss | (165) | 0 | 0 |
Curtailment/settlement losses | 0 | 0 | 0 |
Net periodic benefit cost | $ 2,092 | $ 1,870 | $ 1,707 |
Assumptions used to determine net periodic benefit cost of pension plan and postretirement plan [Abstract] | |||
Weighted average discount rate | 3.74% | 4.26% | 4.64% |
Health care cost trend rate assumed for next year | 6.50% | 7.00% | 7.00% |
Rate to which the cost trend rate is assumed to decline (ultimate trend rate) | 5.00% | 5.00% | 5.00% |
Year that the rate reaches the ultimate trend rate | 2,024 | 2,021 | 2,021 |
Effect of one percentage point increase in health care cost trend rate on accumulated postretirement benefit obligation and aggregate of benefits earned and interest cost | 0.70% | ||
Expected benefit payments under defined benefit pension plans and postretirement benefit plan for next five years [Abstract] | |||
2,019 | $ 1,641 | ||
2,020 | 1,594 | ||
2,021 | 1,548 | ||
2,022 | 1,510 | ||
2,023 | 1,472 | ||
2024-2028 | $ 7,031 |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Leases [Abstract] | |||
Rent expense, net of sublease income | $ 65,181 | $ 63,615 | $ 52,585 |
Future minimum rentals, net of minimum sublease income for five years and thereafter [Abstract] | |||
2,019 | 47,131 | ||
2,020 | 31,414 | ||
2,021 | 22,807 | ||
2,022 | 15,876 | ||
2,023 | 12,524 | ||
Thereafter | $ 27,077 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | Intercompany Loans | ||
Derivative [Line Items] | ||
Hedge description of hedged item | intercompany loans | |
Total notional amount | $ 452,773 | $ 418,471 |
Underlying risk | foreign currency | |
Fair value of hedged item | $ (1,551) | (2,891) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Total notional amount | 792,840 | 1,376,877 |
Fair value of hedged item | $ 26,017 | (7,934) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Inventory Purchases | ||
Derivative [Line Items] | ||
Hedge description of hedged item | Inventory purchases | |
Total notional amount | $ 468,305 | 756,673 |
Underlying risk | foreign currency | |
Fair value of hedged item | $ 15,089 | (13,695) |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Sales | ||
Derivative [Line Items] | ||
Hedge description of hedged item | Sales | |
Total notional amount | $ 298,194 | 423,315 |
Underlying risk | foreign currency | |
Fair value of hedged item | $ 11,232 | 16,144 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Other | ||
Derivative [Line Items] | ||
Hedge description of hedged item | Royalties and Other | |
Total notional amount | $ 26,341 | 196,889 |
Underlying risk | foreign currency | |
Fair value of hedged item | $ (304) | $ (10,383) |
Derivative Financial Instrume_4
Derivative Financial Instruments, Fair Values Derivatives, Balance Sheet Location, by Derivative Contract Type (Details) - USD ($) $ in Thousands | Dec. 30, 2018 | Dec. 31, 2017 |
Designated as Hedging Instrument [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized gains | $ 21,718 | $ 13,666 |
Unrealized losses | (972) | (10,319) |
Net unrealized gain (loss) | 20,746 | 3,347 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized gains | 6,173 | 11,255 |
Unrealized losses | (843) | (2,376) |
Net unrealized gain (loss) | 5,330 | 8,879 |
Designated as Hedging Instrument [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized gains | 0 | 4,546 |
Unrealized losses | 0 | (13,437) |
Net unrealized gain (loss) | 0 | (8,891) |
Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized gains | 77 | 4,215 |
Unrealized losses | (136) | (15,484) |
Net unrealized gain (loss) | (59) | (11,269) |
Not Designated as Hedging Instrument [Member] | Accrued Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Unrealized gains | 1,269 | 1,793 |
Unrealized losses | (2,820) | (4,684) |
Net unrealized gain (loss) | (1,551) | (2,891) |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Net unrealized gain (loss) | $ (1,551) | $ (2,891) |
Derivative Financial Instrume_5
Derivative Financial Instruments, Gain (Loss) by Hedging Relationship, by Income Statement Location (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion, amount of net gains (losses) reclassified from other comprehensive earnings into earnings | $ 1,394 | $ 1,170 | $ 1,148 |
Ineffective portion, amount of net gains (losses) reclassified from other comprehensive earnings into earnings | (6,173) | (6,847) | 400 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of net gains (losses) reclassified from other comprehensive earnings into earnings | 6,861 | (2,590) | 59,477 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Cost of Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion, amount of net gains (losses) reclassified from other comprehensive earnings into earnings | 3,909 | 1,905 | 57,786 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Royalties [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion, amount of net gains (losses) reclassified from other comprehensive earnings into earnings | 527 | 6,000 | 5,776 |
Foreign Exchange Forward [Member] | Cash Flow Hedging [Member] | Sales [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Effective portion, amount of net gains (losses) reclassified from other comprehensive earnings into earnings | 3,479 | 5,315 | 7,467 |
Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments, Net Loss (Gain) Recognized in Income, Net | $ (11,698) | $ 4,267 | $ (32,524) |
Acquisition (Details)
Acquisition (Details) - USD ($) shares in Thousands, $ in Thousands | 7 Months Ended | 12 Months Ended | ||
Jul. 13, 2016 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 485,881 | $ 573,063 | $ 570,555 | |
Program production costs | $ (131,984) | $ (48,003) | $ (48,690) | |
Boulder Media [Member] | ||||
Business Acquisition [Line Items] | ||||
Date Of Acquisition | Jul. 13, 2016 | |||
Business Acquisition, Name Of Acquired Entity | Boulder Media Limited | |||
Payments To Acquire Businesses, Gross | $ 13,177 | |||
Goodwill | $ 11,821 | |||
Power Rangers and other entertainment assets [Member] | ||||
Business Acquisition [Line Items] | ||||
Date Of Acquisition | Jun. 12, 2018 | |||
Payments To Acquire Businesses, Gross | $ 152,000 | |||
Transaction costs | 1,973 | |||
Cash in escrow supporting indemnification obligations | 25,000 | |||
Other payments to acquire business | 22,250 | |||
Total acquisition price per agreement | $ 535,850 | |||
Business acquisition, Equity interests issued or issuable, Number of shares issued | 3,074 | |||
Purchase price remainder to be paid in subsequent period | $ 75,000 | |||
Identifiable intangible assets recorded | 534,370 | |||
Business combination, consideration transferred before transaction costs and working capital adjustments | 532,397 | |||
Other assets current | 7,884 | |||
Program production costs | 325 | |||
Other liabilities current | 6,729 | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, working capital adjustment | $ 1,480 | |||
Acquired intangible asset, amortization period | 25 years | |||
Power Rangers and other entertainment assets [Member] | Common stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Value, Hasbro, Inc. common shares, issued to Saban Properties | $ 280,397 | |||
Business acquisition, Equity interests issued or issuable, Number of shares issued | 3,074 |
Restructuring Actions (Details)
Restructuring Actions (Details) $ in Thousands | 12 Months Ended |
Dec. 30, 2018USD ($) | |
Restructuring Charges [Abstract] | |
Pre-tax restructuring charges relating to severance and other employee costs | $ 89,349 |
Severance payments, total | (20,157) |
Cost of commercial reorganization liability remaining on the consolidated balance sheet | 69,192 |
Severance expense recorded, first quarter | 17,349 |
Severance exprense recorded, fourth quarter | $ 72,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2018 | Dec. 31, 2017 | |
Letters of Credit and Other Related Instruments [Abstract] | ||
Unused open letters of credit and related instruments | $ 29,000 | $ 36,500 |
Other Commitments [Line Items] | ||
Additional royalty guarantees Company may be subject to contingent upon the quantity and types of theatrical movie releases | 50,000 | |
Amount of outstanding purchase commitments | 536,688 | |
Royalties [Member] | ||
Other Commitments [Line Items] | ||
Prepaid Royalties | 72,671 | |
2019 Commitments | 78,711 | |
2020 Commitments | 103,166 | |
2021 Commitments | 90,350 | |
2022 Commitments | 64,892 | |
2023 Commitments | 153 | |
2024+ Commitments | 459 | |
Royalties [Member] | Prepaid Expenses and Other Current Assets [Member] | ||
Other Commitments [Line Items] | ||
Prepaid Royalties | 38,321 | |
Royalties [Member] | Other Assets [Member] | ||
Other Commitments [Line Items] | ||
Prepaid Royalties | 34,350 | |
Cartamundi Manufacturing Agreement [Member] | ||
Other Commitments [Line Items] | ||
2019 Commitments | 102,772 | |
2020 Commitments | 81,423 | |
Tax Sharing Agreement [Member] | ||
Other Commitments [Line Items] | ||
Future payments Company is obligated to pay joint venture partner under a tax sharing agreement | 33,800 | |
Range of tax sharing payments each year, minimum | 4,500 | |
Range of tax sharing payments each year, maximum | $ 5,400 | |
Range of years for the tax sharing payments, first year | 2,019 | |
Range of years for the tax sharing payments, last year | 2,023 | |
Aggregate payment for all years occurring thereafter | $ 9,230 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues by geographical location | $ 1,389,161 | $ 1,569,686 | $ 904,458 | $ 716,341 | $ 1,596,111 | $ 1,791,502 | $ 972,506 | $ 849,663 | $ 4,579,646 | $ 5,209,782 | $ 5,019,822 | ||
Operating Profit (Loss) | 10,547 | $ 313,336 | $ 87,588 | $ (80,419) | 271,088 | $ 360,944 | $ 99,984 | 78,343 | 331,052 | 810,359 | 788,048 | ||
Depreciation and Amortization | 167,958 | 171,836 | 154,470 | ||||||||||
Capital Additions | 140,426 | 134,877 | 154,900 | ||||||||||
Total Assets | 5,262,988 | 5,289,983 | 5,262,988 | 5,289,983 | 5,091,366 | ||||||||
US and Canada [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues by geographical location | 2,433,412 | 2,690,527 | 2,559,907 | ||||||||||
Affiliate Revenue | 10,242 | 8,157 | 7,091 | ||||||||||
Operating Profit (Loss) | 509,942 | 382,013 | 509,942 | 522,287 | |||||||||
Depreciation and Amortization | 19,457 | 12,327 | 19,457 | 12,764 | |||||||||
Capital Additions | 5,849 | 29,775 | 5,849 | 8,107 | |||||||||
Total Assets | 2,928,209 | 2,749,384 | 2,928,209 | 2,749,384 | 2,559,792 | ||||||||
International [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues by geographical location | 1,847,585 | 2,233,579 | 2,194,651 | ||||||||||
Affiliate Revenue | 290 | 382 | 1,908 | ||||||||||
Operating Profit (Loss) | 96,400 | 39,470 | 228,669 | 294,497 | |||||||||
Depreciation and Amortization | 5,526 | 6,530 | 9,527 | 20,768 | |||||||||
Capital Additions | 7,637 | 4,652 | 4,669 | 7,258 | |||||||||
Total Assets | 2,229,053 | 2,499,985 | 2,229,053 | 2,499,985 | 2,368,761 | ||||||||
Entertainment and Licensing [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues by geographical location | 298,540 | 285,579 | 265,205 | ||||||||||
Affiliate Revenue | 15,796 | 21,889 | 23,220 | ||||||||||
Operating Profit (Loss) | (28,666) | 17,311 | 96,400 | 49,876 | |||||||||
Depreciation and Amortization | 44,731 | 3,419 | 5,526 | 9,869 | |||||||||
Capital Additions | $ 27,103 | 2,111 | 7,637 | 13,072 | |||||||||
Total Assets | 592,202 | 626,193 | 592,202 | 626,193 | 692,898 | ||||||||
Global Operations [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues by geographical location | 109 | 97 | [1] | 59 | |||||||||
Affiliate Revenue | 1,439,292 | 1,644,650 | [1] | 1,617,370 | |||||||||
Operating Profit (Loss) | (8,415) | 4,014 | [1] | 19,440 | |||||||||
Depreciation and Amortization | 84,759 | 92,595 | [1] | 78,249 | |||||||||
Capital Additions | 82,912 | 89,619 | [1] | 89,051 | |||||||||
Total Assets | [1] | 3,197,847 | 2,819,768 | 3,197,847 | 2,819,768 | 2,326,566 | |||||||
Corporate Elimination [Member] | Operating Segments [Member] | |||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||
Net revenues by geographical location | 0 | 0 | [2] | 0 | |||||||||
Affiliate Revenue | (1,465,620) | (1,675,078) | [2] | (1,649,589) | |||||||||
Operating Profit (Loss) | (99,327) | (28,666) | [2] | (98,052) | |||||||||
Depreciation and Amortization | 60,923 | 44,731 | [2] | 32,820 | |||||||||
Capital Additions | 20,976 | 27,103 | [2] | 37,412 | |||||||||
Total Assets | [2] | $ (3,684,323) | $ (3,405,347) | $ (3,684,323) | $ (3,405,347) | $ (2,856,651) | |||||||
[1] | The Global Operations segment derives substantially all of its revenues, and thus its operating results, from intersegment activities. | ||||||||||||
[2] | Certain long-term assets, including property, plant and equipment, goodwill and other intangibles, which benefit multiple operating segments, are included in Corporate and eliminations. Allocations of certain expenses related to these assets to the individ ual operating segments are done at the beginning of the year based on budgeted amounts. Any differences between actual and budgeted amounts are reflected in Corporate and eliminations. Furthermore, Corporate and eliminations includes elimination of inter-c ompany income statement transactions. One such example includes licensing and service arrangements with affiliates. Payments received in advance from affiliates are recognized as revenue and eliminated in consolidation as earned and payment becomes assure d over the life of the contract. During 2018 , 2017 and 201 6 , affiliate licensing and service fees of $338,304, $298,693 and $283,078, respectively, that were received in 2017, 2016 and 2015, respectively, were recognized as revenue and eliminated in consoli dation. Corporate and eliminations also includes the elimination of inter-company balance sheet amounts . |
Segment Reporting, Revenues fro
Segment Reporting, Revenues from External Customers and Long-Lived Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 1,389,161 | $ 1,569,686 | $ 904,458 | $ 716,341 | $ 1,596,111 | $ 1,791,502 | $ 972,506 | $ 849,663 | $ 4,579,646 | $ 5,209,782 | $ 5,019,822 |
Long-lived assets by geographical location | 1,436,197 | 1,050,155 | 1,436,197 | 1,050,155 | 1,083,902 | ||||||
United States [Member] | Operating Segments [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,497,331 | 2,732,034 | 2,575,696 | ||||||||
Long-lived assets by geographical location | 1,287,444 | 894,597 | 1,287,444 | 894,597 | 933,848 | ||||||
International Markets [Member] | Operating Segments [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 2,082,315 | 2,477,748 | 2,444,126 | ||||||||
Long-lived assets by geographical location | $ 148,753 | $ 155,558 | $ 148,753 | $ 155,558 | $ 150,054 |
Segment Reporting, Other Inform
Segment Reporting, Other Information (Details) | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Wal-Mart Stores, Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated net revenues accounted for | 20.00% | 19.00% | 18.00% |
Target Corporation [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated net revenues accounted for | 9.00% | 9.00% | 9.00% |
Toys R Us, Inc. [Member] | |||
Revenue, Major Customer [Line Items] | |||
Percentage of consolidated net revenues accounted for | 9.00% | 9.00% |
Segment Reporting, Internationa
Segment Reporting, International Segment Net Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues by geographical location | $ 1,389,161 | $ 1,569,686 | $ 904,458 | $ 716,341 | $ 1,596,111 | $ 1,791,502 | $ 972,506 | $ 849,663 | $ 4,579,646 | $ 5,209,782 | $ 5,019,822 |
Reportable Geographical Components [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues by geographical location | 1,847,585 | 2,233,579 | 2,194,651 | ||||||||
Europe [Member] | Reportable Geographical Components [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues by geographical location | 1,046,901 | 1,381,949 | 1,404,478 | ||||||||
Asia Pacific [Member] | Reportable Geographical Components [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues by geographical location | 346,618 | 366,542 | 326,535 | ||||||||
Latin America [Member] | Reportable Geographical Components [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Net revenues by geographical location | $ 454,066 | $ 485,088 | $ 463,638 |
Segment Reporting, Revenue by P
Segment Reporting, Revenue by Products (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 1,389,161 | $ 1,569,686 | $ 904,458 | $ 716,341 | $ 1,596,111 | $ 1,791,502 | $ 972,506 | $ 849,663 | $ 4,579,646 | $ 5,209,782 | $ 5,019,822 |
Segment Reporting, Revenue by B
Segment Reporting, Revenue by Brand Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Revenue from External Customer [Line Items] | |||||||||||
Net revenues by geographical location | $ 1,389,161 | $ 1,569,686 | $ 904,458 | $ 716,341 | $ 1,596,111 | $ 1,791,502 | $ 972,506 | $ 849,663 | $ 4,579,646 | $ 5,209,782 | $ 5,019,822 |
Segment Reporting, Additional Information about Entity's Reportable Segments | For the years ended December 31, 2017 and December 25,2016, net revenues of $122,432 and $47,597, respectively, were reclassified from Emerging Brands to Franchise Brands to conform to the presentation for the year ended December 30, 2018. Hasbro's total gaming category, including all gaming net revenues, most notably MAGIC: THE GATHERING and MONOPOLY, totaled $1,443,164, $1,497,795 and $1,387,077 for the years ended December 30, 2018, December 31, 2017 and December 25, 2016, respectively | ||||||||||
Franchise Brands [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues by geographical location | $ 2,445,902 | 2,690,394 | 2,375,265 | ||||||||
Partner Brands [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues by geographical location | 987,283 | 1,271,597 | 1,412,770 | ||||||||
Hasbro Gaming [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues by geographical location | 787,692 | 893,019 | 813,433 | ||||||||
Emerging Brands [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues by geographical location | 358,769 | 354,772 | 418,354 | ||||||||
Total Gaming [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues by geographical location | $ 1,443,164 | 1,497,795 | 1,387,077 | ||||||||
Emerging Brands to Franchise Brands [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Net revenues by geographical location | $ 122,432 | $ 47,597 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2018 | Sep. 30, 2018 | Jul. 01, 2018 | Apr. 01, 2018 | Dec. 31, 2017 | Oct. 01, 2017 | Jul. 02, 2017 | Apr. 02, 2017 | Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Quarterly Financial Data (Unaudited) [Abstract] | |||||||||||
Net revenues, external | $ 1,389,161 | $ 1,569,686 | $ 904,458 | $ 716,341 | $ 1,596,111 | $ 1,791,502 | $ 972,506 | $ 849,663 | $ 4,579,646 | $ 5,209,782 | $ 5,019,822 |
Operating profit | 10,547 | 313,336 | 87,588 | (80,419) | 271,088 | 360,944 | 99,984 | 78,343 | 331,052 | 810,359 | 788,048 |
Earnings (loss) before income taxes | (5,128) | 295,794 | 68,124 | (88,388) | 278,586 | 349,841 | 86,886 | 70,837 | 270,402 | 786,150 | |
Net earnings | 220,434 | 396,607 | 533,151 | ||||||||
Net earnings attributable to Hasbro, Inc. | $ 8,766 | $ 263,861 | $ 60,299 | $ (112,492) | $ (5,298) | $ 265,583 | $ 67,723 | $ 68,599 | $ 220,434 | $ 396,607 | $ 551,380 |
Net earnings (loss) [Abstract] | |||||||||||
Basic (in dollars per share) | $ 0.07 | $ 2.08 | $ 0.48 | $ (0.9) | $ (0.04) | $ 2.12 | $ 0.54 | $ 0.55 | $ 1.75 | $ 3.17 | $ 4.4 |
Diluted (in dollars per share) | 0.07 | 2.06 | 0.48 | (0.9) | (0.04) | 2.09 | 0.53 | 0.54 | 1.74 | 3.12 | 4.34 |
Market price [Abstract] | |||||||||||
High (in dollars per share) | 107.57 | 109.6 | 93 | 103.39 | 99.17 | 116.2 | 113.49 | 101.08 | 109.6 | 116.2 | |
Low (in dollars per share) | 76.84 | 91.7 | 79 | 83.56 | 87.92 | 91.57 | 94.76 | 77.2 | 76.84 | 77.2 | |
Cash dividends declared (in dollars per share) | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.63 | $ 0.57 | $ 0.57 | $ 0.57 | $ 0.57 | $ 2.52 | $ 2.28 | $ 2.04 |
Schedule II Valuation and Qua_2
Schedule II Valuation and Qualifying Accounts (Details) - Allowance for Doubtful Accounts [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2018 | Dec. 31, 2017 | Dec. 25, 2016 | |
Valuation and Qualifying Accounts [Roll Forward] | |||
Balance at Beginning of Year | $ 31,400 | $ 16,800 | $ 14,900 |
Expense (Benefit) | 57,800 | 23,300 | 19,500 |
Other Additions | 0 | 0 | 0 |
Write-Offs and Other | (80,100) | (8,700) | (17,600) |
Balance at End of Year | $ 9,100 | $ 31,400 | $ 16,800 |