0000046080-19-000100 | 10-Q | XBRL Viewer

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Other Comprehensive Earnings (Loss) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Other comprehensive earnings (loss), tax effect:
Tax (expense) benefit on unrealized holding gains (losses)	$ (85)	$ (25)	$ (162)	$ 16
Tax benefit (expense) on cash flow hedging activities	49		46
Tax benefit (expense) on cash flow hedging activities		(5,669)		311
Tax (expense) benefit on changes in unrecognized pension amounts	(5,687)	0	(5,687)	7,565
Reclassifications to earnings, tax effect:
Tax expense (benefit) on cash flow hedging activities	188		534
Tax expense (benefit) on cash flow hedging activities		(114)		(908)
Tax benefit on unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations	(1,208)	(729)	(1,539)	(1,257)
Tax benefit on settlement of U.S defined benefit plan	(24,925)	0	(24,925)	0
Total tax effect on other comprehensive earnings (loss)	$ (31,668)	$ (6,537)	$ (31,733)	$ 5,727

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018	Jul. 01, 2018
Current assets
Cash and cash equivalents	$ 1,151,042	$ 1,182,371	$ 1,159,072
Accounts receivable, less allowance for doubtful accounts of $17,000 $95,900 and $9,100	805,288	1,188,052	739,268
Inventories	564,769	443,383	610,248
Prepaid expenses and other current assets	308,996	268,698	319,045
Total current assets	2,830,095	3,082,504	2,827,633
Property, plant and equipment, less accumulated depreciation of $490,000 $444,500 and $462,700	387,372	256,473	265,904
Other assets
Goodwill	485,765	485,881	572,488
Other intangible assets, net of accumulated amortization of $759,900 $915,900 and $721,700	670,214	693,842	741,076
Other	665,164	744,288	706,755
Total other assets	1,821,143	1,924,011	2,020,319
Total assets	5,038,610	5,262,988	5,113,856
Current liabilities
Short-term borrowings	12,787	9,740	20,121
Accounts payable	330,053	333,521	339,861
Accrued liabilities	729,856	931,063	692,462
Total current liabilities	1,072,696	1,274,324	1,052,444
Long-term debt	1,695,833	1,695,092	1,694,350
Other liabilities	554,212	539,086	600,312
Total liabilities	3,322,741	3,508,502	3,347,106
Shareholders' equity
Preference stock of $2.50 par value. Authorized 5,000,000 shares; none issued	0	0	0
Common stock of $0.50 par value. Authorized 600,000,000 shares; issued 209,694,630 at June 30, 2019, July 1, 2018, and December 30, 2018	104,847	104,847	104,847
Additional paid-in capital	1,290,540	1,275,059	1,263,657
Retained earnings	4,053,266	4,184,374	4,070,661
Accumulated other comprehensive loss	(173,175)	(294,514)	(295,076)
Treasury stock, at cost; 83,488,022 shares at June 30, 2019; 82,370,078 shares at July 1, 2018; and 83,565,598 shares at December 30, 2018	(3,559,609)	(3,515,280)	(3,377,339)
Total shareholders' equity	1,715,869	1,754,486	1,766,750
Total liabilities and shareholders' equity	$ 5,038,610	$ 5,262,988	$ 5,113,856

Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 13,433	$ 60,299	$ 40,160	$ (52,193)
Other comprehensive earnings (loss):
Foreign currency translation adjustments	3,334	(50,627)	10,327	(37,798)
Unrealized holding gains (losses) on available-for-sale securities, net of tax	290	87	555	(56)
Net (losses) gains on cash flow hedging activities, net of tax	(2,079)		4,513
Net (losses) gains on cash flow hedging activities, net of tax		43,712		18,442
Changes in unrecognized pension amounts, net of tax	19,589	0	19,589	(26,058)
Reclassifications to earnings (loss), net of tax:
Net (gains) losses on cash flow hedging activities	(1,982)		(4,796)
Net (gains) losses on cash flow hedging activities		1,635		6,990
Amortization of unrecognized pension and postretirement amounts	4,160	2,512	5,299	4,332
Settlement of U.S. defined benefit plan	85,852	0	85,852	0
Total other comprehensive earnings (loss), net of tax	109,164	(2,681)	121,339	(34,148)
Comprehensive earnings (loss)	$ 122,597	$ 57,618	$ 161,499	$ (86,341)

Leases - Lease Cost (Details) $ in Thousands	3 Months Ended	6 Months Ended
Leases - Lease Cost (Details) $ in Thousands	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 9,240	$ 18,814
Right-of-use assets obtained in exchange for lease obligations, operating leases	$ 579	$ 24,259
Weighted average remaining lease term, operating leases	6 years 6 months	6 years 6 months
Weighted average discount rate, operating lease	4.40%	4.40%

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the consolidated financial position of Hasbro, Inc. and all majority-owned subsidiaries ("Hasbro" or the "Company") as of June 30, 2019 and July 1, 2018, and the results of its operations and cash flows and shareholders' equity for the periods then ended in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes thereto. Actual results could differ from those estimates. The quarters ended June 30, 2019 and July 1, 2018 were each 13-week periods. The six -month periods ended June 30, 2019 and July 1, 2018 were each 26-week periods. The results of operations for the quarter and six month periods ended June 30, 2019 are not necessarily indicative of results to be expected for the full year, nor were those of the comparable 2018 period representative of those actually experienced for the full year 2018. Certain reclassifications have been made to prior year amounts to conform to the current period presentation. These condensed consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The Company filed with the SEC audited consolidated financial statements for the fiscal year ended December 30, 2018 in its Annual Report on Form 10-K (“2018 Form 10-K”), which includes all such information and disclosures and, accordingly, should be read in conjunction with the financial information included herein. Recently Adopted Accounting Standards The Company's accounting policies are the same as those described in Note 1 to the Company's consolidated financial statements in its 2018 Form 10-K with the exception of the accounting policies related to leases and derivatives and hedging. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-02 (ASU 2016-02), Leases (Topic 842), which requires lessees to recognize a right-of-use asset and a lease liability for virtually all leases. The liability is based on the present value of lease payments and the asset is 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 result in straight-line expense while finance leases result in a front-loaded expense pattern. Certain other quantitative and qualitative disclosures are also required. ASU 2016-02 was 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 retained earnings. 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 were evaluated, including extension and renewal options as well as the lease payments associated with the leases. As a result of the adoption of the standard, in the first quarter of 2019, the Company recorded right-of-use assets of $121,230 and lease liabilities of $139,520. The Company’s results of operations were not impacted by this standard. The adoption of this standard did not have an impact on the Company’s cash flows. For further details, see Note 10. In August 2017, the FASB issued Accounting Standards Update No. 2017-12 (ASU 2017-12), Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendments expand and refine hedge accounting for both non-financial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the underlying hedged item in the financial statements. The impact of the standard includes elimination of the requirement to separately measure and recognize hedge ineffectiveness and requires the presentation of fair value adjustments to hedging instruments to be included in the same income statement line as the hedged item. For public companies, this standard is effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The Company adopted ASU 2017-12 in the first quarter of 2019 and the adoption of this standard did not have a material impact on the Company’s results or consolidated financial statements. Recently Issued Accounting Pronouncements In March 2019, the FASB issued Accounting Standards Update No. 2019-02 (ASU 2019-02) Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350) - Improvements to Accounting for Costs of Films and License Agreements for Program Materials. The amendments in this update align cost capitalization of episodic television series production costs with that of film production cost capitalization. In addition, this update addresses impairment testing procedures with regard to film groups, when a film or license agreement is expected to be monetized with other films and/or license agreements. The intention of this update is to align accounting treatment with changes in production and distribution models within the entertainment industry and to provide increased transparency of information provided to users of financial statements about produced and licensed content. For public companies, this standard is effective for annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the standard and the impact, if any, to its consolidated financial statements.

Derivative Financial Instruments - Narrative (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Dec. 30, 2018
Intercompany Loans
Derivative [Line Items]
Notional amount of derivative	$ 247,295	$ 140,151	$ 247,295	$ 140,151	$ 452,773
Foreign Exchange Forward \| Other Operating Income (Expense)
Derivative [Line Items]
Gain (loss) recognized in income for derivative instruments	$ 1,776	$ 10,451	$ 6,584	$ 3,751

Pension and Postretirement Benefits

6 Months Ended

Jun. 30, 2019

Retirement Benefits [Abstract]

Pension and Postretirement Benefits

In February 2018, the Compensation Committee of the Company’s Board of Directors approved a resolution to terminate the Company’s U.S. defined benefit pension plan (“U.S. Pension Plan”). During the first quarter of 2018 the Company commenced the U.S. Pension Plan termination process and received regulatory approval during the fourth quarter of 2018. During the second quarter of 2019, the Company settled all remaining benefits directly with vested participants electing a lump sum payout, and purchased a group annuity contract from Massachusetts Mutual Life Insurance Company to administer all future payments to remaining U.S. Pension Plan participants. The U.S. Pension Plan's net funded asset position was sufficient to cover the lump sum payments and the purchase of the group annuity contract and settle all other remaining benefit obligations with no additional cost to the Company. After the settlement of the benefit obligations and payment of expenses, the Company had excess assets in the U.S. Pension Plan of approximately $19,000. The Company elected to utilize the remaining surplus after payment of administrative expenses for the Company's future matching contributions under the Company's 401(k) plan. Upon settlement of the pension liability, which occurred in May, 2019, the Company recognized a non-operating settlement charge of $110,777 related to pension losses, reclassified from accumulated other comprehensive loss to other (income) expense in the Company's consolidated statements of operations, adjusted for market conditions and settlement costs at benefit distribution.

As of June 30, 2019, the Company had unrecognized losses related to its remaining pension and postretirement plans of $32,394.

The components of the net periodic cost of the Company's terminated defined benefit pension plan, remaining defined benefit pension plan and other postretirement plans for the quarters and six months ended June 30, 2019 and July 1, 2018 are as follows:



	Quarter Ended
	Pension					Postretirement
	June 30, 2019			July 1, 2018		June 30, 2019	July 1, 2018
Service cost	$	808		667		178	189
Interest cost	4,913			3,980		316	293
Expected return on assets	(5,128		)	(5,174	)	—	—
Settlement	110,777			—		—	—
Net amortization and deferrals	5,610			2,965		5	43
Net periodic benefit cost	$	116,980		2,438		499	525



	Six Months Ended
	Pension				Postretirement
	June 30, 2019		July 1, 2018		June 30, 2019	July 1, 2018
Service cost	1,845		1,352		356	377
Interest cost	7,118		7,996		632	585
Expected return on assets	(7,166	)	(10,379	)	—	—
Settlement	110,777		—		—	—
Net amortization and deferrals	7,308		5,942		10	85
Net periodic benefit cost	119,882		4,911		998	1,047

During the six months ended June 30, 2019, the Company made cash contributions of $520 to its remaining defined benefit pension plans. During fiscal 2019, the Company expects to make cash contributions to its remaining defined benefit pension plans of approximately $1,600 in the aggregate.

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Jun. 30, 2019 USD ($)
Leases [Abstract]
2019 (excluding the six months ended June 30, 2019)	$ 17,696
2020	33,907
2021	29,460
2022	27,161
2023	22,038
2024 and thereafter	46,185
Total future lease payments	176,447
Less imputed interest	23,961
Present value of future operating lease payments	152,486
Less current portion of operating lease liabilities	29,298
Non-current operating lease liability	123,188
Operating lease right-of-use asset, net	$ 135,189

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Hierarchy

At June 30, 2019, July 1, 2018 and December 30, 2018, the Company had the following assets and liabilities measured at fair value in its consolidated balance sheets (excluding assets for which the fair value is measured using net asset value per share):



	Fair Value Measurements Using:
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
June 30, 2019
Assets:
Available-for-sale securities	$	1,349	1,349	—	—
Derivatives	24,622		—	24,622	—
Total assets	$	25,971	1,349	24,622	—

Liabilities:
Derivatives	$	1,894	—	1,894	—
Option agreement	22,471		—	—	22,471
Total liabilities	$	24,365	—	1,894	22,471

July 1, 2018
Assets:
Available-for-sale securities	$	3,054	3,054	—	—
Derivatives	22,551		—	22,551	—
Total assets	$	25,605	3,054	22,551	—

Liabilities:
Derivatives	$	5,191	—	5,191	—
Option agreement	23,546		—	—	23,546
Total liabilities	$	28,737	—	5,191	23,546

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

Reconciliation of Level 3 Fair Value

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



	2019			2018
Balance at beginning of year	$	(23,440	)	(23,980	)
Gain from change in fair value	969			434
Balance at end of second quarter	$	(22,471	)	(23,546	)

Pension and Postretirement Benefits - Components of Net Periodic Cost (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 808	$ 667	$ 1,845	$ 1,352
Interest cost	4,913	3,980	7,118	7,996
Expected return on assets	(5,128)	(5,174)	(7,166)	(10,379)
Settlement	110,777	0	110,777	0
Net amortization and deferrals	5,610	2,965	7,308	5,942
Net periodic benefit cost	116,980	2,438	119,882	4,911
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	178	189	356	377
Interest cost	316	293	632	585
Expected return on assets	0	0	0	0
Settlement	0	0	0	0
Net amortization and deferrals	5	43	10	85
Net periodic benefit cost	$ 499	$ 525	$ 998	$ 1,047

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments

The carrying costs, which are equal to the outstanding principal amounts, and fair values of the Company's long-term borrowings as of June 30, 2019, July 1, 2018 and December 30, 2018 are as follows:



	June 30, 2019			July 1, 2018		December 30, 2018
	Carrying Cost		Fair Value	Carrying Cost	Fair Value	Carrying Cost	Fair Value
6.35% Notes Due 2040	$	500,000	591,850	500,000	557,250	500,000	535,000
3.50% Notes Due 2027	500,000		507,200	500,000	464,600	500,000	457,350
5.10% Notes Due 2044	300,000		310,860	300,000	287,730	300,000	272,640
3.15% Notes Due 2021	300,000		303,900	300,000	297,960	300,000	297,600
6.60% Debentures Due 2028	109,895		132,984	109,895	127,094	109,895	123,346
Total long-term debt	$	1,709,895	1,846,794	1,709,895	1,734,634	1,709,895	1,685,936
Less: Deferred debt expenses	14,062		—	15,545	—	14,803	—
Long-term debt	$	1,695,833	1,846,794	1,694,350	1,734,634	1,695,092	1,685,936

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Derivative Financial Instruments - Fair Values of Undesignated Derivative Financial Instruments (Details) - Foreign Exchange Forward - Not Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018	Jul. 01, 2018
Derivatives, Fair Value [Line Items]
Total unrealized (losses) gains, net	$ (1,801)	$ (1,551)	$ 396
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Unrealized gains	0	0	1,120
Unrealized losses	0	0	724
Total unrealized (losses) gains, net	0	0	396
Accrued liabilities
Derivatives, Fair Value [Line Items]
Unrealized gains	164	1,269	0
Unrealized losses	1,965	2,820	0
Total unrealized (losses) gains, net	$ (1,801)	$ (1,551)	$ 0

Segment Reporting - Net Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues, external	$ 984,537	$ 904,458	$ 1,717,047	$ 1,620,799
Net revenues, affiliate	0	0	0	0
Corporate and Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues, external	0	0	0	0
Net revenues, affiliate	(325,924)	(348,394)	(559,214)	(607,485)
U.S. and Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues, external	510,529	448,444	868,380	802,357
Net revenues, affiliate	2,996	2,596	4,845	4,729
International
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues, external	377,438	380,444	660,087	668,389
Net revenues, affiliate	145	226	186	288
Entertainment, Licensing and Digital
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues, external	96,506	75,539	188,500	149,944
Net revenues, affiliate	2,165	3,090	4,140	6,666
Global Operations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues, external	64	31	80	109
Net revenues, affiliate	$ 320,618	$ 342,482	$ 550,043	$ 595,802

Segment Reporting - Operating Profit (Loss) by Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	$ 128,333	$ 87,588	$ 164,460	$ 7,169
Corporate and Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	5,223	2,535	26,955	(14,495)
U.S. and Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	106,577	73,098	120,109	46,478
International
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	14,583	173	(15,828)	(55,915)
Entertainment, Licensing and Digital
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	7,936	21,760	37,956	38,903
Global Operations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	$ (5,986)	$ (9,978)	$ (4,732)	$ (7,802)

Derivative Financial Instruments - Schedule of Foreign Currency Forward Contracts Designated as Cash Flow Hedges (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018	Jul. 01, 2018
Derivatives, Fair Value [Line Items]
Net unrealized gains	$ 24,529	$ 26,017	$ 16,964
Foreign Exchange Forward \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Unrealized gains	18,554	21,718	17,388
Unrealized losses	(1,911)	(972)	(5,307)
Net unrealized gains	16,643	20,746	12,081
Foreign Exchange Forward \| Other assets
Derivatives, Fair Value [Line Items]
Unrealized gains	8,250	6,173	12,774
Unrealized losses	(271)	(843)	(2,700)
Net unrealized gains	7,979	5,330	10,074
Foreign Exchange Forward \| Accrued liabilities
Derivatives, Fair Value [Line Items]
Unrealized gains	0	77	911
Unrealized losses	(78)	(136)	(3,118)
Net unrealized gains	(78)	(59)	(2,207)
Foreign Exchange Forward \| Other liabilities
Derivatives, Fair Value [Line Items]
Unrealized gains	0	0	807
Unrealized losses	(15)	0	(3,791)
Net unrealized gains	$ (15)	$ 0	$ (2,984)

Segment Reporting

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Reporting

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, Licensing and Digital 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 toys 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, and 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 Pacific, and Latin and South American regions. The Company's Entertainment, Licensing and Digital 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. During the first quarter of 2019, the Company realigned its financial reporting segments to include all digital gaming businesses within the re-named Entertainment, Licensing and Digital reporting segment. As a result of the realignment, U.S. and Canada and the former Entertainment and Licensing segment results for the quarter and six months ended July 1, 2018 have been restated to reflect the change.

Segment performance is measured at the operating profit level. Included in Corporate and Eliminations are certain corporate expenses, including the elimination of intersegment transactions and certain assets benefiting more than one segment. Intersegment sales and transfers are reflected in management reports at amounts approximating cost. Certain shared costs, including global development and marketing expenses and corporate administration, are allocated to segments based upon expenses and foreign exchange rates fixed at the beginning of the year, with adjustments to actual expenses and foreign exchange rates included in Corporate and Eliminations. The accounting policies of the segments are the same as those referenced in Note 1.

Results shown for the quarter and six month periods ended June 30, 2019 are not necessarily representative of those which may be expected for the full year 2019, nor were those of the comparable 2018 periods representative of those actually experienced for the full year 2018. Similarly, such results are not necessarily those which would be achieved were each segment an unaffiliated business enterprise.

Information by segment and a reconciliation to reported amounts for the quarter and six month periods ended June 30, 2019 and July 1, 2018 are as follows:



	Quarter Ended
	June 30, 2019				July 1, 2018
Net revenues	External		Affiliate		External	Affiliate
U.S. and Canada	$	510,529	2,996		448,444	2,596
International	377,438		145		380,444	226
Entertainment, Licensing and Digital	96,506		2,165		75,539	3,090
Global Operations (a)	64		320,618		31	342,482
Corporate and Eliminations (b)	—		(325,924	)	—	(348,394	)
	$	984,537	—		904,458	—



	Six Months Ended
	June 30, 2019				July 1, 2018
Net revenues	External		Affiliate		External	Affiliate
U.S. and Canada	$	868,380	4,845		802,357	4,729
International	660,087		186		668,389	288
Entertainment, Licensing and Digital	188,500		4,140		149,944	6,666
Global Operations (a)	80		550,043		109	595,802
Corporate and Eliminations (b)	—		(559,214	)	—	(607,485	)
	$	1,717,047	—		1,620,799	—

As a result of the realignment of the Company’s financial reporting segments, revenues of $10,888 and $21,272 for the quarter and six months ended July 1, 2018, respectively, were reclassified from the U.S. and Canada segment to the Entertainment, Licensing and Digital segment to conform to current year presentation.



	Quarter Ended					Six Months Ended
Operating profit (loss)	June 30, 2019			July 1, 2018		June 30, 2019			July 1, 2018
U.S. and Canada	$	106,577		73,098		$	120,109		$	46,478
International	14,583			173		(15,828		)	(55,915		)
Entertainment, Licensing and Digital	7,936			21,760		37,956			38,903
Global Operations (a)	(5,986		)	(9,978	)	(4,732		)	(7,802		)
Corporate and Eliminations (b)	5,223			2,535		26,955			(14,495		)
	$	128,333		87,588		$	164,460		$	7,169

As a result of the realignment of the Company’s financial reporting segments, operating profit of $3,134 and $6,370 for the quarter and six months ended July 1, 2018, respectively, were reclassified from the U.S. and Canada segment to the Entertainment, Licensing and Digital segment to conform to current year presentation.



Total assets	June 30, 2019			July 1, 2018		December 30, 2018
U.S. and Canada	$	2,845,806		2,894,867		2,898,816
International	2,093,725			2,048,122		2,229,053
Entertainment, Licensing and Digital	945,196			812,757		621,595
Global Operations (a)	1,036,919			3,689,721		3,197,847
Corporate and Eliminations (b)	(1,883,036		)	(4,331,611	)	(3,684,323	)
	$	5,038,610		5,113,856		5,262,988

(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 individual operating segments are done at the beginning of the year based on budgeted amounts. Any differences between actual and budgeted amounts are reflected in Corporate and Eliminations because allocations are translated from the U.S. Dollar to local currency at budgeted rates when recorded. 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 quarters and six month periods ended June 30, 2019 and July 1, 2018:



	Quarter Ended			Six Months Ended
	June 30, 2019		July 1, 2018	June 30, 2019		July 1, 2018
Europe	$	201,072	199,575	$	354,451	355,137
Latin America	90,342		96,401	153,119		162,362
Asia Pacific	86,024		84,468	152,517		150,890
Net revenues	$	377,438	380,444	$	660,087	668,389

The following table presents consolidated net revenues by brand portfolio for the quarters and six month periods ended June 30, 2019 and July 1, 2018:



	Quarter Ended			Six Months Ended
	June 30, 2019		July 1, 2018	June 30, 2019		July 1, 2018
Franchise Brands	$	576,715	506,535	$	970,289	$	868,241
Partner Brands	213,448		208,005	385,437		408,597
Hasbro Gaming	123,420		134,275	230,985		239,502
Emerging Brands	70,954		55,643	130,336		104,459
Total	$	984,537	904,458	$	1,717,047	$	1,620,799

Hasbro's total gaming category, which includes all gaming net revenues, both those reported in Hasbro Gaming and those reported elsewhere, most notably MAGIC: THE GATHERING and MONOPOLY, totaled $393,367 and $636,758 for the quarter and six months ended June 30, 2019, respectively. For the quarter and six months ended July 1, 2018, total gaming revenues were $312,773 and $516,315, respectively.

Label	Element	Value
Accounting Standards Update 2018-02 [Member] \| Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ 21,503,000
Accounting Standards Update 2018-02 [Member] \| AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (21,503,000)

Derivative Financial Instruments - Schedule of Net Gains (Losses) on Cash Flow Hedges Activities (Details) - Cash Flow Hedging - Foreign Exchange Forward - Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains (losses)	$ 2,619	$ 819	$ 6,229	$ (4,163)
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains (losses)	1,986	(950)	4,600	(4,841)
Net revenues
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains (losses)	599	430	1,477	762
Other
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains (losses)	$ 34	$ 1,339	$ 152	$ (84)

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company and its subsidiaries file income tax returns in the United States and various state and international jurisdictions. In the normal course of business, the Company is regularly audited by U.S. federal, state and local, and international tax authorities in various tax jurisdictions. On December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act made broad and complex changes to the U.S. tax code including, but not limited to, reducing the U.S. federal corporate tax rate and requiring a one-time tax on certain unrepatriated earnings of foreign subsidiaries. On December 22, 2017, Staff Accounting Bulletin No. 118 (“SAB 118”) established a one-year measurement period to complete the accounting for the ASC 740 income tax effects of the Tax Act. An entity recognizes the impact of those amounts for which the accounting is complete. 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. As a result, the Company recorded a discrete tax expense of $47,800 in the first quarter of 2018 which reversed certain discrete benefits recorded in 2017 as well as increased our provisional deemed repatriation tax liability. No adjustments were made to provisional amounts during the second quarter of 2018. For the six months ended June 30, 2019, the Company recorded a discrete tax benefit of $24,925 as a result of the charge incurred from the settlement of its U.S. Pension Plan during the second quarter of 2019. 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 its major jurisdictions for years before 2012. The Company is currently under income tax examination in several U.S. state and local and non-U.S. jurisdictions.

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share

Net earnings (loss) per share data for the quarters and six months ended June 30, 2019 and July 1, 2018 were computed as follows:



	2019			2018
Quarter	Basic		Diluted	Basic	Diluted
Net earnings	$	13,433	13,433	60,299	60,299

Average shares outstanding	126,329		126,329	125,711	125,711
Effect of dilutive securities:
Options and other share-based awards	—		518	—	624
Equivalent Shares	126,329		126,847	125,711	126,335

Net earnings per common share	$	0.11	0.11	0.48	0.48



	2019			2018
Six Months	Basic		Diluted	Basic		Diluted
Net earnings (loss)	$	40,160	40,160	(52,193	)	(52,193	)

Average shares outstanding	126,308		126,308	125,392		125,392
Effect of dilutive securities:
Options and other share-based awards	—		523	—		—
Equivalent Shares	126,308		126,831	125,392		125,392

Net earnings (loss) per common share	$	0.32	0.32	(0.42	)	(0.42	)

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

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

Accounting standards permit entities to measure many financial instruments and certain other items at fair value and establish presentation and disclosure requirements designed to facilitate comparisons between entities that choose different measurement attributes for similar assets and liabilities. The Company has elected the fair value option for certain available-for-sale investments. At June 30, 2019, July 1, 2018 and December 30, 2018, these investments totaled $24,358, $24,219 and $23,913, respectively, and are included in prepaid expenses and other current assets in the consolidated balance sheets. The Company recorded net gains of $177 and $727 on these investments in other (income) expense, net for the quarter and six months ended June 30, 2019, respectively, related to the change in fair value of such instruments. For the quarter and six month periods ended July 1, 2018, the Company recorded net (losses) gains of $(342) and $106, respectively, in other (income) expense, net, related to the change in fair value of such instruments.



	Fair Value Measurements Using:
	Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)	Significant Other Observable Inputs (Level 2)	Significant Unobservable Inputs (Level 3)
June 30, 2019
Assets:
Available-for-sale securities	$	1,349	1,349	—	—
Derivatives	24,622		—	24,622	—
Total assets	$	25,971	1,349	24,622	—

Liabilities:
Derivatives	$	1,894	—	1,894	—
Option agreement	22,471		—	—	22,471
Total liabilities	$	24,365	—	1,894	22,471

July 1, 2018
Assets:
Available-for-sale securities	$	3,054	3,054	—	—
Derivatives	22,551		—	22,551	—
Total assets	$	25,605	3,054	22,551	—

Liabilities:
Derivatives	$	5,191	—	5,191	—
Option agreement	23,546		—	—	23,546
Total liabilities	$	28,737	—	5,191	23,546

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

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 and zero-cost collar options. The Company used current forward rates of the respective foreign currencies to measure the fair value of these contracts. The Company’s option agreement relates to an equity method investment in Discovery Family Channel (“Discovery”). The option agreement is included in other liabilities at June 30, 2019, July 1, 2018 and December 30, 2018, and is valued using an option pricing model based on the fair value of the related investment. Inputs used in the option pricing model include the 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 the six month period ended June 30, 2019.

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):



	2019			2018
Balance at beginning of year	$	(23,440	)	(23,980	)
Gain from change in fair value	969			434
Balance at end of second quarter	$	(22,471	)	(23,546	)

In addition to the above, the Company has three investments for which the fair value is measured using net asset value per share. At June 30, 2019, July 1, 2018 and December 30, 2018, these investments had fair values of $24,358, $24,219 and $23,913, 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 redeemable on a quarterly basis with 30 days – 90 days’ notice.

- Definition

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

+ References + Details

Segment Reporting - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 984,537	$ 904,458	$ 1,717,047	$ 1,620,799
Operating Income (Loss)	128,333	87,588	164,460	7,169
Gaming including Magic the Gathering and Monopoly
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 393,367	312,773	$ 636,758	516,315
Wizards Of The Coast Digital Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues		10,888		21,272
Wizards of the Coast Digital Operating Profit
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Income (Loss)		$ 3,134		$ 6,370

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jul. 01, 2018	Apr. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Income Tax Disclosure [Abstract]
Increase (decrease) to provisional tax expense, net			$ 47,800
Tax benefit on settlement of U.S defined benefit plan	$ 24,925	$ 0		$ 24,925	$ 0

Earnings (Loss) Per Share - Narrative (Details) - Employee stock option and restricted stock units (in shares) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,570	1,214	1,631	3,127
Dilutive securities excluded because of net loss				1,921
Impact of dilutive securities excluded because of net loss				823

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018	Jul. 01, 2018
Assets:
Available-for-sale securities	$ 1,349	$ 914	$ 3,054
Derivatives	24,622	26,076	22,551
Total assets	25,971	26,990	25,605
Liabilities:
Derivatives	1,894	1,610	5,191
Option agreement	22,471	23,440	23,546
Total liabilities	24,365	25,050	28,737
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Available-for-sale securities	1,349	914	3,054
Derivatives	0	0	0
Total assets	1,349	914	3,054
Liabilities:
Derivatives	0	0	0
Option agreement	0	0	0
Total liabilities	0	0	0
Significant Other Observable Inputs (Level 2)
Assets:
Available-for-sale securities	0	0	0
Derivatives	24,622	26,076	22,551
Total assets	24,622	26,076	22,551
Liabilities:
Derivatives	1,894	1,610	5,191
Option agreement	0	0	0
Total liabilities	1,894	1,610	5,191
Significant Unobservable Inputs (Level 3)
Assets:
Available-for-sale securities	0	0	0
Derivatives	0	0	0
Total assets	0	0	0
Liabilities:
Derivatives	0	0	0
Option agreement	22,471	23,440	23,546
Total liabilities	$ 22,471	$ 23,440	$ 23,546

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2019	Jul. 23, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	1-6682
Entity Registrant Name	HASBRO, INC.
Entity Central Index Key	0000046080
Current Fiscal Year End Date	--12-29
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Incorporation, State or Country Code	RI
Entity Tax Identification Number	05-0155090
Entity Address, Address Line One	1027 Newport Avenue
Entity Address, City or Town	Pawtucket,
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02860
City Area Code	401
Local Phone Number	431-8697
Title of 12(b) Security	Common Stock, $0.50 par value per share
Trading Symbol	HAS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		126,200,837

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018	Jul. 01, 2018
Revenue from Contract with Customer [Abstract]
Contract with customer liability	$ 51,182	$ 50,759	$ 41,380
Contract with customer asset	41,414	18,166	22,105
Prepaid expenses and other current assets	32,199	12,895	18,356
Other long-term assets	$ 9,215	$ 5,271	$ 3,749

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	In the opinion of management, the accompanying unaudited interim consolidated financial statements contain all normal and recurring adjustments necessary to present fairly the consolidated financial position of Hasbro, Inc. and all majority-owned subsidiaries ("Hasbro" or the "Company") as of June 30, 2019 and July 1, 2018, and the results of its operations and cash flows and shareholders' equity for the periods then ended in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes thereto. Actual results could differ from those estimates. The quarters ended June 30, 2019 and July 1, 2018 were each 13-week periods. The six -month periods ended June 30, 2019 and July 1, 2018 were each 26-week periods. The results of operations for the quarter and six month periods ended June 30, 2019 are not necessarily indicative of results to be expected for the full year, nor were those of the comparable 2018 period representative of those actually experienced for the full year 2018. Certain reclassifications have been made to prior year amounts to conform to the current period presentation. These condensed consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The Company filed with the SEC audited consolidated financial statements for the fiscal year ended December 30, 2018 in its Annual Report on Form 10-K (“2018 Form 10-K”), which includes all such information and disclosures and, accordingly, should be read in conjunction with the financial information included herein.
Revenue from contract with customer	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. Contract Assets and Liabilities Within our Entertainment, Licensing and Digital 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. In addition, the Company may receive payments from its digital gaming business in advance of the recognition of the revenues. The Company defers revenues on these advanced payments until its performance obligation is satisfied. The aggregate deferred revenues are recorded as liabilities and were $51,182, $41,380, and $50,759 as of June 30, 2019, July 1, 2018, and December 30, 2018, respectively, and the changes in deferred revenues are not material to the Company’s consolidated statements of operations for the six months ended June 30, 2019 and July 1, 2018, respectively. 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 June 30, 2019, July 1, 2018 and December 30, 2018, these contract assets were $41,414, $22,105 and $18,166, respectively, of which $32,199, $18,356 and $12,895, respectively, were recorded in Prepaid Expenses and Other Current Assets and $9,215, $3,749 and $5,271, respectively, were recorded as Other Long-Term Assets. Disaggregation of revenues The Company disaggregates its revenues from contracts with customers by segment: U.S. and Canada, International, Entertainment, Licensing and Digital, and Global Operations. The Company further disaggregates revenues within its International segment by major 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 collectively depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See Note 11, Segment Reporting, for further information.
Recently Adopted and Issued Accounting Standards	Recently Adopted Accounting Standards The Company's accounting policies are the same as those described in Note 1 to the Company's consolidated financial statements in its 2018 Form 10-K with the exception of the accounting policies related to leases and derivatives and hedging. In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-02 (ASU 2016-02), Leases (Topic 842), which requires lessees to recognize a right-of-use asset and a lease liability for virtually all leases. The liability is based on the present value of lease payments and the asset is 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 result in straight-line expense while finance leases result in a front-loaded expense pattern. Certain other quantitative and qualitative disclosures are also required. ASU 2016-02 was 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 retained earnings. 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 were evaluated, including extension and renewal options as well as the lease payments associated with the leases. As a result of the adoption of the standard, in the first quarter of 2019, the Company recorded right-of-use assets of $121,230 and lease liabilities of $139,520. The Company’s results of operations were not impacted by this standard. The adoption of this standard did not have an impact on the Company’s cash flows. For further details, see Note 10. In August 2017, the FASB issued Accounting Standards Update No. 2017-12 (ASU 2017-12), Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. The amendments expand and refine hedge accounting for both non-financial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the underlying hedged item in the financial statements. The impact of the standard includes elimination of the requirement to separately measure and recognize hedge ineffectiveness and requires the presentation of fair value adjustments to hedging instruments to be included in the same income statement line as the hedged item. For public companies, this standard is effective for annual reporting periods beginning after December 15, 2018, and early adoption is permitted. The Company adopted ASU 2017-12 in the first quarter of 2019 and the adoption of this standard did not have a material impact on the Company’s results or consolidated financial statements. Recently Issued Accounting Pronouncements In March 2019, the FASB issued Accounting Standards Update No. 2019-02 (ASU 2019-02) Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350) - Improvements to Accounting for Costs of Films and License Agreements for Program Materials. The amendments in this update align cost capitalization of episodic television series production costs with that of film production cost capitalization. In addition, this update addresses impairment testing procedures with regard to film groups, when a film or license agreement is expected to be monetized with other films and/or license agreements. The intention of this update is to align accounting treatment with changes in production and distribution models within the entertainment industry and to provide increased transparency of information provided to users of financial statements about produced and licensed content. For public companies, this standard is effective for annual reporting periods beginning after December 15, 2019, and early adoption is permitted. The Company is currently evaluating the standard and the impact, if any, to its consolidated financial statements.
Leases	The Company occupies offices and uses certain equipment under various operating lease arrangements. The Company has no finance leases. These leases have remaining lease terms of 1 year to 19 years, some of which include either, options to extend lease terms, or options to terminate current lease terms at certain times, subject to notice requirements set out in the lease agreement. Payments under certain of the lease agreements may be subject to adjustment based on a consumer price index or other inflationary indices. The lease liability for such lease agreements as of the adoption date, was based on fixed payments as of the adoption date. Any adjustments to these payments based on the related indices will be recorded to expense as incurred. Leases with an expected term of 12 months or less are not capitalized. Payments under such leases are expensed as incurred. The Company capitalizes non-lease components for equipment leases, but expenses non-lease components as incurred for real estate leases.

Consolidated Balance Sheets (Unaudited) Parenthetical - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018	Jul. 01, 2018
Current assets
Accounts receivable, allowance for doubtful accounts	$ 17,000	$ 9,100	$ 95,900
Property, plant and equipment, accumulated depreciation	490,000	462,700	444,500
Other assets
Other intangibles, accumulated amortization	$ 759,900	$ 721,700	$ 915,900
Shareholders' equity
Preference stock, par value (in dollars per share)	$ 2.5	$ 2.5	$ 2.5
Preference stock, authorized shares (in shares)	5,000,000	5,000,000	5,000,000
Preference stock, issued (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 0.5	$ 0.5	$ 0.5
Common stock, authorized shares (in shares)	600,000,000	600,000,000	600,000,000
Common stock, issued (in shares)	209,694,630	209,694,630	209,694,630
Treasury stock, at cost; shares (in shares)	83,488,022	83,565,598	82,370,078

Consolidated Statements of Shareholder's Equity - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Total Shareholders' Equity
Balance at Dec. 31, 2017	$ 1,829,957	$ 104,847	$ 1,050,605	$ 4,260,222	$ (239,425)	$ (3,346,292)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	(52,193)			(52,193)			$ (52,193)
Issuance of shares for Saban purchase			198,853			81,544	280,397
Other comprehensive earnings (loss)	(34,148)				(34,148)		(34,148)
Stock-based compensation transactions			(9,130)			86	(9,044)
Purchases of common stock						(112,893)	(112,893)
Stock-based compensation expense			23,329			216	23,545
Dividends declared				(158,871)			(158,871)
Balance at Jul. 01, 2018	1,766,750	104,847	1,263,657	4,070,661	(295,076)	(3,377,339)	1,766,750
Balance at Apr. 01, 2018	1,571,359	104,847	1,053,368	4,090,637	(292,395)	(3,385,098)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	60,299			60,299
Issuance of shares for Saban purchase	280,397		198,853			81,544
Other comprehensive earnings (loss)	(2,681)				(2,681)
Stock-based compensation transactions	(1,501)		(1,602)			101
Purchases of common stock	(74,102)					(74,102)
Stock-based compensation expense	13,254		13,038			216
Dividends declared	(80,275)			(80,275)
Balance at Jul. 01, 2018	1,766,750	104,847	1,263,657	4,070,661	(295,076)	(3,377,339)	1,766,750
Balance at Dec. 30, 2018	1,754,486	104,847	1,275,059	4,184,374	(294,514)	(3,515,280)	1,754,486
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	40,160			40,160			40,160
Other comprehensive earnings (loss)	121,339				121,339		121,339
Stock-based compensation transactions			(177)			14,068	13,891
Purchases of common stock						(58,633)	(58,633)
Stock-based compensation expense			15,658			236	15,894
Dividends declared				(171,268)			(171,268)
Balance at Jun. 30, 2019	1,715,869	104,847	1,290,540	4,053,266	(173,175)	(3,559,609)	1,715,869
Balance at Mar. 31, 2019	1,654,531	104,847	1,269,230	4,125,686	(282,339)	(3,562,893)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings (loss)	13,433			13,433
Other comprehensive earnings (loss)	109,164				109,164
Stock-based compensation transactions	23,436		10,937			12,499
Purchases of common stock	(9,451)					(9,451)
Stock-based compensation expense	10,609		10,373			236
Dividends declared	(85,853)			(85,853)
Balance at Jun. 30, 2019	$ 1,715,869	$ 104,847	$ 1,290,540	$ 4,053,266	$ (173,175)	$ (3,559,609)	$ 1,715,869

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018	Jul. 01, 2018
Debt Instrument [Line Items]
Carrying Cost	$ 1,709,895	$ 1,709,895	$ 1,709,895
Less: Deferred debt expenses	14,062	14,803	15,545
Long-term Debt, Excluding Current Maturities	1,695,833	1,695,092	1,694,350
Fair Value	1,846,794	1,685,936	1,734,634
6.35% Notes Due 2040
Debt Instrument [Line Items]
Carrying Cost	500,000	500,000	500,000
Fair Value	$ 591,850	535,000	557,250
Interest Rate	6.35%
3.50% Notes Due 2027
Debt Instrument [Line Items]
Carrying Cost	$ 500,000	500,000	500,000
Fair Value	$ 507,200	457,350	464,600
Interest Rate	3.50%
5.10% Notes Due 2044
Debt Instrument [Line Items]
Carrying Cost	$ 300,000	300,000	300,000
Fair Value	$ 310,860	272,640	287,730
Interest Rate	5.10%
3.15% Notes Due 2021
Debt Instrument [Line Items]
Carrying Cost	$ 300,000	300,000	300,000
Fair Value	$ 303,900	297,600	297,960
Interest Rate	3.15%
6.60% Debentures Due 2028
Debt Instrument [Line Items]
Carrying Cost	$ 109,895	109,895	109,895
Fair Value	$ 132,984	$ 123,346	$ 127,094
Interest Rate	6.60%

Pension and Postretirement Benefits (Tables)

6 Months Ended

Jun. 30, 2019

Retirement Benefits [Abstract]

Components of net periodic cost



	Quarter Ended
	Pension					Postretirement
	June 30, 2019			July 1, 2018		June 30, 2019	July 1, 2018
Service cost	$	808		667		178	189
Interest cost	4,913			3,980		316	293
Expected return on assets	(5,128		)	(5,174	)	—	—
Settlement	110,777			—		—	—
Net amortization and deferrals	5,610			2,965		5	43
Net periodic benefit cost	$	116,980		2,438		499	525



	Six Months Ended
	Pension				Postretirement
	June 30, 2019		July 1, 2018		June 30, 2019	July 1, 2018
Service cost	1,845		1,352		356	377
Interest cost	7,118		7,996		632	585
Expected return on assets	(7,166	)	(10,379	)	—	—
Settlement	110,777		—		—	—
Net amortization and deferrals	7,308		5,942		10	85
Net periodic benefit cost	119,882		4,911		998	1,047

Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Earnings Per Share [Abstract]
Net earnings (loss)	$ 13,433	$ 60,299	$ 40,160	$ (52,193)
Average number of shares outstanding, basic and diluted (in shares)	126,329	125,711	126,308	125,392
Earnings Per Share, Basic [Abstract]
Equivalent shares outstanding, basic (in shares)	126,329	125,711	126,308	125,392
Earnings per share, basic (in dollars per shares)	$ 0.11	$ 0.48	$ 0.32	$ (0.42)
Effect of dilutive securities:
Options and other share-based awards (in shares)	518	624	523	0
Equivalent shares outstanding, diluted (in shares)	126,847	126,335	126,831	125,392
Earnings per share, diluted (in dollars per shares)	$ 0.11	$ 0.48	$ 0.32	$ (0.42)

Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

The Company occupies offices and uses certain equipment under various operating lease arrangements. The Company has no finance leases. These leases have remaining lease terms of 1 year to 19 years, some of which include either, options to extend lease terms, or options to terminate current lease terms at certain times, subject to notice requirements set out in the lease agreement. Payments under certain of the lease agreements may be subject to adjustment based on a consumer price index or other inflationary indices. The lease liability for such lease agreements as of the adoption date, was based on fixed payments as of the adoption date. Any adjustments to these payments based on the related indices will be recorded to expense as incurred. Leases with an expected term of 12 months or less are not capitalized. Payments under such leases are expensed as incurred. The Company capitalizes non-lease components for equipment leases, but expenses non-lease components as incurred for real estate leases.

For the quarter and six months ended June 30, 2019, operating lease expense was $9,133 and $18,075, respectively. Expense related to short-term leases (expected terms less than 12 months) and variable lease payments were not material in the quarter or six months ended June 30, 2019.

Information related to the Company’s leases for the quarter and six months ended June 30, 2019 is as follows:



	Quarter Ended			Six Months Ended
	June 30, 2019			June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,240		$	18,814
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	579		$	24,259

Weighted Average Remaining Lease Term
Operating leases	6.5 years			6.5 years
Weighted Average Discount Rate
Operating leases	4.4		%	4.4		%

The following is a reconciliation of future undiscounted cash flows to the operating liabilities, and the related right of use assets, included in our Consolidated Balance Sheets as of June 30, 2019:



	June 30, 2019
2019 (excluding the six months ended June 30, 2019)	$	17,696
2020	33,907
2021	29,460
2022	27,161
2023	22,038
2024 and thereafter	46,185
Total future lease payments	176,447
Less imputed interest	23,961
Present value of future operating lease payments	152,486
Less current portion of operating lease liabilities ⁽¹⁾	29,298
Non-current operating lease liability ⁽²⁾	123,188
Operating lease right-of-use assets, net ⁽³⁾	$	135,189

⁽¹⁾ Included in Accrued liabilities on the consolidated balance sheets.

⁽²⁾ Included in Other liabilities on the consolidated balance sheets.

⁽³⁾ Included in Property, plant, and equipment on the consolidated balance sheets.

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedging Instruments

At June 30, 2019, July 1, 2018 and December 30, 2018, the notional amounts and fair values of the Company's foreign currency forward contracts designated as cash flow hedging instruments were as follows:



	June 30, 2019			July 1, 2018			December 30, 2018
Hedged transaction	Notional Amount		Fair Value	Notional Amount	Fair Value		Notional Amount	Fair Value
Inventory purchases	$	480,244	16,062	647,255	10,248		468,305	15,089
Sales	235,874		8,452	342,123	11,291		298,194	11,232
Royalties and Other	12,228		15	151,689	(4,575	)	26,341	(304	)
Total	$	728,346	24,529	1,141,067	16,964		792,840	26,017

Schedule of Foreign Currency Forward Contracts Designated as Cash Flow Hedges

The fair values of the Company's foreign currency forward contracts designated as cash flow hedges are recorded in the consolidated balance sheets at June 30, 2019, July 1, 2018 and December 30, 2018 as follows:



	June 30, 2019			July 1, 2018		December 30, 2018
Prepaid expenses and other current assets
Unrealized gains	$	18,554		17,388		21,718
Unrealized losses	(1,911		)	(5,307	)	(972	)
Net unrealized gains	$	16,643		12,081		20,746

Other assets
Unrealized gains	$	8,250		12,774		6,173
Unrealized losses	(271		)	(2,700	)	(843	)
Net unrealized gains	$	7,979		10,074		5,330

Accrued liabilities
Unrealized gains	$	—		911		77
Unrealized losses	(78		)	(3,118	)	(136	)
Net unrealized losses	$	(78	)	(2,207	)	(59	)

Other liabilities
Unrealized gains	$	—		807		—
Unrealized losses	(15		)	(3,791	)	—
Net unrealized losses	$	(15	)	(2,984	)	—

Schedule of Net Gains (Losses) on Cash Flow Hedges Activities

Net gains (losses) on cash flow hedging activities have been reclassified from other comprehensive earnings (loss) to net earnings for the quarters and six months ended June 30, 2019 and July 1, 2018 as follows:



	Quarter Ended				Six Months Ended
	June 30, 2019		July 1, 2018		June 30, 2019	July 1, 2018
Statements of Operations Classification
Cost of sales	$	1,986	(950	)	4,600	(4,841	)
Net revenues	599		430		1,477	762
Other	34		1,339		152	(84	)
Net realized gains (losses)	$	2,619	819		6,229	(4,163	)

Fair Values of Undesignated Derivative Financial Instruments

At June 30, 2019, July 1, 2018 and December 30, 2018, the fair values of the Company's undesignated derivative financial instruments were recorded in the consolidated balance sheets as follows:



	June 30, 2019			July 1, 2018		December 30, 2018
Prepaid expenses and other current assets
Unrealized gains	$	—		1,120		—
Unrealized losses	—			(724	)	—
Net unrealized gains	$	—		396		—

Accrued liabilities
Unrealized gains	$	164		—		1,269
Unrealized losses	(1,965		)	—		(2,820	)
Net unrealized losses	$	(1,801	)	—		(1,551	)

Total unrealized (losses) gains, net	$	(1,801	)	396		(1,551	)

- Definition

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

+ References

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+ Details

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 Kong dollars, and Euros. All contracts are entered into with a number of counterparties, all of which are major financial institutions. The Company believes that a default by a single counterparty would not have a material adverse effect on the financial condition of the Company. Hasbro does not enter into derivative financial instruments for speculative purposes.

Cash Flow Hedges

The Company uses foreign currency forward contracts to reduce the impact of currency rate fluctuations on firmly committed and projected future foreign currency transactions. All of the Company's designated foreign currency forward contracts are considered to be cash flow hedges. These instruments hedge a portion of the Company's currency requirements associated with anticipated inventory purchases, product sales and other cross-border transactions in 2019 through 2022.



	June 30, 2019			July 1, 2018			December 30, 2018
Hedged transaction	Notional Amount		Fair Value	Notional Amount	Fair Value		Notional Amount	Fair Value
Inventory purchases	$	480,244	16,062	647,255	10,248		468,305	15,089
Sales	235,874		8,452	342,123	11,291		298,194	11,232
Royalties and Other	12,228		15	151,689	(4,575	)	26,341	(304	)
Total	$	728,346	24,529	1,141,067	16,964		792,840	26,017

The Company has a master agreement with each of its counterparties that allows for the netting of outstanding forward contracts. The fair values of the Company's foreign currency forward contracts designated as cash flow hedges are recorded in the consolidated balance sheets at June 30, 2019, July 1, 2018 and December 30, 2018 as follows:



	June 30, 2019			July 1, 2018		December 30, 2018
Prepaid expenses and other current assets
Unrealized gains	$	18,554		17,388		21,718
Unrealized losses	(1,911		)	(5,307	)	(972	)
Net unrealized gains	$	16,643		12,081		20,746

Other assets
Unrealized gains	$	8,250		12,774		6,173
Unrealized losses	(271		)	(2,700	)	(843	)
Net unrealized gains	$	7,979		10,074		5,330

Accrued liabilities
Unrealized gains	$	—		911		77
Unrealized losses	(78		)	(3,118	)	(136	)
Net unrealized losses	$	(78	)	(2,207	)	(59	)

Other liabilities
Unrealized gains	$	—		807		—
Unrealized losses	(15		)	(3,791	)	—
Net unrealized losses	$	(15	)	(2,984	)	—



	Quarter Ended				Six Months Ended
	June 30, 2019		July 1, 2018		June 30, 2019	July 1, 2018
Statements of Operations Classification
Cost of sales	$	1,986	(950	)	4,600	(4,841	)
Net revenues	599		430		1,477	762
Other	34		1,339		152	(84	)
Net realized gains (losses)	$	2,619	819		6,229	(4,163	)

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 June 30, 2019, July 1, 2018 and December 30, 2018 the total notional amounts of the Company's undesignated derivative instruments were $247,295, $140,151 and $452,773, respectively.

At June 30, 2019, July 1, 2018 and December 30, 2018, the fair values of the Company's undesignated derivative financial instruments were recorded in the consolidated balance sheets as follows:



	June 30, 2019			July 1, 2018		December 30, 2018
Prepaid expenses and other current assets
Unrealized gains	$	—		1,120		—
Unrealized losses	—			(724	)	—
Net unrealized gains	$	—		396		—

Accrued liabilities
Unrealized gains	$	164		—		1,269
Unrealized losses	(1,965		)	—		(2,820	)
Net unrealized losses	$	(1,801	)	—		(1,551	)

Total unrealized (losses) gains, net	$	(1,801	)	396		(1,551	)

The Company recorded net gains of $1,776 and $6,584 on these instruments to other (income) expense, net for the quarter and six month periods ended June 30, 2019, respectively, and net gains of $10,451 and $3,751 on these instruments to other (income) expense, net for the quarter and six month periods ended July 1, 2018, respectively, relating to the change in fair value of such derivatives, substantially offsetting gains and losses from the change in fair value of intercompany loans to which the contracts relate.

For additional information related to the Company's derivative financial instruments see Notes 4 and 7.

Other Comprehensive Earnings (Loss) (Tables)

6 Months Ended

Jun. 30, 2019

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Schedule of Other Comprehensive Income (Loss), Tax Effect

The following table presents the related tax effects on changes in other comprehensive earnings (loss) for the quarter and six month periods ended June 30, 2019 and July 1, 2018.



	Quarter Ended					Six Months Ended
	June 30, 2019			July 1, 2018		June 30, 2019		July 1, 2018

Other comprehensive earnings (loss), tax effect:
Tax (expense) benefit on unrealized holding gains (losses)	$	(85	)	(25	)	(162	)	16
Tax benefit (expense) on cash flow hedging activities	49			(5,669	)	46		311
Tax (expense) benefit on changes in unrecognized pension amounts	(5,687		)	—		(5,687	)	7,565
Reclassifications to earnings, tax effect:
Tax expense (benefit) on cash flow hedging activities	188			(114	)	534		(908	)
Tax benefit on unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations	(1,208		)	(729	)	(1,539	)	(1,257	)
Tax benefit on settlement of U.S defined benefit plan	(24,925		)	—		(24,925	)	—
Total tax effect on other comprehensive earnings (loss)	$	(31,668	)	(6,537	)	(31,733	)	5,727

Schedule of Accumulated Other Comprehensive Earnings (Loss)

Changes in the components of accumulated other comprehensive earnings (loss) for the six months ended June 30, 2019 and July 1, 2018 are as follows:



	Pension and Postretirement Amounts			Gains (Losses) on Derivative Instruments		Unrealized Holding Gains (Losses) on Available- for-Sale Securities		Foreign Currency Translation Adjustments		Total Accumulated Other Comprehensive Loss
2019
Balance at December 30, 2018	$	(143,134	)	1,549		(744	)	(152,185	)	(294,514	)
Current period other comprehensive earnings (loss)	110,740			(283	)	555		10,327		121,339
Balance at June 30, 2019	$	(32,394	)	1,266		(189	)	(141,858	)	(173,175	)

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 earnings (loss)	(21,726		)	25,432		(56	)	(37,798	)	(34,148	)
Balance at July 1, 2018	$	(150,762	)	(11,055	)	1,200		(134,459	)	(295,076	)

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Income Statement [Abstract]
Net revenues	$ 984,537	$ 904,458	$ 1,717,047	$ 1,620,799
Costs and expenses:
Cost of sales	343,694	338,306	603,681	593,493
Royalties	71,061	66,045	130,949	135,697
Product development	65,632	59,859	121,892	117,243
Advertising	92,799	87,601	169,403	155,617
Amortization of intangibles	11,815	4,554	23,631	11,032
Program production cost amortization	23,502	7,297	30,077	19,331
Selling, distribution and administration	247,701	253,208	472,954	581,217
Total costs and expenses	856,204	816,870	1,552,587	1,613,630
Operating profit	128,333	87,588	164,460	7,169
Non-operating (income) expense:
Interest expense	22,018	22,803	44,332	45,612
Interest income	(5,996)	(6,308)	(13,678)	(12,556)
Other expense (income), net	106,203	2,969	98,103	(5,623)
Total non-operating expense, net	122,225	19,464	128,757	27,433
Earnings (loss) before income taxes	6,108	68,124	35,703	(20,264)
Income tax expense (benefit)	(7,325)	7,825	(4,457)	31,929
Net earnings (loss)	$ 13,433	$ 60,299	$ 40,160	$ (52,193)
Net earnings (loss) per common share:
Basic (in dollars per share)	$ 0.11	$ 0.48	$ 0.32	$ (0.42)
Diluted (in dollars per share)	0.11	0.48	0.32	(0.42)
Cash dividends declared per common share (in dollars per share)	$ 0.68	$ 0.63	$ 1.36	$ 1.26

Segment Reporting - Schedule of International Segment Net Revenues by Major Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 984,537	$ 904,458	$ 1,717,047	$ 1,620,799
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	377,438	380,444	660,087	668,389
International \| Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	201,072	199,575	354,451	355,137
International \| Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	90,342	96,401	153,119	162,362
International \| Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 86,024	$ 84,468	$ 152,517	$ 150,890

Restructuring Actions

6 Months Ended

Jun. 30, 2019

Restructuring Charges [Abstract]

Restructuring Actions

During 2018, the Company announced a comprehensive restructuring plan which consists of re-designing its go-to market strategy and re-shaping its organization 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 re-imagine its business to make sure it has the right talent and capabilities to stay competitive. This includes adding 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 process the Company took certain actions, which will continue through 2019. The actions primarily included headcount reduction aimed at right-sizing the Company’s cost-structure and giving it the ability to add required new talent in the future.

In the first quarter of 2018, the Company recorded a pre-tax severance expense of $17,349, primarily outside of the U.S., related to this 2018 restructuring program. During the fourth quarter of 2018, the Company recorded an additional $72,000 of pre-tax severance charges related to the program. These 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 Corporate and Eliminations. No additional charges were taken in the first six months of 2019. The detail of activity related to the program is as follows:



Remaining amounts to be paid as of December 30, 2018	$	69,192
Payments made in first quarter of 2019	(7,620		)
Payments made in the second quarter of 2019	(7,932		)
Remaining amounts as of June 30, 2019	$	53,640

Restructuring Actions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Apr. 01, 2018	Dec. 30, 2018
Restructuring Charges [Abstract]
Pre-tax restructuring charges relating to severance and other employee costs	$ 0	$ 17,349
Severance expense recorded, fourth quarter			$ 72,000

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Net revenues by segment

Information by segment and a reconciliation to reported amounts for the quarter and six month periods ended June 30, 2019 and July 1, 2018 are as follows:



	Quarter Ended
	June 30, 2019				July 1, 2018
Net revenues	External		Affiliate		External	Affiliate
U.S. and Canada	$	510,529	2,996		448,444	2,596
International	377,438		145		380,444	226
Entertainment, Licensing and Digital	96,506		2,165		75,539	3,090
Global Operations (a)	64		320,618		31	342,482
Corporate and Eliminations (b)	—		(325,924	)	—	(348,394	)
	$	984,537	—		904,458	—



	Six Months Ended
	June 30, 2019				July 1, 2018
Net revenues	External		Affiliate		External	Affiliate
U.S. and Canada	$	868,380	4,845		802,357	4,729
International	660,087		186		668,389	288
Entertainment, Licensing and Digital	188,500		4,140		149,944	6,666
Global Operations (a)	80		550,043		109	595,802
Corporate and Eliminations (b)	—		(559,214	)	—	(607,485	)
	$	1,717,047	—		1,620,799	—

Operating profit (loss) by segments



	Quarter Ended					Six Months Ended
Operating profit (loss)	June 30, 2019			July 1, 2018		June 30, 2019			July 1, 2018
U.S. and Canada	$	106,577		73,098		$	120,109		$	46,478
International	14,583			173		(15,828		)	(55,915		)
Entertainment, Licensing and Digital	7,936			21,760		37,956			38,903
Global Operations (a)	(5,986		)	(9,978	)	(4,732		)	(7,802		)
Corporate and Eliminations (b)	5,223			2,535		26,955			(14,495		)
	$	128,333		87,588		$	164,460		$	7,169

Total assets by segments



Total assets	June 30, 2019			July 1, 2018		December 30, 2018
U.S. and Canada	$	2,845,806		2,894,867		2,898,816
International	2,093,725			2,048,122		2,229,053
Entertainment, Licensing and Digital	945,196			812,757		621,595
Global Operations (a)	1,036,919			3,689,721		3,197,847
Corporate and Eliminations (b)	(1,883,036		)	(4,331,611	)	(3,684,323	)
	$	5,038,610		5,113,856		5,262,988

(a) The Global Operations segment derives substantially all of its revenues, and thus its operating results, from intersegment activities.

Schedule of international net revenues by major geographic region

The following table represents consolidated International segment net revenues by major geographic region for the quarters and six month periods ended June 30, 2019 and July 1, 2018:



	Quarter Ended			Six Months Ended
	June 30, 2019		July 1, 2018	June 30, 2019		July 1, 2018
Europe	$	201,072	199,575	$	354,451	355,137
Latin America	90,342		96,401	153,119		162,362
Asia Pacific	86,024		84,468	152,517		150,890
Net revenues	$	377,438	380,444	$	660,087	668,389

Net revenues by product category

The following table presents consolidated net revenues by brand portfolio for the quarters and six month periods ended June 30, 2019 and July 1, 2018:



	Quarter Ended			Six Months Ended
	June 30, 2019		July 1, 2018	June 30, 2019		July 1, 2018
Franchise Brands	$	576,715	506,535	$	970,289	$	868,241
Partner Brands	213,448		208,005	385,437		408,597
Hasbro Gaming	123,420		134,275	230,985		239,502
Emerging Brands	70,954		55,643	130,336		104,459
Total	$	984,537	904,458	$	1,717,047	$	1,620,799

Revenue Recognition	6 Months Ended
Revenue Recognition	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	Revenue Recognition 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. Contract Assets and Liabilities Within our Entertainment, Licensing and Digital 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. In addition, the Company may receive payments from its digital gaming business in advance of the recognition of the revenues. The Company defers revenues on these advanced payments until its performance obligation is satisfied. The aggregate deferred revenues are recorded as liabilities and were $51,182, $41,380, and $50,759 as of June 30, 2019, July 1, 2018, and December 30, 2018, respectively, and the changes in deferred revenues are not material to the Company’s consolidated statements of operations for the six months ended June 30, 2019 and July 1, 2018, respectively. 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 June 30, 2019, July 1, 2018 and December 30, 2018, these contract assets were $41,414, $22,105 and $18,166, respectively, of which $32,199, $18,356 and $12,895, respectively, were recorded in Prepaid Expenses and Other Current Assets and $9,215, $3,749 and $5,271, respectively, were recorded as Other Long-Term Assets. Disaggregation of revenues The Company disaggregates its revenues from contracts with customers by segment: U.S. and Canada, International, Entertainment, Licensing and Digital, and Global Operations. The Company further disaggregates revenues within its International segment by major 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 collectively depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See Note 11, Segment Reporting, for further information.

Other Comprehensive Earnings (Loss)

6 Months Ended

Jun. 30, 2019

Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]

Other Comprehensive Earnings (Loss)

Components of other comprehensive earnings (loss) are presented within the consolidated statements of comprehensive earnings (loss). The following table presents the related tax effects on changes in other comprehensive earnings (loss) for the quarter and six month periods ended June 30, 2019 and July 1, 2018.



	Quarter Ended					Six Months Ended
	June 30, 2019			July 1, 2018		June 30, 2019		July 1, 2018

Other comprehensive earnings (loss), tax effect:
Tax (expense) benefit on unrealized holding gains (losses)	$	(85	)	(25	)	(162	)	16
Tax benefit (expense) on cash flow hedging activities	49			(5,669	)	46		311
Tax (expense) benefit on changes in unrecognized pension amounts	(5,687		)	—		(5,687	)	7,565
Reclassifications to earnings, tax effect:
Tax expense (benefit) on cash flow hedging activities	188			(114	)	534		(908	)
Tax benefit on unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations	(1,208		)	(729	)	(1,539	)	(1,257	)
Tax benefit on settlement of U.S defined benefit plan	(24,925		)	—		(24,925	)	—
Total tax effect on other comprehensive earnings (loss)	$	(31,668	)	(6,537	)	(31,733	)	5,727

Changes in the components of accumulated other comprehensive earnings (loss) for the six months ended June 30, 2019 and July 1, 2018 are as follows:



	Pension and Postretirement Amounts			Gains (Losses) on Derivative Instruments		Unrealized Holding Gains (Losses) on Available- for-Sale Securities		Foreign Currency Translation Adjustments		Total Accumulated Other Comprehensive Loss
2019
Balance at December 30, 2018	$	(143,134	)	1,549		(744	)	(152,185	)	(294,514	)
Current period other comprehensive earnings (loss)	110,740			(283	)	555		10,327		121,339
Balance at June 30, 2019	$	(32,394	)	1,266		(189	)	(141,858	)	(173,175	)

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 earnings (loss)	(21,726		)	25,432		(56	)	(37,798	)	(34,148	)
Balance at July 1, 2018	$	(150,762	)	(11,055	)	1,200		(134,459	)	(295,076	)

Gains (Losses) on Derivative Instruments

At June 30, 2019, the Company had remaining net deferred gains on foreign currency forward contracts, net of tax, of $19,881 in accumulated other comprehensive loss ("AOCE"). These instruments hedge payments related to inventory purchased in the second quarter of 2019 or forecasted to be purchased during the remainder of 2019 through 2022, intercompany expenses expected to be paid or received during 2019, television and movie production costs paid in 2019, and cash receipts for sales made at the end of the second quarter of 2019 or forecasted to be made in the remainder of 2019 and, to a lesser extent, 2020 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 or expenses.

In addition to foreign currency forward contracts, the Company entered into hedging contracts on future interest payments related to the long-term notes due in 2021 and 2044. At the date of debt issuance, these contracts were terminated and the fair value on the date of settlement was deferred in AOCE and is being amortized to interest expense over the life of the related notes using the effective interest rate method. At June 30, 2019, deferred losses, net of tax of $18,615 related to these instruments remained in AOCE. For the quarters ended June 30, 2019 and July 1, 2018, previously deferred losses of $449, were reclassified from AOCE to net earnings. For the six month periods ended June 30, 2019 and July 1, 2018, previously deferred losses of $899 were reclassified from AOCE to net earnings.

Of the amount included in AOCE at June 30, 2019, the Company expects net gains of approximately $14,296 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.

Segment Reporting - Net Revenues by Product Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Revenue from External Customer [Line Items]
Net revenues	$ 984,537	$ 904,458	$ 1,717,047	$ 1,620,799
Franchise Brands
Revenue from External Customer [Line Items]
Net revenues	576,715	506,535	970,289	868,241
Partner Brands
Revenue from External Customer [Line Items]
Net revenues	213,448	208,005	385,437	408,597
Hasbro Gaming
Revenue from External Customer [Line Items]
Net revenues	123,420	134,275	230,985	239,502
Emerging Brands
Revenue from External Customer [Line Items]
Net revenues	$ 70,954	$ 55,643	$ 130,336	$ 104,459

Derivative Financial Instruments - Summary of Cash Flow Hedging Instruments (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018	Jul. 01, 2018
Derivative [Line Items]
Notional Amount	$ 728,346	$ 792,840	$ 1,141,067
Fair Value	24,529	26,017	16,964
Inventory purchases
Derivative [Line Items]
Notional Amount	480,244	468,305	647,255
Fair Value	16,062	15,089	10,248
Sales
Derivative [Line Items]
Notional Amount	235,874	298,194	342,123
Fair Value	8,452	11,232	11,291
Royalties and Other
Derivative [Line Items]
Notional Amount	12,228	26,341	151,689
Fair Value	$ 15	$ (304)	$ (4,575)

Restructuring Actions (Tables)

6 Months Ended

Jun. 30, 2019

Restructuring Charges [Abstract]

Schedule of restructuring and related costs

The detail of activity related to the program is as follows:



Remaining amounts to be paid as of December 30, 2018	$	69,192
Payments made in first quarter of 2019	(7,620		)
Payments made in the second quarter of 2019	(7,932		)
Remaining amounts as of June 30, 2019	$	53,640

Segment Reporting - Total Assets by Segments (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018	Jul. 01, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 5,038,610	$ 5,262,988	$ 5,113,856
Corporate and Eliminations
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	(1,883,036)	(3,684,323)	(4,331,611)
U.S. and Canada
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,845,806	2,898,816	2,894,867
International
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,093,725	2,229,053	2,048,122
Entertainment, Licensing and Digital
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	945,196	621,595	812,757
Global Operations
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 1,036,919	$ 3,197,847	$ 3,689,721

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Lease cost

nformation related to the Company’s leases for the quarter and six months ended June 30, 2019 is as follows:



	Quarter Ended			Six Months Ended
	June 30, 2019			June 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,240		$	18,814
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	579		$	24,259

Weighted Average Remaining Lease Term
Operating leases	6.5 years			6.5 years
Weighted Average Discount Rate
Operating leases	4.4		%	4.4		%

Maturities of operating lease liabilities

The following is a reconciliation of future undiscounted cash flows to the operating liabilities, and the related right of use assets, included in our Consolidated Balance Sheets as of June 30, 2019:



	June 30, 2019
2019 (excluding the six months ended June 30, 2019)	$	17,696
2020	33,907
2021	29,460
2022	27,161
2023	22,038
2024 and thereafter	46,185
Total future lease payments	176,447
Less imputed interest	23,961
Present value of future operating lease payments	152,486
Less current portion of operating lease liabilities ⁽¹⁾	29,298
Non-current operating lease liability ⁽²⁾	123,188
Operating lease right-of-use assets, net ⁽³⁾	$	135,189

⁽¹⁾ Included in Accrued liabilities on the consolidated balance sheets.

⁽²⁾ Included in Other liabilities on the consolidated balance sheets.

⁽³⁾ Included in Property, plant, and equipment on the consolidated balance sheets.

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018
Cash flows from operating activities:
Net earnings (loss)	$ 40,160	$ (52,193)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation of plant and equipment	62,408	62,292
Amortization of intangibles	23,631	11,032
Program production cost amortization	30,077	19,331
Deferred income taxes	(15,236)	(17,839)
Stock-based compensation	15,894	23,545
Non-cash pension settlement	110,777	0
Other non-cash items	(8,241)	(8,442)
Change in operating assets and liabilities net of acquired balances:
Decrease in accounts receivable	431,557	657,175
Increase in inventories	(119,647)	(194,838)
Increase in prepaid expenses and other current assets	(33,073)	(87,863)
Program production costs	(59,417)	(78,020)
Decrease in accounts payable and accrued liabilities	(134,574)	(142,172)
Change in Net Deemed Repatriation Tax	(14,550)	54,622
Other	6,510	(5,829)
Net cash provided by operating activities	336,276	240,801
Cash flows from investing activities:
Additions to property, plant and equipment	(58,195)	(71,755)
Acquisitions	0	(155,451)
Other	(2,281)	3,384
Net cash utilized by investing activities	(60,476)	(223,822)
Cash flows from financing activities:
Net proceeds from (repayments of) other short-term borrowings	3,095
Net proceeds from (repayments of) other short-term borrowings		(133,582)
Purchases of common stock	(58,633)	(103,493)
Stock-based compensation transactions	25,779	20,108
Dividends paid	(164,908)	(149,528)
Payments related to tax withholding for share-based compensation	(11,889)	(54,730)
Deferred acquisition payments	(100,000)	0
Net cash utilized by financing activities	(306,556)	(421,225)
Effect of exchange rate changes on cash	(573)	(17,916)
Decrease in cash and cash equivalents	(31,329)	(422,162)
Cash and cash equivalents at beginning of year	1,182,371	1,581,234
Cash and cash equivalents at end of period	1,151,042	1,159,072
Cash paid during the period for:
Interest	40,807	41,200
Income taxes	$ 40,014	$ 72,545

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Dec. 30, 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other income, net	$ (106,203)	$ (2,969)	$ (98,103)	$ 5,623
Fair Value investments notice period			45 days
Minimum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value investments notice period			30 days
Maximum
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value investments notice period			90 days
Fair Value, Recurring
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Available for sale investments, fair value option	24,358	24,219	$ 24,358	24,219	$ 23,913
Other income, net	$ 177	$ (342)	$ 727	$ 106

Revenue Recognition - Disaggregation of Revenue (Details)	6 Months Ended
	Jun. 30, 2019 brand_category
Revenue from Contract with Customer [Abstract]
Number of brand categories	4

Fair Value of Financial Instruments - Reconciliation of Level 3 Fair value (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year	$ (23,440)	$ (23,980)
Gain from change in fair value	969	434
Balance at end of second quarter	$ (22,471)	$ (23,546)

Other Comprehensive Earnings (Loss) - Schedule of Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Jan. 01, 2018
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period			$ (294,514)	$ (239,425)
Current period other comprehensive earnings (loss)	$ 109,164	$ (2,681)	121,339	(34,148)
Balance at the end of the period	(173,175)	(295,076)	(173,175)	(295,076)
Pension and Postretirement Amounts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period			(143,134)	(110,971)
Current period other comprehensive earnings (loss)			110,740	(21,726)
Balance at the end of the period	(32,394)	(150,762)	(32,394)	(150,762)
Gains (Losses) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period			1,549
Current period other comprehensive earnings (loss)			(283)
Balance at the end of the period	1,266		1,266
Gains (Losses) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period				(32,827)
Current period other comprehensive earnings (loss)				25,432
Balance at the end of the period		(11,055)		(11,055)
Gains (Losses) on Derivative Instruments \| Foreign Exchange Forward
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the end of the period	(19,881)		(19,881)
Gains (Losses) on Derivative Instruments \| Interest Rate Contract
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the end of the period	(18,615)		(18,615)
Unrealized Holding Gains (Losses) on Available- for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period			(744)	1,034
Current period other comprehensive earnings (loss)			555	(56)
Balance at the end of the period	(189)	1,200	(189)	1,200
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the beginning of the period			(152,185)	(96,661)
Current period other comprehensive earnings (loss)			10,327	(37,798)
Balance at the end of the period	$ (141,858)	$ (134,459)	$ (141,858)	$ (134,459)
Accounting Standards Update 2018-02
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Adoption of ASU 2018-02					$ (21,503)
Accounting Standards Update 2018-02 \| Pension and Postretirement Amounts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Adoption of ASU 2018-02					(18,065)
Accounting Standards Update 2018-02 \| Gains (Losses) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Adoption of ASU 2018-02					(3,660)
Accounting Standards Update 2018-02 \| Unrealized Holding Gains (Losses) on Available- for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Adoption of ASU 2018-02					222
Accounting Standards Update 2018-02 \| Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Adoption of ASU 2018-02					$ 0

Leases - Narrative (Details) $ in Thousands	3 Months Ended	6 Months Ended
Leases - Narrative (Details) $ in Thousands	Jun. 30, 2019 USD ($)	Jun. 30, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 9,133	$ 18,075
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	19 years	19 years

Restructuring Actions - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2019	Mar. 31, 2019
Restructuring Reserve [Roll Forward]
Remaining amounts to be paid as of December 30, 2018		$ 69,192
Payments for restructuring	$ (7,932)	$ (7,620)
Remaining amounts as of June 30, 2019	$ 53,640

Earnings (Loss) Per Share

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Net earnings (loss) per share data for the quarters and six months ended June 30, 2019 and July 1, 2018 were computed as follows:



	2019			2018
Quarter	Basic		Diluted	Basic	Diluted
Net earnings	$	13,433	13,433	60,299	60,299

Average shares outstanding	126,329		126,329	125,711	125,711
Effect of dilutive securities:
Options and other share-based awards	—		518	—	624
Equivalent Shares	126,329		126,847	125,711	126,335

Net earnings per common share	$	0.11	0.11	0.48	0.48



	2019			2018
Six Months	Basic		Diluted	Basic		Diluted
Net earnings (loss)	$	40,160	40,160	(52,193	)	(52,193	)

Average shares outstanding	126,308		126,308	125,392		125,392
Effect of dilutive securities:
Options and other share-based awards	—		523	—		—
Equivalent Shares	126,308		126,831	125,392		125,392

Net earnings (loss) per common share	$	0.32	0.32	(0.42	)	(0.42	)

For the quarters ended June 30, 2019 and July 1, 2018, options and restricted stock units totaling 1,570 and 1,214 shares, respectively, were excluded from the calculation of diluted earnings per share because to include them would have been anti-dilutive. For the six month periods ended June 30, 2019 and July 1, 2018, options and restricted stock units totaling 1,631 and 3,127 shares, respectively, were excluded from the calculation of diluted earnings per share because to include them would have been antidilutive. Of the 2018 amount, 1,921 shares would have been included in the calculation of diluted shares had the Company not had a net loss in the six month period ended July 1, 2018. Assuming that these awards and options were included, under the treasury stock method, they would have resulted in an additional 823 shares being included in the diluted earnings per share calculation for the six month period ended July 1, 2018.

Other Comprehensive Earnings (Loss) - Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018	Dec. 30, 2018	Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	$ (173,175)	$ (295,076)	$ (173,175)	$ (295,076)	$ (294,514)	$ (239,425)
Interest expense	22,018	22,803	44,332	45,612
Cash flow hedge gain (loss) to be reclassified within twelve months			14,296
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss		(11,055)		(11,055)		$ (32,827)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent \| Foreign Exchange Forward
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	(19,881)		(19,881)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent \| Interest Rate Contract
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	(18,615)		(18,615)
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent \| Reclassification out of Accumulated Other Comprehensive Income \| Interest Rate Contract
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Interest expense	$ 449	$ 449	$ 899	$ 899

Basis of Presentation (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 30, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset, net	$ 135,189
Total operating lease liabilities	$ 152,486
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset, net		$ 121,230
Total operating lease liabilities		$ 139,520

Financial Instruments

6 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Financial Instruments

The Company's financial instruments include cash and cash equivalents, accounts receivable, short-term borrowings, accounts payable and certain accrued liabilities. At June 30, 2019, July 1, 2018 and December 30, 2018, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at June 30, 2019, July 1, 2018 and December 30, 2018 also include certain assets and liabilities measured at fair value (see Notes 7 and 9) as well as long-term borrowings. The carrying costs, which are equal to the outstanding principal amounts, and fair values of the Company's long-term borrowings as of June 30, 2019, July 1, 2018 and December 30, 2018 are as follows:



	June 30, 2019			July 1, 2018		December 30, 2018
	Carrying Cost		Fair Value	Carrying Cost	Fair Value	Carrying Cost	Fair Value
6.35% Notes Due 2040	$	500,000	591,850	500,000	557,250	500,000	535,000
3.50% Notes Due 2027	500,000		507,200	500,000	464,600	500,000	457,350
5.10% Notes Due 2044	300,000		310,860	300,000	287,730	300,000	272,640
3.15% Notes Due 2021	300,000		303,900	300,000	297,960	300,000	297,600
6.60% Debentures Due 2028	109,895		132,984	109,895	127,094	109,895	123,346
Total long-term debt	$	1,709,895	1,846,794	1,709,895	1,734,634	1,709,895	1,685,936
Less: Deferred debt expenses	14,062		—	15,545	—	14,803	—
Long-term debt	$	1,695,833	1,846,794	1,694,350	1,734,634	1,695,092	1,685,936

The fair values of the Company's long-term debt are considered Level 3 fair values (see Note 7 for further discussion of the fair value hierarchy) and are measured using the discounted future cash flows method. In addition to the debt terms, the valuation methodology includes an assumption of a discount rate that approximates the current yield on a similar debt security. This assumption is considered an unobservable input in that it reflects the Company's own assumptions about the inputs that market participants would use in pricing the asset or liability. The Company believes that this is the best information available for use in the fair value measurement.

Pension and Postretirement Benefits - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jul. 01, 2018	Jun. 30, 2019	Jul. 01, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligation, excess in plan assets	$ 19,000		$ 19,000
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-operating settlement charge	110,777	$ 0	110,777	$ 0
Contributions to defined benefit pension plans	520
Expected fiscal year defined benefit pension plan contributions			1,600
UNITED STATES
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Unrecognized losses, U.S. pension plan, remaining in accumulated other comprehensive loss	$ (32,394)		$ (32,394)