0000046080-19-000112 | 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		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Other comprehensive earnings (loss), tax effect:
Tax benefit (expense) on unrealized holding gains (losses)	$ 46	$ 179	$ (116)	$ 195
Tax (expense) benefit on cash flow hedging activities	(570)		(524)
Tax (expense) benefit on cash flow hedging activities		(73)		238
Tax (expense) benefit on changes in unrecognized pension amounts	0	0	(5,687)	7,565
Reclassifications to earnings, tax effect:
Tax expense on cash flow hedging activities	703		1,237
Tax expense on cash flow hedging activities		1,015		107
Tax benefit on unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations	(80)	(600)	(1,619)	(1,857)
Tax benefit on settlement of U.S defined benefit plan	0	0	(24,925)	0
Total tax effect on other comprehensive earnings (loss)	$ 99	$ 521	$ (31,634)	$ 6,248

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018
Current assets
Cash and cash equivalents	$ 1,060,432	$ 1,182,371	$ 907,107
Accounts receivable, less allowance for doubtful accounts of $18,200 $96,000 and $9,100	1,416,879	1,188,052	1,391,242
Inventories	589,132	443,383	610,918
Prepaid expenses and other current assets	346,687	268,698	283,183
Total current assets	3,413,130	3,082,504	3,192,450
Property, plant and equipment, less accumulated depreciation of $496,700 $452,000 and $462,700	371,881	256,473	255,150
Other assets
Goodwill	485,042	485,881	572,387
Other intangible assets, net of accumulated amortization of $771,700 $924,700 and $721,700	658,350	693,842	732,235
Other	626,221	744,288	743,107
Total other assets	1,769,613	1,924,011	2,047,729
Total assets	5,554,624	5,262,988	5,495,329
Current liabilities
Short-term borrowings	7,903	9,740	20,307
Accounts payable	501,136	333,521	458,808
Accrued liabilities	957,696	931,063	842,808
Total current liabilities	1,466,735	1,274,324	1,321,923
Long-term debt	1,696,204	1,695,092	1,694,721
Other liabilities	550,778	539,086	591,404
Total liabilities	3,713,717	3,508,502	3,608,048
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 September 29, 2019, September 30, 2018, and December 30, 2018	104,847	104,847	104,847
Additional paid-in capital	1,301,366	1,275,059	1,282,405
Retained earnings	4,180,331	4,184,374	4,254,919
Accumulated other comprehensive loss	(185,376)	(294,514)	(296,738)
Treasury stock, at cost; 83,442,005 shares at September 29, 2019; 82,979,119 shares at September 30, 2018; and 83,565,598 shares at December 30, 2018	(3,560,261)	(3,515,280)	(3,458,152)
Total shareholders' equity	1,840,907	1,754,486	1,887,281
Total liabilities and shareholders' equity	$ 5,554,624	$ 5,262,988	$ 5,495,329

Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net earnings	$ 212,949	$ 263,861	$ 253,109	$ 211,668
Other comprehensive earnings:
Foreign currency translation adjustments	(16,447)	(6,762)	(6,120)	(44,560)
Unrealized holding (losses) gains on available-for-sale securities, net of tax	(155)	(617)	400	(673)
Net gains on cash flow hedging activities, net of tax	9,514		14,027
Net gains on cash flow hedging activities, net of tax		5,323		23,765
Changes in unrecognized pension amounts, net of tax	0	0	19,589	(26,058)
Reclassifications to earnings, net of tax:
Net (gains) losses on cash flow hedging activities	(5,392)		(10,188)
Net (gains) losses on cash flow hedging activities		(1,672)		5,318
Amortization of unrecognized pension and postretirement amounts	279	2,066	5,578	6,398
Settlement of U.S. defined benefit plan	0	0	85,852	0
Total other comprehensive earnings (loss), net of tax	(12,201)	(1,662)	109,138	(35,810)
Comprehensive earnings	$ 200,748	$ 262,199	$ 362,247	$ 175,858

Leases - Lease Cost (Details) $ in Thousands	3 Months Ended	9 Months Ended
Leases - Lease Cost (Details) $ in Thousands	Sep. 29, 2019 USD ($)	Sep. 29, 2019 USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 9,003	$ 27,817
Right-of-use assets obtained in exchange for lease obligations, operating leases	$ 1,363	$ 25,622
Weighted average remaining lease term, operating leases	6 years 4 months 24 days	6 years 4 months 24 days
Weighted average discount rate, operating lease	4.50%	4.50%

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 29, 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 September 29, 2019 and September 30, 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 September 29, 2019 and September 30, 2018 were each 13-week periods. The nine month periods ended September 29, 2019 and September 30, 2018 were each 39-week periods. The results of operations for the quarter and nine month periods ended September 29, 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 expects to adopt the standard at the start of fiscal year 2020 and is currently evaluating the standard and the impact, if any, to its consolidated financial statements. Recent Events On August 22, 2019, the Company and Entertainment One Ltd. ("eOne") entered into a definitive agreement under which the Company will acquire all of the outstanding shares of stock of eOne in an all-cash transaction valued at approximately £3,300,000, or $4,000,000 based on exchange rates on the agreement date. Under the terms of the agreement, eOne shareholders will receive £5.60 in cash for each common share of eOne. The Company hedged a portion of its exposure to fluctuations in the British pound sterling in relation to the acquisition purchase price using a series of both foreign exchange forward and option contracts. These contracts do not qualify for hedge accounting and as such, were marked to market through the Company's Consolidated Statement of Operations. The Company recorded after-tax losses of $25,533 on these instruments to other (income) expense, net for the quarter and nine month periods ended September 29, 2019. See Note 9, Derivative Financial Instruments for further details. The Company expects to finance the transaction with a combination of debt and equity financing. On August 22, 2019, the Company entered into a debt commitment letter with Bank of America, N.A. ("BofA") and BofA Securities Inc., pursuant to which BofA (and certain of its affiliates) committed to provide a 364-day senior unsecured bridge loan facility in an aggregate principal amount of up to £3,600,000 to provide funding of the purchase price. Costs associated with the Bridge Facility in the amount of approximately $19,000 are being capitalized and are included in prepaid expenses and other current assets in the Company's consolidated balance sheets. In addition, on September 20, 2019, the Company entered into a Term Loan Agreement (the "Term Loan Agreement") with Bank of America, N.A., as administrative agent and certain financial institutions, as lenders, pursuant to which such lenders committed to provide, contingent upon the completion of the acquisition and certain other customary conditions to funding, (1) a three-year senior unsecured term loan facility in an aggregate principal amount of $400,000 (the "Three-Year Tranche") and (2) a five-year senior unsecured term loan facility in an aggregate principal amount of $600,000 (the "Five-Year Tranche" and, together with the Three-Year Tranche, the "Term Loan Facilities"). Borrowings under the Term Loan Facilities will be used to pay a portion of the cash consideration and other amounts payable in connection with the Company’s acquisition of eOne. The transaction, which is structured as a statutory plan of arrangement under the Canada Business Corporations Act, remains subject to receipt of certain regulatory approvals and other customary closing conditions. The transaction has received approval by eOne’s shareholders as well early termination of the waiting period under the Hart-Scott Rodino Antitrust Improvements Act in the U.S. and antitrust approval in Germany. On October 17, 2019 the shareholders of eOne approved the transaction. The transaction is expected to close during the fourth quarter of 2019. During the third quarter of 2019, the Company also entered into a second amended and restated revolving credit agreement with BofA, as administrative agent, swing line lender and a letter of credit issuer and certain other financial institutions, as lenders thereto (the "Revolving Credit Agreement"), which provides the Company with commitments having a maximum aggregate principal amount of $1,500,000, comprised of (1) $1,100,000 of commitments effective as of September 20, 2019, and (2) $400,000 of commitments that may become effective upon completion of the acquisition of eOne. The Revolving Credit Agreement contains certain financial covenants setting forth leverage and coverage requirements, and certain other limitations typical of an investment grade facility, including with respect to liens, mergers and incurrence of indebtedness. The Revolving Credit Agreement also provides for a potential additional incremental commitment increase of up to $500,000 subject to agreement of the lenders. Prior to the September 2019 amendment, the Revolving Credit Agreement provided for a $1,100,000 revolving credit facility. The Company was in compliance with all covenants as of and for the quarter ended September 29, 2019. The Company had no borrowings outstanding under its committed revolving credit facility as of September 29, 2019.

Derivative Financial Instruments - Narrative (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 30, 2018
Intercompany Loans
Derivative [Line Items]
Notional amount	$ 308,867	$ 311,331	$ 308,867	$ 311,331	$ 452,773
Foreign Exchange Forward
Derivative [Line Items]
Fair value	2,290	532	2,290	532	(1,551)
Foreign Exchange Forward \| Other Operating Income (Expense)
Derivative [Line Items]
Gain (loss) recognized in income for derivative instruments	10,121	5,030	16,705	8,781
Prepaid expenses and other current assets \| Foreign Exchange Forward
Derivative [Line Items]
Fair value	2,329	$ 608	2,329	$ 608	$ 0
eOne Acquisition \| Foreign Exchange Forward and Option
Derivative [Line Items]
Notional amount	2,867,500		2,867,500
Fair value	8,676		8,676
eOne Acquisition \| Foreign Exchange Forward and Option \| Other Operating Income (Expense)
Derivative [Line Items]
Gain (loss) recognized in income for derivative instruments	(25,533)		(25,533)
eOne Acquisition \| Prepaid expenses and other current assets \| Foreign Exchange Forward and Option
Derivative [Line Items]
Fair value	20,145		20,145
eOne Acquisition \| Accounts payable and accrued liabilities \| Foreign Exchange Forward and Option
Derivative [Line Items]
Fair value	$ 11,469		$ 11,469

Pension and Postretirement Benefits

9 Months Ended

Sep. 29, 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 September 29, 2019, the Company had unrecognized losses related to its remaining pension and postretirement plans of $32,115.

The components of the net periodic cost of the Company's terminated U.S. Pension Plan, remaining defined benefit pension plan and other postretirement plans for the quarters and nine months ended September 29, 2019 and September 30, 2018 are as follows:



	Quarter Ended
	Pension					Postretirement
	September 29, 2019			September 30, 2018		September 29, 2019	September 30, 2018
Service cost	$	325		678		311	189
Interest cost	821			3,997		316	292
Expected return on assets	(476		)	(5,190	)	—	—
Settlement	—			—		—	—
Net amortization and deferrals	598			2,971		5	42
Net periodic benefit cost	$	1,268		2,456		632	523



	Nine Months Ended
	Pension				Postretirement
	September 29, 2019		September 30, 2018		September 29, 2019	September 30, 2018
Service cost	2,170		2,030		667	566
Interest cost	7,939		11,993		948	877
Expected return on assets	(7,642	)	(15,569	)	—	—
Settlement	110,777		—		—	—
Net amortization and deferrals	7,906		8,913		15	127
Net periodic benefit cost	121,150		7,367		1,630	1,570

During the nine months ended September 29, 2019, the Company made cash contributions of $1,880 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 $2,100 in the aggregate.

Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands	Sep. 29, 2019 USD ($)
Leases [Abstract]
2019 (excluding the six months ended June 30, 2019)	$ 8,969
2020	33,876
2021	29,248
2022	27,012
2023	21,918
2024 and thereafter	45,288
Total future lease payments	166,311
Less imputed interest	21,856
Present value of future operating lease payments	144,455
Less current portion of operating lease liabilities	29,489
Non-current operating lease liability	114,966
Operating lease right-of-use asset, net	$ 127,005

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 29, 2019

Fair Value Disclosures [Abstract]

Fair Value Hierarchy

At September 29, 2019, September 30, 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)
September 29, 2019
Assets:
Available-for-sale securities	$	1,148	1,148	—	—
Derivatives	54,030		—	54,030	—
Total assets	$	55,178	1,148	54,030	—

Liabilities:
Derivatives	$	11,508	—	11,508	—
Option agreement	22,196		—	—	22,196
Total liabilities	$	33,704	—	11,508	22,196

September 30, 2018
Assets:
Available-for-sale securities	$	2,346	2,346	—	—
Derivatives	20,079		—	20,079	—
Total assets	$	22,425	2,346	20,079	—

Liabilities:
Derivatives	$	2,113	—	2,113	—
Option agreement	23,460		—	—	23,460
Total liabilities	$	25,573	—	2,113	23,460

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	1,244			520
Balance at end of third quarter	$	(22,196	)	(23,460	)

Pension and Postretirement Benefits - Components of Net Periodic Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	$ 325	$ 678	$ 2,170	$ 2,030
Interest cost	821	3,997	7,939	11,993
Expected return on assets	(476)	(5,190)	(7,642)	(15,569)
Settlement	0	0	110,777	0
Net amortization and deferrals	598	2,971	7,906	8,913
Net periodic benefit cost	1,268	2,456	121,150	7,367
Postretirement
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Service cost	311	189	667	566
Interest cost	316	292	948	877
Expected return on assets	0	0	0	0
Settlement	0	0	0	0
Net amortization and deferrals	5	42	15	127
Net periodic benefit cost	$ 632	$ 523	$ 1,630	$ 1,570

Financial Instruments (Tables)

9 Months Ended

Sep. 29, 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 September 29, 2019, September 30, 2018 and December 30, 2018 are as follows:



	September 29, 2019			September 30, 2018		December 30, 2018
	Carrying Cost		Fair Value	Carrying Cost	Fair Value	Carrying Cost	Fair Value
6.35% Notes Due 2040	$	500,000	587,850	500,000	546,450	500,000	535,000
3.50% Notes Due 2027	500,000		511,200	500,000	466,350	500,000	457,350
5.10% Notes Due 2044	300,000		310,080	300,000	285,390	300,000	272,640
3.15% Notes Due 2021	300,000		303,300	300,000	297,720	300,000	297,600
6.60% Debentures Due 2028	109,895		133,555	109,895	124,698	109,895	123,346
Total long-term debt	$	1,709,895	1,845,985	1,709,895	1,720,608	1,709,895	1,685,936
Less: Deferred debt expenses	13,691		—	15,174	—	14,803	—
Long-term debt	$	1,696,204	1,845,985	1,694,721	1,720,608	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

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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Subparagraph (SX 210.4-08.(e),(f))
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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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	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018
Derivatives, Fair Value [Line Items]
Total unrealized (losses) gains, net	$ 2,290	$ (1,551)	$ 532
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Unrealized gains	2,630	0	2,060
Unrealized losses	(301)	0	(1,452)
Total unrealized (losses) gains, net	2,329	0	608
Accrued liabilities
Derivatives, Fair Value [Line Items]
Unrealized gains	164	1,269	12
Unrealized losses	(203)	(2,820)	(33)
Total unrealized (losses) gains, net	(39)	(1,551)	(21)
Other liabilities
Derivatives, Fair Value [Line Items]
Unrealized gains	0	0	30
Unrealized losses	0	0	(85)
Total unrealized (losses) gains, net	$ 0	$ 0	$ (55)

Segment Reporting - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 1,575,173	$ 1,569,686	$ 3,292,220	$ 3,190,485
Operating Income (Loss)	297,210	313,336	461,670	320,505
Gaming including Magic the Gathering and Monopoly
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 449,393	447,844	$ 1,086,151	964,159
Wizards Of The Coast Digital Revenue
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues		11,999		33,271
Wizards of the Coast Digital Operating Profit
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating Income (Loss)		$ 3,455		$ 9,825

Segment Reporting - Operating Profit (Loss) by Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	$ 297,210	$ 313,336	$ 461,670	$ 320,505
Corporate and Eliminations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	618	(16,291)	27,573	(30,786)
U.S. and Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	193,686	223,061	313,795	269,539
International
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	67,238	66,274	51,410	10,359
Entertainment, Licensing and Digital
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	24,594	37,113	62,550	76,016
Global Operations
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	$ 11,074	$ 3,179	$ 6,342	$ (4,623)

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	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018
Derivatives, Fair Value [Line Items]
Net unrealized gains	$ 31,556	$ 26,017	$ 17,434
Foreign Exchange Forward \| Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Unrealized gains	22,529	21,718	15,414
Unrealized losses	(1,333)	(972)	(4,079)
Net unrealized gains	21,196	20,746	11,335
Foreign Exchange Forward \| Other assets
Derivatives, Fair Value [Line Items]
Unrealized gains	10,609	6,173	9,591
Unrealized losses	(249)	(843)	(1,455)
Net unrealized gains	10,360	5,330	8,136
Foreign Exchange Forward \| Accrued liabilities
Derivatives, Fair Value [Line Items]
Unrealized gains	0	77	596
Unrealized losses	0	(136)	(1,182)
Net unrealized gains	0	(59)	(586)
Foreign Exchange Forward \| Other liabilities
Derivatives, Fair Value [Line Items]
Unrealized gains	0	0	1,035
Unrealized losses	0	0	(2,486)
Net unrealized gains	$ 0	$ 0	$ (1,451)

Segment Reporting

9 Months Ended

Sep. 29, 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 Wizards of the Coast digital gaming business, consumer products licensing, owned and licensed 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 nine months ended September 30, 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 nine month periods ended September 29, 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 nine month periods ended September 29, 2019 and September 30, 2018 are as follows:



	Quarter Ended
	September 29, 2019				September 30, 2018
Net revenues	External		Affiliate		External	Affiliate
U.S. and Canada	$	898,269	2,535		912,179	2,364
International	561,137		—		560,704	2
Entertainment, Licensing and Digital	115,766		3,849		96,803	4,712
Global Operations (a)	1		538,817		—	557,049
Corporate and Eliminations (b)	—		(545,201	)	—	(564,127	)
	$	1,575,173	—		1,569,686	—



	Nine Months Ended
	September 29, 2019				September 30, 2018
Net revenues	External		Affiliate		External	Affiliate
U.S. and Canada	$	1,766,649	7,379		1,714,536	7,093
International	1,221,224		186		1,229,093	290
Entertainment, Licensing and Digital	304,266		7,989		246,747	11,378
Global Operations (a)	81		1,088,860		109	1,152,851
Corporate and Eliminations (b)	—		(1,104,414	)	—	(1,171,612	)
	$	3,292,220	—		3,190,485	—

As a result of the realignment of the Company's financial reporting segments, revenues of $11,999 and $33,271 for the quarter and nine months ended September 30, 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					Nine Months Ended
Operating profit (loss)	September 29, 2019		September 30, 2018			September 29, 2019		September 30, 2018
U.S. and Canada	$	193,686	$	223,061		$	313,795	$	269,539
International	67,238		66,274			51,410		10,359
Entertainment, Licensing and Digital	24,594		37,113			62,550		76,016
Global Operations (a)	11,074		3,179			6,342		(4,623		)
Corporate and Eliminations (b)	618		(16,291		)	27,573		(30,786		)
	$	297,210	$	313,336		$	461,670	$	320,505

As a result of the realignment of the Company's financial reporting segments, operating profit of $3,455 and $9,825 for the quarter and nine months ended September 30, 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	September 29, 2019			September 30, 2018		December 30, 2018
U.S. and Canada	$	3,331,125		3,028,291		2,898,816
International	2,394,488			2,323,866		2,229,053
Entertainment, Licensing and Digital	1,031,906			890,526		621,595
Global Operations (a)	3,255,286			4,306,291		3,197,847
Corporate and Eliminations (b)	(4,458,181		)	(5,053,645	)	(3,684,323	)
	$	5,554,624		5,495,329		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 nine month periods ended September 29, 2019 and September 30, 2018:



	Quarter Ended			Nine Months Ended
	September 29, 2019		September 30, 2018	September 29, 2019		September 30, 2018
Europe	$	319,277	331,353	$	673,728	686,490
Latin America	151,987		145,703	305,106		308,065
Asia Pacific	89,873		83,648	242,390		234,538
Net revenues	$	561,137	560,704	$	1,221,224	1,229,093

The following table presents consolidated net revenues by brand portfolio for the quarters and nine month periods ended September 29, 2019 and September 30, 2018:



	Quarter Ended				Nine Months Ended
	September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
Franchise Brands	$	779,659	$	847,745	$	1,749,948	$	1,715,986
Partner Brands	427,029		305,827		812,466		714,424
Hasbro Gaming	232,287		280,832		463,272		520,334
Emerging Brands	136,198		135,282		266,534		239,741
Total	$	1,575,173	$	1,569,686	$	3,292,220	$	3,190,485

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 $449,393 and $1,086,151 for the quarter and nine months ended September 29, 2019, respectively. For the quarter and nine months ended September 30, 2018, total gaming revenues were $447,844 and $964,159, respectively.

Label	Element	Value
AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (21,503,000)
Retained Earnings [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		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains	$ 6,544	$ 4,669	$ 12,773	$ 506
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains	4,678	3,358	9,278	(1,483)
Net revenues
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains	1,889	1,328	3,366	2,090
Other
Derivative Instruments, Gain (Loss) [Line Items]
Net realized gains	$ (23)	$ (17)	$ 129	$ (101)

Income Taxes	9 Months Ended
Income Taxes	Sep. 29, 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. In the third quarter of 2018, the estimate was further revised based on additional guidance and a one-time tax benefit of $17,336 was recorded. For the nine months ended September 29, 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. defined benefit pension plan liability 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 Per Share (Tables)

9 Months Ended

Sep. 29, 2019

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share

Net earnings per share data for the quarters and nine months ended September 29, 2019 and September 30, 2018 were computed as follows:



	2019			2018
Quarter	Basic		Diluted	Basic	Diluted
Net earnings	$	212,949	212,949	263,861	263,861

Average shares outstanding	126,453		126,453	127,161	127,161
Effect of dilutive securities:
Options and other share-based awards	—		751	—	731
Equivalent Shares	126,453		127,204	127,161	127,892

Net earnings per common share	$	1.68	1.67	2.08	2.06



	2019			2018
Nine Months	Basic		Diluted	Basic	Diluted
Net earnings	$	253,109	253,109	211,668	211,668

Average shares outstanding	126,356		126,356	125,982	125,982
Effect of dilutive securities:
Options and other share-based awards	—		600	—	792
Equivalent Shares	126,356		126,956	125,982	126,774

Net earnings per common share	$	2.00	1.99	1.68	1.67

Fair Value of Financial Instruments

9 Months Ended

Sep. 29, 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 September 29, 2019, September 30, 2018 and December 30, 2018, these investments totaled $24,916, $24,201 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 $566 and $1,293 on these investments in other (income) expense, net for the quarter and nine months ended September 29, 2019, respectively, related to the change in fair value of such instruments. For the quarter and nine month periods ended September 30, 2018, the Company recorded net (losses) gains of $(10) and $96, 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)
September 29, 2019
Assets:
Available-for-sale securities	$	1,148	1,148	—	—
Derivatives	54,030		—	54,030	—
Total assets	$	55,178	1,148	54,030	—

Liabilities:
Derivatives	$	11,508	—	11,508	—
Option agreement	22,196		—	—	22,196
Total liabilities	$	33,704	—	11,508	22,196

September 30, 2018
Assets:
Available-for-sale securities	$	2,346	2,346	—	—
Derivatives	20,079		—	20,079	—
Total assets	$	22,425	2,346	20,079	—

Liabilities:
Derivatives	$	2,113	—	2,113	—
Option agreement	23,460		—	—	23,460
Total liabilities	$	25,573	—	2,113	23,460

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 and option 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 September 29, 2019, September 30, 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 nine month period ended September 29, 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	1,244			520
Balance at end of third quarter	$	(22,196	)	(23,460	)

In addition to the above, the Company has three investments for which the fair value is measured using net asset value per share. At September 29, 2019, September 30, 2018 and December 30, 2018, these investments had fair values of $24,916, $24,201 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 - Net Revenues by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues, external	$ 1,575,173	$ 1,569,686	$ 3,292,220	$ 3,190,485
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	(545,201)	(564,127)	(1,104,414)	(1,171,612)
U.S. and Canada
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues, external	898,269	912,179	1,766,649	1,714,536
Net revenues, affiliate	2,535	2,364	7,379	7,093
International
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues, external	561,137	560,704	1,221,224	1,229,093
Net revenues, affiliate	0	2	186	290
Entertainment, Licensing and Digital
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues, external	115,766	96,803	304,266	246,747
Net revenues, affiliate	3,849	4,712	7,989	11,378
Global Operations
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues, external	1	0	81	109
Net revenues, affiliate	$ 538,817	$ 557,049	$ 1,088,860	$ 1,152,851

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Sep. 30, 2018	Apr. 01, 2018	Sep. 29, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Increase (decrease) to provisional tax expense (benefit)	$ (17,336)		$ 47,800
Tax benefit on settlement of U.S defined benefit plan	$ 0	$ 0		$ 24,925	$ 0

Earnings Per Share - Narrative (Details) - shares	3 Months Ended		9 Months Ended
Earnings Per Share - Narrative (Details) - shares	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Employee stock option and restricted stock units (in shares)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	949,000	1,088,000	1,124,000

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018
Assets:
Available-for-sale securities	$ 1,148	$ 914	$ 2,346
Derivatives	54,030	26,076	20,079
Total assets	55,178	26,990	22,425
Liabilities:
Derivatives	11,508	1,610	2,113
Option agreement	22,196	23,440	23,460
Total liabilities	33,704	25,050	25,573
Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Available-for-sale securities	1,148	914	2,346
Derivatives	0	0	0
Total assets	1,148	914	2,346
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	54,030	26,076	20,079
Total assets	54,030	26,076	20,079
Liabilities:
Derivatives	11,508	1,610	2,113
Option agreement	0	0	0
Total liabilities	11,508	1,610	2,113
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	22,196	23,440	23,460
Total liabilities	$ 22,196	$ 23,440	$ 23,460

Cover - shares	9 Months Ended
Cover - shares	Sep. 29, 2019	Oct. 18, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 29, 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	Q3
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	02861
City Area Code	401
Local Phone Number	431-8697
Title of 12(b) Security	Common Stock, $0.50 par value per share
Trading Symbol	HAS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		126,253,142

Revenue Recognition - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018
Revenue from Contract with Customer [Abstract]
Contract with customer liability	$ 46,768	$ 50,759	$ 43,653
Contract with customer asset	48,357	18,166	33,167
Prepaid expenses and other current assets	34,033	12,895	28,477
Other long-term assets	$ 14,324	$ 5,271	$ 4,690

Basis of Presentation (Policies)	9 Months Ended
Basis of Presentation (Policies)	Sep. 29, 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 September 29, 2019 and September 30, 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 September 29, 2019 and September 30, 2018 were each 13-week periods. The nine month periods ended September 29, 2019 and September 30, 2018 were each 39-week periods. The results of operations for the quarter and nine month periods ended September 29, 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 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 expects to adopt the standard at the start of fiscal year 2020 and is currently evaluating the standard and the impact, if any, to its consolidated financial statements.
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 $46,768, $43,653, and $50,759 as of September 29, 2019, September 30, 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 nine months ended September 29, 2019 and September 30, 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 September 29, 2019, September 30, 2018 and December 30, 2018, these contract assets were $48,357, $33,167 and $18,166, respectively, of which $34,033, $28,477 and $12,895, respectively, were recorded in Prepaid Expenses and Other Current Assets and $14,324, $4,690 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.
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 to 18 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	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018
Current assets
Accounts receivable, allowance for doubtful accounts	$ 18,200	$ 9,100	$ 96,000
Property, plant and equipment, accumulated depreciation	496,700	462,700	452,000
Other assets
Other intangibles, accumulated amortization	$ 771,700	$ 721,700	$ 924,700
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)	83,442,005	83,565,598	82,979,119

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	211,668			211,668			$ 211,668
Issuance of shares for Saban purchase			198,853			81,544	280,397
Other comprehensive earnings (loss)	(35,810)				(35,810)		(35,810)
Stock-based compensation transactions			(2,660)			(1,272)	(3,932)
Purchases of common stock						(192,348)	(192,348)
Stock-based compensation expense			35,607			216	35,823
Dividends declared				(238,474)			(238,474)
Balance at Sep. 30, 2018	1,887,281	104,847	1,282,405	4,254,919	(296,738)	(3,458,152)	1,887,281
Balance at Jul. 01, 2018	1,766,750	104,847	1,263,657	4,070,661	(295,076)	(3,377,339)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	263,861			263,861
Issuance of shares for Saban purchase	0
Other comprehensive earnings (loss)	(1,662)				(1,662)
Stock-based compensation transactions	5,112		6,470			(1,358)
Purchases of common stock	(79,455)					(79,455)
Stock-based compensation expense	12,278		12,278
Dividends declared	(79,603)			(79,603)
Balance at Sep. 30, 2018	1,887,281	104,847	1,282,405	4,254,919	(296,738)	(3,458,152)	1,887,281
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	253,109			253,109			253,109
Other comprehensive earnings (loss)	109,138				109,138		109,138
Stock-based compensation transactions			1,756			14,920	16,676
Purchases of common stock						(60,137)	(60,137)
Stock-based compensation expense			24,551			236	24,787
Dividends declared				(257,152)			(257,152)
Balance at Sep. 29, 2019	1,840,907	104,847	1,301,366	4,180,331	(185,376)	(3,560,261)	1,840,907
Balance at Jun. 30, 2019	1,715,869	104,847	1,290,540	4,053,266	(173,175)	(3,559,609)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	212,949			212,949
Other comprehensive earnings (loss)	(12,201)				(12,201)
Stock-based compensation transactions	2,785		1,933			852
Purchases of common stock	(1,504)					(1,504)
Stock-based compensation expense	8,893		8,893
Dividends declared	(85,884)			(85,884)
Balance at Sep. 29, 2019	$ 1,840,907	$ 104,847	$ 1,301,366	$ 4,180,331	$ (185,376)	$ (3,560,261)	$ 1,840,907

- 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	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018
Debt Instrument [Line Items]
Long-term debt, carrying cost	$ 1,709,895	$ 1,709,895	$ 1,709,895
Less: Deferred debt expenses	13,691	14,803	15,174
Long-term Debt, Excluding Current Maturities	1,696,204	1,695,092	1,694,721
Fair Value	1,845,985	1,685,936	1,720,608
6.35% Notes Due 2040
Debt Instrument [Line Items]
Long-term debt, carrying cost	500,000	500,000	500,000
Fair Value	$ 587,850	535,000	546,450
Interest Rate	6.35%
3.50% Notes Due 2027
Debt Instrument [Line Items]
Long-term debt, carrying cost	$ 500,000	500,000	500,000
Fair Value	$ 511,200	457,350	466,350
Interest Rate	3.50%
5.10% Notes Due 2044
Debt Instrument [Line Items]
Long-term debt, carrying cost	$ 300,000	300,000	300,000
Fair Value	$ 310,080	272,640	285,390
Interest Rate	5.10%
3.15% Notes Due 2021
Debt Instrument [Line Items]
Long-term debt, carrying cost	$ 300,000	300,000	300,000
Fair Value	$ 303,300	297,600	297,720
Interest Rate	3.15%
6.60% Debentures Due 2028
Debt Instrument [Line Items]
Long-term debt, carrying cost	$ 109,895	109,895	109,895
Fair Value	$ 133,555	$ 123,346	$ 124,698
Interest Rate	6.60%

Pension and Postretirement Benefits (Tables)

9 Months Ended

Sep. 29, 2019

Retirement Benefits [Abstract]

Components of net periodic cost



	Quarter Ended
	Pension					Postretirement
	September 29, 2019			September 30, 2018		September 29, 2019	September 30, 2018
Service cost	$	325		678		311	189
Interest cost	821			3,997		316	292
Expected return on assets	(476		)	(5,190	)	—	—
Settlement	—			—		—	—
Net amortization and deferrals	598			2,971		5	42
Net periodic benefit cost	$	1,268		2,456		632	523



	Nine Months Ended
	Pension				Postretirement
	September 29, 2019		September 30, 2018		September 29, 2019	September 30, 2018
Service cost	2,170		2,030		667	566
Interest cost	7,939		11,993		948	877
Expected return on assets	(7,642	)	(15,569	)	—	—
Settlement	110,777		—		—	—
Net amortization and deferrals	7,906		8,913		15	127
Net periodic benefit cost	121,150		7,367		1,630	1,570

Earnings Per Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net earnings	$ 212,949	$ 263,861	$ 253,109	$ 211,668
Average number of shares outstanding, basic and diluted (in shares)	126,453	127,161	126,356	125,982
Earnings Per Share, Basic [Abstract]
Equivalent shares outstanding, basic (in shares)	126,453	127,161	126,356	125,982
Earnings per share, basic (in dollars per shares)	$ 1.68	$ 2.08	$ 2.00	$ 1.68
Effect of dilutive securities:
Options and other share-based awards (in shares)	751	731	600	792
Equivalent shares outstanding, diluted (in shares)	127,204	127,892	126,956	126,774
Earnings per share, diluted (in dollars per shares)	$ 1.67	$ 2.06	$ 1.99	$ 1.67

Leases

9 Months Ended

Sep. 29, 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 to 18 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 nine months ended September 29, 2019, operating lease expense was $8,907 and $26,982, respectively. Expense related to short-term leases (expected terms less than 12 months) and variable lease payments was not material in the quarter or nine months ended September 29, 2019.

Information related to the Company’s leases for the quarter and nine months ended September 29, 2019 is as follows:



	Quarter Ended		Nine Months Ended
	September 29, 2019		September 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,003	$	27,817
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	1,363	$	25,622

Weighted Average Remaining Lease Term
Operating leases			6.4 years
Weighted Average Discount Rate
Operating leases			4.5		%

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 September 29, 2019:



	September 29, 2019
2019 (excluding the nine months ended September 29, 2019)	$	8,969
2020	33,876
2021	29,248
2022	27,012
2023	21,918
2024 and thereafter	45,288
Total future lease payments	166,311
Less imputed interest	21,856
Present value of future operating lease payments	144,455
Less current portion of operating lease liabilities ⁽¹⁾	29,489
Non-current operating lease liability ⁽²⁾	114,966
Operating lease right-of-use assets, net ⁽³⁾	$	127,005

⁽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)

9 Months Ended

Sep. 29, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Cash Flow Hedging Instruments

At September 29, 2019, September 30, 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:



	September 29, 2019				September 30, 2018			December 30, 2018
Hedged transaction	Notional Amount		Fair Value		Notional Amount	Fair Value		Notional Amount	Fair Value
Inventory purchases	$	420,839	24,462		555,661	6,827		468,305	15,089
Sales	212,062		7,231		319,421	13,027		298,194	11,232
Royalties and Other	16,935		(137	)	117,534	(2,420	)	26,341	(304	)
Total	$	649,836	31,556		992,616	17,434		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 September 29, 2019, September 30, 2018 and December 30, 2018 as follows:



	September 29, 2019			September 30, 2018		December 30, 2018
Prepaid expenses and other current assets
Unrealized gains	$	22,529		15,414		21,718
Unrealized losses	(1,333		)	(4,079	)	(972	)
Net unrealized gains	$	21,196		11,335		20,746

Other assets
Unrealized gains	$	10,609		9,591		6,173
Unrealized losses	(249		)	(1,455	)	(843	)
Net unrealized gains	$	10,360		8,136		5,330

Accrued liabilities
Unrealized gains	$	—		596		77
Unrealized losses	—			(1,182	)	(136	)
Net unrealized losses	$	—		(586	)	(59	)

Other liabilities
Unrealized gains	$	—		1,035		—
Unrealized losses	—			(2,486	)	—
Net unrealized losses	$	—		(1,451	)	—

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 nine months ended September 29, 2019 and September 30, 2018 as follows:



	Quarter Ended					Nine Months Ended
	September 29, 2019			September 30, 2018		September 29, 2019	September 30, 2018
Statements of Operations Classification
Cost of sales	$	4,678		3,358		9,278	(1,483	)
Net revenues	1,889			1,328		3,366	2,090
Other	(23		)	(17	)	129	(101	)
Net realized gains	$	6,544		4,669		12,773	506

Fair Values of Undesignated Derivative Financial Instruments

At September 29, 2019, September 30, 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:



	September 29, 2019			September 30, 2018		December 30, 2018
Prepaid expenses and other current assets
Unrealized gains	$	2,630		2,060		—
Unrealized losses	(301		)	(1,452	)	—
Net unrealized gains	$	2,329		608		—

Accrued liabilities
Unrealized gains	$	164		12		1,269
Unrealized losses	(203		)	(33	)	(2,820	)
Net unrealized losses	$	(39	)	(21	)	(1,551	)

Other liabilities
Unrealized gains	—			30		—
Unrealized losses	—			(85	)	—
Net unrealized losses	—			(55	)	—

Total unrealized (losses) gains, net	$	2,290		532		(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.

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+ Details

Derivative Financial Instruments

9 Months Ended

Sep. 29, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Hasbro uses foreign currency forward contracts and zero-cost collar options 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 and zero-cost collar options 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 and zero-cost collar options 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.



	September 29, 2019				September 30, 2018			December 30, 2018
Hedged transaction	Notional Amount		Fair Value		Notional Amount	Fair Value		Notional Amount	Fair Value
Inventory purchases	$	420,839	24,462		555,661	6,827		468,305	15,089
Sales	212,062		7,231		319,421	13,027		298,194	11,232
Royalties and Other	16,935		(137	)	117,534	(2,420	)	26,341	(304	)
Total	$	649,836	31,556		992,616	17,434		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 September 29, 2019, September 30, 2018 and December 30, 2018 as follows:



	September 29, 2019			September 30, 2018		December 30, 2018
Prepaid expenses and other current assets
Unrealized gains	$	22,529		15,414		21,718
Unrealized losses	(1,333		)	(4,079	)	(972	)
Net unrealized gains	$	21,196		11,335		20,746

Other assets
Unrealized gains	$	10,609		9,591		6,173
Unrealized losses	(249		)	(1,455	)	(843	)
Net unrealized gains	$	10,360		8,136		5,330

Accrued liabilities
Unrealized gains	$	—		596		77
Unrealized losses	—			(1,182	)	(136	)
Net unrealized losses	$	—		(586	)	(59	)

Other liabilities
Unrealized gains	$	—		1,035		—
Unrealized losses	—			(2,486	)	—
Net unrealized losses	$	—		(1,451	)	—



	Quarter Ended					Nine Months Ended
	September 29, 2019			September 30, 2018		September 29, 2019	September 30, 2018
Statements of Operations Classification
Cost of sales	$	4,678		3,358		9,278	(1,483	)
Net revenues	1,889			1,328		3,366	2,090
Other	(23		)	(17	)	129	(101	)
Net realized gains	$	6,544		4,669		12,773	506

Undesignated Hedges

Intercompany Loans

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 September 29, 2019, September 30, 2018 and December 30, 2018 the total notional amounts of the Company's undesignated derivative instruments were $308,867, $311,331 and $452,773, respectively.



	September 29, 2019			September 30, 2018		December 30, 2018
Prepaid expenses and other current assets
Unrealized gains	$	2,630		2,060		—
Unrealized losses	(301		)	(1,452	)	—
Net unrealized gains	$	2,329		608		—

Accrued liabilities
Unrealized gains	$	164		12		1,269
Unrealized losses	(203		)	(33	)	(2,820	)
Net unrealized losses	$	(39	)	(21	)	(1,551	)

Other liabilities
Unrealized gains	—			30		—
Unrealized losses	—			(85	)	—
Net unrealized losses	—			(55	)	—

Total unrealized (losses) gains, net	$	2,290		532		(1,551	)

The Company recorded net gains of $10,121 and $16,705 on these instruments to other (income) expense, net for the quarter and nine month periods ended September 29, 2019, respectively, and net gains of $5,030 and $8,781 on these instruments to other (income) expense, net for the quarter and nine month periods ended September 30, 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.

eOne Purchase Price Hedge

As described in Note 1, during the third quarter of 2019 the Company hedged a portion of its exposure to fluctuations in the British pound sterling in relation to the eOne acquisition purchase using a series of both foreign exchange forward and option contracts. These contracts do not qualify for hedge accounting and as such, were marked to market through the Company's Consolidated Statement of Operations. As of September 29, 2019, these derivative instruments had a total notional value of $2,867,500 and a net fair value of $8,676 of which $20,145 is recorded to prepaid expenses and other current assets and $11,469 is recorded to accounts payable and accrued liabilities within the Company’s consolidated financial statements. In addition, the Company recorded pretax net losses of $25,533 on these instruments to other (income) expense, net for the quarter and nine month periods ended September 29, 2019.

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

Other Comprehensive Earnings (Loss) (Tables)

9 Months Ended

Sep. 29, 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 nine month periods ended September 29, 2019 and September 30, 2018.



	Quarter Ended					Nine Months Ended
	September 29, 2019			September 30, 2018		September 29, 2019		September 30, 2018

Other comprehensive earnings (loss), tax effect:
Tax benefit (expense) on unrealized holding gains (losses)	$	46		179		(116	)	195
Tax (expense) benefit on cash flow hedging activities	(570		)	(73	)	(524	)	238
Tax (expense) benefit on changes in unrecognized pension amounts	—			—		(5,687	)	7,565
Reclassifications to earnings, tax effect:
Tax expense on cash flow hedging activities	703			1,015		1,237		107
Tax benefit on unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations	(80		)	(600	)	(1,619	)	(1,857	)
Tax benefit on settlement of U.S defined benefit plan	—			—		(24,925	)	—
Total tax effect on other comprehensive earnings (loss)	$	99		521		(31,634	)	6,248

Schedule of Accumulated Other Comprehensive Earnings (Loss)

Changes in the components of accumulated other comprehensive earnings (loss) for the nine months ended September 29, 2019 and September 30, 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)	111,019			3,839		400		(6,120	)	109,138
Balance at September 29, 2019	$	(32,115	)	5,388		(344	)	(158,305	)	(185,376	)

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)	(19,660		)	29,083		(673	)	(44,560	)	(35,810	)
Balance at September 30, 2018	$	(148,696	)	(7,404	)	583		(141,221	)	(296,738	)

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net revenues	$ 1,575,173	$ 1,569,686	$ 3,292,220	$ 3,190,485
Costs and expenses:
Cost of sales	627,119	655,597	1,230,800	1,249,090
Royalties	128,008	105,265	258,957	240,962
Product development	67,354	65,807	189,246	183,050
Advertising	140,256	134,384	309,659	290,001
Amortization of intangibles	11,814	8,841	35,445	19,873
Program production cost amortization	28,028	14,088	58,105	33,419
Selling, distribution and administration	275,384	272,368	748,338	853,585
Total costs and expenses	1,277,963	1,256,350	2,830,550	2,869,980
Operating profit	297,210	313,336	461,670	320,505
Non-operating (income) expense:
Interest expense	22,764	22,779	67,096	68,391
Interest income	(5,485)	(4,671)	(19,164)	(17,227)
Other expense (income), net	20,185	(566)	118,289	(6,189)
Total non-operating expense, net	37,464	17,542	166,221	44,975
Earnings before income taxes	259,746	295,794	295,449	275,530
Income tax expense	46,797	31,933	42,340	63,862
Net earnings	$ 212,949	$ 263,861	$ 253,109	$ 211,668
Net earnings (loss) per common share:
Basic (in dollars per share)	$ 1.68	$ 2.08	$ 2.00	$ 1.68
Diluted (in dollars per share)	1.67	2.06	1.99	1.67
Cash dividends declared per common share (in dollars per share)	$ 0.68	$ 0.63	$ 2.04	$ 1.89

Segment Reporting - Schedule of International Segment Net Revenues by Major Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 1,575,173	$ 1,569,686	$ 3,292,220	$ 3,190,485
International
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	561,137	560,704	1,221,224	1,229,093
International \| Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	319,277	331,353	673,728	686,490
International \| Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	151,987	145,703	305,106	308,065
International \| Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 89,873	$ 83,648	$ 242,390	$ 234,538

Restructuring Actions

9 Months Ended

Sep. 29, 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 nine 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		)
Payments made in the third quarter of 2019	(6,696		)
Remaining amounts as of September 29, 2019	$	46,944

Restructuring Actions - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Apr. 01, 2018	Sep. 29, 2019	Dec. 30, 2018
Restructuring Charges [Abstract]
Pre-tax restructuring charges relating to severance and other employee costs	$ 17,349	$ 0
Severance expense recorded, fourth quarter			$ 72,000

Segment Reporting (Tables)

9 Months Ended

Sep. 29, 2019

Segment Reporting [Abstract]

Net revenues by segment

Information by segment and a reconciliation to reported amounts for the quarter and nine month periods ended September 29, 2019 and September 30, 2018 are as follows:



	Quarter Ended
	September 29, 2019				September 30, 2018
Net revenues	External		Affiliate		External	Affiliate
U.S. and Canada	$	898,269	2,535		912,179	2,364
International	561,137		—		560,704	2
Entertainment, Licensing and Digital	115,766		3,849		96,803	4,712
Global Operations (a)	1		538,817		—	557,049
Corporate and Eliminations (b)	—		(545,201	)	—	(564,127	)
	$	1,575,173	—		1,569,686	—



	Nine Months Ended
	September 29, 2019				September 30, 2018
Net revenues	External		Affiliate		External	Affiliate
U.S. and Canada	$	1,766,649	7,379		1,714,536	7,093
International	1,221,224		186		1,229,093	290
Entertainment, Licensing and Digital	304,266		7,989		246,747	11,378
Global Operations (a)	81		1,088,860		109	1,152,851
Corporate and Eliminations (b)	—		(1,104,414	)	—	(1,171,612	)
	$	3,292,220	—		3,190,485	—

Operating profit (loss) by segments



	Quarter Ended					Nine Months Ended
Operating profit (loss)	September 29, 2019		September 30, 2018			September 29, 2019		September 30, 2018
U.S. and Canada	$	193,686	$	223,061		$	313,795	$	269,539
International	67,238		66,274			51,410		10,359
Entertainment, Licensing and Digital	24,594		37,113			62,550		76,016
Global Operations (a)	11,074		3,179			6,342		(4,623		)
Corporate and Eliminations (b)	618		(16,291		)	27,573		(30,786		)
	$	297,210	$	313,336		$	461,670	$	320,505

Total assets by segments



Total assets	September 29, 2019			September 30, 2018		December 30, 2018
U.S. and Canada	$	3,331,125		3,028,291		2,898,816
International	2,394,488			2,323,866		2,229,053
Entertainment, Licensing and Digital	1,031,906			890,526		621,595
Global Operations (a)	3,255,286			4,306,291		3,197,847
Corporate and Eliminations (b)	(4,458,181		)	(5,053,645	)	(3,684,323	)
	$	5,554,624		5,495,329		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 nine month periods ended September 29, 2019 and September 30, 2018:



	Quarter Ended			Nine Months Ended
	September 29, 2019		September 30, 2018	September 29, 2019		September 30, 2018
Europe	$	319,277	331,353	$	673,728	686,490
Latin America	151,987		145,703	305,106		308,065
Asia Pacific	89,873		83,648	242,390		234,538
Net revenues	$	561,137	560,704	$	1,221,224	1,229,093

Net revenues by product category

The following table presents consolidated net revenues by brand portfolio for the quarters and nine month periods ended September 29, 2019 and September 30, 2018:



	Quarter Ended				Nine Months Ended
	September 29, 2019		September 30, 2018		September 29, 2019		September 30, 2018
Franchise Brands	$	779,659	$	847,745	$	1,749,948	$	1,715,986
Partner Brands	427,029		305,827		812,466		714,424
Hasbro Gaming	232,287		280,832		463,272		520,334
Emerging Brands	136,198		135,282		266,534		239,741
Total	$	1,575,173	$	1,569,686	$	3,292,220	$	3,190,485

Revenue Recognition	9 Months Ended
Revenue Recognition	Sep. 29, 2019
Revenue from Contract with Customer [Abstract]
Revenue Recognition	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 $46,768, $43,653, and $50,759 as of September 29, 2019, September 30, 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 nine months ended September 29, 2019 and September 30, 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 September 29, 2019, September 30, 2018 and December 30, 2018, these contract assets were $48,357, $33,167 and $18,166, respectively, of which $34,033, $28,477 and $12,895, respectively, were recorded in Prepaid Expenses and Other Current Assets and $14,324, $4,690 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)

9 Months Ended

Sep. 29, 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 nine month periods ended September 29, 2019 and September 30, 2018.



	Quarter Ended					Nine Months Ended
	September 29, 2019			September 30, 2018		September 29, 2019		September 30, 2018

Other comprehensive earnings (loss), tax effect:
Tax benefit (expense) on unrealized holding gains (losses)	$	46		179		(116	)	195
Tax (expense) benefit on cash flow hedging activities	(570		)	(73	)	(524	)	238
Tax (expense) benefit on changes in unrecognized pension amounts	—			—		(5,687	)	7,565
Reclassifications to earnings, tax effect:
Tax expense on cash flow hedging activities	703			1,015		1,237		107
Tax benefit on unrecognized pension and postretirement amounts reclassified to the consolidated statements of operations	(80		)	(600	)	(1,619	)	(1,857	)
Tax benefit on settlement of U.S defined benefit plan	—			—		(24,925	)	—
Total tax effect on other comprehensive earnings (loss)	$	99		521		(31,634	)	6,248

Changes in the components of accumulated other comprehensive earnings (loss) for the nine months ended September 29, 2019 and September 30, 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)	111,019			3,839		400		(6,120	)	109,138
Balance at September 29, 2019	$	(32,115	)	5,388		(344	)	(158,305	)	(185,376	)

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)	(19,660		)	29,083		(673	)	(44,560	)	(35,810	)
Balance at September 30, 2018	$	(148,696	)	(7,404	)	583		(141,221	)	(296,738	)

Gains (Losses) on Derivative Instruments

At September 29, 2019, the Company had remaining net deferred gains on foreign currency forward contracts, net of tax, of $23,654 in accumulated other comprehensive loss ("AOCE"). These instruments hedge payments related to inventory purchased in the third 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 third 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 September 29, 2019, deferred losses, net of tax of $18,266 related to these instruments remained in AOCE. For the quarters ended September 29, 2019 and September 30, 2018, previously deferred losses of $450, were reclassified from AOCE to net earnings. For the nine month periods ended September 29, 2019 and September 30, 2018, previously deferred losses of $1,349 were reclassified from AOCE to net earnings.

Of the amount included in AOCE at September 29, 2019, the Company expects net gains of approximately $18,471 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		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Revenue from External Customer [Line Items]
Net revenues	$ 1,575,173	$ 1,569,686	$ 3,292,220	$ 3,190,485
Franchise Brands
Revenue from External Customer [Line Items]
Net revenues	779,659	847,745	1,749,948	1,715,986
Partner Brands
Revenue from External Customer [Line Items]
Net revenues	427,029	305,827	812,466	714,424
Hasbro Gaming
Revenue from External Customer [Line Items]
Net revenues	232,287	280,832	463,272	520,334
Emerging Brands
Revenue from External Customer [Line Items]
Net revenues	$ 136,198	$ 135,282	$ 266,534	$ 239,741

Derivative Financial Instruments - Summary of Cash Flow Hedging Instruments (Details) - Cash Flow Hedging - Designated as Hedging Instrument - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018
Derivative [Line Items]
Notional amount	$ 649,836	$ 792,840	$ 992,616
Fair value	31,556	26,017	17,434
Inventory purchases
Derivative [Line Items]
Notional amount	420,839	468,305	555,661
Fair value	24,462	15,089	6,827
Sales
Derivative [Line Items]
Notional amount	212,062	298,194	319,421
Fair value	7,231	11,232	13,027
Royalties and Other
Derivative [Line Items]
Notional amount	16,935	26,341	117,534
Fair value	$ (137)	$ (304)	$ (2,420)

Restructuring Actions (Tables)

9 Months Ended

Sep. 29, 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		)
Payments made in the third quarter of 2019	(6,696		)
Remaining amounts as of September 29, 2019	$	46,944

Segment Reporting - Total Assets by Segments (Details) - USD ($) $ in Thousands	Sep. 29, 2019	Dec. 30, 2018	Sep. 30, 2018
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 5,554,624	$ 5,262,988	$ 5,495,329
Corporate and Eliminations
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	(4,458,181)	(3,684,323)	(5,053,645)
U.S. and Canada
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	3,331,125	2,898,816	3,028,291
International
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	2,394,488	2,229,053	2,323,866
Entertainment, Licensing and Digital
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	1,031,906	621,595	890,526
Global Operations
Segment Reporting, Asset Reconciling Item [Line Items]
Total assets	$ 3,255,286	$ 3,197,847	$ 4,306,291

Leases (Tables)

9 Months Ended

Sep. 29, 2019

Leases [Abstract]

Lease cost

nformation related to the Company’s leases for the quarter and nine months ended September 29, 2019 is as follows:



	Quarter Ended		Nine Months Ended
	September 29, 2019		September 29, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	9,003	$	27,817
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	1,363	$	25,622

Weighted Average Remaining Lease Term
Operating leases			6.4 years
Weighted Average Discount Rate
Operating leases			4.5		%

Maturities of operating lease liabilities



	September 29, 2019
2019 (excluding the nine months ended September 29, 2019)	$	8,969
2020	33,876
2021	29,248
2022	27,012
2023	21,918
2024 and thereafter	45,288
Total future lease payments	166,311
Less imputed interest	21,856
Present value of future operating lease payments	144,455
Less current portion of operating lease liabilities ⁽¹⁾	29,489
Non-current operating lease liability ⁽²⁾	114,966
Operating lease right-of-use assets, net ⁽³⁾	$	127,005

⁽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	9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net earnings	$ 253,109	$ 211,668
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation of plant and equipment	101,016	104,915
Amortization of intangibles	35,445	19,873
Program production cost amortization	58,105	33,419
Deferred income taxes	(27,974)	(7,189)
Stock-based compensation	24,787	35,823
Non-cash pension settlement	110,777	0
Other non-cash items	13,347	(12,124)
Change in operating assets and liabilities net of acquired balances:
Increase in accounts receivable	(236,010)	(9,252)
Increase in inventories	(154,476)	(197,253)
Decrease (increase) in prepaid expenses and other current assets	2,440	(52,005)
Program production costs, net of tax rebates received	(43,857)	(95,724)
Increase in accounts payable and accrued liabilities	236,777	124,755
Change in net deemed repatriation tax	(14,550)	18,074
Other	30,632	(234)
Net cash provided by operating activities	389,568	174,746
Cash flows from investing activities:
Additions to property, plant and equipment	(90,800)	(104,015)
Acquisitions	0	(155,451)
Other	4,340	8,587
Net cash utilized by investing activities	(86,460)	(250,879)
Cash flows from financing activities:
Net repayments of other short-term borrowings	(1,425)	(131,629)
Purchases of common stock	(60,137)	(187,850)
Stock-based compensation transactions	29,737	28,827
Dividends paid	(250,760)	(229,562)
Payments related to tax withholding for share-based compensation	(13,061)	(58,336)
Deferred acquisition payments	(100,000)	0
Debt acquisition costs	(21,534)	0
Net cash utilized by financing activities	(417,180)	(578,550)
Effect of exchange rate changes on cash	(7,867)	(19,444)
Decrease in cash and cash equivalents	(121,939)	(674,127)
Cash and cash equivalents at beginning of year	1,182,371	1,581,234
Cash and cash equivalents at end of period	1,060,432	907,107
Cash paid during the period for:
Interest	69,601	69,603
Income taxes	$ 64,917	$ 87,704

Fair Value of Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 30, 2018
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Other income, net	$ (20,185)	$ 566	$ (118,289)	$ 6,189
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	24,916	24,201	$ 24,916	24,201	$ 23,913
Other income, net	$ 566	$ (10)	$ 1,293	$ 96

Revenue Recognition - Disaggregation of Revenue (Details)	9 Months Ended
	Sep. 29, 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	9 Months Ended
	Sep. 29, 2019	Sep. 30, 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	1,244	520
Balance at end of third quarter	$ (22,196)	$ (23,460)

Other Comprehensive Earnings (Loss) - Schedule of Accumulated Other Comprehensive Earnings (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 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)	$ (12,201)	$ (1,662)	109,138	(35,810)
Adoption of ASU 2018-02					$ (21,503)
Balance at the end of the period	(185,376)	(296,738)	(185,376)	(296,738)
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)			111,019	(19,660)
Adoption of ASU 2018-02					(18,065)
Balance at the end of the period	(32,115)	(148,696)	(32,115)	(148,696)
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)				29,083
Adoption of ASU 2018-02					(3,660)
Balance at the end of the period		(7,404)		(7,404)
Gains (Losses) on Derivative Instruments \| Foreign Exchange Forward
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the end of the period	23,654		23,654
Gains (Losses) on Derivative Instruments \| Interest Rate Contract
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at the end of the period	18,266		18,266
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)			3,839
Balance at the end of the period	5,388		5,388
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)			400	(673)
Adoption of ASU 2018-02					222
Balance at the end of the period	(344)	583	(344)	583
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)			(6,120)	(44,560)
Adoption of ASU 2018-02					$ 0
Balance at the end of the period	$ (158,305)	$ (141,221)	$ (158,305)	$ (141,221)

Leases - Narrative (Details) $ in Thousands	3 Months Ended	9 Months Ended
Leases - Narrative (Details) $ in Thousands	Sep. 29, 2019 USD ($)	Sep. 29, 2019 USD ($)
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 8,907	$ 26,982
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year	1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	18 years	18 years

Restructuring Actions - Schedule of Restructuring and Related Costs (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 29, 2019	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	$ (6,696)	$ (7,932)	$ (7,620)
Remaining amounts as of September 29, 2019	$ 46,944

Earnings Per Share

9 Months Ended

Sep. 29, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Net earnings per share data for the quarters and nine months ended September 29, 2019 and September 30, 2018 were computed as follows:



	2019			2018
Quarter	Basic		Diluted	Basic	Diluted
Net earnings	$	212,949	212,949	263,861	263,861

Average shares outstanding	126,453		126,453	127,161	127,161
Effect of dilutive securities:
Options and other share-based awards	—		751	—	731
Equivalent Shares	126,453		127,204	127,161	127,892

Net earnings per common share	$	1.68	1.67	2.08	2.06



	2019			2018
Nine Months	Basic		Diluted	Basic	Diluted
Net earnings	$	253,109	253,109	211,668	211,668

Average shares outstanding	126,356		126,356	125,982	125,982
Effect of dilutive securities:
Options and other share-based awards	—		600	—	792
Equivalent Shares	126,356		126,956	125,982	126,774

Net earnings per common share	$	2.00	1.99	1.68	1.67

For the quarter ended September 30, 2018, options and restricted stock units totaling 949 shares were excluded from the calculation of diluted earnings per share because to include them would have been anti-dilutive. For the quarter ended September 29, 2019, no options or restricted stock units were anti-dilutive. For the nine month periods ended September 29, 2019 and September 30, 2018, options and restricted stock units totaling 1,088 and 1,124 shares, respectively, were excluded from the calculation of diluted earnings per share because to include them would have been antidilutive.

Other Comprehensive Earnings (Loss) - Gains (Losses) on Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018	Dec. 30, 2018	Dec. 31, 2017
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive loss	$ (185,376)	$ (296,738)	$ (185,376)	$ (296,738)	$ (294,514)	$ (239,425)
Interest expense	22,764	22,779	67,096	68,391
Cash flow hedge gain (loss) to be reclassified within twelve months			18,471
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		(7,404)		(7,404)		$ (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	23,654		23,654
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	18,266		18,266
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	$ 450	$ 450	$ 1,349	$ 1,349

Basis of Presentation (Details)				3 Months Ended	9 Months Ended
Basis of Presentation (Details)	Sep. 20, 2019 USD ($)	Aug. 22, 2019 USD ($)	Aug. 22, 2019 GBP (£)	Sep. 29, 2019 USD ($)	Sep. 29, 2019 USD ($)	Aug. 31, 2019 USD ($)	Aug. 22, 2019 GBP (£) £ / shares	Dec. 30, 2018 USD ($)	Sep. 30, 2018 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset, net				$ 127,005,000	$ 127,005,000
Total operating lease liabilities				144,455,000	144,455,000
Less: Deferred debt expenses				13,691,000	13,691,000			$ 14,803,000	$ 15,174,000
Bridge Loan \| Debt Commitment Letter
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt instrument term		364 days	364 days
Less: Deferred debt expenses		$ 19,000,000
Debt instrument, face amount \| £							£ 3,600,000,000
Secured Debt \| Three-Year Term Loan Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt instrument term	3 years
Debt instrument, face amount	$ 400,000,000
Secured Debt \| Five-Year Term Loan Facility
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt instrument term	5 years
Debt instrument, face amount	$ 600,000,000
eOne Acquisition
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Payments to acquire businesses		$ 4,000,000,000	£ 3,300,000,000
Cash dividends declared per common share (in dollars per share) \| £ / shares							£ 5.60
eOne Acquisition \| Not Designated as Hedging Instrument \| Other Operating Income (Expense) \| Foreign Exchange Forward and Option
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Gain (loss) recognized in income for derivative instruments				25,533,000	25,533,000
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset, net								121,230,000
Total operating lease liabilities								$ 139,520,000
Bank of America Syndicate \| Revolving Credit Facility \| Line of Credit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Line of credit, maximum borrowing capacity				1,500,000,000	1,500,000,000	$ 1,100,000,000
Commitments on effective date				1,100,000,000	1,100,000,000
Commitment increase amount				500,000,000	500,000,000
Commitments upon completion of acquisition				400,000,000	400,000,000
Line of credit, borrowings outstanding				$ 0	$ 0

Financial Instruments

9 Months Ended

Sep. 29, 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 September 29, 2019, September 30, 2018 and December 30, 2018, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at September 29, 2019, September 30, 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 September 29, 2019, September 30, 2018 and December 30, 2018 are as follows:



	September 29, 2019			September 30, 2018		December 30, 2018
	Carrying Cost		Fair Value	Carrying Cost	Fair Value	Carrying Cost	Fair Value
6.35% Notes Due 2040	$	500,000	587,850	500,000	546,450	500,000	535,000
3.50% Notes Due 2027	500,000		511,200	500,000	466,350	500,000	457,350
5.10% Notes Due 2044	300,000		310,080	300,000	285,390	300,000	272,640
3.15% Notes Due 2021	300,000		303,300	300,000	297,720	300,000	297,600
6.60% Debentures Due 2028	109,895		133,555	109,895	124,698	109,895	123,346
Total long-term debt	$	1,709,895	1,845,985	1,709,895	1,720,608	1,709,895	1,685,936
Less: Deferred debt expenses	13,691		—	15,174	—	14,803	—
Long-term debt	$	1,696,204	1,845,985	1,694,721	1,720,608	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		9 Months Ended
	Sep. 29, 2019	Sep. 30, 2018	Sep. 29, 2019	Sep. 30, 2018
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Benefit obligation, excess in plan assets	$ 19,000		$ 19,000
Unrecognized losses, U.S. pension plan, remaining in accumulated other comprehensive loss	32,115		32,115
Pension
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Non-operating settlement charge	$ 0	$ 0	110,777	$ 0
Contributions to defined benefit pension plans			1,880
Expected fiscal year defined benefit pension plan contributions			$ 2,100