0000046080-23-000083 | 10-Q | XBRL Viewer

Financial Instruments (Tables)

6 Months Ended

Jul. 02, 2023

The carrying costs, which are equal to the outstanding principal amounts, and fair values of the Company's long-term borrowings as of July 2, 2023, June 26, 2022 and December 25, 2022 are as follows:


	July 2, 2023			June 26, 2022			December 25, 2022
	Carrying Cost		Fair Value	Carrying Cost		Fair Value	Carrying Cost		Fair Value
3.90% Notes Due 2029	$	900.0	814.9	$	900.0	833.9	$	900.0	808.2
3.55% Notes Due 2026	675.0		628.0	675.0		643.4	675.0		635.3
3.00% Notes Due 2024	500.0		481.6	500.0		487.4	500.0		482.2
6.35% Notes Due 2040	500.0		510.1	500.0		522.6	500.0		498.4
3.50% Notes Due 2027	500.0		466.6	500.0		468.7	500.0		465.8

5.10% Notes Due 2044	300.0		264.6	300.0		274.6	300.0		261.1

6.60% Debentures Due 2028	109.9		116.4	109.9		118.9	109.9		112.1

Variable % Notes Due December 30, 2024	265.0		265.0	340.0		340.0	310.0		310.0
Production Financing Facilities	9.4		9.4	77.0		77.0	53.2		53.2
Total long-term debt	$	3,759.3	3,556.6	$	3,901.9	3,766.5	$	3,848.1	3,626.3
Less: Deferred debt expenses	21.4		—	25.9		—	23.7		—
Less: Current portion	69.4		—	137.0		—	113.2		—
Long-term debt	$	3,668.5	3,556.6	$	3,739.0	3,766.5	$	3,711.2	3,626.3

Schedule of Production Financing Loans

The production financing facilities as of July 2, 2023, June 26, 2022 and December 25, 2022 are as follows:


	July 2, 2023		June 26, 2022		December 25, 2022
Production financing facilities included in the consolidated balance sheet as:
Current liabilities	$	157.6	$	175.0	$	195.6

Schedule of Carrying Amount of Currencies for Production Financing Loans

The carrying amounts are denominated in the following currencies:


	Canadian Dollars		U.S. Dollars		Total
As of July 2, 2023	$	4.0	$	153.6	$	157.6

Schedule of Production Financing Loans

The following table represents the movements in production financing loans during the first six months of 2023:


	Production Financing
December 25, 2022	$	195.6
Drawdowns	105.0
Repayments	(142.5)
Foreign exchange differences	(0.5)
Balance at July 2, 2023	$	157.6

- 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.

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+ Details

Financial Instruments

6 Months Ended

Jul. 02, 2023

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 July 2, 2023, June 26, 2022 and December 25, 2022, the carrying cost of these instruments approximated their fair value. The Company's financial instruments at July 2, 2023, June 26, 2022 and December 25, 2022 also include certain assets and liabilities measured at fair value (see notes 10 and 11) 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 July 2, 2023, June 26, 2022 and December 25, 2022 are as follows:


	July 2, 2023			June 26, 2022			December 25, 2022
	Carrying Cost		Fair Value	Carrying Cost		Fair Value	Carrying Cost		Fair Value
3.90% Notes Due 2029	$	900.0	814.9	$	900.0	833.9	$	900.0	808.2
3.55% Notes Due 2026	675.0		628.0	675.0		643.4	675.0		635.3
3.00% Notes Due 2024	500.0		481.6	500.0		487.4	500.0		482.2
6.35% Notes Due 2040	500.0		510.1	500.0		522.6	500.0		498.4
3.50% Notes Due 2027	500.0		466.6	500.0		468.7	500.0		465.8

5.10% Notes Due 2044	300.0		264.6	300.0		274.6	300.0		261.1

6.60% Debentures Due 2028	109.9		116.4	109.9		118.9	109.9		112.1

Variable % Notes Due December 30, 2024	265.0		265.0	340.0		340.0	310.0		310.0
Production Financing Facilities	9.4		9.4	77.0		77.0	53.2		53.2
Total long-term debt	$	3,759.3	3,556.6	$	3,901.9	3,766.5	$	3,848.1	3,626.3
Less: Deferred debt expenses	21.4		—	25.9		—	23.7		—
Less: Current portion	69.4		—	137.0		—	113.2		—
Long-term debt	$	3,668.5	3,556.6	$	3,739.0	3,766.5	$	3,711.2	3,626.3

In November 2019, in conjunction with the Company's acquisition of eOne, the Company issued an aggregate of $2.4 billion of senior unsecured debt securities (the "Notes") consisting of the following tranches: $300.0 million of notes due 2022 (the "2022 Notes") that bear interest at a fixed rate of 2.60%, $500.0 million of notes due 2024 (the "2024 Notes") that bear interest at a fixed rate of 3.00%, $675.0 million of notes due 2026 (the "2026 Notes") that bear interest at a fixed rate of 3.55% and $900.0 million of notes due 2029 (the "2029 Notes") that bear interest at a fixed rate of 3.90%. Net proceeds from the issuance of the Notes, after deduction of $20.0 million of underwriting discount and fees, totaled $2.4 billion. These costs are being amortized over the life of the Notes outstanding, which range from five years to ten years from the date of issuance.

The Notes bear interest at the stated rates but may be subject to upward adjustment if the credit rating of the Company is reduced by Moody's or Standard & Poors. The adjustment can be from 0.25% to 2.00% based on the extent of the ratings decrease. The Company may redeem the Notes at its option at the greater of the principal amount of the Notes or the present value of the remaining scheduled payments discounted using the effective interest rate on applicable U.S. Treasury bills at the time of repurchase, plus (1) 25 basis points (in the case of the 2024 Notes); (2) 30 basis points (in the case of the 2026 Notes); and (3) 35 basis points (in the case of the 2029 Notes). In addition, on and after October 19, 2024 for the 2024 Notes, September 19, 2026 for the 2026 Notes and August 19, 2029 for the 2029 Notes, such series of Notes will be redeemable, in whole at any time or in part from time to time, at the Company's option at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus any accrued and unpaid interest.

In September 2019, the Company entered into a $1.0 billion Term Loan Agreement (the "Term Loan Agreement”) with Bank of America N.A. (“Bank of America”), as administrative agent, and certain financial institutions as lenders, pursuant to which such lenders committed to provide, contingent upon the completion of the eOne Acquisition and certain other customary conditions to funding, (1) a three-year senior unsecured term loan facility in an aggregate principal amount of $400.0 million (the “Three-Year Tranche”) and (2) a five-year senior unsecured term loan facility in an aggregate principal amount of $600.0 million (the “Five-Year Tranche” and together with the Three-Year Tranche, the “Term Loan Facilities”). The full amount of the Term Loan Facilities was drawn down on December 30, 2019, the closing date of the eOne Acquisition. As of September 25, 2022, the Company has fully repaid the Three-Year Tranche $400.0 million principal term loan, and of the Five-Year Tranche $600.0 million principal balance, the Company has repaid a total of $335.0 million in the following increments: $22.5 million in 2020; $180.0 million in 2021; $87.5 million in 2022; and $45.0 million of principal amortization payments in the first six months of 2023.

Loans under the remaining Five-Year Tranche bear interest at the Company’s option, at either the adjusted Term Secured Overnight Financing Rate ("SOFR"), plus an applicable margin, or the Base Rate, plus a per annum applicable rate that fluctuates between 100.0 basis points and 187.5 basis points, in the case of loans priced at the SOFR, and between 0.0 basis points and 87.5 basis points, in the case of loans priced at the Base Rate, in each case, based upon the non-credit enhanced, senior unsecured long-term debt ratings of the Company by Fitch Ratings Inc., Moody’s Investor Service, Inc. and S&P Global Rankings, subject to certain provisions taking into account potential differences in ratings issued by the relevant rating agencies or a lack of ratings issued by such rating agencies. Loans under the Five-Year Tranche require principal amortization payments that are payable in equal quarterly installments of 5.0% per annum of the original principal amount thereof for each of the first two years after funding, increasing to 10.0% per annum of the original principal amount thereof for each subsequent year. The Term Loan Agreement contains affirmative and negative covenants typical of this type of facility, including: (i) restrictions on the Company’s and its domestic subsidiaries’ ability to allow liens on their assets, (ii) restrictions on the incurrence of indebtedness, (iii) restrictions on the Company’s and certain of its subsidiaries’ ability to engage in certain mergers, (iv) the requirement that the Company maintain a Consolidated Interest Coverage Ratio of no less than 3.00:1.00 as of the end of any fiscal quarter and (v) the requirement that the Company maintain a Consolidated Total Leverage Ratio of no more than, depending on the gross proceeds of equity securities issued after the effective date of the acquisition of eOne, 5.65:1.00 or 5.40:1.00 for each of the first, second and third fiscal quarters ended after the funding of the Term Loan Facilities, with periodic step downs to 3.50:1.00 for the fiscal quarter ending December 31, 2023 and thereafter. As of July 2, 2023, the Company was in compliance with the financial covenants contained in the Term Loan Agreement.

The Company may redeem its 5.10% notes due in 2044 (the "2044 Notes") at its option, at the greater of the principal amount of the notes or the present value of the remaining scheduled payments, discounted using the effective interest rate on applicable U.S. Treasury bills at the time of repurchase.

Current portion of long-term debt at July 2, 2023 of $69.4 million, as shown on the consolidated balance sheet, represents the current portion of required quarterly principal amortization payments for the Five-Year Tranche of the Term Loan Facilities and production financing facilities. All of the Company’s other long-term borrowings have contractual maturities that occur subsequent to 2023 with the exception of certain of the Company's production financing facilities and annual principal payments related to the Term Loan Facilities.

The fair values of the Company's long-term debt are considered Level 3 fair values (see note 10 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.

Production Financing

In addition to the Company's financial instruments, the Company uses production financing facilities to fund its film and television productions which are arranged on an individual production basis by either special purpose production subsidiaries, each secured by future revenues of such production subsidiaries, which are non-recourse to the Company's assets, or through a senior revolving credit facility dedicated to production financing obtained in November 2021. The Company's senior revolving film and television production credit facility (the “RPCF”) with MUFG Union Bank, N.A., as administrative agent and lender and certain other financial institutions, as lenders thereto (the “Revolving Production Financing Agreement”) provides the Company with commitments having a maximum aggregate principal amount of $250.0 million. The Revolving Production Financing Agreement also provides the Company with the option to request a commitment increase up to an aggregate additional amount of $150.0 million subject to agreement of the lenders. The Revolving Production Financing Agreement extends through November 22, 2024. The Company uses the RPCF to fund certain of the Company’s original film and TV production costs. Borrowings under the RPCF are non-recourse to the Company's assets. Going forward, the Company expects to utilize the RPCF for the majority of its production financing needs.

Production financing facilities typically have maturities of less than two years, while the titles are in production, and are repaid once delivered and all credits, broadcaster pre-sales and international sales have been received. The production financing facilities as of July 2, 2023, June 26, 2022 and December 25, 2022 are as follows:


	July 2, 2023		June 26, 2022		December 25, 2022
Production financing facilities included in the consolidated balance sheet as:
Current liabilities	$	157.6	$	175.0	$	195.6

Interest is charged at bank prime rate plus a margin based on the risk of the respective production. The weighted average interest rate on all production financing as of July 2, 2023 was 6.8%.

The Company has Canadian dollar and U.S. dollar production financing loans with various banks. The carrying amounts are denominated in the following currencies:


	Canadian Dollars		U.S. Dollars		Total
As of July 2, 2023	$	4.0	$	153.6	$	157.6

The following table represents the movements in production financing loans during the first six months of 2023:


	Production Financing
December 25, 2022	$	195.6
Drawdowns	105.0
Repayments	(142.5)
Foreign exchange differences	(0.5)
Balance at July 2, 2023	$	157.6

The Company expects to repay all of its currently outstanding production financing loans by the second quarter of 2024.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Segment Reporting - Schedule of International Segment Net Revenues by Major Geographic Region (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 1,210.0	$ 1,339.2	$ 2,211.0	$ 2,502.3
Consumer Products
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	655.2	734.2	1,175.6	1,407.0
Consumer Products \| North America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	382.0	433.3	661.1	838.5
Consumer Products \| Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	131.9	162.1	263.5	338.8
Consumer Products \| Asia Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	66.4	66.6	129.7	118.8
Consumer Products \| Latin America
Revenues from External Customers and Long-Lived Assets [Line Items]
Net revenues	$ 74.9	$ 72.2	$ 121.3	$ 110.9

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Segment Reporting - Narrative (Details) $ in Millions	3 Months Ended			6 Months Ended
Segment Reporting - Narrative (Details) $ in Millions	Jul. 02, 2023 USD ($)	Jun. 26, 2022 USD ($)	Mar. 27, 2022 USD ($)	Jul. 02, 2023 USD ($) segment	Jun. 26, 2022 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment				3
Revenue from External Customer [Line Items]
Net revenues	$ 1,210.0	$ 1,339.2		$ 2,211.0	$ 2,502.3
Total Gaming
Revenue from External Customer [Line Items]
Net revenues	491.2		$ 528.3	877.7	907.1
MAGIC: THE GATHERING
Revenue from External Customer [Line Items]
Net revenues	$ 311.0		$ 365.5	$ 540.1	$ 562.7

- Definition

+ References

+ Details

Consolidated Statements of Shareholders' Equity and Redeemable Noncontrolling Interests - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock	Noncontrolling Interests
Beginning balance at Dec. 26, 2021	$ 3,063.1	$ 110.1	$ 2,428.0	$ 4,257.8	$ (235.3)	$ (3,534.7)	$ 37.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) earnings attributable to Hasbro, Inc.	203.2			203.2
Net earnings (loss) attributable to noncontrolling interests	(0.4)						(0.4)
Change in put option value	(0.4)		(0.4)
Other comprehensive earnings (loss)	(24.3)				(24.3)
Stock-based compensation transactions	54.7		32.5			22.2
Purchases of common stock	(124.0)					(124.0)
Stock-based compensation expense	43.1		42.8			0.3
Dividends declared	(194.6)		0.5	(195.1)
Distributions paid to noncontrolling owners and other foreign exchange	(7.6)						(7.6)
Ending balance at Jun. 26, 2022	3,012.8	110.1	2,503.4	4,265.9	(259.6)	(3,636.2)	29.2
Beginning balance at Dec. 26, 2021	23.9
Redeemable Noncontrolling Interests
Net earnings (loss) attributable to noncontrolling interests	0.6
Distributions paid to noncontrolling owners and other foreign exchange	(1.5)
Ending balance at Jun. 26, 2022	23.0
Beginning balance at Mar. 27, 2022	3,080.7	110.1	2,475.7	4,220.9	(246.9)	(3,513.8)	34.7
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) earnings attributable to Hasbro, Inc.	142.0			142.0
Net earnings (loss) attributable to noncontrolling interests	(1.6)						(1.6)
Other comprehensive earnings (loss)	(12.7)				(12.7)
Stock-based compensation transactions	3.8		2.5			1.3
Purchases of common stock	(124.0)					(124.0)
Stock-based compensation expense	25.0		24.7			0.3
Dividends declared	(96.5)		0.5	(97.0)
Distributions paid to noncontrolling owners and other foreign exchange	(3.9)						(3.9)
Ending balance at Jun. 26, 2022	3,012.8	110.1	2,503.4	4,265.9	(259.6)	(3,636.2)	29.2
Beginning balance at Mar. 27, 2022	23.5
Redeemable Noncontrolling Interests
Net earnings (loss) attributable to noncontrolling interests	0.1
Distributions paid to noncontrolling owners and other foreign exchange	(0.6)
Ending balance at Jun. 26, 2022	23.0
Beginning balance at Dec. 25, 2022	2,861.9	110.1	2,540.6	4,071.4	(254.9)	(3,634.4)	29.1
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) earnings attributable to Hasbro, Inc.	(257.1)			(257.1)
Net earnings (loss) attributable to noncontrolling interests	0.5						0.5
Other comprehensive earnings (loss)	41.4				41.4
Stock-based compensation transactions	(14.4)		(20.1)			5.7
Stock-based compensation expense	36.6		34.2			2.4
Dividends declared	(194.2)		2.0	(196.2)
Distributions paid to noncontrolling owners and other foreign exchange	(2.4)						(2.4)
Renegade Buyout	(2.1)		(2.1)
Ending balance at Jul. 02, 2023	2,470.2	110.1	2,554.6	3,618.1	(213.5)	(3,626.3)	27.2
Beginning balance at Dec. 25, 2022	0.0
Ending balance at Jul. 02, 2023	0.0
Beginning balance at Apr. 02, 2023	2,758.7	110.1	2,535.7	3,951.8	(237.4)	(3,629.4)	27.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (Loss) earnings attributable to Hasbro, Inc.	(235.0)			(235.0)
Net earnings (loss) attributable to noncontrolling interests	0.1						0.1
Other comprehensive earnings (loss)	23.9				23.9
Stock-based compensation transactions	(0.4)		(1.1)			0.7
Stock-based compensation expense	20.9		18.5			2.4
Dividends declared	(97.2)		1.5	(98.7)
Distributions paid to noncontrolling owners and other foreign exchange	(0.8)						(0.8)
Ending balance at Jul. 02, 2023	2,470.2	$ 110.1	$ 2,554.6	$ 3,618.1	$ (213.5)	$ (3,626.3)	$ 27.2
Beginning balance at Apr. 02, 2023	0.0
Ending balance at Jul. 02, 2023	$ 0.0

Investments in Productions and Investments in Acquired Content Rights - Narrative (Details) $ in Millions	3 Months Ended
	Jul. 02, 2023 USD ($)
Other Industries [Abstract]
Film production cost impairment charges	$ 25.0

Earnings (Loss) Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, shares would have been included if no net loss (in shares)	1.2		1.6
Antidilutive securities excluded from computation of earnings per share, amount, treasury stock method (in shares)	0.2		0.1
Employee stock option and restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	4.3	3.0	4.2	3.8

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Millions	Jul. 02, 2023	Dec. 25, 2022	Jun. 26, 2022
Leases [Abstract]
2023 (excluding the six months ended July 2, 2023)	$ 21.9
2024	39.6
2025	34.1
2026	28.2
2027	19.8
2028 and thereafter	68.9
Total future lease payments	212.5
Less imputed interest	31.5
Present value of future operating lease payments	181.0
Less current portion of operating lease liabilities	35.2	$ 39.6	$ 44.0
Non-current operating lease liability	145.8
Operating lease right-of-use assets, net	$ 153.1
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities	Accrued liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, less accumulated depreciation of $643.4 million, $644.2 million and $654.5 million

Derivative Financial Instruments - Schedule of Cash Flow Hedging Instruments (Details) - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Millions	Jul. 02, 2023	Dec. 25, 2022	Jun. 26, 2022
Derivative [Line Items]
Notional Amount	$ 478.6	$ 382.3	$ 464.7
Fair Value	(5.0)	0.0	18.0
Inventory purchases
Derivative [Line Items]
Notional Amount	216.5	166.3	165.4
Fair Value	(5.3)	(2.7)	12.4
Sales
Derivative [Line Items]
Notional Amount	118.6	99.2	139.5
Fair Value	0.3	1.2	2.1
Production financing and other
Derivative [Line Items]
Notional Amount	143.5	116.8	159.8
Fair Value	$ 0.0	$ 1.5	$ 3.5

Investments in Productions and Investments in Acquired Content Rights (Tables)

6 Months Ended

Jul. 02, 2023

Other Industries [Abstract]

Schedule of Program Production Costs

The Company's unamortized investments in productions and investments in acquired content rights consisted of the following at July 2, 2023, June 26, 2022, and December 25, 2022:


		July 2, 2023		June 26, 2022		December 25, 2022
Investment in Films and Television Programs:
Individual Monetization
Released, net of amortization	*	$	552.3	$	437.6	$	584.5
Completed and not released		53.6		6.3		23.3
In production		135.3		140.6		199.4
Pre-production		130.9		160.5		41.3
		872.1		745.0		848.5
Film/TV Group Monetization
Released, net of amortization		17.5		35.6		25.8

In production		24.9		21.1		22.2

		42.4		56.7		48.0
Investment in Other Programming
Released, net of amortization		22.1		8.9		9.8
Completed and not released		—		0.4		—
In production		8.7		11.8		11.8
Pre-production		3.8		1.9		3.3
		34.6		23.0		24.9

Total Program Investments		$	949.1	$	824.7	$	921.4

Schedule of Program Cost Amortization

The Company recorded $256.9 million of program cost amortization related to released programming in the six months ended July 2, 2023, consisting of the following:


	Investment in Production		Investment in Content		Total
Program cost amortization	$	234.2	$	22.7	$	256.9

Segment Reporting - Operating Profit (Loss) by Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	$ (188.6)	$ 219.1	$ (170.7)	$ 339.1
Interest expense	46.6	41.7	92.9	83.3
Interest income	(5.8)	(2.7)	(11.8)	(4.8)
Other (income) expense, net	(1.5)	0.2	(2.9)	0.5
Earnings (loss) before income taxes	(227.9)	179.9	(248.9)	260.1
Corporate and Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	(18.1)	(14.3)	(22.3)	(21.5)
Consumer Products \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	11.4	(6.5)	(34.6)	2.1
Wizards of the Coast and Digital Gaming \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	142.3	225.6	219.1	332.0
Entertainment \| Operating Segments
Segment Reporting, Revenue Reconciling Item [Line Items]
Operating profit (loss)	$ (324.2)	$ 14.3	$ (332.9)	$ 26.5

Restructuring Actions (Tables)

6 Months Ended

Jul. 02, 2023

Restructuring and Related Activities [Abstract]

Schedule of Restructuring and Related Costs

As of July 2, 2023, the liability balance included within other accrued liabilities in the Consolidated Balance Sheets for the restructuring actions associated with the Program is as follows:


Operational Excellence	Severance		Total



Balance at December 25, 2022	$	84.9	$	84.9
2023 charges	—		—
2023 payments	(26.1)		(26.1)


Balance at July 2, 2023	$	58.8	$	58.8

The following table presents the restructuring charges incurred to date under the Program, along with the estimated charges expected to be incurred on approved initiatives under the plan as of July 2, 2023:


Operational Excellence	Severance		Total
Charges incurred to date	$	94.1	$	94.1
Estimated charges to be incurred on approved initiatives	—		—
Total expected charges on approved initiatives	$	94.1	$	94.1

Segment Reporting - Total Assets by Segments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022	Dec. 25, 2022
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 8,609.7	$ 9,503.0	$ 8,609.7	$ 9,503.0	$ 9,295.9
Corporate and Other
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	(6,903.5)	(4,398.4)	(6,903.5)	(4,398.4)	(5,703.8)
Transformation office and consulting fees		19.1		21.5
Corporate and Other \| Operational Excellence
Segment Reporting, Asset Reconciling Item [Line Items]
Transformation office and consulting fees	10.4		21.0
Consumer Products \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	5,954.2	5,318.9	5,954.2	5,318.9	5,757.7
Wizards of the Coast and Digital Gaming \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	3,634.9	2,295.8	3,634.9	2,295.8	2,968.7
Entertainment \| Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 5,924.1	$ 6,286.7	$ 5,924.1	$ 6,286.7	$ 6,273.3

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jul. 02, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company and its subsidiaries file income tax returns in the United States and various state and international jurisdictions. In the normal course of business, the Company is regularly audited by U.S. federal, state and local, and international tax authorities in various tax jurisdictions. Our effective tax rate ("ETR") from continuing operations was (3.1)% for the six months ended July 2, 2023 and 21.8% for the six months ended June 26, 2022. The following items caused the year-to-date ETR to be significantly different from the prior year ETR: •during the six months ended July 2, 2023, the Company recorded an impairment of goodwill related to the Film and TV reporting unit of $231.2 million with no tax benefit. The Company also recorded a net discrete tax benefit of $8.9 million, exclusive of the goodwill impairment, primarily associated with a tax benefit on the impairment of trade names in the Entertainment segment, offset by stock-based compensation and net activity related to uncertain tax positions, primarily interest accruals, combined with the phasing of the Company's income earned throughout 2023, and; •during the six months ended June 26, 2022, the Company recorded a net discrete tax benefit of $3.2 million, primarily associated with the release of certain valuation allowances during the first quarter. The Company is no longer subject to U.S. federal income tax examinations for years before 2012. 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 2016. The Company is currently under income tax examination by the Internal Revenue Service and in several U.S. state and local and non-U.S. jurisdictions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Fair Value of Financial Instruments - Fair Value Hierarchy (Details) - USD ($) $ in Millions	Jul. 02, 2023	Dec. 25, 2022	Jun. 26, 2022
Assets:
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid expenses and other current assets, Assets, Noncurrent, Excluding Property, Plant, And Equipment And Finance Lease Right-of-Use Asset, After Accumulated Depreciation And Amortization	Prepaid expenses and other current assets, Assets, Noncurrent, Excluding Property, Plant, And Equipment And Finance Lease Right-of-Use Asset, After Accumulated Depreciation And Amortization	Prepaid expenses and other current assets, Assets, Noncurrent, Excluding Property, Plant, And Equipment And Finance Lease Right-of-Use Asset, After Accumulated Depreciation And Amortization
Fair value, recurring
Assets:
Available-for-sale securities	$ 1.5	$ 1.7	$ 1.7
Derivatives	4.3	7.9	19.8
Total assets	5.8	9.6	21.5
Liabilities:
Derivatives	6.4	2.9	0.8
Option agreement	1.7	1.7	1.7
Total liabilities	8.1	4.6	2.5
Fair value, recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets:
Available-for-sale securities	1.5	1.7	1.7
Derivatives	0.0	0.0	0.0
Total assets	1.5	1.7	1.7
Liabilities:
Derivatives	0.0	0.0	0.0
Option agreement	0.0	0.0	0.0
Total liabilities	0.0	0.0	0.0
Fair value, recurring \| Significant Other Observable Inputs (Level 2)
Assets:
Available-for-sale securities	0.0	0.0	0.0
Derivatives	4.3	7.9	19.8
Total assets	4.3	7.9	19.8
Liabilities:
Derivatives	6.4	2.9	0.8
Option agreement	0.0	0.0	0.0
Total liabilities	6.4	2.9	0.8
Fair value, recurring \| Significant Unobservable Inputs (Level 3)
Assets:
Available-for-sale securities	0.0	0.0	0.0
Derivatives	0.0	0.0	0.0
Total assets	0.0	0.0	0.0
Liabilities:
Derivatives	0.0	0.0	0.0
Option agreement	1.7	1.7	1.7
Total liabilities	$ 1.7	$ 1.7	$ 1.7

Subsequent Event	6 Months Ended
Subsequent Event	Jul. 02, 2023
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event Sale of Non-core Film and TV Business On August 3, 2023, the Company announced it reached a definitive agreement with Lionsgate Entertainment Corp. to sell its eOne Film and TV business for approximately $500.0 million, consisting of $375.0 million in cash, subject to certain purchase price adjustments, and the assumption by Lionsgate of production financing loans. The sale will include a team of employees, a content library of approximately 6,500 titles, active productions for certain non-Hasbro owned intellectual properties, and the eOne unscripted television business which will also include rights to produce certain Hasbro-based shows. The pending transaction is subject to receipt of regulatory approvals and satisfaction of customary closing conditions and is expected to close before the end of fiscal 2023. The Company intends to use the net proceeds from the sale to retire floating rate debt and for other general corporate purposes. Following the transaction, Hasbro will maintain the capability to develop and produce entertainment including animation, digital shorts, scripted TV and theatrical films related to core Hasbro IP. The Family Brands business, including the brands PEPPA PIG and PJ MASKS, are not included in the sale transaction.

Goodwill

6 Months Ended

Jul. 02, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

Changes in the carrying amount of goodwill, by operating segment, for the six months ended July 2, 2023 and June 26, 2022 are as follows:


	Consumer Products		Wizards of the Coast and Digital Gaming	Entertainment	Total
2023
Balance at December 25, 2022	$	1,584.7	371.5	1,513.9	$	3,470.1

Foreign exchange translation	0.1		0.2	—	0.3
Impairment during the period	—		—	(231.2)	(231.2)

Balance at July 2, 2023	$	1,584.8	371.7	1,282.7	$	3,239.2

See note 1 for discussion of goodwill impairment recorded during the second quarter of 2023.


	Consumer Products		Wizards of the Coast and Digital Gaming	Entertainment	Total
2022
Balance at December 26, 2021	$	1,584.9	307.3	1,527.4	$	3,419.6
Acquired during the period	—		64.7	—	64.7
Foreign exchange translation	(0.2)		(0.1)	(0.8)	(1.1)
Balance at June 26, 2022	$	1,584.7	371.9	1,526.6	$	3,483.2

Financial Instruments - Narrative (Details) - USD ($)	1 Months Ended		6 Months Ended	12 Months Ended			33 Months Ended
Financial Instruments - Narrative (Details) - USD ($)	Nov. 30, 2019	Sep. 30, 2019	Jul. 02, 2023	Dec. 25, 2022	Dec. 26, 2021	Dec. 27, 2020	Sep. 25, 2022	Jun. 26, 2022	Nov. 30, 2021
Debt Instrument [Line Items]
Current portion of long-term debt			$ 69,400,000	$ 113,200,000				$ 137,000,000.0
Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 2,400,000,000
Underwriting discount and fees	20,000,000
Net proceeds after deduction of underwriting discount and fees	$ 2,400,000,000
Redemption price (as a percent)	100.00%
Senior Notes \| Minimum
Debt Instrument [Line Items]
Debt instrument term	5 years
Upward adjustment if credit rating is reduced (as a percent)	0.25%
Senior Notes \| Maximum
Debt Instrument [Line Items]
Debt instrument term	10 years
Upward adjustment if credit rating is reduced (as a percent)	2.00%
2.60% Notes Due 2022 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 300,000,000
Debt stated interest rate	2.60%
3.00% Notes Due 2024
Debt Instrument [Line Items]
Debt stated interest rate			3.00%
3.00% Notes Due 2024 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 500,000,000
Debt stated interest rate	3.00%
3.00% Notes Due 2024 \| Senior Notes \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.25%
3.55% Notes Due 2026
Debt Instrument [Line Items]
Debt stated interest rate			3.55%
3.55% Notes Due 2026 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 675,000,000
Debt stated interest rate	3.55%
3.55% Notes Due 2026 \| Senior Notes \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.30%
3.90% Notes Due 2029
Debt Instrument [Line Items]
Debt stated interest rate			3.90%
3.90% Notes Due 2029 \| Senior Notes
Debt Instrument [Line Items]
Aggregate principal amount	$ 900,000,000
Debt stated interest rate	3.90%
3.90% Notes Due 2029 \| Senior Notes \| US Treasury (UST) Interest Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.35%
$1.0 Billion Term Loan Agreement \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount		$ 1,000,000,000
Consolidated interest coverage ratio		3.00
Consolidated total leverage ratio		3.50
$1.0 Billion Term Loan Agreement \| Unsecured Debt \| Minimum
Debt Instrument [Line Items]
Consolidated total leverage ratio		5.40
$1.0 Billion Term Loan Agreement \| Unsecured Debt \| Maximum
Debt Instrument [Line Items]
Consolidated total leverage ratio		5.65
Three-Year Term Loan Facility \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount		$ 400,000,000
Debt instrument term		3 years
Five-Year Term Loan Facility \| Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount		$ 600,000,000
Debt instrument term		5 years
Repayments of unsecured debt			$ 45,000,000	$ 87,500,000	$ 180,000,000	$ 22,500,000	$ 335,000,000
Five-Year Term Loan Facility \| Unsecured Debt \| Debt Instrument, Redemption, Period One
Debt Instrument [Line Items]
Debt stated interest rate		5.00%
Debt instrument term		2 years
Five-Year Term Loan Facility \| Unsecured Debt \| Debt Instrument, Redemption, Period Two
Debt Instrument [Line Items]
Debt stated interest rate		10.00%
Five-Year Term Loan Facility \| Unsecured Debt \| Minimum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.00%
Five-Year Term Loan Facility \| Unsecured Debt \| Minimum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.00%
Five-Year Term Loan Facility \| Unsecured Debt \| Maximum \| SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.875%
Five-Year Term Loan Facility \| Unsecured Debt \| Maximum \| Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.875%
Revolving Production Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity									$ 250,000,000
Potential additional incremental commitment									$ 150,000,000
Production Financing Facilities
Debt Instrument [Line Items]
Debt instrument term			2 years
Weighted average interest rate			6.80%

Derivative Financial Instruments - Fair Values of Undesignated Derivative Financial Instruments (Details) - Foreign Exchange Forward - Not Designated as Hedging Instrument - USD ($) $ in Millions	Jul. 02, 2023	Dec. 25, 2022	Jun. 26, 2022
Derivatives, Fair Value [Line Items]
Net unrealized gains	$ 2.9	$ 5.0	$ 1.0
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Unrealized gains	5.8	10.9	6.7
Unrealized losses	(2.7)	(5.9)	(5.6)
Net unrealized gains	3.1	5.0	1.1
Accrued liabilities
Derivatives, Fair Value [Line Items]
Unrealized losses	(0.2)	0.0	(0.1)
Net unrealized gains	$ (0.2)	$ 0.0	$ (0.1)

Other Comprehensive Earnings (Loss) - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022	Dec. 26, 2021	Dec. 25, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	$ (213.5)	$ (259.6)	$ (213.5)	$ (259.6)		$ (254.9)
Net losses expected to be reclassified within next 12 months			$ 4.8
3.15% Notes Due 2021
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Debt stated interest rate					3.15%
Repayments of debt					$ 300.0
5.10% Notes Due 2044
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Debt stated interest rate	5.10%		5.10%
Interest Rate Contract \| Interest Expense
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Deferred losses reclassified from AOCE to net earnings	$ 0.2	0.2	$ 0.3	0.4
Gains (Losses) on Derivative Instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	(19.6)	$ 0.6	(19.6)	$ 0.6	$ (6.0)	$ (12.0)
Gains (Losses) on Derivative Instruments \| Foreign Exchange Forward
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	(5.0)		(5.0)
Gains (Losses) on Derivative Instruments \| Interest Rate Contract
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Accumulated other comprehensive earnings (loss)	$ (14.6)		$ (14.6)

Earnings (Loss) Per Share

6 Months Ended

Jul. 02, 2023

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

Net earnings (loss) per share data for the quarters and six months ended July 2, 2023 and June 26, 2022 were computed as follows:


	2023			2022
Quarter	Basic		Diluted	Basic		Diluted
Net (loss) earnings attributable to Hasbro, Inc.	$	(235.0)	(235.0)	$	142.0	142.0

Average shares outstanding	138.8		138.8	139.0		139.0
Effect of dilutive securities:
Options and other share-based awards	—		—	—		0.2
Equivalent Shares	138.8		138.8	139.0		139.2

Net (loss) earnings attributable to Hasbro, Inc. per common share	$	(1.69)	(1.69)	$	1.02	1.02


	2023			2022
Six Months	Basic		Diluted	Basic		Diluted
Net (loss) earnings attributable to Hasbro, Inc.	$	(257.1)	(257.1)	$	203.2	203.2

Average shares outstanding	138.7		138.7	139.2		139.2
Effect of dilutive securities:
Options and other share-based awards	—		—	—		0.2
Equivalent Shares	138.7		138.7	139.2		139.4

Net (loss) earnings attributable to Hasbro, Inc. per common share	$	(1.85)	(1.85)	$	1.46	1.46

For the quarter and six months ended July 2, 2023, options and restricted stock units totaling 4.3 million and 4.2 million, respectively, were excluded from the calculation of diluted earnings per share because to include them would have been anti-dilutive. For the quarter and six months ended June 26, 2022, options and restricted stock units totaling 3.0 million and 3.8 million, respectively, were excluded from the calculation of diluted earnings per share because to include them would have been anti-dilutive. Of the fiscal 2023 amount, 1.2 million and 1.6 million shares, respectively, would have been included in the calculation of diluted shares had the Company not had a net loss for the quarter and six months ended July 2, 2023. Assuming that these awards and options were included, under the treasury stock method, they would have resulted in an additional 0.2 million and 0.1 million shares, respectively, being included in the diluted earnings per share calculation for the quarter and six months ended July 2, 2023

Financial Instruments - Schedule of Production Financing Loans (Details) $ in Millions	6 Months Ended
	Jul. 02, 2023 USD ($)
Production Financing
Production financing loans, beginning balance	$ 195.6
Drawdowns	105.0
Repayments	(142.5)
Foreign exchange differences	(0.5)
Production financing loans, ending balance	$ 157.6

Other Comprehensive Earnings (Loss) (Tables)

6 Months Ended

Jul. 02, 2023

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

Schedule of Other Comprehensive Income (Loss), Tax Effect

The following table presents the related tax effects on changes in other comprehensive earnings (loss) for the quarters and six months ended July 2, 2023 and June 26, 2022.


	Quarter Ended				Six Months Ended
	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022

Other comprehensive earnings (loss), tax effect:
Tax benefit on unrealized holding losses	$	—	$	0.1	$	—	0.1
Tax benefit (expense) on cash flow hedging activities	1.2		(1.3)		2.3		(0.4)


Reclassifications to earnings, tax effect:
Tax (benefit) expense on cash flow hedging activities	(0.6)		0.1		(0.4)		(0.1)

Amortization of unrecognized pension and postretirement amounts	—		—		0.1		(0.1)

Total tax effect on other comprehensive earnings (loss)	$	0.6	$	(1.1)	$	2.0	(0.5)

Schedule of Accumulated Other Comprehensive Earnings (Loss), Net of Tax

Changes in the components of accumulated other comprehensive earnings (loss), net of tax for the six months ended July 2, 2023 and June 26, 2022 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
2023
Balance at December 25, 2022	$	(3.0)	(12.0)	(0.1)	(239.8)	$	(254.9)
Current period other comprehensive earnings (loss)	(0.2)		(7.6)	—	49.2	41.4
Balance at July 2, 2023	$	(3.2)	(19.6)	(0.1)	(190.6)	$	(213.5)

2022
Balance at December 26, 2021	$	(35.1)	(6.0)	0.2	(194.4)	$	(235.3)

Current period other comprehensive earnings (loss)	0.2		6.6	(0.1)	(31.0)	(24.3)
Balance at June 26, 2022	$	(34.9)	0.6	0.1	(225.4)	$	(259.6)

Derivative Financial Instruments - Schedule of Foreign Currency Forward Contracts Designated as Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($) $ in Millions	Jul. 02, 2023	Dec. 25, 2022	Jun. 26, 2022
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Unrealized gains	$ 3.8	$ 4.3	$ 20.4
Unrealized losses	(3.0)	(1.8)	(2.2)
Net unrealized gains	0.8	2.5	18.2
Other assets
Derivatives, Fair Value [Line Items]
Unrealized gains	0.5	0.3	0.5
Unrealized losses	(0.1)	0.0	0.0
Net unrealized gains	0.4	0.3	0.5
Accrued liabilities
Derivatives, Fair Value [Line Items]
Unrealized gains	1.2	1.6	0.3
Unrealized losses	(7.0)	(4.4)	(1.0)
Net unrealized gains	(5.8)	(2.8)	(0.7)
Other liabilities
Derivatives, Fair Value [Line Items]
Unrealized losses	(0.4)	0.0	0.0
Net unrealized gains	$ (0.4)	$ 0.0	$ 0.0

Basis of Presentation	6 Months Ended
Basis of Presentation	Jul. 02, 2023
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 July 2, 2023 and June 26, 2022, 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 July 2, 2023 and June 26, 2022 were each 13-week periods. The six-month periods ended July 2, 2023 and June 26, 2022 were 27-week and 26-week periods, respectively. The results of operations for the quarter ended July 2, 2023 are not necessarily indicative of results to be expected for the full year 2023, nor were those of the comparable 2022 period representative of those actually experienced for the full year 2022. Significant Accounting Policies The Company's significant accounting policies are summarized in note 1 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 25, 2022 ("2022 Form 10-K"). Impairment of Film and TV Reporting Unit During the second quarter of 2023, the Company determined that a triggering event occurred following a downward revision of the Company's financial forecast for its Film and TV business, driven by challenging industry conditions that include the ongoing strike by the Writers Guild of America. As a result, the Company performed a quantitative impairment test and determined that the Film and TV reporting unit within the Company's Entertainment segment, was impaired. During the second quarter of 2023, the Company recorded pre-tax non-cash impairment charges of $296.2 million as the carrying value of the Film and TV reporting unit exceeded its expected fair value, as determined using a discounted cash flow model which is primarily based on management’s future revenue and cost estimates. These impairment charges consisted of a $231.2 million goodwill impairment charge associated with goodwill assigned to the Company's Film and TV reporting unit, recorded within Impairment of Goodwill and a $65.0 million intangible asset impairment charge related to the Company's definite-lived intangible eOne Trademark, recorded in Selling, Distribution and Administration costs, within the Consolidated Statements of Operations for the quarter and six months ended July 2, 2023. D&D Beyond Acquisition On May 19, 2022, the Company acquired D&D Beyond, a strategic, complementary acquisition of the premier digital content platform for DUNGEONS & DRAGONS. The all-cash transaction in the purchase amount of $146.3 million was funded with cash on hand. The final allocation of assets acquired included $81.4 million to intangible assets, $64.7 million to goodwill, with the remainder allocated to property, plant, and equipment, all of which are included in the Company's consolidated balance sheets as of June 26, 2022. Blueprint 2.0 and Operational Excellence In October 2022, following a several months long strategic review of our business led by our CEO, the Company announced a new strategic plan guided by our new Blueprint 2.0, a consumer-centric framework for bringing compelling and expansive brand experiences to audiences around the world. During the review, with the assistance of a third party consultant, the Company identified opportunities to focus and scale its business, enhance operational excellence, including through specialized organizational programs and supply chain transformation, to drive growth and profit and enhance shareholder value. The Company is increasing strategic investment in its most valuable and profitable franchises across toys, games, entertainment and licensing, and exiting certain non-core aspects of the business. Brand Portfolio Realignment Effective for the first quarter 2023, we realigned our brand portfolios to correspond with the evolution of our Blueprint 2.0 strategy. We are focusing on fewer, bigger, more profitable brands that showcase our leadership in preschool toys, action figures and accessories, games, arts & crafts, and outdoor action brands. Our new product categories beginning in the first quarter of 2023 are as follows: Franchise Brands - A refreshed group of our most financially significant brands which we consider to have the greatest long-term potential including DUNGEONS & DRAGONS, Hasbro Gaming, MAGIC: THE GATHERING, NERF, PEPPA PIG, PLAY-DOH, and TRANSFORMERS. Partner Brands - The Partner Brands category includes those brands we license from other parties such as Disney's STAR WARS and MARVEL brands as well as other partners, for which we develop toy and game products, with a focus on those key Partner Brands that give us the largest growth potential and where we can lead and innovate in the category. Portfolio Brands - Our Portfolio Brands category includes those brands we own or control which we feel have upside in revenue and profitability that have not yet grown to the significance of a franchise brand. Non-Hasbro Branded Film & TV - The Non-Hasbro Branded Film & TV category includes non-Hasbro-branded film, TV and other entertainment related revenues. All Hasbro-branded content is included in the portfolios noted above. These consolidated financial statements have been prepared without audit, pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. The Company filed with the SEC audited consolidated financial statements for the fiscal year ended December 25, 2022 in its 2022 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 As of July 2, 2023, there were no recently adopted accounting standards that had a material effect on the Company’s financial statements. Issued Accounting Pronouncements As of July 2, 2023, there were no recently issued accounting pronouncements that had a material effect on the Company’s financial statements.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022
Cash flows from operating activities:
Net earnings (loss)	$ (256.6)	$ 203.4
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation of plant and equipment	54.6	61.7
Amortization of intangibles	45.9	54.3
Impairment of goodwill	231.2	0.0
Impairment of intangible assets	65.0	0.0
Program cost amortization	256.9	219.2
Deferred income taxes	(24.9)	(45.4)
Stock-based compensation	36.6	43.0
Other non-cash items	(2.0)	4.5
Change in operating assets and liabilities net of acquired balances:
Decrease in accounts receivable	237.5	517.5
Increase in inventories	(48.4)	(324.7)
(Increase) decrease in prepaid expenses and other current assets	(14.6)	13.9
Program spend, net	(251.8)	(296.2)
Decrease in accounts payable and accrued liabilities	(192.1)	(273.0)
Change in net deemed repatriation tax	(34.4)	(18.4)
Other	16.3	(12.0)
Net cash provided by operating activities	119.2	147.8
Cash flows from investing activities:
Additions to property, plant and equipment	(112.1)	(75.8)
Acquisitions	0.0	(146.3)
Other	(3.7)	9.5
Net cash utilized by investing activities	(115.8)	(212.6)
Cash flows from financing activities:
Proceeds from borrowings with maturity greater than three months	1.6	2.1
Repayments of borrowings with maturity greater than three months	(90.7)	(152.5)
Net proceeds from other short-term borrowings	6.6	97.2
Purchases of common stock	0.0	(124.0)
Stock-based compensation transactions	0.0	74.2
Dividends paid	(193.8)	(191.9)
Payments related to tax withholding for share-based compensation	(14.5)	(19.6)
Other	(5.4)	(5.4)
Net cash utilized by financing activities	(296.2)	(319.9)
Effect of exchange rate changes on cash	(3.7)	(6.3)
Net decrease in cash, cash equivalents and restricted cash	(296.5)	(391.0)
Cash, cash equivalents and restricted cash at beginning of year	513.1	1,019.2
Cash, cash equivalents and restricted cash at end of period	216.6	628.2
Cash paid during the period for:
Interest	87.1	75.4
Income taxes	$ 84.6	$ 95.1

Financial Instruments - Schedule of Production Financing Loans, Currencies Denomination (Details) - Jul. 02, 2023 $ in Millions, $ in Millions	USD ($)	CAD ($)
Line of Credit Facility [Line Items]
Production financing loan and other loans	$ 157.6
Canadian Dollars
Line of Credit Facility [Line Items]
Production financing loan and other loans		$ 4.0
U.S. Dollars
Line of Credit Facility [Line Items]
Production financing loan and other loans	$ 153.6

Derivative Financial Instruments

6 Months Ended

Jul. 02, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

Hasbro uses foreign currency forward contracts and foreign exchange option contracts to mitigate the impact of currency rate fluctuations on firmly committed and projected future foreign currency transactions. These over-the-counter contracts, which hedge future currency requirements related to purchases of inventory, product sales, television and film production cost and production financing loans (see note 7) as well as other cross-border transactions not denominated in the functional currency of the business unit, are primarily denominated in United States and Hong Kong dollars, and Euros. All contracts are entered into with a number of counterparties, all of which are major financial institutions. The Company believes that a default by a single counterparty would not have a material adverse effect on the financial condition of the Company. Hasbro does not enter into derivative financial instruments for speculative purposes.

Cash Flow Hedges

All of the Company's designated foreign currency forward contracts are considered to be cash flow hedges. These instruments hedge a portion of the Company's currency requirements associated with anticipated inventory purchases, product sales, certain production financing loans and other cross-border transactions, primarily for the remainder of 2023, and to a lesser extent, into 2024.

At July 2, 2023, June 26, 2022 and December 25, 2022, the notional amounts and fair values of the Company's foreign currency forward contracts designated as cash flow hedging instruments were as follows:


	July 2, 2023			June 26, 2022			December 25, 2022
Hedged transaction	Notional Amount		Fair Value	Notional Amount		Fair Value	Notional Amount		Fair Value
Inventory purchases	$	216.5	(5.3)	$	165.4	12.4	$	166.3	(2.7)
Sales	118.6		0.3	139.5		2.1	99.2		1.2
Production financing and other	143.5		—	159.8		3.5	116.8		1.5
Total	$	478.6	(5.0)	$	464.7	18.0	$	382.3	—

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 July 2, 2023, June 26, 2022 and December 25, 2022 as follows:


	July 2, 2023		June 26, 2022		December 25, 2022
Prepaid expenses and other current assets
Unrealized gains	$	3.8	$	20.4	$	4.3
Unrealized losses	(3.0)		(2.2)		(1.8)
Net unrealized gains	$	0.8	$	18.2	$	2.5

Other assets
Unrealized gains	$	0.5	$	0.5	$	0.3
Unrealized losses	(0.1)		—		—
Net unrealized gains	$	0.4	$	0.5	$	0.3

Accrued liabilities
Unrealized gains	$	1.2	$	0.3	$	1.6
Unrealized losses	(7.0)		(1.0)		(4.4)
Net unrealized losses	$	(5.8)	$	(0.7)	$	(2.8)

Other liabilities

Unrealized losses	(0.4)		—		—
Net unrealized losses	$	(0.4)	$	—	$	—

Net gains (losses) on cash flow hedging activities have been reclassified from other comprehensive earnings (loss) to net earnings for the quarters and six months ended July 2, 2023 and June 26, 2022 as follows:


	Quarter Ended				Six Months Ended
	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
Statements of Operations Classification
Cost of sales	$	(1.2)	$	3.0	$	1.3	2.6
Net revenues	0.1		0.2		0.2		(0.2)
Other	(0.5)		(0.1)		(0.7)		(0.7)
Net realized (losses) gains	$	(1.6)	$	3.1	$	0.8	1.7

Undesignated Hedges

The Company also enters into foreign currency forward contracts to minimize the impact of changes in the fair value of intercompany loans due to foreign currency changes. The Company does not use hedge accounting for these contracts as changes in the fair values of these contracts are substantially offset by changes in the fair value of the intercompany loans. Additionally, to manage transactional exposure to fair value movements on certain monetary assets and liabilities denominated in foreign currencies, the Company has implemented a balance sheet hedging program. The Company does not use hedge accounting for these contracts as changes in the fair values of these contracts are offset by changes in the fair value of the balance sheet items. As of July 2, 2023, June 26, 2022 and December 25, 2022 the total notional amounts of the Company's undesignated derivative instruments were $810.4 million, $464.7 million and $765.6 million, respectively.

At July 2, 2023, June 26, 2022 and December 25, 2022, the fair values of the Company's undesignated derivative financial instruments were recorded in the consolidated balance sheets as follows:


	July 2, 2023		June 26, 2022		December 25, 2022
Prepaid expenses and other current assets
Unrealized gains	$	5.8	$	6.7	$	10.9
Unrealized losses	(2.7)		(5.6)		(5.9)
Net unrealized gains	$	3.1	$	1.1	$	5.0

Accrued liabilities

Unrealized losses	(0.2)		(0.1)		—
Net unrealized losses	$	(0.2)	$	(0.1)	$	—






Total unrealized gains, net	$	2.9	$	1.0	$	5.0

The Company recorded net gains of $6.8 million and $11.2 million on these instruments to other (income) expense, net for the quarter and six months ended July 2, 2023, respectively, and net gains of $16.7 million and $20.5 million for the quarter and six months ended June 26, 2022, respectively, relating to the change in fair value of such derivatives, substantially offsetting gains and losses from the change in fair value of intercompany loans to which the contracts relate.

For additional information related to the Company's derivative financial instruments (see notes 5 and 10).

Investments in Productions and Investments in Acquired Content Rights - Program Costs Amortization (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Product Information [Line Items]
Program cost amortization	$ 134.4	$ 80.7	$ 256.9	$ 219.2
eOne
Product Information [Line Items]
Program cost amortization			256.9
eOne \| Investment in Production
Product Information [Line Items]
Program cost amortization			234.2
eOne \| Investment in Content
Product Information [Line Items]
Program cost amortization			$ 22.7

Restructuring Actions - Additional Information (Details) - 2018 And 2020 Restructuring Actions $ in Millions	6 Months Ended
	Jul. 02, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring reserve	$ 7.1
Payments for restructuring	$ 2.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Fair Value of Financial Instruments - Reconciliation of Level 3 Fair value (Details) - USD ($) $ in Millions	Jul. 02, 2023	Dec. 25, 2022	Jun. 26, 2022
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning of year	$ (1.7)	$ (1.7)	$ (1.7)
Balance at end of second quarter	$ (1.7)	$ (1.7)	$ (1.7)

Revenue Recognition - Additional Information (Details) $ in Millions	6 Months Ended
	Jul. 02, 2023 USD ($) brand_category
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, amount	$ 158.6
Number of brand categories \| brand_category	4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, amount	$ 135.3
Revenue, remaining performance obligation, period	6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, amount	$ 19.0
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-12-30
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, amount	$ 4.2
Revenue, remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-12-29
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Revenue, remaining performance obligation, amount	$ 0.1
Revenue, remaining performance obligation, period	1 year

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Pay vs Performance Disclosure
Net (Loss) earnings attributable to Hasbro, Inc.	$ (235.0)	$ 142.0	$ (257.1)	$ 203.2

- Definition

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

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+ Details

Other Comprehensive Earnings (Loss)

6 Months Ended

Jul. 02, 2023

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 quarters and six months ended July 2, 2023 and June 26, 2022.


	Quarter Ended				Six Months Ended
	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022

Other comprehensive earnings (loss), tax effect:
Tax benefit on unrealized holding losses	$	—	$	0.1	$	—	0.1
Tax benefit (expense) on cash flow hedging activities	1.2		(1.3)		2.3		(0.4)


Reclassifications to earnings, tax effect:
Tax (benefit) expense on cash flow hedging activities	(0.6)		0.1		(0.4)		(0.1)

Amortization of unrecognized pension and postretirement amounts	—		—		0.1		(0.1)

Total tax effect on other comprehensive earnings (loss)	$	0.6	$	(1.1)	$	2.0	(0.5)

Changes in the components of accumulated other comprehensive earnings (loss), net of tax for the six months ended July 2, 2023 and June 26, 2022 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
2023
Balance at December 25, 2022	$	(3.0)	(12.0)	(0.1)	(239.8)	$	(254.9)
Current period other comprehensive earnings (loss)	(0.2)		(7.6)	—	49.2	41.4
Balance at July 2, 2023	$	(3.2)	(19.6)	(0.1)	(190.6)	$	(213.5)

2022
Balance at December 26, 2021	$	(35.1)	(6.0)	0.2	(194.4)	$	(235.3)

Current period other comprehensive earnings (loss)	0.2		6.6	(0.1)	(31.0)	(24.3)
Balance at June 26, 2022	$	(34.9)	0.6	0.1	(225.4)	$	(259.6)

Gains (Losses) on Derivative Instruments

At July 2, 2023, the Company had remaining net deferred losses on foreign currency forward contracts, net of tax, of $5.0 million in accumulated other comprehensive earnings (loss) ("AOCE"). These instruments hedge payments related to inventory purchased in the second quarter of 2023 or forecasted to be purchased during the remainder of 2023 and throughout 2024, intercompany expenses expected to be paid or received during 2023, television and movie production costs paid in 2023 or expected to be paid in 2024, and cash receipts for sales made at the end of the first quarter of 2023 or forecasted to be made in the remainder of 2023 and throughout 2024. These amounts will be reclassified into the consolidated statements of operations upon the sale of the related inventory, the recognition of the related production costs or the recognition of the related sales or intercompany expenses to be paid or received.

In addition to foreign currency forward contracts, the Company entered into hedging contracts on future interest payments related to the 3.15% Notes that were repaid in full in the aggregate principal amount of $300.0 million in 2021 (See note 7), and the 5.10% Notes due 2044. At the date of debt issuance, these contracts were terminated and the fair value on the date of settlement was deferred in AOCE and is being amortized to interest expense over the life of the related notes using the effective interest rate method. At July 2, 2023, deferred losses, net of tax of $14.6 million related to these instruments remained in AOCE. For the quarters ended July 2, 2023 and June 26, 2022, previously deferred losses of $0.2 million related to these instruments were reclassified from AOCE to net earnings. For the six months ended July 2, 2023 and June 26, 2022, previously deferred losses of $0.3 million and $0.4 million were reclassified from AOCE to net earnings, respectively.

Of the net deferred losses included in AOCE at July 2, 2023, the Company expects net losses of approximately $4.8 million to be reclassified to the consolidated statements of operations within the next 12 months. However, the amount ultimately realized in earnings is dependent on the fair value of the hedging instruments on the settlement dates.

See note 11 for additional discussion on reclassifications from AOCE to earnings.

Consolidated Statements of Operations - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Income Statement [Abstract]
Net revenues	$ 1,210.0	$ 1,339.2	$ 2,211.0	$ 2,502.3
Costs and expenses:
Cost of sales	352.2	411.5	637.5	744.6
Program cost amortization	134.4	80.7	256.9	219.2
Royalties	119.9	110.1	188.9	200.2
Product development	72.4	79.2	155.7	148.8
Advertising	85.1	84.2	167.9	161.8
Amortization of intangibles	22.8	27.2	45.9	54.3
Selling, distribution and administration	380.6	327.2	697.7	634.3
Impairment of goodwill	231.2	0.0	231.2	0.0
Total costs and expenses	1,398.6	1,120.1	2,381.7	2,163.2
Operating profit (loss)	(188.6)	219.1	(170.7)	339.1
Non-operating expense (income):
Interest expense	46.6	41.7	92.9	83.3
Interest income	(5.8)	(2.7)	(11.8)	(4.8)
Other (income) expense, net	(1.5)	0.2	(2.9)	0.5
Total non-operating expense, net	39.3	39.2	78.2	79.0
Earnings (loss) before income taxes	(227.9)	179.9	(248.9)	260.1
Income tax expense	7.0	39.4	7.7	56.7
Net earnings (loss)	(234.9)	140.5	(256.6)	203.4
Net earnings (loss) attributable to noncontrolling interests	0.1	(1.5)	0.5	0.2
Net earnings (loss) attributable to Hasbro, Inc.	$ (235.0)	$ 142.0	$ (257.1)	$ 203.2
Net earnings (loss) per common share:
Basic (in dollars per share)	$ (1.69)	$ 1.02	$ (1.85)	$ 1.46
Diluted (in dollars per share)	(1.69)	1.02	(1.85)	1.46
Cash dividends declared per common share (in dollars per share)	$ 0.70	$ 0.70	$ 1.40	$ 1.40

Earnings (Loss) Per Share - Schedule of Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Basic
Net (loss) earnings attributable to Hasbro, Inc.	$ (235.0)	$ 142.0	$ (257.1)	$ 203.2
Average shares outstanding, basic (in shares)	138.8	139.0	138.7	139.2
Net earnings (loss) per common share, basic (in dollars per share)	$ (1.69)	$ 1.02	$ (1.85)	$ 1.46
Diluted
Net (loss) earnings attributable to Hasbro, Inc.	$ (235.0)	$ 142.0	$ (257.1)	$ 203.2
Average shares outstanding, diluted (in shares)	138.8	139.0	138.7	139.2
Effect of dilutive securities:
Options and other share-based awards (in shares)	0.0	0.2	0.0	0.2
Equivalent shares, diluted (in shares)	138.8	139.2	138.7	139.4
Net earnings (loss) per common share, diluted (in dollars per share)	$ (1.69)	$ 1.02	$ (1.85)	$ 1.46

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jul. 02, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accrued Liabilities (Details) - USD ($) $ in Millions	Jul. 02, 2023	Dec. 25, 2022	Jun. 26, 2022
Payables and Accruals [Abstract]
Participations and residuals	$ 287.0	$ 300.2	$ 302.3
Royalties	170.1	195.4	163.4
Deferred revenue	117.9	111.3	106.8
Dividends	97.1	96.7	96.7
Cancellation charges	82.6	89.2	63.0
Severance	70.7	100.3	27.5
Other taxes	66.7	82.1	72.7
Accrued expenses - IIP & IIC	57.3	80.8	34.8
General vendor accruals	52.3	44.3	46.2
Advertising	51.7	53.2	71.6
Accrued income taxes	50.8	44.8	59.5
Lease liability - current	$ 35.2	$ 39.6	$ 44.0
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued liabilities	Total accrued liabilities	Total accrued liabilities
Interest	$ 32.6	$ 31.0	$ 31.6
Payroll and management incentives	31.2	66.7	52.1
Freight	29.6	28.5	62.1
Other	136.6	142.7	145.1
Total accrued liabilities	$ 1,369.4	$ 1,506.8	$ 1,379.4

Basis of Presentation (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
Basis of Presentation (Details) - USD ($) $ in Millions	May 19, 2022	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022	Dec. 25, 2022	Dec. 26, 2021
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Non-cash impairment charges		$ 296.2
Impairment of goodwill		231.2	$ 0.0	$ 231.2	$ 0.0
Impairment of intangible assets		65.0		65.0	0.0
Goodwill		$ 3,239.2	$ 3,483.2	$ 3,239.2	$ 3,483.2	$ 3,470.1	$ 3,419.6
D&D Beyond
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate purchase price	$ 146.3
Intangible assets acquired	81.4
Goodwill	$ 64.7

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Revenue Recognition - Contract Assets and Liabilities (Details) $ in Millions	6 Months Ended
	Jul. 02, 2023 USD ($)
Assets
Balance at beginning of the year	$ 594.4
Recognized in current year	320.3
Amounts reclassified to accounts receivable	(352.1)
Foreign currency impact	7.3
Ending Balance	569.9
Liabilities
Balance at beginning of the year	113.0
Recognized in current year	164.0
Amounts in beginning balance reclassified to revenue	(58.8)
Current year amounts reclassified to revenue	(97.9)
Foreign currency impact	(1.0)
Ending Balance	$ 119.3

Accrued Liabilities (Tables)

6 Months Ended

Jul. 02, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Components of accrued liabilities for the periods ended July 2, 2023, June 26, 2022 and December 25, 2022 were as follows:


	July 2, 2023		June 26, 2022		December 25, 2022
Participations and residuals	$	287.0	$	302.3	$	300.2
Royalties	170.1		163.4		195.4
Deferred revenue	117.9		106.8		111.3
Dividends	97.1		96.7		96.7
Cancellation charges	82.6		63.0		89.2
Severance	70.7		27.5		100.3
Other taxes	66.7		72.7		82.1
Accrued expenses - IIP & IIC	57.3		34.8		80.8
General vendor accruals	52.3		46.2		44.3
Advertising	51.7		71.6		53.2
Accrued income taxes	50.8		59.5		44.8
Lease liability - current	35.2		44.0		39.6
Interest	32.6		31.6		31.0
Payroll and management incentives	31.2		52.1		66.7
Freight	29.6		62.1		28.5





Other	136.6		145.1		142.7
Total accrued liabilities	$	1,369.4	$	1,379.4	$	1,506.8

Derivative Financial Instruments - Narrative (Details) - Foreign Exchange Forward - Fair Value Hedging - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022	Dec. 25, 2022
Derivative [Line Items]
Net gains (losses) on derivative	$ 6.8	$ 16.7	$ 11.2	$ 20.5
Not Designated as Hedging Instrument
Derivative [Line Items]
Notional amount	$ 810.4	$ 464.7	$ 810.4	$ 464.7	$ 765.6

Earnings (Loss) Per Share (Tables)

6 Months Ended

Jul. 02, 2023

Earnings Per Share [Abstract]

Schedule of Earnings (Loss) Per Share

Net earnings (loss) per share data for the quarters and six months ended July 2, 2023 and June 26, 2022 were computed as follows:


	2023			2022
Quarter	Basic		Diluted	Basic		Diluted
Net (loss) earnings attributable to Hasbro, Inc.	$	(235.0)	(235.0)	$	142.0	142.0

Average shares outstanding	138.8		138.8	139.0		139.0
Effect of dilutive securities:
Options and other share-based awards	—		—	—		0.2
Equivalent Shares	138.8		138.8	139.0		139.2

Net (loss) earnings attributable to Hasbro, Inc. per common share	$	(1.69)	(1.69)	$	1.02	1.02


	2023			2022
Six Months	Basic		Diluted	Basic		Diluted
Net (loss) earnings attributable to Hasbro, Inc.	$	(257.1)	(257.1)	$	203.2	203.2

Average shares outstanding	138.7		138.7	139.2		139.2
Effect of dilutive securities:
Options and other share-based awards	—		—	—		0.2
Equivalent Shares	138.7		138.7	139.2		139.4

Net (loss) earnings attributable to Hasbro, Inc. per common share	$	(1.85)	(1.85)	$	1.46	1.46

Derivative Financial Instruments (Tables)

6 Months Ended

Jul. 02, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedging Instruments


	July 2, 2023			June 26, 2022			December 25, 2022
Hedged transaction	Notional Amount		Fair Value	Notional Amount		Fair Value	Notional Amount		Fair Value
Inventory purchases	$	216.5	(5.3)	$	165.4	12.4	$	166.3	(2.7)
Sales	118.6		0.3	139.5		2.1	99.2		1.2
Production financing and other	143.5		—	159.8		3.5	116.8		1.5
Total	$	478.6	(5.0)	$	464.7	18.0	$	382.3	—

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location

The fair values of the Company's foreign currency forward contracts designated as cash flow hedges are recorded in the consolidated balance sheets at July 2, 2023, June 26, 2022 and December 25, 2022 as follows:


	July 2, 2023		June 26, 2022		December 25, 2022
Prepaid expenses and other current assets
Unrealized gains	$	3.8	$	20.4	$	4.3
Unrealized losses	(3.0)		(2.2)		(1.8)
Net unrealized gains	$	0.8	$	18.2	$	2.5

Other assets
Unrealized gains	$	0.5	$	0.5	$	0.3
Unrealized losses	(0.1)		—		—
Net unrealized gains	$	0.4	$	0.5	$	0.3

Accrued liabilities
Unrealized gains	$	1.2	$	0.3	$	1.6
Unrealized losses	(7.0)		(1.0)		(4.4)
Net unrealized losses	$	(5.8)	$	(0.7)	$	(2.8)

Other liabilities

Unrealized losses	(0.4)		—		—
Net unrealized losses	$	(0.4)	$	—	$	—

Schedule of Derivative Instruments, Gain (Loss) in Statement of Operations


	Quarter Ended				Six Months Ended
	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
Statements of Operations Classification
Cost of sales	$	(1.2)	$	3.0	$	1.3	2.6
Net revenues	0.1		0.2		0.2		(0.2)
Other	(0.5)		(0.1)		(0.7)		(0.7)
Net realized (losses) gains	$	(1.6)	$	3.1	$	0.8	1.7

Schedule of Fair Values of Undesignated Derivative Financial Instruments

At July 2, 2023, June 26, 2022 and December 25, 2022, the fair values of the Company's undesignated derivative financial instruments were recorded in the consolidated balance sheets as follows:


	July 2, 2023		June 26, 2022		December 25, 2022
Prepaid expenses and other current assets
Unrealized gains	$	5.8	$	6.7	$	10.9
Unrealized losses	(2.7)		(5.6)		(5.9)
Net unrealized gains	$	3.1	$	1.1	$	5.0

Accrued liabilities

Unrealized losses	(0.2)		(0.1)		—
Net unrealized losses	$	(0.2)	$	(0.1)	$	—






Total unrealized gains, net	$	2.9	$	1.0	$	5.0

- Definition

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

+ References + Details

Restructuring Actions - Schedule of Restructuring Action (Details) - Operational Excellence $ in Millions	6 Months Ended
	Jul. 02, 2023 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 84.9
Charges	0.0
Payments	(26.1)
Ending balance	58.8
Severance
Restructuring Reserve [Roll Forward]
Beginning balance	84.9
Charges	0.0
Payments	(26.1)
Ending balance	$ 58.8

Consolidated Balance Sheets - USD ($) $ in Millions	Jul. 02, 2023	Dec. 25, 2022	Jun. 26, 2022
Current assets
Cash and cash equivalents including restricted cash of $4.9 million, $41.9 million and $14.5 million	$ 216.6	$ 513.1	$ 628.2
Accounts receivable, less allowance for doubtful accounts of $22.2 million, $24.9 million and $20.0 million	877.0	1,132.4	870.5
Inventories	731.3	676.8	867.5
Prepaid expenses and other current assets	684.1	676.8	719.2
Total current assets	2,509.0	2,999.1	3,085.4
Property, plant and equipment, less accumulated depreciation of $643.4 million, $644.2 million and $654.5 million	515.4	422.8	409.9
Other assets
Goodwill	3,239.2	3,470.1	3,483.2
Other intangible assets, net of accumulated amortization of $1,259.9 million, $1,089.4 million and $1,137.2 million	724.8	814.6	1,156.9
Other	1,621.3	1,589.3	1,367.6
Total other assets	5,585.3	5,874.0	6,007.7
Total assets	8,609.7	9,295.9	9,503.0
Current liabilities
Short-term borrowings	148.2	142.4	98.0
Current portion of long-term debt	69.4	113.2	137.0
Accounts payable	363.4	427.3	543.8
Accrued liabilities	1,369.4	1,506.8	1,379.4
Total current liabilities	1,950.4	2,189.7	2,158.2
Long-term debt	3,668.5	3,711.2	3,739.0
Other liabilities	520.6	533.1	570.0
Total liabilities	6,139.5	6,434.0	6,467.2
Redeemable noncontrolling interests	0.0	0.0	23.0
Shareholders' equity
Preference stock of $2.50 par value. Authorized 5,000,000 shares; none issued	0.0	0.0	0.0
Common stock of $0.50 par value. Authorized 600,000,000 shares; issued 220,286,736 shares at July 2, 2023, June 26, 2022, and December 25, 2022	110.1	110.1	110.1
Additional paid-in capital	2,554.6	2,540.6	2,503.4
Retained earnings	3,618.1	4,071.4	4,265.9
Accumulated other comprehensive loss	(213.5)	(254.9)	(259.6)
Treasury stock, at cost; 81,568,249 shares at July 2, 2023; 82,199,298 shares at June 26, 2022; and 82,106,383 shares at December 25, 2022	(3,626.3)	(3,634.4)	(3,636.2)
Noncontrolling interests	27.2	29.1	29.2
Total shareholders' equity	2,470.2	2,861.9	3,012.8
Total liabilities, noncontrolling interests and shareholders' equity	$ 8,609.7	$ 9,295.9	$ 9,503.0

Accrued Liabilities

6 Months Ended

Jul. 02, 2023

Payables and Accruals [Abstract]

Accrued Liabilities

Components of accrued liabilities for the periods ended July 2, 2023, June 26, 2022 and December 25, 2022 were as follows:


	July 2, 2023		June 26, 2022		December 25, 2022
Participations and residuals	$	287.0	$	302.3	$	300.2
Royalties	170.1		163.4		195.4
Deferred revenue	117.9		106.8		111.3
Dividends	97.1		96.7		96.7
Cancellation charges	82.6		63.0		89.2
Severance	70.7		27.5		100.3
Other taxes	66.7		72.7		82.1
Accrued expenses - IIP & IIC	57.3		34.8		80.8
General vendor accruals	52.3		46.2		44.3
Advertising	51.7		71.6		53.2
Accrued income taxes	50.8		59.5		44.8
Lease liability - current	35.2		44.0		39.6
Interest	32.6		31.6		31.0
Payroll and management incentives	31.2		52.1		66.7
Freight	29.6		62.1		28.5





Other	136.6		145.1		142.7
Total accrued liabilities	$	1,369.4	$	1,379.4	$	1,506.8

Financial Instruments - Production Financing Loans (Details) - USD ($) $ in Millions	Jul. 02, 2023	Dec. 25, 2022	Jun. 26, 2022
Debt Disclosure [Abstract]
Production financing	$ 157.6	$ 195.6	$ 175.0

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate			(3.10%)	21.80%
Impairment of goodwill	$ 231.2	$ 0.0	$ 231.2	$ 0.0
Discrete tax benefit			$ 8.9	$ 3.2

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Millions	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 13.1	$ 13.3	$ 25.8	$ 26.7
Right-of-use assets obtained in exchange for lease obligations, operating leases net of lease modifications	$ 2.1	$ (9.5)	$ 67.7	$ (0.5)
Weighted average remaining lease term, operating leases	7 years 3 months 18 days	4 years 7 months 6 days	7 years 3 months 18 days	4 years 7 months 6 days
Weighted average discount rate, operating leases	3.70%	3.30%	3.70%	3.30%

Segment Reporting

6 Months Ended

Jul. 02, 2023

Segment Reporting [Abstract]

Segment Reporting

Hasbro is a toy and game company with a broad portfolio of brands and entertainment content spanning toys, games, licensed products ranging from traditional to digital, as well as film and television entertainment. The Company's three principal reportable segments are (i) Consumer Products, (ii) Wizards of the Coast and Digital Gaming, and (iii) Entertainment.

The Consumer Products segment engages in the sourcing, marketing and sales of toy and game products around the world. The Consumer Products business also promotes the Company's brands through the out-licensing of our trademarks, characters and other brand and intellectual property rights to third parties, through the sale of branded consumer products such as toys and apparel. The Wizards of the Coast and Digital Gaming business engages in the promotion of the Company's brands through the development of trading card, role-playing and digital game experiences based on Hasbro and Wizards of the Coast games. The Entertainment segment engages in the development, acquisition, production, distribution and sale of world-class entertainment content including film, scripted and unscripted television, family programming, digital content and live entertainment. Corporate and Other provides management and administrative services to the Company's principal reporting segments described above and consists of unallocated corporate expenses and administrative costs and activities not considered when evaluating segment performance as well as certain assets benefiting more than one segment.

The significant accounting policies of the Company's segments are the same as those referenced in note 1.

Results shown for the quarter ended July 2, 2023 are not necessarily representative of those which may be expected for the full year 2023, nor were those of the comparable 2022 periods representative of those actually experienced for the full year 2022. 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 quarters and six months ended July 2, 2023 and June 26, 2022 are as follows:


	Quarter Ended
	July 2, 2023				June 26, 2022
Net revenues	External		Affiliate (b)		External		Affiliate (b)
Consumer Products	$	655.2	$	80.8	$	734.2	$	145.2
Wizards of the Coast and Digital Gaming	375.6		45.2		419.8		52.9
Entertainment	179.2		11.4		185.2		12.8
Corporate and Other	—		(137.4)		—		(210.9)
	$	1,210.0	$	—	$	1,339.2	$	—


	Six Months Ended
	July 2, 2023				June 26, 2022
Net revenues	External		Affiliate (b)		External		Affiliate (b)
Consumer Products	$	1,175.6	$	154.0	$	1,407.0	$	237.1
Wizards of the Coast and Digital Gaming	670.8		93.0		682.6		82.6
Entertainment	364.6		24.6		412.7		26.7
Corporate and Other	—		(271.6)		—		(346.4)
	$	2,211.0	$	—	$	2,502.3	$	—


	Quarter Ended				Six Months Ended
Operating profit (loss)	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
Consumer Products	$	11.4	$	(6.5)	$	(34.6)	$	2.1
Wizards of the Coast and Digital Gaming	142.3		225.6		219.1		332.0
Entertainment (a)	(324.2)		14.3		(332.9)		26.5
Corporate and Other (a)(c)	(18.1)		(14.3)		(22.3)		(21.5)
Operating profit (loss)	(188.6)		219.1		(170.7)		339.1
Interest expense	46.6		41.7		92.9		83.3
Interest income	(5.8)		(2.7)		(11.8)		(4.8)
Other non-operating (income) expense	(1.5)		0.2		(2.9)		0.5
Earnings (loss) before income taxes	$	(227.9)	$	179.9	$	(248.9)	$	260.1


Total assets	July 2, 2023		June 26, 2022		December 25, 2022
Consumer Products	$	5,954.2	$	5,318.9	$	5,757.7
Wizards of the Coast and Digital Gaming	3,634.9		2,295.8		2,968.7
Entertainment (a)	5,924.1		6,286.7		6,273.3
Corporate and Other (a)	(6,903.5)		(4,398.4)		(5,703.8)
	$	8,609.7	$	9,503.0	$	9,295.9

(a) Certain long-term assets, including property, plant and equipment, goodwill and other intangibles, which benefit multiple operating segments, are included in both Entertainment and Corporate and Other. Allocations of certain Corporate and Other expenses, related to these assets are made to the individual operating segments at the beginning of the year based on budgeted amounts. Any differences between actual and budgeted amounts are reflected in Corporate and Other because allocations are translated from the U.S. Dollar to local currency at budgeted rates when recorded. Corporate and Other also includes the elimination of inter-company balance sheet amounts.

(b) Amounts represent revenues from transactions with other operating segments that are included in the operating profit (loss) of the segment.

(c) Corporate and Other Operating profit (loss) includes Operational Excellence related transformation office and consulting fees of $10.4 million and $21.0 million, for the quarter and six-month periods ended July 2, 2023, respectively, which are recorded within Selling, Distribution and Administration costs within the Consolidated Statements of Operations. Third party consultants were engaged to assist the Company in performing a comprehensive review of operations and developing a transformation plan designed to support the organization in identifying, realizing, and capturing savings through the identification of organizational initiatives intended to create efficiencies and improve business processes and operations. The consultants assisted in providing benchmark data and are currently assisting with the design of an improved operating model and supply chain function. The Company expects this consulting assistance to conclude in 2023 in line with the planning stages of the final components of the transformation plan. Corporate and Other Operating Profit (loss) includes other consulting expense of $19.1 million and $21.5 million for the quarter and six month periods ended June 26, 2022, respectively, as well as incentive compensation for all periods presented.

The following table represents consolidated Consumer Products segment net revenues by major geographic region for the quarters and six months ended July 2, 2023 and June 26, 2022:


	Quarter Ended				Six Months Ended
	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
North America	$	382.0	$	433.3	$	661.1	$	838.5
Europe	131.9		162.1		263.5		338.8
Asia Pacific	66.4		66.6		129.7		118.8
Latin America	74.9		72.2		121.3		110.9
Net revenues	$	655.2	$	734.2	$	1,175.6	$	1,407.0

The following table represents consolidated Wizards of the Coast and Digital Gaming segment net revenues by category for the quarters and six months ended July 2, 2023 and June 26, 2022:


	Quarter Ended				Six Months Ended
	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
Tabletop Gaming	$	298.5	$	361.8	$	516.4	$	554.0
Digital and Licensed Gaming	77.1		58.0		154.4		128.6
Net revenues	$	375.6	$	419.8	$	670.8	$	682.6

The following table represents consolidated Entertainment segment net revenues by category for the quarters and six months ended July 2, 2023 and June 26, 2022:


	Quarter Ended				Six Months Ended
	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
Film and TV	$	153.3	$	148.2	$	321.7	$	338.4
Family Brands	25.9		22.8		42.9		46.0
Music and Other	—		14.2		—		28.3
Net revenues	$	179.2	$	185.2	$	364.6	$	412.7

Effective for the first quarter of 2023, the Company realigned its brand portfolios to correspond with the Blueprint 2.0 strategy. Net Revenues by Brand Portfolio below have been restated to present net revenues and operating profit under the realigned structure. See note 1 for more information on the Company's brand portfolio realignment.

The following table presents consolidated net revenues by brand portfolio for the quarters and six months ended July 2, 2023 and June 26, 2022:


	Quarter Ended				Six Months Ended
Net revenues	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
Franchise Brands	$	788.4	$	826.0	$	1,401.8	$	1,476.4
Partner Brands	172.9		219.4		305.6		425.9
Portfolio Brands	107.1		135.8		199.1		248.4

Non-Hasbro Branded Film & TV	141.6		158.0		304.5		351.6
Total	$	1,210.0	$	1,339.2	$	2,211.0	$	2,502.3

Net revenues from Hasbro's Total Gaming category, including all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming, totaled $491.2 million and $528.3 million for the quarters ended July 2, 2023 and June 26, 2022, respectively, of which MAGIC: THE GATHERING contributed $311.0 million and $365.5 million, respectively. Net revenues from Hasbro's Total Gaming category totaled $877.7 million and $907.1 million for the six months ended July 2, 2023 and June 26, 2022, respectively, of which MAGIC: THE GATHERING contributed $540.1 million and $562.7 million, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Derivative Financial Instruments - Schedule of Net Gains (Losses) on Cash Flow Hedges Activities (Details) - Cash Flow Hedging - Foreign Exchange Forward - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Net realized (losses) gains	$ (1.6)	$ 3.1	$ 0.8	$ 1.7
Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Net realized (losses) gains	(1.2)	3.0	1.3	2.6
Net revenues
Derivative Instruments, Gain (Loss) [Line Items]
Net realized (losses) gains	0.1	0.2	0.2	(0.2)
Other
Derivative Instruments, Gain (Loss) [Line Items]
Net realized (losses) gains	$ (0.5)	$ (0.1)	$ (0.7)	$ (0.7)

Other Comprehensive Earnings (Loss) - Schedule of Accumulated Other Comprehensive Earnings (Loss), Net of Tax (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			$ (254.9)
Current period other comprehensive earnings (loss)	$ 23.9	$ (12.7)	41.4	$ (24.3)
Ending balance	(213.5)	(259.6)	(213.5)	(259.6)
Pension and Postretirement Amounts
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(3.0)	(35.1)
Current period other comprehensive earnings (loss)			(0.2)	0.2
Ending balance	(3.2)	(34.9)	(3.2)	(34.9)
Gains (Losses) on Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(12.0)	(6.0)
Current period other comprehensive earnings (loss)			(7.6)	6.6
Ending balance	(19.6)	0.6	(19.6)	0.6
Unrealized Holding Gains (Losses) on Available- for-Sale Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(0.1)	0.2
Current period other comprehensive earnings (loss)			0.0	(0.1)
Ending balance	(0.1)	0.1	(0.1)	0.1
Foreign Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(239.8)	(194.4)
Current period other comprehensive earnings (loss)			49.2	(31.0)
Ending balance	(190.6)	(225.4)	(190.6)	(225.4)
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance			(254.9)	(235.3)
Current period other comprehensive earnings (loss)	23.9	(12.7)	41.4	(24.3)
Ending balance	$ (213.5)	$ (259.6)	$ (213.5)	$ (259.6)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Subsequent Event (Details) - Non-Core Film And TV Business - Disposal Group, Disposed of by Sale, Not Discontinued Operations - Subsequent event $ in Millions	Aug. 03, 2023 USD ($) production
Subsequent Event [Line Items]
Aggregate sales price	$ 500.0
Proceeds from sale of business	$ 375.0
Number of real estate properties owned \| production	6,500

Goodwill (Tables)

6 Months Ended

Jul. 02, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill, by operating segment, for the six months ended July 2, 2023 and June 26, 2022 are as follows:


	Consumer Products		Wizards of the Coast and Digital Gaming	Entertainment	Total
2023
Balance at December 25, 2022	$	1,584.7	371.5	1,513.9	$	3,470.1

Foreign exchange translation	0.1		0.2	—	0.3
Impairment during the period	—		—	(231.2)	(231.2)

Balance at July 2, 2023	$	1,584.8	371.7	1,282.7	$	3,239.2

See note 1 for discussion of goodwill impairment recorded during the second quarter of 2023.


	Consumer Products		Wizards of the Coast and Digital Gaming	Entertainment	Total
2022
Balance at December 26, 2021	$	1,584.9	307.3	1,527.4	$	3,419.6
Acquired during the period	—		64.7	—	64.7
Foreign exchange translation	(0.2)		(0.1)	(0.8)	(1.1)
Balance at June 26, 2022	$	1,584.7	371.9	1,526.6	$	3,483.2

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Goodwill [Roll Forward]
Beginning balance			$ 3,470.1	$ 3,419.6
Acquired during the period				64.7
Foreign exchange translation			0.3	(1.1)
Impairment during the period	$ (231.2)	$ 0.0	(231.2)	0.0
Ending balance	3,239.2	3,483.2	3,239.2	3,483.2
Consumer Products
Goodwill [Roll Forward]
Beginning balance			1,584.7	1,584.9
Acquired during the period				0.0
Foreign exchange translation			0.1	(0.2)
Impairment during the period			0.0
Ending balance	1,584.8	1,584.7	1,584.8	1,584.7
Wizards of the Coast and Digital Gaming
Goodwill [Roll Forward]
Beginning balance			371.5	307.3
Acquired during the period				64.7
Foreign exchange translation			0.2	(0.1)
Impairment during the period			0.0
Ending balance	371.7	371.9	371.7	371.9
Entertainment
Goodwill [Roll Forward]
Beginning balance			1,513.9	1,527.4
Acquired during the period				0.0
Foreign exchange translation			0.0	(0.8)
Impairment during the period			(231.2)
Ending balance	$ 1,282.7	$ 1,526.6	$ 1,282.7	$ 1,526.6

- Definition

+ References + Details

Investments in Productions and Investments in Acquired Content Rights

6 Months Ended

Jul. 02, 2023

Other Industries [Abstract]

Investment in Productions and Investments in Acquired Content Rights

Investments in Productions and Investments in Acquired Content RightsInvestments in productions and investments in acquired content rights are predominantly monetized on a title-by-title basis and are recorded within other assets in the Company's consolidated balance sheets, to the extent they are considered recoverable against future revenues. These amounts are being amortized to program cost amortization using a model that reflects the consumption of the asset as it is released through various channels including broadcast licenses, theatrical release and home entertainment. Amounts capitalized are reviewed periodically on an individual title basis and any portion of the unamortized amount that appears not to be recoverable from future net revenues is expensed as part of program cost amortization during the period the loss becomes evident.

The Company's unamortized investments in productions and investments in acquired content rights consisted of the following at July 2, 2023, June 26, 2022, and December 25, 2022:


		July 2, 2023		June 26, 2022		December 25, 2022
Investment in Films and Television Programs:
Individual Monetization
Released, net of amortization	*	$	552.3	$	437.6	$	584.5
Completed and not released		53.6		6.3		23.3
In production		135.3		140.6		199.4
Pre-production		130.9		160.5		41.3
		872.1		745.0		848.5
Film/TV Group Monetization
Released, net of amortization		17.5		35.6		25.8

In production		24.9		21.1		22.2

		42.4		56.7		48.0
Investment in Other Programming
Released, net of amortization		22.1		8.9		9.8
Completed and not released		—		0.4		—
In production		8.7		11.8		11.8
Pre-production		3.8		1.9		3.3
		34.6		23.0		24.9

Total Program Investments		$	949.1	$	824.7	$	921.4

The Company recorded $256.9 million of program cost amortization related to released programming in the six months ended July 2, 2023, consisting of the following:


	Investment in Production		Investment in Content		Total
Program cost amortization	$	234.2	$	22.7	$	256.9

*During the second quarter of 2023, the Company recorded film production cost impairment charges of $25.0 million associated with Dungeons & Dragons: Honor Among Thieves, within Program Cost Amortization in the Consolidated Statement of Operations, within the Entertainment Segment. The film impairment charges reflected the excess of the unamortized costs of the impaired film over its estimated fair value using estimated discounted future cash flows.

Other Comprehensive Earnings (Loss) - Schedule of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Other comprehensive earnings (loss), tax effect:
Tax benefit on unrealized holding losses	$ 0.0	$ 0.1	$ 0.0	$ 0.1
Tax benefit (expense) on cash flow hedging activities	1.2	(1.3)	2.3	(0.4)
Reclassifications to earnings, tax effect:
Tax (benefit) expense on cash flow hedging activities	(0.6)	0.1	(0.4)	(0.1)
Amortization of unrecognized pension and postretirement amounts	0.0	0.0	0.1	(0.1)
Total tax effect on other comprehensive earnings (loss)	$ 0.6	$ (1.1)	$ 2.0	$ (0.5)

Segment Reporting (Tables)

6 Months Ended

Jul. 02, 2023

Segment Reporting [Abstract]

Schedule of Information by Segment and Reconciliation to Reported Amounts

Information by segment and a reconciliation to reported amounts for the quarters and six months ended July 2, 2023 and June 26, 2022 are as follows:


	Quarter Ended
	July 2, 2023				June 26, 2022
Net revenues	External		Affiliate (b)		External		Affiliate (b)
Consumer Products	$	655.2	$	80.8	$	734.2	$	145.2
Wizards of the Coast and Digital Gaming	375.6		45.2		419.8		52.9
Entertainment	179.2		11.4		185.2		12.8
Corporate and Other	—		(137.4)		—		(210.9)
	$	1,210.0	$	—	$	1,339.2	$	—


	Six Months Ended
	July 2, 2023				June 26, 2022
Net revenues	External		Affiliate (b)		External		Affiliate (b)
Consumer Products	$	1,175.6	$	154.0	$	1,407.0	$	237.1
Wizards of the Coast and Digital Gaming	670.8		93.0		682.6		82.6
Entertainment	364.6		24.6		412.7		26.7
Corporate and Other	—		(271.6)		—		(346.4)
	$	2,211.0	$	—	$	2,502.3	$	—

Schedule of Operating Profit (Loss) by Segment


	Quarter Ended				Six Months Ended
Operating profit (loss)	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
Consumer Products	$	11.4	$	(6.5)	$	(34.6)	$	2.1
Wizards of the Coast and Digital Gaming	142.3		225.6		219.1		332.0
Entertainment (a)	(324.2)		14.3		(332.9)		26.5
Corporate and Other (a)(c)	(18.1)		(14.3)		(22.3)		(21.5)
Operating profit (loss)	(188.6)		219.1		(170.7)		339.1
Interest expense	46.6		41.7		92.9		83.3
Interest income	(5.8)		(2.7)		(11.8)		(4.8)
Other non-operating (income) expense	(1.5)		0.2		(2.9)		0.5
Earnings (loss) before income taxes	$	(227.9)	$	179.9	$	(248.9)	$	260.1

Schedule of Total Assets by Segment


Total assets	July 2, 2023		June 26, 2022		December 25, 2022
Consumer Products	$	5,954.2	$	5,318.9	$	5,757.7
Wizards of the Coast and Digital Gaming	3,634.9		2,295.8		2,968.7
Entertainment (a)	5,924.1		6,286.7		6,273.3
Corporate and Other (a)	(6,903.5)		(4,398.4)		(5,703.8)
	$	8,609.7	$	9,503.0	$	9,295.9

(b) Amounts represent revenues from transactions with other operating segments that are included in the operating profit (loss) of the segment.

Schedule of Net Revenues by Major Geographic Region

The following table represents consolidated Consumer Products segment net revenues by major geographic region for the quarters and six months ended July 2, 2023 and June 26, 2022:


	Quarter Ended				Six Months Ended
	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
North America	$	382.0	$	433.3	$	661.1	$	838.5
Europe	131.9		162.1		263.5		338.8
Asia Pacific	66.4		66.6		129.7		118.8
Latin America	74.9		72.2		121.3		110.9
Net revenues	$	655.2	$	734.2	$	1,175.6	$	1,407.0

Schedules of Net Revenues by Category

The following table represents consolidated Wizards of the Coast and Digital Gaming segment net revenues by category for the quarters and six months ended July 2, 2023 and June 26, 2022:


	Quarter Ended				Six Months Ended
	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
Tabletop Gaming	$	298.5	$	361.8	$	516.4	$	554.0
Digital and Licensed Gaming	77.1		58.0		154.4		128.6
Net revenues	$	375.6	$	419.8	$	670.8	$	682.6

The following table represents consolidated Entertainment segment net revenues by category for the quarters and six months ended July 2, 2023 and June 26, 2022:


	Quarter Ended				Six Months Ended
	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
Film and TV	$	153.3	$	148.2	$	321.7	$	338.4
Family Brands	25.9		22.8		42.9		46.0
Music and Other	—		14.2		—		28.3
Net revenues	$	179.2	$	185.2	$	364.6	$	412.7

The following table presents consolidated net revenues by brand portfolio for the quarters and six months ended July 2, 2023 and June 26, 2022:


	Quarter Ended				Six Months Ended
Net revenues	July 2, 2023		June 26, 2022		July 2, 2023		June 26, 2022
Franchise Brands	$	788.4	$	826.0	$	1,401.8	$	1,476.4
Partner Brands	172.9		219.4		305.6		425.9
Portfolio Brands	107.1		135.8		199.1		248.4

Non-Hasbro Branded Film & TV	141.6		158.0		304.5		351.6
Total	$	1,210.0	$	1,339.2	$	2,211.0	$	2,502.3

Revenue Recognition

6 Months Ended

Jul. 02, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Contract Assets and Liabilities

In the ordinary course of business, the Company’s Consumer Products, Wizards of the Coast and Digital Gaming and Entertainment segments enter into contracts to license certain of the Company’s intellectual property, providing licensees right-to-use or access to such intellectual property for use in the production and sale of consumer products and digital game development, and for use within content for distribution over streaming platforms and for television and film. The Company also licenses owned television and film content for distribution to third parties in formats that include broadcast, digital streaming and theatrical. Through these arrangements, the Company may receive advanced royalty payments from licensees, either in advance of a licensees’ subsequent sales to customers or, prior to the completion of the Company’s performance obligation. In addition, the Company’s Wizards of the Coast and Digital Gaming segment may receive advanced payments from end users of its digital games at the time of the initial purchase or through in-application purchases. These digital gaming revenues are recognized over a period of time, determined based on player usage patterns or the estimated playing life of the user or when additional downloadable content is made available. The Company defers revenues on all licensee and digital gaming advanced payments until the respective performance obligations are satisfied. The Company records the aggregate deferred revenues as contract liabilities, with the current portion recorded within Accrued Liabilities and the long-term portion recorded as Other Non-current Liabilities in the Company’s consolidated balance sheets. The Company records contract assets, primarily related to (1) minimum guarantees being recognized in advance of contractual invoicing, which are recognized ratably over the terms of the respective license periods, and (2) film and television distribution revenues recorded for content delivered, where payment will occur over the license term. The current portion of contract assets is recorded in Prepaid Expenses and Other Current Assets, respectively, and the long-term portion is recorded within Other Long-Term Assets.

The changes in carrying amounts of contract assets and liabilities for the six months ended July 2, 2023 are as follows:


	July 2, 2023
Assets
Balance at beginning of the year	$	594.4
Recognized in current year	320.3
Amounts reclassified to accounts receivable	(352.1)
Foreign currency impact	7.3
Ending Balance	$	569.9

Liabilities
Balance at beginning of the year	$	113.0
Recognized in current year	164.0
Amounts in beginning balance reclassified to revenue	(58.8)
Current year amounts reclassified to revenue	(97.9)

Foreign currency impact	(1.0)
Ending Balance	$	119.3

Unsatisfied performance obligations

Unsatisfied performance obligations relate primarily to in-production television content to be delivered in the future under existing agreements with partnering content providers such as broadcasters, distributors, television networks and subscription video on demand services. As of July 2, 2023, unrecognized revenue attributable to unsatisfied performance obligations expected to be recognized in the future was $158.6 million. Of this amount, we expect to recognize $135.3 million in the remainder of 2023, $19.0 million in 2024, $4.2 million in 2025 and $0.1 million in 2026. These amounts include only fixed consideration.

Accounts Receivable and Allowance for Credit Losses

The Company’s balance for accounts receivable on the consolidated balance sheets as of July 2, 2023 and June 26, 2022 are primarily from contracts with customers. The Company had no material expense for credit losses for the quarters ended July 2, 2023 and June 26, 2022.

Disaggregation of revenues

The Company disaggregates its revenues from contracts with customers by reportable segment: Consumer Products, Wizards of the Coast and Digital Gaming, and Entertainment. The Company further disaggregates revenues within its Consumer Products segment by major geographic region: North America, Europe, Latin America, and Asia Pacific; within its Wizards of the Coast and Digital Gaming segment by category: Tabletop Gaming and Digital and Licensed Gaming; and within its Entertainment segment by category: Film & TV, Family Brands, and Other. Finally, the Company disaggregates its revenues by brand portfolio into four brand categories: Franchise Brands, Partner Brands, Portfolio Brands, and Non-Hasbro Branded Film & TV. We believe these collectively depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. See note 13 for further information.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Restructuring Actions

6 Months Ended

Jul. 02, 2023

Restructuring and Related Activities [Abstract]

Restructuring Actions

During 2018 and 2020, the Company took certain restructuring actions including headcount reduction aimed at right-sizing the Company’s cost-structure and integration actions related to the acquisition of eOne. As of July 2, 2023, the Company had a remaining balance of $7.1 million in severance and other employee expenses related to these programs included within other accrued liabilities in the Consolidated Balance Sheets, after making payments of $2.0 million in fiscal 2023. Substantially all of the remaining cash payments related to these programs are expected to be made by the end of 2024.

During 2022, in support of Blueprint 2.0, Hasbro announced an Operational Excellence program ("the Program"), an ongoing enterprise-wide initiative intended to improve our business through specialized organizational programs that include targeted cost-savings, supply chain transformation and certain other restructuring actions designed to drive growth and enhance shareholder value. Charges related to the Program were recorded in Selling, Distribution and Administration within Corporate and Other. These actions are expected to be substantially complete by the end of 2024. Going forward, the Company may implement further cost-saving initiatives under the Program that could result in additional restructuring charges including severance and other employee charges.

As of July 2, 2023, the liability balance included within other accrued liabilities in the Consolidated Balance Sheets for the restructuring actions associated with the Program is as follows:


Operational Excellence	Severance		Total



Balance at December 25, 2022	$	84.9	$	84.9
2023 charges	—		—
2023 payments	(26.1)		(26.1)


Balance at July 2, 2023	$	58.8	$	58.8


Operational Excellence	Severance		Total
Charges incurred to date	$	94.1	$	94.1
Estimated charges to be incurred on approved initiatives	—		—
Total expected charges on approved initiatives	$	94.1	$	94.1

Leases (Tables)

6 Months Ended

Jul. 02, 2023

Leases [Abstract]

Schedule of Information Related to Leases

Information related to the Company’s leases for the quarters and six months ended July 2, 2023 and June 26, 2022 is as follows:


	Quarter Ended						Six Months Ended
	July 2, 2023			June 26, 2022			July 2, 2023			June 26, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13.1		$	13.3		$	25.8		26.7
Right-of-use assets obtained in exchange for lease obligations:
Operating leases net of lease modifications	$	2.1		$	(9.5)		$	67.7		(0.5)

Weighted Average Remaining Lease Term
Operating leases	7.3 years			4.6 years			7.3 years			4.6 years
Weighted Average Discount Rate
Operating leases	3.7		%	3.3		%	3.7		%	3.3	%

Schedule of Reconciliation of Future Undiscounted Cash Flows

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 July 2, 2023:


	July 2, 2023
2023 (excluding the six months ended July 2, 2023)	$	21.9
2024	39.6
2025	34.1
2026	28.2
2027	19.8
2028 and thereafter	68.9
Total future lease payments	212.5
Less imputed interest	31.5
Present value of future operating lease payments	181.0
Less current portion of operating lease liabilities (1)	35.2
Non-current operating lease liability (2)	145.8
Operating lease right-of-use assets, net (3)	$	153.1

(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.

Leases - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 24.8	$ 20.9	$ 48.3	$ 43.2
Minimum
Lessee, Lease, Description [Line Items]
Remaining lease terms	1 year		1 year
Maximum
Lessee, Lease, Description [Line Items]
Remaining lease terms	15 years		15 years

Leases

6 Months Ended

Jul. 02, 2023

Leases [Abstract]

Leases

The Company occupies offices and uses certain equipment under various operating lease arrangements. The Company has no material finance leases. The Company's leases have remaining lease terms of 1 to 15 years, some of which include 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. Lease expense under such leases is recorded straight line over the life of the lease. The Company capitalizes non-lease components for equipment leases, but expenses non-lease components as incurred for real estate leases.

The rent expense under such arrangements and similar arrangements that do not qualify as leases under ASU 2016-02, net of sublease income amounted to $24.8 million and $48.3 million for the quarter and six months ended July 2, 2023, respectively, and $20.9 million and $43.2 million for the quarter and six months ended June 26, 2022, respectively, and was not material to the Company's financial statements. Expenses related to short-term leases (expected terms less than 12 months) or variable lease payments was not material in the quarters or six months ended July 2, 2023 or June 26, 2022.

Information related to the Company’s leases for the quarters and six months ended July 2, 2023 and June 26, 2022 is as follows:


	Quarter Ended						Six Months Ended
	July 2, 2023			June 26, 2022			July 2, 2023			June 26, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	13.1		$	13.3		$	25.8		26.7
Right-of-use assets obtained in exchange for lease obligations:
Operating leases net of lease modifications	$	2.1		$	(9.5)		$	67.7		(0.5)

Weighted Average Remaining Lease Term
Operating leases	7.3 years			4.6 years			7.3 years			4.6 years
Weighted Average Discount Rate
Operating leases	3.7		%	3.3		%	3.7		%	3.3	%

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 July 2, 2023:


	July 2, 2023
2023 (excluding the six months ended July 2, 2023)	$	21.9
2024	39.6
2025	34.1
2026	28.2
2027	19.8
2028 and thereafter	68.9
Total future lease payments	212.5
Less imputed interest	31.5
Present value of future operating lease payments	181.0
Less current portion of operating lease liabilities (1)	35.2
Non-current operating lease liability (2)	145.8
Operating lease right-of-use assets, net (3)	$	153.1

(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.

Revenue Recognition (Tables)

6 Months Ended

Jul. 02, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Contract Assets and Liabilities

The changes in carrying amounts of contract assets and liabilities for the six months ended July 2, 2023 are as follows:


	July 2, 2023
Assets
Balance at beginning of the year	$	594.4
Recognized in current year	320.3
Amounts reclassified to accounts receivable	(352.1)
Foreign currency impact	7.3
Ending Balance	$	569.9

Liabilities
Balance at beginning of the year	$	113.0
Recognized in current year	164.0
Amounts in beginning balance reclassified to revenue	(58.8)
Current year amounts reclassified to revenue	(97.9)

Foreign currency impact	(1.0)
Ending Balance	$	119.3

Consolidated Statements of Comprehensive Earnings (Loss) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ (234.9)	$ 140.5	$ (256.6)	$ 203.4
Other comprehensive earnings (loss):
Foreign currency translation adjustments, net of tax	24.8	(20.2)	49.1	(31.0)
Unrealized holding losses on available-for-sale securities, net of tax	0.0	(0.5)	0.0	(0.1)
Net gains (losses) on cash flow hedging activities, net of tax	(2.6)	10.6	(7.1)	7.9
Reclassifications to earnings, net of tax:
Net (gains) losses on cash flow hedging activities	1.8	(2.7)	(0.4)	(1.3)
Amortization of unrecognized pension and postretirement amounts	(0.1)	0.1	(0.2)	0.2
Total other comprehensive earnings (loss), net of tax	23.9	(12.7)	41.4	(24.3)
Total comprehensive earnings (loss) attributable to noncontrolling interests	0.1	(1.5)	0.5	0.2
Total comprehensive earnings (loss) attributable to Hasbro, Inc.	$ (211.1)	$ 129.3	$ (215.7)	$ 178.9

Segment Reporting - Net Revenues by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 1,210.0	$ 1,339.2	$ 2,211.0	$ 2,502.3
External
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	1,210.0	1,339.2	2,211.0	2,502.3
Affiliate
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	0.0	0.0	0.0	0.0
Corporate and Other \| External
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	0.0	0.0	0.0	0.0
Corporate and Other \| Affiliate
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	(137.4)	(210.9)	(271.6)	(346.4)
Consumer Products
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	655.2	734.2	1,175.6	1,407.0
Consumer Products \| Operating Segments \| External
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	655.2	734.2	1,175.6	1,407.0
Consumer Products \| Operating Segments \| Affiliate
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	80.8	145.2	154.0	237.1
Wizards of the Coast and Digital Gaming
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	375.6	419.8	670.8	682.6
Wizards of the Coast and Digital Gaming \| Operating Segments \| External
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	375.6	419.8	670.8	682.6
Wizards of the Coast and Digital Gaming \| Operating Segments \| Affiliate
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	45.2	52.9	93.0	82.6
Entertainment
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	179.2	185.2	364.6	412.7
Entertainment \| Operating Segments \| External
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	179.2	185.2	364.6	412.7
Entertainment \| Operating Segments \| Affiliate
Segment Reporting, Revenue Reconciling Item [Line Items]
Net revenues	$ 11.4	$ 12.8	$ 24.6	$ 26.7

- Definition

+ References

+ Details

Basis of Presentation (Policies)	6 Months Ended
Basis of Presentation (Policies)	Jul. 02, 2023
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 July 2, 2023 and June 26, 2022, 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.
Recently Adopted Accounting Standards and Issued Accounting Pronouncements	Recently Adopted Accounting Standards As of July 2, 2023, there were no recently adopted accounting standards that had a material effect on the Company’s financial statements. Issued Accounting Pronouncements As of July 2, 2023, there were no recently issued accounting pronouncements that had a material effect on the Company’s financial statements.
Revenue Recognition	Contract Assets and Liabilities In the ordinary course of business, the Company’s Consumer Products, Wizards of the Coast and Digital Gaming and Entertainment segments enter into contracts to license certain of the Company’s intellectual property, providing licensees right-to-use or access to such intellectual property for use in the production and sale of consumer products and digital game development, and for use within content for distribution over streaming platforms and for television and film. The Company also licenses owned television and film content for distribution to third parties in formats that include broadcast, digital streaming and theatrical. Through these arrangements, the Company may receive advanced royalty payments from licensees, either in advance of a licensees’ subsequent sales to customers or, prior to the completion of the Company’s performance obligation. In addition, the Company’s Wizards of the Coast and Digital Gaming segment may receive advanced payments from end users of its digital games at the time of the initial purchase or through in-application purchases. These digital gaming revenues are recognized over a period of time, determined based on player usage patterns or the estimated playing life of the user or when additional downloadable content is made available. The Company defers revenues on all licensee and digital gaming advanced payments until the respective performance obligations are satisfied. The Company records the aggregate deferred revenues as contract liabilities, with the current portion recorded within Accrued Liabilities and the long-term portion recorded as Other Non-current Liabilities in the Company’s consolidated balance sheets. The Company records contract assets, primarily related to (1) minimum guarantees being recognized in advance of contractual invoicing, which are recognized ratably over the terms of the respective license periods, and (2) film and television distribution revenues recorded for content delivered, where payment will occur over the license term. The current portion of contract assets is recorded in Prepaid Expenses and Other Current Assets, respectively, and the long-term portion is recorded within Other Long-Term Assets. Disaggregation of revenuesThe Company disaggregates its revenues from contracts with customers by reportable segment: Consumer Products, Wizards of the Coast and Digital Gaming, and Entertainment. The Company further disaggregates revenues within its Consumer Products segment by major geographic region: North America, Europe, Latin America, and Asia Pacific; within its Wizards of the Coast and Digital Gaming segment by category: Tabletop Gaming and Digital and Licensed Gaming; and within its Entertainment segment by category: Film & TV, Family Brands, and Other. Finally, the Company disaggregates its revenues by brand portfolio into four brand categories: Franchise Brands, Partner Brands, Portfolio Brands, and Non-Hasbro Branded Film & TV. We believe these collectively depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors.
Leases	The Company occupies offices and uses certain equipment under various operating lease arrangements. The Company has no material finance leases. The Company's leases have remaining lease terms of 1 to 15 years, some of which include 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. Lease expense under such leases is recorded straight line over the life of the lease. The Company capitalizes non-lease components for equipment leases, but expenses non-lease components as incurred for real estate leases.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Segment Reporting - Net Revenues by Brand and Entertainment Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 02, 2023	Jun. 26, 2022	Jul. 02, 2023	Jun. 26, 2022
Revenue from External Customer [Line Items]
Net revenues	$ 1,210.0	$ 1,339.2	$ 2,211.0	$ 2,502.3
Franchise Brands
Revenue from External Customer [Line Items]
Net revenues	788.4	826.0	1,401.8	1,476.4
Partner Brands
Revenue from External Customer [Line Items]
Net revenues	172.9	219.4	305.6	425.9
Portfolio Brands
Revenue from External Customer [Line Items]
Net revenues	107.1	135.8	199.1	248.4
Non-Hasbro Branded Film & TV
Revenue from External Customer [Line Items]
Net revenues	141.6	158.0	304.5	351.6
Wizards of the Coast and Digital Gaming
Revenue from External Customer [Line Items]
Net revenues	375.6	419.8	670.8	682.6
Wizards of the Coast and Digital Gaming \| Tabletop Gaming
Revenue from External Customer [Line Items]
Net revenues	298.5	361.8	516.4	554.0
Wizards of the Coast and Digital Gaming \| Digital and Licensed Gaming
Revenue from External Customer [Line Items]
Net revenues	77.1	58.0	154.4	128.6
Entertainment
Revenue from External Customer [Line Items]
Net revenues	179.2	185.2	364.6	412.7
Entertainment \| Film & TV
Revenue from External Customer [Line Items]
Net revenues	153.3	148.2	321.7	338.4
Entertainment \| Family Brands
Revenue from External Customer [Line Items]
Net revenues	25.9	22.8	42.9	46.0
Entertainment \| Music and Other
Revenue from External Customer [Line Items]
Net revenues	$ 0.0	$ 14.2	$ 0.0	$ 28.3

Cover - shares	6 Months Ended
Cover - shares	Jul. 02, 2023	Aug. 03, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 02, 2023
Document Transition Report	false
Entity File Number	1-6682
Entity Registrant Name	HASBRO, INC.
Entity Incorporation, State or Country Code	RI
Entity Tax Identification Number	05-0155090
Entity Address, Address Line One	1027 Newport Avenue
Entity Address, City or Town	Pawtucket,
Entity Address, State or Province	RI
Entity Address, Postal Zip Code	02861
City Area Code	401
Local Phone Number	431-8697
Title of 12(b) Security	Common Stock, $0.50 par value per share
Trading Symbol	HAS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		138,740,874
Entity Central Index Key	0000046080
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jul. 02, 2023	Dec. 25, 2022	Jun. 26, 2022
Statement of Financial Position [Abstract]
Restricted cash	$ 4.9	$ 14.5	$ 41.9
Accounts receivable, allowance for doubtful accounts	22.2	20.0	24.9
Property, plant and equipment, accumulated depreciation	643.4	654.5	644.2
Other intangibles, accumulated amortization	$ 1,259.9	$ 1,137.2	$ 1,089.4
Preference stock, par value (in dollars per share)	$ 2.50	$ 2.50	$ 2.50
Preference stock, authorized (in shares)	5,000,000	5,000,000	5,000,000
Preference stock, issued (in shares)	0	0	0
Common stock, par value (in dollars per share)	$ 0.50	$ 0.50	$ 0.50
Common stock, authorized (in shares)	600,000,000	600,000,000	600,000,000
Common stock, issued (in shares)	220,286,736	220,286,736	220,286,736
Treasury stock (in shares)	81,568,249	82,106,383	82,199,298

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jul. 02, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value Hierarchy

At July 2, 2023, June 26, 2022 and December 25, 2022, 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)
July 2, 2023
Assets:
Available-for-sale securities	$	1.5	1.5	—	—
Derivatives	4.3		—	4.3	—
Total assets	$	5.8	1.5	4.3	—

Liabilities:
Derivatives	$	6.4	—	6.4	—
Option agreement	1.7		—	—	1.7
Total liabilities	$	8.1	—	6.4	1.7

June 26, 2022
Assets:
Available-for-sale securities	$	1.7	1.7	—	—
Derivatives	19.8		—	19.8	—
Total assets	$	21.5	1.7	19.8	—

Liabilities:
Derivatives	$	0.8	—	0.8	—
Option agreement	1.7		—	—	1.7
Total liabilities	$	2.5	—	0.8	1.7

December 25, 2022
Assets:
Available-for-sale securities	$	1.7	1.7	—	—
Derivatives	7.9		—	7.9	—
Total assets	$	9.6	1.7	7.9	—

Liabilities:
Derivatives	$	2.9	—	2.9	—
Option agreement	1.7		—	—	1.7
Total Liabilities	$	4.6	—	2.9	1.7

Schedule of 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):


	2023		2022
Balance at beginning of year	$	(1.7)	$	(1.7)

Balance at end of second quarter	$	(1.7)	$	(1.7)

Restructuring Actions - Schedule of Restructuring Charges (Details) - Operational Excellence $ in Millions	Jul. 02, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Charges incurred to date	$ 94.1
Estimated charges to be incurred on approved initiatives	0.0
Total expected charges on approved initiatives	94.1
Severance
Restructuring Cost and Reserve [Line Items]
Charges incurred to date	94.1
Estimated charges to be incurred on approved initiatives	0.0
Total expected charges on approved initiatives	$ 94.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Financial Instruments - Long-term Debt Instruments (Details) - USD ($) $ in Millions	Jul. 02, 2023	Dec. 25, 2022	Jun. 26, 2022
Debt Instrument [Line Items]
Carrying Cost	$ 3,759.3	$ 3,848.1	$ 3,901.9
Less: Deferred debt expenses	21.4	23.7	25.9
Current portion of long-term debt	69.4	113.2	137.0
Long-term debt, carrying cost	3,668.5	3,711.2	3,739.0
Fair Value	3,556.6	3,626.3	3,766.5
Long-term debt, fair value	$ 3,556.6	3,626.3	3,766.5
3.90% Notes Due 2029
Debt Instrument [Line Items]
Debt stated interest rate	3.90%
Carrying Cost	$ 900.0	900.0	900.0
Fair Value	$ 814.9	808.2	833.9
3.55% Notes Due 2026
Debt Instrument [Line Items]
Debt stated interest rate	3.55%
Carrying Cost	$ 675.0	675.0	675.0
Fair Value	$ 628.0	635.3	643.4
3.00% Notes Due 2024
Debt Instrument [Line Items]
Debt stated interest rate	3.00%
Carrying Cost	$ 500.0	500.0	500.0
Fair Value	$ 481.6	482.2	487.4
6.35% Notes Due 2040
Debt Instrument [Line Items]
Debt stated interest rate	6.35%
Carrying Cost	$ 500.0	500.0	500.0
Fair Value	$ 510.1	498.4	522.6
3.50% Notes Due 2027
Debt Instrument [Line Items]
Debt stated interest rate	3.50%
Carrying Cost	$ 500.0	500.0	500.0
Fair Value	$ 466.6	465.8	468.7
5.10% Notes Due 2044
Debt Instrument [Line Items]
Debt stated interest rate	5.10%
Carrying Cost	$ 300.0	300.0	300.0
Fair Value	$ 264.6	261.1	274.6
6.60% Debentures Due 2028
Debt Instrument [Line Items]
Debt stated interest rate	6.60%
Carrying Cost	$ 109.9	109.9	109.9
Fair Value	116.4	112.1	118.9
Variable % Notes Due December 30, 2024
Debt Instrument [Line Items]
Carrying Cost	265.0	310.0	340.0
Fair Value	265.0	310.0	340.0
Production Financing Facilities
Debt Instrument [Line Items]
Carrying Cost	9.4	53.2	77.0
Fair Value	$ 9.4	$ 53.2	$ 77.0

Investments in Productions and Investments in Acquired Content Rights - Program Production Costs (Details) - USD ($) $ in Millions	Jul. 02, 2023	Dec. 25, 2022	Jun. 26, 2022
Individual Monetization
Released, net of amortization	$ 552.3	$ 584.5	$ 437.6
Completed and not released	53.6	23.3	6.3
In production	135.3	199.4	140.6
Pre-production	130.9	41.3	160.5
Individual monetization, costs	872.1	848.5	745.0
Film/TV Group Monetization
Released, net of amortization	17.5	25.8	35.6
In production	24.9	22.2	21.1
Total film costs	42.4	48.0	56.7
Investment in Other Programming
Released, net of amortization	22.1	9.8	8.9
Completed and not released	0.0	0.0	0.4
In production	8.7	11.8	11.8
Pre-production	3.8	3.3	1.9
Other programming costs	34.6	24.9	23.0
Total Program Investments	$ 949.1	$ 921.4	$ 824.7

Fair Value of Financial Instruments

6 Months Ended

Jul. 02, 2023

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. There have been transfers between levels within the fair value hierarchy.

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.


	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)
July 2, 2023
Assets:
Available-for-sale securities	$	1.5	1.5	—	—
Derivatives	4.3		—	4.3	—
Total assets	$	5.8	1.5	4.3	—

Liabilities:
Derivatives	$	6.4	—	6.4	—
Option agreement	1.7		—	—	1.7
Total liabilities	$	8.1	—	6.4	1.7

June 26, 2022
Assets:
Available-for-sale securities	$	1.7	1.7	—	—
Derivatives	19.8		—	19.8	—
Total assets	$	21.5	1.7	19.8	—

Liabilities:
Derivatives	$	0.8	—	0.8	—
Option agreement	1.7		—	—	1.7
Total liabilities	$	2.5	—	0.8	1.7

December 25, 2022
Assets:
Available-for-sale securities	$	1.7	1.7	—	—
Derivatives	7.9		—	7.9	—
Total assets	$	9.6	1.7	7.9	—

Liabilities:
Derivatives	$	2.9	—	2.9	—
Option agreement	1.7		—	—	1.7
Total Liabilities	$	4.6	—	2.9	1.7

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. The Company uses 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 July 2, 2023, June 26, 2022 and December 25, 2022, 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 quarter ended July 2, 2023.

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):


	2023		2022
Balance at beginning of year	$	(1.7)	$	(1.7)

Balance at end of second quarter	$	(1.7)	$	(1.7)

- 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