Income Taxes (Tables)

12 Months Ended

Dec. 29, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Earnings Before Income Taxes, Determined by Tax Jurisdiction

The components of earnings before income taxes, determined by tax jurisdiction, are as follows:

	2019		2018	2017
United States	$	250,453	6,293	168,370
International	343,757		264,109	617,780
Total earnings before income taxes	$	594,210	270,402	786,150

Schedule of Income Taxes Attributable to Earnings Before Income Taxes

Income taxes attributable to earnings before income taxes are:

	2019			2018		2017
Current
United States	$	41,355		12,805		202,374
State and local	5,528			5,644		2,926
International	41,829			42,613		72,138
	88,712			61,062		277,438
Deferred
United States	(20,139		)	(4,937	)	105,174
State and local	(1,438		)	(471	)	1,658
International	6,621			(5,686	)	5,273
	(14,956		)	(11,094	)	112,105
Total income taxes	$	73,756		49,968		389,543

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory United States federal income tax rate to Hasbro’s effective income tax rate is as follows:

	2019		2018		2017
Statutory income tax rate	21.0	%	21.0	%	35.0	%
State and local income taxes, net	0.5		1.5		0.3
Tax on international earnings	(4.6	)	(11.4	)	(23.0	)
Change in unrecognized tax benefits	0.6		(7.9	)	1.0
Share-based compensation	(0.8	)	(4.0	)	(4.1	)
Tax Cuts and Jobs Act of 2017	—		15.0		39.4
Research and development tax credits	(0.7	)	(1.9	)	(0.5	)
Non-deductible goodwill impairment	—		2.0		—
Gains on integrated hedging instruments	(4.0	)	—		—
Other, net	0.4		4.2		1.5
	12.4	%	18.5	%	49.6	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 29, 2019 and December 30, 2018 are:

	2019			2018
Deferred tax assets:
Accounts receivable	$	26,973		29,094
Inventories	10,020			11,958
Loss and credit carryforwards	35,509			105,915
Operating leases	15,378			—
Operating expenses	23,686			21,213
Pension	6,206			11,543
Other compensation	27,633			35,418
Postretirement benefits	7,053			7,894
Interest rate hedge	5,202			5,607
Tax sharing agreement	3,096			4,015
Other	15,122			9,077
Gross deferred tax assets	175,878			241,734
Valuation allowance	(33,260		)	(36,311	)
Net deferred tax assets	142,618			205,423
Deferred tax liabilities:
Depreciation and amortization of long-lived assets	13,361			12,258
Equity method investment	17,674			15,113
Operating leases	11,936			—
Other	9,852			9,885
Deferred tax liabilities	52,823			37,256
Net deferred income taxes	$	89,795		168,167

Schedule of Deferred Tax Assets and Liabilities by Balance Sheet Location

At December 29, 2019 and December 30, 2018, the Company’s net deferred income taxes are recorded in the consolidated balance sheets as follows:

	2019			2018
Other assets	92,401			174,077
Other liabilities	(2,606		)	(5,910	)
Net deferred income taxes	$	89,795		168,167

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of unrecognized tax benefits, excluding potential interest and penalties, for the fiscal years ended December 29, 2019, December 30, 2018, and December 31, 2017 is as follows:

	2019			2018		2017
Balance at beginning of year	$	46,074		84,244		80,388
Gross increases in prior period tax positions	2,031			4,449		2,518
Gross decreases in prior period tax positions	—			(55,752	)	(28,653	)
Gross increases in current period tax positions	4,152			16,987		34,056
Decreases related to settlements with tax authorities	(12,037		)	(1,102	)	(1,375	)
Decreases from the expiration of statute of limitations	(3,569		)	(2,752	)	(2,690	)
Balance at end of year	$	36,651		46,074		84,244