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Segment Reporting
 6 Months Ended
Jun. 26, 2022
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Hasbro is a global play and entertainment 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. Effective for the three months ended March 28, 2021, the Company realigned its reportable segment structure to: (1) align with changes to its business structure subsequent to the integration of eOne; and (2) reflect changes to its reporting structure and provide transparency into how operating performance is measured. 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. Additionally, the Company out-licenses certain brands to other third-party digital game developers who transform Hasbro brand-based characters and other intellectual properties, into digital gaming experiences. The Entertainment segment engages in the development, acquisition, production, financing, distribution and sale of world-class entertainment content including film, scripted and unscripted television, family programming, digital content and live entertainment.
The significant accounting policies of the Company's segments are the same as those referenced in note 1.
Results shown for the quarter ended June 26, 2022 are not necessarily representative of those which may be expected for the full year 2022, nor were those of the comparable 2021 periods representative of those actually experienced for the full year 2021. 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 June 26, 2022 and June 27, 2021 are as follows:
Quarter Ended
June 26, 2022June 27, 2021
Net revenuesExternal
Affiliate (c)
External
Affiliate (c)
Consumer Products$734.2 $145.2 $689.2 $96.9 
Wizards of the Coast and Digital Gaming419.8 52.9 406.3 29.7 
Entertainment185.2 12.8 226.7 12.6 
Corporate and Other (a)
— (210.9)— (139.2)
$1,339.2 $— $1,322.2 $— 
Six Months Ended
June 26, 2022June 27, 2021
Net revenuesExternal
Affiliate (c)
External
Affiliate (c)
Consumer Products$1,407.0 $237.1 $1,343.1 $167.2 
Wizards of the Coast and Digital Gaming682.6 82.6 648.5 55.1 
Entertainment412.7 26.7 445.4 26.7 
Corporate and Other (a)
— (346.4)— (249.0)
$2,502.3 $— $2,437.0 $— 
Quarter EndedSix Months Ended
Operating profit (loss)June 26,
2022		June 27,
2021		June 26,
2022		June 27,
2021
Consumer Products (a)
$(6.5)$17.8 $2.1 $50.1 
Wizards of the Coast and Digital Gaming225.6 192.9 332.0 302.9 
Entertainment (a)
14.3 (113.7)26.5 (96.7)
Corporate and Other (a)
(14.3)(20.4)(21.5)(32.4)
$219.1 $76.6 $339.1 $223.9 
Total assetsJune 26,
2022		June 27,
2021		December 26,
2021
Consumer Products (b)
$5,318.9 $3,508.7 $4,925.5 
Wizards of the Coast and Digital Gaming2,295.8 745.8 1,585.1 
Entertainment (a)
6,286.7 6,124.4 6,052.8 
Corporate and Other (a)
(4,398.4)(276.7)(2,525.6)
$9,503.0 $10,102.2 $10,037.8 
(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. Beginning in 2022, the Company has allocated certain of the intangible amortization costs related to the assets acquired in the eOne acquisition, between the Consumer Products and Entertainment segments. Corporate and Other also includes the elimination of inter-company balance sheet amounts.
(b) During the second quarter of 2021, the Company adjusted certain inter-segment balance sheet amounts which impacted the Consumer Products and Corporate and Other total asset values. These adjustments did not impact the Company's total assets.
(c) Amounts represent revenues from transactions with other operating segments that are included in the operating profit (loss) of the segment.
The following table represents consolidated Consumer Products segment net revenues by major geographic region for the quarters and six months ended June 26, 2022 and June 27, 2021:
Quarter EndedSix Months Ended
June 26,
2022		June 27,
2021		June 26,
2022		June 27,
2021
North America$433.3 $391.4 $838.5 $754.1 
Europe162.1 176.5 338.8 365.0 
Asia Pacific66.6 68.4 118.8 133.2 
Latin America72.2 52.9 110.9 90.8 
Net revenues$734.2 $689.2 $1,407.0 $1,343.1 
The following table represents consolidated Wizards of the Coast and Digital Gaming segment net revenues by category for the quarters and six months ended June 26, 2022 and June 27, 2021:
Quarter EndedSix Months Ended
June 26,
2022		June 27,
2021		June 26,
2022		June 27,
2021
Tabletop Gaming$361.8 $315.4 $554.0 $490.7 
Digital and Licensed Gaming58.0 90.9 128.6 157.8 
Net revenues$419.8 $406.3 $682.6 $648.5 
The following table represents consolidated Entertainment segment net revenues by category for the quarters and six months ended June 26, 2022 and June 27, 2021:
Quarter EndedSix Months Ended
June 26,
2022		June 27,
2021		June 26,
2022		June 27,
2021
Film and TV$148.2 $164.3 $338.4 $330.7 
Family Brands22.8 26.1 46.0 44.9 
Music and Other14.2 36.3 28.3 69.8 
Net revenues$185.2 $226.7 $412.7 $445.4 
The following table presents consolidated net revenues by brand and entertainment portfolio for the quarters and six months ended June 26, 2022 and June 27, 2021:
Quarter EndedSix Months Ended
June 26,
2022		June 27,
2021		June 26,
2022		June 27,
2021
Franchise Brands (1)
$743.9 $677.2 $1,287.0 $1,200.3 
Partner Brands219.4 212.0 425.9 400.0 
Hasbro Gaming (2)
125.8 147.1 269.4 283.4 
Emerging Brands (1)
92.0 89.7 168.4 162.8 
TV/Film/Entertainment158.1 196.2 351.6 390.5 
Total $1,339.2 $1,322.2 $2,502.3 $2,437.0 
(1) Effective in the first quarter of 2022, the Company moved PEPPA PIG into Franchise Brands from Emerging Brands. For comparability, net revenues for the quarter and six months ended June 27, 2021 have been restated to reflect the elevation of PEPPA PIG from Emerging Brands to Franchise Brands, which amounted to a change of $27.3 million and $58.9 million, respectively.
(2) Hasbro's total gaming category, which includes all gaming net revenues, both those reported in Hasbro Gaming and those reported elsewhere, most notably MAGIC: THE GATHERING and MONOPOLY which are reported within Franchise Brands, totaled $528.3 million and $907.1 million for the quarter and six months ended June 26, 2022, respectively. For the quarter and six months ended June 27, 2021, total gaming revenues were $519.4 million and $884.7 million, respectively.