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Segment Reporting
 9 Months Ended
Oct. 01, 2023
Segment Reporting [Abstract]  
Segment Reporting 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 October 1, 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 nine months ended October 1, 2023 and September 25, 2022 are as follows:
Quarter Ended
October 1, 2023September 25, 2022
Net revenuesExternal
Affiliate (b)
External
Affiliate (b)
Consumer Products$956.9 $72.7 $1,160.8 $113.2 
Wizards of the Coast and Digital Gaming423.6 43.5 303.5 39.4 
Entertainment122.9 14.8 211.6 14.6 
Corporate and Other— (131.0)— (167.2)
$1,503.4 $— $1,675.9 $— 
Nine Months Ended
October 1, 2023September 25, 2022
Net revenuesExternal
Affiliate (b)
External
Affiliate (b)
Consumer Products$2,132.5 $226.8 $2,567.8 $350.3 
Wizards of the Coast and Digital Gaming1,094.4 136.6 986.1 122.1 
Entertainment487.5 39.4 624.3 41.3 
Corporate and Other— (402.8)— (513.7)
$3,714.4 $— $4,178.2 $— 
Quarter EndedNine Months Ended
Operating profit (loss)October 1,
2023		September 25,
2022		October 1,
2023		September 25,
2022
Consumer Products $96.1 $136.8 $61.5 $138.9 
Wizards of the Coast and Digital Gaming203.4 102.2 422.5 434.2 
Entertainment (a)
(468.5)(28.9)(801.4)(2.4)
Corporate and Other (a)(c)
(0.5)(15.8)(22.8)(37.3)
Operating profit (loss)(169.5)194.3 (340.2)533.4 
Interest expense47.1 41.9 140.0 125.2 
Interest income(3.8)(3.2)(15.6)(8.0)
Other non-operating expense (income)
2.2 (10.0)(0.7)(9.5)
Earnings (loss) before income taxes$(215.0)$165.6 $(463.9)$425.7 

Total assetsOctober 1,
2023		September 25,
2022		December 25,
2022
Consumer Products $6,474.4 $5,817.9 $5,757.7 
Wizards of the Coast and Digital Gaming4,029.1 2,646.6 2,968.7 
Entertainment (a)
5,346.7 6,158.5 6,273.3 
Corporate and Other (a)
(7,510.0)(4,996.9)(5,703.8)
$8,340.2 $9,626.1 $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 $8.4 million and $29.4 million, for the quarter and nine-month periods ended October 1, 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 $2.8 million and $24.3 million for the quarter and nine month periods ended September 25, 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 nine months ended October 1, 2023 and September 25, 2022:
Quarter EndedNine Months Ended
October 1,
2023		September 25,
2022		October 1,
2023		September 25,
2022
North America$573.6 $693.3 $1,234.7 $1,531.8 
Europe208.7 271.6 472.2 610.4 
Asia Pacific61.8 82.8 191.5 201.6 
Latin America112.8 113.1 234.1 224.0 
Net revenues$956.9 $1,160.8 $2,132.5 $2,567.8 
The following table represents consolidated Wizards of the Coast and Digital Gaming segment net revenues by category for the quarters and nine months ended October 1, 2023 and September 25, 2022:
Quarter EndedNine Months Ended
October 1,
2023		September 25,
2022		October 1,
2023		September 25,
2022
Tabletop Gaming$290.5 $246.3 $806.9 $800.3 
Digital and Licensed Gaming133.1 57.2 287.5 185.8 
Net revenues$423.6 $303.5 $1,094.4 $986.1 
The following table represents consolidated Entertainment segment net revenues by category for the quarters and nine months ended October 1, 2023 and September 25, 2022:
Quarter EndedNine Months Ended
October 1,
2023		September 25,
2022		October 1,
2023		September 25,
2022
Film and TV$102.1 $188.6 $423.8 $527.0 
Family Brands20.8 13.6 63.7 59.6 
Music and Other— 9.4 — 37.7 
Net revenues$122.9 $211.6 $487.5 $624.3 
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 nine months ended October 1, 2023 and September 25, 2022:
Quarter EndedNine Months Ended
Net revenuesOctober 1,
2023		September 25,
2022		October 1,
2023		September 25,
2022
Franchise Brands $1,011.0 $939.8 $2,412.8 $2,416.2 
Partner Brands228.2 349.9 533.8 775.8 
Portfolio Brands 170.3 209.0 369.4 457.4 
Non-Hasbro Branded Film & TV 93.9 177.2 398.4 528.8 
Total $1,503.4 $1,675.9 $3,714.4 $4,178.2 
Net revenues from Hasbro's Total Gaming category, including all gaming revenue, most notably DUNGEONS & DRAGONS, MAGIC: THE GATHERING and Hasbro Gaming, totaled $628.0 million and $508.6 million for the quarters ended October 1, 2023 and September 25, 2022, respectively, of which MAGIC: THE GATHERING contributed $287.4 million and $239.3 million, respectively. Net revenues from Hasbro's Total Gaming category totaled $1,505.7 million and $1,415.7 million for the nine months ended October 1, 2023 and September 25, 2022, respectively, of which MAGIC: THE GATHERING contributed $827.5 million and $802.0 million, respectively.