Restructuring Actions

9 Months Ended

Oct. 01, 2023

Restructuring and Related Activities [Abstract]

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 October 1, 2023, the Company had a remaining balance of $6.7 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 $2.3 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. In January 2023, in connection the Program we announced the elimination of approximately 1,000 positions from our global workforce, or approximately 15% of global full-time employees. 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 October 1, 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	(33.9)		(33.9)


Balance at October 1, 2023	$	51.0	$	51.0

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 October 1, 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