Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

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

The components of Earnings (loss) before income taxes, determined by tax jurisdiction, are as follows:

(In millions)	2023		2022	2021
United States	$	(356.9)	17.0	236.8
International	(1,352.2)		244.5	345.1
Total earnings (loss) before income taxes	$	(1,709.1)	261.5	581.9

Schedule of Income Taxes Attributable to Earnings (Loss) Before Income Taxes

Income taxes attributable to Earnings (loss) before income taxes are:

(In millions)	2023		2022	2021
Current
United States	$	(29.0)	85.9	52.3
State and local	(6.4)		18.0	15.4
International	57.6		84.7	50.1
	22.2		188.6	117.8
Deferred
United States	(36.3)		(105.7)	7.1
State and local	(3.0)		(16.6)	(0.3)
International	(204.2)		(7.8)	22.0
	(243.5)		(130.1)	28.8
Total income (benefit) taxes	$	(221.3)	58.5	146.6

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:

	2023		2022		2021
Statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net	0.5		1.2		1.5
Tax on international earnings	6.7		(4.0)		(1.1)
Domestic tax on foreign earnings	1.3		(6.5)		(1.7)
Change in unrecognized tax benefits	(0.3)		3.1		(3.4)
U.S. capital loss	22.0		—		—
Change in valuation allowance	(23.3)		9.7		(1.6)
Share-based compensation	(0.3)		1.4		(0.6)
Research and development tax credits	0.3		(3.5)		(1.1)
Deferred tax rate change	—		—		6.5
Officers' compensation	(0.3)		1.9		1.9
Loss on disposal of business	(3.4)		1.5		3.9
Goodwill impairments	(11.8)		—		—
Other, net	0.5		(3.4)		(0.1)
	12.9	%	22.4	%	25.2	%

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 as of December 31, 2023 and December 25, 2022 are as follows:

(In millions)	2023		2022
Deferred tax assets:
Accounts receivable	$	31.8	28.8
Inventories	33.2		22.6
Loss and credit carryforwards	461.9		175.3
Operating leases	3.5		11.2
Operating expenses	19.1		29.9
Pension	6.9		9.1
Other compensation	46.4		50.7
Postretirement benefits	5.9		5.7
Interest rate hedge	4.8		4.5
Tax sharing agreement	0.3		0.3
Deferred revenue	0.4		4.4
Capitalized research and experimentation	100.6		81.2
Depreciation and amortization of long-lived assets	192.0		63.2
Interest expense limitation	28.7		—
Other	3.7		11.7
Gross deferred tax assets	939.2		498.6
Deferred tax liabilities:
Depreciation and amortization of long-lived assets	108.0		125.0
Equity method investment	19.0		14.9
Operating leases	1.1		9.3
Prepaid expenses	4.0		4.4
Other	22.8		15.4
Gross deferred tax liabilities	154.9		169.0
Valuation allowance	(432.0)		(189.8)
Net deferred income taxes	$	352.3	139.8

Schedule of Deferred Tax Assets and Liabilities by Balance Sheet Location

As of December 31, 2023 and December 25, 2022, the Company’s net deferred income taxes are recorded in the Consolidated Balance Sheets as follows:

(In millions)	2023		2022
Other assets	$	427.9	262.1
Other liabilities	(75.6)		(122.3)
Net deferred income taxes	$	352.3	139.8

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of unrecognized tax benefits, excluding potential interest and penalties, for the fiscal years ended 2023, 2022, and 2021 is as follows:

(In millions)	2023		2022	2021
Balance at beginning of year	$	77.8	50.6	67.8
Gross increases in prior period tax positions	11.9		0.9	0.6
Gross decrease from disposition	(10.4)		—	—
Gross decreases in prior period tax positions	(23.4)		(0.2)	(12.0)
Gross increases in current period tax positions	3.8		28.6	4.6
Decrease related to settlements with tax authorities	(8.4)		—	(2.7)
Decreases from the expiration of statute of limitations	(11.4)		(2.1)	(7.7)
Balance at end of year	$	39.9	77.8	50.6