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Commitments and Contingencies
12 Months Ended
Dec. 31, 2017
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

(19) Commitments and Contingencies

Hasbro had unused open letters of credit and related instruments of approximately $36,500 and $42,100 at December 31, 2017 and December 25, 2016, respectively.

The Company enters into license agreements with strategic partners, inventors, designers and others for the use of intellectual properties in its products. Certain of these agreements contain provisions for the payment of guaranteed or minimum royalty amounts. Under terms of existing agreements as of December 31, 2017, Hasbro may, provided the other party meets their contractual commitment, be required to pay amounts as follows: 2018: $78,290; 2019: $61,181; 2020: $20,171; 2021: $27,046; 2022: $27,046; and thereafter: $15,859. At December 31, 2017, the Company had $81,586 of prepaid royalties, $31,444 of which are included in prepaid expenses and other current assets and $50,142 of which are included in other assets.

In addition to the above commitments, certain of the above contracts impose minimum marketing commitments on the Company. The Company may be subject to additional royalty guarantees totaling $50,000 that are not included in the amounts above that may be payable during the next four years contingent upon the quantity and types of theatrical movie releases by the licensor.

In connection with the Company’s agreement to form a joint venture with Discovery, the Company is obligated to make future payments to Discovery under a tax sharing agreement. The Company estimates these payments may total approximately $41,000 and may range from approximately $4,500 to $7,100 per year during the period 2018 to 2022, and approximately $14,700 in aggregate for all years occurring thereafter. These payments are contingent upon the Company having sufficient taxable income to realize the expected tax deductions of certain amounts related to the joint venture.

At December 31, 2017, the Company estimates payments related to inventory and tooling purchase commitments may total approximately $740,318, including contractual commitments under the manufacturing agreement with Cartamundi as follows: 2018: $110,827; 2019: $104,626; and 2020: $82,917. For additional information about these commitments, see Note 17.

Hasbro is party to certain legal proceedings, as well as certain asserted and unasserted claims. Amounts accrued, as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the consolidated financial statements.