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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C.   20549
__________________
FORM 10-Q
__________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 28, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-6682
__________________
HASBRO, INC.
(Exact name of registrant as specified in its charter)
Rhode Island
05-0155090
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
1027 Newport Avenue

Pawtucket,
Rhode Island
02861
(Address of Principal Executive Offices)
(Zip Code)
(401) 431-8697
Registrant's telephone number, including area code

        
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.50 par value per shareHASThe NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [x]  No  [ ]
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes [x]  No  [ ]
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company.  See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
x
Accelerated filer
Non-accelerated filer  
Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]



Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).         Yes  No  [x]
The number of shares of Common Stock, par value $.50 per share, outstanding as of July 27, 2020 was 137,022,714.



PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
HASBRO, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(Thousands of Dollars Except Share Data)
(Unaudited)
June 28,
2020
June 30,
2019
December 29,
2019
ASSETS
Current assets
Cash and cash equivalents including restricted cash of $71,900, $0 and $0
$1,038,016  1,151,042  4,580,369  
Accounts receivable, less allowance for doubtful accounts of $28,000
$17,000 and $17,200
911,320  805,288  1,410,597  
Inventories
564,168  564,769  446,105  
Prepaid expenses and other current assets
672,163  308,996  310,450  
Total current assets
3,185,667  2,830,095  6,747,521  
Property, plant and equipment, less accumulated depreciation of $528,200
$490,000 and $505,900
482,215  387,372  382,248  
Other assets
Goodwill
3,666,045  485,765  494,584  
Other intangible assets, net of accumulated amortization of $855,000
$759,900 and $783,500
1,559,050  670,214  646,305  
Other
1,329,073  665,164  584,970  
Total other assets
6,554,168  1,821,143  1,725,859  
Total assets
$10,222,050  5,038,610  8,855,628  
LIABILITIES, NONCONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term borrowings
$6,419  12,787  503  
Current portion of long-term debt
378,558      
Accounts payable
335,236  330,053  343,927  
Accrued liabilities
1,261,352  729,856  912,652  
Total current liabilities
1,981,565  1,072,696  1,257,082  
Long-term debt
4,802,509  1,695,833  4,046,457  
Other liabilities
771,692  554,212  556,559  
Total liabilities
7,555,766  3,322,741  5,860,098  
Redeemable noncontrolling interests
24,133      
Shareholders' equity
Preference stock of $2.50 par value. Authorized 5,000,000 shares; none issued
      
Common stock of $0.50 par value. Authorized 600,000,000 shares; issued 220,286,736 shares at June 28, 2020, 209,694,630 shares at June 30, 2019, and 220,286,736 shares at December 29, 2019
110,143  104,847  110,143  
Additional paid-in capital
2,297,267  1,290,540  2,275,726  
Retained earnings
4,064,715  4,053,266  4,354,619  
Accumulated other comprehensive loss
(308,128) (173,175) (184,220) 
Treasury stock, at cost; 83,264,365 shares at June 28, 2020; 83,488,022 shares at June 30, 2019; and 83,424,129 shares at December 29, 2019
(3,559,990) (3,559,609) (3,560,738) 
Noncontrolling interests
38,144      
Total shareholders' equity
2,642,151  1,715,869  2,995,530  
Total liabilities, noncontrolling interests and shareholders' equity
$10,222,050  5,038,610  8,855,628  
See accompanying condensed notes to consolidated financial statements.



HASBRO, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Thousands of Dollars Except Per Share Data)
(Unaudited)
Quarter EndedSix Months Ended
June 28,
2020
June 30,
2019
June 28,
2020
June 30,
2019
Net revenues$860,279  984,537  $1,965,849  1,717,047  
Costs and expenses:
Cost of sales253,245  343,694  515,939  603,681  
Program cost amortization50,675  23,502  182,821  30,077  
Royalties97,337  71,061  210,159  130,949  
Product development58,325  65,632  112,154  121,892  
Advertising72,366  92,799  174,007  169,403  
Amortization of intangibles34,702  11,815  71,513  23,631  
Selling, distribution and administration281,192  247,701  560,320  472,954  
Acquisition and related costs10,262    160,044    
Total costs and expenses858,104  856,204  1,986,957  1,552,587  
Operating profit (loss)2,175  128,333  (21,108) 164,460  
Non-operating (income) expense:
Interest expense49,577  22,018  104,302  44,332  
Interest income(1,031) (5,996) (5,698) (13,678) 
Other expense (income), net(2,643) 106,203  (4,102) 98,103  
Total non-operating expense, net45,903  122,225  94,502  128,757  
Earnings (loss) before income taxes(43,728) 6,108  (115,610) 35,703  
Income tax (benefit) expense(10,830) (7,325) (14,902) (4,457) 
Net earnings (loss)(32,898) 13,433  (100,708) 40,160  
Net earnings attributable to noncontrolling interests1,017    2,844    
Net earnings (loss) attributable to Hasbro, Inc.$(33,915) 13,433  $(103,552) 40,160  
Net earnings (loss) per common share:
Basic$(0.25) 0.11  $(0.75) 0.32  
Diluted$(0.25) 0.11  $(0.75) 0.32  
Cash dividends declared per common share$0.68  0.68  $1.36  1.36  
See accompanying condensed notes to consolidated financial statements.



HASBRO, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Earnings (Loss)
(Thousands of Dollars)
(Unaudited)
Quarter EndedSix Months Ended
June 28,
2020
June 30,
2019
June 28,
2020
June 30,
2019
Net earnings (loss)$(32,898) 13,433  $(100,708) 40,160  
Other comprehensive earnings (loss):
Foreign currency translation adjustments, net of tax
(7,197) 3,334  (138,964) 10,327  
Unrealized holding gains on available-for-sale securities, net of tax
2,534  290  2,124  555  
Net (losses) gains on cash flow hedging activities, net of tax
(3,691) (2,079) 21,324  4,513  
Changes in unrecognized pension amounts, net of tax
  19,589    19,589  
Reclassifications to earnings (loss), net of tax:
Net gains on cash flow hedging activities
(5,278) (1,982) (8,942) (4,796) 
Amortization of unrecognized pension and postretirement amounts
276  4,160  550  5,299  
Settlement of U.S. defined benefit plan
  85,852    85,852  
Total other comprehensive earnings (loss), net of tax(13,356) 109,164  (123,908) 121,339  
Total comprehensive earnings attributable to noncontrolling interests1,017    2,844    
Total comprehensive earnings (loss) attributable to Hasbro, Inc.$(47,271) 122,597  $(227,460) 161,499  
See accompanying condensed notes to consolidated financial statements.



HASBRO, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(Thousands of Dollars)
(Unaudited)
Six Months Ended
June 28,
2020
June 30,
2019
Cash flows from operating activities:
Net earnings (loss)$(100,708) 40,160  
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Depreciation of plant and equipment56,587  62,408  
Amortization of intangibles71,513  23,631  
Asset impairments40,878    
Program cost amortization182,821  30,077  
Deferred income taxes(11,086) (15,236) 
Stock-based compensation26,130  15,894  
Non-cash pension settlement  110,777  
Other non-cash items7  (8,241) 
Change in operating assets and liabilities net of acquired balances:
Decrease in accounts receivable721,973  431,557  
Increase in inventories(125,356) (119,647) 
Increase in prepaid expenses and other current assets(40,190) (33,073) 
Program production costs, net(220,376) (59,417) 
Decrease in accounts payable and accrued liabilities(344,414) (134,574) 
Change in net deemed repatriation tax  (14,550) 
Other560  6,510  
Net cash provided by operating activities258,339  336,276  
Cash flows from investing activities:
Additions to property, plant and equipment(64,009) (58,195) 
Acquisitions, net of cash acquired(4,403,929)   
Other13,152  (2,281) 
Net cash utilized by investing activities(4,454,786) (60,476) 
Cash flows from financing activities:
Proceeds from borrowings with maturity greater than three months1,023,453    
Repayments of borrowings with maturity greater than three months(98,193)   
Net (repayments of) proceeds from other short-term borrowings(4,480) 3,095  
Purchases of common stock  (58,633) 
Stock-based compensation transactions1,830  25,779  
Dividends paid(186,243) (164,908) 
Payments related to tax withholding for share-based compensation(5,669) (11,889) 
Redemption of equity instruments(47,399)   
Deferred acquisition payments  (100,000) 
Other(4,835)   
Net cash provided (utilized) by financing activities678,464  (306,556) 
Effect of exchange rate changes on cash(24,370) (573) 
Decrease in cash, cash equivalents and restricted cash(3,542,353) (31,329) 
Cash, cash equivalents and restricted cash at beginning of year4,580,369  1,182,371  
Cash, cash equivalents and restricted cash at end of period$1,038,016  1,151,042  
Supplemental information
Cash paid during the period for:
Interest$81,456  40,807  
Income taxes$30,449  40,014  
See accompanying condensed notes to consolidated financial statements.



HASBRO, INC. AND SUBSIDIARIES
Consolidated Statements of Shareholders' Equity and Redeemable Noncontrolling Interests
(Thousands of Dollars)
(Unaudited)
Quarter Ended June 28, 2020
Common
Stock
Additional
Paid-in Capital
Retained
Earnings
Accumulated Other
Comprehensive  Loss
Treasury
Stock
Noncontrolling InterestsTotal
Shareholders'
Equity
Redeemable Noncontrolling Interests
Balance, March 29, 2020$110,143  2,282,379  4,191,810  (294,772) (3,560,336) 35,283  $2,764,507  $26,041  
Noncontrolling interests related to acquisition of Entertainment One Ltd.—  —  —  —  —  (1,364) (1,364) 2,645  
Net loss attributable to Hasbro, Inc.—  —  (33,915) —  —  —  (33,915) —  
Net earnings (loss) attributable to noncontrolling interests—  —  —  —  —  1,104  1,104  (87) 
Other comprehensive loss—  —  —  (13,356) —  —  (13,356) —  
Stock-based compensation transactions—  (290) —  —  45  —  (245) —  
Stock-based compensation expense—  15,178    —  301  —  15,479  —  
Dividends declared—  —  (93,180) —  —    (93,180) —  
Distributions paid to noncontrolling owners and other foreign exchange
—  —  —  —  —  3,121  3,121  (4,466) 
Balance, June 28, 2020$110,143  2,297,267  4,064,715  (308,128) (3,559,990) 38,144  $2,642,151  $24,133  
Quarter Ended June 30, 2019
Common
Stock
Additional
Paid-in Capital
Retained
Earnings
Accumulated Other
Comprehensive  Loss
Treasury
Stock
Noncontrolling InterestsTotal
Shareholders'
Equity
Redeemable Noncontrolling Interests
Balance, March 31, 2019$104,847  1,269,230  4,125,686  (282,339) (3,562,893)   $1,654,531  $  
Net earnings—  —  13,433  —  —  —  13,433  —  
Other comprehensive earnings—  —  —  109,164  —  —  109,164  —  
Stock-based compensation transactions—  10,937  —  —  12,499  —  23,436  —  
Purchases of common stock—  —  —  —  (9,451) —  (9,451) —  
Stock-based compensation expense—  10,373  —  —  236  —  10,609  —  
Dividends declared—  —  (85,853) —  —  —  (85,853) —  
Balance, June 30, 2019$104,847  1,290,540  4,053,266  (173,175) (3,559,609)   $1,715,869  $  
See accompanying condensed notes to consolidated financial statements.








HASBRO, INC. AND SUBSIDIARIES
Consolidated Statements of Shareholders' Equity and Redeemable Noncontrolling Interests
(Thousands of Dollars)
(Unaudited)
Six Months Ended June 28, 2020
Common
Stock
Additional
Paid-in Capital
Retained
Earnings
Accumulated Other
Comprehensive  Loss
Treasury
Stock
Noncontrolling InterestsTotal
Shareholders'
Equity
Redeemable Noncontrolling Interests
Balance, December 29, 2019$110,143  2,275,726  4,354,619  (184,220) (3,560,738)   $2,995,530  $  
Noncontrolling interests related to acquisition of Entertainment One Ltd.—  —  —  —  —  38,561  38,561  26,241  
Net loss attributable to Hasbro, Inc.—  —  (103,552) —  —  —  (103,552) 
Net earnings (loss) attributable to noncontrolling interests—  —  —  —  —  2,968  2,968  (124) 
Other comprehensive loss—  —  —  (123,908) —  —  (123,908) —  
Stock-based compensation transactions—  (4,288) —  —  447  —  (3,841) —  
Stock-based compensation expense—  25,829  —  —  301  —  26,130  —  
Dividends declared—  —  (186,352) —  —  —  (