Restructuring Actions

12 Months Ended

Dec. 29, 2024

Restructuring Charges [Abstract]

Restructuring Actions

Restructuring Actions

Starting in 2022, Hasbro implemented its Operational Excellence program ("the Program"), an ongoing enterprise-wide initiative intended to improve our business through programs that include targeted cost-savings, supply chain transformation and certain other restructuring actions designed to drive growth and enhance shareholder value. The Company's organizational structure changes have resulted and will further result in workforce reductions as well as the reallocation of people and resources. The Company currently anticipates that these changes will be substantially complete over the next twelve months.

Charges related to the Program were recorded in Selling, distribution and administration expense within Corporate and Other. 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.

The liability balance associated with Program related restructuring actions consisted of severance payments recorded within Other accrued liabilities in the Consolidated Balance Sheets as follows:

(In millions)	2024		2023
Operational Excellence:
Balance at beginning of the year	$	81.2	$	84.9
Charges	22.2		38.2
Payments	(56.5)		(41.9)
Balance at end of the year	$	46.9	$	81.2

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 December 29, 2024:

(In millions)	Total
Operational Excellence:
Charges incurred to date	$	154.5
Estimated charges to be incurred on approved initiatives	—
Total expected charges on approved initiatives	$	154.5