Income Taxes (Tables)

12 Months Ended

Dec. 29, 2024

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)	2024		2023		2022
United States	$	325.2	$	(356.9)	$	17.0
International	171.8		(1,352.2)		244.5
Total earnings (loss) before income taxes	$	497.0	$	(1,709.1)	$	261.5

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

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

(In millions)	2024		2023		2022
Current
United States	$	47.0	$	(29.0)	$	85.9
State and local	11.0		(6.4)		18.0
International	65.2		57.6		84.7
	123.2		22.2		188.6
Deferred
United States	(2.2)		(36.3)		(105.7)
State and local	(9.7)		(3.0)		(16.6)
International	(8.7)		(204.2)		(7.8)
	(20.6)		(243.5)		(130.1)
Total tax expense (benefit)	$	102.6	$	(221.3)	$	58.5

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:

	2024		2023		2022
Statutory income tax rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net	0.2		0.5		1.2
Tax on international earnings	1.3		6.7		(4.0)
Domestic tax on foreign earnings	(4.0)		1.3		(6.5)
Change in unrecognized tax benefits	—		(0.3)		3.1
U.S. capital loss	6.6		22.0		—
Change in valuation allowance	(4.5)		(23.3)		9.7
Share-based compensation	0.5		(0.3)		1.4
Research and development tax credits	(1.5)		0.3		(3.5)
Officers' compensation	0.9		(0.3)		1.9
Loss on disposal of business	1.0		(3.4)		1.5
Goodwill impairments	—		(11.8)		—
Other, net	(0.8)		0.5		(3.4)
Effective tax rate	20.7	%	12.9	%	22.4	%

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 29, 2024 and December 31, 2023 are as follows:

(In millions)	2024		2023
Deferred tax assets:
Accounts receivable	$	31.0	$	31.8
Inventories	17.4		33.2
Loss and credit carryforwards	426.6		461.9
Operating leases	7.2		3.5
Operating expenses	30.6		19.1
Pension	7.3		6.9
Other compensation	51.9		46.4
Postretirement benefits	5.7		5.9
Interest rate hedge	4.4		4.8
Tax sharing agreement	0.3		0.3
Deferred revenue	0.3		0.4
Capitalized research and experimentation	116.5		100.6
Depreciation and amortization of long-lived assets	174.2		192.0
Interest expense limitation	15.6		28.7
Other	1.7		3.7
Gross deferred tax assets	890.7		939.2
Deferred tax liabilities:
Depreciation and amortization of long-lived assets	94.8		108.0
Equity method investment	1.9		19.0
Operating leases	4.9		1.1
Prepaid expenses	4.1		4.0
Other	14.6		22.8
Gross deferred tax liabilities	120.3		154.9
Valuation allowance	(412.5)		(432.0)
Net deferred income taxes	$	357.9	$	352.3

Schedule of Deferred Tax Assets and Liabilities by Balance Sheet Location

The Company’s net deferred income taxes are recorded in the Consolidated Balance Sheets as follows:

(In millions)	2024		2023
Other assets	$	424.6	$	427.9
Other liabilities	(66.7)		(75.6)
Net deferred income taxes	$	357.9	$	352.3

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of unrecognized tax benefits, excluding potential interest and penalties is as follows:

(In millions)	2024		2023		2022
Balance at beginning of year	$	39.9	$	77.8	$	50.6
Gross increases in prior period tax positions	0.1		11.9		0.9
Gross decrease from disposition	—		(10.4)		—
Gross decreases in prior period tax positions	(1.6)		(23.4)		(0.2)
Gross increases in current period tax positions	3.6		3.8		28.6
Decreases related to settlements with tax authorities	(1.5)		(8.4)		—
Decreases from the expiration of statutes of limitations	(4.4)		(11.4)		(2.1)
Balance at end of year	$	36.1	$	39.9	$	77.8