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Income Taxes (Tables)
 12 Months Ended
Dec. 28, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of Earnings (Loss) Before Income Taxes, Determined by Tax Jurisdiction
The components of (Loss) earnings before income taxes, determined by tax jurisdiction, are as follows:
(In millions)202520242023
United States$(160.8)$325.2 $(356.9)
International58.8 171.8 (1,352.2)
Total (loss) earnings before income taxes
$(102.0)$497.0 $(1,709.1)
Schedule of Income Taxes Attributable to Earnings (Loss) Before Income Taxes
Income taxes attributable to (Loss) earnings before income taxes are:
(In millions)202520242023
Current:
United States$2.2 $47.0 $(29.0)
State and local(0.6)11.0 (6.4)
International56.0 65.2 57.6 
57.6 123.2 22.2 
Deferred:
United States125.9 (2.2)(36.3)
State and local21.3 (9.7)(3.0)
International11.4 (8.7)(204.2)
158.6 (20.6)(243.5)
Total tax expense (benefit)$216.2 $102.6 $(221.3)
Schedule of Effective Income Tax Rate Reconciliation
The following table presents the 2025 rate reconciliation between Income tax expense and statutory expectations, after the adoption of ASU 2023-09:

2025
(In millions)AmountPercent
U.S. federal statutory tax rate
$(21.4)21.0 %
State and local income taxes, net of federal income tax effect(1)
16.3 (16.0)
Foreign tax effects
Canada
Difference in statutory tax rate
(0.3)0.3 
Quebec income taxes
1.7 (1.7)
Other
0.6 (0.6)
Switzerland
Difference in statutory tax rate
(22.7)22.3 
Canton income taxes
10.2 (10.0)
Swiss deferred tax asset translation
(4.0)3.9 
Nontaxable income
(2.1)2.0 
Other
(0.7)0.7 
China
Difference in statutory tax rate
0.5 (0.5)
Withholding tax
8.0 (7.8)
Other
0.3 (0.3)
Germany
Difference in statutory tax rate
(0.1)0.1 
Pension adjustment
(1.3)1.3 
Other
(0.6)0.6 
United Kingdom
Difference in statutory tax rate
1.9 (1.9)
Change in valuation allowance
3.9 (3.8)
Tax credits
(13.4)13.1 
Write-off of intangibles
4.5 (4.4)
Nondeductible expenses
7.0 (6.8)
Share-based compensation
(0.4)0.4 
Other
0.6 (0.6)

2025
(In millions)AmountPercent
Mexico
Difference in statutory tax rate
3.3 (3.2)
Nondeductible Items
2.2 (2.2)
Withholding tax
2.0 (2.0)
Other
0.1 (0.1)
Netherlands
Difference in statutory tax rate
0.1 (0.1)
Nondeductible Items
1.3 (1.3)
Other Foreign Jurisdictions
1.9 (1.9)
Effect of cross-border tax laws
Subpart F inclusion
9.5 (9.3)
Global Intangible Low-Taxed Income (GILTI), net of Sec. 250 deduction
5.7 (5.6)
Foreign-derived intangible income (FDII) deduction
(4.2)4.2 
Withholding tax
1.6 (1.6)
Tax credits
Foreign tax credits
(14.2)13.9 
Research & development tax credits(6.4)6.3 
Change in valuation allowance
5.4 (5.3)
Changes in unrecognized tax benefits
2.9 (2.8)
Nontaxable or nondeductible items
Goodwill impairment
209.8 (205.8)
Officer's compensation
9.8 (9.6)
Share-based compensation
1.7 (1.7)
Other
(1.9)1.8 
Other adjustments
Post-disposition tax refund
(2.3)2.3 
Other
(0.6)0.6 
Effective tax rate$216.2 (212.1)%
(1) State taxes in California , New York and Tennessee made up the majority (greater than 50%) of the tax effect in this category.
The following table presents the reconciliation of the statutory United States federal income tax rate to Hasbro’s effective income tax rate during 2024 and 2023, prior to the adoption of ASU 2023-09:
20242023
Statutory income tax rate21.0 %21.0 %
State and local income taxes, net0.2 0.5 
Tax on international earnings1.3 6.7 
Domestic tax on foreign earnings(4.0)1.3 
Change in unrecognized tax benefits— (0.3)
U.S. capital loss6.6 22.0 
Change in valuation allowance(4.5)(23.3)
Share-based compensation0.5 (0.3)
Research and development tax credits(1.5)0.3 
Officers' compensation0.9 (0.3)
Loss on disposal of business1.0 (3.4)
Goodwill impairment
— (11.8)
Other, net(0.8)0.5 
Effective tax rate20.7 %12.9 %
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 28, 2025 and December 29, 2024 are as follows:
(In millions)20252024
Deferred tax assets:
Loss and credit carryforwards$451.5 $426.6 
Depreciation and amortization of long-lived assets186.1 183.1 
Other compensation46.4 51.9 
Accounts receivable32.2 31.0 
Accrued expenses
16.9 18.8 
Inventories13.8 17.4 
Royalty expense
10.1 3.8 
Operating leases9.8 7.2 
Pension7.3 7.3 
Postretirement benefits5.8 5.7 
Interest rate hedge4.2 4.4 
Tax sharing agreement0.5 0.3 
Deferred revenue— 0.3 
Capitalized research and experimentation— 116.5 
Interest expense limitation— 15.6 
(In millions)20252024
Other3.1 0.8 
Deferred tax assets, gross
787.7 890.7 
Deferred tax liabilities:
Depreciation and amortization of long-lived assets76.5 94.8 
Capitalized research and experimentation
33.4 — 
Operating leases6.4 4.9 
Prepaid expenses5.5 4.1 
Equity method investment— 1.9 
Other12.0 14.6 
Deferred tax liabilities, gross
133.8 120.3 
Valuation allowance(426.4)(412.5)
Deferred income taxes, net
$227.5 $357.9 
Schedule of Movement in Deferred Tax Valuation Allowance
The movement in the deferred tax valuation allowance is as follows:
(In millions)20252024
Balance, beginning of period
$(412.5)$(432.0)
Provisions/charges to income(11.6)19.8 
Amounts charged to other accounts
0.2 (2.5)
Foreign currency impact(2.5)2.2 
Balance, end of period
$(426.4)$(412.5)
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)20252024
Other assets$286.8 $424.6 
Other liabilities(59.3)(66.7)
Net deferred income taxes$227.5 $357.9 
Schedule of Unrecognized Tax Benefits Roll Forward
A reconciliation of unrecognized tax benefits, excluding potential interest and penalties is as follows:
(In millions)202520242023
Balance, beginning of period$36.1 $39.9 $77.8 
Gross increases in current period tax positions2.9 3.6 3.8 
Gross increases in prior period tax positions0.3 0.1 11.9 
Gross decrease from disposition— — (10.4)
Gross decreases in prior period tax positions— (1.6)(23.4)
Decreases related to settlements with tax authorities— (1.5)(8.4)
Decreases from the expiration of statutes of limitations(1.6)(4.4)(11.4)
Balance, end of period$37.7 $36.1 $39.9 
Schedule Of Income Taxes Paid (Net Of Refunds)
The amount of cash taxes paid, net of refunds, by the Company during 2025 is as follows:
(In millions)2025
U.S. federal
$105.8 
U.S. state and local (1)
7.1 
Foreign
United Kingdom35.3 
Mexico17.7 
China11.0 
Other foreign jurisdictions
19.9 
Total cash taxes paid, net of refunds$196.8 
(1) No single state or local jurisdiction accounts for more than 5% of the total income taxes paid.