Hasbro, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Hasbro, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

HASBRO, INC. (HAS) filed a Annual Report (10-K) with the SEC on February 28, 2024. Hasbro, Inc. filed its 2023 Form 10-K on February 28, 2024, reporting on the fiscal year ended December 31, 2023. The filing covers the period from December 26, 2023, to December 31, 2023, and includes comparative data for previous fiscal years. The company's principal executive offices are located at 1027 Newport Ave, Pawtucket, RI. Hasbro, Inc. is incorporated in Rhode Island (RI). The Standard Industrial Classification code for Hasbro is 3944 (GAMES, TOYS & CHILDREN'S VEHICLES (NO DOLLS & BICYCLES)).

Why It Matters

For investors and stakeholders tracking HASBRO, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Hasbro's financial performance, business operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's financial health, including its assets, liabilities, equity, and any changes therein, enabling informed investment decisions.

Risk Assessment

Risk Level: low — HASBRO, INC. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative news or events, indicating a routine disclosure.

Analyst Insight

Review the detailed financial statements and Management's Discussion and Analysis in the 10-K to understand Hasbro's performance and strategic initiatives for fiscal year 2023.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-28 — Filing Date (Date of submission)
• 0000046080-24-000034 — Accession Number (Unique identifier for the filing)
• 145 — Public Document Count (Number of documents in the filing)

Key Players & Entities

• HASBRO, INC. (company) — Filer name
• 0000046080 (company) — Central Index Key
• 3944 (company) — Standard Industrial Classification
• RI (company) — State of Incorporation
• PAWTUCKET (company) — City
• 2024-02-28 (date) — Filing Date
• 2023-12-31 (date) — Fiscal Year End

FAQ

Industry Context

Hasbro operates in the games and toys industry, a sector characterized by consumer discretionary spending, brand loyalty, and evolving entertainment trends.

Regulatory Implications

As a publicly traded company, Hasbro is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue trends, profitability, and balance sheet health.
2. Review the 'Risk Factors' section to understand potential challenges and threats to Hasbro's business.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into the company's performance drivers and strategic outlook.

Key Dates

• 2024-02-28: 10-K Filing — Official submission of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date of the reporting period covered by the 10-K.

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $1.0 billion — POLY board game. Monopoly Go! surpassed $1.0 billion in revenue in 2023, from which we recei
• $375.0 million — and TV business for a purchase price of $375.0 million in cash, subject to certain purchase pr
• $100.0 million — ultiple tentpole set releases exceeding $100.0 million per set during 2023, and DUNGEONS & DRA

Filing Documents

• has-20231231.htm (10-K) — 2680KB
• deferredcompplannon-employ.htm (EX-10.K) — 27KB
• hasbroinc2023performancere.htm (EX-10.V) — 104KB
• changeofcontrolagreement20.htm (EX-10.AA) — 68KB
• has-20231231xex21.htm (EX-21) — 23KB
• has-20231231xexx23.htm (EX-23) — 2KB
• has-20231231xex311.htm (EX-31.1) — 9KB
• has-20231231xex312.htm (EX-31.2) — 9KB
• has-20231231xex321.htm (EX-32.1) — 5KB
• has-20231231xex322.htm (EX-32.2) — 5KB
• hasbroincpolicyrelatingtor.htm (EX-97) — 31KB
• has-20231231_g1.jpg (GRAPHIC) — 435KB
• has-20231231_g2.jpg (GRAPHIC) — 873KB
• has-20231231_g3.jpg (GRAPHIC) — 675KB
• 0000046080-24-000034.txt (&nbsp;) — 20901KB
• has-20231231.xsd (EX-101.SCH) — 110KB
• has-20231231_cal.xml (EX-101.CAL) — 165KB
• has-20231231_def.xml (EX-101.DEF) — 554KB
• has-20231231_lab.xml (EX-101.LAB) — 1377KB
• has-20231231_pre.xml (EX-101.PRE) — 930KB
• has-20231231_htm.xml (XML) — 2531KB

Business

Business 6 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 38 Item 1C. Cybersecurity 38 Item 2.

Properties

Properties 40 Item 3.

Legal Proceedings

Legal Proceedings 40 Item 4. Mine Safety Disclosures 40 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 41 Item 6. [Reserved] 41 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 41 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 69 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 70 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 122 Item 9A.

Controls and Procedures

Controls and Procedures 122 Item 9B. Other Information 124 Item 9 C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 124 PART III Item 10. Directors, Executive Officers and Corporate Governance 125 Item 11.

Executive Compensation

Executive Compensation 125 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 125 Item 13. Certain Relationships and Related Transactions, and Director Independence 125 Item 14. Principal Accountant Fees and Services 125 PART IV Item 15. Exhibits and Financial Statement Schedules 126 Item 16. Form 10-K Summary 126

Signatures

Signatures 131 Table of Contents Special Note Regarding Forward-Looking Statements From time to time, including in this Annual Report on Form 10-K ("Form 10-K") and in our annual report to shareholders, we publish "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These "forward-looking statements" may relate to matters such as: our business and marketing strategies; anticipated financial performance or business prospects in future periods; relationships with business partners, customers and suppliers; purchasing patterns of our customers and consumers; expected technological and product developments; the expected timing for scheduled new product introductions or our expectations concerning the future acceptance of products by customers; expected benefits and plans relating to acquired brands, properties and businesses; the development and timing of planned digital gaming products, consumer products and entertainment releases; adapting to changes in the methods of product and content distribution; marketing and promotional efforts; research and development activities; management of supply and inventory; expectations related to our manufacturing; impact of public health conditions; adequacy of our properties; expected benefits and cost-savings resulting from the Company's Operational Excellence Program; expected benefits and cost-savings from certain restructuring actions and divestiture of non-core businesses or assets; capital expenditures; working capital; liquidity; timing of and amount of repayment of indebtedness; capital allocation strategy, including plans for dividends and share repurchases; and other financial, tax, accounting and similar matters. Forward-looking statements are inherently subject to risks and uncertainties. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. These statements may be identified by the use of forward-looking word

Business

Item 1. Business. Overview Hasbro, Inc. ("Hasbro") is a toy and game company whose mission is to entertain and connect generations of fans through the wonder of storytelling and exhilaration of play. We are Creating Magic Through Play by delivering engaging brand experiences for global audiences across gaming, consumer products and entertainment, with a portfolio of iconic brands including MAGIC: THE GATHERING, Hasbro Gaming, PLAY-DOH, NERF, TRANSFORMERS, DUNGEONS & DRAGONS, and PEPPA PIG, as well as premier partner brands. Hasbro is guided by our purpose to create joy and community for all people around the world, one game, one toy, one story at a time. For more than a decade, we have been consistently recognized for our corporate citizenship, including being named one of the 100 Best Corporate Citizens by 3BL Media, one of the World's Most Ethical Companies by Ethisphere Institute and one of the 50 Most Community-Minded Companies in the U.S. by the Civic 50. Recent Developments Fiscal year 2023 was a year of transformation for our business. Following the October 2022 announcement of our revised strategic plan, we embarked upon an ambitious, multi-year transformation guided by our revamped strategy. Since that announcement, we have been able to create efficiencies in our supply chain, improve our inventory position, lower our costs, and reinvest back into the business. During fiscal 2023, we strengthened our leadership team with industry veterans and turnaround experts and have focused our strategic investments on our most valuable and profitable franchises across games, toys, licensing and entertainment. This focused strategy also led to the decision to sell certain non-core parts of our business, including the Entertainment One film and television business not relating to Hasbro and family-oriented brands, which we refer to as Hasbro Brands and Family Brands. In 2023, we experienced stronger than expected market headwinds within our Consumer Products busin