What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2024-02-28 compared with 2023-02-22 · 268 added, 302 removed, 257 unchanged (69% of the section changed)

(“Hasbro”) is a global Branded Entertainment leader whose mission is to entertain and connect generations of fans through the wonder of storytelling and exhilaration of play.

Hasbro delivers engaging brand experiences for global audiences through gaming, consumer products and entertainment, with a portfolio of iconic brands including MAGIC:

THE GATHERING, DUNGEONS & DRAGONS, Hasbro Gaming, NERF, TRANSFORMERS, PLAY-DOH and PEPPA PIG, as well as premier partner brands.

(“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.

2 unchanged sentences

Recent Developments

Fiscal year 2022 was a challenging year for Hasbro.

We navigated through a difficult global economy with high inflation and rising interest rates, a challenged toy and game industry, the continued effects of the coronavirus pandemic and leadership changes, as we embarked upon a multi-year transformational effort to support our revamped Blueprint 2.0 strategy described below.

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 business, resulting in our difficult decision to take additional headcount reductions and accelerate the process of certain organizational structure changes that is expected to result in the reallocation of people and resources, both in effort to strengthen our foundation and position Hasbro for growth.

A further description of key 2023 developments are summarized below.

Executive Leadership

Effective February 25, 2022 we appointed Christian (Chris) Cocks as Chief Executive Officer and a member of the Board of Directors.

Cocks previously served as President and Chief Operating Officer of Hasbro’s Wizards of the Coast and Digital Gaming division.

In February 2022, we appointed Cynthia Williams as President of Wizards of the Coast and Digital Gaming.

Williams joined us from Microsoft, where she most recently served as General Manager and Vice President, Gaming Ecosystem Commercial Team, and drove the expansion of Xbox Gaming and the acceleration of game-creator growth.

Prior to joining Microsoft, Ms.

Williams spent more than a decade at Amazon, where she led the global growth of their ecommerce direct-to-consumer business Fulfillment by Amazon.

In April 2022, we appointed Shane Azzi as our Chief Global Supply Chain Officer, and Matthew Austin as our Chief Commercial Officer.

Azzi has more than 25 years of consumer packaged goods and diverse

supply chain experience, most recently with Kimberly-Clark.

Austin was promoted from within Hasbro and is focused on leveraging our commercial operations with powerful, data-driven consumer insights and strategic partnership, across different channels, including e-commerce and direct fan experience.

In May 2022, we appointed Najuma Atkinson as our Chief People Officer, to lead our Global HR function.

Atkinson joined us from Dell Technologies, where she served as Senior Vice President of Global HR Services.

In November 2022, we announced that Deborah Thomas informed Hasbro of her intent to retire from her position as Executive Vice President and Chief Financial Officer after 24 years of distinguished service and leadership with the Company.

Hasbro initiated a search process to identify her successor and Ms.

Thomas and Hasbro plan for her to remain as Chief Financial Officer until her successor is in place, and remain as an advisor to the Company for a period thereafter, to ensure a smooth transition.

In January 2023, we announced that Eric Nyman, President and Chief Operating Officer since February 2022, will be leaving the Company effective March 31, 2023.

Strategic Review

On October 4, 2022, following a several months long strategic review of our business led by our CEO, we announced a go-forward strategic plan guided by our new Blueprint 2.0, a consumer-centric framework for bringing compelling and expansive brand experiences to audiences around the world.

During our review we identified opportunities to focus and scale our business, enhance operational excellence, including through specialized organizational programs and supply chain transformation, to drive growth and profit and enhance shareholder value.

We plan to increase strategic investment on our most valuable and profitable franchises across toys, games, entertainment and licensing, and exit certain non-core aspects of the business.

Our Blueprint 2.0 transformation is guided by five strategic pillars:

Brand, Insights and Entertainment;

Direct and Digital;

Operational Excellence;

Brand, Insights and Entertainment

• Focus on fewer, bigger, more profitable brands and driving market share in the key categories of preschool, games, creativity, outdoor and action brands.

• Develop our insights and analytics capabilities heavily focused on putting consumers at the center of everything we do, as we build multi-generational brands.

• Entertainment investments focused on Hasbro IP aligned with our Blueprint 2.0 strategy including merchandise and digital engagement opportunities with a focus on franchise brands.

Direct and Digital

• Invest in our Hasbro direct-to-consumer and digital business, inclusive of Hasbro PULSE, SECRET LAIR, Magic:

The Gathering Arena and D&D Beyond.

An example of this investment includes our acquisition of D&D Beyond (the "D&D Beyond Acquisition"), the premier digital content platform for DUNGEONS & DRAGONS, in the second quarter of 2022, in an all-cash transaction for a purchase price of $146.3 million.

The D&D Beyond Acquisition is expected to substantially accelerate direct-to-fans capability for DUNGEONS & DRAGONS in physical and digital play.

• Continue to cultivate digital licensing relationships that activate our brands.

On April 12, 2023, we announced the appointment of Gina Goetter as Chief Financial Officer, effective May 18, 2023.

Goetter joined Hasbro from Harley Davidson, Inc., where she served as Chief Financial Officer.

Prior to her time at Harley Davidson, Inc., Ms.

Goetter served in senior leadership roles at Tyson Foods, Inc.

and General Mills, Inc., where she was responsible for leading the turnaround of those businesses.

Goetter succeeded Deborah Thomas, who retired from the Company after 24 years of instrumental leadership of the Company.

On April 12, 2023, we also announced the appointment of industry veteran Tim Kilpin as President, Toys, Licensing & Entertainment, effective April 24, 2023.

Kilpin joined Hasbro from PlayMonster Group, LLC, where he served as Executive Chairman and Chief Executive Officer.

Previously, Mr.

Kilpin held senior leadership positions within the toy and entertainment industry at companies that include Activision Blizzard, Inc., Mattel, Inc.

and The Walt Disney Company.

Focus on Fewer, Bigger and More Profitable

We continued focusing our efforts on fewer, bigger and more profitable brands in 2023.

For example, MAGIC:

THE GATHERING had a record year in 2023 with a string of successful new sets.

In 2023, we expanded our Magic audience through the integration of other well-known IP, such as with The Lord of the Rings:

Tales of Middle-earth card set, Magic's best-selling set of all time, released in June 2023.

For DUNGEONS & DRAGONS, we activated multiple parts of our Blueprint, including through the release of Baldur’s Gate 3 , the DUNGEONS & DRAGONS-based role-playing video game, the theatrical release of Dungeons & Dragons:

Honor Among Thieves and the continued integration of D&D Beyond, the premier digital content platform for DUNGEONS & DRAGONS acquired during the second quarter of 2022.

Baldur's Gate 3 , released in the third quarter of 2023 from our partners at Larian Studios, has won six awards, including Game of the Year at the 10th annual Game Awards.

We experienced success through the out-license of certain of our brands to other third-party digital game developers who transform Hasbro brand-based characters and other intellectual properties into digital gaming experiences.

One example is the popular free-to-play mobile game, Monopoly Go!

, released by Scopely, Inc.

during 2023 and based on the classic MONOPOLY board game.

surpassed $1.0 billion in revenue in 2023, from which we receive digital licensing royalties.

In consumer products, we continue to seek ways to reinvent, redesign and reintroduce products on a cost-effective, profitable basis.

A key example of such a product is FURBY.

In 2023, we introduced a new product line of FURBY products for its 25th anniversary.

Additionally, we have focused on fewer brands and on our bigger and more profitable brands by reducing both our inventory position and our SKUs by approximately 50%.

Sale of Non-core Entertainment One Film and TV Business

On December 27, 2023, we completed the sale of our Entertainment One film and television business ("eOne Film and TV") to Lions Gate Entertainment Corp., Lions Gate Entertainment Inc.

and Lions Gate International Motion Pictures S.à.r.l (collectively "Lionsgate"), pursuant to the terms of an equity purchase agreement dated August 3, 2023 among Hasbro and Lionsgate.

Lionsgate acquired the eOne Film and TV business for a purchase price of $375.0 million in cash, subject to certain purchase price adjustments plus the assumption by Lionsgate of production financing loans.

As part of the eOne Film and TV sale, we utilized the proceeds on sale to reduce our outstanding debt.

The sale included a team of talented employees, a content library of approximately 6,500 titles, and active productions for certain non-Hasbro owned intellectual properties such as The Rookie and Yellow Jackets franchises.

Going forward, we retained brand-based created content and the capability to develop and produce entertainment including animation, digital shorts, scripted TV and theatrical films related to core Hasbro IP as well as our Family Brands business, such as PEPPA PIG and PJ MASKS.

See note 3 to the consolidated financial statements included in Part II, Item 8.

Financial Statements, of this Form 10-K, for further information on the sale of eOne Film and TV.

Hasbro Transformation Office;

Operational Excellence Program

Under our new strategic plan, in late 2022 we launched the Hasbro Transformation Office ("HTO"), a team of leaders dedicated to running a disciplined, purpose-built company that is simpler, more efficient and

redesigned to drive long-term sustainable growth in markets in which we compete.

Our HTO aligns and delivers on our Operational Excellence program, an ongoing enterprise-wide cost-savings initiative intended to improve our business through specialized organizational programs that include targeted cost-savings, supply chain transformation and certain other restructuring actions designed to drive growth and enhance shareholder value.

As part of this program, in January 2023, the Company announced the intention to eliminate approximately 1,000 positions from its global workforce, or approximately 15% of global full-time employees (“Initial Actions”).

In December 2023, following a further review of the Company’s cost structure and organizational design, the Company announced additional strategic steps to position the business for future growth, including additional headcount reductions under the Operational Excellence Program, and a revised organizational structure whereby aspects of certain corporate functions are anticipated to be supported by a third-party outsourcing provider.

The Company’s organizational structure changes will result in the reallocation of people and resources, including voluntary early retirement for certain groups of employees and additional involuntary reductions in employees (“Additional Actions”).

The Company currently anticipates that approximately 900 incremental positions will be eliminated as part of the Additional Actions.

For additional information, see note 19 to the consolidated financial statements included in Part II, Item 8.

Financial Statements, of this Form 10-K.

Our mission is to entertain and connect generations of fans through the wonder of storytelling and exhilaration of play.

We are "Creating Magic Through Play".

Our strategic plan, which we refer to as our Blueprint or Blueprint 2.0, supports our mission by bringing compelling and expansive brand experiences to consumers and audiences around the world.

Using this approach, our brands are transformed as story-led and play-led consumer franchises brought to life through games, play and experiences and offered across a multitude of platforms and media.

Our commitment to disciplined, strategic investments, differentiates Hasbro as a purpose-driven business with diversified capabilities focused on driving long-term, sustainable and profitable growth and enhancing shareholder value.

We are focused on a number of key areas.

Innovative Play

• Build innovative toys and games that create memorable, social and collectible experiences of play and entertainment in our key focus categories:

games (board games, trading cards, role playing);

action brands;

Expanding Brands

• Focus on a franchise-first approach to deliver the magic of our brands through licensing, digital games and entertainment.

• Focus on fewer, bigger, more profitable brands and driving market share in our key focus categories.

• Entertainment investments focused on Hasbro IP aligned with our strategic plan, including merchandise and digital engagement opportunities with a focus on franchise brands.

Analytics and Insights

• Develop our insights and analytics capabilities, which are heavily focused on putting consumers at the center of everything we do, as we build multi-generational brands.

Direct to Consumer

• Invest in our Hasbro direct-to-consumer business and build direct relationships with fans through ecommerce, social, digital games and services.

Digital Gaming

• Continue to cultivate our digital gaming business, through AAA games, games as a service and licensing relationships that activate our brands.

• Scale licensing of our brands through a growing portfolio of partners from theme park operators to toy companies, for consumers to experience our brands and drive communities of friendship and fandom around them.

1 unchanged sentence

• Execute operational savings initiatives, including supply chain transformation, to improve operating results and reinvest in our business.

• Invest in our people at all levels of our organization and continue to foster a diverse and inclusive culture that drives accountability and focuses on profitability.

Hasbro Transformation Office

Under our new strategic plan, we launched the Hasbro Transformation Office (HTO), a team of leaders dedicated to running a disciplined, purpose-built company that is simpler, more efficient and redesigned to drive long-term sustainable growth in markets in which we compete.

Our HTO aligns and delivers on our Operational Excellence program, an enterprise-wide cost-saving initiative intended to improve our business financially, operationally and culturally from our current state and designed to deliver $250 million to $300 million in run-rate cost savings by the end of 2025, $50 million of which was achieved in full-year 2022 with $20 million of actualized savings.

TV and Film Business

On November 17, 2022, we announced an authorization by Hasbro's Board of Directors to initiate a marketing for parts of our eOne TV and film business that do not directly support the Company’s Branded Entertainment strategy.

In the event a transaction were to occur, Hasbro is expected to maintain the capability to develop and produce animation, digital shorts, scripted TV and theatrical films for audiences related to core Hasbro IP.

The family brands business, including the brands PEPPA PIG and PJ MASKS, is not expected to be part of any transaction involving parts of the eOne film and television business.

The Company anticipates that the process will take several months however, there can be no assurance that the process will result in a sale.

Workforce Reduction

In alignment with the objectives of our Operational Excellence program, on January 26, 2023, we announced the undertaking of certain organizational changes resulting in the elimination of approximately 1,000 positions from our global workforce in 2023, or approximately 15% of global full-time employees.

Coronavirus Pandemic

Since the onset of the novel coronavirus (COVID-19) pandemic in early 2020, our business has been adversely impacted by the challenges and risks associated with both the initial, and the continuing effects of the spread of the virus worldwide.

Certain effects of the COVID-19 pandemic, including difficulties in shipping and distributing products due to constraints in port capacity, shipping containers and truck transportation, continued into 2022.

These and other disruptions led to higher costs for both ocean and air freight and delays in the availability of products, which resulted in delayed sales and, in some cases, lost sales.

In response to these and other challenges, we developed and executed plans to mitigate the negative impacts of COVID-19 to our business, which we believe helped to manage the adverse impacts to our financial results for fiscal year 2022.

For example, the Company implemented certain price increases during 2022 and 2021, to mitigate product input and freight cost increases.

Additionally, during the first half of 2022, the Company accelerated certain inventory purchases to ensure sufficient finished goods and raw material availability, ahead of expected periods of high consumer demand due to supply chain constraints.

These purchases, however, did not see corresponding increases in sales as consumers were impacted by the economic environment, including lower discretionary consumer income due to higher inflation and rising interest rates, driving higher inventory balances within certain markets as compared to prior year.

As a result, the Company launched incremental year-over-year advertising and promotional activity behind key holiday toy and game items to drive our newest innovation and reduce inventory on hand at Hasbro and at retail.

Since the initial COVID-19 outbreak, we have maintained sufficient liquidity and access to capital resources and we continue to closely monitor customer health and collectability of receivables.

The impact of coronavirus outbreak continues to be fluid and uncertain and it is still difficult to forecast the final or ongoing impact it could have on our future operations.

Please see Part I, Item 1A.

Risk Factors, in this Form 10-K for further information.

Blueprint 2.0

Our strategic plan has long been centered around the Hasbro Blueprint, a framework for bringing compelling and expansive brand experiences to consumers and audiences around the world.

With the evolution of our strategy comes a new Blueprint 2.0, a consumer-centric framework where our brands are transformed as story-led and play-led consumer franchises brought to life through games, play and experiences and offered across a multitude of platforms and media.

Our commitment to disciplined, strategic investments, when activated across our Blueprint 2.0 differentiates Hasbro as a purpose-driven business with diversified capabilities focused on driving profitable growth and enhancing shareholder value.

Hasbro's purpose of creating joy and community for all people around the world, one game, one toy, one story at a time starts with consumers and our fans, who represent multigenerational audiences that sit at the center of Blueprint 2.0.

Understanding our fans, expanding our fan base and delivering for them is the key driver behind our evolution as a Branded Entertainment company.

• Invest in and empower our people at all levels of our organization and continue to foster a diverse and inclusive culture that drives accountability and focuses on profitability.

Understanding our fans, expanding our fan base and delivering for them is the key driver behind our evolution as a brand-driven toy and game company.

The development and execution of our brands are informed by our brand insights platform, a proprietary consumer insights and data analytics system which helps us understand the behavior of our consumers.

We have learned that consumers will travel with a brand that they love across multiple forms and formats, including our core historical strength of toys and games and licensed consumer products, as well as digital gaming and story-led entertainment and experiences.

The value of Hasbro is fully activated when we can take a brand across multiple elements of Blueprint 2.0 including consumer products such as toys, games and licensed products;

digital gaming;

The value of Hasbro is fully activated when we can take a brand across multiple elements of Blueprint 2.0 including consumer products such as digital gaming;

toys, games and licensed products;

entertainment and experiences;

and our Hasbro Direct business.

The ability to build a brand and leverage in-house capabilities to create multiple categories of engagement with consumers and fans is unique to Hasbro and optimizes our economics today and in the future.

Below is a summary of key areas of focus for activating our brands across Blueprint 2.0.

The ability to build a brand and leverage in-house capabilities to create multiple categories of engagement with consumers and fans is an advantage for Hasbro and helps to optimize our economics.

Below is a summary of key areas of focus for activating our brands.

• Toys and Games .

3 unchanged sentences

Within toys and games, as a leading producer of new and innovative gaming brands and play experiences, our gaming business continues to transform game play.

To successfully execute our gaming strategy, we consider brands which capitalize on existing trends while evolving our approach using consumer insights and data analytics and offering gaming experiences addressed to consumer demand for face-to-face, trading card and digital game experiences played as board, off-the-board, digital, card, electronic, trading card and role-playing games.

To successfully execute our gaming strategy, we consider brands which capitalize on existing trends while evolving our approach using consumer insights and data analytics, technology advancements and offering game-play experiences addressed to consumer demand for face-to-face, trading card and digital game experiences played as board, off-the-board, digital, card, electronic, trading card and role-playing games.

Our goal is to create innovative toys and games that create memorable and magical moments that last a lifetime.

Our subsidiary, Wizards of the Coast (“Wizards”), is a critical part of our gaming business, driving innovation and growth through its popular role-playing and fantasy card-collecting games such as MAGIC:

THE GATHERING, Hasbro's first billion-dollar brand which benefited from numerous tent-pole set releases exceeding $100.0 million per set during 2022, and DUNGEONS & DRAGONS.

THE GATHERING, Hasbro's first billion-dollar brand which benefited from multiple tentpole set releases exceeding $100.0 million per set during 2023, and DUNGEONS & DRAGONS.

Our iconic game brands include long-time favorites such as MONOPOLY, JENGA, CONNECT 4, THE GAME OF LIFE, SCRABBLE, CLUE and TRIVIAL PURSUIT, as well as many other well-known game brands.

2 unchanged sentences

These include apparel, publishing, home goods and electronics, or in certain situations, toy products where the out-licensing of brands is more effective and profitable than developing and marketing the products ourselves.

A recent example of this includes the return of our LITTLEST PET SHOP brand through our partnership with Basic Fun!, a global marketer of toys and consumer products.

Together we relaunched LITTLEST PET SHOP through a Roblox

experience in December 2023 and expect a refreshed LITTLEST PET SHOP product lineup in the first half of 2024 featuring new characters, collectables, and play-sets.

We also out-license our brands for uses in theme park attractions and other forms of location-based entertainment.

In cases where we license our intellectual property to a third party, we enter into contracts with licensees that pay us either a sales-based or usage-based royalty, or a combination of both, for use of the brands, and, in some cases, the license arrangements are subject to minimum guaranteed amounts or fixed fees, over the term of the license.

As we continue our Blueprint 2.0 transformation efforts focusing on fewer, bigger brands, we have begun out-licensing certain non-core brands which we believe may be more profitable through a licensing arrangement.

• Digital Gaming .

A key element of Blueprint 2.0 is continued growth of our digital gaming business to further unlock the value of our brands through play and storytelling.

This includes the D&D Beyond acquisition in 2022 and the ongoing development of digital games internally and through third parties.

For example, we have developed and launched digital versions of the MAGIC:

THE GATHERING card game, including Magic:

The Gathering Arena and related mobile application, which also complement the Company's direct-to-customer relationships.

Additionally, through Wizards we launched Dungeons & Dragons:

Dark Alliance , a team-based action role-playing game, set in the DUNGEONS & DRAGONS world, released in the first half of 2021 for PC and gaming consoles.

We also out-license certain of our brands to other third-party digital game developers who transform Hasbro brand-based characters and other intellectual properties, into digital gaming experiences.

Important to our success is the continued growth and development of our digital gaming business, including development of AAA games, games as a service and licensed games.

Spanning action role-playing games for web-based play, PC and gaming consoles, to Hasbro branded mobile application-based games, our digital gaming business helps to unlock the full value of our brands and achieve our mission of storytelling and bringing our brands to life.

Recent examples include the 2023 release of Baldur's Gate 3 , the DUNGEONS & DRAGONS-based role-playing video game from our partners at Larian Studios which won six awards, including Game of the Year at the 10th annual Game Awards.

In 2022, we acquired D&D Beyond, the premier digital content platform for DUNGEONS & DRAGONS.

In addition, we continue to develop and enhance other digital games internally and through third parties.

For example, we have developed and launched the digital version of the MAGIC:

THE GATHERING card game, Magic:

The Gathering Arena and its related mobile application, both of which complement the Company's direct-to-customer relationships with our new and long-time, MAGIC:

THE GATHERING fan-base.

We also out-license certain of our brands to other third-party digital game developers who transform Hasbro brand-based characters and other intellectual properties into digital gaming experiences such as Baldur's Gate 3 .

One example is the popular Monopoly Go!

free-to-play mobile game, released by Scopely, Inc.

during 2023 and based on the classic board game, MONOPOLY .

• Entertainment .

A critical driver of Blueprint 2.0 is to reinforce storylines associated with our brands through entertainment mediums, including television, film, digital content and other programming.

Our entertainment business, through eOne, is a global independent studio specializing in the development, production, distribution and sales of entertainment content.

With our cross-platform capabilities our entertainment business leverages film and television production and sales, digital content and children's programming to create compelling entertainment and drive creativity across brands with merchandising and licensing tie-ins.

Reinforcing storylines associated with our owned and controlled Hasbro and Family Brands through entertainment mediums, including television, film, digital content and other programming is our primary entertainment strategy.

With our cross-platform capabilities our entertainment business leverages film and television production and sales, digital content and children's programming to create compelling entertainment and drive creativity and overall awareness across brands with merchandising and licensing tie-ins.

◦ Film and Television .

Our go-forward focus is on the development, production and co-production of content based upon Hasbro brands.

Our film content is exploited on a multi‑territory basis across all media channels, including cinema, home entertainment, broadcast and digital, including Subscription Video‑On‑Demand ("SVOD").

Our original television programming is sold to broadcasters on a series‑by‑series or individual show basis for broadcast on free television, pay television, SVOD and other digital platforms.

Our programming spans a variety of genres, including scripted drama, non‑scripted reality and documentaries, and in multiple formats, including series, television films, mini‑series and specials.

In October 2017, we entered into an agreement with Paramount Pictures (“Paramount”) to produce and distribute live action and animated films, as well as television programming based on Hasbro brands.

Hasbro plays an active role alongside Paramount in content development, production and distribution in addition to the financing of films created through these cooperative agreements.

Under this relationship we plan to release Dungeons & Dragons:

Honor Among Thieves , expected in early 2023 to be distributed by Paramount and eOne.

In addition, under a

separate agreement entered with Paramount, we plan to release Transformers:

Rise of the Beasts , a feature length film expected in Summer of 2023.

Our go-forward primary focus is on the development, production and co-production of content based upon Hasbro brands.

Our film content is offered on all media channels, including cinema, home entertainment, broadcast and digital, including Subscription Video‑On‑Demand ("SVOD").

We partner with Paramount Pictures (“Paramount”) to produce and distribute live action and animated films, as well as television programming based on Hasbro brands.

We play an active role alongside Paramount in content development, production and distribution in addition to the financing of films created through our cooperative agreements.

Under this relationship we released Dungeons & Dragons:

Honor Among Thieves , in early 2023, and under a separate agreement entered with Paramount, we released the feature length film, Transformers:

Rise of the Beasts , in the Summer of 2023.

◦ Family Brands Animation .

Our family brands team develops, produces and distributes animation content for children’s properties on a worldwide basis which results in multiple touchpoints across Blueprint 2.0.

The principal brands include MY LITTLE PONY and PEPPA PIG whose content entertains children worldwide and generates revenues through licensing and merchandising programs across multiple retail categories.

Our family brands team develops, produces and distributes Hasbro brand-based animation content for children’s properties on a worldwide basis which results in multiple touchpoints across Blueprint 2.0.

The principal brands include PEPPA PIG and MY LITTLE PONY whose content entertains children worldwide and generates revenues through licensing and merchandising programs across multiple retail categories.

These brands generate revenues from Advertising Video-On-Demand (“AVOD”) through platforms such as YouTube and SVOD revenues from the sale of content to video streaming platforms.

Our portfolio of preschool brand driven content also includes PJ MASKS, BABY ALIVE and PLAY-DOH and the development of new preschool programs and properties.

Our portfolio of preschool brand driven content also includes BABY ALIVE and PLAY-DOH and the development of new preschool programs and properties.

• Hasbro Direct .

We are investing in our Hasbro Direct business which is our "Fans Come First" approach to creating direct connections with our consumers and includes the following platforms:

Our Hasbro Direct business is our "Fans Come First" approach, intended to create direct connections with our consumers and includes the following platforms:

The Gathering Arena - the free-to-play online adaptation of the MAGIC:

THE GATHERING card game where players can explore the fantasy worlds of Magic:

The Gathering Arena , play a variety of game formats to collect cards and test skills against friends and other players around the world, or enter in-game tournaments.

◦ SECRET LAIR - our internet-based storefront where MAGIC:

THE GATHERING fans can purchase exclusive and limited versions of cards.

◦ D&D Beyond - the premier digital content platform for DUNGEONS & DRAGONS where fans can access online versions of official rule books, character sheets and catalogs, adventures, and other digital tools such as character builders and official D&D content available for purchase.

◦ Hasbro PULSE - Hasbro's ultimate fan ecommerce destination.

1 unchanged sentence

In addition, Hasbro Pulse offers consumers access to product related livestreams such as fan oriented virtual conventions and product and merchandise reveals, as well as the opportunity to participate in HasLab, the Hasbro crowdfunding platform which brings limited-edition collectibles into the hands of fans.

◦ SECRET LAIR - our internet-based storefront where MAGIC:

THE GATHERING fans can purchase exclusive and limited versions of cards.

The Gathering Arena - the free-to-play online adaptation of the MAGIC:

THE GATHERING card game.

◦ D&D Beyond - the premier digital content platform for DUNGEONS & DRAGONS.

• Other Blueprint 2.0 Areas .

Other aspects of our Blueprint 2.0 that help drive our storytelling experiences include digital content, location-based entertainment, and publishing.

With these platforms, we are expanding and enhancing our capabilities beyond the traditional ecommerce outlet to serve our consumers and activate brands across Blueprint 2.0.

Connecting with fans directly makes our products more accessible in more markets and enables us to sell brands and showcase selected items, creating more brand awareness while gaining a deeper understanding of our fans and what they want and expect from Hasbro.

• Other Elements of our Strategy .

Other aspects of our strategy that help drive our storytelling experiences include digital content, location-based entertainment, and publishing.

◦ Digital Content .

3 unchanged sentences

Location-based entertainment (“LBE”) allows consumers to experience and share our brands.

LBE includes licensing our brands to theme parks, water parks, hotels and resorts, family entertainment centers, retail, dining and entertainment, shows, exhibits and exhibitions.

LBE includes licensing our brands to theme parks, water parks, hotels and resorts, family entertainment centers, retail, dining and entertainment, shows, exhibits and exhibitions such as Hasbro City, the newly-opened Hasbro-themed family entertainment center located in Paseo Interlomas, Mexico featuring thrilling theme park rides and experiences, live shows, food and beverage options and the region's first Hasbro-themed retail location.

These experiences bring our brands to life and further immerse our consumers in our storytelling in a capital efficient manner.

1 unchanged sentence

Licensing our brands to global publishers is another way to bring our brands to consumers in a meaningful way through various publishing formats, from puzzle and trivia books to children's stories, adult novels and comics.

• Blueprint 2.0 in Action .

Some examples of our Blueprint 2.0 in action are described below.

◦ PEPPA PIG is a franchise brand that we have expanded across multiple elements of Blueprint 2.0.

Initially acquired in 2020 through the eOne acquisition, and brought to life through the launch of the first Hasbro toys and games for this leading preschool brand in August 2021.

Although we shifted from licensed revenue when acquired, to in-sourced revenue for toys and games, we were able to grow related licensed consumer products revenue, and PEPPA PIG was one of our top growth brands overall in 2022.

This growth highlights the awareness and global reach of the PEPPA PIG brand across these categories and others including digital content, publishing, location-based live entertainment and theme parks.

◦ Within our gaming portfolio we have assembled one of the biggest, most profitable and fastest growing combinations of gaming brands across face-to-face, tabletop and digital platforms in the world.

THE GATHERING, Hasbro's first billion-dollar brand, and DUNGEONS & DRAGONS are two prominent brands that have generated sustained growth with high fan enthusiasm and engagement.

We have leveraged the power of these Wizards’ brands across Blueprint 2.0 for consumers as we continue their development and invest in their growth.

In addition to popular tabletop and digital games, we have the theatrical release of the feature film Dungeons & Dragons:

Honor Among Thieves, expected in March 2023 and we have new MAGIC:

THE GATHERING and DUNGEONS & DRAGONS television series in development.

We believe these efforts will harness the full potential of Blueprint 2.0 where programming attracts the existing multi-generational fan-base, helps to acquire new fans and supports our lineup of consumer products that include specialty games, apparel, accessories and collectibles, as well as publishing that spans children's books to adult novels.

As location-based entertainment continues to expand at retail, it provides a platform where fans can play and further experience these brands.

◦ Our Hasbro Direct business allows us to connect directly with consumers.

With a focus on the adult fan and being developed based on the successes of Hasbro Pulse, our original direct-to-consumer fan-based ecommerce platform, we are currently developing a single destination where fans can access all things Hasbro including products, services and unique experiences.

With the recent addition of D&D Beyond along with our Secret Lair web-based storefront for MAGIC:

THE GATHERING cards and our Magic the Gathering:

Arena digital game, we are expanding our capabilities beyond the traditional ecommerce outlet to serve our consumers and activate brands across Blueprint 2.0.

Connecting with fans directly enables us to showcase and sell brands and gain a deeper understanding of our fans and what they want and expect from Hasbro.

Brand Portfolios

In 2022, we organized and marketed owned, controlled and licensed intellectual properties within our brand architecture under the following five brand portfolios:

In 2023, we realigned our brand portfolios to correspond with the evolution of our strategy.

We organized and marketed owned, controlled and licensed intellectual properties within our brand architecture under the following four brand portfolios:

• Franchise Brands

• Partner Brands

• Hasbro Gaming

• Emerging Brands

• TV/Film/Entertainment

Brand Portfolio Key Brands Description and Significant Developments

• Portfolio Brands

• Non-Hasbro Branded Film & TV

Brand Portfolio Description

Recent Developments

Franchise Brands

Includes our flagship owned or controlled brands, which we believe can deliver significant revenues, profits and growth over the long term.

Key Brands Include:

THE GATHERING

• Hasbro Gaming

• TRANSFORMERS

• MY LITTLE PONY

Includes our flagship owned or controlled brands, which we believe can deliver significant revenues, profits and growth over the long term.

• DUNGEONS & DRAGONS

• In 2023, MAGIC:

THE GATHERING benefited from a number of successful card set releases including Kamigawa:

Neon Dynasty, Double Masters 2022, Dominaria United, Streets of New Capenna, Commander Legends:

Battle for Baldur's Gate and The Brother's War.

• The PEPPA PIG brand growth was supported by a full year of revenue from Hasbro’s own PEPPA PIG product line, launched in the second half of 2021.

• In November 2022, partnering with Nickelodeon and Paramount, we released the computer-animated television series Transformers:

EarthSpark on Paramount+, as well as a new related TRANSFORMERS product line.

• PLAY-DOH holiday feature item Play-Doh Ice Cream Truck was a strong performer in 2022.

Partner Brands • MARVEL, including SPIDER-MAN and THE AVENGERS (1)

THE GATHERING benefited from successful card set releases that include Lord of the Rings:

Tales of Middle-earth, Phyrexia:

All Will Be One, March of the Machine, and Wilds of Eldraine.

• We have established a diverse portfolio of well-known gaming brands through acquisition, invention and innovation.

In 2023, we launched TWISTER AIR, a modernized mobile app-enabled game inspired by the Hasbro classic, TWISTER.

Another example is the popular Monopoly Go!

free-to-play mobile game, released by Scopely, Inc.

during 2023 and based on the classic board game, MONOPOLY.

• Continued launches of our engaging and popular PLAY-DOH products include the PLAY-DOH Magical Mixer Playset and the PLAY-DOH Busy Chef’s Restaurant Playset in 2023.

• In 2023, partnering with Paramount Pictures, our TRANSFORMERS brand was supported by the release of Transformers:

Rise of the Beasts , the seventh installment in the TRANSFORMERS film series, along with an all new associated TRANSFORMERS product line.

• DUNGEONS & DRAGONS growth in 2023 was driven by the award winning D&D-based role-playing video game, Baldur's Gate 3 , released during the second half of 2023, and the theatrical release of the film Dungeons & Dragons:

Honor Among Thieves , released in March 2023.

• In 2024, we will be celebrating the 20 th anniversary of PEPPA PIG with the hour-long cinema release, Peppa’s Cinema Party , featuring ten never-seen-before PEPPA PIG episodes and five all-new sing along songs, premiering in February 2024.

Partner Brands Includes those brands we license from other parties for which we develop toy and game products.

Partner brand revenues fluctuate based primarily on the entertainment releases around these brands in any given year.

Key Brands include:

• MARVEL, including SPIDER-MAN and THE AVENGERS (1)

• LUCASFILMS' STAR WARS (1)

2 unchanged sentences

(1) Owned by The Walt Disney Company (“Disney”).

Includes those brands we license from other parties for which we develop toy and game products.

Partner brand revenues fluctuate based primarily on the entertainment releases around these brands in any given year.

• We hold global toy and game licensed merchandise rights for major Disney entertainment properties Marvel and Star Wars, each for multi-year terms.

• We hold certain toy and game licensed merchandise rights for major Disney entertainment properties Marvel and Star Wars, each for multi-year terms.

• Our products were also supported by numerous streaming and broadcast television series of our partners.

Hasbro Gaming

• DUNGEONS & DRAGONS

• DUEL MASTERS

• THE GAME OF LIFE

• TRIVIAL PURSUIT

• And many others

Includes the Company’s face-to-face and digital game experiences played as board, off-the-board, digital, card, electronic and role-playing games.

• In 2022, Hasbro acquired D&D Beyond, the premier digital content platform for DUNGEONS & DRAGONS.

• New fall introductions included:

Connect 4 Spin, Wordle:

The Party Game and Clue Escape.

Emerging Brands • PJ MASKS

• FURREAL FRIENDS

• POWER RANGERS

• STARTING LINEUP

• SUPER SOAKER

• POTATO HEAD

• LITTLEST PET SHOP

Includes those brands we own or control which have not yet grown to the significance of a franchise brand, many of which we believe could be potential franchise brands.

We also launch new brands in this portfolio.

• During September 2022, Hasbro re-launched its line of sports collectibles from STARTING LINEUP with its NBA series and announced plans to expand the product line with an NFL partnership.

TV, Film & Entertainment eOne programming includes:

Television Series

• Yellowjackets

• Cruel Summer

• The Rookie:

• The Woman King

eOne also has numerous TV and Film distribution rights including:

• Fear The Walking Dead

Includes all film, TV and other entertainment related revenues that are not Hasbro-branded.

All Hasbro-branded content is included in the portfolios noted above.

• On November 17, 2022, we announced that the Hasbro's Board of Directors authorized the initiation of a marketing process of certain parts of our eOne TV and film business not directly supporting the Company’s Branded Entertainment strategy.

Portfolio Brands

Includes those brands we own or control which we feel have upside in revenue and profitability that have not yet grown to the significance of a franchise brand.

• In 2023 Hasbro reintroduced FURBY, the iconic interactive toy, with a new product line launched to celebrate the brand's 25th anniversary.

Non-Hasbro Branded Film and TV

Includes non-Hasbro-branded film and TV and other entertainment related revenues, the majority of which are associated with the Company's non-core eOne Film and TV business sold to Lionsgate.

• This relates to non-Hasbro branded content.

In 2024 this category will be removed from the Company's brand architecture.

Hasbro will continue to develop and produce animation, digital shorts, scripted TV and theatrical films for audiences related to core Hasbro IP.

Brand Portfolio Realignment

Effective for the first quarter 2023, we are realigning our brand portfolios to correspond with the evolution of our Blueprint 2.0 strategy.

We plan to focus on fewer, bigger, more profitable brands that showcase our leadership in preschool, games, creativity, outdoor and action brands.

Our new product categories beginning in the first quarter of 2023 are as follows:

◦ Franchise Brands - A refreshed group of our most profitable brands that includes PEPPA PIG, TRANSFORMERS, MAGIC:

THE GATHERING, DUNGEONS & DRAGONS, PLAY-DOH, NERF and HASBRO GAMING as a whole.

◦ Partner Brands - The Partner Brands category will continue to include those brands we license from other parties such as Disney's STAR WARS and MARVEL as well as other partners, for which we develop toy and game products, however we intend to concentrate on those key Partner Brands that give us the biggest growth potential and where we can lead and innovate in the category.

◦ Portfolio Brands - Our Portfolio Brands category will include those brands we own or control which we feel have upside in revenue and profitability that have not yet grown to the significance of a franchise brand.

All retained Hasbro-branded content is included in the portfolios noted above.

Reportable Segments

8 unchanged sentences

Additionally, through license agreements with third parties, we develop and sell products based on popular third-party brands.

• Our toy and game products are supported by cross-functional teams including members of our global development and marketing groups.

Our global development teams develop, design and engineer new products alongside the redesign of existing products, driven by our understanding of consumers and using marketplace insights while leveraging opportunistic toy and game lines and licenses.

Our global marketing function establishes a cohesive brand direction and assists our selling entities in establishing local marketing programs.

This strategy leverages efforts to increase consumer awareness of our brands through the Company's entertainment experiences, including film and television programming and digital gaming.

• As of December 25, 2022, we had offices supporting our Consumer Products business in more than 35 countries contributing to sales in more than 120 countries.

Wizards of the Coast and Digital Gaming

3 unchanged sentences

The Gathering Arena .

Additionally, we out-license certain of our brands to other third-party digital game developers who transform Hasbro brand-based characters and other intellectual properties, into digital gaming experiences.

Entertainment • Engaged in the development, production, distribution and sale of world-class entertainment content including film, scripted and unscripted television, children's programming, digital content and live entertainment.

• Film and TV operations produce film and television content which is sold worldwide to distributors, broadcasters, television networks and streaming platforms with an increasing focus on Hasbro branded entertainment.

While maintaining ownership of the content rights, we sell content for specific time periods to generate broadcast license fees from television content and to collect minimum guarantees and overage participations from films.

Entertainment • Engaged in the development and production of Hasbro-branded entertainment content including film, television, children's programming, digital content and live entertainment focused on the rich vault of Hasbro-owned properties.

• Feature length film and television programming based on our owned and controlled brands provide both immersive storytelling and the ability for our consumers to enjoy these properties in different formats, which also drives product sales, results in increased licensing revenues, and expands overall brand awareness.

• See note 3 to our consolidated financial statements, included in Part II, Item 8.

Financial Statements , of this Form 10-K for additional information on the results of operations attributable to the Company's non-core eOne business sold to Lionsgate during the fourth quarter of 2023.

Corporate and Other • Provides management and administrative services to the Company's principal reporting segments described above.

8 unchanged sentences

Working Capital Requirements;

Our working capital needs are financed through available cash and cash generated from operations, primarily through the sale of toys and games and secondarily through our consumer products licensing and entertainment operations, and, when necessary, by issuing commercial paper or borrowing under our revolving credit agreement.

In the event the Company is not able to issue commercial paper, we intend to utilize our available lines of credit.

In addition, the Company’s Entertainment operating segment uses production financing to fund certain of its television and film productions which are typically arranged on an individual production basis by either special purpose production subsidiaries or through a senior revolving credit facility obtained in November 2021, dedicated to production financing.

Our working capital needs are financed through available cash generated from operations, primarily through the sale of toys and games and secondarily through our consumer products licensing and entertainment operations, and, when necessary, by issuing commercial paper or borrowing under our revolving credit agreement.

In addition, during 2023 the Company’s Entertainment segment used production financing to fund certain of its television and film productions which are typically arranged on an individual production basis by either special purpose production subsidiaries or through a senior revolving credit facility obtained in November 2021, dedicated to production financing.

The individual production loans and the senior revolving credit facility dedicated to production financing were assumed by Lionsgate effective upon the closing of the sale of the eOne Film and TV business in the fourth quarter of 2023.

Our customer order patterns may vary from year to year largely due to fluctuations in the degree of consumer acceptance of product lines, supply and product availability, marketing strategies and inventory policies of retailers, TV and film content releases, including the dates of theatrical releases of major motion pictures for which we offer products, and changes in overall economic conditions.

As a result, a disproportionate volume of our net revenues from our consumer products business has historically been earned during the third and fourth quarters leading up to the retail industry’s holiday selling season, including Christmas.

Prior to the onset of the COVID-19 pandemic, quick response or just-in-time inventory management practices being used by retailers, along with growth in ecommerce resulted in the increasing trend of order placement for immediate delivery and fewer orders being placed well in advance of shipment.

Retailers preferred timing their orders for fulfillment by suppliers closer to the time of purchase by consumers.

To the extent that retailers did not sell as much of their year-end inventory purchases during the holiday selling season as they had anticipated, their demand for additional product earlier in the following fiscal year could be curtailed, thus negatively impacting the Company’s future revenues.

However, more recently the Company's inventory levels and retailer order patterns reflect the impact of global supply chain disruptions, which began in late 2020 related to the COVID-19 pandemic and its after-effects.

During the first half of 2022, the Company accelerated certain inventory purchases, to ensure sufficient finished goods and raw material availability ahead of expected periods of high consumer demand.

However, during the third quarter of 2022, as the effects of supply chain disruptions began to subside, most notably in the U.S, and Europe, the accelerated inventory purchases did not see corresponding increases in sales as consumers were impacted by the economic environment, including lower discretionary consumer income due to higher inflation and rising interest rates, leading to higher inventory levels as compared to prior years.

As a result, the Company launched incremental year-over-year promotional activity behind key holiday toy and game items to reduce inventory on hand and at retail and is continuing to manage inventory levels to ensure adequate supply of new product while clearing excess supply to mitigate the risk of inventory obsolescence.

In 2022 and 2021, the second half of the year accounted for approximately 57% and 62% of full year revenues, respectively, with the third and fourth quarters accounting for approximately 28% and 29%, respectively, of full year net revenues in 2022 and 31% of full year revenues in each of the third and fourth quarters of 2021.

In 2021 and continuing into periods of 2022, supply chain constraints, including overcrowding of cargo ports and shipping container and truck transportation shortages led to higher costs for ocean, air and over the road freight and delays in the availability of products, due to extended inventory transit times.

Accordingly, comparisons of unshipped orders on any date with those at the same date in the prior year are not necessarily indicative of our sales for that year.

Moreover, quick response or just-in-time inventory management practices being used by retailers, along with growth in ecommerce results in the increasing trend of order placement for immediate delivery and fewer orders being placed well in advance of shipment.

Retailers prefer timing their orders for fulfillment by suppliers closer to the time of purchase by consumers.

To the extent that retailers do not sell as much of their year-end inventory purchases during the holiday selling season as they had anticipated, their demand for additional product in the following fiscal year could be curtailed, thus negatively impacting the Company’s future revenues.

We expect that retailers will continue to follow this strategy.

As such, our business generally earns more revenue in the second half of the year compared to the first half.

In 2023 and 2022, the second half of the year accounted for approximately 56% and 57% of full year revenues, respectively, with the third and fourth quarters accounting for approximately 30% and 26%, respectively, of full year net revenues in 2023 and 28% and 29%, respectively, of full year revenues in each of the third and fourth quarters of 2022.

Historically, we commit to the majority of our inventory production and advertising and marketing expenditures for a given year, prior to the peak fourth quarter retail selling season.

Our accounts receivable balances typically increase during the third and fourth quarters as customers increase their purchases to meet expected consumer demand in the holiday season.

Due to the concentrated timeframe of this selling period, payments for these

accounts receivable are generally not due until later in the fourth quarter or early in the first quarter of the subsequent year.

The timing difference between expenses paid and revenues collected sometimes makes it necessary for us to borrow varying amounts during the year, however, we have had sufficient liquidity and capital resources throughout 2022 and 2021 and have not had to borrow under our revolving credit facility.

Due to the concentrated timeframe of this selling period, payments for these accounts receivable are generally not due until later in the fourth quarter or early in the first quarter of the subsequent year, as a result of these timing differences between expenses paid and revenues collected, from time to time it may be necessary to borrow varying amounts during the year.

Our entertainment business is also subject to seasonal variations based on the timing of film, television, streaming and digital content releases, which are often determined based on the timing of prime television seasons, certain geographic release dates and competition in the market.

Product Development and Royalties

Our success is dependent on continuous innovation in our play and entertainment offerings and requires ongoing development of new brands and products alongside the redesign of existing products to drive consumer interest and market acceptance.

Our success is dependent on continuous innovation in our storytelling and play offerings and requires ongoing development of new brands and products alongside the redesign of existing products to drive consumer interest and market acceptance.

Our toy and game products are developed by a global development function, the costs of which are allocated to the selling entities which comprise our principal operating segments.

3 unchanged sentences

In addition to the design and development work performed by our own staff, we work with a number of independent toy and game designers, and compete for their designs and ideas with other toy and game manufacturers.

Rights to such designs and ideas, when acquired or licensed by us, are usually exclusive and the agreements require us to pay the designer a royalty on our net sales of the item.

Rights to such designs and ideas, when acquired or licensed by us, are usually exclusive for

particular categories and the agreements require us to pay the designer a royalty on our net sales of the item.

These designer royalty agreements may also provide for advance royalties and minimum guarantees.

6 unchanged sentences

Our royalty expense in any given year may vary depending upon product mix and the timing of movie releases and other entertainment media.

Additionally, we promote our brands through the out-licensing of our intellectual properties to third parties for promotional and merchandising uses in a wide range of consumer products, where the out-licensing of brands is more effective and profitable than developing and marketing the products ourselves.

We also out-license our brands for uses in theme park attractions and other forms of location-based entertainment.

Under these agreements, licensees either pay us a sales-based or usage-based royalty, or a combination of both, for use of our brands, and, in some cases, the license arrangements are subject to minimum guaranteed amounts or fixed fees, over the term of the license.

Our entertainment offerings also require us to pay royalties and participations to those involved in the creation of the content, such as producers, writers, directors and actors.

10 unchanged sentences

During 2023, net revenues from our top five retail customers accounted for approximately 34% of our consolidated global net revenues, including our largest customers, Wal-Mart Stores, Inc.

and Amazon.com who represented 11% and 10%, respectively, of consolidated global net revenues.

and Amazon.com who together represented 22% of consolidated global net revenues, with each accounting for 11%.

Net revenues from the Company’s major customers are reported within the Consumer Products segment, Wizards of the Coast & Digital Gaming segment and the Entertainment segment.

Ecommerce sales continues to represent a significant portion of overall sales to these customers as consumers are continuing to purchase more products online compared to pre-pandemic levels.

Ecommerce sales continues to represent a significant portion of overall sales to these customers as annually, consumers are continuing to purchase more products online compared to visiting retail store locations.

Please see Part I, Item 1A.

Risk Factors, of this Form 10-K for a further discussion of risks relating to customer concentration.

We advertise many of our products extensively and brands through digital marketing and on television.

We advertise many of our products and brands through digital marketing, social media and on television.

Products are strategically cross promoted by spotlighting specific products alongside related offerings in a manner that promotes the sale of not only the selected item, but also those complementary products.

As described earlier, our Blueprint 2.0 strategy includes focusing on reinforcing storylines associated with our brands through several mediums, including television, film, digital gaming and live action experiences.

Our brands obtain marketing and advertising support through entertainment appearing on major networks globally, theatrical releases as well as on various other digital platforms, such as Netflix and Apple TV.

A recent example of this was the November 2022 release of the computer-animated television series Transformers:

EarthSpark on Paramount+ in partnership with Nickelodeon and Paramount.

As described earlier, our strategy includes focusing on reinforcing storylines associated with our brands through several mediums, including digital and tabletop gaming, consumer products, television, film and live action experiences.

Our brands obtain marketing and advertising support through entertainment appearing on major

networks globally, theatrical releases as well as on various other digital platforms, such as Netflix and Apple TV.

A recent example of this was the September 2023 premier of the television series, Power Rangers Cosmic Fury season 30, released on the Netflix streaming platform.

Many of our new toy and game products are introduced to major customers within one to two years leading up to their year of retail introduction.

3 unchanged sentences

For instance, marketing costs are generally incurred before and throughout the theatrical release of a film and, to a lesser extent, other distribution windows, and are expensed as incurred.

Therefore, we typically incur losses with respect to a particular film prior to and during the film’s theatrical release and profitability for the film may not be realized until after its theatrical release window.

Therefore, we historically incur losses with respect to a particular film prior to and during the film’s theatrical release and profitability for the film may not be realized until after its theatrical release window.

As a result of the sale of eOne Film and TV to Lionsgate in December 2023, we expect lower revenues, costs, cash flows and volatility derived from the production, marketing and distribution of film and television programming.

Supply Chain and Manufacturing

Beginning in early 2020 with the onset of the COVID-19 pandemic, and continuing into 2022, we experienced disruptions to supply of our products, initially due to closures of third-party manufacturing facilities across several geographies, primarily in early 2020, and reductions in manufacturing facility operations across multiple geographies.

Additionally, we experienced difficulties in shipping and distributing certain products due to supply chain constraints, including overcrowding of cargo ports and shipping container and truck transportation shortages which led to higher costs for ocean, air and over the road freight and delays in the availability of products, due to extended inventory transit times.

These challenges have at times caused delays in the availability of products, which in some instances have led to delayed sales and in certain cases, lost sales.

The impact to our business from these and other disruptions continued into 2022.

However, despite these adverse manufacturing and supply chain conditions, at this time, we believe the manufacturing capacity of our third-party manufacturers, as well as the supply of components, accessories and completed products which we purchase from unaffiliated manufacturers, are adequate to meet the anticipated demand in 2023 for our products.

Additionally, during 2021 and 2022 in response to global supply chain disruptions, we expanded shipping capacity, activated alternate ports in China and the U.S.

and we have prioritized supply based on inventory and customer needs, including the utilization of air freight when needed.

However, if global supply chain challenges worsen, or we or our suppliers suffer prolonged manufacturing disruptions due to public health conditions, such as the coronavirus, manufacturing capacity of our third-party manufacturers as well as supply of components, accessories and our products may be adversely impacted.

See Part I, Item 1A.

Risk Factors , of this Form 10-K for further information.

Beginning in late 2022, as part of Hasbro's new go-forward strategic plan we launched a multi-year initiative aimed at transforming our global supply chain into a best-in-class network which we expect to deliver competitive advantages through performance efficiency, operating model integration and organizational accountability.

Aligned with the Operational Excellence pillar of our Blueprint 2.0 transformation, we are refining all aspects of our

integrated supply chain from planning and designing to sourcing and delivering, with a multi-year plan to deliver improved capabilities and provide a productivity pipeline to fuel growth at Hasbro.

During 2022, the majority of our products were manufactured in third-party facilities in the Far East, primarily China, Vietnam and India, using a Hong Kong based wholly-owned subsidiary operation for quality control and order coordination purposes.

Within the U.S.

and Ireland, we utilize two previously owned facilities now operated by Cartamundi, which are located in East Longmeadow, Massachusetts and Waterford, Ireland, to manufacture significant quantities of Hasbro game products.

Beginning in late 2022, we launched a multi-year initiative aimed at transforming our global supply chain into a best-in-class network that delivers competitive advantages through performance efficiency, operating model integration and organizational accountability.

Aligned with our Operational Excellence pillar, we are refining all aspects of our integrated supply chain from planning and designing to sourcing and delivering, with a multi-year plan to deliver improved capabilities and provide a productivity pipeline to fuel growth at Hasbro.

During 2023, the majority of our products were manufactured in third-party facilities in the Far East, primarily China, Vietnam and India, using a Hong Kong based wholly-owned subsidiary operation for design, quality control and order coordination purposes.

Within the U.S., we utilize facilities operated by Cartamundi, which are currently located in East Longmeadow, Massachusetts to manufacture significant quantities of Hasbro game products.

We have diversified our global sourcing mix and decreased our dependence on Chinese manufacturing in recent years by increasing production of our products in other countries, including Vietnam and India.

8 unchanged sentences

In certain instances, we also compete with large retailers, who offer such products under their own private labels, often at lower prices.

In addition, we compete with digital gaming developers, who focus primarily on digital gaming products.

In addition, we compete with digital gaming developers, some of which focus primarily on digital gaming products and services made available for gaming consoles, personal computers and mobile devices.

We compete with other companies that offer TV and film content and branded entertainment specific to children and their families.

Given the ease of entry into our business we view our primary competition as coming from toy and game companies, digital gaming providers and content providers who are creating play and entertainment experiences that compete with our brand-driven storytelling and product experiences for consumer attention and spending.

Businesses that create compelling content can readily translate that content into a full range of product offerings.

Given the ease of entry into our business, we view our primary competition as coming from toy and game companies, digital gaming developers and content providers who are creating play and entertainment experiences that compete with our brand-driven storytelling and product experiences for consumer attention and spending.

Businesses that create compelling content have the potential to translate that content into a full range of product offerings.

Competition is based primarily on meeting consumer preferences and on the quality and play value of our products and experiences.

1 unchanged sentence

Our entertainment business competes with other companies that produce and distribute films, television programs and other entertainment content.

For example, eOne, as an independent distributor and content producer, competes with other major U.S.

and international studios that historically have released a large number of films annually and command a significant share of box office and streaming revenues and television airtime, as well as other independent film and television production or distribution companies.

Many of the major U.S.

studios are part of large, diversified corporate groups with a variety of other operations, including television networks and cable channels that can provide both in-house distribution capability and varied sources of earnings that may allow them to better offset fluctuations in the financial performance of their film and television operations.

Some of these competitors have substantially greater marketing and financial resources than we do and may be able to compete aggressively on pricing in order to increase box office revenues and television airtime or streaming placement.

In addition, the resources of the major studios may give them an advantage in acquiring other businesses or assets, including content libraries, that we might also be interested in acquiring.

The competition we face may cause us to lose market share, achieve lower prices for our productions or pay more for third party content, any of which could harm our business.

studios are part of large, diversified corporate groups with a variety of other operations, including television networks and cable channels that can provide both in-house

production and distribution capabilities and varied sources of earnings that may allow them to better offset fluctuations in the financial performance of their film and television operations.

Additionally, the Discovery Family Channel, our cable television joint venture with Discovery Communications, Inc.

2 unchanged sentences

As a result, our products not only compete with those offerings produced by other toy and game manufacturers and companies offering branded family play and entertainment, we also compete, particularly in meeting the demands of older children, with entertainment offerings of many technology companies, such as makers of tablets, mobile devices, video games and other digital gaming products and screens, and social media companies.

The changing trends in consumer preferences with respect to entertainment and low barriers to entry as well as the emergence of new technologies and different mediums for viewing content, such as the growing number of streaming platform options, continually creates new opportunities for existing competitors and start-ups to develop products and offerings that compete with our entertainment and toy and game offerings.

The changing trends in consumer preferences with respect to entertainment and low barriers to entry as well as the emergence of new technologies, such as artificial intelligence, and different mediums for viewing content, such as the growing number of streaming platform options, continually creates new opportunities for existing competitors and start-ups to develop products and offerings that compete with our entertainment and toy and game offerings.

Environment, Social and Governance Performance

2 unchanged sentences

ESG governance starts with our Board of Directors ("Board"), with specific oversight by our Nominating, Governance and Social Responsibility Committee of the Board ("Governance Committee").

ESG topics, such as climate, human rights and Diversity, Equity and Inclusion (DE&I), are regular agenda items at Governance Committee meetings.

ESG topics, such as climate and environment, human rights and Diversity, Equity and Inclusion ("DE&I"), are regular agenda items at Governance Committee meetings.

The Governance Committee analyzes these issues and makes recommendations to the full Board.

In addition, the Audit Committee of our Board oversees SEC and public disclosures in specific areas like conflict minerals, climate and sustainability, and enterprise risk.

Through our Compensation Committee, the Board considers ESG performance and priorities when determining the plan design for compensation, and overall performance of our senior executives.

In addition, the Audit Committee of our Board oversees Securities and Exchange Commission ("SEC") and public disclosures in specific areas like conflict minerals, climate and sustainability, and enterprise risk.

Through our Compensation Committee, the Board considers ESG performance and priorities when determining performance and compensation for our senior executives.

The full Board receives regular updates regarding our ESG progress.

In addition to Board-level governance, our CEO and the Executive Leadership Team ("ELT") regularly review our ESG performance, progress and opportunities.

Our ESG Committee, chaired by our Chief Purpose Officer and comprised of our ELT, meets several times a year to ensure rigorous management oversight of the Company’s ESG strategy, impact and performance.

The Chief Purpose Officer, together with our Chief Legal Officer and other members of our ELT, set the direction for our global ESG strategy and performance, and ensure the integration of ESG throughout the organization and supply chain.

Our ESG Committee, comprised of our ELT and members of our global corporate sustainability team, meets several times a year to ensure rigorous management oversight of the Company’s ESG strategy, impact and performance.

The ESG Committee sets the direction for our global ESG strategy and ensures the integration of ESG throughout the organization and supply chain.

Building on Our Progress and Reaching New Heights

ESG at Hasbro is the framework for translating our Company’s purpose into action – getting from “why” we exist to “how” we deliver sustainable, long-term value for our Company and stakeholders.

We continue to integrate ESG across our business and are proud of our strategic initiatives that are intended to further our purpose and make a positive impact for our employees, consumers, investors, and planet.

We integrate ESG across our business and are proud of our strategic initiatives that are intended to further our purpose and make a positive impact for our employees, consumers, investors, and planet.

Below are some ESG highlights from 2023:

Recent recognition for Hasbro’s leadership in promoting and advancing the interests of our stakeholders, our communities and our planet include:

Climate and Environment

Climate and Sustainability

Carbon Reduction:

1 unchanged sentence

We view sustainability challenges as opportunities to innovate and to continuously improve our product design and operational efficiencies.

We believe the long-term viability and health of our operations and our supply chain, and the potential for environmental improvements, are important components to our business success.

• In January 2022, we committed to set greenhouse gas emission (GHG) reductions with a near-term 2030 goal, based on limiting emissions to keep global warming below 1.5°C above pre-industrial levels, and a long-term 2050 goal, based on net-zero emissions across our value chain.

In joining the Science-Based Target Initiative (SBTi), we expect to leverage a globally accepted methodology for setting GHG reduction targets in line with the goals of the Paris Agreement.

We believe the long-term viability of our operations and our supply chain, and the potential for environmental improvements, are important components to our business success.

• In 2023, the Science-Based Targets Initiative ("SBTi") validated our greenhouse gas emission ("GHG") reductions target to reduce Scope 1 and Scope 2 emissions by 47.5% and to reduce Scope 3 emissions by 42% by 2030.

The SBTi also validated our net-zero science-based target which is to reduce absolute Scope 1, 2 and 3 GHG emissions by 90% by 2050 from a 2020 base year.

• We continue to invest in renewable electricity.

1 unchanged sentence

We purchase RECs to cover virtually 100% of the electricity consumed in each market where available.

The amount of money we have spent in this area has been de minimis.

For example, in fiscal years 2022, 2021 and 2020, we purchased $72K, $100K, and $45K of RECs, respectively.

Other key goals and objectives in this area include:

• Waste Reduction :

Continue to minimize virgin plastic in single-use disposable toy and game packaging, where feasible.

• Circular Economy :

Continue our industry-first toy recycling program (currently in 12 countries) in partnership with TerraCycle, a leader in product recycling outside of municipal recycling.

In fiscal years 2023, 2022 and 2021, we purchased $112K, $72K, and $100K of RECs, respectively.

• We continue our industry-first toy recycling program in partnership with TerraCycle, a leader in product recycling outside of municipal recycling.

In 2023, Hasbro took steps to optimize the program by focusing on five countries with higher participation, resulting in increased recycling rates and more than double the amount of recycled toys compared to 2022.

Climate Risk and Resilience:

• Managing the resilience of our business to the potential risks of climate change is a priority.

We are working to further integrate climate risk and resilience into our overall enterprise risk management (ERM) process.

• In 2022, we initiated work to evaluate the integration of the Task Force on Climate-related Financial Disclosures (TCFD) framework into our existing ERM process across four key areas:

governance, risk management, strategy and metrics & targets.

The TCFD framework will identify potential climate risks, guide management of those potential risks and measure the effectiveness of our mitigation measures.

• We continue to work to integrate the Task Force on Climate-related Financial Disclosures ("TCFD") framework into our overall enterprise risk management ("ERM") process.

Human Rights and Ethical Sourcing

5 unchanged sentences

Key goals and objectives in this area include:

• Ensure 100% third-party suppliers and major subcontractors are audited on an annual basis through unannounced audits, supplemented by spot, oversight audits.

• Ensure 100% of third-party suppliers and major subcontractors are audited on an annual basis through unannounced audits, supplemented by spot, oversight audits.

• Require 100% of third-party suppliers and major subcontractors to participate and complete the Hasbro Ethical Sourcing Academy, a 30-hour, e-learning social compliance course, which trains and reinforces Hasbro’s rigorous ethical sourcing requirements.

2 unchanged sentences

Human Capital Management

Our key human capital management objectives for our direct workforce are to attract, develop and retain diverse talent.

The experience, dedication and diverse backgrounds of our employees are at the heart of our success, energizing everything we do, from developing innovative products to creating immersive game, consumer products and entertainment experiences.

Our key human capital management objectives for our direct workforce are to attract, develop, motivate and retain a talented workforce to enable us to offer great toys, games and entertainment experiences to our fans and consumers.

The experience, dedication and diverse experiences and backgrounds of our employees are at the heart of our success, energizing everything we do, from developing innovative products to creating immersive game, consumer products and entertainment experiences.

Our teams are inspired by our purpose of creating joy and community for all people around the world.

6 unchanged sentences

Our Chief People Officer, who reports to the CEO and is a member of our ELT, is responsible for developing and executing key aspects of our human capital strategy, including the attraction, acquisition, development and engagement of talent to deliver on the Company’s strategy, the design of competitive compensation and employee benefit programs.

Our Chief Purpose Officer, together with other members of our ELT, are responsible for developing and executing our global ESG strategy, including our human rights and ethical sourcing programs for the workers across our supply and value chain.

Our ESG Committee is responsible for developing and executing our global ESG strategy, including our human rights and ethical sourcing programs for the workers across our supply and value chain.

Our CEO and Chief People Officer chair our internal DE&I Steering Committee, a committee comprised of global management leaders from various parts of the business.

The DE&I Steering Committee is responsible for setting

and reviewing the Company’s DE&I strategy and performance and identifying any gaps and opportunities.

Our Senior Vice President of DE&I and Multicultural Strategy is responsible for executing the strategy and presenting our DE&I progress to the Board twice yearly.

The DE&I Steering Committee is responsible for setting and reviewing the Company’s DE&I strategy and performance and identifying any gaps and opportunities.

Our Senior Vice President of DE&I and Purpose is responsible for executing the strategy and presenting our DE&I progress to the Board at least annually.

As of year-end 2023, we employed approximately 5,502 people worldwide, with approximately 53% of our employees in North America (47% in the United States;

6% in Canada), 22% in Europe, 19% in Asia Pacific, and 6% in Latin America (includes Mexico).

As of year-end, approximately 53% of our global workforce was female, 45% of our employees in managerial roles (director level and above) were female, and racially/ethnically diverse employees represented approximately 22% of the Company's U.S.

workforce, of which 15% were in managerial roles.

workforce, we also disclose our diversity by job type (based on the EEO-1 filing), which is available in our publicly available ESG Progress Report 2021-2022.

The contents of our ESG Progress Report are not incorporated herein.

As of year-end, approximately 50% of our global workforce was female, and 44% of our total managerial roles (director level and above) were female.

workforce, 23% were

racially/ethnically diverse, and, of those reporting race/ethnicity, 15% of U.S.

managerial roles (director level and above) were racially/ethnically diverse.

workforce, we also disclose our diversity by job type (based on the EEO-1 filing), which is available on our public-facing corporate website.

Approximately 11% of our employees globally are covered by unions or collective bargaining agreements.

5 unchanged sentences

Recent steps we have taken to further build a culture of DE&I within our organization and within the industries and communities in which we operate include:

• On track to achieve our 2025 DE&I goals for the organization, including:

◦ Increasing female representation in leadership (Director +) roles globally to 50%

◦ Increasing ethnically and racially diverse employee representation in the U.S.

• Continued our work to foster a culture of inclusion through unconscious bias training and Employee Network events.

• Issued a DE&I spotlight report, as a part of our comprehensive ESG Progress Report 2021-2022, that outlines our commitments, strategies and progress in fostering DE&I.

• Continued to focus on our 2025 DE&I goals for the organization.

• Continued our work to foster a culture of inclusion.

• Conducted global talent assessments and invested in tools to help build employee capabilities and expand opportunities.

Employee Engagement

4 unchanged sentences

Compensation, Health, Safety & Well-being of Employees

Employee attraction, development and retention has long been a key Hasbro priority.

Employee attraction, development, motivation and retention has long been a key Hasbro priority.

We recognize and reward our employees with a total rewards package that includes competitive base pay, equity compensation (for certain levels), annual incentives, product discounts and other comprehensive benefits, including wellness programs that help people integrate work and life commitments.

7 unchanged sentences

◦ Wellness programming in our major offices, facilitated by the global Employee Wellness Network.

◦ Robust employee assistance programs, including virtual therapy sessions, that help employees experiencing stress or other mental health needs.

◦ Robust employee assistance programs, including virtual and in person therapy sessions, that help employees experiencing stress or other mental health needs.

Our employee assistance program also provides coaching for both personal and professional needs and is offered to all of our employee’s household members.

◦ Childcare solutions, including in-home and back-up care, as well as back-up adult and elder care for employees balancing work with childcare or elder care needs.

5 unchanged sentences

We are committed to the continued development of our people.

Strategic talent reviews and succession planning occur on a planned cadence annually – globally and across all business areas.

The CEO and Chief People Officer convene meetings with senior company leadership and the Board to review top company talent.

We provide opportunities for our employees to grow their careers.

We invest in the development of our employees by providing in-house training and opportunities to participate in third-party programs, including specialized training as well as broader academic pursuits.

Strategic talent assessments and succession planning occur on a planned cadence biannually – globally and across all business areas.

The CEO and Chief People Officer convene meetings with senior company leadership and the Board to review the full talent pipeline with a focus on our top company talent.

We provide opportunities for our employees to grow their careers through annual goal setting and quarterly conversations.

We invest in developing our employees by providing blended learning opportunities and in-house trainings and by offering third-party programs, including specialized trainings and broader academic pursuits.

Philanthropy and Social Impact

Giving back to our local and global communities is core to our heritage and our culture.

We empower our team members to give back through our volunteer program which grants four hours paid time off per month to volunteer in programs that support children, underserved communities, the environment and other important areas of impact.

In addition, team-building company-sponsored volunteer projects and skills-based volunteer opportunities are organized throughout the year, supporting our employees the opportunity to make a meaningful difference in their communities around the world.

We support our team members in giving back through our volunteer program which grants employees four hours paid time off per month to volunteer.

In addition, throughout the year, our Philanthropy and Social Impact team organizes team-building and skills-based volunteer projects, which provide our employees with the opportunity to make a meaningful difference in their communities around the world.

Global Day of Joy is Hasbro’s annual, company-wide day of service and has become a cherished tradition.

14 unchanged sentences

Any material product recall or other safety issue impacting our products could have an adverse effect on our results of operations or financial condition, depending on the product and scope of the recall, could damage our reputation and could negatively affect sales of our other products as well.

The Children’s Television Act of 1990 and the rules and regulations of the United States Federal Communications Commission, the rules and regulations of the Federal Trade Commission, as well as the laws of certain other countries, also place limitations on television commercials during children’s programming and on advertising in other forms to children, and on the collection of information from children, such as restrictions on collecting information from children under the age of thirteen subject to the provisions of the Children’s Online Privacy Protection Act.

other forms to children, and on the collection of information from children, such as restrictions on collecting information from children under the age of thirteen subject to the provisions of the Children’s Online Privacy Protection Act ("COPPA").

Legislative changes to COPPA are currently under consideration by the U.S.

In addition to laws restricting the collection of information from children, our business is subject to other regulations, such as the General Data Protection Regulation in the European Union, which restricts the collection, use, and retention of personal information, as well as data protection laws in the United States and other countries.

1 unchanged sentence

Further, we maintain programs to comply with various United States federal, state, local and international requirements relating to the environment, health, safety and other matters.

Our Canadian television and film operations benefit from certain funding and tax credits for certain productions in Canada.

To continue to avail ourselves of these benefits, we plan to comply with applicable regulations and directives of the Investment Canada Act and the Minister of Canadian Heritage.

Our Executive Officers

6 unchanged sentences

50 Chief Executive Officer Since 2022

Gina Goetter (2)

47 Executive Vice President and Chief Financial Officer Since 2023

Tim Kilpin (3)

63 President, Toy, Licensing & Entertainment

Cynthia Williams (4)

2 unchanged sentences

52 Chief People Officer Since 2022

Matthew Austin (6)

51 Chief Revenue Officer

Tarrant Sibley (7)

1 unchanged sentence

(1) Prior thereto, President and Chief Operating Officer of Wizards of the Coast and Digital Gaming from 2021, and President of Wizards of the Coast from 2014 to 2021.

(2) Prior thereto, Senior Vice President and Chief Financial Officer from 2009 to 2013.

(2) Prior thereto, Ms.

Goetter served as Chief Financial Officer at Harley Davidson, Inc.

from 2020 to 2023.

Prior to her time at Harley Davidson, Ms.

Goetter served in senior leadership roles at Tyson Foods, Inc.

from 2019 to 2020 and General Mills, Inc.

from 1998 to 2019.

(3) Prior to joining Hasbro in 2023, Mr.

Kilpin served as Executive Chairman and Chief Executive Officer of PlayMonster Group, LLC from 2020 to 2023.

Prior thereto, Mr.

Kilpin held senior leadership positions within the toy and entertainment industry at companies that include Activision Blizzard, Inc., Mattel, Inc.

and The Walt Disney Company

(4) Prior thereto, Ms.

Williams worked in different executive capacities at Microsoft Corporation, from 2018 to 2022, including most recently as General Manager and Vice President, Gaming Ecosystem Commercial Team.

(4) Prior to joining Hasbro in 2022, Ms.

(5) Prior to joining Hasbro in 2021 as the Executive Vice President of Global Talent, Ms.

Atkinson served as Senior Vice President of Global HR Services at Dell Technologies, from 1999 to 2021.

(6) Prior thereto, Mr.

Austin served in a number of capacities at Hasbro, including Chief Commercial Officer from 2022-2023 and President, Europe Sales and Marketing from 2019-2022.

(7) Prior thereto, Senior Vice President, Chief Legal Officer and Secretary from 2018 to 2019 and Senior Vice President and Deputy General Counsel from 2010 to 2018.

2 unchanged sentences

We make our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, available free of charge on or through the investor section of our website as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission.

Investors and others should note that we announce material financial information to our investors using our investor relations website at www.hasbro.com, under “Corporate — Investors”, SEC filings, press releases, public conference calls and webcasts.

Investors and others should note that we announce material financial information to our investors using our investor relations website at https://hasbro.gcs-web.com, under “Corporate — Investors”, SEC filings, press releases, public conference calls and webcasts.

We use these channels as well as social media to communicate with our shareholders and the public about our Company, our products and other matters.

1 unchanged sentence

Therefore, we encourage investors, the media, and others interested in our Company to review the information we post on the social media channels listed on our investor relations website.

Hasbro has used, and intends to continue to use, our investor relations website, as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

Further corporate governance information, including our articles of incorporation, bylaws, governance guidelines, committee charters, and code of business conduct and ethics, is also available on our investor relations website https://hasbro.gcs-web.com, under “Corporate — Investors — Corporate Governance.” The contents of our website are not intended to be incorporated by reference into this Form 10-K or in any other report or document we file with the SEC, and any references to our websites are intended to be inactive textual references only.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business