HASBRO, INC.
For the period ended Dec 28, 2025. Filed Feb 25, 2026.
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FY2025 · Filed Feb 25, 2026
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10. Investments in Productions
Investments in productions are predominantly monetized on a title-by-title basis and are recorded within Other assets in the Company's Consolidated Balance Sheets, to the extent they are considered recoverable against future revenues. These amounts are being amortized to program cost amortization using a model that reflects the consumption of the asset as it is released through various channels including broadcast licenses, theatrical release and home entertainment. Amounts capitalized are reviewed periodically on an individual title basis and any portion of the unamortized amount that appears not to be recoverable from future net revenues is expensed as part of program cost amortization during the period the loss becomes evident.
The Company's unamortized investments in productions consisted of the following:
| (In millions) | 2025 | 2024 |
|---|---|---|
| Investment in Films and Television Programs: | ||
| Individual monetization: | ||
| Released, net of amortization | $63.2 | $68.4 |
| In production | 0.4 | 11.5 |
| Pre-production | 4.0 | 7.4 |
| Total individual monetization | 67.6 | 87.3 |
| Film/TV group monetization: | ||
| Released, net of amortization | 29.8 | 37.5 |
| In production | 0.3 | — |
| Total film/TV group monetization | 30.1 | 37.5 |
| Total program investments | $97.7 | $124.8 |
The Company's program cost amortization consisted of the following:
| (In millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Individual monetization | $32.4 | $40.4 | $431.8 |
| Film/TV group monetization | 3.4 | 8.9 | 17.1 |
| Total program cost amortization | $35.8 | $49.3 | $448.9 |
Based on management’s total revenue estimates as of December 28, 2025, the Company's expected future amortization expenses for capitalized programming costs over the next three years are as follows:
| (In millions) | 2026 | 2027 | 2028 |
|---|---|---|---|
| Released - Individual monetization | $19.3 | $14.5 | $13.7 |
| Released - Film/TV group monetization | 6.7 | 7.2 | 7.7 |
| Total future amortization expense | $26.0 | $21.7 | $21.4 |
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