HASBRO, INC.

(17)Retirement Plans

Pension and Postretirement Benefits

The Company recognizes an asset or liability for each of its defined benefit pension plans equal to the difference between the projected benefit obligation of the plan and the fair value of the plan’s assets. Actuarial gains and losses and prior service costs that have not yet been included in income are recognized in the Consolidated Balance Sheets in AOCL. Reclassifications to earnings (losses) from AOCL related to pension and postretirement plans are recorded to Other (income) expense.

Expenses related to the Company’s defined benefit pension plans for 2025, 2024 and 2023 were approximately $4.7 million, $3.0 million and $4.0 million, respectively, and were recorded within Other (income) expense.

United States Plans

The Company sponsors a defined benefit retirement plan, which pays benefits to eligible employees at the time of retirement, using actuarial formulas based upon a participant’s years of credited service and compensation. The plan is closed and frozen to all employees. The Company also provides certain postretirement health care and life insurance benefits to eligible employees, primarily employees who retired prior to January 1, 2020. Amounts related to the defined benefit retirements plan and other postretirement plans recognized in the Company’s consolidated financial statements are determined on an actuarial basis.

Reconciliations of the beginning and ending balances for the projected benefit obligation, the fair value of plan assets and the funded status are included below.

Assumptions used to determine the year-end pension and postretirement benefit obligations are as follows:

The following presents detail of the components of the net periodic benefit cost:

Assumptions used to determine net periodic benefit cost of the pension plans and postretirement plan is as follows:

During fiscal 2026, the Company expects to make contributions of $2.9 million and $1.6 million for the defined benefit pension plans and post-retirement plans, respectively, primarily to fund benefit payments. Expected benefit payments under the defined benefit pension plans and the postretirement benefit plans for the next five years subsequent to 2025 and in the aggregate for the following five years are as follows:

International Plans

Pension coverage for employees of the Company’s international subsidiaries is provided, to the extent deemed appropriate, through separate defined benefit and defined contribution plans. As of December 28, 2025 and December 29, 2024, the defined benefit plans had total projected benefit obligations of $79.2 million and $79.2 million, respectively, and fair values of plan assets of $73.9 million and $71.6 million, respectively. Substantially all of the plan assets are invested in equity and fixed income securities. The pension expense related to these plans was $2.2 million, $0.8 million and $1.3 million in 2025, 2024 and 2023, respectively. In fiscal year 2025, the Company expects an immaterial amount of unrecognized net losses, amortization of prior service costs and unrecognized transition obligation to be included as a component of net periodic benefit cost.

Expected benefit payments under the international defined benefit pension plans for the five years subsequent to 2025 and in the aggregate for the five years thereafter are as follows: 2026: $3.1 million; 2027: $3.3 million; 2028: $4.0 million; 2029: $3.7 million; 2030: $3.9 million; and 2031 through 2035: $22.4 million.

Post-employment Benefits

The Company also has several plans covering certain groups of employees, which may provide benefits to such employees following their period of active employment but prior to their retirement. These plans include certain severance plans which provide benefits to employees involuntarily terminated and certain plans which continue the Company’s health and life insurance contributions for employees who have left the Company under terms of its long-term disability plan.

Defined Contribution Plans

The Company maintains defined contribution savings plans for the benefit of its eligible employees. The expense recognized for these plans was $42.8 million, $39.5 million, and $40.9 million in 2025, 2024 and 2023, respectively.