Hasbro Inc – ‘10-Q’ for 7/2/00

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Quarterly Report   —   Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                      21±    88K 
 2: EX-3        Exhibit 3.1                                           19±    74K 
 3: EX-3        Exhibit 3.2                                            8±    34K 
 4: EX-3        Exhibit 3.3                                            2±    10K 
 5: EX-3        Exhibit 3.4                                            3±    14K 
 6: EX-11       Exhibit 11.1                                           1      7K 
 7: EX-11       Exhibit 11.2                                           1      7K 
 8: EX-12       Statement re: Computation of Ratios                    1      7K 
 9: EX-27       Financial Data Schedule (Pre-XBRL)                     1      7K 

10-Q   —   Quarterly Report
Document Table of Contents

SECURITIES AND EXCHANGE COMMISSION    

Washington, D. C.   20549     

FORM 10-Q     

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)    

OF THE SECURITIES EXCHANGE ACT OF 1934    

For the period ended July 2, 2000           Commission file number 1-6682       

HASBRO, INC.    
--------------------    
(Name of Registrant)    

Rhode Island                                O5-0155090            
------------------------             ------------------------------------       
(State of Incorporation)             (I.R.S. Employer Identification No.)       

1027 Newport Avenue, Pawtucket, Rhode Island  02861     
---------------------------------------------------     
(Principal Executive Offices)     

(401) 431-8697    

Indicate by check mark whether the registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange Act      
of 1934 during the preceding 12 months (or for such shorter period that the     
registrant was required to file such reports) and (2) has been subject to       
such filing requirements for the past 90 days.                                  

Yes  X  or No         
---       --- 

The number of shares of Common Stock, par value $.50 per share,         
outstanding as of July 30, 2000 was 172,309,426.                                

HASBRO, INC. AND SUBSIDIARIES 
Consolidated Balance Sheets 

(Thousands of Dollars Except Share Data)  
(Unaudited) 

                                    Jul. 2,    Jun. 27,   Dec. 26,
Assets                                    2000       1999       1999      
                                   ---------  ---------  ---------
Current assets                                                                  
Cash and cash equivalents              $  188,545     97,765    280,159     
Accounts receivable, less allowance                                         
for doubtful accounts of $62,700,                                         
$60,200 and $65,000                      573,869    843,580  1,084,118    
Inventories:                                                                
Finished products                       414,262    372,917    348,058   
Work in process                          43,051     12,409     13,470   
Raw materials                            50,847     48,134     47,043   
                                   ---------  ---------  ---------
Total inventories                     508,160    433,460    408,571 

Deferred income taxes                     127,142    106,895    115,646     
Prepaid expenses                          329,137    479,220    243,158     
                                   ---------  ---------  ---------
 Total current assets              1,726,853  1,960,920  2,131,652

Property, plant and equipment, net          320,176    308,420    318,825       
                                   ---------  ---------  ---------

Other assets                                                                    
Cost in excess of acquired net assets,                                      
less accumulated amortization of                                          
$212,804, $169,332, and $193,947         808,863    696,614    806,092    
Other intangibles, less accumulated                                         
amortization of $308,393, $209,620                                        
and $300,632                             917,546    811,423    949,789    
Other                                     241,778    123,760    256,990     
                                   ---------  ---------  ---------
 Total other assets                1,968,187  1,631,797  2,012,871
                                   ---------  ---------  ---------

 Total assets                     $4,015,216  3,901,137  4,463,348
                                   =========  =========  =========

HASBRO, INC. AND SUBSIDIARIES 
Consolidated Balance Sheets, continued  

(Thousands of Dollars Except Share Data)  
(Unaudited) 

                                    Jul. 2,    Jun. 27,   Dec. 26,
Liabilities and Shareholders' Equity      2000       1999       1999      
                                   ---------  ---------  ---------
Current liabilities                                                             
Short-term borrowings                  $  363,375    823,202    714,669     
Trade payables                            163,733    132,787    284,772     
Accrued liabilities                       679,662    606,435    983,280     
Income taxes                               37,809     46,954     88,606     
                                   ---------  ---------  ---------
 Total current liabilities         1,244,579  1,609,378  2,071,327

Long-term debt, excluding current                                               
installments                             1,168,959    409,937    420,654      
Deferred liabilities                         99,857     77,700     92,392       
                                   ---------  ---------  ---------
 Total liabilities                 2,513,395  2,097,015  2,584,373
                                   ---------  ---------  ---------
Shareholders' equity                                                            
Preference stock of $2.50 par                                               
value. Authorized 5,000,000                                               
shares; none issued                            -          -          -    
Common stock of $.50 par value.                                             
Authorized 600,000,000 shares;                                            
issued 209,694,630, 209,694,630                                           
and 209,694,630                          104,847    104,847    104,847    
Additional paid-in capital                473,946    466,821    468,329     
Deferred compensation                     (14,795)         -          -     
Retained earnings                       1,765,166  1,644,460  1,764,110     
Accumulated other comprehensive income    (50,140)   (26,009)   (32,982)    
Treasury stock, at cost; 37,414,109,                                        
14,860,988 and 16,710,620 shares         (777,203)  (385,997)  (425,329)    
                                   ---------  ---------  ---------
 Total shareholders' equity        1,501,821  1,804,122  1,878,975
                                   ---------  ---------  ---------

Total liabilities and                                           
  shareholders' equity            $4,015,216  3,901,137  4,463,348
                                   =========  =========  =========

See accompanying condensed notes to consolidated financial statements.          

HASBRO, INC. AND SUBSIDIARIES 
Consolidated Statements of Earnings 

(Thousands of Dollars Except Share Data)
(Unaudited) 

                          Quarter Ended         Six Months Ended
                          ------------------    --------------------
                            Jul. 2,   Jun. 27,     Jul. 2,    Jun. 27,
                            2000      1999         2000       1999
                          --------  --------    ---------  ---------
Net Revenues                   $ 778,373   874,574    1,551,854  1,542,972      
Cost of Sales                    298,043   345,026      598,344    601,543      
                          --------  --------    ---------  ---------
Gross Profit                     480,330   529,548      953,510    941,429      
                          --------  --------    ---------  ---------
Expenses                                                                        
Amortization                    31,928    31,918       64,784     57,844    
Royalties, Research and                                                     
Development                   135,150   179,776      261,189    291,718   
Advertising                     77,732   101,274      147,091    182,358    
Selling, Distribution and                                                   
Administration                198,974   158,368      403,710    321,649   
                          --------  --------    ---------  ---------
Total Expenses               443,784   471,336      876,774    853,569  
                          --------  --------    ---------  ---------
Operating Profit                  36,546    58,212       76,736     87,860      
                          --------  --------    ---------  ---------
Nonoperating (income) expense                                                   
Interest Expense                28,198    13,625       49,641     25,598    
Other (Income) Expense, Net     (1,073)   (2,209)      (4,249)    (4,527)   
                          --------  --------    ---------  ---------
Total nonoperating (income)                                             
expense                      27,125    11,416       45,392     21,071 
                          --------  --------    ---------  ---------
Earnings Before Income Taxes       9,421    46,796       31,344     66,789      
Income Taxes                       2,921    14,507        9,717     20,705      
                          --------  --------    ---------  ---------
Net Earnings                   $   6,500    32,289       21,627     46,084      
                          ========  ========    =========  =========

Per Common Share                                                                
Net Earnings                                                                
Basic                      $     .04       .17          .12        .24  
                          ========  ========    =========  =========
Diluted                    $     .04       .16          .12        .22  
                          ========  ========    =========  =========

Cash Dividends Declared      $     .06       .06          .12        .12    
                          ========  ========    =========  =========

See accompanying condensed notes to consolidated financial statements.          

HASBRO, INC. AND SUBSIDIARIES 
Consolidated Statements of Cash Flows 
Six Months Ended July 2, 2000 and June 27, 1999   

(Thousands of Dollars)  
(Unaudited) 
                                                    2000      1999
                                                   -------   -------
Cash flows from operating activities                                            
Net earnings                                          $ 21,627    46,084    
Adjustments to reconcile net earnings to net cash                           
utilized by operating activities:                                         
Depreciation and amortization of plant and equipment  49,128    48,437  
Other amortization                                    64,784    57,844  
Deferred income taxes                                  7,501    (6,184) 
Compensation earned under restricted stock programs    1,566         -  
Change in operating assets and liabilities (other                           
than cash and cash equivalents):                                          
Decrease in accounts receivable                      499,364   102,603  
Increase in inventories                             (107,517) (106,718) 
Increase in prepaid expenses                         (91,923) (264,842) 
Decrease in trade payables and accrued liabilities  (451,732) (197,450) 
Other                                                   (2,609)     (772)   
                                                   -------   -------
 Net cash utilized by operating activities           (9,811) (320,998)
                                                   -------   -------
Cash flows from investing activities                                            
Additions to property, plant and equipment             (59,394)  (41,130)   
Investments and acquisitions, net of cash acquired     (29,472)  (13,800)   
Other                                                   (6,141)    3,317    
                                                   -------   -------
 Net cash utilized by investing activities          (95,007)  (51,613)
                                                   -------   -------
Cash flows from financing activities                                            
Proceeds from borrowings with original maturities                           
of more than three months                             888,525     3,500   
Repayments of borrowings with original maturities                           
of more than three months                            (148,324)       (6)  
Net (repayments) proceeds of other short-term                               
borrowings                                           (332,654)  461,465   
Purchase of common stock                              (367,544) (191,345)   
Stock option transactions                                1,751    44,396    
Dividends paid                                         (21,814)  (22,196)   
                                                   -------   -------
Net cash provided by financing activities           19,940   295,814
                                                   -------   -------
Effect of exchange rate changes on cash                   (6,736)   (3,186)     
                                                   -------   -------
 Decrease in cash and cash equivalents              (91,614)  (79,983)
Cash and cash equivalents at beginning of year           280,159   177,748      
                                                   -------   -------
Cash and cash equivalents at end of period        $188,545    97,765
                                                   =======   =======

HASBRO, INC. AND SUBSIDIARIES 
Consolidated Statements of Cash Flows (continued) 
Six Months Ended July  2, 2000 and June 27, 1999  

(Thousands of Dollars)  
(Unaudited) 

                                                      2000      1999
                                                   -------   -------
Supplemental information                                                        
Cash paid during the period for:                                            
Interest                                            $ 26,996    24,745  
Income taxes                                        $ 71,570    32,850  

See accompanying condensed notes to consolidated financial statements.          

HASBRO, INC. AND SUBSIDIARIES 
Consolidated Statements of Comprehensive Earnings 

(Thousands of Dollars)
(Unaudited) 

                  Quarter Ended           Six Months Ended
                 ------------------       ------------------
                  Jul. 2,   Jun. 27,       Jul. 2,    Jun. 27,
                   2000      1999          2000       1999
                 --------   -------       -------    -------
Net earnings              $   6,500    32,289        21,627     46,084          
Other comprehensive                                                             
loss                        (7,129)   (4,774)      (17,158)   (16,384)        
                 --------   -------       -------    -------
Total comprehensive                                                             
earnings (loss)          $    (629)   27,515         4,469     29,700         
                 ========   =======       =======    =======

See accompanying condensed notes to consolidated financial statements.          

HASBRO, INC. AND SUBSIDIARIES 
Condensed Notes to Consolidated Financial Statements  

(Thousands of Dollars)  
(Unaudited) 

(1)  In the opinion of management and subject to year-end audit, the            
accompanying unaudited interim financial statements contain all adjustments     
(consisting of only normal recurring accruals) necessary to present fairly the  
financial position of the Company as of July 2, 2000 and June 27, 1999, and     
the results of operations and cash flows for the periods then ended.  Certain   
1999 balances have been reclassified to conform to current year presentation.   

The year to date period ended July 2, 2000 is a 27-week period while the year   
to date period ended June 27, 1999 is a 26-week period.                         

The results of operations for the six months ended July 2, 2000 are not         
necessarily indicative of results to be expected for the full year.             

(2)  The Company's other comprehensive earnings (loss) primarily results from   
foreign currency translation adjustments.                                       

(3) During 2000, the Company issued restricted stock and granted deferred       
restricted stock units to certain key employees. At July 2, 2000, these         
awards, net of forfeitures, aggregated the equivalent of 681,000 shares. These  
shares or units are nontransferable and subject to forfeiture for periods       
prescribed by the Company. Upon granting of these awards, unearned              
compensation equivalent to the market value at the date of grant is charged to  
shareholders' equity and subsequently amortized over the periods during which   
the restrictions lapse, generally 3 years. During 2000, the Company also        
conditionally awarded 370,000 deferred restricted shares under the Long Term    
Incentive Program (LTIP) under the Company's omnibus employee stock plans.      
This award is conditional upon the Company reaching certain volume, earnings    
per share and stock price benchmarks within a three year performance cycle,     
with payout over the two years following that cycle. Unearned compensation      
equivalent to the market value of shares awarded was recorded at the date of    
award and is being amortized over a five-year period. Adjustments are made to   
compensation expense for changes in market value and achievement of financial   
goals.  Amortization of deferred, unearned compensation relating to the         
restricted stock and deferred restricted stock units, and shares awarded under  
the LTIP of $1,293 and $273, respectively, was recorded in the six months of    
2000.                                                                           

(4) Hasbro is a worldwide marketer and distributor of children's and family     
entertainment products and services, principally engaged in the design,         
manufacture and marketing of games and toys ranging from traditional to high-   
tech.  The Company is focused on managing its business in two major areas,      
Toys and Games. Within these two major areas, the Company's reportable          
segments are U.S. Toys, Games, International and Global Operations.             

In the United States, the U.S. Toy segment includes the design, marketing and   
selling of boys action figures, vehicles and playsets, girls toys, preschool    
toys and infant products and creative play products. The Games segment          
includes the development, marketing and selling of traditional board games and  
puzzles, handheld electronic games, electronic interactive plush, children's    
consumer electronics, electronic learning aids, trading card and role-playing   

HASBRO, INC. AND SUBSIDIARIES 
Condensed Notes to Consolidated Financial Statements (continued)  

(Thousands of Dollars)  
(Unaudited) 

games and interactive software games based on the Company's owned and licensed  
brands. Within the International segment, the Company develops, markets and     
sells both toy and game products in non-U.S. markets. Global Operations         
manufactures and sources product for the majority of the Company's segments.    
The Company also has other segments which license certain toy and game          
properties and which develop and market non-traditional toy and game based      
product realizing more than half of their revenues and the majority of their    
operating profit in the first half of the year, which is contra-seasonal to     
the rest of the Company's business. These other segments do not meet the        
quantitative thresholds for reportable segments and have been combined for      
reporting purposes.                                                             

Segment performance is measured at the operating profit level. Included in      
Corporate and eliminations are general corporate expenses, the elimination of   
intersegment transactions and assets not identified with a specific segment.    
Intersegment sales and transfers are reflected in management reports at         
amounts approximating cost.                                                     

As a result of the complexity of the Company's organizational changes, it is    
unable to segregate 1999 assets between the U.S. Toys and Games segments, and   
thus they are reported as one. Assets are segregated in 2000 and are            
separately reported for that period. The total of U.S. Toys and Games assets    
in 2000 is presented for comparative purposes only, and is not used by          
management in assessing segment performance in 2000. Certain asset related      
expense items, including depreciation and amortization of intangibles, have     
been allocated to segments in 1999 based upon estimates in order to arrive at   
segment operating profit. In the fourth quarter of 1999, the Company's Games    
segment acquired Wizards of the Coast, Inc. Prospectively, management of the    
Company's interactive software games international units, currently part of     
the Games segment, will be assumed by International segment management. The     
Company will reclassify the related revenues, operating profit and total        
assets of this portion of the business in segment disclosure when it is         
completed for management reporting purposes. These changes are not expected to  
be material.                                                                    

The accounting policies of the segments are the same as those described in      
Note 1 to the Company's Consolidated Financial Statements for the fiscal year   
ended December 26, 1999.                                                        

Results shown for the quarter and six months are not necessarily                
representative of those which may be expected for the full year 2000 nor were   
those of the comparable 1999 periods representative of those actually           
experienced for the full year 1999. Similarly, such results are not             
necessarily those which would be achieved were each segment an unaffiliated     
business enterprise.                                                            

HASBRO, INC. AND SUBSIDIARIES 
Condensed Notes to Consolidated Financial Statements (continued)  

(Thousands of Dollars)  
(Unaudited) 

Information by segment and a reconciliation to reported amounts for the three   
and six months ended July 2, 2000 and June 27, 1999 are as follows.             

                        Three Months
                        ------------
                               2000                 1999
                               ----                 ----
   Net revenues                    External  Affiliate  External Affiliate
                                   --------  ---------  -------- ---------
    U.S. Toys                  $   105,597     2,658   299,916        11
     Games                          432,337    (7,709)  312,422      (328)
    International                  199,233      (308)  201,537     1,260
    Global Operations (a)            2,727   187,544     6,413   276,235
    Other segments                  38,479     4,693    54,286     3,285
     Corporate and eliminations           -  (186,878)        -  (280,463)
                                 ---------  --------- --------- --------
                               $   778,373          -  874,574         -
                                 =========  ========= ========= ========

                                Six Months
                                ----------
                               2000                 1999
                               ----                 ----
   Net revenues                   External  Affiliate  External  Affiliate
                                   --------  ---------  -------- ---------
     U.S. Toys                  $   228,564     2,856    529,524         -
     Games                          842,869    26,727    511,728     1,356
     International                  365,064      (974)   349,975     2,970
     Global Operations (a)            5,202   375,532      8,625   458,594
     Other segments                 110,155     8,367    143,120     8,347
      Corporate and eliminations           -  (412,508)         -  (471,267)
                                 ----------  --------- --------- ---------
                               $ 1,551,854         -  1,542,972        -
                                 ==========  ========= ========= =========

                                  Quarter ended       Six Months ended
                                   July 2,    June 27,    July 2,   June 27,
                                  2000       1999      2000       1999
                                  ----       ----      ----       ----
Operating profit (loss)                                             
    U.S. Toys                    $(22,242)    33,072   (52,427)   49,035
    Games                          72,825     34,661   147,155    38,631
     International                   1,513     (4,571)  (10,061)  (24,963)
     Global Operations (a)          (2,262)    (1,940)   (3,082)   (3,624)
    Other segments                 (6,039)     3,953       (21)   31,027
     Corporate and eliminations     (7,249)    (6,963)   (4,828)   (2,246)
                                  -------    -------   -------   -------
                                 $ 36,546     58,212    76,736    87,860
                                  =======    =======   =======   =======

HASBRO, INC. AND SUBSIDIARIES 
Condensed Notes to Consolidated Financial Statements (continued)  

(Thousands of Dollars)  
(Unaudited) 

                                       July  2, 2000         June 27, 1999
                                       -------------         -------------
Total assets                                                        
       U.S. Toys   (b)                   $  368,010                      -
       Games       (b)                    2,183,263                      -
                                          ---------              ---------
         U.S. Toys and Games (b)         $2,551,273              2,485,673
       International                        903,592                872,042
       Global Operations                    465,381                515,389
       Other segments                       293,217                315,920
        Corporate and eliminations          (198,247)              (287,887)
                                          ---------              ---------
                                         $4,015,216              3,901,137
                                          =========              =========

(a)  The Global Operations segment derives substantially all of its revenues    
and operating results from intersegment activities.                             

(b)  As a result of the complexity of the Company's organizational changes, it  
is unable to segregate 1999 assets between the U.S. Toys and Games segments,    
and thus they are reported as one for 1999. Certain asset related expense       
items including depreciation and amortization of intangibles have been          
allocated to 1999 segment results based upon estimates in order to arrive at    
segment operating profit.                                                       

The following table presents consolidated net revenues by classes of principal  
products for the quarters and six months periods ended July 2, 2000 and June    
27, 1999.                                                                       

                                     Quarter ended      Six Months ended
                                    July 2,    June 27,   July 2,   June 27,
                                    2000       1999       2000      1999
                                 -------     -------   -------   -------

Boys toys                           $ 159,700    341,900   300,600   573,000    
Games and puzzles                     479,100    330,700   919,700   539,100    
Interactive software games             18,900     39,300    40,800    77,700    
Preschool toys                         35,700     38,300    74,400    85,500    
Other                                  84,973    124,374   216,354   267,672    
                                  -------    ------- --------- ---------
Net revenues                        $ 778,373    874,574 1,551,854 1,542,972    
                                  =======    ======= ========= =========

HASBRO, INC. AND SUBSIDIARIES 
Condensed Notes to Consolidated Financial Statements (continued)  

(Thousands of Dollars)  
(Unaudited) 

(5)  Earnings per share data for the quarters and six months ended July 2,      
2000 and June 27, 1999 were computed as follows:                                
                                2000                  1999
                               -----------------     -----------------
Quarter                              Basic    Diluted      Basic    Diluted     
-------                             -------   -------     -------   -------     
Net earnings                     $  6,500     6,500      32,289    32,289   
                               =======   =======     =======   =======

Average shares outstanding (in                                              
thousands)                       171,621   171,621     195,330   195,330  
Effect of dilutive securities;                                              
Options and warrants                  -     1,118           -    11,722 
                               -------   -------     -------   -------
Equivalent shares                 171,621   172,739     195,330   207,052   
                               =======   =======     =======   =======

Earnings per share               $    .04       .04         .17       .16   
                               =======   =======     =======   =======

                                2000                  1999
                               -----------------     -----------------
Six Months                           Basic    Diluted      Basic    Diluted     
----------                          -------   -------     -------   -------     
Net earnings                     $ 21,627    21,627      46,084    46,084   
                               =======   =======     =======   =======

Average shares outstanding (in                                              
thousands)                       180,925   180,925     195,614   195,614  
Effect of dilutive securities;                                              
Options and warrants                  -       947           -    10,222 
                               -------   -------     -------   -------
Equivalent shares                 180,925   181,872     195,614   205,836   
                               =======   =======     =======   =======

Earnings per share               $    .12       .12         .24       .22   
                               =======   =======     =======   =======

(6) On December 7, 1999, the Company announced a program to further             
consolidate manufacturing and sourcing activities and product lines, as well    
as streamline and further regionalize marketing, sales and research and         
development activities worldwide. Costs associated with this consolidation      
program, recorded in the fourth quarter of 1999, amounted to $141,575, of       
which $64,232 was recorded as a restructuring charge and $77,343 in various     
other operating expense categories.                                             

HASBRO, INC. AND SUBSIDIARIES   
Condensed Notes to Consolidated Financial Statements (continued)  

(Thousands of Dollars)  
(Unaudited) 

The significant components of the plan include the closing of two factories     
in Mexico and the United Kingdom, reducing capacity at the remaining three      
factories, shifting production to third party manufacturers in the Far East     
and further consolidation and regionalization of the International marketing    
and sales structure. Actions under the plan commenced in December 1999 and are  
expected to be completed by the end of fiscal 2000. There have been no          
material changes to the plan to date. The restructuring charge of $64,232       
represented approximately $38,700 of cash charges for severance benefits for    
termination of approximately 2,200 employees, which will be disbursed over the  
employee's entitlement period, $14,300 of cash charges for lease and facility   
closing costs to be expended over the contractual lease terms and closing       
process and non-cash charges of $11,200 for fixed asset write-offs, arising     
primarily in the manufacturing area. Of the cash amount, approximately $4,700   
was paid prior to December 26, 1999 for severance benefits relating to          
approximately 200 employees terminated prior to year end. Non-cash charges      
relating to fixed asset write-offs were credited to the respective line items   
on the balance sheet. Details of activity in the restructuring plan for the     
six month period follow:                                                        

                                    Balance at              Balance at
                                    Dec. 26,                 Jul. 2,
                                     1999    Activity       2000
                                    -------   --------     -------
Severance                                $  34,000    (16,400)     17,600       
Lease and facility closing costs            14,300     (5,000)      9,300       
                                    -------    -------     -------
                                  $  48,300    (21,400)     26,900
                                    =======    =======     =======
Employee redundancies by area:                                                  
Manufacturing and sourcing activities      1,700     (1,190)        510     
Research, product development, marketing                                    
sales and administration                    300       (250)         50    
                                    -------    -------     -------
                                      2,000     (1,440)        560
                                    =======    =======     =======

The remaining severance liability represents cash charges for severance         
benefits for employees not yet terminated and amounts for employees made        
redundant which will be disbursed over the employee's entitlement period. The   
balance in lease and facility closing costs will be expended over the           
contractual lease term and closing process.                                     

HASBRO, INC. AND SUBSIDIARIES 
Management's Discussion and Analysis of Financial 
Condition and Results of Operations 

(Thousands of dollars)  

NET EARNINGS AND SEGMENT RESULTS                                                
--------------------------------                                                
Net earnings for the second quarter ended July 2, 2000 decreased approximately  
80% to $6,500 from 1999 levels of $32,289. For the six month period, net        
earnings decreased approximately 53% to $21,627 from 1999 of $46,084. Diluted   
earnings per share for the quarter was $.04 and $.16, and $.12 and $.22 for     
the six months in 2000 and 1999, respectively. Net revenues and operating       
profits for the quarter and six months increased in two of the Company's three  
major business segments, Games and, in local currencies, International, but     
decreased in U.S. Toys from comparable 1999 levels. Operating profit of the     
Games segment was favorably impacted compared to last year primarily by the     
inclusion of Wizards of the Coast, Inc. (Wizards), which was acquired on        
September 30, 1999. The overall increase in operating profit of the Games       
segment was negatively impacted by approximately 35% in the quarter and 32%     
for the six months by an increase in operating loss compared to the prior year  
periods related to the Company's offering of interactive game products. Also    
negatively impacting Games segment operating profits, to a lesser degree, was   
an approximate 80% and 63% decline in shipments of Furby in the quarter and     
six months, respectively, from 1999. Games segment operating profit reflects    
expenses of approximately $5,000 in the second quarter and $7,000 for the six   
months on Games.com, the Company's internet gaming initiative.  International   
segment revenues were essentially unchanged for the quarter and increased 4%    
for the six months in U. S. dollars. An International segment operating loss    
in 1999 compares with operating profit and a significantly reduced operating    
loss for the second quarter and six months of 2000, respectively. The six       
months of 2000 includes 27 weeks compared to 26 weeks in the comparable period  
of 1999. A more detailed discussion of items impacting consolidated net         
earnings and segment results follows.                                           

NET REVENUES                                                                    
------------                                                                    
Worldwide net revenues decreased 11.0% to $778,373 in the second quarter of     
2000 compared to $874,574 in the second quarter of 1999.  This decrease is due  
to reduced revenues, primarily in the U.S. Toy segment, from STAR WARS product  
relating to the May, 1999 release of STAR WARS: EPISODE I: THE PHANTOM MENACE.  
Decreased revenues in the Games segment from reduced shipments of FURBY and     
sales of interactive software games also contributed to the revenue decline     
from 1999.  Partially offsetting this reduction was the addition of revenues    
resulting from increased shipments of POKEMON related product across all        
segments over the comparable period in 1999, and the addition of the trading    
card and role-playing games from Wizards of the Coast, Inc. (Wizards), which    
was acquired in the fourth quarter of 1999.  Continued softness in the demand   
for interactive games may continue to negatively impact revenues of the Games   
segment for the remainder of fiscal 2000.  The stronger US dollar negatively    
impacted worldwide net revenues for the 2000 second quarter compared to the     
same period last year by $17,500.  For the six months, revenues were            
$1,551,854 and $1,542,972 in 2000 and 1999, respectively. In addition to the    
second quarter factors noted above, the 2000 six month amounts reflect an       
approximate $33,200 negative impact of the strengthened U.S. dollar. The        
strong U.S. dollar may continue to have a negative impact on revenues for the   
remainder of 2000.                                                              

HASBRO, INC. AND SUBSIDIARIES 
Management's Discussion and Analysis of Financial 
Condition and Results of Operations 

(Thousands of dollars)  

GROSS PROFIT                                                                    
------------                                                                    
The Company's gross profit margin, expressed as a percentage of net revenues,   
was 61.7% and 61.4% for the quarter and six months respectively, compared to    
the 1999 levels of 60.5% and 61.0%. The Company's gross margin was favorably    
impacted in the quarter and six months by revenues arising from shipments of    
trading card games, acquired through Wizards. This benefit has been partially   
offset by decreased revenues from STAR WARS, FURBY and interactive software     
games, all of which also carry high gross margins. Continued high oil prices    
during the remainder of 2000 may negatively impact our resin and                
transportation costs.                                                           

EXPENSES                                                                        
--------                                                                        
Amortization expense for the second quarter of 2000 was consistent with 1999,   
while greater in dollars over the comparable six month period.  This reflects   
higher amortization of the company's entertainment based property rights in     
1999, consistent with revenues in that period, while the six months of 2000     
reflects the amortization of intangible assets relating to the Wizards          
acquisition.                                                                    

Royalties, research and development expenses for the quarter and year to date   
decreased in both amount and as a percentage of net revenues from comparable    
1999 levels. The royalty component decreased in both dollars and as a           
percentage of net revenues principally reflecting decreased volumes of STAR     
WARS products, primarily in the US Toy segment, and FURBY products in the       
Games segment.  This decrease was somewhat offset by royalties incurred across  
all segments relating to POKEMON products. Revenues derived from entertainment  
based properties, such as STAR WARS and POKEMON, and their corresponding        
royalties, while continuous over the life of a contract, are generally higher   
in amount in the year a theatrical release takes place. It is anticipated that  
operating profit will also generally be higher in these years. The degree to    
which revenues, royalties and operating profits fluctuate is dependent not      
only on theatrical release dates, but on video release dates as well. Research  
and development, was $48,807 and $98,577 for the quarter and six months of      
2000 respectively, compared to $51,301 and $94,088 in the comparable periods    
of a year ago. For both periods, this represents an increased percentage of     
2000 net revenues. Advertising expense for the 2000 second quarter and six      
months decreased in amount and as a percentage of net revenues from the         
comparable periods last year.  The decrease reflects a mix of less heavily      
advertised products shipped in 2000 than in the comparable periods of 1999.     

Selling, distribution and administration expenses, which are largely fixed,     
increased in amount and as a percentage of net revenues in both the second      
quarter and six months of 2000 from comparable 1999 levels.  The increase in    
amount is due primarily to the Games segment's fourth quarter 1999 acquisition  
of Wizards, which has higher selling, distribution and administrative costs     
associated with its retail stores and worldwide trading card and role-playing   
game tournament sponsorship.                                                    

HASBRO, INC. AND SUBSIDIARIES 
Management's Discussion and Analysis of Financial 
Condition and Results of Operations 

(Thousands of dollars)  

NONOPERATING (INCOME) EXPENSE                                                   
-----------------------------                                                   
Interest expense for the 2000 second quarter and six months was $28,198 and     
$49,641, respectively, compared with $13,625 and $25,598 in 1999.  This         
increase reflects costs associated with borrowing requirements to fund the      
Company's 1998 acquisitions, the fourth quarter 1999 acquisition of Wizards,    
and the Company's share repurchase program all partially offset by the          
availability of funds generated from operations.  Other (income) expense was    
essentially unchanged from 1999.                                                

INCOME TAXES                                                                    
------------                                                                    
Income tax expense as a percentage of pretax earnings for the second quarter    
and six months of 2000 was 31.0%, unchanged from the full year 1999 rate.       

OTHER INFORMATION                                                               
-----------------                                                               
During the fourth quarter of 1999 the Games segment acquired Wizards. The       
trading card and role playing games associated with that acquisition are a      
year round business, less dependent on the fourth quarter holiday retail        
selling season than traditional toys and other forms of games. In 1999, the     
second quarter and first half were positively impacted by the May 19, 1999      
theatrical release of STAR WARS: EPISODE 1: THE PHANTOM MENACE. The Company     
expects the second half of the year and within that half, the fourth quarter,   
to be more significant to its overall business for the full year in 2000. This  
concentration increases the risk of (a) underproduction of popular items, (b)   
overproduction of less popular items and (c) failure to achieve tight and       
compressed shipping schedules. The business of the Company is characterized by  
customer order patterns which vary from year to year largely because of         
differences in the degree of consumer acceptance of a product line, product     
availability, marketing strategies, inventory levels, policies of retailers     
and differences in overall economic conditions. The trend of retailers over     
the past few years has been to purchase product within or close to the fourth   
quarter holiday consumer selling season, which includes Christmas. Quick        
response inventory management practices now being used result in fewer orders   
being placed in advance of shipment and more orders, when placed, for           
immediate delivery. Consequently, unshipped orders on any date in a given year  
are not necessarily indicative of sales for the entire year. In addition, it    
is a general industry practice that orders are subject to amendment or          
cancellation by customers prior to shipment.  At July 30, 2000 and July 25,     
1999, the Company's unshipped orders were approximately $870,000 and            
$1,060,000, respectively. In addition to the above factors, many of the         
Company's new product introductions are planned for the second half of the      
year. For those planned new products containing electronic components, a        
worldwide shortage of electronic components may impact the Company's ability    
to meet customer demands for those products.                                    

HASBRO, INC. AND SUBSIDIARIES 
Management's Discussion and Analysis of Financial 
Condition and Results of Operations 

(Thousands of dollars)  

On December 7, 1999, the Company announced a program to further consolidate     
manufacturing and sourcing activities and product lines, as well as streamline  
and further regionalize marketing, sales and research and development           
activities worldwide. The plan resulted in cost savings of approximately        
$3,100 and $6,100, respectively, in the second quarter and six months of 2000.  
The components of activity in the plan and the balance remaining at the end of  
the quarter are as follows:                                                     

                                    Balance at              Balance at
                                    Dec. 26,                 Jul. 2,
                                     1999    Activity       2000
                                    -------   --------     -------
Severance                                $  34,000    (16,400)     17,600       
Lease and facility closing costs            14,300     (5,000)      9,300       
                                    -------    -------     -------
                                  $  48,300    (21,400)     26,900
                                    =======    =======     =======
Employee redundancies by area:                                                  
Manufacturing and sourcing activities      1,700     (1,190)        510     
Research, product development, marketing                                    
sales and administration                    300       (250)         50    
                                    -------    -------     -------
                                      2,000     (1,440)        560
                                    =======    =======     =======

The significant components of the plan include the closing of two factories,    
in Mexico and the United Kingdom, the reduction of capacity at the remaining    
three factories, the shift of production to third party manufacturers in the    
Far East and further consolidation and regionalization of the International     
marketing and sales structure. Actions under the plan commenced in December     
1999 and are expected to be completed by the end of fiscal 2000. The remaining  
severance liability represents cash charges for severance benefits for          
employees not yet terminated and amounts for employees made redundant which     
will be disbursed over the employee's entitlement period. The balance in lease  
and facility closing costs will be expended over the contractual lease terms    
and closing process. The Company expects to generate pre-tax savings of         
approximately $16,000 in 2000 and $23,000 per year thereafter from these        
actions.                                                                        

LIQUIDITY AND CAPITAL RESOURCES                                                 
-------------------------------                                                 
The seasonality of the Company's business coupled with certain customer         
incentives, mainly in the form of extended payment terms, result in the         
interim cash flow statements not being representative of that which may be      
expected for the full year. Historically, the majority of the Company's cash    
collections occur late in the fourth quarter and early in the first quarter of  
the subsequent year. As receivables are collected, cash flow from operations    
becomes positive and is used to repay a significant portion of outstanding      
short-term debt.                                                                

HASBRO, INC. AND SUBSIDIARIES 
Management's Discussion and Analysis of Financial   
Condition and Results of Operations, Continued    

(Thousands of dollars)  

Because of this seasonality in cash flow, management believes that on an        
interim basis, rather than discussing only its cash flows, a better             
understanding of its liquidity and capital resources can be obtained through a  
discussion of the various balance sheet categories as well. Also, as several    
of the major categories, including cash and cash equivalents, accounts          
receivable, inventories and short-term borrowings, fluctuate significantly      
from quarter to quarter, again due to the seasonality of its business,          
management believes that a comparison to the comparable period in the prior     
year is generally more meaningful than a comparison to the prior year-end.      

Cash flows utilized by operating activities were $9,811 and $320,998 for the    
six months ended July 2, 2000 and June 27, 1999 respectively.  Receivables      
were $573,869 at July 2, 2000 compared to $843,580 at the end of the 1999       
comparable period.  The decrease reflects the reduced second quarter revenues   
in comparison with the second quarter of 1999, combined with the shorter        
payment terms associated with trading card games. Inventories increased 17.2%   
from 1999 levels, primarily reflecting the Company's fourth quarter 1999        
acquisition of Wizards. In addition to finished product, Wizards maintains a    
higher level of raw materials and work in process than the Company's pre-       
existing toys and games, due to the special paper and printing requirements of  
trading card games. Other current assets decreased to $456,279 from $586,115,   
reflecting the partial use of prepaid royalties existing at June 27, 1999       
offset in part by the acquisition of Wizards. Trade payables and accrued        
liabilities increased to $843,395 from $739,222 in 1999. The increase           
primarily relates to the acquisition of Wizards.                                

Property, plant and equipment and other assets, as a group, increased from      
their 1999 levels, reflecting the Company's fourth quarter 1999 acquisition of  
Wizards, partially offset by assets of approximately $76,200 written off or     
written down to fair market value in connection with the Company's 1999         
consolidation program, and twelve additional months of depreciation and         
amortization expense.                                                           

Net cash provided by financing activities of $19,940 in the six months of 2000  
compares with $295,814 in 1999. Net borrowings (short and long-term borrowings  
less cash and cash equivalents) increased to $1,343,789 at July 2, 2000 from    
$1,135,374 at June 27, 1999. This reflects the use of approximately $780,000    
of cash in the prior twelve months for investments and acquisitions and the     
Company's continued repurchase of its common stock both of which are            
traditionally funded through a combination of cash provided by operating        
activities and short and long-term borrowings. On March 15, 2000, the Company   
issued $750 million of debt securities in the form of $550 million of 7.95%     
notes due March 15, 2003 and $200 million of 8.50% notes due March 15, 2006.    
The Company used the proceeds of these notes to pay down short term debt        
primarily incurred in connection with the acquisition of Wizards and the        
repurchase of shares of its common stock, including a portion of the proceeds   
for the repurchase of shares under a Modified Dutch Auction Tender Offer,       

HASBRO, INC. AND SUBSIDIARIES 
Management's Discussion and Analysis of Financial   
Condition and Results of Operations, Continued    

(Thousands of dollars)  

which was initiated and completed in the first six months of 2000. Included in  
short-term borrowings is $2,200 of current installments of long-term debt. At   
July 2, 2000, the Company had committed unsecured lines of credit totaling      
approximately $715,000 available to it. It also had available uncommitted       
lines approximating $615,000. The Company believes that these amounts are       
adequate for its needs. Of these available lines, approximately $390,000 was    
in use at July 2, 2000.                                                         

EURO CONVERSION                                                                 
---------------                                                                 
Certain member countries of the European Union established fixed conversion     
rates between their existing currencies and the European Economic Monetary      
Union common currency, or Euro. While the Euro was introduced on January 1,     
1999, member countries will continue to use their existing currencies through   
January 1, 2002, with the transition period for full conversion to the Euro     
ending June 30, 2002. Transition to the Euro creates certain issues for the     
Company with respect to upgrading information technology systems for 2002 full  
use requirements, reassessing currency risk, product pricing, amending          
business and financial contracts as well as processing tax and accounting       
records. The Company has and will continue to address these transition issues   
and does not expect the Euro conversion to have a material effect on the        
results of operations or financial condition of the Company.                    

FORWARD-LOOKING STATEMENTS                                                      
--------------------------                                                      
This discussion contains "forward-looking statements" within the meaning of     
the Private Securities Litigation Reform Act of 1995. These statements          
include, without limitation, any statement that may predict, forecast,          
indicate or imply future results, performance or achievements, and may contain  
the use of forward-looking words or phrases such as "anticipate," "believe,"    
"could," "expect," "intend," "may," "planned," "potential," "should," "will,"   
and "would" or any variations of such words with similar meanings. These        
forward-looking statements are inherently subject to known and unknown risks    
and uncertainties. A variety of factors could cause actual results and          
experience to differ materially from the anticipated results or other           
expectations expressed in the forward-looking statements. These factors         
include, but are not limited to, the Company's ability to manufacture, source   
and ship new and continuing product in a timely manner and customers' and       
consumers' acceptance of new and continuing products at prices that will be     
sufficient to profitably recover development, manufacturing, marketing,         
royalty and other costs of the products; the impact of competition on revenue,  
margins and other aspects of the Company's business, including the ability to   
secure, maintain and renew popular licenses and the ability to attract and      
retain talented employees in a competitive environment; economic conditions,    
including higher fuel prices, currency fluctuations and government regulations  
and other actions in the various markets in which the Company operates; the     
impact of market conditions, third party actions or approvals and the impact    
of competition that could delay or increase the cost of implementation of the   

HASBRO, INC. AND SUBSIDIARIES 
Management's Discussion and Analysis of Financial   
Condition and Results of Operations, Continued    

(Thousands of dollars)  

consolidation program or alter planned actions and reduce actual results; the   
risk that anticipated benefits of acquisitions may not occur or be delayed or   
reduced in their realization; with respect to the Company's online game site    
initiative, in addition to the factors set forth above, technical difficulties  
in adapting games to online format and establishing the online game site that   
could delay or increase the cost of the site becoming operational; the          
acceptance by customers of the games and other products and services to be      
offered at the online game site; and other risks and uncertainties as are or    
may be detailed from time to time in the Company's public announcements and     
filings with the SEC such as Forms 8-K, 10-Q and 10-K. The Company undertakes   
no obligation to revise the forward-looking statements contained in this        
discussion or to update the forward-looking statements to reflect events or     
circumstances occurring after the date of this discussion.                      

RECENT INFORMATION                                                              
------------------                                                              
In June 1998, the Financial Accounting Standards Board (FASB) issued Statement  
of Financial Accounting Standards No. 133, Accounting for Derivative            
Instruments and Hedging Activities (SFAS 133). SFAS 133 was amended by SFAS     
138 in June 2000.The Company will adopt this statement on January 1, 2001.      
SFAS 133 will require that the Company record all derivatives, such as foreign  
exchange contracts, in the balance sheet at fair value.  Changes in derivative  
fair values will either be recognized in earnings as an offset to the changes   
in the fair value of the related hedged assets, liabilities and firm            
commitments or, for forecasted transactions, deferred and recorded as a         
component of other shareholders' equity until the hedged transactions occur     
and are recognized in earnings.  The ineffective portion of a hedging           
derivative's change in fair value will be immediately recognized in earnings.   
The impact of SFAS 133 on the Company's financial statements will depend on     
several factors, including interpretive guidance issued from the FASB, the      
extent of the Company's hedging activities and use of equity and other          
financial derivatives, the Company's ability to forecast foreign currency       
transactions compared to actual results and the effectiveness of the hedging    
instruments used. However, the Company does not believe adoption of SFAS 133    
will have a material impact on either the Company's financial condition or its  
results of operations.                                                          

On August 9, 2000, the Company announced that Alfred J. Verrecchia was          
promoted to President and Chief Operating Officer of the Company. Mr.           
Verrecchia replaces Herbert M. Baum, who resigned from the Company on August    
8, 2000 to accept a position at The Dial Corporation.                           

PART II.  Other Information                                                     

Item 1.   Legal Proceedings.                                                    

None.                                                     

Item 2.   Changes in Securities.                                                

None.                                                     

Item 3.   Defaults Upon Senior Securities.                                      

None.                                                     

Item 4.   Submission of Matters to a Vote of Security Holders.                  

 At the Company's Annual Meeting of Shareholders held on May
  17, 2000, the Company's shareholders reelected the following
persons to the Board of Directors of the Company: Alan G. 
   Hassenfeld (141,938,349 votes for, 2,953,398 votes withheld),
        Harold P. Gordon(141,947,402 votes for, 2,944,345 votes withheld),
Marie Josee Kravis (141,906,676 votes for, 2,985,071 votes
 withheld), and Preston Robert Tisch (141,702,985 votes for,
3,188,762 votes withheld).                                
        The Company's shareholders also approved an amendment to the Stock
    Incentive Performance Plan by a vote of 141,462,619 votes for,
      2,933,760 votes against, while 495,368 abstained.  The Company's
         shareholders also approved an amendment to the Restated Articles of
      Incorporation of the Company to increase the number of shares of
       common stock which Hasbro is authorized to issue from 300,000,000
        to 600,000,000 by a vote of 134,777,620 votes for, 9,593,695 votes
against, while 520,432 abstained.                         

Item 5.   Other Information                                                     

None.                                                     

Item 6.   Exhibits and Reports on Form 8-K.                                     

(a)  Exhibits.                                            

 3.1  Restated Articles of Incorporation of the Company.

           3.2  Certificate of Designations of Series C Junior Participating
         Preference Stock of Hasbro, Inc. dated June 29, 1999.

        3.3  Certificate of Vote(s) authorizing a decrease of class or
series of any class of shares.              

           3.4  Amendment to Articles of Incorporation, dated June 28, 2000.

   11.1  Computation of Earnings Per Common Share - Six Months
Ended July 2, 2000 and June 27, 1999.       

11.2  Computation of Earnings Per Common Share - Quarter
Ended July 2, 2000 and June 27, 1999.       

 12    Computation of Ratio of Earnings to Fixed Charges -
Six Months and Quarter Ended July 2, 2000.  

     27    Article 5 Financial Data Schedule - Second Quarter 2000

(b)  Reports on Form 8-K                                  

      A Current Report on Form 8-K, dated July 20, 2000 was filed by
       the Company and included the Press Release dated July 20, 2000,
 announcing the Company's results for the current quarter.
   Consolidated Statements of Earnings (without notes) for the
    quarters and six months ended July 2, 2000 and June 27, 1999
    and Consolidated Condensed Balance Sheets (without notes) as
of said dates were also filed.                          

SIGNATURES  

Pursuant to the requirements of the Securities Exchange Act of 1934, the        
Registrant has duly caused this report to be signed on its behalf by the        
undersigned thereunto duly authorized.                                          

                                        HASBRO, INC.
                                        ------------
                                        (Registrant)

Date: August 16, 2000                        By:  /s/ Alfred J. Verrecchia      
                                           -------------------------
                       President and
                                     Chief Operating Officer and
                                 Chief Financial Officer
                                      (Duly Authorized Officer and
                                      Principal Financial Officer)

HASBRO, INC. AND SUBSIDIARIES     
Quarterly Report on Form 10-Q     
For the Period Ended July 2, 2000     

Exhibit Index     

Exhibit                                                                         
No.                            Exhibits                                     
-------                          --------                                       

3.1  Restated Articles of Incorporation of the Company.                   

3.2  Certificate of Designations of Series C Junior Participating         
Preference Stock of Hasbro, Inc. dated June 29, 1999.           

3.3  Certificate of Vote(s) authorizing a decrease of class or            
series of any class of shares.                                  

3.4  Amendment to Articles of Incorporation, dated June 28, 2000.         

11.1  Computation of Earnings Per Common Share - Six Months                 
Ended July 2, 2000 and June 27, 1999.                           

11.2  Computation of Earnings Per Common Share - Quarter                    
Ended July 2, 2000 and June 27, 1999.                           

12    Computation of Ratio of Earnings to Fixed Charges -                   
Six Months and Quarter Ended July 2, 2000.                      

27    Article 5 Financial Data Schedule - Second Quarter 2000               

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing		Date		Other Filings
		3/15/06
		3/15/03
		6/30/02		10-Q
		1/1/02
		1/1/01
Filed on:		8/16/00
		8/9/00
		8/8/00
		7/30/00
		7/20/00		8-K
For Period End:		7/2/00
		6/28/00
		5/17/00		10-Q,  DEF 14A,  PRE 14A
		3/15/00
		12/26/99		10-K405
		12/7/99		8-K,  S-3/A
		9/30/99
		7/25/99
		7/2/99
		6/29/99
		6/27/99		10-Q
		5/19/99
		1/1/99
				List all Filings

15 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/28/24  Hasbro, Inc.                      10-K       12/31/23  138:20M
11/01/23  Hasbro, Inc.                      10-Q       10/01/23   91:9.7M
 8/04/23  Hasbro, Inc.                      S-8         8/04/23    4:171K
 8/04/23  Hasbro, Inc.                      10-Q        7/02/23   91:9.2M
 5/03/23  Hasbro, Inc.                      10-Q        4/02/23   89:8.6M
 2/22/23  Hasbro, Inc.                      10-K       12/25/22  132:20M
10/26/22  Hasbro, Inc.                      10-Q        9/25/22   85:9.9M
 7/26/22  Hasbro, Inc.                      10-Q        6/26/22   85:9.9M
 4/27/22  Hasbro, Inc.                      10-Q        3/27/22   93:9M
 2/23/22  Hasbro, Inc.                      10-K       12/26/21  139:29M
10/27/21  Hasbro, Inc.                      10-Q        9/26/21   97:10M
 7/28/21  Hasbro, Inc.                      10-Q        6/27/21  102:10M
 4/29/21  Hasbro, Inc.                      10-Q        3/28/21   94:15M
 2/24/21  Hasbro, Inc.                      10-K       12/27/20  136:35M
11/04/20  Hasbro, Inc.                      10-Q        9/27/20   92:10M