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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract] |
Summary of Retirement Plan Expense | A summary of retirement plan expense is as follows:
| For the Year
| 2015 |  | 2014 |  | 2013
| (In thousands)
Defined contribution retirement plans | $ | 40,673 |  |  | $ | 43,819 |  |  | $ | 43,694 |
Defined benefit pension plans | 14,779 |  |  | 18,124 |  |  | 30,747 |
Deferred compensation and excess benefit plans | 225 |  |  | 4,840 |  |  | 9,298 |
Postretirement benefit plans | 1,396 |  |  | 1,461 |  |  | 2,245 |
| $ | 57,073 |  |  | $ | 68,244 |  |  | $ | 85,984 |
Summary of Components of Net Periodic Benefit Cost | A summary of the components of Mattel’s net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31 is as follows:
| Defined Benefit Pension Plans |  | Postretirement Benefit Plans
| 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
| (In thousands)
Net periodic benefit cost: |  |  |  |  |  |  |  |  |
Service cost | $ | 6,105 |  |  | $ | 7,515 |  |  | $ | 12,982 |  |  | $ | 54 |  |  | $ | 67 |  |  | $ | 82 |
Interest cost | 26,007 |  |  | 27,708 |  |  | 25,580 |  |  | 1,194 |  |  | 1,377 |  |  | 1,585 |
Expected return on plan assets | (29,850 | ) |  | (31,833 | ) |  | (29,786 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service credit | (465 | ) |  | (1,037 | ) |  | (1,057 | ) |  | — |  |  | — |  |  | — |
Recognized actuarial loss | 15,168 |  |  | 15,771 |  |  | 21,193 |  |  | 148 |  |  | 17 |  |  | 578 |
Settlement loss | 6,453 |  |  | — |  |  | 1,835 |  |  | — |  |  | — |  |  | — |
Curtailment gain | (8,639 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost | $ | 14,779 |  |  | $ | 18,124 |  |  | $ | 30,747 |  |  | $ | 1,396 |  |  | $ | 1,461 |  |  | $ | 2,245 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss | $ | (8,813 | ) |  | $ | 48,502 |  |  | $ | (95,744 | ) |  | $ | (3,130 | ) |  | $ | (2,205 | ) |  | $ | 3,470 |
Prior service cost | 8,691 |  |  | 20 |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit | 465 |  |  | 1,037 |  |  | 1,057 |  |  | — |  |  | — |  |  | — |
Total recognized in other comprehensive income (a) | $ | 343 |  |  | $ | 49,559 |  |  | $ | (94,687 | ) |  | $ | (3,130 | ) |  | $ | (2,205 | ) |  | $ | 3,470 |
Total recognized in net periodic benefit cost and other comprehensive income | $ | 15,122 |  |  | $ | 67,683 |  |  | $ | (63,940 | ) |  | $ | (1,734 | ) |  | $ | (744 | ) |  | $ | 5,715 |
(a) | Amounts exclude related tax expense (benefit) of $1.1 million, $(17.8) million, and $32.5 million, during 2015, 2014, and 2013, respectively, which are also included in other comprehensive income.
Summary of Summary of Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income | A summary of the components of Mattel’s net periodic benefit cost and other changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31 is as follows:
| Defined Benefit Pension Plans |  | Postretirement Benefit Plans
| 2015 |  | 2014 |  | 2013 |  | 2015 |  | 2014 |  | 2013
| (In thousands)
Net periodic benefit cost: |  |  |  |  |  |  |  |  |
Service cost | $ | 6,105 |  |  | $ | 7,515 |  |  | $ | 12,982 |  |  | $ | 54 |  |  | $ | 67 |  |  | $ | 82 |
Interest cost | 26,007 |  |  | 27,708 |  |  | 25,580 |  |  | 1,194 |  |  | 1,377 |  |  | 1,585 |
Expected return on plan assets | (29,850 | ) |  | (31,833 | ) |  | (29,786 | ) |  | — |  |  | — |  |  | — |
Amortization of prior service credit | (465 | ) |  | (1,037 | ) |  | (1,057 | ) |  | — |  |  | — |  |  | — |
Recognized actuarial loss | 15,168 |  |  | 15,771 |  |  | 21,193 |  |  | 148 |  |  | 17 |  |  | 578 |
Settlement loss | 6,453 |  |  | — |  |  | 1,835 |  |  | — |  |  | — |  |  | — |
Curtailment gain | (8,639 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost | $ | 14,779 |  |  | $ | 18,124 |  |  | $ | 30,747 |  |  | $ | 1,396 |  |  | $ | 1,461 |  |  | $ | 2,245 |
Other changes in plan assets and benefit obligations recognized in other comprehensive income: |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss | $ | (8,813 | ) |  | $ | 48,502 |  |  | $ | (95,744 | ) |  | $ | (3,130 | ) |  | $ | (2,205 | ) |  | $ | 3,470 |
Prior service cost | 8,691 |  |  | 20 |  |  | — |  |  | — |  |  | — |  |  | — |
Amortization of prior service credit | 465 |  |  | 1,037 |  |  | 1,057 |  |  | — |  |  | — |  |  | — |
Total recognized in other comprehensive income (a) | $ | 343 |  |  | $ | 49,559 |  |  | $ | (94,687 | ) |  | $ | (3,130 | ) |  | $ | (2,205 | ) |  | $ | 3,470 |
Total recognized in net periodic benefit cost and other comprehensive income | $ | 15,122 |  |  | $ | 67,683 |  |  | $ | (63,940 | ) |  | $ | (1,734 | ) |  | $ | (744 | ) |  | $ | 5,715 |
(a) | Amounts exclude related tax expense (benefit) of $1.1 million, $(17.8) million, and $32.5 million, during 2015, 2014, and 2013, respectively, which are also included in other comprehensive income.
Assumptions Used to Calculate Net Periodic Benefit Cost for Domestic Defined Benefit Pension and Postretirement Benefit Plans | Net periodic benefit cost for Mattel’s domestic defined benefit pension and postretirement benefit plans was calculated on January 1 of each year using the following assumptions:
| For the Year
| 2015 |  | 2014 |  | 2013
Defined benefit pension plans: |  |  |  |  |
Discount rate | 3.8 | % |  | 4.7 | % |  | 4.0 | %
Weighted average rate of future compensation increases | 3.8 | % |  | 3.8 | % |  | 3.8 | %
Long-term rate of return on plan assets | (a) |  |  | 8.0 | % |  | 8.0 | %
Postretirement benefit plans: |  |  |  |  |
Discount rate | 3.8 | % |  | 4.7 | % |  | 4.0 | %
Annual increase in Medicare Part B premium | 6.0 | % |  | 6.0 | % |  | 6.0 | %
Health care cost trend rate: |  |  |  |  |
Pre-65 | 7.5 | % |  | 8.5 | % |  | 8.5 | %
Post-65 | 8.8 | % |  | 7.5 | % |  | 7.5 | %
Ultimate cost trend rate: |  |  |  |  |
Pre-65 | 4.5 | % |  | 6.1 | % |  | 6.1 | %
Post-65 | 4.5 | % |  | 5.4 | % |  | 5.4 | %
Year that the rate reaches the ultimate cost trend rate: |  |  |  |  |
Pre-65 | 2023 |  |  | 2030 |  |  | 2030 |
Post-65 | 2024 |  |  | 2030 |  |  | 2030 |
(a) | A long-term rate of return on plan assets of 7.5% was used for the first half of 2015. A long-term rate of return on plan assets of 6.8% was used for the second half of 2015, resulting from a change in the plans' target asset allocation.
Summary of Changes in Benefit Obligation and Plan Assets for Defined Benefit Pension and Postretirement Benefit Plans | A summary of the changes in benefit obligation and plan assets is as follows:
| Defined Benefit Pension Plans |  | Postretirement Benefit Plans
| 2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
Change in Benefit Obligation: |  |  |  |  |  |  |
Benefit obligation, beginning of year | $ | 677,641 |  |  | $ | 616,938 |  |  | $ | 34,402 |  |  | $ | 37,914 |
Service cost | 6,105 |  |  | 7,515 |  |  | 54 |  |  | 67 |
Interest cost | 26,007 |  |  | 27,708 |  |  | 1,194 |  |  | 1,377 |
Impact of currency exchange rate changes | (11,016 | ) |  | (10,673 | ) |  | — |  |  | — |
Actuarial (gain) loss | (14,604 | ) |  | 75,839 |  |  | (2,981 | ) |  | (2,188 | )
Benefits paid | (67,994 | ) |  | (39,686 | ) |  | (2,253 | ) |  | (2,768 | )
Plan amendments | (4,649 | ) |  | — |  |  | — |  |  | — |
Benefit obligation, end of year | $ | 611,490 |  |  | $ | 677,641 |  |  | $ | 30,416 |  |  | $ | 34,402 |
Change in Plan Assets: |  |  |  |  |  |  |
Plan assets at fair value, beginning of year | $ | 475,940 |  |  | $ | 456,445 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | (690 | ) |  | 43,804 |  |  | — |  |  | — |
Employer contributions | 33,353 |  |  | 21,596 |  |  | 2,253 |  |  | 2,768 |
Impact of currency exchange rate changes | (5,335 | ) |  | (6,219 | ) |  | — |  |  | — |
Benefits paid | (67,994 | ) |  | (39,686 | ) |  | (2,253 | ) |  | (2,768 | )
Plan assets at fair value, end of year | $ | 435,274 |  |  | $ | 475,940 |  |  | $ | — |  |  | $ | — |
Net Amount Recognized in Consolidated Balance Sheets: |  |  |  |  |  |  |
Funded status, end of year | $ | (176,216 | ) |  | $ | (201,701 | ) |  | $ | (30,416 | ) |  | $ | (34,402 | )
Current accrued benefit liability | (7,416 | ) |  | (2,540 | ) |  | (3,300 | ) |  | (3,600 | )
Noncurrent accrued benefit liability | (168,800 | ) |  | (199,161 | ) |  | (27,116 | ) |  | (30,802 | )
Total accrued benefit liability | $ | (176,216 | ) |  | $ | (201,701 | ) |  | $ | (30,416 | ) |  | $ | (34,402 | )
Amounts Recognized in Accumulated Other Comprehensive Loss (a): |  |  |  |  |  |  |
Net actuarial loss | $ | 244,780 |  |  | $ | 253,593 |  |  | $ | 1,784 |  |  | $ | 4,914 |
Prior service cost (credit) | 120 |  |  | (9,036 | ) |  | — |  |  | — |
| $ | 244,900 |  |  | $ | 244,557 |  |  | $ | 1,784 |  |  | $ | 4,914 |
(a) | Amounts exclude related tax benefits of $86.8 million and $88.0 million for December 31, 2015 and 2014, respectively, which are also included in accumulated other comprehensive loss.
Assumptions Used to Determine Projected and Accumulated Benefit Obligations of Domestic Defined Benefit Pension and Postretirement Benefit Plans | The assumptions used in determining the projected and accumulated benefit obligations of Mattel’s domestic defined benefit pension and postretirement benefit plans are as follows:
| December 31,
| 2015 |  | 2014
Defined benefit pension plans: |  |  |
Discount rate | 4.2 | % |  | 3.8 | %
Weighted average rate of future compensation increases | 3.8 | % |  | 3.8 | %
Postretirement benefit plans: |  |  |
Discount rate | 4.2 | % |  | 3.8 | %
Annual increase in Medicare Part B premium | 6.0 | % |  | 6.0 | %
Health care cost trend rate: |  |  |
Pre-65 | 7.0 | % |  | 7.5 | %
Post-65 | 8.3 | % |  | 8.8 | %
Ultimate cost trend rate: |  |  |
Pre-65 | 4.5 | % |  | 4.5 | %
Post-65 | 4.5 | % |  | 4.5 | %
Year that the rate reaches the ultimate cost trend rate: |  |  |
Pre-65 | 2023 |  |  | 2023 |
Post-65 | 2024 |  |  | 2024 |
Estimated Future Benefit Payments for Defined Benefit Pension and Postretirement Benefit Plans | The estimated future benefit payments for Mattel’s defined benefit pension and postretirement benefit plans are as follows:
| Defined Benefit Pension Plans |  | Postretirement Benefit Plans
| (In thousands)
2016 | $ | 37,588 |  |  | $ | 3,300 |
2017 | 39,477 |  |  | 3,100 |
2018 | 38,114 |  |  | 3,100 |
2019 | 35,783 |  |  | 3,100 |
2020 | 36,547 |  |  | 2,900 |
2021 – 2025 | 182,695 |  |  | 13,400 |
Plan Assets Measured and Reported in Financial Statements at Fair Value | Mattel’s defined benefit pension plan assets are measured and reported in the financial statements at fair value using inputs, which are more fully described in “Note 10 to the Consolidated Financial Statements—Fair Value Measurements,” as follows:
| December 31, 2015
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Collective trust funds: |  |  |  |  |  |  |
US equity securities | $ | — |  |  | $ | 86,466 |  |  | $ | — |  |  | $ | 86,466 |
International equity securities | — |  |  | 255,694 |  |  | — |  |  | 255,694 |
International fixed income | — |  |  | 44,118 |  |  | — |  |  | 44,118 |
US government and US government agency securities | — |  |  | 1,540 |  |  | — |  |  | 1,540 |
US corporate debt instruments | — |  |  | 31,254 |  |  | — |  |  | 31,254 |
International corporate debt instruments | — |  |  | 5,612 |  |  | — |  |  | 5,612 |
Mutual funds | 567 |  |  | — |  |  | — |  |  | 567 |
Other | — |  |  | 10,023 |  |  | — |  |  | 10,023 |
Total | $ | 567 |  |  | $ | 434,707 |  |  | $ | — |  |  | $ | 435,274 |
| December 31, 2014
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Collective trust funds: |  |  |  |  |  |  |
US equity securities | $ | — |  |  | $ | 174,027 |  |  | $ | — |  |  | $ | 174,027 |
International equity securities | — |  |  | 166,432 |  |  | — |  |  | 166,432 |
International fixed income | — |  |  | 47,260 |  |  | — |  |  | 47,260 |
US government and US government agency securities | — |  |  | 36,531 |  |  | — |  |  | 36,531 |
US corporate debt instruments | — |  |  | 24,628 |  |  | — |  |  | 24,628 |
International corporate debt instruments | — |  |  | 4,700 |  |  | — |  |  | 4,700 |
Mutual funds | 561 |  |  | 15,000 |  |  | — |  |  | 15,561 |
Other | — |  |  | 6,801 |  |  | — |  |  | 6,801 |
Total | $ | 561 |  |  | $ | 475,379 |  |  | $ | — |  |  | $ | 475,940 |

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