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Accumulated Other Comprehensive Income (Loss)

6 Months Ended

Jun. 30, 2021

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss) for each period:

			For the Three Months Ended June 30, 2021
			Derivative Instruments						Available-for-Sale Security						Employee Benefit Plans						Currency Translation Adjustments						Total
			(In thousands)
Accumulated Other Comprehensive Loss, Net of Tax, as of March 31, 2021			$	(7,998)					$	(5,558)					$	(184,506)					$	(762,964)					$	(961,026)
Other comprehensive (loss) income before reclassifications			(771)						1,268						(254)						20,932						21,175
Amounts reclassified from accumulated other comprehensive loss			2,060						—						2,475						—						4,535
Net increase in other comprehensive (loss) income			1,289						1,268						2,221						20,932						25,710
Accumulated Other Comprehensive Loss, Net of Tax, as of June 30, 2021			$	(6,709)					$	(4,290)					$	(182,285)					$	(742,032)					$	(935,316)

			For the Six Months Ended June 30, 2021
			Derivative Instruments						Available-for-Sale Security						Employee Benefit Plans						Currency Translation Adjustments						Total
			(In thousands)
Accumulated Other Comprehensive Loss, Net of Tax, as of December 31, 2020			$	(15,369)					$	(7,522)					$	(186,854)					$	(734,831)					$	(944,576)
Other comprehensive income (loss) before reclassifications			9,331						3,232						(259)						(7,201)						5,103
Amounts reclassified from accumulated other comprehensive loss			(671)						—						4,828						—						4,157
Net increase (decrease) in other comprehensive income (loss)			8,660						3,232						4,569						(7,201)						9,260
Accumulated Other Comprehensive Loss, Net of Tax, as of June 30, 2021			$	(6,709)					$	(4,290)					$	(182,285)					$	(742,032)					$	(935,316)

			For the Three Months Ended June 30, 2020
			Derivative Instruments						Available-for-Sale Security						Employee Benefit Plans						Currency Translation Adjustments						Total
			(In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of March 31, 2020			$	17,021					$	(8,065)					$	(166,797)					$	(848,042)					$	(1,005,883)
Other comprehensive income (loss) before reclassifications			2,594						(80)						(1,203)						26,843						28,154
Amounts reclassified from accumulated other comprehensive income (loss)			(1,589)						—						1,721						—						132
Net increase (decrease) in other comprehensive income (loss)			1,005						(80)						518						26,843						28,286
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2020			$	18,026					$	(8,145)					$	(166,279)					$	(821,199)					$	(977,597)

			For the Six Months Ended June 30, 2020
			Derivative Instruments						Available-for-Sale Security						Employee Benefit Plans						Currency Translation Adjustments						Total
			(In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2019			$	11,041					$	(8,260)					$	(169,857)					$	(702,408)					$	(869,484)
Other comprehensive income (loss) before reclassifications			16,022						115						499						(118,791)						(102,155)
Amounts reclassified from accumulated other comprehensive income (loss)			(9,037)						—						3,079						—						(5,958)
Net increase (decrease) in other comprehensive income (loss)			6,985						115						3,578						(118,791)						(108,113)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2020			$	18,026					$	(8,145)					$	(166,279)					$	(821,199)					$	(977,597)

The following table presents the classification and amount of the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations:

			For the Three Months Ended
			June 30, 2021						June 30, 2020						Statements of Operations Classification
			(In thousands)
Derivative Instruments
(Loss) gain on foreign currency forward exchange and other contracts			$	(1,969)					$	1,512					Cost of sales
Tax effect of net (loss) gain			(91)						77						Provision for income taxes
			$	(2,060)					$	1,589					Net loss
Employee Benefit Plans
Amortization of prior service credit (a)			$	390					$	466					Other non-operating expense (income), net
Recognized actuarial loss (a)			(2,773)						(2,337)						Other non-operating expense (income), net
			(2,383)						(1,871)
Tax effect of net (loss) gain			(92)						150						Provision for income taxes
			$	(2,475)					$	(1,721)					Net loss

			For the Six Months Ended
			June 30, 2021						June 30, 2020						Statements of Operations Classification
			(In thousands)
Derivative Instruments
Gain on foreign currency forward exchange and other contracts			$	870					$	8,942					Cost of sales
Tax effect of net (loss) gain			(199)						95						Provision for income taxes
			$	671					$	9,037					Net loss
Employee Benefit Plans
Amortization of prior service credit (a)			$	789					$	932					Other non-operating expense (income), net
Recognized actuarial loss (a)			(5,555)						(4,677)						Other non-operating expense (income), net
			(4,766)						(3,745)
Tax effect of net (loss) gain			(62)						666						Provision for income taxes
			$	(4,828)					$	(3,079)					Net loss

_______________________________________

(a)The amortization of prior service credit and recognized actuarial loss are included in the computation of net periodic benefit cost. Refer to "Note 16 to the Consolidated Financial Statements—Employee Benefit Plans" of this Quarterly Report on Form 10-Q for additional information regarding Mattel's net periodic benefit cost.

Currency Translation Adjustments

Mattel's reporting currency is the U.S. dollar. The translation of its net investments in subsidiaries with non-U.S. dollar functional currencies subjects Mattel to the impact of foreign currency exchange rate fluctuations in its results of operations and financial position. Assets and liabilities of subsidiaries with non-U.S. dollar functional currencies are translated into U.S. dollars at fiscal period-end exchange rates. Income and expense items are translated at weighted-average exchange rates prevailing during the fiscal period. The resulting currency translation adjustments are recorded as a component of accumulated other comprehensive loss within stockholders' equity. Currency translation adjustments resulted in a net loss of $7.2 million for the six months ended June 30, 2021, primarily due to the weakening of the Turkish lira against the U.S. dollar. Currency translation adjustments resulted in a net loss of $118.8 million for the six months ended June 30, 2020, primarily due to the weakening of the Mexican peso, Brazilian real, British pound sterling, and the Russian ruble against the U.S. dollar

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- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

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