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Employee Benefit Plans (Tables) | 12 Months Ended
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Dec. 31, 2021
Retirement Benefits [Abstract] |
Schedule of Retirement Plan Expense | A summary of retirement plan expense, net is as follows:
| For the Year Ended
| December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
| (In thousands)
Defined benefit pension plans | $ | 14,858 |  |  | $ | 9,670 |  |  | $ | 9,815 |
Defined contribution retirement plans | 34,821 |  |  | 26,697 |  |  | 32,743 |
Postretirement benefit plans | (1,968) |  |  | (1,972) |  |  | (2,220) |
Deferred compensation and excess benefit plans | 6,857 |  |  | 6,391 |  |  | 10,994 |
| $ | 54,568 |  |  | $ | 40,786 |  |  | $ | 51,332 |
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive (Loss) Income | A summary of the components of Mattel’s net periodic benefit cost (credit) and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31 is as follows:
| Defined Benefit Pension Plans |  | Postretirement Benefit Plans
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
| (In thousands)
Net periodic benefit cost (credit): |  |  |  |  |  |  |  |  |
Service cost | $ | 4,925 |  |  | $ | 4,348 |  |  | $ | 4,479 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost | 10,094 |  |  | 15,079 |  |  | 19,309 |  |  | 78 |  |  | 139 |  |  | 201 |
Expected return on plan assets | (18,531) |  |  | (19,694) |  |  | (21,714) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 163 |  |  | 303 |  |  | 64 |  |  | (2,038) |  |  | (2,038) |  |  | (2,038) |
Recognized actuarial loss (gain) | 11,177 |  |  | 9,584 |  |  | 7,585 |  |  | (10) |  |  | (74) |  |  | (384) |
Settlement loss | 6,982 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Curtailment loss | 48 |  |  | 50 |  |  | 92 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) | $ | 14,858 |  |  | $ | 9,670 |  |  | $ | 9,815 |  |  | $ | (1,968) |  |  | $ | (1,972) |  |  | $ | (2,220) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss | $ | (42,671) |  |  | $ | 12,624 |  |  | $ | 28,740 |  |  | $ | (605) |  |  | $ | 850 |  |  | $ | 1,870 |
Prior service (credit) cost | 204 |  |  | 269 |  |  | 26 |  |  | — |  |  | — |  |  | — |
Amortization of prior service (cost) credit | (163) |  |  | (303) |  |  | (64) |  |  | 2,038 |  |  | 2,038 |  |  | 2,038 |
Total recognized in other comprehensive (income) loss (a) | $ | (42,630) |  |  | $ | 12,590 |  |  | $ | 28,702 |  |  | $ | 1,433 |  |  | $ | 2,888 |  |  | $ | 3,908 |
Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) | $ | (27,772) |  |  | $ | 22,260 |  |  | $ | 38,517 |  |  | $ | (535) |  |  | $ | 916 |  |  | $ | 1,688 |
(a)Amounts exclude related tax expense (benefit) of approximately $9 million, $2 million, and $(6) million, during 2021, 2020, and 2019, respectively, which are also included in other comprehensive income (loss).
Schedule of Components of Net Periodic Benefit Cost (Credit) | A summary of the components of Mattel’s net periodic benefit cost (credit) and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31 is as follows:
| Defined Benefit Pension Plans |  | Postretirement Benefit Plans
| 2021 |  | 2020 |  | 2019 |  | 2021 |  | 2020 |  | 2019
| (In thousands)
Net periodic benefit cost (credit): |  |  |  |  |  |  |  |  |
Service cost | $ | 4,925 |  |  | $ | 4,348 |  |  | $ | 4,479 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 1 |
Interest cost | 10,094 |  |  | 15,079 |  |  | 19,309 |  |  | 78 |  |  | 139 |  |  | 201 |
Expected return on plan assets | (18,531) |  |  | (19,694) |  |  | (21,714) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 163 |  |  | 303 |  |  | 64 |  |  | (2,038) |  |  | (2,038) |  |  | (2,038) |
Recognized actuarial loss (gain) | 11,177 |  |  | 9,584 |  |  | 7,585 |  |  | (10) |  |  | (74) |  |  | (384) |
Settlement loss | 6,982 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Curtailment loss | 48 |  |  | 50 |  |  | 92 |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) | $ | 14,858 |  |  | $ | 9,670 |  |  | $ | 9,815 |  |  | $ | (1,968) |  |  | $ | (1,972) |  |  | $ | (2,220) |
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss | $ | (42,671) |  |  | $ | 12,624 |  |  | $ | 28,740 |  |  | $ | (605) |  |  | $ | 850 |  |  | $ | 1,870 |
Prior service (credit) cost | 204 |  |  | 269 |  |  | 26 |  |  | — |  |  | — |  |  | — |
Amortization of prior service (cost) credit | (163) |  |  | (303) |  |  | (64) |  |  | 2,038 |  |  | 2,038 |  |  | 2,038 |
Total recognized in other comprehensive (income) loss (a) | $ | (42,630) |  |  | $ | 12,590 |  |  | $ | 28,702 |  |  | $ | 1,433 |  |  | $ | 2,888 |  |  | $ | 3,908 |
Total recognized in net periodic benefit (credit) cost and other comprehensive income (loss) | $ | (27,772) |  |  | $ | 22,260 |  |  | $ | 38,517 |  |  | $ | (535) |  |  | $ | 916 |  |  | $ | 1,688 |
(a)Amounts exclude related tax expense (benefit) of approximately $9 million, $2 million, and $(6) million, during 2021, 2020, and 2019, respectively, which are also included in other comprehensive income (loss).
Schedule of Assumptions Used to Calculate Net Periodic Benefit Cost for Domestic Defined Benefit Pension and Postretirement Benefit Plans | Net periodic benefit cost (credit) 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 Ended
| December 31, 2021 |  | December 31, 2020 |  | December 31, 2019
Defined benefit pension plans: |  |  |  |  |
Discount rate | 2.2 | % |  | 3.0 | % |  | 4.1 | %
Weighted-average rate of future compensation increases | N/A |  | N/A |  | N/A
Long-term rate of return on plan assets | 5.0 | % |  | 5.5 | % |  | 6.0 | %
Postretirement benefit plans: |  |  |  |  |
Discount rate | 2.2 | % |  | 3.0 | % |  | 4.1 | %
Annual increase in Medicare Part B premium | 6.0 | % |  | 6.0 | % |  | 6.0 | %
Health care cost trend rate: |  |  |  |  |
Pre-65 | 7.0 | % |  | 7.0 | % |  | 7.0 | %
Post-65 | 6.8 | % |  | 6.8 | % |  | 6.8 | %
Ultimate cost trend rate: |  |  |  |  |
Pre-65 | 4.5 | % |  | 4.5 | % |  | 4.5 | %
Post-65 | 4.5 | % |  | 4.5 | % |  | 4.5 | %
Year that the rate reaches the ultimate cost trend rate: |  |  |  |  |
Pre-65 | 2027 |  | 2026 |  | 2025
Post-65 | 2027 |  | 2026 |  | 2025
Schedule 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
| December 31, 2021 |  | December 31, 2020 |  | December 31, 2021 |  | December 31, 2020
| (In thousands)
Change in Benefit Obligation: |  |  |  |  |  |  |
Benefit obligation, beginning of year | $ | 671,181 |  |  | $ | 628,152 |  |  | $ | 6,246 |  |  | $ | 5,781 |
Service cost | 4,925 |  |  | 4,348 |  |  | 2 |  |  | 1 |
Interest cost | 10,094 |  |  | 15,079 |  |  | 78 |  |  | 139 |
Impact of currency exchange rate changes | (5,762) |  |  | 9,076 |  |  | — |  |  | — |
Actuarial (gain) loss | (16,597) |  |  | 45,907 |  |  | (614) |  |  | 773 |
Benefits paid | (49,895) |  |  | (33,447) |  |  | (536) |  |  | (448) |
Plan amendments | (656) |  |  | 2,066 |  |  | — |  |  | — |
Settlements | 1,612 |  |  | — |  |  | — |  |  | — |
Other | (1,636) |  |  | — |  |  | — |  |  | — |
Benefit obligation, end of year | $ | 613,266 |  |  | $ | 671,181 |  |  | $ | 5,176 |  |  | $ | 6,246 |
Change in Plan Assets: |  |  |  |  |  |  |
Plan assets at fair value, beginning of year | $ | 457,880 |  |  | $ | 431,747 |  |  | $ | — |  |  | $ | — |
Actual return on plan assets | 28,622 |  |  | 44,104 |  |  | — |  |  | — |
Employer contributions | 21,841 |  |  | 10,937 |  |  | 536 |  |  | 448 |
Impact of currency exchange rate changes | (1,244) |  |  | 4,769 |  |  | — |  |  | — |
Benefits paid | (49,895) |  |  | (33,447) |  |  | (536) |  |  | (448) |
Settlements | — |  |  | (230) |  |  | — |  |  | — |
Other | (72) |  |  | — |  |  | — |  |  | — |
Plan assets at fair value, end of year | $ | 457,132 |  |  | $ | 457,880 |  |  | $ | — |  |  | $ | — |
Net Amount Recognized in Consolidated Balance Sheets: |  |  |  |  |  |  |
Funded status, end of year | $ | (156,134) |  |  | $ | (213,301) |  |  | $ | (5,176) |  |  | $ | (6,246) |
Current accrued benefit liability | $ | (5,119) |  |  | $ | (5,687) |  |  | $ | (730) |  |  | $ | (840) |
Noncurrent accrued benefit liability, net | (151,015) |  |  | (207,614) |  |  | (4,446) |  |  | (5,406) |
Net amount recognized | $ | (156,134) |  |  | $ | (213,301) |  |  | $ | (5,176) |  |  | $ | (6,246) |
Amounts Recognized in Accumulated Other Comprehensive Loss (a): |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 236,667 |  |  | $ | 279,338 |  |  | $ | (956) |  |  | $ | (351) |
Prior service cost (credit) | 189 |  |  | 148 |  |  | (8,110) |  |  | (10,148) |
| $ | 236,856 |  |  | $ | 279,486 |  |  | $ | (9,066) |  |  | $ | (10,499) |
(a)Amounts exclude related tax benefits of approximately $74 million and $83 million for December 31, 2021 and 2020, respectively, which are also included in accumulated other comprehensive loss.
Schedule of Accumulated and Projected Benefit Obligations | As of December 31, 2021 and 2020, information for defined benefit pension plans that had aggregate accumulated benefit obligations and projected benefit obligations in excess of plan assets is as follows:
| For the Year Ended
| December 31, 2021 |  | December 31, 2020
| (In thousands)
Projected benefit obligation | $ | 523,968 |  |  | $ | 577,418 |
Accumulated benefit obligation | 506,124 |  |  | 559,039 |
Fair value of plan assets | 348,660 |  |  | 351,650 |
Schedule of 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, 2021 |  | December 31, 2020
Defined benefit pension plans: |  |  |
Discount rate | 2.5 | % |  | 2.2 | %
Cash balance interest crediting rate | 4.0 | % |  | 4.0 | %
Weighted-average rate of future compensation increases | N/A |  | N/A
Postretirement benefit plans: |  |  |
Discount rate | 2.5 | % |  | 2.2 | %
Annual increase in Medicare Part B premium | 6.0 | % |  | 6.0 | %
Health care cost trend rate: |  |  |
Pre-65 | 7.0 | % |  | 7.0 | %
Post-65 | 7.0 | % |  | 6.8 | %
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 | 2028 |  | 2027
Post-65 | 2028 |  | 2027
Schedule of 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)
2022 | $ | 36,733 |  |  | $ | 730 |
2023 | 35,462 |  |  | 630 |
2024 | 37,931 |  |  | 530 |
2025 | 36,268 |  |  | 530 |
2026 | 35,159 |  |  | 530 |
2027 - 2031 | 175,748 |  |  | 1,520 |
Schedule of Plan Assets Measured and Reported in Financial Statements at Fair Value | Mattel’s defined benefit pension plan assets are measured and reported in the consolidated 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, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
U.S. government and U.S. government agency securities | $ | — |  |  | $ | 1,584 |  |  | $ | — |  |  | $ | 1,584 |
U.S. corporate debt instruments | — |  |  | 68,070 |  |  | — |  |  | 68,070 |
International corporate debt instruments | — |  |  | 23,752 |  |  | — |  |  | 23,752 |
Mutual funds (a) | — |  |  | — |  |  | — |  |  | 132,165 |
Money market funds | 3,650 |  |  | — |  |  | — |  |  | 3,650 |
Other investments | — |  |  | 6,979 |  |  | — |  |  | 6,979 |
Insurance "buy-in" policy | — |  |  | — |  |  | 30,731 |  |  | 30,731 |
Collective trust funds (a): |  |  |  |  |  |  |
U.S. equity securities |  |  |  |  |  |  | 65,256 |
International equity securities |  |  |  |  |  |  | 12,832 |
Global fixed income |  |  |  |  |  |  | 48,745 |
Diversified funds |  |  |  |  |  |  | 46,407 |
Real Estate |  |  |  |  |  |  | $ | 16,961 |
Total | $ | 3,650 |  |  | $ | 100,385 |  |  | $ | 30,731 |  |  | $ | 457,132 |
| December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
U.S. government and U.S. government agency securities | $ | — |  |  | $ | 14,132 |  |  | $ | — |  |  | $ | 14,132 |
U.S. corporate debt instruments | — |  |  | 69,708 |  |  | — |  |  | 69,708 |
International corporate debt instruments | — |  |  | 17,490 |  |  | — |  |  | 17,490 |
Mutual funds (a) | — |  |  | — |  |  | — |  |  | 73,314 |
Money market funds | 323 |  |  | — |  |  | — |  |  | 323 |
Other investments | — |  |  | 8,449 |  |  | — |  |  | 8,449 |
Insurance "buy-in" policy | — |  |  | — |  |  | 32,794 |  |  | 32,794 |
Collective trust funds (a): |  |  |  |  |  |  |
U.S. equity securities |  |  |  |  |  |  | 69,528 |
International equity securities |  |  |  |  |  |  | 66,749 |
Global fixed income |  |  |  |  |  |  | 45,862 |
Diversified funds |  |  |  |  |  |  | 42,884 |
Real Estate |  |  |  |  |  |  | $ | 16,647 |
Total | $ | 323 |  |  | $ | 109,779 |  |  | $ | 32,794 |  |  | $ | 457,880 |
(a) These investments primarily consist of privately placed funds that are valued based on net asset value per share. The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position and its related disclosures.
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs | The following table provides a reconciliation of the beginning and ending balances of assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
| Level 3
| (in thousands)
Balance at December 31, 2019 | $ | 31,281 |
Purchases, sales, and settlements | (1,867) |
Change in fair value | 3,380 |
Balance at December 31, 2020 | 32,794 |
Purchases, sales, and settlements | (1,854) |
Change in fair value | (209) |
Balance at December 31, 2021 | $ | 30,731 |

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