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v3.22.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Pre-Tax Income | Consolidated pre-tax income consists of the following:
| For the Year Ended
| December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
| (In thousands)
U.S. operations | $ | 221,149 |  |  | $ | 9,612 |  |  | $ | (172,478) |
Foreign operations | 283,186 |  |  | 461,152 |  |  | 350,135 |
Consolidated pre-tax income excluding equity method investments | $ | 504,335 |  |  | $ | 470,764 |  |  | $ | 177,657 |
Schedule of Provision (Benefit) for Current and Deferred Income Taxes | The provision (benefit) for current and deferred income taxes consists of the following:
| For the Year Ended
| December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
| (In thousands)
Current |  |  |  |  |
Federal | $ | — |  |  | $ | (9,819) |  |  | $ | — |
State | 2,359 |  |  | (4,060) |  |  | (575) |
Foreign | 62,278 |  |  | 81,899 |  |  | 78,870 |
| 64,637 |  |  | 68,020 |  |  | 78,295 |
Deferred |  |  |  |  |
Federal | 55,805 |  |  | (229,217) |  |  | 1,164 |
State | 2,440 |  |  | (27,970) |  |  | (481) |
Foreign | 12,969 |  |  | (231,214) |  |  | (13,429) |
| 71,214 |  |  | (488,401) |  |  | (12,746) |
Provision (benefit) for income taxes | $ | 135,851 |  |  | $ | (420,381) |  |  | $ | 65,549 |
Schedule of Deferred Income Tax Assets (Liabilities) | Mattel's deferred income tax assets (liabilities) are composed of the following:
| December 31, 2022 |  | December 31, 2021
| (In thousands)
Tax credit carryforwards | $ | 70,346 |  |  | $ | 100,575 |
Research and development expenses | 45,640 |  |  | 27,996 |
Net operating loss carryforwards | 94,977 |  |  | 124,792 |
Interest expense | 79,862 |  |  | 90,671 |
Allowances and reserves | 119,458 |  |  | 102,634 |
Deferred compensation | 41,411 |  |  | 66,183 |
Postretirement benefits | 22,852 |  |  | 31,841 |
Intangible assets | 212,497 |  |  | 219,629 |
Lease liabilities | 82,349 |  |  | 70,712 |
Other | 43,885 |  |  | 46,382 |
Gross deferred income tax assets | 813,277 |  |  | 881,415 |
Intangible assets | (177,522) |  |  | (189,021) |
Right-of-use assets | (74,642) |  |  | (63,206) |
Other | (52,502) |  |  | (40,781) |
Gross deferred income tax liabilities | (304,666) |  |  | (293,008) |
Deferred income tax asset valuation allowances | (92,134) |  |  | (101,489) |
Net deferred income tax assets | $ | 416,477 |  |  | $ | 486,918 |
Net deferred income tax assets are reported in the consolidated balance sheets as follows:
| December 31, 2022 |  | December 31, 2021
| (In thousands)
Deferred income tax assets | $ | 471,672 |  |  | $ | 526,906 |
Other noncurrent liabilities | (55,195) |  |  | (39,988) |
| $ | 416,477 |  |  | $ | 486,918 |
Schedule of Expiration of Loss and Tax Credit Carryforwards | Mattel's loss and tax credit carryforwards expire in the following periods:
| Loss Carryforward |  | Tax Credit Carryforward
| (In thousands)
2023–2027 | $ | 33,390 |  |  | $ | — |
Thereafter | 114,825 |  |  | 45,624 |
No expiration date | 159,453 |  |  | 24,722 |
Total | $ | 307,668 |  |  | $ | 70,346 |
Schedule of Reconciliation of Provision for Income Taxes at US Federal Statutory Rate to Provision in Statements of Operations | Differences between the provision for income taxes at the U.S. federal statutory income tax rate and the provision in the consolidated statements of operations are as follows:
| For the Year Ended
| December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
| (In thousands)
Provision at U.S. federal statutory rate | $ | 105,910 |  |  | $ | 98,861 |  |  | $ | 37,308 |
Differences resulting from: |  |  |  |  |
Changes in valuation allowances | — |  |  | (540,803) |  |  | 14,576 |
Foreign earnings taxed at different rates, including foreign losses without benefit | 16,877 |  |  | 35,468 |  |  | 5,711 |
Tax related to pass-through income | 5,340 |  |  | 2,487 |  |  | 2,409 |
Non deductible executive compensation | 5,141 |  |  | 7,115 |  |  | 5,968 |
State and local taxes, net of U.S. federal benefit (expense) | 5,027 |  |  | (983) |  |  | (1,056) |
Adjustments to previously accrued taxes | (9,471) |  |  | (19,101) |  |  | 5,354 |
Change in indefinite reinvestment assertion | 10,600 |  |  | 7,000 |  |  | — |
Other | (3,573) |  |  | (10,425) |  |  | (4,721) |
Provision (benefit) for income taxes | $ | 135,851 |  |  | $ | (420,381) |  |  | $ | 65,549 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the reserve for unrecognized tax benefits is as follows:
| For the Year Ended
| December 31, 2022 |  | December 31, 2021 |  | December 31, 2020
| (In thousands)
Unrecognized tax benefits at January 1 | $ | 118,781 |  |  | $ | 140,309 |  |  | $ | 137,929 |
Increases for positions taken in current year | 5,034 |  |  | 5,113 |  |  | 5,969 |
Increases for positions taken in a prior year | 8,037 |  |  | 3,658 |  |  | 5,811 |
Decreases for positions taken in a prior year | (7,315) |  |  | (1,324) |  |  | (3,127) |
Decreases for settlements with taxing authorities | (1,236) |  |  | (2,852) |  |  | (3,410) |
Decreases for lapses in the applicable statute of limitations | (9,244) |  |  | (26,123) |  |  | (2,863) |
Unrecognized tax benefits at December 31 | $ | 114,057 |  |  | $ | 118,781 |  |  | $ | 140,309 |

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