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Long-Term Debt | 9 Months Ended
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Sep. 30, 2023
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long-term debt included the following:
| September 30, 2023 |  | September 30, 2022 |  | December 31, 2022
| (In thousands)
2010 Senior Notes due October 2040 | $ | 250,000 |  |  | $ | 250,000 |  |  | $ | 250,000 |
2011 Senior Notes due November 2041 | 300,000 |  |  | 300,000 |  |  | 300,000 |
2013 Senior Notes due March 2023 | — |  |  | 250,000 |  |  | — |
2019 Senior Notes due December 2027 | 600,000 |  |  | 600,000 |  |  | 600,000 |
2021 Senior Notes due April 2026 | 600,000 |  |  | 600,000 |  |  | 600,000 |
2021 Senior Notes due April 2029 | 600,000 |  |  | 600,000 |  |  | 600,000 |
Debt issuance costs and debt discount | (21,103) |  |  | (25,541) |  |  | (24,356) |
| $ | 2,328,897 |  |  | $ | 2,574,459 |  |  | $ | 2,325,644 |
Less: current portion | — |  |  | (250,000) |  |  | — |
Total long-term debt | $ | 2,328,897 |  |  | $ | 2,324,459 |  |  | $ | 2,325,644 |
On December 30, 2022, Mattel used cash on hand to redeem and retire the $250 million aggregate principal amount of the 2013 Senior Notes due March 2023. Mattel's 2019 Senior Notes due 2027 were issued pursuant to an indenture dated November 20, 2019, and its 2021 Senior Notes due 2026 and 2021 Senior Notes due 2029 were issued pursuant to an indenture dated March 19, 2021. These indentures contain covenants that limit Mattel's (and some of its subsidiaries') ability to, among other things: (i) incur additional debt or issue certain preferred shares; (ii) pay dividends on or make other distributions in respect of their capital stock or make other restricted payments; (iii) make investments in unrestricted subsidiaries; (iv) create liens; (v) enter into certain sale/leaseback transactions; (vi) merge or consolidate, or sell, transfer or otherwise dispose of substantially all of their assets; and (vii) designate subsidiaries as unrestricted. The indentures also provided that certain of these covenants would be suspended if Mattel achieved a debt rating of BBB-, Baa3, and/or BBB- (or higher) from any two of S&P, Moody's, and Fitch, respectively, and no event of default has occurred. In April 2023, S&P upgraded Mattel’s debt rating from BB+ to BBB- and maintained a positive outlook, and in November 2022, Moody’s previously upgraded Mattel’s debt rating from Ba1 to Baa3. As a result of the upgraded debt ratings and no events of default, the covenants limiting Mattel’s ability to incur additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of their capital stock or make other restricted payments, and make investments in unrestricted subsidiaries, and certain provisions of the covenant limiting Mattel’s ability to merge or consolidate, or sell, transfer or otherwise dispose of substantially all of their assets, are suspended. If Mattel ceases to have debt ratings of BBB-, Baa3, and/or BBB- (or higher) from any two of S&P, Moody's, and Fitch, respectively, Mattel will thereafter be subject to the suspended covenants with respect to future events. Following the Fall-Away Date under the Revolving Credit Facility, all guarantee obligations of the Guarantors under the 2019 Senior Notes due 2027, 2021 Senior Notes due 2026, and 2021 Senior Notes due 2029 were released, and the obligations of Mattel under the 2019 Senior Notes due 2027, 2021 Senior Notes due 2026, and 2021 Senior Notes due 2029 will be required to be guaranteed by each existing and future direct and indirect domestic subsidiary of Mattel only to the extent such subsidiary guarantees other indebtedness of Mattel in an aggregate principal or committed amount in excess of $50 million.

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