XML 50 R34.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Employee Benefit Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Retirement Benefits [Abstract] |
Schedule of Retirement Plan Expense | A summary of retirement plan expense, net is as follows:
| For the Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
| (In thousands)
Defined contribution retirement plans | $ | 40,227 |  |  | $ | 37,784 |  |  | $ | 36,900 |
Defined benefit pension plans | 12,806 |  |  | 9,949 |  |  | 5,693 |
Deferred compensation and excess benefit plans | (1,537) |  |  | 8,227 |  |  | (7,113) |
Postretirement benefit plans | (2,046) |  |  | (2,084) |  |  | (2,047) |
| $ | 49,450 |  |  | $ | 53,876 |  |  | $ | 33,433 |
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 (loss) income for the years ended December 31 is as follows:
| Defined Benefit Pension Plans |  | Postretirement Benefit Plans
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
| (In thousands)
Net Periodic Benefit Cost (Credit): |  |  |  |  |  |  |  |  |
Service cost | $ | 3,388 |  |  | $ | 3,371 |  |  | $ | 4,010 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 2 |
Interest cost | 20,181 |  |  | 20,966 |  |  | 12,081 |  |  | 180 |  |  | 179 |  |  | 89 |
Expected return on plan assets | (18,738) |  |  | (20,372) |  |  | (19,242) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 194 |  |  | 150 |  |  | 155 |  |  | (2,038) |  |  | (2,038) |  |  | (2,038) |
Recognized actuarial loss (gain) | 7,781 |  |  | 5,893 |  |  | 8,996 |  |  | (190) |  |  | (226) |  |  | (100) |
Settlement (gain) loss | — |  |  | (59) |  |  | 19 |  |  | — |  |  | — |  |  | — |
Curtailment gain | — |  |  | — |  |  | (326) |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) | $ | 12,806 |  |  | $ | 9,949 |  |  | $ | 5,693 |  |  | $ | (2,046) |  |  | $ | (2,084) |  |  | $ | (2,047) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income: |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss | $ | (5,086) |  |  | $ | 904 |  |  | $ | (23,501) |  |  | $ | (433) |  |  | $ | 311 |  |  | $ | (922) |
Prior service cost | 131 |  |  | 1,169 |  |  | 1,022 |  |  | — |  |  | — |  |  | — |
Amortization of prior service (cost) credit | (194) |  |  | (150) |  |  | (155) |  |  | 2,038 |  |  | 2,038 |  |  | 2,038 |
Total recognized in other comprehensive (income) loss (a) | $ | (5,149) |  |  | $ | 1,923 |  |  | $ | (22,634) |  |  | $ | 1,605 |  |  | $ | 2,349 |  |  | $ | 1,116 |
Total recognized in net periodic benefit cost (credit) and other comprehensive (loss) income | $ | 7,657 |  |  | $ | 11,872 |  |  | $ | (16,941) |  |  | $ | (441) |  |  | $ | 265 |  |  | $ | (931) |
(a)Amounts exclude related tax expense (benefit) of approximately $1 million, $(2) million, and $6 million, during 2024, 2023, and 2022, respectively, which are also included in other comprehensive (loss) income.
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 (loss) income for the years ended December 31 is as follows:
| Defined Benefit Pension Plans |  | Postretirement Benefit Plans
| 2024 |  | 2023 |  | 2022 |  | 2024 |  | 2023 |  | 2022
| (In thousands)
Net Periodic Benefit Cost (Credit): |  |  |  |  |  |  |  |  |
Service cost | $ | 3,388 |  |  | $ | 3,371 |  |  | $ | 4,010 |  |  | $ | 2 |  |  | $ | 1 |  |  | $ | 2 |
Interest cost | 20,181 |  |  | 20,966 |  |  | 12,081 |  |  | 180 |  |  | 179 |  |  | 89 |
Expected return on plan assets | (18,738) |  |  | (20,372) |  |  | (19,242) |  |  | — |  |  | — |  |  | — |
Amortization of prior service cost (credit) | 194 |  |  | 150 |  |  | 155 |  |  | (2,038) |  |  | (2,038) |  |  | (2,038) |
Recognized actuarial loss (gain) | 7,781 |  |  | 5,893 |  |  | 8,996 |  |  | (190) |  |  | (226) |  |  | (100) |
Settlement (gain) loss | — |  |  | (59) |  |  | 19 |  |  | — |  |  | — |  |  | — |
Curtailment gain | — |  |  | — |  |  | (326) |  |  | — |  |  | — |  |  | — |
Net periodic benefit cost (credit) | $ | 12,806 |  |  | $ | 9,949 |  |  | $ | 5,693 |  |  | $ | (2,046) |  |  | $ | (2,084) |  |  | $ | (2,047) |
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive (Loss) Income: |  |  |  |  |  |  |  |  |
Net actuarial (gain) loss | $ | (5,086) |  |  | $ | 904 |  |  | $ | (23,501) |  |  | $ | (433) |  |  | $ | 311 |  |  | $ | (922) |
Prior service cost | 131 |  |  | 1,169 |  |  | 1,022 |  |  | — |  |  | — |  |  | — |
Amortization of prior service (cost) credit | (194) |  |  | (150) |  |  | (155) |  |  | 2,038 |  |  | 2,038 |  |  | 2,038 |
Total recognized in other comprehensive (income) loss (a) | $ | (5,149) |  |  | $ | 1,923 |  |  | $ | (22,634) |  |  | $ | 1,605 |  |  | $ | 2,349 |  |  | $ | 1,116 |
Total recognized in net periodic benefit cost (credit) and other comprehensive (loss) income | $ | 7,657 |  |  | $ | 11,872 |  |  | $ | (16,941) |  |  | $ | (441) |  |  | $ | 265 |  |  | $ | (931) |
(a)Amounts exclude related tax expense (benefit) of approximately $1 million, $(2) million, and $6 million, during 2024, 2023, and 2022, respectively, which are also included in other comprehensive (loss) income.
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, 2024 |  | December 31, 2023 |  | December 31, 2022
Defined benefit pension plans: |  |  |  |  |
Discount rate | 4.7 | % |  | 4.9 | % |  | 2.5 | %
Weighted-average rate of future compensation increases | N/A |  | N/A |  | N/A
Long-term rate of return on plan assets | 6.2 | % |  | 5.0 | % |  | 5.0 | %
Postretirement benefit plans: |  |  |  |  |
Discount rate | 4.7 | % |  | 4.9 | % |  | 2.5 | %
Annual increase in Medicare Part B premium | 6.0 | % |  | 6.0 | % |  | 6.0 | %
Health care cost trend rate: |  |  |  |  |
Pre-65 | 7.9 | % |  | 7.0 | % |  | 7.0 | %
Post-65 | 8.1 | % |  | 7.0 | % |  | 7.0 | %
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 | 2031 |  | 2029 |  | 2028
Post-65 | 2031 |  | 2029 |  | 2028
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, 2024 |  | December 31, 2023 |  | December 31, 2024 |  | December 31, 2023
| (In thousands)
Change in Benefit Obligation: |  |  |  |  |  |  |
Benefit obligation, beginning of year | $ | 460,676 |  |  | $ | 452,524 |  |  | $ | 4,085 |  |  | $ | 3,994 |
Service cost | 3,388 |  |  | 3,371 |  |  | 2 |  |  | 1 |
Interest cost | 20,181 |  |  | 20,966 |  |  | 180 |  |  | 179 |
Impact of currency exchange rate changes | (5,085) |  |  | 4,921 |  |  | — |  |  | — |
Actuarial (gain) loss | (20,525) |  |  | 13,879 |  |  | (623) |  |  | 85 |
Benefits paid | (34,294) |  |  | (35,634) |  |  | (562) |  |  | (174) |
Plan amendments | 61 |  |  | 895 |  |  | — |  |  | — |
Curtailments | (372) |  |  | 167 |  |  | — |  |  | — |
Settlements | — |  |  | (338) |  |  | — |  |  | — |
Other | (153) |  |  | (75) |  |  | — |  |  | — |
Benefit obligation, end of year | $ | 423,877 |  |  | $ | 460,676 |  |  | $ | 3,082 |  |  | $ | 4,085 |
Change in Plan Assets: |  |  |  |  |  |  |
Plan assets at fair value, beginning of year | $ | 327,336 |  |  | $ | 322,175 |  |  | $ | — |  |  | $ | — |
Actual return (loss) on plan assets | (3,336) |  |  | 24,184 |  |  | — |  |  | — |
Employer contributions | 17,786 |  |  | 13,354 |  |  | 562 |  |  | 174 |
Impact of currency exchange rate changes | (1,102) |  |  | 3,670 |  |  | — |  |  | — |
Benefits paid | (34,294) |  |  | (35,634) |  |  | (562) |  |  | (174) |
Settlements | — |  |  | (338) |  |  | — |  |  | — |
Other | (111) |  |  | (75) |  |  | — |  |  | — |
Plan assets at fair value, end of year | $ | 306,279 |  |  | $ | 327,336 |  |  | $ | — |  |  | $ | — |
Net Amount Recognized in Consolidated Balance Sheets: |  |  |  |  |  |  |
Funded status, end of year | $ | (117,598) |  |  | $ | (133,340) |  |  | $ | (3,082) |  |  | $ | (4,085) |
Current accrued benefit liability | $ | (6,383) |  |  | $ | (5,960) |  |  | $ | (530) |  |  | $ | (530) |
Noncurrent accrued benefit liability, net | (111,215) |  |  | (127,380) |  |  | (2,552) |  |  | (3,555) |
Net amount recognized | $ | (117,598) |  |  | $ | (133,340) |  |  | $ | (3,082) |  |  | $ | (4,085) |
Amounts Recognized in Accumulated Other Comprehensive Loss (a): |  |  |  |  |  |  |
Net actuarial loss (gain) | $ | 208,985 |  |  | $ | 214,070 |  |  | $ | (1,999) |  |  | $ | (1,566) |
Prior service cost (credit) | 2,012 |  |  | 2,075 |  |  | (1,997) |  |  | (4,035) |
| $ | 210,997 |  |  | $ | 216,145 |  |  | $ | (3,996) |  |  | $ | (5,601) |
(a)Amounts exclude related tax benefits of approximately $68 million and $69 million for December 31, 2024 and 2023, respectively, which are also included in accumulated other comprehensive loss.
Schedule of Accumulated and Projected Benefit Obligations | As of December 31, 2024 and 2023, information for defined benefit pension plans that had aggregate accumulated benefit obligations and projected benefit obligations in excess of plan assets is as follows:
| December 31, 2024 |  | December 31, 2023
| (In thousands)
Projected benefit obligation | $ | 366,692 |  |  | $ | 395,104 |
Accumulated benefit obligation | 352,415 |  |  | 379,659 |
Fair value of plan assets | 240,863 |  |  | 252,959 |
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, 2024 |  | December 31, 2023
Defined benefit pension plans: |  |  |
Discount rate | 5.3 | % |  | 4.7 | %
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 | 5.3 | % |  | 4.7 | %
Annual increase in Medicare Part B premium | 6.0 | % |  | 6.0 | %
Health care cost trend rate: |  |  |
Pre-65 | 7.6 | % |  | 7.9 | %
Post-65 | 7.8 | % |  | 8.1 | %
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 | 2031 |  | 2031
Post-65 | 2031 |  | 2031
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)
2025 | $ | 38,386 |  |  | $ | 530 |
2026 | 35,776 |  |  | 540 |
2027 | 34,578 |  |  | 420 |
2028 | 35,154 |  |  | 320 |
2029 | 34,886 |  |  | 320 |
2030 - 2034 | 169,647 |  |  | 980 |
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 11 to the Consolidated Financial Statements—Fair Value Measurements," as follows:
| December 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
U.S. government and U.S. government agency securities | $ | — |  |  | $ | 62 |  |  | $ | — |  |  | $ | 62 |
U.S. corporate debt instruments | — |  |  | 60,751 |  |  | — |  |  | 60,751 |
International corporate debt instruments | — |  |  | 4,388 |  |  | — |  |  | 4,388 |
Mutual funds (a) |  |  |  |  |  |  | 126,518 |
Money market funds | 12,365 |  |  | — |  |  | — |  |  | 12,365 |
Other investments | — |  |  | 7,303 |  |  | — |  |  | 7,303 |
Insurance "buy-in" policy | — |  |  | — |  |  | 52,785 |  |  | 52,785 |
Collective trust funds (a): |  |  |  |  |  |  |
U.S. equity securities |  |  |  |  |  |  | 577 |
International equity securities |  |  |  |  |  |  | 2,588 |
Global fixed income |  |  |  |  |  |  | 25,738 |
Real Estate |  |  |  |  |  |  | 13,204 |
Total | $ | 12,365 |  |  | $ | 72,504 |  |  | $ | 52,785 |  |  | $ | 306,279 |
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
U.S. government and U.S. government agency securities | $ | — |  |  | $ | 9,636 |  |  | $ | — |  |  | $ | 9,636 |
U.S. corporate debt instruments | — |  |  | 63,707 |  |  | — |  |  | 63,707 |
International corporate debt instruments | — |  |  | 3,291 |  |  | — |  |  | 3,291 |
Mutual funds (a) |  |  |  |  |  |  | 126,637 |
Money market funds | 13,092 |  |  | — |  |  | — |  |  | 13,092 |
Other investments | — |  |  | 4,180 |  |  | — |  |  | 4,180 |
Insurance "buy-in" policy | — |  |  | — |  |  | 60,727 |  |  | 60,727 |
Collective trust funds (a): |  |  |  |  |  |  |
U.S. equity securities |  |  |  |  |  |  | 562 |
International equity securities |  |  |  |  |  |  | 2,874 |
Global fixed income |  |  |  |  |  |  | 25,048 |
Real Estate |  |  |  |  |  |  | 17,582 |
Total | $ | 13,092 |  |  | $ | 80,814 |  |  | $ | 60,727 |  |  | $ | 327,336 |
(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 consolidated balance sheets 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 insurance buy-in policy contract assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
| Level 3
| (in thousands)
Balance at December 31, 2022 | $ | 57,310 |
Purchases, sales, and settlements | (2,860) |
Changes in fair value | 6,277 |
Balance at December 31, 2023 | 60,727 |
Purchases, sales, and settlements | (3,119) |
Changes in fair value | (4,823) |
Balance at December 31, 2024 | $ | 52,785 |

X
- Definition Tabular disclosure of assumptions used to determine projected and accumulated benefit obligations of defined benefit pension and postretirement benefit plans. + References No definition available. + Details
Name: | mat_ScheduleOfAssumptionsUsedForBenefitObligationsTableTextBlock
Namespace Prefix: | mat_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the assumptions used to determine net periodic benefit cost for defined benefit pension and postretirement benefit plans. + References No definition available. + Details
Name: | mat_ScheduleOfAssumptionsUsedForNetPeriodicBenefitCostTableTextBlock
Namespace Prefix: | mat_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in benefit obligations and plan assets, as well as the net amounts recognized in the consolidated balance sheets and amounts recognized in accumulated other comprehensive loss. + References No definition available. + Details
Name: | mat_ScheduleOfChangesInBenefitObligationsAndPlanAssetsTableTextBlock
Namespace Prefix: | mat_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefit obligations including accumulated benefit obligation and projected benefit obligation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (e) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAccumulatedAndProjectedBenefitObligationsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (d)(5) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfAllocationOfPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the costs related to the various types of retirement plans including defined benefit pension plan cost, defined contribution plan cost, other postretirement benefit plan cost, and net periodic benefit cost. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 20 -Topic 715 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfCostsOfRetirementPlansTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in plan assets and benefit obligations recognized in other comprehensive income (loss) during the period. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDefinedBenefitPlanAmountsRecognizedInOtherComprehensiveIncomeLossTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(02) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfEffectOfSignificantUnobservableInputsChangesInPlanAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (f) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
Name: | us-gaap_ScheduleOfNetBenefitCostsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration