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Segment Information | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segment Information | Segment Information Mattel designs, manufactures, and markets a broad variety of toy products worldwide, which are sold to its customers and directly to consumers. Segment Data In the first quarter of 2024, Mattel implemented an organizational change that resulted in the American Girl business being integrated into Mattel's North America commercial organization. Such integration resulted in a change to Mattel's operating and reportable segments. Mattel's reportable segments are: (i) North America; and (ii) International. The prior period amounts have been reclassified to conform to the current period presentation. The North America and International segments sell products across Mattel's categories, although some products are developed and adapted for particular international markets, and American Girl products are sold only in North America. Mattel's reportable segments are aligned to the structure used by its Chief Executive Officer, who is also the Chief Operating Decision Maker ("CODM"), to allocate resources and assess performance. Mattel's CODM evaluates segment performance based on each segment’s gross profit and operating income. The CODM also uses these metrics in the annual budgeting and quarterly forecasting process to inform decisions about allocating capital and other resources to each segment. The following tables present information regarding Mattel's statement of operations information by segment. The corporate and other category includes operating costs not allocated to individual segments, including charges related to incentive and share-based compensation, corporate headquarters functions managed on a worldwide basis, the impact of changes in foreign currency exchange rates on intercompany transactions, and certain severance and other restructuring costs. It is impracticable for Mattel to present net sales by categories, brands, or products, as trade discounts and other allowances are generally recorded in the financial accounting systems by customer.
| For the Year Ended December 31, 2024
| North America |  | International |  | Total Reportable Segments |  | Corporate and other |  | Consolidated
| (In thousands)
Net Sales | $ | 3,168,069 |  |  | $ | 2,211,477 |  |  | $ | 5,379,546 |  |  | $ | — |  |  | $ | 5,379,546 |
Cost of Sales (a) | 1,602,047 |  |  | 1,137,859 |  |  | 2,739,906 |  |  | (94,428) |  |  | 2,645,478 |
Gross Profit | 1,566,022 |  |  | 1,073,618 |  |  | 2,639,640 |  |  | 94,428 |  |  | 2,734,068 |
Advertising and promotion expenses | 245,037 |  |  | 262,284 |  |  | 507,321 |  |  | — |  |  | 507,321 |
Other selling and administrative expenses (b) | 480,997 |  |  | 422,357 |  |  | 903,354 |  |  | 629,111 |  |  | 1,532,465 |
Operating Income (Loss) | 839,988 |  |  | 388,977 |  |  | 1,228,965 |  |  | (534,683) |  |  | 694,282 |
Interest expense |  |  |  |  |  |  | 118,774 |  |  | 118,774 |
Interest (income) |  |  |  |  |  |  | (51,478) |  |  | (51,478) |
Other non-operating expense, net |  |  |  |  |  |  | 4,481 |  |  | 4,481 |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 622,505 |
(a)Cost of sales included severance and other restructuring charges of approximately $4 million recorded to corporate and other. (b)Other selling and administrative expenses included severance and other restructuring charges, the impact of inclined sleeper product recall litigation, incentive compensation, and share-based compensation of approximately $44 million, $(4) million, $151 million, and $79 million, respectively, which were recorded in corporate and other.
| For the Year Ended December 31, 2023
| North America |  | International |  | Total Reportable Segments |  | Corporate and other |  | Consolidated
| (In thousands)
Net Sales | $ | 3,210,436 |  |  | $ | 2,230,783 |  |  | $ | 5,441,219 |  |  | $ | — |  |  | $ | 5,441,219 |
Cost of Sales (a) | 1,723,162 |  |  | 1,233,055 |  |  | 2,956,217 |  |  | (98,714) |  |  | 2,857,503 |
Gross Profit | 1,487,274 |  |  | 997,728 |  |  | 2,485,002 |  |  | 98,714 |  |  | 2,583,716 |
Advertising and promotion expenses | 251,738 |  |  | 273,048 |  |  | 524,786 |  |  | — |  |  | 524,786 |
Other selling and administrative expenses (b) | 447,793 |  |  | 425,596 |  |  | 873,389 |  |  | 623,882 |  |  | 1,497,271 |
Operating Income (Loss) | 787,743 |  |  | 299,084 |  |  | 1,086,827 |  |  | (525,168) |  |  | 561,659 |
Interest expense |  |  |  |  |  |  | 123,786 |  |  | 123,786 |
Interest (income) |  |  |  |  |  |  | (25,238) |  |  | (25,238) |
Other non-operating (income), net |  |  |  |  |  |  | (2,293) |  |  | (2,293) |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 465,404 |
(a)Cost of sales included impact of severance and other restructuring activities of approximately $(1) million recorded to corporate and other. (b)Other selling and administrative expenses included severance and other restructuring charges, inclined sleeper product recall litigation charges, incentive compensation, and share-based compensation of approximately $61 million, $18 million, $138 million, and $83 million respectively, which were recorded in corporate and other.
| For the Year Ended December 31, 2022
| North America |  | International |  | Total Reportable Segments |  | Corporate and other |  | Consolidated
| (In thousands)
Net Sales | $ | 3,214,686 |  |  | $ | 2,220,001 |  |  | $ | 5,434,687 |  |  | $ | — |  |  | $ | 5,434,687 |
Cost of Sales (a) | 1,758,890 |  |  | 1,212,288 |  |  | 2,971,178 |  |  | (17,843) |  |  | 2,953,335 |
Gross Profit | 1,455,796 |  |  | 1,007,713 |  |  | 2,463,509 |  |  | 17,843 |  |  | 2,481,352 |
Advertising and promotion expenses | 255,540 |  |  | 278,715 |  |  | 534,255 |  |  | — |  |  | 534,255 |
Other selling and administrative expenses (b) | 434,190 |  |  | 433,158 |  |  | 867,348 |  |  | 404,234 |  |  | 1,271,582 |
Operating Income (Loss) | 766,066 |  |  | 295,840 |  |  | 1,061,906 |  |  | (386,391) |  |  | 675,515 |
Interest expense |  |  |  |  |  |  | 132,818 |  |  | 132,818 |
Interest (income) |  |  |  |  |  |  | (9,398) |  |  | (9,398) |
Other non-operating expense, net (c) |  |  |  |  |  |  | 47,760 |  |  | 47,760 |
Income before income taxes |  |  |  |  |  |  |  |  | $ | 504,335 |
(a)Cost of sales included severance and other restructuring charges of approximately $2 million, $1 million, and $8 million allocated to North America, International, and corporate and other, respectively. (b)Other selling and administrative expenses included severance and other restructuring charges, the impact of inclined sleeper product recall litigation, and share-based compensation of approximately $26 million, $(1) million, and $69 million respectively, which were recorded in corporate and other. (c)Other non-operating expense, net included $45.4 million of currency translation losses recognized as a result of Mattel's liquidation of its subsidiary in Argentina, which was substantially completed in 2022. The following tables present information regarding depreciation and amortization by segment, as well as assets by segment.
| For the Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
| (In thousands)
Depreciation and Amortization by Segment |  |  |  |  |
North America | $ | 94,282 |  |  | $ | 97,456 |  |  | $ | 98,085 |
International | 54,611 |  |  | 59,876 |  |  | 58,683 |
| 148,893 |  |  | 157,332 |  |  | 156,768 |
Corporate and other | 19,070 |  |  | 20,012 |  |  | 25,411 |
Depreciation and amortization | $ | 167,963 |  |  | $ | 177,344 |  |  | $ | 182,179 |
Segment assets were comprised of accounts receivable and inventories, net of applicable reserves and allowances.
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
| (In thousands)
Assets by Segment |  |  |  |  |
North America | $ | 757,552 |  |  | $ | 845,113 |  |  | $ | 837,730 |
International | 651,738 |  |  | 735,236 |  |  | 756,830 |
| 1,409,290 |  |  | 1,580,349 |  |  | 1,594,560 |
Corporate and other | 95,620 |  |  | 73,087 |  |  | 159,725 |
Accounts receivable and inventories, net | $ | 1,504,910 |  |  | $ | 1,653,436 |  |  | $ | 1,754,285 |
Geographic Information The tables below present information by geographic area. Net sales were attributed to countries based on location of customer. Long-lived assets included property, plant, and equipment, net, and right-of-use assets, net.
| For the Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
| (In thousands)
Net Sales by Geographic Area |  |  |  |  |
North America Region (a) | $ | 3,168,069 |  |  | $ | 3,210,436 |  |  | $ | 3,214,686 |
International Region |  |  |  |  |
EMEA | 1,240,444 |  |  | 1,241,483 |  |  | 1,324,435 |
Latin America | 608,218 |  |  | 658,018 |  |  | 590,963 |
Asia Pacific | 362,815 |  |  | 331,282 |  |  | 304,603 |
Total International Region | 2,211,477 |  |  | 2,230,783 |  |  | 2,220,001 |
Net sales | $ | 5,379,546 |  |  | $ | 5,441,219 |  |  | $ | 5,434,687 |
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
| (In thousands)
Long-Lived Assets |  |  |  |  |
North America Region (b) | $ | 415,213 |  |  | $ | 337,527 |  |  | $ | 327,418 |
International Region | 427,230 |  |  | 441,187 |  |  | 460,394 |
Consolidated total | $ | 842,443 |  |  | $ | 778,714 |  |  | $ | 787,812 |
(a)Net sales for the North America Region included net sales attributable to the United States of $3.02 billion, $3.05 billion, and $3.04 billion for 2024, 2023, and 2022, respectively. (b)Long-lived assets for the North America Region included long-lived assets attributable to the United States of $399.4 million, $319.3 million, and $309.0 million for 2024, 2023, and 2022, respectively. Major Customers In 2024, net sales to Mattel's three largest customers accounted for 44% of worldwide consolidated net sales. In 2024, net sales to Walmart, Target, and Amazon were $1.17 billion, $0.68 billion, and $0.51 billion, respectively. In 2023, net sales to Mattel's three largest customers accounted for 44% of worldwide consolidated net sales. In 2023, net sales to Walmart, Target, and Amazon were $1.13 billion, $0.67 billion, and $0.60 billion, respectively. In 2022, net sales to Mattel's three largest customers accounted for 43% of worldwide consolidated net sales. In 2022, net sales to Walmart, Target, and Amazon were $0.95 billion, $0.76 billion, and $0.64 billion, respectively. The North America segment sells products to each of Mattel's three largest customers. The International segment sells products to Walmart and Amazon.

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- Definition The entire disclosure for reporting segments including data and tables. 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