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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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, 2024 |  | December 31, 2023 |  | December 31, 2022
| (In thousands)
U.S. operations | $ | 250,455 |  |  | $ | 150,361 |  |  | $ | 221,149 |
Foreign operations | 372,050 |  |  | 315,043 |  |  | 283,186 |
Consolidated pre-tax income excluding equity method investments | $ | 622,505 |  |  | $ | 465,404 |  |  | $ | 504,335 |
Schedule of Provision (Benefit) for Current and Deferred Income Taxes | The provision for current and deferred income taxes consists of the following:
| For the Year Ended
| December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
| (In thousands)
Current |  |  |  |  |
Federal | $ | 40,647 |  |  | $ | 8,256 |  |  | $ | — |
State | 5,888 |  |  | 4,669 |  |  | 2,359 |
Foreign | 76,562 |  |  | 79,843 |  |  | 62,278 |
| 123,097 |  |  | 92,768 |  |  | 64,637 |
Deferred |  |  |  |  |
Federal | (15,645) |  |  | (24,711) |  |  | 55,805 |
State | (2,463) |  |  | 1,986 |  |  | 2,440 |
Foreign | 637 |  |  | 199,432 |  |  | 12,969 |
| (17,471) |  |  | 176,707 |  |  | 71,214 |
Provision for income taxes | $ | 105,626 |  |  | $ | 269,475 |  |  | $ | 135,851 |
Schedule of Deferred Income Tax Assets (Liabilities) | Mattel's deferred income tax assets (liabilities) are composed of the following:
| December 31, 2024 |  | December 31, 2023
| (In thousands)
Tax credit carryforwards | $ | 20,007 |  |  | $ | 41,550 |
Research and development expenses | 129,836 |  |  | 104,582 |
Net operating loss carryforwards | 87,398 |  |  | 77,321 |
Interest expense | 50,214 |  |  | 65,045 |
Allowances and reserves | 127,473 |  |  | 116,148 |
Deferred compensation | 71,880 |  |  | 63,458 |
Postretirement benefits | 19,138 |  |  | 22,741 |
Lease liabilities | 83,301 |  |  | 81,604 |
Other | 45,819 |  |  | 35,624 |
Gross deferred income tax assets | 635,066 |  |  | 608,073 |
Intangible assets | (167,607) |  |  | (167,336) |
Right-of-use assets | (75,266) |  |  | (75,076) |
Other | (42,026) |  |  | (37,259) |
Gross deferred income tax liabilities | (284,899) |  |  | (279,671) |
Deferred income tax asset valuation allowances | (97,661) |  |  | (85,352) |
Net deferred income tax assets | $ | 252,506 |  |  | $ | 243,050 |
Net deferred income tax assets are reported in the consolidated balance sheets as follows:
| December 31, 2024 |  | December 31, 2023
| (In thousands)
Deferred income tax assets | $ | 296,862 |  |  | $ | 299,157 |
Other noncurrent liabilities | (44,356) |  |  | (56,107) |
| $ | 252,506 |  |  | $ | 243,050 |
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)
2025–2029 | $ | 8,752 |  |  | $ | — |
Thereafter | 41,481 |  |  | 3,607 |
No expiration date | 312,897 |  |  | 16,473 |
| $ | 363,130 |  |  | $ | 20,080 |
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, 2024 |  | December 31, 2023 |  | December 31, 2022
| (In thousands)
Provision at U.S. federal statutory rate | $ | 130,726 |  |  | $ | 97,735 |  |  | $ | 105,910 |
Differences resulting from: |  |  |  |  |
Changes in valuation allowances | 13,362 |  |  | 2,343 |  |  | — |
Foreign earnings taxed at different rates, including foreign losses without benefit | (9,111) |  |  | (12,480) |  |  | 18,138 |
Foreign-derived intangible income | (8,006) |  |  | (364) |  |  | (1,261) |
Tax related to pass-through income | 5,125 |  |  | 3,869 |  |  | 5,340 |
Non deductible executive compensation | 5,941 |  |  | 7,248 |  |  | 5,141 |
State and local taxes, net of U.S. federal benefit | 7,711 |  |  | 8,480 |  |  | 5,027 |
Adjustments to previously accrued taxes | 5,553 |  |  | 9,943 |  |  | (9,471) |
Tax on undistributed earnings of foreign subsidiaries | 1,100 |  |  | (1,000) |  |  | 10,600 |
Research and development tax credit | (6,163) |  |  | (7,248) |  |  | (5,487) |
Discrete tax impact related to intra-group IP transfer | (34,762) |  |  | 161,388 |  |  | — |
Other | (5,850) |  |  | (439) |  |  | 1,914 |
Provision for income taxes | $ | 105,626 |  |  | $ | 269,475 |  |  | $ | 135,851 |
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, 2024 |  | December 31, 2023 |  | December 31, 2022
| (In thousands)
Unrecognized tax benefits at January 1 | $ | 129,970 |  |  | $ | 114,057 |  |  | $ | 118,781 |
Increases for positions taken in current year | 9,123 |  |  | 5,855 |  |  | 5,034 |
Increases for positions taken in a prior year | 12,715 |  |  | 18,831 |  |  | 8,037 |
Decreases for positions taken in a prior year | (7,983) |  |  | (4,841) |  |  | (7,315) |
Decreases for settlements with taxing authorities | (2,940) |  |  | (273) |  |  | (1,236) |
Decreases for lapses in the applicable statute of limitations | (6,032) |  |  | (3,659) |  |  | (9,244) |
Unrecognized tax benefits at December 31 | $ | 134,853 |  |  | $ | 129,970 |  |  | $ | 114,057 |

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