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Employee Benefit Plans
 12 Months Ended
Dec. 31, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Mattel and certain of its subsidiaries have qualified and nonqualified retirement plans covering substantially all employees of these companies. These plans include defined benefit pension plans, defined contribution retirement plans, postretirement benefit plans, and deferred compensation and excess benefit plans. In addition, Mattel makes contributions to government-mandated retirement plans in countries outside the United States where its employees work.
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 plans12,806 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 
Defined Benefit Pension and Postretirement Benefit Plans
Mattel provides defined benefit pension plans for eligible domestic employees, which are intended to comply with the requirements of the Employee Retirement Income Security Act of 1974 ("ERISA"). Some of Mattel's foreign subsidiaries have defined benefit pension plans covering substantially all of their eligible employees. Mattel funds these plans in accordance with the terms of the plans and local statutory requirements, which differ for each of the countries in which the subsidiaries are located. Mattel also has unfunded postretirement health insurance plans covering certain eligible domestic employees.
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 PlansPostretirement Benefit Plans
 202420232022202420232022
 (In thousands)
Net Periodic Benefit Cost (Credit):
Service cost$3,388 $3,371 $4,010 $2 $1 $2 
Interest cost20,181 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 $(922)
Prior service cost131 1,169 1,022 — — — 
Amortization of prior service (cost) credit(194)(150)(155)2,038 2,038 2,038 
Total recognized in other comprehensive (income) loss (a)$(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.
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 rate4.7 %4.9 %2.5 %
Weighted-average rate of future compensation increasesN/AN/AN/A
Long-term rate of return on plan assets6.2 %5.0 %5.0 %
Postretirement benefit plans:
Discount rate4.7 %4.9 %2.5 %
Annual increase in Medicare Part B premium6.0 %6.0 %6.0 %
Health care cost trend rate:
Pre-657.9 %7.0 %7.0 %
Post-658.1 %7.0 %7.0 %
Ultimate cost trend rate:
Pre-654.5 %4.5 %4.5 %
Post-654.5 %4.5 %4.5 %
Year that the rate reaches the ultimate cost trend rate:
Pre-65203120292028
Post-65203120292028
Discount rates, weighted-average rates of future compensation increases, and long-term rates of return on plan assets for Mattel's foreign defined benefit pension plans differ from the assumptions used for Mattel's domestic defined benefit pension plans due to differences in local economic conditions in the locations where the non-U.S. plans are based. The rates shown in the preceding table are indicative of the weighted-average rates of all of Mattel's defined benefit pension plans given the relative insignificance of the foreign plans to the consolidated total.
Mattel used a measurement date of December 31, 2024 for its 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 cost3,388 3,371 2 1 
Interest cost20,181 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 amendments61 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 contributions17,786 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.
The accumulated benefit obligation differs from the projected benefit obligation in that it assumes future compensation levels will remain unchanged. Mattel's accumulated benefit obligation for its defined benefit pension plans as of 2024 and 2023 totaled $409.6 million and $445.2 million, respectively.
The actuarial gain recognized in 2024 for the defined benefit pension plan was driven primarily by the decrease in the discount rate from the prior year that was used to determine the projected benefit obligation at December 31, 2024.
The actuarial loss recognized in 2023 for the defined benefit pension plan was driven primarily by the increase in the discount rate from the prior year that was used to determine the projected benefit obligation at December 31, 2023.
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 obligation352,415 379,659 
Fair value of plan assets240,863 252,959 
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 rate5.3 %4.7 %
Cash balance interest crediting rate4.0 %4.0 %
Weighted-average rate of future compensation increasesN/AN/A
Postretirement benefit plans:
Discount rate5.3 %4.7 %
Annual increase in Medicare Part B premium6.0 %6.0 %
Health care cost trend rate:
Pre-657.6 %7.9 %
Post-657.8 %8.1 %
Ultimate cost trend rate:
Pre-654.5 %4.5 %
Post-654.5 %4.5 %
Year that the rate reaches the ultimate cost trend rate:
Pre-6520312031
Post-6520312031
Discount rates, weighted-average rates of future compensation increases, and long-term rates of return on plan assets for Mattel's foreign defined benefit pension plans differ from the assumptions used for Mattel's domestic defined benefit pension plans due to differences in local economic conditions in the locations where the non-U.S. plans are based. The rates shown in the preceding table are indicative of the weighted-average rates of all of Mattel's defined benefit pension plans given the relative insignificance of the foreign plans to the consolidated total.
At the end of each fiscal year, Mattel determines the weighted-average discount rate used to calculate the projected benefit obligation. The discount rate is an estimate of the current interest rate at which the benefit plan liabilities could be effectively settled at the end of the year. The discount rate also impacts the interest cost component of plan income or expense. As of December 31, 2024, Mattel determined the discount rate for its domestic defined benefit pension and postretirement benefit plans used in determining the projected and accumulated benefit obligations to be 5.3%, as compared to 4.7% as of December 31, 2023. In estimating this rate, Mattel reviews rates of return on high-quality corporate bond indices, which approximate the timing and amount of benefit payments.
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 
202635,776 540 
202734,578 420 
202835,154 320 
202934,886 320 
2030 - 2034169,647 980 
Mattel expects to make cash contributions totaling approximately $21 million to its defined benefit pension and postretirement benefit plans in 2025, substantially all of which will be for benefit payments for its underfunded plans.
Mattel periodically commissions a study of the plans' assets and liabilities to determine an asset allocation that would best match expected cash flows from the plans' assets to expected benefit payments. Mattel monitors the returns earned by the plans' assets and reallocates investments as needed. Mattel's overall investment strategy is to achieve an adequately diversified asset allocation mix of investments that provides for both near-term benefit payments as well as long-term growth. The assets are invested in a combination of indexed and actively managed funds. The target allocations for Mattel's domestic plan assets, which comprise 79% of Mattel's total plan assets, are 42% in U.S. equities, 28% in non-U.S. equities, 20% in fixed income securities, and 10% in real estate securities. The U.S. equities are benchmarked against the S&P 500, and the non-U.S. equities are benchmarked against a combination of developed and emerging markets indices. Fixed income securities are long-duration bonds intended to closely match the duration of the liabilities and include U.S. government treasuries and agencies, corporate bonds from various industries, and mortgage-backed and asset-backed securities.
Mattel's defined benefit pension plan assets are measured and reported in the consolidated financial statements at fair value using inputs, which are more fully described in "Note 11 to the Consolidated Financial Statements—Fair Value Measurements," as follows:
 December 31, 2024
 Level 1Level 2Level 3Total
 (In thousands)
U.S. government and U.S. government agency securities$— $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 funds12,365 — — 12,365 
Other investments— 7,303 — 7,303 
Insurance "buy-in" policy— — 52,785 52,785 
Collective trust funds (a):
U.S. equity securities577 
International equity securities2,588 
Global fixed income25,738 
Real Estate13,204 
Total$12,365 $72,504 $52,785 $306,279 
 December 31, 2023
 Level 1Level 2Level 3Total
 (In thousands)
U.S. government and U.S. government agency securities$— $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 funds13,092 — — 13,092 
Other investments— 4,180 — 4,180 
Insurance "buy-in" policy— — 60,727 60,727 
Collective trust funds (a):
U.S. equity securities562 
International equity securities2,874 
Global fixed income25,048 
Real Estate17,582 
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.
The fair value of collective trust funds is determined based on the net asset value per share held at year-end. The fair value of U.S. government securities, U.S. government agency securities, corporate debt instruments, mutual funds, and money market funds are determined based on quoted market prices or are estimated using pricing models with observable inputs or quoted prices of securities with similar characteristics.
In December 2017, Mattel entered into an insurance buy-in policy contract with a private limited life insurance company to insure a portion of the U.K. pension plan, which initially covered approximately 40% of the total membership in the plan. In 2022, Mattel entered into an additional insurance buy-in policy contract to insure the remainder of the membership in the plan. The assets and liabilities with respect to insured pensioners are assumed to match for the purposes of Accounting Standards Codification 715, Pension — Retirement Benefits (i.e. the full benefits have been insured). The initial value of the asset associated with this policy was equal to the premium paid to secure the policy, and is adjusted each reporting period for changes in interest rates, discount rates, and benefits paid. As the valuation of this asset is judgmental, and there are no observable inputs associated with the valuation, the buy-in contract is classified as Level 3 on the fair value hierarchy.
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 value6,277 
Balance at December 31, 202360,727 
Purchases, sales, and settlements(3,119)
Changes in fair value(4,823)
Balance at December 31, 2024$52,785 
Mattel's domestic defined benefit pension plan assets are not directly invested in Mattel common stock. Mattel believes that the long-term rate of return on plan assets of 6.2% as of December 31, 2024 is reasonable based on historical returns.
Defined Contribution Retirement Plans
Domestic employees are eligible to participate in a 401(k) savings plan, the Mattel, Inc. Personal Investment Plan (the "Plan"), sponsored by Mattel, which is a funded defined contribution plan intended to comply with ERISA's requirements. Contributions to the Plan include voluntary contributions by eligible employees and employer automatic and matching contributions by Mattel. The Plan allows employees to allocate both their voluntary contributions and their employer automatic and matching contributions to a variety of investment funds, including a fund that is invested in Mattel common stock (the "Mattel Stock Fund"). Employees are not required to allocate any of their Plan account balance to the Mattel Stock Fund, allowing employees to limit or eliminate their exposure to market changes in Mattel's stock price. Furthermore, the Plan limits the percentage of the employee's total account balance that may be allocated to the Mattel Stock Fund to 25%. Employees may generally reallocate their account balances on a daily basis. However, pursuant to Mattel's insider trading policy, employees classified as insiders under Mattel's insider trading policy are limited to certain periods in which they may make allocations into or out of the Mattel Stock Fund.
Certain non-U.S. employees participate in other defined contribution retirement plans with varying vesting and contribution provisions.
Deferred Compensation and Excess Benefit Plans
Mattel maintains a deferred compensation and 401(k) excess plan (the "DCP") that permits certain officers and key employees to elect to defer portions of their compensation. The participant DCP deferrals, together with certain contributions made by Mattel, earn various rates of return. The liability for these plans as of December 31, 2024 and 2023 was $56.9 million and $53.3 million, respectively, and is primarily included in other noncurrent liabilities in the consolidated balance sheets. Changes in the market value of the participant-selected investment options are recorded as retirement plan expense within other selling and administrative expenses in the consolidated statements of operations. Separately, Mattel has purchased group trust-owned life insurance contracts designed to assist in funding these benefits under the DCP. The cash surrender value of these policies, valued at $97.1 million and $87.1 million as of December 31, 2024 and 2023, respectively, are held in an irrevocable guarantor trust, the assets of which are subject to the claims of Mattel's creditors and are included in other noncurrent assets in the consolidated balance sheets.
Annual Incentive Compensation
Mattel has an annual incentive compensation plan under which officers and key employees may earn cash incentive compensation based on Mattel's and individual performance, subject to certain approvals of the Compensation Committee of the Board of Directors. Incentive compensation for 2024 and 2023 were $150.9 million and $137.8 million, respectively, for awards under the plan and were included in other selling and administrative expenses. During 2022, Mattel did not achieve threshold performance under the plan, and therefore, no cash payout was earned.