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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

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