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v3.25.4

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2025
Income Tax Disclosure [Abstract] |
Schedule of Components of Pre-Tax Income | Consolidated pre-tax income consisted of the following:
| For the Year Ended
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
| (In thousands)
U.S. operations | $ | 179,094 |  |  | $ | 250,455 |  |  | $ | 150,361 |
Foreign operations | 280,395 |  |  | 372,050 |  |  | 315,043 |
Consolidated pre-tax income excluding equity method investments | $ | 459,489 |  |  | $ | 622,505 |  |  | $ | 465,404 |
Schedule of Provision for Current and Deferred Income Taxes | The provision for current and deferred income taxes consisted of the following:
| For the Year Ended
| December 31, 2025 |  | December 31, 2024 |  | December 31, 2023
| (In thousands)
Current |  |  |  |  |
Federal | $ | 8,559 |  |  | $ | 40,647 |  |  | $ | 8,256 |
State | 18,205 |  |  | 5,888 |  |  | 4,669 |
Foreign | 85,927 |  |  | 76,562 |  |  | 79,843 |
| 112,691 |  |  | 123,097 |  |  | 92,768 |
Deferred |  |  |  |  |
Federal | 6,662 |  |  | (15,645) |  |  | (24,711) |
State | (6,096) |  |  | (2,463) |  |  | 1,986 |
Foreign | (23,483) |  |  | 637 |  |  | 199,432 |
| (22,917) |  |  | (17,471) |  |  | 176,707 |
Provision for income taxes | $ | 89,774 |  |  | $ | 105,626 |  |  | $ | 269,475 |
Schedule of Deferred Income Tax Assets (Liabilities) | Mattel's deferred income tax assets (liabilities) were composed of the following:
| December 31, 2025 |  | December 31, 2024
| (In thousands)
Tax credit carryforwards | $ | 17,853 |  |  | $ | 20,007 |
Research and development expenses | 164,980 |  |  | 129,836 |
Net operating loss carryforwards | 89,101 |  |  | 87,398 |
Interest expense | 28,093 |  |  | 50,214 |
Allowances and reserves | 108,594 |  |  | 96,264 |
Intangible assets | 33,360 |  |  | 31,209 |
Deferred compensation | 65,833 |  |  | 71,880 |
Postretirement benefits | 15,944 |  |  | 19,138 |
Lease liabilities | 85,704 |  |  | 83,301 |
Other | 39,021 |  |  | 45,819 |
Gross deferred income tax assets | 648,483 |  |  | 635,066 |
Intangible assets | (172,409) |  |  | (167,607) |
Right-of-use assets | (77,563) |  |  | (75,266) |
Other | (25,111) |  |  | (42,026) |
Gross deferred income tax liabilities | (275,083) |  |  | (284,899) |
Deferred income tax asset valuation allowances | (100,454) |  |  | (97,661) |
Net deferred income tax assets | $ | 272,946 |  |  | $ | 252,506 |
Net deferred income tax assets and other noncurrent liabilities were reported in the consolidated balance sheets as follows:
| December 31, 2025 |  | December 31, 2024
| (In thousands)
Deferred income tax assets | $ | 312,913 |  |  | $ | 296,862 |
Other noncurrent liabilities | (39,967) |  |  | (44,356) |
| $ | 272,946 |  |  | $ | 252,506 |
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)
2026–2030 | $ | 5,067 |  |  | $ | — |
Thereafter | 42,376 |  |  | 1,494 |
No expiration date | 312,169 |  |  | 16,163 |
| $ | 359,612 |  |  | $ | 17,657 |
Schedule of Reconciliation of Provision for Income Taxes at US Federal Statutory Rate to Provision in Statements of Operations | A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes after the adoption of ASU 2023-09 is as follows:
| For the Year Ended
| December 31, 2025
| Amount |  | Percent
| (In thousands) |  |
Provision at U.S. federal statutory rate | $ | 96,493 |  |  | 21.0 | %
State and local income tax, net of federal income tax effect (a) | 1,533 |  |  | 0.3 |
Foreign tax effects: |  |  |
Hong Kong |  |  |
Income not subject to tax | (10,482) |  |  | (2.3) |
Minimum top-up tax | 5,816 |  |  | 1.3 |
Other adjustments | (3,364) |  |  | (0.7) |
Netherlands | 7,431 |  |  | 1.6 |
Other foreign jurisdictions | 8,469 |  |  | 1.8 |
Effect of cross-border tax laws: |  |  |
Foreign-derived intangible income | (7,918) |  |  | (1.7) |
Subpart F income inclusion | (18,895) |  |  | (4.1) |
Other | 3,441 |  |  | 0.7 |
Tax credits: |  |  |
Research and development tax credits | (7,920) |  |  | (1.7) |
Nontaxable or nondeductible items |  |  |
Non-deductible executive compensation | 6,104 |  |  | 1.3 |
Other | (2,723) |  |  | (0.6) |
Changes in unrecognized tax benefits | 11,789 |  |  | 2.6 |
Provision for income taxes | $ | 89,774 |  |  | 19.5 | %
(a)The states and local jurisdictions that contribute to the majority (greater than 50%) of the effect in this category include Pennsylvania and California. A reconciliation of the provision for income taxes to the amount computed by applying the 21% statutory U.S. federal income tax rate to income before income taxes for years prior to the adoption of ASU 2023-09 is as follows:
|  | For the Year Ended
|  | December 31, 2024 |  | December 31, 2023
| (In thousands)
Provision at U.S. federal statutory rate |  | $ | 130,726 |  |  | $ | 97,735 |
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) |
Foreign-derived intangible income |  | (8,006) |  |  | (364) |
Tax related to pass-through income |  | 5,125 |  |  | 3,869 |
Non deductible executive compensation |  | 5,941 |  |  | 7,248 |
State and local taxes, net of U.S. federal benefit |  | 7,711 |  |  | 8,480 |
Adjustments to previously accrued taxes |  | 5,553 |  |  | 9,943 |
Tax on undistributed earnings of foreign subsidiaries |  | 1,100 |  |  | (1,000) |
Research and development tax credit |  | (6,163) |  |  | (7,248) |
Discrete tax impact related to intra-group IP transfer |  | (34,762) |  |  | 161,388 |
Other |  | (5,850) |  |  | (439) |
Provision for income taxes |  | $ | 105,626 |  |  | $ | 269,475 |
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, 2025 |  | December 31, 2024 |  | December 31, 2023
| (In thousands)
Unrecognized tax benefits at January 1 | $ | 134,853 |  |  | $ | 129,970 |  |  | $ | 114,057 |
Increases for positions taken in current year | 7,135 |  |  | 9,123 |  |  | 5,855 |
Increases for positions taken in a prior year | 17,373 |  |  | 12,715 |  |  | 18,831 |
Decreases for positions taken in a prior year | (2,074) |  |  | (7,983) |  |  | (4,841) |
Decreases for settlements with taxing authorities | (498) |  |  | (2,940) |  |  | (273) |
Decreases for lapses in the applicable statute of limitations | (3,320) |  |  | (6,032) |  |  | (3,659) |
Unrecognized tax benefits at December 31 | $ | 153,469 |  |  | $ | 134,853 |  |  | $ | 129,970 |
Schedule of Income Taxes Paid | The amount of income taxes paid (net of refunds received) by Mattel were as follows:
| For the Year Ended
| December 31, 2025
| (In thousands)
Federal | $ | 10,825 |
State and local | 9,287 |
Foreign |
Hong Kong | 17,870 |
Netherlands | 15,840 |
Brazil | 5,577 |
China | 5,476 |
All other foreign | 42,973 |
Total income taxes paid (net of refunds received) | $ | 107,848 |

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