MATTEL INC /DE/, 10-Q filed on 10/30/2024
Quarterly Report
v3.24.3
Cover - shares
shares in Millions
 9 Months Ended
Sep. 30, 2024
Oct. 14, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 001-05647  
Entity Registrant Name MATTEL INC /DE/  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 95-1567322  
Entity Address, Address Line One 333 Continental Blvd.  
Entity Address, City or Town El Segundo,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 90245-5012  
City Area Code 310  
Local Phone Number 252-2000  
Title of 12(b) Security Common stock, $1.00 per share  
Trading Symbol MAT  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Small Business false  
Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   336.9
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000063276  
Current Fiscal Year End Date --12-31  
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Current Assets      
Cash and equivalents $ 723,532 $ 1,261,363 $ 455,735
Accounts receivable, net of allowances for credit losses of $8.2 million, $12.5 million, and $8.8 million, respectively 1,477,364 1,081,827 1,571,047
Inventories 737,182 571,609 790,521
Prepaid expenses and other current assets 242,302 207,548 224,796
Total current assets 3,180,380 3,122,347 3,042,099
Noncurrent Assets      
Property, plant, and equipment, net 513,769 465,523 457,202
Right-of-use assets, net 277,627 313,191 286,019
Goodwill 1,388,991 1,384,512 1,380,042
Deferred income tax assets 260,180 299,157 230,415
Intangible assets, net 374,706 393,039 397,821
Other noncurrent assets 518,080 458,053 450,956
Total Assets 6,513,733 6,435,822 6,244,554
Current Liabilities      
Accounts payable 439,203 442,286 450,109
Accrued liabilities 803,204 866,283 803,081
Income taxes payable 56,212 33,911 51,366
Total current liabilities 1,298,619 1,342,480 1,304,556
Noncurrent Liabilities      
Long-term debt 2,333,260 2,329,986 2,328,897
Noncurrent lease liabilities 229,223 259,548 234,699
Other noncurrent liabilities 339,685 354,595 340,936
Total noncurrent liabilities 2,902,168 2,944,129 2,904,532
Stockholders' Equity      
Common stock $1.00 par value, 1.00 billion shares authorized; 441.4 million shares issued 441,369 441,369 441,369
Additional paid-in capital 1,759,000 1,774,911 1,745,170
Treasury stock at cost: 104.5 million shares, 88.1 million shares, and 92.9 million shares, respectively (2,434,734) (2,224,160) (2,131,676)
Retained earnings 3,463,016 3,062,061 2,914,744
Accumulated other comprehensive loss (915,705) (904,968) (934,141)
Total stockholders' equity 2,312,946 2,149,213 2,035,466
Total Liabilities and Stockholders' Equity $ 6,513,733 $ 6,435,822 $ 6,244,554
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Statement of Financial Position [Abstract]      
Accounts receivable, allowances for credit losses $ 8.2 $ 8.8 $ 12.5
Common stock, par value (USD per share) $ 1.00 $ 1.00 $ 1.00
Common stock, authorized (in shares) 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00
Common stock, issued (in shares) 441,400,000 441,400,000 441,400,000
Treasury stock (in shares) 104,500,000 92,900,000 88,100,000
v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Net Sales $ 1,843,904 $ 1,918,788 $ 3,733,141 $ 3,820,531
Cost of sales 864,908 940,854 1,834,539 2,027,004
Gross Profit 978,996 977,934 1,898,602 1,793,527
Advertising and promotion expenses 104,956 124,265 250,117 290,337
Other selling and administrative expenses 385,699 379,811 1,112,455 1,081,594
Operating Income 488,341 473,858 536,030 421,596
Interest expense 29,371 30,716 89,415 92,486
Interest (income) (9,787) (4,569) (39,466) (15,409)
Other non-operating (income) expense, net (2,924) (2,391) 8,796 (5,976)
Income Before Income Taxes 471,681 450,102 477,285 350,495
Provision for income taxes 106,350 309,342 94,756 296,767
(Income) from equity method investments (7,045) (5,559) (18,426) (13,306)
Net Income $ 372,376 $ 146,319 $ 400,955 $ 67,034
Net Income Per Common Share - Basic (USD per share) $ 1.10 $ 0.41 $ 1.17 $ 0.19
Weighted-average number of common shares (in shares) 339,059 354,139 342,707 354,559
Net Income Per Common Share - Diluted (USD per share) $ 1.09 $ 0.41 $ 1.16 $ 0.19
Weighted-average number of common and potential common shares (in shares) 341,216 357,474 345,380 357,977
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net Income $ 372,376 $ 146,319 $ 400,955 $ 67,034
Other Comprehensive Income (Loss), Net of Tax        
Currency translation adjustments 24,442 (39,273) (16,885) (8,992)
Employee benefit plan adjustments 994 664 3,441 2,120
Net unrealized gains (losses) on derivative instruments:        
Unrealized holding (losses) gains (13,288) 7,521 9,764 (1,729)
Reclassification adjustments included in net income 7,264 (5,801) (7,057) (14,062)
Net unrealized gains (losses) on derivative instruments (6,024) 1,720 2,707 (15,791)
Other Comprehensive Income (Loss), Net of Tax 19,412 (36,889) (10,737) (22,663)
Comprehensive Income $ 391,788 $ 109,430 $ 390,218 $ 44,371
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows From Operating Activities:    
Net income $ 400,955 $ 67,034
Adjustments to reconcile net income to net cash flows used for operating activities:    
Depreciation 101,682 104,042
Amortization of intangible assets 23,503 28,570
Share-based compensation 57,448 52,425
Inventory obsolescence 30,023 42,245
Deferred income taxes 23,020 26,283
Income from equity method investments (18,426) (13,306)
Valuation allowance on foreign deferred tax assets 3,200 212,379
Content assets amortization 62,333 32,938
Changes in assets and liabilities:    
Accounts receivable, net (408,662) (714,198)
Inventories (201,954) 42,701
Prepaid expenses and other current assets (42,695) (4,768)
Accounts payable, accrued liabilities, and income taxes payable (32,262) 121,202
Content assets spend (16,944) (47,111)
Other, net (42,804) (30,077)
Net cash flows used for operating activities (61,583) (79,641)
Cash Flows From Investing Activities:    
Purchases of tools, dies, and molds (48,337) (56,741)
Purchases of other property, plant, and equipment (108,598) (60,797)
Proceeds from foreign currency forward exchange contracts, net 1,578 20,021
Other, net 3,617 3,605
Net cash flows used for investing activities (151,740) (93,912)
Cash Flows From Financing Activities:    
Share repurchases (268,307) (109,860)
Tax withholdings for share-based compensation (17,375) (32,822)
Proceeds from stock option exercises 6,184 26,014
Other, net (34,730) (2,783)
Net cash flows used for financing activities (314,228) (119,451)
Effect of Currency Exchange Rate Changes on Cash and Equivalents (10,280) (12,496)
Change in Cash and Equivalents (537,831) (305,500)
Cash and Equivalents at Beginning of Period 1,261,363 761,235
Cash and Equivalents at End of Period $ 723,532 $ 455,735
v3.24.3
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022 $ 2,056,269 $ 441,369 $ 1,808,308 $ (2,129,639) $ 2,847,709 $ (911,478)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (106,471)       (106,471)  
Other comprehensive income (loss), net of tax 23,160         23,160
Share repurchases (33,986)     (33,986)    
Issuance of treasury stock for stock option exercises 2,045   (1,144) 3,189    
Issuance of treasury stock for restricted stock units vesting (20,299)   (51,311) 31,012    
Share-based compensation 16,943   16,943      
Ending balance at Mar. 31, 2023 1,937,661 441,369 1,772,796 (2,129,424) 2,741,238 (888,318)
Beginning balance at Dec. 31, 2022 2,056,269 441,369 1,808,308 (2,129,639) 2,847,709 (911,478)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 67,034          
Other comprehensive income (loss), net of tax (22,663)          
Ending balance at Sep. 30, 2023 2,035,466 441,369 1,745,170 (2,131,676) 2,914,744 (934,141)
Beginning balance at Mar. 31, 2023 1,937,661 441,369 1,772,796 (2,129,424) 2,741,238 (888,318)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 27,187       27,187  
Other comprehensive income (loss), net of tax (8,934)         (8,934)
Share repurchases (15,875)     (15,875)    
Issuance of treasury stock for stock option exercises 6,595   (4,075) 10,670    
Issuance of treasury stock for restricted stock units vesting (4,381)   (18,079) 13,698    
Deferred compensation 130   (36) 166    
Share-based compensation 19,991   19,991      
Ending balance at Jun. 30, 2023 1,962,374 441,369 1,770,597 (2,120,765) 2,768,425 (897,252)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 146,319       146,319  
Other comprehensive income (loss), net of tax (36,889)         (36,889)
Share repurchases (60,000)     (60,000)    
Issuance of treasury stock for stock option exercises 17,374   (10,095) 27,469    
Issuance of treasury stock for restricted stock units vesting (9,204)   (30,824) 21,620    
Share-based compensation 15,492   15,492      
Ending balance at Sep. 30, 2023 2,035,466 441,369 1,745,170 (2,131,676) 2,914,744 (934,141)
Beginning balance at Dec. 31, 2023 2,149,213 441,369 1,774,911 (2,224,160) 3,062,061 (904,968)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (28,281)       (28,281)  
Other comprehensive income (loss), net of tax (10,765)         (10,765)
Share repurchases (100,758)     (100,758)    
Issuance of treasury stock for stock option exercises 4,299   (2,754) 7,053    
Issuance of treasury stock for restricted stock units vesting (6,325)   (17,932) 11,607    
Share-based compensation 17,929   17,929      
Ending balance at Mar. 31, 2024 2,025,312 441,369 1,772,154 (2,306,258) 3,033,780 (915,733)
Beginning balance at Dec. 31, 2023 2,149,213 441,369 1,774,911 (2,224,160) 3,062,061 (904,968)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 400,955          
Other comprehensive income (loss), net of tax (10,737)          
Ending balance at Sep. 30, 2024 2,312,946 441,369 1,759,000 (2,434,734) 3,463,016 (915,705)
Beginning balance at Mar. 31, 2024 2,025,312 441,369 1,772,154 (2,306,258) 3,033,780 (915,733)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 56,860       56,860  
Other comprehensive income (loss), net of tax (19,384)         (19,384)
Share repurchases (100,954)     (100,954)    
Issuance of treasury stock for stock option exercises 516   (437) 953    
Issuance of treasury stock for restricted stock units vesting (9,051)   (35,743) 26,692    
Deferred compensation 0   (148) 148    
Share-based compensation 19,834   19,834      
Ending balance at Jun. 30, 2024 1,973,133 441,369 1,755,660 (2,379,419) 3,090,640 (935,117)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 372,376       372,376  
Other comprehensive income (loss), net of tax 19,412         19,412
Share repurchases (68,907)     (68,907)    
Issuance of treasury stock for stock option exercises 1,370   (1,186) 2,556    
Issuance of treasury stock for restricted stock units vesting (4,123)   (15,159) 11,036    
Share-based compensation 19,685   19,685      
Ending balance at Sep. 30, 2024 $ 2,312,946 $ 441,369 $ 1,759,000 $ (2,434,734) $ 3,463,016 $ (915,705)
v3.24.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments, consisting of only those of a normal recurring nature, considered necessary for a fair statement of the financial position and interim results of Mattel, Inc. and its subsidiaries ("Mattel") as of and for the periods presented have been included.
The December 31, 2023 balance sheet data was derived from audited financial statements; however, the accompanying interim notes to the consolidated financial statements do not include all of the annual disclosures required by GAAP. As Mattel's business is seasonal, results for interim periods are not necessarily indicative of those that may be expected for a full year. The financial information included herein should be read in conjunction with Mattel's consolidated financial statements and related notes in the 2023 Annual Report on Form 10-K.
Certain prior period amounts have been reclassified to conform to the current period presentation.
v3.24.3
Accounts Receivable, Net
 9 Months Ended
Sep. 30, 2024
Receivables [Abstract]  
Accounts Receivable, Net Accounts Receivable, Net
Mattel estimates current expected credit losses based on collection history and management's assessment of the current economic trends, business environment, customers' financial condition, and accounts receivable aging that may impact the level of future credit losses. Accounts receivable were net of allowances for credit losses of $8.2 million, $12.5 million, and $8.8 million as of September 30, 2024, September 30, 2023, and December 31, 2023, respectively.
v3.24.3
Inventories
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories included the following:
September 30,
2024		September 30,
2023		December 31,
2023
 (In thousands)
Raw materials and work in process$109,335 $102,582 $92,902 
Finished goods627,847 687,939 478,707 
$737,182 $790,521 $571,609 
v3.24.3
Property, Plant, and Equipment, Net
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment, Net Property, Plant, and Equipment, Net
Property, plant, and equipment, net included the following: 
September 30,
2024		September 30,
2023		December 31,
2023
 (In thousands)
Land$42,924 $19,566 $19,838 
Buildings357,969 311,030 313,750 
Machinery and equipment641,999 623,687 628,089 
Software234,928 232,995 233,224 
Tools, dies, and molds501,220 494,070 488,170 
Leasehold improvements120,929 123,240 121,571 
Construction in progress42,243 39,533 48,483 
1,942,212 1,844,121 1,853,125 
Less: accumulated depreciation(1,428,443)(1,386,919)(1,387,602)
$513,769 $457,202 $465,523 
In July 2024, Mattel completed the purchase of an office building located in El Segundo, California for cash consideration of approximately $59 million. The building totals approximately 168,000 square feet and, upon completion of an interior build-out, will replace a currently leased facility that supports Mattel's global design and development and other activities. The building will support the North America and International segments.
v3.24.3
Goodwill and Intangible Assets, Net
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Goodwill
Goodwill is allocated to various reporting units for the purpose of evaluating whether goodwill is impaired. Mattel's reporting units are: (i) North America; (ii) American Girl; and (iii) International. Components of the reporting units have been aggregated into single reporting units where the components have similar economic characteristics. The similar economic characteristics include the nature of the products, the nature of the production processes, the customers, and the manner in which the products are distributed. Mattel tests its goodwill for impairment annually in the third quarter and whenever events or changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value.
Mattel performed a quantitative goodwill impairment assessment as of August 1, 2024, and determined that goodwill was not impaired. The quantitative goodwill impairment assessment includes the use of certain assumptions and estimates to calculate the estimated fair value of Mattel’s reporting units. To the extent assumptions, estimations, or market factors, including seasonality, differ from Mattel’s current estimates, the estimated fair value of Mattel’s reporting units may be susceptible to significant changes. The reporting unit that is most susceptible to changes in assumptions and estimates given its smaller size is American Girl, as excess fair value over carrying value is a lesser dollar and percentage value than the other reporting units.
The change in the carrying amount of goodwill by reporting unit for the nine months ended September 30, 2024 is shown below. Brand-specific goodwill held by foreign subsidiaries is allocated to the North America reporting unit selling those brands, resulting in a foreign currency exchange rate impact.
 December 31,
2023		Currency
Exchange Rate
Impact		September 30,
2024
(In thousands)
North America$733,487 $1,490 $734,977 
American Girl207,571 — 207,571 
International443,454 2,989 446,443 
$1,384,512 $4,479 $1,388,991 
Intangible Assets, Net
Identifiable intangible assets were $374.7 million, net of accumulated amortization of $435.1 million, $397.8 million, net of accumulated amortization of $396.8 million, and $393.0 million, net of accumulated amortization of $408.5 million as of September 30, 2024, September 30, 2023, and December 31, 2023, respectively.
Mattel's amortizable intangible assets primarily consist of trademarks and trade names. Mattel tests its amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Mattel's amortizable intangible assets were not impaired during the three and nine months ended September 30, 2024 and 2023.
v3.24.3
Accrued Liabilities
 9 Months Ended
Sep. 30, 2024
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities included the following:
September 30,
2024		September 30,
2023		December 31,
2023
 (In thousands)
Incentive compensation$104,136 $89,142 $143,091 
Royalties80,141 74,801 86,475 
Lease liabilities74,871 76,021 77,254 
Advertising and promotion71,993 105,218 102,217 
v3.24.3
Supplier Finance Program
 9 Months Ended
Sep. 30, 2024
Payables and Accruals [Abstract]  
Supplier Finance Program Supplier Finance ProgramMattel has an agreement with a third-party financial institution that allows certain participating suppliers the opportunity to voluntarily finance payment obligations of Mattel under a supplier finance program. Under this program, participating suppliers may accelerate the timing of collection of their receivables due from Mattel, prior to their scheduled due dates, by selling one or more of their receivables at a discounted price to the third-party financial institution. The range of payment terms Mattel negotiates with suppliers are consistent, regardless of whether the suppliers participate in the supplier finance program and Mattel does not have any economic interest in any suppliers' decision to participate in the supplier finance program. Suppliers participating in the program are able to select which individual Mattel invoices they sell to the third-party financial institution. All Mattel payments of the full amounts due to participating suppliers are paid on the invoice due date based on the terms originally negotiated with the supplier, regardless of whether the individual invoice due to the supplier is sold to the third-party financial institution. Included in Mattel's accounts payable in the consolidated balance sheets as of each of September 30, 2024, September 30, 2023, and December 31, 2023 were $112.3 million, $90.5 million, and $54.3 million of outstanding payment obligations due to suppliers, respectively, under the supplier finance program. All payment activities related to the supplier finance program were presented within operating activities in the consolidated statements of cash flows.
v3.24.3
Seasonal Financing
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Seasonal Financing Seasonal Financing
On July 15, 2024, Mattel entered into a revolving credit agreement (the "New Credit Agreement"), among Mattel, as the borrower, Bank of America, N.A., as administrative agent, and the other lenders and financial institutions party thereto, providing for $1.40 billion in aggregate principal amount of senior unsecured revolving credit facilities (the "New Revolving Credit Facility"). The New Revolving Credit Facility matures on July 15, 2029. In connection with the New Revolving Credit Facility, Mattel terminated the commitments and satisfied all outstanding obligations under the revolving credit agreement (the "Prior Credit Agreement"), dated as of September 15, 2022 (as amended), among Mattel, as the borrower, Bank of America, N.A., as administrative agent, and the other lenders and financial institutions party thereto, which provided for a senior secured revolving credit facility in an aggregate principal amount of $1.40 billion (the "Prior Revolving Credit Facility").
As of September 30, 2024, Mattel was in compliance with all covenants contained in the New Credit Agreement. Mattel had no borrowings outstanding under the New Revolving Credit Facility and no other short-term borrowings outstanding as of September 30, 2024. Under the Prior Revolving Credit Facility, Mattel had no borrowings outstanding and no other short-term borrowings outstanding as of September 30, 2023, and December 31, 2023. Outstanding letters of credit under the New Revolving Credit Facility totaled approximately $9 million as of September 30, 2024. Outstanding letters of credit under the Prior Revolving Credit Facility totaled approximately $9 million as of each of September 30, 2023, and December 31, 2023.
Borrowings under the New Revolving Credit Facility will bear interest at a floating rate, which for U.S. Dollar-denominated loans can be, at Mattel's option, either (a) Term SOFR (as defined in the New Credit Agreement), plus an applicable margin ranging from 0.875% to 1.375% per annum, or (b) Base Rate (as defined in the New Credit Agreement), plus an applicable margin ranging from 0.000% to 0.375% per annum, in each case, such applicable margins to be determined based on Mattel's debt rating.
In addition to paying interest on the outstanding principal under the New Revolving Credit Facility, Mattel will be required to pay (i) an unused line fee per annum of the average daily unused portion of the New Revolving Credit Facility, (ii) a letter of credit fronting fee based on a percentage of the aggregate face amount of outstanding letters of credit, and (iii) certain other customary fees and expenses of the lenders and agents.
The New Credit Agreement contains customary covenants, including, but not limited to, restrictions on Mattel's and its subsidiaries' ability to merge and consolidate with other companies, dispose of all or substantially all assets, incur indebtedness, or grant liens or other security interests on assets, in each case, subject to certain customary exceptions. No subsidiaries of Mattel were required to guarantee the New Revolving Credit Facility as of the closing date thereof.
The New Credit Agreement requires the maintenance of (a) an interest coverage ratio of not less than 2.75 to 1.00 as of the end of each fiscal quarter and (b) a total leverage ratio as of the end of each fiscal quarter, not to exceed (x) 3.75 to 1.00 with respect to fiscal quarters ending on March 31, June 30 and December 31 of each year, and (y) 4.00 to 1.00 with respect to fiscal quarters ending on September 30 of each year. The total leverage ratio financial covenant is subject to a step-up to 4.25 to 1.00, with respect to fiscal quarters in which certain material acquisitions are consummated, and for a period of four fiscal quarters thereafter, and subject to certain customary exceptions.
The New Credit Agreement is a material agreement, and failure to comply with its covenants may result in an event of default under the terms of the New Revolving Credit Facility. If Mattel were to default under the terms of the New Revolving Credit Facility, its ability to meet its seasonal financing requirements could be adversely affected.
v3.24.3
Long-Term Debt
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt included the following:
September 30,
2024		September 30,
2023		December 31,
2023
 (In thousands)
2010 Senior Notes due October 2040$250,000 $250,000 $250,000 
2011 Senior Notes due November 2041300,000 300,000 300,000 
2019 Senior Notes due December 2027600,000 600,000 600,000 
2021 Senior Notes due April 2026600,000 600,000 600,000 
2021 Senior Notes due April 2029600,000 600,000 600,000 
Debt issuance costs and debt discount(16,740)(21,103)(20,014)
$2,333,260 $2,328,897 $2,329,986 
Less: current portion— — — 
Total long-term debt$2,333,260 $2,328,897 $2,329,986 
Mattel's 2019 Senior Notes due 2027 were issued pursuant to an indenture dated November 20, 2019, and its 2021 Senior Notes due 2026 and 2021 Senior Notes due 2029 were issued pursuant to an indenture dated March 19, 2021. These indentures contain covenants that limit Mattel's (and some of its subsidiaries') ability to, among other things: (i) incur additional debt or issue certain preferred shares; (ii) pay dividends on or make other distributions in respect of their capital stock or make other restricted payments; (iii) make investments in unrestricted subsidiaries; (iv) create liens; (v) enter into certain sale/leaseback transactions; (vi) merge or consolidate, or sell, transfer or otherwise dispose of substantially all of their assets; and (vii) designate subsidiaries as unrestricted. The indentures also provided that certain of these covenants would be suspended if Mattel achieved a debt rating of BBB-, Baa3, and/or BBB- (or higher) from any two of S&P, Moody's, and Fitch, respectively, and no event of default has occurred.
In April 2023, S&P upgraded Mattel's credit rating from BB+ to BBB- and maintained a positive outlook, and in November 2022, Moody's upgraded Mattel's credit rating from Ba1 to Baa3. As a result of the upgraded credit ratings and no events of default, the covenants limiting Mattel's ability to incur additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of their capital stock or make other restricted payments, and make investments in unrestricted subsidiaries, and certain provisions of the covenant limiting Mattel's ability to merge or consolidate, or sell, transfer or otherwise dispose of substantially all of their assets, are suspended. If Mattel ceases to have credit ratings of BBB-, Baa3, and/or BBB- (or higher) from any two of S&P, Moody's, and Fitch, respectively, Mattel will thereafter be subject to the suspended covenants with respect to future events.
v3.24.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications from accumulated other comprehensive income (loss):
 For the Three Months Ended September 30, 2024
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2024$5,268 $(140,469)$(799,916)$(935,117)
Other comprehensive income (loss) before reclassifications(13,288)16 24,442 11,170 
Amounts reclassified from accumulated other comprehensive income (loss)7,264 978 — 8,242 
Net change in other comprehensive income (loss)(6,024)994 24,442 19,412 
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2024$(756)$(139,475)$(775,474)$(915,705)
 For the Nine Months Ended September 30, 2024
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2023$(3,463)$(142,916)$(758,589)$(904,968)
Other comprehensive income (loss) before reclassifications9,764 50 (16,885)(7,071)
Amounts reclassified from accumulated other comprehensive income (loss)(7,057)3,391 — (3,666)
Net change in other comprehensive income (loss)2,707 3,441 (16,885)(10,737)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2024$(756)$(139,475)$(775,474)$(915,705)
 For the Three Months Ended September 30, 2023
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2023$5,221 $(137,042)$(765,431)$(897,252)
Other comprehensive income (loss) before reclassifications7,521 5 (39,273)(31,747)
Amounts reclassified from accumulated other comprehensive income (loss)(5,801)659 — (5,142)
Net change in other comprehensive income (loss)1,720 664 (39,273)(36,889)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2023$6,941 $(136,378)$(804,704)$(934,141)
 For the Nine Months Ended September 30, 2023
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2022$22,732 $(138,498)$(795,712)$(911,478)
Other comprehensive income (loss) before reclassifications(1,729)20 (8,992)(10,701)
Amounts reclassified from accumulated other comprehensive income (loss)(14,062)2,100 — (11,962)
Net change in other comprehensive income (loss)(15,791)2,120 (8,992)(22,663)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2023$6,941 $(136,378)$(804,704)$(934,141)
The following tables present the classification and amount of the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations:
For the Three Months Ended
September 30, 2024September 30, 2023Statements of Operations
Classification
(In thousands) 
Derivative Instruments:
(Loss) gain on foreign currency forward exchange and other contracts$(7,275)$5,784 Cost of sales
Tax effect11 17 Provision/benefit from income taxes
$(7,264)$5,801 Net income/loss
Employee Benefit Plans:
Amortization of prior service credit (a)$460 $472 Other non-operating income/expense, net
Recognized actuarial loss (a)(1,902)(1,410)Other non-operating income/expense, net
(1,442)(938)
Tax effect464 279 Provision/benefit from income taxes
$(978)$(659)Net income/loss
For the Nine Months Ended
September 30, 2024September 30, 2023Statements of Operations
Classification
(In thousands) 
Derivative Instruments:
Gain on foreign currency forward exchange and other contracts$7,023 $13,709 Cost of sales
Tax effect34 353 Provision/benefit from income taxes
$7,057 $14,062 Net income/loss
Employee Benefit Plans:
Amortization of prior service credit (a)$1,383 $1,416 Other non-operating income/expense, net
Recognized actuarial loss (a)(5,693)(4,229)Other non-operating income/expense, net
(4,310)(2,813)
Tax effect919 713 Provision/benefit from income taxes
$(3,391)$(2,100)Net income/loss
(a)The amortization of prior service credit and recognized actuarial loss are included in the computation of net periodic benefit cost. Refer to "Note 15 to the Consolidated Financial Statements—Employee Benefit Plans" for additional information regarding Mattel's net periodic benefit cost.
Currency Translation Adjustments
During the nine months ended September 30, 2024, currency translation adjustments resulted in a net loss of $16.9 million, primarily due to the weakening of the Mexican peso and Brazilian real against the U.S. dollar, partially offset by the strengthening of the British pound sterling against the U.S. dollar.
During the nine months ended September 30, 2023, currency translation adjustments resulted in a net loss of $9.0 million, primarily due to the weakening of the Russian ruble and Malaysian ringgit against the U.S. dollar, partially offset by the strengthening of the Mexican peso, British pound sterling, and Brazilian real against the U.S. dollar.
v3.24.3
Foreign Currency Transaction Exposure
 9 Months Ended
Sep. 30, 2024
Foreign Currency [Abstract]  
Foreign Currency Transaction Exposure Foreign Currency Transaction Exposure
Currency transaction gains (losses) included in the consolidated statements of operations were as follows:
 For the Three Months Ended
 September 30,
2024		September 30,
2023		Statements of Operations Classification
 (In thousands)
Currency transaction (losses), net$(10,047)$(2,276)Operating income/expense
Currency transaction gains, net4,758 3,301 Other non-operating income/expense, net
Currency transaction (losses) gains, net$(5,289)$1,025 
 For the Nine Months Ended
 September 30,
2024		September 30,
2023		Statements of Operations Classification
 (In thousands)
Currency transaction (losses), net$(16,087)$(11,987)Operating income/expense
Currency transaction (losses) gains, net(226)5,390 Other non-operating income/expense, net
Currency transaction (losses), net$(16,313)$(6,597)
v3.24.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
Mattel seeks to mitigate its exposure to foreign currency transaction risk by monitoring its foreign currency transaction exposure for the year and partially hedging such exposure using foreign currency forward exchange contracts. Mattel uses foreign currency forward exchange contracts as cash flow hedges primarily to hedge its purchases and sales of inventory denominated in foreign currencies. These contracts have maturity dates of up to 24 months. These derivative instruments have been designated as effective cash flow hedges, whereby the unsettled hedges are reported in Mattel's consolidated balance sheets at fair value, with changes in the fair value of the hedges reflected in other comprehensive income ("OCI"). Realized gains and losses for these contracts are recorded in the consolidated statements of operations in the period in which the inventory is sold to customers. Mattel uses foreign currency forward exchange contracts to hedge intercompany loans and advances denominated in foreign currencies. Due to the short-term nature of the contracts involved, Mattel does not use hedge accounting for these contracts, and as such, changes in fair value are recorded in the period of change in the consolidated statements of operations. Mattel utilizes derivative contracts to hedge certain purchases of commodities, which were not material. As of September 30, 2024, September 30, 2023, and December 31, 2023, Mattel held foreign currency forward exchange contracts and other commodity derivative instruments, with notional amounts of approximately $748 million, $636 million, and $609 million, respectively.
The following tables present Mattel's derivative assets and liabilities:
 Derivative Assets
 Balance Sheet ClassificationFair Value
September 30,
2024		September 30,
2023		December 31,
2023
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsPrepaid expenses and other current assets$2,196 $13,308 $2,198 
Foreign currency forward exchange and other contractsOther noncurrent assets34 747 52 
Total Derivatives Designated as Hedging Instruments$2,230 $14,055 $2,250 
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsPrepaid expenses and other current assets$1,251 $519 $578 
Total Derivatives Not Designated as Hedging Instruments$1,251 $519 $578 
$3,481 $14,574 $2,828 
 Derivative Liabilities
 Balance Sheet ClassificationFair Value
 September 30,
2024		September 30,
2023		December 31,
2023
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsAccrued liabilities$8,571 $1,997 $7,520 
Foreign currency forward exchange and other contractsOther noncurrent liabilities2,026 14 1,575 
Total Derivatives Designated as Hedging Instruments$10,597 $2,011 $9,095 
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsAccrued liabilities$608 $323 $449 
Foreign currency forward exchange and other contractsOther noncurrent liabilities— — 20 
Total Derivatives Not Designated as Hedging Instruments$608 $323 $469 
$11,205 $2,334 $9,564 
The following tables present the classification and amount of gains and losses, net of tax, from derivatives reported in the consolidated statements of operations:
Derivatives Designated as Hedging Instruments
For the Three Months Ended
 September 30,
2024		September 30,
2023		Statements of
Operations
Classification
 (In thousands)
Foreign Currency Forward Exchange and Other Contracts:
Amount of (losses) gains recognized in OCI$(13,288)$7,521 
Amount of (losses) gains reclassified from accumulated OCI to the consolidated statements of operations(7,264)5,801 Cost of sales
Derivatives Designated as Hedging Instruments
For the Nine Months Ended
 September 30,
2024		September 30,
2023		Statements of
Operations
Classification
 (In thousands)
Foreign Currency Forward Exchange and Other Contracts:
Amount of gains (losses) recognized in OCI$9,764 $(1,729)
Amount of gains reclassified from accumulated OCI to the consolidated statements of operations7,057 14,062 Cost of sales
The net gains reclassified from accumulated other comprehensive loss to the consolidated statements of operations during the three and nine months ended September 30, 2024 and 2023, respectively, were offset by changes in cash flows associated with the underlying hedged transactions.
 Derivatives Not Designated as Hedging Instruments
For the Three Months Ended
September 30,
2024		September 30,
2023		Statements of
Operations
Classification
 (In thousands)
Amount of Net Gains (Losses) Recognized in the Statements of Operations:
Foreign currency forward exchange and other contracts$1,845 $6,805 Other non-operating income/expense, net
 Derivatives Not Designated as Hedging Instruments
For the Nine Months Ended
September 30,
2024		September 30,
2023		Statements of
Operations
Classification
 (In thousands)
Amount of Net Gains (Losses) Recognized in the Statements of Operations:
Foreign currency forward exchange and other contracts$2,195 $25,083 Other non-operating income/expense, net
The net gains and losses recognized in the consolidated statements of operations during the three and nine months ended September 30, 2024 and September 30, 2023, respectively, were offset by foreign currency transaction gains and losses on the related derivative balances.
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present information about Mattel's financial assets and liabilities measured and reported in the financial statements at fair value on a recurring basis as of September 30, 2024, September 30, 2023, and December 31, 2023 and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. The three levels of the fair value hierarchy are as follows:
•Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
•Level 2 – Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
•Level 3 – Valuations based on inputs that are unobservable, supported by little or no market activity, and that are significant to the fair value of the assets or liabilities.
September 30, 2024
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $3,481 $— $3,481 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $11,205 $— $11,205 
September 30, 2023
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $14,574 $— $14,574 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $2,334 $— $2,334 
December 31, 2023
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $2,828 $— $2,828 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $9,564 $— $9,564 
(a)The fair value of the foreign currency forward exchange and other contracts was based on dealer quotes of market forward rates and reflects the amount that Mattel would receive or pay at their maturity dates for contracts involving the same notional amounts, currencies, and maturity dates.
Other Financial Instruments
Mattel's financial instruments included cash and equivalents, accounts receivable and payable, accrued liabilities, short-term borrowings, and long-term debt. The fair values of these instruments, excluding long-term debt, approximate their carrying amounts because of their short-term nature. Cash and equivalents were classified as Level 1 and all other financial instruments were classified as Level 2 within the fair value hierarchy.
The estimated fair value of Mattel's long-term debt was $2.31 billion (compared to a carrying amount of $2.35 billion) as of September 30, 2024, $2.13 billion (compared to a carrying amount of $2.35 billion) as of September 30, 2023, and $2.23 billion (compared to a carrying amount of $2.35 billion) as of December 31, 2023. The estimated fair values have been calculated based on broker quotes or rates for the same or similar instruments and were classified as Level 2 within the fair value hierarchy.
v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table reconciles basic and diluted earnings per common share for the three and nine months ended September 30, 2024 and 2023: 
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands, except per share amounts)
Basic:
Net income$372,376 $146,319 $400,955 $67,034 
Weighted-average number of common shares339,059 354,139 342,707 354,559 
Basic net income per common share$1.10 $0.41 $1.17 $0.19 
Diluted:
Net income$372,376 $146,319 $400,955 $67,034 
Weighted-average number of common shares339,059 354,139 342,707 354,559 
Dilutive share-based awards (a)2,157 3,335 2,673 3,418 
Weighted-average number of common and potential common shares341,216 357,474 345,380 357,977 
Diluted net income per common share$1.09 $0.41 $1.16 $0.19 
(a)For the three and nine months ended September 30, 2024, 6.9 million and 7.7 million share-based awards, respectively, were excluded from the calculation of diluted net income per common share because their effect would be antidilutive. For the three and nine months ended September 30, 2023, 6.5 million and 11.5 million share-based awards, respectively, were excluded from the calculation of diluted net income per common share because their effect would be antidilutive.
v3.24.3
Employee Benefit Plans
 9 Months Ended
Sep. 30, 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, which are more fully described in Part II, Item 8 "Financial Statements and Supplementary Data—Note 4 to the Consolidated Financial Statements–Employee Benefit Plans" in the 2023 Annual Report on Form 10-K.
The components of Mattel's net periodic benefit cost for defined benefit pension plans were as follows:
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Service cost$851 $848 $2,548 $2,548 
Interest cost5,059 5,234 15,142 15,670 
Expected return on plan assets(4,693)(5,103)(14,052)(15,280)
Amortization of prior service cost49 37 145 112 
Recognized actuarial loss1,950 1,467 5,836 4,399 
Net periodic benefit cost$3,216 $2,483 $9,619 $7,449 
The components of Mattel's net periodic benefit credit for postretirement benefit plans were as follows:
 For the Three Months EndedFor the Nine Months Ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Interest cost$45 $45 $135 $134 
Amortization of prior service credit(509)(509)(1,528)(1,528)
Recognized actuarial gain(48)(57)(143)(170)
Net periodic benefit credit$(512)$(521)$(1,536)$(1,564)
Mattel's service cost component is recorded within operating income while other components of net periodic pension cost and postretirement benefit cost are recorded within other non-operating (income) expense, net.
During the nine months ended September 30, 2024, Mattel made cash contributions totaling approximately $14 million related to its defined benefit pension and postretirement benefit plans. During the remainder of 2024, Mattel expects to make additional cash contributions of approximately $5 million.
v3.24.3
Share-Based Payments
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payments Share-Based Payments
Mattel has various stock compensation plans, which are described in Part II, Item 8 "Financial Statements and Supplementary Data—Note 9 to the Consolidated Financial Statements—Share-Based Payments" in the 2023 Annual Report on Form 10-K. Under the Mattel, Inc. Amended and Restated 2010 Equity and Long-Term Compensation Plan ("the Plan"), Mattel has the ability to grant nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance RSUs ("performance awards"), dividend equivalent rights, and shares of common stock to officers, employees, non-employee directors, and consultants providing services to Mattel. Stock options are granted with exercise prices at the fair market value of Mattel's common stock on the applicable grant date and expire no later than ten years from the grant date. Stock options, RSUs, and performance awards generally provide for vesting over, or at the end of, a period of three years from the grant date.
On September 30, 2024, a one-time retention award of performance-based restricted stock units (the "Retention Performance Grant") was granted to Ynon Kreiz, Mattel's Chief Executive Officer, in order to incentivize retention and drive significant stock price performance and market outperformance. The Retention Performance Grant has targeted approximately 0.8 million performance-based restricted stock units granted under the Plan, which was determined based on a target value of $15.0 million divided by the closing price of Mattel's common stock on the grant date. The Retention Performance Grant is 100% performance-based, with 50% of the Retention Performance Grant subject to vesting based on the achievement of the stock price hurdles during the final three years of the five-year performance measurement period, and the remaining 50% of the Retention Performance Grant subject to vesting based on Mattel's relative Total Shareholder Return ("TSR") over the five-year performance measurement period.
No portion of the Retention Performance Grant will be earned unless Mattel achieves rigorous performance goals and Mr. Kreiz remains employed through the settlement date following the completion of a five-year vesting period from September 30, 2024 to September 30, 2029, subject to potential acceleration upon certain qualifying terminations of employment. The grant also allows for a maximum potential earnout of 200% of the targeted number of performance-based restricted stock units.
The fair value of the Retention Performance Grant has been estimated using a Monte Carlo valuation methodology. The Retention Performance Grant has an estimated grant-date fair value of $24.42 per unit and total estimated grant-date fair value of $19.2 million, which will be recognized on a straight-line basis over the service period.
Compensation expense, included within other selling and administrative expenses in the consolidated statements of operations, related to stock options, RSUs, and performance awards, was as follows:
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Stock option compensation expense$716 $1,077 $2,515 $5,673 
RSU compensation expense13,860 12,020 42,185 36,724 
Performance award compensation expense5,109 2,395 12,748 10,028 
$19,685 $15,492 $57,448 $52,425 
As of September 30, 2024, total unrecognized compensation expense related to unvested share-based payments totaled $139.0 million and is expected to be recognized over a weighted-average period of 2.5 years.
Mattel uses treasury shares purchased under its share repurchase program to satisfy stock option exercises and the vesting of RSUs and performance awards. Cash received for stock option exercises, net of taxes, was $6.2 million and $26.0 million for the nine months ended September 30, 2024 and 2023, respectively.
v3.24.3
Other Selling and Administrative Expenses
 9 Months Ended
Sep. 30, 2024
Other Income and Expenses [Abstract]  
Other Selling and Administrative Expenses Other Selling and Administrative Expenses
Other selling and administrative expenses included the following:
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
(In thousands)
Design and development$46,842 $49,781 $141,871 $148,319 
Amortization of intangible assets7,863 9,584 23,503 28,570 
v3.24.3
Restructuring Charges
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Charges Restructuring Charges
Optimizing for Profitable Growth
On February 7, 2024, Mattel announced the Optimizing for Profitable Growth program (the "OPG program"), a multi-year cost savings program that follows the Optimizing for Growth program (the "OFG program"), which concluded in the fourth quarter of 2023. The OPG program is designed to achieve further efficiency and cost savings opportunities, primarily within Mattel's global supply chain, including its manufacturing footprint. The OPG program includes cost savings actions in connection with discontinuing production at a plant in China as previously announced in the third quarter of 2023, as well as savings from other previous actions taken in 2023 that were not recognized in the OFG program.
In connection with the OPG program, Mattel recorded severance and other restructuring costs in the following cost and expense categories within operating income in the consolidated statements of operations:
 For the Three Months EndedFor the Nine Months Ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Cost of sales (a)$392 $— $3,016 $— 
Other selling and administrative expenses (b)26,769 25,274 44,743 25,274 
$27,161 $25,274 $47,759 $25,274 
(a)Severance and other restructuring charges recorded within cost of sales in the consolidated statements of operations are included in segment operating income in "Note 21 to the Consolidated Financial Statements—Segment Information."
(b)Severance and other restructuring charges recorded within other selling and administrative expenses in the consolidated statements of operations are included in corporate and other expense in "Note 21 to the Consolidated Financial Statements—Segment Information."
The following tables summarize Mattel's severance and other restructuring charges activity within operating income related to the OPG program:
Liability at December 31, 2023 ChargesPayments/UtilizationLiability at
September 30, 2024
(In thousands)
Severance$25,096 $46,108 $(30,732)$40,472 
Other restructuring charges (a)— 1,651 (1,617)34 
$25,096 $47,759 $(32,349)$40,506 
Liability at December 31, 2022 ChargesPayments/UtilizationLiability at
September 30, 2023
(In thousands)
Severance$— $25,274 $— $25,274 
Other restructuring charges — — — — 
$— $25,274 $— $25,274 
(a)Other restructuring charges consist primarily of expenses associated with the consolidation of manufacturing facilities.
As of September 30, 2024, in connection with the OPG program, Mattel recorded cumulative severance and other restructuring charges of approximately $73 million, which included approximately $1 million of non-cash charges. Total expected cash expenditures are approximately $130 to $165 million and total non-cash charges are expected to be up to $5 million.
Other Cost Savings Actions
As of December 31, 2023, Mattel concluded the OFG program, a multi-year cost savings program that had integrated and expanded upon the previous Capital Light program. In connection with the OFG program, Mattel recorded severance and other restructuring charges of $3.1 million and $31.6 million within other selling and administrative expenses during the three and nine months ended September 30, 2023, respectively, and a credit to severance and other restructuring charges of ($0.1) million and ($1.3) million within cost of sales during the three and nine months ended September 30, 2023, respectively, in the consolidated statement of operations.
Additionally, during the three and nine months ended September 30, 2023, Mattel executed actions to further streamline its organizational structure that were not included in the OFG program. In connection with these actions, Mattel recorded severance charges of $0.9 million and $6.1 million within other selling and administrative expenses during the three and nine months ended September 30, 2023, respectively, in the consolidated statement of operations.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Mattel's provision for income taxes was $106.4 million and $94.8 million for the three and nine months ended September 30, 2024, respectively, and $309.3 million and $296.8 million for the three and nine months ended September 30, 2023, respectively. Mattel recognized a net discrete income tax benefit of $3.4 million during the three months ended September 30, 2024, primarily related to reassessments of prior years' tax liabilities, partially offset by the establishment of a valuation allowance on certain foreign deferred tax assets. Mattel recognized a net discrete income tax benefit of $16.3 million during the nine months ended September 30, 2024, primarily related to reassessment of prior years' tax liabilities and discrete tax benefit on tax elections filed to amortize certain intangible assets transferred as part of Mattel's intra-group intellectual property ("IP") rights transfer. Mattel recognized a net discrete income tax expense of $200.7 million and $201.0 million during the three and nine months ended September 30, 2023, respectively, which included the establishment of a valuation allowance of $212.4 million on certain foreign deferred tax assets resulting from the intra-group transfer of certain IP rights, partially offset by undistributed earnings of certain foreign subsidiaries and reassessments of prior years' tax liabilities.
Evaluating the need for and the amount of a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all available evidence to determine whether it is more-likely-than-not that these assets will be realizable. Mattel routinely assesses the positive and negative evidence for this realizability, including the evaluation of sustained profitability and three years of cumulative pretax income for each tax jurisdiction. During the third quarter of 2024, there were no material changes to Mattel's valuation allowance.
In the normal course of business, Mattel is regularly audited by federal, state, and foreign tax authorities. Based on the current status of federal, state, and foreign audits, Mattel believes it is reasonably possible that in the next 12 months, the total unrecognized tax benefits could decrease by $14.6 million related to the settlement of tax audits and/or the expiration of statutes of limitations. The ultimate settlement of any particular issue with the applicable taxing authority could have a material impact on Mattel's consolidated financial statements.
v3.24.3
Contingencies
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
Litigation Related to Yellowstone do Brasil Ltda.
In April 1999, Yellowstone do Brasil Ltda. (formerly known as Trebbor Informática Ltda.) filed a lawsuit against Mattel do Brasil before the 15th Civil Court of Curitiba, State of Parana, requesting the annulment of its security bonds and promissory notes given to Mattel do Brasil as well as damages due to an alleged breach of an oral exclusive distribution agreement between the parties relating to the supply and sale of toys in Brazil. Yellowstone's complaints sought alleged loss of profits plus an unspecified amount of damages.
Mattel do Brasil filed its defenses to these claims and simultaneously presented a counterclaim for unpaid accounts receivable for goods supplied to Yellowstone.
In April 2018, Mattel do Brasil entered into a settlement agreement to resolve this matter, but the settlement remains the subject of ongoing appeals.
In October 2018, the Superior Court of Justice issued a final ruling in favor of Yellowstone on the merits of Yellowstone's claims. Previously, the courts had ruled in Mattel's favor on its counterclaim.
In October 2019, Mattel reached an agreement with Yellowstone's former counsel regarding payment of the attorney's fees portion of the judgment. In November 2019, Yellowstone initiated an action to enforce its judgment against Mattel, but did not account for an offset for Mattel's counterclaim. In January 2020, Mattel obtained an injunction, staying Yellowstone's enforcement action pending resolution of Mattel's appeal to enforce the parties' April 2018 settlement. As of September 30, 2024, Mattel assessed its probable loss related to this matter and has accrued an estimated liability, which is not material.
Litigation Related to the Fisher-Price Rock 'n Play Sleeper
A number of putative class action lawsuits filed between April 2019 and October 2019 are pending against Fisher-Price, Inc. and/or Mattel, Inc. asserting claims for false advertising, negligent product design, breach of warranty, fraud, and other claims in connection with the marketing and sale of the Fisher-Price Rock 'n Play Sleeper (the "Sleeper"). In general, the lawsuits allege that the Sleeper should not have been marketed and sold as safe and fit for prolonged and overnight sleep for infants. The putative class action lawsuits propose nationwide and over 10 statewide consumer classes comprised of those who purchased the Sleeper as marketed as safe for prolonged and overnight sleep. The class actions have been consolidated before a single judge in the United States District Court for the Western District of New York for pre-trial purposes pursuant to the U.S. federal courts' Multi-District Litigation program. In June 2022, the court denied the plaintiffs' motion to certify damages and injunctive relief classes under New York law, but granted plaintiffs' request to certify a New York issue class to resolve two issues on a class-wide basis. In October 2022, the United States Court of Appeals for the Second Circuit denied plaintiffs' petition to appeal the denial of certification of the damages and injunctive relief classes. On July 24, 2024, the parties filed a settlement agreement with the court to resolve this litigation. On August 9, 2024, the settlement was preliminarily approved by the court. A final approval hearing is scheduled for January 28, 2025. As of September 30, 2024, Mattel assessed its probable loss related to this matter and has accrued an estimated liability, which is not material.
Twenty-eight additional lawsuits filed between April 2019 and September 2024 are pending against Fisher-Price, Inc. and Mattel, Inc. alleging that a product defect in the Sleeper caused the fatalities of or injuries to twenty-eight children. More than thirty lawsuits have been settled and/or dismissed. Additionally, Fisher-Price, Inc. and/or Mattel, Inc. have also received letters from lawyers purporting to represent additional plaintiffs who have threatened to assert similar claims.
In addition, a stockholder has filed a derivative action in the Court of Chancery for the State of Delaware (Kumar v. Bradley, et al., filed July 7, 2020) alleging breach of fiduciary duty and unjust enrichment related to the development, marketing, and sale of the Sleeper. The defendants in the derivative action are certain of Mattel's current and former officers and directors. In August 2021, a second similar derivative action was filed in the Court of Chancery for the State of Delaware (Armon v. Bradley, et al., filed August 30, 2021). The parties have reached a settlement in principle of this litigation, which is subject to approval by the court. As of September 30, 2024, Mattel has determined that a recovery of prior losses in this matter is probable and has accrued for the estimated amount, which is not material.
The lawsuits seek compensatory damages, punitive damages, statutory damages, restitution, disgorgement, attorneys' fees, costs, interest, declaratory relief, and/or injunctive relief. Mattel believes that it has substantial defenses to the allegations in the lawsuits and intends to vigorously defend against them. Except as specifically noted above, a reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time.
Litigation Related to the Fisher-Price Snuga Swings
Purported class action lawsuits against Fisher-Price, Inc. and Mattel, Inc. have been filed in United States District Courts for the Western District of New York (Bigelow v. Mattel, Inc., et al., filed October 17, 2024, and Wall v. Mattel, Inc. et al., filed October 25, 2024), and the Central District of California (Shahbaz v. Fisher-Price, Inc., et al., filed October 24, 2024). The lawsuits assert claims for false advertising, breach of contract, breach of warranty, fraud, negligence, and other claims in connection with the marketing and sale of Fisher-Price Snuga Swings (the "Swings"). In general, the lawsuits allege that the Swings were falsely marketed and sold as safe for infant use, particularly infant sleep, and failed to disclose a risk of suffocation. The lawsuits propose nationwide and several state consumer classes comprised of those who purchased Swings.
The lawsuits seek unspecified compensatory damages, punitive and treble damages, statutory damages, restitution, rescission, disgorgement, attorneys’ fees, costs, interest, and injunctive relief. Mattel believes that it has substantial defenses to the allegations in the lawsuits and intends to vigorously defend against them. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time.
v3.24.3
Segment Information
 9 Months Ended
Sep. 30, 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 announced 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 only sold in North America.
The following tables present information regarding Mattel's net sales, operating income, and assets by reportable segment. The corporate and other expense 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 generally 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 Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Net Sales by Segment
North America$1,108,288 $1,146,961 $2,192,555 $2,241,899 
International735,616 771,827 1,540,586 1,578,632 
Net sales$1,843,904 $1,918,788 $3,733,141 $3,820,531 
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Operating Income by Segment (a)
North America$412,425 $401,095 $622,342 $565,591 
International217,675 202,550 304,257 245,773 
630,100 603,645 926,599 811,364 
Corporate and other expense (b)
(141,759)(129,787)(390,569)(389,768)
Operating income488,341 473,858 536,030 421,596 
Interest expense29,371 30,716 89,415 92,486 
Interest (income)(9,787)(4,569)(39,466)(15,409)
Other non-operating (income) expense, net(2,924)(2,391)8,796 (5,976)
Income before income taxes$471,681 $450,102 $477,285 $350,495 
(a)Segment operating income included (i) severance and other restructuring charges of $0.4 million and $3.0 million for the three and nine months ended September 30, 2024, respectively, and $(0.1) million and $(1.3) million for the three and nine months ended September 30, 2023, respectively, which were allocated to the North America and International segments; and (ii) a loss on sale of assets of $1.8 million from the sale of a production facility for the three and nine months ended September 30, 2023, which was recorded in the International segment.
(b)Corporate and other expense included (i) severance and other restructuring charges of $27.1 million and $43.8 million for the three and nine months ended September 30, 2024, respectively, and $29.3 million and $63.0 million for the three and nine months ended September 30, 2023, respectively; and (ii) inclined sleeper product recall impact of $(11.7) million and $(5.8) million for the three and nine months ended September 30, 2024, respectively and $1.3 million and $9.0 million for the three and nine months ended September 30, 2023, respectively.
Segment assets are comprised of accounts receivable, net and inventories.
September 30,
2024		September 30,
2023		December 31,
2023
 (In thousands)
Assets by Segment
North America$1,160,846 $1,270,250 $845,113 
International952,726 1,024,549 735,236 
2,113,572 2,294,799 1,580,349 
Corporate and other100,974 66,769 73,087 
Accounts receivable, net and inventories$2,214,546 $2,361,568 $1,653,436 
Geographic Information
The following table presents information regarding Mattel's net sales by geographic area. Net sales are attributed to countries based on the location of the customer:
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Net Sales by Geographic Area
North America$1,108,288 $1,146,961 $2,192,555 $2,241,899 
International
EMEA401,942 423,923 837,869 874,972 
Latin America240,563 262,071 454,811 475,648 
Asia Pacific93,111 85,833 247,906 228,012 
Total International735,616 771,827 1,540,586 1,578,632 
Net sales$1,843,904 $1,918,788 $3,733,141 $3,820,531 
v3.24.3
New Accounting Pronouncements
 9 Months Ended
Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Pronouncements New Accounting Pronouncements
Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires incremental disclosure of significant segment expenses on an annual and interim basis to enable investors to develop more decision-useful financial analyses. The guidance in ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Mattel is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced income tax disclosures on an annual basis for specific categories in the rate reconciliation and disclosure of income taxes paid by jurisdiction. The guidance in ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Mattel is currently evaluating the impact of the adoption of ASU 2023-09 on its consolidated financial statements.
v3.24.3
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Pay vs Performance Disclosure                
Net income $ 372,376 $ 56,860 $ (28,281) $ 146,319 $ 27,187 $ (106,471) $ 400,955 $ 67,034
v3.24.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.3
Basis of Presentation (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments, consisting of only those of a normal recurring nature, considered necessary for a fair statement of the financial position and interim results of Mattel, Inc. and its subsidiaries ("Mattel") as of and for the periods presented have been included.
Accounting Pronouncements Not Yet Adopted
Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires incremental disclosure of significant segment expenses on an annual and interim basis to enable investors to develop more decision-useful financial analyses. The guidance in ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Mattel is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced income tax disclosures on an annual basis for specific categories in the rate reconciliation and disclosure of income taxes paid by jurisdiction. The guidance in ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Mattel is currently evaluating the impact of the adoption of ASU 2023-09 on its consolidated financial statements.
v3.24.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories included the following:
September 30,
2024		September 30,
2023		December 31,
2023
 (In thousands)
Raw materials and work in process$109,335 $102,582 $92,902 
Finished goods627,847 687,939 478,707 
$737,182 $790,521 $571,609 
v3.24.3
Property, Plant, and Equipment, Net (Tables)
 9 Months Ended
Sep. 30, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant, and Equipment, Net
Property, plant, and equipment, net included the following: 
September 30,
2024		September 30,
2023		December 31,
2023
 (In thousands)
Land$42,924 $19,566 $19,838 
Buildings357,969 311,030 313,750 
Machinery and equipment641,999 623,687 628,089 
Software234,928 232,995 233,224 
Tools, dies, and molds501,220 494,070 488,170 
Leasehold improvements120,929 123,240 121,571 
Construction in progress42,243 39,533 48,483 
1,942,212 1,844,121 1,853,125 
Less: accumulated depreciation(1,428,443)(1,386,919)(1,387,602)
$513,769 $457,202 $465,523 
v3.24.3
Goodwill and Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The change in the carrying amount of goodwill by reporting unit for the nine months ended September 30, 2024 is shown below. Brand-specific goodwill held by foreign subsidiaries is allocated to the North America reporting unit selling those brands, resulting in a foreign currency exchange rate impact.
 December 31,
2023		Currency
Exchange Rate
Impact		September 30,
2024
(In thousands)
North America$733,487 $1,490 $734,977 
American Girl207,571 — 207,571 
International443,454 2,989 446,443 
$1,384,512 $4,479 $1,388,991 
v3.24.3
Accrued Liabilities (Tables)
 9 Months Ended
Sep. 30, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
September 30,
2024		September 30,
2023		December 31,
2023
 (In thousands)
Incentive compensation$104,136 $89,142 $143,091 
Royalties80,141 74,801 86,475 
Lease liabilities74,871 76,021 77,254 
Advertising and promotion71,993 105,218 102,217 
v3.24.3
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt included the following:
September 30,
2024		September 30,
2023		December 31,
2023
 (In thousands)
2010 Senior Notes due October 2040$250,000 $250,000 $250,000 
2011 Senior Notes due November 2041300,000 300,000 300,000 
2019 Senior Notes due December 2027600,000 600,000 600,000 
2021 Senior Notes due April 2026600,000 600,000 600,000 
2021 Senior Notes due April 2029600,000 600,000 600,000 
Debt issuance costs and debt discount(16,740)(21,103)(20,014)
$2,333,260 $2,328,897 $2,329,986 
Less: current portion— — — 
Total long-term debt$2,333,260 $2,328,897 $2,329,986 
v3.24.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2024
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications from accumulated other comprehensive income (loss):
 For the Three Months Ended September 30, 2024
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2024$5,268 $(140,469)$(799,916)$(935,117)
Other comprehensive income (loss) before reclassifications(13,288)16 24,442 11,170 
Amounts reclassified from accumulated other comprehensive income (loss)7,264 978 — 8,242 
Net change in other comprehensive income (loss)(6,024)994 24,442 19,412 
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2024$(756)$(139,475)$(775,474)$(915,705)
 For the Nine Months Ended September 30, 2024
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2023$(3,463)$(142,916)$(758,589)$(904,968)
Other comprehensive income (loss) before reclassifications9,764 50 (16,885)(7,071)
Amounts reclassified from accumulated other comprehensive income (loss)(7,057)3,391 — (3,666)
Net change in other comprehensive income (loss)2,707 3,441 (16,885)(10,737)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2024$(756)$(139,475)$(775,474)$(915,705)
 For the Three Months Ended September 30, 2023
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2023$5,221 $(137,042)$(765,431)$(897,252)
Other comprehensive income (loss) before reclassifications7,521 5 (39,273)(31,747)
Amounts reclassified from accumulated other comprehensive income (loss)(5,801)659 — (5,142)
Net change in other comprehensive income (loss)1,720 664 (39,273)(36,889)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2023$6,941 $(136,378)$(804,704)$(934,141)
 For the Nine Months Ended September 30, 2023
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2022$22,732 $(138,498)$(795,712)$(911,478)
Other comprehensive income (loss) before reclassifications(1,729)20 (8,992)(10,701)
Amounts reclassified from accumulated other comprehensive income (loss)(14,062)2,100 — (11,962)
Net change in other comprehensive income (loss)(15,791)2,120 (8,992)(22,663)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2023$6,941 $(136,378)$(804,704)$(934,141)
Schedule of Consolidated Statement of Operations Line Items Affected by Reclassifications from Accumulated Other Comprehensive Income (Loss)
The following tables present the classification and amount of the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations:
For the Three Months Ended
September 30, 2024September 30, 2023Statements of Operations
Classification
(In thousands) 
Derivative Instruments:
(Loss) gain on foreign currency forward exchange and other contracts$(7,275)$5,784 Cost of sales
Tax effect11 17 Provision/benefit from income taxes
$(7,264)$5,801 Net income/loss
Employee Benefit Plans:
Amortization of prior service credit (a)$460 $472 Other non-operating income/expense, net
Recognized actuarial loss (a)(1,902)(1,410)Other non-operating income/expense, net
(1,442)(938)
Tax effect464 279 Provision/benefit from income taxes
$(978)$(659)Net income/loss
For the Nine Months Ended
September 30, 2024September 30, 2023Statements of Operations
Classification
(In thousands) 
Derivative Instruments:
Gain on foreign currency forward exchange and other contracts$7,023 $13,709 Cost of sales
Tax effect34 353 Provision/benefit from income taxes
$7,057 $14,062 Net income/loss
Employee Benefit Plans:
Amortization of prior service credit (a)$1,383 $1,416 Other non-operating income/expense, net
Recognized actuarial loss (a)(5,693)(4,229)Other non-operating income/expense, net
(4,310)(2,813)
Tax effect919 713 Provision/benefit from income taxes
$(3,391)$(2,100)Net income/loss
(a)The amortization of prior service credit and recognized actuarial loss are included in the computation of net periodic benefit cost. Refer to "Note 15 to the Consolidated Financial Statements—Employee Benefit Plans" for additional information regarding Mattel's net periodic benefit cost.
v3.24.3
Foreign Currency Transaction Exposure (Tables)
 9 Months Ended
Sep. 30, 2024
Foreign Currency [Abstract]  
Schedule of Currency Transaction Gains (Losses)
Currency transaction gains (losses) included in the consolidated statements of operations were as follows:
 For the Three Months Ended
 September 30,
2024		September 30,
2023		Statements of Operations Classification
 (In thousands)
Currency transaction (losses), net$(10,047)$(2,276)Operating income/expense
Currency transaction gains, net4,758 3,301 Other non-operating income/expense, net
Currency transaction (losses) gains, net$(5,289)$1,025 
 For the Nine Months Ended
 September 30,
2024		September 30,
2023		Statements of Operations Classification
 (In thousands)
Currency transaction (losses), net$(16,087)$(11,987)Operating income/expense
Currency transaction (losses) gains, net(226)5,390 Other non-operating income/expense, net
Currency transaction (losses), net$(16,313)$(6,597)
v3.24.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets and Liabilities
The following tables present Mattel's derivative assets and liabilities:
 Derivative Assets
 Balance Sheet ClassificationFair Value
September 30,
2024		September 30,
2023		December 31,
2023
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsPrepaid expenses and other current assets$2,196 $13,308 $2,198 
Foreign currency forward exchange and other contractsOther noncurrent assets34 747 52 
Total Derivatives Designated as Hedging Instruments$2,230 $14,055 $2,250 
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsPrepaid expenses and other current assets$1,251 $519 $578 
Total Derivatives Not Designated as Hedging Instruments$1,251 $519 $578 
$3,481 $14,574 $2,828 
 Derivative Liabilities
 Balance Sheet ClassificationFair Value
 September 30,
2024		September 30,
2023		December 31,
2023
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsAccrued liabilities$8,571 $1,997 $7,520 
Foreign currency forward exchange and other contractsOther noncurrent liabilities2,026 14 1,575 
Total Derivatives Designated as Hedging Instruments$10,597 $2,011 $9,095 
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsAccrued liabilities$608 $323 $449 
Foreign currency forward exchange and other contractsOther noncurrent liabilities— — 20 
Total Derivatives Not Designated as Hedging Instruments$608 $323 $469 
$11,205 $2,334 $9,564 
Schedule of Derivatives Designated as Hedging Instruments by Classification and Amount of Gains and Losses
The following tables present the classification and amount of gains and losses, net of tax, from derivatives reported in the consolidated statements of operations:
Derivatives Designated as Hedging Instruments
For the Three Months Ended
 September 30,
2024		September 30,
2023		Statements of
Operations
Classification
 (In thousands)
Foreign Currency Forward Exchange and Other Contracts:
Amount of (losses) gains recognized in OCI$(13,288)$7,521 
Amount of (losses) gains reclassified from accumulated OCI to the consolidated statements of operations(7,264)5,801 Cost of sales
Derivatives Designated as Hedging Instruments
For the Nine Months Ended
 September 30,
2024		September 30,
2023		Statements of
Operations
Classification
 (In thousands)
Foreign Currency Forward Exchange and Other Contracts:
Amount of gains (losses) recognized in OCI$9,764 $(1,729)
Amount of gains reclassified from accumulated OCI to the consolidated statements of operations7,057 14,062 Cost of sales
Schedule of Derivatives Not Designated as Hedging Instruments by Classification and Amount of Gains and Losses
The net gains reclassified from accumulated other comprehensive loss to the consolidated statements of operations during the three and nine months ended September 30, 2024 and 2023, respectively, were offset by changes in cash flows associated with the underlying hedged transactions.
 Derivatives Not Designated as Hedging Instruments
For the Three Months Ended
September 30,
2024		September 30,
2023		Statements of
Operations
Classification
 (In thousands)
Amount of Net Gains (Losses) Recognized in the Statements of Operations:
Foreign currency forward exchange and other contracts$1,845 $6,805 Other non-operating income/expense, net
 Derivatives Not Designated as Hedging Instruments
For the Nine Months Ended
September 30,
2024		September 30,
2023		Statements of
Operations
Classification
 (In thousands)
Amount of Net Gains (Losses) Recognized in the Statements of Operations:
Foreign currency forward exchange and other contracts$2,195 $25,083 Other non-operating income/expense, net
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities
The following tables present information about Mattel's financial assets and liabilities measured and reported in the financial statements at fair value on a recurring basis as of September 30, 2024, September 30, 2023, and December 31, 2023 and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. The three levels of the fair value hierarchy are as follows:
•Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
•Level 2 – Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
•Level 3 – Valuations based on inputs that are unobservable, supported by little or no market activity, and that are significant to the fair value of the assets or liabilities.
September 30, 2024
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $3,481 $— $3,481 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $11,205 $— $11,205 
September 30, 2023
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $14,574 $— $14,574 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $2,334 $— $2,334 
December 31, 2023
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $2,828 $— $2,828 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $9,564 $— $9,564 
(a)The fair value of the foreign currency forward exchange and other contracts was based on dealer quotes of market forward rates and reflects the amount that Mattel would receive or pay at their maturity dates for contracts involving the same notional amounts, currencies, and maturity dates.
v3.24.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
The following table reconciles basic and diluted earnings per common share for the three and nine months ended September 30, 2024 and 2023: 
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands, except per share amounts)
Basic:
Net income$372,376 $146,319 $400,955 $67,034 
Weighted-average number of common shares339,059 354,139 342,707 354,559 
Basic net income per common share$1.10 $0.41 $1.17 $0.19 
Diluted:
Net income$372,376 $146,319 $400,955 $67,034 
Weighted-average number of common shares339,059 354,139 342,707 354,559 
Dilutive share-based awards (a)2,157 3,335 2,673 3,418 
Weighted-average number of common and potential common shares341,216 357,474 345,380 357,977 
Diluted net income per common share$1.09 $0.41 $1.16 $0.19 
(a)For the three and nine months ended September 30, 2024, 6.9 million and 7.7 million share-based awards, respectively, were excluded from the calculation of diluted net income per common share because their effect would be antidilutive. For the three and nine months ended September 30, 2023, 6.5 million and 11.5 million share-based awards, respectively, were excluded from the calculation of diluted net income per common share because their effect would be antidilutive.
v3.24.3
Employee Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2024
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Cost (Credit)
The components of Mattel's net periodic benefit cost for defined benefit pension plans were as follows:
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Service cost$851 $848 $2,548 $2,548 
Interest cost5,059 5,234 15,142 15,670 
Expected return on plan assets(4,693)(5,103)(14,052)(15,280)
Amortization of prior service cost49 37 145 112 
Recognized actuarial loss1,950 1,467 5,836 4,399 
Net periodic benefit cost$3,216 $2,483 $9,619 $7,449 
The components of Mattel's net periodic benefit credit for postretirement benefit plans were as follows:
 For the Three Months EndedFor the Nine Months Ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Interest cost$45 $45 $135 $134 
Amortization of prior service credit(509)(509)(1,528)(1,528)
Recognized actuarial gain(48)(57)(143)(170)
Net periodic benefit credit$(512)$(521)$(1,536)$(1,564)
v3.24.3
Share-Based Payments (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Expense
Compensation expense, included within other selling and administrative expenses in the consolidated statements of operations, related to stock options, RSUs, and performance awards, was as follows:
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Stock option compensation expense$716 $1,077 $2,515 $5,673 
RSU compensation expense13,860 12,020 42,185 36,724 
Performance award compensation expense5,109 2,395 12,748 10,028 
$19,685 $15,492 $57,448 $52,425 
v3.24.3
Other Selling and Administrative Expenses (Tables)
 9 Months Ended
Sep. 30, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Selling and Administrative Expenses
Other selling and administrative expenses included the following:
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
(In thousands)
Design and development$46,842 $49,781 $141,871 $148,319 
Amortization of intangible assets7,863 9,584 23,503 28,570 
v3.24.3
Restructuring Charges (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Severance and Other Restructuring Costs
In connection with the OPG program, Mattel recorded severance and other restructuring costs in the following cost and expense categories within operating income in the consolidated statements of operations:
 For the Three Months EndedFor the Nine Months Ended
September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Cost of sales (a)$392 $— $3,016 $— 
Other selling and administrative expenses (b)26,769 25,274 44,743 25,274 
$27,161 $25,274 $47,759 $25,274 
(a)Severance and other restructuring charges recorded within cost of sales in the consolidated statements of operations are included in segment operating income in "Note 21 to the Consolidated Financial Statements—Segment Information."
(b)Severance and other restructuring charges recorded within other selling and administrative expenses in the consolidated statements of operations are included in corporate and other expense in "Note 21 to the Consolidated Financial Statements—Segment Information."
Schedule of Severance and Other Restructuring Charges Activity
The following tables summarize Mattel's severance and other restructuring charges activity within operating income related to the OPG program:
Liability at December 31, 2023 ChargesPayments/UtilizationLiability at
September 30, 2024
(In thousands)
Severance$25,096 $46,108 $(30,732)$40,472 
Other restructuring charges (a)— 1,651 (1,617)34 
$25,096 $47,759 $(32,349)$40,506 
Liability at December 31, 2022 ChargesPayments/UtilizationLiability at
September 30, 2023
(In thousands)
Severance$— $25,274 $— $25,274 
Other restructuring charges — — — — 
$— $25,274 $— $25,274 
(a)Other restructuring charges consist primarily of expenses associated with the consolidation of manufacturing facilities.
v3.24.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Revenues and Income from Segment
The following tables present information regarding Mattel's net sales, operating income, and assets by reportable segment. The corporate and other expense 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 generally 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 Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Net Sales by Segment
North America$1,108,288 $1,146,961 $2,192,555 $2,241,899 
International735,616 771,827 1,540,586 1,578,632 
Net sales$1,843,904 $1,918,788 $3,733,141 $3,820,531 
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Operating Income by Segment (a)
North America$412,425 $401,095 $622,342 $565,591 
International217,675 202,550 304,257 245,773 
630,100 603,645 926,599 811,364 
Corporate and other expense (b)
(141,759)(129,787)(390,569)(389,768)
Operating income488,341 473,858 536,030 421,596 
Interest expense29,371 30,716 89,415 92,486 
Interest (income)(9,787)(4,569)(39,466)(15,409)
Other non-operating (income) expense, net(2,924)(2,391)8,796 (5,976)
Income before income taxes$471,681 $450,102 $477,285 $350,495 
(a)Segment operating income included (i) severance and other restructuring charges of $0.4 million and $3.0 million for the three and nine months ended September 30, 2024, respectively, and $(0.1) million and $(1.3) million for the three and nine months ended September 30, 2023, respectively, which were allocated to the North America and International segments; and (ii) a loss on sale of assets of $1.8 million from the sale of a production facility for the three and nine months ended September 30, 2023, which was recorded in the International segment.
(b)Corporate and other expense included (i) severance and other restructuring charges of $27.1 million and $43.8 million for the three and nine months ended September 30, 2024, respectively, and $29.3 million and $63.0 million for the three and nine months ended September 30, 2023, respectively; and (ii) inclined sleeper product recall impact of $(11.7) million and $(5.8) million for the three and nine months ended September 30, 2024, respectively and $1.3 million and $9.0 million for the three and nine months ended September 30, 2023, respectively.
Schedule of Segment Assets
Segment assets are comprised of accounts receivable, net and inventories.
September 30,
2024		September 30,
2023		December 31,
2023
 (In thousands)
Assets by Segment
North America$1,160,846 $1,270,250 $845,113 
International952,726 1,024,549 735,236 
2,113,572 2,294,799 1,580,349 
Corporate and other100,974 66,769 73,087 
Accounts receivable, net and inventories$2,214,546 $2,361,568 $1,653,436 
Schedule of Revenues by Geographic Area
The following table presents information regarding Mattel's net sales by geographic area. Net sales are attributed to countries based on the location of the customer:
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
 (In thousands)
Net Sales by Geographic Area
North America$1,108,288 $1,146,961 $2,192,555 $2,241,899 
International
EMEA401,942 423,923 837,869 874,972 
Latin America240,563 262,071 454,811 475,648 
Asia Pacific93,111 85,833 247,906 228,012 
Total International735,616 771,827 1,540,586 1,578,632 
Net sales$1,843,904 $1,918,788 $3,733,141 $3,820,531 
v3.24.3
Accounts Receivable, Net (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Receivables [Abstract]      
Accounts receivable, allowances for credit losses $ 8.2 $ 8.8 $ 12.5
v3.24.3
Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Inventory Disclosure [Abstract]      
Raw materials and work in process $ 109,335 $ 92,902 $ 102,582
Finished goods 627,847 478,707 687,939
Inventories $ 737,182 $ 571,609 $ 790,521
v3.24.3
Property, Plant, and Equipment, Net - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross $ 1,942,212 $ 1,853,125 $ 1,844,121
Less: accumulated depreciation (1,428,443) (1,387,602) (1,386,919)
Property, plant, and equipment, net 513,769 465,523 457,202
Land      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 42,924 19,838 19,566
Buildings      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 357,969 313,750 311,030
Machinery and equipment      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 641,999 628,089 623,687
Software      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 234,928 233,224 232,995
Tools, dies, and molds      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 501,220 488,170 494,070
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 120,929 121,571 123,240
Construction in progress      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross $ 42,243 $ 48,483 $ 39,533
v3.24.3
Property, Plant, and Equipment, Net - Narrative (Details)
$ in Millions
 1 Months Ended
Jul. 31, 2024
USD ($)
ft²
Property, Plant and Equipment [Abstract]  
Payment to acquire building | $ $ 59
Area of real estate property | ft² 168,000
v3.24.3
Goodwill and Intangible Assets, Net - Narrative (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2024
USD ($)
unit
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Goodwill [Line Items]          
Finite-lived intangible assets $ 374,706,000 $ 397,821,000 $ 374,706,000 $ 397,821,000 $ 393,039,000
Intangible assets, accumulated amortization 435,100,000 396,800,000 435,100,000 396,800,000 $ 408,500,000
Impairment of amortizable intangible assets $ 0 $ 0 $ 0 $ 0  
International          
Goodwill [Line Items]          
Number of reporting units | unit     1    
v3.24.3
Goodwill and Intangible Assets, Net - Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 1,384,512
Currency Exchange Rate Impact 4,479
Goodwill, ending balance 1,388,991
North America  
Goodwill [Roll Forward]  
Goodwill, beginning balance 733,487
Currency Exchange Rate Impact 1,490
Goodwill, ending balance 734,977
American Girl  
Goodwill [Roll Forward]  
Goodwill, beginning balance 207,571
Currency Exchange Rate Impact 0
Goodwill, ending balance 207,571
International  
Goodwill [Roll Forward]  
Goodwill, beginning balance 443,454
Currency Exchange Rate Impact 2,989
Goodwill, ending balance $ 446,443
v3.24.3
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Payables and Accruals [Abstract]      
Incentive compensation $ 104,136 $ 143,091 $ 89,142
Royalties $ 80,141 $ 86,475 $ 74,801
Operating lease, liability, current, statement of financial position [extensible list] Accrued liabilities Accrued liabilities Accrued liabilities
Lease liabilities $ 74,871 $ 77,254 $ 76,021
Advertising and promotion $ 71,993 $ 102,217 $ 105,218
v3.24.3
Supplier Finance Program (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Payables and Accruals [Abstract]      
Outstanding payment obligation $ 112.3 $ 54.3 $ 90.5
v3.24.3
Seasonal Financing (Details)
Jul. 15, 2024
USD ($)
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2023
USD ($)
Sep. 15, 2022
USD ($)
Debt Instrument [Line Items]          
Other short-term borrowings   $ 0 $ 0 $ 0  
New Credit Agreement          
Debt Instrument [Line Items]          
Outstanding letters of credit   9,000,000      
Credit Agreement          
Debt Instrument [Line Items]          
Outstanding letters of credit     9,000,000 9,000,000  
Revolving Credit Facility          
Debt Instrument [Line Items]          
Outstanding borrowings   $ 0 $ 0 $ 0  
Revolving Credit Facility | New Credit Agreement          
Debt Instrument [Line Items]          
Aggregate commitment under the credit facility $ 1,400,000,000        
Covenant, interest coverage ratio, minimum 2.75        
Covenant, pro forma total leverage ratio, maximum 3.75        
Covenant, pro forma total leverage ratio for quarters ending Sept. 30, maximum 4.00        
Covenant, leverage ratio, maximum 4.25        
Revolving Credit Facility | New Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Interest rate margin for loans (as a percent) 0.875%        
Revolving Credit Facility | New Credit Agreement | Minimum | Base Rate          
Debt Instrument [Line Items]          
Interest rate margin for loans (as a percent) 0.00%        
Revolving Credit Facility | New Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR)          
Debt Instrument [Line Items]          
Interest rate margin for loans (as a percent) 1.375%        
Revolving Credit Facility | New Credit Agreement | Maximum | Base Rate          
Debt Instrument [Line Items]          
Interest rate margin for loans (as a percent) 0.375%        
Revolving Credit Facility | Credit Agreement          
Debt Instrument [Line Items]          
Aggregate commitment under the credit facility         $ 1,400,000,000
v3.24.3
Long-Term Debt - Long-Term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Debt Instrument [Line Items]      
Long-term debt $ 2,350,000 $ 2,350,000 $ 2,350,000
Debt issuance costs and debt discount (16,740) (20,014) (21,103)
Long-term debt, net 2,333,260 2,329,986 2,328,897
Less: current portion 0 0 0
Total long-term debt 2,333,260 2,329,986 2,328,897
Senior Notes | 2010 Senior Notes due October 2040      
Debt Instrument [Line Items]      
Long-term debt 250,000 250,000 250,000
Senior Notes | 2011 Senior Notes due November 2041      
Debt Instrument [Line Items]      
Long-term debt 300,000 300,000 300,000
Senior Notes | 2019 Senior Notes due December 2027      
Debt Instrument [Line Items]      
Long-term debt 600,000 600,000 600,000
Senior Notes | 2021 Senior Notes due April 2026      
Debt Instrument [Line Items]      
Long-term debt 600,000 600,000 600,000
Senior Notes | 2021 Senior Notes due April 2029      
Debt Instrument [Line Items]      
Long-term debt $ 600,000 $ 600,000 $ 600,000
v3.24.3
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance $ 1,973,133 $ 2,025,312 $ 2,149,213 $ 1,962,374 $ 1,937,661 $ 2,056,269 $ 2,149,213 $ 2,056,269
Other comprehensive income (loss) before reclassifications 11,170     (31,747)     (7,071) (10,701)
Amounts reclassified from accumulated other comprehensive income (loss) 8,242     (5,142)     (3,666) (11,962)
Other Comprehensive Income (Loss), Net of Tax 19,412 (19,384) (10,765) (36,889) (8,934) 23,160 (10,737) (22,663)
Ending balance 2,312,946 1,973,133 2,025,312 2,035,466 1,962,374 1,937,661 2,312,946 2,035,466
Total                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance (935,117) (915,733) (904,968) (897,252) (888,318) (911,478) (904,968) (911,478)
Other Comprehensive Income (Loss), Net of Tax 19,412 (19,384) (10,765) (36,889) (8,934) 23,160    
Ending balance (915,705) (935,117) (915,733) (934,141) (897,252) (888,318) (915,705) (934,141)
Derivative Instruments                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance 5,268   (3,463) 5,221   22,732 (3,463) 22,732
Other comprehensive income (loss) before reclassifications (13,288)     7,521     9,764 (1,729)
Amounts reclassified from accumulated other comprehensive income (loss) 7,264     (5,801)     (7,057) (14,062)
Other Comprehensive Income (Loss), Net of Tax (6,024)     1,720     2,707 (15,791)
Ending balance (756) 5,268   6,941 5,221   (756) 6,941
Employee Benefit Plans                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance (140,469)   (142,916) (137,042)   (138,498) (142,916) (138,498)
Other comprehensive income (loss) before reclassifications 16     5     50 20
Amounts reclassified from accumulated other comprehensive income (loss) 978     659     3,391 2,100
Other Comprehensive Income (Loss), Net of Tax 994     664     3,441 2,120
Ending balance (139,475) (140,469)   (136,378) (137,042)   (139,475) (136,378)
Currency Translation Adjustments                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance (799,916)   $ (758,589) (765,431)   $ (795,712) (758,589) (795,712)
Other comprehensive income (loss) before reclassifications 24,442     (39,273)     (16,885) (8,992)
Amounts reclassified from accumulated other comprehensive income (loss) 0     0     0 0
Other Comprehensive Income (Loss), Net of Tax 24,442     (39,273)     (16,885) (8,992)
Ending balance $ (775,474) $ (799,916)   $ (804,704) $ (765,431)   $ (775,474) $ (804,704)
v3.24.3
Accumulated Other Comprehensive Income (Loss) - Reclassification from AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]                
Provision/benefit from income taxes $ (106,350)     $ (309,342)     $ (94,756) $ (296,767)
Other non-operating income/expense, net 2,924     2,391     (8,796) 5,976
Income (loss) before income taxes 471,681     450,102     477,285 350,495
Net income (loss) 372,376 $ 56,860 $ (28,281) 146,319 $ 27,187 $ (106,471) 400,955 67,034
Derivative Instruments | Reclassification Out of Accumulated Other Comprehensive Income (Loss)                
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]                
Cost of sales (7,275)     5,784     7,023 13,709
Provision/benefit from income taxes 11     17     34 353
Net income (loss) (7,264)     5,801     7,057 14,062
Employee Benefit Plans | Reclassification Out of Accumulated Other Comprehensive Income (Loss)                
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]                
Provision/benefit from income taxes 464     279     919 713
Income (loss) before income taxes (1,442)     (938)     (4,310) (2,813)
Net income (loss) (978)     (659)     (3,391) (2,100)
Amortization of prior service credit | Reclassification Out of Accumulated Other Comprehensive Income (Loss)                
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]                
Other non-operating income/expense, net 460     472     1,383 1,416
Recognized actuarial loss | Reclassification Out of Accumulated Other Comprehensive Income (Loss)                
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]                
Other non-operating income/expense, net $ (1,902)     $ (1,410)     $ (5,693) $ (4,229)
v3.24.3
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Currency translation adjustments loss $ (19,412) $ 19,384 $ 10,765 $ 36,889 $ 8,934 $ (23,160) $ 10,737 $ 22,663
Currency Translation Adjustments                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Currency translation adjustments loss $ (24,442)     $ 39,273     $ 16,885 $ 8,992
v3.24.3
Foreign Currency Transaction Exposure (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Currency Transaction Gains (Losses) [Line Items]        
Currency transaction (losses) gains, net $ (5,289) $ 1,025 $ (16,313) $ (6,597)
Operating income/expense        
Currency Transaction Gains (Losses) [Line Items]        
Currency transaction (losses) gains, net (10,047) (2,276) (16,087) (11,987)
Other non-operating income/expense, net        
Currency Transaction Gains (Losses) [Line Items]        
Currency transaction (losses) gains, net $ 4,758 $ 3,301 $ (226) $ 5,390
v3.24.3
Derivative Instruments - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Foreign currency forward exchange and other contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Notional amount $ 748 $ 609 $ 636
Maximum      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Term of derivative contract (up to) 24 months    
v3.24.3
Derivative Instruments - Derivatives Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Derivatives, Fair Value [Line Items]      
Derivative Assets $ 3,481 $ 2,828 $ 14,574
Derivative Liabilities 11,205 9,564 2,334
Derivatives Designated as Hedging Instruments:      
Derivatives, Fair Value [Line Items]      
Derivative Assets 2,230 2,250 14,055
Derivative Liabilities 10,597 9,095 2,011
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Prepaid expenses and other current assets      
Derivatives, Fair Value [Line Items]      
Derivative Assets 2,196 2,198 13,308
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Other noncurrent assets      
Derivatives, Fair Value [Line Items]      
Derivative Assets 34 52 747
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Accrued liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities 8,571 7,520 1,997
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Other noncurrent liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities 2,026 1,575 14
Derivatives Not Designated as Hedging Instruments:      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities 608 469 323
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts      
Derivatives, Fair Value [Line Items]      
Derivative Assets 1,251 578 519
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Prepaid expenses and other current assets      
Derivatives, Fair Value [Line Items]      
Derivative Assets 1,251 578 519
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Accrued liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities 608 449 323
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Other noncurrent liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities $ 0 $ 20 $ 0
v3.24.3
Derivative Instruments - Derivatives Designated as Hedging Instruments by Classification and Amount of Gains and Losses (Details) - Foreign currency forward exchange and other contracts - Derivatives Designated as Hedging Instruments - Cost of sales - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of (losses) gains recognized in OCI $ (13,288) $ 7,521 $ 9,764 $ (1,729)
Amount of (losses) gains reclassified from accumulated OCI to the consolidated statements of operations $ (7,264) $ 5,801 $ 7,057 $ 14,062
v3.24.3
Derivative Instruments - Derivatives Not Designated as Hedging Instruments by Classification and Amount of Gains and Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Derivatives Not Designated as Hedging Instruments | Foreign currency forward exchange and other contracts | Other non-operating income/expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) recognized in the statements of operations $ 1,845 $ 6,805 $ 2,195 $ 25,083
v3.24.3
Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Assets:      
Foreign currency forward exchange and other contracts $ 3,481 $ 2,828 $ 14,574
Liabilities:      
Foreign currency forward exchange and other contracts 11,205 9,564 2,334
Level 1      
Assets:      
Foreign currency forward exchange and other contracts 0 0 0
Liabilities:      
Foreign currency forward exchange and other contracts 0 0 0
Level 2      
Assets:      
Foreign currency forward exchange and other contracts 3,481 2,828 14,574
Liabilities:      
Foreign currency forward exchange and other contracts 11,205 9,564 2,334
Level 3      
Assets:      
Foreign currency forward exchange and other contracts 0 0 0
Liabilities:      
Foreign currency forward exchange and other contracts $ 0 $ 0 $ 0
v3.24.3
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Fair Value Disclosures [Abstract]      
Estimated fair value of long-term debt $ 2,310 $ 2,230 $ 2,130
Carrying value of long-term debt $ 2,350 $ 2,350 $ 2,350
v3.24.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Basic:                
Net income $ 372,376 $ 56,860 $ (28,281) $ 146,319 $ 27,187 $ (106,471) $ 400,955 $ 67,034
Weighted-average number of common shares (in shares) 339,059     354,139     342,707 354,559
Basic net income per common share (USD per share) $ 1.10     $ 0.41     $ 1.17 $ 0.19
Diluted:                
Net income $ 372,376 $ 56,860 $ (28,281) $ 146,319 $ 27,187 $ (106,471) $ 400,955 $ 67,034
Weighted-average number of common shares (in shares) 339,059     354,139     342,707 354,559
Dilutive share-based awards (in shares) 2,157     3,335     2,673 3,418
Weighted-average number of common and potential common shares (in shares) 341,216     357,474     345,380 357,977
Diluted net income per common share (USD per share) $ 1.09     $ 0.41     $ 1.16 $ 0.19
Antidilutive securities excluded from calculation of diluted net income (in shares) 6,900     6,500     7,700 11,500
v3.24.3
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Pension Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 851 $ 848 $ 2,548 $ 2,548
Interest cost 5,059 5,234 15,142 15,670
Expected return on plan assets (4,693) (5,103) (14,052) (15,280)
Amortization of prior service cost (credit) 49 37 145 112
Recognized actuarial gain (loss) (1,950) (1,467) (5,836) (4,399)
Net periodic benefit cost (credit) 3,216 2,483 9,619 7,449
Postretirement Benefit Plans        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost 45 45 135 134
Amortization of prior service cost (credit) (509) (509) (1,528) (1,528)
Recognized actuarial gain (loss) 48 57 143 170
Net periodic benefit cost (credit) $ (512) $ (521) $ (1,536) $ (1,564)
v3.24.3
Employee Benefit Plans - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Retirement Benefits [Abstract]  
Cash contributions made during the period $ 14
Expected additional cash contributions $ 5
v3.24.3
Share-Based Payments - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands, shares in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Proceeds from stock option exercises   $ 6,184 $ 26,014
Stock Options, RSUs, and Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
General vesting period   3 years  
Total unrecognized compensation expense related to unvested share-based payments $ 139,000 $ 139,000  
Weighted-average period for unrecognized compensation expense expected to be recognized   2 years 6 months  
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
General vesting period 5 years    
Performance-based restricted stock units granted (in shares) 0.8 0.8  
Target value $ 15,000 $ 15,000  
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 100.00%    
Estimated grant-date fair value (in usd per share) $ 24.42    
Estimated grant-date fair value $ 19,200    
Performance Shares | Achievement of stock price hurdles      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
General vesting period 3 years    
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 50.00%    
Performance Shares | Based on relative TSR      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 50.00%    
Maximum | Stock Options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Period of stock option expiration from date of grant   10 years  
Maximum | Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage 200.00%    
v3.24.3
Share-Based Payments - Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 19,685 $ 15,492 $ 57,448 $ 52,425
Stock option compensation expense        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 716 1,077 2,515 5,673
RSU compensation expense        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 13,860 12,020 42,185 36,724
Performance Shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 5,109 $ 2,395 $ 12,748 $ 10,028
v3.24.3
Other Selling and Administrative Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Other Income and Expenses [Abstract]        
Design and development $ 46,842 $ 49,781 $ 141,871 $ 148,319
Amortization of intangible assets $ 7,863 $ 9,584 $ 23,503 $ 28,570
v3.24.3
Restructuring Charges - Severance and Other Restructuring Costs (Details) - Optimizing for Profitable Growth - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 27,161 $ 25,274 $ 47,759 $ 25,274
Cost of sales        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 392 0 3,016 0
Other selling and administrative expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 26,769 $ 25,274 $ 44,743 $ 25,274
v3.24.3
Restructuring Charges - Severance and Other Restructuring Charges Activity (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Optimizing for Profitable Growth        
Restructuring Reserve [Roll Forward]        
Remaining liability at beginning of period     $ 25,096 $ 0
Charges $ 27,161 $ 25,274 47,759 25,274
Payments/Utilization     (32,349) 0
Remaining liability at end of period 40,506 25,274 40,506 25,274
Severance        
Restructuring Reserve [Roll Forward]        
Charges   900   6,100
Severance | Optimizing for Profitable Growth        
Restructuring Reserve [Roll Forward]        
Remaining liability at beginning of period     25,096 0
Charges     46,108 25,274
Payments/Utilization     (30,732) 0
Remaining liability at end of period 40,472 25,274 40,472 25,274
Other restructuring charges | Optimizing for Profitable Growth        
Restructuring Reserve [Roll Forward]        
Remaining liability at beginning of period     0 0
Charges     1,651 0
Payments/Utilization     (1,617) 0
Remaining liability at end of period $ 34 $ 0 $ 34 $ 0
v3.24.3
Restructuring Charges - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   $ 900   $ 6,100
Optimizing for Profitable Growth        
Restructuring Cost and Reserve [Line Items]        
Severance and other restructuring charges incurred to date $ 73,000   $ 73,000  
Restructuring and related cost, cost incurred to date, non-cash charges 1,000   1,000  
Expected non-cash charges 5,000   5,000  
Restructuring charges 27,161 25,274 47,759 25,274
Optimizing for Profitable Growth | Other selling and administrative expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 26,769 25,274 44,743 25,274
Optimizing for Profitable Growth | Cost of sales        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 392 0 3,016 0
Optimizing for Profitable Growth | Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges     46,108 25,274
Optimizing for Profitable Growth | Minimum        
Restructuring Cost and Reserve [Line Items]        
Expected restructuring costs 130,000   130,000  
Optimizing for Profitable Growth | Maximum        
Restructuring Cost and Reserve [Line Items]        
Expected restructuring costs $ 165,000   $ 165,000  
Optimizing for Growth | Severance and other restructuring | Other selling and administrative expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   3,100   31,600
Optimizing for Growth | Severance and other restructuring | Cost of sales        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   $ (100)   $ (1,300)
v3.24.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Effective Income Tax Rate Reconciliation [Line Items]        
Income tax expense (benefit) from income taxes $ 106,350 $ 309,342 $ 94,756 $ 296,767
Discrete tax (benefit) expense (3,400) 200,700 (16,300) 201,000
Reasonably possible changes to unrecognized tax benefits related to settlement of tax audits and/or expiration of statutes of limitations within the next twelve months $ 14,600   $ 14,600  
Foreign Tax Authority        
Effective Income Tax Rate Reconciliation [Line Items]        
Foreign deferred tax assets, valuation allowance   $ 212,400   $ 212,400
v3.24.3
Contingencies (Details) - Sleeper
 1 Months Ended 9 Months Ended 66 Months Ended
Jun. 30, 2022
claim
Sep. 30, 2024
lawsuit
class
Sep. 30, 2024
lawsuit
plaintiff
Loss Contingencies [Line Items]      
Number of claims settled | claim 2    
Number of additional lawsuits pending | lawsuit   28 28
Number of plaintiffs | plaintiff     28
Minimum      
Loss Contingencies [Line Items]      
Number of consumer classes | class   10  
v3.24.3
Segment Information - Revenues and Income from Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Revenues $ 1,843,904 $ 1,918,788 $ 3,733,141 $ 3,820,531
Operating income 488,341 473,858 536,030 421,596
Interest expense 29,371 30,716 89,415 92,486
Interest (income) (9,787) (4,569) (39,466) (15,409)
Other non-operating (income) expense, net (2,924) (2,391) 8,796 (5,976)
Income Before Income Taxes 471,681 450,102 477,285 350,495
Operating Income by segment        
Segment Reporting Information [Line Items]        
Operating income 630,100 603,645 926,599 811,364
Restructuring charges 400 (100) 3,000 (1,300)
Loss on sale of assets   1,800   1,800
Operating Income by segment | North America        
Segment Reporting Information [Line Items]        
Revenues 1,108,288 1,146,961 2,192,555 2,241,899
Operating income 412,425 401,095 622,342 565,591
Operating Income by segment | International        
Segment Reporting Information [Line Items]        
Revenues 735,616 771,827 1,540,586 1,578,632
Operating income 217,675 202,550 304,257 245,773
Corporate and other expense        
Segment Reporting Information [Line Items]        
Operating income (141,759) (129,787) (390,569) (389,768)
Restructuring charges 27,100 29,300 43,800 63,000
Total product recall charges $ (11,700) $ 1,300 $ (5,800) $ 9,000
v3.24.3
Segment Information - Segment Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Sep. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories $ 2,214,546 $ 1,653,436 $ 2,361,568
Operating Segments      
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories 2,113,572 1,580,349 2,294,799
Operating Segments | North America      
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories 1,160,846 845,113 1,270,250
Operating Segments | International      
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories 952,726 735,236 1,024,549
Corporate and other      
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories $ 100,974 $ 73,087 $ 66,769
v3.24.3
Segment Information - Revenues by Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting Information [Line Items]        
Revenues $ 1,843,904 $ 1,918,788 $ 3,733,141 $ 3,820,531
Operating Segments | North America        
Segment Reporting Information [Line Items]        
Revenues 1,108,288 1,146,961 2,192,555 2,241,899
Operating Segments | North America | North America        
Segment Reporting Information [Line Items]        
Revenues 1,108,288 1,146,961 2,192,555 2,241,899
Operating Segments | International        
Segment Reporting Information [Line Items]        
Revenues 735,616 771,827 1,540,586 1,578,632
Operating Segments | International | EMEA        
Segment Reporting Information [Line Items]        
Revenues 401,942 423,923 837,869 874,972
Operating Segments | International | Latin America        
Segment Reporting Information [Line Items]        
Revenues 240,563 262,071 454,811 475,648
Operating Segments | International | Asia Pacific        
Segment Reporting Information [Line Items]        
Revenues $ 93,111 $ 85,833 $ 247,906 $ 228,012