MATTEL INC /DE/, 10-Q filed on 10/29/2025
Quarterly Report
v3.25.3
Cover - shares
shares in Millions
 9 Months Ended
Sep. 30, 2025
Oct. 17, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
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, $1.00 per share  
Trading Symbol MAT  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Small Business false  
Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   310.8
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0000063276  
Current Fiscal Year End Date --12-31  
v3.25.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Current Assets      
Cash and equivalents $ 691,893 $ 1,387,908 $ 723,532
Accounts receivable, net of allowances for credit losses of $8.4 million, $8.2 million, and $8.2 million, respectively 1,390,300 1,003,178 1,477,364
Inventories 826,582 501,732 737,182
Prepaid expenses and other current assets 246,888 234,099 242,302
Total current assets 3,155,663 3,126,917 3,180,380
Noncurrent Assets      
Property, plant, and equipment, net 542,432 516,049 513,769
Right-of-use assets, net 305,374 326,394 277,627
Goodwill 1,389,856 1,381,721 1,388,991
Deferred income tax assets 302,017 296,862 260,180
Identifiable intangible assets, net 344,668 360,563 374,706
Other noncurrent assets 553,420 535,578 518,080
Total Assets 6,593,430 6,544,084 6,513,733
Current Liabilities      
Current portion of long-term debt 599,249 0 0
Accounts payable 492,834 398,983 439,203
Accrued liabilities 829,745 878,710 803,204
Income taxes payable 52,814 38,030 56,212
Total current liabilities 1,974,642 1,315,723 1,298,619
Noncurrent Liabilities      
Long-term debt 1,738,375 2,334,351 2,333,260
Noncurrent lease liabilities 254,676 278,174 229,223
Other noncurrent liabilities 364,523 351,711 339,685
Total noncurrent liabilities 2,357,574 2,964,236 2,902,168
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 1,772,907 1,780,259 1,759,000
Treasury stock at cost: 130.5 million shares, 104.5 million shares, and 111.4 million shares, respectively (2,925,108) (2,566,929) (2,434,734)
Retained earnings 3,895,269 3,603,878 3,463,016
Accumulated other comprehensive loss (923,223) (994,452) (915,705)
Total stockholders' equity 2,261,214 2,264,125 2,312,946
Total Liabilities and Stockholders' Equity $ 6,593,430 $ 6,544,084 $ 6,513,733
v3.25.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Statement of Financial Position [Abstract]      
Accounts receivable, allowances for credit losses $ 8.4 $ 8.2 $ 8.2
Common stock, par value (USD per share) $ 1.00 $ 1.00 $ 1.00
Common stock, authorized (in shares) 1,000.0 1,000.0 1,000.0
Common stock, issued (in shares) 441.4 441.4 441.4
Treasury stock (in shares) 130.5 111.4 104.5
v3.25.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]                
Net Sales $ 1,735,972     $ 1,843,904     $ 3,581,163 $ 3,733,141
Cost of sales 867,720     864,908     1,785,864 1,834,539
Gross Profit 868,252     978,996     1,795,299 1,898,602
Advertising and promotion expenses 118,137     104,956     267,459 250,117
Other selling and administrative expenses 370,266     385,699     1,122,472 1,112,455
Operating Income 379,849     488,341     405,368 536,030
Interest expense 29,416     29,371     88,004 89,415
Interest (income) (9,027)     (9,787)     (37,344) (39,466)
Other non-operating expense (income), net 965     (2,924)     12,588 8,796
Income Before Income Taxes 358,495     471,681     342,120 477,285
Provision from income taxes 86,884     106,350     72,529 94,756
(Income) from equity method investments (6,747)     (7,045)     (21,799) (18,426)
Net Income $ 278,358 $ 53,352 $ (40,319) $ 372,376 $ 56,860 $ (28,281) $ 291,390 $ 400,955
Basic net income per common share (USD per share) $ 0.88     $ 1.10     $ 0.90 $ 1.17
Weighted-average number of common shares (in shares) 315,834     339,059     322,255 342,707
Diluted net income per common share (USD per share) $ 0.88     $ 1.09     $ 0.90 $ 1.16
Weighted-average number of common and potential common shares (in shares) 318,068     341,216     325,129 345,380
v3.25.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net Income $ 278,358 $ 372,376 $ 291,390 $ 400,955
Other Comprehensive (Loss) Income, Net of Tax        
Currency translation adjustments (9,893) 24,442 105,665 (16,885)
Employee benefit plan adjustments 1,407 994 3,977 3,441
Net unrealized gains (losses) on derivative instruments:        
Unrealized holding gains (losses) 3,332 (13,288) (50,530) 9,764
Reclassification adjustments included in net income (1,159) 7,264 12,117 (7,057)
Net unrealized gains (losses) on derivative instruments: 2,173 (6,024) (38,413) 2,707
Other Comprehensive (Loss) Income, Net of Tax (6,313) 19,412 71,229 (10,737)
Comprehensive Income $ 272,045 $ 391,788 $ 362,619 $ 390,218
v3.25.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash Flows From Operating Activities:    
Net income $ 291,390 $ 400,955
Adjustments to reconcile net income to net cash flows used for operating activities:    
Depreciation 102,395 101,682
Amortization of intangible assets 23,559 23,503
Share-based compensation 60,954 57,448
Inventory obsolescence 22,429 30,023
Deferred income taxes (2,968) 23,020
Income from equity method investments (21,799) (18,426)
Valuation allowance on foreign deferred tax assets 0 3,200
Content assets amortization 45,580 62,333
Changes in assets and liabilities:    
Accounts receivable, net (357,971) (408,662)
Inventories (306,377) (201,954)
Prepaid expenses and other current assets (22,365) (42,695)
Accounts payable, accrued liabilities, and income taxes payable 6,188 (32,262)
Content assets spend (13,388) (16,944)
Other, net (30,926) (42,804)
Net cash flows used for operating activities (203,299) (61,583)
Cash Flows From Investing Activities:    
Purchases of tools, dies, and molds (49,949) (48,337)
Purchases of other property, plant, and equipment (74,902) (108,598)
Proceeds from foreign currency forward exchange contracts, net 9,333 1,578
Other, net 18,013 3,617
Net cash flows used for investing activities (97,505) (151,740)
Cash Flows From Financing Activities:    
Share repurchases (412,474) (268,307)
Tax withholdings for share-based compensation (15,100) (17,375)
Proceeds from stock option exercises 5,546 6,184
Other, net (4,233) (34,730)
Net cash flows used for financing activities (426,261) (314,228)
Effect of Currency Exchange Rate Changes on Cash and Equivalents 31,050 (10,280)
Change in Cash and Equivalents (696,015) (537,831)
Cash and Equivalents at Beginning of Period 1,387,908 1,261,363
Cash and Equivalents at End of Period $ 691,893 $ 723,532
v3.25.3
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, 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 (loss) income (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 (loss) income 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 (loss) income 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 (loss) income 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)
Beginning balance at Dec. 31, 2024 2,264,125 441,369 1,780,259 (2,566,929) 3,603,878 (994,452)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (loss) income (40,319)       (40,319)  
Other comprehensive income (loss), net of tax 47,865         47,865
Share repurchases (161,440)     (161,440)    
Issuance of treasury stock for stock option exercises 1,668   (1,151) 2,819    
Issuance of treasury stock for restricted stock units vesting (2,223)   (6,535) 4,312    
Deferred compensation 0   (73) 73    
Share-based compensation 19,904   19,904      
Ending balance at Mar. 31, 2025 2,129,580 441,369 1,792,404 (2,721,165) 3,563,559 (946,587)
Beginning balance at Dec. 31, 2024 2,264,125 441,369 1,780,259 (2,566,929) 3,603,878 (994,452)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (loss) income 291,390          
Other comprehensive income (loss), net of tax 71,229          
Ending balance at Sep. 30, 2025 2,261,214 441,369 1,772,907 (2,925,108) 3,895,269 (923,223)
Beginning balance at Mar. 31, 2025 2,129,580 441,369 1,792,404 (2,721,165) 3,563,559 (946,587)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (loss) income 53,352       53,352  
Other comprehensive income (loss), net of tax 29,677         29,677
Share repurchases (50,462)     (50,462)    
Issuance of treasury stock for stock option exercises 3,099   (3,292) 6,391    
Issuance of treasury stock for restricted stock units vesting (12,402)   (51,100) 38,698    
Deferred compensation 295   (61) 356    
Share-based compensation 18,720   18,720      
Ending balance at Jun. 30, 2025 2,171,859 441,369 1,756,671 (2,726,182) 3,616,911 (916,910)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (loss) income 278,358       278,358  
Other comprehensive income (loss), net of tax (6,313)         (6,313)
Share repurchases (204,406)     (204,406)    
Issuance of treasury stock for stock option exercises 779   (425) 1,204    
Issuance of treasury stock for restricted stock units vesting (1,395)   (5,579) 4,184    
Deferred compensation 2   (90) 92    
Share-based compensation 22,330   22,330      
Ending balance at Sep. 30, 2025 $ 2,261,214 $ 441,369 $ 1,772,907 $ (2,925,108) $ 3,895,269 $ (923,223)
v3.25.3
Basis of Presentation
 9 Months Ended
Sep. 30, 2025
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 ("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, 2024 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 2024 Annual Report on Form 10-K.
v3.25.3
Accounts Receivable, Net
 9 Months Ended
Sep. 30, 2025
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, accounts receivable aging, and customer disputes that may impact the level of future credit losses. Accounts receivable were net of allowances for credit losses of $8.4 million, $8.2 million, and $8.2 million as of September 30, 2025, September 30, 2024, and December 31, 2024, respectively.
v3.25.3
Inventories
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories included the following:
September 30,
2025		September 30,
2024		December 31,
2024
 (In thousands)
Raw materials and work in process$99,289 $109,335 $94,755 
Finished goods727,293 627,847 406,977 
$826,582 $737,182 $501,732 
v3.25.3
Property, Plant, and Equipment, Net
 9 Months Ended
Sep. 30, 2025
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,
2025		September 30,
2024		December 31,
2024
 (In thousands)
Land$48,480 $42,924 $42,584 
Buildings374,028 357,969 350,920 
Machinery and equipment627,455 641,999 605,311 
Software235,394 234,928 234,699 
Tools, dies, and molds481,774 501,220 476,551 
Leasehold improvements110,028 120,929 107,139 
Construction in progress73,938 42,243 62,130 
1,951,097 1,942,212 1,879,334 
Less: accumulated depreciation(1,408,665)(1,428,443)(1,363,285)
$542,432 $513,769 $516,049 
v3.25.3
Goodwill and Identifiable Intangible Assets, Net
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Identifiable Intangible Assets, Net Goodwill and Identifiable Intangible Assets, Net
Goodwill
Mattel's reporting units are (i) North America, which consists of the United States and Canada, (ii) International, and (iii) American Girl. Goodwill related to the American Girl reporting unit is included in the North America operating segment. Mattel's reportable segments are: (i) North America and (ii) International. Certain components of the operating segments have been aggregated into a single reporting unit as 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, 2025, 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, estimates, 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, 2025 is shown below. Goodwill is allocated to Mattel's reporting units based on the reporting units that are expected to receive the related benefits of the business combination at the acquisition date, thereby causing foreign currency translation impact.
 December 31,
2024		Currency
Exchange Rate
Impact		September 30,
2025
(In thousands)
North America$732,995 $2,145 $735,140 
International441,155 5,990 447,145 
American Girl207,571 — 207,571 
$1,381,721 $8,135 $1,389,856 
Identifiable Intangible Assets, Net
Mattel's identifiable intangible assets, net consisted of the following:
September 30,
2025		September 30,
2024		December 31,
2024
(In thousands)
Identifiable intangible assets$811,224 $809,851 $798,655 
Less: accumulated amortization(466,556)(435,145)(438,092)
$344,668 $374,706 $360,563 
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 intangible asset may not be recoverable. Mattel's amortizable intangible assets were not impaired during the three and nine months ended September 30, 2025 and 2024.
v3.25.3
Accrued Liabilities
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities included the following:
September 30,
2025		September 30,
2024		December 31,
2024
 (In thousands)
Royalties$87,099 $80,141 $80,754 
Lease liabilities82,479 74,871 74,755 
Advertising and promotion74,188 71,993 120,290 
Incentive compensation61,944 104,136 157,699 
v3.25.3
Supplier Finance Program
 9 Months Ended
Sep. 30, 2025
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, 2025, September 30, 2024, and December 31, 2024 were $163.6 million, $112.3 million, and $69.2 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.
v3.25.3
Seasonal Financing
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Seasonal Financing Seasonal Financing
On July 15, 2024, Mattel entered into a revolving credit agreement (the "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 "Credit Facility"). The Credit Facility matures on July 15, 2029. In connection with the Credit Facility, Mattel terminated the commitments and satisfied all outstanding obligations under Mattel's prior revolving 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.
Borrowings under the Credit Facility 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 Credit Agreement), plus an applicable margin ranging from 0.875% to 1.375% per annum, or (b) Base Rate (as defined in the 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 amount under the Credit Facility, Mattel is required to pay (i) an unused line fee per annum of the average daily unused portion of the 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 Credit Agreement contains customary covenants, including, but not limited to, (a) 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 and (b) the requirement that the obligations of Mattel under the Credit Facility be guaranteed by any existing or future direct or indirect domestic subsidiary of Mattel that guarantees other indebtedness of Mattel in an aggregate principal or committed amount in excess of $50 million, subject to certain customary exceptions. As of September 30, 2025, no subsidiaries of Mattel were required to guarantee the Credit Facility.
The 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.
As of September 30, 2025, Mattel was in compliance with all covenants contained in the Credit Agreement. Mattel had no borrowings outstanding under the Credit Facility and no other short-term borrowings outstanding as of September 30, 2025, September 30, 2024, and December 31, 2024. Outstanding letters of credit under the Credit Facility totaled approximately $9 million as of September 30, 2025, September 30, 2024, and December 31, 2024.
The 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 Credit Facility. If Mattel were to default under the terms of the Credit Facility, its ability to meet its seasonal financing requirements could be adversely affected.
v3.25.3
Long-Term Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt included the following:
September 30,
2025		September 30,
2024		December 31,
2024
 (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(12,376)(16,740)(15,649)
2,337,624 2,333,260 2,334,351 
Less: current portion(599,249)— — 
Total long-term debt$1,738,375 $2,333,260 $2,334,351 
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 future guarantors. The 2019 and 2021 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 2024, Fitch changed Mattel's credit rating from BB+ to BBB- with a stable outlook, S&P changed Mattel's credit rating from BBB- to BBB with a stable outlook, and Moody's maintained Mattel's credit rating of Baa3 with a stable outlook. As a result of the current credit ratings and no events of default, the covenants in the 2019 and 2021 indentures limiting Mattel's ability to incur additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of its 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 its assets and designate future guarantors, 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.
Mattel's 2010 Senior Notes due 2040 and 2011 Senior Notes due 2041 were issued pursuant to an indenture dated September 23, 2010. That indenture contains covenants that limit Mattel’s and its subsidiaries’ ability to, among other things, create liens, enter into certain sale/leaseback transactions and merge or consolidate, or sell, transfer or otherwise dispose of substantially all of their assets.
v3.25.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2025
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, 2025
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2025$(26,279)$(137,093)$(753,538)$(916,910)
Other comprehensive income (loss) before reclassifications3,332 29 (9,893)(6,532)
Amounts reclassified from accumulated other comprehensive income (loss)(1,159)1,378 — 219 
Net change in other comprehensive income (loss)2,173 1,407 (9,893)(6,313)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2025$(24,106)$(135,686)$(763,431)$(923,223)
For the Nine Months Ended September 30, 2025
Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
(In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2024$14,307 $(139,663)$(869,096)$(994,452)
Other comprehensive income (loss) before reclassifications(50,530)92 105,665 55,227 
Amounts reclassified from accumulated other comprehensive income (loss)12,117 3,885 — 16,002 
Net change in other comprehensive income (loss)(38,413)3,977 105,665 71,229 
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2025$(24,106)$(135,686)$(763,431)$(923,223)
 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)
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, 2025September 30, 2024Statements of Operations
Classification
(In thousands) 
Derivative Instruments:
Gain (loss) on foreign currency forward exchange and other contracts$1,217 $(7,275)Cost of sales
Tax effect(58)11 Provision/benefit from income taxes
$1,159 $(7,264)Net income/loss
Employee Benefit Plans:
Amortization of prior service credit (a)$449 $460 Other non-operating income/expense, net
Recognized actuarial loss (a)(2,100)(1,902)Other non-operating income/expense, net
(1,651)(1,442)
Tax effect273 464 Provision/benefit from income taxes
$(1,378)$(978)Net income/loss
For the Nine Months Ended
September 30, 2025September 30, 2024Statements of Operations
Classification
(In thousands)
Derivative Instruments:
(Loss) gain on foreign currency forward exchange and other contracts$(12,098)$7,023 Cost of sales
Tax effect(19)34 Provision/benefit from income taxes
$(12,117)$7,057 Net income/loss
Employee Benefit Plans:
Amortization of prior service credit (a)$1,349 $1,383 Other non-operating income/expense, net
Recognized actuarial loss (a)(6,294)(5,693)Other non-operating income/expense, net
(4,945)(4,310)
Tax effect1,060 919 Provision/benefit from income taxes
$(3,885)$(3,391)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, 2025, currency translation adjustments resulted in a net gain of $105.7 million, primarily due to the strengthening of the Russian ruble, Mexican peso, and British pound sterling against the U.S. dollar.
During the nine months ended September 30, 2024, currency translation adjustments resulted in a net loss of $16.9 million, primarily due to the weakening of the Mexican peso and Brazilian real against the U.S. dollar, partially offset by the strengthening of the British pound sterling against the U.S. dollar.
v3.25.3
Foreign Currency Transaction Exposure
 9 Months Ended
Sep. 30, 2025
Foreign Currency [Abstract]  
Foreign Currency Transaction Exposure Foreign Currency Transaction Exposure
Currency transaction gains (losses) included in the consolidated statements of operations were as follows:
 For the Three Months Ended
 September 30,
2025		September 30,
2024		Statements of Operations Classification
 (In thousands)
Currency transaction (losses), net$(4,128)$(10,047)Operating income/expense
Currency transaction gains, net72 4,758 Other non-operating income/expense, net
Currency transaction (losses), net$(4,056)$(5,289)
For the Nine Months Ended
September 30,
2025		September 30,
2024		Statements of Operations Classification
(In thousands)
Currency transaction (losses), net$(1,473)$(16,087)Operating income/expense
Currency transaction (losses), net(8,333)(226)Other non-operating income/expense, net
Currency transaction (losses), net$(9,806)$(16,313)
v3.25.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2025
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, 2025, September 30, 2024, and December 31, 2024, Mattel held foreign currency forward exchange contracts and other commodity derivative instruments, with notional amounts of approximately $840 million, $748 million, and $628 million, respectively.
The following tables present Mattel's derivative assets and liabilities:
 Derivative Assets
 Balance Sheet ClassificationFair Value
September 30,
2025		September 30,
2024		December 31,
2024
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsPrepaid expenses and other current assets$1,802 $2,196 $17,290 
Foreign currency forward exchange and other contractsOther noncurrent assets65 34 2,775 
Total Derivatives Designated as Hedging Instruments$1,867 $2,230 $20,065 
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsPrepaid expenses and other current assets$1,030 $1,251 $1,966 
Total Derivatives Not Designated as Hedging Instruments$1,030 $1,251 $1,966 
$2,897 $3,481 $22,031 
 Derivative Liabilities
 Balance Sheet ClassificationFair Value
 September 30,
2025		September 30,
2024		December 31,
2024
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsAccrued liabilities$20,735 $8,571 $1,370 
Foreign currency forward exchange and other contractsOther noncurrent liabilities4,129 2,026 65 
Total Derivatives Designated as Hedging Instruments$24,864 $10,597 $1,435 
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsAccrued liabilities$1,254 $608 $902 
Total Derivatives Not Designated as Hedging Instruments$1,254 $608 $902 
$26,118 $11,205 $2,337 
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,
2025		September 30,
2024		Statements of
Operations
Classification
 (In thousands)
Foreign Currency Forward Exchange and Other Contracts:
Amount of gains (losses) recognized in OCI$3,332 $(13,288)
Amount of gains (losses) reclassified from accumulated OCI to the consolidated statements of operations1,159 (7,264)Cost of sales
Derivatives Designated as Hedging Instruments
For the Nine Months Ended
September 30,
2025		September 30,
2024		Statements of
Operations
Classification
(In thousands)
Foreign Currency Forward Exchange and Other Contracts:
Amount of (losses) gains recognized in OCI$(50,530)$9,764 
Amount of (losses) gains reclassified from accumulated OCI to consolidated statements of operations(12,117)7,057 Cost of sales
The net (losses) gains reclassified from accumulated other comprehensive loss to the consolidated statements of operations during the three and nine months ended September 30, 2025 and 2024 were offset by changes in cash flows associated with the underlying hedged transactions.
Derivatives Not Designated as Hedging Instruments
For the Three Months Ended
September 30,
2025		September 30,
2024		Statements of Operations
Classification
(In thousands)
Amount of Net (Losses) Gains Recognized in the Statements of Operations:
Foreign currency forward exchange and other contracts$(172)$1,845 Other non-operating income/expense, net
 Derivatives Not Designated as Hedging Instruments
For the Nine Months Ended
September 30,
2025		September 30,
2024		Statements of
Operations
Classification
 (In thousands)
Amount of Net Gains Recognized in the Statements of Operations:
Foreign currency forward exchange and other contracts$8,046 $2,195 Other non-operating income/expense, net
The net gains and losses recognized in the consolidated statements of operations during the three and nine months ended September 30, 2025 and September 30, 2024, respectively, were offset by foreign currency transaction gains and losses on the related derivative balances.
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present information about Mattel's financial assets and liabilities measured and reported in the financial statements at fair value on a recurring basis as of September 30, 2025, September 30, 2024, and December 31, 2024 and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. The three levels of the fair value hierarchy are as follows:
•Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
•Level 2 – Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
•Level 3 – Valuations based on inputs that are unobservable, supported by little or no market activity, and that are significant to the fair value of the assets or liabilities.
September 30, 2025
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $2,897 $— $2,897 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $26,118 $— $26,118 
September 30, 2024
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $3,481 $— $3,481 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $11,205 $— $11,205 
December 31, 2024
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $22,031 $— $22,031 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $2,337 $— $2,337 
(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, 2025, $2.31 billion (compared to a carrying amount of $2.35 billion) as of September 30, 2024, and $2.27 billion (compared to a carrying amount of $2.35 billion) as of December 31, 2024. 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.
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024: 
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands, except per share amounts)
Basic:
Net income$278,358 $372,376 $291,390 $400,955 
Weighted-average number of common shares315,834 339,059 322,255 342,707 
Basic net income per common share$0.88 $1.10 $0.90 $1.17 
Diluted:
Net income$278,358 $372,376 $291,390 $400,955 
Weighted-average number of common shares315,834 339,059 322,255 342,707 
Dilutive share-based awards (a)2,234 2,157 2,874 2,673 
Weighted-average number of common and potential common shares318,068 341,216 325,129 345,380 
Diluted net income per common share$0.88 $1.09 $0.90 $1.16 
(a)For the three and nine months ended September 30, 2025, share-based awards totaling 5.3 million and 6.3 million, 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, 2024, share-based awards totaling 6.9 million and 7.7 million, respectively, were excluded from the calculation of diluted net income per common share because their effect would be antidilutive.
v3.25.3
Employee Benefit Plans
 9 Months Ended
Sep. 30, 2025
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 2024 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,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands)
Service cost$872 $851 $2,543 $2,548 
Interest cost5,189 5,059 15,379 15,142 
Expected return on plan assets(4,422)(4,693)(13,177)(14,052)
Amortization of prior service cost50 49 149 145 
Recognized actuarial loss2,173 1,950 6,513 5,836 
Net periodic benefit cost$3,862 $3,216 $11,407 $9,619 
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,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands)
Interest cost$36 $45 $108 $135 
Amortization of prior service credit(499)(509)(1,498)(1,528)
Recognized actuarial gain(73)(48)(219)(143)
Net periodic benefit credit$(536)$(512)$(1,609)$(1,536)
Mattel's service cost component is recorded within operating income while other components of net periodic benefit costs for defined benefit pension and postretirement benefit plans are recorded within other non-operating (income) expense, net.
During the nine months ended September 30, 2025, Mattel made cash contributions totaling approximately $18 million related to its defined benefit pension and postretirement benefit plans. During the remainder of 2025, Mattel expects to make additional cash contributions of approximately $5 million.
v3.25.3
Share-Based Payments
 9 Months Ended
Sep. 30, 2025
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 2024 Annual Report on Form 10-K. Under the Mattel, Inc. Amended and Restated 2010 Equity and Long-Term Compensation 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 related to Mattel's long-term incentive program generally provide for vesting over, or at the end of, a period of three years from the grant date.
On May 21, 2025, annual performance awards were granted to officers and key employees of Mattel under the Long-Term Incentive Program ("LTIP") for 2025-2027. Under the 2025-2027 LTIP, shares of Mattel's common stock may be earned based on Mattel’s relative Total Shareholder Return ("relative TSR") over the three-year performance measurement period. Performance awards previously granted under Mattel’s LTIP during the nine months ended September 30, 2025 and 2024, may be earned based on Mattel's performance against three-year cumulative Adjusted Free Cash Flow targets, with the final payout subject to modification based on Mattel's relative TSR over the same periods. The actual number of shares earned under both the 2025-2027 LTIP and prior LTIP awards may range from 0% to 200% of the target award, depending on performance against the applicable metrics.
On September 30, 2024, a one-time retention performance award was granted to Ynon Kreiz, Mattel's Chief Executive Officer, which vests over a period of five years from the grant date, subject to potential acceleration upon certain qualifying terminations of employment.
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,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands)
Stock option compensation expense$400 $716 $1,431 $2,515 
RSU compensation expense14,901 13,860 43,370 42,185 
Performance award compensation expense7,029 5,109 16,153 12,748 
$22,330 $19,685 $60,954 $57,448 
As of September 30, 2025, total unrecognized compensation expense related to unvested share-based payments totaled $136.4 million and is expected to be recognized over a weighted-average period of 2.3 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 $5.5 million and $6.2 million for the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
Other Selling and Administrative Expenses
 9 Months Ended
Sep. 30, 2025
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,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(In thousands)
Design and development$54,528 $46,842 $150,706 $141,871 
Identifiable intangible asset amortization7,906 7,863 23,559 23,503 
v3.25.3
Restructuring Charges
 9 Months Ended
Sep. 30, 2025
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,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands)
Cost of sales (a)$2,432 $392 $6,123 $3,016 
Other selling and administrative expenses (b)307 26,769 19,799 44,743 
$2,739 $27,161 $25,922 $47,759 
(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, 2024 ChargesPayments/UtilizationLiability at
September 30, 2025
(In thousands)
Severance$32,661 $17,551 $(34,902)$15,310 
Other restructuring charges (a)10 8,371 (8,302)79 
$32,671 $25,922 $(43,204)$15,389 
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 
(a)Other restructuring charges consist primarily of expenses associated with the consolidation of manufacturing and distribution facilities.
As of September 30, 2025, in connection with the OPG program, Mattel recorded cumulative severance and other restructuring charges of approximately $100 million, which included approximately $5 million of non-cash charges. Total expected cash expenditures are approximately $115 to $140 million and total non-cash charges are expected to be up to $5 million.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Mattel's provision for income taxes was $86.9 million and $72.5 million for the three and nine months ended September 30, 2025, respectively, and $106.4 million and $94.8 million for the three and nine months ended September 30, 2024, respectively. Mattel recognized a net discrete income tax benefit of $2.3 million during the three months ended September 30, 2025. Mattel recognized a net discrete income tax benefit of $12.6 million during the nine months ended September 30, 2025, primarily related to a change of its indefinite reinvestment assertion with respect to certain foreign subsidiary earnings. Mattel recognized a net discrete income tax benefit of $3.4 million during the three months ended September 30, 2024, primarily related to previously unrecognized tax benefits, 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 tax elections filed to amortize certain intangible assets transferred as part of Mattel's intra-group intellectual property rights transfer and previously unrecognized tax benefits.
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. For the three and nine months ended September 30, 2025 and 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 $15.7 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.
On July 4, 2025, H.R.1- the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. The OBBBA contains significant provisions, including the permanent extension or restoration of certain expiring corporate income tax provisions, originally introduced by the Tax Cuts and Jobs Act of 2017, and incremental modifications to the international tax framework. The legislation has multiple effective dates, with certain provisions effective for the tax year beginning after December 31, 2024, and others effective for tax years beginning after December 31, 2025. Mattel has evaluated the OBBBA provisions enacted during the quarter and has included the related impact in the provision for income taxes for the three months ended September 30, 2025, which was not material. Mattel will continue to assess the potential future tax implications of this legislation and monitor future developments, including regulatory guidance and interpretations as they become available.
v3.25.3
Contingencies
 9 Months Ended
Sep. 30, 2025
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 litigation.
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, 2025, 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 were filed between April 2019 and October 2019 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 alleged 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 proposed 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 were 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 July 2024, the parties filed a settlement agreement with the court to resolve this litigation. In August 2024, the court preliminarily approved, and Mattel paid, the settlement amount, which was not material. In February 2025, the court granted final approval of the settlement.
Twelve products liability 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 twelve children. More than fifty lawsuits have been settled and/or dismissed. As of September 30, 2025, Mattel assessed its probable loss related to these matters and has accrued estimated liabilities where appropriate, which are not material. 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 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 included 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 reached a settlement in principle of this litigation, which was approved by the court in April 2025. During the second quarter of 2025, Mattel received its portion of the settlement, which was not material.
The lawsuits seek compensatory damages, punitive damages, statutory damages, restitution, disgorgement, attorneys' fees, costs, interest, declaratory relief, and/or injunctive relief. As noted above, Mattel has reached settlements in some of these lawsuits, and in the ongoing cases, Mattel believes that it has substantial defenses to the allegations made and intends to vigorously defend against them.
Insurance Litigation
On January 6, 2023, Mattel, Inc. and Fisher-Price, Inc. filed a lawsuit against their products liability insurers in the Superior Court of the State of Delaware seeking a declaratory judgment regarding the obligations of the insurers to defend and indemnify Mattel for the Sleeper products liability lawsuits. On March 28, 2025 and June 2, 2025, the court issued summary judgment rulings which determined, among other things, that the Sleeper products liability claims constitute a single occurrence under Mattel’s insurance policies, and that each claim is allocated to the policy year in which the incident occurred. As of September 30, 2025, 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 Snuga Swings
A number of putative class action lawsuits were filed against Fisher-Price, Inc. and Mattel, Inc. between October 2024 and February 2025 asserting 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 the Swings. The lawsuits have been consolidated before a single judge in the United States District Court for the Western District of New York. In May 2025, the parties reached a contingent settlement of the litigation, which is subject to court approval.
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, to the extent the settlement is not finalized or approved, intends to vigorously defend against them. As of September 30, 2025, Mattel assessed its probable loss related to this matter and has accrued an estimated liability, which is not material.
v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
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
Mattel's reportable segments are (i) North America and (ii) International. 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 sold only in North America.
Mattel's reportable segments are aligned to the structure used by its Chief Executive Officer, who is also the Chief Operating Decision Maker ("CODM"), to allocate resources and assess performance. Mattel's CODM evaluates segment performance based on each segment's gross profit and operating income. The CODM also uses these metrics in the annual budgeting and quarterly forecasting process to inform decisions about allocating capital and other resources to each segment.
The following tables present information regarding Mattel's statement of operations information by segment. The corporate and other 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 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 Ended September 30, 2025
North AmericaInternationalTotal Reportable SegmentsCorporate
and other		Consolidated
(In thousands)
Net Sales$978,091 $757,881 $1,735,972 $— $1,735,972 
Cost of sales (a)487,483 375,809 863,292 4,428 867,720 
Gross Profit490,608 382,072 872,680 (4,428)868,252 
Advertising and promotion expenses55,263 62,874 118,137 — 118,137 
Other selling and administrative expenses (b)120,147 110,590 230,737 139,529 370,266 
Operating Income315,198 208,608 523,806 (143,957)379,849 
Interest expense29,416 29,416 
Interest (income)(9,027)(9,027)
Other non-operating expense, net965 965 
Income Before Income Taxes$358,495 
(a)Cost of sales included severance and other restructuring charges of approximately $2 million which was allocated to the North America and International segments.
(b)Other selling and administrative expenses included severance and other restructuring charges, the impact of inclined sleeper product recall litigation, incentive compensation, and share-based compensation of approximately $1 million, $5 million, $8 million, and $22 million, respectively, which were recorded in corporate and other.
 For the Nine Months Ended September 30, 2025
North AmericaInternationalTotal Reportable SegmentsCorporate
and other		Consolidated
(In thousands)
Net Sales$1,980,252 $1,600,911 $3,581,163 $— $3,581,163 
Cost of sales (a)1,009,492 796,365 1,805,857 (19,993)1,785,864 
Gross Profit970,760 804,546 1,775,306 19,993 1,795,299 
Advertising and promotion expenses128,791 138,668 267,459 — 267,459 
Other selling and administrative expenses (b)349,888 319,020 668,908 453,564 1,122,472 
Operating Income492,081 346,858 838,939 (433,571)405,368 
Interest expense88,004 88,004 
Interest (income)(37,344)(37,344)
Other non-operating expense, net12,588 12,588 
Income Before Income Taxes$342,120 
(a)Cost of sales included severance and other restructuring charges of approximately $6 million which was allocated to the North America and International segments.
(b)Other selling and administrative expenses included severance and other restructuring charges, the impact of inclined sleeper product recall litigation, incentive compensation, and share-based compensation of approximately $24 million, $24 million, $51 million, and $61 million, respectively, which were recorded in corporate and other.
 For the Three Months Ended September 30, 2024
North AmericaInternationalTotal Reportable SegmentsCorporate
and other		Consolidated
(In thousands)
Net Sales$1,108,288 $735,616 $1,843,904 $— $1,843,904 
Cost of sales (a)534,821 355,598 890,419 (25,511)864,908 
Gross Profit573,467 380,018 953,485 25,511 978,996 
Advertising and promotion expenses44,490 60,466 104,956 — 104,956 
Other selling and administrative expenses (b)116,552 101,877 218,429 167,270 385,699 
Operating Income412,425 217,675 630,100 (141,759)488,341 
Interest expense29,371 29,371 
Interest (income)(9,787)(9,787)
Other non-operating (income), net(2,924)(2,924)
Income Before Income Taxes$471,681 
(a)Cost of sales included severance and other restructuring charges of approximately $1 million which was allocated to the North America and International segments.
(b)Other selling and administrative expenses included severance and other restructuring charges, the impact of inclined sleeper product recall litigation, incentive compensation, and share-based compensation of approximately $27 million, $(12) million, $41 million, and $20 million, respectively, which were recorded in corporate and other.
 For the Nine Months Ended September 30, 2024
North AmericaInternationalTotal Reportable SegmentsCorporate
and other		Consolidated
(In thousands)
Net Sales$2,192,555 $1,540,586 $3,733,141 $— $3,733,141 
Cost of sales (a)1,111,739 787,534 1,899,273 (64,734)1,834,539 
Gross Profit1,080,816 753,052 1,833,868 64,734 1,898,602 
Advertising and promotion expenses111,182 138,935 250,117 — 250,117 
Other selling and administrative expenses (b)347,292 309,860 657,152 455,303 1,112,455 
Operating Income622,342 304,257 926,599 (390,569)536,030 
Interest expense89,415 89,415 
Interest (income)(39,466)(39,466)
Other non-operating expense, net8,796 8,796 
Income Before Income Taxes$477,285 
(a)Cost of sales included severance and other restructuring charges of approximately $3 million which was allocated to the North America and International segments.
(b)Other selling and administrative expenses included severance and other restructuring charges, the impact of inclined sleeper product recall litigation, incentive compensation, and share-based compensation of approximately $44 million, $(6) million, $94 million, and $57 million, respectively, which were recorded in corporate and other.
The following tables present information regarding depreciation and amortization by segment, as well as assets by segment.
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands)(In thousands)
Depreciation and Amortization by Segment
North America$22,797 $22,873 $68,920 $70,257 
International13,916 13,199 42,026 40,698 
36,713 36,072 110,946 110,955 
Corporate and other4,869 4,828 15,008 14,230 
Depreciation and amortization$41,582 $40,900 $125,954 $125,185 

Segment assets were comprised of accounts receivable and inventories, net of applicable reserves and allowances.
September 30,
2025		September 30,
2024		December 31,
2024
 (In thousands)
Assets by Segment
North America$1,166,907 $1,160,846 $757,552 
International957,990 952,726 651,738 
2,124,897 2,113,572 1,409,290 
Corporate and other91,985 100,974 95,620 
Accounts receivable, net and inventories$2,216,882 $2,214,546 $1,504,910 
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,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands)
Net Sales by Geographic Area
North America$978,091 $1,108,288 $1,980,252 $2,192,555 
International
EMEA424,037 401,942 898,612 837,869 
Latin America230,339 240,563 423,551 454,811 
Asia Pacific103,505 93,111 278,748 247,906 
Total International757,881 735,616 1,600,911 1,540,586 
Net sales$1,735,972 $1,843,904 $3,581,163 $3,733,141 
v3.25.3
New Accounting Pronouncements
 9 Months Ended
Sep. 30, 2025
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Pronouncements New Accounting Pronouncements
Accounting Pronouncements Not Yet Adopted
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 on a prospective basis, with the option to apply the standard retrospectively. Mattel is currently evaluating the impact of the adoption of ASU 2023-09 on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses for public business entities. ASU 2024-03 requires enhanced disclosures of each expense caption in the income statement to improve transparency and provide financial statement users with more detailed information about the nature, amount and timing of expenses impacting financial performance. Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The guidance in ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The ASU may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. Mattel is currently evaluating the impact of the adoption of ASU 2024-03 on its consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 provides the option to use a practical expedient to address implementation challenges related to the estimation of expected credit losses for current accounts receivable and current assets arising from transactions accounted for under revenue recognition (Topic 606) and assets acquired through business combinations. The practical expedient allows entities to assume current conditions as of the balance sheet date remain unchanged over the life of these assets when developing forecasts. The guidance allows entities to bypass the requirement to incorporate macroeconomic data into their forecast when such data is not expected to materially affect the estimate. The guidance in ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. Mattel is currently evaluating the impact of the adoption of ASU 2025-05 on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes certain aspects of the accounting for software costs to develop or obtain software for internal use under Accounting Standards Codification 350-40. The ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. The guidance in ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2025-06 permit entities to apply the new guidance using a prospective, retrospective, or modified transition approach. Mattel is currently evaluating the impact of the adoption of ASU 2025-06 on its consolidated financial statements.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
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
v3.25.3
Basis of Presentation (Policies)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
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 ("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 December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 on a prospective basis, with the option to apply the standard retrospectively. Mattel is currently evaluating the impact of the adoption of ASU 2023-09 on its consolidated financial statements.
In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses for public business entities. ASU 2024-03 requires enhanced disclosures of each expense caption in the income statement to improve transparency and provide financial statement users with more detailed information about the nature, amount and timing of expenses impacting financial performance. Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. The guidance in ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The ASU may be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. Mattel is currently evaluating the impact of the adoption of ASU 2024-03 on its consolidated financial statements.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. ASU 2025-05 provides the option to use a practical expedient to address implementation challenges related to the estimation of expected credit losses for current accounts receivable and current assets arising from transactions accounted for under revenue recognition (Topic 606) and assets acquired through business combinations. The practical expedient allows entities to assume current conditions as of the balance sheet date remain unchanged over the life of these assets when developing forecasts. The guidance allows entities to bypass the requirement to incorporate macroeconomic data into their forecast when such data is not expected to materially affect the estimate. The guidance in ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted. Mattel is currently evaluating the impact of the adoption of ASU 2025-05 on its consolidated financial statements.
In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 modernizes certain aspects of the accounting for software costs to develop or obtain software for internal use under Accounting Standards Codification 350-40. The ASU requires entities to begin capitalizing software costs when management authorizes and commits to funding the software project, and it is probable that the project will be completed and the software will be used for its intended purpose. The guidance in ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption is permitted. The amendments in ASU 2025-06 permit entities to apply the new guidance using a prospective, retrospective, or modified transition approach. Mattel is currently evaluating the impact of the adoption of ASU 2025-06 on its consolidated financial statements.
v3.25.3
Inventories (Tables)
 9 Months Ended
Sep. 30, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories included the following:
September 30,
2025		September 30,
2024		December 31,
2024
 (In thousands)
Raw materials and work in process$99,289 $109,335 $94,755 
Finished goods727,293 627,847 406,977 
$826,582 $737,182 $501,732 
v3.25.3
Property, Plant, and Equipment, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant, and Equipment, Net
Property, plant, and equipment, net included the following: 
September 30,
2025		September 30,
2024		December 31,
2024
 (In thousands)
Land$48,480 $42,924 $42,584 
Buildings374,028 357,969 350,920 
Machinery and equipment627,455 641,999 605,311 
Software235,394 234,928 234,699 
Tools, dies, and molds481,774 501,220 476,551 
Leasehold improvements110,028 120,929 107,139 
Construction in progress73,938 42,243 62,130 
1,951,097 1,942,212 1,879,334 
Less: accumulated depreciation(1,408,665)(1,428,443)(1,363,285)
$542,432 $513,769 $516,049 
v3.25.3
Goodwill and Identifiable Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025 is shown below. Goodwill is allocated to Mattel's reporting units based on the reporting units that are expected to receive the related benefits of the business combination at the acquisition date, thereby causing foreign currency translation impact.
 December 31,
2024		Currency
Exchange Rate
Impact		September 30,
2025
(In thousands)
North America$732,995 $2,145 $735,140 
International441,155 5,990 447,145 
American Girl207,571 — 207,571 
$1,381,721 $8,135 $1,389,856 
Schedule of Identifiable Intangible Assets
Mattel's identifiable intangible assets, net consisted of the following:
September 30,
2025		September 30,
2024		December 31,
2024
(In thousands)
Identifiable intangible assets$811,224 $809,851 $798,655 
Less: accumulated amortization(466,556)(435,145)(438,092)
$344,668 $374,706 $360,563 
v3.25.3
Accrued Liabilities (Tables)
 9 Months Ended
Sep. 30, 2025
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
September 30,
2025		September 30,
2024		December 31,
2024
 (In thousands)
Royalties$87,099 $80,141 $80,754 
Lease liabilities82,479 74,871 74,755 
Advertising and promotion74,188 71,993 120,290 
Incentive compensation61,944 104,136 157,699 
v3.25.3
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt included the following:
September 30,
2025		September 30,
2024		December 31,
2024
 (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(12,376)(16,740)(15,649)
2,337,624 2,333,260 2,334,351 
Less: current portion(599,249)— — 
Total long-term debt$1,738,375 $2,333,260 $2,334,351 
v3.25.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications from accumulated other comprehensive income (loss):
 For the Three Months Ended September 30, 2025
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2025$(26,279)$(137,093)$(753,538)$(916,910)
Other comprehensive income (loss) before reclassifications3,332 29 (9,893)(6,532)
Amounts reclassified from accumulated other comprehensive income (loss)(1,159)1,378 — 219 
Net change in other comprehensive income (loss)2,173 1,407 (9,893)(6,313)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2025$(24,106)$(135,686)$(763,431)$(923,223)
For the Nine Months Ended September 30, 2025
Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
(In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2024$14,307 $(139,663)$(869,096)$(994,452)
Other comprehensive income (loss) before reclassifications(50,530)92 105,665 55,227 
Amounts reclassified from accumulated other comprehensive income (loss)12,117 3,885 — 16,002 
Net change in other comprehensive income (loss)(38,413)3,977 105,665 71,229 
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2025$(24,106)$(135,686)$(763,431)$(923,223)
 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)
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, 2025September 30, 2024Statements of Operations
Classification
(In thousands) 
Derivative Instruments:
Gain (loss) on foreign currency forward exchange and other contracts$1,217 $(7,275)Cost of sales
Tax effect(58)11 Provision/benefit from income taxes
$1,159 $(7,264)Net income/loss
Employee Benefit Plans:
Amortization of prior service credit (a)$449 $460 Other non-operating income/expense, net
Recognized actuarial loss (a)(2,100)(1,902)Other non-operating income/expense, net
(1,651)(1,442)
Tax effect273 464 Provision/benefit from income taxes
$(1,378)$(978)Net income/loss
For the Nine Months Ended
September 30, 2025September 30, 2024Statements of Operations
Classification
(In thousands)
Derivative Instruments:
(Loss) gain on foreign currency forward exchange and other contracts$(12,098)$7,023 Cost of sales
Tax effect(19)34 Provision/benefit from income taxes
$(12,117)$7,057 Net income/loss
Employee Benefit Plans:
Amortization of prior service credit (a)$1,349 $1,383 Other non-operating income/expense, net
Recognized actuarial loss (a)(6,294)(5,693)Other non-operating income/expense, net
(4,945)(4,310)
Tax effect1,060 919 Provision/benefit from income taxes
$(3,885)$(3,391)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.
v3.25.3
Foreign Currency Transaction Exposure (Tables)
 9 Months Ended
Sep. 30, 2025
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,
2025		September 30,
2024		Statements of Operations Classification
 (In thousands)
Currency transaction (losses), net$(4,128)$(10,047)Operating income/expense
Currency transaction gains, net72 4,758 Other non-operating income/expense, net
Currency transaction (losses), net$(4,056)$(5,289)
For the Nine Months Ended
September 30,
2025		September 30,
2024		Statements of Operations Classification
(In thousands)
Currency transaction (losses), net$(1,473)$(16,087)Operating income/expense
Currency transaction (losses), net(8,333)(226)Other non-operating income/expense, net
Currency transaction (losses), net$(9,806)$(16,313)
v3.25.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
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,
2025		September 30,
2024		December 31,
2024
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsPrepaid expenses and other current assets$1,802 $2,196 $17,290 
Foreign currency forward exchange and other contractsOther noncurrent assets65 34 2,775 
Total Derivatives Designated as Hedging Instruments$1,867 $2,230 $20,065 
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsPrepaid expenses and other current assets$1,030 $1,251 $1,966 
Total Derivatives Not Designated as Hedging Instruments$1,030 $1,251 $1,966 
$2,897 $3,481 $22,031 
 Derivative Liabilities
 Balance Sheet ClassificationFair Value
 September 30,
2025		September 30,
2024		December 31,
2024
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsAccrued liabilities$20,735 $8,571 $1,370 
Foreign currency forward exchange and other contractsOther noncurrent liabilities4,129 2,026 65 
Total Derivatives Designated as Hedging Instruments$24,864 $10,597 $1,435 
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsAccrued liabilities$1,254 $608 $902 
Total Derivatives Not Designated as Hedging Instruments$1,254 $608 $902 
$26,118 $11,205 $2,337 
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,
2025		September 30,
2024		Statements of
Operations
Classification
 (In thousands)
Foreign Currency Forward Exchange and Other Contracts:
Amount of gains (losses) recognized in OCI$3,332 $(13,288)
Amount of gains (losses) reclassified from accumulated OCI to the consolidated statements of operations1,159 (7,264)Cost of sales
Derivatives Designated as Hedging Instruments
For the Nine Months Ended
September 30,
2025		September 30,
2024		Statements of
Operations
Classification
(In thousands)
Foreign Currency Forward Exchange and Other Contracts:
Amount of (losses) gains recognized in OCI$(50,530)$9,764 
Amount of (losses) gains reclassified from accumulated OCI to consolidated statements of operations(12,117)7,057 Cost of sales
Schedule of Derivatives Not Designated as Hedging Instruments by Classification and Amount of Gains and Losses
The net (losses) gains reclassified from accumulated other comprehensive loss to the consolidated statements of operations during the three and nine months ended September 30, 2025 and 2024 were offset by changes in cash flows associated with the underlying hedged transactions.
Derivatives Not Designated as Hedging Instruments
For the Three Months Ended
September 30,
2025		September 30,
2024		Statements of Operations
Classification
(In thousands)
Amount of Net (Losses) Gains Recognized in the Statements of Operations:
Foreign currency forward exchange and other contracts$(172)$1,845 Other non-operating income/expense, net
 Derivatives Not Designated as Hedging Instruments
For the Nine Months Ended
September 30,
2025		September 30,
2024		Statements of
Operations
Classification
 (In thousands)
Amount of Net Gains Recognized in the Statements of Operations:
Foreign currency forward exchange and other contracts$8,046 $2,195 Other non-operating income/expense, net
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities
The following tables present information about Mattel's financial assets and liabilities measured and reported in the financial statements at fair value on a recurring basis as of September 30, 2025, September 30, 2024, and December 31, 2024 and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. The three levels of the fair value hierarchy are as follows:
•Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
•Level 2 – Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
•Level 3 – Valuations based on inputs that are unobservable, supported by little or no market activity, and that are significant to the fair value of the assets or liabilities.
September 30, 2025
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $2,897 $— $2,897 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $26,118 $— $26,118 
September 30, 2024
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $3,481 $— $3,481 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $11,205 $— $11,205 
December 31, 2024
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $22,031 $— $22,031 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $2,337 $— $2,337 
(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.
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2025 and 2024: 
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands, except per share amounts)
Basic:
Net income$278,358 $372,376 $291,390 $400,955 
Weighted-average number of common shares315,834 339,059 322,255 342,707 
Basic net income per common share$0.88 $1.10 $0.90 $1.17 
Diluted:
Net income$278,358 $372,376 $291,390 $400,955 
Weighted-average number of common shares315,834 339,059 322,255 342,707 
Dilutive share-based awards (a)2,234 2,157 2,874 2,673 
Weighted-average number of common and potential common shares318,068 341,216 325,129 345,380 
Diluted net income per common share$0.88 $1.09 $0.90 $1.16 
(a)For the three and nine months ended September 30, 2025, share-based awards totaling 5.3 million and 6.3 million, 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, 2024, share-based awards totaling 6.9 million and 7.7 million, respectively, were excluded from the calculation of diluted net income per common share because their effect would be antidilutive.
v3.25.3
Employee Benefit Plans (Tables)
 9 Months Ended
Sep. 30, 2025
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,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands)
Service cost$872 $851 $2,543 $2,548 
Interest cost5,189 5,059 15,379 15,142 
Expected return on plan assets(4,422)(4,693)(13,177)(14,052)
Amortization of prior service cost50 49 149 145 
Recognized actuarial loss2,173 1,950 6,513 5,836 
Net periodic benefit cost$3,862 $3,216 $11,407 $9,619 
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,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands)
Interest cost$36 $45 $108 $135 
Amortization of prior service credit(499)(509)(1,498)(1,528)
Recognized actuarial gain(73)(48)(219)(143)
Net periodic benefit credit$(536)$(512)$(1,609)$(1,536)
v3.25.3
Share-Based Payments (Tables)
 9 Months Ended
Sep. 30, 2025
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,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands)
Stock option compensation expense$400 $716 $1,431 $2,515 
RSU compensation expense14,901 13,860 43,370 42,185 
Performance award compensation expense7,029 5,109 16,153 12,748 
$22,330 $19,685 $60,954 $57,448 
v3.25.3
Other Selling and Administrative Expenses (Tables)
 9 Months Ended
Sep. 30, 2025
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,
2025		September 30,
2024		September 30,
2025		September 30,
2024
(In thousands)
Design and development$54,528 $46,842 $150,706 $141,871 
Identifiable intangible asset amortization7,906 7,863 23,559 23,503 
v3.25.3
Restructuring Charges (Tables)
 9 Months Ended
Sep. 30, 2025
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,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands)
Cost of sales (a)$2,432 $392 $6,123 $3,016 
Other selling and administrative expenses (b)307 26,769 19,799 44,743 
$2,739 $27,161 $25,922 $47,759 
(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, 2024 ChargesPayments/UtilizationLiability at
September 30, 2025
(In thousands)
Severance$32,661 $17,551 $(34,902)$15,310 
Other restructuring charges (a)10 8,371 (8,302)79 
$32,671 $25,922 $(43,204)$15,389 
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 
(a)Other restructuring charges consist primarily of expenses associated with the consolidation of manufacturing and distribution facilities.
v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Income (Loss)
The following tables present information regarding Mattel's statement of operations information by segment. The corporate and other 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 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 Ended September 30, 2025
North AmericaInternationalTotal Reportable SegmentsCorporate
and other		Consolidated
(In thousands)
Net Sales$978,091 $757,881 $1,735,972 $— $1,735,972 
Cost of sales (a)487,483 375,809 863,292 4,428 867,720 
Gross Profit490,608 382,072 872,680 (4,428)868,252 
Advertising and promotion expenses55,263 62,874 118,137 — 118,137 
Other selling and administrative expenses (b)120,147 110,590 230,737 139,529 370,266 
Operating Income315,198 208,608 523,806 (143,957)379,849 
Interest expense29,416 29,416 
Interest (income)(9,027)(9,027)
Other non-operating expense, net965 965 
Income Before Income Taxes$358,495 
(a)Cost of sales included severance and other restructuring charges of approximately $2 million which was allocated to the North America and International segments.
(b)Other selling and administrative expenses included severance and other restructuring charges, the impact of inclined sleeper product recall litigation, incentive compensation, and share-based compensation of approximately $1 million, $5 million, $8 million, and $22 million, respectively, which were recorded in corporate and other.
 For the Nine Months Ended September 30, 2025
North AmericaInternationalTotal Reportable SegmentsCorporate
and other		Consolidated
(In thousands)
Net Sales$1,980,252 $1,600,911 $3,581,163 $— $3,581,163 
Cost of sales (a)1,009,492 796,365 1,805,857 (19,993)1,785,864 
Gross Profit970,760 804,546 1,775,306 19,993 1,795,299 
Advertising and promotion expenses128,791 138,668 267,459 — 267,459 
Other selling and administrative expenses (b)349,888 319,020 668,908 453,564 1,122,472 
Operating Income492,081 346,858 838,939 (433,571)405,368 
Interest expense88,004 88,004 
Interest (income)(37,344)(37,344)
Other non-operating expense, net12,588 12,588 
Income Before Income Taxes$342,120 
(a)Cost of sales included severance and other restructuring charges of approximately $6 million which was allocated to the North America and International segments.
(b)Other selling and administrative expenses included severance and other restructuring charges, the impact of inclined sleeper product recall litigation, incentive compensation, and share-based compensation of approximately $24 million, $24 million, $51 million, and $61 million, respectively, which were recorded in corporate and other.
 For the Three Months Ended September 30, 2024
North AmericaInternationalTotal Reportable SegmentsCorporate
and other		Consolidated
(In thousands)
Net Sales$1,108,288 $735,616 $1,843,904 $— $1,843,904 
Cost of sales (a)534,821 355,598 890,419 (25,511)864,908 
Gross Profit573,467 380,018 953,485 25,511 978,996 
Advertising and promotion expenses44,490 60,466 104,956 — 104,956 
Other selling and administrative expenses (b)116,552 101,877 218,429 167,270 385,699 
Operating Income412,425 217,675 630,100 (141,759)488,341 
Interest expense29,371 29,371 
Interest (income)(9,787)(9,787)
Other non-operating (income), net(2,924)(2,924)
Income Before Income Taxes$471,681 
(a)Cost of sales included severance and other restructuring charges of approximately $1 million which was allocated to the North America and International segments.
(b)Other selling and administrative expenses included severance and other restructuring charges, the impact of inclined sleeper product recall litigation, incentive compensation, and share-based compensation of approximately $27 million, $(12) million, $41 million, and $20 million, respectively, which were recorded in corporate and other.
 For the Nine Months Ended September 30, 2024
North AmericaInternationalTotal Reportable SegmentsCorporate
and other		Consolidated
(In thousands)
Net Sales$2,192,555 $1,540,586 $3,733,141 $— $3,733,141 
Cost of sales (a)1,111,739 787,534 1,899,273 (64,734)1,834,539 
Gross Profit1,080,816 753,052 1,833,868 64,734 1,898,602 
Advertising and promotion expenses111,182 138,935 250,117 — 250,117 
Other selling and administrative expenses (b)347,292 309,860 657,152 455,303 1,112,455 
Operating Income622,342 304,257 926,599 (390,569)536,030 
Interest expense89,415 89,415 
Interest (income)(39,466)(39,466)
Other non-operating expense, net8,796 8,796 
Income Before Income Taxes$477,285 
(a)Cost of sales included severance and other restructuring charges of approximately $3 million which was allocated to the North America and International segments.
(b)Other selling and administrative expenses included severance and other restructuring charges, the impact of inclined sleeper product recall litigation, incentive compensation, and share-based compensation of approximately $44 million, $(6) million, $94 million, and $57 million, respectively, which were recorded in corporate and other.
Schedule of Segment Depreciation/Amortization
The following tables present information regarding depreciation and amortization by segment, as well as assets by segment.
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands)(In thousands)
Depreciation and Amortization by Segment
North America$22,797 $22,873 $68,920 $70,257 
International13,916 13,199 42,026 40,698 
36,713 36,072 110,946 110,955 
Corporate and other4,869 4,828 15,008 14,230 
Depreciation and amortization$41,582 $40,900 $125,954 $125,185 
Schedule of Segment Assets
Segment assets were comprised of accounts receivable and inventories, net of applicable reserves and allowances.
September 30,
2025		September 30,
2024		December 31,
2024
 (In thousands)
Assets by Segment
North America$1,166,907 $1,160,846 $757,552 
International957,990 952,726 651,738 
2,124,897 2,113,572 1,409,290 
Corporate and other91,985 100,974 95,620 
Accounts receivable, net and inventories$2,216,882 $2,214,546 $1,504,910 
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,
2025		September 30,
2024		September 30,
2025		September 30,
2024
 (In thousands)
Net Sales by Geographic Area
North America$978,091 $1,108,288 $1,980,252 $2,192,555 
International
EMEA424,037 401,942 898,612 837,869 
Latin America230,339 240,563 423,551 454,811 
Asia Pacific103,505 93,111 278,748 247,906 
Total International757,881 735,616 1,600,911 1,540,586 
Net sales$1,735,972 $1,843,904 $3,581,163 $3,733,141 
v3.25.3
Accounts Receivable, Net (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Receivables [Abstract]      
Accounts receivable, allowances for credit losses $ 8.4 $ 8.2 $ 8.2
v3.25.3
Inventories (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Inventory Disclosure [Abstract]      
Raw materials and work in process $ 99,289 $ 94,755 $ 109,335
Finished goods 727,293 406,977 627,847
Inventories $ 826,582 $ 501,732 $ 737,182
v3.25.3
Property, Plant, and Equipment, Net - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross $ 1,951,097 $ 1,879,334 $ 1,942,212
Less: accumulated depreciation (1,408,665) (1,363,285) (1,428,443)
Property, plant, and equipment, net 542,432 516,049 513,769
Land      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 48,480 42,584 42,924
Buildings      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 374,028 350,920 357,969
Machinery and equipment      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 627,455 605,311 641,999
Software      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 235,394 234,699 234,928
Tools, dies, and molds      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 481,774 476,551 501,220
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 110,028 107,139 120,929
Construction in progress      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross $ 73,938 $ 62,130 $ 42,243
v3.25.3
Goodwill and Identifiable Intangible Assets, Net - Narrative (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
unit
Sep. 30, 2024
USD ($)
Goodwill [Line Items]        
Impairment of amortizable intangible assets | $ $ 0 $ 0 $ 0 $ 0
International        
Goodwill [Line Items]        
Number of reporting units | unit     1  
v3.25.3
Goodwill and Identifiable Intangible Assets, Net - Schedule of Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2025
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 1,381,721
Currency Exchange Rate Impact 8,135
Goodwill, ending balance 1,389,856
North America  
Goodwill [Roll Forward]  
Goodwill, beginning balance 732,995
Currency Exchange Rate Impact 2,145
Goodwill, ending balance 735,140
International  
Goodwill [Roll Forward]  
Goodwill, beginning balance 441,155
Currency Exchange Rate Impact 5,990
Goodwill, ending balance 447,145
American Girl  
Goodwill [Roll Forward]  
Goodwill, beginning balance 207,571
Currency Exchange Rate Impact 0
Goodwill, ending balance $ 207,571
v3.25.3
Goodwill and Identifiable Intangible Assets, Net - Schedule of Identifiable Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]      
Identifiable intangible assets $ 811,224 $ 798,655 $ 809,851
Less: accumulated amortization (466,556) (438,092) (435,145)
Finite-lived intangible assets, net, total $ 344,668 $ 360,563 $ 374,706
v3.25.3
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Payables and Accruals [Abstract]      
Royalties $ 87,099 $ 80,754 $ 80,141
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued liabilities Accrued liabilities Accrued liabilities
Lease liabilities $ 82,479 $ 74,755 $ 74,871
Advertising and promotion 74,188 120,290 71,993
Incentive compensation $ 61,944 $ 157,699 $ 104,136
v3.25.3
Supplier Finance Program (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Payables and Accruals [Abstract]      
Outstanding payment obligation $ 163.6 $ 69.2 $ 112.3
v3.25.3
Seasonal Financing (Details)
Jul. 15, 2024
USD ($)
Sep. 30, 2025
USD ($)
Dec. 31, 2024
USD ($)
Sep. 30, 2024
USD ($)
Sep. 15, 2022
USD ($)
Debt Instrument [Line Items]          
Other short-term borrowings   $ 0 $ 0 $ 0  
Credit Agreement          
Debt Instrument [Line Items]          
Outstanding letters of credit   9,000,000 9,000,000 9,000,000  
Revolving Credit Facility          
Debt Instrument [Line Items]          
Line of credit facility, threshold subsidiary guarantees other indebtedness $ 50,000,000        
Outstanding borrowings   $ 0 $ 0 $ 0  
Revolving Credit Facility | Credit Agreement          
Debt Instrument [Line Items]          
Aggregate commitment under the credit facility $ 1,400,000,000       $ 1,400,000,000
Covenant, interest coverage ratio, minimum 2.75        
Line of credit facility, threshold subsidiary guarantees other indebtedness 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 | 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 | Credit Agreement | Minimum | Base Rate          
Debt Instrument [Line Items]          
Interest rate margin for loans (as a percent) 0.00%        
Revolving Credit Facility | 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 | Credit Agreement | Maximum | Base Rate          
Debt Instrument [Line Items]          
Interest rate margin for loans (as a percent) 0.375%        
v3.25.3
Long-Term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Debt Instrument [Line Items]      
Long-term debt $ 2,350,000 $ 2,350,000 $ 2,350,000
Debt issuance costs and debt discount (12,376) (15,649) (16,740)
Long-term debt, net 2,337,624 2,334,351 2,333,260
Less: current portion (599,249) 0 0
Total long-term debt 1,738,375 2,334,351 2,333,260
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
v3.25.3
Accumulated Other Comprehensive Income (Loss) - Schedule of Changes in AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance $ 2,171,859 $ 2,129,580 $ 2,264,125 $ 1,973,133 $ 2,025,312 $ 2,149,213 $ 2,264,125 $ 2,149,213
Other comprehensive income (loss) before reclassifications (6,532)     11,170     55,227 (7,071)
Amounts reclassified from accumulated other comprehensive income (loss) 219     8,242     16,002 (3,666)
Other Comprehensive (Loss) Income, Net of Tax (6,313) 29,677 47,865 19,412 (19,384) (10,765) 71,229 (10,737)
Ending balance 2,261,214 2,171,859 2,129,580 2,312,946 1,973,133 2,025,312 2,261,214 2,312,946
Total                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance (916,910) (946,587) (994,452) (935,117) (915,733) (904,968) (994,452) (904,968)
Other Comprehensive (Loss) Income, Net of Tax (6,313) 29,677 47,865 19,412 (19,384) (10,765)    
Ending balance (923,223) (916,910) (946,587) (915,705) (935,117) (915,733) (923,223) (915,705)
Derivative Instruments                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance (26,279)   14,307 5,268   (3,463) 14,307 (3,463)
Other comprehensive income (loss) before reclassifications 3,332     (13,288)     (50,530) 9,764
Amounts reclassified from accumulated other comprehensive income (loss) (1,159)     7,264     12,117 (7,057)
Other Comprehensive (Loss) Income, Net of Tax 2,173     (6,024)     (38,413) 2,707
Ending balance (24,106) (26,279)   (756) 5,268   (24,106) (756)
Employee Benefit Plans                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance (137,093)   (139,663) (140,469)   (142,916) (139,663) (142,916)
Other comprehensive income (loss) before reclassifications 29     16     92 50
Amounts reclassified from accumulated other comprehensive income (loss) 1,378     978     3,885 3,391
Other Comprehensive (Loss) Income, Net of Tax 1,407     994     3,977 3,441
Ending balance (135,686) (137,093)   (139,475) (140,469)   (135,686) (139,475)
Currency Translation Adjustments                
AOCI Attributable to Parent, Net of Tax [Roll Forward]                
Beginning balance (753,538)   $ (869,096) (799,916)   $ (758,589) (869,096) (758,589)
Other comprehensive income (loss) before reclassifications (9,893)     24,442     105,665 (16,885)
Amounts reclassified from accumulated other comprehensive income (loss) 0     0     0 0
Other Comprehensive (Loss) Income, Net of Tax (9,893)     24,442     105,665 (16,885)
Ending balance $ (763,431) $ (753,538)   $ (775,474) $ (799,916)   $ (763,431) $ (775,474)
v3.25.3
Accumulated Other Comprehensive Income (Loss) - Schedule of Reclassification from AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]                
Cost of sales $ (867,720)     $ (864,908)     $ (1,785,864) $ (1,834,539)
Other non-operating income/expense, net (965)     2,924     (12,588) (8,796)
Income Before Income Taxes 358,495     471,681     342,120 477,285
Provision/benefit from income taxes (86,884)     (106,350)     (72,529) (94,756)
Net Income 278,358 $ 53,352 $ (40,319) 372,376 $ 56,860 $ (28,281) 291,390 400,955
Derivative Instruments | Reclassification Out of Accumulated Other Comprehensive Income (Loss)                
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]                
Cost of sales 1,217     (7,275)     (12,098) 7,023
Provision/benefit from income taxes (58)     11     (19) 34
Net Income 1,159     (7,264)     (12,117) 7,057
Employee Benefit Plans | Reclassification Out of Accumulated Other Comprehensive Income (Loss)                
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]                
Income Before Income Taxes (1,651)     (1,442)     (4,945) (4,310)
Provision/benefit from income taxes 273     464     1,060 919
Net Income (1,378)     (978)     (3,885) (3,391)
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 449     460     1,349 1,383
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 $ (2,100)     $ (1,902)     $ (6,294) $ (5,693)
v3.25.3
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Currency translation adjustments gain (loss) $ (6,313) $ 29,677 $ 47,865 $ 19,412 $ (19,384) $ (10,765) $ 71,229 $ (10,737)
Currency Translation Adjustments                
Accumulated Other Comprehensive Income (Loss) [Line Items]                
Currency translation adjustments gain (loss) $ (9,893)     $ 24,442     $ 105,665 $ (16,885)
v3.25.3
Foreign Currency Transaction Exposure (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Currency Transaction Gains (Losses) [Line Items]        
Currency transaction (losses), net $ (4,056) $ (5,289) $ (9,806) $ (16,313)
Operating income/expense        
Currency Transaction Gains (Losses) [Line Items]        
Currency transaction (losses), net (4,128) (10,047) (1,473) (16,087)
Other non-operating income/expense, net        
Currency Transaction Gains (Losses) [Line Items]        
Currency transaction (losses), net $ 72 $ 4,758 $ (8,333) $ (226)
v3.25.3
Derivative Instruments - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Foreign currency forward exchange and other contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Notional amount $ 840 $ 628 $ 748
Maximum      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Term of derivative contract (up to) 24 months    
v3.25.3
Derivative Instruments - Schedule of Derivatives Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Derivatives, Fair Value [Line Items]      
Derivative Assets $ 2,897 $ 22,031 $ 3,481
Derivative Liabilities 26,118 2,337 11,205
Derivatives Designated as Hedging Instruments:      
Derivatives, Fair Value [Line Items]      
Derivative Assets 1,867 20,065 2,230
Derivative Liabilities 24,864 1,435 10,597
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 1,802 17,290 2,196
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Other noncurrent assets      
Derivatives, Fair Value [Line Items]      
Derivative Assets 65 2,775 34
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Accrued liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities 20,735 1,370 8,571
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Other noncurrent liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities 4,129 65 2,026
Derivatives Not Designated as Hedging Instruments:      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities 1,254 902 608
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts      
Derivatives, Fair Value [Line Items]      
Derivative Assets 1,030 1,966 1,251
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 1,030 1,966 1,251
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Accrued liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities $ 1,254 $ 902 $ 608
v3.25.3
Derivative Instruments - Schedule of 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, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gains (losses) recognized in OCI $ 3,332 $ (13,288) $ (50,530) $ 9,764
Amount of gains (losses) reclassified from accumulated OCI to the consolidated statements of operations $ 1,159 $ (7,264) $ (12,117) $ 7,057
v3.25.3
Derivative Instruments - Schedule of 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, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Not Designated as Hedging Instrument | 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 $ (172) $ 1,845 $ 8,046 $ 2,195
v3.25.3
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured and Reported at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Assets:      
Foreign currency forward exchange and other contracts $ 2,897 $ 22,031 $ 3,481
Liabilities:      
Foreign currency forward exchange and other contracts 26,118 2,337 11,205
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 2,897 22,031 3,481
Liabilities:      
Foreign currency forward exchange and other contracts 26,118 2,337 11,205
Level 3      
Assets:      
Foreign currency forward exchange and other contracts 0 0 0
Liabilities:      
Foreign currency forward exchange and other contracts $ 0 $ 0 $ 0
v3.25.3
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Fair Value Disclosures [Abstract]      
Estimated fair value of long-term debt $ 2,310 $ 2,270 $ 2,310
Carrying value of long-term debt $ 2,350 $ 2,350 $ 2,350
v3.25.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Basic:                
Net Income $ 278,358 $ 53,352 $ (40,319) $ 372,376 $ 56,860 $ (28,281) $ 291,390 $ 400,955
Weighted-average number of common shares (in shares) 315,834     339,059     322,255 342,707
Basic net income per common share (USD per share) $ 0.88     $ 1.10     $ 0.90 $ 1.17
Diluted:                
Net Income $ 278,358 $ 53,352 $ (40,319) $ 372,376 $ 56,860 $ (28,281) $ 291,390 $ 400,955
Weighted-average number of common shares (in shares) 315,834     339,059     322,255 342,707
Dilutive share-based awards (in shares) 2,234     2,157     2,874 2,673
Weighted-average number of common and potential common shares (in shares) 318,068     341,216     325,129 345,380
Diluted net income per common share (USD per share) $ 0.88     $ 1.09     $ 0.90 $ 1.16
Antidilutive securities excluded from calculation of diluted net income (in shares) 5,300     6,900     6,300 7,700
v3.25.3
Employee Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Defined Benefit Pension Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 872 $ 851 $ 2,543 $ 2,548
Interest cost 5,189 5,059 15,379 15,142
Expected return on plan assets (4,422) (4,693) (13,177) (14,052)
Amortization of prior service cost (credit) 50 49 149 145
Recognized actuarial gain (loss) 2,173 1,950 6,513 5,836
Net periodic benefit cost (credit) 3,862 3,216 11,407 9,619
Postretirement Benefit Plans        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost 36 45 108 135
Amortization of prior service cost (credit) (499) (509) (1,498) (1,528)
Recognized actuarial gain (loss) (73) (48) (219) (143)
Net periodic benefit cost (credit) $ (536) $ (512) $ (1,609) $ (1,536)
v3.25.3
Employee Benefit Plans - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Retirement Benefits [Abstract]  
Cash contributions made during the period $ 18
Expected additional cash contributions $ 5
v3.25.3
Share-Based Payments - Narrative (Details) - USD ($)
$ in Thousands
 9 Months Ended
May 21, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Proceeds from stock option exercises     $ 5,546 $ 6,184
LTIP 2025-2027        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance period 3 years      
LTIP        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance period 3 years      
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     $ 136,400  
Weighted-average period for unrecognized compensation expense expected to be recognized     2 years 3 months 18 days  
Performance Shares, Retention Performance Grant        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
General vesting period   5 years    
Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance shares earned as a percentage of target, range     200.00%  
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  
Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Performance shares earned as a percentage of target, range     0.00%  
v3.25.3
Share-Based Payments - Schedule of Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 22,330 $ 19,685 $ 60,954 $ 57,448
Stock option compensation expense        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 400 716 1,431 2,515
RSU compensation expense        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 14,901 13,860 43,370 42,185
Performance award compensation expense        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 7,029 $ 5,109 $ 16,153 $ 12,748
v3.25.3
Other Selling and Administrative Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Other Income and Expenses [Abstract]        
Design and development $ 54,528 $ 46,842 $ 150,706 $ 141,871
Identifiable intangible asset amortization $ 7,906 $ 7,863 $ 23,559 $ 23,503
v3.25.3
Restructuring Charges - Schedule of Severance and Other Restructuring Costs (Details) - Optimizing for Profitable Growth - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 2,739 $ 27,161 $ 25,922 $ 47,759
Cost of sales        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 2,432 392 6,123 3,016
Other selling and administrative expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges $ 307 $ 26,769 $ 19,799 $ 44,743
v3.25.3
Restructuring Charges - Schedule of Severance and Other Restructuring Charges Activity (Details) - Optimizing for Profitable Growth - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Restructuring Reserve [Roll Forward]        
Remaining liability at beginning of period     $ 32,671 $ 25,096
Charges $ 2,739 $ 27,161 25,922 47,759
Payments/Utilization     (43,204) (32,349)
Remaining liability at end of period 15,389 40,506 15,389 40,506
Severance        
Restructuring Reserve [Roll Forward]        
Remaining liability at beginning of period     32,661 25,096
Charges     17,551 46,108
Payments/Utilization     (34,902) (30,732)
Remaining liability at end of period 15,310 40,472 15,310 40,472
Other restructuring charges        
Restructuring Reserve [Roll Forward]        
Remaining liability at beginning of period     10 0
Charges     8,371 1,651
Payments/Utilization     (8,302) (1,617)
Remaining liability at end of period $ 79 $ 34 $ 79 $ 34
v3.25.3
Restructuring Charges - Narrative (Details) - Optimizing for Profitable Growth
$ in Millions
Sep. 30, 2025
USD ($)
Restructuring Cost and Reserve [Line Items]  
Severance and other restructuring charges incurred to date $ 100
Restructuring and related cost, cost incurred to date, non-cash charges 5
Expected non-cash charges 5
Minimum  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring costs 115
Maximum  
Restructuring Cost and Reserve [Line Items]  
Expected restructuring costs $ 140
v3.25.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Income tax expense $ 86,884 $ 106,350 $ 72,529 $ 94,756
Discrete tax benefit 2,300 $ 3,400 12,600 $ 16,300
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 $ 15,700   $ 15,700  
v3.25.3
Contingencies (Details) - Sleeper
 9 Months Ended
Sep. 30, 2025
class
Sep. 30, 2024
lawsuit
child
Loss Contingencies [Line Items]    
Number of additional lawsuits pending   12
Number of children with injuries or fatalities related to lawsuits | child   12
Loss contingencies, number of lawsuits settled and/or dismissed   50
Minimum    
Loss Contingencies [Line Items]    
Number of consumer classes | class 10  
v3.25.3
Segment Information - Schedule of Segment Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Net Sales $ 1,735,972 $ 1,843,904 $ 3,581,163 $ 3,733,141
Cost of sales 867,720 864,908 1,785,864 1,834,539
Gross Profit 868,252 978,996 1,795,299 1,898,602
Advertising and promotion expenses 118,137 104,956 267,459 250,117
Other selling and administrative expenses 370,266 385,699 1,122,472 1,112,455
Operating Income 379,849 488,341 405,368 536,030
Interest expense 29,416 29,371 88,004 89,415
Interest (income) (9,027) (9,787) (37,344) (39,466)
Other non-operating expense (income), net 965 (2,924) 12,588 8,796
Income Before Income Taxes 358,495 471,681 342,120 477,285
Share-based compensation     60,954 57,448
Operating Segments        
Segment Reporting Information [Line Items]        
Net Sales 1,735,972 1,843,904 3,581,163 3,733,141
Cost of sales 863,292 890,419 1,805,857 1,899,273
Gross Profit 872,680 953,485 1,775,306 1,833,868
Advertising and promotion expenses 118,137 104,956 267,459 250,117
Other selling and administrative expenses 230,737 218,429 668,908 657,152
Operating Income 523,806 630,100 838,939 926,599
Operating Segments | North America        
Segment Reporting Information [Line Items]        
Net Sales 978,091 1,108,288 1,980,252 2,192,555
Cost of sales 487,483 534,821 1,009,492 1,111,739
Gross Profit 490,608 573,467 970,760 1,080,816
Advertising and promotion expenses 55,263 44,490 128,791 111,182
Other selling and administrative expenses 120,147 116,552 349,888 347,292
Operating Income 315,198 412,425 492,081 622,342
Operating Segments | International        
Segment Reporting Information [Line Items]        
Net Sales 757,881 735,616 1,600,911 1,540,586
Cost of sales 375,809 355,598 796,365 787,534
Gross Profit 382,072 380,018 804,546 753,052
Advertising and promotion expenses 62,874 60,466 138,668 138,935
Other selling and administrative expenses 110,590 101,877 319,020 309,860
Operating Income 208,608 217,675 346,858 304,257
Corporate and other        
Segment Reporting Information [Line Items]        
Net Sales 0 0 0 0
Cost of sales 4,428 (25,511) (19,993) (64,734)
Gross Profit (4,428) 25,511 19,993 64,734
Advertising and promotion expenses 0 0 0 0
Other selling and administrative expenses 139,529 167,270 453,564 455,303
Operating Income (143,957) (141,759) (433,571) (390,569)
Interest expense 29,416 29,371 88,004 89,415
Interest (income) (9,027) (9,787) (37,344) (39,466)
Other non-operating expense (income), net 965 (2,924) 12,588 8,796
Expenses related to inclined sleeper recall litigation 5,000 (12,000) 24,000 (6,000)
Incentive compensation 8,000 41,000 51,000 94,000
Share-based compensation $ 22,000 $ 20,000 $ 61,000 $ 57,000
Corporate and other | Cost of sales        
Segment Reporting Information [Line Items]        
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Cost of sales Cost of sales Cost of sales Cost of sales
Restructuring charges $ 2,000 $ 1,000 $ 6,000 $ 3,000
Corporate and other | Other selling and administrative expenses        
Segment Reporting Information [Line Items]        
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Other selling and administrative expenses Other selling and administrative expenses Other selling and administrative expenses Other selling and administrative expenses
Restructuring charges $ 1,000 $ 27,000 $ 24,000 $ 44,000
v3.25.3
Segment Information - Schedule of Segment Depreciation/Amortization (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Depreciation and amortization $ 41,582 $ 40,900 $ 125,954 $ 125,185
Operating Segments        
Segment Reporting Information [Line Items]        
Depreciation and amortization 36,713 36,072 110,946 110,955
Operating Segments | North America        
Segment Reporting Information [Line Items]        
Depreciation and amortization 22,797 22,873 68,920 70,257
Operating Segments | International        
Segment Reporting Information [Line Items]        
Depreciation and amortization 13,916 13,199 42,026 40,698
Corporate and other        
Segment Reporting Information [Line Items]        
Depreciation and amortization $ 4,869 $ 4,828 $ 15,008 $ 14,230
v3.25.3
Segment Information - Schedule of Segment Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories $ 2,216,882 $ 1,504,910 $ 2,214,546
Operating Segments      
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories 2,124,897 1,409,290 2,113,572
Operating Segments | North America      
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories 1,166,907 757,552 1,160,846
Operating Segments | International      
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories 957,990 651,738 952,726
Corporate and other      
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories $ 91,985 $ 95,620 $ 100,974
v3.25.3
Segment Information - Schedule of Revenues by Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Revenues $ 1,735,972 $ 1,843,904 $ 3,581,163 $ 3,733,141
Operating Segments        
Segment Reporting Information [Line Items]        
Revenues 1,735,972 1,843,904 3,581,163 3,733,141
Operating Segments | North America        
Segment Reporting Information [Line Items]        
Revenues 978,091 1,108,288 1,980,252 2,192,555
Operating Segments | North America | North America        
Segment Reporting Information [Line Items]        
Revenues 978,091 1,108,288 1,980,252 2,192,555
Operating Segments | International        
Segment Reporting Information [Line Items]        
Revenues 757,881 735,616 1,600,911 1,540,586
Operating Segments | International | EMEA        
Segment Reporting Information [Line Items]        
Revenues 424,037 401,942 898,612 837,869
Operating Segments | International | Latin America        
Segment Reporting Information [Line Items]        
Revenues 230,339 240,563 423,551 454,811
Operating Segments | International | Asia Pacific        
Segment Reporting Information [Line Items]        
Revenues $ 103,505 $ 93,111 $ 278,748 $ 247,906