MATTEL INC /DE/, 10-Q filed on 7/30/2024
Quarterly Report
v3.24.2
Cover - shares
shares in Millions
 6 Months Ended
Jun. 30, 2024
Jul. 15, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-05647  
Entity Registrant Name MATTEL INC /DE/  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 95-1567322  
Entity Address, Address Line One 333 Continental Blvd.  
Entity Address, City or Town El Segundo,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 90245-5012  
City Area Code 310  
Local Phone Number 252-2000  
Title of 12(b) Security Common stock, $1.00 per share  
Trading Symbol MAT  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Small Business false  
Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   339.9
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Entity Central Index Key 0000063276  
Current Fiscal Year End Date --12-31  
v3.24.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Current Assets      
Cash and equivalents $ 722,410 $ 1,261,363 $ 299,918
Accounts receivable, net of allowances for credit losses of $8.5 million, $13.2 million, and $8.8 million, respectively 839,419 1,081,827 890,882
Inventories 776,863 571,609 971,614
Prepaid expenses and other current assets 265,678 207,548 261,321
Total current assets 2,604,370 3,122,347 2,423,735
Noncurrent Assets      
Property, plant, and equipment, net 444,879 465,523 464,111
Right-of-use assets, net 292,362 313,191 296,231
Goodwill 1,383,406 1,384,512 1,384,245
Deferred income tax assets 293,748 299,157 480,062
Intangible assets, net 376,668 393,039 411,759
Other noncurrent assets 510,387 458,053 437,701
Total Assets 5,905,820 6,435,822 5,897,844
Current Liabilities      
Accounts payable 377,092 442,286 365,580
Accrued liabilities 628,330 866,283 656,097
Income taxes payable 5,741 33,911 9,404
Total current liabilities 1,011,163 1,342,480 1,031,081
Noncurrent Liabilities      
Long-term debt 2,332,169 2,329,986 2,327,807
Noncurrent lease liabilities 243,206 259,548 243,768
Other noncurrent liabilities 346,149 354,595 332,814
Total noncurrent liabilities 2,921,524 2,944,129 2,904,389
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 1,755,660 1,774,911 1,770,597
Treasury stock at cost: 101.5 million shares, 87.4 million shares, and 92.9 million shares, respectively (2,379,419) (2,224,160) (2,120,765)
Retained earnings 3,090,640 3,062,061 2,768,425
Accumulated other comprehensive loss (935,117) (904,968) (897,252)
Total stockholders' equity 1,973,133 2,149,213 1,962,374
Total Liabilities and Stockholders' Equity $ 5,905,820 $ 6,435,822 $ 5,897,844
v3.24.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Statement of Financial Position [Abstract]      
Accounts receivable, allowances for credit losses $ 8.5 $ 8.8 $ 13.2
Common stock, par value (USD per share) $ 1.00 $ 1.00 $ 1.00
Common stock, authorized (in shares) 1,000,000,000.00 1,000,000,000.00 1,000,000,000.00
Common stock, issued (in shares) 441,400,000 441,400,000 441,400,000
Treasury stock (in shares) 101,500,000 92,900,000 87,400,000
v3.24.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Net Sales $ 1,079,728 $ 1,087,164 $ 1,889,237 $ 1,901,743
Cost of sales 548,992 597,358 969,631 1,086,150
Gross Profit 530,736 489,806 919,606 815,593
Advertising and promotion expenses 73,719 90,026 145,160 166,073
Other selling and administrative expenses 373,810 337,005 726,757 701,783
Operating Income (Loss) 83,207 62,775 47,689 (52,263)
Interest expense 29,984 30,642 60,044 61,770
Interest (income) (12,398) (4,321) (29,680) (10,840)
Other non-operating expense (income), net 6,110 (2,147) 11,721 (3,586)
Income (loss) Before Income Taxes 59,511 38,601 5,604 (99,607)
Provision (benefit) from income taxes 9,196 14,424 (11,594) (12,575)
(Income) from equity method investments (6,545) (3,010) (11,381) (7,747)
Net Income (Loss) $ 56,860 $ 27,187 $ 28,579 $ (79,285)
Net Income (Loss) Per Common Share - Basic (USD per share) $ 0.17 $ 0.08 $ 0.08 $ (0.22)
Weighted-average number of common shares (in shares) 342,200 354,577 344,555 354,748
Net Income (Loss) Per Common Share - Diluted (USD per share) $ 0.17 $ 0.08 $ 0.08 $ (0.22)
Weighted-average number of common and potential common shares (in shares) 344,409 357,214 347,359 354,748
v3.24.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net Income (Loss) $ 56,860 $ 27,187 $ 28,579 $ (79,285)
Other Comprehensive (Loss) Income, Net of Tax        
Currency translation adjustments (23,381) 2,181 (41,327) 30,281
Employee benefit plan adjustments 249 729 2,447 1,456
Net unrealized gains (losses) on derivative instruments:        
Unrealized holding gains (losses) 9,828 (7,479) 23,052 (9,251)
Reclassification adjustments included in net income (loss) (6,080) (4,365) (14,321) (8,260)
Net unrealized gains (losses) on derivative instruments 3,748 (11,844) 8,731 (17,511)
Other Comprehensive (Loss) Income, Net of Tax (19,384) (8,934) (30,149) 14,226
Comprehensive Income (Loss) $ 37,476 $ 18,253 $ (1,570) $ (65,059)
v3.24.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash Flows From Operating Activities:    
Net income (loss) $ 28,579 $ (79,285)
Adjustments to reconcile net income (loss) to net cash flows used for operating activities:    
Depreciation 68,645 68,019
Amortization of intangible assets 15,640 18,986
Share-based compensation 37,763 36,933
Inventory obsolescence 20,978 32,951
Deferred income taxes (569) (5,091)
Income from equity method investments (11,381) (7,747)
Content assets amortization 40,714 20,863
Changes in assets and liabilities:    
Accounts receivable, net 223,377 (17,828)
Inventories (255,907) (103,905)
Prepaid expenses and other current assets (60,024) (44,198)
Accounts payable, accrued liabilities, and income taxes payable (295,704) (171,783)
Content assets spend (14,446) (26,683)
Other, net (15,070) (46,813)
Net cash flows used for operating activities (217,405) (325,581)
Cash Flows From Investing Activities:    
Purchases of tools, dies, and molds (33,409) (36,415)
Purchases of other property, plant, and equipment (32,036) (37,026)
Proceeds from foreign currency forward exchange contracts, net 442 12,684
Other, net (7,695) (1,231)
Net cash flows used for investing activities (72,698) (61,988)
Cash Flows From Financing Activities:    
Share repurchases (199,986) (49,861)
Tax withholdings for share-based compensation (14,162) (24,678)
Proceeds from stock option exercises 4,815 4,962
Other, net (30,686) (1,802)
Net cash flows used for financing activities (240,019) (71,379)
Effect of Currency Exchange Rate Changes on Cash and Equivalents (8,831) (2,369)
Decrease in Cash and Equivalents (538,953) (461,317)
Cash and Equivalents at Beginning of Period 1,261,363 761,235
Cash and Equivalents at End of Period $ 722,410 $ 299,918
v3.24.2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Additional Paid-In Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2022 $ 2,056,269 $ 441,369 $ 1,808,308 $ (2,129,639) $ 2,847,709 $ (911,478)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (106,471)       (106,471)  
Other comprehensive income (loss), net of tax 23,160         23,160
Share repurchases (33,986)     (33,986)    
Issuance of treasury stock for stock option exercises 2,045   (1,144) 3,189    
Issuance of treasury stock for restricted stock units vesting (20,299)   (51,311) 31,012    
Share-based compensation 16,943   16,943      
Ending balance at Mar. 31, 2023 1,937,661 441,369 1,772,796 (2,129,424) 2,741,238 (888,318)
Beginning balance at Dec. 31, 2022 2,056,269 441,369 1,808,308 (2,129,639) 2,847,709 (911,478)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (79,285)          
Other comprehensive income (loss), net of tax 14,226          
Ending balance at Jun. 30, 2023 1,962,374 441,369 1,770,597 (2,120,765) 2,768,425 (897,252)
Beginning balance at Mar. 31, 2023 1,937,661 441,369 1,772,796 (2,129,424) 2,741,238 (888,318)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 27,187       27,187  
Other comprehensive income (loss), net of tax (8,934)         (8,934)
Share repurchases (15,875)     (15,875)    
Issuance of treasury stock for stock option exercises 6,595   (4,075) 10,670    
Issuance of treasury stock for restricted stock units vesting (4,381)   (18,079) 13,698    
Deferred compensation 130   (36) 166    
Share-based compensation 19,991   19,991      
Ending balance at Jun. 30, 2023 1,962,374 441,369 1,770,597 (2,120,765) 2,768,425 (897,252)
Beginning balance at Dec. 31, 2023 2,149,213 441,369 1,774,911 (2,224,160) 3,062,061 (904,968)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) (28,281)       (28,281)  
Other comprehensive income (loss), net of tax (10,765)         (10,765)
Share repurchases (100,758)     (100,758)    
Issuance of treasury stock for stock option exercises 4,299   (2,754) 7,053    
Issuance of treasury stock for restricted stock units vesting (6,325)   (17,932) 11,607    
Share-based compensation 17,929   17,929      
Ending balance at Mar. 31, 2024 2,025,312 441,369 1,772,154 (2,306,258) 3,033,780 (915,733)
Beginning balance at Dec. 31, 2023 2,149,213 441,369 1,774,911 (2,224,160) 3,062,061 (904,968)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 28,579          
Other comprehensive income (loss), net of tax (30,149)          
Ending balance at Jun. 30, 2024 1,973,133 441,369 1,755,660 (2,379,419) 3,090,640 (935,117)
Beginning balance at Mar. 31, 2024 2,025,312 441,369 1,772,154 (2,306,258) 3,033,780 (915,733)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net income (loss) 56,860       56,860  
Other comprehensive income (loss), net of tax (19,384)         (19,384)
Share repurchases (100,954)     (100,954)    
Issuance of treasury stock for stock option exercises 516   (437) 953    
Issuance of treasury stock for restricted stock units vesting (9,051)   (35,743) 26,692    
Deferred compensation 0   (148) 148    
Share-based compensation 19,834   19,834      
Ending balance at Jun. 30, 2024 $ 1,973,133 $ 441,369 $ 1,755,660 $ (2,379,419) $ 3,090,640 $ (935,117)
v3.24.2
Basis of Presentation
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments, consisting of only those of a normal recurring nature, considered necessary for a fair statement of the financial position and interim results of Mattel, Inc. and its subsidiaries ("Mattel") as of and for the periods presented have been included.
The December 31, 2023 balance sheet data was derived from audited financial statements; however, the accompanying interim notes to the consolidated financial statements do not include all of the annual disclosures required by GAAP. As Mattel's business is seasonal, results for interim periods are not necessarily indicative of those that may be expected for a full year. The financial information included herein should be read in conjunction with Mattel's consolidated financial statements and related notes in the 2023 Annual Report on Form 10-K.
Certain prior period amounts have been reclassified to conform to the current period presentation.
v3.24.2
Accounts Receivable, Net
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Accounts Receivable, Net Accounts Receivable, Net
Mattel estimates current expected credit losses based on collection history and management's assessment of the current economic trends, business environment, customers' financial condition, and accounts receivable aging that may impact the level of future credit losses. Accounts receivable were net of allowances for credit losses of $8.5 million, $13.2 million, and $8.8 million as of June 30, 2024, June 30, 2023, and December 31, 2023, respectively.
v3.24.2
Inventories
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Inventories Inventories
Inventories included the following:
June 30,
2024		June 30,
2023		December 31,
2023
 (In thousands)
Raw materials and work in process$112,077 $125,410 $92,902 
Finished goods664,786 846,204 478,707 
$776,863 $971,614 $571,609 
v3.24.2
Property, Plant, and Equipment, Net
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Property, Plant, and Equipment, Net Property, Plant, and Equipment, Net
Property, plant, and equipment, net included the following: 
June 30,
2024		June 30,
2023		December 31,
2023
 (In thousands)
Land$19,785 $19,813 $19,838 
Buildings314,063 323,936 313,750 
Machinery and equipment622,727 663,994 628,089 
Software233,550 336,587 233,224 
Tools, dies, and molds494,555 493,122 488,170 
Leasehold improvements122,107 111,021 121,571 
Construction in progress38,410 54,320 48,483 
1,845,197 2,002,793 1,853,125 
Less: accumulated depreciation(1,400,318)(1,538,682)(1,387,602)
$444,879 $464,111 $465,523 
In July 2024, Mattel completed the purchase of an office building located in El Segundo, California for cash consideration of approximately $59 million. The building totals approximately 168,000 square feet and, upon completion of an interior build-out, will replace a leased facility that supports global design and development and other activities. The building will support the North America and International segments.
v3.24.2
Goodwill and Intangible Assets, Net
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets, Net Goodwill and Intangible Assets, Net
Goodwill
Goodwill is allocated to various reporting units for the purpose of evaluating whether goodwill is impaired. Mattel's reporting units are: (i) North America; (ii) American Girl; and (iii) International. Components of the reporting units have been aggregated into single reporting units where the components have similar economic characteristics. The similar economic characteristics include the nature of the products, the nature of the production processes, the customers, and the manner in which the products are distributed. Mattel tests its goodwill for impairment annually in the third quarter and whenever events or changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value.
The change in the carrying amount of goodwill by reporting unit for the six months ended June 30, 2024 is shown below. Brand-specific goodwill held by foreign subsidiaries is allocated to the North America reporting unit selling those brands, resulting in a foreign currency translation impact.
 December 31,
2023		Currency
Exchange Rate
Impact		June 30,
2024
(In thousands)
North America$733,487 $(198)$733,289 
American Girl207,571 — 207,571 
International443,454 (908)442,546 
$1,384,512 $(1,106)$1,383,406 
Intangible Assets, Net
Identifiable intangible assets were $376.7 million, net of accumulated amortization of $423.7 million, $411.8 million, net of accumulated amortization of $389.4 million, and $393.0 million, net of accumulated amortization of $408.5 million as of June 30, 2024, June 30, 2023, and December 31, 2023, respectively.
Mattel's amortizable intangible assets primarily consist of trademarks and trade names. Mattel tests its amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Mattel's amortizable intangible assets were not impaired during the three and six months ended June 30, 2024 and 2023.
v3.24.2
Accrued Liabilities
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Accrued Liabilities Accrued Liabilities
Accrued liabilities included the following:
June 30,
2024		June 30,
2023		December 31,
2023
 (In thousands)
Lease liabilities$75,842 $76,795 $77,254 
Incentive compensation60,094 57,340 143,091 
Advertising and promotion53,643 73,098 102,217 
Royalties50,420 58,824 86,475 
Deferred income48,501 53,884 56,900 
v3.24.2
Supplier Finance Program
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Supplier Finance Program Supplier Finance ProgramMattel has an agreement with a third-party financial institution that allows certain participating suppliers the opportunity to voluntarily finance payment obligations of Mattel under a supplier finance program. Under this program, participating suppliers may accelerate the timing of collection of their receivables due from Mattel, prior to their scheduled due dates, by selling one or more of their receivables at a discounted price to the third-party financial institution. The range of payment terms Mattel negotiates with suppliers are consistent, regardless of whether the suppliers participate in the supplier finance program and Mattel does not have any economic interest in any suppliers' decision to participate in the supplier finance program. Suppliers participating in the program are able to select which individual Mattel invoices they sell to the third-party financial institution. All Mattel payments of the full amounts due to participating suppliers are paid on the invoice due date based on the terms originally negotiated with the supplier, regardless of whether the individual invoice due to the supplier is sold to the third-party financial institution. Included in Mattel's accounts payable in the consolidated balance sheets as of June 30, 2024, June 30, 2023, and December 31, 2023 were $64.9 million, $64.7 million, and $54.3 million of outstanding payment obligations due to suppliers, respectively, under the supplier finance program. All payment activities related to the supplier finance program were presented within operating activities in the consolidated statements of cash flows.
v3.24.2
Seasonal Financing
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Seasonal Financing Seasonal Financing
On July 15, 2024, Mattel entered into a revolving credit agreement (the "New Credit Agreement"), among Mattel, as the borrower, Bank of America, N.A., as administrative agent, and the other lenders and financial institutions party thereto, providing for $1.40 billion in aggregate principal amount of senior unsecured revolving credit facilities (the "New Revolving Credit Facility"). The New Revolving Credit Facility matures on July 15, 2029. In connection with the New Revolving Credit Facility, Mattel terminated the commitments and satisfied all outstanding obligations under the revolving credit agreement (the "Prior Credit Agreement"), dated as of September 15, 2022 (as amended), among Mattel, as the borrower, Bank of America, N.A., as administrative agent, and the other lenders and financial institutions party thereto, which provided for a senior secured revolving credit facility in an aggregate principal amount of $1.40 billion (the "Prior Revolving Credit Facility").
As of June 30, 2024, Mattel was in compliance with all covenants contained in the Prior Credit Agreement. Mattel had no borrowings outstanding under the Prior Revolving Credit Facility and no other short-term borrowings outstanding as of June 30, 2024, June 30, 2023, and December 31, 2023. Outstanding letters of credit under the Prior Revolving Credit Facility totaled approximately $9 million, $8 million, and $9 million as of June 30, 2024, June 30, 2023, and December 31, 2023, respectively.
Borrowings under the New Revolving Credit Facility will bear interest at a floating rate, which for U.S. Dollar-denominated loans can be, at Mattel’s option, either (a) Term SOFR (as defined in the New Credit Agreement), plus an applicable margin ranging from 0.875% to 1.375% per annum, or (b) Base Rate (as defined in the New Credit Agreement), plus an applicable margin ranging from 0.000% to 0.375% per annum, in each case, such applicable margins to be determined based on Mattel’s debt rating.
In addition to paying interest on the outstanding principal under the New Revolving Credit Facility, Mattel will be required to pay (i) an unused line fee per annum of the average daily unused portion of the New Revolving Credit Facility, (ii) a letter of credit fronting fee based on a percentage of the aggregate face amount of outstanding letters of credit, and (iii) certain other customary fees and expenses of the lenders and agents.
The New Credit Agreement contains customary covenants, including, but not limited to, restrictions on Mattel's and its subsidiaries' ability to merge and consolidate with other companies, dispose of all or substantially all assets, incur indebtedness, or grant liens or other security interests on assets, in each case, subject to certain customary exceptions. No subsidiaries of Mattel were required to guarantee the New Revolving Credit Facility as of the closing date thereof.
The New Credit Agreement requires the maintenance of (a) an interest coverage ratio of not less than 2.75 to 1.00 as of the end of each fiscal quarter and (b) a total leverage ratio as of the end of each fiscal quarter, not to exceed (x) 3.75 to 1.00 with respect to fiscal quarters ending on March 31, June 30 and December 31 of each year, and (y) 4.00 to 1.00 with respect to fiscal quarters ending on September 30 of each year. The total leverage ratio financial covenant is subject to a step-up to 4.25 to 1.00, with respect to fiscal quarters in which certain material acquisitions are consummated, and for a period of four fiscal quarters thereafter, and subject to certain customary exceptions.
The New Credit Agreement is a material agreement, and failure to comply with its covenants may result in an event of default under the terms of the New Revolving Credit Facility. If Mattel were to default under the terms of the New Revolving Credit Facility, its ability to meet its seasonal financing requirements could be adversely affected.
v3.24.2
Long-Term Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt included the following:
June 30,
2024		June 30,
2023		December 31,
2023
 (In thousands)
2010 Senior Notes due October 2040$250,000 $250,000 $250,000 
2011 Senior Notes due November 2041300,000 300,000 300,000 
2019 Senior Notes due December 2027600,000 600,000 600,000 
2021 Senior Notes due April 2026600,000 600,000 600,000 
2021 Senior Notes due April 2029600,000 600,000 600,000 
Debt issuance costs and debt discount(17,831)(22,193)(20,014)
$2,332,169 $2,327,807 $2,329,986 
Less: current portion— — — 
Total long-term debt$2,332,169 $2,327,807 $2,329,986 
Mattel's 2019 Senior Notes due 2027 were issued pursuant to an indenture dated November 20, 2019, and its 2021 Senior Notes due 2026 and 2021 Senior Notes due 2029 were issued pursuant to an indenture dated March 19, 2021. These indentures contain covenants that limit Mattel's (and some of its subsidiaries') ability to, among other things: (i) incur additional debt or issue certain preferred shares; (ii) pay dividends on or make other distributions in respect of their capital stock or make other restricted payments; (iii) make investments in unrestricted subsidiaries; (iv) create liens; (v) enter into certain sale/leaseback transactions; (vi) merge or consolidate, or sell, transfer or otherwise dispose of substantially all of their assets; and (vii) designate subsidiaries as unrestricted. The indentures also provided that certain of these covenants would be suspended if Mattel achieved a debt rating of BBB-, Baa3, and/or BBB- (or higher) from any two of S&P, Moody's, and Fitch, respectively, and no event of default has occurred.
In April 2023, S&P upgraded Mattel's credit rating from BB+ to BBB- and maintained a positive outlook, and in November 2022, Moody's upgraded Mattel's credit rating from Ba1 to Baa3. As a result of the upgraded credit ratings and no events of default, the covenants limiting Mattel's ability to incur additional debt or issue certain preferred shares, pay dividends on or make other distributions in respect of their capital stock or make other restricted payments, and make investments in unrestricted subsidiaries, and certain provisions of the covenant limiting Mattel's ability to merge or consolidate, or sell, transfer or otherwise dispose of substantially all of their assets, are suspended. If Mattel ceases to have credit ratings of BBB-, Baa3, and/or BBB- (or higher) from any two of S&P, Moody's, and Fitch, respectively, Mattel will thereafter be subject to the suspended covenants with respect to future events.
v3.24.2
Accumulated Other Comprehensive Income (Loss)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications from accumulated other comprehensive income (loss):
 For the Three Months Ended June 30, 2024
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of March 31, 2024$1,520 $(140,718)$(776,535)$(915,733)
Other comprehensive income (loss) before reclassifications9,828 (1,458)(23,381)(15,011)
Amounts reclassified from accumulated other comprehensive income (loss)(6,080)1,707 — (4,373)
Net change in other comprehensive income (loss)3,748 249 (23,381)(19,384)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2024$5,268 $(140,469)$(799,916)$(935,117)
 For the Six Months Ended June 30, 2024
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2023$(3,463)$(142,916)$(758,589)$(904,968)
Other comprehensive income (loss) before reclassifications23,052 34 (41,327)(18,241)
Amounts reclassified from accumulated other comprehensive income (loss)(14,321)2,413 — (11,908)
Net change in other comprehensive income (loss)8,731 2,447 (41,327)(30,149)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2024$5,268 $(140,469)$(799,916)$(935,117)
 For the Three Months Ended June 30, 2023
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of March 31, 2023$17,065 $(137,771)$(767,612)$(888,318)
Other comprehensive income (loss) before reclassifications(7,479)8 2,181 (5,290)
Amounts reclassified from accumulated other comprehensive income (loss)(4,365)721 — (3,644)
Net change in other comprehensive income (loss)(11,844)729 2,181 (8,934)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2023$5,221 $(137,042)$(765,431)$(897,252)
 For the Six Months Ended June 30, 2023
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2022$22,732 $(138,498)$(795,712)$(911,478)
Other comprehensive income (loss) before reclassifications(9,251)15 30,281 21,045 
Amounts reclassified from accumulated other comprehensive income (loss)(8,260)1,441 — (6,819)
Net change in other comprehensive income (loss)(17,511)1,456 30,281 14,226 
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2023$5,221 $(137,042)$(765,431)$(897,252)
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
June 30, 2024June 30, 2023Statements of Operations
Classification
(In thousands) 
Derivative Instruments:
Gain on foreign currency forward exchange and other contracts$6,073 $4,320 Cost of sales
Tax effect7 45 Provision/benefit from income taxes
$6,080 $4,365 Net income/loss
Employee Benefit Plans:
Amortization of prior service credit (a)$462 $471 Other non-operating income/expense, net
Recognized actuarial loss (a)(1,895)(1,410)Other non-operating income/expense, net
(1,433)(939)
Tax effect(274)218 Provision/benefit from income taxes
$(1,707)$(721)Net income/loss
For the Six Months Ended
June 30, 2024June 30, 2023Statements of Operations
Classification
(In thousands) 
Derivative Instruments:
Gain on foreign currency forward exchange and other contracts$14,298 $7,924 Cost of sales
Tax effect23 336 Provision/benefit from income taxes
$14,321 $8,260 Net income/loss
Employee Benefit Plans:
Amortization of prior service credit (a)$923 $943 Other non-operating income/expense, net
Recognized actuarial loss (a)(3,791)(2,818)Other non-operating income/expense, net
(2,868)(1,875)
Tax effect455 434 Provision/benefit from income taxes
$(2,413)$(1,441)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 six months ended June 30, 2024, currency translation adjustments resulted in a net loss of $41.3 million, due to the general weakening of most currencies, including the Mexican peso and Brazilian real, against the U.S. dollar, partially offset by the strengthening of the Russian ruble against the U.S. dollar.
During the six months ended June 30, 2023, currency translation adjustments resulted in a net gain of $30.3 million, primarily due to the strengthening of the Mexican peso, British pound sterling, and Brazilian real against the U.S. dollar, partially offset by the weakening of the Russian ruble and Malaysian ringgit against the U.S. dollar.
v3.24.2
Foreign Currency Transaction Exposure
 6 Months Ended
Jun. 30, 2024
Foreign Currency [Abstract]  
Foreign Currency Transaction Exposure Foreign Currency Transaction Exposure
Currency transaction gains (losses) included in the consolidated statements of operations were as follows:
 For the Three Months Ended
 June 30,
2024		June 30,
2023		Statements of Operations Classification
 (In thousands)
Currency transaction (losses), net$(6,158)$(9,762)Operating income/expense
Currency transaction (losses) gains, net(5,698)538 Other non-operating income/expense, net
Currency transaction (losses), net$(11,856)$(9,224)
 For the Six Months Ended
 June 30,
2024		June 30,
2023		Statements of Operations Classification
 (In thousands)
Currency transaction (losses), net$(6,040)$(9,712)Operating income/expense
Currency transaction (losses) gains, net(4,984)2,089 Other non-operating income/expense, net
Currency transaction (losses), net$(11,024)$(7,623)
v3.24.2
Derivative Instruments
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
Mattel seeks to mitigate its exposure to foreign currency transaction risk by monitoring its foreign currency transaction exposure for the year and partially hedging such exposure using foreign currency forward exchange contracts. Mattel uses foreign currency forward exchange contracts as cash flow hedges primarily to hedge its purchases and sales of inventory denominated in foreign currencies. These contracts have maturity dates of up to 24 months. These derivative instruments have been designated as effective cash flow hedges, whereby the unsettled hedges are reported in Mattel's consolidated balance sheets at fair value, with changes in the fair value of the hedges reflected in other comprehensive income ("OCI"). Realized gains and losses for these contracts are recorded in the consolidated statements of operations in the period in which the inventory is sold to customers. Mattel uses foreign currency forward exchange contracts to hedge intercompany loans and advances denominated in foreign currencies. Due to the short-term nature of the contracts involved, Mattel does not use hedge accounting for these contracts, and as such, changes in fair value are recorded in the period of change in the consolidated statements of operations. Mattel utilizes derivative contracts to hedge certain purchases of commodities, which were not material. As of June 30, 2024, June 30, 2023, and December 31, 2023, Mattel held foreign currency forward exchange contracts and other commodity derivative instruments, with notional amounts of approximately $642 million, $740 million, and $609 million, respectively.
The following tables present Mattel's derivative assets and liabilities:
 Derivative Assets
 Balance Sheet ClassificationFair Value
June 30,
2024		June 30,
2023		December 31,
2023
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsPrepaid expenses and other current assets$8,872 $7,440 $2,198 
Foreign currency forward exchange and other contractsOther noncurrent assets1,121 109 52 
Total Derivatives Designated as Hedging Instruments$9,993 $7,549 $2,250 
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsPrepaid expenses and other current assets$513 $1,175 $578 
Total Derivatives Not Designated as Hedging Instruments$513 $1,175 $578 
$10,506 $8,724 $2,828 
 Derivative Liabilities
 Balance Sheet ClassificationFair Value
 June 30,
2024		June 30,
2023		December 31,
2023
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsAccrued liabilities$1,739 $6,601 $7,520 
Foreign currency forward exchange and other contractsOther noncurrent liabilities127 484 1,575 
Total Derivatives Designated as Hedging Instruments$1,866 $7,085 $9,095 
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsAccrued liabilities$517 $492 $449 
Foreign currency forward exchange and other contractsOther noncurrent liabilities— — 20 
Total Derivatives Not Designated as Hedging Instruments$517 $492 $469 
$2,383 $7,577 $9,564 
The following tables present the classification and amount of gains and losses, net of tax, from derivatives reported in the consolidated statements of operations:
Derivatives Designated as Hedging Instruments
For the Three Months Ended
 June 30,
2024		June 30,
2023		Statements of
Operations
Classification
 (In thousands)
Foreign Currency Forward Exchange and Other Contracts:
Amount of gains (losses) recognized in OCI$9,828 $(7,479)
Amount of gains reclassified from accumulated OCI to the consolidated statements of operations6,080 4,365 Cost of sales
Derivatives Designated as Hedging Instruments
For the Six Months Ended
 June 30,
2024		June 30,
2023		Statements of
Operations
Classification
 (In thousands)
Foreign Currency Forward Exchange and Other Contracts:
Amount of gains (losses) recognized in OCI$23,052 $(9,251)
Amount of gains reclassified from accumulated OCI to the consolidated statements of operations$14,321 8,260 Cost of sales
The net gains reclassified from accumulated other comprehensive loss to the consolidated statements of operations during the three and six months ended June 30, 2024 and 2023, respectively, were offset by changes in cash flows associated with the underlying hedged transactions.
 Derivatives Not Designated as Hedging Instruments
For the Three Months Ended
June 30,
2024		June 30,
2023		Statements of
Operations
Classification
 (In thousands)
Amount of Net Gains (Losses) Recognized in the Statements of Operations:
Foreign currency forward exchange and other contracts$(4,713)$7,974 Other non-operating income/expense, net
 Derivatives Not Designated as Hedging Instruments
For the Six Months Ended
June 30,
2024		June 30,
2023		Statements of
Operations
Classification
 (In thousands)
Amount of Net Gains (Losses) Recognized in the Statements of Operations:
Foreign currency forward exchange and other contracts$350 $18,278 Other non-operating income/expense, net
The net gains and losses recognized in the consolidated statements of operations during the three and six months ended June 30, 2024 and June 30, 2023, respectively, were offset by foreign currency transaction gains and losses on the related derivative balances.
v3.24.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present information about Mattel's financial assets and liabilities measured and reported in the financial statements at fair value on a recurring basis as of June 30, 2024, June 30, 2023, and December 31, 2023 and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. The three levels of the fair value hierarchy are as follows:
•Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
•Level 2 – Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
•Level 3 – Valuations based on inputs that are unobservable, supported by little or no market activity, and that are significant to the fair value of the assets or liabilities.
June 30, 2024
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $10,506 $— $10,506 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $2,383 $— $2,383 
June 30, 2023
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $8,724 $— $8,724 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $7,577 $— $7,577 
December 31, 2023
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $2,828 $— $2,828 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $9,564 $— $9,564 
(a)The fair value of the foreign currency forward exchange and other contracts was based on dealer quotes of market forward rates and reflects the amount that Mattel would receive or pay at their maturity dates for contracts involving the same notional amounts, currencies, and maturity dates.
Other Financial Instruments
Mattel's financial instruments included cash and equivalents, accounts receivable and payable, accrued liabilities, short-term borrowings, and long-term debt. The fair values of these instruments, excluding long-term debt, approximate their carrying amounts because of their short-term nature. Cash and equivalents were classified as Level 1 and all other financial instruments were classified as Level 2 within the fair value hierarchy.
The estimated fair value of Mattel's long-term debt was $2.25 billion (compared to a carrying amount of $2.35 billion) as of June 30, 2024, $2.14 billion (compared to a carrying amount of $2.35 billion) as of June 30, 2023, and $2.23 billion (compared to a carrying amount of $2.35 billion) as of December 31, 2023. The estimated fair values have been calculated based on broker quotes or rates for the same or similar instruments and were classified as Level 2 within the fair value hierarchy.
v3.24.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The following table reconciles basic and diluted earnings per common share for the three and six months ended June 30, 2024 and 2023: 
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands, except per share amounts)
Basic:
Net income (loss)$56,860 $27,187 $28,579 $(79,285)
Weighted-average number of common shares342,200 354,577 344,555 354,748 
Basic net income (loss) per common share$0.17 $0.08 $0.08 $(0.22)
Diluted:
Net income (loss)$56,860 $27,187 $28,579 $(79,285)
Weighted-average number of common shares342,200 354,577 344,555 354,748 
Dilutive share-based awards (a)2,209 2,637 2,804 — 
Weighted-average number of common and potential common shares344,409 357,214 347,359 354,748 
Diluted net income (loss) per common share$0.17 $0.08 $0.08 $(0.22)
(a)For each of the three and six months ended June 30, 2024, 7.8 million share-based awards were excluded from the calculation of diluted net income (loss) per common share because their effect would be antidilutive. For the three and six months ended June 30, 2023, 11.3 million and 15.4 million share-based awards, respectively, were excluded from the calculation of diluted net income (loss) per common share because their effect would be antidilutive.
v3.24.2
Employee Benefit Plans
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Employee Benefit Plans Employee Benefit Plans
Mattel and certain of its subsidiaries have qualified and nonqualified retirement plans covering substantially all employees of these companies, which are more fully described in Part II, Item 8 "Financial Statements and Supplementary Data—Note 4 to the Consolidated Financial Statements–Employee Benefit Plans" in the 2023 Annual Report on Form 10-K.
The components of Mattel's net periodic benefit cost for defined benefit pension plans were as follows:
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands)
Service cost$839 $858 $1,698 $1,701 
Interest cost5,030 5,237 10,083 10,435 
Expected return on plan assets(4,678)(5,097)(9,359)(10,177)
Amortization of prior service cost47 38 96 75 
Recognized actuarial loss1,943 1,467 3,886 2,932 
Net periodic benefit cost$3,181 $2,503 $6,404 $4,966 
The components of Mattel's net periodic benefit cost (credit) for postretirement benefit plans were as follows:
 For the Three Months EndedFor the Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands)
Interest cost$45 $45 $90 $90 
Amortization of prior service credit(509)(509)(1,019)(1,018)
Recognized actuarial gain(48)(57)(95)(114)
Net periodic benefit credit$(512)$(521)$(1,024)$(1,042)
Mattel's service cost component is recorded within operating income (loss) while other components of net periodic pension cost and postretirement benefit cost are recorded within other non-operating expense (income), net.
During the six months ended June 30, 2024, Mattel made cash contributions totaling approximately $3 million related to its defined benefit pension and postretirement benefit plans. During the remainder of 2024, Mattel expects to make additional cash contributions of approximately $11 million.
v3.24.2
Share-Based Payments
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Payments Share-Based Payments
Mattel has various stock compensation plans, which are described in Part II, Item 8 "Financial Statements and Supplementary Data—Note 9 to the Consolidated Financial Statements—Share-Based Payments" in the 2023 Annual Report on Form 10-K. Under the Mattel, Inc. Amended and Restated 2010 Equity and Long-Term Compensation Plan, 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 date of grant. Stock options, RSUs, and performance awards generally provide for vesting over, or at the end of, a period of three years from the date of grant.
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 Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands)
Stock option compensation expense$753 $1,778 $1,798 $4,596 
RSU compensation expense16,077 14,588 28,325 24,704 
Performance award compensation expense3,004 3,625 7,640 7,633 
$19,834 $19,991 $37,763 $36,933 
As of June 30, 2024, total unrecognized compensation expense related to unvested share-based payments totaled $136.1 million and is expected to be recognized over a weighted-average period of 2.2 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 $4.8 million and $5.0 million for the six months ended June 30, 2024 and 2023, respectively.
v3.24.2
Other Selling and Administrative Expenses
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Other Selling and Administrative Expenses Other Selling and Administrative Expenses
Other selling and administrative expenses included the following:
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
(In thousands)
Design and development$47,419 $49,782 $95,029 $98,538 
Amortization of intangible assets7,817 9,525 15,640 18,986 
v3.24.2
Restructuring Charges
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Charges Restructuring Charges
Optimizing for Profitable Growth
On February 7, 2024, Mattel announced the Optimizing for Profitable Growth program (the "OPG program"), a multi-year cost savings program that follows the Optimizing for Growth program (the "OFG program"), which concluded in the fourth quarter of 2023. The OPG program is designed to achieve further efficiency and cost savings opportunities, primarily within Mattel's global supply chain, including its manufacturing footprint.
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 Six Months Ended
June 30,
2024		June 30,
2024
 (In thousands)
Cost of sales (a)$412 $2,625 
Other selling and administrative expenses (b)10,456 17,974 
$10,868 $20,599 
(a)Severance and other restructuring charges recorded within cost of sales in the consolidated statements of operations are included in segment operating income in "Note 21 to the Consolidated Financial Statements—Segment Information."
(b)Severance and other restructuring charges recorded within other selling and administrative expenses in the consolidated statements of operations are included in corporate and other expense in "Note 21 to the Consolidated Financial Statements—Segment Information."
The following tables summarize Mattel's severance and other restructuring charges activity within operating income related to the OPG program:
Liability at December 31, 2023 ChargesPayments/UtilizationLiability at
June 30, 2024
(In thousands)
Severance$25,096 $19,558 $(11,943)$32,711 
Other restructuring charges (a)— 1,041 (1,041)— 
$25,096 $20,599 $(12,984)$32,711 
(a)Other restructuring charges consist primarily of expenses associated with the consolidation of manufacturing facilities.
As of June 30, 2024, in connection with the OPG program, Mattel had recorded cumulative severance and other restructuring charges of approximately $46 million, which included approximately $1 million of non-cash charges. Total expected cash expenditures are approximately $130 to $165 million and total non-cash charges are expected to be up to $5 million.
Other Cost Savings Actions
As of December 31, 2023, Mattel concluded the OFG program, which was a multi-year cost savings program that had integrated and expanded upon the previous Capital Light program. In connection with the OFG program, Mattel recorded severance and other restructuring charges of $7.8 million and $28.5 million within other selling and administrative expenses during the three and six months ended June 30, 2023, respectively, and a credit to severance and restructuring charges of ($1.2) million within cost of sales during the three and six months ended June 30, 2023 in the consolidated statement of operations.
Additionally, during the three and six months ended June 30, 2023, Mattel executed actions to further streamline its organizational structure that were not included in the OFG program. In connection with these actions, Mattel recorded severance charges of $2.0 million and $5.2 million within other selling and administrative expenses during the three and six months ended June 30, 2023, respectively, in the consolidated statement of operations.
v3.24.2
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
Mattel's provision for income taxes was an expense of $9.2 million and a benefit of $11.6 million for the three and six months ended June 30, 2024, respectively, and an expense of $14.4 million and a benefit of $12.6 million for the three and six months ended June 30, 2023, respectively. Mattel recognized a net discrete income tax benefit of $4.5 million during the three months ended June 30, 2024, primarily related to reassessments of prior years' tax liabilities. Mattel recognized a net discrete income tax benefit of $12.9 million during the six months ended June 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 reassessments of prior years' tax liabilities. Mattel recognized a net discrete income tax expense of $0.2 million and $0.3 million during the three and six months ended June 30, 2023, respectively, primarily related to undistributed earnings of certain foreign subsidiaries and reassessments of prior years' tax liabilities.
Evaluating the need for and the amount of a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all available evidence to determine whether it is more-likely-than-not that these assets will be realizable. Mattel routinely assesses the positive and negative evidence for this realizability, including the evaluation of sustained profitability and three years of cumulative pretax income for each tax jurisdiction. For the three and six months ended June 30, 2024 and 2023, there were no changes to Mattel's valuation allowance.
In the normal course of business, Mattel is regularly audited by federal, state, and foreign tax authorities. Based on the current status of federal, state, and foreign audits, Mattel believes it is reasonably possible that in the next 12 months, the total unrecognized tax benefits could decrease by $14.5 million related to the settlement of tax audits and/or the expiration of statutes of limitations. The ultimate settlement of any particular issue with the applicable taxing authority could
have a material impact on Mattel's consolidated financial statements.
v3.24.2
Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Contingencies Contingencies
Litigation Related to Yellowstone do Brasil Ltda.
In April 1999, Yellowstone do Brasil Ltda. (formerly known as Trebbor Informática Ltda.) filed a lawsuit against Mattel do Brasil before the 15th Civil Court of Curitiba, State of Parana, requesting the annulment of its security bonds and promissory notes given to Mattel do Brasil as well as damages due to an alleged breach of an oral exclusive distribution agreement between the parties relating to the supply and sale of toys in Brazil. Yellowstone's complaints sought alleged loss of profits plus an unspecified amount of damages.
Mattel do Brasil filed its defenses to these claims and simultaneously presented a counterclaim for unpaid accounts receivable for goods supplied to Yellowstone.
In April 2018, Mattel do Brasil entered into a settlement agreement to resolve this matter, but the settlement remains the subject of ongoing appeals.
In October 2018, the Superior Court of Justice issued a final ruling in favor of Yellowstone on the merits of Yellowstone's claims. Previously, the courts had ruled in Mattel's favor on its counterclaim.
In October 2019, Mattel reached an agreement with Yellowstone's former counsel regarding payment of the attorney's fees portion of the judgment. In November 2019, Yellowstone initiated an action to enforce its judgment against Mattel, but did not account for an offset for Mattel's counterclaim. In January 2020, Mattel obtained an injunction, staying Yellowstone's enforcement action pending resolution of Mattel's appeal to enforce the parties' April 2018 settlement. As of June 30, 2024, Mattel assessed its probable loss related to this matter and has accrued an estimated liability, which is not material.
Litigation Related to the Fisher-Price Rock 'n Play Sleeper
A number of putative class action lawsuits filed between April 2019 and October 2019 are pending against Fisher-Price, Inc. and/or Mattel, Inc. asserting claims for false advertising, negligent product design, breach of warranty, fraud, and other claims in connection with the marketing and sale of the Fisher-Price Rock 'n Play Sleeper (the "Sleeper"). In general, the lawsuits allege that the Sleeper should not have been marketed and sold as safe and fit for prolonged and overnight sleep for infants. The putative class action lawsuits propose nationwide and over 10 statewide consumer classes comprised of those who purchased the Sleeper as marketed as safe for prolonged and overnight sleep. The class actions have been consolidated before a single judge in the United States District Court for the Western District of New York for pre-trial purposes pursuant to the U.S. federal courts' Multi-District Litigation program. In June 2022, the court denied the plaintiffs' motion to certify damages and injunctive relief classes under New York law, but granted plaintiffs' request to certify a New York issue class to resolve two issues on a class-wide basis. In October 2022, the United States Court of Appeals for the Second Circuit denied plaintiffs' petition to appeal the denial of certification of the damages and injunctive relief classes. On February 13, 2024, the parties filed a notice of settlement informing the court that they have reached a settlement in principle of this litigation. The settlement in principle is subject to preliminary and final approval by the court. As of June 30, 2024, Mattel assessed its probable loss related to this matter and has accrued an estimated liability, which is not material.
Twenty-eight additional lawsuits filed between April 2019 and May 2024 are pending against Fisher-Price, Inc. and Mattel, Inc. alleging that a product defect in the Sleeper caused the fatalities of or injuries to twenty-eight children. More than two dozen lawsuits have been settled and/or dismissed. Additionally, Fisher-Price, Inc. and/or Mattel, Inc. have also received letters from lawyers purporting to represent additional plaintiffs who have threatened to assert similar claims.
In addition, a stockholder has filed a derivative action in the Court of Chancery for the State of Delaware (Kumar v. Bradley, et al., filed July 7, 2020) alleging breach of fiduciary duty and unjust enrichment related to the development, marketing, and sale of the Sleeper. The defendants in the derivative action are certain of Mattel's current and former officers and directors. In August 2021, a second similar derivative action was filed in the Court of Chancery for the State of Delaware (Armon v. Bradley, et al., filed August 30, 2021).
The lawsuits seek compensatory damages, punitive damages, statutory damages, restitution, disgorgement, attorneys' fees, costs, interest, declaratory relief, and/or injunctive relief. Mattel believes that it has substantial defenses to the allegations in the lawsuits and intends to vigorously defend against them. A reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time.
v3.24.2
Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
Mattel designs, manufactures, and markets a broad variety of toy products worldwide, which are sold to its customers and directly to consumers.
Segment Data
In the first quarter of 2024, Mattel announced an organizational change that resulted in the American Girl business being integrated into Mattel's North America commercial organization. Such integration resulted in a change to Mattel's operating and reportable segments. Mattel's reportable segments are: (i) North America; and (ii) International. The prior period amounts have been reclassified to conform to the current period presentation. The North America and International segments sell products across Mattel's categories, although some products are developed and adapted for particular international markets, and American Girl products are only sold in North America.
The following tables present information regarding Mattel's net sales, operating income (loss), and assets by reportable segment. The corporate and other expense category includes operating costs not allocated to individual segments, including charges related to incentive and share-based compensation, corporate headquarters functions managed on a worldwide basis, the impact of changes in foreign currency exchange rates on intercompany transactions, and certain severance and other restructuring costs. It is generally impracticable for Mattel to present net sales by categories, brands, or products, as trade discounts and other allowances are generally recorded in the financial accounting systems by customer.
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands)
Net Sales by Segment
North America$606,480 $624,452 $1,084,267 $1,094,938 
International473,248 462,712 804,970 806,805 
Net sales$1,079,728 $1,087,164 $1,889,237 $1,901,743 
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands)
Operating Income (Loss) by Segment (a)
North America$136,927 $132,353 $209,917 $164,496 
International77,311 42,911 86,582 43,224 
214,238 175,264 296,499 207,720 
Corporate and other expense (b)
(131,031)(112,489)(248,810)(259,983)
Operating income (loss)83,207 62,775 47,689 (52,263)
Interest expense29,984 30,642 60,044 61,770 
Interest (income)(12,398)(4,321)(29,680)(10,840)
Other non-operating expense (income), net6,110 (2,147)11,721 (3,586)
Income (loss) before income taxes$59,511 $38,601 $5,604 $(99,607)
(a)Segment operating income (loss) included severance and other restructuring charges of $0.4 million and $2.6 million for the three and six months ended June 30, 2024, respectively, and $(1.2) million for each of the three and six months ended June 30, 2023, which were allocated to the North America and International segments.
(b)Corporate and other expense included (i) severance and other restructuring charges of $10.4 million and $16.7 million for the three and six months ended June 30, 2024, respectively, and $9.8 million and $33.7 million for the three and six months ended June 30, 2023, respectively; and (ii) inclined sleeper product recall litigation expense of $2.2 million and $5.9 million for the three and six months ended June 30, 2024, respectively and $3.4 million and $7.7 million for the three and six months ended June 30, 2023, respectively.
Segment assets are comprised of accounts receivable, net and inventories.
June 30,
2024		June 30,
2023		December 31,
2023
 (In thousands)
Assets by Segment
North America$779,167 $913,998 $845,113 
International719,869 833,407 735,236 
1,499,036 1,747,405 1,580,349 
Corporate and other117,246 115,091 73,087 
Accounts receivable, net and inventories$1,616,282 $1,862,496 $1,653,436 
Geographic Information
The following table presents information regarding Mattel's net sales by geographic area. Net sales are attributed to countries based on the location of the customer:
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands)
Net Sales by Geographic Area
North America$606,480 $624,452 $1,084,267 $1,094,938 
International
EMEA250,688 241,692 435,927 451,048 
Latin America134,597 138,046 214,248 213,577 
Asia Pacific87,963 82,974 154,795 142,180 
Total International473,248 462,712 804,970 806,805 
Net sales$1,079,728 $1,087,164 $1,889,237 $1,901,743 
v3.24.2
New Accounting Pronouncements
 6 Months Ended
Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Pronouncements New Accounting Pronouncements
Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires incremental disclosure of significant segment expenses on an annual and interim basis to enable investors to develop more decision-useful financial analyses. The guidance in ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Mattel is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced income tax disclosures on an annual basis for specific categories in the rate reconciliation and disclosure of income taxes paid by jurisdiction. The guidance in ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Mattel is currently evaluating the impact of the adoption of ASU 2023-09 on its consolidated financial statements.
v3.24.2
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure            
Net income (loss) $ 56,860 $ (28,281) $ 27,187 $ (106,471) $ 28,579 $ (79,285)
v3.24.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2
Basis of Presentation (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
The accompanying unaudited consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments, consisting of only those of a normal recurring nature, considered necessary for a fair statement of the financial position and interim results of Mattel, Inc. and its subsidiaries ("Mattel") as of and for the periods presented have been included.
Accounting Pronouncements Not Yet Adopted
Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires incremental disclosure of significant segment expenses on an annual and interim basis to enable investors to develop more decision-useful financial analyses. The guidance in ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Mattel is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 requires enhanced income tax disclosures on an annual basis for specific categories in the rate reconciliation and disclosure of income taxes paid by jurisdiction. The guidance in ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Mattel is currently evaluating the impact of the adoption of ASU 2023-09 on its consolidated financial statements.
v3.24.2
Inventories (Tables)
 6 Months Ended
Jun. 30, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories included the following:
June 30,
2024		June 30,
2023		December 31,
2023
 (In thousands)
Raw materials and work in process$112,077 $125,410 $92,902 
Finished goods664,786 846,204 478,707 
$776,863 $971,614 $571,609 
v3.24.2
Property, Plant, and Equipment, Net (Tables)
 6 Months Ended
Jun. 30, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant, and Equipment, Net
Property, plant, and equipment, net included the following: 
June 30,
2024		June 30,
2023		December 31,
2023
 (In thousands)
Land$19,785 $19,813 $19,838 
Buildings314,063 323,936 313,750 
Machinery and equipment622,727 663,994 628,089 
Software233,550 336,587 233,224 
Tools, dies, and molds494,555 493,122 488,170 
Leasehold improvements122,107 111,021 121,571 
Construction in progress38,410 54,320 48,483 
1,845,197 2,002,793 1,853,125 
Less: accumulated depreciation(1,400,318)(1,538,682)(1,387,602)
$444,879 $464,111 $465,523 
v3.24.2
Goodwill and Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill The change in the carrying amount of goodwill by reporting unit for the six months ended June 30, 2024 is shown below. Brand-specific goodwill held by foreign subsidiaries is allocated to the North America reporting unit selling those brands, resulting in a foreign currency translation impact.
 December 31,
2023		Currency
Exchange Rate
Impact		June 30,
2024
(In thousands)
North America$733,487 $(198)$733,289 
American Girl207,571 — 207,571 
International443,454 (908)442,546 
$1,384,512 $(1,106)$1,383,406 
v3.24.2
Accrued Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Payables and Accruals [Abstract]  
Schedule of Accrued Liabilities
Accrued liabilities included the following:
June 30,
2024		June 30,
2023		December 31,
2023
 (In thousands)
Lease liabilities$75,842 $76,795 $77,254 
Incentive compensation60,094 57,340 143,091 
Advertising and promotion53,643 73,098 102,217 
Royalties50,420 58,824 86,475 
Deferred income48,501 53,884 56,900 
v3.24.2
Long-Term Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt included the following:
June 30,
2024		June 30,
2023		December 31,
2023
 (In thousands)
2010 Senior Notes due October 2040$250,000 $250,000 $250,000 
2011 Senior Notes due November 2041300,000 300,000 300,000 
2019 Senior Notes due December 2027600,000 600,000 600,000 
2021 Senior Notes due April 2026600,000 600,000 600,000 
2021 Senior Notes due April 2029600,000 600,000 600,000 
Debt issuance costs and debt discount(17,831)(22,193)(20,014)
$2,332,169 $2,327,807 $2,329,986 
Less: current portion— — — 
Total long-term debt$2,332,169 $2,327,807 $2,329,986 
v3.24.2
Accumulated Other Comprehensive Income (Loss) (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)
The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications from accumulated other comprehensive income (loss):
 For the Three Months Ended June 30, 2024
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of March 31, 2024$1,520 $(140,718)$(776,535)$(915,733)
Other comprehensive income (loss) before reclassifications9,828 (1,458)(23,381)(15,011)
Amounts reclassified from accumulated other comprehensive income (loss)(6,080)1,707 — (4,373)
Net change in other comprehensive income (loss)3,748 249 (23,381)(19,384)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2024$5,268 $(140,469)$(799,916)$(935,117)
 For the Six Months Ended June 30, 2024
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2023$(3,463)$(142,916)$(758,589)$(904,968)
Other comprehensive income (loss) before reclassifications23,052 34 (41,327)(18,241)
Amounts reclassified from accumulated other comprehensive income (loss)(14,321)2,413 — (11,908)
Net change in other comprehensive income (loss)8,731 2,447 (41,327)(30,149)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2024$5,268 $(140,469)$(799,916)$(935,117)
 For the Three Months Ended June 30, 2023
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of March 31, 2023$17,065 $(137,771)$(767,612)$(888,318)
Other comprehensive income (loss) before reclassifications(7,479)8 2,181 (5,290)
Amounts reclassified from accumulated other comprehensive income (loss)(4,365)721 — (3,644)
Net change in other comprehensive income (loss)(11,844)729 2,181 (8,934)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2023$5,221 $(137,042)$(765,431)$(897,252)
 For the Six Months Ended June 30, 2023
 Derivative
Instruments		Employee Benefit PlansCurrency
Translation
Adjustments		Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2022$22,732 $(138,498)$(795,712)$(911,478)
Other comprehensive income (loss) before reclassifications(9,251)15 30,281 21,045 
Amounts reclassified from accumulated other comprehensive income (loss)(8,260)1,441 — (6,819)
Net change in other comprehensive income (loss)(17,511)1,456 30,281 14,226 
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2023$5,221 $(137,042)$(765,431)$(897,252)
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
June 30, 2024June 30, 2023Statements of Operations
Classification
(In thousands) 
Derivative Instruments:
Gain on foreign currency forward exchange and other contracts$6,073 $4,320 Cost of sales
Tax effect7 45 Provision/benefit from income taxes
$6,080 $4,365 Net income/loss
Employee Benefit Plans:
Amortization of prior service credit (a)$462 $471 Other non-operating income/expense, net
Recognized actuarial loss (a)(1,895)(1,410)Other non-operating income/expense, net
(1,433)(939)
Tax effect(274)218 Provision/benefit from income taxes
$(1,707)$(721)Net income/loss
For the Six Months Ended
June 30, 2024June 30, 2023Statements of Operations
Classification
(In thousands) 
Derivative Instruments:
Gain on foreign currency forward exchange and other contracts$14,298 $7,924 Cost of sales
Tax effect23 336 Provision/benefit from income taxes
$14,321 $8,260 Net income/loss
Employee Benefit Plans:
Amortization of prior service credit (a)$923 $943 Other non-operating income/expense, net
Recognized actuarial loss (a)(3,791)(2,818)Other non-operating income/expense, net
(2,868)(1,875)
Tax effect455 434 Provision/benefit from income taxes
$(2,413)$(1,441)Net income/loss
(a)The amortization of prior service credit and recognized actuarial loss are included in the computation of net periodic benefit cost. Refer to "Note 15 to the Consolidated Financial Statements—Employee Benefit Plans" for additional information regarding Mattel's net periodic benefit cost.
v3.24.2
Foreign Currency Transaction Exposure (Tables)
 6 Months Ended
Jun. 30, 2024
Foreign Currency [Abstract]  
Schedule of Currency Transaction Gains (Losses)
Currency transaction gains (losses) included in the consolidated statements of operations were as follows:
 For the Three Months Ended
 June 30,
2024		June 30,
2023		Statements of Operations Classification
 (In thousands)
Currency transaction (losses), net$(6,158)$(9,762)Operating income/expense
Currency transaction (losses) gains, net(5,698)538 Other non-operating income/expense, net
Currency transaction (losses), net$(11,856)$(9,224)
 For the Six Months Ended
 June 30,
2024		June 30,
2023		Statements of Operations Classification
 (In thousands)
Currency transaction (losses), net$(6,040)$(9,712)Operating income/expense
Currency transaction (losses) gains, net(4,984)2,089 Other non-operating income/expense, net
Currency transaction (losses), net$(11,024)$(7,623)
v3.24.2
Derivative Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Assets and Liabilities
The following tables present Mattel's derivative assets and liabilities:
 Derivative Assets
 Balance Sheet ClassificationFair Value
June 30,
2024		June 30,
2023		December 31,
2023
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsPrepaid expenses and other current assets$8,872 $7,440 $2,198 
Foreign currency forward exchange and other contractsOther noncurrent assets1,121 109 52 
Total Derivatives Designated as Hedging Instruments$9,993 $7,549 $2,250 
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsPrepaid expenses and other current assets$513 $1,175 $578 
Total Derivatives Not Designated as Hedging Instruments$513 $1,175 $578 
$10,506 $8,724 $2,828 
 Derivative Liabilities
 Balance Sheet ClassificationFair Value
 June 30,
2024		June 30,
2023		December 31,
2023
(In thousands)
Derivatives Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsAccrued liabilities$1,739 $6,601 $7,520 
Foreign currency forward exchange and other contractsOther noncurrent liabilities127 484 1,575 
Total Derivatives Designated as Hedging Instruments$1,866 $7,085 $9,095 
Derivatives Not Designated as Hedging Instruments:
Foreign currency forward exchange and other contractsAccrued liabilities$517 $492 $449 
Foreign currency forward exchange and other contractsOther noncurrent liabilities— — 20 
Total Derivatives Not Designated as Hedging Instruments$517 $492 $469 
$2,383 $7,577 $9,564 
Schedule of Derivatives Designated as Hedging Instruments by Classification and Amount of Gains and Losses
The following tables present the classification and amount of gains and losses, net of tax, from derivatives reported in the consolidated statements of operations:
Derivatives Designated as Hedging Instruments
For the Three Months Ended
 June 30,
2024		June 30,
2023		Statements of
Operations
Classification
 (In thousands)
Foreign Currency Forward Exchange and Other Contracts:
Amount of gains (losses) recognized in OCI$9,828 $(7,479)
Amount of gains reclassified from accumulated OCI to the consolidated statements of operations6,080 4,365 Cost of sales
Derivatives Designated as Hedging Instruments
For the Six Months Ended
 June 30,
2024		June 30,
2023		Statements of
Operations
Classification
 (In thousands)
Foreign Currency Forward Exchange and Other Contracts:
Amount of gains (losses) recognized in OCI$23,052 $(9,251)
Amount of gains reclassified from accumulated OCI to the consolidated statements of operations$14,321 8,260 Cost of sales
Schedule of Derivatives Not Designated as Hedging Instruments by Classification and Amount of Gains and Losses
The net gains reclassified from accumulated other comprehensive loss to the consolidated statements of operations during the three and six months ended June 30, 2024 and 2023, respectively, were offset by changes in cash flows associated with the underlying hedged transactions.
 Derivatives Not Designated as Hedging Instruments
For the Three Months Ended
June 30,
2024		June 30,
2023		Statements of
Operations
Classification
 (In thousands)
Amount of Net Gains (Losses) Recognized in the Statements of Operations:
Foreign currency forward exchange and other contracts$(4,713)$7,974 Other non-operating income/expense, net
 Derivatives Not Designated as Hedging Instruments
For the Six Months Ended
June 30,
2024		June 30,
2023		Statements of
Operations
Classification
 (In thousands)
Amount of Net Gains (Losses) Recognized in the Statements of Operations:
Foreign currency forward exchange and other contracts$350 $18,278 Other non-operating income/expense, net
v3.24.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities
The following tables present information about Mattel's financial assets and liabilities measured and reported in the financial statements at fair value on a recurring basis as of June 30, 2024, June 30, 2023, and December 31, 2023 and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. The three levels of the fair value hierarchy are as follows:
•Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access.
•Level 2 – Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities.
•Level 3 – Valuations based on inputs that are unobservable, supported by little or no market activity, and that are significant to the fair value of the assets or liabilities.
June 30, 2024
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $10,506 $— $10,506 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $2,383 $— $2,383 
June 30, 2023
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $8,724 $— $8,724 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $7,577 $— $7,577 
December 31, 2023
Level 1Level 2Level 3Total
(In thousands)
Assets:
Foreign currency forward exchange and other contracts (a)$— $2,828 $— $2,828 
Liabilities:
Foreign currency forward exchange and other contracts (a)$— $9,564 $— $9,564 
(a)The fair value of the foreign currency forward exchange and other contracts was based on dealer quotes of market forward rates and reflects the amount that Mattel would receive or pay at their maturity dates for contracts involving the same notional amounts, currencies, and maturity dates.
v3.24.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
The following table reconciles basic and diluted earnings per common share for the three and six months ended June 30, 2024 and 2023: 
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands, except per share amounts)
Basic:
Net income (loss)$56,860 $27,187 $28,579 $(79,285)
Weighted-average number of common shares342,200 354,577 344,555 354,748 
Basic net income (loss) per common share$0.17 $0.08 $0.08 $(0.22)
Diluted:
Net income (loss)$56,860 $27,187 $28,579 $(79,285)
Weighted-average number of common shares342,200 354,577 344,555 354,748 
Dilutive share-based awards (a)2,209 2,637 2,804 — 
Weighted-average number of common and potential common shares344,409 357,214 347,359 354,748 
Diluted net income (loss) per common share$0.17 $0.08 $0.08 $(0.22)
(a)For each of the three and six months ended June 30, 2024, 7.8 million share-based awards were excluded from the calculation of diluted net income (loss) per common share because their effect would be antidilutive. For the three and six months ended June 30, 2023, 11.3 million and 15.4 million share-based awards, respectively, were excluded from the calculation of diluted net income (loss) per common share because their effect would be antidilutive.
v3.24.2
Employee Benefit Plans (Tables)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Benefit Cost (Credit)
The components of Mattel's net periodic benefit cost for defined benefit pension plans were as follows:
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands)
Service cost$839 $858 $1,698 $1,701 
Interest cost5,030 5,237 10,083 10,435 
Expected return on plan assets(4,678)(5,097)(9,359)(10,177)
Amortization of prior service cost47 38 96 75 
Recognized actuarial loss1,943 1,467 3,886 2,932 
Net periodic benefit cost$3,181 $2,503 $6,404 $4,966 
The components of Mattel's net periodic benefit cost (credit) for postretirement benefit plans were as follows:
 For the Three Months EndedFor the Six Months Ended
June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands)
Interest cost$45 $45 $90 $90 
Amortization of prior service credit(509)(509)(1,019)(1,018)
Recognized actuarial gain(48)(57)(95)(114)
Net periodic benefit credit$(512)$(521)$(1,024)$(1,042)
v3.24.2
Share-Based Payments (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Compensation Expense
Compensation expense, included within other selling and administrative expenses in the consolidated statements of operations, related to stock options, RSUs, and performance awards was as follows:
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands)
Stock option compensation expense$753 $1,778 $1,798 $4,596 
RSU compensation expense16,077 14,588 28,325 24,704 
Performance award compensation expense3,004 3,625 7,640 7,633 
$19,834 $19,991 $37,763 $36,933 
v3.24.2
Other Selling and Administrative Expenses (Tables)
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Schedule of Other Selling and Administrative Expenses
Other selling and administrative expenses included the following:
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
(In thousands)
Design and development$47,419 $49,782 $95,029 $98,538 
Amortization of intangible assets7,817 9,525 15,640 18,986 
v3.24.2
Restructuring Charges (Tables)
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Schedule of Severance and Other Restructuring Costs
In connection with the OPG program, Mattel recorded severance and other restructuring costs in the following cost and expense categories within operating income in the consolidated statements of operations:
 For the Three Months EndedFor the Six Months Ended
June 30,
2024		June 30,
2024
 (In thousands)
Cost of sales (a)$412 $2,625 
Other selling and administrative expenses (b)10,456 17,974 
$10,868 $20,599 
(a)Severance and other restructuring charges recorded within cost of sales in the consolidated statements of operations are included in segment operating income in "Note 21 to the Consolidated Financial Statements—Segment Information."
(b)Severance and other restructuring charges recorded within other selling and administrative expenses in the consolidated statements of operations are included in corporate and other expense in "Note 21 to the Consolidated Financial Statements—Segment Information."
Schedule of Severance and Other Restructuring Charges Activity
The following tables summarize Mattel's severance and other restructuring charges activity within operating income related to the OPG program:
Liability at December 31, 2023 ChargesPayments/UtilizationLiability at
June 30, 2024
(In thousands)
Severance$25,096 $19,558 $(11,943)$32,711 
Other restructuring charges (a)— 1,041 (1,041)— 
$25,096 $20,599 $(12,984)$32,711 
(a)Other restructuring charges consist primarily of expenses associated with the consolidation of manufacturing facilities.
v3.24.2
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Revenues and Income from Segment
The following tables present information regarding Mattel's net sales, operating income (loss), and assets by reportable segment. The corporate and other expense category includes operating costs not allocated to individual segments, including charges related to incentive and share-based compensation, corporate headquarters functions managed on a worldwide basis, the impact of changes in foreign currency exchange rates on intercompany transactions, and certain severance and other restructuring costs. It is generally impracticable for Mattel to present net sales by categories, brands, or products, as trade discounts and other allowances are generally recorded in the financial accounting systems by customer.
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands)
Net Sales by Segment
North America$606,480 $624,452 $1,084,267 $1,094,938 
International473,248 462,712 804,970 806,805 
Net sales$1,079,728 $1,087,164 $1,889,237 $1,901,743 
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands)
Operating Income (Loss) by Segment (a)
North America$136,927 $132,353 $209,917 $164,496 
International77,311 42,911 86,582 43,224 
214,238 175,264 296,499 207,720 
Corporate and other expense (b)
(131,031)(112,489)(248,810)(259,983)
Operating income (loss)83,207 62,775 47,689 (52,263)
Interest expense29,984 30,642 60,044 61,770 
Interest (income)(12,398)(4,321)(29,680)(10,840)
Other non-operating expense (income), net6,110 (2,147)11,721 (3,586)
Income (loss) before income taxes$59,511 $38,601 $5,604 $(99,607)
(a)Segment operating income (loss) included severance and other restructuring charges of $0.4 million and $2.6 million for the three and six months ended June 30, 2024, respectively, and $(1.2) million for each of the three and six months ended June 30, 2023, which were allocated to the North America and International segments.
(b)Corporate and other expense included (i) severance and other restructuring charges of $10.4 million and $16.7 million for the three and six months ended June 30, 2024, respectively, and $9.8 million and $33.7 million for the three and six months ended June 30, 2023, respectively; and (ii) inclined sleeper product recall litigation expense of $2.2 million and $5.9 million for the three and six months ended June 30, 2024, respectively and $3.4 million and $7.7 million for the three and six months ended June 30, 2023, respectively.
Schedule of Segment Assets
Segment assets are comprised of accounts receivable, net and inventories.
June 30,
2024		June 30,
2023		December 31,
2023
 (In thousands)
Assets by Segment
North America$779,167 $913,998 $845,113 
International719,869 833,407 735,236 
1,499,036 1,747,405 1,580,349 
Corporate and other117,246 115,091 73,087 
Accounts receivable, net and inventories$1,616,282 $1,862,496 $1,653,436 
Schedule of Revenues by Geographic Area
The following table presents information regarding Mattel's net sales by geographic area. Net sales are attributed to countries based on the location of the customer:
 For the Three Months EndedFor the Six Months Ended
 June 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
 (In thousands)
Net Sales by Geographic Area
North America$606,480 $624,452 $1,084,267 $1,094,938 
International
EMEA250,688 241,692 435,927 451,048 
Latin America134,597 138,046 214,248 213,577 
Asia Pacific87,963 82,974 154,795 142,180 
Total International473,248 462,712 804,970 806,805 
Net sales$1,079,728 $1,087,164 $1,889,237 $1,901,743 
v3.24.2
Accounts Receivable, Net (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Receivables [Abstract]      
Accounts receivable, allowances for credit losses $ 8.5 $ 8.8 $ 13.2
v3.24.2
Inventories (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Inventory Disclosure [Abstract]      
Raw materials and work in process $ 112,077 $ 92,902 $ 125,410
Finished goods 664,786 478,707 846,204
Inventories $ 776,863 $ 571,609 $ 971,614
v3.24.2
Property, Plant, and Equipment, Net - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross $ 1,845,197 $ 1,853,125 $ 2,002,793
Less: accumulated depreciation (1,400,318) (1,387,602) (1,538,682)
Property, plant, and equipment, net 444,879 465,523 464,111
Land      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 19,785 19,838 19,813
Buildings      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 314,063 313,750 323,936
Machinery and equipment      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 622,727 628,089 663,994
Software      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 233,550 233,224 336,587
Tools, dies, and molds      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 494,555 488,170 493,122
Leasehold improvements      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross 122,107 121,571 111,021
Construction in progress      
Property, Plant and Equipment [Line Items]      
Property, plant, and equipment, gross $ 38,410 $ 48,483 $ 54,320
v3.24.2
Property, Plant, and Equipment, Net - Narrative (Details) - Subsequent Event
ft² in Thousands, $ in Millions
 1 Months Ended
Jul. 31, 2024
USD ($)
ft²
Property, Plant and Equipment [Line Items]  
Payment to acquire building | $ $ 59
Area of real estate property | ft² 168
v3.24.2
Goodwill and Intangible Assets, Net - Narrative (Details)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2024
USD ($)
unit
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Goodwill [Line Items]          
Finite-lived intangible assets $ 376,668,000 $ 411,759,000 $ 376,668,000 $ 411,759,000 $ 393,039,000
Intangible assets, accumulated amortization 423,700,000 389,400,000 423,700,000 389,400,000 $ 408,500,000
Impairment of amortizable intangible assets $ 0 $ 0 $ 0 $ 0  
International          
Goodwill [Line Items]          
Number of reporting units | unit     1    
v3.24.2
Goodwill and Intangible Assets, Net - Goodwill (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 1,384,512
Currency Exchange Rate Impact (1,106)
Goodwill, ending balance 1,383,406
North America  
Goodwill [Roll Forward]  
Goodwill, beginning balance 733,487
Currency Exchange Rate Impact (198)
Goodwill, ending balance 733,289
American Girl  
Goodwill [Roll Forward]  
Goodwill, beginning balance 207,571
Currency Exchange Rate Impact 0
Goodwill, ending balance 207,571
International  
Goodwill [Roll Forward]  
Goodwill, beginning balance 443,454
Currency Exchange Rate Impact (908)
Goodwill, ending balance $ 442,546
v3.24.2
Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Payables and Accruals [Abstract]      
Operating lease, liability, current, statement of financial position [extensible list] Accrued liabilities Accrued liabilities Accrued liabilities
Lease liabilities $ 75,842 $ 77,254 $ 76,795
Incentive compensation 60,094 143,091 57,340
Advertising and promotion 53,643 102,217 73,098
Royalties 50,420 86,475 58,824
Deferred income $ 48,501 $ 56,900 $ 53,884
v3.24.2
Supplier Finance Program (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Payables and Accruals [Abstract]      
Outstanding payment obligation $ 64.9 $ 54.3 $ 64.7
v3.24.2
Seasonal Financing (Details)
Jul. 15, 2024
USD ($)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Jun. 30, 2023
USD ($)
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 8,000,000  
Revolving Credit Facility          
Debt Instrument [Line Items]          
Outstanding borrowings   $ 0 $ 0 $ 0  
Revolving Credit Facility | New Credit Agreement | Subsequent Event          
Debt Instrument [Line Items]          
Aggregate commitment under the credit facility $ 1,400,000,000        
Covenant, interest coverage ratio, minimum 2.75        
Covenant, pro forma total leverage ratio, maximum 3.75        
Covenant, pro forma total leverage ratio for quarters ending Sept. 30, maximum" 4.00        
Covenant, leverage ratio, maximum 4.25        
Revolving Credit Facility | New Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR) | Subsequent Event          
Debt Instrument [Line Items]          
Interest rate margin for loans (as a percent) 0.875%        
Revolving Credit Facility | New Credit Agreement | Minimum | Base Rate | Subsequent Event          
Debt Instrument [Line Items]          
Interest rate margin for loans (as a percent) 0.00%        
Revolving Credit Facility | New Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR) | Subsequent Event          
Debt Instrument [Line Items]          
Interest rate margin for loans (as a percent) 1.375%        
Revolving Credit Facility | New Credit Agreement | Maximum | Base Rate | Subsequent Event          
Debt Instrument [Line Items]          
Interest rate margin for loans (as a percent) 0.375%        
Revolving Credit Facility | Credit Agreement          
Debt Instrument [Line Items]          
Aggregate commitment under the credit facility         $ 1,400,000,000
v3.24.2
Long-Term Debt - Long-Term Debt (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Debt Instrument [Line Items]      
Long-term debt $ 2,350,000 $ 2,350,000 $ 2,350,000
Debt issuance costs and debt discount (17,831) (20,014) (22,193)
Long-term debt, net 2,332,169 2,329,986 2,327,807
Less: current portion 0 0 0
Total long-term debt 2,332,169 2,329,986 2,327,807
Senior Notes | 2010 Senior Notes due October 2040      
Debt Instrument [Line Items]      
Long-term debt 250,000 250,000 250,000
Senior Notes | 2011 Senior Notes due November 2041      
Debt Instrument [Line Items]      
Long-term debt 300,000 300,000 300,000
Senior Notes | 2019 Senior Notes due December 2027      
Debt Instrument [Line Items]      
Long-term debt 600,000 600,000 600,000
Senior Notes | 2021 Senior Notes due April 2026      
Debt Instrument [Line Items]      
Long-term debt 600,000 600,000 600,000
Senior Notes | 2021 Senior Notes due April 2029      
Debt Instrument [Line Items]      
Long-term debt $ 600,000 $ 600,000 $ 600,000
v3.24.2
Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance $ 2,025,312 $ 2,149,213 $ 1,937,661 $ 2,056,269 $ 2,149,213 $ 2,056,269
Other comprehensive income (loss) before reclassifications (15,011)   (5,290)   (18,241) 21,045
Amounts reclassified from accumulated other comprehensive income (loss) (4,373)   (3,644)   (11,908) (6,819)
Other Comprehensive (Loss) Income, Net of Tax (19,384) (10,765) (8,934) 23,160 (30,149) 14,226
Ending balance 1,973,133 2,025,312 1,962,374 1,937,661 1,973,133 1,962,374
Total            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (915,733) (904,968) (888,318) (911,478) (904,968) (911,478)
Other Comprehensive (Loss) Income, Net of Tax (19,384) (10,765) (8,934) 23,160    
Ending balance (935,117) (915,733) (897,252) (888,318) (935,117) (897,252)
Derivative Instruments            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance 1,520 (3,463) 17,065 22,732 (3,463) 22,732
Other comprehensive income (loss) before reclassifications 9,828   (7,479)   23,052 (9,251)
Amounts reclassified from accumulated other comprehensive income (loss) (6,080)   (4,365)   (14,321) (8,260)
Other Comprehensive (Loss) Income, Net of Tax 3,748   (11,844)   8,731 (17,511)
Ending balance 5,268 1,520 5,221 17,065 5,268 5,221
Employee Benefit Plans            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (140,718) (142,916) (137,771) (138,498) (142,916) (138,498)
Other comprehensive income (loss) before reclassifications (1,458)   8   34 15
Amounts reclassified from accumulated other comprehensive income (loss) 1,707   721   2,413 1,441
Other Comprehensive (Loss) Income, Net of Tax 249   729   2,447 1,456
Ending balance (140,469) (140,718) (137,042) (137,771) (140,469) (137,042)
Currency Translation Adjustments            
AOCI Attributable to Parent, Net of Tax [Roll Forward]            
Beginning balance (776,535) (758,589) (767,612) (795,712) (758,589) (795,712)
Other comprehensive income (loss) before reclassifications (23,381)   2,181   (41,327) 30,281
Amounts reclassified from accumulated other comprehensive income (loss) 0   0   0 0
Other Comprehensive (Loss) Income, Net of Tax (23,381)   2,181   (41,327) 30,281
Ending balance $ (799,916) $ (776,535) $ (765,431) $ (767,612) $ (799,916) $ (765,431)
v3.24.2
Accumulated Other Comprehensive Income (Loss) - Reclassification from AOCI (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]            
Other non-operating income/expense, net $ (6,110)   $ 2,147   $ (11,721) $ 3,586
Income (loss) before income taxes 59,511   38,601   5,604 (99,607)
Provision (benefit) from income taxes (9,196)   (14,424)   11,594 12,575
Net income (loss) 56,860 $ (28,281) 27,187 $ (106,471) 28,579 (79,285)
Derivative Instruments | Reclassification Out of Accumulated Other Comprehensive Income (Loss)            
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]            
Cost of sales 6,073   4,320   14,298 7,924
Provision (benefit) from income taxes 7   45   23 336
Net income (loss) 6,080   4,365   14,321 8,260
Employee Benefit Plans | Reclassification Out of Accumulated Other Comprehensive Income (Loss)            
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]            
Income (loss) before income taxes (1,433)   (939)   (2,868) (1,875)
Provision (benefit) from income taxes (274)   218   455 434
Net income (loss) (1,707)   (721)   (2,413) (1,441)
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 462   471   923 943
Recognized actuarial loss | Reclassification Out of Accumulated Other Comprehensive Income (Loss)            
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]            
Other non-operating income/expense, net $ (1,895)   $ (1,410)   $ (3,791) $ (2,818)
v3.24.2
Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Currency translation adjustments (loss) income $ (19,384) $ (10,765) $ (8,934) $ 23,160 $ (30,149) $ 14,226
Currency Translation Adjustments            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Currency translation adjustments (loss) income $ (23,381)   $ 2,181   $ (41,327) $ 30,281
v3.24.2
Foreign Currency Transaction Exposure (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Currency Transaction Gains (Losses) [Line Items]        
Currency transaction (losses), net $ (11,856) $ (9,224) $ (11,024) $ (7,623)
Operating income/expense        
Currency Transaction Gains (Losses) [Line Items]        
Currency transaction (losses), net (6,158) (9,762) (6,040) (9,712)
Other non-operating income/expense, net        
Currency Transaction Gains (Losses) [Line Items]        
Currency transaction (losses), net $ (5,698) $ 538 $ (4,984) $ 2,089
v3.24.2
Derivative Instruments - Narrative (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Foreign currency forward exchange and other contracts      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Notional amount $ 642 $ 609 $ 740
Maximum      
Derivative Instruments and Hedging Activities Disclosures [Line Items]      
Term of derivative contract (up to) 24 months    
v3.24.2
Derivative Instruments - Derivatives Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Derivatives, Fair Value [Line Items]      
Derivative Assets $ 10,506 $ 2,828 $ 8,724
Derivative Liabilities 2,383 9,564 7,577
Derivatives Designated as Hedging Instruments:      
Derivatives, Fair Value [Line Items]      
Derivative Assets 9,993 2,250 7,549
Derivative Liabilities 1,866 9,095 7,085
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 8,872 2,198 7,440
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Other noncurrent assets      
Derivatives, Fair Value [Line Items]      
Derivative Assets 1,121 52 109
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Accrued liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities 1,739 7,520 6,601
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Other noncurrent liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities 127 1,575 484
Derivatives Not Designated as Hedging Instruments:      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities 517 469 492
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts      
Derivatives, Fair Value [Line Items]      
Derivative Assets 513 578 1,175
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 513 578 1,175
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Accrued liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities 517 449 492
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Other noncurrent liabilities      
Derivatives, Fair Value [Line Items]      
Derivative Liabilities $ 0 $ 20 $ 0
v3.24.2
Derivative Instruments - Derivatives Designated as Hedging Instruments by Classification and Amount of Gains and Losses (Details) - Foreign currency forward exchange and other contracts - Derivatives Designated as Hedging Instruments - Cost of sales - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of gains (losses) recognized in OCI $ 9,828 $ (7,479) $ 23,052 $ (9,251)
Amount of gains reclassified from accumulated OCI to the consolidated statements of operations $ 6,080 $ 4,365 $ 14,321 $ 8,260
v3.24.2
Derivative Instruments - Derivatives Not Designated as Hedging Instruments by Classification and Amount of Gains and Losses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivatives Not Designated as Hedging Instruments | Foreign currency forward exchange and other contracts | Other non-operating income/expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Amount of net gains (losses) recognized in the statements of operations $ (4,713) $ 7,974 $ 350 $ 18,278
v3.24.2
Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Assets:      
Foreign currency forward exchange and other contracts $ 10,506 $ 2,828 $ 8,724
Liabilities:      
Foreign currency forward exchange and other contracts 2,383 9,564 7,577
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 10,506 2,828 8,724
Liabilities:      
Foreign currency forward exchange and other contracts 2,383 9,564 7,577
Level 3      
Assets:      
Foreign currency forward exchange and other contracts 0 0 0
Liabilities:      
Foreign currency forward exchange and other contracts $ 0 $ 0 $ 0
v3.24.2
Fair Value Measurements - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Fair Value Disclosures [Abstract]      
Estimated fair value of long-term debt $ 2,250 $ 2,230 $ 2,140
Carrying value of long-term debt $ 2,350 $ 2,350 $ 2,350
v3.24.2
Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Basic:            
Net income (loss) $ 56,860 $ (28,281) $ 27,187 $ (106,471) $ 28,579 $ (79,285)
Weighted-average number of common shares (in shares) 342,200   354,577   344,555 354,748
Basic net income (loss) per common share (USD per share) $ 0.17   $ 0.08   $ 0.08 $ (0.22)
Diluted:            
Net income (loss) $ 56,860 $ (28,281) $ 27,187 $ (106,471) $ 28,579 $ (79,285)
Weighted-average number of common shares (in shares) 342,200   354,577   344,555 354,748
Dilutive share-based awards (in shares) 2,209   2,637   2,804 0
Weighted-average number of common and potential common shares (in shares) 344,409   357,214   347,359 354,748
Diluted net income (loss) per common share (USD per share) $ 0.17   $ 0.08   $ 0.08 $ (0.22)
Antidilutive securities excluded from calculation of diluted net loss (in shares) 7,800   11,300   7,800 15,400
v3.24.2
Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Defined Benefit Pension Plans        
Defined Benefit Plan Disclosure [Line Items]        
Service cost $ 839 $ 858 $ 1,698 $ 1,701
Interest cost 5,030 5,237 10,083 10,435
Expected return on plan assets (4,678) (5,097) (9,359) (10,177)
Amortization of prior service cost 47 38 96 75
Recognized actuarial gain (loss) 1,943 1,467 3,886 2,932
Net periodic benefit cost (credit) 3,181 2,503 6,404 4,966
Postretirement Benefit Plans        
Defined Benefit Plan Disclosure [Line Items]        
Interest cost 45 45 90 90
Amortization of prior service cost (509) (509) (1,019) (1,018)
Recognized actuarial gain (loss) (48) (57) (95) (114)
Net periodic benefit cost (credit) $ (512) $ (521) $ (1,024) $ (1,042)
v3.24.2
Employee Benefit Plans - Narrative (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Retirement Benefits [Abstract]  
Cash contributions made during the period $ 3
Expected additional cash contributions $ 11
v3.24.2
Share-Based Payments - Narrative (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Proceeds from stock option exercises $ 4,815 $ 4,962
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 $ 136,100  
Weighted-average period for unrecognized compensation expense expected to be recognized 2 years 2 months 12 days  
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  
v3.24.2
Share-Based Payments - Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 19,834 $ 19,991 $ 37,763 $ 36,933
Stock option compensation expense        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 753 1,778 1,798 4,596
RSU compensation expense        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense 16,077 14,588 28,325 24,704
Performance award compensation expense        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share-based compensation expense $ 3,004 $ 3,625 $ 7,640 $ 7,633
v3.24.2
Other Selling and Administrative Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Income and Expenses [Abstract]        
Design and development $ 47,419 $ 49,782 $ 95,029 $ 98,538
Amortization of intangible assets $ 7,817 $ 9,525 $ 15,640 $ 18,986
v3.24.2
Restructuring Charges - Severance and Other Restructuring Costs (Details) - Optimizing for Profitable Growth - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 10,868 $ 20,599
Cost of sales    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges 412 2,625
Other selling and administrative expenses    
Restructuring Cost and Reserve [Line Items]    
Restructuring charges $ 10,456 $ 17,974
v3.24.2
Restructuring Charges - Severance and Other Restructuring Charges Activity (Details) - Optimizing for Profitable Growth - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Restructuring Reserve [Roll Forward]        
Remaining liability at beginning of period     $ 25,096  
Charges $ 10,868   20,599  
Payments/Utilization     (12,984)  
Remaining liability at end of period 32,711   32,711  
Severance        
Restructuring Reserve [Roll Forward]        
Remaining liability at beginning of period     25,096  
Charges   $ 2,000 19,558 $ 5,200
Payments/Utilization     (11,943)  
Remaining liability at end of period 32,711   32,711  
Other restructuring charges        
Restructuring Reserve [Roll Forward]        
Remaining liability at beginning of period     0  
Charges     1,041  
Payments/Utilization     (1,041)  
Remaining liability at end of period $ 0   $ 0  
v3.24.2
Restructuring Charges - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Severance | Other selling and administrative expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   $ 7,800   $ 28,500
Severance | Cost of sales        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   (1,200)   (1,200)
Optimizing for Profitable Growth        
Restructuring Cost and Reserve [Line Items]        
Severance and other restructuring charges incurred to date $ 46,000   $ 46,000  
Restructuring and related cost, cost incurred to date, non-cash charges 1,000   1,000  
Expected non-cash charges 5,000   5,000  
Restructuring charges 10,868   20,599  
Optimizing for Profitable Growth | Other selling and administrative expenses        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 10,456   17,974  
Optimizing for Profitable Growth | Cost of sales        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges 412   2,625  
Optimizing for Profitable Growth | Severance        
Restructuring Cost and Reserve [Line Items]        
Restructuring charges   $ 2,000 19,558 $ 5,200
Optimizing for Profitable Growth | Minimum        
Restructuring Cost and Reserve [Line Items]        
Expected restructuring costs 130,000   130,000  
Optimizing for Profitable Growth | Maximum        
Restructuring Cost and Reserve [Line Items]        
Expected restructuring costs $ 165,000   $ 165,000  
v3.24.2
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Income tax expense (benefit) from income taxes $ 9,196 $ 14,424 $ (11,594) $ (12,575)
Discrete tax (benefit) expense (4,500) $ 200 (12,900) $ 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 $ 14,500   $ 14,500  
v3.24.2
Contingencies (Details) - Sleeper
 1 Months Ended 6 Months Ended 62 Months Ended
Jun. 30, 2022
claim
Jun. 30, 2024
class
May 31, 2024
lawsuit
plaintiff
Loss Contingencies [Line Items]      
Number of claims settled | claim 2    
Number of additional lawsuits pending | lawsuit     28
Number of plaintiffs | plaintiff     28
Minimum      
Loss Contingencies [Line Items]      
Number of consumer classes | class   10  
v3.24.2
Segment Information - Revenues and Income from Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Revenues $ 1,079,728 $ 1,087,164 $ 1,889,237 $ 1,901,743
Operating income (loss) 83,207 62,775 47,689 (52,263)
Interest expense 29,984 30,642 60,044 61,770
Interest (income) (12,398) (4,321) (29,680) (10,840)
Other non-operating expense (income), net 6,110 (2,147) 11,721 (3,586)
Income (loss) Before Income Taxes 59,511 38,601 5,604 (99,607)
Operating Income by segment        
Segment Reporting Information [Line Items]        
Operating income (loss) 214,238 175,264 296,499 207,720
Restructuring charges 400 (1,200) 2,600 (1,200)
Operating Income by segment | North America        
Segment Reporting Information [Line Items]        
Revenues 606,480 624,452 1,084,267 1,094,938
Operating income (loss) 136,927 132,353 209,917 164,496
Operating Income by segment | International        
Segment Reporting Information [Line Items]        
Revenues 473,248 462,712 804,970 806,805
Operating income (loss) 77,311 42,911 86,582 43,224
Corporate and other expense        
Segment Reporting Information [Line Items]        
Operating income (loss) (131,031) (112,489) (248,810) (259,983)
Restructuring charges 10,400 9,800 16,700 33,700
Total product recall charges $ 2,200 $ 3,400 $ 5,900 $ 7,700
v3.24.2
Segment Information - Segment Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories $ 1,616,282 $ 1,653,436 $ 1,862,496
Operating Segments      
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories 1,499,036 1,580,349 1,747,405
Operating Segments | North America      
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories 779,167 845,113 913,998
Operating Segments | International      
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories 719,869 735,236 833,407
Corporate and other      
Segment Reporting, Asset Reconciling Item [Line Items]      
Accounts receivable, net and inventories $ 117,246 $ 73,087 $ 115,091
v3.24.2
Segment Information - Revenues by Geographic Area (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Revenues $ 1,079,728 $ 1,087,164 $ 1,889,237 $ 1,901,743
Operating Segments | North America        
Segment Reporting Information [Line Items]        
Revenues 606,480 624,452 1,084,267 1,094,938
Operating Segments | North America | North America        
Segment Reporting Information [Line Items]        
Revenues 606,480 624,452 1,084,267 1,094,938
Operating Segments | International        
Segment Reporting Information [Line Items]        
Revenues 473,248 462,712 804,970 806,805
Operating Segments | International | EMEA        
Segment Reporting Information [Line Items]        
Revenues 250,688 241,692 435,927 451,048
Operating Segments | International | Latin America        
Segment Reporting Information [Line Items]        
Revenues 134,597 138,046 214,248 213,577
Operating Segments | International | Asia Pacific        
Segment Reporting Information [Line Items]        
Revenues $ 87,963 $ 82,974 $ 154,795 $ 142,180