Mattel (MAT) 10-Q 29 Apr 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 19, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document period end date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-05647
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		348,775,829
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	MATTEL INC /DE/
Entity Central Index Key	0000063276
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Current Assets
Cash and equivalents	$ 615,238	$ 762,181	$ 499,407
Accounts receivable, net of allowances for credit losses of $13.1 million, $20.9 million and $15.9 million, respectively	680,642	1,033,966	528,522
Inventories	609,835	514,673	560,645
Prepaid expenses and other current assets	187,186	172,070	218,516
Total current assets	2,092,901	2,482,890	1,807,090
Noncurrent Assets
Property, plant, and equipment, net	451,001	473,794	519,777
Right-of-use assets, net	294,819	291,601	298,288
Goodwill	1,392,289	1,393,834	1,382,852
Other noncurrent assets	871,306	878,970	796,345
Total Assets	5,102,316	5,521,089	4,804,352
Current Liabilities
Short-term borrowings	878	969	150,000
Accounts payable	361,902	495,363	306,440
Accrued liabilities	689,686	831,922	657,254
Income taxes payable	30,106	27,125	12,290
Total current liabilities	1,082,572	1,355,379	1,125,984
Noncurrent Liabilities
Long-term debt	2,837,732	2,854,664	2,848,924
Noncurrent lease liabilities	255,670	249,353	262,631
Other noncurrent liabilities	452,411	465,350	408,930
Total noncurrent liabilities	3,545,813	3,569,367	3,520,485
Stockholders’ Equity
Common stock $1.00 par value, 1.0 billion shares authorized; 441.4 million shares issued	441,369	441,369	441,369
Additional paid-in capital	1,836,958	1,842,680	1,836,067
Treasury stock at cost: 92.6 million shares, 94.5 million shares and 93.2 million shares, respectively	(2,267,961)	(2,282,939)	(2,316,110)
Retained earnings	1,424,591	1,539,809	1,202,440
Accumulated other comprehensive loss	(961,026)	(944,576)	(1,005,883)
Total stockholders’ equity	473,931	596,343	157,883
Total Liabilities and Stockholders’ Equity	$ 5,102,316	$ 5,521,089	$ 4,804,352

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Statement of Financial Position [Abstract]
Accounts receivable, allowances for credit losses	$ 13.1	$ 15.9	$ 20.9
Common stock, par value (USD per share)	$ 1	$ 1	$ 1
Common stock authorized (in shares)	1,000,000,000	1,000,000,000	1,000,000,000
Common stock issued (in shares)	441,400,000	441,400,000	441,400,000
Treasury stock (in shares)	92,600,000	93,200,000	94,500,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Net Sales	$ 874,192	$ 594,069
Cost of sales	465,188	338,886
Gross Profit	409,004	255,183
Advertising and promotion expenses	74,096	76,282
Other selling and administrative expenses	303,870	328,711
Operating Income (Loss)	31,038	(149,810)
Interest expense	130,482	48,980
Interest (income)	(820)	(2,084)
Other non-operating (income) expense, net	(1,086)	3,023
Loss Before Income Taxes	(97,538)	(199,729)
Provision for income taxes	20,305	11,892
Income from equity method investments	2,625	880
Net Loss	$ (115,218)	$ (210,741)
Net Loss Per Common Share - Basic (USD per share)	$ (0.33)	$ (0.61)
Weighted average number of common shares (in shares)	349,041	346,867
Net Loss Per Common Share - Diluted (USD per share)	$ (0.33)	$ (0.61)
Weighted average number of common and potential common shares (in shares)	349,041	346,867

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net Loss	$ (115,218)	$ (210,741)
Other Comprehensive Loss, Net of Tax
Currency translation adjustments	(28,133)	(145,634)
Employee benefit plan adjustments	2,348	3,060
Net unrealized gains on available-for-sale security	1,964	195
Net unrealized gains on derivative instruments:
Unrealized holding gains	4,057	9,190
Reclassification adjustments included in net loss	3,314	(3,210)
Net unrealized gains on derivative instruments	7,371	5,980
Other Comprehensive Loss, Net of Tax	(16,450)	(136,399)
Comprehensive Loss	$ (131,668)	$ (347,140)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows From Operating Activities:
Net Loss	$ (115,218)	$ (210,741)
Adjustments to reconcile net loss to net cash flows used for operating activities:
Depreciation	36,533	43,654
Amortization	9,514	9,965
Share-based compensation	15,112	14,275
Bad debt expense	237	5,248
Inventory obsolescence	10,892	10,190
Deferred income taxes	1,851	5,210
Income from equity method investments	(2,625)	(880)
Loss on extinguishment of long-term borrowings	83,213	0
(Gain) loss on sale of assets/business, net	(19,735)	1,580
Changes in assets and liabilities:
Accounts receivable	338,305	365,002
Inventories	(135,103)	(109,938)
Prepaid expenses and other current assets	(12,943)	(16,343)
Accounts payable, accrued liabilities, and income taxes payable	(262,635)	(316,291)
Other, net	11,369	24,580
Net cash flows used for operating activities	(41,233)	(174,489)
Cash Flows From Investing Activities:
Purchases of tools, dies, and molds	(18,171)	(11,363)
Purchases of other property, plant, and equipment	(12,119)	(23,943)
Payments of foreign currency forward exchange contracts, net	(3,245)	(46,565)
Proceeds from sale of assets/business	39,208	738
Other, net	653	(24)
Net cash flows provided by (used for) investing activities	6,326	(81,157)
Cash Flows From Financing Activities:
(Payments of) proceeds from short-term borrowings, net	(91)	150,000
Payments of long-term borrowings	(1,287,022)	0
Proceeds from long-term borrowings, net	1,188,000	0
Other, net	(6,592)	(678)
Net cash flows (used for) provided by financing activities	(105,705)	149,322
Effect of Currency Exchange Rate Changes on Cash and Equivalents	(6,331)	(24,297)
Decrease in Cash and Equivalents	(146,943)	(130,621)
Cash and Equivalents at Beginning of Period	762,181	630,028
Cash and Equivalents at End of Period	$ 615,238	$ 499,407

CONSOLIDATED STATEMENTS OF STOC

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, 2019	$ 491,714	$ 441,369	$ 1,825,569	$ (2,318,921)	$ 1,413,181	$ (869,484)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(210,741)				(210,741)
Other comprehensive loss, net of tax	(136,399)					(136,399)
Issuance of treasury stock for restricted stock units vesting	(966)		(3,777)	2,811
Share-based compensation	14,275		14,275
Ending balance at Mar. 31, 2020	157,883	441,369	1,836,067	(2,316,110)	1,202,440	(1,005,883)
Beginning balance at Dec. 31, 2020	596,343	441,369	1,842,680	(2,282,939)	1,539,809	(944,576)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(115,218)				(115,218)
Other comprehensive loss, net of tax	(16,450)					(16,450)
Issuance of treasury stock for stock option exercises	1,110		(803)	1,913
Issuance of treasury stock for restricted stock units vesting	(6,966)		(20,031)	13,065
Share-based compensation	15,112		15,112
Ending balance at Mar. 31, 2021	$ 473,931	$ 441,369	$ 1,836,958	$ (2,267,961)	$ 1,424,591	$ (961,026)

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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, 2020 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 2020 Annual Report on Form 10-K. Certain prior period amounts have been reclassified to conform to the current period presentation.

Accounts Receivable

Accounts Receivable	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Accounts Receivable	Accounts Receivable Mattel estimates current expected credit losses based on collection history and management’s assessment of the current economic trends, business environment, customers’ financial condition, accounts receivable aging, and customer disputes that may impact the level of future credit losses. Accounts receivable are net of allowances for credit losses of $13.1 million, $20.9 million, and $15.9 million as of March 31, 2021, March 31, 2020, and December 31, 2020, respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories include the following: March 31, March 31, December 31, (In thousands) Raw materials and work in process $ 119,417 $ 107,880 $ 110,010 Finished goods 490,418 452,765 404,663 $ 609,835 $ 560,645 $ 514,673

Property, Plant, and Equipment

Property, Plant, and Equipment	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment	Property, Plant, and Equipment Property, plant, and equipment, net includes the following: March 31, March 31, December 31, (In thousands) Land $ 22,029 $ 24,856 $ 24,913 Buildings 312,114 297,910 335,407 Machinery and equipment 764,276 769,761 772,349 Software 345,477 367,143 344,268 Tools, dies, and molds 603,817 719,615 607,915 Leasehold improvements 119,828 179,872 131,578 2,167,541 2,359,157 2,216,430 Less: accumulated depreciation (1,716,540) (1,839,380) (1,742,636) $ 451,001 $ 519,777 $ 473,794 During the three months ended March 31, 2021, Mattel completed the sale of a manufacturing plant based in Mexico, which included land and buildings, resulting in a pre-tax gain o f $15.8 million. The assets sold were previously designated as held for sale, and included within property, plant, and equipment, net in the consolidated balance sheets as of December 31, 2020 and March 31, 2020.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Goodwill is allocated to various reporting units, which are at the operating segment level, for the purpose of evaluating whether goodwill is impaired. Mattel's reporting units are: (i) North America, (ii) International, and (iii) American Girl. Components of the operating segments have been aggregated into a single reporting unit as the components have similar economic characteristics. The similar economic characteristics include the nature of the products, the nature of the production processes, the customers, and the manner in which the products are distributed. Mattel tests its goodwill for impairment annually in the third quarter and whenever events or changes in circumstances indicate that the carrying value of a reporting unit may exceed its fair value. The change in the carrying amount of goodwill by operating segment for the three months ended March 31, 2021 is shown below. Brand-specific goodwill held by foreign subsidiaries is allocated to the North America segment, thereby causing a foreign currency translation impact. During the three months ended March 31, 2021, Mattel sold its arts, crafts, and stationery business resulting in a reduction of goodwill of approximately $2 million. December 31, Dispositions Currency March 31, (In thousands) North America $ 733,401 $ (1,290) $ 259 $ 732,370 International 452,862 (1,056) 542 452,348 American Girl 207,571 — — 207,571 $ 1,393,834 $ (2,346) $ 801 $ 1,392,289

Other Noncurrent Assets

Other Noncurrent Assets	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Noncurrent Assets	Other Noncurrent Assets Other noncurrent assets include the following: March 31, March 31, December 31, (In thousands) Identifiable intangible assets (net of accumulated amortization of $296.4 million, $258.0 million, and $286.9 million, respectively) $ 509,844 $ 534,044 $ 518,190 Deferred income taxes 71,157 62,674 72,682 Mattel's amortizable intangible assets primarily consist of trademarks. Mattel tests its amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Mattel's amortizable intangible assets were not impaired during the three months ended March 31, 2021 and 2020.

Accrued Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities include the following: March 31, March 31, December 31, (In thousands) Incentive compensation $ 143,414 $ 135,833 $ 126,601 Advertising and promotion 78,755 71,563 163,181 Current lease liabilities 73,155 78,247 79,540 Royalties 24,191 22,701 54,442

Seasonal Financing

Seasonal Financing	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Seasonal Financing	Seasonal Financing On December 20, 2017, Mattel entered into a syndicated facility agreement, which was subsequently amended in 2018, 2019, and 2021 (as amended, the "Credit Agreement"), as a borrower (in such capacity, the "Borrower") and guarantor thereunder, along with certain of the Borrower's domestic and foreign subsidiaries as additional borrowers and/or guarantors thereunder. On March 19, 2021, Mattel entered into the fourth amendment to the Credit Agreement, which amended certain terms, including, but not limited to, certain components of the borrowing base, a reduction of the aggregate principal commitments of the senior secured revolving credit facilities (the "senior secured revolving credit facilities") from $1.60 billion to $1.40 billion, and an extension of the maturity date from November 18, 2022 to March 19, 2024. The senior secured revolving credit facilities consist of (i) an asset based lending facility with aggregate commitments up to $1.11 billion, subject to borrowing base capacity, secured by substantially all of the accounts receivable and inventory of the Borrower and certain of its subsidiaries who are borrowers and/or guarantors under the Credit Agreement, as well as (ii) a revolving credit facility with $294.0 million in aggregate commitments secured by certain fixed assets and intellectual property of the U.S. borrowers under the Credit Agreement, and certain equity interests in the borrower and guarantor subsidiaries under the Credit Agreement. Borrowings under the senior secured revolving credit facilities (i) are limited by jurisdiction-specific borrowing base calculations based on the sum of specified percentages of eligible accounts receivable, eligible inventory and certain fixed assets and intellectual property, as applicable, minus the amount of any applicable reserves, and (ii) bear interest at a floating rate, which can be either, at the Borrower's option, (a) an adjusted LIBOR rate plus an applicable margin ranging from 1.25% to 1.75% per annum or (b) an alternate base rate plus an applicable margin ranging from 0.25% to 0.75% per annum, in each case, such applicable margins to be determined based on the Borrower's average borrowing availability remaining under the senior secured revolving credit facilities. In addition to paying interest on the outstanding principal under the senior secured revolving credit facilities, the Borrower is required to pay (i) an unused line fee per annum of the average daily unused portion of the senior secured revolving credit facilities, (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. Mattel had no borrowings under the senior secured revolving credit facilities as of March 31, 2021, $150.0 million of borrowings as of March 31, 2020, and no borrowings under the senior secured revolving credit facilities as of December 31, 2020. Outstanding letters of credit under the senior secured revolving credit facilities totaled approximately $11 million, $13 million, and $11 million as of March 31, 2021, March 31, 2020, and December 31, 2020, respectively. As of March 31, 2021, Mattel was in compliance with all covenants contained in the Credit Agreement. The Credit Agreement is a material agreement, and failure to comply with the covenants may result in an event of default under the terms of the senior secured revolving credit facilities. If Mattel were to default under the terms of the senior secured revolving credit facilities, its ability to meet its seasonal financing requirements could be adversely affected.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt includes the following: March 31, March 31, December 31, (In thousands) 2010 Senior Notes due October 2040 $ 250,000 $ 250,000 $ 250,000 2011 Senior Notes due November 2041 300,000 300,000 300,000 2013 Senior Notes due March 2023 250,000 250,000 250,000 2017/2018 Senior Notes due December 2025 275,000 1,500,000 1,500,000 2019 Senior Notes due December 2027 600,000 600,000 600,000 2021 Senior Notes due April 2026 600,000 — — 2021 Senior Notes due April 2029 600,000 — — Debt issuance costs and debt discount (37,268) (51,076) (45,336) $ 2,837,732 $ 2,848,924 $ 2,854,664

Other Noncurrent Liabilities

Other Noncurrent Liabilities	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Other Noncurrent Liabilities	Other Noncurrent Liabilities Other noncurrent liabilities include the following: March 31, March 31, December 31, (In thousands) Benefit plan liabilities $ 221,345 $ 205,694 $ 225,957 Noncurrent income tax payable 72,252 70,902 71,342 Deferred income tax liability 60,929 54,896 60,892

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2021
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 other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss) for each period: For the Three Months Ended March 31, 2021 Derivative Available-for-Sale Security Employee Benefit Plans Currency Total (In thousands) Accumulated Other Comprehensive Loss, Net of Tax, as of December 31, 2020 $ (15,369) $ (7,522) $ (186,854) $ (734,831) $ (944,576) Other comprehensive income (loss) before reclassifications 4,057 1,964 (67) (28,133) (22,179) Amounts reclassified from accumulated other comprehensive loss 3,314 — 2,415 — 5,729 Net increase (decrease) in other comprehensive income (loss) 7,371 1,964 2,348 (28,133) (16,450) Accumulated Other Comprehensive Loss, Net of Tax, as of March 31, 2021 $ (7,998) $ (5,558) $ (184,506) $ (762,964) $ (961,026) For the Three Months Ended March 31, 2020 Derivative Available-for-Sale Security Employee Benefit Plans Currency Total (In thousands) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2019 $ 11,041 $ (8,260) $ (169,857) $ (702,408) $ (869,484) Other comprehensive income (loss) before reclassifications 9,190 195 1,702 (145,634) (134,547) Amounts reclassified from accumulated other comprehensive loss (3,210) — 1,358 — (1,852) Net increase (decrease) in other comprehensive income (loss) 5,980 195 3,060 (145,634) (136,399) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of March 31, 2020 $ 17,021 $ (8,065) $ (166,797) $ (848,042) $ (1,005,883) The following table presents the classification and amount of the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations: For the Three Months Ended March 31, March 31, Statements of Operations (In thousands) Derivative Instruments (Loss) gain on foreign currency forward exchange and other contracts $ (3,206) $ 3,193 Cost of sales Tax effect of net (loss) gain (108) 17 Provision for income taxes $ (3,314) $ 3,210 Net loss Employee Benefit Plans Amortization of prior service credit (a) $ 398 $ 466 Other non-operating income/expense, net Recognized actuarial loss (a) (2,783) (2,340) Other non-operating income/expense, net (2,385) (1,874) Tax effect of net (loss) gain (30) 516 Provision for income taxes $ (2,415) $ (1,358) Net 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 16 to the Consolidated Financial Statements—Employee Benefit Plans" of this Quarterly Report on Form 10-Q for additional information regarding Mattel's net periodic benefit cost. Currency Translation Adjustments

Foreign Currency Transaction Ex

Foreign Currency Transaction Exposure	3 Months Ended
	Mar. 31, 2021
Foreign Currency [Abstract]
Foreign Currency Transaction Exposure	Foreign Currency Transaction Exposure Currency exchange rate fluctuations may impact Mattel's results of operations and cash flows. Mattel's currency transaction exposures include gains and losses realized on unhedged inventory purchases and unhedged receivables and payables balances that are denominated in a currency other than the applicable functional currency. Gains and losses on unhedged inventory purchases and other transactions associated with operating activities are recorded in the components of operating income (loss) in the consolidated statements of operations. Gains and losses on unhedged intercompany loans and advances are recorded as a component of other non-operating (income) expense, net in the consolidated statements of operations in the period in which the currency exchange rate changes. Inventory transactions denominated in the Euro, Mexican peso, Australian dollar, British pound sterling, Canadian dollar, Russian ruble, and Brazilian real were the primary transactions that caused foreign currency transaction exposure for Mattel during the three months ended March 31, 2021. Currency transaction gains (losses) included in the consolidated statements of operations are as follows: For the Three Months Ended March 31, March 31, Statements of Operations Classification (In thousands) Currency transaction (losses) gains $ (13,791) $ 224 Operating income/loss Currency transaction (losses) (3,308) (832) Other non-operating income/expense, net Currency transaction (losses), net $ (17,099) $ (608)

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative InstrumentsMattel 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 generally have maturity dates of up to 18 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 (loss) ("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 March 31, 2021, March 31, 2020, and December 31, 2020, Mattel held foreign currency forward exchange contracts and other commodity derivative instruments, with notional amounts of $951.5 million, $1.37 billion, and $855.0 million, respectively. The following tables present Mattel's derivative assets and liabilities: Derivative Assets Balance Sheet Classification Fair Value March 31, March 31, December 31, (In thousands) Derivatives designated as hedging instruments Foreign currency forward exchange and other contracts Prepaid expenses and other current assets $ 4,534 $ 21,121 $ 3,641 Foreign currency forward exchange and other contracts Other noncurrent assets 1,250 2,525 50 Total derivatives designated as hedging instruments $ 5,784 $ 23,646 $ 3,691 Derivatives not designated as hedging instruments Foreign currency forward exchange and other contracts Prepaid expenses and other current assets $ 2,050 $ 13,811 $ 1,982 Foreign currency forward exchange and other contracts Other noncurrent assets — — 38 Total derivatives not designated as hedging instruments $ 2,050 $ 13,811 $ 2,020 $ 7,834 $ 37,457 $ 5,711 Derivative Liabilities Balance Sheet Classification Fair Value March 31, March 31, December 31, (In thousands) Derivatives designated as hedging instruments Foreign currency forward exchange and other contracts Accrued liabilities $ 11,009 $ 6,841 $ 20,330 Foreign currency forward exchange and other contracts Other noncurrent liabilities 808 2,507 4,361 Total derivatives designated as hedging instruments $ 11,817 $ 9,348 $ 24,691 Derivatives not designated as hedging instruments Foreign currency forward exchange and other contracts Accrued liabilities $ 5,487 $ 1,594 $ 803 Foreign currency forward exchange and other contracts Other noncurrent liabilities — 224 — Total derivatives not designated as hedging instruments $ 5,487 $ 1,818 $ 803 $ 17,304 $ 11,166 $ 25,494 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 March 31, 2021 March 31, 2020 Statements of Operations Classification (In thousands) Foreign currency forward exchange contracts: Amount of gains recognized in OCI $ 4,057 $ 9,190 Amount of (losses) gains reclassified from accumulated OCI to consolidated statements of operations (3,314) 3,210 Cost of sales The net (losses) gains reclassified from accumulated other comprehensive loss to the consolidated statements of operations during the three months ended March 31, 2021 and 2020, respectively, were offset by the changes in cash flows associated with the underlying hedged transactions. Derivatives Not Designated As Hedging Instruments For the Three Months Ended March 31, 2021 March 31, 2020 Statements of Operations Classification (In thousands) Amount of net loss recognized in the Statements of Operations Foreign currency forward exchange and other contract (losses) $ (8,636) $ (38,369) Other non-operating income/expense, net Foreign currency forward exchange and other contract gains 639 — Cost of sales $ (7,997) $ (38,369) The net losses recognized in the consolidated statements of operations during the three months ended March 31, 2021 and 2020, respectively, were offset by foreign currency transaction gains and losses on the related hedged balances.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables present information about Mattel's assets and liabilities measured and reported in the financial statements at fair value on a recurring basis as of March 31, 2021, March 31, 2020, and December 31, 2020 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, either directly or indirectly. • 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. Mattel's financial assets and liabilities include the following: March 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Assets: Foreign currency forward exchange contracts and other (a) $ — $ 7,834 $ — $ 7,834 Available-for-sale (b) 6,232 — — 6,232 Total assets $ 6,232 $ 7,834 $ — $ 14,066 Liabilities: Foreign currency forward exchange contracts and other (a) $ — $ 17,304 $ — $ 17,304 March 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Assets: Foreign currency forward exchange contracts and other (a) $ — $ 37,457 $ — $ 37,457 Available-for-sale (b) 3,725 — — 3,725 Total assets $ 3,725 $ 37,457 $ — $ 41,182 Liabilities: Foreign currency forward exchange contracts and other (a) $ — $ 11,166 $ — $ 11,166 December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Assets: Foreign currency forward exchange contracts and other (a) $ — $ 5,711 $ — $ 5,711 Available-for-sale (b) 4,268 — — 4,268 Total assets $ 4,268 $ 5,711 $ — $ 9,979 Liabilities: Foreign currency forward exchange contracts and other (a) $ — $ 25,494 $ — $ 25,494 ____________________________________________ (a) The fair value of the foreign currency forward exchange contracts and other commodity derivative instruments is 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. (b) The fair value of the available-for-sale security is based on the quoted price on an active public exchange. Other Financial Instruments Mattel's financial instruments include 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 values because of their short-term nature. Cash and equivalents are classified as Level 1 and all other financial instruments are classified as Level 2 within the fair value hierarchy. The estimated fair value of Mattel's long-term debt was $3.05 billion (compared to a carrying value of $2.88 billion) as of March 31, 2021, $2.77 billion (compared to a carrying value of $2.90 billion) as of March 31, 2020, and $3.11 billion (compared to a carrying value of $2.90 billion) as of December 31, 2020. The estimated fair values have been calculated based on broker quotes or rates for the same or similar instruments and are classified as Level 2 within the fair value hierarchy.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table reconciles basic and diluted earnings per common share for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, March 31, (In thousands, except per share amounts) Basic: Net loss $ (115,218) $ (210,741) Weighted-average number of common shares 349,041 346,867 Basic net loss per common share $ (0.33) $ (0.61) Diluted: Net loss $ (115,218) $ (210,741) Weighted-average number of common shares 349,041 346,867 Dilutive stock options and restricted stock units ("RSUs") (a) — — Weighted-average number of common and potential common shares 349,041 346,867 Diluted net loss per common share $ (0.33) $ (0.61) _______________________________________ (a) Mattel was in a net loss position for the three months ended March 31, 2021 and 2020, and, accordingly, all outstanding nonqualified stock options and RSUs were excluded from the calculation of diluted net loss per common share because their effect would be antidilutive.

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Mar. 31, 2021
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 2020 Annual Report on Form 10-K. A summary of the components of net periodic benefit cost for Mattel's defined benefit pension plans is as follows: For the Three Months Ended March 31, March 31, (In thousands) Service cost $ 1,293 $ 1,109 Interest cost 2,540 3,781 Expected return on plan assets (4,627) (4,921) Amortization of prior service cost 111 43 Recognized actuarial loss 2,785 2,359 $ 2,102 $ 2,371 A summary of the components of net periodic benefit cost for Mattel's postretirement benefit plans is as follows: For the Three Months Ended March 31, March 31, (In thousands) Interest cost $ 19 $ 35 Amortization of prior service credit (509) (509) Recognized actuarial gain (2) (19) $ (492) $ (493)

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-Based Payments	Share-Based Payments Mattel has various stock compensation plans, which are more fully described in Part II, Item 8 "Financial Statements and Supplementary Data—Note 8 to the Consolidated Financial Statements—Share-Based Payments" in the 2020 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, RSUs, performance awards, dividend equivalent rights, and shares of common stock to officers, employees, and other persons 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. As of March 31, 2021, three long-term incentive programs were in place with the following performance cycles: (i) a January 1, 2019–December 31, 2021 performance cycle, (ii) a January 1, 2020–December 31, 2022 performance cycle, and (iii) a January 1, 2021–December 31, 2023 performance cycle. Compensation expense, included within other selling and administrative expenses in the consolidated statements of operations, related to stock options, RSUs, and performance awards is as follows: For the Three Months Ended March 31, March 31, (In thousands) Stock option compensation expense $ 2,783 $ 3,131 RSU compensation expense 6,357 7,361 Performance award compensation expense 5,972 3,783 $ 15,112 $ 14,275 As of March 31, 2021, total unrecognized compensation expense related to unvested share-based payments totaled $79.0 million and is expected to be recognized over a weighted-average period of 2.0 years. Mattel uses treasury shares purchased under its share repurchase program to satisfy stock option exercises and the vesting of RSUs and performance awards. For the three months ended March 31, 2021, cash received for stock option exercises was $1.3 million. For the three months ended March 31, 2020, no cash was received for stock option exercises.

Other Selling and Administrativ

Other Selling and Administrative Expenses	3 Months Ended
	Mar. 31, 2021
Other Income and Expenses [Abstract]
Other Selling and Administrative Expenses	Other Selling and Administrative Expenses Other selling and administrative expenses include the following: For the Three Months Ended March 31, March 31, (In thousands) Design and development $ 43,981 $ 44,628 Identifiable intangible asset amortization 9,514 9,965

Restructuring Charges

Restructuring Charges	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges Optimizing for Growth (formerly Capital Light) On February 9, 2021, Mattel announced the Optimizing for Growth program, a multi-year cost savings program which integrates and expands upon the previously announced Capital Light program (the "Program"). In connection with the Program, Mattel recorded severance and other restructuring costs in the following cost and expense categories within the consolidated statements of operations: For the Three Months Ended March 31, March 31, (In thousands) Cost of sales (a) $ 1,932 $ 3,057 Other selling and administrative expenses (b) 5,710 2,746 $ 7,642 $ 5,803 _______________________________________ (a) Severance and other restructuring costs recorded within cost of sales in the consolidated statements of operations include charges associated with the consolidation of manufacturing facilities. (b) Severance and other restructuring costs recorded within other selling and administrative expenses in the consolidated statements of operations are included in corporate and other expense in "Note 22 to the Consolidated Financial Statements—Segment Information." The following table summarizes Mattel's severance and other restructuring charges activity related to the Program for the three months ended March 31, 2021: Liability at December 31, 2020 Charges (a) Payments/Utilization Liability at March 31, 2021 (In thousands) Severance $ 5,294 $ 4,342 $ (1,405) $ 8,231 Other restructuring charges 30 3,300 (3,071) 259 $ 5,324 $ 7,642 $ (4,476) $ 8,490 _______________________________________ (a) Other restructuring charges consist primarily of charges associated with the consolidation of manufacturing facilities. As of March 31, 2021, Mattel has recorded cumulative severance and other restructuring charges related to the Program of approximately $58 million, which include approximately $17 million of non-cash charges. Furthermore, cumulatively, in conjunction with previous actions taken under the Program, total expected cash expenditures are approximately $140 to $165 million and total non-cash charges are $40 to $45 million. During the three months ended March 31, 2021, in conjunction with the Program, Mattel completed the sale of a manufacturing plant based in Mexico, which included land and buildings, resulting in a pre-tax gain of $15.8 million. Other Cost Savings Actions During the three months ended March 31, 2020, Mattel recorded severance charges of approximately $5 million, primarily related to actions taken to further streamline its organizational structure.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Mattel's provision for income taxes was $20.3 million and $11.9 million for the three months ended March 31, 2021 and 2020, respectively. During the three months ended March 31, 2021, Mattel recognized a net discrete tax expense of $7.3 million, primarily related to income taxes recorded on a discrete basis in various jurisdictions and an expense for reassessments of prior year's tax liabilities. During the three months ended March 31, 2020, Mattel recognized a net discrete tax expense of $6.4 million primarily related to an expense for reassessments of prior years' tax liabilities and income taxes recorded on a discrete basis in various jurisdictions. As a result of the establishment of a valuation allowance on U.S. deferred tax assets in 2017, there was no U.S. tax benefit provided for U.S. losses during the three months ended March 31, 2021 and 2020. 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 realized. Mattel maintains a valuation allowance on its deferred tax assets until there is sufficient evidence to support the release of all or some portion of these allowances. Release of the valuation allowance would result in the recognition of a portion of these deferred tax assets and a decrease to income tax expense for the period the release is recorded. However, the exact timing and amount, if any, of the valuation allowance release are subject to change depending on the level of earnings that Mattel is able to achieve in the tax jurisdictions in which a valuation allowance has been recorded. 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 twelve months, the total unrecognized tax benefits could decrease by approximately $31.6 million related to the settlement of tax audits and/or the expiration of statutes of limitations. The ultimate settlement of any particular issue with the applicable taxing authority could have a material impact on Mattel's consolidated financial statements.

Contingencies

Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation Related to Yellowstone do Brasil Ltda. Yellowstone do Brasil Ltda. (formerly known as Trebbor Informática Ltda.) was a customer of Mattel's subsidiary Mattel do Brasil Ltda. when a commercial dispute arose between Yellowstone and Mattel do Brasil regarding the supply of product and related payment terms. As a consequence of the dispute, in April 1999, Yellowstone filed a declarative action against Mattel do Brasil before the 15 th Civil Court of Curitiba – State of Parana (the "Trial Court"), requesting the annulment of its security bonds and promissory notes given to Mattel do Brasil as well as requesting the Trial Court to find Mattel do Brasil liable for damages incurred as a result of Mattel do Brasil’s alleged abrupt and unreasonable breach of an oral exclusive distribution agreement between the parties relating to the supply and sale of toys in Brazil. Yellowstone's complaint sought alleged loss of profits of approximately $1 million, plus an unspecified amount of damages consisting of: (i) compensation for all investments made by Yellowstone to develop Mattel do Brasil's business; (ii) reimbursement of the amounts paid by Yellowstone to terminate labor and civil contracts in connection with the business; (iii) compensation for alleged unfair competition and for the goodwill of trade; and (iv) compensation for non-pecuniary 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 the approximate amount of $4 million. During the evidentiary phase a first accounting report was submitted by a court-appointed expert. Such report stated that Yellowstone had invested approximately $3 million in its business. Additionally, the court-appointed expert calculated a loss of profits compensation of approximately $1 million. Mattel do Brasil challenged the report since it was not made based on the official accounting documents of Yellowstone and since the report calculated damages based only on documents unilaterally submitted by Yellowstone. The Trial Court accepted the challenge and ruled that a second accounting examination should take place in the lawsuit. Yellowstone appealed the decision to the Court of Appeals of the State of Parana (the "Appeals Court"), but it was upheld by the Appeals Court. The second court-appointed expert’s report submitted at trial did not assign a value to any of Yellowstone’s claims and found no evidence of causation between Mattel do Brasil's actions and such claims. In January 2010, the Trial Court ruled in favor of Mattel do Brasil and denied all of Yellowstone’s claims based primarily on the lack of any causal connection between the acts of Mattel do Brasil and Yellowstone’s alleged damages. Additionally, the Trial Court upheld Mattel do Brasil's counterclaim and ordered Yellowstone to pay Mattel do Brasil approximately $4 million. The likelihood of Mattel do Brasil recovering this amount was uncertain due to the fact that Yellowstone was declared insolvent and filed for bankruptcy protection. In February 2010, Yellowstone filed a motion seeking clarification of the decision which was denied. In September 2010, Yellowstone filed a further appeal with the Appeals Court. Under Brazilian law, the appeal was de novo and Yellowstone restated all of the arguments it made at the Trial Court level. Yellowstone did not provide any additional information supporting its unspecified alleged damages. The Appeals Court held hearings on the appeal in March and April 2013. On July 26, 2013, the Appeals Court awarded Yellowstone approximately $17 million in damages, plus attorney's fees, as adjusted for inflation and interest. The Appeals Court also awarded Mattel do Brasil approximately $7.5 million on its counterclaim, as adjusted for inflation. On August 2, 2013, Mattel do Brasil filed a motion with the Appeals Court for clarification since the written decision contained clear errors in terms of amounts awarded and interest and inflation adjustments. Mattel do Brasil's motion also asked the Appeals Court to decide whether Yellowstone’s award could be offset by the counterclaim award, despite Yellowstone's status as a bankrupt entity. Yellowstone also filed a motion for clarification on August 5, 2013. A decision on the clarification motions was rendered on November 11, 2014, and the Appeals Court accepted partially the arguments raised by Mattel do Brasil. As a result, the Appeals Court awarded Yellowstone approximately $14.5 million in damages, as adjusted for inflation and interest, plus attorney's fees. The Appeals Court also awarded Mattel do Brasil approximately $7.5 million on its counterclaim, as adjusted for inflation. The decision also recognized the existence of legal rules that support Mattel do Brasil's right to offset its counterclaim award of approximately $7.5 million. Mattel do Brasil filed a new motion for clarification with the Appeals Court on January 21, 2015, due to the incorrect statement made by the reporting judge of the Appeals Court, that the court-appointed expert analyzed the "accounting documents" of Yellowstone. On April 26, 2015, a decision on the motion for clarification was rendered. The Appeals Court ruled that the motion for clarification was denied and imposed a fine on Mattel do Brasil equal to 1% of the value of the claims made for the delay caused by the motion. On July 3, 2015, Mattel do Brasil filed a special appeal to the Superior Court of Justice based upon both procedural and substantive grounds. This special appeal sought to reverse the Appeals Court's decision of July 26, 2013, and to reverse the fine as inappropriate under the law. This special appeal was submitted to the Appeals Court. Yellowstone also filed a special appeal with the Appeals Court in February 2015, which was made available to Mattel do Brasil on October 7, 2015. Yellowstone's special appeal sought to reverse the Appeals Court decision with respect to: (a) the limitation on Yellowstone's loss of profits claim to the amount requested in the complaint, instead of the amount contained in the first court-appointed experts report, and (b) the award of damages to Mattel do Brasil on the counterclaim, since the specific amount was not requested in Mattel do Brasil's counterclaim brief. On October 19, 2015, Mattel do Brasil filed its answer to the special appeal filed by Yellowstone and Yellowstone filed its answer to the special appeal filed by Mattel do Brasil. On April 4, 2016, the Appeals Court rendered a decision denying the admissibility of Mattel's and Yellowstone's special appeals. On May 11, 2016, both Mattel and Yellowstone filed interlocutory appeals. On August 31, 2017, the reporting justice for the Appeals Court denied Yellowstone’s interlocutory appeal. As to Mattel, the reporting justice reversed the fine referenced above that had been previously imposed on Mattel for filing a motion for clarification. However, the reporting justice rejected Mattel’s arguments on the merits of Yellowstone’s damages claims. On September 22, 2017, Mattel filed a further appeal to the full panel of five appellate justices to challenge the merits of Yellowstone's damages claims. Yellowstone did not file a further appeal. In April 2018, Mattel do Brasil entered into a settlement agreement to resolve this matter, but the settlement was later rejected by the courts, subject to a pending appeal by Mattel. On October 2, 2018, the Appeals Court rejected Mattel's merits appeal, and affirmed the prior rulings in favor of Yellowstone. 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. On January 27, 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 March 31, 2021, Mattel assessed its probable loss related to the Yellowstone matter and has accrued a reserve, which was not material. Litigation Related to the Fisher-Price Rock 'n Play Sleeper A number of putative class action lawsuits 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 15 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 for pre-trial purposes pursuant to the federal courts’ Multi-District Litigation program. Forty-nine additional lawsuits are pending against Fisher-Price, Inc. and Mattel, Inc. alleging that a product defect in the Sleeper caused the fatalities of or injuries to fifty-three children. Additionally, Fisher-Price, Inc. and/or Mattel, Inc. have also received letters from lawyers purporting to represent additional plaintiffs who are threatening 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 2020, the derivative action was stayed pending further developments in the class action lawsuits. The lawsuits seek compensatory damages, punitive damages, statutory damages, restitution, disgorgement, attorneys’ fees, costs, interest, declaratory relief, and/or injunctive relief. Mattel believes that the allegations in the lawsuits are without merit 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. Litigation and Investigations Related to Whistleblower Letter In December 2019 and January 2020, two stockholders filed separate complaints styled as class actions against Mattel, Inc., and certain of its current and former officers, alleging violations of federal securities laws. The complaints rely on the results of an investigation announced by Mattel in October 2019 regarding allegations in a whistleblower letter and claim that Mattel misled the market in several of its financial statements beginning in the third quarter of 2017. The lawsuits allege that the defendants' conduct caused the plaintiff and other stockholders to purchase Mattel common stock at artificially inflated prices. In addition, a stockholder has filed a derivative action in the United States District Court for the District of Delaware (Moher v. Kreiz, et al., filed April 9, 2020) making allegations that are substantially identical to, or are based upon, the allegations of the class action lawsuits. The defendants in the derivative action are certain of Mattel's current and former officers and directors, Mattel, Inc., and PricewaterhouseCoopers LLP. Subsequently, a nearly identical derivative action was filed by a different stockholder against the same defendants. The second lawsuit is styled as an amended complaint and replaces a complaint making unrelated allegations in a previously filed lawsuit already pending in Delaware federal court (Lombardi v. Kreiz, et al., amended complaint filed April 16, 2020). In May 2020, the derivative actions were consolidated and stayed pending further developments in the class action lawsuits. The lawsuits seek unspecified compensatory damages, attorneys' fees, expert fees, costs and/or injunctive relief. Mattel believes that the allegations in the lawsuits are without merit 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.

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segment Information	Segment Information Mattel designs, manufactures, and markets a broad variety of toy products worldwide, which are sold to its customers and directly to consumers. Segment Data Mattel's operating segments are: (i) North America, which consists of the U.S. and Canada; (ii) International; and (iii) American Girl. The North America and International segments sell products across categories, although some products are developed and adapted for particular international markets. The following tables present information regarding net sales, operating income (loss), and assets by 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. Effective as of the first quarter of 2021, operating income by segment reviewed by the Chief Operating Decision Maker does not include certain corporate expenses which were historically allocated by segment. The prior period presentation of operating income by segment has been conformed to the current period's presentation. It is impracticable for Mattel to present net sales by categories, brands, or products, as trade discounts and other allowances are generally recorded in the financial accounting systems by customer. For the Three Months Ended March 31, March 31, (In thousands) Net Sales by Segment North America $ 479,660 $ 287,553 International 349,354 269,356 American Girl 45,178 37,160 Net sales $ 874,192 $ 594,069 For the Three Months Ended March 31, March 31, (In thousands) Operating Income (Loss) by Segment North America (a) $ 123,374 $ 13,985 International (a) 35,170 (28,861) American Girl (9,831) (17,441) 148,713 (32,317) Corporate and other expense (b) (117,675) (117,493) Operating income (loss) 31,038 (149,810) Interest expense 130,482 48,980 Interest (income) (820) (2,084) Other non-operating (income) expense, net (1,086) 3,023 Loss before income taxes $ (97,538) $ (199,729) _______________________________________ (a) Operating income (loss) included severance and restructuring expenses of $1.9 million and $3.1 million, for the three months ended March 31, 2021, and 2020, respectively, which were allocated to the North America and International segments. (b) Corporate and other expense included severance and restructuring charges of $5.7 million and $7.5 million, for the three months ended March 31, 2021, and 2020, respectively. Corporate and other expense also included expenses related to inclined sleeper product recall litigation of $5.3 million and $6.3 million for the three months ended March 31, 2021 and 2020, respectively, and incentive and share-based compensation for all periods presented. Segment assets are comprised of accounts receivable and inventories, net of applicable allowances and reserves. March 31, March 31, December 31, (In thousands) Assets by Segment North America $ 585,221 $ 480,738 $ 664,696 International 520,717 455,918 713,650 American Girl 46,956 36,427 40,290 1,152,894 973,083 1,418,636 Corporate and other 137,583 116,084 130,003 Accounts receivable and inventories, net $ 1,290,477 $ 1,089,167 $ 1,548,639 Geographic Information The table below presents information by geographic area. Net sales are attributed to countries based on location of the customer. For the Three Months Ended March 31, March 31, (In thousands) Net Sales by Geographic Area North America $ 524,838 $ 324,713 International EMEA 238,169 173,323 Latin America 56,278 51,275 Asia Pacific 54,907 44,758 Total International 349,354 269,356 Net sales $ 874,192 $ 594,069

New Accounting Pronouncements

New Accounting Pronouncements	3 Months Ended
	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for incomes taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify the accounting for other areas of Topic 740 by clarifying and amending existing guidance. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries are applied on a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income are applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments are applied on a prospective basis. Mattel adopted ASU 2019-12 on January 1, 2021. The adoption of this new accounting standard did not have a material impact on Mattel's consolidated financial statements. Accounting Pronouncements Not Yet Adopted In March 2020 and January 2021, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope, respectively. ASU 2020-04 and ASU 2021-01 provide optional expedients and exceptions for applying U.S. GAAP, to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. The guidance in ASU 2020- 04 and ASU 2021-01 was effective upon issuance and, once adopted, may be applied prospectively to contract modifications and hedging relationships through December 31, 2022. Mattel is currently evaluating the impact of the adoption of ASU 2020-04 and ASU 2021-01 on its consolidated financial statements.

New Accounting Pronouncements (

New Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Standards Update and Change in Accounting Principle [Abstract]
Basis of Presentation	The accompanying unaudited consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States 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.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for incomes taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify the accounting for other areas of Topic 740 by clarifying and amending existing guidance. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries are applied on a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income are applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments are applied on a prospective basis. Mattel adopted ASU 2019-12 on January 1, 2021. The adoption of this new accounting standard did not have a material impact on Mattel's consolidated financial statements. Accounting Pronouncements Not Yet Adopted In March 2020 and January 2021, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting and ASU 2021-01, Reference Rate Reform (Topic 848): Scope, respectively. ASU 2020-04 and ASU 2021-01 provide optional expedients and exceptions for applying U.S. GAAP, to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate or another reference rate expected to be discontinued because of reference rate reform, if certain criteria are met. The guidance in ASU 2020- 04 and ASU 2021-01 was effective upon issuance and, once adopted, may be applied prospectively to contract modifications and hedging relationships through December 31, 2022. Mattel is currently evaluating the impact of the adoption of ASU 2020-04 and ASU 2021-01 on its consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2021
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories include the following: March 31, March 31, December 31, (In thousands) Raw materials and work in process $ 119,417 $ 107,880 $ 110,010 Finished goods 490,418 452,765 404,663 $ 609,835 $ 560,645 $ 514,673

Property, Plant, and Equipment

Property, Plant, and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant, and Equipment	Property, plant, and equipment, net includes the following: March 31, March 31, December 31, (In thousands) Land $ 22,029 $ 24,856 $ 24,913 Buildings 312,114 297,910 335,407 Machinery and equipment 764,276 769,761 772,349 Software 345,477 367,143 344,268 Tools, dies, and molds 603,817 719,615 607,915 Leasehold improvements 119,828 179,872 131,578 2,167,541 2,359,157 2,216,430 Less: accumulated depreciation (1,716,540) (1,839,380) (1,742,636) $ 451,001 $ 519,777 $ 473,794

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	December 31, Dispositions Currency March 31, (In thousands) North America $ 733,401 $ (1,290) $ 259 $ 732,370 International 452,862 (1,056) 542 452,348 American Girl 207,571 — — 207,571 $ 1,393,834 $ (2,346) $ 801 $ 1,392,289

Other Noncurrent Assets (Tables

Other Noncurrent Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Noncurrent Assets	Other noncurrent assets include the following: March 31, March 31, December 31, (In thousands) Identifiable intangible assets (net of accumulated amortization of $296.4 million, $258.0 million, and $286.9 million, respectively) $ 509,844 $ 534,044 $ 518,190 Deferred income taxes 71,157 62,674 72,682

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities include the following: March 31, March 31, December 31, (In thousands) Incentive compensation $ 143,414 $ 135,833 $ 126,601 Advertising and promotion 78,755 71,563 163,181 Current lease liabilities 73,155 78,247 79,540 Royalties 24,191 22,701 54,442

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt includes the following: March 31, March 31, December 31, (In thousands) 2010 Senior Notes due October 2040 $ 250,000 $ 250,000 $ 250,000 2011 Senior Notes due November 2041 300,000 300,000 300,000 2013 Senior Notes due March 2023 250,000 250,000 250,000 2017/2018 Senior Notes due December 2025 275,000 1,500,000 1,500,000 2019 Senior Notes due December 2027 600,000 600,000 600,000 2021 Senior Notes due April 2026 600,000 — — 2021 Senior Notes due April 2029 600,000 — — Debt issuance costs and debt discount (37,268) (51,076) (45,336) $ 2,837,732 $ 2,848,924 $ 2,854,664

Other Noncurrent Liabilities (T

Other Noncurrent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Payables and Accruals [Abstract]
Schedule of Other Noncurrent Liabilities	Other noncurrent liabilities include the following: March 31, March 31, December 31, (In thousands) Benefit plan liabilities $ 221,345 $ 205,694 $ 225,957 Noncurrent income tax payable 72,252 70,902 71,342 Deferred income tax liability 60,929 54,896 60,892

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2021
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 other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss) for each period: For the Three Months Ended March 31, 2021 Derivative Available-for-Sale Security Employee Benefit Plans Currency Total (In thousands) Accumulated Other Comprehensive Loss, Net of Tax, as of December 31, 2020 $ (15,369) $ (7,522) $ (186,854) $ (734,831) $ (944,576) Other comprehensive income (loss) before reclassifications 4,057 1,964 (67) (28,133) (22,179) Amounts reclassified from accumulated other comprehensive loss 3,314 — 2,415 — 5,729 Net increase (decrease) in other comprehensive income (loss) 7,371 1,964 2,348 (28,133) (16,450) Accumulated Other Comprehensive Loss, Net of Tax, as of March 31, 2021 $ (7,998) $ (5,558) $ (184,506) $ (762,964) $ (961,026) For the Three Months Ended March 31, 2020 Derivative Available-for-Sale Security Employee Benefit Plans Currency Total (In thousands) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2019 $ 11,041 $ (8,260) $ (169,857) $ (702,408) $ (869,484) Other comprehensive income (loss) before reclassifications 9,190 195 1,702 (145,634) (134,547) Amounts reclassified from accumulated other comprehensive loss (3,210) — 1,358 — (1,852) Net increase (decrease) in other comprehensive income (loss) 5,980 195 3,060 (145,634) (136,399) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of March 31, 2020 $ 17,021 $ (8,065) $ (166,797) $ (848,042) $ (1,005,883)
Schedule of Consolidated Statement of Operations Line Items Affected by Reclassifications from Accumulated Other Comprehensive Income (Loss)	The following table presents the classification and amount of the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations: For the Three Months Ended March 31, March 31, Statements of Operations (In thousands) Derivative Instruments (Loss) gain on foreign currency forward exchange and other contracts $ (3,206) $ 3,193 Cost of sales Tax effect of net (loss) gain (108) 17 Provision for income taxes $ (3,314) $ 3,210 Net loss Employee Benefit Plans Amortization of prior service credit (a) $ 398 $ 466 Other non-operating income/expense, net Recognized actuarial loss (a) (2,783) (2,340) Other non-operating income/expense, net (2,385) (1,874) Tax effect of net (loss) gain (30) 516 Provision for income taxes $ (2,415) $ (1,358) Net 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 16 to the Consolidated Financial Statements—Employee Benefit Plans" of this Quarterly Report on Form 10-Q for additional information regarding Mattel's net periodic benefit cost.

Foreign Currency Transaction _2

Foreign Currency Transaction Exposure (Tables)	3 Months Ended
	Mar. 31, 2021
Foreign Currency [Abstract]
Schedule of Currency Transaction Exposure	Currency transaction gains (losses) included in the consolidated statements of operations are as follows: For the Three Months Ended March 31, March 31, Statements of Operations Classification (In thousands) Currency transaction (losses) gains $ (13,791) $ 224 Operating income/loss Currency transaction (losses) (3,308) (832) Other non-operating income/expense, net Currency transaction (losses), net $ (17,099) $ (608)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
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 Classification Fair Value March 31, March 31, December 31, (In thousands) Derivatives designated as hedging instruments Foreign currency forward exchange and other contracts Prepaid expenses and other current assets $ 4,534 $ 21,121 $ 3,641 Foreign currency forward exchange and other contracts Other noncurrent assets 1,250 2,525 50 Total derivatives designated as hedging instruments $ 5,784 $ 23,646 $ 3,691 Derivatives not designated as hedging instruments Foreign currency forward exchange and other contracts Prepaid expenses and other current assets $ 2,050 $ 13,811 $ 1,982 Foreign currency forward exchange and other contracts Other noncurrent assets — — 38 Total derivatives not designated as hedging instruments $ 2,050 $ 13,811 $ 2,020 $ 7,834 $ 37,457 $ 5,711 Derivative Liabilities Balance Sheet Classification Fair Value March 31, March 31, December 31, (In thousands) Derivatives designated as hedging instruments Foreign currency forward exchange and other contracts Accrued liabilities $ 11,009 $ 6,841 $ 20,330 Foreign currency forward exchange and other contracts Other noncurrent liabilities 808 2,507 4,361 Total derivatives designated as hedging instruments $ 11,817 $ 9,348 $ 24,691 Derivatives not designated as hedging instruments Foreign currency forward exchange and other contracts Accrued liabilities $ 5,487 $ 1,594 $ 803 Foreign currency forward exchange and other contracts Other noncurrent liabilities — 224 — Total derivatives not designated as hedging instruments $ 5,487 $ 1,818 $ 803 $ 17,304 $ 11,166 $ 25,494
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 March 31, 2021 March 31, 2020 Statements of Operations Classification (In thousands) Foreign currency forward exchange contracts: Amount of gains recognized in OCI $ 4,057 $ 9,190 Amount of (losses) gains reclassified from accumulated OCI to consolidated statements of operations (3,314) 3,210 Cost of sales
Schedule of Derivatives Not Designated as Hedging Instruments by Classification and Amount of Gains and Losses	Derivatives Not Designated As Hedging Instruments For the Three Months Ended March 31, 2021 March 31, 2020 Statements of Operations Classification (In thousands) Amount of net loss recognized in the Statements of Operations Foreign currency forward exchange and other contract (losses) $ (8,636) $ (38,369) Other non-operating income/expense, net Foreign currency forward exchange and other contract gains 639 — Cost of sales $ (7,997) $ (38,369)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities	Mattel's financial assets and liabilities include the following: March 31, 2021 Level 1 Level 2 Level 3 Total (In thousands) Assets: Foreign currency forward exchange contracts and other (a) $ — $ 7,834 $ — $ 7,834 Available-for-sale (b) 6,232 — — 6,232 Total assets $ 6,232 $ 7,834 $ — $ 14,066 Liabilities: Foreign currency forward exchange contracts and other (a) $ — $ 17,304 $ — $ 17,304 March 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Assets: Foreign currency forward exchange contracts and other (a) $ — $ 37,457 $ — $ 37,457 Available-for-sale (b) 3,725 — — 3,725 Total assets $ 3,725 $ 37,457 $ — $ 41,182 Liabilities: Foreign currency forward exchange contracts and other (a) $ — $ 11,166 $ — $ 11,166 December 31, 2020 Level 1 Level 2 Level 3 Total (In thousands) Assets: Foreign currency forward exchange contracts and other (a) $ — $ 5,711 $ — $ 5,711 Available-for-sale (b) 4,268 — — 4,268 Total assets $ 4,268 $ 5,711 $ — $ 9,979 Liabilities: Foreign currency forward exchange contracts and other (a) $ — $ 25,494 $ — $ 25,494 ____________________________________________ (a) The fair value of the foreign currency forward exchange contracts and other commodity derivative instruments is 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. (b) The fair value of the available-for-sale security is based on the quoted price on an active public exchange.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table reconciles basic and diluted earnings per common share for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, March 31, (In thousands, except per share amounts) Basic: Net loss $ (115,218) $ (210,741) Weighted-average number of common shares 349,041 346,867 Basic net loss per common share $ (0.33) $ (0.61) Diluted: Net loss $ (115,218) $ (210,741) Weighted-average number of common shares 349,041 346,867 Dilutive stock options and restricted stock units ("RSUs") (a) — — Weighted-average number of common and potential common shares 349,041 346,867 Diluted net loss per common share $ (0.33) $ (0.61) _______________________________________ (a) Mattel was in a net loss position for the three months ended March 31, 2021 and 2020, and, accordingly, all outstanding nonqualified stock options and RSUs were excluded from the calculation of diluted net loss per common share because their effect would be antidilutive.

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Mar. 31, 2021
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost	A summary of the components of net periodic benefit cost for Mattel's defined benefit pension plans is as follows: For the Three Months Ended March 31, March 31, (In thousands) Service cost $ 1,293 $ 1,109 Interest cost 2,540 3,781 Expected return on plan assets (4,627) (4,921) Amortization of prior service cost 111 43 Recognized actuarial loss 2,785 2,359 $ 2,102 $ 2,371 A summary of the components of net periodic benefit cost for Mattel's postretirement benefit plans is as follows: For the Three Months Ended March 31, March 31, (In thousands) Interest cost $ 19 $ 35 Amortization of prior service credit (509) (509) Recognized actuarial gain (2) (19) $ (492) $ (493)

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Stock Option and Restricted Stock Unit 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 is as follows: For the Three Months Ended March 31, March 31, (In thousands) Stock option compensation expense $ 2,783 $ 3,131 RSU compensation expense 6,357 7,361 Performance award compensation expense 5,972 3,783 $ 15,112 $ 14,275

Other Selling and Administrat_2

Other Selling and Administrative Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Other Income and Expenses [Abstract]
Schedule of Other Selling and Administrative Expenses	Other selling and administrative expenses include the following: For the Three Months Ended March 31, March 31, (In thousands) Design and development $ 43,981 $ 44,628 Identifiable intangible asset amortization 9,514 9,965

Restructuring Charges (Tables)

Restructuring Charges (Tables)	3 Months Ended
	Mar. 31, 2021
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	In connection with the Program, Mattel recorded severance and other restructuring costs in the following cost and expense categories within the consolidated statements of operations: For the Three Months Ended March 31, March 31, (In thousands) Cost of sales (a) $ 1,932 $ 3,057 Other selling and administrative expenses (b) 5,710 2,746 $ 7,642 $ 5,803 _______________________________________ (a) Severance and other restructuring costs recorded within cost of sales in the consolidated statements of operations include charges associated with the consolidation of manufacturing facilities. (b) Severance and other restructuring costs recorded within other selling and administrative expenses in the consolidated statements of operations are included in corporate and other expense in "Note 22 to the Consolidated Financial Statements—Segment Information." The following table summarizes Mattel's severance and other restructuring charges activity related to the Program for the three months ended March 31, 2021: Liability at December 31, 2020 Charges (a) Payments/Utilization Liability at March 31, 2021 (In thousands) Severance $ 5,294 $ 4,342 $ (1,405) $ 8,231 Other restructuring charges 30 3,300 (3,071) 259 $ 5,324 $ 7,642 $ (4,476) $ 8,490 _______________________________________ (a) Other restructuring charges consist primarily of charges associated with the consolidation of manufacturing facilities.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Revenues from Segment to Consolidated	The following tables present information regarding net sales, operating income (loss), and assets by 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. Effective as of the first quarter of 2021, operating income by segment reviewed by the Chief Operating Decision Maker does not include certain corporate expenses which were historically allocated by segment. The prior period presentation of operating income by segment has been conformed to the current period's presentation. It is impracticable for Mattel to present net sales by categories, brands, or products, as trade discounts and other allowances are generally recorded in the financial accounting systems by customer. For the Three Months Ended March 31, March 31, (In thousands) Net Sales by Segment North America $ 479,660 $ 287,553 International 349,354 269,356 American Girl 45,178 37,160 Net sales $ 874,192 $ 594,069 For the Three Months Ended March 31, March 31, (In thousands) Operating Income (Loss) by Segment North America (a) $ 123,374 $ 13,985 International (a) 35,170 (28,861) American Girl (9,831) (17,441) 148,713 (32,317) Corporate and other expense (b) (117,675) (117,493) Operating income (loss) 31,038 (149,810) Interest expense 130,482 48,980 Interest (income) (820) (2,084) Other non-operating (income) expense, net (1,086) 3,023 Loss before income taxes $ (97,538) $ (199,729) _______________________________________ (a) Operating income (loss) included severance and restructuring expenses of $1.9 million and $3.1 million, for the three months ended March 31, 2021, and 2020, respectively, which were allocated to the North America and International segments. (b) Corporate and other expense included severance and restructuring charges of $5.7 million and $7.5 million, for the three months ended March 31, 2021, and 2020, respectively. Corporate and other expense also included expenses related to inclined sleeper product recall litigation of $5.3 million and $6.3 million for the three months ended March 31, 2021 and 2020, respectively, and incentive and share-based compensation for all periods presented.
Schedule of Segment Assets	Segment assets are comprised of accounts receivable and inventories, net of applicable allowances and reserves. March 31, March 31, December 31, (In thousands) Assets by Segment North America $ 585,221 $ 480,738 $ 664,696 International 520,717 455,918 713,650 American Girl 46,956 36,427 40,290 1,152,894 973,083 1,418,636 Corporate and other 137,583 116,084 130,003 Accounts receivable and inventories, net $ 1,290,477 $ 1,089,167 $ 1,548,639
Schedule of Revenues by Geographic Area	The table below presents information by geographic area. Net sales are attributed to countries based on location of the customer. For the Three Months Ended March 31, March 31, (In thousands) Net Sales by Geographic Area North America $ 524,838 $ 324,713 International EMEA 238,169 173,323 Latin America 56,278 51,275 Asia Pacific 54,907 44,758 Total International 349,354 269,356 Net sales $ 874,192 $ 594,069

Accounts Receivable (Details)

Accounts Receivable (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Receivables [Abstract]
Accounts receivable, allowances for credit losses	$ 13.1	$ 15.9	$ 20.9

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Inventory Disclosure [Abstract]
Raw materials and work in process	$ 119,417	$ 110,010	$ 107,880
Finished goods	490,418	404,663	452,765
Inventories	$ 609,835	$ 514,673	$ 560,645

Property, Plant, and Equipmen_2

Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 2,167,541	$ 2,216,430	$ 2,359,157
Less: accumulated depreciation	(1,716,540)	(1,742,636)	(1,839,380)
Property, plant, and equipment, net	451,001	473,794	519,777
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	22,029	24,913	24,856
Buildings
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	312,114	335,407	297,910
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	764,276	772,349	769,761
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	345,477	344,268	367,143
Tools, dies, and molds
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	603,817	607,915	719,615
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	119,828	$ 131,578	$ 179,872
Land and building | Mexico
Property, Plant and Equipment [Line Items]
Gain on disposal of property, plant, and equipment	$ 15,800

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 1,393,834
Dispositions	(2,346)
Currency Exchange Rate Impact	801
Balance at end of period	1,392,289
North America
Goodwill [Roll Forward]
Balance at beginning of period	733,401
Dispositions	(1,290)
Currency Exchange Rate Impact	259
Balance at end of period	732,370
International
Goodwill [Roll Forward]
Balance at beginning of period	452,862
Dispositions	(1,056)
Currency Exchange Rate Impact	542
Balance at end of period	452,348
American Girl
Goodwill [Roll Forward]
Balance at beginning of period	207,571
Dispositions	0
Currency Exchange Rate Impact	0
Balance at end of period	$ 207,571

Other Noncurrent Assets (Detail

Other Noncurrent Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Identifiable intangible assets (net of accumulated amortization of $296.4 million, $258.0 million, and $286.9 million, respectively)	$ 509,844,000	$ 534,044,000	$ 518,190,000
Deferred income taxes	71,157,000	62,674,000	72,682,000
Identifiable intangible assets, accumulated amortization	296,400,000	258,000,000	$ 286,900,000
Impairment of intangible assets	$ 0	$ 0

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Payables and Accruals [Abstract]
Incentive compensation	$ 143,414	$ 126,601	$ 135,833
Advertising and promotion	78,755	163,181	71,563
Current lease liabilities	73,155	79,540	78,247
Royalties	$ 24,191	$ 54,442	$ 22,701
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities	Accrued liabilities

Seasonal Financing (Details)

Seasonal Financing (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 19, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 20, 2017
Debt Instrument [Line Items]
Short-term borrowings	$ 878,000		$ 969,000	$ 150,000,000
Credit Agreement
Debt Instrument [Line Items]
Outstanding letters of credit	11,000,000		11,000,000	13,000,000
Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Aggregate commitment under the credit facility		$ 1,400,000,000			$ 1,600,000,000
Short-term borrowings	$ 0		$ 0	$ 150,000,000
Revolving Credit Facility | Credit Agreement | Minimum | LIBOR
Debt Instrument [Line Items]
Interest rate margin for loans (as a percent)	1.25%
Revolving Credit Facility | Credit Agreement | Minimum | Base Rate
Debt Instrument [Line Items]
Interest rate margin for loans (as a percent)	0.25%
Revolving Credit Facility | Credit Agreement | Maximum | LIBOR
Debt Instrument [Line Items]
Interest rate margin for loans (as a percent)	1.75%
Revolving Credit Facility | Credit Agreement | Maximum | Base Rate
Debt Instrument [Line Items]
Interest rate margin for loans (as a percent)	0.75%
Revolving Credit Facility, Asset Based | Credit Agreement
Debt Instrument [Line Items]
Aggregate commitment under the credit facility	$ 1,110,000,000
Revolving Credit Facility, Secured | Credit Agreement
Debt Instrument [Line Items]
Aggregate commitment under the credit facility	$ 294,000,000

Long-Term Debt - Schedule of De

Long-Term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Debt Instrument [Line Items]
Long-term debt	$ 2,880,000	$ 2,900,000	$ 2,900,000
Debt issuance costs and debt discount	(37,268)	(45,336)	(51,076)
Long-term debt	2,837,732	2,854,664	2,848,924
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 | 2013 Senior Notes due March 2023
Debt Instrument [Line Items]
Long-term debt	250,000	250,000	250,000
Senior Notes | 2017/2018 Senior Notes due December 2025
Debt Instrument [Line Items]
Long-term debt	275,000	1,500,000	1,500,000
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	0	0
Senior Notes | 2021 Senior Notes due April 2029
Debt Instrument [Line Items]
Long-term debt	$ 600,000	$ 0	$ 0

Long-Term Debt - Narrative (Det

Long-Term Debt - Narrative (Details) - USD ($)	Mar. 19, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Redemption of debt		$ 1,287,022,000	$ 0
Loss on extinguishment of long-term borrowings		83,213,000	0
Long-term debt		2,880,000,000	2,900,000,000	$ 2,900,000,000
Senior Notes | 2021 Senior Notes due April 2026
Debt Instrument [Line Items]
Principal of debt instrument	$ 600,000,000
Interest rate	3.375%
Long-term debt		600,000,000	0	0
Senior Notes | 2021 Senior Notes due April 2029
Debt Instrument [Line Items]
Principal of debt instrument	$ 600,000,000
Interest rate	3.75%
Long-term debt		600,000,000	0	0
Senior Notes | 2017/2018 Senior Notes due December 2025
Debt Instrument [Line Items]
Interest rate	6.75%
Redemption of debt	$ 1,225,000,000
Loss on extinguishment of long-term borrowings		83,200,000
Debt prepayment premium costs		62,000,000
Write-off of unamortized debt issuance costs		21,200,000
Long-term debt		$ 275,000,000	$ 1,500,000,000	$ 1,500,000,000

Other Noncurrent Liabilities (D

Other Noncurrent Liabilities (Details) - Other noncurrent liabilities - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Other Commitments [Line Items]
Benefit plan liabilities	$ 221,345	$ 225,957	$ 205,694
Noncurrent income tax payable	72,252	71,342	70,902
Deferred income tax liability	$ 60,929	$ 60,892	$ 54,896

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in Accumulated Balances (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 596,343	$ 491,714
Other comprehensive income (loss) before reclassifications	(22,179)	(134,547)
Amounts reclassified from accumulated other comprehensive income (loss)	5,729	(1,852)
Other Comprehensive Loss, Net of Tax	(16,450)	(136,399)
Ending balance	473,931	157,883
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(944,576)	(869,484)
Other Comprehensive Loss, Net of Tax	(16,450)	(136,399)
Ending balance	(961,026)	(1,005,883)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(15,369)	11,041
Other comprehensive income (loss) before reclassifications	4,057	9,190
Amounts reclassified from accumulated other comprehensive income (loss)	3,314	(3,210)
Other Comprehensive Loss, Net of Tax	7,371	5,980
Ending balance	(7,998)	17,021
Available-for-Sale Security
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(7,522)	(8,260)
Other comprehensive income (loss) before reclassifications	1,964	195
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Other Comprehensive Loss, Net of Tax	1,964	195
Ending balance	(5,558)	(8,065)
Employee  Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(186,854)	(169,857)
Other comprehensive income (loss) before reclassifications	(67)	1,702
Amounts reclassified from accumulated other comprehensive income (loss)	2,415	1,358
Other Comprehensive Loss, Net of Tax	2,348	3,060
Ending balance	(184,506)	(166,797)
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(734,831)	(702,408)
Other comprehensive income (loss) before reclassifications	(28,133)	(145,634)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0
Other Comprehensive Loss, Net of Tax	(28,133)	(145,634)
Ending balance	$ (762,964)	$ (848,042)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Provision for income taxes	$ 20,305	$ 11,892
Other Nonoperating Income (Expense)	(1,086)	3,023
Loss before income taxes	97,538	199,729
Net Loss	115,218	210,741
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Derivative Instruments
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of sales	(3,206)	3,193
Provision for income taxes	(108)	17
Net Loss	(3,314)	3,210
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Employee Benefit Plans
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Provision for income taxes	(30)	516
Loss before income taxes	(2,385)	(1,874)
Net Loss	(2,415)	(1,358)
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Amortization of prior service credit
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Nonoperating Income (Expense)	398	466
Reclassification Out of Accumulated Other Comprehensive Income (Loss) | Recognized actuarial loss
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Other Nonoperating Income (Expense)	$ (2,783)	$ (2,340)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency translation adjustments (loss) gain	$ (16,450)	$ (136,399)
Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency translation adjustments (loss) gain	$ (28,133)	$ (145,634)

Foreign Currency Transaction _3

Foreign Currency Transaction Exposure (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Currency Transaction Gains (Losses) [Line Items]
Currency transaction (losses), net	$ (17,099)	$ (608)
Operating income/loss
Currency Transaction Gains (Losses) [Line Items]
Currency transaction (losses), net	(13,791)	224
Other non-operating income/expense, net
Currency Transaction Gains (Losses) [Line Items]
Currency transaction (losses), net	$ (3,308)	$ (832)

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - Foreign currency forward exchange and other contracts - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 951.5	$ 855	$ 1,370
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative term of contracts	18 months

Derivative Instruments - Assets

Derivative Instruments - Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	$ 7,834	$ 5,711	$ 37,457
Derivative liabilities, fair value	17,304	25,494	11,166
Derivatives designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	5,784	3,691	23,646
Derivative liabilities, fair value	11,817	24,691	9,348
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, fair value	4,534	3,641	21,121
Derivatives designated as hedging instruments | Foreign currency forward exchange and other contracts | Other noncurrent assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	1,250	50	2,525
Derivatives designated as hedging instruments | Foreign currency forward exchange and other contracts | Accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	11,009	20,330	6,841
Derivatives designated as hedging instruments | Foreign currency forward exchange and other contracts | Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	808	4,361	2,507
Derivatives not designated as hedging instruments
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	2,050	2,020	13,811
Derivatives not designated as hedging instruments | Foreign currency forward exchange and other contracts
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	5,487	803	1,818
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, fair value	2,050	1,982	13,811
Derivatives not designated as hedging instruments | Foreign currency forward exchange and other contracts | Other noncurrent assets
Derivatives, Fair Value [Line Items]
Derivative assets, fair value	0	38	0
Derivatives not designated as hedging instruments | Foreign currency forward exchange and other contracts | Accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	5,487	803	1,594
Derivatives not designated as hedging instruments | Foreign currency forward exchange and other contracts | Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative liabilities, fair value	$ 0	$ 0	$ 224

Derivative Instruments - Design

Derivative Instruments - Designated as Hedging Instruments by Classification and Amount of Gains and Losses (Details) - Derivatives Designated As Hedging Instruments - Foreign Exchange Forward - Cost of sales - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gains recognized in OCI	$ 4,057	$ 9,190
Amount of (losses) gains reclassified from accumulated OCI to consolidated statements of operations	$ (3,314)	$ 3,210

Derivative Instruments - Not De

Derivative Instruments - Not Designated as Hedging Instruments by Classification and Amount of Gains and Losses (Details) - Derivatives Not Designated As Hedging Instruments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments, Gain (Loss) [Line Items]
Amount of net loss recognized in the Statements of Operations	$ (7,997)	$ (38,369)
Foreign Exchange Forward | Other non-operating income/expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of net loss recognized in the Statements of Operations	(8,636)	(38,369)
Foreign Exchange Forward | Cost of sales
Derivative Instruments, Gain (Loss) [Line Items]
Amount of net loss recognized in the Statements of Operations	$ 639	$ 0

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Assets:
Foreign currency forward exchange contracts and other	$ 7,834	$ 5,711	$ 37,457
Available-for-sale security	6,232	4,268	3,725
Total assets	14,066	9,979	41,182
Liabilities:
Foreign currency forward exchange contracts and other	17,304	25,494	11,166
Level 1
Assets:
Foreign currency forward exchange contracts and other	0	0	0
Available-for-sale security	6,232	4,268	3,725
Total assets	6,232	4,268	3,725
Liabilities:
Foreign currency forward exchange contracts and other	0	0	0
Level 2
Assets:
Foreign currency forward exchange contracts and other	7,834	5,711	37,457
Available-for-sale security	0	0	0
Total assets	7,834	5,711	37,457
Liabilities:
Foreign currency forward exchange contracts and other	17,304	25,494	11,166
Level 3
Assets:
Foreign currency forward exchange contracts and other	0	0	0
Available-for-sale security	0	0	0
Total assets	0	0	0
Liabilities:
Foreign currency forward exchange contracts and other	$ 0	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt	$ 3,050	$ 3,110	$ 2,770
Carrying value of long-term debt	$ 2,880	$ 2,900	$ 2,900

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Basic:
Net Loss	$ (115,218)	$ (210,741)
Weighted average number of common shares (in shares)	349,041	346,867
Basic net loss per common share (USD per share)	$ (0.33)	$ (0.61)
Diluted:
Net Loss	$ (115,218)	$ (210,741)
Weighted average number of common shares (in shares)	349,041	346,867
Dilutive stock options and non-participating RSUs (in shares)	0	0
Weighted average number of common and potential common shares (in shares)	349,041	346,867
Diluted net loss per common share (USD per share)	$ (0.33)	$ (0.61)

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 1,293	$ 1,109
Interest cost	2,540	3,781
Expected return on plan assets	(4,627)	(4,921)
Amortization of prior service cost	111	43
Recognized actuarial loss	2,785	2,359
Net periodic benefit cost (credit)	2,102	2,371
Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost	19	35
Amortization of prior service cost	(509)	(509)
Recognized actuarial loss	(2)	(19)
Net periodic benefit cost (credit)	$ (492)	$ (493)

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Retirement Benefits [Abstract]
Cash contributions made during the period	$ 1
Expected additional cash contributions	$ 16

Share-Based Payments - Narrativ

Share-Based Payments - Narrative (Details)	3 Months Ended
	Mar. 31, 2021USD ($)incentiveProgram	Mar. 31, 2020USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of incentive programs | incentiveProgram	3
Proceeds from exercise of stock options	$ 1,300,000	$ 0
Stock options | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of stock option expiration from date of grant	10 years
Stock options, RSUs, and performance shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized compensation expense related to unvested share-based payments	$ 79,000,000
Weighted-average period for unrecognized compensation expense expected to be recognized	2 years
Stock options, RSUs, and performance shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General vesting period	3 years

Share-Based Payments - Compensa

Share-Based Payments - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 15,112	$ 14,275
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	2,783	3,131
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	6,357	7,361
Performance awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5,972	$ 3,783

Other Selling and Administrat_3

Other Selling and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Other Income and Expenses [Abstract]
Design and development	$ 43,981	$ 44,628
Identifiable intangible asset amortization	$ 9,514	$ 9,965

Restructuring Charges - Schedul

Restructuring Charges - Schedule of Capital Light Restructuring Charges (Details) - Optimizing for Growth (formerly Capital Light Initiative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 7,642	$ 5,803
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	1,932	3,057
Other selling and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 5,710	$ 2,746

Restructuring Charges - Severan

Restructuring Charges - Severance and Other Restructuring Charges Activity (Details) - Optimizing for Growth (formerly Capital Light Initiative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Restructuring Reserve [Roll Forward]
Liability at beginning of period	$ 5,324
Charges	7,642	$ 5,803
Payments/Utilization	(4,476)
Liability at end of period	8,490
Severance
Restructuring Reserve [Roll Forward]
Liability at beginning of period	5,294
Charges	4,342
Payments/Utilization	(1,405)
Liability at end of period	8,231
Other restructuring charges
Restructuring Reserve [Roll Forward]
Liability at beginning of period	30
Charges	3,300
Payments/Utilization	(3,071)
Liability at end of period	$ 259

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Mexico | Land and building
Restructuring Cost and Reserve [Line Items]
Gain on disposal of property, plant, and equipment	$ 15.8
Optimizing for Growth (formerly Capital Light Initiative)
Restructuring Cost and Reserve [Line Items]
Severance and other restructuring charges incurred to date	58
Restructuring and related cost, cost incurred to date, non-cash charges	17
Optimizing for Growth (formerly Capital Light Initiative) | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	140
Expected non-cash restructuring costs	40
Optimizing for Growth (formerly Capital Light Initiative) | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	165
Expected non-cash restructuring costs	$ 45
Severance | Other Cost Savings Actions
Restructuring Cost and Reserve [Line Items]
Severance charges		$ 5

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 20,305,000	$ 11,892,000
Discrete tax expense (benefit)	7,300,000	6,400,000
Current federal tax benefit	0	$ 0
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	$ 31,600,000

Contingencies (Details)

Contingencies (Details) $ in Millions	Apr. 26, 2015	Jan. 31, 2010USD ($)	Apr. 30, 1999USD ($)	Jan. 31, 2020stockholder	Mar. 31, 2021childclasslawsuit	Nov. 11, 2014USD ($)	Jul. 26, 2013USD ($)
Loss Contingencies [Line Items]
Number of stockholders who filed complaints | stockholder				2
Yellowstone
Loss Contingencies [Line Items]
Alleged loss of profits			$ 1
Unpaid accounts receivable			4
Alleged business investments			3
Initial estimate of loss of profits			$ 1
Court awarded damages from counterclaim		$ 4
Damages awarded, including attorney fees, inflation and interest							$ 17
Counter claim awarded, including inflation						$ 7.5	$ 7.5
Damages award including inflation and interest						$ 14.5
Fine on claims (as a percent)	1.00%
Sleeper
Loss Contingencies [Line Items]
Number of additional lawsuits pending | lawsuit					49
Number of children with injuries or fatalities related to lawsuits | child					53
Minimum | Sleeper
Loss Contingencies [Line Items]
Number of consumer classes | class					15

Segment Information - Revenues

Segment Information - Revenues and Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 874,192	$ 594,069
Operating income (loss)	31,038	(149,810)
Interest expense	130,482	48,980
Interest (income)	(820)	(2,084)
Other Nonoperating Income (Expense)	(1,086)	3,023
Loss Before Income Taxes	(97,538)	(199,729)
Operating Segments
Segment Reporting Information [Line Items]
Operating income (loss)	148,713	(32,317)
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	479,660	287,553
Operating income (loss)	123,374	13,985
Operating Segments | International
Segment Reporting Information [Line Items]
Revenues	349,354	269,356
Operating income (loss)	35,170	(28,861)
Operating Segments | American Girl
Segment Reporting Information [Line Items]
Revenues	45,178	37,160
Operating income (loss)	(9,831)	(17,441)
Operating Segments | North America and International
Segment Reporting Information [Line Items]
Restructuring charges	1,900	3,100
Corporate and other expense
Segment Reporting Information [Line Items]
Operating income (loss)	(117,675)	(117,493)
Restructuring charges	5,700	7,500
Total product recall charges	$ 5,300	$ 6,300

Segment Information - Assets (D

Segment Information - Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable and inventories, net	$ 1,290,477	$ 1,548,639	$ 1,089,167
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable and inventories, net	1,152,894	1,418,636	973,083
Operating Segments | North America
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable and inventories, net	585,221	664,696	480,738
Operating Segments | International
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable and inventories, net	520,717	713,650	455,918
Operating Segments | American Girl
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable and inventories, net	46,956	40,290	36,427
Corporate and other expense
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable and inventories, net	$ 137,583	$ 130,003	$ 116,084

Segment Information - Revenue_2

Segment Information - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 874,192	$ 594,069
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	479,660	287,553
Operating Segments | North America | North America
Segment Reporting Information [Line Items]
Revenues	524,838	324,713
Operating Segments | International
Segment Reporting Information [Line Items]
Revenues	349,354	269,356
Operating Segments | International | EMEA
Segment Reporting Information [Line Items]
Revenues	238,169	173,323
Operating Segments | International | Latin America
Segment Reporting Information [Line Items]
Revenues	56,278	51,275
Operating Segments | International | Asia Pacific
Segment Reporting Information [Line Items]
Revenues	$ 54,907	$ 44,758