Mattel (MAT) 10-Q 29 Oct 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares shares in Millions	9 Months Ended
	Sep. 30, 2024	Oct. 14, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-05647
Entity Registrant Name	MATTEL INC /DE/
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	95-1567322
Entity Address, Address Line One	333 Continental Blvd.
Entity Address, City or Town	El Segundo,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90245-5012
City Area Code	310
Local Phone Number	252-2000
Title of 12(b) Security	Common stock, $1.00 per share
Trading Symbol	MAT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		336.9
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000063276
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Current Assets
Cash and equivalents	$ 723,532	$ 1,261,363	$ 455,735
Accounts receivable, net of allowances for credit losses of $8.2 million, $12.5 million, and $8.8 million, respectively	1,477,364	1,081,827	1,571,047
Inventories	737,182	571,609	790,521
Prepaid expenses and other current assets	242,302	207,548	224,796
Total current assets	3,180,380	3,122,347	3,042,099
Noncurrent Assets
Property, plant, and equipment, net	513,769	465,523	457,202
Right-of-use assets, net	277,627	313,191	286,019
Goodwill	1,388,991	1,384,512	1,380,042
Deferred income tax assets	260,180	299,157	230,415
Intangible assets, net	374,706	393,039	397,821
Other noncurrent assets	518,080	458,053	450,956
Total Assets	6,513,733	6,435,822	6,244,554
Current Liabilities
Accounts payable	439,203	442,286	450,109
Accrued liabilities	803,204	866,283	803,081
Income taxes payable	56,212	33,911	51,366
Total current liabilities	1,298,619	1,342,480	1,304,556
Noncurrent Liabilities
Long-term debt	2,333,260	2,329,986	2,328,897
Noncurrent lease liabilities	229,223	259,548	234,699
Other noncurrent liabilities	339,685	354,595	340,936
Total noncurrent liabilities	2,902,168	2,944,129	2,904,532
Stockholders' Equity
Common stock $1.00 par value, 1.00 billion shares authorized; 441.4 million shares issued	441,369	441,369	441,369
Additional paid-in capital	1,759,000	1,774,911	1,745,170
Treasury stock at cost: 104.5 million shares, 88.1 million shares, and 92.9 million shares, respectively	(2,434,734)	(2,224,160)	(2,131,676)
Retained earnings	3,463,016	3,062,061	2,914,744
Accumulated other comprehensive loss	(915,705)	(904,968)	(934,141)
Total stockholders' equity	2,312,946	2,149,213	2,035,466
Total Liabilities and Stockholders' Equity	$ 6,513,733	$ 6,435,822	$ 6,244,554

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowances for credit losses	$ 8.2	$ 8.8	$ 12.5
Common stock, par value (USD per share)	$ 1	$ 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)	104,500,000	92,900,000	88,100,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net Sales	$ 1,843,904	$ 1,918,788	$ 3,733,141	$ 3,820,531
Cost of sales	864,908	940,854	1,834,539	2,027,004
Gross Profit	978,996	977,934	1,898,602	1,793,527
Advertising and promotion expenses	104,956	124,265	250,117	290,337
Other selling and administrative expenses	385,699	379,811	1,112,455	1,081,594
Operating Income	488,341	473,858	536,030	421,596
Interest expense	29,371	30,716	89,415	92,486
Interest (income)	(9,787)	(4,569)	(39,466)	(15,409)
Other non-operating (income) expense, net	(2,924)	(2,391)	8,796	(5,976)
Income Before Income Taxes	471,681	450,102	477,285	350,495
Provision for income taxes	106,350	309,342	94,756	296,767
(Income) from equity method investments	(7,045)	(5,559)	(18,426)	(13,306)
Net Income	$ 372,376	$ 146,319	$ 400,955	$ 67,034
Net Income Per Common Share - Basic (USD per share)	$ 1.10	$ 0.41	$ 1.17	$ 0.19
Weighted-average number of common shares (in shares)	339,059	354,139	342,707	354,559
Net Income Per Common Share - Diluted (USD per share)	$ 1.09	$ 0.41	$ 1.16	$ 0.19
Weighted-average number of common and potential common shares (in shares)	341,216	357,474	345,380	357,977

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net Income	$ 372,376	$ 146,319	$ 400,955	$ 67,034
Other Comprehensive Income (Loss), Net of Tax
Currency translation adjustments	24,442	(39,273)	(16,885)	(8,992)
Employee benefit plan adjustments	994	664	3,441	2,120
Net unrealized gains (losses) on derivative instruments:
Unrealized holding (losses) gains	(13,288)	7,521	9,764	(1,729)
Reclassification adjustments included in net income	7,264	(5,801)	(7,057)	(14,062)
Net unrealized gains (losses) on derivative instruments	(6,024)	1,720	2,707	(15,791)
Other Comprehensive Income (Loss), Net of Tax	19,412	(36,889)	(10,737)	(22,663)
Comprehensive Income	$ 391,788	$ 109,430	$ 390,218	$ 44,371

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows From Operating Activities:
Net income	$ 400,955	$ 67,034
Adjustments to reconcile net income to net cash flows used for operating activities:
Depreciation	101,682	104,042
Amortization of intangible assets	23,503	28,570
Share-based compensation	57,448	52,425
Inventory obsolescence	30,023	42,245
Deferred income taxes	23,020	26,283
Income from equity method investments	(18,426)	(13,306)
Valuation allowance on foreign deferred tax assets	3,200	212,379
Content assets amortization	62,333	32,938
Changes in assets and liabilities:
Accounts receivable, net	(408,662)	(714,198)
Inventories	(201,954)	42,701
Prepaid expenses and other current assets	(42,695)	(4,768)
Accounts payable, accrued liabilities, and income taxes payable	(32,262)	121,202
Content assets spend	(16,944)	(47,111)
Other, net	(42,804)	(30,077)
Net cash flows used for operating activities	(61,583)	(79,641)
Cash Flows From Investing Activities:
Purchases of tools, dies, and molds	(48,337)	(56,741)
Purchases of other property, plant, and equipment	(108,598)	(60,797)
Proceeds from foreign currency forward exchange contracts, net	1,578	20,021
Other, net	3,617	3,605
Net cash flows used for investing activities	(151,740)	(93,912)
Cash Flows From Financing Activities:
Share repurchases	(268,307)	(109,860)
Tax withholdings for share-based compensation	(17,375)	(32,822)
Proceeds from stock option exercises	6,184	26,014
Other, net	(34,730)	(2,783)
Net cash flows used for financing activities	(314,228)	(119,451)
Effect of Currency Exchange Rate Changes on Cash and Equivalents	(10,280)	(12,496)
Change in Cash and Equivalents	(537,831)	(305,500)
Cash and Equivalents at Beginning of Period	1,261,363	761,235
Cash and Equivalents at End of Period	$ 723,532	$ 455,735

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, 2022	$ 2,056,269	$ 441,369	$ 1,808,308	$ (2,129,639)	$ 2,847,709	$ (911,478)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(106,471)				(106,471)
Other comprehensive income (loss), net of tax	23,160					23,160
Share repurchases	(33,986)			(33,986)
Issuance of treasury stock for stock option exercises	2,045		(1,144)	3,189
Issuance of treasury stock for restricted stock units vesting	(20,299)		(51,311)	31,012
Share-based compensation	16,943		16,943
Ending balance at Mar. 31, 2023	1,937,661	441,369	1,772,796	(2,129,424)	2,741,238	(888,318)
Beginning balance at Dec. 31, 2022	2,056,269	441,369	1,808,308	(2,129,639)	2,847,709	(911,478)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	67,034
Other comprehensive income (loss), net of tax	(22,663)
Ending balance at Sep. 30, 2023	2,035,466	441,369	1,745,170	(2,131,676)	2,914,744	(934,141)
Beginning balance at Mar. 31, 2023	1,937,661	441,369	1,772,796	(2,129,424)	2,741,238	(888,318)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	27,187				27,187
Other comprehensive income (loss), net of tax	(8,934)					(8,934)
Share repurchases	(15,875)			(15,875)
Issuance of treasury stock for stock option exercises	6,595		(4,075)	10,670
Issuance of treasury stock for restricted stock units vesting	(4,381)		(18,079)	13,698
Deferred compensation	130		(36)	166
Share-based compensation	19,991		19,991
Ending balance at Jun. 30, 2023	1,962,374	441,369	1,770,597	(2,120,765)	2,768,425	(897,252)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	146,319				146,319
Other comprehensive income (loss), net of tax	(36,889)					(36,889)
Share repurchases	(60,000)			(60,000)
Issuance of treasury stock for stock option exercises	17,374		(10,095)	27,469
Issuance of treasury stock for restricted stock units vesting	(9,204)		(30,824)	21,620
Share-based compensation	15,492		15,492
Ending balance at Sep. 30, 2023	2,035,466	441,369	1,745,170	(2,131,676)	2,914,744	(934,141)
Beginning balance at Dec. 31, 2023	2,149,213	441,369	1,774,911	(2,224,160)	3,062,061	(904,968)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(28,281)				(28,281)
Other comprehensive income (loss), net of tax	(10,765)					(10,765)
Share repurchases	(100,758)			(100,758)
Issuance of treasury stock for stock option exercises	4,299		(2,754)	7,053
Issuance of treasury stock for restricted stock units vesting	(6,325)		(17,932)	11,607
Share-based compensation	17,929		17,929
Ending balance at Mar. 31, 2024	2,025,312	441,369	1,772,154	(2,306,258)	3,033,780	(915,733)
Beginning balance at Dec. 31, 2023	2,149,213	441,369	1,774,911	(2,224,160)	3,062,061	(904,968)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	400,955
Other comprehensive income (loss), net of tax	(10,737)
Ending balance at Sep. 30, 2024	2,312,946	441,369	1,759,000	(2,434,734)	3,463,016	(915,705)
Beginning balance at Mar. 31, 2024	2,025,312	441,369	1,772,154	(2,306,258)	3,033,780	(915,733)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	56,860				56,860
Other comprehensive income (loss), net of tax	(19,384)					(19,384)
Share repurchases	(100,954)			(100,954)
Issuance of treasury stock for stock option exercises	516		(437)	953
Issuance of treasury stock for restricted stock units vesting	(9,051)		(35,743)	26,692
Deferred compensation	0		(148)	148
Share-based compensation	19,834		19,834
Ending balance at Jun. 30, 2024	1,973,133	441,369	1,755,660	(2,379,419)	3,090,640	(935,117)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	372,376				372,376
Other comprehensive income (loss), net of tax	19,412					19,412
Share repurchases	(68,907)			(68,907)
Issuance of treasury stock for stock option exercises	1,370		(1,186)	2,556
Issuance of treasury stock for restricted stock units vesting	(4,123)		(15,159)	11,036
Share-based compensation	19,685		19,685
Ending balance at Sep. 30, 2024	$ 2,312,946	$ 441,369	$ 1,759,000	$ (2,434,734)	$ 3,463,016	$ (915,705)

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments, consisting of only those of a normal recurring nature, considered necessary for a fair statement of the financial position and interim results of Mattel, Inc. and its subsidiaries ("Mattel") as of and for the periods presented have been included. The December 31, 2023 balance sheet data was derived from audited financial statements; however, the accompanying interim notes to the consolidated financial statements do not include all of the annual disclosures required by GAAP. As Mattel's business is seasonal, results for interim periods are not necessarily indicative of those that may be expected for a full year. The financial information included herein should be read in conjunction with Mattel's consolidated financial statements and related notes in the 2023 Annual Report on Form 10-K.

Accounts Receivable, Net

Accounts Receivable, Net	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net Mattel estimates current expected credit losses based on collection history and management's assessment of the current economic trends, business environment, customers' financial condition, and accounts receivable aging that may impact the level of future credit losses. Accounts receivable were net of allowances for credit losses of $8.2 million, $12.5 million, and $8.8 million as of September 30, 2024, September 30, 2023, and December 31, 2023, respectively.

Inventories

Inventories	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories included the following: September 30, September 30, December 31, (In thousands) Raw materials and work in process $ 109,335 $ 102,582 $ 92,902 Finished goods 627,847 687,939 478,707 $ 737,182 $ 790,521 $ 571,609

Property, Plant, and Equipment,

Property, Plant, and Equipment, Net	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Property, Plant, and Equipment, Net	Property, Plant, and Equipment, Net Property, plant, and equipment, net included the following: September 30, September 30, December 31, (In thousands) Land $ 42,924 $ 19,566 $ 19,838 Buildings 357,969 311,030 313,750 Machinery and equipment 641,999 623,687 628,089 Software 234,928 232,995 233,224 Tools, dies, and molds 501,220 494,070 488,170 Leasehold improvements 120,929 123,240 121,571 Construction in progress 42,243 39,533 48,483 1,942,212 1,844,121 1,853,125 Less: accumulated depreciation (1,428,443) (1,386,919) (1,387,602) $ 513,769 $ 457,202 $ 465,523

Goodwill and Intangible Assets,

Goodwill and Intangible Assets, Net	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets, Net	Goodwill and Intangible Assets, Net Goodwill Goodwill is allocated to various reporting units for the purpose of evaluating whether goodwill is impaired. Mattel's reporting units are: (i) North America; (ii) American Girl; and (iii) International. Components of the reporting units have been aggregated into single reporting units where the components have similar economic characteristics. The similar economic characteristics include the nature of the products, the nature of the production processes, the customers, and the manner in which the products are distributed. Mattel tests its goodwill for impairment annually in the third quarter and whenever events or changes in circumstances indicate that the carrying amount of a reporting unit may exceed its fair value. Mattel performed a quantitative goodwill impairment assessment as of August 1, 2024, and determined that goodwill was not impaired. The quantitative goodwill impairment assessment includes the use of certain assumptions and estimates to calculate the estimated fair value of Mattel’s reporting units. To the extent assumptions, estimations, or market factors, including seasonality, differ from Mattel’s current estimates, the estimated fair value of Mattel’s reporting units may be susceptible to significant changes. The reporting unit that is most susceptible to changes in assumptions and estimates given its smaller size is American Girl, as excess fair value over carrying value is a lesser dollar and percentage value than the other reporting units. The change in the carrying amount of goodwill by reporting unit for the nine months ended September 30, 2024 is shown below. Brand-specific goodwill held by foreign subsidiaries is allocated to the North America reporting unit selling those brands, resulting in a foreign currency exchange rate impact. December 31, Currency September 30, (In thousands) North America $ 733,487 $ 1,490 $ 734,977 American Girl 207,571 — 207,571 International 443,454 2,989 446,443 $ 1,384,512 $ 4,479 $ 1,388,991 Intangible Assets, Net Identifiable intangible assets were $374.7 million, net of accumulated amortization of $435.1 million, $397.8 million, net of accumulated amortization of $396.8 million, and $393.0 million, net of accumulated amortization of $408.5 million as of September 30, 2024, September 30, 2023, and December 31, 2023, respectively. Mattel's amortizable intangible assets primarily consist of trademarks and trade names. Mattel tests its amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Mattel's amortizable intangible assets were not impaired during the three and nine months ended September 30, 2024 and 2023.

Accrued Liabilities

Accrued Liabilities	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued Liabilities Accrued liabilities included the following: September 30, September 30, December 31, (In thousands) Incentive compensation $ 104,136 $ 89,142 $ 143,091 Royalties 80,141 74,801 86,475 Lease liabilities 74,871 76,021 77,254 Advertising and promotion 71,993 105,218 102,217

Supplier Finance Program

Supplier Finance Program	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Supplier Finance Program	Supplier Finance ProgramMattel has an agreement with a third-party financial institution that allows certain participating suppliers the opportunity to voluntarily finance payment obligations of Mattel under a supplier finance program. Under this program, participating suppliers may accelerate the timing of collection of their receivables due from Mattel, prior to their scheduled due dates, by selling one or more of their receivables at a discounted price to the third-party financial institution. The range of payment terms Mattel negotiates with suppliers are consistent, regardless of whether the suppliers participate in the supplier finance program and Mattel does not have any economic interest in any suppliers' decision to participate in the supplier finance program. Suppliers participating in the program are able to select which individual Mattel invoices they sell to the third-party financial institution. All Mattel payments of the full amounts due to participating suppliers are paid on the invoice due date based on the terms originally negotiated with the supplier, regardless of whether the individual invoice due to the supplier is sold to the third-party financial institution. Included in Mattel's accounts payable in the consolidated balance sheets as of each of September 30, 2024, September 30, 2023, and December 31, 2023 were $112.3 million, $90.5 million, and $54.3 million of outstanding payment obligations due to suppliers, respectively, under the supplier finance program. All payment activities related to the supplier finance program were presented within operating activities in the consolidated statements of cash flows.

Seasonal Financing

Seasonal Financing	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Seasonal Financing	Seasonal Financing On July 15, 2024, Mattel entered into a revolving credit agreement (the "New Credit Agreement"), among Mattel, as the borrower, Bank of America, N.A., as administrative agent, and the other lenders and financial institutions party thereto, providing for $1.40 billion in aggregate principal amount of senior unsecured revolving credit facilities (the "New Revolving Credit Facility"). The New Revolving Credit Facility matures on July 15, 2029. In connection with the New Revolving Credit Facility, Mattel terminated the commitments and satisfied all outstanding obligations under the revolving credit agreement (the "Prior Credit Agreement"), dated as of September 15, 2022 (as amended), among Mattel, as the borrower, Bank of America, N.A., as administrative agent, and the other lenders and financial institutions party thereto, which provided for a senior secured revolving credit facility in an aggregate principal amount of $1.40 billion (the "Prior Revolving Credit Facility"). As of September 30, 2024, Mattel was in compliance with all covenants contained in the New Credit Agreement. Mattel had no borrowings outstanding under the New Revolving Credit Facility and no other short-term borrowings outstanding as of September 30, 2024. Under the Prior Revolving Credit Facility, Mattel had no borrowings outstanding and no other short-term borrowings outstanding as of September 30, 2023, and December 31, 2023. Outstanding letters of credit under the New Revolving Credit Facility totaled approximately $9 million as of September 30, 2024. Outstanding letters of credit under the Prior Revolving Credit Facility totaled approximately $9 million as of each of September 30, 2023, and December 31, 2023. Borrowings under the New Revolving Credit Facility will bear interest at a floating rate, which for U.S. Dollar-denominated loans can be, at Mattel's option, either (a) Term SOFR (as defined in the New Credit Agreement), plus an applicable margin ranging from 0.875% to 1.375% per annum, or (b) Base Rate (as defined in the New Credit Agreement), plus an applicable margin ranging from 0.000% to 0.375% per annum, in each case, such applicable margins to be determined based on Mattel's debt rating. In addition to paying interest on the outstanding principal under the New Revolving Credit Facility, Mattel will be required to pay (i) an unused line fee per annum of the average daily unused portion of the New Revolving Credit Facility, (ii) a letter of credit fronting fee based on a percentage of the aggregate face amount of outstanding letters of credit, and (iii) certain other customary fees and expenses of the lenders and agents. The New Credit Agreement contains customary covenants, including, but not limited to, restrictions on Mattel's and its subsidiaries' ability to merge and consolidate with other companies, dispose of all or substantially all assets, incur indebtedness, or grant liens or other security interests on assets, in each case, subject to certain customary exceptions. No subsidiaries of Mattel were required to guarantee the New Revolving Credit Facility as of the closing date thereof. The New Credit Agreement requires the maintenance of (a) an interest coverage ratio of not less than 2.75 to 1.00 as of the end of each fiscal quarter and (b) a total leverage ratio as of the end of each fiscal quarter, not to exceed (x) 3.75 to 1.00 with respect to fiscal quarters ending on March 31, June 30 and December 31 of each year, and (y) 4.00 to 1.00 with respect to fiscal quarters ending on September 30 of each year. The total leverage ratio financial covenant is subject to a step-up to 4.25 to 1.00, with respect to fiscal quarters in which certain material acquisitions are consummated, and for a period of four fiscal quarters thereafter, and subject to certain customary exceptions.

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt Long-term debt included the following: September 30, September 30, 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 2019 Senior Notes due December 2027 600,000 600,000 600,000 2021 Senior Notes due April 2026 600,000 600,000 600,000 2021 Senior Notes due April 2029 600,000 600,000 600,000 Debt issuance costs and debt discount (16,740) (21,103) (20,014) $ 2,333,260 $ 2,328,897 $ 2,329,986 Less: current portion — — — Total long-term debt $ 2,333,260 $ 2,328,897 $ 2,329,986 Mattel's 2019 Senior Notes due 2027 were issued pursuant to an indenture dated November 20, 2019, and its 2021 Senior Notes due 2026 and 2021 Senior Notes due 2029 were issued pursuant to an indenture dated March 19, 2021. These indentures contain covenants that limit Mattel's (and some of its subsidiaries') ability to, among other things: (i) incur additional debt or issue certain preferred shares; (ii) pay dividends on or make other distributions in respect of their capital stock or make other restricted payments; (iii) make investments in unrestricted subsidiaries; (iv) create liens; (v) enter into certain sale/leaseback transactions; (vi) merge or consolidate, or sell, transfer or otherwise dispose of substantially all of their assets; and (vii) designate subsidiaries as unrestricted. The indentures also provided that certain of these covenants would be suspended if Mattel achieved a debt rating of BBB-, Baa3, and/or BBB- (or higher) from any two of S&P, Moody's, and Fitch, respectively, and no event of default has occurred.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications from accumulated other comprehensive income (loss): For the Three Months Ended September 30, 2024 Derivative Employee Benefit Plans Currency Total (In thousands) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2024 $ 5,268 $ (140,469) $ (799,916) $ (935,117) Other comprehensive income (loss) before reclassifications (13,288) 16 24,442 11,170 Amounts reclassified from accumulated other comprehensive income (loss) 7,264 978 — 8,242 Net change in other comprehensive income (loss) (6,024) 994 24,442 19,412 Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2024 $ (756) $ (139,475) $ (775,474) $ (915,705) For the Nine Months Ended September 30, 2024 Derivative Employee Benefit Plans Currency Total (In thousands) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2023 $ (3,463) $ (142,916) $ (758,589) $ (904,968) Other comprehensive income (loss) before reclassifications 9,764 50 (16,885) (7,071) Amounts reclassified from accumulated other comprehensive income (loss) (7,057) 3,391 — (3,666) Net change in other comprehensive income (loss) 2,707 3,441 (16,885) (10,737) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2024 $ (756) $ (139,475) $ (775,474) $ (915,705) For the Three Months Ended September 30, 2023 Derivative Employee Benefit Plans Currency Total (In thousands) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2023 $ 5,221 $ (137,042) $ (765,431) $ (897,252) Other comprehensive income (loss) before reclassifications 7,521 5 (39,273) (31,747) Amounts reclassified from accumulated other comprehensive income (loss) (5,801) 659 — (5,142) Net change in other comprehensive income (loss) 1,720 664 (39,273) (36,889) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2023 $ 6,941 $ (136,378) $ (804,704) $ (934,141) For the Nine Months Ended September 30, 2023 Derivative Employee Benefit Plans Currency Total (In thousands) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2022 $ 22,732 $ (138,498) $ (795,712) $ (911,478) Other comprehensive income (loss) before reclassifications (1,729) 20 (8,992) (10,701) Amounts reclassified from accumulated other comprehensive income (loss) (14,062) 2,100 — (11,962) Net change in other comprehensive income (loss) (15,791) 2,120 (8,992) (22,663) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2023 $ 6,941 $ (136,378) $ (804,704) $ (934,141) The following tables present the classification and amount of the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations: For the Three Months Ended September 30, 2024 September 30, 2023 Statements of Operations (In thousands) Derivative Instruments: (Loss) gain on foreign currency forward exchange and other contracts $ (7,275) $ 5,784 Cost of sales Tax effect 11 17 Provision/benefit from income taxes $ (7,264) $ 5,801 Net income/loss Employee Benefit Plans: Amortization of prior service credit (a) $ 460 $ 472 Other non-operating income/expense, net Recognized actuarial loss (a) (1,902) (1,410) Other non-operating income/expense, net (1,442) (938) Tax effect 464 279 Provision/benefit from income taxes $ (978) $ (659) Net income/loss For the Nine Months Ended September 30, 2024 September 30, 2023 Statements of Operations (In thousands) Derivative Instruments: Gain on foreign currency forward exchange and other contracts $ 7,023 $ 13,709 Cost of sales Tax effect 34 353 Provision/benefit from income taxes $ 7,057 $ 14,062 Net income/loss Employee Benefit Plans: Amortization of prior service credit (a) $ 1,383 $ 1,416 Other non-operating income/expense, net Recognized actuarial loss (a) (5,693) (4,229) Other non-operating income/expense, net (4,310) (2,813) Tax effect 919 713 Provision/benefit from income taxes $ (3,391) $ (2,100) Net income/loss (a) The amortization of prior service credit and recognized actuarial loss are included in the computation of net periodic benefit cost. Refer to "Note 15 to the Consolidated Financial Statements—Employee Benefit Plans" for additional information regarding Mattel's net periodic benefit cost. Currency Translation Adjustments During the nine months ended September 30, 2024, currency translation adjustments resulted in a net loss of $16.9 million, primarily due to the weakening of the Mexican peso and Brazilian real against the U.S. dollar, partially offset by the strengthening of the British pound sterling against the U.S. dollar. During the nine months ended September 30, 2023, currency translation adjustments resulted in a net loss of $9.0 million, primarily due to the weakening of the Russian ruble and Malaysian ringgit against the U.S. dollar, partially offset by the strengthening of the Mexican peso, British pound sterling, and Brazilian real against the U.S. dollar.

Foreign Currency Transaction Ex

Foreign Currency Transaction Exposure	9 Months Ended
	Sep. 30, 2024
Foreign Currency [Abstract]
Foreign Currency Transaction Exposure	Foreign Currency Transaction Exposure Currency transaction gains (losses) included in the consolidated statements of operations were as follows: For the Three Months Ended September 30, September 30, Statements of Operations Classification (In thousands) Currency transaction (losses), net $ (10,047) $ (2,276) Operating income/expense Currency transaction gains, net 4,758 3,301 Other non-operating income/expense, net Currency transaction (losses) gains, net $ (5,289) $ 1,025 For the Nine Months Ended September 30, September 30, Statements of Operations Classification (In thousands) Currency transaction (losses), net $ (16,087) $ (11,987) Operating income/expense Currency transaction (losses) gains, net (226) 5,390 Other non-operating income/expense, net Currency transaction (losses), net $ (16,313) $ (6,597)

Derivative Instruments

Derivative Instruments	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments Mattel seeks to mitigate its exposure to foreign currency transaction risk by monitoring its foreign currency transaction exposure for the year and partially hedging such exposure using foreign currency forward exchange contracts. Mattel uses foreign currency forward exchange contracts as cash flow hedges primarily to hedge its purchases and sales of inventory denominated in foreign currencies. These contracts have maturity dates of up to 24 months. These derivative instruments have been designated as effective cash flow hedges, whereby the unsettled hedges are reported in Mattel's consolidated balance sheets at fair value, with changes in the fair value of the hedges reflected in other comprehensive income ("OCI"). Realized gains and losses for these contracts are recorded in the consolidated statements of operations in the period in which the inventory is sold to customers. Mattel uses foreign currency forward exchange contracts to hedge intercompany loans and advances denominated in foreign currencies. Due to the short-term nature of the contracts involved, Mattel does not use hedge accounting for these contracts, and as such, changes in fair value are recorded in the period of change in the consolidated statements of operations. Mattel utilizes derivative contracts to hedge certain purchases of commodities, which were not material. As of September 30, 2024, September 30, 2023, and December 31, 2023, Mattel held foreign currency forward exchange contracts and other commodity derivative instruments, with notional amounts of approximately $748 million, $636 million, and $609 million, respectively. The following tables present Mattel's derivative assets and liabilities: Derivative Assets Balance Sheet Classification Fair Value September 30, September 30, December 31, (In thousands) Derivatives Designated as Hedging Instruments: Foreign currency forward exchange and other contracts Prepaid expenses and other current assets $ 2,196 $ 13,308 $ 2,198 Foreign currency forward exchange and other contracts Other noncurrent assets 34 747 52 Total Derivatives Designated as Hedging Instruments $ 2,230 $ 14,055 $ 2,250 Derivatives Not Designated as Hedging Instruments: Foreign currency forward exchange and other contracts Prepaid expenses and other current assets $ 1,251 $ 519 $ 578 Total Derivatives Not Designated as Hedging Instruments $ 1,251 $ 519 $ 578 $ 3,481 $ 14,574 $ 2,828 Derivative Liabilities Balance Sheet Classification Fair Value September 30, September 30, December 31, (In thousands) Derivatives Designated as Hedging Instruments: Foreign currency forward exchange and other contracts Accrued liabilities $ 8,571 $ 1,997 $ 7,520 Foreign currency forward exchange and other contracts Other noncurrent liabilities 2,026 14 1,575 Total Derivatives Designated as Hedging Instruments $ 10,597 $ 2,011 $ 9,095 Derivatives Not Designated as Hedging Instruments: Foreign currency forward exchange and other contracts Accrued liabilities $ 608 $ 323 $ 449 Foreign currency forward exchange and other contracts Other noncurrent liabilities — — 20 Total Derivatives Not Designated as Hedging Instruments $ 608 $ 323 $ 469 $ 11,205 $ 2,334 $ 9,564 The following tables present the classification and amount of gains and losses, net of tax, from derivatives reported in the consolidated statements of operations: Derivatives Designated as Hedging Instruments For the Three Months Ended September 30, September 30, Statements of (In thousands) Foreign Currency Forward Exchange and Other Contracts: Amount of (losses) gains recognized in OCI $ (13,288) $ 7,521 Amount of (losses) gains reclassified from accumulated OCI to the consolidated statements of operations (7,264) 5,801 Cost of sales Derivatives Designated as Hedging Instruments For the Nine Months Ended September 30, September 30, Statements of (In thousands) Foreign Currency Forward Exchange and Other Contracts: Amount of gains (losses) recognized in OCI $ 9,764 $ (1,729) Amount of gains reclassified from accumulated OCI to the consolidated statements of operations 7,057 14,062 Cost of sales The net gains reclassified from accumulated other comprehensive loss to the consolidated statements of operations during the three and nine months ended September 30, 2024 and 2023, respectively, were offset by changes in cash flows associated with the underlying hedged transactions. Derivatives Not Designated as Hedging Instruments For the Three Months Ended September 30, September 30, Statements of (In thousands) Amount of Net Gains (Losses) Recognized in the Statements of Operations: Foreign currency forward exchange and other contracts $ 1,845 $ 6,805 Other non-operating income/expense, net Derivatives Not Designated as Hedging Instruments For the Nine Months Ended September 30, September 30, Statements of (In thousands) Amount of Net Gains (Losses) Recognized in the Statements of Operations: Foreign currency forward exchange and other contracts $ 2,195 $ 25,083 Other non-operating income/expense, net The net gains and losses recognized in the consolidated statements of operations during the three and nine months ended September 30, 2024 and September 30, 2023, respectively, were offset by foreign currency transaction gains and losses on the related derivative balances.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following tables present information about Mattel's financial assets and liabilities measured and reported in the financial statements at fair value on a recurring basis as of September 30, 2024, September 30, 2023, and December 31, 2023 and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. The three levels of the fair value hierarchy are as follows: • Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 – Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. • Level 3 – Valuations based on inputs that are unobservable, supported by little or no market activity, and that are significant to the fair value of the assets or liabilities. September 30, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets: Foreign currency forward exchange and other contracts (a) $ — $ 3,481 $ — $ 3,481 Liabilities: Foreign currency forward exchange and other contracts (a) $ — $ 11,205 $ — $ 11,205 September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Foreign currency forward exchange and other contracts (a) $ — $ 14,574 $ — $ 14,574 Liabilities: Foreign currency forward exchange and other contracts (a) $ — $ 2,334 $ — $ 2,334 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Foreign currency forward exchange and other contracts (a) $ — $ 2,828 $ — $ 2,828 Liabilities: Foreign currency forward exchange and other contracts (a) $ — $ 9,564 $ — $ 9,564 (a) The fair value of the foreign currency forward exchange and other contracts was based on dealer quotes of market forward rates and reflects the amount that Mattel would receive or pay at their maturity dates for contracts involving the same notional amounts, currencies, and maturity dates. Other Financial Instruments Mattel's financial instruments included cash and equivalents, accounts receivable and payable, accrued liabilities, short-term borrowings, and long-term debt. The fair values of these instruments, excluding long-term debt, approximate their carrying amounts because of their short-term nature. Cash and equivalents were classified as Level 1 and all other financial instruments were classified as Level 2 within the fair value hierarchy. The estimated fair value of Mattel's long-term debt was $2.31 billion (compared to a carrying amount of $2.35 billion) as of September 30, 2024, $2.13 billion (compared to a carrying amount of $2.35 billion) as of September 30, 2023, and $2.23 billion (compared to a carrying amount of $2.35 billion) as of December 31, 2023. The estimated fair values have been calculated based on broker quotes or rates for the same or similar instruments and were classified as Level 2 within the fair value hierarchy.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table reconciles basic and diluted earnings per common share for the three and nine months ended September 30, 2024 and 2023: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands, except per share amounts) Basic: Net income $ 372,376 $ 146,319 $ 400,955 $ 67,034 Weighted-average number of common shares 339,059 354,139 342,707 354,559 Basic net income per common share $ 1.10 $ 0.41 $ 1.17 $ 0.19 Diluted: Net income $ 372,376 $ 146,319 $ 400,955 $ 67,034 Weighted-average number of common shares 339,059 354,139 342,707 354,559 Dilutive share-based awards (a) 2,157 3,335 2,673 3,418 Weighted-average number of common and potential common shares 341,216 357,474 345,380 357,977 Diluted net income per common share $ 1.09 $ 0.41 $ 1.16 $ 0.19 (a)

Employee Benefit Plans

Employee Benefit Plans	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans Mattel and certain of its subsidiaries have qualified and nonqualified retirement plans covering substantially all employees of these companies, which are more fully described in Part II, Item 8 "Financial Statements and Supplementary Data—Note 4 to the Consolidated Financial Statements–Employee Benefit Plans" in the 2023 Annual Report on Form 10-K. The components of Mattel's net periodic benefit cost for defined benefit pension plans were as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Service cost $ 851 $ 848 $ 2,548 $ 2,548 Interest cost 5,059 5,234 15,142 15,670 Expected return on plan assets (4,693) (5,103) (14,052) (15,280) Amortization of prior service cost 49 37 145 112 Recognized actuarial loss 1,950 1,467 5,836 4,399 Net periodic benefit cost $ 3,216 $ 2,483 $ 9,619 $ 7,449 The components of Mattel's net periodic benefit credit for postretirement benefit plans were as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Interest cost $ 45 $ 45 $ 135 $ 134 Amortization of prior service credit (509) (509) (1,528) (1,528) Recognized actuarial gain (48) (57) (143) (170) Net periodic benefit credit $ (512) $ (521) $ (1,536) $ (1,564) Mattel's service cost component is recorded within operating income while other components of net periodic pension cost and postretirement benefit cost are recorded within other non-operating (income) expense, net. During the nine months ended September 30, 2024, Mattel made cash contributions totaling approximately $14 million related to its defined benefit pension and postretirement benefit plans. During the remainder of 2024, Mattel expects to make additional cash contributions of approximately $5 million.

Share-Based Payments

Share-Based Payments	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Payments	Share-Based Payments Mattel has various stock compensation plans, which are described in Part II, Item 8 "Financial Statements and Supplementary Data—Note 9 to the Consolidated Financial Statements—Share-Based Payments" in the 2023 Annual Report on Form 10-K. Under the Mattel, Inc. Amended and Restated 2010 Equity and Long-Term Compensation Plan ("the Plan"), Mattel has the ability to grant nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance RSUs ("performance awards"), dividend equivalent rights, and shares of common stock to officers, employees, non-employee directors, and consultants providing services to Mattel. Stock options are granted with exercise prices at the fair market value of Mattel's common stock on the applicable grant date and expire no later than ten years from the grant date. Stock options, RSUs, and performance awards generally provide for vesting over, or at the end of, a period of three years from the grant date. On September 30, 2024, a one-time retention award of performance-based restricted stock units (the "Retention Performance Grant") was granted to Ynon Kreiz, Mattel's Chief Executive Officer, in order to incentivize retention and drive significant stock price performance and market outperformance. The Retention Performance Grant has targeted approximately 0.8 million performance-based restricted stock units granted under the Plan, which was determined based on a target value of $15.0 million divided by the closing price of Mattel's common stock on the grant date. The Retention Performance Grant is 100% performance-based, with 50% of the Retention Performance Grant subject to vesting based on the achievement of the stock price hurdles during the final three years of the five-year performance measurement period, and the remaining 50% of the Retention Performance Grant subject to vesting based on Mattel's relative Total Shareholder Return ("TSR") over the five-year performance measurement period. No portion of the Retention Performance Grant will be earned unless Mattel achieves rigorous performance goals and Mr. Kreiz remains employed through the settlement date following the completion of a five-year vesting period from September 30, 2024 to September 30, 2029, subject to potential acceleration upon certain qualifying terminations of employment. The grant also allows for a maximum potential earnout of 200% of the targeted number of performance-based restricted stock units. The fair value of the Retention Performance Grant has been estimated using a Monte Carlo valuation methodology. The Retention Performance Grant has an estimated grant-date fair value of $24.42 per unit and total estimated grant-date fair value of $19.2 million, which will be recognized on a straight-line basis over the service period. Compensation expense, included within other selling and administrative expenses in the consolidated statements of operations, related to stock options, RSUs, and performance awards, was as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Stock option compensation expense $ 716 $ 1,077 $ 2,515 $ 5,673 RSU compensation expense 13,860 12,020 42,185 36,724 Performance award compensation expense 5,109 2,395 12,748 10,028 $ 19,685 $ 15,492 $ 57,448 $ 52,425 As of September 30, 2024, total unrecognized compensation expense related to unvested share-based payments totaled $139.0 million and is expected to be recognized over a weighted-average period of 2.5 years. Mattel uses treasury shares purchased under its share repurchase program to satisfy stock option exercises and the vesting of RSUs and performance awards. Cash received for stock option exercises, net of taxes, was $6.2 million and $26.0 million for the nine months ended September 30, 2024 and 2023, respectively.

Other Selling and Administrativ

Other Selling and Administrative Expenses	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Other Selling and Administrative Expenses	Other Selling and Administrative Expenses Other selling and administrative expenses included the following: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Design and development $ 46,842 $ 49,781 $ 141,871 $ 148,319 Amortization of intangible assets 7,863 9,584 23,503 28,570

Restructuring Charges

Restructuring Charges	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Restructuring Charges	Restructuring Charges Optimizing for Profitable Growth On February 7, 2024, Mattel announced the Optimizing for Profitable Growth program (the "OPG program"), a multi-year cost savings program that follows the Optimizing for Growth program (the "OFG program"), which concluded in the fourth quarter of 2023. The OPG program is designed to achieve further efficiency and cost savings opportunities, primarily within Mattel's global supply chain, including its manufacturing footprint. The OPG program includes cost savings actions in connection with discontinuing production at a plant in China as previously announced in the third quarter of 2023, as well as savings from other previous actions taken in 2023 that were not recognized in the OFG program. In connection with the OPG program, Mattel recorded severance and other restructuring costs in the following cost and expense categories within operating income in the consolidated statements of operations: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Cost of sales (a) $ 392 $ — $ 3,016 $ — Other selling and administrative expenses (b) 26,769 25,274 44,743 25,274 $ 27,161 $ 25,274 $ 47,759 $ 25,274 (a) Severance and other restructuring charges recorded within cost of sales in the consolidated statements of operations are included in segment operating income in "Note 21 to the Consolidated Financial Statements—Segment Information." (b) Severance and other restructuring charges recorded within other selling and administrative expenses in the consolidated statements of operations are included in corporate and other expense in "Note 21 to the Consolidated Financial Statements—Segment Information." The following tables summarize Mattel's severance and other restructuring charges activity within operating income related to the OPG program: Liability at December 31, 2023 Charges Payments/Utilization Liability at (In thousands) Severance $ 25,096 $ 46,108 $ (30,732) $ 40,472 Other restructuring charges (a) — 1,651 (1,617) 34 $ 25,096 $ 47,759 $ (32,349) $ 40,506 Liability at December 31, 2022 Charges Payments/Utilization Liability at (In thousands) Severance $ — $ 25,274 $ — $ 25,274 Other restructuring charges — — — — $ — $ 25,274 $ — $ 25,274 (a) Other restructuring charges consist primarily of expenses associated with the consolidation of manufacturing facilities. As of September 30, 2024, in connection with the OPG program, Mattel recorded cumulative severance and other restructuring charges of approximately $73 million, which included approximately $1 million of non-cash charges. Total expected cash expenditures are approximately $130 to $165 million and total non-cash charges are expected to be up to $5 million. Other Cost Savings Actions As of December 31, 2023, Mattel concluded the OFG program, a multi-year cost savings program that had integrated and expanded upon the previous Capital Light program. In connection with the OFG program, Mattel recorded severance and other restructuring charges of $3.1 million and $31.6 million within other selling and administrative expenses during the three and nine months ended September 30, 2023, respectively, and a credit to severance and other restructuring charges of ($0.1) million and ($1.3) million within cost of sales during the three and nine months ended September 30, 2023, respectively, in the consolidated statement of operations. Additionally, during the three and nine months ended September 30, 2023, Mattel executed actions to further streamline its organizational structure that were not included in the OFG program. In connection with these actions, Mattel recorded severance charges of $0.9 million and $6.1 million within other selling and administrative expenses during the three and nine months ended September 30, 2023, respectively, in the consolidated statement of operations.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Mattel's provision for income taxes was $106.4 million and $94.8 million for the three and nine months ended September 30, 2024, respectively, and $309.3 million and $296.8 million for the three and nine months ended September 30, 2023, respectively. Mattel recognized a net discrete income tax benefit of $3.4 million during the three months ended September 30, 2024, primarily related to reassessments of prior years' tax liabilities, partially offset by the establishment of a valuation allowance on certain foreign deferred tax assets. Mattel recognized a net discrete income tax benefit of $16.3 million during the nine months ended September 30, 2024, primarily related to reassessment of prior years' tax liabilities and discrete tax benefit on tax elections filed to amortize certain intangible assets transferred as part of Mattel's intra-group intellectual property ("IP") rights transfer. Mattel recognized a net discrete income tax expense of $200.7 million and $201.0 million during the three and nine months ended September 30, 2023, respectively, which included the establishment of a valuation allowance of $212.4 million on certain foreign deferred tax assets resulting from the intra-group transfer of certain IP rights, partially offset by undistributed earnings of certain foreign subsidiaries and reassessments of prior years' tax liabilities. Evaluating the need for and the amount of a valuation allowance for deferred tax assets often requires significant judgment and extensive analysis of all available evidence to determine whether it is more-likely-than-not that these assets will be realizable. Mattel routinely assesses the positive and negative evidence for this realizability, including the evaluation of sustained profitability and three years of cumulative pretax income for each tax jurisdiction. During the third quarter of 2024, there were no material changes to Mattel's valuation allowance. In the normal course of business, Mattel is regularly audited by federal, state, and foreign tax authorities. Based on the current status of federal, state, and foreign audits, Mattel believes it is reasonably possible that in the next 12 months, the total unrecognized tax benefits could decrease by $14.6 million related to the settlement of tax audits and/or the expiration of statutes of limitations. The ultimate settlement of any particular issue with the applicable taxing authority could have a material impact on Mattel's consolidated financial statements.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingencies	Contingencies Litigation Related to Yellowstone do Brasil Ltda. In April 1999, Yellowstone do Brasil Ltda. (formerly known as Trebbor Informática Ltda.) filed a lawsuit against Mattel do Brasil before the 15th Civil Court of Curitiba, State of Parana, requesting the annulment of its security bonds and promissory notes given to Mattel do Brasil as well as damages due to an alleged breach of an oral exclusive distribution agreement between the parties relating to the supply and sale of toys in Brazil. Yellowstone's complaints sought alleged loss of profits plus an unspecified amount of damages. Mattel do Brasil filed its defenses to these claims and simultaneously presented a counterclaim for unpaid accounts receivable for goods supplied to Yellowstone. In April 2018, Mattel do Brasil entered into a settlement agreement to resolve this matter, but the settlement remains the subject of ongoing appeals. In October 2018, the Superior Court of Justice issued a final ruling in favor of Yellowstone on the merits of Yellowstone's claims. Previously, the courts had ruled in Mattel's favor on its counterclaim. In October 2019, Mattel reached an agreement with Yellowstone's former counsel regarding payment of the attorney's fees portion of the judgment. In November 2019, Yellowstone initiated an action to enforce its judgment against Mattel, but did not account for an offset for Mattel's counterclaim. In January 2020, Mattel obtained an injunction, staying Yellowstone's enforcement action pending resolution of Mattel's appeal to enforce the parties' April 2018 settlement. As of September 30, 2024, Mattel assessed its probable loss related to this matter and has accrued an estimated liability, which is not material. Litigation Related to the Fisher-Price Rock 'n Play Sleeper A number of putative class action lawsuits filed between April 2019 and October 2019 are pending against Fisher-Price, Inc. and/or Mattel, Inc. asserting claims for false advertising, negligent product design, breach of warranty, fraud, and other claims in connection with the marketing and sale of the Fisher-Price Rock 'n Play Sleeper (the "Sleeper"). In general, the lawsuits allege that the Sleeper should not have been marketed and sold as safe and fit for prolonged and overnight sleep for infants. The putative class action lawsuits propose nationwide and over 10 statewide consumer classes comprised of those who purchased the Sleeper as marketed as safe for prolonged and overnight sleep. The class actions have been consolidated before a single judge in the United States District Court for the Western District of New York for pre-trial purposes pursuant to the U.S. federal courts' Multi-District Litigation program. In June 2022, the court denied the plaintiffs' motion to certify damages and injunctive relief classes under New York law, but granted plaintiffs' request to certify a New York issue class to resolve two issues on a class-wide basis. In October 2022, the United States Court of Appeals for the Second Circuit denied plaintiffs' petition to appeal the denial of certification of the damages and injunctive relief classes. On July 24, 2024, the parties filed a settlement agreement with the court to resolve this litigation. On August 9, 2024, the settlement was preliminarily approved by the court. A final approval hearing is scheduled for January 28, 2025. As of September 30, 2024, Mattel assessed its probable loss related to this matter and has accrued an estimated liability, which is not material. Twenty-eight additional lawsuits filed between April 2019 and September 2024 are pending against Fisher-Price, Inc. and Mattel, Inc. alleging that a product defect in the Sleeper caused the fatalities of or injuries to twenty-eight children. More than thirty lawsuits have been settled and/or dismissed. Additionally, Fisher-Price, Inc. and/or Mattel, Inc. have also received letters from lawyers purporting to represent additional plaintiffs who have threatened to assert similar claims. In addition, a stockholder has filed a derivative action in the Court of Chancery for the State of Delaware (Kumar v. Bradley, et al., filed July 7, 2020) alleging breach of fiduciary duty and unjust enrichment related to the development, marketing, and sale of the Sleeper. The defendants in the derivative action are certain of Mattel's current and former officers and directors. In August 2021, a second similar derivative action was filed in the Court of Chancery for the State of Delaware (Armon v. Bradley, et al., filed August 30, 2021). The parties have reached a settlement in principle of this litigation, which is subject to approval by the court. As of September 30, 2024, Mattel has determined that a recovery of prior losses in this matter is probable and has accrued for the estimated amount, which is not material. The lawsuits seek compensatory damages, punitive damages, statutory damages, restitution, disgorgement, attorneys' fees, costs, interest, declaratory relief, and/or injunctive relief. Mattel believes that it has substantial defenses to the allegations in the lawsuits and intends to vigorously defend against them. Except as specifically noted above, a reasonable estimate of the amount of any possible loss or range of loss cannot be made at this time. Litigation Related to the Fisher-Price Snuga Swings Purported class action lawsuits against Fisher-Price, Inc. and Mattel, Inc. have been filed in United States District Courts for the Western District of New York (Bigelow v. Mattel, Inc., et al., filed October 17, 2024, and Wall v. Mattel, Inc. et al., filed October 25, 2024), and the Central District of California (Shahbaz v. Fisher-Price, Inc., et al., filed October 24, 2024). The lawsuits assert claims for false advertising, breach of contract, breach of warranty, fraud, negligence, and other claims in connection with the marketing and sale of Fisher-Price Snuga Swings (the "Swings"). In general, the lawsuits allege that the Swings were falsely marketed and sold as safe for infant use, particularly infant sleep, and failed to disclose a risk of suffocation. The lawsuits propose nationwide and several state consumer classes comprised of those who purchased Swings.

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information Mattel designs, manufactures, and markets a broad variety of toy products worldwide, which are sold to its customers and directly to consumers. Segment Data In the first quarter of 2024, Mattel announced an organizational change that resulted in the American Girl business being integrated into Mattel's North America commercial organization. Such integration resulted in a change to Mattel's operating and reportable segments. Mattel's reportable segments are: (i) North America; and (ii) International. The prior period amounts have been reclassified to conform to the current period presentation. The North America and International segments sell products across Mattel's categories, although some products are developed and adapted for particular international markets, and American Girl products are only sold in North America. The following tables present information regarding Mattel's net sales, operating income, and assets by reportable segment. The corporate and other expense category includes operating costs not allocated to individual segments, including charges related to incentive and share-based compensation, corporate headquarters functions managed on a worldwide basis, the impact of changes in foreign currency exchange rates on intercompany transactions, and certain severance and other restructuring costs. It is generally impracticable for Mattel to present net sales by categories, brands, or products, as trade discounts and other allowances are generally recorded in the financial accounting systems by customer. For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Net Sales by Segment North America $ 1,108,288 $ 1,146,961 $ 2,192,555 $ 2,241,899 International 735,616 771,827 1,540,586 1,578,632 Net sales $ 1,843,904 $ 1,918,788 $ 3,733,141 $ 3,820,531 For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Operating Income by Segment (a) North America $ 412,425 $ 401,095 $ 622,342 $ 565,591 International 217,675 202,550 304,257 245,773 630,100 603,645 926,599 811,364 Corporate and other expense (b) (141,759) (129,787) (390,569) (389,768) Operating income 488,341 473,858 536,030 421,596 Interest expense 29,371 30,716 89,415 92,486 Interest (income) (9,787) (4,569) (39,466) (15,409) Other non-operating (income) expense, net (2,924) (2,391) 8,796 (5,976) Income before income taxes $ 471,681 $ 450,102 $ 477,285 $ 350,495 (a) Segment operating income included (i) severance and other restructuring charges o f $0.4 million and $3.0 million for the three and nine months ended September 30, 2024, respectively, and $(0.1) million and $(1.3) million for the three and nine months ended September 30, 2023, respectively, which were allocated to the North America and International segments ; and (ii) a loss on sale of assets of $1.8 million from the sale of a production facility for the three and nine months ended September 30, 2023, which was recorded in the International segment. (b) Corporate and other expense included (i) severance and other restructuring charges o f $27.1 million and $43.8 million for the three and nine months ended September 30, 2024, respectively, and $29.3 million and $63.0 million for the three and nine months ended September 30, 2023, respectively; and (ii) inclined sleeper product recall impact of $(11.7) million and $(5.8) million for the three and nine months ended September 30, 2024, respectively and $1.3 million and $9.0 million for the three and nine months ended September 30, 2023, respectively. Segment assets are comprised of accounts receivable, net and inventories. September 30, September 30, December 31, (In thousands) Assets by Segment North America $ 1,160,846 $ 1,270,250 $ 845,113 International 952,726 1,024,549 735,236 2,113,572 2,294,799 1,580,349 Corporate and other 100,974 66,769 73,087 Accounts receivable, net and inventories $ 2,214,546 $ 2,361,568 $ 1,653,436 Geographic Information The following table presents information regarding Mattel's net sales by geographic area. Net sales are attributed to countries based on the location of the customer: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Net Sales by Geographic Area North America $ 1,108,288 $ 1,146,961 $ 2,192,555 $ 2,241,899 International EMEA 401,942 423,923 837,869 874,972 Latin America 240,563 262,071 454,811 475,648 Asia Pacific 93,111 85,833 247,906 228,012 Total International 735,616 771,827 1,540,586 1,578,632 Net sales $ 1,843,904 $ 1,918,788 $ 3,733,141 $ 3,820,531

New Accounting Pronouncements

New Accounting Pronouncements	9 Months Ended
	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
New Accounting Pronouncements	New Accounting Pronouncements Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires incremental disclosure of significant segment expenses on an annual and interim basis to enable investors to develop more decision-useful financial analyses. The guidance in ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Mattel is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial statements.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 372,376	$ 56,860	$ (28,281)	$ 146,319	$ 27,187	$ (106,471)	$ 400,955	$ 67,034

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements and related disclosures have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable to interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. In the opinion of management, all adjustments, consisting of only those of a normal recurring nature, considered necessary for a fair statement of the financial position and interim results of Mattel, Inc. and its subsidiaries ("Mattel") as of and for the periods presented have been included.
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07 requires incremental disclosure of significant segment expenses on an annual and interim basis to enable investors to develop more decision-useful financial analyses. The guidance in ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Mattel is currently evaluating the impact of the adoption of ASU 2023-07 on its consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories included the following: September 30, September 30, December 31, (In thousands) Raw materials and work in process $ 109,335 $ 102,582 $ 92,902 Finished goods 627,847 687,939 478,707 $ 737,182 $ 790,521 $ 571,609

Property, Plant, and Equipmen_2

Property, Plant, and Equipment, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of Property, Plant, and Equipment, Net	Property, plant, and equipment, net included the following: September 30, September 30, December 31, (In thousands) Land $ 42,924 $ 19,566 $ 19,838 Buildings 357,969 311,030 313,750 Machinery and equipment 641,999 623,687 628,089 Software 234,928 232,995 233,224 Tools, dies, and molds 501,220 494,070 488,170 Leasehold improvements 120,929 123,240 121,571 Construction in progress 42,243 39,533 48,483 1,942,212 1,844,121 1,853,125 Less: accumulated depreciation (1,428,443) (1,386,919) (1,387,602) $ 513,769 $ 457,202 $ 465,523

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The change in the carrying amount of goodwill by reporting unit for the nine months ended September 30, 2024 is shown below. Brand-specific goodwill held by foreign subsidiaries is allocated to the North America reporting unit selling those brands, resulting in a foreign currency exchange rate impact. December 31, Currency September 30, (In thousands) North America $ 733,487 $ 1,490 $ 734,977 American Girl 207,571 — 207,571 International 443,454 2,989 446,443 $ 1,384,512 $ 4,479 $ 1,388,991

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities included the following: September 30, September 30, December 31, (In thousands) Incentive compensation $ 104,136 $ 89,142 $ 143,091 Royalties 80,141 74,801 86,475 Lease liabilities 74,871 76,021 77,254 Advertising and promotion 71,993 105,218 102,217

Long-Term Debt (Tables)

Long-Term Debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt included the following: September 30, September 30, 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 2019 Senior Notes due December 2027 600,000 600,000 600,000 2021 Senior Notes due April 2026 600,000 600,000 600,000 2021 Senior Notes due April 2029 600,000 600,000 600,000 Debt issuance costs and debt discount (16,740) (21,103) (20,014) $ 2,333,260 $ 2,328,897 $ 2,329,986 Less: current portion — — — Total long-term debt $ 2,333,260 $ 2,328,897 $ 2,329,986

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Income (Loss)	The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including current period other comprehensive income (loss) and reclassifications from accumulated other comprehensive income (loss): For the Three Months Ended September 30, 2024 Derivative Employee Benefit Plans Currency Total (In thousands) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2024 $ 5,268 $ (140,469) $ (799,916) $ (935,117) Other comprehensive income (loss) before reclassifications (13,288) 16 24,442 11,170 Amounts reclassified from accumulated other comprehensive income (loss) 7,264 978 — 8,242 Net change in other comprehensive income (loss) (6,024) 994 24,442 19,412 Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2024 $ (756) $ (139,475) $ (775,474) $ (915,705) For the Nine Months Ended September 30, 2024 Derivative Employee Benefit Plans Currency Total (In thousands) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2023 $ (3,463) $ (142,916) $ (758,589) $ (904,968) Other comprehensive income (loss) before reclassifications 9,764 50 (16,885) (7,071) Amounts reclassified from accumulated other comprehensive income (loss) (7,057) 3,391 — (3,666) Net change in other comprehensive income (loss) 2,707 3,441 (16,885) (10,737) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2024 $ (756) $ (139,475) $ (775,474) $ (915,705) For the Three Months Ended September 30, 2023 Derivative Employee Benefit Plans Currency Total (In thousands) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2023 $ 5,221 $ (137,042) $ (765,431) $ (897,252) Other comprehensive income (loss) before reclassifications 7,521 5 (39,273) (31,747) Amounts reclassified from accumulated other comprehensive income (loss) (5,801) 659 — (5,142) Net change in other comprehensive income (loss) 1,720 664 (39,273) (36,889) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2023 $ 6,941 $ (136,378) $ (804,704) $ (934,141) For the Nine Months Ended September 30, 2023 Derivative Employee Benefit Plans Currency Total (In thousands) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of December 31, 2022 $ 22,732 $ (138,498) $ (795,712) $ (911,478) Other comprehensive income (loss) before reclassifications (1,729) 20 (8,992) (10,701) Amounts reclassified from accumulated other comprehensive income (loss) (14,062) 2,100 — (11,962) Net change in other comprehensive income (loss) (15,791) 2,120 (8,992) (22,663) Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2023 $ 6,941 $ (136,378) $ (804,704) $ (934,141)
Schedule of Consolidated Statement of Operations Line Items Affected by Reclassifications from Accumulated Other Comprehensive Income (Loss)	The following tables present the classification and amount of the reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations: For the Three Months Ended September 30, 2024 September 30, 2023 Statements of Operations (In thousands) Derivative Instruments: (Loss) gain on foreign currency forward exchange and other contracts $ (7,275) $ 5,784 Cost of sales Tax effect 11 17 Provision/benefit from income taxes $ (7,264) $ 5,801 Net income/loss Employee Benefit Plans: Amortization of prior service credit (a) $ 460 $ 472 Other non-operating income/expense, net Recognized actuarial loss (a) (1,902) (1,410) Other non-operating income/expense, net (1,442) (938) Tax effect 464 279 Provision/benefit from income taxes $ (978) $ (659) Net income/loss For the Nine Months Ended September 30, 2024 September 30, 2023 Statements of Operations (In thousands) Derivative Instruments: Gain on foreign currency forward exchange and other contracts $ 7,023 $ 13,709 Cost of sales Tax effect 34 353 Provision/benefit from income taxes $ 7,057 $ 14,062 Net income/loss Employee Benefit Plans: Amortization of prior service credit (a) $ 1,383 $ 1,416 Other non-operating income/expense, net Recognized actuarial loss (a) (5,693) (4,229) Other non-operating income/expense, net (4,310) (2,813) Tax effect 919 713 Provision/benefit from income taxes $ (3,391) $ (2,100) Net income/loss (a) The amortization of prior service credit and recognized actuarial loss are included in the computation of net periodic benefit cost. Refer to "Note 15 to the Consolidated Financial Statements—Employee Benefit Plans" for additional information regarding Mattel's net periodic benefit cost.

Foreign Currency Transaction _2

Foreign Currency Transaction Exposure (Tables)	9 Months Ended
	Sep. 30, 2024
Foreign Currency [Abstract]
Schedule of Currency Transaction Gains (Losses)	Currency transaction gains (losses) included in the consolidated statements of operations were as follows: For the Three Months Ended September 30, September 30, Statements of Operations Classification (In thousands) Currency transaction (losses), net $ (10,047) $ (2,276) Operating income/expense Currency transaction gains, net 4,758 3,301 Other non-operating income/expense, net Currency transaction (losses) gains, net $ (5,289) $ 1,025 For the Nine Months Ended September 30, September 30, Statements of Operations Classification (In thousands) Currency transaction (losses), net $ (16,087) $ (11,987) Operating income/expense Currency transaction (losses) gains, net (226) 5,390 Other non-operating income/expense, net Currency transaction (losses), net $ (16,313) $ (6,597)

Derivative Instruments (Tables)

Derivative Instruments (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets and Liabilities	The following tables present Mattel's derivative assets and liabilities: Derivative Assets Balance Sheet Classification Fair Value September 30, September 30, December 31, (In thousands) Derivatives Designated as Hedging Instruments: Foreign currency forward exchange and other contracts Prepaid expenses and other current assets $ 2,196 $ 13,308 $ 2,198 Foreign currency forward exchange and other contracts Other noncurrent assets 34 747 52 Total Derivatives Designated as Hedging Instruments $ 2,230 $ 14,055 $ 2,250 Derivatives Not Designated as Hedging Instruments: Foreign currency forward exchange and other contracts Prepaid expenses and other current assets $ 1,251 $ 519 $ 578 Total Derivatives Not Designated as Hedging Instruments $ 1,251 $ 519 $ 578 $ 3,481 $ 14,574 $ 2,828 Derivative Liabilities Balance Sheet Classification Fair Value September 30, September 30, December 31, (In thousands) Derivatives Designated as Hedging Instruments: Foreign currency forward exchange and other contracts Accrued liabilities $ 8,571 $ 1,997 $ 7,520 Foreign currency forward exchange and other contracts Other noncurrent liabilities 2,026 14 1,575 Total Derivatives Designated as Hedging Instruments $ 10,597 $ 2,011 $ 9,095 Derivatives Not Designated as Hedging Instruments: Foreign currency forward exchange and other contracts Accrued liabilities $ 608 $ 323 $ 449 Foreign currency forward exchange and other contracts Other noncurrent liabilities — — 20 Total Derivatives Not Designated as Hedging Instruments $ 608 $ 323 $ 469 $ 11,205 $ 2,334 $ 9,564
Schedule of Derivatives Designated as Hedging Instruments by Classification and Amount of Gains and Losses	The following tables present the classification and amount of gains and losses, net of tax, from derivatives reported in the consolidated statements of operations: Derivatives Designated as Hedging Instruments For the Three Months Ended September 30, September 30, Statements of (In thousands) Foreign Currency Forward Exchange and Other Contracts: Amount of (losses) gains recognized in OCI $ (13,288) $ 7,521 Amount of (losses) gains reclassified from accumulated OCI to the consolidated statements of operations (7,264) 5,801 Cost of sales Derivatives Designated as Hedging Instruments For the Nine Months Ended September 30, September 30, Statements of (In thousands) Foreign Currency Forward Exchange and Other Contracts: Amount of gains (losses) recognized in OCI $ 9,764 $ (1,729) Amount of gains reclassified from accumulated OCI to the consolidated statements of operations 7,057 14,062 Cost of sales
Schedule of Derivatives Not Designated as Hedging Instruments by Classification and Amount of Gains and Losses	The net gains reclassified from accumulated other comprehensive loss to the consolidated statements of operations during the three and nine months ended September 30, 2024 and 2023, respectively, were offset by changes in cash flows associated with the underlying hedged transactions. Derivatives Not Designated as Hedging Instruments For the Three Months Ended September 30, September 30, Statements of (In thousands) Amount of Net Gains (Losses) Recognized in the Statements of Operations: Foreign currency forward exchange and other contracts $ 1,845 $ 6,805 Other non-operating income/expense, net Derivatives Not Designated as Hedging Instruments For the Nine Months Ended September 30, September 30, Statements of (In thousands) Amount of Net Gains (Losses) Recognized in the Statements of Operations: Foreign currency forward exchange and other contracts $ 2,195 $ 25,083 Other non-operating income/expense, net

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities	The following tables present information about Mattel's financial assets and liabilities measured and reported in the financial statements at fair value on a recurring basis as of September 30, 2024, September 30, 2023, and December 31, 2023 and indicate the fair value hierarchy of the valuation techniques utilized to determine such fair value. The three levels of the fair value hierarchy are as follows: • Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the entity has the ability to access. • Level 2 – Valuations based on quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable data for substantially the full term of the assets or liabilities. • Level 3 – Valuations based on inputs that are unobservable, supported by little or no market activity, and that are significant to the fair value of the assets or liabilities. September 30, 2024 Level 1 Level 2 Level 3 Total (In thousands) Assets: Foreign currency forward exchange and other contracts (a) $ — $ 3,481 $ — $ 3,481 Liabilities: Foreign currency forward exchange and other contracts (a) $ — $ 11,205 $ — $ 11,205 September 30, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Foreign currency forward exchange and other contracts (a) $ — $ 14,574 $ — $ 14,574 Liabilities: Foreign currency forward exchange and other contracts (a) $ — $ 2,334 $ — $ 2,334 December 31, 2023 Level 1 Level 2 Level 3 Total (In thousands) Assets: Foreign currency forward exchange and other contracts (a) $ — $ 2,828 $ — $ 2,828 Liabilities: Foreign currency forward exchange and other contracts (a) $ — $ 9,564 $ — $ 9,564 (a) The fair value of the foreign currency forward exchange and other contracts was based on dealer quotes of market forward rates and reflects the amount that Mattel would receive or pay at their maturity dates for contracts involving the same notional amounts, currencies, and maturity dates.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table reconciles basic and diluted earnings per common share for the three and nine months ended September 30, 2024 and 2023: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands, except per share amounts) Basic: Net income $ 372,376 $ 146,319 $ 400,955 $ 67,034 Weighted-average number of common shares 339,059 354,139 342,707 354,559 Basic net income per common share $ 1.10 $ 0.41 $ 1.17 $ 0.19 Diluted: Net income $ 372,376 $ 146,319 $ 400,955 $ 67,034 Weighted-average number of common shares 339,059 354,139 342,707 354,559 Dilutive share-based awards (a) 2,157 3,335 2,673 3,418 Weighted-average number of common and potential common shares 341,216 357,474 345,380 357,977 Diluted net income per common share $ 1.09 $ 0.41 $ 1.16 $ 0.19 (a)

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Benefit Cost (Credit)	The components of Mattel's net periodic benefit cost for defined benefit pension plans were as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Service cost $ 851 $ 848 $ 2,548 $ 2,548 Interest cost 5,059 5,234 15,142 15,670 Expected return on plan assets (4,693) (5,103) (14,052) (15,280) Amortization of prior service cost 49 37 145 112 Recognized actuarial loss 1,950 1,467 5,836 4,399 Net periodic benefit cost $ 3,216 $ 2,483 $ 9,619 $ 7,449 The components of Mattel's net periodic benefit credit for postretirement benefit plans were as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Interest cost $ 45 $ 45 $ 135 $ 134 Amortization of prior service credit (509) (509) (1,528) (1,528) Recognized actuarial gain (48) (57) (143) (170) Net periodic benefit credit $ (512) $ (521) $ (1,536) $ (1,564)

Share-Based Payments (Tables)

Share-Based Payments (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Compensation Expense	Compensation expense, included within other selling and administrative expenses in the consolidated statements of operations, related to stock options, RSUs, and performance awards, was as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Stock option compensation expense $ 716 $ 1,077 $ 2,515 $ 5,673 RSU compensation expense 13,860 12,020 42,185 36,724 Performance award compensation expense 5,109 2,395 12,748 10,028 $ 19,685 $ 15,492 $ 57,448 $ 52,425

Other Selling and Administrat_2

Other Selling and Administrative Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Selling and Administrative Expenses	Other selling and administrative expenses included the following: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Design and development $ 46,842 $ 49,781 $ 141,871 $ 148,319 Amortization of intangible assets 7,863 9,584 23,503 28,570

Restructuring Charges (Tables)

Restructuring Charges (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Related Activities [Abstract]
Schedule of Severance and Other Restructuring Costs	In connection with the OPG program, Mattel recorded severance and other restructuring costs in the following cost and expense categories within operating income in the consolidated statements of operations: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Cost of sales (a) $ 392 $ — $ 3,016 $ — Other selling and administrative expenses (b) 26,769 25,274 44,743 25,274 $ 27,161 $ 25,274 $ 47,759 $ 25,274 (a) Severance and other restructuring charges recorded within cost of sales in the consolidated statements of operations are included in segment operating income in "Note 21 to the Consolidated Financial Statements—Segment Information." (b) Severance and other restructuring charges recorded within other selling and administrative expenses in the consolidated statements of operations are included in corporate and other expense in "Note 21 to the Consolidated Financial Statements—Segment Information."
Schedule of Severance and Other Restructuring Charges Activity	The following tables summarize Mattel's severance and other restructuring charges activity within operating income related to the OPG program: Liability at December 31, 2023 Charges Payments/Utilization Liability at (In thousands) Severance $ 25,096 $ 46,108 $ (30,732) $ 40,472 Other restructuring charges (a) — 1,651 (1,617) 34 $ 25,096 $ 47,759 $ (32,349) $ 40,506 Liability at December 31, 2022 Charges Payments/Utilization Liability at (In thousands) Severance $ — $ 25,274 $ — $ 25,274 Other restructuring charges — — — — $ — $ 25,274 $ — $ 25,274 (a) Other restructuring charges consist primarily of expenses associated with the consolidation of manufacturing facilities.

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Revenues and Income from Segment	The following tables present information regarding Mattel's net sales, operating income, and assets by reportable segment. The corporate and other expense category includes operating costs not allocated to individual segments, including charges related to incentive and share-based compensation, corporate headquarters functions managed on a worldwide basis, the impact of changes in foreign currency exchange rates on intercompany transactions, and certain severance and other restructuring costs. It is generally impracticable for Mattel to present net sales by categories, brands, or products, as trade discounts and other allowances are generally recorded in the financial accounting systems by customer. For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Net Sales by Segment North America $ 1,108,288 $ 1,146,961 $ 2,192,555 $ 2,241,899 International 735,616 771,827 1,540,586 1,578,632 Net sales $ 1,843,904 $ 1,918,788 $ 3,733,141 $ 3,820,531 For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Operating Income by Segment (a) North America $ 412,425 $ 401,095 $ 622,342 $ 565,591 International 217,675 202,550 304,257 245,773 630,100 603,645 926,599 811,364 Corporate and other expense (b) (141,759) (129,787) (390,569) (389,768) Operating income 488,341 473,858 536,030 421,596 Interest expense 29,371 30,716 89,415 92,486 Interest (income) (9,787) (4,569) (39,466) (15,409) Other non-operating (income) expense, net (2,924) (2,391) 8,796 (5,976) Income before income taxes $ 471,681 $ 450,102 $ 477,285 $ 350,495 (a) Segment operating income included (i) severance and other restructuring charges o f $0.4 million and $3.0 million for the three and nine months ended September 30, 2024, respectively, and $(0.1) million and $(1.3) million for the three and nine months ended September 30, 2023, respectively, which were allocated to the North America and International segments ; and (ii) a loss on sale of assets of $1.8 million from the sale of a production facility for the three and nine months ended September 30, 2023, which was recorded in the International segment. (b) Corporate and other expense included (i) severance and other restructuring charges o f $27.1 million and $43.8 million for the three and nine months ended September 30, 2024, respectively, and $29.3 million and $63.0 million for the three and nine months ended September 30, 2023, respectively; and (ii) inclined sleeper product recall impact of $(11.7) million and $(5.8) million for the three and nine months ended September 30, 2024, respectively and $1.3 million and $9.0 million for the three and nine months ended September 30, 2023, respectively.
Schedule of Segment Assets	Segment assets are comprised of accounts receivable, net and inventories. September 30, September 30, December 31, (In thousands) Assets by Segment North America $ 1,160,846 $ 1,270,250 $ 845,113 International 952,726 1,024,549 735,236 2,113,572 2,294,799 1,580,349 Corporate and other 100,974 66,769 73,087 Accounts receivable, net and inventories $ 2,214,546 $ 2,361,568 $ 1,653,436
Schedule of Revenues by Geographic Area	The following table presents information regarding Mattel's net sales by geographic area. Net sales are attributed to countries based on the location of the customer: For the Three Months Ended For the Nine Months Ended September 30, September 30, September 30, September 30, (In thousands) Net Sales by Geographic Area North America $ 1,108,288 $ 1,146,961 $ 2,192,555 $ 2,241,899 International EMEA 401,942 423,923 837,869 874,972 Latin America 240,563 262,071 454,811 475,648 Asia Pacific 93,111 85,833 247,906 228,012 Total International 735,616 771,827 1,540,586 1,578,632 Net sales $ 1,843,904 $ 1,918,788 $ 3,733,141 $ 3,820,531

Accounts Receivable, Net (Detai

Accounts Receivable, Net (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Receivables [Abstract]
Accounts receivable, allowances for credit losses	$ 8.2	$ 8.8	$ 12.5

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Inventory Disclosure [Abstract]
Raw materials and work in process	$ 109,335	$ 92,902	$ 102,582
Finished goods	627,847	478,707	687,939
Inventories	$ 737,182	$ 571,609	$ 790,521

Property, Plant, and Equipmen_3

Property, Plant, and Equipment, Net - Schedule of Property, Plant, and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 1,942,212	$ 1,853,125	$ 1,844,121
Less: accumulated depreciation	(1,428,443)	(1,387,602)	(1,386,919)
Property, plant, and equipment, net	513,769	465,523	457,202
Land
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	42,924	19,838	19,566
Buildings
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	357,969	313,750	311,030
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	641,999	628,089	623,687
Software
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	234,928	233,224	232,995
Tools, dies, and molds
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	501,220	488,170	494,070
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	120,929	121,571	123,240
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant, and equipment, gross	$ 42,243	$ 48,483	$ 39,533

Property, Plant, and Equipmen_4

Property, Plant, and Equipment, Net - Narrative (Details) $ in Millions	1 Months Ended
	Jul. 31, 2024 USD ($) ft²
Property, Plant and Equipment [Abstract]
Payment to acquire building | $	$ 59
Area of real estate property | ft²	168,000

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets, Net - Narrative (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) unit	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Goodwill [Line Items]
Finite-lived intangible assets	$ 374,706,000	$ 397,821,000	$ 374,706,000	$ 397,821,000	$ 393,039,000
Intangible assets, accumulated amortization	435,100,000	396,800,000	435,100,000	396,800,000	$ 408,500,000
Impairment of amortizable intangible assets	$ 0	$ 0	$ 0	$ 0
International
Goodwill [Line Items]
Number of reporting units | unit			1

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets, Net - Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,384,512
Currency Exchange Rate Impact	4,479
Goodwill, ending balance	1,388,991
North America
Goodwill [Roll Forward]
Goodwill, beginning balance	733,487
Currency Exchange Rate Impact	1,490
Goodwill, ending balance	734,977
American Girl
Goodwill [Roll Forward]
Goodwill, beginning balance	207,571
Currency Exchange Rate Impact	0
Goodwill, ending balance	207,571
International
Goodwill [Roll Forward]
Goodwill, beginning balance	443,454
Currency Exchange Rate Impact	2,989
Goodwill, ending balance	$ 446,443

Accrued Liabilities (Details)

Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Payables and Accruals [Abstract]
Incentive compensation	$ 104,136	$ 143,091	$ 89,142
Royalties	$ 80,141	$ 86,475	$ 74,801
Operating lease, liability, current, statement of financial position [extensible list]	Accrued liabilities	Accrued liabilities	Accrued liabilities
Lease liabilities	$ 74,871	$ 77,254	$ 76,021
Advertising and promotion	$ 71,993	$ 102,217	$ 105,218

Supplier Finance Program (Detai

Supplier Finance Program (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Payables and Accruals [Abstract]
Outstanding payment obligation	$ 112.3	$ 54.3	$ 90.5

Seasonal Financing (Details)

Seasonal Financing (Details)	Jul. 15, 2024 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 15, 2022 USD ($)
Debt Instrument [Line Items]
Other short-term borrowings		$ 0	$ 0	$ 0
New Credit Agreement
Debt Instrument [Line Items]
Outstanding letters of credit		9,000,000
Credit Agreement
Debt Instrument [Line Items]
Outstanding letters of credit			9,000,000	9,000,000
Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding borrowings		$ 0	$ 0	$ 0
Revolving Credit Facility | New Credit Agreement
Debt Instrument [Line Items]
Aggregate commitment under the credit facility	$ 1,400,000,000
Covenant, interest coverage ratio, minimum	2.75
Covenant, pro forma total leverage ratio, maximum	3.75
Covenant, pro forma total leverage ratio for quarters ending Sept. 30, maximum	4
Covenant, leverage ratio, maximum	4.25
Revolving Credit Facility | New Credit Agreement | Minimum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin for loans (as a percent)	0.875%
Revolving Credit Facility | New Credit Agreement | Minimum | Base Rate
Debt Instrument [Line Items]
Interest rate margin for loans (as a percent)	0%
Revolving Credit Facility | New Credit Agreement | Maximum | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Interest rate margin for loans (as a percent)	1.375%
Revolving Credit Facility | New Credit Agreement | Maximum | Base Rate
Debt Instrument [Line Items]
Interest rate margin for loans (as a percent)	0.375%
Revolving Credit Facility | Credit Agreement
Debt Instrument [Line Items]
Aggregate commitment under the credit facility					$ 1,400,000,000

Long-Term Debt - Long-Term Debt

Long-Term Debt - Long-Term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Debt Instrument [Line Items]
Long-term debt	$ 2,350,000	$ 2,350,000	$ 2,350,000
Debt issuance costs and debt discount	(16,740)	(20,014)	(21,103)
Long-term debt, net	2,333,260	2,329,986	2,328,897
Less: current portion	0	0	0
Total long-term debt	2,333,260	2,329,986	2,328,897
Senior Notes | 2010 Senior Notes due October 2040
Debt Instrument [Line Items]
Long-term debt	250,000	250,000	250,000
Senior Notes | 2011 Senior Notes due November 2041
Debt Instrument [Line Items]
Long-term debt	300,000	300,000	300,000
Senior Notes | 2019 Senior Notes due December 2027
Debt Instrument [Line Items]
Long-term debt	600,000	600,000	600,000
Senior Notes | 2021 Senior Notes due April 2026
Debt Instrument [Line Items]
Long-term debt	600,000	600,000	600,000
Senior Notes | 2021 Senior Notes due April 2029
Debt Instrument [Line Items]
Long-term debt	$ 600,000	$ 600,000	$ 600,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) - Changes in AOCI (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 1,973,133	$ 2,025,312	$ 2,149,213	$ 1,962,374	$ 1,937,661	$ 2,056,269	$ 2,149,213	$ 2,056,269
Other comprehensive income (loss) before reclassifications	11,170			(31,747)			(7,071)	(10,701)
Amounts reclassified from accumulated other comprehensive income (loss)	8,242			(5,142)			(3,666)	(11,962)
Other Comprehensive Income (Loss), Net of Tax	19,412	(19,384)	(10,765)	(36,889)	(8,934)	23,160	(10,737)	(22,663)
Ending balance	2,312,946	1,973,133	2,025,312	2,035,466	1,962,374	1,937,661	2,312,946	2,035,466
Total
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(935,117)	(915,733)	(904,968)	(897,252)	(888,318)	(911,478)	(904,968)	(911,478)
Other Comprehensive Income (Loss), Net of Tax	19,412	(19,384)	(10,765)	(36,889)	(8,934)	23,160
Ending balance	(915,705)	(935,117)	(915,733)	(934,141)	(897,252)	(888,318)	(915,705)	(934,141)
Derivative Instruments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	5,268		(3,463)	5,221		22,732	(3,463)	22,732
Other comprehensive income (loss) before reclassifications	(13,288)			7,521			9,764	(1,729)
Amounts reclassified from accumulated other comprehensive income (loss)	7,264			(5,801)			(7,057)	(14,062)
Other Comprehensive Income (Loss), Net of Tax	(6,024)			1,720			2,707	(15,791)
Ending balance	(756)	5,268		6,941	5,221		(756)	6,941
Employee Benefit Plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(140,469)		(142,916)	(137,042)		(138,498)	(142,916)	(138,498)
Other comprehensive income (loss) before reclassifications	16			5			50	20
Amounts reclassified from accumulated other comprehensive income (loss)	978			659			3,391	2,100
Other Comprehensive Income (Loss), Net of Tax	994			664			3,441	2,120
Ending balance	(139,475)	(140,469)		(136,378)	(137,042)		(139,475)	(136,378)
Currency Translation Adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(799,916)		$ (758,589)	(765,431)		$ (795,712)	(758,589)	(795,712)
Other comprehensive income (loss) before reclassifications	24,442			(39,273)			(16,885)	(8,992)
Amounts reclassified from accumulated other comprehensive income (loss)	0			0			0	0
Other Comprehensive Income (Loss), Net of Tax	24,442			(39,273)			(16,885)	(8,992)
Ending balance	$ (775,474)	$ (799,916)		$ (804,704)	$ (765,431)		$ (775,474)	$ (804,704)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Income (Loss) - Reclassification from AOCI (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Provision/benefit from income taxes	$ (106,350)			$ (309,342)			$ (94,756)	$ (296,767)
Other non-operating income/expense, net	2,924			2,391			(8,796)	5,976
Income (loss) before income taxes	471,681			450,102			477,285	350,495
Net income (loss)	372,376	$ 56,860	$ (28,281)	146,319	$ 27,187	$ (106,471)	400,955	67,034
Derivative Instruments | Reclassification Out of Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Cost of sales	(7,275)			5,784			7,023	13,709
Provision/benefit from income taxes	11			17			34	353
Net income (loss)	(7,264)			5,801			7,057	14,062
Employee Benefit Plans | Reclassification Out of Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Provision/benefit from income taxes	464			279			919	713
Income (loss) before income taxes	(1,442)			(938)			(4,310)	(2,813)
Net income (loss)	(978)			(659)			(3,391)	(2,100)
Amortization of prior service credit | Reclassification Out of Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Other non-operating income/expense, net	460			472			1,383	1,416
Recognized actuarial loss | Reclassification Out of Accumulated Other Comprehensive Income (Loss)
Reclassification Adjustment out of Accumulated Other Comprehensive Income (Loss) [Line Items]
Other non-operating income/expense, net	$ (1,902)			$ (1,410)			$ (5,693)	$ (4,229)

Accumulated Other Comprehensi_5

Accumulated Other Comprehensive Income (Loss) - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency translation adjustments loss	$ (19,412)	$ 19,384	$ 10,765	$ 36,889	$ 8,934	$ (23,160)	$ 10,737	$ 22,663
Currency Translation Adjustments
Accumulated Other Comprehensive Income (Loss) [Line Items]
Currency translation adjustments loss	$ (24,442)			$ 39,273			$ 16,885	$ 8,992

Foreign Currency Transaction _3

Foreign Currency Transaction Exposure (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Currency Transaction Gains (Losses) [Line Items]
Currency transaction (losses) gains, net	$ (5,289)	$ 1,025	$ (16,313)	$ (6,597)
Operating income/expense
Currency Transaction Gains (Losses) [Line Items]
Currency transaction (losses) gains, net	(10,047)	(2,276)	(16,087)	(11,987)
Other non-operating income/expense, net
Currency Transaction Gains (Losses) [Line Items]
Currency transaction (losses) gains, net	$ 4,758	$ 3,301	$ (226)	$ 5,390

Derivative Instruments - Narrat

Derivative Instruments - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Foreign currency forward exchange and other contracts
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount	$ 748	$ 609	$ 636
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Term of derivative contract (up to)	24 months

Derivative Instruments - Deriva

Derivative Instruments - Derivatives Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Derivatives, Fair Value [Line Items]
Derivative Assets	$ 3,481	$ 2,828	$ 14,574
Derivative Liabilities	11,205	9,564	2,334
Derivatives Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative Assets	2,230	2,250	14,055
Derivative Liabilities	10,597	9,095	2,011
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	2,196	2,198	13,308
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Other noncurrent assets
Derivatives, Fair Value [Line Items]
Derivative Assets	34	52	747
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	8,571	7,520	1,997
Derivatives Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	2,026	1,575	14
Derivatives Not Designated as Hedging Instruments:
Derivatives, Fair Value [Line Items]
Derivative Liabilities	608	469	323
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts
Derivatives, Fair Value [Line Items]
Derivative Assets	1,251	578	519
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Derivative Assets	1,251	578	519
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Accrued liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	608	449	323
Derivatives Not Designated as Hedging Instruments: | Foreign currency forward exchange and other contracts | Other noncurrent liabilities
Derivatives, Fair Value [Line Items]
Derivative Liabilities	$ 0	$ 20	$ 0

Derivative Instruments - Deri_2

Derivative Instruments - Derivatives Designated as Hedging Instruments by Classification and Amount of Gains and Losses (Details) - Foreign currency forward exchange and other contracts - Derivatives Designated as Hedging Instruments - Cost of sales - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Amount of (losses) gains recognized in OCI	$ (13,288)	$ 7,521	$ 9,764	$ (1,729)
Amount of (losses) gains reclassified from accumulated OCI to the consolidated statements of operations	$ (7,264)	$ 5,801	$ 7,057	$ 14,062

Derivative Instruments - Deri_3

Derivative Instruments - Derivatives Not Designated as Hedging Instruments by Classification and Amount of Gains and Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivatives Not Designated as Hedging Instruments | Foreign currency forward exchange and other contracts | Other non-operating income/expense, net
Derivative Instruments, Gain (Loss) [Line Items]
Amount of net gains (losses) recognized in the statements of operations	$ 1,845	$ 6,805	$ 2,195	$ 25,083

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Assets:
Foreign currency forward exchange and other contracts	$ 3,481	$ 2,828	$ 14,574
Liabilities:
Foreign currency forward exchange and other contracts	11,205	9,564	2,334
Level 1
Assets:
Foreign currency forward exchange and other contracts	0	0	0
Liabilities:
Foreign currency forward exchange and other contracts	0	0	0
Level 2
Assets:
Foreign currency forward exchange and other contracts	3,481	2,828	14,574
Liabilities:
Foreign currency forward exchange and other contracts	11,205	9,564	2,334
Level 3
Assets:
Foreign currency forward exchange and other contracts	0	0	0
Liabilities:
Foreign currency forward exchange and other contracts	$ 0	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Estimated fair value of long-term debt	$ 2,310	$ 2,230	$ 2,130
Carrying value of long-term debt	$ 2,350	$ 2,350	$ 2,350

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Basic:
Net income	$ 372,376	$ 56,860	$ (28,281)	$ 146,319	$ 27,187	$ (106,471)	$ 400,955	$ 67,034
Weighted-average number of common shares (in shares)	339,059			354,139			342,707	354,559
Basic net income per common share (USD per share)	$ 1.10			$ 0.41			$ 1.17	$ 0.19
Diluted:
Net income	$ 372,376	$ 56,860	$ (28,281)	$ 146,319	$ 27,187	$ (106,471)	$ 400,955	$ 67,034
Weighted-average number of common shares (in shares)	339,059			354,139			342,707	354,559
Dilutive share-based awards (in shares)	2,157			3,335			2,673	3,418
Weighted-average number of common and potential common shares (in shares)	341,216			357,474			345,380	357,977
Diluted net income per common share (USD per share)	$ 1.09			$ 0.41			$ 1.16	$ 0.19
Antidilutive securities excluded from calculation of diluted net income (in shares)	6,900			6,500			7,700	11,500

Employee Benefit Plans - Compon

Employee Benefit Plans - Components of Net Periodic Benefit Cost (Credit) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Defined Benefit Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 851	$ 848	$ 2,548	$ 2,548
Interest cost	5,059	5,234	15,142	15,670
Expected return on plan assets	(4,693)	(5,103)	(14,052)	(15,280)
Amortization of prior service cost (credit)	49	37	145	112
Recognized actuarial gain (loss)	(1,950)	(1,467)	(5,836)	(4,399)
Net periodic benefit cost (credit)	3,216	2,483	9,619	7,449
Postretirement Benefit Plans
Defined Benefit Plan Disclosure [Line Items]
Interest cost	45	45	135	134
Amortization of prior service cost (credit)	(509)	(509)	(1,528)	(1,528)
Recognized actuarial gain (loss)	48	57	143	170
Net periodic benefit cost (credit)	$ (512)	$ (521)	$ (1,536)	$ (1,564)

Employee Benefit Plans - Narrat

Employee Benefit Plans - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($)
Retirement Benefits [Abstract]
Cash contributions made during the period	$ 14
Expected additional cash contributions	$ 5

Share-Based Payments - Narrativ

Share-Based Payments - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock option exercises		$ 6,184	$ 26,014
Stock Options, RSUs, and Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General vesting period		3 years
Total unrecognized compensation expense related to unvested share-based payments	$ 139,000	$ 139,000
Weighted-average period for unrecognized compensation expense expected to be recognized		2 years 6 months
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General vesting period	5 years
Performance-based restricted stock units granted (in shares)	0.8	0.8
Target value	$ 15,000	$ 15,000
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	100%
Estimated grant-date fair value (in usd per share)	$ 24.42
Estimated grant-date fair value	$ 19,200
Performance Shares | Achievement of stock price hurdles
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
General vesting period	3 years
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	50%
Performance Shares | Based on relative TSR
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	50%
Maximum | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Period of stock option expiration from date of grant		10 years
Maximum | Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	200%

Share-Based Payments - Compensa

Share-Based Payments - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 19,685	$ 15,492	$ 57,448	$ 52,425
Stock option compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	716	1,077	2,515	5,673
RSU compensation expense
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	13,860	12,020	42,185	36,724
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 5,109	$ 2,395	$ 12,748	$ 10,028

Other Selling and Administrat_3

Other Selling and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Design and development	$ 46,842	$ 49,781	$ 141,871	$ 148,319
Amortization of intangible assets	$ 7,863	$ 9,584	$ 23,503	$ 28,570

Restructuring Charges - Severan

Restructuring Charges - Severance and Other Restructuring Costs (Details) - Optimizing for Profitable Growth - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 27,161	$ 25,274	$ 47,759	$ 25,274
Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	392	0	3,016	0
Other selling and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ 26,769	$ 25,274	$ 44,743	$ 25,274

Restructuring Charges - Sever_2

Restructuring Charges - Severance and Other Restructuring Charges Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Optimizing for Profitable Growth
Restructuring Reserve [Roll Forward]
Remaining liability at beginning of period			$ 25,096	$ 0
Charges	$ 27,161	$ 25,274	47,759	25,274
Payments/Utilization			(32,349)	0
Remaining liability at end of period	40,506	25,274	40,506	25,274
Severance
Restructuring Reserve [Roll Forward]
Charges		900		6,100
Severance | Optimizing for Profitable Growth
Restructuring Reserve [Roll Forward]
Remaining liability at beginning of period			25,096	0
Charges			46,108	25,274
Payments/Utilization			(30,732)	0
Remaining liability at end of period	40,472	25,274	40,472	25,274
Other restructuring charges | Optimizing for Profitable Growth
Restructuring Reserve [Roll Forward]
Remaining liability at beginning of period			0	0
Charges			1,651	0
Payments/Utilization			(1,617)	0
Remaining liability at end of period	$ 34	$ 0	$ 34	$ 0

Restructuring Charges - Narrati

Restructuring Charges - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ 900		$ 6,100
Optimizing for Profitable Growth
Restructuring Cost and Reserve [Line Items]
Severance and other restructuring charges incurred to date	$ 73,000		$ 73,000
Restructuring and related cost, cost incurred to date, non-cash charges	1,000		1,000
Expected non-cash charges	5,000		5,000
Restructuring charges	27,161	25,274	47,759	25,274
Optimizing for Profitable Growth | Other selling and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges	26,769	25,274	44,743	25,274
Optimizing for Profitable Growth | Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges	392	0	3,016	0
Optimizing for Profitable Growth | Severance
Restructuring Cost and Reserve [Line Items]
Restructuring charges			46,108	25,274
Optimizing for Profitable Growth | Minimum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	130,000		130,000
Optimizing for Profitable Growth | Maximum
Restructuring Cost and Reserve [Line Items]
Expected restructuring costs	$ 165,000		$ 165,000
Optimizing for Growth | Severance and other restructuring | Other selling and administrative expenses
Restructuring Cost and Reserve [Line Items]
Restructuring charges		3,100		31,600
Optimizing for Growth | Severance and other restructuring | Cost of sales
Restructuring Cost and Reserve [Line Items]
Restructuring charges		$ (100)		$ (1,300)

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Income tax expense (benefit) from income taxes	$ 106,350	$ 309,342	$ 94,756	$ 296,767
Discrete tax (benefit) expense	(3,400)	200,700	(16,300)	201,000
Reasonably possible changes to unrecognized tax benefits related to settlement of tax audits and/or expiration of statutes of limitations within the next twelve months	$ 14,600		$ 14,600
Foreign Tax Authority
Effective Income Tax Rate Reconciliation [Line Items]
Foreign deferred tax assets, valuation allowance		$ 212,400		$ 212,400

Contingencies (Details)

Contingencies (Details) - Sleeper	1 Months Ended	9 Months Ended	66 Months Ended
	Jun. 30, 2022 claim	Sep. 30, 2024 lawsuit class	Sep. 30, 2024 lawsuit plaintiff
Loss Contingencies [Line Items]
Number of claims settled | claim	2
Number of additional lawsuits pending | lawsuit		28	28
Number of plaintiffs | plaintiff			28
Minimum
Loss Contingencies [Line Items]
Number of consumer classes | class		10

Segment Information - Revenues

Segment Information - Revenues and Income from Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 1,843,904	$ 1,918,788	$ 3,733,141	$ 3,820,531
Operating income	488,341	473,858	536,030	421,596
Interest expense	29,371	30,716	89,415	92,486
Interest (income)	(9,787)	(4,569)	(39,466)	(15,409)
Other non-operating (income) expense, net	(2,924)	(2,391)	8,796	(5,976)
Income Before Income Taxes	471,681	450,102	477,285	350,495
Operating Income by segment
Segment Reporting Information [Line Items]
Operating income	630,100	603,645	926,599	811,364
Restructuring charges	400	(100)	3,000	(1,300)
Loss on sale of assets		1,800		1,800
Operating Income by segment | North America
Segment Reporting Information [Line Items]
Revenues	1,108,288	1,146,961	2,192,555	2,241,899
Operating income	412,425	401,095	622,342	565,591
Operating Income by segment | International
Segment Reporting Information [Line Items]
Revenues	735,616	771,827	1,540,586	1,578,632
Operating income	217,675	202,550	304,257	245,773
Corporate and other expense
Segment Reporting Information [Line Items]
Operating income	(141,759)	(129,787)	(390,569)	(389,768)
Restructuring charges	27,100	29,300	43,800	63,000
Total product recall charges	$ (11,700)	$ 1,300	$ (5,800)	$ 9,000

Segment Information - Segment A

Segment Information - Segment Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net and inventories	$ 2,214,546	$ 1,653,436	$ 2,361,568
Operating Segments
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net and inventories	2,113,572	1,580,349	2,294,799
Operating Segments | North America
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net and inventories	1,160,846	845,113	1,270,250
Operating Segments | International
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net and inventories	952,726	735,236	1,024,549
Corporate and other
Segment Reporting, Asset Reconciling Item [Line Items]
Accounts receivable, net and inventories	$ 100,974	$ 73,087	$ 66,769

Segment Information - Revenue_2

Segment Information - Revenues by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenues	$ 1,843,904	$ 1,918,788	$ 3,733,141	$ 3,820,531
Operating Segments | North America
Segment Reporting Information [Line Items]
Revenues	1,108,288	1,146,961	2,192,555	2,241,899
Operating Segments | North America | North America
Segment Reporting Information [Line Items]
Revenues	1,108,288	1,146,961	2,192,555	2,241,899
Operating Segments | International
Segment Reporting Information [Line Items]
Revenues	735,616	771,827	1,540,586	1,578,632
Operating Segments | International | EMEA
Segment Reporting Information [Line Items]
Revenues	401,942	423,923	837,869	874,972
Operating Segments | International | Latin America
Segment Reporting Information [Line Items]
Revenues	240,563	262,071	454,811	475,648
Operating Segments | International | Asia Pacific
Segment Reporting Information [Line Items]
Revenues	$ 93,111	$ 85,833	$ 247,906	$ 228,012