Commitments, Contingencies and Related Party Transactions

12 Months Ended

Dec. 31, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments, Contingencies and Related Party Transactions

Note 18 — Commitments, Contingencies and Related Party Transactions

Litigation

The Company is a party to certain claims and litigation in the ordinary course of business. The Company does not believe that any of these proceedings will result, individually or in the aggregate, in a material adverse effect upon its financial condition or future results of operations.

Product Royalty Agreements

The Company has entered into product royalty agreements, with various licensors of copyrighted and trademarked characters and designs, which are used on the Company’s products, which require royalty payments based on sales of the Company’s products, and, in some cases, include annual minimum royalties.

At December 31, 2020, the Company’s commitment to pay future minimum product royalties was as follows:

	Future Minimum Royalty Payments
2021	$	35,105
2022		13,118
2023		1,445
Thereafter		—
	$	49,668

Product royalty expense for the years ended December 31, 2020, December 31, 2019, and December 31, 2018 was $33,331, $48,170, and $51,002, respectively.

Related Party Transactions

In the normal course of business, the Company buys and sells party goods from/to certain equity method investees. Such activity is immaterial to the Company’s consolidated financial statements.