XML 47 R34.htm IDEA: XBRL DOCUMENT v3.25.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Retirement Plan Expense
A summary of retirement plan expense, net is as follows:
 For the Year Ended
 December 31,
2025		December 31,
2024		December 31,
2023
 (In thousands)
Defined contribution retirement plans$42,953 $40,227 $37,784 
Defined benefit pension plans15,042 12,806 9,949 
Deferred compensation and excess benefit plans5,463 (1,537)8,227 
Postretirement benefit plans(2,144)(2,046)(2,084)
$61,314 $49,450 $53,876 
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive (Loss) Income
A summary of the components of Mattel's net periodic benefit cost/credit and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31 is as follows:
 Defined Benefit Pension PlansPostretirement Benefit Plans
 202520242023202520242023
 (In thousands)
Net Periodic Benefit Cost (Credit):
Service cost$3,400 $3,388 $3,371 $1 $2 $1 
Interest cost20,523 20,181 20,966 144 180 179 
Expected return on plan assets(17,575)(18,738)(20,372)— — — 
Amortization of prior service cost (credit)200 194 150 (1,997)(2,038)(2,038)
Recognized actuarial loss (gain)8,683 7,781 5,893 (292)(190)(226)
Settlement (gain)(68)— (59)— — — 
Curtailment (gain)(121)— — — — — 
Net periodic benefit cost (credit)$15,042 $12,806 $9,949 $(2,144)$(2,046)$(2,084)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss$(19,309)$(5,086)$904 $32 $(433)$311 
Prior service cost— 131 1,169 — — — 
Amortization of prior service (cost) credit(200)(194)(150)1,997 2,038 2,038 
Total recognized in other comprehensive (income) loss (a)$(19,509)$(5,149)$1,923 $2,029 $1,605 $2,349 
Total recognized in net periodic benefit cost (credit) and other comprehensive income (loss)$(4,467)$7,657 $11,872 $(115)$(441)$265 
(a)Amounts exclude related tax expense (benefit) of approximately $5 million, $1 million, and $(2) million, during 2025, 2024, and 2023, respectively, which are also included in other comprehensive income (loss).
Schedule of Components of Net Periodic Benefit Cost (Credit)
A summary of the components of Mattel's net periodic benefit cost/credit and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) for the years ended December 31 is as follows:
 Defined Benefit Pension PlansPostretirement Benefit Plans
 202520242023202520242023
 (In thousands)
Net Periodic Benefit Cost (Credit):
Service cost$3,400 $3,388 $3,371 $1 $2 $1 
Interest cost20,523 20,181 20,966 144 180 179 
Expected return on plan assets(17,575)(18,738)(20,372)— — — 
Amortization of prior service cost (credit)200 194 150 (1,997)(2,038)(2,038)
Recognized actuarial loss (gain)8,683 7,781 5,893 (292)(190)(226)
Settlement (gain)(68)— (59)— — — 
Curtailment (gain)(121)— — — — — 
Net periodic benefit cost (credit)$15,042 $12,806 $9,949 $(2,144)$(2,046)$(2,084)
Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Loss):
Net actuarial (gain) loss$(19,309)$(5,086)$904 $32 $(433)$311 
Prior service cost— 131 1,169 — — — 
Amortization of prior service (cost) credit(200)(194)(150)1,997 2,038 2,038 
Total recognized in other comprehensive (income) loss (a)$(19,509)$(5,149)$1,923 $2,029 $1,605 $2,349 
Total recognized in net periodic benefit cost (credit) and other comprehensive income (loss)$(4,467)$7,657 $11,872 $(115)$(441)$265 
(a)Amounts exclude related tax expense (benefit) of approximately $5 million, $1 million, and $(2) million, during 2025, 2024, and 2023, respectively, which are also included in other comprehensive income (loss).
Schedule of Assumptions Used to Calculate Net Periodic Benefit Cost for Domestic Defined Benefit Pension and Postretirement Benefit Plans
Net periodic benefit cost/credit for Mattel's domestic defined benefit pension and postretirement benefit plans was calculated on January 1 of each year using the following assumptions:
 For the Year Ended
 December 31,
2025		December 31,
2024		December 31,
2023
Defined benefit pension plans:
Discount rate5.3 %4.7 %4.9 %
Weighted-average rate of future compensation increasesN/AN/AN/A
Long-term rate of return on plan assets6.2 %6.2 %5.0 %
Postretirement benefit plans:
Discount rate5.3 %4.7 %4.9 %
Annual increase in Medicare Part B premium6.0 %6.0 %6.0 %
Health care cost trend rate:
Pre-657.6 %7.9 %7.0 %
Post-657.8 %8.1 %7.0 %
Ultimate cost trend rate:
Pre-654.5 %4.5 %4.5 %
Post-654.5 %4.5 %4.5 %
Year that the rate reaches the ultimate cost trend rate:
Pre-65203120312029
Post-65203120312029
Schedule of Changes in Benefit Obligation and Plan Assets for Defined Benefit Pension and Postretirement Benefit Plans A summary of the changes in benefit obligation and plan assets is as follows:
 Defined Benefit
Pension Plans		Postretirement
Benefit Plans
 December 31,
2025		December 31,
2024		December 31,
2025		December 31,
2024
 (In thousands)
Change in Benefit Obligation:
Benefit obligation, beginning of year$423,877 $460,676 $3,082 $4,085 
Service cost3,400 3,388 1 2 
Interest cost20,523 20,181 144 180 
Impact of currency exchange rate changes8,259 (5,085)— — 
Actuarial loss (gain)2,857 (20,525)(260)(623)
Benefits paid(34,644)(34,294)(475)(562)
Plan amendments— 61 — — 
Curtailments(177)(372)— — 
Settlements(305)— — — 
Other— (153)— — 
Benefit obligation, end of year$423,790 $423,877 $2,492 $3,082 
Change in Plan Assets:
Plan assets at fair value, beginning of year$306,279 $327,336 $— $— 
Actual return (loss) on plan assets31,552 (3,336)— — 
Employer contributions21,565 17,786 475 562 
Impact of currency exchange rate changes4,812 (1,102)— — 
Benefits paid(34,644)(34,294)(475)(562)
Settlements(305)— — — 
Other— (111)— — 
Plan assets at fair value, end of year$329,259 $306,279 $— $— 
Net Amount Recognized in Consolidated Balance Sheets:
Funded status, end of year$(94,531)$(117,598)$(2,492)$(3,082)
Current accrued benefit liabilities$(7,030)$(6,383)$(430)$(530)
Noncurrent accrued benefit liabilities, net(87,501)(111,215)(2,062)(2,552)
Net amount recognized$(94,531)$(117,598)$(2,492)$(3,082)
Amounts Recognized in Accumulated Other Comprehensive Loss (a):
Net actuarial loss (gain)$181,917 $208,985 $(1,967)$(1,999)
Prior service cost (credit)2,167 2,012 — (1,997)
$184,084 $210,997 $(1,967)$(3,996)
(a)Amounts exclude related tax benefits of approximately $56 million and $68 million for December 31, 2025 and 2024, respectively, which are also included in accumulated other comprehensive loss.
Schedule of Accumulated and Projected Benefit Obligations
As of December 31, 2025 and 2024, information for defined benefit pension plans that had aggregate accumulated benefit obligations and projected benefit obligations in excess of plan assets is as follows:
December 31,
2025		December 31,
2024
 (In thousands)
Projected benefit obligation$363,669 $366,692 
Accumulated benefit obligation348,663 352,415 
Fair value of plan assets261,871 240,863 
Schedule of Assumptions Used to Determine Projected and Accumulated Benefit Obligations of Domestic Defined Benefit Pension and Postretirement Benefit Plans
The assumptions used in determining the projected and accumulated benefit obligations of Mattel's domestic defined benefit pension and postretirement benefit plans are as follows:
 December 31,
2025		December 31,
2024
Defined benefit pension plans:
Discount rate5.0 %5.3 %
Cash balance interest crediting rate4.0 %4.0 %
Weighted-average rate of future compensation increasesN/AN/A
Postretirement benefit plans:
Discount rate5.1 %5.3 %
Annual increase in Medicare Part B premium6.0 %6.0 %
Health care cost trend rate:
Pre-657.1 %7.6 %
Post-657.3 %7.8 %
Ultimate cost trend rate:
Pre-654.5 %4.5 %
Post-654.5 %4.5 %
Year that the rate reaches the ultimate cost trend rate:
Pre-6520312031
Post-6520312031
Schedule of Estimated Future Benefit Payments for Defined Benefit Pension and Postretirement Benefit Plans
The estimated future benefit payments for Mattel's defined benefit pension and postretirement benefit plans are as follows:
Defined Benefit
Pension Plans		Postretirement
Benefit Plans
 (In thousands)
2026$37,786 $430 
202734,026 440 
202834,784 320 
202934,117 320 
203035,709 220 
2031 - 2035168,248 880 
Schedule of Plan Assets Measured and Reported in Financial Statements at Fair Value
Mattel's defined benefit pension plan assets are measured and reported in the consolidated financial statements at fair value using inputs, which are more fully described in "Note 11 to the Consolidated Financial Statements—Fair Value Measurements," as follows:
 December 31, 2025
 Level 1Level 2Level 3Total
 (In thousands)
U.S. government and U.S. government agency securities$— $42,459 $— $42,459 
U.S. corporate debt instruments— 67,035 — 67,035 
International corporate debt instruments— 9,897 — 9,897 
Mutual funds (a)135,853 
Money market funds6,563 — — 6,563 
Other investments— 6,770 — 6,770 
Insurance "buy-in" policy— — 55,489 55,489 
Collective trust funds (a):
U.S. equity securities592 
International equity securities2,822 
Global fixed income— 
Real Estate1,779 
Total$6,563 $126,161 $55,489 $329,259 
 December 31, 2024
 Level 1Level 2Level 3Total
 (In thousands)
U.S. government and U.S. government agency securities$— $62 $— $62 
U.S. corporate debt instruments— 60,751 — 60,751 
International corporate debt instruments— 4,388 — 4,388 
Mutual funds (a)126,518 
Money market funds12,365 — — 12,365 
Other investments— 7,303 — 7,303 
Insurance "buy-in" policy— — 52,785 52,785 
Collective trust funds (a):
U.S. equity securities577 
International equity securities2,588 
Global fixed income25,738 
Real Estate13,204 
Total$12,365 $72,504 $52,785 $306,279 
(a)    These investments primarily consist of privately placed funds that are valued based on net asset value per share. The fair value of these investments are included in the table above to permit reconciliation of the total defined benefit pension plan assets classified by level within the fair value hierarchy.
Schedule of Assets Measured at Fair Value on a Recurring Basis Using Unobservable Inputs
The following table provides a reconciliation of the beginning and ending balances of insurance buy-in policy contract assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
Level 3
(in thousands)
Balance at December 31, 2023$60,727 
Purchases, sales, and settlements(3,119)
Changes in fair value(4,823)
Balance at December 31, 202452,785 
Purchases, sales, and settlements(3,039)
Changes in fair value5,743 
Balance at December 31, 2025$55,489