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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 ___________________________________________________________ 
FORM 10-Q
 ___________________________________________________________ 
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
September 30, 2022
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                     to  
Commission File Number 001-05647
___________________________________________________________ 
MATTEL, INC.
(Exact name of registrant as specified in its charter)
___________________________________________________________ 
Delaware 95-1567322
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
333 Continental Blvd. 90245-5012
El Segundo,CA 
(Address of principal executive offices) (Zip Code)
(310) 252-2000
(Registrant's telephone number, including area code)
NONE
(Former name, former address and former fiscal year, if changed since last report):

__________________________________________________________ 

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $1.00 per shareMATThe Nasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. 
Large accelerated filer   Accelerated filer 
Non-accelerated filer 
  Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Number of shares outstanding of registrant's common stock, $1.00 par value, as of October 18, 2022: 354,401,538 shares
1


MATTEL, INC. AND SUBSIDIARIES
2


(Cautionary Note Regarding Forward-Looking Statements)
Mattel cautions investors that this Quarterly Report on Form 10-Q includes forward-looking statements, which are statements that relate to the future and are, by their nature, uncertain. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. The use of words such as "anticipates," "expects," "intends," "plans," "look forward," "confident that," "believes," and "targeted," among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic, and other information and assumptions, and are subject to a number of significant risks and uncertainties. A variety of factors, many of which are beyond Mattel's control, could cause actual future results to differ materially from those projected in the forward-looking statements, and are currently, and in the future may be, amplified by the COVID-19 pandemic. Specific factors that might cause such a difference include, but are not limited to: (i) potential impacts of and uncertainty regarding the COVID-19 pandemic (and actions taken in response to it by governments, businesses, and individuals) on Mattel's business operations, financial results and financial position and on the global economy, including its impact on Mattel's sales; (ii) Mattel’s ability to design, develop, produce, manufacture, source, ship, and distribute products on a timely and cost-effective basis; (iii) sufficient interest in and demand for the products and entertainment Mattel offers by retail customers and consumers to profitably recover Mattel’s costs; (iv) downturns in economic conditions affecting Mattel’s markets which can negatively impact retail customers and consumers, and which can result in lower employment levels and lower consumer disposable income and spending, including lower spending on purchases of Mattel’s products; (v) other factors which can lower discretionary consumer spending, such as higher costs for fuel and food, drops in the value of homes or other consumer assets, and high levels of consumer debt; (vi) potential difficulties or delays Mattel may experience in implementing cost savings and efficiency enhancing initiatives; (vii) other economic and public health conditions or regulatory changes in the markets in which Mattel and its customers and suppliers operate, which could create delays or increase Mattel’s costs, such as higher commodity prices, labor costs or transportation costs, or outbreaks of disease; (viii) inflation and currency fluctuations, including movements in foreign exchange rates, which can lower Mattel’s net revenues and earnings, and significantly impact Mattel’s costs; (ix) the concentration of Mattel’s customers, potentially increasing the negative impact to Mattel of difficulties experienced by any of Mattel’s customers, such as bankruptcies or liquidations or a general lack of success, or changes in their purchasing or selling patterns; (x) the inventory policies of Mattel’s retail customers, as well as the concentration of Mattel’s revenues in the second half of the year, which coupled with reliance by retailers on quick response inventory management techniques, increases the risk of underproduction, overproduction, and shipping delays; (xi) legal, reputational, and financial risks related to security breaches or cyberattacks; (xii) work disruptions, including as a result of supply chain disruption such as plant or port closures, which may impact Mattel’s ability to manufacture or deliver product in a timely and cost-effective manner; (xiii) the impact of competition on revenues, margins, and other aspects of Mattel’s business, including the ability to offer products that consumers choose to buy instead of competitive products, the ability to secure, maintain, and renew popular licenses from licensors of entertainment properties, and the ability to attract and retain talented employees and adapt to evolving workplace models; (xiv) the risk of product recalls or product liability suits and costs associated with product safety regulations; (xv) changes in laws or regulations in the United States and/or in other major markets, such as China, in which Mattel operates, including, without limitation, with respect to taxes, tariffs, trade policies, or product safety, which may increase Mattel’s product costs and other costs of doing business, and reduce Mattel’s earnings and liquidity; (xvi) business disruptions or other unforeseen impacts due to economic instability, political instability, civil unrest, armed hostilities (including the impact of the war in Ukraine), natural and man-made disasters, or other catastrophic events; (xvii) failure to realize the planned benefits from any investments or acquisitions made by Mattel; (xviii) the impact of other market conditions or third party actions or approvals, including those that result in any significant failure, inadequacy, or interruption from vendors or outsourcers, which could reduce demand for Mattel’s products, delay or increase the cost of implementation of Mattel’s programs, or alter Mattel’s actions and reduce actual results; (xix) changes in financing markets or the inability of Mattel to obtain financing on attractive terms; (xx) the impact of litigation, arbitration, or regulatory decisions or settlement actions; (xxi) Mattel's ability to navigate regulatory frameworks in connection with new areas of investment, product development, or other business activities, such as non-fungible tokens and cryptocurrency; (xxii) uncertainty from the expected discontinuance of London Interbank Offer Rate ("LIBOR") and transition to any other interest rate benchmark; and (xxiii) other risks and uncertainties detailed in Part I, Item 1A "Risk Factors" in Mattel's 2021 Annual Report on Form 10-K (the "2021 Annual Report on Form 10-K"), Mattel's Quarterly Report on Form 10-Q for the three months ended March 31, 2022, and subsequent periodic filings. Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law.

3


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30,
2022
September 30,
2021
December 31,
2021
 (Unaudited; in thousands, except share data)
ASSETS
Current Assets
Cash and equivalents$348,970 $148,508 $731,362 
Accounts receivable, net of allowances for credit losses of $12.5 million, $11.3 million and $10.7 million, respectively
1,381,534 1,437,904 1,072,684 
Inventories1,083,769 854,477 777,184 
Prepaid expenses and other current assets268,886 274,262 293,299 
Total current assets3,083,159 2,715,151 2,874,529 
Noncurrent Assets
Property, plant, and equipment, net444,442 455,889 455,966 
Right-of-use assets, net323,490 325,871 325,484 
Goodwill1,370,986 1,389,715 1,390,207 
Deferred income tax assets439,965 579,950 526,906 
Intangible assets, net426,283 487,769 476,858 
Other noncurrent assets379,850 308,690 343,944 
Total Assets$6,468,175 $6,263,035 $6,393,894 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Short-term borrowings$ $128,000 $ 
Current portion of long-term debt250,000   
Accounts payable495,221 538,170 579,152 
Accrued liabilities780,522 919,047 991,592 
Income taxes payable50,366 101,619 27,509 
Total current liabilities1,576,109 1,686,836 1,598,253 
Noncurrent Liabilities
Long-term debt2,324,459 2,569,835 2,570,992 
Noncurrent lease liabilities279,525 288,232 283,626 
Other noncurrent liabilities320,618 404,454 372,174 
Total noncurrent liabilities2,924,602 3,262,521 3,226,792 
Stockholders’ Equity
Common stock $1.00 par value, 1.0 billion shares authorized; 441.4 million shares issued
441,369 441,369 441,369 
Additional paid-in capital1,795,720 1,821,106 1,832,144 
Treasury stock at cost: 87.0 million shares, 91.0 million shares and 90.7 million shares, respectively
(2,130,163)(2,228,910)(2,219,990)
Retained earnings2,831,572 2,230,764 2,456,597 
Accumulated other comprehensive loss(971,034)(950,651)(941,271)
Total stockholders’ equity1,967,464 1,313,678 1,568,849 
Total Liabilities and Stockholders’ Equity$6,468,175 $6,263,035 $6,393,894 
The accompanying notes are an integral part of these consolidated financial statements.
4


MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
 For the Three Months EndedFor the Nine Months Ended
September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
 (Unaudited; in thousands, except per share amounts)
Net Sales$1,755,780 $1,762,293 $4,032,767 $3,662,851 
Cost of sales908,902 919,754 2,154,076 1,920,470 
Gross Profit846,878 842,539 1,878,691 1,742,381 
Advertising and promotion expenses127,600 117,650 291,545 280,074 
Other selling and administrative expenses327,906 335,815 990,627 990,221 
Operating Income391,372 389,074 596,519 472,086 
Interest expense33,870 52,062 99,730 220,689 
Interest (income)(1,903)(753)(5,064)(2,156)
Other non-operating (income) expense, net(4,293)3,901 11,966 3,347 
Income Before Income Taxes363,698 333,864 489,887 250,206 
Provision (Benefit) for income taxes80,035 (456,754)130,530 (415,805)
(Income) from equity method investments(6,219)(4,458)$(18,419)$(11,143)
Net Income$289,882 $795,076 $377,776 $677,154 
Net Income Per Common Share - Basic$0.82 $2.27 $1.07 $1.94 
Weighted-average number of common shares354,471 350,424 353,394 349,642 
Net Income Per Common Share - Diluted$0.80 $2.24 $1.05 $1.91 
Weighted-average number of common and potential common shares360,229 354,178 359,731 354,313 
The accompanying notes are an integral part of these consolidated financial statements.
5


MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 For the Three Months EndedFor the Nine Months Ended
 September 30,
2022
September 30,
2021
September 30,
2022
September 30,
2021
 (Unaudited; in thousands)
Net Income$289,882 $795,076 $377,776 $677,154 
Other Comprehensive Loss, Net of Tax
Currency translation adjustments(72,643)(29,316)(78,212)(36,517)
Employee benefit plan adjustments1,354 3,624 4,065 8,193 
Available-for-sale security adjustments (1,320)3,646 1,912 
Net unrealized gains on derivative instruments:
Unrealized holding gains24,715 13,900 58,604 23,230 
Reclassification adjustments included in net income(11,312)(2,223)(20,667)(2,893)
13,403 11,677 37,937 20,337 
Other Comprehensive Loss, Net of Tax(57,886)(15,335)(32,564)(6,075)
Comprehensive Income$231,996 $779,741 $345,212 $671,079 

The accompanying notes are an integral part of these consolidated financial statements.
6


MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Nine Months Ended
September 30,
2022
September 30,
2021
 (Unaudited; in thousands)
Cash Flows From Operating Activities:
Net Income$377,776 $677,154 
Adjustments to reconcile net income to net cash flows used for operating activities:
Depreciation108,450 108,848 
Amortization28,304 28,572 
Share-based compensation55,941 46,493 
Bad debt expense7,029 1,191 
Inventory obsolescence35,410 27,411 
Deferred income taxes82,673 (39,064)
(Income) from equity method investments(18,419)(11,143)
Loss on extinguishment of long-term borrowings 101,695 
(Gain) on sale of assets/business, net(15,960)(22,965)
Release of valuation allowances on deferred tax assets (492,191)
Changes in assets and liabilities:
Accounts receivable, net(348,229)(431,337)
Inventories(401,845)(393,349)
Prepaid expenses and other current assets(38,985)(11,252)
Accounts payable, accrued liabilities, and income taxes payable(126,552)161,884 
Other, net(20,360)(7,823)
Net cash flows used for operating activities(274,767)(255,876)
Cash Flows From Investing Activities:
Purchases of tools, dies, and molds(57,955)(53,678)
Purchases of other property, plant, and equipment(69,373)(61,531)
Proceeds from (payments of) foreign currency forward exchange contracts, net3,247 (1,229)
Proceeds from sale of assets/business25,839 43,479 
Other, net749 1,479 
Net cash flows used for investing activities(97,493)(71,480)
Cash Flows From Financing Activities:
Proceeds from short-term borrowings, net 127,031 
(Payments of) long-term borrowings (1,575,997)
Proceeds from long-term borrowings, net 1,184,913 
Tax withholdings for share-based compensation (30,327)(19,745)
Proceeds from stock option exercises27,658 5,522 
Other, net(6,795)(1,640)
Net cash flows used for financing activities(9,464)(279,916)
Effect of Currency Exchange Rate Changes on Cash and Equivalents(668)(6,401)
Decrease in Cash and Equivalents(382,392)(613,673)
Cash and Equivalents at Beginning of Period731,362 762,181 
Cash and Equivalents at End of Period$348,970 $148,508 
The accompanying notes are an integral part of these consolidated financial statements.
7


MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
 (Unaudited; in thousands)
Balance, December 31, 2021$441,369 $1,832,144 $(2,219,990)$2,456,597 $(941,271)$1,568,849 
Net income— — — 21,454 — 21,454 
Other comprehensive income, net of tax— — — — 12,061 12,061 
Issuance of treasury stock for stock option exercises— (3,183)17,118 — — 13,935 
Issuance of treasury stock for restricted stock units vesting— (43,523)25,968 — — (17,555)
Share-based compensation— 19,323 — — — 19,323 
Adjustment of accumulated other comprehensive loss to retained earnings for available-for-sale securities— — — (2,801)2,801  
Balance, March 31, 2022$441,369 $1,804,761 $(2,176,904)$2,475,250 $(926,409)$1,618,067 
Net income— — — 66,440 — 66,440 
Other comprehensive income, net of tax— — — — 13,261 13,261 
Issuance of treasury stock for stock option exercises— (2,792)15,139 — — 12,347 
Issuance of treasury stock for restricted stock units vesting— (3,997)3,234 — — (763)
Deferred compensation— (12)143 — — 131 
Share-based compensation— 18,566 — — — 18,566 
Balance, June 30, 2022$441,369 $1,816,526 $(2,158,388)$2,541,690 $(913,148)$1,728,049 
Net income— — — 289,882 — 289,882 
Other comprehensive loss, net of tax— — — — (57,886)(57,886)
Issuance of treasury stock for stock option exercises— (998)2,374 — — 1,376 
Issuance of treasury stock for restricted stock units vesting— (37,861)25,851 — — (12,010)
Share-based compensation— 18,053 — — — 18,053 
Balance, September 30, 2022$441,369 $1,795,720 $(2,130,163)$2,831,572 $(971,034)$1,967,464 
Common
Stock
Additional
Paid-In
Capital
Treasury
Stock
Retained
Earnings
Accumulated
Other
Comprehensive
Loss
Total
Stockholders’
Equity
 (Unaudited; in thousands)
Balance, December 31, 2020$441,369 $1,842,680 $(2,282,939)$1,553,610 $(944,576)$610,144 
Net loss— — — (112,385)— (112,385)
Other comprehensive loss, net of tax— — — — (16,450)(16,450)
Issuance of treasury stock for stock option exercises— (803)1,913 — — 1,110 
Issuance of treasury stock for restricted stock units vesting— (20,031)13,065 — — (6,966)
Share-based compensation— 15,112 — — — 15,112 
Balance, March 31, 2021$441,369 $1,836,958 $(2,267,961)$1,441,225 $(961,026)$490,565 
Net loss— — — (5,537)— (5,537)
Other comprehensive income, net of tax— — — — 25,710 25,710 
Issuance of treasury stock for stock option exercises— (676)2,830 — — 2,154 
Issuance of treasury stock for restricted stock units vesting— (3,212)2,683 — — (529)
Deferred compensation— (37)225 — — 188 
Share-based compensation— 15,168 — — — 15,168 
Balance, June 30, 2021$441,369 $1,848,201 $(2,262,223)$1,435,688 $(935,316)$527,719 
Net income— — — 795,076 — 795,076 
Other comprehensive loss, net of tax— — — — (15,335)(15,335)
Issuance of treasury stock for stock option exercises— (1,585)3,843 — — 2,258 
Issuance of treasury stock for restricted stock units vesting— (41,722)29,470 — — (12,252)
Share-based compensation— 16,212 — — — 16,212 
Balance, September 30, 2021$441,369 $1,821,106 $(2,228,910)$2,230,764 $(950,651)$1,313,678 
The accompanying notes are an integral part of these consolidated financial statements.
8


MATTEL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1.     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, 2021 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 2021 Annual Report on Form 10-K.
Certain prior period amounts have been reclassified to conform to the current period presentation.
2.     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 are net of allowances for credit losses of $12.5 million, $11.3 million, and $10.7 million as of September 30, 2022, September 30, 2021, and December 31, 2021, respectively.
3.     Inventories
Inventories include the following:
September 30,
2022
September 30,
2021
December 31,
2021
 (In thousands)
Raw materials and work in process$163,962 $183,070 $176,400 
Finished goods919,807 671,407 600,784 
$1,083,769 $854,477 $777,184 
4.     Property, Plant, and Equipment, Net
Property, plant, and equipment, net includes the following: 
September 30,
2022
September 30,
2021
December 31,
2021
 (In thousands)
Land$19,198 $21,817 $21,811 
Buildings303,862 315,222 317,114 
Machinery and equipment711,000 754,440 762,462 
Software343,172 344,427 348,062 
Tools, dies, and molds526,639 587,886 537,499 
Leasehold improvements105,223 117,692 115,844 
Construction in progress61,938 53,060 55,559 
2,071,032 2,194,544 2,158,351 
Less: accumulated depreciation(1,626,590)(1,738,655)(1,702,385)
$444,442 $455,889 $455,966 
9


During the three months ended June 30, 2022, Mattel completed the sale of the American Girl corporate offices and a distribution center, located in Middleton, Wisconsin, which included land and buildings. The assets sold were previously designated as held for sale, and included within property, plant, and equipment, net in the consolidated balance sheet. Mattel received net proceeds from the sale of $23.8 million, which resulted in a pre-tax gain of $15.2 million, recorded in other selling and administrative expenses in the consolidated statement of operations.
During the three months ended March 31, 2021, Mattel completed the sale of a manufacturing plant, located in Mexico, which included land and buildings. The assets sold were previously designated as held for sale, and included within property, plant, and equipment, net in the consolidated balance sheet. Mattel received net proceeds from the sale of $24.8 million, which resulted in a pre-tax gain of $15.8 million, recorded in other selling and administrative expenses in the consolidated statement
of operations.
5.     Goodwill and Intangible Assets, Net
Goodwill
Goodwill is allocated to various reporting units, which are at the operating segment level, for the purpose of evaluating whether goodwill is impaired. Mattel's reporting units are: (i) North America, (ii) International, and (iii) American Girl. Components of the operating segments have been aggregated into a single reporting unit as the components have similar economic characteristics. The similar economic characteristics include the nature of the products, the nature of the production processes, the customers, and the manner in which the products are distributed. Mattel tests its goodwill for impairment annually in the third quarter and whenever events or changes in circumstances indicate that the carrying value of a reporting unit may exceed its fair value.
In the third quarter of 2022, Mattel performed a qualitative assessment to determine whether it was more likely than not that the book value of Mattel's reporting units exceeded their fair value. As a result of Mattel's qualitative assessment, it was determined that goodwill was not impaired.
The change in the carrying amount of goodwill by operating segment for the nine months ended September 30, 2022 is shown below. Brand-specific goodwill held by foreign subsidiaries is allocated to the North America segment, thereby causing a foreign currency translation impact.

 December 31,
2021
Currency
Exchange Rate
Impact
September 30,
2022
(In thousands)
North America$731,789 $(5,456)$726,333 
International450,847 (13,765)437,082 
American Girl207,571  207,571 
$1,390,207 $(19,221)$1,370,986 
Intangible Assets, Net
Identifiable intangibles were $426.3 million, net of accumulated amortization of $355.3 million, $487.8 million, net of accumulated amortization of $315.5 million, and $476.9 million, net of accumulated amortization of $327.0 million as of September 30, 2022, September 30, 2021, and December 31, 2021, respectively.
Mattel's amortizable intangible assets primarily consist of trademarks. Mattel tests its amortizable intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Mattel's amortizable intangible assets were not impaired during the three and nine months ended September 30, 2022 and 2021.
10


6.     Accrued Liabilities
Accrued liabilities include the following:
September 30,
2022
September 30,
2021
December 31,
2021
 (In thousands)
Advertising and promotion$100,091 $98,746 $179,687 
Current lease liabilities72,591 68,706 73,752 
Incentive compensation66,830 108,633 140,769 
7.     Seasonal Financing
On September 15, 2022, Mattel entered into a revolving credit agreement (the “Credit Agreement”) as the borrower with 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 secured revolving credit facility (the “new senior secured revolving credit facility”). The new senior secured revolving credit facility will mature on September 15, 2025.
In connection with the entry into the Credit Agreement, the Company terminated the commitments and satisfied all outstanding obligations under the previous credit agreement, dated December 20, 2017 (as amended), by and among Mattel, certain domestic and foreign subsidiaries of Mattel, as additional borrowers, certain other domestic and foreign subsidiaries of Mattel, as guarantors thereunder, Bank of America, N.A., as global administrative agent, collateral agent, and Australian security trustee, and the other lenders and financial institutions party thereto.
Borrowings under the new senior secured revolving credit facility will bear interest at a floating rate, which can be either, at Mattel’s option, (a) adjusted Term Secured Overnight Financing Rate ("SOFR") plus an applicable margin ranging from 1.125% to 2.000% per annum or (b) an alternate base rate plus an applicable margin ranging from 0.125% to 1.000% per annum, in each case, such applicable margins to be determined based on Mattel’s credit ratings.
In addition to paying interest on the outstanding principal under the new senior secured 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 senior secured 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 obligations of Mattel under the new senior secured revolving credit facility are guaranteed by each domestic subsidiary of Mattel that guarantees any of Mattel’s senior unsecured notes (collectively, the “Guarantors”). If Mattel achieves 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 or is continuing at such time and Mattel provides a certification regarding the foregoing to the administrative agent (a “Fall-Away Event”), the obligations of Mattel under the new senior secured revolving credit facility will instead be required to be guaranteed by each existing and future direct and indirect domestic subsidiary of Mattel only to the extent such subsidiary guarantees other indebtedness of Mattel in an aggregate principal or committed amount in excess of $50 million.
The new senior secured revolving credit facility is secured by liens on substantially all of Mattel’s and the Guarantors’ present and after-acquired assets (subject to certain exceptions), including domestic accounts receivable, inventory, certain trademarks and patents, and certain equity interests in direct material subsidiaries of Mattel and the Guarantors. If a Fall-Away Event occurs, all collateral securing the new senior secured revolving credit facility shall be permanently released.
The 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, incur indebtedness, grant liens or security interests on assets, make acquisitions, loans, advances, or investments, pay dividends, sell or otherwise dispose of assets, amend organizational documents, change accounting policies or reporting practices, or enter into negative pledges with respect to assets that constitute collateral. The restrictive covenants also contain customary exceptions, including the uncapped ability to make investments and pay dividends if, in each case, the pro forma total leverage ratio after giving effect to such investment or dividend will be at least 0.25 to 1.00 inside the then-applicable total leverage ratio financial covenant level. Further, if a Fall-Away Event occurs, the restrictive covenants governing investments, dividends, negative pledges, and changes in accounting policies or reporting practices will no longer apply.
The 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 4.50 to 1.00 as of the end of the fiscal quarter ending September 30, 2022, with certain specified step-downs to occur thereafter with respect to subsequent fiscal quarters.
11


As of September 30, 2022, Mattel had no borrowings outstanding under the new senior secured revolving credit facility and no other short-term borrowings outstanding. As of September 30, 2021, Mattel had $128.0 million in borrowings outstanding under the previous senior secured revolving credit facilities and no other short-term borrowings outstanding. As of December 31, 2021, Mattel had no borrowings outstanding under the previous senior secured revolving credit facilities and no other short-term borrowings outstanding. Outstanding letters of credit under the new senior secured revolving credit facility totaled approximately $9 million as of September 30, 2022. Outstanding letters of credit under the previous senior secured revolving credit facilities totaled approximately $10 million as of September 30, 2021, and December 31, 2021, respectively.
As of September 30, 2022, Mattel was in compliance with all covenants contained in the Credit Agreement. The Credit Agreement is a material agreement, and failure to comply with its covenants may result in an event of default under the terms of the new senior secured revolving credit facility. If Mattel were to default under the terms of the new senior secured revolving credit facility, its ability to meet its seasonal financing requirements could be adversely affected.
8.     Long-Term Debt
Long-term debt includes the following:
September 30,
2022
September 30,
2021
December 31,
2021
 (In thousands)
2010 Senior Notes due October 2040$250,000 $250,000 $250,000 
2011 Senior Notes due November 2041300,000 300,000 300,000 
2013 Senior Notes due March 2023250,000 250,000 250,000 
2019 Senior Notes due December 2027600,000 600,000 600,000 
2021 Senior Notes due April 2026600,000 600,000 600,000 
2021 Senior Notes due April 2029600,000 600,000 600,000 
Debt issuance costs and debt discount(25,541)(30,165)(29,008)
$2,574,459 $2,569,835 $2,570,992 
Less: current portion(250,000)  
Total long-term debt$2,324,459 $2,569,835 $2,570,992 
On March 19, 2021, Mattel issued (i) $600 million aggregate principal amount of 3.375% Senior Notes due 2026 (the "2026 Notes") and (ii) $600 million aggregate principal amount of 3.750% Senior Notes due 2029 (the "2029 Notes" and, together with the 2026 Notes, the "Notes"). The 2026 Notes will mature on April 1, 2026 and the 2029 Notes will mature on April 1, 2029, unless earlier redeemed in accordance with their respective terms. The Notes are guaranteed by Mattel’s existing and, subject to certain exceptions, future wholly-owned domestic restricted subsidiaries that guarantee Mattel’s new senior secured revolving credit facility or certain other indebtedness.
The net proceeds from the offering, together with cash on hand, were used to redeem $1.23 billion in aggregate principal amount of Mattel’s outstanding 6.750% Senior Notes due December 2025 (the "2025 Notes") and pay related prepayment premiums and transaction fees and expenses. As a result of the partial redemption of the 2025 Notes, Mattel incurred a loss on extinguishment of $83.2 million, comprised of $62.0 million of prepayment premium costs and a $21.2 million write-off of the unamortized debt issuance costs, which was recorded within interest expense in the consolidated statements of operations in the first quarter of 2021.
On July 1, 2021, Mattel redeemed the remaining outstanding $275 million aggregate principal amount of the 2025 Notes. As a result of the redemption, Mattel incurred a loss on extinguishment of $18.5 million, comprised of $14.0 million of prepayment premium costs and a $4.5 million write-off of the unamortized debt issuance costs, which was recorded within interest expense in the consolidated statements of operations in the third quarter of 2021.
12


9.     Other Noncurrent Liabilities
Other noncurrent liabilities include the following:
September 30,
2022
September 30,
2021
December 31,
2021
 (In thousands)
Benefit plan liabilities$162,202 $202,601 $179,857 
Income taxes payable44,181 67,219 62,915 
10.     Accumulated Other Comprehensive Income (Loss)
The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss) for each period:
 For the Three Months Ended September 30, 2022
 Derivative
Instruments
Available-for-Sale SecuritiesEmployee Benefit PlansCurrency
Translation
Adjustments
Total
 (In thousands)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of June 30, 2022$33,330 $ $(151,388)$(795,090)$(913,148)
Other comprehensive income (loss) before reclassifications24,715  63 (72,643)(47,865)
Amounts reclassified from accumulated other comprehensive loss(11,312) 1,291  (10,021)
Net increase (decrease) in other comprehensive income13,403  1,354 (72,643)(57,886)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2022$46,733 $