falsedesktopMAT2020-09-30000162828020015358{"tbl_sim": "https://q10k.com/tbl-sim", "search": "https://q10k.com/search"}{"q10k_tbl_0": "Large accelerated filer\t☒\tAccelerated filer\t☐\nNon-accelerated filer\t☐\tSmaller reporting company\t☐\n\t\tEmerging growth company\t☐\n", "q10k_tbl_1": "\t\tPage\n\tPART I\t\nItem 1.\tFinancial Statements\t4\n\tConsolidated Balance Sheets\t4\n\tConsolidated Statements of Operations\t5\n\tConsolidated Statements of Comprehensive Income (Loss)\t6\n\tConsolidated Statements of Cash Flows\t7\n\tConsolidated Statements of Stockholders' Equity\t8\n\tNotes to Consolidated Financial Statements\t9\nItem 2.\tManagement's Discussion and Analysis of Financial Condition and Results of Operations\t30\nItem 3.\tQuantitative and Qualitative Disclosures About Market Risk\t48\nItem 4.\tControls and Procedures\t49\n\tPART II\t\nItem 1.\tLegal Proceedings\t50\nItem 1A.\tRisk Factors\t50\nItem 2.\tUnregistered Sales of Equity Securities and Use of Proceeds\t52\nItem 3.\tDefaults Upon Senior Securities\t52\nItem 4.\tMine Safety Disclosures\t52\nItem 5.\tOther Information\t52\nItem 6.\tExhibits\t53\n\tSignature\t54\n", "q10k_tbl_2": "\tSeptember 30 2020\tSeptember 30 2019\tDecember 31 2019\n\t(Unaudited; in thousands except share data)\t\t\nASSETS\t\t\t\nCurrent Assets\t\t\t\nCash and equivalents\t452167\t218298\t630028\nAccounts receivable net of allowances for credit losses of $18.5 million $22.4 million and $18.5 million respectively\t1326128\t1291255\t936359\nInventories\t663639\t701567\t495504\nPrepaid expenses and other current assets\t157929\t225877\t186083\nTotal current assets\t2599863\t2436997\t2247974\nNoncurrent Assets\t\t\t\nProperty plant and equipment net\t497437\t572269\t550139\nRight-of-use assets net\t291097\t306223\t303187\nGoodwill\t1387260\t1382588\t1390714\nOther noncurrent assets\t828438\t829504\t833212\nTotal Assets\t5604095\t5527581\t5325226\nLIABILITIES AND STOCKHOLDERS' EQUITY\t\t\t\nCurrent Liabilities\t\t\t\nShort-term borrowings\t400000\t230000\t0\nAccounts payable\t497379\t512491\t459357\nAccrued liabilities\t739790\t722164\t769513\nIncome taxes payable\t21252\t48795\t48037\nTotal current liabilities\t1658421\t1513450\t1276907\nNoncurrent Liabilities\t\t\t\nLong-term debt\t2852751\t2856773\t2846751\nNoncurrent lease liabilities\t251957\t273906\t270853\nOther noncurrent liabilities\t436459\t419696\t439001\nTotal noncurrent liabilities\t3541167\t3550375\t3556605\nStockholders' Equity\t\t\t\nCommon stock $1.00 par value 1.0 billion shares authorized; 441.4 million shares issued\t441369\t441369\t441369\nAdditional paid-in capital\t1823742\t1811214\t1825569\nTreasury stock at cost: 93.3 million shares 94.7 million shares and 94.6 million shares respectively\t(2283992)\t(2321012)\t(2318921)\nRetained earnings\t1409262\t1413006\t1413181\nAccumulated other comprehensive loss\t(985874)\t(880821)\t(869484)\nTotal stockholders' equity\t404507\t463756\t491714\nTotal Liabilities and Stockholders' Equity\t5604095\t5527581\t5325226\n", "q10k_tbl_3": "\tFor the Three Months Ended\t\t\t\tFor the Nine Months Ended\t\t\nSeptember 30 2020\t\tSeptember 30 2019\t\tSeptember 30 2020\t\tSeptember 30 2019\n\t(Unaudited; in thousands except per share amounts)\t\t\t\t\t\t\nNet Sales\t1631691\t\t1481557\t\t2957897\t\t3030866\nCost of sales\t799307\t\t795130\t\t1549482\t\t1763265\nGross Profit\t832384\t\t686427\t\t1408415\t\t1267601\nAdvertising and promotion expenses\t102527\t\t170379\t\t238981\t\t324333\nOther selling and administrative expenses\t345700\t\t365961\t\t981229\t\t971608\nOperating Income (Loss)\t384157\t\t150087\t\t188205\t\t(28340)\nInterest expense\t50415\t\t47689\t\t149010\t\t140881\nInterest (income)\t(455)\t\t(821)\t\t(3564)\t\t(4625)\nOther non-operating (income) expense net\t(3877)\t\t1264\t\t(133)\t\t2874\nIncome (Loss) Before Income Taxes\t338074\t\t101955\t\t42892\t\t(167470)\nProvision for income taxes\t22080\t\t31359\t\t46811\t\t46217\nNet Income (Loss)\t315994\t\t70596\t\t(3919)\t\t(213687)\nNet Income (Loss) Per Common Share - Basic\t0.91\t\t0.20\t\t(0.01)\t\t(0.62)\nWeighted-average number of common shares\t347628\t\t346698\t\t347206\t\t346210\nNet Income (Loss) Per Common Share - Diluted\t0.91\t\t0.20\t\t(0.01)\t\t(0.62)\nWeighted-average number of common and potential common shares\t348714\t\t348487\t\t347206\t\t346210\n", "q10k_tbl_4": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(Unaudited; in thousands)\t\t\t\nNet Income (Loss)\t315994\t70596\t(3919)\t(213687)\nOther Comprehensive Loss Net of Tax\t\t\t\t\nCurrency translation adjustments\t13032\t(46722)\t(105759)\t(33759)\nEmployee benefit plan adjustments\t1291\t883\t4869\t1730\nNet unrealized gains (losses) on available-for-sale security\t178\t(1922)\t293\t(1989)\nNet unrealized (losses) gains on derivative instruments:\t\t\t\t\nUnrealized holding (losses) gains\t(15709)\t12996\t(1815)\t22068\nAmounts reclassified from accumulated other comprehensive loss\t(7069)\t(6394)\t(13978)\t(9645)\n\t(22778)\t6602\t(15793)\t12423\nOther Comprehensive Loss Net of Tax\t(8277)\t(41159)\t(116390)\t(21595)\nComprehensive Income (Loss)\t307717\t29437\t(120309)\t(235282)\n", "q10k_tbl_5": "\tFor the Nine Months Ended\t\t\nSeptember 30 2020\t\tSeptember 30 2019\n\t(Unaudited; in thousands)\t\t\nCash Flows From Operating Activities\t\t\t\nNet loss\t(3919)\t\t(213687)\nAdjustments to reconcile net loss to net cash flows used for operating activities:\t\t\t\nDepreciation\t120073\t\t156252\nAmortization\t29465\t\t30162\nAsset impairments\t8550\t\t9344\nShare-based compensation\t39946\t\t39140\nBad debt expense\t7822\t\t2869\nInventory obsolescence\t31068\t\t56913\nDeferred income taxes\t8777\t\t(13424)\nChanges in assets and liabilities:\t\t\t\nAccounts receivable\t(429584)\t\t(337530)\nInventories\t(211149)\t\t(229524)\nPrepaid expenses and other current assets\t18979\t\t14703\nAccounts payable accrued liabilities and income taxes payable\t(40082)\t\t(29026)\nOther net\t(13923)\t\t147\nNet cash flows used for operating activities\t(433977)\t\t(513661)\nCash Flows From Investing Activities\t\t\t\nPurchases of tools dies and molds\t(41447)\t\t(36715)\nPurchases of other property plant and equipment\t(49016)\t\t(38962)\nPayments for foreign currency forward exchange contracts net\t(26982)\t\t(3394)\nOther net\t2283\t\t702\nNet cash flows used for investing activities\t(115162)\t\t(78369)\nCash Flows From Financing Activities\t\t\t\nProceeds from short-term borrowings net\t400000\t\t225824\nOther net\t(6580)\t\t(7523)\nNet cash flows provided by financing activities\t393420\t\t218301\nEffect of Currency Exchange Rate Changes on Cash\t(22142)\t\t(2454)\nDecrease in Cash and Equivalents\t(177861)\t\t(376183)\nCash and Equivalents at Beginning of Period\t630028\t\t594481\nCash and Equivalents at End of Period\t452167\t\t218298\n", "q10k_tbl_6": "\tCommon Stock\tAdditional Paid-In Capital\tTreasury Stock\tRetained Earnings\tAccumulated Other Comprehensive Loss\tTotal Stockholders' Equity\n\t(Unaudited; in thousands)\t\t\t\t\t\nBalance December 31 2019\t441369\t1825569\t(2318921)\t1413181\t(869484)\t491714\nNet loss\t0\t0\t0\t(210741)\t0\t(210741)\nOther comprehensive loss net of tax\t0\t0\t0\t0\t(136399)\t(136399)\nIssuance of treasury stock for restricted stock units vesting\t0\t(3777)\t2811\t0\t0\t(966)\nShare-based compensation\t0\t14275\t0\t0\t0\t14275\nBalance March 31 2020\t441369\t1836067\t(2316110)\t1202440\t(1005883)\t157883\nNet loss\t0\t0\t0\t(109172)\t0\t(109172)\nOther comprehensive income net of tax\t0\t0\t0\t0\t28286\t28286\nIssuance of treasury stock for restricted stock units vesting\t0\t(944)\t833\t0\t0\t(111)\nDeferred compensation\t0\t(186)\t310\t0\t0\t124\nShare-based compensation\t0\t9138\t0\t0\t0\t9138\nBalance June 30 2020\t441369\t1844075\t(2314967)\t1093268\t(977597)\t86148\nNet income\t0\t0\t0\t315994\t0\t315994\nOther comprehensive loss net of tax\t0\t0\t0\t0\t(8277)\t(8277)\nIssuance of treasury stock for restricted stock units vesting\t0\t(36865)\t30975\t0\t0\t(5890)\nShare-based compensation\t0\t16532\t0\t0\t0\t16532\nBalance September 30 2020\t441369\t1823742\t(2283992)\t1409262\t(985874)\t404507\n\tCommon Stock\tAdditional Paid-In Capital\tTreasury Stock\tRetained Earnings\tAccumulated Other Comprehensive Loss\tTotal Stockholders' Equity\n\t(Unaudited; in thousands)\t\t\t\t\t\nBalance December 31 2018\t441369\t1812682\t(2354617)\t1626693\t(859226)\t666901\nNet loss\t0\t0\t0\t(176296)\t0\t(176296)\nOther comprehensive income net of tax\t0\t0\t0\t0\t21292\t21292\nIssuance of treasury stock for restricted stock units vesting\t0\t(1829)\t1442\t0\t0\t(387)\nShare-based compensation\t0\t11865\t0\t0\t0\t11865\nBalance March 31 2019\t441369\t1822718\t(2353175)\t1450397\t(837934)\t523375\nNet loss\t0\t0\t0\t(107987)\t0\t(107987)\nOther comprehensive loss net of tax\t0\t0\t0\t0\t(1728)\t(1728)\nIssuance of treasury stock for restricted stock units vesting\t0\t(3060)\t3025\t0\t0\t(35)\nDeferred compensation\t0\t(151)\t276\t0\t0\t125\nShare-based compensation\t0\t12445\t0\t0\t0\t12445\nBalance June 30 2019\t441369\t1831952\t(2349874)\t1342410\t(839662)\t426195\nNet income\t0\t0\t0\t70596\t0\t70596\nOther comprehensive loss net of tax\t0\t0\t0\t0\t(41159)\t(41159)\nIssuance of treasury stock for restricted stock units vesting\t0\t(35569)\t28862\t0\t0\t(6707)\nShare-based compensation\t0\t14831\t0\t0\t0\t14831\nBalance September 30 2019\t441369\t1811214\t(2321012)\t1413006\t(880821)\t463756\n", "q10k_tbl_7": "\tSeptember 30 2020\tSeptember 30 2019\tDecember 31 2019\n\t(In thousands)\t\t\nRaw materials and work in process\t113248\t107562\t103123\nFinished goods\t550391\t594005\t392381\n\t663639\t701567\t495504\n", "q10k_tbl_8": "\tSeptember 30 2020\tSeptember 30 2019\tDecember 31 2019\n\t(In thousands)\t\t\nLand\t24906\t25086\t25112\nBuildings\t297067\t299489\t302956\nMachinery and equipment\t750118\t866002\t812509\nSoftware\t374596\t413903\t364391\nTools dies and molds\t608301\t801064\t747706\nLeasehold improvements\t172095\t211455\t183250\n\t2227083\t2616999\t2435924\nLess: accumulated depreciation\t(1729646)\t(2044730)\t(1885785)\n\t497437\t572269\t550139\n", "q10k_tbl_9": "\tDecember 31 2019\tCurrency Exchange Rate Impact\tSeptember 30 2020\n\t(In thousands)\t\nNorth America\t732430\t(759)\t731671\nInternational\t450713\t(2695)\t448018\nAmerican Girl\t207571\t0\t207571\n\t1390714\t(3454)\t1387260\n", "q10k_tbl_10": "\tSeptember 30 2020\tSeptember 30 2019\tDecember 31 2019\n\t(In thousands)\t\t\nIdentifiable intangible assets (net of accumulated amortization of $277.5 million $238.1 million and $248.0 million respectively)\t519861\t552332\t553114\nDeferred income taxes\t60850\t63551\t67900\n", "q10k_tbl_11": "\tSeptember 30 2020\tSeptember 30 2019\tDecember 31 2019\n\t(In thousands)\t\t\nIncentive compensation\t97635\t65220\t122923\nCurrent lease liabilities\t85120\t73297\t74065\nAdvertising and promotion\t98597\t117561\t93804\nRoyalties\t57020\t82056\t94228\n", "q10k_tbl_12": "\tSeptember 30 2020\tSeptember 30 2019\tDecember 31 2019\n\t(In thousands)\t\t\n2010 Senior Notes due October 2020\t0\t250000\t0\n2010 Senior Notes due October 2040\t250000\t250000\t250000\n2011 Senior Notes due November 2041\t300000\t300000\t300000\n2013 Senior Notes due March 2023\t250000\t250000\t250000\n2016 Senior Notes due August 2021\t0\t350000\t0\n2017/2018 Senior Notes due December 2025\t1500000\t1500000\t1500000\n2019 Senior Notes due December 2027\t600000\t0\t600000\nDebt issuance costs and debt discount\t(47249)\t(43227)\t(53249)\n\t2852751\t2856773\t2846751\n", "q10k_tbl_13": "\tSeptember 30 2020\tSeptember 30 2019\tDecember 31 2019\n\t(In thousands)\t\t\nBenefit plan liabilities\t203295\t183214\t212280\nNoncurrent income tax liabilities\t129773\t146297\t125515\n", "q10k_tbl_14": "\tFor the Three Months Ended September 30 2020\t\t\t\t\n\tDerivative Instruments\tAvailable-for-Sale Security\tEmployee Benefit Plans\tCurrency Translation Adjustments\tTotal\n\t(In thousands)\t\t\t\t\nAccumulated Other Comprehensive Income (Loss) Net of Tax as of June 30 2020\t18026\t(8145)\t(166279)\t(821199)\t(977597)\nOther comprehensive (loss) income before reclassifications\t(15709)\t178\t(432)\t13032\t(2931)\nAmounts reclassified from accumulated other comprehensive income (loss)\t(7069)\t0\t1723\t0\t(5346)\nNet (decrease) increase in other comprehensive (loss) income\t(22778)\t178\t1291\t13032\t(8277)\nAccumulated Other Comprehensive (Loss) Net of Tax as of September 30 2020\t(4752)\t(7967)\t(164988)\t(808167)\t(985874)\n", "q10k_tbl_15": "\tFor the Nine Months Ended September 30 2020\t\t\t\t\n\tDerivative Instruments\tAvailable-for-Sale Security\tEmployee Benefit Plans\tCurrency Translation Adjustments\tTotal\n\t(In thousands)\t\t\t\t\nAccumulated Other Comprehensive Income (Loss) Net of Tax as of December 31 2019\t11041\t(8260)\t(169857)\t(702408)\t(869484)\nOther comprehensive (loss) income before reclassifications\t(1815)\t293\t67\t(105759)\t(107214)\nAmounts reclassified from accumulated other comprehensive income (loss)\t(13978)\t0\t4802\t0\t(9176)\nNet (decrease) increase in other comprehensive (loss) income\t(15793)\t293\t4869\t(105759)\t(116390)\nAccumulated Other Comprehensive (Loss) Net of Tax as of September 30 2020\t(4752)\t(7967)\t(164988)\t(808167)\t(985874)\n", "q10k_tbl_16": "\tFor the Three Months Ended September 30 2019\t\t\t\t\n\tDerivative Instruments\tAvailable-for-Sale Security\tEmployee Benefit Plans\tCurrency Translation Adjustments\tTotal\n\t(In thousands)\t\t\t\t\nAccumulated Other Comprehensive Income (Loss) Net of Tax as of June 30 2019\t17232\t(6614)\t(141916)\t(708364)\t(839662)\nOther comprehensive income (loss) before reclassifications\t12996\t(1922)\t(359)\t(46722)\t(36007)\nAmounts reclassified from accumulated other comprehensive income (loss)\t(6394)\t0\t1242\t0\t(5152)\nNet increase (decrease) in other comprehensive income (loss)\t6602\t(1922)\t883\t(46722)\t(41159)\nAccumulated Other Comprehensive Income (Loss) Net of Tax as of September 30 2019\t23834\t(8536)\t(141033)\t(755086)\t(880821)\n", "q10k_tbl_17": "\tFor the Nine Months Ended September 30 2019\t\t\t\t\n\tDerivative Instruments\tAvailable-for-Sale Security\tEmployee Benefit Plans\tCurrency Translation Adjustments\tTotal\n\t(In thousands)\t\t\t\t\nAccumulated Other Comprehensive Income (Loss) Net of Tax as of December 31 2018\t11411\t(6547)\t(142763)\t(721327)\t(859226)\nOther comprehensive income (loss) before reclassifications\t22068\t(1989)\t(2183)\t(33759)\t(15863)\nAmounts reclassified from accumulated other comprehensive income (loss)\t(9645)\t0\t3913\t0\t(5732)\nNet increase (decrease) in other comprehensive income (loss)\t12423\t(1989)\t1730\t(33759)\t(21595)\nAccumulated Other Comprehensive Income (Loss) Net of Tax as of September 30 2019\t23834\t(8536)\t(141033)\t(755086)\t(880821)\n", "q10k_tbl_18": "\tFor the Three Months Ended\t\t\n\tSeptember 30 2020\tSeptember 30 2019\tStatements of Operations Classification\n\t(In thousands)\t\t\nDerivative Instruments\t\t\t\nGain on foreign currency forward exchange contracts and other\t7031\t6583\tCost of sales\nTax effect\t38\t(189)\tProvision for income taxes\n\t7069\t6394\tNet income (loss)\nEmployee Benefit Plans\t\t\t\nAmortization of prior service credit (a)\t472\t494\tOther non-operating (income) expense net\nRecognized actuarial loss (a)\t(2336)\t(1736)\tOther non-operating (income) expense net\n\t(1864)\t(1242)\t\nTax effect\t141\t0\tProvision for income taxes\n\t(1723)\t(1242)\tNet income (loss)\n", "q10k_tbl_19": "\tFor the Nine Months Ended\t\t\n\tSeptember 30 2020\tSeptember 30 2019\tStatements of Operations Classification\n\t(In thousands)\t\t\nDerivative Instruments\t\t\t\nGain on foreign currency forward exchange contracts and other\t13845\t10185\tCost of sales\nTax effect\t133\t(540)\tProvision for income taxes\n\t13978\t9645\tNet income (loss)\nEmployee Benefit Plans\t\t\t\nAmortization of prior service credit (a)\t1405\t1480\tOther non-operating (income) expense net\nRecognized actuarial loss (a)\t(7014)\t(5208)\tOther non-operating (income) expense net\n\t(5609)\t(3728)\t\nTax effect\t807\t(185)\tProvision for income taxes\n\t(4802)\t(3913)\tNet income (loss)\n", "q10k_tbl_20": "\tDerivative Assets\t\t\t\n\tFair Value\t\t\tBalance Sheet Classification\n\tSeptember 30 2020\tSeptember 30 2019\tDecember 31 2019\n\t(In thousands)\t\t\t\nDerivatives designated as hedging instruments\t\t\t\t\nForeign currency forward exchange contracts and other\t5340\t22077\t10227\tPrepaid expenses and other current assets\nForeign currency forward exchange contracts and other\t896\t4942\t715\tOther noncurrent assets\nTotal derivatives designated as hedging instruments\t6236\t27019\t10942\t\nDerivatives not designated as hedging instruments\t\t\t\t\nForeign currency forward exchange contracts and other\t2337\t619\t4060\tPrepaid expenses and other current assets\n\t8573\t27638\t15002\t\n\tDerivative Liabilities\t\t\t\n\tFair Value\t\t\tBalance Sheet Classification\n\tSeptember 30 2020\tSeptember 30 2019\tDecember 31 2019\n\t(In thousands)\t\t\t\nDerivatives designated as hedging instruments\t\t\t\t\nForeign currency forward exchange contracts and other\t9256\t426\t2500\tAccrued liabilities\nForeign currency forward exchange contracts and other\t3602\t48\t213\tOther noncurrent liabilities\nTotal derivatives designated as hedging instruments\t12858\t474\t2713\t\nDerivatives not designated as hedging instruments\t\t\t\t\nForeign currency forward exchange contracts and other\t984\t2736\t263\tAccrued liabilities\nForeign currency forward exchange contracts and other\t99\t0\t0\tOther noncurrent liabilities\nTotal derivatives not designated as hedging instruments\t1083\t2736\t263\t\n\t13941\t3210\t2976\t\n", "q10k_tbl_21": "\tFor the Three Months Ended\t\t\t\t\n\tSeptember 30 2020\t\tSeptember 30 2019\t\tStatements of Operations Classification\n\tAmount of (Loss) Recognized in OCI\tAmount of Gain Reclassified from Accumulated OCI to Statement of Operations\tAmount of Gain Recognized in OCI\tAmount of Gain Reclassified from Accumulated OCI to Statement of Operations\n\t(In thousands)\t\t\t\t\nDerivatives designated as hedging instruments\t\t\t\t\t\nForeign currency forward exchange contracts and other\t(15709)\t7069\t12996\t6394\tCost of sales\n", "q10k_tbl_22": "\tFor the Nine Months Ended\t\t\t\t\n\tSeptember 30 2020\t\tSeptember 30 2019\t\t\n\tAmount of (Loss) Recognized in OCI\tAmount of Gain Reclassified from Accumulated OCI to Statement of Operations\tAmount of Gain Recognized in OCI\tAmount of Gain Reclassified from Accumulated OCI to Statement of Operations\tStatements of Operations Classification\n\t(In thousands)\t\t\t\t\nDerivatives designated as hedging instruments\t\t\t\t\t\nForeign currency forward exchange contracts and other\t(1815)\t13978\t22068\t9645\tCost of sales\n", "q10k_tbl_23": "\tAmount of (Loss) Recognized in the Statements of Operations\t\tStatements of Operations Classification\n\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands)\t\t\nDerivatives not designated as hedging instruments\t\t\t\nForeign currency forward exchange contracts and other\t(30015)\t(6097)\tOther non-operating (income) expense net\n", "q10k_tbl_24": "\tSeptember 30 2020\t\t\t\n\tLevel 1\tLevel 2\tLevel 3\tTotal\n\t(In thousands)\t\t\t\nAssets\t\t\t\t\nForeign currency forward exchange contracts and other (a)\t0\t8573\t0\t8573\nAvailable-for-sale security (b)\t3823\t0\t0\t3823\nTotal assets\t3823\t8573\t0\t12396\nLiabilities\t\t\t\t\nForeign currency forward exchange contracts and other (a)\t0\t13941\t0\t13941\n\tSeptember 30 2019\t\t\t\n\tLevel 1\tLevel 2\tLevel 3\tTotal\n\t(In thousands)\t\t\t\nAssets\t\t\t\t\nForeign currency forward exchange contracts and other (a)\t0\t27638\t0\t27638\nAvailable-for-sale security (b)\t3284\t0\t0\t3284\nTotal assets\t3284\t27638\t0\t30922\nLiabilities\t\t\t\t\nForeign currency forward exchange contracts and other (a)\t0\t3210\t0\t3210\n\tDecember 31 2019\t\t\t\n\tLevel 1\tLevel 2\tLevel 3\tTotal\n\t(In thousands)\t\t\t\nAssets\t\t\t\t\nForeign currency forward exchange contracts and other (a)\t0\t15002\t0\t15002\nAvailable-for-sale security (b)\t3530\t0\t0\t3530\nTotal assets\t3530\t15002\t0\t18532\nLiabilities\t\t\t\t\nForeign currency forward exchange contracts and other (a)\t0\t2976\t0\t2976\n", "q10k_tbl_25": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands except per share amounts)\t\t\t\nBasic\t\t\t\t\nNet income (loss)\t315994\t70596\t(3919)\t(213687)\nWeighted-average number of common shares\t347628\t346698\t347206\t346210\nBasic net income (loss) per common share\t0.91\t0.20\t(0.01)\t(0.62)\nDiluted\t\t\t\t\nNet income (loss)\t315994\t70596\t(3919)\t(213687)\nWeighted-average number of common shares\t347628\t346698\t347206\t346210\nDilutive stock options and restricted stock units (\"RSUs\") (a)\t1086\t1789\t0\t0\nWeighted-average number of common and potential common shares\t348714\t348487\t347206\t346210\nDiluted net income (loss) per common share\t0.91\t0.20\t(0.01)\t(0.62)\n", "q10k_tbl_26": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands)\t\t\t\nService cost\t1015\t923\t3236\t3557\nInterest cost\t3729\t4812\t11247\t14478\nExpected return on plan assets\t(4899)\t(5402)\t(14722)\t(16280)\nAmortization of prior service cost\t37\t16\t123\t48\nRecognized actuarial loss\t2355\t1832\t7070\t5496\n\t2237\t2181\t6954\t7299\n", "q10k_tbl_27": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands)\t\t\t\nInterest cost\t35\t50\t104\t150\nAmortization of prior service credit\t(509)\t(510)\t(1528)\t(1528)\nRecognized actuarial gain\t(19)\t(96)\t(56)\t(288)\n\t(493)\t(556)\t(1480)\t(1666)\n", "q10k_tbl_28": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands)\t\t\t\nStock option compensation expense\t3095\t2786\t8602\t7359\nRSU compensation expense (a)\t13437\t12045\t31344\t31781\n\t16532\t14831\t39946\t39140\n", "q10k_tbl_29": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands)\t\t\t\nDesign and development\t45495\t48811\t136609\t143441\nIdentifiable intangible asset amortization\t9813\t9824\t29465\t30162\n", "q10k_tbl_30": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands)\t\t\t\nOperating income (loss)\t(6461)\t1316\t(8406)\t(1782)\nOther non-operating (income) expense net\t(553)\t(1254)\t(2988)\t(1804)\nCurrency transaction (losses) gains net\t(7014)\t62\t(11394)\t(3586)\n", "q10k_tbl_31": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands)\t\t\t\nCost of sales (a)\t348\t8430\t4812\t11913\nOther selling and administrative expenses (b)\t2259\t7908\t6379\t15879\n\t2607\t16338\t11191\t27792\n", "q10k_tbl_32": "\tLiability at December 31 2019\tCharges (a)\tPayments/Utilization\tLiability at September 30 2020\n\t(In thousands)\t\t\t\nSeverance\t6151\t6039\t(7197)\t4993\nOther restructuring charges\t11484\t5152\t(16548)\t88\n\t17635\t11191\t(23745)\t5081\n", "q10k_tbl_33": "\tLiability at December 31 2019\tCharges (a)\tPayments/Utilization\tLiability at September 30 2020\n\t(In thousands)\t\t\t\nSeverance (a)\t0\t18142\t(9203)\t8939\n", "q10k_tbl_34": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands)\t\t\t\nGross Sales by Segment\t\t\t\t\nNorth America\t991609\t880441\t1758912\t1697186\nInternational\t773056\t721705\t1423120\t1567390\nAmerican Girl\t53738\t54764\t120896\t134726\nGross sales\t1818403\t1656910\t3302928\t3399302\nSales adjustments\t(186712)\t(175353)\t(345031)\t(368436)\nNet sales\t1631691\t1481557\t2957897\t3030866\n", "q10k_tbl_35": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands)\t\t\t\nSegment Income (Loss)\t\t\t\t\nNorth America (a)\t344420\t194368\t430371\t202923\nInternational (a)\t183220\t89244\t139372\t61434\nAmerican Girl\t(10296)\t(11079)\t(41595)\t(41442)\n\t517344\t272533\t528148\t222915\nCorporate and other expense (b)\t(133187)\t(122446)\t(339943)\t(251255)\nOperating income (loss)\t384157\t150087\t188205\t(28340)\nInterest expense\t50415\t47689\t149010\t140881\nInterest (income)\t(455)\t(821)\t(3564)\t(4625)\nOther non-operating (income) expense net\t(3877)\t1264\t(133)\t2874\nIncome (loss) before income taxes\t338074\t101955\t42892\t(167470)\n", "q10k_tbl_36": "\tSeptember 30 2020\tSeptember 30 2019\tDecember 31 2019\n\t(In thousands)\t\t\nAssets by Segment\t\t\t\nNorth America\t975224\t916250\t569819\nInternational\t818710\t906788\t721251\nAmerican Girl\t66333\t60171\t35004\n\t1860267\t1883209\t1326074\nCorporate and other\t129500\t109613\t105789\nAccounts receivable and inventories net\t1989767\t1992822\t1431863\n", "q10k_tbl_37": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands)\t\t\t\nGross Sales by Categories\t\t\t\t\nDolls\t690466\t567598\t1177358\t1093890\nInfant Toddler and Preschool\t404064\t430973\t744208\t876595\nVehicles\t369388\t346939\t713723\t744437\nAction Figures Building Sets Games and Other\t354485\t311400\t667639\t684380\nGross sales\t1818403\t1656910\t3302928\t3399302\nSales adjustments\t(186712)\t(175353)\t(345031)\t(368436)\nNet sales\t1631691\t1481557\t2957897\t3030866\n", "q10k_tbl_38": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands)\t\t\t\nGross Sales by Top 3 Power Brands\t\t\t\t\nBarbie\t532228\t412840\t879025\t762849\nHot Wheels\t312788\t293295\t607885\t619030\nFisher-Price and Thomas & Friends\t387648\t396339\t692657\t791146\nOther\t585739\t554436\t1123361\t1226277\nGross sales\t1818403\t1656910\t3302928\t3399302\nSales adjustments\t(186712)\t(175353)\t(345031)\t(368436)\nNet sales\t1631691\t1481557\t2957897\t3030866\n", "q10k_tbl_39": "\tFor the Three Months Ended\t\tFor the Nine Months Ended\t\n\tSeptember 30 2020\tSeptember 30 2019\tSeptember 30 2020\tSeptember 30 2019\n\t(In thousands)\t\t\t\nGross Sales by Geographic Area\t\t\t\t\nNorth America\t1045347\t935205\t1879808\t1831912\nInternational\t\t\t\t\nEMEA\t482590\t408660\t881895\t859116\nLatin America\t186644\t213535\t313995\t430095\nAsia Pacific\t103822\t99510\t227230\t278179\nTotal International\t773056\t721705\t1423120\t1567390\nGross sales\t1818403\t1656910\t3302928\t3399302\nSales adjustments\t(186712)\t(175353)\t(345031)\t(368436)\nNet sales\t1631691\t1481557\t2957897\t3030866\n", "q10k_tbl_40": "\tFor the Three Months Ended\t\t\t\t\t\t\t\tYear/Year Change\t\t\nSeptember 30 2020\t\t\t\tSeptember 30 2019\t\t\t\nAmount\t\t% of Net Sales\t\tAmount\t\t% of Net Sales\t\t%\t\tBasis Points of Net Sales\n\t(In millions except percentage and basis point information)\t\t\t\t\t\t\t\t\t\t\nNet sales\t1631.7\t\t100.0%\t\t1481.6\t\t100.0%\t\t10%\t\t0\nGross profit\t832.4\t\t51.0%\t\t686.4\t\t46.3%\t\t21%\t\t470\nAdvertising and promotion expenses\t102.5\t\t6.3%\t\t170.4\t\t11.5%\t\t-40%\t\t-520\nOther selling and administrative expenses\t345.7\t\t21.2%\t\t366.0\t\t24.7%\t\t-6%\t\t-350\nOperating income\t384.2\t\t23.5%\t\t150.1\t\t10.1%\t\t156%\t\t1340\nInterest expense\t50.4\t\t3.1%\t\t47.7\t\t3.2%\t\t6%\t\t-10\nInterest (income)\t(0.5)\t\t-%\t\t(0.8)\t\t-0.1%\t\t-45%\t\t10\nOther non-operating (income) expense net\t(3.9)\t\t\t\t1.3\t\t\t\t\t\t\nIncome before income taxes\t338.1\t\t20.7%\t\t102.0\t\t6.9%\t\t232%\t\t1380\nProvision for income taxes\t22.1\t\t\t\t31.4\t\t\t\t\t\t\nNet Income\t316.0\t\t19.4%\t\t70.6\t\t4.8%\t\t348%\t\t1460\n", "q10k_tbl_41": "\tFor the Three Months Ended\t\t% Change as Reported\tCurrency Exchange Rate Impact\n\tSeptember 30 2020\tSeptember 30 2019\n\t(In millions except percentage information)\t\t\t\nGross Sales by Categories\t\t\t\t\nDolls\t690.5\t567.6\t22%\t-2%\nInfant Toddler and Preschool\t404.1\t431.0\t-6%\t-1%\nVehicles\t369.4\t346.9\t6%\t-2%\nAction Figures Building Sets Games and Other\t354.5\t311.4\t14%\t-%\nGross Sales\t1818.4\t1656.9\t10%\t-1%\nSales Adjustments\t(186.7)\t(175.4)\t\t\nNet Sales\t1631.7\t1481.6\t10%\t-1%\nSupplemental Gross Sales Disclosure\t\t\t\t\nGross Sales by Top 3 Power Brands\t\t\t\t\nBarbie\t532.2\t412.8\t29%\t-1%\nHot Wheels\t312.8\t293.3\t7%\t-2%\nFisher-Price and Thomas & Friends\t387.6\t396.3\t-2%\t-1%\nOther\t585.7\t554.4\t6%\t-1%\nGross Sales\t1818.4\t1656.9\t10%\t-1%\n", "q10k_tbl_42": "\tFor the Three Months Ended\t\t% Change as Reported\tCurrency Exchange Rate Impact\n\tSeptember 30 2020\tSeptember 30 2019\n\t(In millions except percentage information)\t\t\t\nNet Sales\t924.7\t821.9\t13%\t-%\nSegment Income\t344.4\t194.4\t77%\t\nGross Sales by Categories\t\t\t\t\nDolls\t328.6\t250.6\t31%\t-%\nInfant Toddler and Preschool\t255.3\t274.6\t-7%\t-%\nVehicles\t189.6\t170.8\t11%\t-%\nAction Figures Building Sets Games and Other\t218.1\t184.4\t18%\t-%\nGross Sales\t991.6\t880.4\t13%\t-%\nSales Adjustments\t(66.9)\t(58.6)\t\t\nNet Sales\t924.7\t821.9\t13%\t-%\nSupplemental Gross Sales Disclosure\t\t\t\t\nGross Sales by Top 3 Power Brands\t\t\t\t\nBarbie\t297.6\t221.2\t35%\t-%\nHot Wheels\t156.5\t140.8\t11%\t-%\nFisher-Price and Thomas & Friends\t241.6\t250.9\t-4%\t-%\nOther\t295.9\t267.5\t11%\t-%\nGross Sales\t991.6\t880.4\t13%\t-%\n", "q10k_tbl_43": "\tFor the Three Months Ended\t\t% Change as Reported\tCurrency Exchange Rate Impact\n\tSeptember 30 2020\tSeptember 30 2019\n\t(In millions except percentage information)\t\t\t\nNet Sales\t655.5\t607.9\t8%\t-3%\nSegment Income\t183.2\t89.2\t105%\t\nGross Sales by Categories\t\t\t\t\nDolls\t308.2\t262.2\t18%\t-4%\nInfant Toddler and Preschool\t148.7\t156.4\t-5%\t-2%\nVehicles\t179.8\t176.2\t2%\t-4%\nAction Figures Building Sets Games and Other\t136.4\t127.0\t7%\t-2%\nGross Sales\t773.1\t721.7\t7%\t-3%\nSales Adjustments\t(117.5)\t(113.8)\t\t\nNet Sales\t655.5\t607.9\t8%\t-3%\nSupplemental Gross Sales Disclosure\t\t\t\t\nGross Sales by Top 3 Power Brands\t\t\t\t\nBarbie\t234.6\t191.6\t22%\t-4%\nHot Wheels\t156.3\t152.5\t3%\t-4%\nFisher-Price and Thomas & Friends\t146.1\t145.4\t-%\t-3%\nOther\t236.1\t232.1\t2%\t-2%\nGross Sales\t773.1\t721.7\t7%\t-3%\n", "q10k_tbl_44": "\tFor the Three Months Ended\t\t% Change as Reported\tCurrency Exchange Rate Impact\n\tSeptember 30 2020\tSeptember 30 2019\n\t(In millions except percentage information)\t\t\t\nNet Sales\t51.4\t51.8\t-1%\t-%\nSegment Loss\t(10.3)\t(11.1)\t-7%\t\nAmerican Girl Segment\t\t\t\t\nGross Sales\t53.7\t54.8\t-2%\t-%\nSales Adjustments\t(2.3)\t(3.0)\t\t\nNet Sales\t51.4\t51.8\t-1%\t-%\n", "q10k_tbl_45": "\tFor the Nine Months Ended\t\t\t\t\t\t\t\tYear/Year Change\t\t\nSeptember 30 2020\t\t\t\tSeptember 30 2019\t\t\t\nAmount\t\t% of Net Sales\t\tAmount\t\t% of Net Sales\t\t%\t\tBasis Points of Net Sales\n\t(In millions except percentage and basis point information)\t\t\t\t\t\t\t\t\t\t\nNet sales\t2957.9\t\t100.0%\t\t3030.9\t\t100.0%\t\t-2%\t\t0\nGross profit\t1408.4\t\t47.6%\t\t1267.6\t\t41.8%\t\t11%\t\t580.0\nAdvertising and promotion expenses\t239.0\t\t8.1%\t\t324.3\t\t10.7%\t\t-26%\t\t(260.0)\nOther selling and administrative expenses\t981.2\t\t33.2%\t\t971.6\t\t32.1%\t\t1%\t\t110.0\nOperating income (loss)\t188.2\t\t6.4%\t\t(28.3)\t\t-0.9%\t\tn/m\t\t730.0\nInterest expense\t149.0\t\t5.0%\t\t140.9\t\t4.6%\t\t6%\t\t40.0\nInterest (income)\t(3.6)\t\t-0.1%\t\t(4.6)\t\t-0.2%\t\t-23%\t\t10.0\nOther non-operating (income) expense net\t(0.1)\t\t\t\t2.9\t\t\t\t\t\t\nIncome (loss) before income taxes\t42.9\t\t1.5%\t\t(167.5)\t\t-5.5%\t\tn/m\t\t700.0\nProvision for income taxes\t46.8\t\t\t\t46.2\t\t\t\t\t\t\nNet loss\t(3.9)\t\t-0.1%\t\t(213.7)\t\t-7.1%\t\t-98%\t\t700.0\n", "q10k_tbl_46": "\tFor the Nine Months Ended\t\t% Change as Reported\tCurrency Exchange Rate Impact\n\tSeptember 30 2020\tSeptember 30 2019\n\t(In millions except percentage information)\t\t\t\nGross Sales by Categories\t\t\t\t\nDolls\t1177.4\t1093.9\t8%\t-2%\nInfant Toddler and Preschool\t744.2\t876.6\t-15%\t-1%\nVehicles\t713.7\t744.4\t-4%\t-2%\nAction Figures Building Sets Games and Other\t667.6\t684.4\t-2%\t-1%\nGross Sales\t3302.9\t3399.3\t-3%\t-2%\nSales Adjustments\t(345.0)\t(368.4)\t\t\nNet Sales\t2957.9\t3030.9\t-2%\t-1%\nSupplemental Gross Sales Disclosure\t\t\t\t\nGross Sales by Top 3 Power Brands\t\t\t\t\nBarbie\t879.0\t762.8\t15%\t-2%\nHot Wheels\t607.9\t619.0\t-2%\t-3%\nFisher-Price and Thomas & Friends\t692.7\t791.1\t-12%\t-1%\nOther\t1123.4\t1226.3\t-8%\t-1%\nGross Sales\t3302.9\t3399.3\t-3%\t-2%\n", "q10k_tbl_47": "\tFor the Nine Months Ended\t\t% Change as Reported\tCurrency Exchange Rate Impact\n\tSeptember 30 2020\tSeptember 30 2019\n\t(In millions except percentage information)\t\t\t\nNet Sales\t1645.2\t1586.2\t4%\t-%\nSegment Income\t430.4\t202.9\t112%\t\nGross Sales by Categories\t\t\t\t\nDolls\t523.6\t424.2\t23%\t-%\nInfant Toddler and Preschool\t464.3\t525.3\t-12%\t-%\nVehicles\t356.2\t344.3\t3%\t-%\nAction Figures Building Sets Games and Other\t414.8\t403.4\t3%\t-%\nGross Sales\t1758.9\t1697.2\t4%\t-%\nSales Adjustments\t(113.8)\t(111.0)\t\t\nNet Sales\t1645.2\t1586.2\t4%\t-%\nSupplemental Gross Sales Disclosure\t\t\t\t\nGross Sales by Top 3 Power Brands\t\t\t\t\nBarbie\t477.7\t369.0\t29%\t-1%\nHot Wheels\t296.8\t276.4\t7%\t-%\nFisher-Price and Thomas & Friends\t423.2\t472.1\t-10%\t-%\nOther\t561.2\t579.7\t-3%\t-%\nGross Sales\t1758.9\t1697.2\t4%\t-%\n", "q10k_tbl_48": "\tFor the Nine Months Ended\t\t% Change as Reported\tCurrency Exchange Rate Impact\n\tSeptember 30 2020\tSeptember 30 2019\n\t(In millions except percentage information)\t\t\t\nNet Sales\t1196.0\t1315.0\t-9%\t-4%\nSegment Income\t139.4\t61.4\t127%\t\nGross Sales by Categories\t\t\t\t\nDolls\t532.9\t535.0\t-%\t-4%\nInfant Toddler and Preschool\t279.9\t351.3\t-20%\t-3%\nVehicles\t357.5\t400.1\t-11%\t-5%\nAction Figures Building Sets Games and Other\t252.7\t281.0\t-10%\t-3%\nGross Sales\t1423.1\t1567.4\t-9%\t-4%\nSales Adjustments\t(227.2)\t(252.4)\t\t\nNet Sales\t1196.0\t1315.0\t-9%\t-4%\nSupplemental Gross Sales Disclosure\t\t\t\t\nGross Sales by Top 3 Power Brands\t\t\t\t\nBarbie\t401.3\t393.9\t2%\t-4%\nHot Wheels\t311.1\t342.6\t-9%\t-5%\nFisher-Price and Thomas & Friends\t269.5\t319.1\t-16%\t-4%\nOther\t441.2\t511.9\t-14%\t-4%\nGross Sales\t1423.1\t1567.4\t-9%\t-4%\n", "q10k_tbl_49": "\tFor the Nine Months Ended\t\t% Change as Reported\tCurrency Exchange Rate Impact\n\tSeptember 30 2020\tSeptember 30 2019\n\t(In millions except percentage information)\t\t\t\nNet Sales\t116.8\t129.7\t-10%\t-%\nSegment Loss\t(41.6)\t(41.4)\t-%\t\nAmerican Girl Segment\t\t\t\t\nTotal Gross Sales\t120.9\t134.7\t-10%\t-%\nSales Adjustments\t(4.1)\t(5.0)\t\t\nTotal Net Sales\t116.8\t129.7\t-10%\t-%\n", "q10k_tbl_50": "\tSeptember 30 2020\t\tSeptember 30 2019\t\tDecember 31 2019\t\n\t(In millions except percentage information)\t\t\t\t\t\nCash and equivalents\t452.2\t\t218.3\t\t630.0\t\nShort-term borrowings\t400.0\t\t230.0\t\t0\t\n2010 Senior Notes due October 2020\t0\t\t250.0\t\t0\t\n2010 Senior Notes due October 2040\t250.0\t\t250.0\t\t250.0\t\n2011 Senior Notes due November 2041\t300.0\t\t300.0\t\t300.0\t\n2013 Senior Notes due March 2023\t250.0\t\t250.0\t\t250.0\t\n2016 Senior Notes due August 2021\t0\t\t350.0\t\t0\t\n2017/2018 Senior Notes due December 2025\t1500.0\t\t1500.0\t\t1500.0\t\n2019 Senior Notes due December 2027\t600.0\t\t0\t\t600.0\t\nDebt issuance costs and debt discount\t(47.2)\t\t(43.2)\t\t(53.2)\t\nTotal debt\t3252.8\t89%\t3086.8\t87%\t2846.8\t85%\nStockholders' equity\t404.5\t11\t463.8\t13\t491.7\t15\nTotal capitalization (debt plus equity)\t3657.3\t100%\t3550.6\t100%\t3338.5\t100%\n", "q10k_tbl_51": "\tFor the Three Months Ended September 30\t\t\t\tFor the Nine Months Ended September 30\t\t\t\n(In millions except percentage information)\t2020\t2019\t% Change as Reported\t% Change in Constant Currency\t2020\t2019\t% Change as Reported\t% Change in Constant Currency\nNet sales\t1631.7\t1481.6\t10%\t-1%\t2957.9\t3030.9\t-2%\t-1%\nSales adjustments\t186.7\t175.4\t\t\t345.0\t368.4\t\t\nGross sales\t1818.4\t1656.9\t10%\t-1%\t3302.9\t3399.3\t-3%\t-2%\n", "q10k_tbl_52": "\tFor the Three Months Ended September 30\t\t\t\tFor the Nine Months Ended September 30\t\t\t\n(In millions except percentage information)\t2020\t2019\t% Change as Reported\t% Change in Constant Currency\t2020\t2019\t% Change as Reported\t% Change in Constant Currency\nNet sales\t924.7\t821.9\t13%\t-%\t1645.2\t1586.2\t4%\t-%\nSales adjustments\t66.9\t58.6\t\t\t113.8\t111.0\t\t\nGross sales\t991.6\t880.4\t13%\t-%\t1758.9\t1697.2\t4%\t-%\n", "q10k_tbl_53": "\tFor the Three Months Ended September 30\t\t\t\tFor the Nine Months Ended September 30\t\t\t\n(In millions except percentage information)\t2020\t2019\t% Change as Reported\t% Change in Constant Currency\t2020\t2019\t% Change as Reported\t% Change in Constant Currency\nNet sales\t655.5\t607.9\t8%\t-3%\t1196.0\t1315.0\t-9%\t-4%\nSales adjustments\t117.5\t113.8\t\t\t227.2\t252.4\t\t\nGross sales\t773.1\t721.7\t7%\t-3%\t1423.1\t1567.4\t-9%\t-4%\n", "q10k_tbl_54": "\tFor the Three Months Ended September 30\t\t\t\tFor the Nine Months Ended September 30\t\t\t\n(In millions except percentage information)\t2020\t2019\t% Change as Reported\t% Change in Constant Currency\t2020\t2019\t% Change as Reported\t% Change in Constant Currency\nNet sales\t51.4\t51.8\t-1%\t-%\t116.8\t129.7\t-10%\t-%\nSales adjustments\t2.3\t3.0\t\t\t4.1\t5.0\t\t\nGross sales\t53.7\t54.8\t-2%\t-%\t120.9\t134.7\t-10%\t-%\n", "q10k_tbl_55": "Period\tTotal Number of Shares (or Units) Purchased (a)\tAverage Price Paid per Share (or Unit)\tTotal Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs\tMaximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs (b)\nJuly 1-31\t476481\t11.11\t0\t203016273\nAugust 1-31\t27244\t11.62\t0\t203016273\nSeptember 1-30\t24139\t11.48\t0\t203016273\nTotal\t527864\t11.15\t0\t203016273\n", "q10k_tbl_56": "\t\tIncorporated by Reference\t\t\t\nExhibit No.\tExhibit Description\tForm\tFile No.\tExhibit(s)\tFiling Date\n3.0\tRestated Certificate of Incorporation of Mattel Inc.\t8-K\t001-05647\t99.0\tMay 21 2007\n3.1\tAmended and Restated Bylaws of Mattel Inc.\t8-K\t001-05647\t3.1\tAugust 28 2018\n4.0\tSpecimen Stock Certificate with respect to Mattel Inc.\t10-Q\t001-05647\t4.0\tAugust 3 2007\n31.0*\tCertification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\t\t\t\t\n31.1*\tCertification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002\t\t\t\t\n32.0**\tCertifications of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002\t\t\t\t\n101.INS*\tInline XBRL Instance Document\t\t\t\t\n101.SCH*\tInline XBRL Taxonomy Extension Schema Document\t\t\t\t\n101.CAL*\tInline XBRL Taxonomy Extension Calculation Linkbase Document\t\t\t\t\n101.DEF*\tInline XBRL Taxonomy Extension Definition Linkbase Document\t\t\t\t\n101.LAB*\tInline XBRL Taxonomy Extension Label Linkbase Document\t\t\t\t\n101.PRE*\tInline XBRL Taxonomy Extension Presentation Linkbase Document\t\t\t\t\n104*\tThe cover page from Mattel's Quarterly Report on Form 10-Q for the three months ended September 30 2020 formatted in Inline XBRL.\t\t\t\t\n"}{"bs": "q10k_tbl_2", "is": "q10k_tbl_40", "cf": "q10k_tbl_5"}None
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common stock, $1.00 per share
MAT
The 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 16, 2020: 348,040,304 shares
(Cautionary Statement Under the Private Securities Litigation Reform Act of 1995)
Mattel is including this Cautionary Statement to caution investors and qualify for the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 (the "Act") for forward-looking statements.This Quarterly Report on Form 10-Q includes forward-looking statements within the meaning of the Act.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," "confident that" and "believes," 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 our control, could cause actual future results to differ materially from those projected in the forward-looking statements, and are currently, or in the future could 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 the COVID-19 pandemic on our business operations, financial results and financial position and on the global economy, including its impact on our sales; (ii) Mattel’s ability to design, develop, produce, manufacture, source and ship products on a timely and cost-effective basis, as well as interest in and purchase of those products by retail customers and consumers in quantities and at prices that will be sufficient to profitably recover Mattel’s costs; (iii) downturns in economic conditions affecting Mattel’s markets which can negatively impact retail customers and consumers, and which can result in lower employment levels, lower consumer disposable income and spending, including lower spending on purchases of Mattel’s products; (iv) 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; (v) potential difficulties or delays Mattel may experience in implementing cost savings and efficiency enhancing initiatives; (vi) 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; (vii) currency fluctuations, including movements in foreign exchange rates, which can lower Mattel’s net revenues and earnings, and significantly impact Mattel’s costs; (viii) the concentration of Mattel’s customers, potentially increasing the negative impact to Mattel of difficulties experienced by any of Mattel’s customers, or changes in their purchasing or selling patterns; (ix) the future willingness of licensors of entertainment properties for which Mattel currently has licenses or would seek to have licenses in the future to license those products to Mattel; (x) the inventory policies of Mattel’s retail customers, including retailers’ potential decisions to lower their inventories, even if it results in lost sales, 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 of popular items, overproduction of less popular items and failure to achieve compressed shipping schedules; (xi) legal, reputational, and financial risks related to security breaches or cyberattacks; (xii) the increased costs of developing more sophisticated digital and smart technology products, and the corresponding supply chain and design challenges associated with such products; (xiii) work disruptions, which may impact Mattel’s ability to manufacture or deliver product in a timely and cost-effective manner; (xiv) the bankruptcy and liquidation of Mattel’s significant retailers, or the general lack of success of one of Mattel’s significant retailers which could negatively impact Mattel’s revenues or bad debt exposure; (xv) the impact of competition on revenues, margins and other aspects of Mattel’s business, including the ability to offer products which consumers choose to buy instead of competitive products, the ability to secure, maintain and renew popular licenses and the ability to attract and retain talented employees; (xvi) the risk of product recalls or product liability suits and costs associated with product safety regulations; (xvii) 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; (xviii) failure to realize the planned benefits from any investments or acquisitions made by Mattel; (xix) the impact of other market conditions, third party actions or approvals and competition which could reduce demand for Mattel’s products or delay or increase the cost of implementation of Mattel’s programs or alter Mattel’s actions and reduce actual results; (xx) changes in financing markets or the inability of Mattel to obtain financing on attractive terms; (xxi) the impact of litigation, arbitration, or regulatory decisions or settlement actions; (xxii) uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; and (xxiii) other risks and uncertainties detailed in Part 1, Item 1A "Risk Factors" in Mattel's 2019 Annual Report on Form 10-K, as amended (the "2019 Annual Report on Form 10-K") and in Part II, Item 1A "Risk Factors" of this Quarterly Report on Form 10-Q.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, 2020
September 30, 2019
December 31, 2019
(Unaudited; in thousands, except share data)
ASSETS
Current Assets
Cash and equivalents
$
452,167
$
218,298
$
630,028
Accounts receivable, net of allowances for credit losses of $18.5 million, $22.4 million, and $18.5 million, respectively
1,326,128
1,291,255
936,359
Inventories
663,639
701,567
495,504
Prepaid expenses and other current assets
157,929
225,877
186,083
Total current assets
2,599,863
2,436,997
2,247,974
Noncurrent Assets
Property, plant, and equipment, net
497,437
572,269
550,139
Right-of-use assets, net
291,097
306,223
303,187
Goodwill
1,387,260
1,382,588
1,390,714
Other noncurrent assets
828,438
829,504
833,212
Total Assets
$
5,604,095
$
5,527,581
$
5,325,226
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Short-term borrowings
$
400,000
$
230,000
$
—
Accounts payable
497,379
512,491
459,357
Accrued liabilities
739,790
722,164
769,513
Income taxes payable
21,252
48,795
48,037
Total current liabilities
1,658,421
1,513,450
1,276,907
Noncurrent Liabilities
Long-term debt
2,852,751
2,856,773
2,846,751
Noncurrent lease liabilities
251,957
273,906
270,853
Other noncurrent liabilities
436,459
419,696
439,001
Total noncurrent liabilities
3,541,167
3,550,375
3,556,605
Stockholders' Equity
Common stock $1.00 par value, 1.0 billion shares authorized; 441.4 million shares issued
441,369
441,369
441,369
Additional paid-in capital
1,823,742
1,811,214
1,825,569
Treasury stock at cost: 93.3 million shares, 94.7 million shares, and 94.6 million shares, respectively
(2,283,992)
(2,321,012)
(2,318,921)
Retained earnings
1,409,262
1,413,006
1,413,181
Accumulated other comprehensive loss
(985,874)
(880,821)
(869,484)
Total stockholders' equity
404,507
463,756
491,714
Total Liabilities and Stockholders' Equity
$
5,604,095
$
5,527,581
$
5,325,226
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 Ended
For the Nine Months Ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
(Unaudited; in thousands, except per share amounts)
Net Sales
$
1,631,691
$
1,481,557
$
2,957,897
$
3,030,866
Cost of sales
799,307
795,130
1,549,482
1,763,265
Gross Profit
832,384
686,427
1,408,415
1,267,601
Advertising and promotion expenses
102,527
170,379
238,981
324,333
Other selling and administrative expenses
345,700
365,961
981,229
971,608
Operating Income (Loss)
384,157
150,087
188,205
(28,340)
Interest expense
50,415
47,689
149,010
140,881
Interest (income)
(455)
(821)
(3,564)
(4,625)
Other non-operating (income) expense, net
(3,877)
1,264
(133)
2,874
Income (Loss) Before Income Taxes
338,074
101,955
42,892
(167,470)
Provision for income taxes
22,080
31,359
46,811
46,217
Net Income (Loss)
$
315,994
$
70,596
$
(3,919)
$
(213,687)
Net Income (Loss) Per Common Share - Basic
$
0.91
$
0.20
$
(0.01)
$
(0.62)
Weighted-average number of common shares
347,628
346,698
347,206
346,210
Net Income (Loss) Per Common Share - Diluted
$
0.91
$
0.20
$
(0.01)
$
(0.62)
Weighted-average number of common and potential common shares
348,714
348,487
347,206
346,210
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 Ended
For the Nine Months Ended
September 30, 2020
September 30, 2019
September 30, 2020
September 30, 2019
(Unaudited; in thousands)
Net Income (Loss)
$
315,994
$
70,596
$
(3,919)
$
(213,687)
Other Comprehensive Loss, Net of Tax
Currency translation adjustments
13,032
(46,722)
(105,759)
(33,759)
Employee benefit plan adjustments
1,291
883
4,869
1,730
Net unrealized gains (losses) on available-for-sale security
178
(1,922)
293
(1,989)
Net unrealized (losses) gains on derivative instruments:
Unrealized holding (losses) gains
(15,709)
12,996
(1,815)
22,068
Amounts reclassified from accumulated other comprehensive loss
(7,069)
(6,394)
(13,978)
(9,645)
(22,778)
6,602
(15,793)
12,423
Other Comprehensive Loss, Net of Tax
(8,277)
(41,159)
(116,390)
(21,595)
Comprehensive Income (Loss)
$
307,717
$
29,437
$
(120,309)
$
(235,282)
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, 2020
September 30, 2019
(Unaudited; in thousands)
Cash Flows From Operating Activities
Net loss
$
(3,919)
$
(213,687)
Adjustments to reconcile net loss to net cash flows used for operating activities:
Depreciation
120,073
156,252
Amortization
29,465
30,162
Asset impairments
8,550
9,344
Share-based compensation
39,946
39,140
Bad debt expense
7,822
2,869
Inventory obsolescence
31,068
56,913
Deferred income taxes
8,777
(13,424)
Changes in assets and liabilities:
Accounts receivable
(429,584)
(337,530)
Inventories
(211,149)
(229,524)
Prepaid expenses and other current assets
18,979
14,703
Accounts payable, accrued liabilities, and income taxes payable
(40,082)
(29,026)
Other, net
(13,923)
147
Net cash flows used for operating activities
(433,977)
(513,661)
Cash Flows From Investing Activities
Purchases of tools, dies, and molds
(41,447)
(36,715)
Purchases of other property, plant, and equipment
(49,016)
(38,962)
Payments for foreign currency forward exchange contracts, net
(26,982)
(3,394)
Other, net
2,283
702
Net cash flows used for investing activities
(115,162)
(78,369)
Cash Flows From Financing Activities
Proceeds from short-term borrowings, net
400,000
225,824
Other, net
(6,580)
(7,523)
Net cash flows provided by financing activities
393,420
218,301
Effect of Currency Exchange Rate Changes on Cash
(22,142)
(2,454)
Decrease in Cash and Equivalents
(177,861)
(376,183)
Cash and Equivalents at Beginning of Period
630,028
594,481
Cash and Equivalents at End of Period
$
452,167
$
218,298
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, 2019
$
441,369
$
1,825,569
$
(2,318,921)
$
1,413,181
$
(869,484)
$
491,714
Net loss
—
—
—
(210,741)
—
(210,741)
Other comprehensive loss, net of tax
—
—
—
—
(136,399)
(136,399)
Issuance of treasury stock for restricted stock units vesting
—
(3,777)
2,811
—
—
(966)
Share-based compensation
—
14,275
—
—
—
14,275
Balance, March 31, 2020
$
441,369
$
1,836,067
$
(2,316,110)
$
1,202,440
$
(1,005,883)
$
157,883
Net loss
—
—
—
(109,172)
—
(109,172)
Other comprehensive income, net of tax
—
—
—
—
28,286
28,286
Issuance of treasury stock for restricted stock units vesting
—
(944)
833
—
—
(111)
Deferred compensation
—
(186)
310
—
—
124
Share-based compensation
—
9,138
—
—
—
9,138
Balance, June 30, 2020
$
441,369
$
1,844,075
$
(2,314,967)
$
1,093,268
$
(977,597)
$
86,148
Net income
—
—
—
315,994
—
315,994
Other comprehensive loss, net of tax
—
—
—
—
(8,277)
(8,277)
Issuance of treasury stock for restricted stock units vesting
—
(36,865)
30,975
—
—
(5,890)
Share-based compensation
—
16,532
—
—
—
16,532
Balance, September 30, 2020
$
441,369
$
1,823,742
$
(2,283,992)
$
1,409,262
$
(985,874)
$
404,507
Common Stock
Additional Paid-In Capital
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Loss
Total Stockholders' Equity
(Unaudited; in thousands)
Balance, December 31, 2018
$
441,369
$
1,812,682
$
(2,354,617)
$
1,626,693
$
(859,226)
$
666,901
Net loss
—
—
—
(176,296)
—
(176,296)
Other comprehensive income, net of tax
—
—
—
—
21,292
21,292
Issuance of treasury stock for restricted stock units vesting
—
(1,829)
1,442
—
—
(387)
Share-based compensation
—
11,865
—
—
—
11,865
Balance, March 31, 2019
$
441,369
$
1,822,718
$
(2,353,175)
$
1,450,397
$
(837,934)
$
523,375
Net loss
—
—
—
(107,987)
—
(107,987)
Other comprehensive loss, net of tax
—
—
—
—
(1,728)
(1,728)
Issuance of treasury stock for restricted stock units vesting
—
(3,060)
3,025
—
—
(35)
Deferred compensation
—
(151)
276
—
—
125
Share-based compensation
—
12,445
—
—
—
12,445
Balance, June 30, 2019
$
441,369
$
1,831,952
$
(2,349,874)
$
1,342,410
$
(839,662)
$
426,195
Net income
—
—
—
70,596
—
70,596
Other comprehensive loss, net of tax
—
—
—
—
(41,159)
(41,159)
Issuance of treasury stock for restricted stock units vesting
—
(35,569)
28,862
—
—
(6,707)
Share-based compensation
—
14,831
—
—
—
14,831
Balance, September 30, 2019
$
441,369
$
1,811,214
$
(2,321,012)
$
1,413,006
$
(880,821)
$
463,756
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, 2019 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 2019 Annual Report on Form 10-K.
2. Accounts Receivable
Mattel estimates current expected credit losses based on collection history and management’s assessment of the current economic trends, business environment, customers’ financial condition, accounts receivable aging, and customer disputes that may impact the level of future credit losses. Accounts receivable are net of allowances for credit losses of $18.5 million, $22.4 million, and $18.5 million as of September 30, 2020, September 30, 2019, and December 31, 2019, respectively.
3. Inventories
Inventories include the following:
September 30, 2020
September 30, 2019
December 31, 2019
(In thousands)
Raw materials and work in process
$
113,248
$
107,562
$
103,123
Finished goods
550,391
594,005
392,381
$
663,639
$
701,567
$
495,504
4. Property, Plant, and Equipment
Property, plant, and equipment, net includes the following:
September 30, 2020
September 30, 2019
December 31, 2019
(In thousands)
Land
$
24,906
$
25,086
$
25,112
Buildings
297,067
299,489
302,956
Machinery and equipment
750,118
866,002
812,509
Software
374,596
413,903
364,391
Tools, dies, and molds
608,301
801,064
747,706
Leasehold improvements
172,095
211,455
183,250
2,227,083
2,616,999
2,435,924
Less: accumulated depreciation
(1,729,646)
(2,044,730)
(1,885,785)
$
497,437
$
572,269
$
550,139
9
During the three months ended December 31, 2019, in conjunction with the Capital Light program, as further discussed in "Note 19 to the Consolidated Financial Statements—Restructuring Charges," Mattel discontinued production at one of its plants based in Mexico and has committed to a plan to dispose of the land and building. These assets meet the held for sale criteria and are actively being marketed for sale. The estimated fair value of the land and building, less costs to dispose, was determined to exceed its net book value of $8.4 million and $12.1 million as of September 30, 2020 and December 31, 2019, respectively, and are included within property, plant and equipment, net in the consolidated balance sheets.
5. 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. 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 2020, Mattel performed its annual impairment test and determined that goodwill was not impaired. The change in the carrying amount of goodwill by operating segment for the nine months ended September 30, 2020 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, 2019
Currency Exchange Rate Impact
September 30, 2020
(In thousands)
North America
$
732,430
$
(759)
$
731,671
International
450,713
(2,695)
448,018
American Girl
207,571
—
207,571
$
1,390,714
$
(3,454)
$
1,387,260
6. Other Noncurrent Assets
Other noncurrent assets include the following:
September 30, 2020
September 30, 2019
December 31, 2019
(In thousands)
Identifiable intangible assets (net of accumulated amortization of $277.5 million, $238.1 million, and $248.0 million, respectively)
$
519,861
$
552,332
$
553,114
Deferred income taxes
60,850
63,551
67,900
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, 2020 and 2019.