Company Quick10K Filing
Mattel
Price11.26 EPS-1
Shares348 P/E-19
MCap3,924 P/FCF-8
Net Debt2,682 EBIT-16
TEV6,606 TEV/EBIT-423
TTM 2019-09-30, in MM, except price, ratios
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8-K 2020-10-22
8-K 2020-07-23
8-K 2020-07-21
8-K 2020-06-19
8-K 2020-06-10
8-K 2020-05-04
8-K 2020-04-15
8-K 2020-02-13
8-K 2019-11-20
8-K 2019-11-18
8-K 2019-11-18
8-K 2019-10-23
8-K 2019-10-01
8-K 2019-08-06
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8-K 2018-06-11
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8-K 2018-05-23
8-K 2018-05-21
8-K 2018-05-17
8-K 2018-05-03
8-K 2018-04-26
8-K 2018-04-17
8-K 2018-04-03
8-K 2018-03-28
8-K 2018-03-20
8-K 2018-02-26
8-K 2018-02-08
8-K 2018-02-01
8-K 2018-01-30
8-K 2018-01-02

MAT 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-31.0 mat93020ex310.htm
EX-31.1 mat93020ex311.htm
EX-32.0 mat93020ex320.htm

Mattel Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
2.31.71.10.5-0.1-0.72012201420172020
Rev, G Profit, Net Income
1.41.00.60.3-0.1-0.52012201420172020
Ops, Inv, Fin

mat-20200930
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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, 2020
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 16, 2020: 348,040,304 shares
1


MATTEL, INC. AND SUBSIDIARIES
  Page
PART I
PART II
2


(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, respectively1,326,128 1,291,255 936,359 
Inventories663,639 701,567 495,504 
Prepaid expenses and other current assets157,929 225,877 186,083 
Total current assets2,599,863 2,436,997 2,247,974 
Noncurrent Assets
Property, plant, and equipment, net497,437 572,269 550,139 
Right-of-use assets, net291,097 306,223 303,187 
Goodwill1,387,260 1,382,588 1,390,714 
Other noncurrent assets828,438 829,504 833,212 
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 payable497,379 512,491 459,357 
Accrued liabilities739,790 722,164 769,513 
Income taxes payable21,252 48,795 48,037 
Total current liabilities1,658,421 1,513,450 1,276,907 
Noncurrent Liabilities
Long-term debt2,852,751 2,856,773 2,846,751 
Noncurrent lease liabilities251,957 273,906 270,853 
Other noncurrent liabilities436,459 419,696 439,001 
Total noncurrent liabilities3,541,167 3,550,375 3,556,605 
Stockholders' Equity
Common stock $1.00 par value, 1.0 billion shares authorized; 441.4 million shares issued441,369 441,369 441,369 
Additional paid-in capital1,823,742 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 earnings1,409,262 1,413,006 1,413,181 
Accumulated other comprehensive loss(985,874)(880,821)(869,484)
Total stockholders' equity404,507 463,756 491,714 
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 EndedFor 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 sales799,307 795,130 1,549,482 1,763,265 
Gross Profit832,384 686,427 1,408,415 1,267,601 
Advertising and promotion expenses102,527 170,379 238,981 324,333 
Other selling and administrative expenses345,700 365,961 981,229 971,608 
Operating Income (Loss)384,157 150,087 188,205 (28,340)
Interest expense50,415 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 Taxes338,074 101,955 42,892 (167,470)
Provision for income taxes22,080 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 shares347,628 346,698 347,206 346,210 
Net Income (Loss) Per Common Share - Diluted$0.91 $0.20 $(0.01)$(0.62)
Weighted-average number of common and potential common shares348,714 348,487 347,206 346,210 
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 EndedFor 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 adjustments13,032 (46,722)(105,759)(33,759)
Employee benefit plan adjustments1,291 883 4,869 1,730 
Net unrealized gains (losses) on available-for-sale security178 (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:
Depreciation120,073 156,252 
Amortization29,465 30,162 
Asset impairments8,550 9,344 
Share-based compensation39,946 39,140 
Bad debt expense7,822 2,869 
Inventory obsolescence31,068 56,913 
Deferred income taxes8,777 (13,424)
Changes in assets and liabilities:
Accounts receivable(429,584)(337,530)
Inventories(211,149)(229,524)
Prepaid expenses and other current assets18,979 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, net2,283 702 
Net cash flows used for investing activities(115,162)(78,369)
Cash Flows From Financing Activities
Proceeds from short-term borrowings, net400,000 225,824 
Other, net(6,580)(7,523)
Net cash flows provided by financing activities393,420 218,301 
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 Period630,028 594,481 
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 goods550,391 594,005 392,381 
$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 
Buildings297,067 299,489 302,956 
Machinery and equipment750,118 866,002 812,509 
Software374,596 413,903 364,391 
Tools, dies, and molds608,301 801,064 747,706 
Leasehold improvements172,095 211,455 183,250 
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 
International450,713 (2,695)448,018 
American Girl207,571  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 taxes60,850 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.
7.     Accrued Liabilities
Accrued liabilities include the following: 
September 30,
2020
September 30,
2019
December 31,
2019
 (In thousands)
Incentive compensation$97,635 $65,220 $122,923 
Current lease liabilities85,120 73,297 74,065 
Advertising and promotion98,597 117,561