Mattel Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Mattel Inc. has filed its 2023 10-K report detailing its fiscal year performance and financial standing.</b>

AI Summary

MATTEL INC /DE/ (MAT) filed a Annual Report (10-K) with the SEC on March 15, 2024. Mattel Inc. filed its 2023 Form 10-K on March 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 333 Continental Blvd, El Segundo, CA. Mattel Inc. is incorporated in Delaware. The SIC code for Mattel Inc. is 3942 (Dolls & Stuffed Toys).

Why It Matters

For investors and stakeholders tracking MATTEL INC /DE/, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Mattel's financial health, operational performance, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's current valuation and future prospects. As a public company, Mattel is required to disclose detailed financial information and risk factors, offering transparency to stakeholders and the market regarding potential challenges and opportunities.

Risk Assessment

Risk Level: — MATTEL INC /DE/ shows moderate risk based on this filing. The company operates in the highly competitive toy industry, which is subject to changing consumer preferences and economic conditions, as indicated by its SIC code 3942 and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Mattel's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-15 — Filing Date (Filed as of Date)
• 129 — Public Document Count (Document Count)

Key Players & Entities

• MATTEL INC /DE/ (company) — Filer
• 333 CONTINENTAL BLVD (location) — Business Address Street 1
• EL SEGUNDO (location) — Business Address City
• CA (location) — Business Address State
• 3102522000 (phone) — Business Phone
• 3942 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Mattel Inc. operates within the toy manufacturing industry, specifically categorized under SIC code 3942 (Dolls & Stuffed Toys). This sector is influenced by consumer spending, seasonality, and evolving entertainment trends.

Regulatory Implications

As a publicly traded company, Mattel Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934, necessitating regular filings like the 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential challenges facing Mattel.
3. Compare the 2023 financial results with previous years to identify trends and performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-15: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2023 annual report (10-K), providing a comprehensive year-end overview, distinct from interim filings.

Key Financial Figures

• $1.00 — ange on which registered Common stock, $1.00 per share MAT The Nasdaq Global Select
• $1.13 b — l's three largest customers (Walmart at $1.13 billion, Target at $0.67 billion, and Ama
• $0.67 b — rs (Walmart at $1.13 billion, Target at $0.67 billion, and Amazon at $0.60 billion) acc
• $0.60 billion — Target at $0.67 billion, and Amazon at $0.60 billion) accounted for approximately 44% of wor
• $0.95 b — l's three largest customers (Walmart at $0.95 billion, Target at $0.76 billion, and Ama
• $0.76 b — rs (Walmart at $0.95 billion, Target at $0.76 billion, and Amazon at $0.64 billion) acc
• $0.64 billion — Target at $0.76 billion, and Amazon at $0.64 billion) accounted for approximately 43% of wor
• $249.8 m — ty expense for 2023, 2022, and 2021 was $249.8 million, $230.8 million, and $184.3 milli
• $230.8 m — 023, 2022, and 2021 was $249.8 million, $230.8 million, and $184.3 million, respectively
• $184.3 m — was $249.8 million, $230.8 million, and $184.3 million, respectively. See Part II, Item

Filing Documents

• mat-20231231.htm (10-K) — 2720KB
• ex210202310-k.htm (EX-21.0) — 23KB
• ex230202310-k.htm (EX-23.0) — 2KB
• ex310202310-k.htm (EX-31.0) — 12KB
• ex311202310-k.htm (EX-31.1) — 12KB
• ex320202310-k.htm (EX-32.0) — 9KB
• ex970202310-k.htm (EX-97.0) — 24KB
• mat-20231231_g1.jpg (GRAPHIC) — 133KB
• 0001628280-24-011371.txt (&nbsp;) — 15174KB
• mat-20231231.xsd (EX-101.SCH) — 98KB
• mat-20231231_cal.xml (EX-101.CAL) — 126KB
• mat-20231231_def.xml (EX-101.DEF) — 507KB
• mat-20231231_lab.xml (EX-101.LAB) — 1057KB
• mat-20231231_pre.xml (EX-101.PRE) — 807KB
• mat-20231231_htm.xml (XML) — 2813KB

Business

Item 1. Business 4

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 25

Cybersecurity

Item 1C. Cybersecurity 25

Properties

Item 2. Properties 26

Legal Proceedings

Item 3. Legal Proceedings 26

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 26 PART II

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27

Reserved

Item 6. Reserved 29

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 29

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 47

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 49

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 95

Controls and Procedures

Item 9A. Controls and Procedures 95

Other Information

Item 9B. Other Information 95

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 95 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 96

Executive Compensation

Item 11. Executive Compensation 96

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 96

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 96

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 96 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 97

Form 10-K Summary

Item 16. Form 10-K Summary 102 Signature 103 2 (Cautionary Note Regarding Forward-Looking Statements) Mattel cautions investors that this Annual Report on Form 10-K 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," "projects," "looks 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. Specific factors that might cause such a difference include, but are not limited to: (i) Mattel's ability to design, develop, produce, manufacture, source, ship, and distribute products on a timely and cost-effective basis; (ii) sufficient interest in and demand for the products and entertainment Mattel offers by retail customers and consumers 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 and 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)

Business

Item 1. Business. Throughout this report "Mattel" refers to Mattel, Inc. and/or one or more of its subsidiaries. Mattel is a leading global toy and family entertainment company and owner of one of the most iconic brand portfolios in the world. Mattel creates innovative products and experiences that inspire fans, entertain audiences, and develop children through play. Mattel is focused on the following evolved strategy to grow its intellectual property ("IP") driven toy business and expand its entertainment offering: Grow toy business profitably through scaling Mattel's portfolio, optimizing operations, evolving demand creation, and growing franchise brands; and Expand entertainment offering to capture the full value of Mattel's IP outside the toy aisle in highly accretive business verticals, by growing franchise brands and accelerating content, consumer products, and digital and live experiences. Mattel is the owner of a portfolio of iconic brands and partners with global entertainment companies to license other IP. Mattel's portfolio of owned and licensed brands and products are organized into the following categories: Dolls —including brands such as Barbie, American Girl, Disney Princess and Disney Frozen, Monster High, and Polly Pocket . Mattel's Dolls portfolio is driven by the flagship Barbie brand and a collection of complementary brands offered globally. Empowering girls since 1959, Barbie has inspired the limitless potential of every girl by showing them that they can be anything. American Girl , with an extensive portfolio of dolls and accessories, content, gaming, and lifestyle products, is best known for imparting valuable life lessons that instill confidence through its inspiring dolls and books, featuring diverse characters from past and present. Infant, Toddler, and Preschool —including brands such as Fisher-Price (including Little People and Imaginext ) and Thomas & Friends . As a leader in play and child development, Fisher-Price's mission is t