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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, 2021
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 19, 2021: 350,341,243 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," "believes," and "targeted," among others, generally identify forward-looking statements. These forward-looking statements are based on currently available operating, financial, economic, and other information and assumptions, and are subject to a number of significant risks and uncertainties. A variety of factors, many of which are beyond Mattel's control, could cause actual future results to differ materially from those projected in the forward-looking statements, and are currently, and in the future may be, amplified by the COVID-19 pandemic. Specific factors that might cause such a difference include, but are not limited to: (i) potential impacts of and uncertainty regarding the COVID-19 pandemic (and actions taken in response to it by governments, businesses, and individuals) on Mattel's business operations, financial results and financial position and on the global economy, including its impact on Mattel's sales; (ii) Mattel’s ability to design, develop, produce, manufacture, source, ship, and distribute products on a timely and cost-effective basis; (iii) sufficient interest in and demand for the products and entertainment we offer by retail customers and consumers to profitably recover Mattel’s costs; (iv) downturns in economic conditions affecting Mattel’s markets which can negatively impact retail customers and consumers, and which can result in lower employment levels and lower consumer disposable income and spending, including lower spending on purchases of Mattel’s products; (v) other factors which can lower discretionary consumer spending, such as higher costs for fuel and food, drops in the value of homes or other consumer assets, and high levels of consumer debt; (vi) potential difficulties or delays Mattel may experience in implementing cost savings and efficiency enhancing initiatives; (vii) other economic and public health conditions or regulatory changes in the markets in which Mattel and its customers and suppliers operate, which could create delays or increase Mattel’s costs, such as higher commodity prices, labor costs or transportation costs, or outbreaks of disease; (viii) currency fluctuations, including movements in foreign exchange rates and inflation, which can lower Mattel’s net revenues and earnings, and significantly impact Mattel’s costs; (ix) the concentration of Mattel’s customers, potentially increasing the negative impact to Mattel of difficulties experienced by any of Mattel’s customers, such as bankruptcies or liquidations or a general lack of success, or changes in their purchasing or selling patterns; (x) the inventory policies of Mattel’s retail customers, as well as the concentration of Mattel’s revenues in the second half of the year, which coupled with reliance by retailers on quick response inventory management techniques increases the risk of underproduction, overproduction, and shipping delays; (xi) legal, reputational, and financial risks related to security breaches or cyberattacks; (xii) work disruptions, including as a result of supply chain disruption such as plant and port closures, which may impact Mattel’s ability to manufacture or deliver product in a timely and cost-effective manner; (xiii) the impact of competition on revenues, margins, and other aspects of Mattel’s business, including the ability to offer products which consumers choose to buy instead of competitive products, the ability to secure, maintain, and renew popular licenses from licensors of entertainment properties, and the ability to attract and retain talented employees; (xiv) the risk of product recalls or product liability suits and costs associated with product safety regulations; (xv) changes in laws or regulations in the United States and/or in other major markets, such as China, in which Mattel operates, including, without limitation, with respect to taxes, tariffs, trade policies, or product safety, which may increase Mattel’s product costs and other costs of doing business, and reduce Mattel’s earnings; (xvi) failure to realize the planned benefits from any investments or acquisitions made by Mattel; (xvii) the impact of other market conditions or third party actions or approvals, including that result in any significant failure, inadequacy, or interruption from vendors or outsourcers, which could reduce demand for Mattel’s products, delay or increase the cost of implementation of Mattel’s programs, or alter Mattel’s actions and reduce actual results; (xviii) changes in financing markets or the inability of Mattel to obtain financing on attractive terms; (xix) the impact of litigation, arbitration, or regulatory decisions or settlement actions; (xx) uncertainty from the expected discontinuance of LIBOR and transition to any other interest rate benchmark; and (xxi) other risks and uncertainties detailed in Part I, Item 1A "Risk Factors" in Mattel's 2020 Annual Report on Form 10-K (the "2020 Annual Report on Form 10-K") and subsequent periodic filings. Mattel does not update forward-looking statements and expressly disclaims any obligation to do so, except as required by law.
3


PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
MATTEL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30,
2021
September 30,
2020
December 31,
2020
 (Unaudited; in thousands, except share data)
ASSETS
Current Assets
Cash and equivalents$148,508 $452,167 $762,181 
Accounts receivable, net of allowances for credit losses of $11.3 million, $18.5 million and $15.9 million, respectively
1,437,904 1,326,128 1,033,966 
Inventories854,477 679,482 528,474 
Prepaid expenses and other current assets274,262 157,929 172,070 
Total current assets2,715,151 2,615,706 2,496,691 
Noncurrent Assets
Property, plant, and equipment, net455,889 462,521 473,794 
Right-of-use assets, net325,871 291,097 291,601 
Goodwill1,389,715 1,387,260 1,393,834 
Other noncurrent assets1,376,409 856,907 878,970 
Total Assets$6,263,035 $5,613,491 $5,534,890 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities
Short-term borrowings$128,000 $400,000 $969 
Accounts payable538,170 497,379 495,363 
Accrued liabilities919,047 730,790 831,922 
Income taxes payable101,619 21,252 27,125 
Total current liabilities1,686,836 1,649,421 1,355,379 
Noncurrent Liabilities
Long-term debt2,569,835 2,852,751 2,854,664 
Noncurrent lease liabilities288,232 251,957 249,353 
Other noncurrent liabilities404,454 439,559 465,350 
Total noncurrent liabilities3,262,521 3,544,267 3,569,367 
Stockholders’ Equity
Common stock $1.00 par value, 1.0 billion shares authorized; 441.4 million shares issued
441,369 441,369 441,369 
Additional paid-in capital1,821,106 1,823,742 1,842,680 
Treasury stock at cost: 91.0 million shares, 93.3 million shares and 93.2 million shares, respectively
(2,228,910)(2,283,992)(2,282,939)
Retained earnings2,230,764 1,424,558 1,553,610 
Accumulated other comprehensive loss(950,651)(985,874)(944,576)
Total stockholders’ equity1,313,678 419,803 610,144 
Total Liabilities and Stockholders’ Equity$6,263,035 $5,613,491 $5,534,890 
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,
2021
September 30,
2020
September 30,
2021
September 30,
2020
 (Unaudited; in thousands, except per share amounts)
Net Sales$1,762,293 $1,636,464 $3,662,851 $2,962,670 
Cost of sales919,754 808,736 1,920,470 1,555,809 
Gross Profit842,539 827,728 1,742,381 1,406,861 
Advertising and promotion expenses117,650 102,527 280,074 238,981 
Other selling and administrative expenses335,815 345,700 990,221 981,229 
Operating Income389,074 379,501 472,086 186,651 
Interest expense52,062 50,415 220,689 149,010 
Interest (income)(753)(455)(2,156)(3,564)
Other non-operating expense, net3,901 1,327 3,347 7,012 
Income Before Income Taxes333,864 328,214 250,206 34,193 
(Benefit) Provision for income taxes(456,754)22,080 (415,805)46,811 
Income from equity method investments4,458 5,204 11,143 7,145 
Net Income (Loss)$795,076 $311,338 $677,154 $(5,473)
Net Income (Loss) Per Common Share - Basic$2.27 $0.90 $1.94 $(0.02)
Weighted-average number of common shares350,424 347,628 349,642 347,206 
Net Income (Loss) Per Common Share - Diluted$2.24 $0.89 $1.91 $(0.02)
Weighted-average number of common and potential common shares354,178 348,714 354,313 347,206 
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,
2021
September 30,
2020
September 30,
2021
September 30,
2020
 (Unaudited; in thousands)
Net Income (Loss)$795,076 $311,338 $677,154 $(5,473)
Other Comprehensive Loss, Net of Tax
Currency translation adjustments(29,316)13,032 (36,517)(105,759)
Employee benefit plan adjustments3,624 1,291 8,193 4,869 
Net unrealized (losses) gains on available-for-sale security(1,320)178 1,912 293 
Net unrealized gains (losses) on derivative instruments:
Unrealized holding gains (losses)13,900 (20,578)23,230 (4,556)
Reclassification adjustments included in net income (loss)(2,223)(2,200)(2,893)(11,237)
11,677 (22,778)20,337 (15,793)
Other Comprehensive Loss, Net of Tax(15,335)(8,277)(6,075)(116,390)
Comprehensive Income (Loss)$779,741 $303,061 $671,079 $(121,863)

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,
2021
September 30,
2020
 (Unaudited; in thousands)
Cash Flows From Operating Activities:
Net Income (Loss)$677,154 $(5,473)
Adjustments to reconcile net income (loss) to net cash flows used for operating activities:
Depreciation108,848 120,073 
Amortization28,572 29,465 
Share-based compensation46,493 39,946 
Bad debt expense1,191 7,822 
Inventory obsolescence27,411 31,068 
Deferred income taxes(39,064)8,777 
Income from equity method investments(11,143)(6,425)
Loss on extinguishment of long-term borrowings101,695  
(Gain) loss on sale of assets/business, net(22,965)2,284 
Release of valuation allowances on deferred tax assets(492,191) 
Changes in assets and liabilities:
Accounts receivable(431,337)(429,584)
Inventories(393,349)(204,822)
Prepaid expenses and other current assets(11,252)(6,721)
Accounts payable, accrued liabilities, and income taxes payable161,884 (40,495)
Other, net(7,823)12,075 
Net cash flows used for operating activities(255,876)(442,010)
Cash Flows From Investing Activities:
Purchases of tools, dies, and molds(53,678)(42,371)
Purchases of other property, plant, and equipment(61,531)(40,059)
Payments of foreign currency forward exchange contracts, net(1,229)(26,982)
Proceeds from sale of assets/business43,479 1,587 
Other, net1,479 696 
Net cash flows used for investing activities(71,480)(107,129)
Cash Flows From Financing Activities:
Proceeds from short-term borrowings, net127,031 400,000 
Payments of long-term borrowings(1,575,997) 
Proceeds from long-term borrowings, net1,184,913  
Option proceeds and tax withholdings for share-based compensation, net(14,223)(6,968)
Other, net(1,640)388 
Net cash flows (used for) provided by financing activities(279,916)393,420 
Effect of Currency Exchange Rate Changes on Cash and Equivalents(6,401)(22,142)
Decrease in Cash and Equivalents(613,673)(177,861)
Cash and Equivalents at Beginning of Period762,181 630,028 
Cash and Equivalents at End of Period$148,508 $452,167 
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, 2020$441,369 $1,842,680 $(2,282,939)$1,553,610 $(944,576)$610,144 
Net loss— — — (112,385)— (112,385)
Other comprehensive loss, net of tax— — — — (16,450)(16,450)
Issuance of treasury stock for stock option exercises— (803)1,913 — — 1,110 
Issuance of treasury stock for restricted stock units vesting— (20,031)13,065 — — (6,966)
Share-based compensation— 15,112 — — — 15,112 
Balance, March 31, 2021$441,369 $1,836,958 $(2,267,961)$1,441,225 $(961,026)$490,565 
Net loss— — — (5,537)— (5,537)
Other comprehensive income, net of tax— — — — 25,710 25,710 
Issuance of treasury stock for stock option exercises— (676)2,830 — — 2,154 
Issuance of treasury stock for restricted stock units vesting— (3,212)2,683 — — (529)
Deferred compensation— (37)225 — — 188 
Share-based compensation— 15,168 — — — 15,168 
Balance, June 30, 2021$441,369 $1,848,201 $(2,262,223)$1,435,688 $(935,316)$527,719 
Net income— — — 795,076 — 795,076 
Other comprehensive loss, net of tax— — — — (15,335)(15,335)
Issuance of treasury stock for stock option exercises— (1,585)3,843 — — 2,258 
Issuance of treasury stock for restricted stock units vesting— (41,722)29,470 — — (12,252)
Share-based compensation— 16,212 — — — 16,212 
Balance, September 30, 2021$441,369 $1,821,106 $(2,228,910)$2,230,764 $(950,651)$1,313,678 
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)$1,430,031 $(869,484)$508,564 
Net loss— — — (205,702)— (205,702)
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)$1,224,329 $(1,005,883)$179,772 
Net loss— — — (111,109)— (111,109)
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)$1,113,220 $(977,597)$106,100 
Net income— — — 311,338 — 311,338 
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)$1,424,558 $(985,874)$419,803 
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, 2020 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 2020 Annual Report on Form 10-K.
Certain prior period amounts have been reclassified to conform to the current period presentation.
Revision of Previously Issued Consolidated Financial Statements
During the quarter ended June 30, 2021, Mattel identified a misstatement in its accounting for inventory tooling expenses, which were expensed to cost of sales rather than first being capitalized into the cost of inventory, which resulted in an understatement of inventory balances and a misstatement of cost of sales. Mattel also identified a misstatement related to the timing of disbursements for certain capital expenditures, which resulted in a cash flow misclassification between operating activities and investing activities. Mattel evaluated the misstatements and concluded that the misstatements were not material, either individually or in the aggregate, to its current or previously issued consolidated financial statements.
To correct the immaterial misstatements, during the quarter ended June 30, 2021, Mattel elected to revise its previously issued consolidated financial statements as of December 31, 2020 and 2019, and for each of the three years ended December 31, 2020, 2019, and 2018 and its unaudited consolidated financial statements as of and for the quarters and year-to-date periods ended March 31, 2020 and 2021, June 30, 2020, and September 30, 2020. The revision of the historical consolidated financial statements also includes the correction of other immaterial misstatements in its consolidated statement of operations that Mattel had previously recorded as out of period adjustments, as well as other previously identified balance sheet misclassifications. Mattel had previously determined that these misstatements did not, either individually or in the aggregate, result in a material misstatement of its previously issued consolidated financial statements and reached the same conclusion when aggregating with the recently identified misstatements. Further information regarding the misstatements and related revision is included in "Note 24 to the Consolidated Financial Statements Revision for Immaterial Misstatements."
Accordingly, the accompanying financial statements and relevant footnotes to the consolidated financial statements in this Quarterly Report on Form 10-Q have been revised to correct for such misstatements. Mattel will present the revision of its previously issued consolidated financial statements as of December 31, 2020 and for the years ended December 31, 2020 and 2019 in connection with the future filing of its 2021 Annual Report on Form 10-K. Additionally, Mattel will present the revision of its previously issued consolidated financial statements as of and for the three months ended March 31, 2021 in connection with the future filing of its Quarterly Reports on Form 10-Q.
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, and accounts receivable aging that may impact the level of future credit losses. Accounts receivable are net of allowances for credit losses of $11.3 million, $18.5 million, and $15.9 million as of September 30, 2021, September 30, 2020, and December 31, 2020, respectively.
9


3.     Inventories
Inventories include the following:
September 30,
2021
September 30,
2020
December 31,
2020
 (In thousands)
Raw materials and work in process$183,070 $113,248 $110,010 
Finished goods671,407 566,234 418,464 
$854,477 $679,482 $528,474 
4.     Property, Plant, and Equipment
Property, plant, and equipment, net includes the following: 
September 30,
2021
September 30,
2020
December 31,
2020
 (In thousands)
Land$21,817 $24,906 $24,913 
Buildings321,478 334,466 335,407 
Machinery and equipment774,792 750,119 772,349 
Software350,592 346,127 344,268 
Tools, dies, and molds607,226 608,301 607,915 
Leasehold improvements118,590 134,696 131,578 
2,194,495 2,198,615 2,216,430 
Less: accumulated depreciation(1,738,606)(1,736,094)(1,742,636)
$455,889 $462,521 $473,794 
During the three months ended March 31, 2021, Mattel completed the sale of a manufacturing plant based in Mexico, which included land and buildings, resulting in a pre-tax gain of $15.8 million. The assets sold were previously designated as held for sale, and included within property, plant, and equipment, net in the consolidated balance sheets as of December 31, 2020 and September 30, 2020.
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. Components of the operating segments have been aggregated into a single reporting unit as the components have similar economic characteristics. The similar economic characteristics include the nature of the products, the nature of the production processes, the customers, and the manner in which the products are distributed. Mattel tests its goodwill for impairment annually in the third quarter and whenever events or changes in circumstances indicate that the carrying value of a reporting unit may exceed its fair value.
In the third quarter of 2021, Mattel performed a qualitative assessment to determine whether it was more likely than not that the book value of Mattel's reporting units exceeded its fair value. As a result of Mattel's qualitative assessment, it was determined that goodwill was not impaired.
The change in the carrying amount of goodwill by operating segment for the nine months ended September 30, 2021 is shown below. Brand-specific goodwill held by foreign subsidiaries is allocated to the North America segment, thereby causing a foreign currency translation impact. During the first quarter of 2021, Mattel sold its arts, crafts, and stationery business, resulting in a reduction of goodwill of approximately $2 million.

10


 December 31,
2020
DispositionsCurrency
Exchange Rate
Impact
September 30,
2021
(In thousands)
North America$733,401 $(1,290)$(455)$731,656 
International452,862 (1,056)(1,318)450,488 
American Girl207,571   207,571 
$1,393,834 $(2,346)$(1,773)$1,389,715 
6.     Other Noncurrent Assets
Other noncurrent assets include the following: 
September 30,
2021
September 30,
2020
December 31,
2020
 (In thousands)
Identifiable intangible assets (net of accumulated amortization of $315.5 million, $277.5 million, and $286.9 million, respectively)
$487,769 $519,861 $518,190 
Deferred income taxes579,950 60,850 72,682 
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, 2021 and 2020.
During the three and nine months ended September 30, 2021, Mattel recognized a net discrete tax benefit of $465.3 million and $445.8 million, respectively, primarily related to the release of the valuation allowances on certain U.S. and foreign deferred tax assets, income taxes recorded on a discrete basis in various jurisdictions, and reassessments of prior years' tax liabilities. Refer to "Note 20 to the Consolidated Financial Statements—Income Taxes" for additional information.
7.     Accrued Liabilities
Accrued liabilities include the following:
September 30,
2021
September 30,
2020
December 31,
2020
 (In thousands)
Incentive compensation$108,633 $97,635 $126,601 
Advertising and promotion98,746 89,597 163,181 
Current lease liabilities68,706 85,120 79,540 
8.     Seasonal Financing
On December 20, 2017, Mattel entered into a syndicated facility agreement, which was subsequently amended in 2018, 2019, and 2021 (as amended, the "Credit Agreement"), as a borrower (in such capacity, the "Borrower") and guarantor thereunder, along with certain of the Borrower's domestic and foreign subsidiaries as additional borrowers and/or guarantors thereunder.
On March 19, 2021, Mattel entered into the fourth amendment to the Credit Agreement, which amended certain terms, including, but not limited to, certain components of the borrowing base, a reduction of the aggregate principal commitments of the senior secured revolving credit facilities (the "senior secured revolving credit facilities") from $1.60 billion to $1.40 billion, and an extension of the maturity date from November 18, 2022 to March 19, 2024.
The senior secured revolving credit facilities consist of (i) an asset based lending facility with aggregate commitments up to $1.11 billion, subject to borrowing base capacity, secured by substantially all of the accounts receivable and inventory of the Borrower and certain of its subsidiaries who are borrowers and/or guarantors under the Credit Agreement, and (ii) a revolving credit facility with $294.0 million in aggregate commitments secured by certain fixed assets and intellectual property of the U.S. borrowers under the Credit Agreement, and certain equity interests in the borrower and guarantor subsidiaries under the Credit Agreement.
11


Borrowings under the senior secured revolving credit facilities (i) are limited by jurisdiction-specific borrowing base calculations based on the sum of specified percentages of eligible accounts receivable, eligible inventory and certain fixed assets and intellectual property, as applicable, minus the amount of any applicable reserves, and (ii) bear interest at a floating rate, which can be either, at the Borrower's option, (a) an adjusted LIBOR rate plus an applicable margin ranging from 1.25% to 1.75% per annum or (b) an alternate base rate plus an applicable margin ranging from 0.25% to 0.75% per annum, in each case, such applicable margins to be determined based on the Borrower's average borrowing availability remaining under the senior secured revolving credit facilities.
In addition to paying interest on the outstanding principal under the senior secured revolving credit facilities, the Borrower is required to pay (i) an unused line fee per annum of the average daily unused portion of the senior secured revolving credit facilities, (ii) a letter of credit fronting fee based on a percentage of the aggregate face amount of outstanding letters of credit, and (iii) certain other customary fees and expenses of the lenders and agents.
Mattel had $128.0 million of borrowings under the senior secured revolving credit facilities as of September 30, 2021, $400.0 million of borrowings as of September 30, 2020, and no borrowings under the senior secured revolving credit facilities as of December 31, 2020. Outstanding letters of credit under the senior secured revolving credit facilities totaled approximately $10 million, $13 million, and $11 million as of September 30, 2021, September 30, 2020, and December 31, 2020, respectively.
As of September 30, 2021, Mattel was in compliance with all covenants contained in the Credit Agreement. The Credit Agreement is a material agreement, and failure to comply with the covenants may result in an event of default under the terms of the senior secured revolving credit facilities. If Mattel were to default under the terms of the senior secured revolving credit facilities, its ability to meet its seasonal financing requirements could be adversely affected.
9.     Long-Term Debt
Long-term debt includes the following:
September 30,
2021
September 30,
2020
December 31,
2020
 (In thousands)
2010 Senior Notes due October 2040$250,000 $250,000 $250,000 
2011 Senior Notes due November 2041300,000 300,000 300,000 
2013 Senior Notes due March 2023250,000 250,000 250,000 
2017/2018 Senior Notes due December 2025 1,500,000 1,500,000 
2019 Senior Notes due December 2027600,000 600,000 600,000 
2021 Senior Notes due April 2026600,000   
2021 Senior Notes due April 2029600,000   
Debt issuance costs and debt discount(30,165)(47,249)(45,336)
$2,569,835 $2,852,751 $2,854,664 
On March 19, 2021, Mattel issued (i) $600 million aggregate principal amount of 3.375% Senior Notes due 2026 (the "2026 Notes") and (ii) $600 million aggregate principal amount of 3.750% Senior Notes due 2029 (the "2029 Notes" and, together with the 2026 Notes, the "Notes"). The 2026 Notes will mature on April 1, 2026 and the 2029 Notes will mature on April 1, 2029, unless earlier redeemed in accordance with their respective terms. The Notes are guaranteed by Mattel’s existing and, subject to certain exceptions, future wholly-owned domestic restricted subsidiaries that guarantee Mattel’s senior secured revolving credit facilities or certain other indebtedness.
The net proceeds from the offering, together with cash on hand, were used to redeem $1,225 million in aggregate principal amount of Mattel’s outstanding 6.750% Senior Notes due December 2025 (the "2025 Notes") and pay related prepayment premiums and transaction fees and expenses. As a result of the partial redemption of the 2025 Notes, Mattel incurred a loss on extinguishment of $83.2 million, comprised of $62.0 million of prepayment premium costs and a $21.2 million write-off of the unamortized debt issuance costs, which was recorded within interest expense in the consolidated statements of operations.
On July 1, 2021, Mattel redeemed the remaining outstanding $275 million aggregate principal amount of the 2025 Notes. As a result of the redemption, Mattel incurred a loss on extinguishment of $18.5 million, comprised of $14.0 million of prepayment premium costs and a $4.5 million write-off of the unamortized debt issuance costs, which was recorded within interest expense in the consolidated statements of operations.
12


10.     Other Noncurrent Liabilities
Other noncurrent liabilities include the following:
September 30,
2021
September 30,
2020
December 31,
2020
 (In thousands)
Benefit plan liabilities$202,601 $203,295 $225,957 
Deferred income tax liability38,850 61,870 60,892 
11.     Accumulated Other Comprehensive Income (Loss)
The following tables present changes in the accumulated balances for each component of other comprehensive income (loss), including other comprehensive income (loss) and reclassifications out of accumulated other comprehensive income (loss) for each period:
 For the Three Months Ended September 30, 2021
 Derivative
Instruments
Available-for-Sale SecurityEmployee Benefit PlansCurrency
Translation
Adjustments
Total
 (In thousands)
Accumulated Other Comprehensive Loss, Net of Tax, as of June 30, 2021$(6,709)$(4,290)$(182,285)$(742,032)$(935,316)
Other comprehensive income (loss) before reclassifications13,900 (1,320)56 (29,316)(16,680)
Amounts reclassified from accumulated other comprehensive loss(2,223) 3,568  1,345 
Net increase (decrease) in other comprehensive income (loss)11,677 (1,320)3,624 (29,316)(15,335)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2021$4,968 $(5,610)$(178,661)$(771,348)$(950,651)

For the Nine Months Ended September 30, 2021
Derivative
Instruments
Available-for-Sale SecurityEmployee Benefit PlansCurrency
Translation
Adjustments
Total
(In thousands)
Accumulated Other Comprehensive Loss, Net of Tax, as of December 31, 2020$(15,369)$(7,522)$(186,854)$(734,831)$(944,576)
Other comprehensive income (loss) before reclassifications23,230 1,912 (203)(36,517)(11,578)
Amounts reclassified from accumulated other comprehensive loss(2,893) 8,396  5,503 
Net increase (decrease) in other comprehensive income (loss)20,337 1,912 8,193 (36,517)(6,075)
Accumulated Other Comprehensive Income (Loss), Net of Tax, as of September 30, 2021$4,968 $(5,610)$(178,661)$(771,348)$(950,651)</