Mattel, PricewaterhouseCoopers buried accounting issues, former executive claims
and had determined that income tax expense was understated by $109 million in the third quarter of 2017, and overstated by $109 million in the fourth quarter of 2017, with no impact for the full year.
The accounting error had to do with Mattel's ownership of "Thomas & Friends," an animated children's show. The error was tied to a $562 million valuation allowance that Mattel created against its deferred tax assets in September 2017. Ultimately, the allowance was reduced by $109 million, which came from deferred tax liabilities related to Mattel's acquisition of HIT Entertainment in 2011. Reducing this allowance lowered Mattel's loss during the quarter.
Brett Whitaker, who was Mattel's director of tax reporting at that time, told The Wall Street Journal that the finance execs and PwC decided to change the accounting treatment of the Thomas asset and not tell Mattel's then-chief executive or its board. Notably, WSJ pointed out that PwC earned more than $9 million in fees from Mattel last year, including $1.2 million for tax services.
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