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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
| | | | | |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2023
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: 001-32877
Mastercard Incorporated
(Exact name of registrant as specified in its charter)
| | | | | | | | |
| Delaware | 13-4172551 |
| (State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number) |
| | |
| 2000 Purchase Street | 10577 |
| Purchase, | NY | (Zip Code) |
| (Address of principal executive offices) | |
(914) 249-2000
(Registrant’s telephone number, including area code)
| | | | | | | | | | | | | | |
Securities registered pursuant to Section 12(b) of the Act: |
Title of each class | | Trading Symbol | | Name of each exchange of which registered |
Class A Common Stock, par value $0.0001 per share | | MA | | New York Stock Exchange |
| 2.1% Notes due 2027 | | MA27 | | New York Stock Exchange |
| 1.0% Notes due 2029 | | MA29A | | New York Stock Exchange |
| 2.5% Notes due 2030 | | MA30 | | New York Stock Exchange |
| | | | | | | | | | | | | | | | | | | | | | | |
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 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. (Check One): |
| 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 Act) | Yes | ☐ | No | ☒ |
As of October 23, 2023, there were 930,438,307 shares outstanding of the registrant’s Class A common stock, par value $0.0001 per share; and 7,337,754 shares outstanding of the registrant’s Class B common stock, par value $0.0001 per share.
MASTERCARD INCORPORATED FORM 10-Q
TABLE OF CONTENTS
2 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
In this Report on Form 10-Q (“Report”), references to the “Company,” “Mastercard,” “we,” “us” or “our” refer to the business conducted by Mastercard Incorporated and its consolidated subsidiaries, including our operating subsidiary, Mastercard International Incorporated, and to the Mastercard brand.
Forward-Looking Statements
This Report contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this Report, the words “believe”, “expect”, “could”, “may”, “would”, “will”, “trend” and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to the Company’s future prospects, developments and business strategies.
Many factors and uncertainties relating to our operations and business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of those factors could cause our actual results to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf, including, but not limited to, the following factors:
•regulation directly related to the payments industry (including regulatory, legislative and litigation activity with respect to interchange rates and surcharging)
•the impact of preferential or protective government actions
•regulation of privacy, data, security and the digital economy
•regulation that directly or indirectly applies to us based on our participation in the global payments industry (including anti-money laundering, counter financing of terrorism, economic sanctions and anti-corruption, account-based payments systems, and issuer and acquirer practice regulation)
•the impact of changes in tax laws, as well as regulations and interpretations of such laws or challenges to our tax positions
•potential or incurred liability and limitations on business related to any litigation or litigation settlements
•the impact of competition in the global payments industry (including disintermediation and pricing pressure)
•the challenges relating to rapid technological developments and changes
•the challenges relating to operating a real-time account-based payments system and to working with new customers and end users
•the impact of information security incidents, account data breaches or service disruptions
•issues related to our relationships with our stakeholders (including loss of substantial business from significant customers, competitor relationships with our customers, consolidation amongst our customers, merchants’ continued focus on acceptance costs and unique risks from our work with governments)
•the impact of global economic, political, financial and societal events and conditions, including adverse currency fluctuations and foreign exchange controls as well as events and resulting actions related to the Russian invasion of Ukraine
•the impact of the global COVID-19 pandemic and measures taken in response
•reputational impact, including impact related to brand perception and lack of visibility of our brands in products and services
•the impact of environmental, social and governance matters and related stakeholder reaction
•the inability to attract and retain a highly qualified and diverse workforce, or maintain our corporate culture
•issues related to acquisition integration, strategic investments and entry into new businesses
•exposure to loss or illiquidity due to our role as guarantor and other contractual obligations
•issues related to our Class A common stock and corporate governance structure
Please see a complete discussion of these risk factors in Part I, Item 1A - Risk Factors of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. We caution you that the important factors referenced above may not contain all of the factors that are important to you. Our forward-looking statements speak only as of the date of this Report or as of the date they are made, and we undertake no obligation to update our forward-looking statements.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 3
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Item 1. Consolidated financial statements (unaudited)
Mastercard Incorporated
Index to consolidated financial statements (unaudited)
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 5
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Statement of Operations (Unaudited) | | | | | | | | |
| | | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | | 2023 | | 2022 | | 2023 | | 2022 |
| | | (in millions, except per share data) |
| Net Revenue | | $ | 6,533 | | | $ | 5,756 | | | $ | 18,550 | | | $ | 16,420 | |
| Operating Expenses: | | | | | | | | |
| General and administrative | | 2,285 | | | 2,069 | | | 6,528 | | | 5,860 | |
| Advertising and marketing | | 193 | | | 182 | | | 561 | | | 573 | |
| Depreciation and amortization | | 211 | | | 185 | | | 594 | | | 566 | |
| Provision for litigation | | — | | | 208 | | | 231 | | | 341 | |
| Total operating expenses | | 2,689 | | | 2,644 | | | 7,914 | | | 7,340 | |
| Operating income | | 3,844 | | | 3,112 | | | 10,636 | | | 9,080 | |
| Other Income (Expense): | | | | | | | | |
| Investment income | | 71 | | | 16 | | | 185 | | | 28 | |
| Gains (losses) on equity investments, net | | (6) | | | 60 | | | (95) | | | (133) | |
| Interest expense | | (151) | | | (120) | | | (427) | | | (344) | |
| Other income (expense), net | | 3 | | | 4 | | | 19 | | | 12 | |
| Total other income (expense) | | (83) | | | (40) | | | (318) | | | (437) | |
| Income before income taxes | | 3,761 | | | 3,072 | | | 10,318 | | | 8,643 | |
| Income tax expense | | 563 | | | 573 | | | 1,914 | | | 1,238 | |
| Net Income | | $ | 3,198 | | | $ | 2,499 | | | $ | 8,404 | | | $ | 7,405 | |
| Basic Earnings per Share | | $ | 3.40 | | | $ | 2.59 | | | $ | 8.88 | | | $ | 7.63 | |
| Basic weighted-average shares outstanding | | 941 | | | 965 | | | 947 | | | 971 | |
| Diluted Earnings per Share | | $ | 3.39 | | | $ | 2.58 | | | $ | 8.85 | | | $ | 7.60 | |
| Diluted weighted-average shares outstanding | | 943 | | | 968 | | | 949 | | | 974 | |
The accompanying notes are an integral part of these consolidated financial statements.
6 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Statement of Comprehensive Income (Unaudited) | | | | | | | | |
| | | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | | 2023 | | 2022 | | 2023 | | 2022 |
| | | (in millions) |
| Net Income | | $ | 3,198 | | | $ | 2,499 | | | $ | 8,404 | | | $ | 7,405 | |
| Other comprehensive income (loss): | | | | | | | | |
| Foreign currency translation adjustments | | (239) | | | (743) | | | (92) | | | (1,517) | |
| Income tax effect | | 1 | | | 62 | | | (13) | | | 105 | |
| Foreign currency translation adjustments, net of income tax effect | | (238) | | | (681) | | | (105) | | | (1,412) | |
| | | | | | | | |
| Translation adjustments on net investment hedges | | 138 | | | 372 | | | 53 | | | 772 | |
| Income tax effect | | (31) | | | (82) | | | (12) | | | (171) | |
| Translation adjustments on net investment hedges, net of income tax effect | | 107 | | | 290 | | | 41 | | | 601 | |
| | | | | | | | |
| Cash flow hedges | | 17 | | | 14 | | | (7) | | | 21 | |
| Income tax effect | | (4) | | | (3) | | | 2 | | | (5) | |
| Reclassification adjustments for cash flow hedges | | 12 | | | (4) | | | 29 | | | (9) | |
| Income tax effect | | (3) | | | 1 | | | (7) | | | 2 | |
| Cash flow hedges, net of income tax effect | | 22 | | | 8 | | | 17 | | | 9 | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Reclassification adjustments for defined benefit pension and other postretirement plans | | — | | | — | | | — | | | (1) | |
| Income tax effect | | — | | | — | | | — | | | — | |
| Defined benefit pension and other postretirement plans, net of income tax effect | | — | | | — | | | — | | | (1) | |
| | | | | | | | |
Investment securities available-for-sale | | 1 | | | (2) | | | 3 | | | (6) | |
| Income tax effect | | — | | | — | | | — | | | 1 | |
| Investment securities available-for-sale, net of income tax effect | | 1 | | | (2) | | | 3 | | | (5) | |
| | | | | | | | |
| Other comprehensive income (loss), net of income tax effect | | (108) | | | (385) | | | (44) | | | (808) | |
| Comprehensive Income | | $ | 3,090 | | | $ | 2,114 | | | $ | 8,360 | | | $ | 6,597 | |
The accompanying notes are an integral part of these consolidated financial statements.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 7
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
| | | | | | | | | | | | | | |
Consolidated Balance Sheet (Unaudited) | | | | |
| | September 30, 2023 | | December 31, 2022 |
| | | (in millions, except per share data) |
| Assets | | | | |
| Current assets: | | | | |
| Cash and cash equivalents | | $ | 6,890 | | | $ | 7,008 | |
| Restricted cash for litigation settlement | | — | | | 589 | |
| Investments | | 602 | | | 400 | |
| Accounts receivable | | 3,925 | | | 3,425 | |
| Settlement assets | | 1,118 | | | 1,270 | |
| Restricted security deposits held for customers | | 1,824 | | | 1,568 | |
| Prepaid expenses and other current assets | | 2,624 | | | 2,346 | |
| Total current assets | | 16,983 | | | 16,606 | |
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,140 and $1,904, respectively | | 1,972 | | | 2,006 | |
| Deferred income taxes | | 1,370 | | | 1,151 | |
| Goodwill | | 7,488 | | | 7,522 | |
Other intangible assets, net of accumulated amortization of $2,137 and $1,960, respectively | | 4,022 | | | 3,859 | |
| Other assets | | 7,839 | | | 7,580 | |
| Total Assets | | $ | 39,674 | | | $ | 38,724 | |
| Liabilities, Redeemable Non-controlling Interests and Equity | | | | |
| Current liabilities: | | | | |
| Accounts payable | | $ | 589 | | | $ | 926 | |
| Settlement obligations | | 992 | | | 1,111 | |
| Restricted security deposits held for customers | | 1,824 | | | 1,568 | |
| Accrued litigation | | 475 | | | 1,094 | |
| Accrued expenses | | 7,775 | | | 7,801 | |
| Short-term debt | | 1,337 | | | 274 | |
| Other current liabilities | | 1,527 | | | 1,397 | |
| Total current liabilities | | 14,519 | | | 14,171 | |
| Long-term debt | | 14,229 | | | 13,749 | |
| Deferred income taxes | | 385 | | | 393 | |
| Other liabilities | | 4,160 | | | 4,034 | |
| Total Liabilities | | 33,293 | | | 32,347 | |
| Commitments and Contingencies | | | | |
| Redeemable Non-controlling Interests | | 21 | | | 21 | |
| Stockholders’ Equity | | | | |
Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,401 and 1,399 shares issued and 932 and 948 shares outstanding, respectively | | — | | | — | |
Class B common stock, $0.0001 par value; authorized 1,200 shares, 7 and 8 shares issued and outstanding, respectively | | — | | | — | |
| Additional paid-in-capital | | 5,791 | | | 5,298 | |
Class A treasury stock, at cost, 470 and 451 shares, respectively | | (58,573) | | | (51,354) | |
| Retained earnings | | 60,390 | | | 53,607 | |
| Accumulated other comprehensive income (loss) | | (1,297) | | | (1,253) | |
| Mastercard Incorporated Stockholders' Equity | | 6,311 | | | 6,298 | |
| Non-controlling interests | | 49 | | | 58 | |
| Total Equity | | 6,360 | | | 6,356 | |
| Total Liabilities, Redeemable Non-controlling Interests and Equity | | $ | 39,674 | | | $ | 38,724 | |
The accompanying notes are an integral part of these consolidated financial statements.
8 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Statement of Changes in Equity (Unaudited) |
| | Three Months Ended September 30, 2023 |
| | Stockholders’ Equity | | | | |
| | Common Stock | | Additional
Paid-In
Capital | | Class A
Treasury
Stock | | Retained
Earnings | | Accumulated
Other
Comprehensive
Income (Loss) | | Mastercard Incorporated Stockholders’ Equity | | Non-
Controlling
Interests | | Total Equity |
| | Class A | | Class B | | | | |
| | (in millions) |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| Balance at June 30, 2023 | | $ | — | | | $ | — | | | $ | 5,622 | | | $ | (56,659) | | | $ | 57,730 | | | $ | (1,189) | | | $ | 5,504 | | | $ | 53 | | | $ | 5,557 | |
| Net income | | — | | | — | | | — | | | — | | | 3,198 | | | — | | | 3,198 | | | — | | | 3,198 | |
| Activity related to non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (4) | | | (4) | |
| | | | | | | | | | | | | | | | | | |
| Redeemable non-controlling interest adjustments | | — | | | — | | | — | | | — | | | (2) | | | — | | | (2) | | | — | | | (2) | |
| Other comprehensive income (loss) | | — | | | — | | | — | | | — | | | — | | | (108) | | | (108) | | | — | | | (108) | |
| Dividends | | — | | | — | | | — | | | — | | | (536) | | | — | | | (536) | | | — | | | (536) | |
| Purchases of treasury stock | | — | | | — | | | — | | | (1,915) | | | — | | | — | | | (1,915) | | | — | | | (1,915) | |
| Share-based payments | | — | | | — | | | 169 | | | 1 | | | — | | | — | | | 170 | | | — | | | 170 | |
| Balance at September 30, 2023 | | $ | — | | | $ | — | | | $ | 5,791 | | | $ | (58,573) | | | $ | 60,390 | | | $ | (1,297) | | | $ | 6,311 | | | $ | 49 | | | $ | 6,360 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | Nine Months Ended September 30, 2023 |
| | Stockholders’ Equity | | | | |
| | |
Common Stock | | Additional
Paid-In
Capital | | Class A
Treasury
Stock | | Retained
Earnings | | Accumulated
Other
Comprehensive
Income (Loss) | | Mastercard Incorporated Stockholders' Equity | | Non-
Controlling
Interests | | Total
Equity |
| | | Class A | | Class B | | |
| | | (in millions) |
| Balance at December 31, 2022 | | $ | — | | | $ | — | | | $ | 5,298 | | | $ | (51,354) | | | $ | 53,607 | | | $ | (1,253) | | | $ | 6,298 | | | $ | 58 | | | $ | 6,356 | |
| Net income | | — | | | — | | | — | | | — | | | 8,404 | | | — | | | 8,404 | | | — | | | 8,404 | |
| Activity related to non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (9) | | | (9) | |
| Redeemable non-controlling interest adjustments | | — | | | — | | | — | | | — | | | (6) | | | — | | | (6) | | | — | | | (6) | |
| Other comprehensive income (loss) | | — | | | — | | | — | | | — | | | — | | | (44) | | | (44) | | | — | | | (44) | |
| Dividends | | — | | | — | | | — | | | — | | | (1,615) | | | — | | | (1,615) | | | — | | | (1,615) | |
| Purchases of treasury stock | | — | | | — | | | — | | | (7,232) | | | — | | | — | | | (7,232) | | | — | | | (7,232) | |
| Share-based payments | | — | | | — | | | 493 | | | 13 | | | — | | | — | | | 506 | | | — | | | 506 | |
| Balance at September 30, 2023 | | $ | — | | | $ | — | | | $ | 5,791 | | | $ | (58,573) | | | $ | 60,390 | | | $ | (1,297) | | | $ | 6,311 | | | $ | 49 | | | $ | 6,360 | |
| | | | | | | | | | | | | | | | | | |
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 9
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consolidated Statement of Changes in Equity (Unaudited) - (Continued) |
| | Three Months Ended September 30, 2022 |
| | Stockholders’ Equity | | | | |
| | Common Stock | | Additional
Paid-In
Capital | | Class A
Treasury
Stock | | Retained
Earnings | | Accumulated
Other
Comprehensive
Income (Loss) | | Mastercard Incorporated Stockholders’ Equity | | Non-
Controlling
Interests | | Total Equity |
| | Class A | | Class B | | | | |
| | (in millions) |
| Balance at June 30, 2022 | | $ | — | | | $ | — | | | $ | 5,163 | | | $ | (47,359) | | | $ | 49,599 | | | $ | (1,232) | | | $ | 6,171 | | | $ | 65 | | | $ | 6,236 | |
| Net income | | — | | | — | | | — | | | — | | | 2,499 | | | — | | | 2,499 | | | — | | | 2,499 | |
| Activity related to non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (3) | | | (3) | |
| | | | | | | | | | | | | | | | | | |
| Redeemable non-controlling interest adjustments | | — | | | — | | | — | | | — | | | (1) | | | — | | | (1) | | | — | | | (1) | |
| Other comprehensive income (loss) | | — | | | — | | | — | | | — | | | — | | | (385) | | | (385) | | | — | | | (385) | |
| Dividends | | — | | | — | | | — | | | — | | | (472) | | | — | | | (472) | | | | | (472) | |
| Purchases of treasury stock | | — | | | — | | | — | | | (1,557) | | | — | | | — | | | (1,557) | | | — | | | (1,557) | |
| Share-based payments | | — | | | — | | | 106 | | | — | | | — | | | — | | | 106 | | | — | | | 106 | |
| Balance at September 30, 2022 | | $ | — | | | $ | — | | | $ | 5,269 | | | $ | (48,916) | | | $ | 51,625 | | | $ | (1,617) | | | $ | 6,361 | | | $ | 62 | | | $ | 6,423 | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2022 |
| | Stockholders’ Equity | | | | |
| | |
Common Stock | | Additional
Paid-In
Capital | | Class A
Treasury
Stock | | Retained
Earnings | | Accumulated
Other
Comprehensive
Income (Loss) | | Mastercard Incorporated Stockholders' Equity | | Non-
Controlling
Interests | | Total
Equity |
| | | Class A | | Class B | | |
| | | (in millions) |
| Balance at December 31, 2021 | | $ | — | | | $ | — | | | $ | 5,061 | | | $ | (42,588) | | | $ | 45,648 | | | $ | (809) | | | $ | 7,312 | | | $ | 71 | | | $ | 7,383 | |
| Net income | | — | | | — | | | — | | | — | | | 7,405 | | | — | | | 7,405 | | | — | | | 7,405 | |
| Activity related to non-controlling interests | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (9) | | | (9) | |
| | | | | | | | | | | | | | | | | | |
| Redeemable non-controlling interest adjustments | | — | | | — | | | — | | | — | | | (5) | | | — | | | (5) | | | — | | | (5) | |
| Other comprehensive income (loss) | | — | | | — | | | — | | | — | | | — | | | (808) | | | (808) | | | — | | | (808) | |
| Dividends | | — | | | — | | | — | | | — | | | (1,423) | | | — | | | (1,423) | | | — | | | (1,423) | |
| Purchases of treasury stock | | — | | | — | | | — | | | (6,333) | | | — | | | — | | | (6,333) | | | — | | | (6,333) | |
| Share-based payments | | — | | | — | | | 208 | | | 5 | | | — | | | — | | | 213 | | | — | | | 213 | |
| Balance at September 30, 2022 | | $ | — | | | $ | — | | | $ | 5,269 | | | $ | (48,916) | | | $ | 51,625 | | | $ | (1,617) | | | $ | 6,361 | | | $ | 62 | | | $ | 6,423 | |
The accompanying notes are an integral part of these consolidated financial statements.
10 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
| | | | | | | | | | | | | | |
Consolidated Statement of Cash Flows (Unaudited) | | | | |
| | | Nine Months Ended September 30, |
| | | 2023 | | 2022 |
| | | (in millions) |
| Operating Activities | | | | |
| Net income | | $ | 8,404 | | | $ | 7,405 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
| Amortization of customer and merchant incentives | | 1,196 | | | 1,197 | |
| Depreciation and amortization | | 594 | | | 566 | |
| (Gains) losses on equity investments, net | | 95 | | | 133 | |
| Share-based compensation | | 374 | | | 273 | |
| Deferred income taxes | | (239) | | | (589) | |
| Other | | 88 | | | 40 | |
| Changes in operating assets and liabilities: | | | | |
| Accounts receivable | | (484) | | | (326) | |
| | | | |
| Settlement assets | | 151 | | | 298 | |
| Prepaid expenses | | (1,837) | | | (1,472) | |
| Accrued litigation and legal settlements | | (621) | | | 249 | |
| Restricted security deposits held for customers | | 240 | | | (342) | |
| Accounts payable | | (319) | | | (91) | |
| Settlement obligations | | (119) | | | 146 | |
| | | | |
| Accrued expenses | | 43 | | | 638 | |
| | | | |
| Net change in other assets and liabilities | | 284 | | | (30) | |
| Net cash provided by operating activities | | 7,850 | | | 8,095 | |
| Investing Activities | | | | |
| Purchases of investment securities available-for-sale | | (244) | | | (192) | |
| Purchases of investments held-to-maturity | | (327) | | | (174) | |
| Proceeds from sales of investment securities available-for-sale | | 72 | | | 28 | |
| Proceeds from maturities of investment securities available-for-sale | | 155 | | | 156 | |
| Proceeds from maturities of investments held-to-maturity | | 116 | | | 194 | |
| Purchases of property and equipment | | (294) | | | (312) | |
| Capitalized software | | (525) | | | (446) | |
| Purchases of equity investments | | (61) | | | (62) | |
| Proceeds from sales of equity investments | | 44 | | | 7 | |
| Acquisition of businesses, net of cash acquired | | — | | | (313) | |
| | | | |
| Other investing activities | | (73) | | | (6) | |
| Net cash used in investing activities | | (1,137) | | | (1,120) | |
| Financing Activities | | | | |
| Purchases of treasury stock | | (7,200) | | | (6,339) | |
| Dividends paid | | (1,624) | | | (1,430) | |
| Proceeds from debt, net | | 1,554 | | | 1,127 | |
| | | | |
| | | | |
| | | | |
| | | | |
| Tax withholdings related to share-based payments | | (81) | | | (137) | |
| Cash proceeds from exercise of stock options | | 213 | | | 77 | |
| Other financing activities | | — | | | (12) | |
| Net cash used in financing activities | | (7,138) | | | (6,714) | |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | | (29) | | | (387) | |
| Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents | | (454) | | | (126) | |
| Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period | | 9,196 | | | 9,902 | |
| Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period | | $ | 8,742 | | | $ | 9,776 | |
| | | | |
| | | | |
| | | | |
| | | | |
The accompanying notes are an integral part of these consolidated financial statements.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 11
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Notes to consolidated financial statements (unaudited)
Note 1. Summary of Significant Accounting Policies
Organization
Mastercard Incorporated and its consolidated subsidiaries, including Mastercard International Incorporated (“Mastercard International” and together with Mastercard Incorporated, “Mastercard” or the “Company”), is a global technology company in the payments industry. Mastercard connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic forms of payment instead of cash and checks and making those payment transactions safe, simple, smart and accessible.
Consolidation and Basis of Presentation
The consolidated financial statements include the accounts of Mastercard and its majority-owned and controlled entities, including any variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Investments in VIEs for which the Company is not considered the primary beneficiary are not consolidated and are accounted for as marketable, equity method or measurement alternative method investments and recorded in other assets on the consolidated balance sheet. At September 30, 2023 and December 31, 2022, there were no significant VIEs which required consolidation and the investments were not considered material to the consolidated financial statements. The Company consolidates acquisitions as of the date the Company has obtained a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. During the fourth quarter of 2022, the Company updated its disaggregated net revenue presentation by category and geography to reflect the nature of its payment services and to align such information with the way in which management views its categories of net revenue. Prior period amounts have been reclassified to conform to the 2022 presentation. The reclassification had no impact on previously reported total net revenue, operating income or net income. The Company follows accounting principles generally accepted in the United States of America (“GAAP”).
The balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements as of December 31, 2022. The consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 and as of September 30, 2023 are unaudited, and in the opinion of management, include all normal recurring adjustments that are necessary to present fairly the results for interim periods. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year.
The accompanying unaudited consolidated financial statements are presented in accordance with the U.S. Securities and Exchange Commission (“SEC”) requirements for Quarterly Reports on Form 10-Q. Reference should be made to Mastercard’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional disclosures, including a summary of the Company’s significant accounting policies.
Note 2. Acquisitions
In April 2022, Mastercard acquired 100% equity interest in Dynamic Yield LTD. As of March 31, 2023, the Company finalized the purchase price accounting of $325 million for this acquisition. The final fair value of the purchase price allocation was not materially different than the preliminary estimated fair value. For the preliminary estimated fair value of the purchase price allocation as of the acquisition date, refer to Note 2 (Acquisitions) to the consolidated financial statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
12 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 3. Revenue
The Company’s disaggregated net revenue by category and geographic region were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in millions) |
| Net revenue by category: | | | | | | | | |
| Payment network | | $ | 4,210 | | | $ | 3,765 | | | $ | 11,933 | | | $ | 10,773 | |
| Value-added services and solutions | | 2,323 | | | 1,991 | | | 6,617 | | | 5,647 | |
| Net revenue | | $ | 6,533 | | | $ | 5,756 | | | $ | 18,550 | | | $ | 16,420 | |
| Net revenue by geographic region: | | | | | | | | |
North American Markets 1 | | $ | 2,109 | | | $ | 2,031 | | | $ | 6,143 | | | $ | 5,769 | |
| International Markets | | 4,424 | | | 3,725 | | | 12,407 | | | 10,651 | |
| Net revenue | | $ | 6,533 | | | $ | 5,756 | | | $ | 18,550 | | | $ | 16,420 | |
1North American Markets includes the United States and Canada, excluding the U.S. Territories.
The Company’s customers are generally billed weekly, with certain billings occurring on a monthly and quarterly basis. The frequency of billing is dependent upon the nature of the performance obligation and the underlying contractual terms. The Company does not typically offer extended payment terms to customers. The following table sets forth the location of the amounts recognized on the consolidated balance sheet from contracts with customers:
| | | | | | | | | | | | | | |
| | September 30,
2023 | | December 31,
2022 |
| | (in millions) |
| Receivables from contracts with customers | | | | |
Accounts receivable | | $ | 3,666 | | | $ | 3,213 | |
Contract assets | | | | |
| Prepaid expenses and other current assets | | 105 | | | 118 | |
| Other assets | | 390 | | | 442 | |
Deferred revenue 1 | | | | |
| Other current liabilities | | 548 | | | 434 | |
| Other liabilities | | 300 | | | 248 | |
| | | | |
1 Revenue recognized from performance obligations satisfied during the three and nine months ended September 30, 2023 was $533 million and $1,362 million, respectively.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 13
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 4. Earnings Per Share
The components of basic and diluted earnings per share (“EPS”) for common shares were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in millions, except per share data) |
| Numerator | | | | | | | | |
| Net income | | $ | 3,198 | | | $ | 2,499 | | | $ | 8,404 | | | $ | 7,405 | |
| Denominator | | | | | | | | |
| Basic weighted-average shares outstanding | | 941 | | | 965 | | | 947 | | | 971 | |
| Dilutive stock options and stock units | | 2 | | | 3 | | | 2 | | | 3 | |
Diluted weighted-average shares outstanding 1 | | 943 | | | 968 | | | 949 | | | 974 | |
| Earnings per Share | | | | | | | | |
| Basic | | $ | 3.40 | | | $ | 2.59 | | | $ | 8.88 | | | $ | 7.63 | |
| Diluted | | $ | 3.39 | | | $ | 2.58 | | | $ | 8.85 | | | $ | 7.60 | |
Note: Table may not sum due to rounding.
1 For the periods presented, the calculation of diluted EPS excluded a minimal amount of anti-dilutive share-based payment awards.
Note 5. Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
The following table provides the components of cash, cash equivalents, restricted cash and restricted cash equivalents reported on the consolidated balance sheet that total to the amounts shown on the consolidated statement of cash flows.
| | | | | | | | | | | | | | |
| | September 30,
2023 | | December 31,
2022 |
| | (in millions) |
| Cash and cash equivalents | | $ | 6,890 | | | $ | 7,008 | |
| Restricted cash and restricted cash equivalents | | | | |
Restricted cash for litigation settlement 1 | | — | | | 589 | |
| Restricted security deposits held for customers | | 1,824 | | | 1,568 | |
| Prepaid expenses and other current assets | | 28 | | | 31 | |
| | | | |
| Cash, cash equivalents, restricted cash and restricted cash equivalents | | $ | 8,742 | | | $ | 9,196 | |
| | | | |
| | |
| | | | |
| | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
1During the three months ended September 30, 2023, the Company reduced its Restricted cash for litigation settlement balance by $600 million, including accrued interest, as a settlement became final in August 2023. See Note 15 (Legal and Regulatory Proceedings) for additional information regarding the Company’s restricted cash for litigation settlement.
Note 6. Investments
The Company’s investments on the consolidated balance sheet include both available-for-sale and held-to-maturity debt securities (see Investments section below). The Company classifies its investments in equity securities of publicly traded and privately held companies within other assets on the consolidated balance sheet (see Equity Investments section below).
Investments
Investments on the consolidated balance sheet consisted of the following:
| | | | | | | | | | | | | | |
| | September 30,
2023 | | December 31,
2022 |
| | (in millions) |
Available-for-sale securities 1 | | $ | 276 | | | $ | 272 | |
Held-to-maturity securities 2 | | 326 | | | 128 | |
| Total investments | | $ | 602 | | | $ | 400 | |
1See Available-for-Sale Securities section below for further detail.
2Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.
14 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Investment income on the consolidated statement of operations primarily consists of interest income generated from cash, cash equivalents, held-to maturity and available-for-sale investment securities, as well as realized gains and losses on the Company’s investment securities. The realized gains and losses from the sales of available-for-sale securities for the three and nine months ended September 30, 2023 and 2022 were not material.
Available-for-Sale Securities
The major classes of the Company’s available-for-sale investment securities and their respective amortized cost basis and fair values were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | September 30, 2023 | | December 31, 2022 |
| | | Amortized
Cost | | Gross
Unrealized
Gain | | Gross
Unrealized
Loss | | Fair
Value | | Amortized
Cost | | Gross
Unrealized
Gain | | Gross
Unrealized
Loss | | Fair
Value |
| | (in millions) |
| | | | | | | | | | | | | | | | |
| Government and agency securities | | $ | 93 | | | $ | — | | | $ | (1) | | | $ | 92 | | | $ | 91 | | | $ | — | | | $ | (2) | | | $ | 89 | |
| Corporate securities | | 186 | | | — | | | (2) | | | 184 | | | 187 | | | — | | | (4) | | | 183 | |
| | | | | | | | | | | | | | | | |
| Total | | $ | 279 | | | $ | — | | | $ | (3) | | | $ | 276 | | | $ | 278 | | | $ | — | | | $ | (6) | | | $ | 272 | |
The Company’s government and agency securities include U.S. government bonds, U.S. government sponsored agency bonds and foreign government bonds which are denominated in the national currency of the issuing country. Corporate available-for-sale investment securities held at September 30, 2023 and December 31, 2022 primarily carried a credit rating of A- or better. Corporate securities are comprised of commercial paper and corporate bonds. Unrealized gains and losses are recorded as a separate component of other comprehensive income (loss) on the consolidated statement of comprehensive income.
The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at September 30, 2023 was as follows:
| | | | | | | | | | | | | | |
| | | | | |
| | | Amortized Cost | | Fair Value |
| | | (in millions) |
| Due within 1 year | | $ | 161 | | | $ | 160 | |
| Due after 1 year through 5 years | | 118 | | | 116 | |
| | | | |
| Total | | $ | 279 | | | $ | 276 | |
Equity Investments
Included in other assets on the consolidated balance sheet are equity investments with readily determinable fair values (“Marketable securities”) and equity investments without readily determinable fair values (“Nonmarketable securities”). Marketable securities are equity interests in publicly traded companies and are measured using unadjusted quoted prices in their respective active markets. Nonmarketable securities that do not qualify for equity method accounting are measured at cost, less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer (“Measurement alternative”).
The following table is a summary of the activity related to the Company’s equity investments:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Balance at December 31, 2022 | | Purchases | | Sales | | Changes in Fair Value 1 | | Other 2 | | Balance at September 30, 2023 |
| | (in millions) |
| Marketable securities | | $ | 399 | | | $ | — | | | $ | — | | | $ | 58 | | | $ | — | | | $ | 457 | |
| Nonmarketable securities | | 1,331 | | | 61 | | | (44) | | | (153) | | | (2) | | | 1,193 | |
| Total equity investments | | $ | 1,730 | | | $ | 61 | | | $ | (44) | | | $ | (95) | | | $ | (2) | | | $ | 1,650 | |
1Recorded in gains (losses) on equity investments, net on the consolidated statement of operations.
2Includes translational impact of currency.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 15
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table sets forth the components of the Company’s Nonmarketable securities:
| | | | | | | | | | | | | | |
| | September 30,
2023 | | December 31,
2022 |
| | (in millions) |
Measurement alternative | | $ | 985 | | | $ | 1,087 | |
Equity method | | 208 | | | 244 | |
| Total Nonmarketable securities | | $ | 1,193 | | | $ | 1,331 | |
The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through September 30, 2023:
| | | | | | | | |
| | |
| | (in millions) |
Initial cost basis | | $ | 534 | |
Cumulative adjustments 1: | | |
| Upward adjustments | | 629 | |
| Downward adjustments (including impairment) | | (178) | |
| Carrying amount, end of period | | $ | 985 | |
| | |
1 Includes immaterial translational impact of currency.
The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in millions) |
| Measurement alternative investments: | | | | | | | | |
| Upward adjustments | | $ | 1 | | | $ | 4 | | | $ | 7 | | | $ | 107 | |
| Downward adjustments (including impairment) | | (7) | | | — | | | (142) | | | (12) | |
| Marketable securities: | | | | | | | | |
| Unrealized gains (losses), net | | 3 | | | 79 | | | 58 | | | (209) | |
Note 7. Fair Value Measurements
The Company’s financial instruments are carried at fair value, cost or amortized cost on the consolidated balance sheet. The Company classifies its fair value measurements of financial instruments into a three-level hierarchy (the “Valuation Hierarchy”).
Financial Instruments - Carried at Fair Value
Financial instruments carried at fair value are categorized for fair value measurement purposes as recurring or non-recurring in nature.
16 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Recurring Measurements
The distribution of the Company’s financial instruments measured at fair value on a recurring basis within the Valuation Hierarchy were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | September 30, 2023 | | December 31, 2022 |
| | | Quoted Prices
in Active
Markets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total | | Quoted Prices
in Active
Markets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total |
| | (in millions) |
| Assets | | | | | | | | | | | | | | | | |
Investment securities available-for-sale 1: | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Government and agency securities | | $ | 37 | | | $ | 55 | | | $ | — | | | $ | 92 | | | $ | 35 | | | $ | 54 | | | $ | — | | | $ | 89 | |
| Corporate securities | | — | | | 184 | | | — | | | 184 | | | — | | | 183 | | | — | | | 183 | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Derivative instruments 2: | | | | | | | | | | | | | | | | |
| Foreign exchange contracts | | — | | | 120 | | | — | | | 120 | | | — | | | 108 | | | — | | | 108 | |
| | | | | | | | | | | | | | | | |
Marketable securities 3: | | | | | | | | | | | | | | | | |
| Equity securities | | 457 | | | — | | | — | | | 457 | | | 399 | | | — | | | — | | | 399 | |
Deferred compensation plan 4: | | | | | | | | | | | | | | | | |
| Deferred compensation assets | | 84 | | | — | | | — | | | 84 | | | 74 | | | — | | | — | | | 74 | |
| | | | | | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | | | | | | |
Derivative instruments 2: | | | | | | | | | | | | | | | | |
| Foreign exchange contracts | | $ | — | | | $ | 22 | | | $ | — | | | $ | 22 | | | $ | — | | | $ | 21 | | | $ | — | | | $ | 21 | |
| Interest rate contracts | | — | | | 109 | | | — | | | 109 | | | — | | | 105 | | | — | | | 105 | |
Deferred compensation plan 5: | | | | | | | | | | | | | | | | |
| Deferred compensation liabilities | | 83 | | | — | | | — | | | 83 | | | 73 | | | — | | | — | | | 73 | |
1The Company’s U.S. government securities are classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices for identical assets in active markets. The fair value of the Company’s available-for-sale non-U.S. government and agency securities and corporate securities are based on observable inputs such as quoted prices, benchmark yields and issuer spreads for similar assets in active markets and are therefore included in Level 2 of the Valuation Hierarchy.
2The Company’s foreign exchange and interest rate derivative asset and liability contracts have been classified within Level 2 of the Valuation Hierarchy as the fair value is based on observable inputs such as broker quotes for similar derivative instruments. See Note 17 (Derivative and Hedging Instruments) for further details.
3The Company’s Marketable securities are publicly held and classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices in their respective active markets.
4The Company has a nonqualified deferred compensation plan where assets are invested primarily in mutual funds held in a rabbi trust, which is restricted for payments to participants of the plan. The Company has elected to use the fair value option for these mutual funds and are classified within Level 1 of the Valuation Hierarchy, which are measured using quoted prices of identical instruments in active markets and are included in prepaid expenses and other current assets on the consolidated balance sheet.
5The deferred compensation liabilities are classified within Level 1 of the Valuation Hierarchy as the fair value is measured based on the quoted prices of identical instruments to the investment vehicles selected by the participants. These are included in other liabilities on the consolidated balance sheet.
Nonrecurring Measurements
Nonmarketable Securities
The Company’s Nonmarketable securities are recorded at fair value on a nonrecurring basis in periods after initial recognition under the equity method or measurement alternative method. Nonmarketable securities are classified within Level 3 of the Valuation Hierarchy due to the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value that require management’s judgment. The Company uses discounted cash flows and market assumptions to estimate the fair value of its Nonmarketable securities when certain events or circumstances indicate that impairment may exist. See Note 6 (Investments) for further details.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 17
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Financial Instruments - Not Carried at Fair Value
Debt
Debt instruments are carried on the consolidated balance sheet at amortized cost. The Company estimates the fair value of its debt based on either market quotes or observable market data. Debt is classified as Level 2 of the Valuation Hierarchy as it is generally not traded in active markets. At September 30, 2023, the carrying value and fair value of debt was $15.6 billion and $13.8 billion, respectively. At December 31, 2022, the carrying value and fair value of debt was $14.0 billion and $12.7 billion, respectively. See Note 10 (Debt) for further details.
Other Financial Instruments
Certain other financial instruments are carried on the consolidated balance sheet at cost or amortized cost basis, which approximates fair value due to their short-term, highly liquid nature. These instruments include cash and cash equivalents, restricted cash, time deposits, accounts receivable, settlement assets, restricted security deposits held for customers, accounts payable, settlement obligations and other accrued liabilities.
Note 8. Prepaid Expenses and Other Assets
Prepaid expenses and other current assets consisted of the following:
| | | | | | | | | | | | | | |
| | September 30,
2023 | | December 31,
2022 |
| | (in millions) |
| Customer and merchant incentives | | $ | 1,533 | | | $ | 1,392 | |
| Prepaid income taxes | | 24 | | | 34 | |
| Other | | 1,067 | | | 920 | |
| Total prepaid expenses and other current assets | | $ | 2,624 | | | $ | 2,346 | |
Other assets consisted of the following:
| | | | | | | | | | | | | | |
| | September 30,
2023 | | December 31,
2022 |
| | (in millions) |
| Customer and merchant incentives | | $ | 4,917 | | | $ | 4,578 | |
| Equity investments | | 1,650 | | | 1,730 | |
| Income taxes receivable | | 654 | | | 633 | |
| Other | | 618 | | | 639 | |
| Total other assets | | $ | 7,839 | | | $ | 7,580 | |
Customer and merchant incentives represent payments made to customers and merchants under business agreements. Payments made directly related to entering into such an agreement are generally capitalized and amortized over the life of the agreement.
Note 9. Accrued Expenses and Accrued Litigation
Accrued expenses consisted of the following:
| | | | | | | | | | | | | | |
| | September 30,
2023 | | December 31,
2022 |
| | | (in millions) |
| Customer and merchant incentives | | $ | 5,667 | | | $ | 5,600 | |
| Personnel costs | | 996 | | | 1,322 | |
| Income and other taxes | | 555 | | | 279 | |
| Other | | 557 | | | 600 | |
| Total accrued expenses | | $ | 7,775 | | | $ | 7,801 | |
Customer and merchant incentives represent amounts to be paid to customers under business agreements. As of September 30, 2023 and December 31, 2022, long-term customer and merchant incentives included in other liabilities were $2,542 million and $2,293 million, respectively.
18 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
As of September 30, 2023 and December 31, 2022, the Company’s provision for litigation was $475 million and $1,094 million, respectively. These amounts are not included in the accrued expenses table above and are separately reported as accrued litigation on the consolidated balance sheet. The decrease during the nine months ended September 30, 2023 is primarily due to a $600 million decrease in the Company’s provision for litigation after a settlement became final in August 2023. See Note 15 (Legal and Regulatory Proceedings) for additional information regarding the Company’s accrued litigation.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 19
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 10. Debt
Debt consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | September 30,
2023 | | December 31,
2022 | | Effective
Interest Rate |
| | | | | (in millions) | | |
| Senior Notes | | | | | | | | | |
| | | | | | | | | |
| 2023 USD Notes | | 4.875 | % | Senior Notes due March 2028 | | $ | 750 | | | $ | — | | | 5.003 | % |
| | 4.850 | % | Senior Notes due March 2033 | | 750 | | | — | | | 4.923 | % |
| | | | | | | | | |
2022 EUR Notes 1 | | 1.000 | % | Senior Notes due February 2029 | | 794 | | | 800 | | | 1.138 | % |
| | | | | | | | | |
| 2021 USD Notes | | 2.000 | % | Senior Notes due November 2031 | | 750 | | | 750 | | | 2.112 | % |
| | 1.900 | % | Senior Notes due March 2031 | | 600 | | | 600 | | | 1.981 | % |
| | 2.950 | % | Senior Notes due March 2051 | | 700 | | | 700 | | | 3.013 | % |
| | | | | | | | | |
| 2020 USD Notes | | 3.300 | % | Senior Notes due March 2027 | | 1,000 | | | 1,000 | | | 3.420 | % |
| | 3.350 | % | Senior Notes due March 2030 | | 1,500 | | | 1,500 | | | 3.430 | % |
| | 3.850 | % | Senior Notes due March 2050 | | 1,500 | | | 1,500 | | | 3.896 | % |
| | | | | | | | | |
| 2019 USD Notes | | 2.950 | % | Senior Notes due June 2029 | | 1,000 | | | 1,000 | | | 3.030 | % |
| | 3.650 | % | Senior Notes due June 2049 | | 1,000 | | | 1,000 | | | 3.689 | % |
| | 2.000 | % | Senior Notes due March 2025 | | 750 | | | 750 | | | 2.147 | % |
| | | | | | | | | |
| 2018 USD Notes | | 3.500 | % | Senior Notes due February 2028 | | 500 | | | 500 | | | 3.598 | % |
| | 3.950 | % | Senior Notes due February 2048 | | 500 | | | 500 | | | 3.990 | % |
| | | | | | | | | |
| 2016 USD Notes | | 2.950 | % | Senior Notes due November 2026 | | 750 | | | 750 | | | 3.044 | % |
| | 3.800 | % | Senior Notes due November 2046 | | 600 | | | 600 | | | 3.893 | % |
| | | | | | | | | |
2015 EUR Notes 2 | | 2.100 | % | Senior Notes due December 2027 | | 846 | | | 854 | | | 2.189 | % |
| | 2.500 | % | Senior Notes due December 2030 | | 159 | | | 160 | | | 2.562 | % |
| | | | | | | | | |
| 2014 USD Notes | | 3.375 | % | Senior Notes due April 2024 | | 1,000 | | | 1,000 | | | 3.484 | % |
| | | | | | | | | |
| Other Debt | | | | | | | | | |
| | | | | | | | | |
2023 INR Term Loan 3 | | 9.430 | % | Term Loan due July 2024 | | 338 | | | — | | | 9.780 | % |
| | | | | | | | | |
2022 INR Term Loan 4 | | 8.640 | % | Term Loan due July 2023 | | — | | | 275 | | | 9.090 | % |
| | | | | | | | | |
| | | | | 15,787 | | | 14,239 | | | |
| Less: Unamortized discount and debt issuance costs | (112) | | | (111) | | | |
Less: Cumulative hedge accounting fair value adjustments 5 | | (109) | | | (105) | | | |
| Total debt outstanding | 15,566 | | | 14,023 | | | |
Less: Short-term debt 6 | | (1,337) | | | (274) | | | |
| Long-term debt | $ | 14,229 | | | $ | 13,749 | | | |
1 €750 million euro-denominated debt issued in February 2022.
2 €950 million euro-denominated debt remaining of the €1.650 billion issued in December 2015.
3 INR28.1 billion Indian rupee-denominated loan issued in July 2023.
4 INR22.7 billion Indian rupee-denominated loan issued in July 2022.
5 The Company has an interest rate swap which is accounted for as a fair value hedge. See Note 17 (Derivative and Hedging Instruments) for additional information.
6 The 2014 USD Notes due April 2024 and the INR Term Loan due July 2024 are classified as short-term debt on the consolidated balance sheet as of September 30, 2023. The 2022 INR Term Loan due July 2023 was classified as short-term debt on the consolidated balance sheet as of December 31, 2022.
20 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Senior Notes
In March 2023, the Company issued $750 million principal amount of notes due March 2028 and $750 million principal amount of notes due March 2033 (collectively the “2023 USD Notes”). The net proceeds from the issuance of the 2023 USD Notes, after deducting the original issue discount, underwriting discount and offering expenses, were $1.489 billion.
The Senior Notes described above are not subject to any financial covenants and may be redeemed in whole, or in part, at the Company’s option at any time for a specified make-whole amount. These notes are senior unsecured obligations and would rank equally with any future unsecured and unsubordinated indebtedness.
Indian Rupee (“INR”) Term Loan
In July 2022, the Company entered into an unsecured INR22.7 billion term loan ($285 million as of the date of settlement) originally due July 2023 (the “2022 INR Term Loan”). The net proceeds of the 2022 INR Term Loan, after deducting issuance costs, were INR22.6 billion ($284 million as of the date of settlement).
In April 2023, the Company entered into an additional unsecured INR4.97 billion term loan, also originally due July 2023 (the “April 2023 INR Term Loan”). The stated interest rate and effective interest rate were 9.480% and 9.705%, respectively. The net proceeds of the April 2023 INR Term Loan, after deducting issuance costs, were INR4.96 billion ($61 million as of the date of settlement).
In July 2023, the Company modified and combined the 2022 INR Term Loan and April 2023 INR Term Loan (the “2023 INR Term Loan”), increasing the total unsecured loans to INR28.1 billion ($342 million as of the date of settlement). The 2023 INR Term Loan is due July 2024.
The Company obtained the INR Term Loans to serve as economic hedges to offset possible changes in the value of INR-denominated monetary assets due to foreign exchange fluctuations. The INR Term Loans are not subject to any financial covenants and they may be repaid in whole at the Company’s option at any time for a specified make-whole amount.
Note 11. Stockholders' Equity
Dividends
The Company declared quarterly cash dividends on its Class A and Class B common stock as summarized below:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | (in millions, except per share data) |
| Dividends declared per share | | $ | 0.57 | | | $ | 0.49 | | | $ | 1.71 | | | $ | 1.47 | |
| Total dividends declared | | $ | 536 | | | $ | 472 | | | $ | 1,615 | | | $ | 1,423 | |
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 21
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Common Stock Activity
The following table presents the changes in the Company’s outstanding Class A and Class B common stock:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, |
| | 2023 | | 2022 |
| | | Outstanding Shares | | Outstanding Shares |
| | | Class A | | Class B | | Class A | | Class B |
| | (in millions) |
| Balance at beginning of period | | 935.9 | | | 7.4 | | | 960.0 | | | 7.7 | |
| Purchases of treasury stock | | (4.8) | | | — | | | (4.7) | | | — | |
| Share-based payments | | 0.5 | | | — | | | 0.1 | | | — | |
| Conversion of Class B to Class A common stock | | — | | | — | | | — | | | — | |
| Balance at end of period | | 931.6 | | | 7.4 | | | 955.4 | | | 7.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2023 | | 2022 |
| | | Outstanding Shares | | Outstanding Shares |
| | | Class A | | Class B | | Class A | | Class B |
| | (in millions) |
| Balance at beginning of period | | 948.4 | | | 7.6 | | | 972.1 | | | 7.8 | |
| Purchases of treasury stock | | (19.2) | | | — | | | (18.3) | | | — | |
| Share-based payments | | 2.2 | | | — | | | 1.5 | | | — | |
| Conversion of Class B to Class A common stock | | 0.2 | | | (0.2) | | | 0.1 | | | (0.1) | |
| Balance at end of period | | 931.6 | | | 7.4 | | | 955.4 | | | 7.7 | |
In December 2022 and November 2021, the Company’s Board of Directors approved share repurchase programs of its Class A common stock authorizing the Company to repurchase up to $9.0 billion and $8.0 billion, respectively. The following table summarizes the Company’s share repurchases of its Class A common stock:
| | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | 2023 | | 2022 |
| | (in millions, except per share data) |
Dollar-value of shares repurchased 1 | | $ | 7,200 | | | $ | 6,339 | |
| Shares repurchased | | 19.2 | | | 18.3 | |
| Average price paid per share | | $ | 375.34 | | | $ | 345.54 | |
1The dollar-value of shares repurchased does not include a 1% excise tax that became effective January 1, 2023. The incremental tax is recorded in treasury stock on the consolidated balance sheet and is payable annually beginning in 2024.
As of September 30, 2023, the remaining authorization under the share repurchase programs approved by the Company’s Board of Directors was $5.0 billion.
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ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 12. Accumulated Other Comprehensive Income (Loss)
The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2023 and 2022 were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2022 | | Increase / (Decrease) | | Reclassifications | | September 30, 2023 |
| | (in millions) |
Foreign currency translation adjustments 1 | | $ | (1,414) | | | $ | (105) | | | $ | — | | | $ | (1,519) | |
Translation adjustments on net investment hedges 2 | | 309 | | | 41 | | | — | | | 350 | |
| Cash flow hedges | | | | | | | | |
Foreign exchange contracts 3 | | (8) | | | (5) | | | 18 | | | 5 | |
| Interest rate contracts | | (123) | | | — | | | 4 | | | (119) | |
| Defined benefit pension and other postretirement plans | | (11) | | | — | | | — | | | (11) | |
| Investment securities available-for-sale | | (6) | | | 3 | | | — | | | (3) | |
| Accumulated other comprehensive income (loss) | | $ | (1,253) | | | $ | (66) | | | $ | 22 | | | $ | (1,297) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2021 | | Increase / (Decrease) | | Reclassifications | | September 30, 2022 |
| | (in millions) |
Foreign currency translation adjustments 1 | | $ | (739) | | | $ | (1,412) | | | $ | — | | | $ | (2,151) | |
Translation adjustments on net investment hedges 2 | | 34 | | | 601 | | | — | | | 635 | |
| Cash flow hedges | | | | | | | | |
Foreign exchange contracts 3 | | 4 | | | 16 | | | (11) | | | 9 | |
| Interest rate contracts | | (128) | | | — | | | 4 | | | (124) | |
| Defined benefit pension and other postretirement plans | | 21 | | | — | | | (1) | | | 20 | |
| Investment securities available-for-sale | | (1) | | | (5) | | | — | | | (6) | |
| Accumulated other comprehensive income (loss) | | $ | (809) | | | $ | (800) | | | $ | (8) | | | $ | (1,617) | |
1During the nine months ended September 30, 2023, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro against the U.S. dollar. During the nine months ended September 30, 2022, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro and British pound against the U.S. dollar.
2During the nine months ended September 30, 2023, the increase in the accumulated other comprehensive gain related to the net investment hedges was driven by the depreciation of the euro against the U.S. dollar. During the nine months ended September 30, 2022, the increase in the accumulated other comprehensive gain related to the net investment hedges was driven by the depreciation of the euro against the U.S. dollar. See Note 17 (Derivative and Hedging Instruments) for additional information.
3Certain foreign exchange derivative contracts are designated as cash flow hedging instruments. Gains and losses resulting from changes in the fair value of these contracts are deferred in accumulated other comprehensive income (loss) and subsequently reclassified to the consolidated statement of operations when the underlying hedged transactions impact earnings. See Note 17 (Derivative and Hedging Instruments) for additional information.
Note 13. Share-Based Payments
During the nine months ended September 30, 2023, the Company granted the following awards under the Mastercard Incorporated 2006 Long Term Incentive Plan, amended and restated as of June 22, 2021 (the “LTIP”). The LTIP is a stockholder-approved plan that permits the grant of various types of equity awards to employees.
| | | | | | | | | | | | | | |
| | Grants in 2023 | | Weighted-Average
Grant-Date
Fair Value |
| | (in millions) | | (per option/unit) |
| Non-qualified stock options | | 0.3 | | $ | 123 | |
| Restricted stock units | | 1.2 | | $ | 350 | |
| Performance stock units | | 0.2 | | $ | 365 | |
The Company uses the Black-Scholes option pricing model to determine the grant-date fair value of stock options and calculates the expected life and the expected volatility based on historical Mastercard information. The expected life of stock options granted in 2023 was estimated to be six years, while the expected volatility was determined to be 29.6%. These awards expire ten years from the date of grant and vest ratably over three years.
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The fair value of restricted stock units (“RSUs”) is determined and fixed on the grant date based on the Company’s Class A common stock price, adjusted for the exclusion of dividend equivalents. For RSUs granted in 2023, the awards generally vest ratably over three years.
The Company uses the Monte Carlo simulation valuation model to determine the grant-date fair value of performance stock units (“PSUs”) granted. PSUs vest after three years from the date of grant and are subject to a mandatory one-year deferral period, during which vested PSUs are eligible for dividend equivalents.
Compensation expense is recorded net of estimated forfeitures over the shorter of the vesting period or the date the individual becomes eligible to retire under the LTIP. The Company uses the straight-line method of attribution over the requisite service period for expensing equity awards.
Note 14. Income Taxes
The effective income tax rates were 15.0% and 18.6% for the three months ended September 30, 2023 and 2022, respectively. The lower effective income tax rate for the three months ended September 30, 2023, versus the comparable period in 2022, was primarily due to the Company’s ability to now claim more U.S. foreign tax credits generated in 2022 and 2023 resulting from Notice 2023-55 (the “Notice”), released by the U.S. Department of Treasury (“Treasury”) in the current period, partially offset by a $115 million discrete tax expense to establish a valuation allowance on the deferred tax asset related to U.S. foreign tax credits generated prior to 2022.
The effective income tax rates were 18.6% and 14.3% for the nine months ended September 30, 2023 and 2022, respectively. The higher effective income tax rate for the nine months ended September 30, 2023, versus the comparable period in 2022, was primarily due to changes in the valuation allowance associated with the deferred tax asset related to U.S. foreign tax credits. In 2022, the Company recognized a discrete tax benefit of $333 million to release the valuation allowance resulting from U.S. tax regulations published in the first quarter of 2022 (the “2022 Regulations”). In 2023, the treatment of foreign taxes paid under the 2022 Regulations changed due to the foreign tax legislation enacted in Brazil and the Notice released by Treasury. Therefore, the Company recognized a total $327 million discrete tax expense in 2023 to establish the valuation allowance. The discrete tax expense recognized in the nine months ended September 30, 2023 was partially offset by the Company’s ability to now claim more U.S. foreign tax credits generated in 2022 and 2023 due to the Notice.
As of September 30, 2023, the deferred tax asset related to U.S. foreign tax credits and corresponding valuation allowance is $575 million due to foreign tax legislation enacted in Brazil and the Notice. The valuation allowance relates to the Company’s ability to recognize future tax benefits associated with the carryforward of U.S. foreign tax credits generated in the current and prior periods. The recognition of the U.S. foreign tax credits is dependent upon the realization of future foreign source income in the appropriate foreign tax credit basket in accordance with U.S. federal income tax law.
The Company is subject to tax in the United States, Belgium, Singapore, the United Kingdom and various other foreign jurisdictions, as well as state and local jurisdictions. Uncertain tax positions are reviewed on an ongoing basis and are adjusted after considering facts and circumstances, including progress of tax audits, developments in case law and closing of statutes of limitation. Within the next twelve months, the Company believes that the resolution of certain federal, foreign and state and local examinations is reasonably possible and that a change in estimate, reducing unrecognized tax benefits, may occur. While such a change may be significant, it is not possible to provide a range of the potential change until the examinations progress further or the related statutes of limitation expire. The Company has effectively settled its U.S. federal income tax obligations through 2014. With limited exception, the Company is no longer subject to state and local or foreign examinations by tax authorities for years before 2011.
Note 15. Legal and Regulatory Proceedings
Mastercard is a party to legal and regulatory proceedings with respect to a variety of matters in the ordinary course of business. Some of these proceedings are based on complex claims involving substantial uncertainties and unascertainable damages. Accordingly, except as discussed below, it is not possible to determine the probability of loss or estimate damages, and therefore, Mastercard has not established reserves for any of these proceedings. When the Company determines that a loss is both probable and reasonably estimable, Mastercard records a liability and discloses the amount of the liability if it is material. When a material loss contingency is only reasonably possible, Mastercard does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can be made. Unless otherwise stated below with respect to these matters, Mastercard cannot provide an estimate of the possible loss or range of loss based on one or more of the following reasons: (1) actual or potential plaintiffs have not claimed an amount of monetary damages or the amounts are unsupportable or exaggerated, (2) the matters are in early stages, (3) there is uncertainty as to the outcome of pending appeals or motions, (4) there are significant factual issues to be resolved, (5) the proceedings involve multiple defendants or potential defendants whose share of any potential financial responsibility has yet to be determined and/or (6) there are novel legal issues presented. Furthermore, except as identified with respect to the matters below, Mastercard does not believe that the outcome of any individual existing legal or regulatory proceeding to which it is a party will have a material adverse effect on its results of operations, financial condition and overall business. However, an adverse judgment or other outcome or settlement with respect to any proceedings discussed below could result in fines or payments by Mastercard and/or could require Mastercard to change its business practices. In addition, an adverse outcome in a regulatory proceeding could lead to the filing of civil damage claims and possibly result in significant
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ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
damage awards. Any of these events could have a material adverse effect on Mastercard’s results of operations, financial condition and overall business.
Interchange Litigation and Regulatory Proceedings
Mastercard’s interchange fees and other practices are subject to regulatory, legal review and/or challenges in a number of jurisdictions, including the proceedings described below. When taken as a whole, the resulting decisions, regulations and legislation with respect to interchange fees and acceptance practices may have a material adverse effect on the Company’s prospects for future growth and its overall results of operations, financial position and cash flows.
United States. In June 2005, the first of a series of complaints were filed on behalf of merchants (the majority of the complaints were styled as class actions, although a few complaints were filed on behalf of individual merchant plaintiffs) against Mastercard International, Visa U.S.A., Inc., Visa International Service Association and a number of financial institutions. Taken together, the claims in the complaints were generally brought under both Sections 1 and 2 of the Sherman Act, which prohibit monopolization and attempts or conspiracies to monopolize a particular industry, and some of these complaints contain unfair competition law claims under state law. The complaints allege, among other things, that Mastercard, Visa, and certain financial institutions conspired to set the price of interchange fees, enacted point of sale acceptance rules (including the “no surcharge” rule) in violation of antitrust laws and engaged in unlawful tying and bundling of certain products and services, resulting in merchants paying excessive costs for the acceptance of Mastercard and Visa credit and debit cards. The cases were consolidated for pre-trial proceedings in the U.S. District Court for the Eastern District of New York in MDL No. 1720 (the “U.S. MDL Litigation Cases”). The plaintiffs filed a consolidated class action complaint seeking treble damages.
In July 2006, the group of purported merchant class plaintiffs filed a supplemental complaint alleging that Mastercard’s initial public offering of its Class A Common Stock in May 2006 (the “IPO”) and certain purported agreements entered into between Mastercard and financial institutions in connection with the IPO: (1) violate U.S. antitrust laws and (2) constituted a fraudulent conveyance because the financial institutions allegedly attempted to release, without adequate consideration, Mastercard’s right to assess them for Mastercard’s litigation liabilities. The class plaintiffs sought treble damages and injunctive relief including, but not limited to, an order reversing and unwinding the IPO.
In February 2011, Mastercard and Mastercard International entered into each of: (1) an omnibus judgment sharing and settlement sharing agreement with Visa Inc., Visa U.S.A. Inc. and Visa International Service Association and a number of financial institutions; and (2) a Mastercard settlement and judgment sharing agreement with a number of financial institutions. The agreements provide for the apportionment of certain costs and liabilities which Mastercard, the Visa parties and the financial institutions may incur, jointly and/or severally, in the event of an adverse judgment or settlement of one or all of the U.S. MDL Litigation Cases. Among a number of scenarios addressed by the agreements, in the event of a global settlement involving the Visa parties, the financial institutions and Mastercard, Mastercard would pay 12% of the monetary portion of the settlement. In the event of a settlement involving only Mastercard and the financial institutions with respect to their issuance of Mastercard cards, Mastercard would pay 36% of the monetary portion of such settlement.
In October 2012, the parties entered into a definitive settlement agreement with respect to the U.S. MDL Litigation Cases (including with respect to the claims related to the IPO) and the defendants separately entered into a settlement agreement with the individual merchant plaintiffs. The settlements included cash payments that were apportioned among the defendants pursuant to the omnibus judgment sharing and settlement sharing agreement described above. Mastercard also agreed to provide class members with a short-term reduction in default credit interchange rates and to modify certain of its business practices, including its no surcharge rule. The court granted final approval of the settlement in December 2013. Following an appeal by objectors and as a result of a reversal by the U.S. Court of Appeals for the Second Circuit, the district court divided the merchants’ claims into two separate classes - monetary damages claims (the “Damages Class”) and claims seeking changes to business practices (the “Rules Relief Class”). The court appointed separate counsel for each class.
In September 2018, the parties to the Damages Class litigation entered into a class settlement agreement to resolve the Damages Class claims, with merchants representing slightly more than 25% of the Damages Class interchange volume ultimately choosing to opt out of the settlement. The district court granted final approval of the Damages Class settlement in December 2019, which was upheld by the appellate court in March 2023 and became final in August 2023 pursuant to the terms of the agreement. Mastercard has commenced settlement negotiations with a number of the opt-out merchants and has reached settlements and/or agreements in principle to settle a number of these claims.
Separately, settlement negotiations with the Rules Relief Class are ongoing. Briefing on summary judgment motions in the Rules Relief Class and opt-out merchant cases was completed in December 2020. In September 2021, the district court granted the Rules Relief Class’s motion for class certification.
As of September 30, 2023 and December 31, 2022, Mastercard had accrued a liability of $464 million and $894 million, respectively, as a reserve for the U.S. MDL Litigation Cases. During the third quarter of 2023, Mastercard reduced both the accrued liability and restricted cash for litigation settlement by $600 million, including accrued interest, as the Damages Class settlement became final in August 2023. As of September 30, 2023 and December 31, 2022, Mastercard had no balance and $589 million, respectively, in a qualified cash settlement fund related to the Damages Class litigation and classified as restricted cash on its consolidated balance sheet. During the first quarter of
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 25
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2023, Mastercard recorded an additional accrual of $211 million as a result of a change in estimate with respect to the claims of merchants who opted out of the Damages Class litigation. The reserve as of September 30, 2023 for the opt-out merchants represents Mastercard’s best estimate of its probable liabilities in these matters and does not represent an estimate of a loss, if any, if the matters were litigated to a final outcome. Mastercard cannot estimate the potential liability if that were to occur.
Europe. Since May 2012, a number of United Kingdom (“U.K.”) merchants filed claims or threatened litigation against Mastercard seeking damages for excessive costs paid for acceptance of Mastercard credit and debit cards arising out of alleged anti-competitive conduct with respect to, among other things, Mastercard’s cross-border interchange fees and its U.K. and Ireland domestic interchange fees (the “U.K. Merchant claimants”). In addition, Mastercard has faced similar filed or threatened litigation by merchants with respect to interchange rates in other countries in Europe (the “Pan-European Merchant claimants”). Mastercard has resolved a substantial amount of these damages claims through settlement or judgment. Following these settlements, approximately £1.1 billion (approximately $1.4 billion as of September 30, 2023) of unresolved damages claims remain.
Mastercard continues to litigate with the remaining U.K. and Pan-European Merchant claimants and it has submitted statements of defense disputing liability and damages claims. A number of those matters are now progressing with motion practice and discovery. A hearing involving multiple merchant cases is scheduled for February 2024 concerning certain liability issues with respect to merchant claims for damages with respect to post-Interchange Fee Regulation consumer interchange fees as well as commercial and inter-regional interchange fees.
In a separate matter, Mastercard and Visa were served with a proposed collective action complaint in the U.K. on behalf of merchants seeking damages for commercial card transactions and inter-regional consumer card transactions in both the U.K. and the European Union. The plaintiffs have claimed damages against Mastercard of approximately £0.5 billion (approximately $0.6 billion as of September 30, 2023). In June 2023, the court denied the plaintiffs’ collective action application but provided the plaintiffs with an opportunity to file a revised application for certification. The plaintiffs have indicated that they plan to file a revised application in December 2023 and the court has scheduled a hearing on the application for April 2024.
In September 2016, a proposed collective action was filed in the United Kingdom on behalf of U.K. consumers seeking damages for intra-EEA and domestic U.K. interchange fees that were allegedly passed on to consumers by merchants between 1992 and 2008. The complaint, which seeks to leverage the European Commission’s 2007 decision on intra-EEA interchange fees, claims damages in an amount that exceeds £10 billion (approximately $12 billion as of September 30, 2023). Following various hearings since July 2017 regarding collective action and scope, in August 2021, the trial court issued a decision in which it granted class certification to the plaintiffs but narrowed the scope of the class. In January 2023, the trial court held a hearing on Mastercard’s request to narrow the number of years of damages sought by the plaintiffs on statute of limitations grounds. In July 2023, the trial court held an additional hearing regarding whether any causal connection existed between the levels of Mastercard’s intra-EEA interchange fees and U.K. domestic interchange fees.
Mastercard has been named as a defendant in a proposed consumer collective action filed in Portugal on behalf of Portuguese consumers. The complaint, which seeks to leverage the 2019 resolution of the European Commission’s investigation of Mastercard’s central acquiring rules and interregional interchange fees, claims damages of approximately €0.4 billion (approximately $0.4 billion as of September 30, 2023) for interchange fees that were allegedly passed on to consumers by Portuguese merchants for a period of approximately 20 years. Mastercard has submitted a statement of defense that disputes both liability and damages.
In April 2023, the Serbian Competition Commission issued a Statement of Objections (“SO”) against Mastercard. The SO covers historic domestic interchange fees from 2013 to 2018. The SO seeks monetary fines and costs but no business practices changes.
Australia. In May 2022, the Australian Competition & Consumer Commission (“ACCC”) filed a complaint targeting certain agreements entered into by Mastercard and certain Australian merchants related to Mastercard’s debit program. The ACCC alleges that by entering into such agreements, Mastercard engaged in conduct with the purpose of substantially lessening competition in the supply of debit card acceptance services. The ACCC seeks both declaratory relief and monetary fines and costs. A hearing on liability issues has been scheduled for March 2025.
ATM Non-Discrimination Rule Surcharge Complaints
United States. In October 2011, a trade association of independent Automated Teller Machine (“ATM”) operators and 13 independent ATM operators filed a complaint styled as a class action lawsuit in the U.S. District Court for the District of Columbia against both Mastercard and Visa (the “ATM Operators Complaint”). Plaintiffs seek to represent a class of non-bank operators of ATM terminals that operate in the United States with the discretion to determine the price of the ATM access fee for the terminals they operate. Plaintiffs allege that Mastercard and Visa have violated Section 1 of the Sherman Act by imposing rules that require ATM operators to charge non-discriminatory ATM surcharges for transactions processed over Mastercard’s and Visa’s respective networks that are not greater than the surcharge for transactions over other networks accepted at the same ATM. Plaintiffs seek both injunctive and monetary relief equal to treble the damages they claim to have sustained as a result of the alleged violations and their costs of suit, including attorneys’ fees.
Subsequently, multiple related complaints were filed in the U.S. District Court for the District of Columbia alleging both federal antitrust and multiple state unfair competition, consumer protection and common law claims against Mastercard and Visa on behalf of putative classes of users of ATM services (the “ATM Consumer Complaints”). The claims in these actions largely mirror the allegations made in the ATM
26 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
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Operators Complaint, although these complaints seek damages on behalf of consumers of ATM services who pay allegedly inflated ATM fees at both bank and non-bank ATM operators as a result of the defendants’ ATM rules. Plaintiffs seek both injunctive and monetary relief equal to treble the damages they claim to have sustained as a result of the alleged violations and their costs of suit, including attorneys’ fees.
In January 2012, the plaintiffs in the ATM Operators Complaint and the ATM Consumer Complaints filed amended class action complaints that largely mirror their prior complaints. In September 2019, the plaintiffs filed with the district court their motions for class certification in which the plaintiffs, in aggregate, allege over $1 billion in damages against all of the defendants. In August 2021, the trial court issued an order granting the plaintiffs’ request for class certification. In July 2023, the D.C. Circuit Court affirmed the district court order granting class certification, and subsequently denied Mastercard’s request for an appeal of that decision to all D.C. Circuit Court judges.
Europe. Mastercard was named as a defendant in an action brought by Euronet 360 Finance Limited, Euronet Polska Spolka z.o.o. and Euronet Services spol. s.r.o. (“Euronet”) alleging that certain rules affecting ATM access fees in Poland, the Czech Republic and Greece by Visa and Mastercard, and certain of their subsidiaries, breach various competition laws. Euronet sought damages, costs and injunctive relief to prevent the defendants from enforcing these rules. The matter was resolved via a settlement in October 2023.
U.S. Liability Shift Litigation
In March 2016, a proposed U.S. merchant class action complaint was filed in federal court in California alleging that Mastercard, Visa, American Express and Discover (the “Network Defendants”), EMVCo, and a number of issuing banks (the “Bank Defendants”) engaged in a conspiracy to shift fraud liability for card present transactions from issuing banks to merchants not yet in compliance with the standards for EMV chip cards in the United States (the “EMV Liability Shift”), in violation of the Sherman Act and California law. Plaintiffs allege damages equal to the value of all chargebacks for which class members became liable as a result of the EMV Liability Shift on October 1, 2015. The plaintiffs seek treble damages, attorney’s fees and costs and an injunction against future violations of governing law, and the defendants filed a motion to dismiss. In September 2016, the district court denied the Network Defendants’ motion to dismiss the complaint, but granted such a motion for EMVCo and the Bank Defendants. In May 2017, the district court transferred the case to New York so that discovery could be coordinated with the U.S. MDL Litigation Cases described above. In August 2020, the district court issued an order granting the plaintiffs’ request for class certification and in January 2021, the Network Defendants’ request for permission to appeal that decision was denied. The plaintiffs have submitted expert reports that allege aggregate damages in excess of $1 billion against the four Network Defendants. The Network Defendants have submitted expert reports rebutting both liability and damages. Briefing on summary judgment concluded.
Telephone Consumer Protection Class Action
Mastercard is a defendant in a Telephone Consumer Protection Act (“TCPA”) class action pending in Florida. The plaintiffs are individuals and businesses who allege that approximately 381,000 unsolicited faxes were sent to them advertising a Mastercard co-brand card issued by First Arkansas Bank (“FAB”). The TCPA provides for uncapped statutory damages of $500 per fax. Mastercard has asserted various defenses to the claims, and has notified FAB of an indemnity claim that it has (which FAB has disputed). In December 2019, the Federal Communications Commission (“FCC”) issued a declaratory ruling clarifying that the TCPA does not apply to faxes sent to online fax services that are received online via email. In December 2021, the trial court granted plaintiffs’ request for class certification, but narrowed the scope of the class to stand alone fax recipients only. Mastercard’s request to appeal that decision was denied. Briefing on plaintiffs’ motion to amend the class definition and Mastercard’s cross-motion to decertify the stand alone fax recipient class was completed in April 2023.
U.S. Federal Trade Commission Investigation
In June 2020, the U.S. Federal Trade Commission’s Bureau of Competition (“FTC”) informed Mastercard that it initiated a formal investigation into compliance with the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act. In particular, the investigation focused on Mastercard’s compliance with the debit routing provisions of the Durbin Amendment. In December 2022, the FTC voted to issue an administrative complaint and accept a consent agreement with Mastercard. Pursuant to this agreement, Mastercard agreed to provide primary account numbers (PANs) so that merchants can route tokenized online debit transactions to alternative networks. The consent agreement does not include any monetary penalty. Following a public comment period, the FTC finalized the consent agreement in May 2023.
U.S. Department of Justice Investigation
In March 2023, Mastercard received a Civil Investigative Demand (“CID”) from the U.S. Department of Justice Antitrust Division (“DOJ”) seeking documents and information regarding a potential violation of Sections 1 or 2 of the Sherman Act. The CID focuses on Mastercard’s U.S. debit program and competition with other payment networks and technologies. Mastercard is cooperating with the DOJ in connection with the CID.
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Note 16. Settlement and Other Risk Management
Mastercard’s rules guarantee the settlement of many of the transactions between its customers (“settlement risk”). Settlement exposure is the settlement risk to customers under Mastercard’s rules due to the difference in timing between the payment transaction date and subsequent settlement. For those transactions the Company guarantees, the guarantee will cover the full amount of the settlement obligation to the extent the settlement obligation is not otherwise satisfied. The duration of the settlement exposure is short-term and generally limited to a few days.
Gross settlement exposure is estimated using the average daily payment volume during the three months prior to period end multiplied by the estimated number of days of exposure. The Company has global risk management policies and procedures, which include risk standards, to provide a framework for managing the Company’s settlement risk and exposure. In the event of failed settlement by a customer, Mastercard may pursue one or more remedies available under the Company’s rules to recover potential losses. Historically, the Company has experienced a low level of losses from customer settlement failures.
As part of its policies, Mastercard requires certain customers that do not meet the Company’s risk standards to enter into risk mitigation arrangements, including cash collateral and/or forms of credit enhancement such as letters of credit and guarantees. This requirement is based on a review of the individual risk circumstances for each customer. Mastercard monitors its credit risk portfolio and the adequacy of its risk mitigation arrangements on a regular basis. Additionally, from time to time, the Company reviews its risk management methodology and standards. As such, the amounts of estimated settlement exposure are revised as necessary.
The Company’s estimated settlement exposure was as follows:
| | | | | | | | | | | | | | |
| | September 30,
2023 | | December 31,
2022 |
| | (in millions) |
Gross settlement exposure | | $ | 73,134 | | | $ | 64,885 | |
Risk mitigation arrangements applied to settlement exposure 1 | | (11,141) | | | (9,224) | |
Net settlement exposure 1 | | $ | 61,993 | | | $ | 55,661 | |
1The Company corrected its estimated net settlement exposure as of December 31, 2022. The correction was not material to the net settlement exposures previously reported and had no impact to any of the Company’s financial statement line items.
Mastercard also provides guarantees to customers and certain other counterparties indemnifying them from losses stemming from failures of third parties to perform duties. This includes guarantees of Mastercard-branded travelers cheques issued, but not yet cashed of $337 million and $342 million at September 30, 2023 and December 31, 2022, respectively, of which the Company has risk mitigation arrangements for $269 million and $273 million at September 30, 2023 and December 31, 2022, respectively. In addition, the Company enters into agreements in the ordinary course of business under which the Company agrees to indemnify third parties against damages, losses and expenses incurred in connection with legal and other proceedings arising from relationships or transactions with the Company. Certain indemnifications do not provide a stated maximum exposure. As the extent of the Company’s obligations under these agreements depends entirely upon the occurrence of future events, the Company’s potential future liability under these agreements is not determinable. Historically, payments made by the Company under these types of contractual arrangements have not been material.
Note 17. Derivative and Hedging Instruments
The Company monitors and manages its foreign currency and interest rate exposures as part of its overall risk management program which focuses on the unpredictability of financial markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. A primary objective of the Company’s risk management strategies is to reduce the financial impact that may arise from volatility in foreign currency exchange rates principally through the use of both foreign exchange derivative contracts and foreign currency denominated debt. In addition, the Company may enter into interest rate derivative contracts to manage the effects of interest rate movements on the Company’s aggregate liability portfolio, including potential future debt issuances. The Company does not enter into derivatives for speculative purposes.
Cash Flow Hedges
The Company may enter into foreign exchange derivative contracts, including forwards and options, to manage the impact of foreign currency variability on anticipated revenues and expenses, which fluctuate based on currencies other than the functional currency of the entity. The objective of these hedging activities is to reduce the effect of movement in foreign exchange rates for a portion of revenues and expenses forecasted to occur. As these contracts are designated as cash flow hedging instruments, gains and losses resulting from changes in fair value of these contracts are deferred in accumulated other comprehensive income (loss) and subsequently reclassified to the consolidated statement of operations when the underlying hedged transactions impact earnings.
In addition, the Company may enter into interest rate derivative contracts to manage the effects of interest rate movements on the Company’s aggregate liability portfolio, including potential future debt issuances, and designate such derivatives as hedging instruments in a
28 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
cash flow hedging relationship. Gains and losses resulting from changes in fair value of these contracts are deferred in accumulated other comprehensive income (loss) and are subsequently reclassified as an adjustment to interest expense over the respective terms of the hedged debt issuances.
Fair Value Hedges
The Company may enter into interest rate derivative contracts, including interest rate swaps, to manage the effects of interest rate movements on the fair value of the Company's fixed-rate debt and designate such derivatives as hedging instruments in a fair value hedging relationship. Changes in fair value of these contracts and changes in fair value of fixed-rate debt attributable to changes in the hedged benchmark interest rate generally offset each other and are recorded in interest expense on the consolidated statement of operations. Gains or losses related to the net settlements of interest rate swaps are also recorded in interest expense on the consolidated statement of operations. The periodic cash settlements are included in operating activities on the consolidated statement of cash flows.
In 2021, the Company entered into an interest rate swap designated as a fair value hedge related to $1.0 billion of the 3.850% Senior Notes due March 2050. In effect, the interest rate swap synthetically converts the fixed interest rate on this debt to a variable interest rate based on the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap Rate. The net impact to interest expense for the three and nine months ended September 30, 2023 and 2022 was not material.
Net Investment Hedges
The Company may use foreign currency denominated debt and/or foreign exchange derivative contracts to hedge a portion of its net investment in foreign subsidiaries against adverse movements in exchange rates. The effective portion of the net investment hedge is recorded as a currency translation adjustment in accumulated other comprehensive income (loss). Forward points are excluded from the effectiveness assessment and are recognized in general and administrative expenses on the consolidated statement of operations over the hedge period. The amounts recognized in earnings related to forward points for the three and nine months ended September 30, 2023 and 2022 were not material.
As of September 30, 2023 and December 31, 2022, the Company had €1.7 billion euro-denominated debt outstanding designated as hedges of a portion of its net investment in its European operations. For the three and nine months ended September 30, 2023 and 2022, the Company recorded pre-tax net foreign currency gains (losses) of $54 million and $15 million and $189 million and $388 million, respectively, in other comprehensive income (loss).
As of September 30, 2023 and December 31, 2022, the Company had net foreign currency gains of $350 million and $309 million, respectively, after tax, in accumulated other comprehensive income (loss) associated with this hedging activity.
Non-designated Derivatives
The Company may also enter into foreign exchange derivative contracts to serve as economic hedges, such as to offset possible changes in the value of monetary assets and liabilities due to foreign exchange fluctuations, without designating these derivative contracts as hedging instruments. In addition, the Company is subject to foreign exchange risk as part of its daily settlement activities. This risk is typically limited to a few days between when a payment transaction takes place and the subsequent settlement with customers. To manage this risk, the Company may enter into short duration foreign exchange derivative contracts based upon anticipated receipts and disbursements for the respective currency position. The objective of these activities is to reduce the Company’s exposure to volatility arising from gains and losses resulting from fluctuations of foreign currencies against its functional currencies. Gains and losses resulting from changes in fair value of these contracts are recorded in general and administrative expenses on the consolidated statement of operations, net, along with the foreign currency gains and losses on monetary assets and liabilities.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 29
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes the fair value of the Company’s derivative financial instruments and the related notional amounts:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
| | | Notional | | Derivative assets | | Derivative liabilities | | Notional | | Derivative assets | | Derivative liabilities |
| | (in millions) |
| Derivatives designated as hedging instruments | | | | | | | | | | | | |
Foreign exchange contracts in a cash flow hedge 1 | | $ | 1,055 | | | $ | 15 | | | $ | 9 | | | $ | 642 | | | $ | 4 | | | $ | 15 | |
Interest rate contracts in a fair value hedge 2 | | 1,000 | | | — | | | 109 | | | 1,000 | | | — | | | 105 | |
Foreign exchange contracts in a net investment hedge 1 | | 2,858 | | | 93 | | | — | | | 1,814 | | | 103 | | | 4 | |
| Derivatives not designated as hedging instruments | | | | | | | | | | | | |
Foreign exchange contracts 1 | | 2,099 | | | 12 | | | 13 | | | 521 | | | 1 | | | 2 | |
| Total derivative assets/liabilities | | $ | 7,012 | | | $ | 120 | | | $ | 131 | | | $ | 3,977 | | | $ | 108 | | | $ | 126 | |
1Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets and other current liabilities, respectively, on the consolidated balance sheet.
2Interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheet.
The pre-tax gain (loss) related to the Company's derivative financial instruments designated as hedging instruments are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Gain (Loss)
Recognized in OCI | | | | Gain (Loss)
Reclassified from AOCI |
| | Three Months Ended September 30, | | Location of Gain (Loss) Reclassified from AOCI into Earnings | | Three Months Ended September 30, |
| | 2023 | | 2022 | | | 2023 | | 2022 |
| | (in millions) | | | (in millions) |
| Derivative financial instruments in a cash flow hedge relationship: | | | | | | | | | | |
| Foreign exchange contracts | | $ | 17 | | | $ | 14 | | | Net revenue | | $ | (10) | | | $ | 6 | |
| Interest rate contracts | | $ | — | | | $ | — | | | Interest expense | | $ | (2) | | | $ | (2) | |
| | | | | | | | | | |
| Derivative financial instruments in a net investment hedge relationship: | | | | | | | | | | |
| Foreign exchange contracts | | $ | 84 | | | $ | 183 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Gain (Loss)
Recognized in OCI | | | | Gain (Loss)
Reclassified from AOCI |
| | Nine Months Ended September 30, | | Location of Gain (Loss) Reclassified from AOCI into Earnings | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | | 2023 | | 2022 |
| | (in millions) | | | (in millions) |
| Derivative financial instruments in a cash flow hedge relationship: | | | | | | | | | | |
| Foreign exchange contracts | | $ | (7) | | | $ | 21 | | | Net revenue | | $ | (24) | | | $ | 14 | |
| Interest rate contracts | | $ | — | | | $ | — | | | Interest expense | | $ | (5) | | | $ | (5) | |
| | | | | | | | | | |
| Derivative financial instruments in a net investment hedge relationship: | | | | | | | | | | |
| Foreign exchange contracts | | $ | 38 | | | $ | 384 | | | | | | | |
The Company estimates that the pre-tax amount of the net deferred loss on cash flow hedges recorded in accumulated other comprehensive income (loss) at September 30, 2023 that will be reclassified into the consolidated statement of operations within the next 12 months is not material. The term of the foreign exchange derivative contracts designated in hedging relationships are generally less than 18 months.
30 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The amount of gain (loss) recognized on the consolidated statement of operations for non-designated derivative contracts is summarized below:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended September 30, | | Nine Months Ended September 30, |
| Derivatives not designated as hedging instruments: | | 2023 | | 2022 | | 2023 | | 2022 |
| | (in millions) |
Foreign exchange contracts | | | | | | | | |
| General and administrative | | $ | (4) | | | $ | 13 | | | $ | 21 | | | $ | 25 | |
| | | | | | | | |
| | | | | | | | |
The Company’s derivative financial instruments are subject to both market and counterparty credit risk. Market risk is the potential for economic losses to be incurred on market risk sensitive instruments arising from adverse changes in market factors such as foreign currency exchange rates, interest rates and other related variables. Counterparty credit risk is the risk of loss due to failure of the counterparty to perform its obligations in accordance with contractual terms. The Company’s derivative contracts are subject to enforceable master netting arrangements, which contain various netting and setoff provisions. However, the Company has elected to present derivative assets and liabilities on a gross basis on the consolidated balance sheet. To mitigate counterparty credit risk, the Company enters into derivative contracts with a diversified group of selected financial institutions based upon their credit ratings and other factors. Generally, the Company does not obtain collateral related to derivatives because of the high credit ratings of the counterparties.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 31
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Item 2. Management’s discussion and analysis of financial condition and results of operations
The following supplements management's discussion and analysis of Mastercard Incorporated for the year ended December 31, 2022 as contained in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 14, 2023. It also should be read in conjunction with the consolidated financial statements and notes of Mastercard Incorporated and its consolidated subsidiaries, including Mastercard International Incorporated (together, “Mastercard” or the “Company”), included elsewhere in this Report. Percentage changes provided throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations” were calculated on amounts rounded to the nearest thousand. During the fourth quarter of 2022, the Company updated its disaggregated net revenue presentation by category and geography to reflect the nature of its payment services and to align such information with the way in which management views its categories of net revenue. Prior period amounts have been reclassified to conform to the updated presentation. The reclassification had no impact on previously reported total net revenue, operating income or net income.
Financial Results Overview
The following table provides a summary of our key GAAP operating results, as reported:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Increase/(Decrease) | | Nine Months Ended September 30, | | Increase/(Decrease) |
| | 2023 | | 2022 | | | 2023 | | 2022 | |
| | ($ in millions, except per share data) |
| Net revenue | | $ | 6,533 | | | $ | 5,756 | | | 14% | | $ | 18,550 | | | $ | 16,420 | | | 13% |
| Operating expenses | | $ | 2,689 | | | $ | 2,644 | | | 2% | | $ | 7,914 | | | $ | 7,340 | | | 8% |
| Operating income | | $ | 3,844 | | | $ | 3,112 | | | 24% | | $ | 10,636 | | | $ | 9,080 | | | 17% |
| Operating margin | | 58.8 | % | | 54.1 | % | | 4.8 ppt | | 57.3 | % | | 55.3 | % | | 2.0 ppt |
| Income tax expense | | $ | 563 | | | $ | 573 | | | (2)% | | $ | 1,914 | | | $ | 1,238 | | | 54% |
| Effective income tax rate | | 15.0 | % | | 18.6 | % | | (3.7) ppt | | 18.6 | % | | 14.3 | % | | 4.2 ppt |
| Net income | | $ | 3,198 | | | $ | 2,499 | | | 28% | | $ | 8,404 | | | $ | 7,405 | | | 13% |
| Diluted earnings per share | | $ | 3.39 | | | $ | 2.58 | | | 31% | | $ | 8.85 | | | $ | 7.60 | | | 16% |
| Diluted weighted-average shares outstanding | | 943 | | | 968 | | | (3)% | | 949 | | | 974 | | | (3)% |
Note: Table may not sum due to rounding.
The following table provides a summary of our key non-GAAP operating results1, adjusted to exclude the impact of gains and losses on our equity investments, Special Items (which represent litigation judgments and settlements and certain one-time items) and the related tax impacts on our non-GAAP adjustments. In addition, we have presented growth rates, adjusted for the impact of currency:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Increase/(Decrease) | | Nine Months Ended September 30, | | Increase/(Decrease) |
| 2023 | | 2022 | | As adjusted | | Currency-neutral | | 2023 | | 2022 | | As adjusted | | Currency-neutral |
| ($ in millions, except per share data) |
Adjusted net revenue 2 | $ | 6,533 | | | $ | 5,756 | | | 14% | | 11% | | $ | 18,550 | | | $ | 16,383 | | | 13% | | 14% |
| Adjusted operating expenses | $ | 2,689 | | | $ | 2,437 | | | 10% | | 9% | | $ | 7,683 | | | $ | 6,932 | | | 11% | | 11% |
| Adjusted operating margin | 58.8 | % | | 57.7 | % | | 1.2 ppt | | 0.8 ppt | | 58.6 | % | | 57.7 | % | | 0.9 ppt | | 0.8 ppt |
| Adjusted effective income tax rate | 15.0 | % | | 19.4 | % | | (4.4) ppt | | (4.6) ppt | | 19.0 | % | | 14.8 | % | | 4.2 ppt | | 4.1 ppt |
| Adjusted net income | $ | 3,202 | | | $ | 2,595 | | | 23% | | 21% | | $ | 8,622 | | | $ | 7,794 | | | 11% | | 11% |
| Adjusted diluted earnings per share | $ | 3.39 | | | $ | 2.68 | | | 26% | | 24% | | $ | 9.08 | | | $ | 8.00 | | | 14% | | 14% |
Note: Table may not sum due to rounding.
1 See “Non-GAAP Financial Information” for further information on our non-GAAP adjustments and the reconciliation to GAAP reported amounts.
2 For the three months ended September 30, 2023 and 2022, the amounts presented are GAAP reported amounts, not adjusted.
32 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Key highlights for the three and nine months ended September 30, 2023, versus the comparable periods in 2022:
| | | | | | | | | | | |
| Net revenue | | Adjusted net revenue | |
| Three Months Ended September 30, 2023 | |
| GAAP | | Non-GAAP
(currency-neutral) | Adjusted net revenue increased 11% on a currency-neutral basis. The increase was attributable to growth in both our payment network and value-added services and solutions. |
| up 14% | | up 11% |
| | | |
| Nine Months Ended September 30, 2023 | |
| GAAP | | Non-GAAP
(currency-neutral) | Adjusted net revenue increased 14% on a currency-neutral basis. The increase was attributable to growth in both our payment network and value-added services and solutions. |
| up 13% | | up 14% |
| | | |
| | | | | | | | | | | |
| Operating expenses | | Adjusted
operating expenses | |
| Three Months Ended September 30, 2023 | |
| GAAP | | Non-GAAP (currency-neutral) | Adjusted operating expenses increased 9% on a currency-neutral basis, which includes 1 percentage point of growth due to acquisitions. The increase was primarily due to higher personnel costs. |
| up 2% | | up 9% |
| | | |
| Nine Months Ended September 30, 2023 | |
| GAAP | | Non-GAAP
(currency-neutral) | Adjusted operating expenses increased 11% on a currency-neutral basis, which includes 1 percentage point of growth due to acquisitions. The increase was primarily due to higher personnel costs. |
| up 8% | | up 11% |
| | | | | | | | | | | |
Effective income tax rate | | Adjusted effective income tax rate | |
| Three Months Ended September 30, 2023 | The adjusted effective income tax rate of 15.0% was lower than the prior year rate of 19.4% primarily due to our ability to now claim more U.S. foreign tax credits generated in 2022 and 2023, partially offset by the establishment of a valuation allowance in 2023 of $115 million. |
| GAAP | | Non-GAAP |
| 15.0% | | 15.0% |
| | |
| Nine Months Ended September 30, 2023 | The adjusted effective income tax rate of 19.0% was higher than the prior year rate of 14.8% primarily due to the release of a $333 million valuation allowance in 2022 and the establishment of a $327 million valuation allowance in 2023, partially offset by the ability to now claim more U.S. foreign tax credits generated in 2022 and 2023. |
| GAAP | | Non-GAAP |
| 18.6% | | 19.0% |
Other financial highlights for the nine months ended September 30, 2023 were as follows:
•We generated net cash flows from operations of $7.9 billion.
•We repurchased 19.2 million shares of our common stock for $7.2 billion and paid dividends of $1.6 billion.
•We completed a debt offering for an aggregate principal amount of $1.5 billion.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 33
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Non-GAAP Financial Information
Non-GAAP financial information is defined as a numerical measure of a company’s performance that excludes or includes amounts so as to be different than the most comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Our non-GAAP financial measures exclude the impact of gains and losses on our equity investments which includes mark-to-market fair value adjustments, impairments and gains and losses upon disposition and the related tax impacts. Our non-GAAP financial measures also exclude the impact of special items, where applicable, which represent litigation judgments and settlements and certain one-time items, as well as the related tax impacts (“Special Items”). We also present growth rates adjusted for the impact of currency which is a non-GAAP financial measure. We believe that the non-GAAP financial measures presented facilitate an understanding of our operating performance and provide a meaningful comparison of our results between periods. We use non-GAAP financial measures to, among other things, evaluate our ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation. We excluded these Special Items because management evaluates the underlying operations and performance of the Company separately from these recurring and nonrecurring items. Net revenue, operating expenses, operating margin, other income (expense), effective income tax rate, net income and diluted earnings per share adjusted for the impact of gains and losses on our equity investments, Special Items and/or the impact of currency, should not be relied upon as substitutes for measures calculated in accordance with GAAP. Our non-GAAP financial measures for the comparable periods exclude the impact of the following:
Gains and Losses on Equity Investments
•In the three and nine months ended September 30, 2023, we recorded net losses of $6 million ($5 million after tax, or an immaterial impact per diluted share) and $95 million ($63 million after tax, or $0.07 per diluted share), respectively, primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities.
•In the three and nine months ended September 30, 2022, we recorded net gains of $60 million ($66 million after tax, or $0.07 per diluted share) and net losses of $133 million ($114 million after tax, or $0.12 per diluted share), respectively, primarily related to unrealized fair market value adjustments on marketable and non-marketable equity securities.
Special Items
Litigation provisions
•In the nine months ended September 30, 2023, we recorded charges of $231 million ($156 million after tax, or $0.16 per diluted share) primarily as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation.
•In the third quarter of 2022, we recorded charges of $208 million ($162 million after tax, or $0.17 per diluted share) as a result of developments in settlement discussions with certain U.K. merchants, including a settlement reached with one of those merchants.
•In the second quarter of 2022, we recorded charges of $133 million ($89 million after tax, or $0.09 per diluted share) as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation.
34 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Russia-related impacts
•In the nine months ended September 30, 2022, we recorded a net charge of $30 million ($24 million after tax, or $0.02 per diluted share), directly related to imposed sanctions and the suspension of our business operations in Russia. The net charge was comprised of general and administrative expenses of $67 million, primarily related to incremental employee-related costs and reserves on uncollectible balances with certain sanctioned customers. This charge was offset by net benefits of $37 million, in net revenue, primarily related to a reduction in payment network rebates and incentives liabilities as a result of lower estimates of customer performance for certain customer business agreements due to the suspension of our business operations in Russia.
See Note 6 (Investments) and Note 15 (Legal and Regulatory Proceedings) to the consolidated financial statements included in Part I, Item 1 of this Report and “Management Discussion and Analysis of Financial Condition and Results of Operations - Russia and Ukraine” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2022, for further discussion related to certain of our non-GAAP financial measures.
Currency-neutral Growth Rates
Currency-neutral growth rates are calculated by remeasuring the prior period’s results using the current period’s exchange rates for both the translational and transactional impacts on operating results. The impact of currency translation represents the effect of translating operating results where the functional currency is different than our U.S. dollar reporting currency. The impact of the transactional currency represents the effect of converting revenue and expenses occurring in a currency other than the functional currency of the entity. The impact of the related realized gains and losses resulting from our foreign exchange derivative contracts designated as cash flow hedging instruments is recognized in the respective financial statement line item on the statement of operations when the underlying forecasted transactions impact earnings. We believe the presentation of currency-neutral growth rates provides relevant information to facilitate an understanding of our operating results.
The translational and transactional impact of currency and the related impact of our foreign exchange derivative contracts designated as cash flow hedging instruments (“Currency impact”) has been excluded from our currency-neutral growth rates and has been identified in our “Drivers of Change” tables. See “Foreign Currency - Currency Impact” for further information on our currency impacts and “Financial Results - Net Revenue” and “Financial Results - Operating Expenses” for our "Drivers of Change” tables.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 35
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following tables reconcile our reported financial measures calculated in accordance with GAAP to the respective adjusted non-GAAP financial measures:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2023 |
| | Net revenue | | Operating expenses | | Operating margin | | Other income (expense) | | Effective income tax rate | | Net income | | Diluted earnings per share |
| | ($ in millions, except per share data) |
| Reported - GAAP | | $ | 6,533 | | | $ | 2,689 | | | 58.8 | % | | $ | (83) | | | 15.0 | % | | $ | 3,198 | | | $ | 3.39 | |
| (Gains) losses on equity investments | | ** | | ** | | ** | | 6 | | | — | % | | 5 | | | — | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Adjusted - Non-GAAP | | $ | 6,533 | | | $ | 2,689 | | | 58.8 | % | | $ | (78) | | | 15.0 | % | | $ | 3,202 | | | $ | 3.39 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2023 |
| | Net revenue | | Operating expenses | | Operating margin | | Other income (expense) | | Effective income tax rate | | Net income | | Diluted earnings per share |
| | ($ in millions, except per share data) |
| Reported - GAAP | | $ | 18,550 | | | $ | 7,914 | | | 57.3 | % | | $ | (318) | | | 18.6 | % | | $ | 8,404 | | | $ | 8.85 | |
| (Gains) losses on equity investments | | ** | | ** | | ** | | 95 | | | 0.1 | % | | 63 | | | 0.07 | |
| Litigation provisions | | ** | | (231) | | | 1.2 | % | | ** | | 0.3 | % | | 156 | | | 0.16 | |
| | | | | | | | | | | | | | |
| Adjusted - Non-GAAP | | $ | 18,550 | | | $ | 7,683 | | | 58.6 | % | | $ | (223) | | | 19.0 | % | | $ | 8,622 | | | $ | 9.08 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2022 |
| | Net revenue | | Operating expenses | | Operating margin | | Other income (expense) | | Effective income tax rate | | Net income | | Diluted earnings per share |
| | ($ in millions, except per share data) |
| Reported - GAAP | | $ | 5,756 | | | $ | 2,644 | | | 54.1 | % | | $ | (40) | | | 18.6 | % | | $ | 2,499 | | | $ | 2.58 | |
| (Gains) losses on equity investments | | ** | | ** | | ** | | (60) | | | 0.6 | % | | (66) | | | (0.07) | |
| Litigation provisions | | ** | | (208) | | | 3.6 | % | | ** | | 0.2 | % | | 162 | | | 0.17 | |
| | | | | | | | | | | | | | |
| Adjusted - Non-GAAP | | $ | 5,756 | | | $ | 2,437 | | | 57.7 | % | | $ | (99) | | | 19.4 | % | | $ | 2,595 | | | $ | 2.68 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2022 |
| | Net revenue | | Operating expenses | | Operating margin | | Other income (expense) | | Effective income tax rate | | Net income | | Diluted earnings per share |
| | ($ in millions, except per share data) |
| Reported - GAAP | | $ | 16,420 | | | $ | 7,340 | | | 55.3 | % | | $ | (437) | | | 14.3 | % | | $ | 7,405 | | | $ | 7.60 | |
| (Gains) losses on equity investments | | ** | | ** | | ** | | 133 | | | — | % | | 114 | | | 0.12 | |
| Litigation provisions | | ** | | (341) | | | 2.1 | % | | ** | | 0.5 | % | | 251 | | | 0.26 | |
| Russia-related impacts | | (37) | | | (67) | | | 0.3 | % | | ** | | — | % | | 24 | | | 0.02 | |
| Adjusted - Non-GAAP | | $ | 16,383 | | | $ | 6,932 | | | 57.7 | % | | $ | (303) | | | 14.8 | % | | $ | 7,794 | | | $ | 8.00 | |
Note: Tables may not sum due to rounding.** Not applicable.
36 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following tables represent the reconciliation of our growth rates reported under GAAP to our non-GAAP growth rates:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2023 as compared to the Three Months Ended September 30, 2022 |
| | Increase/(Decrease) |
| | Net revenue | | Operating expenses | | Operating margin | | Effective income tax rate | | Net income | | Diluted earnings per share |
| Reported - GAAP | | 14% | | 2% | | 4.8 ppt | | (3.7) ppt | | 28% | | 31% |
| (Gains) losses on equity investments | | ** | | ** | | ** | | (0.6) ppt | | 4% | | 4% |
| Litigation provisions | | ** | | 9% | | (3.6) ppt | | (0.2) ppt | | (8)% | | (8)% |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| Adjusted - Non-GAAP | | 14% | | 10% | | 1.2 ppt | | (4.4) ppt | | 23% | | 26% |
Currency impact | | (2)% | | (1)% | | (0.4) ppt | | (0.2) ppt | | (3)% | | (3)% |
| Adjusted - Non-GAAP - currency-neutral | | 11% | | 9% | | 0.8 ppt | | (4.6) ppt | | 21% | | 24% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2023 as compared to the Nine Months Ended September 30, 2022 |
| | Increase/(Decrease) |
| | Net revenue | | Operating expenses | | Operating margin | | Effective income tax rate | | Net income | | Diluted earnings per share |
| Reported - GAAP | | 13% | | 8% | | 2.0 ppt | | 4.2 ppt | | 13% | | 16% |
| (Gains) losses on equity investments | | ** | | ** | | ** | | 0.1 ppt | | (1)% | | (1)% |
| Litigation provisions | | ** | | 2% | | (0.8) ppt | | (0.1) ppt | | (2)% | | (2)% |
| Russia-related impacts | | —% | | 1% | | (0.2) ppt | | — ppt | | —% | | —% |
| | | | | | | | | | | | |
| Adjusted - Non-GAAP | | 13% | | 11% | | 0.9 ppt | | 4.2 ppt | | 11% | | 14% |
Currency impact | | —% | | —% | | (0.1) ppt | | (0.1) ppt | | —% | | —% |
| Adjusted - Non-GAAP - currency-neutral | | 14% | | 11% | | 0.8 ppt | | 4.1 ppt | | 11% | | 14% |
Note: Tables may not sum due to rounding.
** Not applicable.
Key Metrics and Drivers
In addition to the financial measures described above in “Financial Results Overview”, we review the following metrics to evaluate and identify trends in our business, measure our performance, prepare financial projections and make strategic decisions. We believe that the key metrics presented facilitate an understanding of our operating and financial performance and provide a meaningful comparison of our results between periods.
Operating Margin measures how much profit we make on each dollar of sales after our operating costs but before other income (expense) and income tax expense. Operating margin is calculated by dividing our operating income by net revenue.
Key Drivers
Gross Dollar Volume (“GDV”)1 measures dollar volume of activity, including both domestic and cross-border volume, on cards carrying our brands during the period, on a local currency basis and U.S. dollar-converted basis. GDV represents purchase volume plus cash volume; “purchase volume” means the aggregate dollar amount of purchases made with Mastercard-branded cards for the relevant period; and “cash volume” means the aggregate dollar amount of cash disbursements and includes the impact of balance transfers and convenience checks obtained with Mastercard-branded cards for the relevant period. Information denominated in U.S. dollars relating to GDV is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which our volumes are reported. These exchange rates are calculated on a quarterly basis using the average exchange rate for each quarter. We report period-over-period rates of change in purchase volume and cash volume on the basis of local currency information, in order to eliminate the impact of changes in the value of currencies against the U.S. dollar in calculating such rates of change.
1 Data used in the calculation of GDV is provided by Mastercard customers and is subject to verification by Mastercard and partial cross-checking against information provided by Mastercard’s transaction switching systems. All data is subject to revision and amendment by Mastercard or Mastercard’s customers. Starting in the first quarter of 2022, data related to sanctioned Russian banks was not reported to us and therefore such amounts are not included. Subsequent to the suspension of our business operations in Russia in March 2022, there is no Russian data to be reported.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 37
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Cross-border Volume Growth2 measures the growth of cross-border dollar volume during the period, on a local currency basis and U.S. dollar-converted basis, for all Mastercard-branded programs.
Switched Transactions2 measures the number of transactions switched by Mastercard, which is defined as the number of transactions initiated and switched through our network during the period.
2 Growth rates are normalized to eliminate the effects of differing switching and carryover days between periods, as needed. Carryover days are those where transactions and volumes from days where the Company does not clear and settle are processed.
The following tables provide a summary of the growth trends in our key drivers:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | Increase/(Decrease) | | Increase/(Decrease) |
| | USD | | Local | | USD | | Local | | USD | | Local | | USD | | Local |
Mastercard-branded GDV growth 1 | | 11% | | 11% | | 4% | | 12% | | 10% | | 13% | | 8% | | 14% |
| United States | | 5% | | 5% | | 10% | | 10% | | 6% | | 6% | | 11% | | 11% |
| Worldwide less United States | | 14% | | 13% | | 1% | | 12% | | 12% | | 16% | | 6% | | 16% |
| | | | | | | | | | | | | | | | |
Cross-border volume growth 1 | | 26% | | 21% | | 29% | | 44% | | 26% | | 26% | | 39% | | 51% |
| | | | | | | | | | | | | | | | |
Mastercard-branded GDV growth adjusted for Russia 1,2 | | 11% | | 11% | | 9% | | 18% | | 11% | | 13% | | 12% | | 19% |
Worldwide less United States GDV growth adjusted for Russia 1,2 | | 14% | | 13% | | 8% | | 23% | | 13% | | 16% | | 13% | | 24% |
| | | | | | | | | | | | | | | | |
Cross-border volume growth adjusted for Russia 1,2 | | 26% | | 21% | | 33% | | 50% | | 27% | | 27% | | 42% | | 55% |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| | Increase/(Decrease) | | Increase/(Decrease) |
| Switched transactions growth | | 15% | | 9% | | 15% | | 14% |
| | | | | | | | |
Switched transactions growth adjusted for Russia 2 | | 15% | | 19% | | 17% | | 22% |
1 Excludes volume generated by Maestro and Cirrus cards.
2 Starting in the first quarter of 2022, as a result of imposed sanctions and the suspension of our business operations in Russia, we have provided adjusted growth rates for our key drivers excluding activity from Russian issued cards from the prior periods. See “Management Discussion and Analysis of Financial Condition and Results of Operations - Russia and Ukraine” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2022 for further information.
Key Metrics related to the Payment Network
Assessments represent agreed-upon standard pricing provided to our customers based on various forms of payment-related activity. Assessments are used internally by management to monitor operating performance as it allows for comparability and provides visibility into cardholder trends. Assessments do not represent our net revenue.
The following provides additional information on our key metrics related to the payment network:
•Domestic assessments are charges based on activity related to cards that carry the Company’s brands where the merchant country and the country of issuance are the same. These assessments are primarily driven by the domestic dollar volume of activity (e.g., domestic purchase volume, domestic cash volume) or the number of cards issued.
•Cross-border assessments are charges based on activity related to cards that carry the Company’s brands where the merchant country and the country of issuance are different. These assessments are primarily driven by the cross-border dollar volume of activity (e.g., cross-border purchase volume, cross-border cash volume).
38 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
•Transaction processing assessments are charges primarily driven by the number of switched transactions on our payment network. Switching activities include:
◦Authorization, the process by which a transaction is routed to the issuer for approval
◦Clearing, the determination and exchange of financial transaction information between issuers and acquirers after a transaction has been successfully conducted at the point of interaction
◦Settlement, which facilitates the determination and exchange of funds between parties
These assessments can also include connectivity services and network access which are based on the volume of data transmitted and the number of authorization and settlement messages.
•Other network assessments are charges for licensing, implementation and other franchise fees.
The following table provides a summary of our key metrics related to the payment network:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Increase/(Decrease) | | Nine Months Ended September 30, | | Increase/(Decrease) |
| | 2023 | | 2022 | | As reported | | Currency-neutral | | 2023 | | 2022 | | As reported | | Currency-neutral |
| | ($ in millions) | | ($ in millions) |
| Domestic assessments | | $ | 2,460 | | | $ | 2,220 | | | 11% | | 10% | | $ | 7,182 | | | $ | 6,579 | | | 9% | | 10% |
| Cross-border assessments | | 2,313 | | | 1,804 | | | 28% | | 26% | | 6,211 | | | 4,806 | | | 29% | | 31% |
| Transaction processing assessments | | 3,172 | | | 2,786 | | | 14% | | 11% | | 8,902 | | | 7,815 | | | 14% | | 14% |
| Other network assessments | | 229 | | | 195 | | | 17% | | 17% | | 712 | | | 576 | | | 24% | | 24% |
| | | | | | | | | | | | | | | | |
Foreign Currency
Currency Impact
Our primary revenue functional currencies are the U.S. dollar, euro, British pound and the Brazilian real. Our overall operating results are impacted by currency translation, which represents the effect of translating operating results where the functional currency is different than our U.S. dollar reporting currency.
Our operating results are also impacted by transactional currency. The impact of the transactional currency represents the effect of converting revenue and expense transactions occurring in a currency other than the functional currency. Changes in currency exchange rates directly impact the calculation of gross dollar volume (“GDV”), which are used in the calculation of our key metrics related to domestic assessments and cross-border assessments as well as certain volume-related rebates and incentives. GDV is calculated based on local currency spending volume converted to U.S. dollars and euros using average exchange rates for the period. As a result, our key metrics related to domestic assessments and cross-border assessments as well as certain volume-related rebates and incentives are impacted by the strengthening or weakening of the U.S. dollar and euro versus local currencies. For example, our billing in Australia is in the U.S. dollar, however, consumer spend in Australia is in the Australian dollar. The currency transactional impact of converting Australian dollars to our U.S. dollar billing currency will have an impact on the revenue generated. The strengthening or weakening of the U.S. dollar is evident when GDV growth on a U.S. dollar-converted basis is compared to GDV growth on a local currency basis. For the three and nine months ended September 30, 2023, GDV on a U.S. dollar-converted basis increased 11% and 10%, respectively, while GDV on a local currency basis increased 11% and 13%, respectively, versus the comparable periods in 2022. Further, the impact from transactional currency occurs in our key metric related to transaction processing assessments as well as value-added services and solutions revenue and operating expenses when the transacting currency of these items is different than the functional currency of the entity.
To manage the impact of foreign currency variability on anticipated revenues and expenses, we may enter into foreign exchange derivative contracts and designate such derivatives as hedging instruments in a cash flow hedging relationship as discussed further in Note 17 (Derivative and Hedging Instruments) to the consolidated financial statements included in Part I, Item 1.
Foreign Exchange Activity
We incur foreign currency gains and losses from remeasuring monetary assets and liabilities, including settlement assets and obligations, that are denominated in a currency other than the functional currency of the entity. To manage this foreign exchange risk, we may enter into foreign exchange derivative contracts to economically hedge the foreign currency exposure of our nonfunctional currency monetary assets and liabilities. The gains or losses resulting from the changes in fair value of these contracts are intended to reduce the potential effect of the underlying hedged exposure and are recorded net within general and administrative expenses on the consolidated statement of operations. The impact of this foreign exchange activity, including the related hedging activities, has not been eliminated in our currency-neutral results.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 39
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Our foreign exchange risk management activities are discussed further in Note 17 (Derivative and Hedging Instruments) to the consolidated financial statements included in Part I, Item 1.
Risk of Currency Devaluation
We are exposed to currency devaluation in certain countries. In addition, we are subject to exchange control regulations that restrict the conversion of financial assets into U.S. dollars. While these revenues and assets are not material to us on a consolidated basis, we can be negatively impacted should there be a continued and sustained devaluation of local currencies relative to the U.S. dollar and/or a continued and sustained deterioration of economic conditions in these countries.
Financial Results
Net Revenue
The components of net revenue were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three Months Ended September 30, | | Increase/(Decrease) | | Nine Months Ended September 30, | | Increase/(Decrease) | | |
| | | 2023 | | 2022 | | 2021 | | 2023 | | 2022 | | 2023 | | 2022 | | | | 2021 | | 2023 | | 2022 | | |
| | | ($ in millions) | | | | | | ($ in millions) | | | | | | |
| Payment network | | $ | 4,210 | | | $ | 3,765 | | | $ | 3,234 | | | 12% | | 16% | | $ | 11,933 | | | $ | 10,773 | | | | | $ | 8,757 | | | 11% | | 23% | | |
| Value-added services and solutions | | 2,323 | | | 1,991 | | | 1,751 | | | 17% | | 14% | | 6,617 | | | 5,647 | | | | | 4,911 | | | 17% | | 15% | | |
| Total net revenue | | 6,533 | | | 5,756 | | | 4,985 | | | 14% | | 15% | | 18,550 | | | 16,420 | | | | | 13,668 | | | 13% | | 20% | | |
Special Items 1 | | — | | | — | | | — | | | ** | | ** | | — | | | (37) | | | | | — | | | ** | | ** | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
Adjusted net revenue (excluding Special Items 1) | | $ | 6,533 | | | $ | 5,756 | | | $ | 4,985 | | | 14% | | 15% | | $ | 18,550 | | | $ | 16,383 | | | | | $ | 13,668 | | | 13% | | 20% | | |
Note: Table may not sum due to rounding.
** Not meaningful.
1 See “Non-GAAP Financial Information” for further information on our non-GAAP adjustments and the reconciliation to GAAP reported amounts.
2023
For the three months ended September 30, 2023, net revenue increased 14% versus the comparable period in 2022. Adjusted net revenue increased 14%, or 11% on a currency-neutral basis. The increase in net revenue was attributable to both our payment network and value-added services and solutions.
Net revenue from our payment network increased 12%, or 10% on a currency-neutral basis, versus the comparable period in 2022. The increase was primarily driven by growth in domestic and cross-border dollar volumes and an increase in the number of switched transactions, reflecting trends of growth in our key drivers. Net revenue from our payment network included $3,963 million of rebates and incentives provided to customers, which increased 22% as reported, or 20% on a currency-neutral basis, versus the comparable period in 2022, primarily due to an increase in our key drivers as well as new and renewed deals.
Net revenue from our value-added services and solutions increased 17%, or 14% on a currency-neutral basis, versus the comparable period in 2022. The increase was driven primarily by the continued growth of (i) our cyber and intelligence solutions, driven by our underlying key drivers and demand for our fraud and security solutions, and (ii) demand for our consulting and marketing services, as well as our loyalty solutions, partially offset by (iii) other solutions.
For the nine months ended September 30, 2023, net revenue increased 13% versus the comparable period in 2022. Adjusted net revenue increased 13%, or 14% on a currency-neutral basis. The increase in net revenue was attributable to both our payment network and value-added services and solutions.
Net revenue from our payment network increased 11%, as reported and on a currency-neutral basis, versus the comparable period in 2022. The increase was primarily driven by growth in domestic and cross-border dollar volumes and an increase in the number of switched transactions, reflecting trends of growth in our key drivers. Net revenue from our payment network included $11,074 million of rebates and incentives provided to customers, which increased 23%, as reported and on a currency-neutral basis, versus the comparable period in 2022, primarily due to an increase in our key drivers as well as new and renewed deals.
Net revenue from our value-added services and solutions increased 17%, as reported and on a currency-neutral basis, versus the comparable period in 2022, which included a 1 percentage point increase from acquisitions. The remaining increase was driven primarily by the continued growth of (i) our cyber and intelligence solutions, driven by our underlying key drivers and demand for our fraud and security solutions, and (ii) demand for our consulting and marketing services, as well as our loyalty solutions, partially offset by (iii) other solutions.
40 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
2022
For the three months ended September 30, 2022, net revenue increased 15% versus the comparable period in 2021. Adjusted net revenue increased 15%, or 23% on a currency-neutral basis, and included 1 percentage point of growth from acquisitions. The increase in net revenue was attributable to both our payment network and value-added services and solutions.
Net revenue from our payment network increased 16%, or 24% on a currency-neutral basis, versus the comparable period in 2021. The increase was primarily driven by growth in domestic and cross-border dollar volumes and an increase in the number of switched transactions, reflecting trends of growth in our key drivers. Net revenue from our payment network included $3,240 million of rebates and incentives provided to customers, which increased 19%, or 25% on a currency-neutral basis, versus the comparable period in 2021, primarily due to an increase in our key drivers as well as new and renewed deals.
Net revenue from our value-added services and solutions increased 14%, or 21% on a currency-neutral basis, versus the comparable period in 2021, which included a 2 percentage point increase from acquisitions. The remaining increase was driven primarily by the continued growth of (i) our cyber and intelligence solutions, driven by growth in our underlying key drivers and demand for our fraud and security solutions, as well as the scaling of our identity and authentication solutions and (ii) demand for our data analytics and marketing services.
For the nine months ended September 30, 2022, net revenue increased 20% versus the comparable period in 2021. Adjusted net revenue increased 20%, or 25% on a currency-neutral basis. The increase in net revenue was attributable to both our payment network and value-added services and solutions and included 1 percentage points of growth from acquisitions.
Net revenue from our payment network increased 23%, or 29% on a currency-neutral basis, versus the comparable period in 2021. The increase was primarily driven by growth in domestic and cross-border dollar volumes and an increase in the number of switched transactions, reflecting trends of growth in our key drivers. Net revenue from our payment network included $9,003 million of rebates and incentives provided to customers, which increased 21%, or 25% on a currency-neutral basis, versus the comparable period in 2021, primarily due to an increase in our key drivers as well as new and renewed deals.
Net revenue from our value-added services and solutions increased 15%, or 20% on a currency-neutral basis, versus the comparable period in 2021, which included a 4 percentage point increase from acquisitions. The remaining increase was driven primarily by the continued growth of (i) our cyber and intelligence solutions, driven by growth in our underlying key drivers and demand for our fraud and security solutions, as well as the scaling of our identity and authentication solutions and (ii) demand for our data analytics and consulting services.
See Note 3 (Revenue) to the consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2022 for a further discussion of how we recognize revenue.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 41
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Drivers of Change
The following tables summarize the drivers of change in net revenue:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, |
| | Increase/(Decrease) |
| | Operational | | | | Acquisitions | | Currency Impact 3 | | Special Items 4 | | Total |
| | 2023 | | 2022 | | | | | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | | | | 2022 |
| Payment network | | 10 | % | 1 | 24 | % | 1 | | | | | ** | | ** | | 2 | % | | (8) | % | | ** | | — | % | | 12 | % | | | | | 16 | % |
| Value-added services and solutions | | 13 | % | 2 | 19 | % | 2 | | | | | — | % | | 2 | % | | 3 | % | | (7) | % | | ** | | ** | | 17 | % | | | | | 14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net revenue | | 11 | % | | 22 | % | | | | | | — | % | | 1 | % | | 2 | % | | (7) | % | | — | % | | — | % | | 14 | % | | | | | 15 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, |
| | Increase/(Decrease) |
| | Operational | | | | Acquisitions | | Currency Impact 3 | | Special Items 4 | | Total |
| | 2023 | | 2022 | | | | | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | 2022 | | 2023 | | | | | 2022 |
| Payment network | | 12 | % | 1 | 29 | % | 1 | | | | | ** | | ** | | — | % | | (6) | % | | ** | | — | % | | 11 | % | | | | | 23 | % |
| Value-added services and solutions | | 16 | % | 2 | 16 | % | 2 | | | | | 1 | % | | 4 | % | | 1 | % | | (5) | % | | ** | | ** | | 17 | % | | | | | 15 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net revenue | | 13 | % | | 24 | % | | | | | | — | % | | 1 | % | | — | % | | (6) | % | | — | % | | — | % | | 13 | % | | | | | 20 | % |
Note: Tables may not sum due to rounding.
** Not applicable.
1Includes impacts from our key drivers and metrics, offset by rebates and incentives.
2Includes impacts from cyber and intelligence, data and services, processing and gateway, ACH batch and real-time account-based domestic and cross-border payments and solutions, open banking and digital identity, offset by rebates and incentives.
3Includes the translational and transactional impact of currency and the related impact of our foreign exchange derivative contracts designated as cash flow hedging instruments.
4See “Non-GAAP Financial Information” for further information on our non-GAAP adjustments and the reconciliation to GAAP reported amounts.
Operating Expenses
For the three months ended September 30, 2023, operating expenses increased 2% versus the comparable period in 2022. Adjusted operating expenses increased 10%, or 9% on a currency-neutral basis, versus the comparable period in 2022, which included a 1 percentage point increase from acquisitions. The remaining increase was primarily due to higher personnel costs.
For the nine months ended September 30, 2023, operating expenses increased 8% versus the comparable period in 2022. Operating expenses increased 11%, on both an as-adjusted and currency-neutral basis, versus the comparable period in 2022, which included a 1 percentage point increase from acquisitions. The remaining increase was primarily due to higher personnel costs.
The components of operating expenses were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Increase/ (Decrease) | | Nine Months Ended September 30, | | Increase/ (Decrease) |
| | 2023 | | 2022 | | | 2023 | | 2022 | |
| | ($ in millions) |
| General and administrative | | $ | 2,285 | | | $ | 2,069 | | | 10% | | $ | 6,528 | | | $ | 5,860 | | | 11% |
| Advertising and marketing | | 193 | | | 182 | | | 6% | | 561 | | | 573 | | | (2)% |
| Depreciation and amortization | | 211 | | | 185 | | | 14% | | 594 | | | 566 | | | 5% |
| Provision for litigation | | — | | | 208 | | | ** | | 231 | | | 341 | | | ** |
| Total operating expenses | | 2,689 | | | 2,644 | | | 2% | | 7,914 | | | 7,340 | | | 8% |
Special Items 1 | | — | | | (208) | | | ** | | (231) | | | (408) | | | ** |
Adjusted total operating expenses (excluding Special Items 1) | | $ | 2,689 | | | $ | 2,437 | | | 10% | | $ | 7,683 | | | $ | 6,932 | | | 11% |
Note: Table may not sum due to rounding.
** Not meaningful.
1 See “Non-GAAP Financial Information” for further information on our non-GAAP adjustments and the reconciliation to GAAP reported amounts.
42 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Drivers of Change
The following tables summarize the drivers of changes in operating expenses:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, 2023 |
| | Increase/(Decrease) |
| | Operational | | Acquisitions | | Currency Impact 1 | | Special Items 2, 3 | | Total |
| General and administrative | | 9% | | 1% | | 1% | | ** | | 10% |
| Advertising and marketing | | 4% | | —% | | 2% | | ** | | 6% |
| Depreciation and amortization | | 11% | | —% | | 3% | | ** | | 14% |
| Provision for litigation | | ** | | ** | | ** | | ** | | ** |
| Total operating expenses | | 9% | | 1% | | 1% | | (9)% | | 2% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Nine Months Ended September 30, 2023 |
| | Increase/(Decrease) |
| | Operational | | Acquisitions | | Currency Impact 1 | | Special Items 2 | | Total |
| General and administrative | | 12% | | 1% | | (1)% | | (1)% | | 11% |
| Advertising and marketing | | (2)% | | —% | | —% | | ** | | (2)% |
| Depreciation and amortization | | 4% | | 1% | | —% | | ** | | 5% |
| Provision for litigation | | ** | | ** | | ** | | ** | | ** |
| Total operating expenses | | 10% | | 1% | | —% | | (3)% | | 8% |
Note: Tables may not sum due to rounding.
** Not applicable/meaningful.
1Represents the translational and transactional impact of currency.
2See “Non-GAAP Financial Information” for further information on our non-GAAP adjustments and the reconciliation to GAAP reported amounts.
3The Special Items driver impact related to provision for litigation is reflected in total operating expenses.
General and Administrative
For the three months ended September 30, 2023, general and administrative expenses increased 10%, or 9% on a currency-neutral basis, versus the comparable period in 2022. Current period results included growth of 1 percentage points from acquisitions. The increase was primarily due to higher personnel costs to support our continued investment in our strategic initiatives across payments, services and new network capabilities.
For the nine months ended September 30, 2023, general and administrative expenses increased 11%, or 12% on a currency-neutral basis, versus the comparable period in 2022. Current period results included growth of 1 percentage points from acquisitions. The remaining increase was primarily due to higher personnel costs to support our continued investment in our strategic initiatives across payments, services and new network capabilities, partially offset by a decrease of 1 percentage point from the Special Item for Russia-related impacts in 2022.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 43
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The components of general and administrative expenses were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Increase/ (Decrease) | | Nine Months Ended September 30, | | Increase/(Decrease) |
| | | 2023 | | 2022 | | | 2023 | | 2022 | |
| | | ($ in millions) |
Personnel 1 | | $ | 1,573 | | | $ | 1,382 | | | 14% | | $ | 4,494 | | | $ | 3,882 | | | 16% |
| Professional fees | | 118 | | | 118 | | | —% | | 332 | | | 313 | | | 6% |
| Data processing and telecommunications | | 262 | | | 228 | | | 15% | | 743 | | | 688 | | | 8% |
Foreign exchange activity 2 | | 25 | | | 38 | | | ** | | 65 | | | 109 | | | ** |
Other 1 | | 307 | | | 303 | | | 2% | | 894 | | | 868 | | | 3% |
| Total general and administrative expenses | | $ | 2,285 | | | $ | 2,069 | | | 10% | | $ | 6,528 | | | $ | 5,860 | | | 11% |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Note: Table may not sum due to rounding.
** Not meaningful.
1 For the nine months ended September 30, 2022, total general and administrative expenses includes a Special Item for Russia-related impacts of $67 million, of which $35 million is included within Personnel and $32 million is included within Other. See “Non-GAAP Financial Information” for further information on our non-GAAP adjustments and the reconciliation to GAAP reported amounts.
2 Foreign exchange activity includes the impact of remeasurement of assets and liabilities denominated in foreign currencies net of the impact of gains and losses on foreign exchange derivative contracts. See Note 17 (Derivative and Hedging Instruments) to the consolidated financial statements included in Part I, Item 1 for further discussion.
Advertising and Marketing
For the three months ended September 30, 2023, advertising and marketing expenses increased 6%, or 4% on a currency-neutral basis, versus the comparable period in 2022, primarily due to an increase in spending on sponsorships.
For the nine months ended September 30, 2023, advertising and marketing expenses decreased 2% on both an as reported and a currency-neutral basis, versus the comparable period in 2022, primarily due to a decrease in spending on marketing campaigns and advertising, partially offset by an increase in spending on sponsorships.
Depreciation and Amortization
For the three months ended September 30, 2023, depreciation and amortization expenses increased 14%, or 11% on a currency-neutral basis, versus the comparable period in 2022, primarily due to increased software capitalization.
For the nine months ended September 30, 2023, depreciation and amortization expenses increased 5% on both an as reported and currency-neutral basis, versus the comparable period in 2022, primarily due to increased software capitalization.
Provision for Litigation
For the nine months ended September 30, 2023, we recorded litigation provisions of $231 million as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation as well as settlements with a number of U.K. and Pan-European merchants. See Note 15 (Legal and Regulatory Proceedings) to the consolidated financial statements included in Part I, Item 1 of this Report and “Non-GAAP Financial Information” in this section for further discussion.
44 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Other Income (Expense)
For the three months ended September 30, 2023, other income (expense) was unfavorable $43 million, versus the comparable period in 2022, primarily due to net losses in the current year versus net gains in the prior year related to unrealized fair market value adjustments on marketable equity securities, partially offset by higher net investment income in the current year. Adjusted other income (expense) was favorable $21 million versus the prior year, primarily due to an increase in our investment income, partially offset by increased interest expense related to our 2023 debt issuances.
For the nine months ended September 30, 2023, other income (expense) was favorable $119 million, versus the comparable period in 2022, primarily due to an increase in our investment income and lower mark-to-market losses in 2023. Adjusted other income (expense) was favorable $80 million versus the prior year, primarily due to an increase in our investment income, partially offset by increased interest expense related to our 2022 and 2023 debt issuances.
The components of other income (expense) were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Increase/ (Decrease) | | Nine Months Ended September 30, | | Increase/ (Decrease) |
| | | 2023 | | 2022 | | | 2023 | | 2022 | |
| | | ($ in millions) |
| Investment income | | $ | 71 | | | $ | 16 | | | ** | | $ | 185 | | | $ | 28 | | | ** |
| Gains (losses) on equity investments, net | | (6) | | | 60 | | | ** | | (95) | | | (133) | | | ** |
| Interest expense | | (151) | | | (120) | | | 25% | | (427) | | | (344) | | | 24% |
| Other income (expense), net | | 3 | | | 4 | | | ** | | 19 | | | 12 | | | ** |
| Total other income (expense) | | (83) | | | (40) | | | ** | | (318) | | | (437) | | | ** |
(Gains) losses on equity investments 1 | | 6 | | | (60) | | | ** | | 95 | | | 133 | | | ** |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Adjusted total other income (expense) 1 | | $ | (78) | | | $ | (99) | | | (21)% | | $ | (223) | | | $ | (303) | | | (26)% |
Note: Table may not sum due to rounding.
** Not meaningful.
1 See “Non-GAAP Financial Information” for further information on our non-GAAP adjustments and the reconciliation to GAAP reported amounts.
Income Taxes
The effective income tax rates were 15.0% and 18.6% for the three months ended September 30, 2023 and 2022, respectively. The adjusted effective income tax rates were 15.0% and 19.4% for the three months ended September 30, 2023 and 2022, respectively. Both the as reported and as adjusted effective income tax rates were lower versus the comparable period in 2022, primarily due to our ability to now claim more U.S. foreign tax credits generated in 2022 and 2023 resulting from Notice 2023-55 (the “Notice”), released by the U.S. Department of Treasury (“Treasury”) in the current period, partially offset by a $115 million discrete tax expense to establish a valuation allowance on the deferred tax asset related to U.S. foreign tax credits generated prior to 2022.
The effective income tax rates were 18.6% and 14.3% for the nine months ended September 30, 2023 and 2022, respectively. The adjusted effective income tax rates were 19.0% and 14.8% for the nine months ended September 30, 2023 and 2022, respectively. Both the as reported and as adjusted effective income tax rates were higher versus the comparable period in 2022, primarily due to changes in the valuation allowance associated with the deferred tax asset related to U.S. foreign tax credits. In 2022, we recognized a discrete tax benefit of $333 million to release the valuation allowance resulting from U.S. tax regulations published in the first quarter of 2022 (the “2022 Regulations”). In 2023, the treatment of foreign taxes paid under the 2022 Regulations changed due to the foreign tax legislation enacted in Brazil and the Notice released by Treasury. Therefore, we recognized a total $327 million discrete tax expense in 2023 to establish the valuation allowance. The discrete tax expense recognized in the nine months ended September 30, 2023 was partially offset by our ability to now claim more U.S. foreign tax credits generated in 2022 and 2023 due to the Notice.
As of September 30, 2023, the deferred tax asset related to U.S. foreign tax credits and corresponding valuation allowance is $575 million due to foreign tax legislation enacted in Brazil and the Notice. The valuation allowance relates to our ability to recognize future tax benefits associated with the carryforward of U.S. foreign tax credits generated in the current and prior periods. The recognition of the U.S. foreign tax credits is dependent upon the realization of future foreign source income in the appropriate foreign tax credit basket in accordance with U.S. federal income tax law.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 45
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Liquidity and Capital Resources
We rely on existing liquidity, cash generated from operations and access to capital to fund our global operations, capital expenditures, investments in our business and current and potential obligations. The following table summarizes the cash, cash equivalents, investments and credit available to us:
| | | | | | | | | | | |
| September 30,
2023 | | December 31,
2022 |
| (in billions) |
Cash, cash equivalents and investments 1 | $ | 7.5 | | | $ | 7.4 | |
| Unused line of credit | 8.0 | | | 8.0 | |
1 Investments include available-for-sale securities and held-to-maturity securities. This amount excludes restricted cash and restricted cash equivalents of $1.9 billion and $2.2 billion at September 30, 2023 and December 31, 2022, respectively.
We believe that our existing cash, cash equivalents and investment securities balances, our cash flow generating capabilities, and our access to capital resources are sufficient to satisfy our future operating cash needs, capital asset purchases, outstanding commitments and other liquidity requirements associated with our existing operations and potential obligations which include litigation provisions and credit and settlement exposure.
Our liquidity and access to capital could be negatively impacted by global credit market conditions. We guarantee the settlement of many of the transactions between our customers. Historically, payments under these guarantees have not been significant; however, historical trends may not be an indication of potential future losses. The risk of loss on these guarantees is specific to individual customers, but may also be driven by regional or global economic conditions, including, but not limited to the health of the financial institutions in a country or region. See Note 16 (Settlement and Other Risk Management) to the consolidated financial statements in Part I, Item 1 for a description of these guarantees.
Our liquidity and access to capital could also be negatively impacted by the outcome of any of the legal or regulatory proceedings to which we are a party. For additional discussion of these and other risks facing our business, see Part I, Item 1A - Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2022 and Note 15 (Legal and Regulatory Proceedings) to the consolidated financial statements included in Part I, Item 1 of this Report.
Cash Flows
The table below shows a summary of the cash flows from operating, investing and financing activities:
| | | | | | | | | | | |
| Nine Months Ended September 30, |
| | 2023 | | 2022 |
| | (in millions) |
| Net cash provided by operating activities | $ | 7,850 | | | $ | 8,095 | |
| Net cash used in investing activities | (1,137) | | | (1,120) | |
| Net cash used in financing activities | (7,138) | | | (6,714) | |
Net cash provided by operating activities decreased $245 million for the nine months ended September 30, 2023, versus the comparable period in 2022, primarily due to higher net income after adjusting for non-cash items and an increase in restricted security deposits held for customers, more than offset by restricted cash paid for litigation settlement, higher employee incentives paid, higher customer incentive payments and timing of settlement with customers.
Net cash used in investing activities increased $17 million for the nine months ended September 30, 2023, versus the comparable period in 2022, primarily due to an increase in capitalized software and purchases of investments in time deposits partially offset by less cash paid for business acquisitions in the current year.
Net cash used in financing activities increased $424 million for the nine months ended September 30, 2023, versus the comparable period in 2022, primarily due to higher repurchases of our Class A common stock in the current year partially offset by higher proceeds from debt issuances.
46 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Debt and Credit Availability
In March 2023, we issued $750 million principal amount of notes due March 2028 and $750 million principal amount of notes due March 2033 (collectively the “2023 USD Notes”). The net proceeds from the issuance of the 2023 USD Notes, after deducting the original issue discount, underwriting discount and offering expenses, were $1.489 billion. In April 2023, we entered into an additional unsecured INR4.97 billion ($61 million as of the date of settlement) term loan, originally due July 2023 (the “April 2023 INR Term Loan”). In July 2023, we modified and combined the 2022 INR Term Loan and April 2023 INR Term Loan (the “2023 INR Term Loan”), increasing the total unsecured loans to INR28.1 billion ($342 million as of the date of settlement). The 2023 INR Term Loan is due July 2024.
Our total debt outstanding was $15.6 billion and $14.0 billion at September 30, 2023 and December 31, 2022, respectively, with the earliest maturity of $1 billion of principal occurring in April 2024.
As of September 30, 2023, we have a commercial paper program (the “Commercial Paper Program”), under which we are authorized to issue up to $8 billion in outstanding notes, with maturities up to 397 days from the date of issuance. In conjunction with the Commercial Paper Program, we have a committed unsecured $8 billion revolving credit facility (the “Credit Facility”) which expires in November 2027.
Borrowings under the Commercial Paper Program and the Credit Facility are to be used to provide liquidity for general corporate purposes, including providing liquidity in the event of one or more settlement failures by our customers. In addition, we may borrow and repay amounts under these facilities for business continuity purposes. We had no borrowings outstanding under the Commercial Paper Program or the Credit Facility at September 30, 2023 and December 31, 2022.
See Note 10 (Debt) to the consolidated financial statements included in Part I, Item 1 for further discussion on our debt and Note 15 (Debt) to the consolidated financial statements included in Part II, Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2022 for further discussion on our debt, the Commercial Paper Program and the Credit Facility.
Dividends and Share Repurchases
We have historically paid quarterly dividends on our outstanding Class A common stock and Class B common stock. Subject to legally available funds, we intend to continue to pay a quarterly cash dividend. The declaration and payment of future dividends is at the sole discretion of our Board of Directors after taking into account various factors, including our financial condition, operating results, available cash and current and anticipated cash needs.
Aggregate payments for quarterly dividends totaled $1,624 million for the nine months ended September 30, 2023.
On December 6, 2022, our Board of Directors declared a quarterly cash dividend of $0.57 per share paid on February 9, 2023 to holders of record on January 9, 2023 of our Class A common stock and Class B common stock. The aggregate amount of this dividend was $545 million.
On February 14, 2023, our Board of Directors declared a quarterly cash dividend of $0.57 per share paid on May 9, 2023 to holders of record on April 7, 2023 of our Class A common stock and Class B common stock. The aggregate amount of this dividend was $541 million.
On June 26, 2023, our Board of Directors declared a quarterly cash dividend of $0.57 per share payable on August 9, 2023 to holders of record on July 7, 2023 of our Class A common stock and Class B common stock. The aggregate amount of this dividend was $538 million.
On September 19, 2023 our Board of Directors declared a quarterly cash dividend of $0.57 per share payable on November 9, 2023 to holders of record on October 9, 2023 of our Class A common stock and Class B common stock. The aggregate amount of this dividend is estimated to be $536 million.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 47
PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Repurchased shares of our common stock are considered treasury stock. In December 2022 and November 2021, our Board of Directors approved share repurchase programs of our Class A common stock authorizing us to repurchase up to $9.0 billion and $8.0 billion, respectively. The program approved in 2022 became effective in April 2023 after the completion of the share repurchase program approved in 2021. The timing and actual number of additional shares repurchased will depend on a variety of factors, including cash requirements to meet the operating needs of the business, legal requirements, as well as the share price and economic and market conditions. The following table summarizes our share repurchase authorizations and repurchase activity of our Class A common stock through September 30, 2023:
| | | | | | | | | | | | |
| | | | | | |
| | | | | | |
| | | | (in millions, except average price data) |
| Remaining authorization at December 31, 2022 | | | | | | $ | 12,174 | |
Dollar-value of shares repurchased during the nine months ended September 30, 2023 1 | | | | | | $ | 7,200 | |
| Remaining authorization at September 30, 2023 | | | | | | $ | 4,974 | |
| Shares repurchased during the nine months ended September 30, 2023 | | | | | | 19.2 | |
| Average price paid per share during the nine months ended September 30, 2023 | | | | | | $ | 375.34 | |
| | | | | | |
| | | | | | |
1 The dollar-value of shares repurchased does not include a 1% excise tax that became effective January 1, 2023. The incremental tax is recorded in treasury stock on the consolidated balance sheet and is payable annually beginning in 2024.
Recent Accounting Pronouncements
For a description of recent accounting pronouncements, if any, and the potential impact of these pronouncements refer to Note 1 (Summary of Significant Accounting Policies) to the consolidated financial statements included in Part I, Item 1.
Item 3. Quantitative and qualitative disclosures about market risk
Market risk is the potential for economic losses to be incurred on market risk sensitive instruments arising from adverse changes in factors such as interest rates and foreign currency exchange rates. Our exposure to market risk from changes in interest rates and foreign exchange rates is limited. Management monitors risk exposures on an ongoing basis and establishes and oversees the implementation of policies governing our funding, investments and use of derivative financial instruments to manage these risks.
Foreign currency and interest rate exposures are managed through our risk management activities, which are discussed further in Note 17 (Derivative and Hedging Instruments) to the consolidated financial statements included in Part I, Item 1.
Foreign Exchange Risk
We enter into foreign exchange derivative contracts to manage currency exposure associated with anticipated receipts and disbursements occurring in a currency other than the functional currency of the entity. We may also enter into foreign currency derivative contracts to offset possible changes in value of assets and liabilities due to foreign exchange fluctuations. The objective of these activities is to reduce our exposure to transaction gains and losses resulting from fluctuations of foreign currencies against our functional currencies, principally the U.S. dollar and euro. The effect of a hypothetical 10% adverse change in the value of the functional currencies could result in a fair value loss of approximately $92 million and loss of approximately $94 million on our foreign exchange derivative contracts outstanding at September 30, 2023 and December 31, 2022, respectively, before considering the offsetting effect of the underlying hedged activity.
We are also subject to foreign exchange risk as part of our daily settlement activities. To manage this risk, we enter into short duration foreign exchange contracts based upon anticipated receipts and disbursements for the respective currency position. This risk is typically limited to a few days between when a payment transaction takes place and the subsequent settlement with our customers. A hypothetical 10% adverse change in the value of the functional currencies would not have a material impact to the fair value of our short duration foreign exchange derivative contracts outstanding at September 30, 2023 and December 31, 2022, respectively.
We are further exposed to foreign exchange rate risk related to translation of our net investment in foreign subsidiaries where the functional currency is different than our U.S. dollar reporting currency. To manage this risk, we may enter into foreign exchange derivative contracts to hedge a portion of our net investment in foreign subsidiaries. The effect of a hypothetical 10% adverse change in the value of the U.S. dollar could result in a fair value loss of approximately $320 million and $203 million on our foreign exchange derivative contracts designated as a net investment hedge at September 30, 2023 and December 31, 2022, respectively, before considering the offsetting effect of the underlying hedged activity.
48 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
PART I
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Interest Rate Risk
Our available-for-sale debt investments include fixed and variable rate securities that are sensitive to interest rate fluctuations. Our policy is to invest in high quality securities, while providing adequate liquidity and maintaining diversification to avoid significant exposure. A hypothetical 100 basis point adverse change in interest rates would not have a material impact to the fair value of our investments at September 30, 2023 and December 31, 2022.
We are also exposed to interest rate risk related to our fixed-rate debt. To manage this risk, we may enter into interest rate derivative contracts to hedge a portion of our fixed-rate debt that is exposed to changes in fair value attributable to changes in a benchmark interest rate. The effect of a hypothetical 100 basis point adverse change in interest rates would not have a material impact to the fair value of our interest rate derivative contracts designated as a fair value hedge of our fixed-rate debt at September 30, 2023 and December 31, 2022, respectively, before considering the offsetting effect of the underlying hedged activity.
Item 4. Controls and procedures
Evaluation of Disclosure Controls and Procedures
Our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are designed to ensure that information that is required to be disclosed in the reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission and to ensure that information required to be disclosed is accumulated and communicated to management, including our President and Chief Executive Officer and our Chief Financial Officer, to allow timely decisions regarding disclosure. The President and Chief Executive Officer and the Chief Financial Officer, with assistance from other members of management, have reviewed the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Report and, based on their evaluation, have concluded that the disclosure controls and procedures were effective as of such date.
Changes in Internal Control over Financial Reporting
There was no change in Mastercard’s internal control over financial reporting that occurred during the three months ended September 30, 2023 that has materially affected, or is reasonably likely to materially affect, Mastercard's internal control over financial reporting.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 49
PART II
ITEM 1. LEGAL PROCEEDINGS
Item 1. Legal proceedings
Refer to Note 15 (Legal and Regulatory Proceedings) to the consolidated financial statements included in Part I, Item 1.
Item 1A. Risk factors
For a discussion of our risk factors, see Part I, Item 1A - Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2022.
Item 2. Unregistered sales of equity securities, use of proceeds and issuer purchases of equity securities
Issuer Purchases of Equity Securities
During the third quarter of 2023, we repurchased 4.8 million shares for $1.9 billion at an average price of $400.61 per share of Class A common stock. The following table presents our repurchase activity on a cash basis during the third quarter of 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Period | | Total Number
of Shares
Purchased | | Average Price
Paid per Share
(including
commission cost) | | Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs | | Dollar Value of Shares that may yet be Purchased under the Plans or Programs 1, 2 |
| July 1 - 31 | | 1,664,589 | | | $ | 396.95 | | | 1,664,589 | | | $ | 6,218,906,492 | |
| August 1 - 31 | | 1,737,057 | | | $ | 396.20 | | | 1,737,057 | | | $ | 5,530,680,868 | |
| September 1 - 30 | | 1,356,433 | | | $ | 410.74 | | | 1,356,433 | | | $ | 4,973,542,871 | |
| Total | | 4,758,079 | | | $ | 400.61 | | | 4,758,079 | | | |
1 Dollar value of shares that may yet be purchased under the repurchase programs is as of the end of the period.
2 In December 2022 and November 2021, our Board of Directors approved share repurchase programs of our Class A common stock authorizing us to repurchase up to $9.0 billion and $8.0 billion, respectively.
Item 5. Other information
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
During the three months ended September 30, 2023, certain of our officers and directors adopted or terminated trading arrangements for the sale of shares of our common stock as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Action | | Date | | Plans | | Number of Securities to be Sold | | Expiration |
| | | Rule 10b5-1 1 | | Non-Rule 10b5-1 2 | | |
Ed McLaughlin, President & Chief Technology Officer, Mastercard Technology | | Adoption | | August 18, 2023 | | X | | - | | 20,000 shares of Class A Common Stock underlying employee stock options | | The earlier of (i) the date when all securities under plan are exercised and sold and (ii) December 31, 2024 |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
1 Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)
2 Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)
Other Information
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, we hereby incorporate by reference herein the disclosure contained in Exhibit 99.1.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 51
Item 6. Exhibits
Refer to the Exhibit Index included herein.
52 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
Exhibit index
| | | | | | | | |
Exhibit
Number | | Exhibit Description |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| 101.INS | | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| 101.SCH* | | XBRL Taxonomy Extension Schema Document |
| 101.CAL* | | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF* | | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB* | | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE* | | XBRL Taxonomy Extension Presentation Linkbase Document |
+ Management contracts or compensatory plans or arrangements.
* Filed or furnished herewith.
The agreements and other documents filed as exhibits to this Report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and should not be relied upon for that purpose. In particular, any representations and warranties made by the Company in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q 53
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | | | | | | | | | | | |
| | MASTERCARD INCORPORATED |
| | (Registrant) |
| | | |
| Date: | October 26, 2023 | By: | | /S/ MICHAEL MIEBACH |
| | | | Michael Miebach |
| | | | President and Chief Executive Officer |
| | | | (Principal Executive Officer) |
| | | |
| Date: | October 26, 2023 | By: | | /S/ SACHIN MEHRA |
| | | | Sachin Mehra |
| | | | Chief Financial Officer |
| | | | (Principal Financial Officer) |
| | | |
| Date: | October 26, 2023 | By: | | /S/ SANDRA ARKELL |
| | | | Sandra Arkell |
| | | | Corporate Controller |
| | | | (Principal Accounting Officer) |
54 MASTERCARD SEPTEMBER 30, 2023 FORM 10-Q
EXHIBIT 10.1
Amended and Restated Mastercard International Incorporated Executive Severance Plan
The Amended and Restated Mastercard International Incorporated Executive Severance Plan (the “Plan”) sets forth the guidelines for Mastercard International Incorporated (“Mastercard”) with respect to severance payments and/or benefits to certain of its employees who meet the eligibility requirements set forth in the Plan. At all times, payments under the Plan shall be made solely from the general assets of the Company. This Plan document constitutes the Summary Plan Description for the Plan in accordance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Effective Date
The Plan was effective as of August 1, 2009, and is amended and restated as of October 17, 2023.
Eligibility
Members of Mastercard Incorporated's Executive Leadership Team and such other employees who are selected in writing by the Human Resources and Compensation Committee of Mastercard Incorporated’s Board of Directors (the “HRCC”), in its sole and absolute discretion, shall be eligible to participate in the Plan (“Eligible Members”), to the extent such individuals are not subject to an employment agreement (or other similar agreement) which provides them with eligibility for severance. Eligible Members shall not be eligible to participate in, and receive any severance benefits under, the Amended and Restated Mastercard International Incorporated Severance Plan. To the extent that an Eligible Member is party to an employment agreement (or other similar agreement) providing for payments or benefits other than severance upon a specific termination of employment event also addressed herein, the Eligible Member shall be entitled to receive such payments or benefits as provided upon such event under his or her employment agreement (or other similar agreement), and not under this Plan. In the event of any other inconsistency between the Plan and an Eligible Member’s employment agreement (or other similar agreement), the Eligible Member’s employment agreement will control.
Qualification
An Eligible Member will be entitled to receive “Severance Payments” (as defined below) if:
a. the Eligible Member is terminated by the Company without “Cause” (as such term is defined in the “Definitions” section); or
b. the Eligible Member terminates his or her employment with the Company for “Good Reason” (as such term is defined in the “Definitions” section);
the Eligible Member’s employment may be terminated at the option of the Eligible Member, effective ninety (90) days after the giving of written notice to the Company by such Eligible Member of the grounds for termination for Good Reason, which grounds, as specified by the Eligible Member, have not been cured by the Company during such ninety (90) day period; provided, however, that such Eligible Member gave notice to the Company of the event(s) constituting Good Reason within sixty (60) days after such event(s).
the Company may waive all or part of the ninety (90) day notice required to be given by the Eligible Member hereunder by giving written notice to such Eligible Member.
Disqualifying Events
Notwithstanding the foregoing, an Eligible Member shall not be entitled to receive Severance Payments if any of the following disqualifying events occur; provided, however, that such Eligible Member shall nevertheless be eligible to receive certain accrued payments (as described below).
a. the Eligible Member’s employment is terminated due to death or, at the option of the Company, upon the “Disability” (as such term is defined in the “Definitions” section) of the Eligible Member;
b. the Eligible Member elects to voluntarily terminate his or her employment with the Company or a successor for any reason other than for Good Reason (“Voluntary Resignation”) or Mandatory Retirement;
c. the Eligible Member’s employment with the Company is terminated for Cause;
the Eligible Member’s employment may be terminated for Cause by the Company, effective upon the giving of written notice by the Company to the Eligible Member of such termination for Cause, or effective upon such other date as specified therein (“Notice of Termination for Cause”). The Company’s Notice of Termination for Cause shall state the date of termination and the basis for the Company’s determination that the Eligible Member’s actions establish Cause hereunder.
if subsequent to the termination of the Eligible Member’s employment for a reason other than termination by the Company for Cause, the Company determines that the Eligible Member could have been terminated for Cause, the Eligible Member's termination shall be recharacterized as a termination for Cause, upon the giving of written notice to the Eligible Member and providing the Eligible Member at least five (5) days to provide a written response to the Company. Thereafter, the Company may take appropriate legal action to seek recompense for any Severance Payments or other payments other than those payable on a termination for Cause improperly paid to the Eligible Member or to his or her estate or beneficiaries hereunder. Following a judicial determination, the prevailing party in any action under this paragraph shall be entitled to be reimbursed by the non-prevailing party for reasonable legal fees and expenses incurred by the prevailing party in connection with the judicial proceeding seeking to enforce the provisions of this paragraph.
notwithstanding anything to the contrary herein, if the Company has reason to believe that there are circumstances which, if substantiated, would constitute Cause as defined herein, the Company may suspend the Eligible Member from employment immediately upon notice for such period of time as shall be reasonably necessary for the Company to ascertain whether such circumstances are substantiated. During such suspension, the Eligible Member shall continue to be paid the compensation and provided all benefits in accordance with the regular payroll and benefit practices of the Company; provided, however, that if the Eligible Member has been indicted or otherwise formally charged by governmental authorities with any felony, the Company may, in its sole discretion, and without limiting the Company’s discretion to terminate the Eligible Member’s employment for Cause (provided it has grounds to do so under the terms of this “Disqualifying Events” section, paragraph (c), suspend the Eligible Member without continuation of any compensation or benefits (except health benefits, which shall be continued during the period of suspension), pending final disposition of such criminal charge(s). Upon receiving notice of any such suspension, the Eligible Member shall promptly leave the premises of the Company and remain off such premises until further notice from the Company. In the event the Eligible Member is suspended as a result of such charges, but is later acquitted or
otherwise exonerated from such charges, the Company shall pay to the Eligible Member such compensation, with interest, calculated from the date such compensation was suspended at the prime lending rate in effect on the date the Company receives notice from the Eligible Member of such acquittal or exoneration, and provide benefits withheld from the Eligible Member during the period of the Eligible Member’s suspension, if any, all of which shall be paid and provided within thirty (30) days of the date of the Eligible Member’s acquittal or exoneration from criminal charges that resulted in his suspension shall be limited with respect to the period of up to two (2) years from the date of suspension;
d. the failure by the Eligible Member to give a timely notice of termination for Good Reason (as described above); or
e. the Eligible Member becomes employed by a Company Entity.
Amount and Duration of Severance
a. Accrued Payments
An Eligible Member shall be entitled to the following accrued payments following the Date of Termination (as such term is defined in the “Definitions” section) regardless of whether the Eligible Member has been rendered ineligible for receipt of the Severance Payments due to a disqualifying event (as described above):
Death, Disability or Mandatory Retirement
If the Eligible Member’s employment is terminated on account of his or her death, due to Disability, or upon Mandatory Retirement, the Eligible Member or his or her estate and/or beneficiaries, as applicable, shall be entitled to receive the following lump sum payment (subject to any previously elected deferrals under the Mastercard Incorporated Deferral Plan), within thirty (30) days following the Date of Termination:
“Base Salary” (as such term is defined in the “Definitions” section) earned but not paid prior to the Date of Termination;
payment for all accrued but unused vacation time up to the Date of Termination;
(x) in the event of the Eligible Member’s death, the target annual incentive bonus payable for the year in which the Eligible Member’s death occurs, (y) in the event of termination due to Disability, a pro rata portion (based upon completed calendar months worked prior to the date of Disability) of the target annual incentive bonus payable for the year in which the Eligible Member’s Date of Termination occurs, or (z) in the event of Mandatory Retirement, a pro rata portion (based upon completed calendar months worked prior to the date of Mandatory Retirement) of the annual incentive bonus payable for the year in which the Eligible Member’s termination of employment occurs based upon the actual performance of the Company for the applicable performance period (and taking into account the terms of the annual incentive plan, including but not limited to the discretion of the HRCC to reduce such bonus amount, with such amount payable when the annual incentive bonus is regularly paid to similarly employees for such year;
to the extent not already paid, the annual incentive bonus for the year immediately preceding the year in which the Eligible Member’s Date of Termination, with such amount payable when the annual incentive bonus is regularly paid to similarly employees for such year; and
such additional benefits, if any, to which the Eligible Member is expressly eligible following the termination of the Eligible Member’s employment on account of death, Disability or Mandatory Retirement, as applicable, payable or made available under such terms and conditions as may be provided by the then existing plans, programs and/or arrangements of the Company.
Cause or Voluntary Resignation
If the Company terminates the Eligible Member’s employment for Cause or the Eligible Member terminates his or her employment by Voluntary Resignation, the Eligible Member shall be entitled to receive the following lump sum payment, as soon as practicable, but in no event later than thirty (30) days following the Date of Termination:
Base Salary earned but not paid prior to the Date of Termination;
payment for all accrued but unused vacation time up to the Date of Termination; and
additional benefits, if any, to which the Eligible Member is expressly eligible following his termination for Cause or by Voluntary Resignation, as applicable, payable or made available under such terms and conditions as may be provided by the then existing plans, programs and/or arrangements of the Company.
Without Cause or For Good Reason
If the Company terminates the Eligible Member’s employment without Cause or the Eligible Member terminates his or her employment for Good Reason, the Eligible Member shall be entitled to the following payments following the Date of Termination:
a lump sum payment (subject to any previously elected deferrals under the Mastercard Incorporated Deferral Plan), within thirty (30) days following the Date of Termination of all Base Salary earned but not paid prior to the Date of Termination;
a lump sum payment within thirty (30) days following the Date of Termination equal to all accrued but unused vacation time up to the Date of Termination;
a pro rata portion (based upon actually completed calendar months worked) of the annual incentive bonus payable for the year in which the Eligible Member’s Date of Termination occurs based on the actual performance of the Company for the applicable performance period as determined by the HRCC and payable in accordance with the regular bonus pay practices of the Company; and
to the extent not already paid, the annual incentive bonus for the year immediately preceding the year in which the Eligible Member’s Date of Termination occurs, payable in the amount and at the time such bonus would have been paid had the Eligible Member remained employed.
b. Severance Payments
If the Eligible Member is entitled to receive severance payments and/or benefits as provided under the “Qualification” section, and has not been rendered ineligible for receipt of such severance payments and/or benefits due to a disqualifying event (as described above), the Eligible Member shall be entitled to the following payments (the “Severance Payments”):
1. Severance Pay
The Eligible Member shall be entitled to receive (i) Base Salary continuation for an eighteen (18) month period following the Eligible Member’s Date of Termination (the “Severance Pay Period”), and (ii) payment (subject to any previously elected deferrals under the Mastercard Incorporated Deferral Plan), of an amount equal to 1.5 times the annual incentive bonus paid to such Eligible Member for the year prior to the year in which the Eligible Member’s Date of Termination occurs (the “Bonus Payment”) payable ratably over the Severance Pay Period in accordance with the annual incentive bonus pay practices of the Company (such Base Salary continuation and Bonus Payment being collectively referred to herein as “Severance Pay”).
2. Medical Benefits Continuation
The Eligible Member shall be entitled to payment by the Company on the Eligible Member’s behalf, for the monthly cost of the premiums for coverage under the Consolidated Omnibus Reconciliation Act of 1985, as amended (“COBRA”), for a period equivalent to the eighteen (18) month COBRA period (twenty-nine (29) month period, if the Eligible Member is disabled under the Social Security Act within the first sixty (60) days of the continuation period) or the Severance Pay Period, whichever is shorter (the “Medical Benefits”), provided, however, such coverage shall not be provided if during such period the Eligible Member is or becomes ineligible under the provisions of COBRA for continuing coverage; and provided, further, that if the Eligible Member is eligible for Retiree Health Coverage under the Mastercard Retiree Health Plan, the Company shall pay the full cost of such Retiree Health or COBRA coverage, as applicable, during the Severance Pay Period and thereafter, retiree contribution levels provided under the provisions of the Retiree Health Plan shall apply.
3. Outplacement Services
The Eligible Member shall be entitled to reasonable outplacement services, to be provided by a firm selected by the Company, at a level generally made available to executives of the Company for the shorter of the Severance Pay Period or the period he or she remains unemployed.
4. Additional Payments
The Company reserves the right, in its sole discretion, to increase Severance Payments or Severance Pay for up to an additional six months for Eligible Members. Additional payments may be conditioned upon any additional criteria as the Company may determine in its sole discretion.
The Eligible Member shall be entitled to such other benefits, if any, to which such Eligible Member is expressly eligible following the termination of the Eligible Member’s employment by the Company without Cause, by the Eligible Member with Good Reason, payable or made available under such terms and conditions as may be provided by the then existing plans, programs and/or arrangements of the Company (other than any severance payments payable under the terms of any benefit plan, including, but not limited to, the Amended and Restated Mastercard International Incorporated Severance Plan).
5. Separation Agreement and Release
The Company’s obligations to make payments and provide benefits under this “Severance Payments” section, paragraphs (1)-(3), are conditioned upon the Eligible Member’s execution (without revocation) of the Company’s separation agreement and release of all claims related to the Eligible Member’s employment or the termination thereof in a form satisfactory to Mastercard (the “Separation Agreement and Release”), which Separation Agreement and Release shall include a non-competition restriction and a non-solicitation restriction for a period no less than the Severance Pay Period (taking into account any additional payment periods
pursuant to Section 4 above), as more fully described in such Separation Agreement and Release, provided that if the Eligible Member should fail to execute such Separation Agreement and Release within sixty (60) days following the Date of Termination, the Company shall not have any obligation to make the payments and provide the benefits contemplated under this “Severance Payments” section, paragraphs (1)-(3). In the event of Severance Pay in the case in which the Eligible Member is provided with a notice period, the Severance Pay shall be payable beginning at the end of the notice period (provided that the Separation Agreement and Release has been fully executed and legally effective as of the last day of the notice period). In the event of Severance Pay in the case in which the Eligible Member is not provided with a notice period, the Severance Pay payable during the period following the Eligible Member’s Date of Termination during which the Eligible Member is required to execute a legally effective Separation Agreement and Release shall be aggregated and paid in a lump sum on the 60th day following the Date of Termination, with subsequent payments following over the original schedule during the Separation Pay Period (unless required to be paid six months plus one day after the Date of Termination).
Rehired Eligible Members
If, following an Eligible Member’s Date of Termination, an Eligible Member is rehired by the Company or any Company Entity or is retained by the Company or any Company Entity as a consultant, his or her Severance Pay, Medical Benefits, outplacement services, and any additional payments under this Plan will cease and be forfeited as of the date of reemployment or the effective date of the consultancy, and no further severance payments and/or benefits will be paid or provided by the Company to such Eligible Member.
Income Taxes
Accrued payments and Severance Payments are subject to all applicable foreign, federal, state, and local tax withholding and generally are taxable income to the Eligible Member.
Section 409A of the Code
Notwithstanding any other provision of the Plan, if any payment, compensation or other benefit provided to the Eligible Member in connection with his or her employment termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”) and the Eligible Member is a specified employee as defined in Section 409A(a)(2)(b)(i) of the Code, no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the Date of Termination (such date, the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to the Eligible Member during the period between the Date of Termination and the New Payment Date shall be paid to the Eligible Member in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of the Plan. If the Eligible Member dies during the period between the Date of Termination and the New Payment Date, the amounts withheld on account of Section 409A of the Code shall be paid to the Eligible Member’s beneficiary within thirty (30) days of the Eligible Member’s death or within such longer period as permitted under Section 409A of the Code.
Notwithstanding the preceding paragraph, up to two (2) times the lesser of: (i) the Eligible Member’s Base Salary for the year preceding the year in which the Date of Termination occurs; and (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Date of Termination occurs, shall be paid in accordance with the schedule set forth in the “Severance Payments” section, paragraph (1), without regard to such six (6) month delay.
The Plan is intended to comply with the requirements of Section 409A of the Code, and, specifically, with the separation pay exemption and short term deferral exemption of Section 409A of the Code, and shall in all respects be administered in accordance with Section 409A of the Code. Notwithstanding anything in the Plan to the contrary, distributions may only be made under the Plan upon an event and in a manner permitted by Section 409A of the Code or an applicable exemption. All payments to be made upon a termination of employment under the Plan may only be made upon a “separation from service” under Section 409A of the Code. For purposes of Section 409A of the Code, the right to a series of installment payments under the Plan shall be treated as a right to a series of separate payments. In no event may the Eligible Member, directly or indirectly, designate the calendar year of a payment. All reimbursements and in-kind benefits provided under the Plan shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement shall be for expenses incurred during the Eligible Member’s lifetime (or during a shorter period of time specified in the Plan), (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
Administration of Plan
The “Plan Administrator” (as such term is defined in the “Definitions” section) shall have the exclusive right, power, and authority, in its sole and absolute discretion, to administer, apply, and interpret the Plan and to decide all matters arising in connection with the operation or administration of the Plan to the extent not retained by Mastercard as set forth herein. Without limiting the generality of the foregoing, the Plan Administrator shall have the sole and absolute discretionary authority to:
take all actions and make all decisions with respect to the eligibility for, and the amount of, severance and benefits payable under the Plan;
formulate, interpret and apply rules, regulations, and policies necessary to administer the Plan in accordance with its terms;
decide questions, including legal or factual questions, with regard to any matter related to the Plan;
construe and interpret the terms and provisions of the Plan and all documents which relate to the Plan and decide any and all matters arising thereunder including the right to remedy possible ambiguities, inconsistencies or omissions;
investigate and make such factual or other determinations as shall be necessary or advisable for the resolution of appeals of adverse determinations under the Plan; and
process, and approve or deny, claims for severance and benefits under the Plan.
All determinations made by the Plan Administrator as to any question involving their respective responsibilities, powers and duties under the Plan shall be final and binding on all parties, to the maximum extent permitted by law. All determinations by Mastercard referred to in the Plan shall be made by Mastercard in its capacity as an employer and/or sponsor of the Plan.
Modification or Termination of Plan
Mastercard reserves the right in its sole and absolute discretion, to amend, modify, or terminate the Plan, in whole or in part, including any or all of the provisions of the Plan, for any reason, at
any time, by action of the Plan Administrator. Any amendments to the Plan must be approved in writing by the HRCC.
Claims and Appeal Procedures
The Plan Administrator shall make a determination in connection with the termination of employment of any Eligible Member as to whether a benefit under the Plan is payable to such Eligible Member, taking into consideration any determination made by the Company as to the circumstances regarding the termination, the Company’s decision as to whether or not to pay a benefit under the “Qualification” section, the “Disqualifying Events” section, or the potential applicability of a disqualifying event, and as to the amount of payment. The Plan Administrator shall advise any Eligible Member it determines is entitled to severance and benefits under the Plan and the amount of such severance and benefits. The Plan Administrator may delegate any or all of its responsibilities under this section.
Claim Procedures
Each Eligible Member or his or her authorized representative (each, the “Claimant”) claiming severance and benefits under the Plan who has not been advised of such severance and benefits by the Plan Administrator or who is not satisfied with the amount of any severance and benefits awarded under the Plan is eligible to file a written claim with the Plan Administrator.
Within ninety (90) days after receiving the claim, the Plan Administrator will decide whether or not to approve the claim. The ninety (90)-day period may be extended by the Plan Administrator for an additional ninety (90)-day period if special circumstances require an extension of time to consider the claim. If the Plan Administrator extends the ninety (90)-day period, the Claimant will be notified in writing before the expiration of the initial 90-day period as to the length of the extension and the special circumstances that necessitate the extension.
If the claim is denied, the Plan Administrator shall set forth in writing or electronically the reasons for the denial; the relevant provisions of the Plan on which the decision is made; a description of the Plan’s claim appeal procedures; and if additional material or information is necessary to perfect the claim, an explanation of why such material or information is necessary. The notice will also include a statement regarding the procedures for the Claimant to file a request for review of the claim denial as set forth in the “Appeal Procedures” section and the Claimant’s right to bring a civil action under Section 502(a) of ERISA following a claim denial on appeal.
Appeal Procedures
If a claim has been denied by the Plan Administrator and the Claimant wishes further consideration and review of his or her claim, he or she must file an appeal of the denial of the claim to the Plan Administrator no later than sixty (60) days after the receipt of the written notification of the Plan Administrator’s denial. In correlation with his or her appeal, the Claimant may request the opportunity to review relevant documents prior to submission of a written statement, submit documents, records and comments in writing, and receive, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the Claimant’s claim for severance and benefits under the Plan. The review of the appeal by the Plan Administrator will take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial review of the claim.
The Plan Administrator will notify the Claimant in writing or electronically of its decision with respect to its review of the appeal within sixty (60) days of the receipt of the request for a review of the claim. Due to special circumstances, the Plan Administrator may extend the time to reach a decision with respect to the appeal of the claim denial, in which case the Plan Administrator
will notify the Claimant in writing before the expiration of the initial 60-day period as to the length of the extension and the special circumstances that necessitate such extension and render a decision as soon as possible, but not later than one hundred twenty (120) days following the receipt of the Claimant’s request for appeal.
If the appeal is denied, the Plan Administrator will set forth in writing or electronically the specific reasons for the denial and references to the relevant Plan provisions on which the determination of the denial is based. The notice will also include a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim, and a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA.
Exhaustion of Remedies under the Plan
A Claimant wishing to seek judicial review of an adverse benefit determination under the Plan, whether in whole or in part, must file any suit or legal action, including, without limitation, a civil action under Section 502(a) of ERISA, within one (1) year of the date the final decision on the adverse benefit determination on review is issued or should have been issued or lose any rights to bring such an action. If any such judicial proceeding is undertaken, the evidence presented shall be strictly limited to the evidence timely presented to the Plan Administrator. A Claimant may bring an action under ERISA only after he or she has exhausted the Plan’s claims and appeal procedures.
Miscellaneous Provisions
Neither the establishment of this Plan, nor any modification thereof, nor the payment of any severance and benefits hereunder, shall be construed as giving to any Eligible Member, or other person, any legal or equitable right against the Company or any current or former officer, director, or employee thereof, and in no event shall the terms and conditions of employment by the Company of any Eligible Member be modified or in any way affected by this Plan.
The records of the Company with respect to employment history, compensation, absences, illnesses, and all other relevant matters shall be conclusive for all purposes of this Plan.
The respective terms and provisions of the Plan shall be construed, whenever possible, to be in conformity with the requirements of ERISA, or any subsequent laws or amendments thereto. To the extent not to conflict with the preceding sentence, the construction and administration of the Plan shall be in accordance with the laws of the state of New York applicable to contracts made and to be performed within the state of New York (without reference to its conflicts of law provisions).
Nothing contained in this Plan shall be held or construed to create any liability upon the Company to retain any employee in its service or to change the employee-at-will status of any employee. All employees shall remain subject to discharge or discipline to the same extent as if the Plan had not been put into effect. An employee’s failure to qualify for or receive a severance and benefits hereunder shall not establish any right to (i) continuation or reinstatement, or (ii) any benefits in lieu of severance and benefits.
Notwithstanding anything in this Plan to the contrary, an Eligible Member’s severance entitlement under this Plan may be applied to offset any amounts owed by the Eligible Member under Mastercard Incorporated’s Executive Officer Incentive Compensation Recoupment Policy, to the extent such offset is permitted by applicable law, including but not limited to Section 409A of the Code.
Definitions
| | | | | |
| Terms | Definitions |
| Base Salary | The Eligible Member’s annual base salary as in effect from time to time. |
| Cause | • the willful failure by the Eligible Member to perform his or her duties or responsibilities (other than due to Disability); • the Eligible Member’s engaging in serious misconduct that is injurious to the Company including, but not limited to, damage to its reputation or standing in its industry; • the Eligible Member’s having been convicted of, or entered a plea of guilty or nolo contendere to, a crime that constitutes a felony, or a crime that constitutes a misdemeanor involving moral turpitude; • the material breach by the Eligible Member of any written covenant or agreement with the Company not to disclose any information pertaining to the Company; • the breach by the Eligible Member of the Code of Conduct, the Supplemental Code of Conduct, any material provision of the Plan, or any material provision of the following Company policies: non-discrimination, substance abuse, workplace violence, nepotism, travel and entertainment, corporation information security, antitrust/competition law, enterprise risk management, accounting, contracts, purchasing, communications, investor relations, immigration, privacy, insider trading, financial process and reporting procedures, financial approval authority, whistleblower, anti-corruption and other similar Company policies, whether currently in effect or adopted after the Effective Date of the Plan (collectively, "Company Policies"); or • unless otherwise determined by the HRCC, the Eligible Member's knowledge of or willful blindness to the following conduct on the part of any individual over whom the Eligible Member has supervisory authority: (i) actions involving serious misconduct that is injurious to the Company or (ii) a significant violation of the Code of Conduct, the Supplemental Code of Conduct or any material provision of the Company Policies. |
| Company | Mastercard International Incorporated, including its subsidiaries where the context so requires. |
| Company Entity | Any entity (including any subsidiary, affiliate or joint venture) in which Mastercard has a direct or indirect ownership interest of any sort (legal, beneficial, economic or voting) of not less than 20%. |
| Disability | Disability shall be defined as set forth under the Mastercard Long-Term Disability Benefits Plan, as it may be amended from time to time. Any dispute concerning whether the Eligible Member is deemed to have suffered a Disability for purposes of the Plan shall be resolved in accordance with the dispute resolution procedures set forth in the Mastercard Long-Term Disability Benefits Plan, including that an Eligible Member’s Disability shall be conclusively determined by the insurer of the Mastercard Long-Term Disability Benefits Plan. |
| | | | | |
| Good Reason | The occurrence of any of the following without the prior written consent of the Eligible Member: • the assignment to a position for which the Eligible Member is not qualified or a materially lesser position than the position held by the Eligible Member (although duties may differ without giving rise to a termination by the Eligible Member for Good Reason); • a material reduction in the Eligible Member’s annual Base Salary except that a 10 percent reduction, in the aggregate, over the period of the Eligible Member’s employment shall not be treated as a material reduction; • the relocation of the Eligible Member’s principal place of employment to a location more than fifty (50) miles from the Eligible Member’s principal place of employment (unless such relocation does not increase the Eligible Member’s commute by more than twenty (20) miles), except for required travel on the Company’s business to an extent substantially consistent with the Eligible Member’s business travel obligations as of the date of relocation. |
| Mandatory Retirement | The last day of the calendar year in which the Eligible Member attains the age of sixty-five (65), subject to such other mandatory retirement provision in the Eligible Member's employment agreement or otherwise applicable to the Eligible Member, if any. |
| Mastercard | Mastercard International Incorporated. |
| Plan Administrator | Executive Vice President, Total Rewards (or his or her functional successor) |
| Date of Termination | The date on which the Eligible Member incurs a termination of employment as described in the “Qualification” section or such other date on which an Eligible Member incurs a “separation from service” determined using the default provisions set forth in Section 1.409A-1(h) of the Treasury Regulations. Pursuant to such default provisions, an Eligible Member will be treated as no longer performing services for the Company when the level of services he or she performs for the Company decreases to a level equal to 20% or less of the average level of services performed by such Eligible Member during the immediately preceding 36 months. |
Your Rights Under ERISA
The Department of Labor has issued regulations that require the Company to provide you with a statement of your rights under ERISA with respect to this Plan. The following statement was designated by the Department of Labor to satisfy this requirement and is presented accordingly.
As a participant in the Plan, you are entitled to certain rights and protections under ERISA. ERISA provides that all Plan participants are entitled to:
Receive Information About Your Plan and Benefits
1. Examine, without charge, all Plan documents and copies of all documents filed by the Company with the Department of Labor. This includes annual reports and Plan descriptions. All such documents are available for review in your Human Resources Department.
2. Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including copies of the latest annual report (Form 5500 Series) and
an updated summary plan description. The Plan Administrator may charge you a reasonable fee for the copies.
3. Receive a summary of the Plan’s annual financial report. Once each year, the Plan Administrator will send you a Summary Annual Report of the Plan’s financial activities at no charge.
Prudent Action by Fiduciaries
In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate your Plan, called fiduciaries of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants.
No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a pension or welfare benefit or exercising your rights under ERISA.
Enforcing Your Rights
If your claim for severance and benefits is denied or ignored in whole or in part, you have a right to receive a written explanation of the reason for the denial, to obtain copies of documents related to the decision without charge, and to appeal any denial, all within certain time schedules. You have the right to have your claim reviewed and reconsidered. You also have the right to request a review of the denial of your claim as explained in the “Appeal Procedures” section. No one, including your employer or any other person, may discriminate against you in any way to prevent you from obtaining severance and benefits under the Plan or exercising your rights under ERISA.
Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request materials from the Plan and do not receive them within thirty (30) days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for severance and benefits which is denied or ignored, in whole or in part, you may file suit in a state or federal court after you have exhausted the Plan’s claims and appeal procedures as described in the section “Claims and Appeal Procedures” hereof. If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the Department of Labor, or you may file suit in a federal court.
The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.
Assistance with Your Questions
If you have any questions about the Plan, you should contact the Plan Administrator through your Human Resources Department. They will be glad to help you. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest Area Office of the Employee Benefits Security Administration, Department of Labor, listed in your telephone directory, or you may contact:
The Division of Technical Assistance and Inquiries
Employee Benefits Security Administration,
Department of Labor
200 Constitution Avenue, N.W., Room 5N625
Washington, DC 20210
1-866-444-EBSA (1-866-444-3272)
www.dol.gov/ebsa (for general information)
www.askebsa.dol.gov (for electronic inquiries)
You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration at 1-866-444-3272.
Administrative Facts
| | | | | |
| Topic | Description |
| Plan Name | Amended and Restated Mastercard International Incorporated Executive Severance Plan |
| Plan Sponsor | Mastercard International Incorporated
[address] |
| Source of Contributions to Plan | Employer payments from corporate assets |
| Employer Identification Number | |
| Plan Number | ______ |
| Plan Administrator | Executive Vice President, Total Rewards (or his or her functional successor)
Mastercard International Incorporated
[address]
[phone number] |
| Agent for Receiving Service of Legal Process | General Counsel
Mastercard International Incorporated
[address]
[phone number] |
Contact Information
If you have questions about this Plan, please contact your department’s HR Business Partner or Mastercard’s Chief People Officer.
EXHIBIT 10.2
Amended and Restated Mastercard International Incorporated Change in Control Severance Plan
The Amended and Restated Mastercard International Incorporated Change in Control Severance Plan (the “Plan”) sets forth the guidelines for Mastercard International Incorporated (“Mastercard”) and certain of its Affiliates and subsidiaries that participate in the Plan (the “Participating Employers” and collectively with Mastercard, “the Company”) with respect to change in control severance payments and benefits to certain of their employees who meet the eligibility requirements set forth in the Plan. At all times, payments under the Plan shall be made solely from the general assets of the Company. This Plan document constitutes the Summary Plan Description for the Plan in accordance with the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
Effective Date
The Plan was effective as of August 1, 2009, was amended and restated as of June 5, 2012, June 25, 2018 and April 11, 2022, and is further amended and restated as of October 17, 2023.
Participating Employers
The Participating Employers consist of the Affiliates and subsidiaries of Mastercard employing the individuals eligible to participate in the Plan, as designated below under “Eligibility.” To the extent required by applicable laws and unless otherwise determined by Mastercard, such Participating Employers shall adopt the Plan in order for their eligible employees to become Plan participants. The list of the Participating Employers as of the Effective Date of the Plan, as amended, is attached to this Plan as Exhibit A.
Eligibility
Members of the Mastercard Incorporated’s Executive Leadership Team and such other employees who are selected in writing by the Human Resources and Compensation Committee of Mastercard’s Board of Directors (the “HRCC”), in its sole and absolute discretion, shall be eligible to participate in the Plan (“Eligible Employees”), to the extent such individuals are not subject to an employment agreement (or other similar agreement) which provides them with eligibility for severance.
Qualification
a. the Eligible Employee is terminated by the Company or by the Company’s successor without “Cause” (as such term is defined in the “Definitions” section), and such termination occurs within six (6) months preceding, or within two (2) years following, a Change in Control, or
b. the Eligible Employee terminates his or her employment with the Company or with the Company’s successor for “Good Reason” (as such term is defined in the “Definitions” section), and such termination occurs within six (6) months preceding, or within two (2) years following, a Change in Control.
The Eligible Employee’s employment may be terminated at the option of the Eligible Employee, effective ninety (90) days after the giving of written notice to the Company by such Eligible Employee of the grounds for termination for Good Reason, which grounds, as specified by the Eligible Employee, have not been cured by the Company during such ninety (90) day period; provided, however, that such Eligible
Employee gave notice to the Company of the event(s) constituting Good Reason within sixty (60) days after such event(s).
The Company may waive all or part of the ninety (90) day notice required to be given by the Eligible Employee hereunder by giving written notice to such Eligible Employee.
Circumstances of Ineligibility
Notwithstanding the foregoing, an Eligible Employee shall not be entitled to receive Change in Control Pay (as defined below) if any of the following Circumstances of Ineligibility apply to such Eligible Employee.
a. the Eligible Employee’s employment is terminated due to death or, at the option of the Company, upon the “Disability” (as such term is defined in the “Definitions” section) of the Eligible Employee;
b. the Eligible Employee elects to voluntarily terminate his or her employment with the Company or a successor for any reason other than for Good Reason;
c. the Eligible Employee’s employment with the Company or a successor is terminated for Cause, at any time preceding or following a Change in Control;
The Eligible Employee’s employment may be terminated for “Cause” by the Company, upon the authority of Mastercard’s CEO, effective upon the giving of written notice by the Company to the Eligible Employee of such termination for “Cause,” or effective upon such other date as specified therein (“Notice of Termination for Cause”). The Company’s Notice of Termination for Cause shall state the date of termination and the basis for the Company’s determination that the Eligible Employee’s actions establish Cause hereunder.
d. the failure by the Eligible Employee to give notice of termination for Good Reason (as described above); or
e. the Eligible Employee becomes employed by a Company Entity.
| | |
In no event shall a Change in Control of the Company alone, without a related termination of employment, give rise to any Change- in-Control Pay and benefits under the Plan.
|
Amount and Duration of Change in Control Severance Payments
If the Eligible Employee is entitled to receive Change in Control Pay, and has not been rendered ineligible for receipt of such Change in Control Pay due to a Circumstance of Ineligibility, the Eligible Employee shall be entitled to the following payments:
a. Accrued Payments
The Eligible Employee shall be entitled to the following payments following the Date of Termination (as such term is defined in the “Definitions” section):
a lump sum payment (subject to any previously elected deferrals under the Mastercard Incorporated Deferral Plan), within thirty (30) days following the Date of Termination of all “Base Salary” (as such term is defined in the “Definitions” section) earned but not paid prior to the Date of Termination;
a lump sum payment within thirty (30) days following the Date of Termination equal to all accrued but unused vacation time up to the Date of Termination;
a pro rata portion (based upon actually completed calendar months worked) of the annual incentive bonus payable for the year in which the Eligible Employee’s termination of employment occurs based on the actual performance of the Company for the applicable performance period as determined by the HRCC and payable in accordance with the regular bonus pay practices of the Company; and
to the extent not already paid, the annual incentive bonus for the year immediately preceding the year in which the Eligible Employee’s Date of Termination occurs, payable in the amount and at the time such bonus would have been paid had he or she remained employed.
b. Change in Control Pay
The Eligible Employee shall be entitled to receive (i) Base Salary continuation, and (ii) payment (subject to any previously elected deferrals under the Mastercard Incorporated Deferral Plan), of an amount equivalent to the average annual incentive bonus received by such Eligible Employee with respect to the prior two (2) years of the Eligible Employee’s employment by the Company or, if the Eligible Employee was not employed by the Company for each of the prior two (2) years, an amount equivalent to any annual incentive bonus received by the Eligible Employee for any full year in which he or she was employed by the Company during such prior two (2) year period, and if the Eligible Employee was not employed by the Company for any full year during such two (2) years, then an amount equivalent to the Eligible Employee’s target annual incentive bonus for the year in which his or her Date of Termination occurs (the “Average Bonus Payment”), payable on a schedule in accordance with the regular payroll practices (but in no event less frequently than monthly) of the Company (such Base Salary continuation and Average Bonus Payment being collectively referred to herein as “Change in Control Pay”) for, and with respect to a twenty-four (24) month period following the Eligible Employee’s Date of Termination (the “Change in Control Pay Period”); provided, however, that in no event shall the Change in Control Pay Period extend beyond the Eligible Employee’s Mandatory Retirement. Notwithstanding the foregoing, each payment of Change in Control Pay to which the Eligible Employee becomes entitled pursuant to this Plan shall be reduced, dollar for dollar, by each severance payment, if any, to which such Eligible Employee becomes entitled under the Amended and Restated Mastercard International Incorporated Executive Severance Plan or the Amended and Restated Mastercard International Incorporated Severance Plan.
c. Medical Benefits Continuation
The Eligible Employee shall be entitled to payment by the Company on the Eligible Employee’s behalf, for the monthly cost of the premiums for coverage under the Consolidated Omnibus Reconciliation Act of 1985, as amended (“COBRA”), for a period equivalent to the eighteen (18) month COBRA period (twenty-nine (29) month period, if the Eligible Employee is disabled under the Social Security Act within the first sixty (60) days of the continuation period) or the Change in Control Pay Period, whichever is shorter (the “Medical Benefits”), provided, however, such coverage shall not be provided if during such period the Eligible Employee is or becomes ineligible under the provisions of COBRA for continuing coverage; and provided, further, that if the Eligible Employee is eligible for Retiree Health Coverage under the Mastercard Retiree Health Plan, the Company shall pay the full cost of such Retiree Health or COBRA coverage, as applicable, during the Change in Control Pay Period and thereafter, retiree contribution levels provided under the provisions of the Retiree Health Plan shall apply.
d. Outplacement Services
The Eligible Employee shall be entitled to reasonable outplacement services, to be provided by a firm selected by the Company, at a level generally made available to executives of the
Company for the shorter of the Change in Control Pay Period or the period he or she remains unemployed.
e. Additional Payments
The Eligible Employee shall be entitled to such other benefits, if any, to which such Eligible Employee is expressly eligible following the termination of the Eligible Employee’s employment by the Company without Cause or by the Eligible Employee with Good Reason, payable or made available under such terms and conditions as may be provided by the then existing plans, programs and/or arrangements of the Company (other than any severance payments payable under the terms of any benefit plan, including, but not limited to, the Amended and Restated Mastercard International Incorporated Severance Plan).
f. Separation Agreement and Release
The Company’s obligations to make payments and provide benefits under this “Amount and Duration of Change in Control Severance Payments” section, paragraphs (b)-(d), are conditioned upon the Eligible Employee’s execution (without revocation) of the Company’s separation agreement and release of all claims related to the Eligible Employee’s employment or the termination thereof in a form satisfactory to Mastercard (the “Separation Agreement and Release”), which Separation Agreement and Release shall include a 2-year non-competition restriction and a 2-year non-solicitation restriction, as more fully described in such Separation Agreement and Release, provided that if the Eligible Employee should fail to execute such Separation Agreement and Release within sixty (60) days following the Date of Termination, the Company shall not have any obligation to make the payments and provide the benefits contemplated under this “Amount and Duration of Change in Control Severance Payments” section, paragraphs (b)-(d). In the event of Change in Control Pay in the case in which the Eligible Employee is provided with a notice period, the Severance Pay shall be payable beginning at the end of the notice period (provided that the Separation Agreement and Release has been fully executed and legally effective as of the last day of the notice period). In the event of Change in Control Pay in the case in which the Eligible Employee is not provided with a notice period, the Change in Control Pay payable during the period following the Eligible Employee’s Date of Termination during which the Eligible Employee is required to execute a legally effective Separation Agreement and Release shall be aggregated and paid in a lump sum on the 60th day following the Date of Termination, with subsequent payments following over the original schedule during the Change in Control Pay Period (unless required to be paid six months plus one day after the Date of Termination).
Rehired Eligible Employees
If, following an Eligible Employee’s Date of Termination, an Eligible Employee is rehired by the Company or any Company Entity or is retained by the Company or any Company Entity as a consultant, his or her Change in Control Pay, Medical Benefits and outplacement services under this Plan will cease and be forfeited as of the date of reemployment or the effective date of the consultancy, and no further severance payments and/or benefits will be paid or provided by the Company to such Eligible Employee.
Income Taxes
The change in control severance payments and benefits provided hereunder are subject to all applicable foreign, federal, state, and local tax withholding and generally are taxable income to the Eligible Employee.
Section 409A of the Code
Notwithstanding any other provision of the Plan, if any payment, compensation or other benefit provided to the Eligible Employee in connection with his or her employment termination is determined, in whole or in part, to constitute “nonqualified deferred compensation” within the
meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the Eligible Employee is a specified employee as defined in Section 409A(a)(2)(b)(i) of the Code, no part of such payments shall be paid before the day that is six (6) months plus one (1) day after the Date of Termination (such date, the “New Payment Date”). The aggregate of any payments that otherwise would have been paid to the Eligible Employee during the period between the Date of Termination and the New Payment Date shall be paid to the Eligible Employee in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of the Plan. If the Eligible Employee dies during the period between the Date of Termination and the New Payment Date, the amounts withheld on account of Section 409A of the Code shall be paid to the Eligible Employee’s beneficiary within thirty (30) days of the Eligible Employee’s death or within such longer period as permitted by Section 409A of the Code.
Notwithstanding the preceding paragraph, Change in Control Pay in an amount up to two (2) times the lesser of: (i) the Eligible Employee’s Base Salary for the year preceding the year in which the Date of Termination occurs; and (ii) the maximum amount that may be taken into account under a qualified plan pursuant to Section 401(a)(17) of the Code for the year in which the Date of Termination occurs, shall be paid in accordance with the schedule set forth in the “Amount and Duration of Change in Control Severance Payments” section, paragraph (b), without regard to such six (6) month delay.
The Plan is intended to comply with the requirements of Section 409A of the Code, and, specifically, with the separation pay exemption and short-term deferral exemption of Section 409A of the Code, and shall in all respects be administered in accordance with Section 409A of the Code. Notwithstanding anything in the Plan to the contrary, distributions may only be made under the Plan upon an event and in a manner permitted by Section 409A of the Code or an applicable exemption. All payments to be made upon a termination of employment under the Plan may only be made upon a “separation from service” under Section 409A of the Code. For purposes of Section 409A of the Code, the right to a series of installment payments under the Plan shall be treated as a right to a series of separate payments. In no event may the Eligible Employee, directly or indirectly, designate the calendar year of a payment. All reimbursements and in-kind benefits provided under the Plan and the Separation Agreement and Release shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that (i) any reimbursement shall be for expenses incurred during the Eligible Employee’s lifetime (or during a shorter period of time specified in the Plan or the Separation Agreement and Release, as applicable), (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.
Federal Excise Tax under Section 4999 of the Code
a. Excise Tax Adjustment Provision
In the event that the benefits provided for in this Plan (together with any other benefits or amounts) otherwise constitute “parachute payments” within the meaning of Section 280G of the Code and would, but for this paragraph (a) be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then a participant’s benefits under this Plan shall be either: (i) delivered in full, or (ii) delivered as to such lesser extent as would result in no portion of such benefits being subject to the Excise Tax, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the Excise Tax, results in the receipt by the participant on an after-tax basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be taxable under Section 4999 of the Code. In the event of a reduction of benefits hereunder, the Accountants (as defined below) shall determine which benefits shall be reduced so as to
achieve the principle set forth in the preceding sentence. Where two or more economically equivalent amounts are subject to reduction but payable at different times, such amounts payable at the later time shall be reduced first but not below zero; provided, however, that in no event shall the foregoing be interpreted or administered so as to result in an acceleration of payment or further deferral of payment of any amounts (whether under this Plan or any other arrangement) in violation of Section 409A of the Code. If any parachute payments are paid in full, the participant will be solely responsible for the payment of any Excise Tax and Mastercard will have no further obligations with respect thereto.
b. Determination of Adjustments
Unless Mastercard and the Plan participant otherwise agree in writing, all determinations required to be made under this section of the Plan, including the manner and amount of any reduction in the participant’s benefits under this Plan, and the assumptions to be utilized in arriving at such determinations, shall be promptly determined and reported in writing to Mastercard and the participant by such independent public accountants or other independent advisors selected by Mastercard that are not serving as the accountants or auditors for the individual, entity or group effecting the Change in Control (the “Accountants”), and all such computation and determinations shall be conclusive and binding upon the Plan participant and Mastercard. All fees and expenses of the Accountants shall be borne solely by Mastercard, and Mastercard shall enter into any agreement requested by the Accountants in connection with the performance of the services hereunder. For purposes of making the calculations required by this section of the Plan, the Accountants may make reasonable assumptions and approximations concerning the application of Sections 280G and 4999 of the Code. Mastercard and the Plan participant shall furnish to the Accountants such information and documents as the Accountants may reasonably request to make a determination under this section of the Plan.
c. Interest Rate for Present Value Calculations
To the extent permitted by Q/A #32 of the Treasury Regulations under Section 280G of the Code, with respect to performing any present value calculations that are required in connection with this section of the Plan, the Plan participant and Mastercard each affirmatively elect to utilize the Applicable Federal Rates (“AFR”) that are in effect as of the date this section of the Plan is adopted and the Accountants shall therefore use such AFR in their determinations and calculations.
Administration of Plan
The “Plan Administrator” (as such term is defined in the “Definitions” section) shall have the exclusive right, power, and authority, in its sole and absolute discretion, to administer, apply, and interpret the Plan and to decide all matters arising in connection with the operation or administration of the Plan. Without limiting the generality of the foregoing, the Plan Administrator shall have the sole and absolute discretionary authority to:
take all actions and make all decisions with respect to the eligibility for, and the amount of, Change in Control Pay and benefits payable under the Plan; provided that, for avoidance of doubt, only Mastercard’s CEO may nominate Eligible Employees under paragraph (c) of the “Eligibility” section of the Plan, subject to the approval of the HRCC, as provided in such paragraph (c);
formulate, interpret and apply rules, regulations, and policies necessary to administer the Plan in accordance with its terms;
decide questions, including legal or factual questions, with regard to any matter related to the Plan;
to construe and interpret the terms and provisions of the Plan and all documents which relate to the Plan and to decide any and all matters arising thereunder including the right to remedy possible ambiguities, inconsistencies or omissions; and
except as specifically provided to the contrary in the “Claims and Appeal Procedures” section, process, and approve or deny, claims for change in control severance payments and benefits under the Plan.
All determinations made by the Plan Administrator as to any question involving its responsibilities, powers and duties under the Plan shall be final and binding on all parties, to the maximum extent permitted by law. All determinations by Mastercard referred to in the Plan shall be made by Mastercard in its capacity as an employer and settlor of the Plan.
Modification or Termination of Plan
Mastercard reserves the right in its sole and absolute discretion, to amend, modify, or terminate the Plan, in whole or in part, including any or all of the provisions of the Plan, for any reason, at any time, by action of the HRCC. Notwithstanding the foregoing:
a. for a two-year period following a Change in Control, no amendment, modification or termination of the Plan which may have a detrimental effect on the rights or benefits payable to any Eligible Employee may be made without such Eligible Employee’s written consent; and
b. any Plan amendment which is necessary to address legal, tax or accounting requirements may be approved by action of the Plan Administrator.
Claims and Appeal Procedures
The Plan Administrator shall make a determination in connection with the termination of employment of any Eligible Employee as to whether a benefit under the Plan is payable to such Eligible Employee, taking into consideration any determination made by the Company as to the circumstances regarding the termination, the Company’s decision as to whether or not to pay a benefit under the “Qualification” section, paragraph (c), or the potential applicability of any Circumstances of Ineligibility, and as to the amount of payment. The Plan Administrator shall advise any Eligible Employee it determines is entitled to change in control severance payments and benefits under the Plan and the amount of such Change in Control Pay and benefits. The Plan Administrator may delegate any or all of its responsibilities under this section.
Claim Procedures
Each Eligible Employee or his or her authorized representative (each, the “Claimant”) claiming change in control severance payments and benefits under the Plan who has not been advised of such change in control severance payments and benefits by the Plan Administrator or who is not satisfied with the amount of any change in control severance payments and benefits awarded under the Plan is eligible to file a written claim with the Plan Administrator.
Within ninety (90) days after receiving the claim, the Plan Administrator will decide whether or not to approve the claim. The ninety (90)-day period may be extended by the Plan Administrator for an additional ninety (90)-day period if special circumstances require an extension of time to consider the claim. If the Plan Administrator extends the ninety (90)-day period, the Claimant will be notified in writing before the expiration of the initial 90-day period as to the length of the extension and the special circumstances that necessitate the extension.
If the claim is denied, the Plan Administrator shall set forth in writing or electronically the reasons for the denial; the relevant provisions of the Plan on which the decision is made; a description of the Plan’s claim appeal procedures; and if additional material or information is
necessary to perfect the claim, an explanation of why such material or information is necessary. The notice will also include a statement regarding the procedures for the Claimant to file a request for review of the claim denial as set forth in the “Appeal Procedures” section and the Claimant’s right to bring a civil action under Section 502(a) of ERISA following a claim denial on appeal.
Appeal Procedures
If a claim has been denied by the Plan Administrator and the Claimant wishes further consideration and review of his or her claim, he or she must file an appeal of the denial of the claim to the Plan Administrator no later than sixty (60) days after the receipt of the written notification of the Plan Administrator’s denial. In correlation with his or her appeal, the Claimant may request the opportunity to review relevant documents prior to submission of a written statement, submit documents, records and comments in writing, and receive, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the Claimant’s claim for severance and benefits under the Plan. The review of the appeal by the Plan Administrator will take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial review of the claim.
The Plan Administrator will notify the Claimant in writing or electronically of its decision with respect to its review of the appeal within sixty (60) days of the receipt of the request for a review of the claim. Due to special circumstances, the Plan Administrator may extend the time to reach a decision with respect to the appeal of the claim denial, in which case the Plan Administrator will notify the Claimant in writing before the expiration of the initial 60-day period as to the length of the extension and the special circumstances that necessitate such extension and render a decision as soon as possible, but not later than one hundred twenty (120) days following the receipt of the Claimant’s request for appeal.
If the appeal is denied, the Plan Administrator will set forth in writing or electronically the specific reasons for the denial and references to the relevant Plan provisions on which the determination of the denial is based. The notice will also include a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim, and a statement of the Claimant’s right to bring an action under Section 502(a) of ERISA.
Exhaustion of Remedies under the Plan
A Claimant wishing to seek judicial review of an adverse benefit determination under the Plan, whether in whole or in part, must file any suit or legal action, including, without limitation, a civil action under Section 502(a) of ERISA, within one (1) year of the date the final decision on the adverse benefit determination on review is issued or should have been issued or lose any rights to bring such an action. If any such judicial proceeding is undertaken, the evidence presented shall be strictly limited to the evidence timely presented to the Plan Administrator. A Claimant may bring an action under ERISA only after he or she has exhausted the Plan’s claims and appeal procedures.
Miscellaneous Provisions
Neither the establishment of this Plan, nor any modification thereof, nor the payment of any change in control severance payments and benefits hereunder, shall be construed as giving to any Eligible Employee, or other person, any legal or equitable right against the Company or any current or former officer, director, or employee thereof, and in no event shall the terms and conditions of employment by the Company of any Eligible Employee be modified or in any way affected by this Plan.
The records of the Company with respect to employment history, compensation, absences, illnesses, and all other relevant matters shall be conclusive for all purposes of this Plan.
The respective terms and provisions of the Plan shall be construed, whenever possible, to be in conformity with the requirements of ERISA, or any subsequent laws or amendments thereto. To the extent not to conflict with the preceding sentence, the construction and administration of the Plan shall be in accordance with the laws of the state of New York applicable to contracts made and to be performed within the state of New York (without reference to its conflicts of law provisions).
Nothing contained in this Plan shall be held or construed to create any liability upon the Company to retain any employee in its service or to change the employee-at-will status of any employee. All employees shall remain subject to discharge or discipline to the same extent as if the Plan had not been put into effect. An employee’s failure to qualify for or receive a change in control severance payments and benefits hereunder shall not establish any right to (i) continuation or reinstatement, or (ii) any benefits in lieu of change in control severance payments and benefits.
Nothing in this Plan shall preclude or limit the ability of Mastercard to pay any compensation to a Plan participant or to any other employee of the Company under Mastercard’s other compensation and benefit plans and programs, including without limitation any equity plan or bonus plan, program or arrangement.
Notwithstanding anything in this Plan to the contrary, an Eligible Employee’s severance entitlement under this Plan may be applied to offset any amounts owed by the Eligible Employee under Mastercard Incorporated’s Executive Officer Incentive Compensation Recoupment Policy, if applicable to the Eligible Employee, to the extent such offset is permitted by applicable law, including but not limited to Section 409A of the Code.
Definitions
| | | | | |
| Terms | Definitions |
| Affiliates | Any corporation which is included in a controlled group of corporations (within the meaning of Section 414(b) of the Code) which includes Mastercard and any trade or business (whether or not incorporated) which is under common control with Mastercard (within the meaning of Section 414(c) of the Code); provided that for purposes of this definition the ownership test percentage shall be 50% rather than 80%. |
| Base Salary | The Eligible Employee’s annual base salary in effect at the time of termination, except in the case of a termination of employment by the Eligible Employee for Good Reason based on a reduction of the Eligible Employee’s annual base salary, “Base Salary” shall mean the annual base salary in effect immediately prior to such reduction. |
| Change in Control | A change in control as set forth in the Mastercard Incorporated 2006 Long-Term Incentive Plan as it may be amended from time to time (“LTIP”). |
| | | | | |
| Cause | • the willful failure by the Eligible Employee to perform his or her duties or responsibilities (other than due to Disability); • the Eligible Employee’s engaging in serious misconduct that is injurious to the Company including, but not limited to, damage to its reputation or standing in its industry; • the Eligible Employee’s having been convicted of, or entered a plea of guilty or nolo contendere to, a crime that constitutes a felony, or a crime that constitutes a misdemeanor involving moral turpitude; • the material breach by the Eligible Employee of any written covenant or agreement with the Company not to disclose any information pertaining to the Company; • the breach by the Eligible Employee of the Code of Conduct, the Supplemental Code of Conduct, any material provision of the Plan, or any material provision of the following Company policies: non-discrimination, substance abuse, workplace violence, nepotism, travel and entertainment, corporation information security, antitrust/competition law, enterprise risk management, accounting, contracts, purchasing, communications, investor relations, immigration, privacy, insider trading, financial process and reporting procedures, financial approval authority, whistleblower, anti-corruption and other similar Company policies, whether currently in effect or adopted after the Effective Date of the Plan (collectively, the "Company Policies"); or • unless otherwise determined by the HRCC, the Eligible Employee's knowledge of or willful blindness to the following conduct on the part of any individual over whom the Eligible Employee has supervisory authority: (i) actions involving serious misconduct that is injurious to the Company or (ii) a significant violation of the Code of Conduct, the Supplemental Code of Conduct or any material provision of the Company Policies. |
| Company | Mastercard and its Affiliates and subsidiaries. |
| Company Entity | Any entity (including any subsidiary, affiliate or joint venture) in which Mastercard has a direct or indirect ownership interest of any sort (legal, beneficial, economic or voting) of not less than 20%. |
| Disability | Disability shall be defined as set forth under the Mastercard Long-Term Disability Benefits Plan, as it may be amended from time to time. Any dispute concerning whether the Eligible Employee is deemed to have suffered a Disability for purposes of the Plan shall be resolved in accordance with the dispute resolution procedures set forth in the Mastercard Long-Term Disability Benefits Plan, including that an Eligible Employee’s Disability shall be conclusively determined by the insurer of the Mastercard Long-Term Disability Benefits Plan. |
| Good Reason | The occurrence of any of the following without the prior written consent of the Eligible Employee: • the assignment to a position for which the Eligible Employee is not qualified or a materially lesser position than the position held by the Eligible Employee (although duties may differ without giving rise to a termination by the Eligible Employee for Good Reason); • a material reduction in the Eligible Employee’s annual Base Salary except that a 10 percent reduction, in the aggregate, over the period of the Eligible Employee’s employment shall not be treated as a material reduction; or • the relocation of the Eligible Employee’s principal place of employment to a location more than fifty (50) miles from the Eligible Employee’s principal place of employment (unless such relocation does not increase the Eligible Employee’s commute by more than twenty (20) miles), except for required travel on the Company’s business to an extent substantially consistent with the Eligible Employee’s business travel obligations as of the date of relocation. |
| | | | | |
| Mandatory Retirement | The last day of the calendar year in which the Eligible Employee attains the age of sixty-five (65), subject to such other mandatory retirement provision in the Eligible Employee's employment agreement or otherwise applicable to the Eligible Employee, if any. |
| Mastercard | Mastercard International Incorporated. |
| Plan Administrator | Executive Vice President, Total Rewards of Mastercard (or his or her functional successor). |
| Date of Termination | The date on which the Eligible Employee incurs a termination of employment as described in the “Qualification” section or such other date on which an Eligible Employee incurs a “separation from service” determined using the default provisions set forth in Section 1.409A-1(h) of the Treasury Regulations. Pursuant to such default provisions, an Eligible Employee will be treated as no longer performing services for the Company when the level of services he or she performs for the Company decreases to a level equal to 20% or less of the average level of services performed by such Eligible Employee during the immediately preceding 36 months. |
Your Rights Under ERISA
The Department of Labor has issued regulations that require the Company to provide you with a statement of your rights under ERISA with respect to this Plan. The following statement was designated by the Department of Labor to satisfy this requirement and is presented accordingly.
As a participant in the Plan, you are entitled to certain rights and protections under ERISA. ERISA provides that all Plan participants are entitled to:
Receive Information About Your Plan and Benefits
1. Examine, without charge, all Plan documents and copies of all documents filed by the Company with the Department of Labor. This includes annual reports and Plan descriptions. All such documents are available for review in your Human Resources Department.
2. Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including copies of the latest annual report (Form 5500 Series) and an updated summary plan description. The Plan Administrator may charge you a reasonable fee for the copies.
3. Receive a summary of the Plan’s annual financial report. Once each year, the Plan Administrator will send you a Summary Annual Report of the Plan’s financial activities at no charge.
Prudent Action by Fiduciaries
In addition to creating rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate your Plan, called fiduciaries of the Plan, have a duty to do so prudently and in the interest of you and other Plan participants.
No one, including your employer or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a pension or welfare benefit or exercising your rights under ERISA.
Enforcing Your Rights
If your claim for change in control severance payments and benefits is denied or ignored in whole or in part, you have a right to receive a written explanation of the reason for the denial, to obtain copies of documents related to the decision without charge, and to appeal any denial, all
within certain time schedules. You have the right to have your claim reviewed and reconsidered. You also have the right to request a review of the denial of your claim as explained in the “Appeal Procedures” section. No one, including your employer or any other person, may discriminate against you in any way to prevent you from obtaining change in control severance payments and benefits under the Plan or exercising your rights under ERISA.
Under ERISA, there are steps you can take to enforce the above rights. For instance, if you request materials from the Plan and do not receive them within thirty (30) days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. If you have a claim for change in control severance payments and benefits which is denied or ignored, in whole or in part, you may file suit in a state or federal court after you have exhausted the Plan’s claims and appeal procedures as described in the section “Claims and Appeal Procedures” hereof. If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the Department of Labor, or you may file suit in a federal court.
The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.
Assistance with Your Questions
If you have any questions about the Plan, you should contact the Plan Administrator through your Human Resources Department. They will be glad to help you. If you have any questions about this statement or about your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest Area Office of the Employee Benefits Security Administration, Department of Labor, listed in your telephone directory, or you may contact:
The Division of Technical Assistance and Inquiries
Employee Benefits Security Administration,
Department of Labor
200 Constitution Avenue, N.W., Room 5N625
Washington, DC 20210
1-866-444-EBSA (1-866-444-3272)
www.dol.gov/ebsa (for general information)
www.askebsa.dol.gov (for electronic inquiries)
You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration at 1-866-444-3272.
Administrative Facts
| | | | | |
| Topic | Description |
| Plan Name | Amended and Restated Mastercard International Incorporated Change in Control Severance Plan |
| Plan Sponsor | Mastercard International Incorporated
[address] |
| Source of Contributions to Plan | Employer payments from corporate assets |
| Employer Identification Number | |
| Plan Number | ______ |
| Plan Administrator | Executive Vice President, Total Rewards (or his or her functional successor).
Mastercard International Incorporated
[address]
[phone number] |
| Agent for Receiving Service of Legal Process | General Counsel
Mastercard International Incorporated
[address]
[phone number] |
Contact Information
If you have questions about this Plan, please contact your department’s HR Business Partner or Mastercard’s Chief People Officer.
EXHIBIT A
PARTICIPATING EMPLOYERS
US: Mastercard International Incor
US: Mastercard Center for Inclusive Growth, Inc.
US: Mastercard Technologies, LLC
Belgium: Mastercard Europe SA
Ireland: Mastercard Ireland Limited
Italy: Italy Branch Office of Mastercard Europe SA
Italy: Mastercard Europe SA, Succursale in Italia
Singapore: Mastercard Asia Pacific Pte Ltd
UAE: Mastercard Middle East Africa FZ-LLC
United Kingdom: Mastercard UK Management Services Ltd
EXHIBIT 31.1
CERTIFICATION PURSUANT TO
RULE 13a-14(a)/15d-14(a),
AS ADOPTED PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Michael Miebach, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Mastercard Incorporated for the three months ended September 30, 2023;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
| Date: | October 26, 2023 |
| | |
| By: | /s/ Michael Miebach |
| | Michael Miebach |
| | President and Chief Executive Officer |
EXHIBIT 31.2
CERTIFICATION PURSUANT TO
RULE 13a-14(a)/15d-14(a),
AS ADOPTED PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Sachin Mehra, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Mastercard Incorporated for the three months ended September 30, 2023;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
| | | | | | | | |
| Date: | October 26, 2023 |
| | |
| By: | /s/ Sachin Mehra |
| | Sachin Mehra |
| | Chief Financial Officer |
EXHIBIT 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of Mastercard Incorporated (the "Company") on Form 10-Q for the three month period ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Michael Miebach, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | |
|
| October 26, 2023 |
|
| /s/ Michael Miebach |
| Michael Miebach |
| President and Chief Executive Officer |
EXHIBIT 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002
In connection with the quarterly report of Mastercard Incorporated (the "Company") on Form 10-Q for the three month period ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sachin Mehra, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
1.The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | |
|
| October 26, 2023 |
|
| /s/ Sachin Mehra |
| Sachin Mehra |
| Chief Financial Officer |
EXHIBIT 99.1
Section 13(r) Disclosure
Mastercard Incorporated ("Mastercard") has established a risk-based compliance program designed to prevent us from having business dealings with Iran, as well as other prohibited countries, regions, individuals or entities. This includes obligating issuers and acquirers to screen account holders and merchants, respectively, against the U.S. Office of Foreign Assets Control’s (“OFAC”) sanctions lists, including the List of Specially Designated Nationals (“SDN list”).
We identified through our compliance program that for the period covered by this Report, Mastercard processed transactions resulting from acquirers located in the Europe and Eastern Europe/Middle East/Africa regions having each acquired transactions for an Iranian airline.
OFAC regulations and other legal authorities provide exemptions for certain activities involving dealings with Iran. However, Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 requires us to disclose whether we, or any of our affiliates, have knowingly engaged in certain transactions or dealings involving the Government of Iran or with certain persons or entities found on the SDN list, regardless of whether these dealings constitute a violation of OFAC regulations.
We do not calculate net revenues or net profits associated with specific merchants (our customers’ customers). However, we used our fee schedule and the aggregate number and amount of transactions involving the above merchants to estimate the net revenue and net profit we obtained with respect to the period described above. Both the number of transactions and our estimated net revenue and net profits for this period are de minimis.
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v3.23.3
Consolidated Statement of Operations - USD ($)
shares in Millions, $ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Income Statement [Abstract] |
|
|
|
|
| Net Revenue |
$ 6,533
|
$ 5,756
|
$ 18,550
|
$ 16,420
|
| Operating Expenses: |
|
|
|
|
| General and administrative |
2,285
|
2,069
|
6,528
|
5,860
|
| Advertising and marketing |
193
|
182
|
561
|
573
|
| Depreciation and amortization |
211
|
185
|
594
|
566
|
| Provision for litigation |
0
|
208
|
231
|
341
|
| Total operating expenses |
2,689
|
2,644
|
7,914
|
7,340
|
| Operating income |
3,844
|
3,112
|
10,636
|
9,080
|
| Other Income (Expense): |
|
|
|
|
| Investment income |
71
|
16
|
185
|
28
|
| Gains (losses) on equity investments, net |
(6)
|
60
|
(95)
|
(133)
|
| Interest expense |
(151)
|
(120)
|
(427)
|
(344)
|
| Other income (expense), net |
3
|
4
|
19
|
12
|
| Total other income (expense) |
(83)
|
(40)
|
(318)
|
(437)
|
| Income before income taxes |
3,761
|
3,072
|
10,318
|
8,643
|
| Income tax expense |
563
|
573
|
1,914
|
1,238
|
| Net Income |
$ 3,198
|
$ 2,499
|
$ 8,404
|
$ 7,405
|
| Basic Earnings per Share (in dollars per share) |
$ 3.40
|
$ 2.59
|
$ 8.88
|
$ 7.63
|
| Basic weighted-average shares outstanding (in shares) |
941
|
965
|
947
|
971
|
| Diluted Earnings per Share (in dollars per share) |
$ 3.39
|
$ 2.58
|
$ 8.85
|
$ 7.60
|
| Diluted weighted-average shares outstanding (in shares) |
943
|
968
|
949
|
974
|
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v3.23.3
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Statement of Comprehensive Income [Abstract] |
|
|
|
|
| Net Income |
$ 3,198
|
$ 2,499
|
$ 8,404
|
$ 7,405
|
| Other comprehensive income (loss): |
|
|
|
|
| Foreign currency translation adjustments |
(239)
|
(743)
|
(92)
|
(1,517)
|
| Income tax effect |
1
|
62
|
(13)
|
105
|
| Foreign currency translation adjustments, net of income tax effect |
(238)
|
(681)
|
(105)
|
(1,412)
|
| Translation adjustments on net investment hedges |
138
|
372
|
53
|
772
|
| Income tax effect |
(31)
|
(82)
|
(12)
|
(171)
|
| Translation adjustments on net investment hedges, net of income tax effect |
107
|
290
|
41
|
601
|
| Cash flow hedges |
17
|
14
|
(7)
|
21
|
| Income tax effect |
(4)
|
(3)
|
2
|
(5)
|
| Reclassification adjustments for cash flow hedges |
12
|
(4)
|
29
|
(9)
|
| Income tax effect |
(3)
|
1
|
(7)
|
2
|
| Cash flow hedges, net of income tax effect |
22
|
8
|
17
|
9
|
| Reclassification adjustments for defined benefit pension and other postretirement plans |
0
|
0
|
0
|
(1)
|
| Income tax effect |
0
|
0
|
0
|
0
|
| Defined benefit pension and other postretirement plans, net of income tax effect |
0
|
0
|
0
|
(1)
|
| Investment securities available-for-sale |
1
|
(2)
|
3
|
(6)
|
| Income tax effect |
0
|
0
|
0
|
1
|
| Investment securities available-for-sale, net of income tax effect |
1
|
(2)
|
3
|
(5)
|
| Other comprehensive income (loss), net of income tax effect |
(108)
|
(385)
|
(44)
|
(808)
|
| Comprehensive Income |
$ 3,090
|
$ 2,114
|
$ 8,360
|
$ 6,597
|
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v3.23.3
Consolidated Balance Sheet - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
| Assets, Current [Abstract] |
|
|
| Cash and cash equivalents |
$ 6,890,000,000
|
$ 7,008,000,000
|
| Restricted cash for litigation settlement |
0
|
589,000,000
|
| Investments |
602,000,000
|
400,000,000
|
| Accounts receivable |
3,925,000,000
|
3,425,000,000
|
| Settlement assets |
1,118,000,000
|
1,270,000,000
|
| Restricted security deposits held for customers |
1,824,000,000
|
1,568,000,000
|
| Prepaid expenses and other current assets |
2,624,000,000
|
2,346,000,000
|
| Total current assets |
16,983,000,000
|
16,606,000,000
|
| Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,140 and $1,904, respectively |
1,972,000,000
|
2,006,000,000
|
| Deferred income taxes |
1,370,000,000
|
1,151,000,000
|
| Goodwill |
7,488,000,000
|
7,522,000,000
|
| Other intangible assets, net of accumulated amortization of $2,137 and $1,960, respectively |
4,022,000,000
|
3,859,000,000
|
| Other assets |
7,839,000,000
|
7,580,000,000
|
| Total Assets |
39,674,000,000
|
38,724,000,000
|
| Liabilities, Current [Abstract] |
|
|
| Accounts payable |
589,000,000
|
926,000,000
|
| Settlement obligations |
992,000,000
|
1,111,000,000
|
| Restricted security deposits held for customers |
1,824,000,000
|
1,568,000,000
|
| Accrued litigation |
475,000,000
|
1,094,000,000
|
| Accrued expenses |
7,775,000,000
|
7,801,000,000
|
| Short-term debt |
1,337,000,000
|
274,000,000
|
| Other current liabilities |
1,527,000,000
|
1,397,000,000
|
| Total current liabilities |
14,519,000,000
|
14,171,000,000
|
| Long-term debt |
14,229,000,000
|
13,749,000,000
|
| Deferred income taxes |
385,000,000
|
393,000,000
|
| Other liabilities |
4,160,000,000
|
4,034,000,000
|
| Total Liabilities |
33,293,000,000
|
32,347,000,000
|
| Commitments and Contingencies |
|
|
| Redeemable Non-controlling Interests |
21,000,000
|
21,000,000
|
| Stockholders’ Equity |
|
|
| Additional paid-in-capital |
5,791,000,000
|
5,298,000,000
|
| Class A treasury stock, at cost, 470 and 451 shares, respectively |
(58,573,000,000)
|
(51,354,000,000)
|
| Retained earnings |
60,390,000,000
|
53,607,000,000
|
| Accumulated other comprehensive income (loss) |
(1,297,000,000)
|
(1,253,000,000)
|
| Mastercard Incorporated Stockholders' Equity |
6,311,000,000
|
6,298,000,000
|
| Non-controlling interests |
49,000,000
|
58,000,000
|
| Total Equity |
6,360,000,000
|
6,356,000,000
|
| Total Liabilities, Redeemable Non-controlling Interests and Equity |
39,674,000,000
|
38,724,000,000
|
| Class A Common Stock |
|
|
| Stockholders’ Equity |
|
|
| Common stock |
$ 0
|
$ 0
|
| Common stock, issued |
1,401,000,000
|
1,399,000,000
|
| Common stock, outstanding |
932,000,000
|
948,000,000
|
| Common Stock, Shares Authorized |
3,000,000,000
|
3,000,000,000
|
| Class B Common Stock |
|
|
| Stockholders’ Equity |
|
|
| Common stock |
$ 0
|
$ 0
|
| Common stock, issued |
7,000,000
|
8,000,000
|
| Common stock, outstanding |
7,000,000
|
8,000,000
|
| Common Stock, Shares Authorized |
1,200,000,000
|
1,200,000,000
|
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v3.23.3
Consolidated Balance Sheet (Parenthetical) - USD ($)
$ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Accumulated depreciation and amortization |
$ 2,140
|
$ 1,904
|
| Other intangible assets, accumulated amortization |
$ 2,137
|
$ 1,960
|
| Class A treasury stock, shares |
470,000,000
|
451,000,000
|
| Class A Common Stock |
|
|
| Common stock, par value |
$ 0.0001
|
$ 0.0001
|
| Common stock, authorized |
3,000,000,000
|
3,000,000,000
|
| Common stock, issued |
1,401,000,000
|
1,399,000,000
|
| Common stock, outstanding |
932,000,000
|
948,000,000
|
| Class B Common Stock |
|
|
| Common stock, par value |
$ 0.0001
|
$ 0.0001
|
| Common stock, authorized |
1,200,000,000
|
1,200,000,000
|
| Common stock, issued |
7,000,000
|
8,000,000
|
| Common stock, outstanding |
7,000,000
|
8,000,000
|
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 1
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v3.23.3
Consolidated Statement of Changes in Equity - USD ($)
$ in Millions |
Total |
Common Stock
Class A
|
Common Stock
Class B
|
Additional Paid-In Capital |
Class A Treasury Stock |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Mastercard Incorporated Stockholders’ Equity |
Non- Controlling Interests |
| Balance at beginning of period at Dec. 31, 2021 |
$ 7,383
|
$ 0
|
$ 0
|
$ 5,061
|
$ (42,588)
|
$ 45,648
|
$ (809)
|
$ 7,312
|
$ 71
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
| Net income |
7,405
|
|
|
|
|
7,405
|
|
7,405
|
|
| Activity related to non-controlling interests |
(9)
|
|
|
|
|
|
|
|
(9)
|
| Redeemable non-controlling interest adjustments |
(5)
|
|
|
|
|
(5)
|
|
(5)
|
|
| Other comprehensive income (loss) |
(808)
|
|
|
|
|
|
(808)
|
(808)
|
|
| Dividends |
(1,423)
|
|
|
|
|
(1,423)
|
|
(1,423)
|
|
| Purchases of treasury stock |
(6,333)
|
|
|
|
(6,333)
|
|
|
(6,333)
|
|
| Share-based payments |
213
|
|
|
208
|
5
|
|
|
213
|
|
| Balance at end of period at Sep. 30, 2022 |
6,423
|
0
|
0
|
5,269
|
(48,916)
|
51,625
|
(1,617)
|
6,361
|
62
|
| Balance at beginning of period at Jun. 30, 2022 |
6,236
|
0
|
0
|
5,163
|
(47,359)
|
49,599
|
(1,232)
|
6,171
|
65
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
| Net income |
2,499
|
|
|
|
|
2,499
|
|
2,499
|
|
| Activity related to non-controlling interests |
(3)
|
|
|
|
|
|
|
|
(3)
|
| Redeemable non-controlling interest adjustments |
(1)
|
|
|
|
|
(1)
|
|
(1)
|
|
| Other comprehensive income (loss) |
(385)
|
|
|
|
|
|
(385)
|
(385)
|
|
| Dividends |
(472)
|
|
|
|
|
(472)
|
|
(472)
|
|
| Purchases of treasury stock |
(1,557)
|
|
|
|
(1,557)
|
|
|
(1,557)
|
|
| Share-based payments |
106
|
|
|
106
|
|
|
|
106
|
|
| Balance at end of period at Sep. 30, 2022 |
6,423
|
0
|
0
|
5,269
|
(48,916)
|
51,625
|
(1,617)
|
6,361
|
62
|
| Balance at beginning of period at Dec. 31, 2022 |
6,356
|
0
|
0
|
5,298
|
(51,354)
|
53,607
|
(1,253)
|
6,298
|
58
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
| Net income |
8,404
|
|
|
|
|
8,404
|
|
8,404
|
|
| Activity related to non-controlling interests |
(9)
|
|
|
|
|
|
|
|
(9)
|
| Redeemable non-controlling interest adjustments |
(6)
|
|
|
|
|
(6)
|
|
(6)
|
|
| Other comprehensive income (loss) |
(44)
|
|
|
|
|
|
(44)
|
(44)
|
|
| Dividends |
(1,615)
|
|
|
|
|
(1,615)
|
|
(1,615)
|
|
| Purchases of treasury stock |
(7,232)
|
|
|
|
(7,232)
|
|
|
(7,232)
|
|
| Share-based payments |
506
|
|
|
493
|
13
|
|
|
506
|
|
| Balance at end of period at Sep. 30, 2023 |
6,360
|
0
|
0
|
5,791
|
(58,573)
|
60,390
|
(1,297)
|
6,311
|
49
|
| Balance at beginning of period at Jun. 30, 2023 |
5,557
|
0
|
0
|
5,622
|
(56,659)
|
57,730
|
(1,189)
|
5,504
|
53
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
|
|
| Net income |
3,198
|
|
|
|
|
3,198
|
|
3,198
|
|
| Activity related to non-controlling interests |
(4)
|
|
|
|
|
|
|
|
(4)
|
| Redeemable non-controlling interest adjustments |
(2)
|
|
|
|
|
(2)
|
|
(2)
|
|
| Other comprehensive income (loss) |
(108)
|
|
|
|
|
|
(108)
|
(108)
|
|
| Dividends |
(536)
|
|
|
|
|
(536)
|
|
(536)
|
|
| Purchases of treasury stock |
(1,915)
|
|
|
|
(1,915)
|
|
|
(1,915)
|
|
| Share-based payments |
170
|
|
|
169
|
1
|
|
|
170
|
|
| Balance at end of period at Sep. 30, 2023 |
$ 6,360
|
$ 0
|
$ 0
|
$ 5,791
|
$ (58,573)
|
$ 60,390
|
$ (1,297)
|
$ 6,311
|
$ 49
|
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
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-Topic 250
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-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 810
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-Section 50
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 55
-Paragraph 4J
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481175/810-10-55-4J
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
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-Topic 220
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-Section S99
-Paragraph 2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.7-04(19))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-4
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(21))
-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
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Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 55
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-Topic 220
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
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-Section 45
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
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v3.23.3
Consolidated Statement of Cash Flows - USD ($)
$ in Millions |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Operating Activities |
|
|
| Net income |
$ 8,404
|
$ 7,405
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
| Amortization of customer and merchant incentives |
1,196
|
1,197
|
| Depreciation and amortization |
594
|
566
|
| (Gains) losses on equity investments, net |
95
|
133
|
| Share-based compensation |
374
|
273
|
| Deferred income taxes |
(239)
|
(589)
|
| Other |
88
|
40
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
(484)
|
(326)
|
| Settlement assets |
151
|
298
|
| Prepaid expenses |
(1,837)
|
(1,472)
|
| Accrued litigation and legal settlements |
(621)
|
249
|
| Restricted security deposits held for customers |
240
|
(342)
|
| Accounts payable |
(319)
|
(91)
|
| Settlement obligations |
(119)
|
146
|
| Accrued expenses |
43
|
638
|
| Net change in other assets and liabilities |
284
|
(30)
|
| Net cash provided by operating activities |
7,850
|
8,095
|
| Investing Activities |
|
|
| Purchases of investment securities available-for-sale |
(244)
|
(192)
|
| Purchases of investments held-to-maturity |
(327)
|
(174)
|
| Proceeds from sales of investment securities available-for-sale |
72
|
28
|
| Proceeds from maturities of investment securities available-for-sale |
155
|
156
|
| Proceeds from maturities of investments held-to-maturity |
116
|
194
|
| Purchases of property and equipment |
(294)
|
(312)
|
| Capitalized software |
(525)
|
(446)
|
| Purchases of equity investments |
(61)
|
(62)
|
| Proceeds from sales of equity investments |
44
|
7
|
| Payments to Acquire Businesses, Net of Cash Acquired |
0
|
313
|
| Other investing activities |
(73)
|
(6)
|
| Net cash used in investing activities |
(1,137)
|
(1,120)
|
| Financing Activities |
|
|
| Purchases of treasury stock |
(7,200)
|
(6,339)
|
| Dividends paid |
(1,624)
|
(1,430)
|
| Proceeds from debt, net |
1,554
|
1,127
|
| Tax withholdings related to share-based payments |
(81)
|
(137)
|
| Cash proceeds from exercise of stock options |
213
|
77
|
| Other financing activities |
0
|
(12)
|
| Net cash used in financing activities |
(7,138)
|
(6,714)
|
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents |
(29)
|
(387)
|
| Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents |
(454)
|
(126)
|
| Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period |
9,196
|
9,902
|
| Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period |
$ 8,742
|
$ 9,776
|
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v3.23.3
Summary of Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Summary of Significant Accounting Policies |
Summary of Significant Accounting Policies Organization Mastercard Incorporated and its consolidated subsidiaries, including Mastercard International Incorporated (“Mastercard International” and together with Mastercard Incorporated, “Mastercard” or the “Company”), is a global technology company in the payments industry. Mastercard connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic forms of payment instead of cash and checks and making those payment transactions safe, simple, smart and accessible. Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Mastercard and its majority-owned and controlled entities, including any variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Investments in VIEs for which the Company is not considered the primary beneficiary are not consolidated and are accounted for as marketable, equity method or measurement alternative method investments and recorded in other assets on the consolidated balance sheet. At September 30, 2023 and December 31, 2022, there were no significant VIEs which required consolidation and the investments were not considered material to the consolidated financial statements. The Company consolidates acquisitions as of the date the Company has obtained a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. During the fourth quarter of 2022, the Company updated its disaggregated net revenue presentation by category and geography to reflect the nature of its payment services and to align such information with the way in which management views its categories of net revenue. Prior period amounts have been reclassified to conform to the 2022 presentation. The reclassification had no impact on previously reported total net revenue, operating income or net income. The Company follows accounting principles generally accepted in the United States of America (“GAAP”). The balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements as of December 31, 2022. The consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 and as of September 30, 2023 are unaudited, and in the opinion of management, include all normal recurring adjustments that are necessary to present fairly the results for interim periods. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited consolidated financial statements are presented in accordance with the U.S. Securities and Exchange Commission (“SEC”) requirements for Quarterly Reports on Form 10-Q. Reference should be made to Mastercard’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional disclosures, including a summary of the Company’s significant accounting policies.
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v3.23.3
Acquisitions
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Business Combinations [Abstract] |
|
| Acquisitions |
Acquisitions In April 2022, Mastercard acquired 100% equity interest in Dynamic Yield LTD. As of March 31, 2023, the Company finalized the purchase price accounting of $325 million for this acquisition. The final fair value of the purchase price allocation was not materially different than the preliminary estimated fair value. For the preliminary estimated fair value of the purchase price allocation as of the acquisition date, refer to Note 2 (Acquisitions) to the consolidated financial statements included in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
|
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v3.23.3
Revenue
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Revenue |
Revenue The Company’s disaggregated net revenue by category and geographic region were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions) | | Net revenue by category: | | | | | | | | | | Payment network | | $ | 4,210 | | | $ | 3,765 | | | $ | 11,933 | | | $ | 10,773 | | | Value-added services and solutions | | 2,323 | | | 1,991 | | | 6,617 | | | 5,647 | | | Net revenue | | $ | 6,533 | | | $ | 5,756 | | | $ | 18,550 | | | $ | 16,420 | | | Net revenue by geographic region: | | | | | | | | | North American Markets 1 | | $ | 2,109 | | | $ | 2,031 | | | $ | 6,143 | | | $ | 5,769 | | | International Markets | | 4,424 | | | 3,725 | | | 12,407 | | | 10,651 | | | Net revenue | | $ | 6,533 | | | $ | 5,756 | | | $ | 18,550 | | | $ | 16,420 | |
1North American Markets includes the United States and Canada, excluding the U.S. Territories. The Company’s customers are generally billed weekly, with certain billings occurring on a monthly and quarterly basis. The frequency of billing is dependent upon the nature of the performance obligation and the underlying contractual terms. The Company does not typically offer extended payment terms to customers. The following table sets forth the location of the amounts recognized on the consolidated balance sheet from contracts with customers: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | | Receivables from contracts with customers | | | | | Accounts receivable | | $ | 3,666 | | | $ | 3,213 | | Contract assets | | | | | | Prepaid expenses and other current assets | | 105 | | | 118 | | | Other assets | | 390 | | | 442 | | Deferred revenue 1 | | | | | | Other current liabilities | | 548 | | | 434 | | | Other liabilities | | 300 | | | 248 | | | | | | |
1 Revenue recognized from performance obligations satisfied during the three and nine months ended September 30, 2023 was $533 million and $1,362 million, respectively.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 9
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-Section 50
-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
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-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
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-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
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v3.23.3
Earnings Per Share
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| Earnings Per Share |
Earnings Per Share The components of basic and diluted earnings per share (“EPS”) for common shares were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions, except per share data) | | Numerator | | | | | | | | | | Net income | | $ | 3,198 | | | $ | 2,499 | | | $ | 8,404 | | | $ | 7,405 | | | Denominator | | | | | | | | | | Basic weighted-average shares outstanding | | 941 | | | 965 | | | 947 | | | 971 | | | Dilutive stock options and stock units | | 2 | | | 3 | | | 2 | | | 3 | | Diluted weighted-average shares outstanding 1 | | 943 | | | 968 | | | 949 | | | 974 | | | Earnings per Share | | | | | | | | | | Basic | | $ | 3.40 | | | $ | 2.59 | | | $ | 8.88 | | | $ | 7.63 | | | Diluted | | $ | 3.39 | | | $ | 2.58 | | | $ | 8.85 | | | $ | 7.60 | |
Note: Table may not sum due to rounding. 1 For the periods presented, the calculation of diluted EPS excluded a minimal amount of anti-dilutive share-based payment awards.
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
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-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//260/tableOfContent
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-SubTopic 10
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-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-2
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-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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v3.23.3
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Cash and Cash Equivalents [Abstract] |
|
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents The following table provides the components of cash, cash equivalents, restricted cash and restricted cash equivalents reported on the consolidated balance sheet that total to the amounts shown on the consolidated statement of cash flows. | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | | Cash and cash equivalents | | $ | 6,890 | | | $ | 7,008 | | | Restricted cash and restricted cash equivalents | | | | | Restricted cash for litigation settlement 1 | | — | | | 589 | | | Restricted security deposits held for customers | | 1,824 | | | 1,568 | | | Prepaid expenses and other current assets | | 28 | | | 31 | | | | | | | | Cash, cash equivalents, restricted cash and restricted cash equivalents | | $ | 8,742 | | | $ | 9,196 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1During the three months ended September 30, 2023, the Company reduced its Restricted cash for litigation settlement balance by $600 million, including accrued interest, as a settlement became final in August 2023. See Note 15 (Legal and Regulatory Proceedings) for additional information regarding the Company’s restricted cash for litigation settlement.
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- DefinitionThe entire disclosure for cash and cash equivalent footnotes, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(1))
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-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(2))
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v3.23.3
Investments
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Investments |
Investments The Company’s investments on the consolidated balance sheet include both available-for-sale and held-to-maturity debt securities (see Investments section below). The Company classifies its investments in equity securities of publicly traded and privately held companies within other assets on the consolidated balance sheet (see Equity Investments section below). Investments Investments on the consolidated balance sheet consisted of the following: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | Available-for-sale securities 1 | | $ | 276 | | | $ | 272 | | Held-to-maturity securities 2 | | 326 | | | 128 | | | Total investments | | $ | 602 | | | $ | 400 | |
1See Available-for-Sale Securities section below for further detail. 2Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value. Investment income on the consolidated statement of operations primarily consists of interest income generated from cash, cash equivalents, held-to maturity and available-for-sale investment securities, as well as realized gains and losses on the Company’s investment securities. The realized gains and losses from the sales of available-for-sale securities for the three and nine months ended September 30, 2023 and 2022 were not material. Available-for-Sale Securities The major classes of the Company’s available-for-sale investment securities and their respective amortized cost basis and fair values were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | | Amortized
Cost | | Gross
Unrealized
Gain | | Gross
Unrealized
Loss | | Fair
Value | | Amortized
Cost | | Gross
Unrealized
Gain | | Gross
Unrealized
Loss | | Fair
Value | | | (in millions) | | | | | | | | | | | | | | | | | | | Government and agency securities | | $ | 93 | | | $ | — | | | $ | (1) | | | $ | 92 | | | $ | 91 | | | $ | — | | | $ | (2) | | | $ | 89 | | | Corporate securities | | 186 | | | — | | | (2) | | | 184 | | | 187 | | | — | | | (4) | | | 183 | | | | | | | | | | | | | | | | | | | | Total | | $ | 279 | | | $ | — | | | $ | (3) | | | $ | 276 | | | $ | 278 | | | $ | — | | | $ | (6) | | | $ | 272 | |
The Company’s government and agency securities include U.S. government bonds, U.S. government sponsored agency bonds and foreign government bonds which are denominated in the national currency of the issuing country. Corporate available-for-sale investment securities held at September 30, 2023 and December 31, 2022 primarily carried a credit rating of A- or better. Corporate securities are comprised of commercial paper and corporate bonds. Unrealized gains and losses are recorded as a separate component of other comprehensive income (loss) on the consolidated statement of comprehensive income. The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at September 30, 2023 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Fair Value | | | | (in millions) | | Due within 1 year | | $ | 161 | | | $ | 160 | | | Due after 1 year through 5 years | | 118 | | | 116 | | | | | | | | Total | | $ | 279 | | | $ | 276 | |
Equity Investments Included in other assets on the consolidated balance sheet are equity investments with readily determinable fair values (“Marketable securities”) and equity investments without readily determinable fair values (“Nonmarketable securities”). Marketable securities are equity interests in publicly traded companies and are measured using unadjusted quoted prices in their respective active markets. Nonmarketable securities that do not qualify for equity method accounting are measured at cost, less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer (“Measurement alternative”). The following table is a summary of the activity related to the Company’s equity investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2022 | | Purchases | | Sales | | Changes in Fair Value 1 | | Other 2 | | Balance at September 30, 2023 | | | (in millions) | | Marketable securities | | $ | 399 | | | $ | — | | | $ | — | | | $ | 58 | | | $ | — | | | $ | 457 | | | Nonmarketable securities | | 1,331 | | | 61 | | | (44) | | | (153) | | | (2) | | | 1,193 | | | Total equity investments | | $ | 1,730 | | | $ | 61 | | | $ | (44) | | | $ | (95) | | | $ | (2) | | | $ | 1,650 | |
1Recorded in gains (losses) on equity investments, net on the consolidated statement of operations. 2Includes translational impact of currency. The following table sets forth the components of the Company’s Nonmarketable securities: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | Measurement alternative | | $ | 985 | | | $ | 1,087 | | Equity method | | 208 | | | 244 | | | Total Nonmarketable securities | | $ | 1,193 | | | $ | 1,331 | |
The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through September 30, 2023: | | | | | | | | | | | | | | (in millions) | Initial cost basis | | $ | 534 | | Cumulative adjustments 1: | | | | Upward adjustments | | 629 | | | Downward adjustments (including impairment) | | (178) | | | Carrying amount, end of period | | $ | 985 | | | | |
1 Includes immaterial translational impact of currency. The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions) | | Measurement alternative investments: | | | | | | | | | | Upward adjustments | | $ | 1 | | | $ | 4 | | | $ | 7 | | | $ | 107 | | | Downward adjustments (including impairment) | | (7) | | | — | | | (142) | | | (12) | | | Marketable securities: | | | | | | | | | | Unrealized gains (losses), net | | 3 | | | 79 | | | 58 | | | (209) | |
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-Name Accounting Standards Codification
-Publisher FASB
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v3.23.3
Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] |
|
| Fair Value Measurements |
Fair Value Measurements The Company’s financial instruments are carried at fair value, cost or amortized cost on the consolidated balance sheet. The Company classifies its fair value measurements of financial instruments into a three-level hierarchy (the “Valuation Hierarchy”). Financial Instruments - Carried at Fair Value Financial instruments carried at fair value are categorized for fair value measurement purposes as recurring or non-recurring in nature. Recurring Measurements The distribution of the Company’s financial instruments measured at fair value on a recurring basis within the Valuation Hierarchy were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | | Quoted Prices
in Active
Markets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total | | Quoted Prices
in Active
Markets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total | | | (in millions) | | Assets | | | | | | | | | | | | | | | | | Investment securities available-for-sale 1: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Government and agency securities | | $ | 37 | | | $ | 55 | | | $ | — | | | $ | 92 | | | $ | 35 | | | $ | 54 | | | $ | — | | | $ | 89 | | | Corporate securities | | — | | | 184 | | | — | | | 184 | | | — | | | 183 | | | — | | | 183 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative instruments 2: | | | | | | | | | | | | | | | | | | Foreign exchange contracts | | — | | | 120 | | | — | | | 120 | | | — | | | 108 | | | — | | | 108 | | | | | | | | | | | | | | | | | | | Marketable securities 3: | | | | | | | | | | | | | | | | | | Equity securities | | 457 | | | — | | | — | | | 457 | | | 399 | | | — | | | — | | | 399 | | Deferred compensation plan 4: | | | | | | | | | | | | | | | | | | Deferred compensation assets | | 84 | | | — | | | — | | | 84 | | | 74 | | | — | | | — | | | 74 | | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | Derivative instruments 2: | | | | | | | | | | | | | | | | | | Foreign exchange contracts | | $ | — | | | $ | 22 | | | $ | — | | | $ | 22 | | | $ | — | | | $ | 21 | | | $ | — | | | $ | 21 | | | Interest rate contracts | | — | | | 109 | | | — | | | 109 | | | — | | | 105 | | | — | | | 105 | | Deferred compensation plan 5: | | | | | | | | | | | | | | | | | | Deferred compensation liabilities | | 83 | | | — | | | — | | | 83 | | | 73 | | | — | | | — | | | 73 | |
1The Company’s U.S. government securities are classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices for identical assets in active markets. The fair value of the Company’s available-for-sale non-U.S. government and agency securities and corporate securities are based on observable inputs such as quoted prices, benchmark yields and issuer spreads for similar assets in active markets and are therefore included in Level 2 of the Valuation Hierarchy. 2The Company’s foreign exchange and interest rate derivative asset and liability contracts have been classified within Level 2 of the Valuation Hierarchy as the fair value is based on observable inputs such as broker quotes for similar derivative instruments. See Note 17 (Derivative and Hedging Instruments) for further details. 3The Company’s Marketable securities are publicly held and classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices in their respective active markets. 4The Company has a nonqualified deferred compensation plan where assets are invested primarily in mutual funds held in a rabbi trust, which is restricted for payments to participants of the plan. The Company has elected to use the fair value option for these mutual funds and are classified within Level 1 of the Valuation Hierarchy, which are measured using quoted prices of identical instruments in active markets and are included in prepaid expenses and other current assets on the consolidated balance sheet. 5The deferred compensation liabilities are classified within Level 1 of the Valuation Hierarchy as the fair value is measured based on the quoted prices of identical instruments to the investment vehicles selected by the participants. These are included in other liabilities on the consolidated balance sheet. Nonrecurring Measurements Nonmarketable Securities The Company’s Nonmarketable securities are recorded at fair value on a nonrecurring basis in periods after initial recognition under the equity method or measurement alternative method. Nonmarketable securities are classified within Level 3 of the Valuation Hierarchy due to the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value that require management’s judgment. The Company uses discounted cash flows and market assumptions to estimate the fair value of its Nonmarketable securities when certain events or circumstances indicate that impairment may exist. See Note 6 (Investments) for further details. Financial Instruments - Not Carried at Fair Value Debt Debt instruments are carried on the consolidated balance sheet at amortized cost. The Company estimates the fair value of its debt based on either market quotes or observable market data. Debt is classified as Level 2 of the Valuation Hierarchy as it is generally not traded in active markets. At September 30, 2023, the carrying value and fair value of debt was $15.6 billion and $13.8 billion, respectively. At December 31, 2022, the carrying value and fair value of debt was $14.0 billion and $12.7 billion, respectively. See Note 10 (Debt) for further details. Other Financial Instruments Certain other financial instruments are carried on the consolidated balance sheet at cost or amortized cost basis, which approximates fair value due to their short-term, highly liquid nature. These instruments include cash and cash equivalents, restricted cash, time deposits, accounts receivable, settlement assets, restricted security deposits held for customers, accounts payable, settlement obligations and other accrued liabilities.
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
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v3.23.3
Prepaid Expenses and Other Assets
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Prepaid Expense and Other Assets [Abstract] |
|
| Prepaid Expenses and Other Assets |
Prepaid Expenses and Other Assets Prepaid expenses and other current assets consisted of the following: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | | Customer and merchant incentives | | $ | 1,533 | | | $ | 1,392 | | | Prepaid income taxes | | 24 | | | 34 | | | Other | | 1,067 | | | 920 | | | Total prepaid expenses and other current assets | | $ | 2,624 | | | $ | 2,346 | |
Other assets consisted of the following: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | | Customer and merchant incentives | | $ | 4,917 | | | $ | 4,578 | | | Equity investments | | 1,650 | | | 1,730 | | | Income taxes receivable | | 654 | | | 633 | | | Other | | 618 | | | 639 | | | Total other assets | | $ | 7,839 | | | $ | 7,580 | |
Customer and merchant incentives represent payments made to customers and merchants under business agreements. Payments made directly related to entering into such an agreement are generally capitalized and amortized over the life of the agreement.
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v3.23.3
Accrued Expenses and Accrued Litigation
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accrued Liabilities, Current [Abstract] |
|
| Accrued Expenses and Accrued Litigation |
Accrued Expenses and Accrued Litigation Accrued expenses consisted of the following: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | | (in millions) | | Customer and merchant incentives | | $ | 5,667 | | | $ | 5,600 | | | Personnel costs | | 996 | | | 1,322 | | | Income and other taxes | | 555 | | | 279 | | | Other | | 557 | | | 600 | | | Total accrued expenses | | $ | 7,775 | | | $ | 7,801 | |
Customer and merchant incentives represent amounts to be paid to customers under business agreements. As of September 30, 2023 and December 31, 2022, long-term customer and merchant incentives included in other liabilities were $2,542 million and $2,293 million, respectively. As of September 30, 2023 and December 31, 2022, the Company’s provision for litigation was $475 million and $1,094 million, respectively. These amounts are not included in the accrued expenses table above and are separately reported as accrued litigation on the consolidated balance sheet. The decrease during the nine months ended September 30, 2023 is primarily due to a $600 million decrease in the Company’s provision for litigation after a settlement became final in August 2023. See Note 15 (Legal and Regulatory Proceedings) for additional information regarding the Company’s accrued litigation.
|
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v3.23.3
Debt
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Debt [Abstract] |
|
| Debt |
Debt Debt consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Effective
Interest Rate | | | | | | (in millions) | | | | Senior Notes | | | | | | | | | | | | | | | | | | | | | 2023 USD Notes | | 4.875 | % | Senior Notes due March 2028 | | $ | 750 | | | $ | — | | | 5.003 | % | | | 4.850 | % | Senior Notes due March 2033 | | 750 | | | — | | | 4.923 | % | | | | | | | | | | | 2022 EUR Notes 1 | | 1.000 | % | Senior Notes due February 2029 | | 794 | | | 800 | | | 1.138 | % | | | | | | | | | | | | 2021 USD Notes | | 2.000 | % | Senior Notes due November 2031 | | 750 | | | 750 | | | 2.112 | % | | | 1.900 | % | Senior Notes due March 2031 | | 600 | | | 600 | | | 1.981 | % | | | 2.950 | % | Senior Notes due March 2051 | | 700 | | | 700 | | | 3.013 | % | | | | | | | | | | | | 2020 USD Notes | | 3.300 | % | Senior Notes due March 2027 | | 1,000 | | | 1,000 | | | 3.420 | % | | | 3.350 | % | Senior Notes due March 2030 | | 1,500 | | | 1,500 | | | 3.430 | % | | | 3.850 | % | Senior Notes due March 2050 | | 1,500 | | | 1,500 | | | 3.896 | % | | | | | | | | | | | | 2019 USD Notes | | 2.950 | % | Senior Notes due June 2029 | | 1,000 | | | 1,000 | | | 3.030 | % | | | 3.650 | % | Senior Notes due June 2049 | | 1,000 | | | 1,000 | | | 3.689 | % | | | 2.000 | % | Senior Notes due March 2025 | | 750 | | | 750 | | | 2.147 | % | | | | | | | | | | | | 2018 USD Notes | | 3.500 | % | Senior Notes due February 2028 | | 500 | | | 500 | | | 3.598 | % | | | 3.950 | % | Senior Notes due February 2048 | | 500 | | | 500 | | | 3.990 | % | | | | | | | | | | | | 2016 USD Notes | | 2.950 | % | Senior Notes due November 2026 | | 750 | | | 750 | | | 3.044 | % | | | 3.800 | % | Senior Notes due November 2046 | | 600 | | | 600 | | | 3.893 | % | | | | | | | | | | | 2015 EUR Notes 2 | | 2.100 | % | Senior Notes due December 2027 | | 846 | | | 854 | | | 2.189 | % | | | 2.500 | % | Senior Notes due December 2030 | | 159 | | | 160 | | | 2.562 | % | | | | | | | | | | | | 2014 USD Notes | | 3.375 | % | Senior Notes due April 2024 | | 1,000 | | | 1,000 | | | 3.484 | % | | | | | | | | | | | | Other Debt | | | | | | | | | | | | | | | | | | | | 2023 INR Term Loan 3 | | 9.430 | % | Term Loan due July 2024 | | 338 | | | — | | | 9.780 | % | | | | | | | | | | | 2022 INR Term Loan 4 | | 8.640 | % | Term Loan due July 2023 | | — | | | 275 | | | 9.090 | % | | | | | | | | | | | | | | | | 15,787 | | | 14,239 | | | | | Less: Unamortized discount and debt issuance costs | (112) | | | (111) | | | | Less: Cumulative hedge accounting fair value adjustments 5 | | (109) | | | (105) | | | | | Total debt outstanding | 15,566 | | | 14,023 | | | | Less: Short-term debt 6 | | (1,337) | | | (274) | | | | | Long-term debt | $ | 14,229 | | | $ | 13,749 | | | |
1 €750 million euro-denominated debt issued in February 2022. 2 €950 million euro-denominated debt remaining of the €1.650 billion issued in December 2015. 3 INR28.1 billion Indian rupee-denominated loan issued in July 2023. 4 INR22.7 billion Indian rupee-denominated loan issued in July 2022. 5 The Company has an interest rate swap which is accounted for as a fair value hedge. See Note 17 (Derivative and Hedging Instruments) for additional information. 6 The 2014 USD Notes due April 2024 and the INR Term Loan due July 2024 are classified as short-term debt on the consolidated balance sheet as of September 30, 2023. The 2022 INR Term Loan due July 2023 was classified as short-term debt on the consolidated balance sheet as of December 31, 2022. Senior Notes In March 2023, the Company issued $750 million principal amount of notes due March 2028 and $750 million principal amount of notes due March 2033 (collectively the “2023 USD Notes”). The net proceeds from the issuance of the 2023 USD Notes, after deducting the original issue discount, underwriting discount and offering expenses, were $1.489 billion. The Senior Notes described above are not subject to any financial covenants and may be redeemed in whole, or in part, at the Company’s option at any time for a specified make-whole amount. These notes are senior unsecured obligations and would rank equally with any future unsecured and unsubordinated indebtedness. Indian Rupee (“INR”) Term Loan In July 2022, the Company entered into an unsecured INR22.7 billion term loan ($285 million as of the date of settlement) originally due July 2023 (the “2022 INR Term Loan”). The net proceeds of the 2022 INR Term Loan, after deducting issuance costs, were INR22.6 billion ($284 million as of the date of settlement). In April 2023, the Company entered into an additional unsecured INR4.97 billion term loan, also originally due July 2023 (the “April 2023 INR Term Loan”). The stated interest rate and effective interest rate were 9.480% and 9.705%, respectively. The net proceeds of the April 2023 INR Term Loan, after deducting issuance costs, were INR4.96 billion ($61 million as of the date of settlement). In July 2023, the Company modified and combined the 2022 INR Term Loan and April 2023 INR Term Loan (the “2023 INR Term Loan”), increasing the total unsecured loans to INR28.1 billion ($342 million as of the date of settlement). The 2023 INR Term Loan is due July 2024. The Company obtained the INR Term Loans to serve as economic hedges to offset possible changes in the value of INR-denominated monetary assets due to foreign exchange fluctuations. The INR Term Loans are not subject to any financial covenants and they may be repaid in whole at the Company’s option at any time for a specified make-whole amount.
|
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v3.23.3
Stockholders' Equity
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Stockholders' Equity |
Stockholders' Equity Dividends The Company declared quarterly cash dividends on its Class A and Class B common stock as summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions, except per share data) | | Dividends declared per share | | $ | 0.57 | | | $ | 0.49 | | | $ | 1.71 | | | $ | 1.47 | | | Total dividends declared | | $ | 536 | | | $ | 472 | | | $ | 1,615 | | | $ | 1,423 | |
Common Stock Activity The following table presents the changes in the Company’s outstanding Class A and Class B common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | 2023 | | 2022 | | | | Outstanding Shares | | Outstanding Shares | | | | Class A | | Class B | | Class A | | Class B | | | (in millions) | | Balance at beginning of period | | 935.9 | | | 7.4 | | | 960.0 | | | 7.7 | | | Purchases of treasury stock | | (4.8) | | | — | | | (4.7) | | | — | | | Share-based payments | | 0.5 | | | — | | | 0.1 | | | — | | | Conversion of Class B to Class A common stock | | — | | | — | | | — | | | — | | | Balance at end of period | | 931.6 | | | 7.4 | | | 955.4 | | | 7.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | 2023 | | 2022 | | | | Outstanding Shares | | Outstanding Shares | | | | Class A | | Class B | | Class A | | Class B | | | (in millions) | | Balance at beginning of period | | 948.4 | | | 7.6 | | | 972.1 | | | 7.8 | | | Purchases of treasury stock | | (19.2) | | | — | | | (18.3) | | | — | | | Share-based payments | | 2.2 | | | — | | | 1.5 | | | — | | | Conversion of Class B to Class A common stock | | 0.2 | | | (0.2) | | | 0.1 | | | (0.1) | | | Balance at end of period | | 931.6 | | | 7.4 | | | 955.4 | | | 7.7 | |
In December 2022 and November 2021, the Company’s Board of Directors approved share repurchase programs of its Class A common stock authorizing the Company to repurchase up to $9.0 billion and $8.0 billion, respectively. The following table summarizes the Company’s share repurchases of its Class A common stock: | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | 2023 | | 2022 | | | (in millions, except per share data) | Dollar-value of shares repurchased 1 | | $ | 7,200 | | | $ | 6,339 | | | Shares repurchased | | 19.2 | | | 18.3 | | | Average price paid per share | | $ | 375.34 | | | $ | 345.54 | |
1The dollar-value of shares repurchased does not include a 1% excise tax that became effective January 1, 2023. The incremental tax is recorded in treasury stock on the consolidated balance sheet and is payable annually beginning in 2024. As of September 30, 2023, the remaining authorization under the share repurchase programs approved by the Company’s Board of Directors was $5.0 billion.
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v3.23.3
Accumulated Other Comprehensive Income (Loss)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
| Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss) The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2023 and 2022 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | Increase / (Decrease) | | Reclassifications | | September 30, 2023 | | | (in millions) | Foreign currency translation adjustments 1 | | $ | (1,414) | | | $ | (105) | | | $ | — | | | $ | (1,519) | | Translation adjustments on net investment hedges 2 | | 309 | | | 41 | | | — | | | 350 | | | Cash flow hedges | | | | | | | | | Foreign exchange contracts 3 | | (8) | | | (5) | | | 18 | | | 5 | | | Interest rate contracts | | (123) | | | — | | | 4 | | | (119) | | | Defined benefit pension and other postretirement plans | | (11) | | | — | | | — | | | (11) | | | Investment securities available-for-sale | | (6) | | | 3 | | | — | | | (3) | | | Accumulated other comprehensive income (loss) | | $ | (1,253) | | | $ | (66) | | | $ | 22 | | | $ | (1,297) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | Increase / (Decrease) | | Reclassifications | | September 30, 2022 | | | (in millions) | Foreign currency translation adjustments 1 | | $ | (739) | | | $ | (1,412) | | | $ | — | | | $ | (2,151) | | Translation adjustments on net investment hedges 2 | | 34 | | | 601 | | | — | | | 635 | | | Cash flow hedges | | | | | | | | | Foreign exchange contracts 3 | | 4 | | | 16 | | | (11) | | | 9 | | | Interest rate contracts | | (128) | | | — | | | 4 | | | (124) | | | Defined benefit pension and other postretirement plans | | 21 | | | — | | | (1) | | | 20 | | | Investment securities available-for-sale | | (1) | | | (5) | | | — | | | (6) | | | Accumulated other comprehensive income (loss) | | $ | (809) | | | $ | (800) | | | $ | (8) | | | $ | (1,617) | |
1During the nine months ended September 30, 2023, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro against the U.S. dollar. During the nine months ended September 30, 2022, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro and British pound against the U.S. dollar. 2During the nine months ended September 30, 2023, the increase in the accumulated other comprehensive gain related to the net investment hedges was driven by the depreciation of the euro against the U.S. dollar. During the nine months ended September 30, 2022, the increase in the accumulated other comprehensive gain related to the net investment hedges was driven by the depreciation of the euro against the U.S. dollar. See Note 17 (Derivative and Hedging Instruments) for additional information. 3Certain foreign exchange derivative contracts are designated as cash flow hedging instruments. Gains and losses resulting from changes in the fair value of these contracts are deferred in accumulated other comprehensive income (loss) and subsequently reclassified to the consolidated statement of operations when the underlying hedged transactions impact earnings. See Note 17 (Derivative and Hedging Instruments) for additional information.
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v3.23.3
Share-Based Payments
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement, Additional Disclosure [Abstract] |
|
| Share-Based Payments |
Share-Based Payments During the nine months ended September 30, 2023, the Company granted the following awards under the Mastercard Incorporated 2006 Long Term Incentive Plan, amended and restated as of June 22, 2021 (the “LTIP”). The LTIP is a stockholder-approved plan that permits the grant of various types of equity awards to employees. | | | | | | | | | | | | | | | | | Grants in 2023 | | Weighted-Average
Grant-Date
Fair Value | | | (in millions) | | (per option/unit) | | Non-qualified stock options | | 0.3 | | $ | 123 | | | Restricted stock units | | 1.2 | | $ | 350 | | | Performance stock units | | 0.2 | | $ | 365 | |
The Company uses the Black-Scholes option pricing model to determine the grant-date fair value of stock options and calculates the expected life and the expected volatility based on historical Mastercard information. The expected life of stock options granted in 2023 was estimated to be six years, while the expected volatility was determined to be 29.6%. These awards expire ten years from the date of grant and vest ratably over three years. The fair value of restricted stock units (“RSUs”) is determined and fixed on the grant date based on the Company’s Class A common stock price, adjusted for the exclusion of dividend equivalents. For RSUs granted in 2023, the awards generally vest ratably over three years. The Company uses the Monte Carlo simulation valuation model to determine the grant-date fair value of performance stock units (“PSUs”) granted. PSUs vest after three years from the date of grant and are subject to a mandatory one-year deferral period, during which vested PSUs are eligible for dividend equivalents. Compensation expense is recorded net of estimated forfeitures over the shorter of the vesting period or the date the individual becomes eligible to retire under the LTIP. The Company uses the straight-line method of attribution over the requisite service period for expensing equity awards.
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income Taxes |
Income Taxes The effective income tax rates were 15.0% and 18.6% for the three months ended September 30, 2023 and 2022, respectively. The lower effective income tax rate for the three months ended September 30, 2023, versus the comparable period in 2022, was primarily due to the Company’s ability to now claim more U.S. foreign tax credits generated in 2022 and 2023 resulting from Notice 2023-55 (the “Notice”), released by the U.S. Department of Treasury (“Treasury”) in the current period, partially offset by a $115 million discrete tax expense to establish a valuation allowance on the deferred tax asset related to U.S. foreign tax credits generated prior to 2022. The effective income tax rates were 18.6% and 14.3% for the nine months ended September 30, 2023 and 2022, respectively. The higher effective income tax rate for the nine months ended September 30, 2023, versus the comparable period in 2022, was primarily due to changes in the valuation allowance associated with the deferred tax asset related to U.S. foreign tax credits. In 2022, the Company recognized a discrete tax benefit of $333 million to release the valuation allowance resulting from U.S. tax regulations published in the first quarter of 2022 (the “2022 Regulations”). In 2023, the treatment of foreign taxes paid under the 2022 Regulations changed due to the foreign tax legislation enacted in Brazil and the Notice released by Treasury. Therefore, the Company recognized a total $327 million discrete tax expense in 2023 to establish the valuation allowance. The discrete tax expense recognized in the nine months ended September 30, 2023 was partially offset by the Company’s ability to now claim more U.S. foreign tax credits generated in 2022 and 2023 due to the Notice. As of September 30, 2023, the deferred tax asset related to U.S. foreign tax credits and corresponding valuation allowance is $575 million due to foreign tax legislation enacted in Brazil and the Notice. The valuation allowance relates to the Company’s ability to recognize future tax benefits associated with the carryforward of U.S. foreign tax credits generated in the current and prior periods. The recognition of the U.S. foreign tax credits is dependent upon the realization of future foreign source income in the appropriate foreign tax credit basket in accordance with U.S. federal income tax law. The Company is subject to tax in the United States, Belgium, Singapore, the United Kingdom and various other foreign jurisdictions, as well as state and local jurisdictions. Uncertain tax positions are reviewed on an ongoing basis and are adjusted after considering facts and circumstances, including progress of tax audits, developments in case law and closing of statutes of limitation. Within the next twelve months, the Company believes that the resolution of certain federal, foreign and state and local examinations is reasonably possible and that a change in estimate, reducing unrecognized tax benefits, may occur. While such a change may be significant, it is not possible to provide a range of the potential change until the examinations progress further or the related statutes of limitation expire. The Company has effectively settled its U.S. federal income tax obligations through 2014. With limited exception, the Company is no longer subject to state and local or foreign examinations by tax authorities for years before 2011.
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v3.23.3
Legal and Regulatory Proceedings
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Legal and Regulatory Proceedings [Abstract] |
|
| Legal and Regulatory Proceedings |
Legal and Regulatory Proceedings Mastercard is a party to legal and regulatory proceedings with respect to a variety of matters in the ordinary course of business. Some of these proceedings are based on complex claims involving substantial uncertainties and unascertainable damages. Accordingly, except as discussed below, it is not possible to determine the probability of loss or estimate damages, and therefore, Mastercard has not established reserves for any of these proceedings. When the Company determines that a loss is both probable and reasonably estimable, Mastercard records a liability and discloses the amount of the liability if it is material. When a material loss contingency is only reasonably possible, Mastercard does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can be made. Unless otherwise stated below with respect to these matters, Mastercard cannot provide an estimate of the possible loss or range of loss based on one or more of the following reasons: (1) actual or potential plaintiffs have not claimed an amount of monetary damages or the amounts are unsupportable or exaggerated, (2) the matters are in early stages, (3) there is uncertainty as to the outcome of pending appeals or motions, (4) there are significant factual issues to be resolved, (5) the proceedings involve multiple defendants or potential defendants whose share of any potential financial responsibility has yet to be determined and/or (6) there are novel legal issues presented. Furthermore, except as identified with respect to the matters below, Mastercard does not believe that the outcome of any individual existing legal or regulatory proceeding to which it is a party will have a material adverse effect on its results of operations, financial condition and overall business. However, an adverse judgment or other outcome or settlement with respect to any proceedings discussed below could result in fines or payments by Mastercard and/or could require Mastercard to change its business practices. In addition, an adverse outcome in a regulatory proceeding could lead to the filing of civil damage claims and possibly result in significant damage awards. Any of these events could have a material adverse effect on Mastercard’s results of operations, financial condition and overall business. Interchange Litigation and Regulatory Proceedings Mastercard’s interchange fees and other practices are subject to regulatory, legal review and/or challenges in a number of jurisdictions, including the proceedings described below. When taken as a whole, the resulting decisions, regulations and legislation with respect to interchange fees and acceptance practices may have a material adverse effect on the Company’s prospects for future growth and its overall results of operations, financial position and cash flows. United States. In June 2005, the first of a series of complaints were filed on behalf of merchants (the majority of the complaints were styled as class actions, although a few complaints were filed on behalf of individual merchant plaintiffs) against Mastercard International, Visa U.S.A., Inc., Visa International Service Association and a number of financial institutions. Taken together, the claims in the complaints were generally brought under both Sections 1 and 2 of the Sherman Act, which prohibit monopolization and attempts or conspiracies to monopolize a particular industry, and some of these complaints contain unfair competition law claims under state law. The complaints allege, among other things, that Mastercard, Visa, and certain financial institutions conspired to set the price of interchange fees, enacted point of sale acceptance rules (including the “no surcharge” rule) in violation of antitrust laws and engaged in unlawful tying and bundling of certain products and services, resulting in merchants paying excessive costs for the acceptance of Mastercard and Visa credit and debit cards. The cases were consolidated for pre-trial proceedings in the U.S. District Court for the Eastern District of New York in MDL No. 1720 (the “U.S. MDL Litigation Cases”). The plaintiffs filed a consolidated class action complaint seeking treble damages. In July 2006, the group of purported merchant class plaintiffs filed a supplemental complaint alleging that Mastercard’s initial public offering of its Class A Common Stock in May 2006 (the “IPO”) and certain purported agreements entered into between Mastercard and financial institutions in connection with the IPO: (1) violate U.S. antitrust laws and (2) constituted a fraudulent conveyance because the financial institutions allegedly attempted to release, without adequate consideration, Mastercard’s right to assess them for Mastercard’s litigation liabilities. The class plaintiffs sought treble damages and injunctive relief including, but not limited to, an order reversing and unwinding the IPO. In February 2011, Mastercard and Mastercard International entered into each of: (1) an omnibus judgment sharing and settlement sharing agreement with Visa Inc., Visa U.S.A. Inc. and Visa International Service Association and a number of financial institutions; and (2) a Mastercard settlement and judgment sharing agreement with a number of financial institutions. The agreements provide for the apportionment of certain costs and liabilities which Mastercard, the Visa parties and the financial institutions may incur, jointly and/or severally, in the event of an adverse judgment or settlement of one or all of the U.S. MDL Litigation Cases. Among a number of scenarios addressed by the agreements, in the event of a global settlement involving the Visa parties, the financial institutions and Mastercard, Mastercard would pay 12% of the monetary portion of the settlement. In the event of a settlement involving only Mastercard and the financial institutions with respect to their issuance of Mastercard cards, Mastercard would pay 36% of the monetary portion of such settlement. In October 2012, the parties entered into a definitive settlement agreement with respect to the U.S. MDL Litigation Cases (including with respect to the claims related to the IPO) and the defendants separately entered into a settlement agreement with the individual merchant plaintiffs. The settlements included cash payments that were apportioned among the defendants pursuant to the omnibus judgment sharing and settlement sharing agreement described above. Mastercard also agreed to provide class members with a short-term reduction in default credit interchange rates and to modify certain of its business practices, including its no surcharge rule. The court granted final approval of the settlement in December 2013. Following an appeal by objectors and as a result of a reversal by the U.S. Court of Appeals for the Second Circuit, the district court divided the merchants’ claims into two separate classes - monetary damages claims (the “Damages Class”) and claims seeking changes to business practices (the “Rules Relief Class”). The court appointed separate counsel for each class. In September 2018, the parties to the Damages Class litigation entered into a class settlement agreement to resolve the Damages Class claims, with merchants representing slightly more than 25% of the Damages Class interchange volume ultimately choosing to opt out of the settlement. The district court granted final approval of the Damages Class settlement in December 2019, which was upheld by the appellate court in March 2023 and became final in August 2023 pursuant to the terms of the agreement. Mastercard has commenced settlement negotiations with a number of the opt-out merchants and has reached settlements and/or agreements in principle to settle a number of these claims. Separately, settlement negotiations with the Rules Relief Class are ongoing. Briefing on summary judgment motions in the Rules Relief Class and opt-out merchant cases was completed in December 2020. In September 2021, the district court granted the Rules Relief Class’s motion for class certification. As of September 30, 2023 and December 31, 2022, Mastercard had accrued a liability of $464 million and $894 million, respectively, as a reserve for the U.S. MDL Litigation Cases. During the third quarter of 2023, Mastercard reduced both the accrued liability and restricted cash for litigation settlement by $600 million, including accrued interest, as the Damages Class settlement became final in August 2023. As of September 30, 2023 and December 31, 2022, Mastercard had no balance and $589 million, respectively, in a qualified cash settlement fund related to the Damages Class litigation and classified as restricted cash on its consolidated balance sheet. During the first quarter of 2023, Mastercard recorded an additional accrual of $211 million as a result of a change in estimate with respect to the claims of merchants who opted out of the Damages Class litigation. The reserve as of September 30, 2023 for the opt-out merchants represents Mastercard’s best estimate of its probable liabilities in these matters and does not represent an estimate of a loss, if any, if the matters were litigated to a final outcome. Mastercard cannot estimate the potential liability if that were to occur. Europe. Since May 2012, a number of United Kingdom (“U.K.”) merchants filed claims or threatened litigation against Mastercard seeking damages for excessive costs paid for acceptance of Mastercard credit and debit cards arising out of alleged anti-competitive conduct with respect to, among other things, Mastercard’s cross-border interchange fees and its U.K. and Ireland domestic interchange fees (the “U.K. Merchant claimants”). In addition, Mastercard has faced similar filed or threatened litigation by merchants with respect to interchange rates in other countries in Europe (the “Pan-European Merchant claimants”). Mastercard has resolved a substantial amount of these damages claims through settlement or judgment. Following these settlements, approximately £1.1 billion (approximately $1.4 billion as of September 30, 2023) of unresolved damages claims remain. Mastercard continues to litigate with the remaining U.K. and Pan-European Merchant claimants and it has submitted statements of defense disputing liability and damages claims. A number of those matters are now progressing with motion practice and discovery. A hearing involving multiple merchant cases is scheduled for February 2024 concerning certain liability issues with respect to merchant claims for damages with respect to post-Interchange Fee Regulation consumer interchange fees as well as commercial and inter-regional interchange fees. In a separate matter, Mastercard and Visa were served with a proposed collective action complaint in the U.K. on behalf of merchants seeking damages for commercial card transactions and inter-regional consumer card transactions in both the U.K. and the European Union. The plaintiffs have claimed damages against Mastercard of approximately £0.5 billion (approximately $0.6 billion as of September 30, 2023). In June 2023, the court denied the plaintiffs’ collective action application but provided the plaintiffs with an opportunity to file a revised application for certification. The plaintiffs have indicated that they plan to file a revised application in December 2023 and the court has scheduled a hearing on the application for April 2024. In September 2016, a proposed collective action was filed in the United Kingdom on behalf of U.K. consumers seeking damages for intra-EEA and domestic U.K. interchange fees that were allegedly passed on to consumers by merchants between 1992 and 2008. The complaint, which seeks to leverage the European Commission’s 2007 decision on intra-EEA interchange fees, claims damages in an amount that exceeds £10 billion (approximately $12 billion as of September 30, 2023). Following various hearings since July 2017 regarding collective action and scope, in August 2021, the trial court issued a decision in which it granted class certification to the plaintiffs but narrowed the scope of the class. In January 2023, the trial court held a hearing on Mastercard’s request to narrow the number of years of damages sought by the plaintiffs on statute of limitations grounds. In July 2023, the trial court held an additional hearing regarding whether any causal connection existed between the levels of Mastercard’s intra-EEA interchange fees and U.K. domestic interchange fees. Mastercard has been named as a defendant in a proposed consumer collective action filed in Portugal on behalf of Portuguese consumers. The complaint, which seeks to leverage the 2019 resolution of the European Commission’s investigation of Mastercard’s central acquiring rules and interregional interchange fees, claims damages of approximately €0.4 billion (approximately $0.4 billion as of September 30, 2023) for interchange fees that were allegedly passed on to consumers by Portuguese merchants for a period of approximately 20 years. Mastercard has submitted a statement of defense that disputes both liability and damages. In April 2023, the Serbian Competition Commission issued a Statement of Objections (“SO”) against Mastercard. The SO covers historic domestic interchange fees from 2013 to 2018. The SO seeks monetary fines and costs but no business practices changes. Australia. In May 2022, the Australian Competition & Consumer Commission (“ACCC”) filed a complaint targeting certain agreements entered into by Mastercard and certain Australian merchants related to Mastercard’s debit program. The ACCC alleges that by entering into such agreements, Mastercard engaged in conduct with the purpose of substantially lessening competition in the supply of debit card acceptance services. The ACCC seeks both declaratory relief and monetary fines and costs. A hearing on liability issues has been scheduled for March 2025. ATM Non-Discrimination Rule Surcharge Complaints United States. In October 2011, a trade association of independent Automated Teller Machine (“ATM”) operators and 13 independent ATM operators filed a complaint styled as a class action lawsuit in the U.S. District Court for the District of Columbia against both Mastercard and Visa (the “ATM Operators Complaint”). Plaintiffs seek to represent a class of non-bank operators of ATM terminals that operate in the United States with the discretion to determine the price of the ATM access fee for the terminals they operate. Plaintiffs allege that Mastercard and Visa have violated Section 1 of the Sherman Act by imposing rules that require ATM operators to charge non-discriminatory ATM surcharges for transactions processed over Mastercard’s and Visa’s respective networks that are not greater than the surcharge for transactions over other networks accepted at the same ATM. Plaintiffs seek both injunctive and monetary relief equal to treble the damages they claim to have sustained as a result of the alleged violations and their costs of suit, including attorneys’ fees. Subsequently, multiple related complaints were filed in the U.S. District Court for the District of Columbia alleging both federal antitrust and multiple state unfair competition, consumer protection and common law claims against Mastercard and Visa on behalf of putative classes of users of ATM services (the “ATM Consumer Complaints”). The claims in these actions largely mirror the allegations made in the ATM Operators Complaint, although these complaints seek damages on behalf of consumers of ATM services who pay allegedly inflated ATM fees at both bank and non-bank ATM operators as a result of the defendants’ ATM rules. Plaintiffs seek both injunctive and monetary relief equal to treble the damages they claim to have sustained as a result of the alleged violations and their costs of suit, including attorneys’ fees. In January 2012, the plaintiffs in the ATM Operators Complaint and the ATM Consumer Complaints filed amended class action complaints that largely mirror their prior complaints. In September 2019, the plaintiffs filed with the district court their motions for class certification in which the plaintiffs, in aggregate, allege over $1 billion in damages against all of the defendants. In August 2021, the trial court issued an order granting the plaintiffs’ request for class certification. In July 2023, the D.C. Circuit Court affirmed the district court order granting class certification, and subsequently denied Mastercard’s request for an appeal of that decision to all D.C. Circuit Court judges. Europe. Mastercard was named as a defendant in an action brought by Euronet 360 Finance Limited, Euronet Polska Spolka z.o.o. and Euronet Services spol. s.r.o. (“Euronet”) alleging that certain rules affecting ATM access fees in Poland, the Czech Republic and Greece by Visa and Mastercard, and certain of their subsidiaries, breach various competition laws. Euronet sought damages, costs and injunctive relief to prevent the defendants from enforcing these rules. The matter was resolved via a settlement in October 2023. U.S. Liability Shift Litigation In March 2016, a proposed U.S. merchant class action complaint was filed in federal court in California alleging that Mastercard, Visa, American Express and Discover (the “Network Defendants”), EMVCo, and a number of issuing banks (the “Bank Defendants”) engaged in a conspiracy to shift fraud liability for card present transactions from issuing banks to merchants not yet in compliance with the standards for EMV chip cards in the United States (the “EMV Liability Shift”), in violation of the Sherman Act and California law. Plaintiffs allege damages equal to the value of all chargebacks for which class members became liable as a result of the EMV Liability Shift on October 1, 2015. The plaintiffs seek treble damages, attorney’s fees and costs and an injunction against future violations of governing law, and the defendants filed a motion to dismiss. In September 2016, the district court denied the Network Defendants’ motion to dismiss the complaint, but granted such a motion for EMVCo and the Bank Defendants. In May 2017, the district court transferred the case to New York so that discovery could be coordinated with the U.S. MDL Litigation Cases described above. In August 2020, the district court issued an order granting the plaintiffs’ request for class certification and in January 2021, the Network Defendants’ request for permission to appeal that decision was denied. The plaintiffs have submitted expert reports that allege aggregate damages in excess of $1 billion against the four Network Defendants. The Network Defendants have submitted expert reports rebutting both liability and damages. Briefing on summary judgment concluded. Telephone Consumer Protection Class Action Mastercard is a defendant in a Telephone Consumer Protection Act (“TCPA”) class action pending in Florida. The plaintiffs are individuals and businesses who allege that approximately 381,000 unsolicited faxes were sent to them advertising a Mastercard co-brand card issued by First Arkansas Bank (“FAB”). The TCPA provides for uncapped statutory damages of $500 per fax. Mastercard has asserted various defenses to the claims, and has notified FAB of an indemnity claim that it has (which FAB has disputed). In December 2019, the Federal Communications Commission (“FCC”) issued a declaratory ruling clarifying that the TCPA does not apply to faxes sent to online fax services that are received online via email. In December 2021, the trial court granted plaintiffs’ request for class certification, but narrowed the scope of the class to stand alone fax recipients only. Mastercard’s request to appeal that decision was denied. Briefing on plaintiffs’ motion to amend the class definition and Mastercard’s cross-motion to decertify the stand alone fax recipient class was completed in April 2023. U.S. Federal Trade Commission Investigation In June 2020, the U.S. Federal Trade Commission’s Bureau of Competition (“FTC”) informed Mastercard that it initiated a formal investigation into compliance with the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act. In particular, the investigation focused on Mastercard’s compliance with the debit routing provisions of the Durbin Amendment. In December 2022, the FTC voted to issue an administrative complaint and accept a consent agreement with Mastercard. Pursuant to this agreement, Mastercard agreed to provide primary account numbers (PANs) so that merchants can route tokenized online debit transactions to alternative networks. The consent agreement does not include any monetary penalty. Following a public comment period, the FTC finalized the consent agreement in May 2023. U.S. Department of Justice Investigation In March 2023, Mastercard received a Civil Investigative Demand (“CID”) from the U.S. Department of Justice Antitrust Division (“DOJ”) seeking documents and information regarding a potential violation of Sections 1 or 2 of the Sherman Act. The CID focuses on Mastercard’s U.S. debit program and competition with other payment networks and technologies. Mastercard is cooperating with the DOJ in connection with the CID.
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v3.23.3
Settlement and Other Risk Management
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Settlement and Other Risk Management [Abstract] |
|
| Settlement and Other Risk Management |
Settlement and Other Risk Management Mastercard’s rules guarantee the settlement of many of the transactions between its customers (“settlement risk”). Settlement exposure is the settlement risk to customers under Mastercard’s rules due to the difference in timing between the payment transaction date and subsequent settlement. For those transactions the Company guarantees, the guarantee will cover the full amount of the settlement obligation to the extent the settlement obligation is not otherwise satisfied. The duration of the settlement exposure is short-term and generally limited to a few days. Gross settlement exposure is estimated using the average daily payment volume during the three months prior to period end multiplied by the estimated number of days of exposure. The Company has global risk management policies and procedures, which include risk standards, to provide a framework for managing the Company’s settlement risk and exposure. In the event of failed settlement by a customer, Mastercard may pursue one or more remedies available under the Company’s rules to recover potential losses. Historically, the Company has experienced a low level of losses from customer settlement failures. As part of its policies, Mastercard requires certain customers that do not meet the Company’s risk standards to enter into risk mitigation arrangements, including cash collateral and/or forms of credit enhancement such as letters of credit and guarantees. This requirement is based on a review of the individual risk circumstances for each customer. Mastercard monitors its credit risk portfolio and the adequacy of its risk mitigation arrangements on a regular basis. Additionally, from time to time, the Company reviews its risk management methodology and standards. As such, the amounts of estimated settlement exposure are revised as necessary. The Company’s estimated settlement exposure was as follows: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | Gross settlement exposure | | $ | 73,134 | | | $ | 64,885 | | Risk mitigation arrangements applied to settlement exposure 1 | | (11,141) | | | (9,224) | | Net settlement exposure 1 | | $ | 61,993 | | | $ | 55,661 | |
1The Company corrected its estimated net settlement exposure as of December 31, 2022. The correction was not material to the net settlement exposures previously reported and had no impact to any of the Company’s financial statement line items. Mastercard also provides guarantees to customers and certain other counterparties indemnifying them from losses stemming from failures of third parties to perform duties. This includes guarantees of Mastercard-branded travelers cheques issued, but not yet cashed of $337 million and $342 million at September 30, 2023 and December 31, 2022, respectively, of which the Company has risk mitigation arrangements for $269 million and $273 million at September 30, 2023 and December 31, 2022, respectively. In addition, the Company enters into agreements in the ordinary course of business under which the Company agrees to indemnify third parties against damages, losses and expenses incurred in connection with legal and other proceedings arising from relationships or transactions with the Company. Certain indemnifications do not provide a stated maximum exposure. As the extent of the Company’s obligations under these agreements depends entirely upon the occurrence of future events, the Company’s potential future liability under these agreements is not determinable. Historically, payments made by the Company under these types of contractual arrangements have not been material.
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v3.23.3
Derivative and Hedging Instruments
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Foreign Currency Derivatives [Abstract] |
|
| Derivative and Hedging Instruments |
Derivative and Hedging Instruments The Company monitors and manages its foreign currency and interest rate exposures as part of its overall risk management program which focuses on the unpredictability of financial markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. A primary objective of the Company’s risk management strategies is to reduce the financial impact that may arise from volatility in foreign currency exchange rates principally through the use of both foreign exchange derivative contracts and foreign currency denominated debt. In addition, the Company may enter into interest rate derivative contracts to manage the effects of interest rate movements on the Company’s aggregate liability portfolio, including potential future debt issuances. The Company does not enter into derivatives for speculative purposes. Cash Flow Hedges The Company may enter into foreign exchange derivative contracts, including forwards and options, to manage the impact of foreign currency variability on anticipated revenues and expenses, which fluctuate based on currencies other than the functional currency of the entity. The objective of these hedging activities is to reduce the effect of movement in foreign exchange rates for a portion of revenues and expenses forecasted to occur. As these contracts are designated as cash flow hedging instruments, gains and losses resulting from changes in fair value of these contracts are deferred in accumulated other comprehensive income (loss) and subsequently reclassified to the consolidated statement of operations when the underlying hedged transactions impact earnings. In addition, the Company may enter into interest rate derivative contracts to manage the effects of interest rate movements on the Company’s aggregate liability portfolio, including potential future debt issuances, and designate such derivatives as hedging instruments in a cash flow hedging relationship. Gains and losses resulting from changes in fair value of these contracts are deferred in accumulated other comprehensive income (loss) and are subsequently reclassified as an adjustment to interest expense over the respective terms of the hedged debt issuances. Fair Value Hedges The Company may enter into interest rate derivative contracts, including interest rate swaps, to manage the effects of interest rate movements on the fair value of the Company's fixed-rate debt and designate such derivatives as hedging instruments in a fair value hedging relationship. Changes in fair value of these contracts and changes in fair value of fixed-rate debt attributable to changes in the hedged benchmark interest rate generally offset each other and are recorded in interest expense on the consolidated statement of operations. Gains or losses related to the net settlements of interest rate swaps are also recorded in interest expense on the consolidated statement of operations. The periodic cash settlements are included in operating activities on the consolidated statement of cash flows. In 2021, the Company entered into an interest rate swap designated as a fair value hedge related to $1.0 billion of the 3.850% Senior Notes due March 2050. In effect, the interest rate swap synthetically converts the fixed interest rate on this debt to a variable interest rate based on the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap Rate. The net impact to interest expense for the three and nine months ended September 30, 2023 and 2022 was not material. Net Investment Hedges The Company may use foreign currency denominated debt and/or foreign exchange derivative contracts to hedge a portion of its net investment in foreign subsidiaries against adverse movements in exchange rates. The effective portion of the net investment hedge is recorded as a currency translation adjustment in accumulated other comprehensive income (loss). Forward points are excluded from the effectiveness assessment and are recognized in general and administrative expenses on the consolidated statement of operations over the hedge period. The amounts recognized in earnings related to forward points for the three and nine months ended September 30, 2023 and 2022 were not material. As of September 30, 2023 and December 31, 2022, the Company had €1.7 billion euro-denominated debt outstanding designated as hedges of a portion of its net investment in its European operations. For the three and nine months ended September 30, 2023 and 2022, the Company recorded pre-tax net foreign currency gains (losses) of $54 million and $15 million and $189 million and $388 million, respectively, in other comprehensive income (loss). As of September 30, 2023 and December 31, 2022, the Company had net foreign currency gains of $350 million and $309 million, respectively, after tax, in accumulated other comprehensive income (loss) associated with this hedging activity. Non-designated Derivatives The Company may also enter into foreign exchange derivative contracts to serve as economic hedges, such as to offset possible changes in the value of monetary assets and liabilities due to foreign exchange fluctuations, without designating these derivative contracts as hedging instruments. In addition, the Company is subject to foreign exchange risk as part of its daily settlement activities. This risk is typically limited to a few days between when a payment transaction takes place and the subsequent settlement with customers. To manage this risk, the Company may enter into short duration foreign exchange derivative contracts based upon anticipated receipts and disbursements for the respective currency position. The objective of these activities is to reduce the Company’s exposure to volatility arising from gains and losses resulting from fluctuations of foreign currencies against its functional currencies. Gains and losses resulting from changes in fair value of these contracts are recorded in general and administrative expenses on the consolidated statement of operations, net, along with the foreign currency gains and losses on monetary assets and liabilities. The following table summarizes the fair value of the Company’s derivative financial instruments and the related notional amounts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | | Notional | | Derivative assets | | Derivative liabilities | | Notional | | Derivative assets | | Derivative liabilities | | | (in millions) | | Derivatives designated as hedging instruments | | | | | | | | | | | | | Foreign exchange contracts in a cash flow hedge 1 | | $ | 1,055 | | | $ | 15 | | | $ | 9 | | | $ | 642 | | | $ | 4 | | | $ | 15 | | Interest rate contracts in a fair value hedge 2 | | 1,000 | | | — | | | 109 | | | 1,000 | | | — | | | 105 | | Foreign exchange contracts in a net investment hedge 1 | | 2,858 | | | 93 | | | — | | | 1,814 | | | 103 | | | 4 | | | Derivatives not designated as hedging instruments | | | | | | | | | | | | | Foreign exchange contracts 1 | | 2,099 | | | 12 | | | 13 | | | 521 | | | 1 | | | 2 | | | Total derivative assets/liabilities | | $ | 7,012 | | | $ | 120 | | | $ | 131 | | | $ | 3,977 | | | $ | 108 | | | $ | 126 | |
1Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets and other current liabilities, respectively, on the consolidated balance sheet. 2Interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheet. The pre-tax gain (loss) related to the Company's derivative financial instruments designated as hedging instruments are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss)
Recognized in OCI | | | | Gain (Loss)
Reclassified from AOCI | | | Three Months Ended September 30, | | Location of Gain (Loss) Reclassified from AOCI into Earnings | | Three Months Ended September 30, | | | 2023 | | 2022 | | | 2023 | | 2022 | | | (in millions) | | | (in millions) | | Derivative financial instruments in a cash flow hedge relationship: | | | | | | | | | | | | Foreign exchange contracts | | $ | 17 | | | $ | 14 | | | Net revenue | | $ | (10) | | | $ | 6 | | | Interest rate contracts | | $ | — | | | $ | — | | | Interest expense | | $ | (2) | | | $ | (2) | | | | | | | | | | | | | | Derivative financial instruments in a net investment hedge relationship: | | | | | | | | | | | | Foreign exchange contracts | | $ | 84 | | | $ | 183 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss)
Recognized in OCI | | | | Gain (Loss)
Reclassified from AOCI | | | Nine Months Ended September 30, | | Location of Gain (Loss) Reclassified from AOCI into Earnings | | Nine Months Ended September 30, | | | 2023 | | 2022 | | | 2023 | | 2022 | | | (in millions) | | | (in millions) | | Derivative financial instruments in a cash flow hedge relationship: | | | | | | | | | | | | Foreign exchange contracts | | $ | (7) | | | $ | 21 | | | Net revenue | | $ | (24) | | | $ | 14 | | | Interest rate contracts | | $ | — | | | $ | — | | | Interest expense | | $ | (5) | | | $ | (5) | | | | | | | | | | | | | | Derivative financial instruments in a net investment hedge relationship: | | | | | | | | | | | | Foreign exchange contracts | | $ | 38 | | | $ | 384 | | | | | | | |
The Company estimates that the pre-tax amount of the net deferred loss on cash flow hedges recorded in accumulated other comprehensive income (loss) at September 30, 2023 that will be reclassified into the consolidated statement of operations within the next 12 months is not material. The term of the foreign exchange derivative contracts designated in hedging relationships are generally less than 18 months. The amount of gain (loss) recognized on the consolidated statement of operations for non-designated derivative contracts is summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | Derivatives not designated as hedging instruments: | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions) | Foreign exchange contracts | | | | | | | | | | General and administrative | | $ | (4) | | | $ | 13 | | | $ | 21 | | | $ | 25 | | | | | | | | | | | | | | | | | | | |
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v3.23.3
Insider Trading Arrangements
|
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023
shares
|
Sep. 30, 2023
shares
|
| Trading Arrangements, by Individual |
|
|
| Material Terms of Trading Arrangement |
|
During the three months ended September 30, 2023, certain of our officers and directors adopted or terminated trading arrangements for the sale of shares of our common stock as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Action | | Date | | Plans | | Number of Securities to be Sold | | Expiration | | | | Rule 10b5-1 1 | | Non-Rule 10b5-1 2 | | | Ed McLaughlin, President & Chief Technology Officer, Mastercard Technology | | Adoption | | August 18, 2023 | | X | | - | | 20,000 shares of Class A Common Stock underlying employee stock options | | The earlier of (i) the date when all securities under plan are exercised and sold and (ii) December 31, 2024 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1 Intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) 2 Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c)
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|
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| Name |
Ed McLaughlin
|
|
| Title |
President & Chief Technology Officer, Mastercard Technology
|
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| Adoption Date |
August 18, 2023
|
|
| Arrangement Duration |
501 days
|
|
| Aggregate Available |
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|
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v3.23.3
Summary of Significant Accounting Policies (Policy)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Organization |
Organization Mastercard Incorporated and its consolidated subsidiaries, including Mastercard International Incorporated (“Mastercard International” and together with Mastercard Incorporated, “Mastercard” or the “Company”), is a global technology company in the payments industry. Mastercard connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic forms of payment instead of cash and checks and making those payment transactions safe, simple, smart and accessible.
|
| Consolidation and Basis of Presentation |
Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Mastercard and its majority-owned and controlled entities, including any variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Investments in VIEs for which the Company is not considered the primary beneficiary are not consolidated and are accounted for as marketable, equity method or measurement alternative method investments and recorded in other assets on the consolidated balance sheet. At September 30, 2023 and December 31, 2022, there were no significant VIEs which required consolidation and the investments were not considered material to the consolidated financial statements. The Company consolidates acquisitions as of the date the Company has obtained a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. During the fourth quarter of 2022, the Company updated its disaggregated net revenue presentation by category and geography to reflect the nature of its payment services and to align such information with the way in which management views its categories of net revenue. Prior period amounts have been reclassified to conform to the 2022 presentation. The reclassification had no impact on previously reported total net revenue, operating income or net income. The Company follows accounting principles generally accepted in the United States of America (“GAAP”). The balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements as of December 31, 2022. The consolidated financial statements for the three and nine months ended September 30, 2023 and 2022 and as of September 30, 2023 are unaudited, and in the opinion of management, include all normal recurring adjustments that are necessary to present fairly the results for interim periods. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the full year. The accompanying unaudited consolidated financial statements are presented in accordance with the U.S. Securities and Exchange Commission (“SEC”) requirements for Quarterly Reports on Form 10-Q. Reference should be made to Mastercard’s Annual Report on Form 10-K for the year ended December 31, 2022 for additional disclosures, including a summary of the Company’s significant accounting policies.
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-Topic 235
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v3.23.3
Revenue (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue from Contract with Customer [Abstract] |
|
| Disaggregation of Revenue |
The Company’s disaggregated net revenue by category and geographic region were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions) | | Net revenue by category: | | | | | | | | | | Payment network | | $ | 4,210 | | | $ | 3,765 | | | $ | 11,933 | | | $ | 10,773 | | | Value-added services and solutions | | 2,323 | | | 1,991 | | | 6,617 | | | 5,647 | | | Net revenue | | $ | 6,533 | | | $ | 5,756 | | | $ | 18,550 | | | $ | 16,420 | | | Net revenue by geographic region: | | | | | | | | | North American Markets 1 | | $ | 2,109 | | | $ | 2,031 | | | $ | 6,143 | | | $ | 5,769 | | | International Markets | | 4,424 | | | 3,725 | | | 12,407 | | | 10,651 | | | Net revenue | | $ | 6,533 | | | $ | 5,756 | | | $ | 18,550 | | | $ | 16,420 | |
1North American Markets includes the United States and Canada, excluding the U.S. Territories. The following table sets forth the location of the amounts recognized on the consolidated balance sheet from contracts with customers: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | | Receivables from contracts with customers | | | | | Accounts receivable | | $ | 3,666 | | | $ | 3,213 | | Contract assets | | | | | | Prepaid expenses and other current assets | | 105 | | | 118 | | | Other assets | | 390 | | | 442 | | Deferred revenue 1 | | | | | | Other current liabilities | | 548 | | | 434 | | | Other liabilities | | 300 | | | 248 | | | | | | |
1 Revenue recognized from performance obligations satisfied during the three and nine months ended September 30, 2023 was $533 million and $1,362 million, respectively.
|
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- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
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-Section 50
-Paragraph 5
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v3.23.3
Earnings Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Earnings Per Share [Abstract] |
|
| Schedule of Basic and Diluted Earnings Per Share |
The components of basic and diluted earnings per share (“EPS”) for common shares were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions, except per share data) | | Numerator | | | | | | | | | | Net income | | $ | 3,198 | | | $ | 2,499 | | | $ | 8,404 | | | $ | 7,405 | | | Denominator | | | | | | | | | | Basic weighted-average shares outstanding | | 941 | | | 965 | | | 947 | | | 971 | | | Dilutive stock options and stock units | | 2 | | | 3 | | | 2 | | | 3 | | Diluted weighted-average shares outstanding 1 | | 943 | | | 968 | | | 949 | | | 974 | | | Earnings per Share | | | | | | | | | | Basic | | $ | 3.40 | | | $ | 2.59 | | | $ | 8.88 | | | $ | 7.63 | | | Diluted | | $ | 3.39 | | | $ | 2.58 | | | $ | 8.85 | | | $ | 7.60 | |
Note: Table may not sum due to rounding. 1 For the periods presented, the calculation of diluted EPS excluded a minimal amount of anti-dilutive share-based payment awards.
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-Topic 260
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-Section 50
-Paragraph 1
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v3.23.3
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Cash and Cash Equivalents [Abstract] |
|
| Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents |
The following table provides the components of cash, cash equivalents, restricted cash and restricted cash equivalents reported on the consolidated balance sheet that total to the amounts shown on the consolidated statement of cash flows. | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | | Cash and cash equivalents | | $ | 6,890 | | | $ | 7,008 | | | Restricted cash and restricted cash equivalents | | | | | Restricted cash for litigation settlement 1 | | — | | | 589 | | | Restricted security deposits held for customers | | 1,824 | | | 1,568 | | | Prepaid expenses and other current assets | | 28 | | | 31 | | | | | | | | Cash, cash equivalents, restricted cash and restricted cash equivalents | | $ | 8,742 | | | $ | 9,196 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
1During the three months ended September 30, 2023, the Company reduced its Restricted cash for litigation settlement balance by $600 million, including accrued interest, as a settlement became final in August 2023. See Note 15 (Legal and Regulatory Proceedings) for additional information regarding the Company’s restricted cash for litigation settlement.
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v3.23.3
Investments (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Investments, Debt and Equity Securities [Abstract] |
|
| Investments On the Consolidated Balance Sheet |
Investments on the consolidated balance sheet consisted of the following: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | Available-for-sale securities 1 | | $ | 276 | | | $ | 272 | | Held-to-maturity securities 2 | | 326 | | | 128 | | | Total investments | | $ | 602 | | | $ | 400 | |
1See Available-for-Sale Securities section below for further detail. 2Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.
|
| Available-for-Sale Securities |
The major classes of the Company’s available-for-sale investment securities and their respective amortized cost basis and fair values were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | | Amortized
Cost | | Gross
Unrealized
Gain | | Gross
Unrealized
Loss | | Fair
Value | | Amortized
Cost | | Gross
Unrealized
Gain | | Gross
Unrealized
Loss | | Fair
Value | | | (in millions) | | | | | | | | | | | | | | | | | | | Government and agency securities | | $ | 93 | | | $ | — | | | $ | (1) | | | $ | 92 | | | $ | 91 | | | $ | — | | | $ | (2) | | | $ | 89 | | | Corporate securities | | 186 | | | — | | | (2) | | | 184 | | | 187 | | | — | | | (4) | | | 183 | | | | | | | | | | | | | | | | | | | | Total | | $ | 279 | | | $ | — | | | $ | (3) | | | $ | 276 | | | $ | 278 | | | $ | — | | | $ | (6) | | | $ | 272 | |
|
| Maturity Distribution Based on Contractual Terms of Investment Securities |
The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at September 30, 2023 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | Amortized Cost | | Fair Value | | | | (in millions) | | Due within 1 year | | $ | 161 | | | $ | 160 | | | Due after 1 year through 5 years | | 118 | | | 116 | | | | | | | | Total | | $ | 279 | | | $ | 276 | |
|
| Equity Investments |
The following table is a summary of the activity related to the Company’s equity investments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Balance at December 31, 2022 | | Purchases | | Sales | | Changes in Fair Value 1 | | Other 2 | | Balance at September 30, 2023 | | | (in millions) | | Marketable securities | | $ | 399 | | | $ | — | | | $ | — | | | $ | 58 | | | $ | — | | | $ | 457 | | | Nonmarketable securities | | 1,331 | | | 61 | | | (44) | | | (153) | | | (2) | | | 1,193 | | | Total equity investments | | $ | 1,730 | | | $ | 61 | | | $ | (44) | | | $ | (95) | | | $ | (2) | | | $ | 1,650 | |
1Recorded in gains (losses) on equity investments, net on the consolidated statement of operations. 2Includes translational impact of currency.
|
| Nonmarketable securities |
The following table sets forth the components of the Company’s Nonmarketable securities: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | Measurement alternative | | $ | 985 | | | $ | 1,087 | | Equity method | | 208 | | | 244 | | | Total Nonmarketable securities | | $ | 1,193 | | | $ | 1,331 | |
|
| Carrying Value of Measurement Alternative Investments |
The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through September 30, 2023: | | | | | | | | | | | | | | (in millions) | Initial cost basis | | $ | 534 | | Cumulative adjustments 1: | | | | Upward adjustments | | 629 | | | Downward adjustments (including impairment) | | (178) | | | Carrying amount, end of period | | $ | 985 | | | | |
1 Includes immaterial translational impact of currency.
|
| Unrealized Gains (Losses) Included in the Carrying Value of Measurement Alternative Investments |
The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions) | | Measurement alternative investments: | | | | | | | | | | Upward adjustments | | $ | 1 | | | $ | 4 | | | $ | 7 | | | $ | 107 | | | Downward adjustments (including impairment) | | (7) | | | — | | | (142) | | | (12) | | | Marketable securities: | | | | | | | | | | Unrealized gains (losses), net | | 3 | | | 79 | | | 58 | | | (209) | |
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-Paragraph 3
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-Paragraph 3
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v3.23.3
Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] |
|
| Distribution of Financial Instruments, Measured at Fair Value on a Recurring Basis |
The distribution of the Company’s financial instruments measured at fair value on a recurring basis within the Valuation Hierarchy were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | | Quoted Prices
in Active
Markets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total | | Quoted Prices
in Active
Markets
(Level 1) | | Significant
Other
Observable
Inputs
(Level 2) | | Significant
Unobservable
Inputs
(Level 3) | | Total | | | (in millions) | | Assets | | | | | | | | | | | | | | | | | Investment securities available-for-sale 1: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Government and agency securities | | $ | 37 | | | $ | 55 | | | $ | — | | | $ | 92 | | | $ | 35 | | | $ | 54 | | | $ | — | | | $ | 89 | | | Corporate securities | | — | | | 184 | | | — | | | 184 | | | — | | | 183 | | | — | | | 183 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivative instruments 2: | | | | | | | | | | | | | | | | | | Foreign exchange contracts | | — | | | 120 | | | — | | | 120 | | | — | | | 108 | | | — | | | 108 | | | | | | | | | | | | | | | | | | | Marketable securities 3: | | | | | | | | | | | | | | | | | | Equity securities | | 457 | | | — | | | — | | | 457 | | | 399 | | | — | | | — | | | 399 | | Deferred compensation plan 4: | | | | | | | | | | | | | | | | | | Deferred compensation assets | | 84 | | | — | | | — | | | 84 | | | 74 | | | — | | | — | | | 74 | | | | | | | | | | | | | | | | | | | | Liabilities | | | | | | | | | | | | | | | | | Derivative instruments 2: | | | | | | | | | | | | | | | | | | Foreign exchange contracts | | $ | — | | | $ | 22 | | | $ | — | | | $ | 22 | | | $ | — | | | $ | 21 | | | $ | — | | | $ | 21 | | | Interest rate contracts | | — | | | 109 | | | — | | | 109 | | | — | | | 105 | | | — | | | 105 | | Deferred compensation plan 5: | | | | | | | | | | | | | | | | | | Deferred compensation liabilities | | 83 | | | — | | | — | | | 83 | | | 73 | | | — | | | — | | | 73 | |
1The Company’s U.S. government securities are classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices for identical assets in active markets. The fair value of the Company’s available-for-sale non-U.S. government and agency securities and corporate securities are based on observable inputs such as quoted prices, benchmark yields and issuer spreads for similar assets in active markets and are therefore included in Level 2 of the Valuation Hierarchy. 2The Company’s foreign exchange and interest rate derivative asset and liability contracts have been classified within Level 2 of the Valuation Hierarchy as the fair value is based on observable inputs such as broker quotes for similar derivative instruments. See Note 17 (Derivative and Hedging Instruments) for further details. 3The Company’s Marketable securities are publicly held and classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices in their respective active markets. 4The Company has a nonqualified deferred compensation plan where assets are invested primarily in mutual funds held in a rabbi trust, which is restricted for payments to participants of the plan. The Company has elected to use the fair value option for these mutual funds and are classified within Level 1 of the Valuation Hierarchy, which are measured using quoted prices of identical instruments in active markets and are included in prepaid expenses and other current assets on the consolidated balance sheet. 5The deferred compensation liabilities are classified within Level 1 of the Valuation Hierarchy as the fair value is measured based on the quoted prices of identical instruments to the investment vehicles selected by the participants. These are included in other liabilities on the consolidated balance sheet.
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v3.23.3
Prepaid Expenses and Other Assets (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Prepaid Expense and Other Assets [Abstract] |
|
| Schedule of Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets consisted of the following: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | | Customer and merchant incentives | | $ | 1,533 | | | $ | 1,392 | | | Prepaid income taxes | | 24 | | | 34 | | | Other | | 1,067 | | | 920 | | | Total prepaid expenses and other current assets | | $ | 2,624 | | | $ | 2,346 | |
|
| Schedule of Other Assets, Noncurrent |
Other assets consisted of the following: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | | Customer and merchant incentives | | $ | 4,917 | | | $ | 4,578 | | | Equity investments | | 1,650 | | | 1,730 | | | Income taxes receivable | | 654 | | | 633 | | | Other | | 618 | | | 639 | | | Total other assets | | $ | 7,839 | | | $ | 7,580 | |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
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v3.23.3
Accrued Expenses and Accrued Litigation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accrued Liabilities, Current [Abstract] |
|
| Accrued Expenses |
Accrued expenses consisted of the following: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | | (in millions) | | Customer and merchant incentives | | $ | 5,667 | | | $ | 5,600 | | | Personnel costs | | 996 | | | 1,322 | | | Income and other taxes | | 555 | | | 279 | | | Other | | 557 | | | 600 | | | Total accrued expenses | | $ | 7,775 | | | $ | 7,801 | |
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v3.23.3
Debt (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Debt [Abstract] |
|
| Schedule of Long-term Debt |
Debt consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | Effective
Interest Rate | | | | | | (in millions) | | | | Senior Notes | | | | | | | | | | | | | | | | | | | | | 2023 USD Notes | | 4.875 | % | Senior Notes due March 2028 | | $ | 750 | | | $ | — | | | 5.003 | % | | | 4.850 | % | Senior Notes due March 2033 | | 750 | | | — | | | 4.923 | % | | | | | | | | | | | 2022 EUR Notes 1 | | 1.000 | % | Senior Notes due February 2029 | | 794 | | | 800 | | | 1.138 | % | | | | | | | | | | | | 2021 USD Notes | | 2.000 | % | Senior Notes due November 2031 | | 750 | | | 750 | | | 2.112 | % | | | 1.900 | % | Senior Notes due March 2031 | | 600 | | | 600 | | | 1.981 | % | | | 2.950 | % | Senior Notes due March 2051 | | 700 | | | 700 | | | 3.013 | % | | | | | | | | | | | | 2020 USD Notes | | 3.300 | % | Senior Notes due March 2027 | | 1,000 | | | 1,000 | | | 3.420 | % | | | 3.350 | % | Senior Notes due March 2030 | | 1,500 | | | 1,500 | | | 3.430 | % | | | 3.850 | % | Senior Notes due March 2050 | | 1,500 | | | 1,500 | | | 3.896 | % | | | | | | | | | | | | 2019 USD Notes | | 2.950 | % | Senior Notes due June 2029 | | 1,000 | | | 1,000 | | | 3.030 | % | | | 3.650 | % | Senior Notes due June 2049 | | 1,000 | | | 1,000 | | | 3.689 | % | | | 2.000 | % | Senior Notes due March 2025 | | 750 | | | 750 | | | 2.147 | % | | | | | | | | | | | | 2018 USD Notes | | 3.500 | % | Senior Notes due February 2028 | | 500 | | | 500 | | | 3.598 | % | | | 3.950 | % | Senior Notes due February 2048 | | 500 | | | 500 | | | 3.990 | % | | | | | | | | | | | | 2016 USD Notes | | 2.950 | % | Senior Notes due November 2026 | | 750 | | | 750 | | | 3.044 | % | | | 3.800 | % | Senior Notes due November 2046 | | 600 | | | 600 | | | 3.893 | % | | | | | | | | | | | 2015 EUR Notes 2 | | 2.100 | % | Senior Notes due December 2027 | | 846 | | | 854 | | | 2.189 | % | | | 2.500 | % | Senior Notes due December 2030 | | 159 | | | 160 | | | 2.562 | % | | | | | | | | | | | | 2014 USD Notes | | 3.375 | % | Senior Notes due April 2024 | | 1,000 | | | 1,000 | | | 3.484 | % | | | | | | | | | | | | Other Debt | | | | | | | | | | | | | | | | | | | | 2023 INR Term Loan 3 | | 9.430 | % | Term Loan due July 2024 | | 338 | | | — | | | 9.780 | % | | | | | | | | | | | 2022 INR Term Loan 4 | | 8.640 | % | Term Loan due July 2023 | | — | | | 275 | | | 9.090 | % | | | | | | | | | | | | | | | | 15,787 | | | 14,239 | | | | | Less: Unamortized discount and debt issuance costs | (112) | | | (111) | | | | Less: Cumulative hedge accounting fair value adjustments 5 | | (109) | | | (105) | | | | | Total debt outstanding | 15,566 | | | 14,023 | | | | Less: Short-term debt 6 | | (1,337) | | | (274) | | | | | Long-term debt | $ | 14,229 | | | $ | 13,749 | | | |
1 €750 million euro-denominated debt issued in February 2022. 2 €950 million euro-denominated debt remaining of the €1.650 billion issued in December 2015. 3 INR28.1 billion Indian rupee-denominated loan issued in July 2023. 4 INR22.7 billion Indian rupee-denominated loan issued in July 2022. 5 The Company has an interest rate swap which is accounted for as a fair value hedge. See Note 17 (Derivative and Hedging Instruments) for additional information. 6 The 2014 USD Notes due April 2024 and the INR Term Loan due July 2024 are classified as short-term debt on the consolidated balance sheet as of September 30, 2023. The 2022 INR Term Loan due July 2023 was classified as short-term debt on the consolidated balance sheet as of December 31, 2022.
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v3.23.3
Stockholders' Equity (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Equity [Abstract] |
|
| Schedule of quarterly cash dividends declared |
The Company declared quarterly cash dividends on its Class A and Class B common stock as summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions, except per share data) | | Dividends declared per share | | $ | 0.57 | | | $ | 0.49 | | | $ | 1.71 | | | $ | 1.47 | | | Total dividends declared | | $ | 536 | | | $ | 472 | | | $ | 1,615 | | | $ | 1,423 | |
|
| Schedule of Changes in Common Stock Outstanding |
The following table presents the changes in the Company’s outstanding Class A and Class B common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | | 2023 | | 2022 | | | | Outstanding Shares | | Outstanding Shares | | | | Class A | | Class B | | Class A | | Class B | | | (in millions) | | Balance at beginning of period | | 935.9 | | | 7.4 | | | 960.0 | | | 7.7 | | | Purchases of treasury stock | | (4.8) | | | — | | | (4.7) | | | — | | | Share-based payments | | 0.5 | | | — | | | 0.1 | | | — | | | Conversion of Class B to Class A common stock | | — | | | — | | | — | | | — | | | Balance at end of period | | 931.6 | | | 7.4 | | | 955.4 | | | 7.7 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | 2023 | | 2022 | | | | Outstanding Shares | | Outstanding Shares | | | | Class A | | Class B | | Class A | | Class B | | | (in millions) | | Balance at beginning of period | | 948.4 | | | 7.6 | | | 972.1 | | | 7.8 | | | Purchases of treasury stock | | (19.2) | | | — | | | (18.3) | | | — | | | Share-based payments | | 2.2 | | | — | | | 1.5 | | | — | | | Conversion of Class B to Class A common stock | | 0.2 | | | (0.2) | | | 0.1 | | | (0.1) | | | Balance at end of period | | 931.6 | | | 7.4 | | | 955.4 | | | 7.7 | |
|
| Schedule of share repurchases and authorizations |
The following table summarizes the Company’s share repurchases of its Class A common stock: | | | | | | | | | | | | | | | | | Nine Months Ended September 30, | | | 2023 | | 2022 | | | (in millions, except per share data) | Dollar-value of shares repurchased 1 | | $ | 7,200 | | | $ | 6,339 | | | Shares repurchased | | 19.2 | | | 18.3 | | | Average price paid per share | | $ | 375.34 | | | $ | 345.54 | |
1The dollar-value of shares repurchased does not include a 1% excise tax that became effective January 1, 2023. The incremental tax is recorded in treasury stock on the consolidated balance sheet and is payable annually beginning in 2024.
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v3.23.3
Accumulated Other Comprehensive Income (Loss) (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
| Schedule of Accumulated Other Comprehensive Income (Loss) |
The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2023 and 2022 were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | Increase / (Decrease) | | Reclassifications | | September 30, 2023 | | | (in millions) | Foreign currency translation adjustments 1 | | $ | (1,414) | | | $ | (105) | | | $ | — | | | $ | (1,519) | | Translation adjustments on net investment hedges 2 | | 309 | | | 41 | | | — | | | 350 | | | Cash flow hedges | | | | | | | | | Foreign exchange contracts 3 | | (8) | | | (5) | | | 18 | | | 5 | | | Interest rate contracts | | (123) | | | — | | | 4 | | | (119) | | | Defined benefit pension and other postretirement plans | | (11) | | | — | | | — | | | (11) | | | Investment securities available-for-sale | | (6) | | | 3 | | | — | | | (3) | | | Accumulated other comprehensive income (loss) | | $ | (1,253) | | | $ | (66) | | | $ | 22 | | | $ | (1,297) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | Increase / (Decrease) | | Reclassifications | | September 30, 2022 | | | (in millions) | Foreign currency translation adjustments 1 | | $ | (739) | | | $ | (1,412) | | | $ | — | | | $ | (2,151) | | Translation adjustments on net investment hedges 2 | | 34 | | | 601 | | | — | | | 635 | | | Cash flow hedges | | | | | | | | | Foreign exchange contracts 3 | | 4 | | | 16 | | | (11) | | | 9 | | | Interest rate contracts | | (128) | | | — | | | 4 | | | (124) | | | Defined benefit pension and other postretirement plans | | 21 | | | — | | | (1) | | | 20 | | | Investment securities available-for-sale | | (1) | | | (5) | | | — | | | (6) | | | Accumulated other comprehensive income (loss) | | $ | (809) | | | $ | (800) | | | $ | (8) | | | $ | (1,617) | |
1During the nine months ended September 30, 2023, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro against the U.S. dollar. During the nine months ended September 30, 2022, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro and British pound against the U.S. dollar. 2During the nine months ended September 30, 2023, the increase in the accumulated other comprehensive gain related to the net investment hedges was driven by the depreciation of the euro against the U.S. dollar. During the nine months ended September 30, 2022, the increase in the accumulated other comprehensive gain related to the net investment hedges was driven by the depreciation of the euro against the U.S. dollar. See Note 17 (Derivative and Hedging Instruments) for additional information. 3Certain foreign exchange derivative contracts are designated as cash flow hedging instruments. Gains and losses resulting from changes in the fair value of these contracts are deferred in accumulated other comprehensive income (loss) and subsequently reclassified to the consolidated statement of operations when the underlying hedged transactions impact earnings. See Note 17 (Derivative and Hedging Instruments) for additional information.
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v3.23.3
Settlement and Other Risk Management (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Settlement and Other Risk Management [Abstract] |
|
| Estimated Settlement Exposure and Portion of Uncollateralized Settlement Exposure for Mastercard-Branded Transactions |
The Company’s estimated settlement exposure was as follows: | | | | | | | | | | | | | | | | | September 30,
2023 | | December 31,
2022 | | | (in millions) | Gross settlement exposure | | $ | 73,134 | | | $ | 64,885 | | Risk mitigation arrangements applied to settlement exposure 1 | | (11,141) | | | (9,224) | | Net settlement exposure 1 | | $ | 61,993 | | | $ | 55,661 | |
1The Company corrected its estimated net settlement exposure as of December 31, 2022. The correction was not material to the net settlement exposures previously reported and had no impact to any of the Company’s financial statement line items.
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v3.23.3
Derivative and Hedging Instruments (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Foreign Currency Derivatives [Abstract] |
|
| Fair value of Company's derivative financial instruments |
The following table summarizes the fair value of the Company’s derivative financial instruments and the related notional amounts: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | | | | Notional | | Derivative assets | | Derivative liabilities | | Notional | | Derivative assets | | Derivative liabilities | | | (in millions) | | Derivatives designated as hedging instruments | | | | | | | | | | | | | Foreign exchange contracts in a cash flow hedge 1 | | $ | 1,055 | | | $ | 15 | | | $ | 9 | | | $ | 642 | | | $ | 4 | | | $ | 15 | | Interest rate contracts in a fair value hedge 2 | | 1,000 | | | — | | | 109 | | | 1,000 | | | — | | | 105 | | Foreign exchange contracts in a net investment hedge 1 | | 2,858 | | | 93 | | | — | | | 1,814 | | | 103 | | | 4 | | | Derivatives not designated as hedging instruments | | | | | | | | | | | | | Foreign exchange contracts 1 | | 2,099 | | | 12 | | | 13 | | | 521 | | | 1 | | | 2 | | | Total derivative assets/liabilities | | $ | 7,012 | | | $ | 120 | | | $ | 131 | | | $ | 3,977 | | | $ | 108 | | | $ | 126 | |
1Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets and other current liabilities, respectively, on the consolidated balance sheet. 2Interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheet.
|
| Gain (loss) related to the Company's derivative financial instruments designated as hedging instruments |
The pre-tax gain (loss) related to the Company's derivative financial instruments designated as hedging instruments are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss)
Recognized in OCI | | | | Gain (Loss)
Reclassified from AOCI | | | Three Months Ended September 30, | | Location of Gain (Loss) Reclassified from AOCI into Earnings | | Three Months Ended September 30, | | | 2023 | | 2022 | | | 2023 | | 2022 | | | (in millions) | | | (in millions) | | Derivative financial instruments in a cash flow hedge relationship: | | | | | | | | | | | | Foreign exchange contracts | | $ | 17 | | | $ | 14 | | | Net revenue | | $ | (10) | | | $ | 6 | | | Interest rate contracts | | $ | — | | | $ | — | | | Interest expense | | $ | (2) | | | $ | (2) | | | | | | | | | | | | | | Derivative financial instruments in a net investment hedge relationship: | | | | | | | | | | | | Foreign exchange contracts | | $ | 84 | | | $ | 183 | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Gain (Loss)
Recognized in OCI | | | | Gain (Loss)
Reclassified from AOCI | | | Nine Months Ended September 30, | | Location of Gain (Loss) Reclassified from AOCI into Earnings | | Nine Months Ended September 30, | | | 2023 | | 2022 | | | 2023 | | 2022 | | | (in millions) | | | (in millions) | | Derivative financial instruments in a cash flow hedge relationship: | | | | | | | | | | | | Foreign exchange contracts | | $ | (7) | | | $ | 21 | | | Net revenue | | $ | (24) | | | $ | 14 | | | Interest rate contracts | | $ | — | | | $ | — | | | Interest expense | | $ | (5) | | | $ | (5) | | | | | | | | | | | | | | Derivative financial instruments in a net investment hedge relationship: | | | | | | | | | | | | Foreign exchange contracts | | $ | 38 | | | $ | 384 | | | | | | | |
|
| Gain (loss) recognized in income for the contracts to purchase and sell foreign currency summary |
The amount of gain (loss) recognized on the consolidated statement of operations for non-designated derivative contracts is summarized below: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | Derivatives not designated as hedging instruments: | | 2023 | | 2022 | | 2023 | | 2022 | | | (in millions) | Foreign exchange contracts | | | | | | | | | | General and administrative | | $ | (4) | | | $ | 13 | | | $ | 21 | | | $ | 25 | | | | | | | | | | | | | | | | | | | |
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v3.23.3
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net Revenue |
$ 6,533
|
$ 5,756
|
$ 18,550
|
$ 16,420
|
| North American Markets 1 |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net Revenue |
2,109
|
2,031
|
6,143
|
5,769
|
| International Markets |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net Revenue |
4,424
|
3,725
|
12,407
|
10,651
|
| Payment network |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net Revenue |
4,210
|
3,765
|
11,933
|
10,773
|
| Value-added services and solutions |
|
|
|
|
| Disaggregation of Revenue [Line Items] |
|
|
|
|
| Net Revenue |
$ 2,323
|
$ 1,991
|
$ 6,617
|
$ 5,647
|
| X |
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v3.23.3
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v3.23.3
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Numerator |
|
|
|
|
| Net income |
$ 3,198
|
$ 2,499
|
$ 8,404
|
$ 7,405
|
| Denominator |
|
|
|
|
| Basic weighted-average shares outstanding (in shares) |
941
|
965
|
947
|
971
|
| Diluted weighted-average shares outstanding (in shares) |
2
|
3
|
2
|
3
|
| Diluted weighted-average shares outstanding (in shares) |
943
|
968
|
949
|
974
|
| Earnings per Share |
|
|
|
|
| Basic (in dollars per share) |
$ 3.40
|
$ 2.59
|
$ 8.88
|
$ 7.63
|
| Diluted (in dollars per share) |
$ 3.39
|
$ 2.58
|
$ 8.85
|
$ 7.60
|
| X |
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($)
$ in Millions |
3 Months Ended |
|
|
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
| Restricted Cash and Cash Equivalents Items [Line Items] |
|
|
|
|
| Cash and cash equivalents |
$ 6,890
|
$ 7,008
|
|
|
| Cash, cash equivalents, restricted cash and restricted cash equivalents |
8,742
|
9,196
|
$ 9,776
|
$ 9,902
|
| Cash paid for litigation settlement |
600
|
|
|
|
| Restricted cash for litigation settlement |
|
|
|
|
| Restricted Cash and Cash Equivalents Items [Line Items] |
|
|
|
|
| Restricted cash and restricted cash equivalents |
0
|
589
|
|
|
| Restricted security deposits held for customers |
|
|
|
|
| Restricted Cash and Cash Equivalents Items [Line Items] |
|
|
|
|
| Restricted cash and restricted cash equivalents |
1,824
|
1,568
|
|
|
| Prepaid expenses and other current assets |
|
|
|
|
| Restricted Cash and Cash Equivalents Items [Line Items] |
|
|
|
|
| Restricted cash and restricted cash equivalents |
$ 28
|
$ 31
|
|
|
| X |
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-Topic 320
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 320
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 320
-Name Accounting Standards Codification
-Section 50
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-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481830/320-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
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v3.23.3
Investments - Equity Investments (Details) - USD ($)
$ in Millions |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Increase (Decrease) In Equity Investments [Roll Forward] |
|
|
| Marketable securities, beginning balance |
$ 399
|
|
| Marketable securities, Purchases |
0
|
|
| Marketable securities, Sales |
0
|
|
| Marketable securities, Changes in Fair Value |
58
|
|
| Marketable Securities, Other |
0
|
|
| Marketable securities, ending balance |
457
|
|
| Nonmarketable securities, beginning balance |
1,331
|
|
| Nonmarketable Securities, Purchases |
61
|
|
| Nonmarketable Securities, Sales |
(44)
|
|
| Nonmarketable Securities, Changes in Fair Value |
(153)
|
|
| Nonmarketable Securities, Other |
(2)
|
|
| Nonmarketable securities, ending balance |
1,193
|
|
| Total equity investments, beginning balance |
1,730
|
|
| Total equity investments, Purchases |
61
|
|
| Total equity investments, Sales |
(44)
|
$ (7)
|
| Total equity investments, Changes in Fair Value |
(95)
|
|
| Total equity investments, Other |
(2)
|
|
| Total equity investments, ending balance |
$ 1,650
|
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-Topic 323
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-Section 45
-Paragraph 1
-Publisher FASB
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 25
-Subparagraph (a)
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-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481664/323-10-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(12))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.3
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v3.23.3
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v3.23.3
Investments - Unrealized Gains (Losses) Included in the Carrying Value of Measurement Alternative Investments (Details) - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Investments, Debt and Equity Securities [Abstract] |
|
|
|
|
| Alternative Investments, Upward Price Adjustment, Annual Amount |
$ 1
|
$ 4
|
$ 7
|
$ 107
|
| Alternative Investment, Downward Price Adjustment Including Impairment, Annual Amount |
(7)
|
0
|
(142)
|
(12)
|
| Equity Securities, FV-NI, Unrealized Gain (Loss) |
$ 3
|
$ 79
|
$ 58
|
$ (209)
|
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-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(3)(d)(2))
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-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 321
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-Section 50
-Paragraph 4
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v3.23.3
Fair Value Measurements - Distribution of Financial Instruments, Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Deferred compensation assets |
$ 84
|
$ 74
|
| Foreign exchange derivative liabilities |
22
|
21
|
| Deferred compensation liabilities |
83
|
73
|
| Fair Value, Inputs, Level 1 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Deferred compensation assets |
84
|
74
|
| Foreign exchange derivative liabilities |
0
|
0
|
| Deferred compensation liabilities |
83
|
73
|
| Fair Value, Inputs, Level 2 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Deferred compensation assets |
0
|
0
|
| Foreign exchange derivative liabilities |
22
|
21
|
| Deferred compensation liabilities |
0
|
0
|
| Fair Value, Inputs, Level 3 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Deferred compensation assets |
0
|
0
|
| Foreign exchange derivative liabilities |
0
|
0
|
| Deferred compensation liabilities |
0
|
0
|
| Government and agency securities |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Investment securities available for sale |
92
|
89
|
| Government and agency securities | Fair Value, Inputs, Level 1 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Investment securities available for sale |
37
|
35
|
| Government and agency securities | Fair Value, Inputs, Level 2 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Investment securities available for sale |
55
|
54
|
| Government and agency securities | Fair Value, Inputs, Level 3 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Investment securities available for sale |
0
|
0
|
| Corporate securities |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Investment securities available for sale |
184
|
183
|
| Corporate securities | Fair Value, Inputs, Level 1 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Investment securities available for sale |
0
|
0
|
| Corporate securities | Fair Value, Inputs, Level 2 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Investment securities available for sale |
184
|
183
|
| Corporate securities | Fair Value, Inputs, Level 3 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Investment securities available for sale |
0
|
0
|
| Equity securities |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Investment securities available for sale |
457
|
399
|
| Equity securities | Fair Value, Inputs, Level 1 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Investment securities available for sale |
457
|
399
|
| Equity securities | Fair Value, Inputs, Level 2 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Investment securities available for sale |
0
|
0
|
| Equity securities | Fair Value, Inputs, Level 3 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Investment securities available for sale |
0
|
0
|
| Foreign exchange contracts |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Derivative instrument |
120
|
108
|
| Foreign exchange contracts | Fair Value, Inputs, Level 1 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Derivative instrument |
0
|
0
|
| Foreign exchange contracts | Fair Value, Inputs, Level 2 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Derivative instrument |
120
|
108
|
| Foreign exchange contracts | Fair Value, Inputs, Level 3 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Derivative instrument |
0
|
0
|
| Interest rate contracts |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Foreign exchange derivative liabilities |
109
|
105
|
| Interest rate contracts | Fair Value, Inputs, Level 1 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Foreign exchange derivative liabilities |
0
|
0
|
| Interest rate contracts | Fair Value, Inputs, Level 2 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Foreign exchange derivative liabilities |
109
|
105
|
| Interest rate contracts | Fair Value, Inputs, Level 3 |
|
|
| Fair Value, Option, Quantitative Disclosures [Line Items] |
|
|
| Foreign exchange derivative liabilities |
$ 0
|
$ 0
|
| X |
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v3.23.3
Fair Value Measurements - Narrative Fair Value (Details) - USD ($)
$ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Debt, long-term and short-term, combined amount |
$ 15,566
|
$ 14,023
|
| Fair Value |
|
|
| Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
|
|
| Long-term debt, fair value |
$ 13,800
|
$ 12,700
|
| X |
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|
| X |
- DefinitionThe fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.
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v3.23.3
| X |
- DefinitionCurrent assets for incentive agreements entered into by the company with financial institution customers, merchants, and other business partners designed to build payments volume and to increase product acceptance.
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| Namespace Prefix: |
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| Period Type: |
instant |
|
| X |
- DefinitionAmount of current assets classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(8))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_OtherAssetsCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_PrepaidExpenseAndOtherAssetsAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_PrepaidExpenseAndOtherAssetsCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of asset related to consideration paid in advance for income and other taxes that provide economic benefits within a future period of one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (g)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 340
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483032/340-10-45-1
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 340
-SubTopic 10
-Name Accounting Standards Codification
-Section 05
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482955/340-10-05-5
| Name: |
us-gaap_PrepaidTaxes |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
v3.23.3
| X |
- DefinitionNon-current assets for incentive agreements entered into by the company with financial institution customers, merchants, and other business partners designed to build payments volume and to increase product acceptance.
| Name: |
ma_CustomerandMerchantIncentivesNoncurrent |
| Namespace Prefix: |
ma_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of investment in equity method investee and investment in and advance to affiliate. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of other miscellaneous assets.
| Name: |
us-gaap_OtherAssetsMiscellaneous |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of noncurrent assets classified as other. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(17))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_OtherAssetsNoncurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_PrepaidExpenseAndOtherAssetsAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
v3.23.3
| X |
- DefinitionTotal of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to marketing incentives to customers and merchants.
| Name: |
ma_AccruedCustomerPrograms |
| Namespace Prefix: |
ma_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_AccruedLiabilitiesCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_AccruedLiabilitiesCurrentAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_OtherAccruedLiabilitiesCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, payroll, excise, real, property and other taxes. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19,20)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_TaxesPayableCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
v3.23.3
| X |
- DefinitionAccrued Customer and Merchant Incentives, Noncurrent
| Name: |
ma_AccruedCustomerAndMerchantIncentivesNoncurrent |
| Namespace Prefix: |
ma_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- References
+ Details
| Name: |
us-gaap_AccruedLiabilitiesCurrentAbstract |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:stringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCarrying amount of reserve for known or estimated probable loss from litigation, which may include attorneys' fees and other litigation costs, which is expected to be paid within one year of the date of the statement of financial position. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_LitigationReserveCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionThe amount of cash paid for the settlement of litigation or for other legal issues during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 25
-Subparagraph (g)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
| Name: |
us-gaap_PaymentsForLegalSettlements |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
v3.23.3
Debt - Schedule of Long-term Debt (Details)
€ in Millions, ₨ in Millions, $ in Millions |
Sep. 30, 2023
USD ($)
|
Sep. 30, 2023
EUR (€)
|
Jul. 31, 2023
USD ($)
|
Jul. 31, 2023
INR (₨)
|
Apr. 30, 2023
INR (₨)
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Jul. 31, 2022
INR (₨)
|
Feb. 28, 2022
EUR (€)
|
Dec. 31, 2021 |
Dec. 31, 2015
EUR (€)
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Long-term debt and short-term debt, gross |
$ 15,787
|
|
|
|
|
|
$ 14,239
|
|
|
|
|
| Less: Unamortized discount and debt issuance costs |
(112)
|
|
|
|
|
|
(111)
|
|
|
|
|
| Less: Cumulative hedge accounting fair value adjustment |
(109)
|
|
|
|
|
|
(105)
|
|
|
|
|
| Total debt outstanding |
15,566
|
|
|
|
|
|
14,023
|
|
|
|
|
| Less: short-term debt |
(1,337)
|
|
|
|
|
|
(274)
|
|
|
|
|
| Long-term debt |
$ 14,229
|
|
|
|
|
|
13,749
|
|
|
|
|
| 2022 INR Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
8.64%
|
8.64%
|
|
|
|
|
|
|
|
|
|
| Effective interest rate |
9.09%
|
9.09%
|
|
|
|
|
|
|
|
|
|
| Short-term debt |
$ 0
|
|
$ 285
|
|
|
|
275
|
₨ 22,700
|
|
|
|
| 2023 INR Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
9.43%
|
9.43%
|
|
|
|
|
|
|
|
|
|
| Effective interest rate |
9.78%
|
9.78%
|
|
|
|
|
|
|
|
|
|
| Short-term debt |
$ 338
|
|
$ 342
|
₨ 28,100
|
|
|
0
|
|
|
|
|
| April 2023 INR Term Loan |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
|
|
|
|
9.48%
|
|
|
|
|
|
|
| Effective interest rate |
|
|
|
|
9.705%
|
|
|
|
|
|
|
| Short-term debt | ₨ |
|
|
|
|
₨ 4,970
|
|
|
|
|
|
|
| Senior Notes | March 2028 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
4.875%
|
4.875%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 750
|
|
|
|
|
$ 750
|
0
|
|
|
|
|
| Effective interest rate |
5.003%
|
5.003%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | March 2033 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
4.85%
|
4.85%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 750
|
|
|
|
|
$ 750
|
0
|
|
|
|
|
| Effective interest rate |
4.923%
|
4.923%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | February 2029 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
1.00%
|
1.00%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 794
|
|
|
|
|
|
800
|
|
€ 750
|
|
|
| Effective interest rate |
1.138%
|
1.138%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | November 2031 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
2.00%
|
2.00%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 750
|
|
|
|
|
|
750
|
|
|
|
|
| Effective interest rate |
2.112%
|
2.112%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | March 2031 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
1.90%
|
1.90%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 600
|
|
|
|
|
|
600
|
|
|
|
|
| Effective interest rate |
1.981%
|
1.981%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | March 2051 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
2.95%
|
2.95%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 700
|
|
|
|
|
|
700
|
|
|
|
|
| Effective interest rate |
3.013%
|
3.013%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2027 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
3.30%
|
3.30%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 1,000
|
|
|
|
|
|
1,000
|
|
|
|
|
| Effective interest rate |
3.42%
|
3.42%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2030 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
3.35%
|
3.35%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 1,500
|
|
|
|
|
|
1,500
|
|
|
|
|
| Effective interest rate |
3.43%
|
3.43%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | Senior Notes Due March 2050 |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
3.85%
|
3.85%
|
|
|
|
|
|
|
|
3.85%
|
|
| Long-term debt, gross |
$ 1,500
|
|
|
|
|
|
1,500
|
|
|
|
|
| Effective interest rate |
3.896%
|
3.896%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2029 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
2.95%
|
2.95%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 1,000
|
|
|
|
|
|
1,000
|
|
|
|
|
| Effective interest rate |
3.03%
|
3.03%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2049 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
3.65%
|
3.65%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 1,000
|
|
|
|
|
|
1,000
|
|
|
|
|
| Effective interest rate |
3.689%
|
3.689%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2025 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
2.00%
|
2.00%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 750
|
|
|
|
|
|
750
|
|
|
|
|
| Effective interest rate |
2.147%
|
2.147%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2028 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
3.50%
|
3.50%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 500
|
|
|
|
|
|
500
|
|
|
|
|
| Effective interest rate |
3.598%
|
3.598%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2048 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
3.95%
|
3.95%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 500
|
|
|
|
|
|
500
|
|
|
|
|
| Effective interest rate |
3.99%
|
3.99%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2026 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
2.95%
|
2.95%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 750
|
|
|
|
|
|
750
|
|
|
|
|
| Effective interest rate |
3.044%
|
3.044%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2046 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
3.80%
|
3.80%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 600
|
|
|
|
|
|
600
|
|
|
|
|
| Effective interest rate |
3.893%
|
3.893%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2.1% Notes due 2027 |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
2.10%
|
2.10%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 846
|
|
|
|
|
|
854
|
|
|
|
|
| Effective interest rate |
2.189%
|
2.189%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2.5% Notes due 2030 |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
2.50%
|
2.50%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 159
|
|
|
|
|
|
160
|
|
|
|
|
| Effective interest rate |
2.562%
|
2.562%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2024 Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Stated interest rate |
3.375%
|
3.375%
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
$ 1,000
|
|
|
|
|
|
$ 1,000
|
|
|
|
|
| Effective interest rate |
3.484%
|
3.484%
|
|
|
|
|
|
|
|
|
|
| Senior Notes | 2015 Euro Notes |
|
|
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
| Long-term debt, gross | € |
|
€ 950
|
|
|
|
|
|
|
|
|
€ 1,650
|
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v3.23.3
Debt - Narrative (Details)
₨ in Millions, $ in Millions |
1 Months Ended |
|
|
|
|
Apr. 30, 2023
USD ($)
|
Apr. 30, 2023
INR (₨)
|
Mar. 31, 2023
USD ($)
|
Jul. 31, 2022
USD ($)
|
Jul. 31, 2022
INR (₨)
|
Sep. 30, 2023
USD ($)
|
Jul. 31, 2023
USD ($)
|
Jul. 31, 2023
INR (₨)
|
Dec. 31, 2022
USD ($)
|
| 2022 INR Term Loan |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Proceeds from issuance of debt |
|
|
|
$ 284
|
₨ 22,600
|
|
|
|
|
| Short-term debt |
|
|
|
|
₨ 22,700
|
$ 0
|
$ 285
|
|
$ 275
|
| Stated interest rate |
|
|
|
|
|
8.64%
|
|
|
|
| Effective interest rate |
|
|
|
|
|
9.09%
|
|
|
|
| April 2023 INR Term Loan |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Proceeds from issuance of debt |
$ 61
|
₨ 4,960
|
|
|
|
|
|
|
|
| Short-term debt | ₨ |
|
₨ 4,970
|
|
|
|
|
|
|
|
| Stated interest rate |
|
9.48%
|
|
|
|
|
|
|
|
| Effective interest rate |
|
9.705%
|
|
|
|
|
|
|
|
| 2023 INR Term Loan |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Short-term debt |
|
|
|
|
|
$ 338
|
$ 342
|
₨ 28,100
|
0
|
| Stated interest rate |
|
|
|
|
|
9.43%
|
|
|
|
| Effective interest rate |
|
|
|
|
|
9.78%
|
|
|
|
| Senior Notes | March 2028 Notes |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
|
|
$ 750
|
|
|
$ 750
|
|
|
0
|
| Stated interest rate |
|
|
|
|
|
4.875%
|
|
|
|
| Effective interest rate |
|
|
|
|
|
5.003%
|
|
|
|
| Senior Notes | March 2033 Notes |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Long-term debt, gross |
|
|
750
|
|
|
$ 750
|
|
|
$ 0
|
| Stated interest rate |
|
|
|
|
|
4.85%
|
|
|
|
| Effective interest rate |
|
|
|
|
|
4.923%
|
|
|
|
| Senior Notes | Notes Issued 2023, USD |
|
|
|
|
|
|
|
|
|
| Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
| Proceeds from issuance of debt |
|
|
$ 1,489
|
|
|
|
|
|
|
| X |
- DefinitionAmount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 835
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 8: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
| X |
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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v3.23.3
| X |
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| X |
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| X |
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| X |
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v3.23.3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Balance at beginning of period |
$ 6,356
|
$ 7,383
|
| Balance at end of period |
6,360
|
6,423
|
| Foreign currency translation adjustments |
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Balance at beginning of period |
(1,414)
|
(739)
|
| Increase / (Decrease) |
(105)
|
(1,412)
|
| Reclassifications |
0
|
0
|
| Balance at end of period |
(1,519)
|
(2,151)
|
| Translation adjustments on net investment hedge |
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Balance at beginning of period |
309
|
34
|
| Increase / (Decrease) |
41
|
601
|
| Reclassifications |
0
|
0
|
| Balance at end of period |
350
|
635
|
| Defined benefit pension and other postretirement plans |
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Balance at beginning of period |
(11)
|
21
|
| Increase / (Decrease) |
0
|
0
|
| Reclassifications |
0
|
(1)
|
| Balance at end of period |
(11)
|
20
|
| Investment securities available-for-sale |
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Balance at beginning of period |
(6)
|
(1)
|
| Increase / (Decrease) |
3
|
(5)
|
| Reclassifications |
0
|
0
|
| Balance at end of period |
(3)
|
(6)
|
| Accumulated other comprehensive income (loss) |
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Balance at beginning of period |
(1,253)
|
(809)
|
| Increase / (Decrease) |
(66)
|
(800)
|
| Reclassifications |
22
|
(8)
|
| Balance at end of period |
(1,297)
|
(1,617)
|
| Foreign exchange contracts | Cash flow hedges |
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Balance at beginning of period |
(8)
|
4
|
| Increase / (Decrease) |
(5)
|
16
|
| Reclassifications |
18
|
(11)
|
| Balance at end of period |
5
|
9
|
| Interest rate contracts | Cash flow hedges |
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Balance at beginning of period |
(123)
|
(128)
|
| Increase / (Decrease) |
0
|
0
|
| Reclassifications |
4
|
4
|
| Balance at end of period |
$ (119)
|
$ (124)
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Share-Based Payments - Types of Equity Awards (Details)
shares in Millions |
9 Months Ended |
|
Sep. 30, 2023
$ / shares
shares
|
|---|
| Share-Based Payments |
|
| Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares |
0.3
|
| Fair value of stock options, per share, estimated using a Black-Scholes option pricing model | $ / shares |
$ 123
|
| Restricted stock units |
|
| Share-Based Payments |
|
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares |
1.2
|
| Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted-Average Grant-Date Fair Value | $ / shares |
$ 350
|
| Performance stock units |
|
| Share-Based Payments |
|
| Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares |
0.2
|
| Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted-Average Grant-Date Fair Value | $ / shares |
$ 365
|
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|
v3.23.3
Share-Based Payments - Narrative (Details)
|
9 Months Ended |
Sep. 30, 2023 |
|---|
| Share-based Payment Arrangement, Option |
|
| Share-Based Payments |
|
| Share-Based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term |
6 years
|
| Share-Based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
29.60%
|
| Share-Based Compensation Arrangement By Share-based Payment Award Options Term |
10 years
|
| Share-Based Compensation Arrangement by Share-based Payment Award, Award Vesting Period |
3 years
|
| Restricted Stock Units (RSUs) Granted On or After March 1, 2020 |
|
| Share-Based Payments |
|
| Share-Based Compensation Arrangement by Share-based Payment Award, Award Vesting Period |
3 years
|
| Performance stock units |
|
| Share-Based Payments |
|
| Share-Based Compensation Arrangement by Share-based Payment Award, Award Vesting Period |
3 years
|
| PSUs granted on or after March 1, 2019, shares issuable upon vesting, mandatory deferral period |
1 year
|
| X |
- DefinitionShare-Based Compensation Arrangement By Share-Based Payment Award, Shares Issuable Upon Vesting, Mandatory Deferral Period
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (e)(2)
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (f)(2)(iv)
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Topic 718
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v3.23.3
Legal and Regulatory Proceedings (Details)
£ in Millions, € in Billions |
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
|
|
|
Jan. 31, 2021
USD ($)
defendant
|
Sep. 30, 2019
USD ($)
|
Oct. 31, 2011
plaintiff
|
Feb. 28, 2011 |
Sep. 30, 2023
USD ($)
|
Mar. 31, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
fax
|
Sep. 30, 2023
GBP (£)
fax
|
Sep. 30, 2023
EUR (€)
fax
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
GBP (£)
|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2018 |
| Legal And Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accrued litigation |
|
|
|
|
$ 475,000,000
|
|
|
$ 475,000,000
|
|
|
|
|
$ 1,094,000,000
|
|
| Cash paid for litigation settlement |
|
|
|
|
600,000,000
|
|
|
|
|
|
|
|
|
|
| Restricted cash for litigation settlement |
|
|
|
|
0
|
|
|
0
|
|
|
|
|
589,000,000
|
|
| Provision for litigation |
|
|
|
|
0
|
|
$ 208,000,000
|
$ 231,000,000
|
|
|
$ 341,000,000
|
|
|
|
| Unsolicited faxes | fax |
|
|
|
|
|
|
|
381,000
|
381,000
|
381,000
|
|
|
|
|
| Damages sought per fax (in usd per fax) |
|
|
|
|
|
|
|
$ 500
|
|
|
|
|
|
|
| Event Involving Visa Parties, Member Banks and Mastercard |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Legal And Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percent of settlement Mastercard would pay |
|
|
|
12.00%
|
|
|
|
|
|
|
|
|
|
|
| Event Involving Member Banks and Mastercard |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Legal And Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percent of settlement Mastercard would pay |
|
|
|
36.00%
|
|
|
|
|
|
|
|
|
|
|
| U.S. Merchant Lawsuit Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Legal And Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accrued litigation |
|
|
|
|
464,000,000
|
|
|
464,000,000
|
|
|
|
|
$ 894,000,000
|
|
| Loss contingency accrual, period increase |
|
|
|
|
|
$ 211,000,000
|
|
|
|
|
|
|
|
|
| Maximum | U.S. Merchant Litigation - Class Litigation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Legal And Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Percentage of merchant opt outs to terminate agreement |
|
|
|
|
|
|
|
|
|
|
|
|
|
25.00%
|
| 2022 Mastercard and Visa Proposed Collective Action Complaint in the U.K. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Legal And Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount of damages sought (that exceeds) |
|
|
|
|
|
|
|
600,000,000
|
£ 500
|
|
|
|
|
|
| Proposed U.K. Interchange Collective Action |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Legal And Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount of damages sought (that exceeds) |
|
|
|
|
|
|
|
12,000,000,000
|
£ 10,000
|
|
|
|
|
|
| ATM Operators Complaint |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Legal And Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount of damages sought (that exceeds) |
|
$ 1,000,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of plaintiffs in case | plaintiff |
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. Liability Shift Litigation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Legal And Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount of damages sought (that exceeds) |
$ 1,000,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Number of defendants | defendant |
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Portugal Proposed Interchange Collective Action |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Legal And Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Amount of damages sought (that exceeds) |
|
|
|
|
|
|
|
400,000,000
|
|
€ 0.4
|
|
|
|
|
| Unresolved | U.K. Merchant Lawsuit Settlement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Legal And Regulatory |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Unresolved damages claims |
|
|
|
|
$ 1,400,000,000
|
|
|
$ 1,400,000,000
|
|
|
|
£ 1,100
|
|
|
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- DefinitionLegal and Regulatory [Line Items] [Line Items]
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| Namespace Prefix: |
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| X |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionLoss Contingency, Unsolicited Advertisements
| Name: |
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| Namespace Prefix: |
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| Data Type: |
xbrli:integerItemType |
| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionPercent Of Settlement Reporting Entity Would Pay
| Name: |
ma_PercentOfSettlementReportingEntityWouldPay |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionPercentage of Opt Out Merchants to Terminate
| Name: |
ma_PercentageofOptOutMerchantstoTerminate |
| Namespace Prefix: |
ma_ |
| Data Type: |
dtr-types1:percentItemType |
| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionCarrying amount of reserve for known or estimated probable loss from litigation, which may include attorneys' fees and other litigation costs, which is expected to be paid within one year of the date of the statement of financial position. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.25)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of litigation expense, including but not limited to legal, forensic, accounting, and investigative fees.
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount of increase (decrease) in loss contingency liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-SubTopic 20
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.23.3
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v3.23.3
Derivative and Hedging Instruments - Narrative (Details)
$ in Millions, € in Billions |
3 Months Ended |
9 Months Ended |
|
|
|
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
EUR (€)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2022
EUR (€)
|
Dec. 31, 2021
USD ($)
|
| Foreign Exchange Risk Management |
|
|
|
|
|
|
|
|
| Unrealized gain (loss) on net investment hedges, before tax |
$ 84
|
$ 183
|
$ 38
|
$ 384
|
|
|
|
|
| Senior Notes Due March 2050 | Senior Notes |
|
|
|
|
|
|
|
|
| Foreign Exchange Risk Management |
|
|
|
|
|
|
|
|
| Long-term debt related to interest rate swap |
|
|
|
|
|
|
|
$ 1,000
|
| Stated interest rate |
3.85%
|
|
3.85%
|
|
3.85%
|
|
|
3.85%
|
| Euro-Denominated Debt |
|
|
|
|
|
|
|
|
| Foreign Exchange Risk Management |
|
|
|
|
|
|
|
|
| Unrealized gain (loss) on net investment hedges, before tax |
$ 54
|
$ 189
|
$ 15
|
$ 388
|
|
|
|
|
| Cash Flow Hedging | Interest Rate Risk |
|
|
|
|
|
|
|
|
| Foreign Exchange Risk Management |
|
|
|
|
|
|
|
|
| Terms of the foreign currency forward contracts and foreign currency option contracts, less than |
|
|
18 months
|
|
|
|
|
|
| Net Investment Hedging |
|
|
|
|
|
|
|
|
| Foreign Exchange Risk Management |
|
|
|
|
|
|
|
|
| Notional amount designated | € |
|
|
|
|
€ 1.7
|
|
€ 1.7
|
|
| Net Investment Hedging | Euro-Denominated Debt |
|
|
|
|
|
|
|
|
| Foreign Exchange Risk Management |
|
|
|
|
|
|
|
|
| Net foreign currency transaction after tax loss in AOCI |
$ 350
|
|
$ 350
|
|
|
$ 309
|
|
|
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-Topic 470
-SubTopic 20
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-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22(a)(1))
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-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 5C
-Subparagraph (SX 210.12-13C(Column E))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-5C
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section S99
-Paragraph 5B
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.23.3
Derivative and Hedging Instruments - Fair Value of Company's Derivative Financial Instruments (Details) - USD ($)
$ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
| Foreign Exchange Risk Management |
|
|
| Notional |
$ 7,012
|
$ 3,977
|
| Derivative assets |
120
|
108
|
| Derivative liabilities |
131
|
126
|
| Derivatives not designated as hedging instruments | Foreign exchange contracts | Prepaid Expenses, Other Current Assets, and Other Current Liabilities |
|
|
| Foreign Exchange Risk Management |
|
|
| Notional |
2,099
|
521
|
| Derivative assets |
12
|
1
|
| Derivative liabilities |
13
|
2
|
| Cash Flow Hedging | Derivatives designated as hedging instruments | Foreign exchange contracts | Prepaid Expenses, Other Current Assets, and Other Current Liabilities |
|
|
| Foreign Exchange Risk Management |
|
|
| Notional |
1,055
|
642
|
| Derivative assets |
15
|
4
|
| Derivative liabilities |
9
|
15
|
| Fair Value Hedging | Derivatives designated as hedging instruments | Interest rate contracts | Other Current Liabilities and Other Liabilities |
|
|
| Foreign Exchange Risk Management |
|
|
| Notional |
1,000
|
1,000
|
| Derivative assets |
0
|
0
|
| Derivative liabilities |
109
|
105
|
| Net Investment Hedging | Derivatives designated as hedging instruments | Foreign exchange contracts | Prepaid Expenses, Other Current Assets, and Other Current Liabilities |
|
|
| Foreign Exchange Risk Management |
|
|
| Notional |
2,858
|
1,814
|
| Derivative assets |
93
|
103
|
| Derivative liabilities |
$ 0
|
$ 4
|
| X |
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