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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 June 30, 2024
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
mc_logononamea02.jpg
Mastercard Incorporated
(Exact name of registrant as specified in its charter)
Delaware13-4172551
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification Number)
2000 Purchase Street10577
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 July 26, 2024, there were 916,710,583 shares outstanding of the registrant’s Class A common stock, par value $0.0001 per share; and 7,124,405 shares outstanding of the registrant’s Class B common stock, par value $0.0001 per share.

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MASTERCARD INCORPORATED FORM 10-Q
TABLE OF CONTENTS
2 MASTERCARD JUNE 30, 2024 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 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, AI, information 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, countering the financing of terrorism, economic sanctions and anti-corruption, account-based payments systems, and issuer and acquirer practices 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
•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 as well as other contractual obligations and discretionary actions we may take
•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, 2023. 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 JUNE 30, 2024 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)
Page
Consolidated Statement of Operations — Three and Six Months Ended June 30, 2024 and 2023
Consolidated Statement of Comprehensive Income — Three and Six Months Ended June 30, 2024 and 2023
Consolidated Statement of Changes in Equity — Three and Six Months Ended June 30, 2024 and 2023
Consolidated Statement of Cash Flows — Six Months Ended June 30, 2024 and 2023
MASTERCARD JUNE 30, 2024 FORM 10-Q 5

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Statement of Operations (Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
 (in millions, except per share data)
Net Revenue$6,961 $6,269 $13,309 $12,017 
Operating Expenses:
General and administrative2,418 2,200 4,704 4,243 
Advertising and marketing184 201 300 368 
Depreciation and amortization225 192 441 383 
Provision for litigation98 20 224 231 
Total operating expenses2,925 2,613 5,669 5,225 
Operating income4,036 3,656 7,640 6,792 
Other Income (Expense):
Investment income60 59 155 114 
Gains (losses) on equity investments, net(13)123 (7)(89)
Interest expense(153)(144)(303)(276)
Other income (expense), net9 10 12 16 
Total other income (expense)(97)48 (143)(235)
Income before income taxes3,939 3,704 7,497 6,557 
Income tax expense681 859 1,228 1,351 
Net Income$3,258 $2,845 $6,269 $5,206 
Basic Earnings per Share$3.51 $3.01 $6.74 $5.48 
Basic weighted-average shares outstanding929 946 931 949 
Diluted Earnings per Share$3.50 $3.00 $6.72 $5.47 
Diluted weighted-average shares outstanding930 949 933 952 

The accompanying notes are an integral part of these consolidated financial statements.
6 MASTERCARD JUNE 30, 2024 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Statement of Comprehensive Income (Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
 2024202320242023
 (in millions)
Net Income$3,258 $2,845 $6,269 $5,206 
Other comprehensive income (loss):
Foreign currency translation adjustments(46)53 (214)147 
Income tax effect18 — 27 (14)
Foreign currency translation adjustments, net of income tax effect(28)53 (187)133 
Translation adjustments on net investment hedges2 (11)49 (85)
Income tax effect— 2 (11)19 
Translation adjustments on net investment hedges, net of income tax effect2 (9)38 (66)
Cash flow hedges91 (14)113 (24)
Income tax effect(3)6 (8)6 
Reclassification adjustments for cash flow hedges(68)9 (63)17 
Income tax effect1 (5)(1)(4)
Cash flow hedges, net of income tax effect21 (4)41 (5)
Defined benefit pension and other postretirement plans2 — 2 — 
Income tax effect— — — — 
Reclassification adjustments for defined benefit pension and other postretirement plans— — — — 
Income tax effect— — — — 
Defined benefit pension and other postretirement plans, net of income tax effect2 — 2 — 
Investment securities available-for-sale
— — — 2 
Income tax effect— — — — 
Investment securities available-for-sale, net of income tax effect— — — 2 
Other comprehensive income (loss), net of income tax effect(3)40 (106)64 
Comprehensive Income$3,255 $2,885 $6,163 $5,270 

The accompanying notes are an integral part of these consolidated financial statements.

MASTERCARD JUNE 30, 2024 FORM 10-Q 7

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Balance Sheet (Unaudited)
June 30, 2024December 31, 2023
 (in millions, except per share data)
Assets
Current assets:
Cash and cash equivalents$6,996 $8,588 
Restricted security deposits held for customers1,772 1,845 
Investments362 592 
Accounts receivable4,195 4,060 
Settlement assets1,514 1,233 
Prepaid expenses and other current assets2,941 2,643 
Total current assets17,780 18,961 
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,373 and $2,237, respectively
2,148 2,061 
Deferred income taxes1,423 1,355 
Goodwill7,563 7,660 
Other intangible assets, net of accumulated amortization of $2,290 and $2,209, respectively
4,149 4,086 
Other assets9,270 8,325 
Total Assets$42,333 $42,448 
Liabilities, Redeemable Non-controlling Interests and Equity
Current liabilities:
Accounts payable$835 $834 
Settlement obligations1,594 1,399 
Restricted security deposits held for customers1,772 1,845 
Accrued litigation525 723 
Accrued expenses8,007 8,517 
Short-term debt1,086 1,337 
Other current liabilities1,775 1,609 
Total current liabilities15,594 16,264 
Long-term debt14,519 14,344 
Deferred income taxes337 369 
Other liabilities4,401 4,474 
Total Liabilities34,851 35,451 
Commitments and Contingencies
Redeemable Non-controlling Interests22 22 
Stockholders’ Equity
Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,403 and 1,402 shares issued and 919 and 927 shares outstanding, respectively
— — 
Class B common stock, $0.0001 par value; authorized 1,200 shares, 7 shares issued and outstanding
— — 
Additional paid-in-capital6,089 5,893 
Class A treasury stock, at cost, 485 and 475 shares, respectively
(65,067)(60,429)
Retained earnings67,604 62,564 
Accumulated other comprehensive income (loss)(1,205)(1,099)
Mastercard Incorporated Stockholders' Equity7,421 6,929 
Non-controlling interests39 46 
Total Equity7,460 6,975 
Total Liabilities, Redeemable Non-controlling Interests and Equity$42,333 $42,448 

The accompanying notes are an integral part of these consolidated financial statements.
8 MASTERCARD JUNE 30, 2024 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Statement of Changes in Equity (Unaudited)
Stockholders’ Equity
Common StockAdditional
Paid-In
Capital		Class A
Treasury
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Mastercard Incorporated Stockholders’ EquityNon-
Controlling
Interests		Total Equity
Class AClass B
(in millions)
Three Months Ended
June 30, 2024
Balance at beginning of period
$— $— $5,920 $(62,434)$64,959 $(1,202)$7,243 $43 $7,286 
Net income— — — — 3,258 — 3,258 — 3,258 
Activity related to non-controlling interests— — — — — — — (4)(4)
Redeemable non-controlling interest adjustments— — — — (2)— (2)— (2)
Other comprehensive income (loss)— — — — — (3)(3)— (3)
Dividends— — — — (611)— (611)— (611)
Purchases of treasury stock— — — (2,633)— — (2,633)— (2,633)
Share-based payments— — 169 — — — 169 — 169 
Balance at end of period
$— $— $6,089 $(65,067)$67,604 $(1,205)$7,421 $39 $7,460 
Six Months Ended
June 30, 2024
Balance at beginning of period
$— $— $5,893 $(60,429)$62,564 $(1,099)$6,929 $46 $6,975 
Net income— — — — 6,269 — 6,269 — 6,269 
Activity related to non-controlling interests— — — — — — — (7)(7)
Redeemable non-controlling interest adjustments — — — — (3)— (3)— (3)
Other comprehensive income (loss)— — — — — (106)(106)— (106)
Dividends— — — — (1,226)— (1,226)— (1,226)
Purchases of treasury stock— — — (4,646)— — (4,646)— (4,646)
Share-based payments— — 196 8 — — 204 — 204 
Balance at end of period
$— $— $6,089 $(65,067)$67,604 $(1,205)$7,421 $39 $7,460 
MASTERCARD JUNE 30, 2024 FORM 10-Q 9

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Statement of Changes in Equity (Unaudited) - (Continued)
Stockholders’ Equity
Common StockAdditional
Paid-In
Capital		Class A
Treasury
Stock		Retained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Mastercard Incorporated Stockholders’ EquityNon-
Controlling
Interests		Total Equity
Class AClass B
(in millions)
Three Months Ended
June 30, 2023
Balance at beginning of period$— $— $5,376 $(54,241)$55,424 $(1,229)$5,330 $56 $5,386 
Net income— — — — 2,845 — 2,845 — 2,845 
Activity related to non-controlling interests— — — — — — — (3)(3)
Redeemable non-controlling interest adjustments— — — — (1)— (1)— (1)
Other comprehensive income (loss)— — — — — 40 40 — 40 
Dividends— — — — (538)— (538)— (538)
Purchases of treasury stock— — — (2,423)— — (2,423)— (2,423)
Share-based payments— — 246 5 — — 251 — 251 
Balance at end of period$— $— $5,622 $(56,659)$57,730 $(1,189)$5,504 $53 $5,557 
Six Months Ended
June 30, 2023
Balance at beginning of period$— $— $5,298 $(51,354)$53,607 $(1,253)$6,298 $58 $6,356 
Net income— — — — 5,206 — 5,206 — 5,206 
Activity related to non-controlling interests— — — — — — — (5)(5)
Redeemable non-controlling interest adjustments— — — — (4)— (4)— (4)
Other comprehensive income (loss)— — — — — 64 64 — 64 
Dividends— — — — (1,079)— (1,079)— (1,079)
Purchases of treasury stock— — — (5,317)— — (5,317)— (5,317)
Share-based payments— — 324 12 — — 336 — 336 
Balance at end of period$— $— $5,622 $(56,659)$57,730 $(1,189)$5,504 $53 $5,557 

The accompanying notes are an integral part of these consolidated financial statements.
10 MASTERCARD JUNE 30, 2024 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Statement of Cash Flows (Unaudited)
 Six Months Ended June 30,
 20242023
 (in millions)
Operating Activities
Net income$6,269 $5,206 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of customer incentives826 782 
Depreciation and amortization441 383 
(Gains) losses on equity investments, net7 89 
Share-based compensation263 243 
Deferred income taxes(93)24 
Other80 37 
Changes in operating assets and liabilities:
Accounts receivable(234)(268)
Settlement assets(284)(108)
Prepaid expenses(1,980)(1,286)
Accrued litigation and legal settlements(197)(20)
Restricted security deposits held for customers(73)155 
Accounts payable9 (287)
Settlement obligations199 31 
Accrued expenses(415)(707)
Net change in other assets and liabilities(8)343 
Net cash provided by operating activities4,810 4,617 
Investing Activities
Purchases of investment securities available-for-sale(219)(157)
Purchases of investments held-to-maturity(81)(31)
Proceeds from sales of investment securities available-for-sale58 45 
Proceeds from maturities of investment securities available-for-sale139 102 
Proceeds from maturities of investments held-to-maturity306 91 
Purchases of property and equipment(272)(190)
Capitalized software(402)(395)
Purchases of equity investments(18)(53)
Proceeds from sales of equity investments23 44 
Other investing activities(2)(71)
Net cash used in investing activities(468)(615)
Financing Activities
Purchases of treasury stock(4,631)(5,294)
Dividends paid(1,231)(1,086)
Proceeds from debt, net983 1,550 
Payment of debt(1,000)— 
Tax withholdings related to share-based payments(174)(79)
Cash proceeds from exercise of stock options115 172 
Other financing activities— 3 
Net cash used in financing activities(5,938)(4,734)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents(67)57 
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents(1,663)(675)
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period10,465 9,196 
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period$8,802 $8,521 

The accompanying notes are an integral part of these consolidated financial statements.
MASTERCARD JUNE 30, 2024 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 technology company in the global payments industry. Mastercard connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic payments 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 June 30, 2024 and December 31, 2023, there were no significant VIEs that 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. Certain prior period amounts have been reclassified to conform to the 2024 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, 2023 was derived from the audited consolidated financial statements as of December 31, 2023. The consolidated financial statements for the three and six months ended June 30, 2024 and 2023 and as of June 30, 2024 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 six months ended June 30, 2024 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, 2023 for additional disclosures, including a summary of the Company’s significant accounting policies.
Note 2. Revenue
The Company’s disaggregated net revenue by category and geographic region were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in millions)
Net revenue by category:
Payment network$4,375 $4,073 $8,295 $7,723 
Value-added services and solutions2,586 2,196 5,014 4,294 
Net revenue$6,961 $6,269 $13,309 $12,017 
Net revenue by geographic region:
Americas 1
$3,164 $2,814 $5,937 $5,351 
Asia Pacific, Europe, Middle East and Africa
3,797 3,455 7,372 6,666 
Net revenue$6,961 $6,269 $13,309 $12,017 
1Americas includes the United States, Canada and Latin America. Prior period amounts have been reclassified to conform to the new presentation.
12 MASTERCARD JUNE 30, 2024 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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:
June 30,
2024		December 31,
2023
(in millions)
Receivables from contracts with customers
Accounts receivable
$3,991 $3,851 
Contract assets
Prepaid expenses and other current assets133 133 
Other assets434 387 
Deferred revenue 1
Other current liabilities711 459 
Other liabilities333 318 
1    Revenue recognized from performance obligations satisfied during the three and six months ended June 30, 2024 were $569 million and $1,079 million, respectively.
Note 3. Earnings Per Share
The components of basic and diluted earnings per share (“EPS”) for common shares were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in millions, except per share data)
Numerator
Net income$3,258 $2,845 $6,269 $5,206 
Denominator
Basic weighted-average shares outstanding929 946 931 949 
Dilutive stock options and stock units2 2 2 3 
Diluted weighted-average shares outstanding 1
930 949 933 952 
Earnings per Share
Basic$3.51 $3.01 $6.74 $5.48 
Diluted$3.50 $3.00 $6.72 $5.47 
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 4. 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.
June 30,
2024		December 31,
2023
(in millions)
Cash and cash equivalents$6,996 $8,588 
Restricted cash and restricted cash equivalents
Restricted security deposits held for customers1,772 1,845 
Prepaid expenses and other current assets34 32 
Cash, cash equivalents, restricted cash and restricted cash equivalents$8,802 $10,465 
MASTERCARD JUNE 30, 2024 FORM 10-Q 13

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 5. 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’s strategic investments in equity securities of publicly traded and privately held companies are classified within other assets on the consolidated balance sheet (see Equity Investments section below).
Investments
Investments on the consolidated balance sheet consisted of the following:
June 30,
2024		December 31,
2023
(in millions)
Available-for-sale securities
$290 $286 
Held-to-maturity securities 1
72 306 
Total investments $362 $592 
1Held-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 six months ended June 30, 2024 and 2023 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:
 June 30, 2024December 31, 2023
 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$87 $— $— $87 $86 $— $— $86 
Corporate securities203 — — 203 200 1 (1)200 
Total$290 $— $— $290 $286 $1 $(1)$286 
The Company’s government and agency securities include U.S. government bonds, U.S. government sponsored agency bonds and foreign government bonds that are denominated in the national currency of the issuing country. Corporate securities held at June 30, 2024 and December 31, 2023, primarily carried a credit rating of A- or better. Corporate securities are comprised of commercial paper and corporate bonds. The gross unrealized gains and losses on the available-for-sale securities are primarily driven by changes in interest rates. For the available-for-sale securities in gross unrealized loss positions, the Company (1) does not intend to sell the securities, (2) more likely than not, will not be required to sell the securities before recovery of the unrealized losses and (3) expects that the contractual principal and interest will be received. 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 June 30, 2024 was as follows:
 
 Amortized CostFair Value
 (in millions)
Due within 1 year$153 $153 
Due after 1 year through 5 years137 137 
Total$290 $290 
14 MASTERCARD JUNE 30, 2024 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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, 2023PurchasesSales
Changes in Fair Value 1
Other 2
Balance at
June 30,
2024
(in millions)
Marketable securities $506 $— $(23)$(9)$24 $498 
Nonmarketable securities1,223 18 — 2 (32)1,211 
Total equity investments $1,729 $18 $(23)$(7)$(8)$1,709 
1Recorded in gains (losses) on equity investments, net on the consolidated statement of operations.
2Includes reclasses between Marketable and Nonmarketable securities as well as translational impact of currency.
The following table sets forth the components of the Company’s Nonmarketable securities:
June 30,
2024		December 31,
2023
(in millions)
Measurement alternative
$988 $1,008 
Equity method
223 215 
Total Nonmarketable securities$1,211 $1,223 
The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through June 30, 2024:
(in millions)
Initial cost basis
$534 
Cumulative adjustments 1:
Upward adjustments636 
Downward adjustments (including impairment)(182)
Carrying amount, end of period$988 
1 Includes immaterial translational impact of currency.
The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in millions)
Measurement alternative investments:
Upward adjustments$— $6 $7 $6 
Downward adjustments (including impairment)(1)(2)(4)(135)
Marketable securities:
Unrealized gains (losses), net(21)121 (14)55 
MASTERCARD JUNE 30, 2024 FORM 10-Q 15

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 6. 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:
 June 30, 2024December 31, 2023
 Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		TotalQuoted 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$39 $48 $— $87 $33 $53 $— $86 
Corporate securities— 203 — 203 — 200 — 200 
Derivative instruments 2:
Foreign exchange contracts— 113 — 113 — 36 — 36 
Marketable securities 3:
Equity securities498 — — 498 506 — — 506 
Deferred compensation plan 4:
Deferred compensation assets104 — — 104 93 — — 93 
Liabilities
Derivative instruments 2:
Foreign exchange contracts$— $13 $— $13 $— $104 $— $104 
Interest rate contracts — 83 — 83 — 79 — 79 
Deferred compensation plan 5:
Deferred compensation liabilities102 — — 102 91 — — 91 
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 measured at fair value are based on observable inputs such as broker quotes for similar derivative instruments. See Note 16 (Derivative and Hedging Instruments) for further details.
3The Company’s Marketable securities are publicly held and 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, 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 measured at fair value 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.
16 MASTERCARD JUNE 30, 2024 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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 5 (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 June 30, 2024, the carrying value and fair value of debt was $15.6 billion and $14.1 billion, respectively. At December 31, 2023, the carrying value and fair value of debt was $15.7 billion and $14.7 billion, respectively. See Note 9 (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, time deposits, accounts receivable, settlement assets, restricted cash and restricted cash equivalents, accounts payable, settlement obligations and other accrued liabilities.
Note 7. Prepaid Expenses and Other Assets
Prepaid expenses and other current assets consisted of the following:
June 30,
2024		December 31,
2023
(in millions)
Customer incentives
$1,662 $1,570 
Other1,279 1,073 
Total prepaid expenses and other current assets$2,941 $2,643 
Other assets consisted of the following:
June 30,
2024		December 31,
2023
(in millions)
Customer incentives
$5,959 $5,170 
Equity investments1,709 1,729 
Income taxes receivable846 783 
Other756 643 
Total other assets$9,270 $8,325 
Customer incentives represent payments made to customers under business agreements. Payments made directly related to entering into such an agreement are generally capitalized and amortized over the life of the agreement.
MASTERCARD JUNE 30, 2024 FORM 10-Q 17

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 8. Accrued Expenses and Accrued Litigation
Accrued expenses consisted of the following:
June 30,
2024		December 31,
2023
 (in millions)
Customer incentives
$6,289 $6,219 
Personnel costs823 1,258 
Income and other taxes313 486 
Other582 554 
Total accrued expenses$8,007 $8,517 
Customer incentives represent amounts to be paid to customers under business agreements. As of June 30, 2024 and December 31, 2023, long-term customer incentives included in other liabilities were $2,786 million and $2,777 million, respectively.
As of June 30, 2024 and December 31, 2023, the Company’s provision for litigation was $525 million and $723 million, respectively. These amounts are separately reported as accrued litigation on the consolidated balance sheet. See Note 14 (Legal and Regulatory Proceedings) for additional information regarding the Company’s accrued litigation.
18 MASTERCARD JUNE 30, 2024 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 9. Debt
Debt consisted of the following:
June 30,
2024		December 31,
2023		Effective
Interest Rate
(in millions)
Senior Notes
2024 USD Notes
4.875 %
Senior Notes due May 2034
$1,000 $— 5.047 %
2023 USD Notes4.875 %Senior Notes due March 2028750 750 5.003 %
4.850 %Senior Notes due March 2033750 750 4.923 %
2022 EUR Notes 1
1.000 %Senior Notes due February 2029803 830 1.138 %
2021 USD Notes2.000 %Senior Notes due November 2031750 750 2.112 %
1.900 %Senior Notes due March 2031600 600 1.981 %
2.950 %Senior Notes due March 2051700 700 3.013 %
2020 USD Notes3.300 %Senior Notes due March 20271,000 1,000 3.420 %
3.350 %Senior Notes due March 20301,500 1,500 3.430 %
3.850 %Senior Notes due March 20501,500 1,500 3.896 %
2019 USD Notes2.950 %Senior Notes due June 20291,000 1,000 3.030 %
3.650 %Senior Notes due June 20491,000 1,000 3.689 %
2.000 %Senior Notes due March 2025750 750 2.147 %
2018 USD Notes3.500 %Senior Notes due February 2028500 500 3.598 %
3.950 %Senior Notes due February 2048500 500 3.990 %
2016 USD Notes2.950