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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, 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
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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 October 28, 2024, there were 910,767,523 shares outstanding of the registrant’s Class A common stock, par value $0.0001 per share; and 7,063,505 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 SEPTEMBER 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 SEPTEMBER 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 Nine Months Ended September 30, 2024 and 2023
Consolidated Statement of Comprehensive Income — Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statement of Changes in Equity — Three and Nine Months Ended September 30, 2024 and 2023
Consolidated Statement of Cash Flows — Nine Months Ended September 30, 2024 and 2023
MASTERCARD SEPTEMBER 30, 2024 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,
 2024202320242023
 (in millions, except per share data)
Net Revenue$7,369 $6,533 $20,678 $18,550 
Operating Expenses:
General and administrative2,744 2,285 7,448 6,528 
Advertising and marketing220 193 520 561 
Depreciation and amortization225 211 666 594 
Provision for litigation176 — 400 231 
Total operating expenses3,365 2,689 9,034 7,914 
Operating income4,004 3,844 11,644 10,636 
Other Income (Expense):
Investment income76 71 231 185 
Gains (losses) on equity investments, net(62)(6)(69)(95)
Interest expense(159)(151)(462)(427)
Other income (expense), net7 3 19 19 
Total other income (expense)(138)(83)(281)(318)
Income before income taxes3,866 3,761 11,363 10,318 
Income tax expense603 563 1,831 1,914 
Net Income$3,263 $3,198 $9,532 $8,404 
Basic Earnings per Share$3.54 $3.40 $10.27 $8.88 
Basic weighted-average shares outstanding923 941 928 947 
Diluted Earnings per Share$3.53 $3.39 $10.25 $8.85 
Diluted weighted-average shares outstanding925 943 930 949 

The accompanying notes are an integral part of these consolidated financial statements.
6 MASTERCARD SEPTEMBER 30, 2024 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,
 2024202320242023
 (in millions)
Net Income$3,263 $3,198 $9,532 $8,404 
Other comprehensive income (loss):
Foreign currency translation adjustments262 (239)48 (92)
Income tax effect(8)1 19 (13)
Foreign currency translation adjustments, net of income tax effect254 (238)67 (105)
Translation adjustments on net investment hedges(183)138 (134)53 
Income tax effect40 (31)29 (12)
Translation adjustments on net investment hedges, net of income tax effect(143)107 (105)41 
Cash flow hedges(110)17 3 (7)
Income tax effect6 (4)(2)2 
Reclassification adjustments for cash flow hedges124 12 61 29 
Income tax effect(1)(3)(2)(7)
Cash flow hedges, net of income tax effect19 22 60 17 
Defined benefit pension and other postretirement plans— — 2 — 
Income tax effect— — — — 
Defined benefit pension and other postretirement plans, net of income tax effect— — 2 — 
Investment securities available-for-sale
2 1 2 3 
Income tax effect— — — — 
Investment securities available-for-sale, net of income tax effect2 1 2 3 
Other comprehensive income (loss), net of income tax effect132 (108)26 (44)
Comprehensive Income$3,395 $3,090 $9,558 $8,360 

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

MASTERCARD SEPTEMBER 30, 2024 FORM 10-Q 7

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Balance Sheet (Unaudited)
September 30, 2024December 31, 2023
 (in millions, except per share data)
Assets
Current assets:
Cash and cash equivalents$11,063 $8,588 
Restricted security deposits held for customers1,868 1,845 
Investments338 592 
Accounts receivable4,014 4,060 
Settlement assets1,978 1,233 
Prepaid expenses and other current assets3,039 2,643 
Total current assets22,300 18,961 
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,435 and $2,237, respectively
2,176 2,061 
Deferred income taxes1,612 1,355 
Goodwill7,721 7,660 
Other intangible assets, net of accumulated amortization of $2,453 and $2,209, respectively
4,235 4,086 
Other assets9,193 8,325 
Total Assets$47,237 $42,448 
Liabilities, Redeemable Non-controlling Interests and Equity
Current liabilities:
Accounts payable$911 $834 
Settlement obligations2,129 1,399 
Restricted security deposits held for customers1,868 1,845 
Accrued litigation665 723 
Accrued expenses9,105 8,517 
Short-term debt750 1,337 
Other current liabilities1,866 1,609 
Total current liabilities17,294 16,264 
Long-term debt17,608 14,344 
Deferred income taxes349 369 
Other liabilities4,488 4,474 
Total Liabilities39,739 35,451 
Commitments and Contingencies
Redeemable Non-controlling Interests23 22 
Stockholders’ Equity
Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,404 and 1,402 shares issued and 913 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-capital6,290 5,893 
Class A treasury stock, at cost, 491 and 475 shares, respectively
(68,035)(60,429)
Retained earnings70,258 62,564 
Accumulated other comprehensive income (loss)(1,073)(1,099)
Mastercard Incorporated Stockholders' Equity7,440 6,929 
Non-controlling interests35 46 
Total Equity7,475 6,975 
Total Liabilities, Redeemable Non-controlling Interests and Equity$47,237 $42,448 

The accompanying notes are an integral part of these consolidated financial statements.
8 MASTERCARD SEPTEMBER 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
September 30, 2024
Balance at beginning of period
$— $— $6,089 $(65,067)$67,604 $(1,205)$7,421 $39 $7,460 
Net income— — — — 3,263 — 3,263 — 3,263 
Activity related to non-controlling interests— — — — — — — (4)(4)
Redeemable non-controlling interest adjustments— — — — (2)— (2)— (2)
Other comprehensive income (loss)— — — — — 132 132 — 132 
Dividends— — — — (607)— (607)— (607)
Purchases of treasury stock— — — (2,969)— — (2,969)— (2,969)
Share-based payments— — 201 1 — — 202 — 202 
Balance at end of period
$— $— $6,290 $(68,035)$70,258 $(1,073)$7,440 $35 $7,475 
Nine Months Ended
September 30, 2024
Balance at beginning of period
$— $— $5,893 $(60,429)$62,564 $(1,099)$6,929 $46 $6,975 
Net income— — — — 9,532 — 9,532 — 9,532 
Activity related to non-controlling interests— — — — — — — (11)(11)
Redeemable non-controlling interest adjustments — — — — (5)— (5)— (5)
Other comprehensive income (loss)— — — — — 26 26 — 26 
Dividends— — — — (1,833)— (1,833)— (1,833)
Purchases of treasury stock— — — (7,615)— — (7,615)— (7,615)
Share-based payments— — 397 9 — — 406 — 406 
Balance at end of period
$— $— $6,290 $(68,035)$70,258 $(1,073)$7,440 $35 $7,475 
MASTERCARD SEPTEMBER 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
September 30, 2023
Balance at beginning of period$— $— $5,622 $(56,659)$57,730 $(1,189)$5,504 $53 $5,557 
Net income— — — — 3,198 — 3,198 — 3,198 
Activity related to non-controlling interests— — — — — — — (4)(4)
Redeemable non-controlling interest adjustments— — — — (2)— (2)— (2)
Other comprehensive income (loss)— — — — — (108)(108)— (108)
Dividends— — — — (536)— (536)— (536)
Purchases of treasury stock— — — (1,915)— — (1,915)— (1,915)
Share-based payments— — 169 1 — — 170 — 170 
Balance at end of period$— $— $5,791 $(58,573)$60,390 $(1,297)$6,311 $49 $6,360 
Nine Months Ended
September 30, 2023
Balance at beginning of period$— $— $5,298 $(51,354)$53,607 $(1,253)$6,298 $58 $6,356 
Net income— — — — 8,404 — 8,404 — 8,404 
Activity related to non-controlling interests— — — — — — — (9)(9)
Redeemable non-controlling interest adjustments— — — — (6)— (6)— (6)
Other comprehensive income (loss)— — — — — (44)(44)— (44)
Dividends— — — — (1,615)— (1,615)— (1,615)
Purchases of treasury stock— — — (7,232)— — (7,232)— (7,232)
Share-based payments— — 493 13 — — 506 — 506 
Balance at end of period$— $— $5,791 $(58,573)$60,390 $(1,297)$6,311 $49 $6,360 

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

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Consolidated Statement of Cash Flows (Unaudited)
 Nine Months Ended September 30,
 20242023
 (in millions)
Operating Activities
Net income$9,532 $8,404 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of customer incentives1,328 1,196 
Depreciation and amortization666 594 
(Gains) losses on equity investments, net69 95 
Share-based compensation418 374 
Deferred income taxes(261)(239)
Other117 88 
Changes in operating assets and liabilities:
Accounts receivable99 (484)
Settlement assets(743)151 
Prepaid expenses(2,776)(1,837)
Accrued litigation and legal settlements(59)(621)
Restricted security deposits held for customers23 240 
Accounts payable59 (319)
Settlement obligations731 (119)
Accrued expenses671 43 
Net change in other assets and liabilities72 284 
Net cash provided by operating activities9,946 7,850 
Investing Activities
Purchases of investment securities available-for-sale(414)(244)
Purchases of investments held-to-maturity(98)(327)
Proceeds from sales of investment securities available-for-sale171 72 
Proceeds from maturities of investment securities available-for-sale204 155 
Proceeds from maturities of investments held-to-maturity363 116 
Purchases of property and equipment(379)(294)
Capitalized software(565)(525)
Purchases of equity investments(28)(61)
Proceeds from sales of equity investments23 44 
Other investing activities(1)(73)
Net cash used in investing activities(724)(1,137)
Financing Activities
Purchases of treasury stock(7,565)(7,200)
Dividends paid(1,842)(1,624)
Proceeds from debt, net3,960 1,554 
Payment of debt(1,336)— 
Tax withholdings related to share-based payments(175)(81)
Cash proceeds from exercise of stock options163 213 
Net cash used in financing activities(6,795)(7,138)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents75 (29)
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents2,502 (454)
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$12,967 $8,742 

The accompanying notes are an integral part of these consolidated financial statements.
MASTERCARD SEPTEMBER 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 September 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 nine months ended September 30, 2024 and 2023 and as of September 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 nine months ended September 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. Acquisitions
In September 2024, Mastercard entered into a definitive agreement to acquire a 100% equity interest in RF Ultimate Parent, Inc. (“Recorded Future”), a global threat intelligence company, for $2.65 billion, excluding customary closing adjustments. The transaction is subject to regulatory approval and other customary closing conditions. The Company anticipates completing the acquisition by the first quarter of 2025. Upon completion, this acquisition is expected to add threat intelligence capabilities to Mastercard’s identity, fraud prevention, real-time decisioning and cybersecurity services.
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,
2024202320242023
(in millions)
Net revenue by category:
Payment network$4,629 $4,210 $12,924 $11,933 
Value-added services and solutions2,740 2,323 7,754 6,617 
Net revenue$7,369 $6,533 $20,678 $18,550 
Net revenue by geographic region:
Americas 1
$3,156 $2,828 $9,093 $8,179 
Asia Pacific, Europe, Middle East and Africa
4,213 3,705 11,585 10,371 
Net revenue$7,369 $6,533 $20,678 $18,550 
1Americas includes the United States, Canada and Latin America. Prior period amounts have been reclassified to conform to the new presentation.
12 MASTERCARD SEPTEMBER 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:
September 30,
2024		December 31,
2023
(in millions)
Receivables from contracts with customers
Accounts receivable
$3,695 $3,851 
Contract assets
Prepaid expenses and other current assets166 133 
Other assets438 387 
Deferred revenue 1
Other current liabilities738 459 
Other liabilities386 318 
1    Revenue recognized from performance obligations satisfied during the three and nine months ended September 30, 2024 were $656 million and $1,735 million, respectively.
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,
2024202320242023
(in millions, except per share data)
Numerator
Net income$3,263 $3,198 $9,532 $8,404 
Denominator
Basic weighted-average shares outstanding923 941 928 947 
Dilutive stock options and stock units2 2 2 2 
Diluted weighted-average shares outstanding 1
925 943 930 949 
Earnings per Share
Basic$3.54 $3.40 $10.27 $8.88 
Diluted$3.53 $3.39 $10.25 $8.85 
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,
2024		December 31,
2023
(in millions)
Cash and cash equivalents$11,063 $8,588 
Restricted cash and restricted cash equivalents
Restricted security deposits held for customers1,868 1,845 
Prepaid expenses and other current assets36 32 
Cash, cash equivalents, restricted cash and restricted cash equivalents$12,967 $10,465 
MASTERCARD SEPTEMBER 30, 2024 FORM 10-Q 13

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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’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:
September 30,
2024		December 31,
2023
(in millions)
Available-for-sale securities
$295 $286 
Held-to-maturity securities 1
43 306 
Total investments $338 $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 nine months ended September 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:
 September 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$80 $— $— $80 $86 $— $— $86 
Corporate securities213 2 — 215 200 1 (1)200 
Total$293 $2 $— $295 $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 September 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 September 30, 2024 was as follows:
 
 Amortized CostFair Value
 (in millions)
Due within 1 year$149 $149 
Due after 1 year through 5 years144 146 
Total$293 $295 
14 MASTERCARD SEPTEMBER 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
September 30,
2024
(in millions)
Marketable securities $506 $— $(104)$(69)$(147)$186 
Nonmarketable securities1,223 28 — — 164 1,415 
Total equity investments $1,729 $28 $(104)$(69)$17 $1,601 
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:
September 30,
2024		December 31,
2023
(in millions)
Measurement alternative
$1,188 $1,008 
Equity method
227 215 
Total Nonmarketable securities$1,415 $1,223 
The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through September 30, 2024:
(in millions)
Initial cost basis
$722 
Cumulative adjustments 1:
Upward adjustments644 
Downward adjustments (including impairment)(178)
Carrying amount, end of period$1,188 
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,
2024202320242023
(in millions)
Measurement alternative investments:
Upward adjustments$3 $1 $10 $7 
Downward adjustments (including impairment)(2)(7)(6)(142)
Marketable securities:
Unrealized gains (losses), net(61)3 75 58 
MASTERCARD SEPTEMBER 30, 2024 FORM 10-Q 15

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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.
Recurring Measurements
The distribution of the Company’s financial instruments measured at fair value on a recurring basis within the Valuation Hierarchy was as follows:
 September 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$42 $38 $— $80 $33 $53 $— $86 
Corporate securities— 215 — 215 — 200 — 200 
Derivative instruments 2:
Foreign exchange contracts— 34 — 34 — 36 — 36 
Marketable securities 3:
Equity securities186 — — 186 506 — — 506 
Deferred compensation plan 4:
Deferred compensation assets109 — — 109 93 — — 93 
Liabilities
Derivative instruments 2:
Foreign exchange contracts$— $153 $— $153 $— $104 $— $104 
Interest rate contracts — 54 — 54 — 79 — 79 
Deferred compensation plan 5:
Deferred compensation liabilities107 — — 107 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 17 (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 SEPTEMBER 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 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, 2024, the carrying value and fair value of debt was $18.4 billion and $17.5 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 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, time deposits, accounts receivable, settlement assets, restricted cash and restricted cash equivalents, 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,
2024		December 31,
2023
(in millions)
Customer incentives
$1,744 $1,570 
Other1,295 1,073 
Total prepaid expenses and other current assets$3,039 $2,643 
Other assets consisted of the following:
September 30,
2024		December 31,
2023
(in millions)
Customer incentives
$6,032 $5,170 
Equity investments1,601 1,729 
Income taxes receivable883 783 
Other677 643 
Total other assets$9,193 $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 SEPTEMBER 30, 2024 FORM 10-Q 17

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 9. Accrued Expenses and Accrued Litigation
Accrued expenses consisted of the following:
September 30,
2024		December 31,
2023
 (in millions)
Customer incentives
$6,884 $6,219 
Personnel costs1,296 1,258 
Income and other taxes354 486 
Other571 554 
Total accrued expenses$9,105 $8,517 
Customer incentives represent amounts to be paid to customers under business agreements. As of September 30, 2024 and December 31, 2023, long-term customer incentives included in other liabilities were $2,812 million and $2,777 million, respectively.
As of September 30, 2024 and December 31, 2023, the Company’s provision for litigation was $665 million and $723 million, respectively. These amounts are separately reported as accrued litigation on the consolidated balance sheet. See Note 15 (Legal and Regulatory Proceedings) for additional information regarding the Company’s accrued litigation.
18 MASTERCARD SEPTEMBER 30, 2024 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 10. Debt
Debt consisted of the following:
September 30,
2024		December 31,
2023		Effective
Interest Rate
(in millions)
Senior Notes
2024 USD Notes
4.100 %
Senior Notes due January 2028
$750 $— 4.262 %
4.350 %
Senior Notes due January 2032
1,150 — 4.446 %
4.550 %
Senior Notes due January 2035
1,100 — 4.633 %
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 2029837 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 %