Mastercard (MA) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2022	Apr. 25, 2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	001-32877
Entity Registrant Name	Mastercard Incorporated
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-4172551
Entity Address, Address Line One	2000 Purchase Street
Entity Address, Postal Zip Code	10577
Entity Address, City or Town	Purchase,
Entity Address, State or Province	NY
City Area Code	914
Local Phone Number	249-2000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001141391
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Title of 12(b) Security	Class A Common Stock, par value $0.0001 per share
Trading Symbol	MA
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		964,920,839
Class B Common Stock
Entity Common Stock, Shares Outstanding		7,723,884
1.1% Notes due 2022
Title of 12(b) Security	1.1% Notes due 2022
Trading Symbol	MA22
Security Exchange Name	NYSE
2.1% Notes due 2027
Title of 12(b) Security	2.1% Notes due 2027
Trading Symbol	MA27
Security Exchange Name	NYSE
1.0% Notes due 2029
Title of 12(b) Security	1.0% Notes due 2029
Trading Symbol	MA29A
Security Exchange Name	NYSE
2.5% Notes due 2030
Title of 12(b) Security	2.5% Notes due 2030
Trading Symbol	MA30
Security Exchange Name	NYSE

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net Revenue	$ 5,167	$ 4,155
Operating Expenses:
General and administrative	1,844	1,676
Advertising and marketing	181	119
Depreciation and amortization	192	163
Total operating expenses	2,217	1,958
Operating income	2,950	2,197
Other Income (Expense):
Investment income	5	1
Gains (losses) on equity investments, net	(76)	94
Interest expense	(110)	(107)
Other income (expense), net	4	5
Total other income (expense)	(177)	(7)
Income before income taxes	2,773	2,190
Income tax expense	142	362
Net Income	$ 2,631	$ 1,828
Basic Earnings per Share (in dollars per share)	$ 2.69	$ 1.84
Basic weighted-average shares outstanding (in shares)	977	994
Diluted Earnings per Share (in dollars per share)	$ 2.68	$ 1.83
Diluted weighted-average shares outstanding (in shares)	981	998

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income	$ 2,631	$ 1,828
Other comprehensive income (loss):
Foreign currency translation adjustments	(64)	(198)
Income tax effect	12	33
Foreign currency translation adjustments, net of income tax effect	(52)	(165)
Translation adjustments on net investment hedges	86	133
Income tax effect	(19)	(30)
Translation adjustments on net investment hedges, net of income tax effect	67	103
Cash flow hedges	1	3
Income tax effect	0	(1)
Reclassification adjustments for cash flow hedges	(5)	1
Income tax effect	1	0
Cash flow hedges, net of income tax effect	(3)	3
Investment securities available-for-sale	(2)	1
Income tax effect	1	0
Investment securities available-for-sale, net of income tax effect	(1)	1
Other comprehensive income (loss), net of tax	11	(58)
Comprehensive Income	$ 2,642	$ 1,770

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 6,879	$ 7,421
Restricted cash for litigation settlement	585	586
Investments	449	473
Accounts receivable	2,889	3,006
Settlement assets	1,101	1,319
Restricted security deposits held for customers	1,730	1,873
Prepaid expenses and other current assets	2,320	2,271
Total current assets	15,953	16,949
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $1,679 and $1,614, respectively	1,957	1,907
Deferred income taxes	795	486
Goodwill	7,625	7,662
Other intangible assets, net of accumulated amortization of $1,819 and $1,755, respectively	3,675	3,671
Other assets	7,158	6,994
Total Assets	37,163	37,669
Liabilities, Redeemable Non-controlling Interests and Equity
Accounts payable	666	738
Settlement obligations	547	913
Restricted security deposits held for customers	1,730	1,873
Accrued litigation	797	840
Accrued expenses	5,954	6,642
Current portion of long-term debt	778	792
Other current liabilities	1,456	1,364
Total current liabilities	11,928	13,162
Long-term debt	13,868	13,109
Deferred income taxes	386	395
Other liabilities	3,851	3,591
Total Liabilities	30,033	30,257
Commitments and Contingencies
Redeemable Non-controlling Interests	28	29
Stockholders’ Equity
Additional paid-in-capital	5,026	5,061
Class A treasury stock, at cost, 432 and 425 shares, respectively	(44,994)	(42,588)
Retained earnings	47,800	45,648
Accumulated other comprehensive income (loss)	(798)	(809)
Mastercard Incorporated Stockholders' Equity	7,034	7,312
Non-controlling interests	68	71
Total Equity	7,102	7,383
Total Liabilities, Redeemable Non-controlling Interests and Equity	37,163	37,669
Class A Common Stock
Stockholders’ Equity
Common stock	0	0
Class B Common Stock
Stockholders’ Equity
Common stock	$ 0	$ 0

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accumulated depreciation and amortization	$ 1,679	$ 1,614
Other intangible assets, accumulated amortization	$ 1,819	$ 1,755
Class A treasury stock, shares	432,000,000	425,000,000
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	1,398,000,000	1,397,000,000
Common stock, outstanding	967,000,000	972,000,000
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	8,000,000	8,000,000
Common stock, outstanding	8,000,000	8,000,000

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity - USD ($) $ in Millions	Total	Common StockClass A	Common StockClass 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, 2020	$ 6,488	$ 0	$ 0	$ 4,982	$ (36,658)	$ 38,747	$ (680)	$ 6,391	$ 97
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,828					1,828		1,828
Activity related to non-controlling interests	1								1
Redeemable non-controlling interest adjustments	(1)					(1)		(1)
Other comprehensive income (loss)	(58)						(58)	(58)
Dividends	(434)					(434)		(434)
Purchases of treasury stock	(1,370)				(1,370)			(1,370)
Share-based payments	(29)			(33)	4			(29)
Balance at end of period at Mar. 31, 2021	6,425	0	0	4,949	(38,024)	40,140	(738)	6,327	98
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	2,631					2,631		2,631
Activity related to non-controlling interests	(3)								(3)
Redeemable non-controlling interest adjustments	(2)					(2)		(2)
Other comprehensive income (loss)	11						11	11
Dividends	(477)					(477)		(477)
Purchases of treasury stock	(2,411)				(2,411)			(2,411)
Share-based payments	(30)			(35)	5			(30)
Balance at end of period at Mar. 31, 2022	$ 7,102	$ 0	$ 0	$ 5,026	$ (44,994)	$ 47,800	$ (798)	$ 7,034	$ 68

Consolidated Statement of Cash

Consolidated Statement of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities
Net income	$ 2,631	$ 1,828
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of customer and merchant incentives	430	338
Depreciation and amortization	192	163
(Gains) losses on equity investments, net	76	(94)
Share-based compensation	74	65
Deferred income taxes	(320)	33
Other	5	11
Changes in operating assets and liabilities:
Accounts receivable	134	(70)
Settlement assets	218	28
Prepaid expenses	(441)	(562)
Accrued litigation and legal settlements	(43)	(2)
Restricted security deposits held for customers	(144)	63
Accounts payable	(56)	(15)
Settlement obligations	(366)	(178)
Accrued expenses	(746)	(163)
Net change in other assets and liabilities	138	18
Net cash provided by operating activities	1,782	1,463
Investing Activities
Purchases of investment securities available-for-sale	(58)	(155)
Purchases of investments held-to-maturity	(37)	(38)
Proceeds from sales of investment securities available-for-sale	8	23
Proceeds from maturities of investment securities available-for-sale	70	72
Proceeds from maturities of investments held-to-maturity	43	79
Purchases of property and equipment	(146)	(65)
Capitalized software	(148)	(79)
Purchases of equity investments	(24)	(42)
Acquisition of businesses, net of cash acquired	0	(3,364)
Other investing activities	5	9
Net cash used in investing activities	(287)	(3,560)
Financing Activities
Purchases of treasury stock	(2,408)	(1,356)
Dividends paid	(479)	(439)
Proceeds from debt, net	843	1,282
Tax withholdings related to share-based payments	(132)	(121)
Cash proceeds from exercise of stock options	28	23
Other financing activities	(6)	5
Net cash used in financing activities	(2,154)	(606)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	(28)	(101)
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents	(687)	(2,804)
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period	9,902	12,419
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period	$ 9,215	$ 9,615

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
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 technology company in the global payments industry that connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide, enabling them to use electronic forms of payment instead of cash and checks. 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 March 31, 2022 and December 31, 2021, 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 on which the Company has obtained a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. The Company corrected prior period classifications of certain line items within investing activities on the consolidated statement of cash flows with no impact on total net cash used in investing activities. The Company follows accounting principles generally accepted in the United States of America (“GAAP”). The balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of December 31, 2021. The consolidated financial statements for the three months ended March 31, 2022 and 2021 and as of March 31, 2022 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 months ended March 31, 2022 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, 2021 for additional disclosures, including a summary of the Company’s significant accounting policies. Key Developments Beginning in February 2022, in response to the Russian invasion of Ukraine, the United States and other governments imposed sanctions and other restrictive measures on certain Russian-related entities and individuals and, in March 2022, the Company suspended business operations in Russia. The financial impacts related to these actions were not material to the Company’s overall financial results for the current period.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2022
Business Combinations [Abstract]
Acquisitions	Acquisitions During the three months ended March 31, 2022, the Company did not acquire any businesses. In 2021, the Company acquired several businesses in separate transactions for total consideration of $4.7 billion. As of March 31, 2022, the Company had finalized the purchase accounting f or $3.6 billion of the businesses acquired and is evaluating and finalizing the purchase accounting for the remainder of businesses acquired during 2021. For the preliminary estimated and final fair values of the purchase price allocations, as of the acquisition dates, 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, 2021. Pending Acquisition

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company’s disaggregated net revenue by source and geographic region were as follows: Three Months Ended March 31, 2022 2021 (in millions) Revenue by source: Domestic assessments $ 2,134 $ 1,798 Cross-border volume fees 1,395 932 Transaction processing 2,912 2,351 Other revenues 1,584 1,347 Gross revenue 8,025 6,428 Rebates and incentives (contra-revenue) (2,858) (2,273) Net revenue $ 5,167 $ 4,155 Net revenue by geographic region: North American Markets $ 1,703 $ 1,491 International Markets 3,385 2,618 Other 1 79 46 Net revenue $ 5,167 $ 4,155 1 Includes revenues managed by corporate functions. The Company’s customers are generally billed weekly, however, the frequency 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: March 31, December 31, (in millions) Receivables from contracts with customers Accounts receivable $ 2,680 $ 2,829 Contract assets Prepaid expenses and other current assets 148 134 Other assets 530 487 Deferred revenue 1 Other current liabilities 586 482 Other liabilities 203 180 1 Revenue recognized from performance obligations satisfied during the three months ended March 31, 2022 and 2021 was $335 million and $180 million, respectively.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (in millions, except per share data) Numerator Net income $ 2,631 $ 1,828 Denominator Basic weighted-average shares outstanding 977 994 Dilutive stock options and stock units 4 4 Diluted weighted-average shares outstanding 1 981 998 Earnings per Share Basic $ 2.69 $ 1.84 Diluted $ 2.68 $ 1.83 1 For the periods presented, the calculation of diluted EPS excluded a minimal amount of anti-dilutive share-based payment awards.

Cash, Cash Equivalents, Restric

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	3 Months Ended
	Mar. 31, 2022
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 a reconciliation 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. March 31, December 31, (in millions) Cash and cash equivalents $ 6,879 $ 7,421 Restricted cash and restricted cash equivalents Restricted cash for litigation settlement 585 586 Restricted security deposits held for customers 1,730 1,873 Prepaid expenses and other current assets 21 22 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,215 $ 9,902

Investments

Investments	3 Months Ended
	Mar. 31, 2022
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: March 31, December 31, (in millions) Available-for-sale securities 1 $ 289 $ 314 Held-to-maturity securities 2 160 159 Total investments $ 449 $ 473 1 See Available-for-Sale Securities section below for further detail. 2 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: March 31, 2022 December 31, 2021 Amortized Gross Gross Fair Amortized Gross Gross Fair (in millions) Municipal securities $ 1 $ — $ — $ 1 $ 2 $ — $ — $ 2 Government and agency securities 85 — — 85 98 — — 98 Corporate securities 205 — (2) 203 214 — — 214 Total $ 291 $ — $ (2) $ 289 $ 314 $ — $ — $ 314 The Company’s corporate and municipal available-for-sale investment securities held at March 31, 2022 and December 31, 2021 primarily carried a credit rating of A- or better. Corporate securities are comprised of commercial paper and corporate bonds. Municipal securities are comprised of state tax-exempt bonds and are diversified across states and sectors. 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. 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 March 31, 2022 was as follows: Amortized Cost Fair Value (in millions) Due within 1 year $ 134 $ 134 Due after 1 year through 5 years 157 155 Total $ 291 $ 289 Investment income on the consolidated statement of operations primarily consists of interest income generated from cash, cash equivalents, time deposits 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 months ended March 31, 2022 and 2021 were not material. 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, 2021 Purchases Sales Changes in Fair Value 1 Other 2 Balance at March 31, 2022 (in millions) Marketable securities $ 627 $ — $ — $ (162) $ (5) $ 460 Nonmarketable securities 1,207 24 — 86 (5) 1,312 Total equity investments $ 1,834 $ 24 $ — $ (76) $ (10) $ 1,772 1 Recorded in gains (losses) on equity investments, net on the consolidated statement of operations. 2 Includes translational impact of currency. The following table sets forth the components of the Company’s Nonmarketable securities: March 31, December 31, (in millions) Measurement alternative $ 1,038 $ 952 Equity method 274 255 Total Nonmarketable securities $ 1,312 $ 1,207 The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through March 31, 2022: March 31, (in millions) Initial cost basis $ 457 Cumulative adjustments: Upward adjustments 594 Downward adjustments (including impairment) (13) Carrying amount, end of period $ 1,038 The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in millions) Measurement alternative investments: Upward adjustments $ 86 $ 41 Downward adjustments (including impairment) — — Marketable securities: Unrealized gains/(losses), net (162) 54

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Fair Value Measurements	Fair Value Measurements The Company classifies its fair value measurements of financial instruments into a three-level hierarchy (the “Valuation Hierarchy”). Financial instruments are categorized for fair value measurement purposes as recurring or non-recurring in nature. Financial Instruments - 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: March 31, 2022 December 31, 2021 Quoted Prices Significant Significant Total Quoted Prices Significant Significant Total (in millions) Assets Investment securities available-for-sale 1 : Municipal securities $ — $ 1 $ — $ 1 $ — $ 2 $ — $ 2 Government and agency securities 33 52 — 85 35 63 — 98 Corporate securities — 203 — 203 — 214 — 214 Derivative instruments 2 : Foreign exchange contracts — 43 — 43 — 8 — 8 Interest rate contracts — — — — — 6 — 6 Marketable securities 3 : Equity securities 460 — — 460 627 — — 627 Deferred compensation plan 4 : Deferred compensation assets 77 — — 77 89 — — 89 Liabilities Derivative instruments 2 : Foreign exchange contracts $ — $ 7 $ — $ 7 $ — $ 15 $ — $ 15 Interest rate contracts — 53 — 53 — 8 — 8 Deferred compensation plan 5 : Deferred compensation liabilities 84 — — 84 89 — — 89 1 The 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 municipal securities, 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. 2 The 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. 3 The 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. 4 The 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. 5 The 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. Financial Instruments - Non-Recurring Measurements Nonmarketable Securities The Company’s Nonmarketable securities are recorded at fair value on a non-recurring 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. Debt The Company estimates the fair value of its long-term debt based on market quotes. These debt securities are classified as Level 2 of the Valuation Hierarchy as they are not traded in active markets. At March 31, 2022, the carrying value and fair value of total long-term debt (including the current portion) was $14.6 billion and $15.0 billion, respectively. At December 31, 2021, the carrying value and fair value of long-term debt (including the current portion) was $13.9 billion and $15.3 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.

Prepaid Expenses and Other Asse

Prepaid Expenses and Other Assets	3 Months Ended
	Mar. 31, 2022
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: March 31, December 31, (in millions) Customer and merchant incentives $ 1,325 $ 1,326 Prepaid income taxes 61 92 Other 934 853 Total prepaid expenses and other current assets $ 2,320 $ 2,271 Other assets consisted of the following: March 31, December 31, (in millions) Customer and merchant incentives $ 3,935 $ 3,798 Equity investments 1,772 1,834 Income taxes receivable 684 645 Other 767 717 Total other assets $ 7,158 $ 6,994 Customer and merchant incentives represent payments made to customers and merchants under business agreements. Payments directly related to entering into such an agreement are generally deferred and amortized over the life of the agreement.

Accrued Expenses and Accrued Li

Accrued Expenses and Accrued Litigation	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued Expenses and Accrued Litigation	Accrued Expenses and Accrued Litigation Accrued expenses consisted of the following: March 31, December 31, (in millions) Customer and merchant incentives $ 4,476 $ 4,730 Personnel costs 496 980 Income and other taxes 445 337 Other 537 595 Total accrued expenses $ 5,954 $ 6,642 Customer and merchant incentives represent amounts to be paid to customers under business agreements. As of March 31, 2022 and December 31, 2021, long-term customer and merchant incentives included in other liabilities were $2,025 million and $1,835 million, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2022
Debt [Abstract]
Debt	Debt Long-term debt consisted of the following: March 31, December 31, Effective (in millions) 2022 EUR Notes 1 1.000 % Senior Notes due February 2029 $ 834 $ — 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 1.100 % Senior Notes due December 2022 778 793 1.265 % 2.100 % Senior Notes due December 2027 890 906 2.189 % 2.500 % Senior Notes due December 2030 167 170 2.562 % 2014 USD Notes 3.375 % Senior Notes due April 2024 1,000 1,000 3.484 % 14,819 14,019 Less: Unamortized discount and debt issuance costs (120) (116) Less: Cumulative hedge accounting fair value adjustments 3 (53) (2) Total debt outstanding 14,646 13,901 Less: Current portion 4 (778) (792) Long-term debt $ 13,868 $ 13,109 1 €750 million euro-denominated debt issued in February 2022. 2 €1.650 billion euro-denominated debt issued in December 2015. 3 In 2021, the Company entered into an interest rate swap which is accounted for as a fair value hedge. See Note 17 (Derivative and Hedging Instruments) for additional information. 4 2015 EUR Notes due December 2022 are classified as current portion of long-term debt on the consolidated balance sheet as of March 31, 2022 and December 31, 2021. In February 2022, the Company issued €750 million ($834 million as of March 31, 2022) principal amount of notes due February 2029 (the “2022 EUR Notes”). The net proceeds from the issuance of the 2022 EUR Notes, after deducting the original issue discount, underwriting discount and offering expenses, were $843 million (as of the date of settlement).

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (in millions, except per share data) Dividends declared per share $ 0.49 $ 0.44 Total dividends declared $ 477 $ 434 Common Stock Activity The following table presents the changes in the Company’s outstanding Class A and Class B common stock: Three Months Ended March 31, 2022 2021 Outstanding Shares Outstanding Shares Class A Class B Class A Class B (in millions) Balance at beginning of period 972.1 7.8 986.9 8.3 Purchases of treasury stock (6.8) — (3.9) — Share-based payments 1.1 — 0.8 — Conversion of Class B to Class A common stock 0.1 (0.1) 0.1 (0.1) Balance at end of period 966.5 7.7 983.9 8.2 In November 2021 and December 2020, the Company’s Board of Directors approved share repurchase programs of its Class A common stock authorizing the Company to repurchase up to $8.0 billion and $6.0 billion, respectively. The following table summarizes the Company’s share repurchases of its Class A common stock: Three Months Ended March 31, 2022 2021 (In millions, except per share data) Dollar-value of shares repurchased $ 2,408 $ 1,356 Shares repurchased 6.8 3.9 Average price paid per share $ 355.13 $ 346.49 As of March 31, 2022, the remaining authorization under the share repurchase programs approved by the Company’s Board of Directors was $9.5 billion.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income (Loss)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022 and 2021 were as follows: December 31, 2021 Increase / (Decrease) Reclassifications March 31, 2022 (in millions) Foreign currency translation adjustments 1 $ (739) $ (52) $ — $ (791) Translation adjustments on net investment hedges 2 34 67 — 101 Cash flow hedges Foreign exchange contracts 3 4 1 (5) — Interest rate contracts (128) — 1 (127) Defined benefit pension and other postretirement plans 21 — — 21 Investment securities available-for-sale (1) (1) — (2) Accumulated other comprehensive income (loss) $ (809) $ 15 $ (4) $ (798) December 31, 2020 Increase / (Decrease) Reclassifications March 31, 2021 (in millions) Foreign currency translation adjustments 1 $ (352) $ (165) $ — $ (517) Translation adjustments on net investment hedges 2 (175) 103 — (72) Cash flow hedges Foreign exchange contracts 3 — 2 — 2 Interest rate contracts (133) — 1 (132) Defined benefit pension and other postretirement plans (20) — — (20) Investment securities available-for-sale — 1 — 1 Accumulated other comprehensive income (loss) $ (680) $ (59) $ 1 $ (738) 1 During the three months ended March 31, 2022, t he in crease in the accumulated other comprehensive loss related to foreign currency translation adjustments was drive n primarily by the depreciation of the euro and British pound against the U.S. dollar, partially offset by the appreciation of the Brazilian real against the U.S. dollar. Duri ng the three months ended March 31, 2021, 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. 2 During the three months ended March 31, 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. Du ring the three months ended March 31, 2021, t he decrease in the accumulated other comprehensive loss 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. 3 Certain 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.

Share-Based Payments

Share-Based Payments	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Share-Based Payments	Share-Based Payments During the three months ended March 31, 2022, 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 2022 Weighted-Average (in millions) (per option/unit) Non-qualified stock options 0.3 $ 87 Restricted stock units 0.9 341 Performance stock units 0.2 335 The Company used the Black-Scholes option pricing model to determine the grant-date fair value of stock options and calculated the expected life and the expected volatility based on historical Mastercard information. The expected life of stock options granted in 2022 was estimated to be six years, while the expected volatility was determined to be 24.6%. 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 between January 1, 2022 and February 28, 2022, the awards generally vest ratably over four years and for RSUs granted on or after March 1, 2022, the awards generally vest ratably over three years. The Company used 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rates were 5.1% and 16.5% for the three months ended March 31, 2022 and 2021, respectively. The lower effective income tax rate for the three months ended March 31, 2022, versus the comparable period in 2021, was primarily due to a discrete tax benefit related to final U.S. tax regulations published in the current period, resulting in a valuation allowance release of $333 million associated with the U.S. foreign tax credit carryforward deferred tax asset. The regulations limit the Company’s ability to generate foreign tax credits starting in 2022 for certain foreign taxes paid resulting in additional U.S. tax expense. 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 are 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 2011. With limited exception, the Company is no longer subject to state and local or foreign examinations by tax authorities for years before 2010.

Legal and Regulatory Proceeding

Legal and Regulatory Proceedings	3 Months Ended
	Mar. 31, 2022
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 existence in many such proceedings of 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 or 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 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 merchant 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 merchant class litigation (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, and objectors to the settlement appealed that decision to the U.S. Court of Appeals for the Second Circuit. In June 2016, the court of appeals vacated the class action certification, reversed the settlement approval and sent the case back to the district court for further proceedings. The court of appeals’ ruling was based primarily on whether the merchants were adequately represented by counsel in the settlement. As a result of the appellate court ruling, 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. The time period during which Damages Class members were permitted to opt out of the class settlement agreement ended in July 2019 with merchants representing slightly more than 25% of the Damages Class interchange volume choosing to opt out of the settlement. The district court granted final approval of the settlement in December 2019. The district court’s settlement approval order has been appealed and oral argument on the appeal was heard in March 2022. 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. The Damages Class settlement agreement does not relate to the Rules Relief Class claims. Separate 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 March 31, 2022 and December 31, 2021, Mastercard had accrued a liability of $782 million and $783 million, respectively, as a reserve for both the Damages Class litigation and the opt-out merchant cases. As of March 31, 2022 and December 31, 2021, Mastercard had $585 million and $586 million, respectively, in a qualified cash settlement fund related to the Damages Class litigation and classified as restricted cash on its consolidated balance sheet. The reserve as of March 31, 2022 for both the Damages Class litigation and the opt-out merchants represents Mastercard’s best estimate of its probable liabilities in these matters. The portion of the accrued liability relating to both the opt-out merchants and the Damages Class litigation settlement 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. Approximately £1 billion (approximately $1.3 billion as of March 31, 2022) of unresolved damages claims remain. In January 2017, Mastercard received a liability judgment in its favor on all significant matters in a separate action brought by ten of the U.K. Merchant claimants. Three of the U.K. Merchant claimants appealed the judgment, and these appeals were combined with Mastercard’s appeal of a 2016 judgment in favor of one U.K. merchant. In July 2018, the U.K. appellate court heard the appeals of the four merchant claimants and ruled against both Mastercard and Visa on two of the three legal issues being considered. The parties appealed the rulings to the U.K. Supreme Court. In June 2020, the U.K. Supreme Court ruled against Mastercard and Visa with respect to one of the liability issues being considered by the Court related to U.K. domestic interchange fees. Additionally, the U.K Supreme Court set out the legal standard that should be applied by lower trial courts with respect to determining whether interchange was exemptible under applicable law, and provided guidance to lower courts with regard to the legal standard that should be applied in assessing merchants’ damages claims. The U.K. Supreme Court sent three of the merchant cases back to the trial court solely for the purpose of determining damages issues which is scheduled to commence in January 2023. 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. The majority of these merchant claims generally had been stayed pending the decision of the U.K. Supreme Court, and a number of those matters are now progressing with motion practice and discovery. In one of the actions involving multiple merchant plaintiff claims, in November 2021 the U.K. trial court denied the plaintiffs’ motion for summary judgment on certain liability issues. The plaintiffs were granted permission to appeal that ruling. In a separate matter filed in Belgium involving multiple merchants from Czechoslovakia, a hearing on liability issues has been scheduled for June 2022. 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 £14 billion (approximately $18 billion as of March 31, 2022). In July 2017, the trial court denied the plaintiffs’ application for the case to proceed as a collective action. In April 2019, the U.K. appellate court granted the plaintiffs’ appeal of the trial court’s decision and sent the case back to the trial court for a re-hearing on the plaintiffs’ collective action application. In December 2020, the U.K. Supreme Court rejected Mastercard’s appeal of this ruling. In March 2021, the trial court held a re-hearing on the plaintiffs’ collective action application, during which Mastercard sought to narrow the scope of the proposed class. In August 2021, the trial court issued a decision in which it granted class certification but agreed with Mastercard’s argument and narrowed the scope of the class. The plaintiffs did not appeal the trial court’s decision narrowing the class. Australia. The Australian Competition & Consumer Commission (“ACCC”) is investigating certain agreements entered into by Mastercard and certain Australian merchants related to Mastercard’s debit program. The investigation focuses on historic behavior. Mastercard is cooperating with the ACCC. ATM Non-Discrimination Rule Surcharge Complaints 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 February 2013, the district court granted Mastercard’s motion to dismiss the complaints for failure to state a claim. On appeal, the Court of Appeals reversed the district court’s order in August 2015 and sent the case back for further proceedings. In September 2019, the plaintiffs filed 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. Visa and Mastercard’s request for permission to appeal the certification decision to the appellate court was granted. Briefing on the appeal is expected to take place over the course of 2022. Mastercard intends to vigorously defend against both the plaintiffs’ liability and damages claims. 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 have 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. merchant class interchange litigation described above. In August 2020, the district court issued an order granting the plaintiffs’ request for class certification. In January 2021, the Network Defendants’ request for permission to appeal the district court’s certification decision to the appellate court 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 is expected to occur in 2022. 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 June 2018, the district court granted Mastercard’s motion to stay the proceedings until the Federal Communications Commission makes a decision on the application of the TCPA to online fax services. In December 2019, the FCC issued a declaratory ruling clarifying that the TCPA does not apply to faxes sent to online fax services that are received via e-mail. As a result of the ruling, the stay of the litigation was lifted in January 2020. In January 2021, the magistrate judge serving on the district court issued an opinion recommending that the district court judge deny plaintiffs’ class certification motion. In light of an appellate court decision, issued subsequent to the magistrate’s recommendation, the district court judge instructed the parties to re-brief the motion for class certification, and the motion has been fully briefed. In December 2021, the trial court narrowed the scope of the potential class as it denied the plaintiffs’ motion for class certification of a class of all fax recipients (both stand-alone faxes and online faxes sent via email). However, the court granted class certification for a narrower class of stand-alone fax recipients only. Mastercard’s request to appeal that decision was denied. U.S. Federal Trade Commission Investigation In June 2020, the U.S. Federal Trade Commission’s Bureau of Competition (“FTC”) informed Mastercard that it has 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 focuses on Mastercard’s compliance with the debit routing provisions of the Durbin Amendment. The FTC has issued a subpoena and Mastercard is cooperating with it in the investigation. U.K. Prepaid Cards Matter In 2019, Mastercard was informed by the U.K. Payment Systems Regulator (“PSR”) that Mastercard was a target of its investigation into alleged anti-competitive conduct by public sector prepaid card program managers in the U.K. This matter focused exclusively on historic behavior. In March 2021, the PSR announced the resolution and settlement of this investigation. As part of the resolution, Mastercard agreed to pay a maximum fine of £32 million. This matter has no prospective impact on Mastercard’s on-going business. In connection with this matter, in the fourth quarter of 2020, Mastercard recorded a litigation charge of $45 million. Mastercard paid the agreed fine in March 2022.

Settlement and Other Risk Manag

Settlement and Other Risk Management	3 Months Ended
	Mar. 31, 2022
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. While the term and amount of the guarantee are unlimited, the duration of settlement exposure is short term and typically 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 are not in compliance with the Company’s risk standards to enter into risk mitigation arrangements, including cash collateral and/or other 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: March 31, December 31, (in millions) Gross settlement exposure $ 56,214 $ 59,571 Risk mitigation arrangements applied to settlement exposure (7,884) (7,710) Net settlement exposure $ 48,330 $ 51,861

Derivative and Hedging Instrume

Derivative and Hedging Instruments	3 Months Ended
	Mar. 31, 2022
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. 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. During the fourth quarter of 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 months ended March 31, 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 months ended March 31, 2022 were not material. In 2015 and 2022, the Company designated its €1,650 million and €750 million euro-denominated debt, respectively, as hedges of a portion of its net investment in its European operations. For the three months ended March 31, 2022 and 2021, the Company recorded pre-tax net foreign currency gains of $51 million and $87 million, respectively, in other comprehensive income (loss). As of March 31, 2022 and December 31, 2021, the Company had net foreign currency gains of $101 million and $34 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: March 31, 2022 December 31, 2021 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 $ 247 $ 3 $ 4 $ 206 $ 7 $ 3 Interest rate contracts in a fair value hedge 2 1,000 — 53 1,000 6 8 Foreign exchange contracts in a net investment hedge 1 2,836 36 — 1,473 — 4 Derivatives not designated as hedging instruments Foreign exchange contracts 1 557 4 3 530 1 8 Total derivative assets/liabilities $ 4,640 $ 43 $ 60 $ 3,209 $ 14 $ 23 1 Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets and other current liabilities, respectively, on the consolidated balance sheet. 2 As of March 31, 2022, interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheet. As of December 31, 2021, interest rate derivative assets and liabilities are included within prepaid expenses and other current assets and other liabilities, respectively, 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) Gain (Loss) Three Months Ended March 31, Location of Gain (Loss) Reclassified from AOCI into Earnings Three Months Ended March 31, 2022 2021 2022 2021 (in millions) (in millions) Derivative financial instruments in a cash flow hedge relationship: Foreign exchange contracts $ 1 $ 3 Net revenue $ 7 $ — Interest rate contracts $ — $ — Interest expense $ (2) $ (1) Derivative financial instruments in a net investment hedge relationship: Foreign exchange contracts $ 35 $ 46 The Company estimates that $7 million, pre-tax, of the net deferred loss on cash flow hedges recorded in accumulated other comprehensive income (loss) at March 31, 2022 will be reclassified into the consolidated statement of operations within the next 12 months. 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 March 31, Derivatives not designated as hedging instruments: 2022 2021 (in millions) Foreign exchange derivative contracts General and administrative $ 1 $ 4

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policy)	3 Months Ended
	Mar. 31, 2022
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 technology company in the global payments industry that connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide, enabling them to use electronic forms of payment instead of cash and checks.
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 March 31, 2022 and December 31, 2021, 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 on which the Company has obtained a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. The Company corrected prior period classifications of certain line items within investing activities on the consolidated statement of cash flows with no impact on total net cash used in investing activities. The Company follows accounting principles generally accepted in the United States of America (“GAAP”). The balance sheet as of December 31, 2021 was derived from the audited consolidated financial statements as of December 31, 2021. The consolidated financial statements for the three months ended March 31, 2022 and 2021 and as of March 31, 2022 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 months ended March 31, 2022 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, 2021 for additional disclosures, including a summary of the Company’s significant accounting policies.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The Company’s disaggregated net revenue by source and geographic region were as follows: Three Months Ended March 31, 2022 2021 (in millions) Revenue by source: Domestic assessments $ 2,134 $ 1,798 Cross-border volume fees 1,395 932 Transaction processing 2,912 2,351 Other revenues 1,584 1,347 Gross revenue 8,025 6,428 Rebates and incentives (contra-revenue) (2,858) (2,273) Net revenue $ 5,167 $ 4,155 Net revenue by geographic region: North American Markets $ 1,703 $ 1,491 International Markets 3,385 2,618 Other 1 79 46 Net revenue $ 5,167 $ 4,155 1 Includes revenues managed by corporate functions. March 31, December 31, (in millions) Receivables from contracts with customers Accounts receivable $ 2,680 $ 2,829 Contract assets Prepaid expenses and other current assets 148 134 Other assets 530 487 Deferred revenue 1 Other current liabilities 586 482 Other liabilities 203 180 1 Revenue recognized from performance obligations satisfied during the three months ended March 31, 2022 and 2021 was $335 million and $180 million, respectively.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (in millions, except per share data) Numerator Net income $ 2,631 $ 1,828 Denominator Basic weighted-average shares outstanding 977 994 Dilutive stock options and stock units 4 4 Diluted weighted-average shares outstanding 1 981 998 Earnings per Share Basic $ 2.69 $ 1.84 Diluted $ 2.68 $ 1.83 1 For the periods presented, the calculation of diluted EPS excluded a minimal amount of anti-dilutive share-based payment awards.

Cash, Cash Equivalents, Restr_2

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Tables)	3 Months Ended
	Mar. 31, 2022
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	The following table provides a reconciliation 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. March 31, December 31, (in millions) Cash and cash equivalents $ 6,879 $ 7,421 Restricted cash and restricted cash equivalents Restricted cash for litigation settlement 585 586 Restricted security deposits held for customers 1,730 1,873 Prepaid expenses and other current assets 21 22 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 9,215 $ 9,902

Investments (Tables)

Investments (Tables)	3 Months Ended
	Mar. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investments On the Consolidated Balance Sheet	Investments on the consolidated balance sheet consisted of the following: March 31, December 31, (in millions) Available-for-sale securities 1 $ 289 $ 314 Held-to-maturity securities 2 160 159 Total investments $ 449 $ 473 1 See Available-for-Sale Securities section below for further detail. 2 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: March 31, 2022 December 31, 2021 Amortized Gross Gross Fair Amortized Gross Gross Fair (in millions) Municipal securities $ 1 $ — $ — $ 1 $ 2 $ — $ — $ 2 Government and agency securities 85 — — 85 98 — — 98 Corporate securities 205 — (2) 203 214 — — 214 Total $ 291 $ — $ (2) $ 289 $ 314 $ — $ — $ 314
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 March 31, 2022 was as follows: Amortized Cost Fair Value (in millions) Due within 1 year $ 134 $ 134 Due after 1 year through 5 years 157 155 Total $ 291 $ 289
Equity Investments	The following table is a summary of the activity related to the Company’s equity investments: Balance at December 31, 2021 Purchases Sales Changes in Fair Value 1 Other 2 Balance at March 31, 2022 (in millions) Marketable securities $ 627 $ — $ — $ (162) $ (5) $ 460 Nonmarketable securities 1,207 24 — 86 (5) 1,312 Total equity investments $ 1,834 $ 24 $ — $ (76) $ (10) $ 1,772 1 Recorded in gains (losses) on equity investments, net on the consolidated statement of operations. 2 Includes translational impact of currency.
Nonmarketable securities	The following table sets forth the components of the Company’s Nonmarketable securities: March 31, December 31, (in millions) Measurement alternative $ 1,038 $ 952 Equity method 274 255 Total Nonmarketable securities $ 1,312 $ 1,207
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 March 31, 2022: March 31, (in millions) Initial cost basis $ 457 Cumulative adjustments: Upward adjustments 594 Downward adjustments (including impairment) (13) Carrying amount, end of period $ 1,038
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 for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 (in millions) Measurement alternative investments: Upward adjustments $ 86 $ 41 Downward adjustments (including impairment) — — Marketable securities: Unrealized gains/(losses), net (162) 54

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 December 31, 2021 Quoted Prices Significant Significant Total Quoted Prices Significant Significant Total (in millions) Assets Investment securities available-for-sale 1 : Municipal securities $ — $ 1 $ — $ 1 $ — $ 2 $ — $ 2 Government and agency securities 33 52 — 85 35 63 — 98 Corporate securities — 203 — 203 — 214 — 214 Derivative instruments 2 : Foreign exchange contracts — 43 — 43 — 8 — 8 Interest rate contracts — — — — — 6 — 6 Marketable securities 3 : Equity securities 460 — — 460 627 — — 627 Deferred compensation plan 4 : Deferred compensation assets 77 — — 77 89 — — 89 Liabilities Derivative instruments 2 : Foreign exchange contracts $ — $ 7 $ — $ 7 $ — $ 15 $ — $ 15 Interest rate contracts — 53 — 53 — 8 — 8 Deferred compensation plan 5 : Deferred compensation liabilities 84 — — 84 89 — — 89 1 The 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 municipal securities, 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. 2 The 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. 3 The 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. 4 The 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.

Prepaid Expenses and Other As_2

Prepaid Expenses and Other Assets (Tables)	3 Months Ended
	Mar. 31, 2022
Prepaid Expense and Other Assets [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: March 31, December 31, (in millions) Customer and merchant incentives $ 1,325 $ 1,326 Prepaid income taxes 61 92 Other 934 853 Total prepaid expenses and other current assets $ 2,320 $ 2,271
Schedule of Other Assets, Noncurrent	Other assets consisted of the following: March 31, December 31, (in millions) Customer and merchant incentives $ 3,935 $ 3,798 Equity investments 1,772 1,834 Income taxes receivable 684 645 Other 767 717 Total other assets $ 7,158 $ 6,994

Accrued Expenses and Accrued _2

Accrued Expenses and Accrued Litigation (Tables)	3 Months Ended
	Mar. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued Expenses	Accrued expenses consisted of the following: March 31, December 31, (in millions) Customer and merchant incentives $ 4,476 $ 4,730 Personnel costs 496 980 Income and other taxes 445 337 Other 537 595 Total accrued expenses $ 5,954 $ 6,642

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Debt [Abstract]
Schedule of Long-term Debt	Long-term debt consisted of the following: March 31, December 31, Effective (in millions) 2022 EUR Notes 1 1.000 % Senior Notes due February 2029 $ 834 $ — 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 1.100 % Senior Notes due December 2022 778 793 1.265 % 2.100 % Senior Notes due December 2027 890 906 2.189 % 2.500 % Senior Notes due December 2030 167 170 2.562 % 2014 USD Notes 3.375 % Senior Notes due April 2024 1,000 1,000 3.484 % 14,819 14,019 Less: Unamortized discount and debt issuance costs (120) (116) Less: Cumulative hedge accounting fair value adjustments 3 (53) (2) Total debt outstanding 14,646 13,901 Less: Current portion 4 (778) (792) Long-term debt $ 13,868 $ 13,109 1 €750 million euro-denominated debt issued in February 2022. 2 €1.650 billion euro-denominated debt issued in December 2015. 3 In 2021, the Company entered into an interest rate swap which is accounted for as a fair value hedge. See Note 17 (Derivative and Hedging Instruments) for additional information. 4 2015 EUR Notes due December 2022 are classified as current portion of long-term debt on the consolidated balance sheet as of March 31, 2022 and December 31, 2021.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2022
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 March 31, 2022 2021 (in millions, except per share data) Dividends declared per share $ 0.49 $ 0.44 Total dividends declared $ 477 $ 434
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 March 31, 2022 2021 Outstanding Shares Outstanding Shares Class A Class B Class A Class B (in millions) Balance at beginning of period 972.1 7.8 986.9 8.3 Purchases of treasury stock (6.8) — (3.9) — Share-based payments 1.1 — 0.8 — Conversion of Class B to Class A common stock 0.1 (0.1) 0.1 (0.1) Balance at end of period 966.5 7.7 983.9 8.2
Schedule of share repurchases and authorizations	The following table summarizes the Company’s share repurchases of its Class A common stock: Three Months Ended March 31, 2022 2021 (In millions, except per share data) Dollar-value of shares repurchased $ 2,408 $ 1,356 Shares repurchased 6.8 3.9 Average price paid per share $ 355.13 $ 346.49

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Loss) (Tables)	3 Months Ended
	Mar. 31, 2022
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 three months ended March 31, 2022 and 2021 were as follows: December 31, 2021 Increase / (Decrease) Reclassifications March 31, 2022 (in millions) Foreign currency translation adjustments 1 $ (739) $ (52) $ — $ (791) Translation adjustments on net investment hedges 2 34 67 — 101 Cash flow hedges Foreign exchange contracts 3 4 1 (5) — Interest rate contracts (128) — 1 (127) Defined benefit pension and other postretirement plans 21 — — 21 Investment securities available-for-sale (1) (1) — (2) Accumulated other comprehensive income (loss) $ (809) $ 15 $ (4) $ (798) December 31, 2020 Increase / (Decrease) Reclassifications March 31, 2021 (in millions) Foreign currency translation adjustments 1 $ (352) $ (165) $ — $ (517) Translation adjustments on net investment hedges 2 (175) 103 — (72) Cash flow hedges Foreign exchange contracts 3 — 2 — 2 Interest rate contracts (133) — 1 (132) Defined benefit pension and other postretirement plans (20) — — (20) Investment securities available-for-sale — 1 — 1 Accumulated other comprehensive income (loss) $ (680) $ (59) $ 1 $ (738) 1 During the three months ended March 31, 2022, t he in crease in the accumulated other comprehensive loss related to foreign currency translation adjustments was drive n primarily by the depreciation of the euro and British pound against the U.S. dollar, partially offset by the appreciation of the Brazilian real against the U.S. dollar. Duri ng the three months ended March 31, 2021, 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. 2 During the three months ended March 31, 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. Du ring the three months ended March 31, 2021, t he decrease in the accumulated other comprehensive loss 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. 3 Certain 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.

Share-Based Payments (Tables)

Share-Based Payments (Tables)	3 Months Ended
	Mar. 31, 2022
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan	During the three months ended March 31, 2022, 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 2022 Weighted-Average (in millions) (per option/unit) Non-qualified stock options 0.3 $ 87 Restricted stock units 0.9 341 Performance stock units 0.2 335

Settlement and Other Risk Man_2

Settlement and Other Risk Management (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, December 31, (in millions) Gross settlement exposure $ 56,214 $ 59,571 Risk mitigation arrangements applied to settlement exposure (7,884) (7,710) Net settlement exposure $ 48,330 $ 51,861

Derivative and Hedging Instru_2

Derivative and Hedging Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
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: March 31, 2022 December 31, 2021 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 $ 247 $ 3 $ 4 $ 206 $ 7 $ 3 Interest rate contracts in a fair value hedge 2 1,000 — 53 1,000 6 8 Foreign exchange contracts in a net investment hedge 1 2,836 36 — 1,473 — 4 Derivatives not designated as hedging instruments Foreign exchange contracts 1 557 4 3 530 1 8 Total derivative assets/liabilities $ 4,640 $ 43 $ 60 $ 3,209 $ 14 $ 23 1 Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets and other current liabilities, respectively, on the consolidated balance sheet. 2 As of March 31, 2022, interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheet. As of December 31, 2021, interest rate derivative assets and liabilities are included within prepaid expenses and other current assets and other liabilities, respectively, 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) Gain (Loss) Three Months Ended March 31, Location of Gain (Loss) Reclassified from AOCI into Earnings Three Months Ended March 31, 2022 2021 2022 2021 (in millions) (in millions) Derivative financial instruments in a cash flow hedge relationship: Foreign exchange contracts $ 1 $ 3 Net revenue $ 7 $ — Interest rate contracts $ — $ — Interest expense $ (2) $ (1) Derivative financial instruments in a net investment hedge relationship: Foreign exchange contracts $ 35 $ 46
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 March 31, Derivatives not designated as hedging instruments: 2022 2021 (in millions) Foreign exchange derivative contracts General and administrative $ 1 $ 4

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - 2021 Acquisitions - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Total consideration		$ 4,700
Finalized purchase accounting adjustments	$ 3,600

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation of Revenue [Line Items]
Gross revenue	$ 8,025	$ 6,428
Rebates and incentives (contra-revenue)	(2,858)	(2,273)
Net revenue	5,167	4,155
North American Markets
Disaggregation of Revenue [Line Items]
Net revenue	1,703	1,491
International Markets
Disaggregation of Revenue [Line Items]
Net revenue	3,385	2,618
Other
Disaggregation of Revenue [Line Items]
Net revenue	79	46
Domestic assessments
Disaggregation of Revenue [Line Items]
Gross revenue	2,134	1,798
Cross-border volume fees
Disaggregation of Revenue [Line Items]
Gross revenue	1,395	932
Transaction processing
Disaggregation of Revenue [Line Items]
Gross revenue	2,912	2,351
Other revenues
Disaggregation of Revenue [Line Items]
Gross revenue	$ 1,584	$ 1,347

Revenue - Location on Balance S

Revenue - Location on Balance Sheet of Amounts Recognized From Contracts With Customers (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Receivables from contracts with customers
Disaggregation of Revenue [Line Items]
Contract assets	$ 2,680	$ 2,829
Prepaid Expenses and Other Current Assets
Disaggregation of Revenue [Line Items]
Contract assets	148	134
Other Assets
Disaggregation of Revenue [Line Items]
Contract assets	530	487
Other current liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue	586	482
Other Liabilities
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 203	$ 180

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue recognized from performance obligations	$ 335	$ 180

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator
Net income	$ 2,631	$ 1,828
Denominator
Basic weighted-average shares outstanding (in shares)	977	994
Diluted weighted-average shares outstanding (in shares)	4	4
Diluted weighted-average shares outstanding (in shares)	981	998
Earnings per Share
Basic (in dollars per share)	$ 2.69	$ 1.84
Diluted (in dollars per share)	$ 2.68	$ 1.83

Cash, Cash Equivalents, Restr_3

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 6,879	$ 7,421
Cash, cash equivalents, restricted cash and restricted cash equivalents	9,215	9,902	$ 9,615	$ 12,419
Restricted cash for litigation settlement
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and restricted cash equivalents	585	586
Restricted security deposits held for customers
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and restricted cash equivalents	1,730	1,873
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and restricted cash equivalents	$ 21	$ 22

Investments - Investments (Deta

Investments - Investments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities	$ 289	$ 314
Held-to-maturity securities	160	159
Total investments	$ 449	$ 473

Investments - Available-for-Sal

Investments - Available-for-Sale Investment Securities, Unrealized Gains and Losses (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 291	$ 314
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(2)	0
Fair Value	289	314
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	1	2
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Fair Value	1	2
Government and agency securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	85	98
Gross Unrealized Gain	0	0
Gross Unrealized Loss	0	0
Fair Value	85	98
Corporate securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	205	214
Gross Unrealized Gain	0	0
Gross Unrealized Loss	(2)	0
Fair Value	$ 203	$ 214

Investments - Maturity Distribu

Investments - Maturity Distribution Based on Contractual Terms of Investment Securities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Available-For-Sale Amortized Cost
Due within 1 year	$ 134
Due after 1 year through 5 years	157
Amortized Cost	291	$ 314
Available-For-Sale Fair Value
Due within 1 year	134
Due after 1 year through 5 years	155
Total	$ 289	$ 314

Investments - Equity Investment

Investments - Equity Investments (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Increase (Decrease) In Equity Investments [Roll Forward]
Marketable securities, beginning balance	$ 627
Marketable securities, Purchases	0
Marketable securities, Sales	0
Marketable securities, Changes in Fair Value	(162)
Marketable Securities, Other	(5)
Marketable securities, ending balance	460
Nonmarketable securities, beginning balance	1,207
Nonmarketable Securities, Purchases	24
Nonmarketable Securities, Sales	0
Nonmarketable Securities, Changes in Fair Value	86
Nonmarketable Securities, Other	(5)
Nonmarketable securities, ending balance	1,312
Total equity investments, beginning balance	1,834
Total equity investments, Purchases	24
Total equity investments, Sales	0
Total equity investments, Changes in Fair Value	(76)
Total equity investments, Other	(10)
Total equity investments, ending balance	$ 1,772

Investments - Components of Non

Investments - Components of Nonmarketable securities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Marketable Securities [Abstract]
Measurement alternative	$ 1,038	$ 952
Equity method	274	255
Total Nonmarketable securities	$ 1,312	$ 1,207

Investments - Carrying Value of

Investments - Carrying Value of Measurement Alternative Investments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Alternative Investment, Initial Cost Basis	$ 457
Alternative Investment, Upward Price Adjustment, Cumulative Amount	594
Alternative Investment, Downward Price Adjustment Including Impairment, Cumulative Amount	(13)
Measurement alternative	$ 1,038	$ 952

Investments - Unrealized Gains

Investments - Unrealized Gains (Losses) Included in the Carrying Value of Measurement Alternative Investments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Alternative Investments, Upward Price Adjustment, Annual Amount	$ 86	$ 41
Alternative Investment, Downward Price Adjustment Including Impairment, Annual Amount	0	0
Equity Securities, FV-NI, Unrealized Gain (Loss)	$ (162)	$ 54

Fair Value Measurements - Distr

Fair Value Measurements - Distribution of Financial Instruments, Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Option, Quantitative Disclosures [Line Items]
Deferred compensation assets	$ 77	$ 89
Foreign exchange derivative liabilities	7	15
Deferred compensation liabilities	84	89
Fair Value, Inputs, Level 1
Fair Value, Option, Quantitative Disclosures [Line Items]
Deferred compensation assets	77	89
Foreign exchange derivative liabilities	0	0
Deferred compensation liabilities	84	89
Fair Value, Inputs, Level 2
Fair Value, Option, Quantitative Disclosures [Line Items]
Deferred compensation assets	0	0
Foreign exchange derivative liabilities	7	15
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
Municipal securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment securities available for sale	1	2
Municipal securities | Fair Value, Inputs, Level 1
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment securities available for sale	0	0
Municipal securities | Fair Value, Inputs, Level 2
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment securities available for sale	1	2
Municipal securities | Fair Value, Inputs, Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment securities available for sale	0	0
Government and agency securities
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment securities available for sale	85	98
Government and agency securities | Fair Value, Inputs, Level 1
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment securities available for sale	33	35
Government and agency securities | Fair Value, Inputs, Level 2
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment securities available for sale	52	63
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	203	214
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	203	214
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	460	627
Equity securities | Fair Value, Inputs, Level 1
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment securities available for sale	460	627
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	43	8
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	43	8
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]
Derivative instrument	0	6
Foreign exchange derivative liabilities	53	8
Interest rate contracts | Fair Value, Inputs, Level 1
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative instrument	0	0
Foreign exchange derivative liabilities	0	0
Interest rate contracts | Fair Value, Inputs, Level 2
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative instrument	0	6
Foreign exchange derivative liabilities	53	8
Interest rate contracts | Fair Value, Inputs, Level 3
Fair Value, Option, Quantitative Disclosures [Line Items]
Derivative instrument	0	0
Foreign exchange derivative liabilities	$ 0	$ 0

Fair Value Measurements - Narra

Fair Value Measurements - Narrative Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt, Long-term and Short-term, Combined Amount	$ 14,646	$ 13,901
Long-term debt	13,868	13,109
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt, fair value	$ 15,000	$ 15,300

Prepaid Expenses and Other As_3

Prepaid Expenses and Other Assets - Schedule of Prepaid Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets [Abstract]
Customer and merchant incentives	$ 1,325	$ 1,326
Prepaid income taxes	61	92
Other	934	853
Total prepaid expenses and other current assets	$ 2,320	$ 2,271

Prepaid Expenses and Other As_4

Prepaid Expenses and Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets [Abstract]
Customer and merchant incentives	$ 3,935	$ 3,798
Equity investments	1,772	1,834
Income taxes receivable	684	645
Other	767	717
Total other assets	$ 7,158	$ 6,994

Accrued Expenses and Accrued _3

Accrued Expenses and Accrued Litigation - Accrued Expenses (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Customer and merchant incentives	$ 4,476	$ 4,730
Personnel costs	496	980
Income and other taxes	445	337
Other	537	595
Total accrued expenses	$ 5,954	$ 6,642

Accrued Expenses and Accrued _4

Accrued Expenses and Accrued Litigation - Accrued Litigation Expense (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued Customer and Merchant Incentives	$ 2,025	$ 1,835
Provision for litigation	$ 797	$ 840

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt (Details) € in Millions, $ in Millions	Mar. 31, 2022USD ($)	Feb. 28, 2022EUR (€)	Dec. 31, 2021USD ($)	Dec. 31, 2015EUR (€)
Debt Instrument [Line Items]
Long-term debt, gross	$ 14,819		$ 14,019
Less: Unamortized discount and debt issuance costs	(120)		(116)
Total debt outstanding	14,646		13,901
Less: current portion	(778)		(792)
Less: Cumulative hedge accounting fair value adjustment	(53)		(2)
Long-term debt	$ 13,868		13,109
Senior Notes | February 2029 Notes
Debt Instrument [Line Items]
Stated Interest Rate	1.00%
Long-term debt, gross	$ 834	€ 750	0
Effective Interest Rate	1.138%
Senior Notes | November 2031 Notes
Debt Instrument [Line Items]
Stated Interest Rate	2.00%
Long-term debt, gross	$ 750		750
Effective Interest Rate	2.112%
Senior Notes | March 2031 Notes
Debt Instrument [Line Items]
Stated Interest Rate	1.90%
Long-term debt, gross	$ 600		600
Effective Interest Rate	1.981%
Senior Notes | March 2051 Notes
Debt Instrument [Line Items]
Stated Interest Rate	2.95%
Long-term debt, gross	$ 700		700
Effective Interest Rate	3.013%
Senior Notes | 2027 Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.30%
Long-term debt, gross	$ 1,000		1,000
Effective Interest Rate	3.42%
Senior Notes | 2030 Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.35%
Long-term debt, gross	$ 1,500		$ 1,500
Effective Interest Rate	3.43%
Senior Notes | Senior Notes Due March 2050
Debt Instrument [Line Items]
Stated Interest Rate	3.85%		3.85%
Long-term debt, gross	$ 1,500		$ 1,500
Effective Interest Rate	3.896%
Senior Notes | 2029 Notes
Debt Instrument [Line Items]
Stated Interest Rate	2.95%
Long-term debt, gross	$ 1,000		1,000
Effective Interest Rate	3.03%
Senior Notes | 2049 Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.65%
Long-term debt, gross	$ 1,000		1,000
Effective Interest Rate	3.689%
Senior Notes | 2025 Notes [Member]
Debt Instrument [Line Items]
Stated Interest Rate	2.00%
Long-term debt, gross	$ 750		750
Effective Interest Rate	2.147%
Senior Notes | 2028 Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.50%
Long-term debt, gross	$ 500		500
Effective Interest Rate	3.598%
Senior Notes | 2048 Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.95%
Long-term debt, gross	$ 500		500
Effective Interest Rate	3.99%
Senior Notes | 2026 Notes
Debt Instrument [Line Items]
Stated Interest Rate	2.95%
Long-term debt, gross	$ 750		750
Effective Interest Rate	3.044%
Senior Notes | 2046 Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.80%
Long-term debt, gross	$ 600		600
Effective Interest Rate	3.893%
Senior Notes | 2022 Notes
Debt Instrument [Line Items]
Stated Interest Rate	1.10%
Long-term debt, gross	$ 778		793
Effective Interest Rate	1.265%
Senior Notes | 2.1% Notes due 2027
Debt Instrument [Line Items]
Stated Interest Rate	2.10%
Long-term debt, gross	$ 890		906
Effective Interest Rate	2.189%
Senior Notes | 2.5% Notes due 2030
Debt Instrument [Line Items]
Stated Interest Rate	2.50%
Long-term debt, gross	$ 167		170
Effective Interest Rate	2.562%
Senior Notes | 2024 Notes
Debt Instrument [Line Items]
Stated Interest Rate	3.375%
Long-term debt, gross	$ 1,000		$ 1,000
Effective Interest Rate	3.484%
Senior Notes | 2015 Euro Notes
Debt Instrument [Line Items]
Long-term debt, gross | €				€ 1,650

Debt - Narrative (Details)

Debt - Narrative (Details) € in Millions, $ in Millions	1 Months Ended
	Feb. 28, 2022USD ($)	Mar. 31, 2022USD ($)	Feb. 28, 2022EUR (€)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Long-term debt, gross		$ 14,819		$ 14,019
Senior Notes | February 2029 Notes
Debt Instrument [Line Items]
Long-term debt, gross		$ 834	€ 750	$ 0
Proceeds from issuance of debt	$ 843

Stockholders' Equity - Dividend

Stockholders' Equity - Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Dividends Payable [Line Items]
Total dividends declared	$ 477	$ 434
Common Stock
Dividends Payable [Line Items]
Dividends declared per share	$ 0.49	$ 0.44
Retained Earnings
Dividends Payable [Line Items]
Total dividends declared	$ 477	$ 434

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Shares Activity (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Purchases of treasury stock	(6.8)	(3.9)
Common Stock | Class A
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at December 31, 2021	972.1	986.9
Purchases of treasury stock	(6.8)	(3.9)
Share-based payments	1.1	0.8
Conversion of Class B to Class A common stock	0.1	0.1
Balance at March 31, 2022	966.5	983.9
Common Stock | Class B
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Balance at December 31, 2021	7.8	8.3
Purchases of treasury stock	0	0
Share-based payments	0	0
Conversion of Class B to Class A common stock	(0.1)	(0.1)
Balance at March 31, 2022	7.7	8.2

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($) $ in Billions	Mar. 31, 2022	Nov. 30, 2021	Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]
Remaining authorization	$ 9.5
December 2020 Share Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Authorized amounts under stock repurchase program			$ 6
November 2021 Share Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Authorized amounts under stock repurchase program		$ 8

Stockholders' Equity - Schedule

Stockholders' Equity - Schedule of Share Repurchases and Authorizations (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Equity [Abstract]
Dollar-value of shares repurchased	$ 2,408	$ 1,356
Shares repurchased	6.8	3.9
Average price paid per share	$ 355.13	$ 346.49

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 7,383	$ 6,488
Balance at end of period	7,102	6,425
Foreign currency translation adjustments
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(739)	(352)
Increase / (Decrease)	(52)	(165)
Reclassifications	0	0
Balance at end of period	(791)	(517)
Translation adjustments on net investment hedge
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	34	(175)
Increase / (Decrease)	67	103
Reclassifications	0	0
Balance at end of period	101	(72)
Defined benefit pension and other postretirement plans
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	21	(20)
Increase / (Decrease)	0	0
Reclassifications	0	0
Balance at end of period	21	(20)
Investment securities available-for-sale
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(1)	0
Increase / (Decrease)	(1)	1
Reclassifications	0	0
Balance at end of period	(2)	1
Accumulated other comprehensive income (loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(809)	(680)
Increase / (Decrease)	15	(59)
Reclassifications	(4)	1
Balance at end of period	(798)	(738)
Foreign exchange contracts | Cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	4	0
Increase / (Decrease)	1	2
Reclassifications	(5)	0
Balance at end of period	0	2
Interest rate contracts | Cash flow hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(128)	(133)
Increase / (Decrease)	0	0
Reclassifications	1	1
Balance at end of period	$ (127)	$ (132)

Share-Based Payments - Types of

Share-Based Payments - Types of Equity Awards (Details) shares in Millions	3 Months Ended
	Mar. 31, 2022$ / sharesshares
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	$ 87
Restricted stock units
Share-Based Payments
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares	0.9
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted-Average Grant-Date Fair Value | $ / shares	$ 341
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	$ 335

Share-Based Payments - Narrativ

Share-Based Payments - Narrative (Details)	3 Months Ended
	Mar. 31, 2022
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	24.60%
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 Between January 1, 2022 and February 28, 2022
Share-Based Payments
Share-Based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 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

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate (as a percent)	5.10%	16.50%
Valuation allowance release	$ 333

Legal and Regulatory Proceedi_2

Legal and Regulatory Proceedings (Details) £ in Millions

1 Months Ended

3 Months Ended

18 Months Ended

Mar. 31, 2021GBP (£)

Sep. 30, 2019USD ($)

Jul. 31, 2018claimant

Jan. 31, 2017claimant

Mar. 31, 2016USD ($)claimant

Oct. 31, 2011plaintiff

Feb. 28, 2011

Mar. 31, 2022USD ($)faxclaimant

Mar. 31, 2022GBP (£)fax

Dec. 31, 2020USD ($)

Jun. 30, 2018claimant

Mar. 31, 2022GBP (£)claimant

Dec. 31, 2021USD ($)

Jul. 31, 2019

Legal And Regulatory

Accrued litigation | $

$ 797,000,000

$ 840,000,000

Restricted cash for litigation settlement | $

$ 585,000,000

586,000,000

Unsolicited faxes | fax

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 | $

$ 782,000,000

$ 783,000,000

Maximum | U.S. Merchant Litigation - Class Litigation

Legal And Regulatory

Percentage of merchant opt outs to terminate agreement

25.00%

U.K. Merchant claimants

Legal And Regulatory

Number of plaintiffs in case | claimant

4

10

U.K. Merchant claimants | U.K. Merchant Claims, Sent Back to Trial Court, Damages Issues

Legal And Regulatory

Number of pending claims | claimant

3

3

Proposed U.K. Interchange Collective Action

Legal And Regulatory

Amount of damages sought (that exceeds)

$ 18,000,000,000

£ 14,000

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 pending claims | claimant

4

U.K. Prepaid Cards Matter

Legal And Regulatory

Maximum fine agreed to be paid | £

£ 32

Litigation charge recorded | $

$ 45,000,000

Judicial Ruling | 2017 U.K. Merchant Claimants

Legal And Regulatory

Number of claims settled | claimant

3

Judicial Ruling | 2017 U.K. Merchant Claimants | Unfavorable Regulatory Action

Legal And Regulatory

Number of claims settled | claimant

2

Judicial Ruling | 2016 U.K. Merchant Claimants | Unfavorable Regulatory Action

Legal And Regulatory

Number of claims settled | claimant

1

Appealing judgment | U.K. Merchant claimants

Legal And Regulatory

Number of claims settled | claimant

3

Unresolved | U.K. Merchant Lawsuit Settlement

Legal And Regulatory

Unresolved damages claims

$ 1,300,000,000

£ 1,000

Settlement and Other Risk Man_3

Settlement and Other Risk Management - Estimated Settlement Exposure (Details) - Guarantee Obligations - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Risks Inherent in Servicing Assets and Servicing Liabilities
Gross settlement exposure	$ 56,214	$ 59,571
Risk mitigation arrangements applied to settlement exposure	(7,884)	(7,710)
Net settlement exposure	$ 48,330	$ 51,861

Settlement and Other Risk Man_4

Settlement and Other Risk Management - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Settlement and Other Risk Management [Abstract]
Travelers cheques outstanding, notional value	$ 359	$ 361
Travelers cheques covered by collateral arrangements	$ 285	$ 287

Derivative and Hedging Instru_3

Derivative and Hedging Instruments - Narrative (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2022EUR (€)	Dec. 31, 2021USD ($)	Dec. 31, 2015EUR (€)
Foreign Exchange Risk Management
Unrealized gain (loss) on net investment hedges, before tax	$ 35	$ 46
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%
Euro-Denominated Debt
Foreign Exchange Risk Management
Unrealized gain (loss) on net investment hedges, before tax	$ 51	$ (87)
Cash Flow Hedging | Interest Rate Risk
Foreign Exchange Risk Management
Estimated amount to be reclassified into interest expense within next 12 months	$ 7
Terms of the foreign currency forward contracts and foreign currency option contracts, less than	18 months
Net Investment Hedging | Euro-Denominated Debt
Foreign Exchange Risk Management
Notional amount designated | €			€ 750		€ 1,650
Net foreign currency transaction pre-tax loss in AOCI	$ 101			$ 34

Derivative and Hedging Instru_4

Derivative and Hedging Instruments - Fair Value of Company's Derivative Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Foreign Exchange Risk Management
Notional	$ 4,640	$ 3,209
Derivative assets	43	14
Derivative liabilities	60	23
Derivatives not designated as hedging instruments | Foreign exchange contracts | Prepaid Expenses, Other Current Assets, and Other Current Liabilities
Foreign Exchange Risk Management
Notional	557	530
Derivative assets	4	1
Derivative liabilities	3	8
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	247	206
Derivative assets	3	7
Derivative liabilities	4	3
Fair Value Hedging | Derivatives designated as hedging instruments | Interest rate contracts | Other Current Liabilities and Other Liabilities
Foreign Exchange Risk Management
Notional	1,000
Derivative assets	0
Derivative liabilities	53
Fair Value Hedging | Derivatives designated as hedging instruments | Interest rate contracts | Prepaid Expenses, Other Current Assets, and Other Liabilities
Foreign Exchange Risk Management
Notional		1,000
Derivative assets		6
Derivative liabilities		8
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	2,836	1,473
Derivative assets	36	0
Derivative liabilities	$ 0	$ 4

Derivative and Hedging Instru_5

Derivative and Hedging Instruments - Gain (Loss) Related to the Company's Derivative Financial Instruments Designated as Hedging Instruments (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Foreign Exchange Risk Management
Unrealized gain (loss) on cash flow hedges, before tax	$ 1	$ 3
Realized gain (loss) on cash flow hedges reclassified from AOCI	5	(1)
Unrealized gain (loss) on net investment hedges, before tax	35	46
Foreign exchange contracts
Foreign Exchange Risk Management
Unrealized gain (loss) on cash flow hedges, before tax	1	3
Foreign exchange contracts | Net revenue
Foreign Exchange Risk Management
Realized gain (loss) on cash flow hedges reclassified from AOCI	7	0
Interest rate contracts
Foreign Exchange Risk Management
Unrealized gain (loss) on cash flow hedges, before tax	0	0
Interest rate contracts | Interest expense
Foreign Exchange Risk Management
Realized gain (loss) on cash flow hedges reclassified from AOCI	$ (2)	$ (1)

Derivative and Hedging Instru_6

Derivative and Hedging Instruments - Gain (Loss) Recognized in Income for the Contracts to Purchase and Sell Foreign Currency Summary (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Foreign exchange contracts | General and administrative
Foreign Exchange Risk Management
Gain (loss) for contracts to purchase and sell foreign currency	$ 1	$ 4