MASTERCARD INC, 10-Q filed on 4/29/2021
Quarterly Report
v3.21.1
Cover - shares
 3 Months Ended
Mar. 31, 2021
Apr. 26, 2021
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2021  
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 2021  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A Common Stock    
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share  
Trading Symbol MA  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   982,905,062
Class B Common Stock    
Entity Common Stock, Shares Outstanding   8,142,424
1.1% Notes due 2022    
Title of 12(b) Security 1.1% Notes due 2022  
Trading Symbol MA22  
Security Exchange Name NYSE  
2.1% Notes due 2027    
Title of 12(b) Security 2.1% Notes due 2027  
Trading Symbol MA27  
Security Exchange Name NYSE  
2.5% Notes due 2030    
Title of 12(b) Security 2.5% Notes due 2030  
Trading Symbol MA30  
Security Exchange Name NYSE  
v3.21.1
Consolidated Statement of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Statement [Abstract]    
Net Revenue $ 4,155 $ 4,009
Operating Expenses    
General and administrative 1,676 1,494
Advertising and marketing 119 154
Depreciation and amortization 163 144
Provision for litigation 0 6
Total operating expenses 1,958 1,798
Operating income 2,197 2,211
Other Income (Expense)    
Investment income 1 16
Gains (losses) on equity investments, net 94 (174)
Interest expense (107) (69)
Other income (expense), net 5 3
Total other income (expense) (7) (224)
Income before income taxes 2,190 1,987
Income tax expense 362 294
Net Income $ 1,828 $ 1,693
Basic Earnings per Share $ 1.84 $ 1.68
Basic weighted-average shares outstanding 994 1,005
Diluted Earnings per Share $ 1.83 $ 1.68
Diluted weighted-average shares outstanding 998 1,010
v3.21.1
Consolidated Statement of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Statement of Comprehensive Income [Abstract]    
Net Income $ 1,828 $ 1,693
Other comprehensive income (loss):    
Foreign currency translation adjustments (198) (281)
Income tax effect 33 14
Foreign currency translation adjustments, net of income tax effect (165) (267)
Translation adjustments on net investment hedges 133 20
Income tax effect (30) (4)
Translation adjustments on net investment hedge, net of income tax effect 103 16
Cash flow hedges 3 (189)
Income tax effect (1) 39
Reclassification adjustments for cash flow hedges 1 0
Income tax effect 0 0
Cash flow hedges, net of income tax effect 3 (150)
Investment securities available-for-sale 1 (7)
Income tax effect 0 2
Investment securities available-for-sale, net of income tax effect 1 (5)
Other comprehensive income (loss), net of tax (58) (406)
Comprehensive Income $ 1,770 $ 1,287
v3.21.1
Consolidated Balance Sheet - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2021
Dec. 31, 2020
Assets    
Cash and cash equivalents $ 7,246 $ 10,113
Restricted cash for litigation settlement 586 586
Investments 489 483
Accounts receivable 2,648 2,646
Settlement due from customers 1,678 1,706
Restricted security deposits held for customers 1,759 1,696
Prepaid expenses and other current assets 1,999 1,883
Total current assets 16,405 19,113
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $1,441 and $1,390, respectively 1,850 1,902
Deferred income taxes 459 491
Goodwill 7,051 4,960
Other intangible assets, net of accumulated amortization of $1,551 and $1,489, respectively 3,321 1,753
Other assets 5,714 5,365
Total Assets 34,800 33,584
Liabilities, Redeemable Non-controlling Interests and Equity    
Accounts payable 476 527
Settlement due to customers 1,297 1,475
Restricted security deposits held for customers 1,759 1,696
Accrued litigation 841 842
Accrued expenses 5,200 5,430
Current portion of long-term debt 649 649
Other current liabilities 1,253 1,228
Total current liabilities 11,475 11,847
Long-term debt 13,221 12,023
Deferred income taxes 391 86
Other liabilities 3,260 3,111
Total Liabilities 28,347 27,067
Commitments and Contingencies
Redeemable Non-controlling Interests 28 29
Stockholders’ Equity    
Additional paid-in-capital 4,949 4,982
Class A treasury stock, at cost, 413 and 409 shares, respectively (38,024) (36,658)
Retained earnings 40,140 38,747
Accumulated other comprehensive income (loss) (738) (680)
Mastercard Incorporated Stockholders' Equity 6,327 6,391
Non-controlling interests 98 97
Total Equity 6,425 6,488
Total Liabilities, Redeemable Non-controlling Interests and Equity 34,800 33,584
Class A Common Stock    
Stockholders’ Equity    
Common stock $ 0 $ 0
Common stock, issued 1,397 1,396
Common stock, outstanding 984 987
Class B Common Stock    
Stockholders’ Equity    
Common stock $ 0 $ 0
Common stock, issued 8 8
Common stock, outstanding 8 8
v3.21.1
Consolidated Balance Sheet (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Accumulated depreciation and amortization $ 1,441 $ 1,390
Other intangible assets, accumulated amortization $ 1,551 $ 1,489
Class A treasury stock, shares 413,000,000 409,000,000
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 1,397,000,000 1,396,000,000
Common stock, outstanding 984,000,000 987,000,000
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
v3.21.1
Consolidated Statement of Changes in Equity - USD ($)
$ in Millions
Total
Common Stock
Class A
Common Stock
Class B
Additional Paid-In Capital
Class A Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Mastercard Incorporated Stockholders’ Equity
Non- Controlling Interests
Balance at beginning of period at Dec. 31, 2019 $ 5,917 $ 0 $ 0 $ 4,787 $ (32,205) $ 33,984 $ (673) $ 5,893 $ 24
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 1,693         1,693   1,693  
Activity related to non-controlling interests 1               1
Redeemable non-controlling interest adjustments (2)         (2)   (2)  
Other comprehensive income (loss) (406)           (406) (406)  
Dividends (402)         (402)   (402)  
Purchases of treasury stock (1,330)       (1,330)     (1,330)  
Share-based payments (48)     (52) 4     (48)  
Balance at end of period at Mar. 31, 2020 5,423 0 0 4,735 (33,531) 35,273 (1,079) 5,398 25
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
v3.21.1
Consolidated Statement of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Operating Activities    
Net income $ 1,828 $ 1,693
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of customer and merchant incentives 338 237
Depreciation and amortization 163 144
(Gains) losses on equity investments, net (94) 174
Share-based compensation 65 52
Deferred income taxes 33 26
Other 11 20
Changes in operating assets and liabilities:    
Accounts receivable (70) (3)
Settlement due from customers 28 1,831
Prepaid expenses (562) (331)
Accrued litigation and legal settlements (2) (62)
Restricted security deposits held for customers 63 148
Accounts payable (15) (102)
Settlement due to customers (178) (1,564)
Accrued expenses (163) (622)
Net change in other assets and liabilities 18 218
Net cash provided by operating activities 1,463 1,859
Investing Activities    
Purchases of investment securities available-for-sale (155) (74)
Purchases of investments held-to-maturity (38) (45)
Proceeds from sales of investment securities available-for-sale 72 179
Proceeds from maturities of investment securities available-for-sale 23 64
Proceeds from maturities of investments held-to-maturity 79 65
Purchases of property and equipment (65) (131)
Capitalized software (79) (78)
Purchases of equity investments (42) (135)
Acquisition of businesses, net of cash acquired (3,364) 0
Settlement of interest rate derivative contracts 0 (175)
Other investing activities 9 (177)
Net cash used in investing activities (3,560) (507)
Financing Activities    
Purchases of treasury stock (1,356) (1,383)
Dividends paid (439) (403)
Proceeds from debt, net 1,282 3,959
Tax withholdings related to share-based payments (121) (131)
Cash proceeds from exercise of stock options 23 31
Other financing activities 5 27
Net cash (used in) provided by financing activities (606) 2,100
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (101) (88)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (2,804) 3,364
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period 12,419 8,969
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period $ 9,615 $ 12,333
v3.21.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2021
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 equity method or measurement alternative method investments and recorded in other assets on the consolidated balance sheet. At March 31, 2021 and December 31, 2020, 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 in which the Company has obtained a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. The Company follows accounting principles generally accepted in the United States of America (“GAAP”).
The balance sheet as of December 31, 2020 was derived from the audited consolidated financial statements as of December 31, 2020. The consolidated financial statements for the three months ended March 31, 2021 and 2020 and as of March 31, 2021 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, 2021 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 the Mastercard’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional disclosures, including a summary of the Company’s significant accounting policies.
v3.21.1
Acquisitions
 3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]  
Business Combination Disclosure Acquisitions
On March 5, 2021, Mastercard acquired a majority of the Corporate Services business of Nets Denmark A/S for €3.0 billion (approximately $3.6 billion as of the date of acquisition) in cash consideration based on a €2.85 billion enterprise value, adjusted for cash and net working capital at closing. The business acquired is primarily comprised of clearing and instant payment services and e-billing solutions.
In relation to this acquisition, the Company’s preliminary estimate of net assets acquired has been recorded and primarily relates to intangible assets, including goodwill of $2.1 billion, of which $0.8 billion is expected to be deductible for local tax purposes. The goodwill arising from the acquisition is primarily attributable to the synergies expected to arise through geographic, product and customer expansion, the underlying technology and workforce acquired. Refer to Note 1 (Summary of Significant Accounting Policies) 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, 2020 for the valuation techniques Mastercard utilizes to fair value the respective components of business combinations.
The Company is in the process of obtaining additional information necessary to finalize the valuation of the acquired assets and liabilities assumed as of the acquisition date. Therefore, the preliminary fair values set forth below use information available as of March 31, 2021 and are subject to adjustment as additional information is obtained and the valuations are completed. The initial purchase price allocation, as of the acquisition date, is noted below:
(in millions)
Assets:
Cash and cash equivalents$203 
Other current assets15 
Other intangible assets1,622 
Goodwill2,116 
Total assets3,956 
Liabilities:
Other current liabilities70 
Deferred income taxes 319 
Total liabilities389 
Net assets acquired$3,567 
The following table summarizes the identified intangible assets acquired during the three months ended March 31, 2021:
Acquisition Date Fair ValueWeighted-Average Useful Life
(in millions)(in years)
Developed technologies$208 14.7
Customer relationships1,393 19.5
Other21 8.0
Other intangible assets$1,622 18.7
Proforma information related to the acquisition was not included because the impact on the Company’s consolidated results of operations was not considered to be material.
In 2020, the Company acquired several businesses in separate transactions for total consideration of $1.1 billion. As of March 31, 2021, the Company had finalized the purchase accounting for $185 million of the businesses acquired and is evaluating and finalizing the purchase accounting for the remainder of businesses acquired during 2020. 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, 2020.
Pending Acquisition
In April 2021, Mastercard entered into a definitive agreement to acquire Ekata, Inc. for $850 million. The acquisition will advance our digital identity verification capabilities. Subject to regulatory review and other customary closing conditions, the acquisition is expected to close within the next six months.
v3.21.1
Revenue
 3 Months Ended
Mar. 31, 2021
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,
20212020
(in millions)
Revenue by source:
Domestic assessments$1,798 $1,683 
Cross-border volume fees932 1,217 
Transaction processing2,351 2,200 
Other revenues1,347 1,062 
Gross revenue6,428 6,162 
Rebates and incentives (contra-revenue)(2,273)(2,153)
Net revenue$4,155 $4,009 
Net revenue by geographic region:
North American Markets$1,491 $1,334 
International Markets2,618 2,633 
Other 1
46 42 
Net revenue$4,155 $4,009 
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,
2021		December 31,
2020
(in millions)
Receivables from contracts with customers
Accounts receivable
$2,480 $2,505 
Contract assets
Prepaid expenses and other current assets7259 
Other assets269245 
Deferred revenue 1
Other current liabilities432355 
Other liabilities169143 
1    Revenue recognized from performance obligations satisfied during the three months ended March 31, 2021 and 2020 was $180 million and $189 million, respectively.
v3.21.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2021
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,
20212020
(in millions, except per share data)
Numerator
Net income$1,828 $1,693 
Denominator
Basic weighted-average shares outstanding994 1,005 
Dilutive stock options and stock units4 5 
Diluted weighted-average shares outstanding 1
998 1,010 
Earnings per Share
Basic$1.84 $1.68 
Diluted$1.83 $1.68 
1    For the periods presented, the calculation of diluted EPS excluded a minimal amount of anti-dilutive share-based payment awards.
v3.21.1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
 3 Months Ended
Mar. 31, 2021
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,
2021		December 31,
2020
(in millions)
Cash and cash equivalents$7,246 $10,113 
Restricted cash and restricted cash equivalents
Restricted cash for litigation settlement586 586 
Restricted security deposits held for customers1,759 1,696 
Prepaid expenses and other current assets24 24 
Cash, cash equivalents, restricted cash and restricted cash equivalents$9,615 $12,419 
v3.21.1
Investments
 3 Months Ended
Mar. 31, 2021
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 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,
2021		December 31,
2020
(in millions)
Available-for-sale securities $371 $321 
Held-to-maturity securities 118 162 
Total investments $489 $483 
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, 2021December 31, 2020
 Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value		Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions)
Municipal securities$9 $— $— $9 $10 $— $— $10 
Government and agency securities124 — — 124 64 — — 64 
Corporate securities237 1 — 238 246 1 — 247 
Total$370 $1 $— $371 $320 $1 $— $321 
The Company’s corporate and municipal available-for-sale investment securities held at March 31, 2021 and December 31, 2020 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 investment securities at March 31, 2021 was as follows:
 Available-For-Sale
 Amortized CostFair Value
 (in millions)
Due within 1 year$180 $180 
Due after 1 year through 5 years190 191 
Total$370 $371 
Investment income on the consolidated statement of operations primarily consists of interest income generated from cash, cash equivalents, time deposits, and 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, 2021 and 2020 were not significant.
Held-to-Maturity Securities
The Company classifies time deposits with maturities greater than three months but less than one year as held-to-maturity. Time deposits are carried at amortized cost on the consolidated balance sheet and are intended to be held until maturity. The cost of these securities approximates fair value.
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 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, 2020Purchases (Sales), net
Changes in Fair Value 1
Other 2
Balance at March 31, 2021
(in millions)
Marketable securities $476 $— $54 $2 $532 
Nonmarketable securities696 40 40 (3)773 
Total equity investments $1,172 $40 $94 $(1)$1,305 
1Recorded in gains (losses) on equity investments, net on the consolidated statement of operations.
2Includes translational impact of currency.
The following table sets forth the components of our Nonmarketable securities:
March 31,
2021		December 31,
2020
(in millions)
Measurement alternative 1
$606 $539 
Equity method
167 157 
Total Nonmarketable securities$773 $696 
1    Cumulative impairments and downward fair value adjustments on measurement alternative investments were $14 million and cumulative upward fair value adjustments were $117 million as of March 31, 2021.
v3.21.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2021
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company classifies its fair value measurements of financial instruments into a three-level hierarchy (the “Valuation Hierarchy”). Financial instruments are categorized for fair value measurement purposes as recurring or non-recurring in nature. There were no transfers made among the three levels in the Valuation Hierarchy for the three months ended March 31, 2021.
Financial Instruments - Recurring Measurements
The distribution of the Company’s financial instruments measured at fair value on a recurring basis within the Valuation Hierarchy were as follows:
 March 31, 2021December 31, 2020
 Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		TotalQuoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
(in millions)
Assets
Investment securities available for sale 1:
Municipal securities$— $9 $— $9 $— $10 $— $10 
Government and agency securities36 88 — 124 26 38 — 64 
Corporate securities— 238 — 238 — 247 — 247 
Derivative instruments 2:
Foreign exchange contracts— 56 — 56 — 19 — 19 
Marketable securities 3:
Equity securities532 — — 532 476 — — 476 
Deferred compensation plan 4:
Deferred compensation assets80 — — 80 78 — — 78 
Liabilities
Derivative instruments 2:
Foreign exchange derivative liabilities$— $(7)$— $(7)$— $(28)$— $(28)
Deferred compensation plan 5:
Deferred compensation liabilities(79)— — (79)(81)— — (81)
1The Company’s U.S. government securities are classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices for identical assets in active markets. The fair value of the Company’s available-for-sale 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.
2The Company’s foreign exchange 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 relating to foreign exchange for similar derivative instruments. See Note 17 (Derivative and Hedging Instruments) for further details.
3The Company’s Marketable securities are publicly held and classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices in their respective active markets.
4The Company has a nonqualified deferred compensation plan where assets are invested primarily in mutual funds held in a rabbi trust, which is restricted for payments to participants of the plan. The Company has elected to use the fair value option for these mutual funds, which are measured using quoted prices of identical instruments in active markets and are included in prepaid expenses and other current assets on the consolidated balance sheet.
5The deferred compensation liabilities are measured at fair value based on the quoted prices of identical instruments to the investment vehicles selected by the participants. These are included in other liabilities on the consolidated balance sheet.
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, 2021, the carrying value and fair value of total long-term debt (including the current portion) was $13.9 billion and $15.1 billion, respectively. At December 31, 2020, the carrying value and fair value of long-term debt (including the current portion) was $12.7 billion and $14.8 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 due from customers, restricted security deposits held for customers, accounts payable, settlement due to customers and other accrued liabilities.
v3.21.1
Prepaid Expenses and Other Assets
 3 Months Ended
Mar. 31, 2021
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,
2021		December 31,
2020
(in millions)
Customer and merchant incentives$1,148 $1,086 
Prepaid income taxes59 78 
Other792 719 
Total prepaid expenses and other current assets$1,999 $1,883 
Other assets consisted of the following:
March 31,
2021		December 31,
2020
(in millions)
Customer and merchant incentives$3,413 $3,220 
Equity investments1,305 1,172 
Income taxes receivable559 553 
Other437 420 
Total other assets$5,714 $5,365 
Customer and merchant incentives represent payments made to customers and merchants under business agreements. Costs directly related to entering into such an agreement are generally deferred and amortized over the life of the agreement.
v3.21.1
Accrued Expenses and Accrued Litigation
 3 Months Ended
Mar. 31, 2021
Accrued Liabilities, Current [Abstract]  
Accrued Expenses and Accrued Litigation Accrued Expenses and Accrued Litigation
Accrued expenses consisted of the following:
March 31,
2021		December 31,
2020
 (in millions)
Customer and merchant incentives$3,952 $3,998 
Personnel costs441 727 
Income and other taxes296 208 
Other511 497 
Total accrued expenses$5,200 $5,430 
Customer and merchant incentives represent amounts to be paid to customers under business agreements. As of March 31, 2021 and December 31, 2020, the Company’s provision for litigation was $841 million and $842 million, respectively. These amounts are not included in the accrued expenses table above and are separately reported as accrued litigation on the consolidated balance sheet. See Note 15 (Legal and Regulatory Proceedings) for additional information regarding the Company’s accrued litigation.
v3.21.1
Debt
 3 Months Ended
Mar. 31, 2021
Debt [Abstract]  
Debt Debt
Long-term debt consisted of the following:
March 31,
2021		December 31,
2020		Effective
Interest Rate
(in millions)
2021 USD Notes1.900 %Senior Notes due March 2031$600 $— 1.981 %
2.950 %Senior Notes due March 2051700 — 3.013 %
2020 USD Notes3.300 %Senior Notes due March 20271,000 1,000 3.420 %
3.350 %Senior Notes due March 20301,500 1,500 3.430 %
3.850 %Senior Notes due March 20501,500 1,500 3.896 %
2019 USD Notes2.950 %Senior Notes due June 20291,000 1,000 3.030 %
3.650 %Senior Notes due June 20491,000 1,000 3.689 %
2.000 %Senior Notes due March 2025750 750 2.147 %
2018 USD Notes3.500 %Senior Notes due February 2028500 500 3.598 %
3.950 %Senior Notes due February 2048500 500 3.990 %
2016 USD Notes2.000 %Senior Notes due November 2021650 650 2.236 %
2.950 %Senior Notes due November 2026750 750 3.044 %
3.800 %Senior Notes due November 2046600 600 3.893 %
2015 EUR Notes 1
1.100 %Senior Notes due December 2022822 859 1.265 %
2.100 %Senior Notes due December 2027940 982 2.189 %
2.500 %Senior Notes due December 2030176 184 2.562 %
2014 USD Notes3.375 %Senior Notes due April 20241,000 1,000 3.484 %
13,988 12,775 
Less: Unamortized discount and debt issuance costs(118)(103)
Total debt outstanding13,870 12,672 
Less: Current portion2
(649)(649)
Long-term debt$13,221 $12,023 
1€1.650 billion euro-denominated debt issued in December 2015.
22016 USD Notes due in November 2021 are classified on the consolidated balance sheet as current portion of long-term debt.
In March 2021, the Company issued $600 million principal amount of notes due March 2031 and $700 million principal amount of notes due March 2051 (collectively the “2021 USD Notes”). The net proceeds from the issuance of the 2021 USD Notes, after deducting the original issue discount, underwriting discount and offering expenses, were $1.282 billion.
The outstanding debt described above is not subject to any financial covenants and it may be redeemed in whole, or in part, at the Company’s option at any time for a specified make-whole amount. These notes are senior unsecured obligations and would rank equally with any future unsecured and unsubordinated indebtedness.
v3.21.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
The Company declared quarterly cash dividends on its Class A and Class B Common Stock during the three months ended March 31, 2021 and 2020 as summarized below: 
Three Months Ended March 31,
20212020
(in millions, except per share data)
Dividends declared per share $0.44 $0.40 
Total dividends declared$434 $402 
The Company’s Board of Directors has approved share repurchase programs authorizing the Company to repurchase shares of its Class A Common Stock. These programs become effective after the completion of the previously authorized share repurchase program.
The following table summarizes the Company’s share repurchase authorizations of its Class A common stock through March 31, 2021, as well as historical purchases:
Board authorization datesDecember 2020December 2019December
2018
Date program became effectiveNot yet effectiveJanuary 2020January
2019		Total
(in millions, except average price data)
Board authorization$6,000 $8,000 $6,500 $20,500 
Dollar value of shares repurchased during the three months ended March 31, 2020$— $1,079 $304 $1,383 
Remaining authorization at December 31, 2020$6,000 $3,831 $— $9,831 
Dollar value of shares repurchased during the three months ended March 31, 2021$— $1,356 $— $1,356 
Remaining authorization at March 31, 2021$6,000 $2,475 $— $8,475 
Shares repurchased during the three months ended March 31, 2020— 3.7 1.0 4.7 
Average price paid per share during the three months ended March 31, 2020$— $290.86 $304.89 $293.83 
Shares repurchased during the three months ended March 31, 2021— 3.9 — 3.9 
Average price paid per share during the three months ended March 31, 2021$— $346.49 $— $346.49 
Cumulative shares repurchased through March 31, 2021— 17.2 25.8 43.0 
Cumulative average price paid per share$— $320.81 $251.72 $279.36 
The following table presents the changes in the Company’s outstanding Class A and Class B common stock for the three months ended March 31, 2021:
 Outstanding Shares
 Class AClass B
(in millions)
Balance at December 31, 2020986.9 8.3 
Purchases of treasury stock(3.9)— 
Share-based payments0.8 — 
Conversion of Class B to Class A common stock0.1 (0.1)
Balance at March 31, 2021983.9 8.2 
v3.21.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2021
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, 2021 and 2020 were as follows:
December 31, 2020Increase / (Decrease)ReclassificationsMarch 31, 2021
(in millions)
Foreign currency translation adjustments 1
$(352)$(165)$— $(517)
Translation adjustments on net investment hedges 2
(175)103 — (72)
Cash flow hedges
Foreign exchange contracts 3
— 2 — 2 
Interest rate contracts 4
(133)— 1 (132)
Defined benefit pension and other postretirement plans(20)— — (20)
Investment securities available-for-sale— 1 — 1 
Accumulated Other Comprehensive Income (Loss)$(680)$(59)$1 $(738)

December 31, 2019Increase / (Decrease)ReclassificationsMarch 31, 2020
(in millions)
Foreign currency translation adjustments1
$(638)$(267)$— $(905)
Translation adjustments on net investment hedges 2
(38)16 — (22)
Cash flow hedges
Interest rate contracts 4
11 (150)— (139)
Defined benefit pension and other postretirement plans(9)— — (9)
Investment securities available-for-sale1 (5)— (4)
Accumulated Other Comprehensive Income (Loss)$(673)$(406)$— $(1,079)
1.During the three months ended March 31, 2021, the increase in the accumulated other comprehensive loss related for foreign currency translation adjustments was driven primarily by the depreciation of the euro against the U.S. dollar. During the three months ended March 31, 2020, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro, British pound and Brazilian real against the U.S. dollar.
2.During the three months ended March 31, 2021 and 2020, the decreases in the accumulated other comprehensive loss related to the net investment hedges were driven by the depreciation of the euro against the U.S. dollar. See Note 17 (Derivative and Hedging Instruments) for additional information.
3.Beginning in 2021, 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.
4.In 2019, the Company entered into treasury rate locks which are accounted for as cash flow hedges. In the first quarter of 2020, in connection with the issuance of the 2020 USD Notes, these contracts were settled for a loss of $175 million, or $136 million net of tax, recorded in accumulated other comprehensive income (loss). The cumulative loss will be reclassified as an adjustment to interest expense over the respective terms of the 2020 USD Notes. See Note 17 (Derivative and Hedging Instruments) for additional information.
v3.21.1
Share-Based Payments
 3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement, Additional Disclosure [Abstract]  
Share-Based Payments Share-Based Payments
During the three months ended March 31, 2021, the Company granted the following awards under the Mastercard Incorporated 2006 Long Term Incentive Plan, as amended and restated as of June 5, 2012 (the “LTIP”). The LTIP is a stockholder-approved plan that permits the grant of various types of equity awards to employees.
Grants in 2021Weighted-Average
Grant-Date
Fair Value
(in millions)(per option/unit)
Non-qualified stock options0.3$92 
Restricted stock units0.7358 
Performance stock units0.2385 
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 2021 was
estimated to be six years, while the expected volatility was determined to be 26.1%. Stock options generally vest in four equal annual installments beginning one year after the date of grant and expire ten years from the date of grant.
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. The shares underlying the RSUs will generally vest in four equal annual installments beginning one year after the date of grant.
The Company used the Monte Carlo simulation valuation model to determine the grant-date fair value of performance stock units (“PSUs”) granted. Shares underlying the PSUs will 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.
v3.21.1
Income Taxes
 3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective income tax rates were 16.5% and 14.8% for the three months ended March 31, 2021 and 2020, respectively. The higher effective income tax rate for the three months ended March 31, 2021, versus the comparable period in 2020, was primarily due to lower discrete tax benefits related to share-based payments.
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.
v3.21.1
Legal and Regulatory Proceedings
 3 Months Ended
Mar. 31, 2021
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 that seeks 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. 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. In December 2020, the Rules Relief Class filed a motion for class certification. Briefing on summary judgment motions in the Rules Relief Class and opt-out merchant cases was completed in December 2020.
As of March 31, 2021 and December 31, 2020, Mastercard had accrued a liability of $783 million as a reserve for both the Damages Class litigation and the opt-out merchant cases. As of March 31, 2021 and December 31, 2020, Mastercard had $586 million 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, 2021 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.
Canada. In December 2010, a proposed class action complaint was commenced against Mastercard in Quebec on behalf of Canadian merchants. The suit essentially repeated the allegations and arguments of a previously filed application by the Canadian Competition Bureau to the Canadian Competition Tribunal (dismissed in Mastercard’s favor) concerning certain Mastercard rules related to point-of-sale acceptance, including the “honor all cards” and “no surcharge” rules. The Quebec suit sought compensatory and punitive damages in unspecified amounts, as well as injunctive relief. In the first half of 2011, additional purported class action lawsuits were commenced in British Columbia and Ontario against Mastercard, Visa and a number of large Canadian financial institutions. The British Columbia suit sought compensatory damages in unspecified amounts, and the Ontario suit sought compensatory damages of $5 billion on the basis of alleged conspiracy and various alleged breaches of the Canadian Competition Act. Additional purported class action complaints were commenced in Saskatchewan and Alberta with claims that largely mirror those in the other suits. In June 2017, Mastercard entered into a
class settlement agreement to resolve all of the Canadian class action litigation. The settlement, which required Mastercard to make a cash payment and modify its “no surcharge” rule, received court approval in each Canadian province. All appeals by objectors to the settlement have either been rejected by the Supreme Court or abandoned, and the settlement is now final.
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”). In aggregate, the alleged damages claims from the U.K. and Pan-European Merchant claimants were in the amount of approximately £3 billion (approximately $5 billion as of March 31, 2021). Mastercard has resolved over £2 billion (approximately $3 billion as of March 31, 2021) of these damages claims through settlement or judgment.
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 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 one of the four merchant cases back to the trial court for a determination of liability and damages issues and sent the remaining three merchant cases back to the trial court for a determination of damages issues only. A hearing in one of these merchant cases on liability and damages issues is expected to be scheduled for the fourth quarter of 2021, while a trial on damages for the other three merchant claims is not expected to occur until 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, the court has scheduled for May 2021 argument related to the plaintiffs’ motion for summary judgment on certain liability issues. Mastercard incurred charges of $22 million during the second quarter of 2020 to reflect both the estimated attorneys’ fees incurred by the four merchant claimants in the U.K. Supreme Court appeal, as well as settlements with a number of Pan-European merchants.
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 $19 billion as of March 31, 2021). 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.
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. Mastercard intends to vigorously defend against both the plaintiffs’ liability and damages claims and has opposed class certification. Briefing on class certification is complete.
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 case is proceeding with substantive expert discovery. 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.
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 has instructed the parties to re-brief the motion for class certification.
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 confidential 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 has 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.
v3.21.1
Settlement and Other Risk Management
 3 Months Ended
Mar. 31, 2021
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 a failed 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 failures.
As part of its policies, Mastercard requires certain customers that are not in compliance with the Company’s risk standards to post collateral, such as cash, letters of credit, guarantees, or other risk mitigating arrangements. This requirement is based on a review of the individual risk circumstances for each customer. Mastercard monitors its credit risk portfolio on a regular basis and the adequacy of collateral on hand. 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,
2021		December 31,
2020
(in millions)
Gross settlement exposure
$52,265 $52,360 
Collateral applied to settlement exposure
(6,128)(6,021)
Net uncollateralized settlement exposure
$46,137 $46,339 
Mastercard also provides guarantees to customers and certain other counterparties indemnifying them from losses stemming from failures of third parties to perform duties. This includes guarantees of Mastercard-branded travelers cheques issued, but not yet cashed of $368 million and $370 million at March 31, 2021 and December 31, 2020, respectively, of which $292 million and $294 million at March 31, 2021 and December 31, 2020, respectively, is mitigated by collateral arrangements. In addition, the Company enters into agreements in the ordinary course of business under which the Company agrees to indemnify third parties against damages, losses and expenses incurred in connection with legal and other proceedings arising from relationships or transactions with the Company. Certain indemnifications do not provide a stated maximum exposure. As the extent of the Company’s obligations under these agreements depends entirely upon the occurrence of future events, the Company’s potential future liability under these agreements is not determinable. Historically, payments made by the Company under these types of contractual arrangements have not been material.
v3.21.1
Derivative and Hedging Instruments
 3 Months Ended
Mar. 31, 2021
Foreign Currency Derivatives [Abstract]  
Foreign Exchange Risk Management 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. In 2019, the Company entered into treasury rate locks which are accounted for as cash flow hedges. In the first quarter of 2020, in connection with the issuance of the 2020 USD Notes, these contracts were settled at a loss of $136 million after tax, in accumulated other comprehensive income (loss). As of March 31, 2021, a cumulative loss of $132 million after tax, remains in accumulated other comprehensive income (loss) associated with these contracts and will be reclassified as an adjustment to interest expense over the respective terms of the 2020 USD Notes.
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 designated as an excluded component and recognized in general and administrative expenses on the consolidated statement of operations over the hedge period.
In 2015, the Company designated its €1.65 billion euro-denominated debt as a net investment hedge for a portion of its net investment in its European operations. As of March 31, 2021, the Company had a net foreign currency loss of $72 million 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 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, 2021December 31, 2020
 NotionalFair ValueNotionalFair Value
(in millions)
Derivative assets:
Derivatives designated as hedging instruments
Foreign exchange contracts in a cash flow hedge 1
$145 $3 $— $— 
Foreign exchange contracts in a net investment hedge 1
$1,812 $47 $— $— 
Derivatives not designated as hedging instruments
Foreign exchange contracts 1
$713 $6 $483 $19 
Total Derivative Assets$2,670 $56 $483 $19 
Derivative liabilities:
Derivatives designated as hedging instruments
Foreign exchange contracts in a cash flow hedge 2
$52 $— $— $— 
Derivatives not designated as hedging instruments
Foreign exchange contracts 2
$464 $(7)$1,016 $(28)
Total Derivative Liabilities$516 $(7)$1,016 $(28)
1.Foreign exchange derivative assets are included within prepaid expenses and other current assets on the consolidated balance sheet
2.Foreign exchange derivative liabilities are included within other current liabilities on the consolidated balance sheet
The gain (loss) related to the Company's derivative financial instruments designated as hedging instruments are as follows:
Unrealized Gain (Loss)
Recognized in OCI
Realized Gain (Loss) Reclassified from AOCI
Three Months Ended March 31,Location of Gain (Loss) Reclassified from AOCI into EarningsThree Months Ended March 31,
2021202020212020
(in millions)(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts$3 $— Net revenue$— $— 
Interest rate contracts$— $(189)Interest expense$(1)$— 
Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts 1
$46 $— 
1.The amounts recognized in earnings related to forward points, the excluded component, was not material.
The Company estimates that $3 million, pre-tax, of the net deferred loss on cash flow hedges recorded in accumulated other comprehensive income (loss) at March 31, 2021 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:20212020
(in millions)
Foreign exchange derivative contracts
General and administrative$4 $107 
The Company’s derivative financial instruments are subject to both market and counterparty credit risk. Market risk is the potential for economic losses to be incurred on market risk sensitive instruments arising from adverse changes in market factors such as foreign currency exchange rates, interest rates and other related variables. Counterparty credit risk is the risk of loss due to failure of the counterparty to perform its obligations in accordance with contractual terms. The Company’s derivative contracts are subject to enforceable master netting arrangements, which contain various netting and setoff provisions. To mitigate counterparty credit risk, the Company enters into derivative contracts with a diversified group of selected financial institutions based upon their credit ratings and other factors. Generally, the Company does not obtain collateral related to derivatives because of the high credit ratings of the counterparties.
v3.21.1
Summary of Significant Accounting Policies (Policy)
 3 Months Ended
Mar. 31, 2021
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 equity method or measurement alternative method investments and recorded in other assets on the consolidated balance sheet. At March 31, 2021 and December 31, 2020, 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 in which the Company has obtained a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. The Company follows accounting principles generally accepted in the United States of America (“GAAP”).
The balance sheet as of December 31, 2020 was derived from the audited consolidated financial statements as of December 31, 2020. The consolidated financial statements for the three months ended March 31, 2021 and 2020 and as of March 31, 2021 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, 2021 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 the Mastercard’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional disclosures, including a summary of the Company’s significant accounting policies.
v3.21.1
Acquisitions (Tables)
 3 Months Ended
Mar. 31, 2021
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed Therefore, the preliminary fair values set forth below use information available as of March 31, 2021 and are subject to adjustment as additional information is obtained and the valuations are completed. The initial purchase price allocation, as of the acquisition date, is noted below:
(in millions)
Assets:
Cash and cash equivalents$203 
Other current assets15 
Other intangible assets1,622 
Goodwill2,116 
Total assets3,956 
Liabilities:
Other current liabilities70 
Deferred income taxes 319 
Total liabilities389 
Net assets acquired$3,567 
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination
The following table summarizes the identified intangible assets acquired during the three months ended March 31, 2021:
Acquisition Date Fair ValueWeighted-Average Useful Life
(in millions)(in years)
Developed technologies$208 14.7
Customer relationships1,393 19.5
Other21 8.0
Other intangible assets$1,622 18.7
v3.21.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2021
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,
20212020
(in millions)
Revenue by source:
Domestic assessments$1,798 $1,683 
Cross-border volume fees932 1,217 
Transaction processing2,351 2,200 
Other revenues1,347 1,062 
Gross revenue6,428 6,162 
Rebates and incentives (contra-revenue)(2,273)(2,153)
Net revenue$4,155 $4,009 
Net revenue by geographic region:
North American Markets$1,491 $1,334 
International Markets2,618 2,633 
Other 1
46 42 
Net revenue$4,155 $4,009 
1    Includes revenues managed by corporate functions.
The following table sets forth the location of the amounts recognized on the consolidated balance sheet from contracts with customers:
March 31,
2021		December 31,
2020
(in millions)
Receivables from contracts with customers
Accounts receivable
$2,480 $2,505 
Contract assets
Prepaid expenses and other current assets7259 
Other assets269245 
Deferred revenue 1
Other current liabilities432355 
Other liabilities169143 
v3.21.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2021
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,
20212020
(in millions, except per share data)
Numerator
Net income$1,828 $1,693 
Denominator
Basic weighted-average shares outstanding994 1,005 
Dilutive stock options and stock units4 5 
Diluted weighted-average shares outstanding 1
998 1,010 
Earnings per Share
Basic$1.84 $1.68 
Diluted$1.83 $1.68 
1    For the periods presented, the calculation of diluted EPS excluded a minimal amount of anti-dilutive share-based payment awards.
v3.21.1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Tables)
 3 Months Ended
Mar. 31, 2021
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,
2021		December 31,
2020
(in millions)
Cash and cash equivalents$7,246 $10,113 
Restricted cash and restricted cash equivalents
Restricted cash for litigation settlement586 586 
Restricted security deposits held for customers1,759 1,696 
Prepaid expenses and other current assets24 24 
Cash, cash equivalents, restricted cash and restricted cash equivalents$9,615 $12,419 
v3.21.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2021
Investments, Debt and Equity Securities [Abstract]  
Investments On the Consolidated Balance Sheet
Investments on the consolidated balance sheet consisted of the following:
March 31,
2021		December 31,
2020
(in millions)
Available-for-sale securities $371 $321 
Held-to-maturity securities 118 162 
Total investments $489 $483 
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, 2021December 31, 2020
 Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value		Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions)
Municipal securities$9 $— $— $9 $10 $— $— $10 
Government and agency securities124 — — 124 64 — — 64 
Corporate securities237 1 — 238 246 1 — 247 
Total$370 $1 $— $371 $320 $1 $— $321 
Maturity Distribution Based on Contractual Terms of Investment Securities
The maturity distribution based on the contractual terms of the Company’s investment securities at March 31, 2021 was as follows:
 Available-For-Sale
 Amortized CostFair Value
 (in millions)
Due within 1 year$180 $180 
Due after 1 year through 5 years190 191 
Total$370 $371 
Equity Investments
The following table is a summary of the activity related to the Company’s equity investments:
 Balance at December 31, 2020Purchases (Sales), net
Changes in Fair Value 1
Other 2
Balance at March 31, 2021
(in millions)
Marketable securities $476 $— $54 $2 $532 
Nonmarketable securities696 40 40 (3)773 
Total equity investments $1,172 $40 $94 $(1)$1,305 
1Recorded in gains (losses) on equity investments, net on the consolidated statement of operations.
2Includes translational impact of currency.
Nonmarketable securities The following table sets forth the components of our Nonmarketable securities:
March 31,
2021		December 31,
2020
(in millions)
Measurement alternative 1
$606 $539 
Equity method
167 157 
Total Nonmarketable securities$773 $696 
1    Cumulative impairments and downward fair value adjustments on measurement alternative investments were $14 million and cumulative upward fair value adjustments were $117 million as of March 31, 2021.
v3.21.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2021
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]  
Distribution of Financial Instruments, Measured at Fair Value on a Recurring Basis
The distribution of the Company’s financial instruments measured at fair value on a recurring basis within the Valuation Hierarchy were as follows:
 March 31, 2021December 31, 2020
 Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		TotalQuoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
(in millions)
Assets
Investment securities available for sale 1:
Municipal securities$— $9 $— $9 $— $10 $— $10 
Government and agency securities36 88 — 124 26 38 — 64 
Corporate securities— 238 — 238 — 247 — 247 
Derivative instruments 2:
Foreign exchange contracts— 56 — 56 — 19 — 19 
Marketable securities 3:
Equity securities532 — — 532 476 — — 476 
Deferred compensation plan 4:
Deferred compensation assets80 — — 80 78 — — 78 
Liabilities
Derivative instruments 2:
Foreign exchange derivative liabilities$— $(7)$— $(7)$— $(28)$— $(28)
Deferred compensation plan 5:
Deferred compensation liabilities(79)— — (79)(81)— — (81)
1The Company’s U.S. government securities are classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices for identical assets in active markets. The fair value of the Company’s available-for-sale 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.
2The Company’s foreign exchange 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 relating to foreign exchange for similar derivative instruments. See Note 17 (Derivative and Hedging Instruments) for further details.
3The Company’s Marketable securities are publicly held and classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices in their respective active markets.
4The Company has a nonqualified deferred compensation plan where assets are invested primarily in mutual funds held in a rabbi trust, which is restricted for payments to participants of the plan. The Company has elected to use the fair value option for these mutual funds, which are measured using quoted prices of identical instruments in active markets and are included in prepaid expenses and other current assets on the consolidated balance sheet.
5The deferred compensation liabilities are measured at fair value based on the quoted prices of identical instruments to the investment vehicles selected by the participants. These are included in other liabilities on the consolidated balance sheet.
v3.21.1
Prepaid Expenses and Other Assets (Tables)
 3 Months Ended
Mar. 31, 2021
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,
2021		December 31,
2020
(in millions)
Customer and merchant incentives$1,148 $1,086 
Prepaid income taxes59 78 
Other792 719 
Total prepaid expenses and other current assets$1,999 $1,883 
Schedule of Other Assets, Noncurrent
Other assets consisted of the following:
March 31,
2021		December 31,
2020
(in millions)
Customer and merchant incentives$3,413 $3,220 
Equity investments1,305 1,172 
Income taxes receivable559 553 
Other437 420 
Total other assets$5,714 $5,365 
v3.21.1
Accrued Expenses and Accrued Litigation (Tables)
 3 Months Ended
Mar. 31, 2021
Accrued Liabilities, Current [Abstract]  
Accrued Expenses
Accrued expenses consisted of the following:
March 31,
2021		December 31,
2020
 (in millions)
Customer and merchant incentives$3,952 $3,998 
Personnel costs441 727 
Income and other taxes296 208 
Other511 497 
Total accrued expenses$5,200 $5,430 
v3.21.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2021
Debt [Abstract]  
Schedule of Long-term Debt
Long-term debt consisted of the following:
March 31,
2021		December 31,
2020		Effective
Interest Rate
(in millions)
2021 USD Notes1.900 %Senior Notes due March 2031$600 $— 1.981 %
2.950 %Senior Notes due March 2051700 — 3.013 %
2020 USD Notes3.300 %Senior Notes due March 20271,000 1,000 3.420 %
3.350 %Senior Notes due March 20301,500 1,500 3.430 %
3.850 %Senior Notes due March 20501,500 1,500 3.896 %
2019 USD Notes2.950 %Senior Notes due June 20291,000 1,000 3.030 %
3.650 %Senior Notes due June 20491,000 1,000 3.689 %
2.000 %Senior Notes due March 2025750 750 2.147 %
2018 USD Notes3.500 %Senior Notes due February 2028500 500 3.598 %
3.950 %Senior Notes due February 2048500 500 3.990 %
2016 USD Notes2.000 %Senior Notes due November 2021650 650 2.236 %
2.950 %Senior Notes due November 2026750 750 3.044 %
3.800 %Senior Notes due November 2046600 600 3.893 %
2015 EUR Notes 1
1.100 %Senior Notes due December 2022822 859 1.265 %
2.100 %Senior Notes due December 2027940 982 2.189 %
2.500 %Senior Notes due December 2030176 184 2.562 %
2014 USD Notes3.375 %Senior Notes due April 20241,000 1,000 3.484 %
13,988 12,775 
Less: Unamortized discount and debt issuance costs(118)(103)
Total debt outstanding13,870 12,672 
Less: Current portion2
(649)(649)
Long-term debt$13,221 $12,023 
1€1.650 billion euro-denominated debt issued in December 2015.
22016 USD Notes due in November 2021 are classified on the consolidated balance sheet as current portion of long-term debt.
v3.21.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2021
Equity [Abstract]  
Schedule of quarterly cash dividends declared
The Company declared quarterly cash dividends on its Class A and Class B Common Stock during the three months ended March 31, 2021 and 2020 as summarized below: 
Three Months Ended March 31,
20212020
(in millions, except per share data)
Dividends declared per share $0.44 $0.40 
Total dividends declared$434 $402 
Schedule of share repurchases and authorizations
The following table summarizes the Company’s share repurchase authorizations of its Class A common stock through March 31, 2021, as well as historical purchases:
Board authorization datesDecember 2020December 2019December
2018
Date program became effectiveNot yet effectiveJanuary 2020January
2019		Total
(in millions, except average price data)
Board authorization$6,000 $8,000 $6,500 $20,500 
Dollar value of shares repurchased during the three months ended March 31, 2020$— $1,079 $304 $1,383 
Remaining authorization at December 31, 2020$6,000 $3,831 $— $9,831 
Dollar value of shares repurchased during the three months ended March 31, 2021$— $1,356 $— $1,356 
Remaining authorization at March 31, 2021$6,000 $2,475 $— $8,475 
Shares repurchased during the three months ended March 31, 2020— 3.7 1.0 4.7 
Average price paid per share during the three months ended March 31, 2020$— $290.86 $304.89 $293.83 
Shares repurchased during the three months ended March 31, 2021— 3.9 — 3.9 
Average price paid per share during the three months ended March 31, 2021$— $346.49 $— $346.49 
Cumulative shares repurchased through March 31, 2021— 17.2 25.8 43.0 
Cumulative average price paid per share$— $320.81 $251.72 $279.36 
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 for the three months ended March 31, 2021:
 Outstanding Shares
 Class AClass B
(in millions)
Balance at December 31, 2020986.9 8.3 
Purchases of treasury stock(3.9)— 
Share-based payments0.8 — 
Conversion of Class B to Class A common stock0.1 (0.1)
Balance at March 31, 2021983.9 8.2 
v3.21.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2021
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, 2021 and 2020 were as follows:
December 31, 2020Increase / (Decrease)ReclassificationsMarch 31, 2021
(in millions)
Foreign currency translation adjustments 1
$(352)$(165)$— $(517)
Translation adjustments on net investment hedges 2
(175)103 — (72)
Cash flow hedges
Foreign exchange contracts 3
— 2 — 2 
Interest rate contracts 4
(133)— 1 (132)
Defined benefit pension and other postretirement plans(20)— — (20)
Investment securities available-for-sale— 1 — 1 
Accumulated Other Comprehensive Income (Loss)$(680)$(59)$1 $(738)

December 31, 2019Increase / (Decrease)ReclassificationsMarch 31, 2020
(in millions)
Foreign currency translation adjustments1
$(638)$(267)$— $(905)
Translation adjustments on net investment hedges 2
(38)16 — (22)
Cash flow hedges
Interest rate contracts 4
11 (150)— (139)
Defined benefit pension and other postretirement plans(9)— — (9)
Investment securities available-for-sale1 (5)— (4)
Accumulated Other Comprehensive Income (Loss)$(673)$(406)$— $(1,079)
1.During the three months ended March 31, 2021, the increase in the accumulated other comprehensive loss related for foreign currency translation adjustments was driven primarily by the depreciation of the euro against the U.S. dollar. During the three months ended March 31, 2020, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the euro, British pound and Brazilian real against the U.S. dollar.
2.During the three months ended March 31, 2021 and 2020, the decreases in the accumulated other comprehensive loss related to the net investment hedges were driven by the depreciation of the euro against the U.S. dollar. See Note 17 (Derivative and Hedging Instruments) for additional information.
3.Beginning in 2021, 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.
4.In 2019, the Company entered into treasury rate locks which are accounted for as cash flow hedges. In the first quarter of 2020, in connection with the issuance of the 2020 USD Notes, these contracts were settled for a loss of $175 million, or $136 million net of tax, recorded in accumulated other comprehensive income (loss). The cumulative loss will be reclassified as an adjustment to interest expense over the respective terms of the 2020 USD Notes. See Note 17 (Derivative and Hedging Instruments) for additional information.
v3.21.1
Share-Based Payments (Tables)
 3 Months Ended
Mar. 31, 2021
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, 2021, the Company granted the following awards under the Mastercard Incorporated 2006 Long Term Incentive Plan, as amended and restated as of June 5, 2012 (the “LTIP”). The LTIP is a stockholder-approved plan that permits the grant of various types of equity awards to employees.
Grants in 2021Weighted-Average
Grant-Date
Fair Value
(in millions)(per option/unit)
Non-qualified stock options0.3$92 
Restricted stock units0.7358 
Performance stock units0.2385 
v3.21.1
Settlement and Other Risk Management (Tables)
 3 Months Ended
Mar. 31, 2021
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,
2021		December 31,
2020
(in millions)
Gross settlement exposure
$52,265 $52,360 
Collateral applied to settlement exposure
(6,128)(6,021)
Net uncollateralized settlement exposure
$46,137 $46,339 
v3.21.1
Derivative and Hedging Instruments (Tables)
 3 Months Ended
Mar. 31, 2021
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, 2021December 31, 2020
 NotionalFair ValueNotionalFair Value
(in millions)
Derivative assets:
Derivatives designated as hedging instruments
Foreign exchange contracts in a cash flow hedge 1
$145 $3 $— $— 
Foreign exchange contracts in a net investment hedge 1
$1,812 $47 $— $— 
Derivatives not designated as hedging instruments
Foreign exchange contracts 1
$713 $6 $483 $19 
Total Derivative Assets$2,670 $56 $483 $19 
Derivative liabilities:
Derivatives designated as hedging instruments
Foreign exchange contracts in a cash flow hedge 2
$52 $— $— $— 
Derivatives not designated as hedging instruments
Foreign exchange contracts 2
$464 $(7)$1,016 $(28)
Total Derivative Liabilities$516 $(7)$1,016 $(28)
1.Foreign exchange derivative assets are included within prepaid expenses and other current assets on the consolidated balance sheet
2.Foreign exchange derivative liabilities are included within other current liabilities on the consolidated balance sheet
Gain (loss) related to the Company's derivative financial instruments designated as hedging instruments
The gain (loss) related to the Company's derivative financial instruments designated as hedging instruments are as follows:
Unrealized Gain (Loss)
Recognized in OCI
Realized Gain (Loss) Reclassified from AOCI
Three Months Ended March 31,Location of Gain (Loss) Reclassified from AOCI into EarningsThree Months Ended March 31,
2021202020212020
(in millions)(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts$3 $— Net revenue$— $— 
Interest rate contracts$— $(189)Interest expense$(1)$— 
Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts 1
$46 $— 
1.The amounts recognized in earnings related to forward points, the excluded component, was not material.
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:20212020
(in millions)
Foreign exchange derivative contracts
General and administrative$4 $107 
v3.21.1
Acquisitions - Narrative (Details)
€ in Millions, $ in Millions
 1 Months Ended 12 Months Ended 15 Months Ended
Mar. 05, 2021
USD ($)
Mar. 05, 2021
EUR (€)
Apr. 29, 2021
USD ($)
Dec. 31, 2020
USD ($)
Mar. 31, 2021
USD ($)
Business Acquisition [Line Items]          
Goodwill       $ 4,960 $ 7,051
Nets Denmark A/S, Corporate Services          
Business Acquisition [Line Items]          
Cash payment to acquire businesses $ 3,600 € 3,000      
Total consideration | €   € 2,850      
Goodwill 2,116        
Goodwill expected to be tax deductible $ 800        
2020 Acquisitions          
Business Acquisition [Line Items]          
Total consideration       $ 1,100  
Finalized purchase accounting adjustments         $ 185
Ekata Inc. | Subsequent Event          
Business Acquisition [Line Items]          
Total consideration     $ 850    
v3.21.1
Acquisitions - Purchase Price Allocation (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Mar. 05, 2021
Dec. 31, 2020
Business Acquisition [Line Items]      
Goodwill $ 7,051   $ 4,960
Nets Denmark A/S, Corporate Services      
Business Acquisition [Line Items]      
Cash and cash equivalents   $ 203  
Other current assets   15  
Other intangible assets   1,622  
Goodwill   2,116  
Total assets   3,956  
Other current liabilities   70  
Deferred income taxes   319  
Total liabilities   389  
Net assets acquired   $ 3,567  
v3.21.1
Acquisitions - Identifiable Intangible Assets (Details) - Nets Denmark A/S, Corporate Services
$ in Millions
Mar. 05, 2021
USD ($)
Business Acquisition [Line Items]  
Other intangible assets $ 1,622
Weighted-Average Useful Life 18 years 8 months 12 days
Developed Technology Rights  
Business Acquisition [Line Items]  
Other intangible assets $ 208
Weighted-Average Useful Life 14 years 8 months 12 days
Customer Relationships  
Business Acquisition [Line Items]  
Other intangible assets $ 1,393
Weighted-Average Useful Life 19 years 6 months
Other Intangible Assets  
Business Acquisition [Line Items]  
Other intangible assets $ 21
Weighted-Average Useful Life 8 years
v3.21.1
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Disaggregation of Revenue [Line Items]    
Gross revenue $ 6,428 $ 6,162
Rebates and incentives (contra-revenue) (2,273) (2,153)
Net revenue 4,155 4,009
North American Markets    
Disaggregation of Revenue [Line Items]    
Net revenue 1,491 1,334
International Markets    
Disaggregation of Revenue [Line Items]    
Net revenue 2,618 2,633
Other    
Disaggregation of Revenue [Line Items]    
Net revenue 46 42
Domestic assessments    
Disaggregation of Revenue [Line Items]    
Gross revenue 1,798 1,683
Cross-border volume fees    
Disaggregation of Revenue [Line Items]    
Gross revenue 932 1,217
Transaction processing    
Disaggregation of Revenue [Line Items]    
Gross revenue 2,351 2,200
Other revenues    
Disaggregation of Revenue [Line Items]    
Gross revenue $ 1,347 $ 1,062
v3.21.1
Revenue - Location on Balance Sheet of Amounts Recognized From Contracts With Customers (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Receivables from contracts with customers    
Disaggregation of Revenue [Line Items]    
Contract assets $ 2,480 $ 2,505
Prepaid Expenses and Other Current Assets    
Disaggregation of Revenue [Line Items]    
Contract assets 72 59
Other Assets    
Disaggregation of Revenue [Line Items]    
Contract assets 269 245
Other current liabilities    
Disaggregation of Revenue [Line Items]    
Deferred revenue 432 355
Other Liabilities    
Disaggregation of Revenue [Line Items]    
Deferred revenue $ 169 $ 143
v3.21.1
Revenue - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Revenue from Contract with Customer [Abstract]    
Revenue recognized from performance obligations $ 180 $ 189
v3.21.1
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, 2021
Mar. 31, 2020
Numerator    
Net income $ 1,828 $ 1,693
Denominator    
Basic weighted-average shares outstanding 994 1,005
Dilutive stock options and stock units 4 5
Diluted weighted-average shares outstanding 998 1,010
Earnings per Share    
Basic $ 1.84 $ 1.68
Diluted $ 1.83 $ 1.68
v3.21.1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Mar. 31, 2020
Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash and cash equivalents $ 7,246 $ 10,113    
Cash, cash equivalents, restricted cash and restricted cash equivalents 9,615 12,419 $ 12,333 $ 8,969
Restricted cash for litigation settlement        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash and restricted cash equivalents 586 586    
Restricted security deposits held for customers        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash and restricted cash equivalents 1,759 1,696    
Prepaid expenses and other current assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash and restricted cash equivalents $ 24 $ 24    
v3.21.1
Investments - Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Investments, Debt and Equity Securities [Abstract]    
Available-for-sale securities $ 371 $ 321
Held-to-maturity securities 118 162
Total investments $ 489 $ 483
v3.21.1
Investments - Available-for-Sale Investment Securities, Unrealized Gains and Losses (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 370 $ 320
Gross Unrealized Gain 1 1
Gross Unrealized Loss 0 0
Fair Value 371 321
Municipal securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 9 10
Gross Unrealized Gain 0 0
Gross Unrealized Loss 0 0
Fair Value 9 10
Government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 124 64
Gross Unrealized Gain 0 0
Gross Unrealized Loss 0 0
Fair Value 124 64
Corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 237 246
Gross Unrealized Gain 1 1
Gross Unrealized Loss 0 0
Fair Value $ 238 $ 247
v3.21.1
Investments - Maturity Distribution Based on Contractual Terms of Investment Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Available-For-Sale Amortized Cost    
Due within 1 year $ 180  
Due after 1 year through 5 years 190  
Total 370  
Available-For-Sale Fair Value    
Due within 1 year 180  
Due after 1 year through 5 years 191  
Total $ 371 $ 321
v3.21.1
Investments - Equity Investments (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2021
USD ($)
Increase (Decrease) In Equity Investments [Roll Forward]  
Marketable securities, beginning balance $ 476
Marketable securities, Purchases (Sales), Net 0
Marketable securities, changes in fair value 54
Marketable Securities, Other 2
Marketable securities, ending balance 532
Nonmarketable securities, beginning balance 696
Nonmarketable Securities, Purchases (Sales), Net 40
Nonmarketable Securities, changes in fair value 40
Nonmarketable Securities, Other (3)
Nonmarketable securities, ending balance 773
Total equity investments, beginning balance 1,172
Total equity investments, Changes in Fair Value 94
Total equity investments, Purchases (Sales), net 40
Total equity investments, Other (1)
Total equity investments, ending balance 1,305
Cumulative impairments and downward fair value adjustment 14
Cumulative upward fair value adjustment $ 117
v3.21.1
Investments - Components of Nonmarketable securities (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Debt Securities, Available-for-sale [Line Items]    
Total Nonmarketable securities $ 773 $ 696
Measurement alternative    
Debt Securities, Available-for-sale [Line Items]    
Total Nonmarketable securities 606 539
Equity method    
Debt Securities, Available-for-sale [Line Items]    
Total Nonmarketable securities $ 167 $ 157
v3.21.1
Fair Value Measurements - Distribution of Financial Instruments, Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Fair Value, Option, Quantitative Disclosures [Line Items]    
Deferred compensation assets $ 80 $ 78
Foreign exchange derivative liabilities (7) (28)
Deferred compensation liabilities (79) (81)
Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Deferred compensation assets 80 78
Foreign exchange derivative liabilities 0 0
Deferred compensation liabilities (79) (81)
Fair Value, Inputs, Level 2    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Deferred compensation assets 0 0
Foreign exchange derivative liabilities (7) (28)
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 9 10
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 9 10
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 124 64
Government and agency securities | Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 36 26
Government and agency securities | Fair Value, Inputs, Level 2    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 88 38
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 238 247
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 238 247
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 532 476
Equity securities | Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 532 476
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 56 19
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 56 19
Foreign exchange contracts | Fair Value, Inputs, Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative instrument $ 0 $ 0
v3.21.1
Fair Value Measurements - Narrative Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt, Long-term and Short-term, Combined Amount $ 13,870 $ 12,672
Long-term debt 13,221 12,023
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value $ 15,100 $ 14,800
v3.21.1
Prepaid Expenses and Other Assets - Schedule of Prepaid Expenses (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Prepaid Expense and Other Assets [Abstract]    
Customer and merchant incentives $ 1,148 $ 1,086
Prepaid income taxes 59 78
Other 792 719
Total prepaid expenses and other current assets $ 1,999 $ 1,883
v3.21.1
Prepaid Expenses and Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Prepaid Expense and Other Assets [Abstract]    
Customer and merchant incentives $ 3,413 $ 3,220
Equity investments 1,305 1,172
Income taxes receivable 559 553
Other 437 420
Total other assets $ 5,714 $ 5,365
v3.21.1
Accrued Expenses and Accrued Litigation - Accrued Expenses (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Accrued Liabilities, Current [Abstract]    
Customer and merchant incentives $ 3,952 $ 3,998
Personnel costs 441 727
Income and other taxes 296 208
Other 511 497
Total accrued expenses $ 5,200 $ 5,430
v3.21.1
Accrued Expenses and Accrued Litigation - Accrued Litigation Expense (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Accrued Liabilities, Current [Abstract]    
Provision for litigation $ 841 $ 842
v3.21.1
Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Debt Instrument [Line Items]    
Long-term debt, gross $ 13,988 $ 12,775
Less: Unamortized discount and debt issuance costs (118) (103)
Total debt outstanding 13,870 12,672
Less: current portion (649) (649)
Long-term debt $ 13,221 12,023
Senior Notes | 2031 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 1.90%  
Effective Interest Rate 1.981%  
Long-term debt, gross $ 600 0
Senior Notes | 2051 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 2.95%  
Effective Interest Rate 3.013%  
Long-term debt, gross $ 700 0
Senior Notes | 2027 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 3.30%  
Effective Interest Rate 3.42%  
Long-term debt, gross $ 1,000 1,000
Senior Notes | 2030 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 3.35%  
Effective Interest Rate 3.43%  
Long-term debt, gross $ 1,500 1,500
Senior Notes | Senior Notes Due March 2050    
Debt Instrument [Line Items]    
Stated Interest Rate 3.85%  
Effective Interest Rate 3.896%  
Long-term debt, gross $ 1,500 1,500
Senior Notes | 2029 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 2.95%  
Effective Interest Rate 3.03%  
Long-term debt, gross $ 1,000 1,000
Senior Notes | 2049 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 3.65%  
Effective Interest Rate 3.689%  
Long-term debt, gross $ 1,000 1,000
Senior Notes | 2025 Notes [Member]    
Debt Instrument [Line Items]    
Stated Interest Rate 2.00%  
Effective Interest Rate 2.147%  
Long-term debt, gross $ 750 750
Senior Notes | 2028 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 3.50%  
Effective Interest Rate 3.598%  
Long-term debt, gross $ 500 500
Senior Notes | 2048 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 3.95%  
Effective Interest Rate 3.99%  
Long-term debt, gross $ 500 500
Senior Notes | 2021 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 2.00%  
Effective Interest Rate 2.236%  
Long-term debt, gross $ 650 650
Senior Notes | 2026 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 2.95%  
Effective Interest Rate 3.044%  
Long-term debt, gross $ 750 750
Senior Notes | 2046 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 3.80%  
Effective Interest Rate 3.893%  
Long-term debt, gross $ 600 600
Senior Notes | 2022 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 1.10%  
Effective Interest Rate 1.265%  
Long-term debt, gross $ 822 859
Senior Notes | 2.1% Notes due 2027    
Debt Instrument [Line Items]    
Stated Interest Rate 2.10%  
Effective Interest Rate 2.189%  
Long-term debt, gross $ 940 982
Senior Notes | 2.5% Notes due 2030    
Debt Instrument [Line Items]    
Stated Interest Rate 2.50%  
Effective Interest Rate 2.562%  
Long-term debt, gross $ 176 184
Senior Notes | 2024 Notes    
Debt Instrument [Line Items]    
Stated Interest Rate 3.375%  
Effective Interest Rate 3.484%  
Long-term debt, gross $ 1,000 $ 1,000
v3.21.1
Debt - Narrative (Details)
€ in Millions, $ in Millions
 1 Months Ended
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2016
EUR (€)
Debt Instrument [Line Items]      
Long-term debt $ 13,988 $ 12,775  
Senior Notes | 2015 Euro Notes      
Debt Instrument [Line Items]      
Long-term debt | €     € 1,650
Senior Notes | 2027 Notes      
Debt Instrument [Line Items]      
Long-term debt 1,000 1,000  
Senior Notes | 2030 Notes      
Debt Instrument [Line Items]      
Long-term debt 1,500 1,500  
Senior Notes | Senior Notes Due March 2050      
Debt Instrument [Line Items]      
Long-term debt 1,500 1,500  
Senior Notes | 2031 Notes      
Debt Instrument [Line Items]      
Long-term debt 600 0  
Aggregate principal amount 600    
Senior Notes | 2051 Notes      
Debt Instrument [Line Items]      
Long-term debt 700 $ 0  
Aggregate principal amount 700    
Senior Notes | 2031 and 2051 Notes      
Debt Instrument [Line Items]      
Proceeds from issuance of debt $ 1,282    
v3.21.1
Stockholders' Equity - Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Dividends Payable [Line Items]    
Total dividends declared $ 434 $ 402
Common Stock    
Dividends Payable [Line Items]    
Dividends declared per share $ 0.44 $ 0.40
Retained Earnings    
Dividends Payable [Line Items]    
Total dividends declared $ 434 $ 402
v3.21.1
Stockholders' Equity - Repurchase Authorizations and Purchase Activity (Details) - Class A Common Stock - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 4 Months Ended 16 Months Ended 28 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Mar. 31, 2021
Mar. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Class of Stock                
Board authorization $ 20,500   $ 20,500 $ 20,500 $ 20,500      
Dollar value of shares repurchased during period 1,356 $ 1,383            
Remaining authorization $ 8,475   8,475 8,475 $ 8,475 $ 9,831    
Shares repurchased 3.9 4.7     43.0      
Average price paid per share $ 346.49 $ 293.83     $ 279.36      
December 2020 Share Repurchase Plan                
Class of Stock                
Board authorization           6,000    
Dollar value of shares repurchased during period $ 0              
Remaining authorization $ 6,000   $ 6,000 6,000 $ 6,000 6,000    
Shares repurchased 0.0   0.0          
Average price paid per share $ 0   $ 0          
December 2019 Share Repurchase Plan                
Class of Stock                
Board authorization             $ 8,000  
Dollar value of shares repurchased during period $ 1,356 $ 1,079            
Remaining authorization $ 2,475   $ 2,475 $ 2,475 2,475 3,831    
Shares repurchased 3.9 3.7   17.2        
Average price paid per share $ 346.49 $ 290.86   $ 320.81        
December 2018 Share Repurchase Plan                
Class of Stock                
Board authorization               $ 6,500
Dollar value of shares repurchased during period $ 0 $ 304            
Remaining authorization $ 0   $ 0 $ 0 $ 0 $ 0    
Shares repurchased 0.0 1.0     25.8      
Average price paid per share $ 0 $ 304.89     $ 251.72      
v3.21.1
Stockholders' Equity - Common Stock Shares Activity (Details) - shares
shares in Millions
 3 Months Ended 28 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Mar. 31, 2021
Class A      
Class of Stock      
Purchases of treasury stock (3.9) (4.7) (43.0)
Common Stock | Class A      
Class of Stock      
Balance at December 31, 2020 986.9    
Purchases of treasury stock (3.9)    
Share-based payments 0.8    
Conversion of Class B to Class A common stock 0.1    
Balance at March 31, 2021 983.9   983.9
Common Stock | Class B      
Class of Stock      
Balance at December 31, 2020 8.3    
Purchases of treasury stock 0.0    
Share-based payments 0.0    
Conversion of Class B to Class A common stock (0.1)    
Balance at March 31, 2021 8.2   8.2
v3.21.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period $ 6,488 $ 5,917
Increase / (Decrease) (59) (406)
Reclassifications 1 0
Balance at end of period 6,425 5,423
Foreign currency translation adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (352) (638)
Increase / (Decrease) (165) (267)
Reclassifications 0 0
Balance at end of period (517) (905)
Translation adjustments on net investment hedge    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (175) (38)
Increase / (Decrease) 103 16
Reclassifications 0 0
Balance at end of period (72) (22)
Defined benefit pension and other postretirement plans    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (20) (9)
Increase / (Decrease) 0 0
Reclassifications 0 0
Balance at end of period (20) (9)
Investment securities available-for-sale    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period 0 1
Increase / (Decrease) 1 (5)
Reclassifications 0 0
Balance at end of period 1 (4)
Accumulated Other Comprehensive Income (Loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (680) (673)
Balance at end of period (738) (1,079)
Foreign exchange contracts | Cash flow hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period 0  
Increase / (Decrease) 2  
Reclassifications 0  
Balance at end of period 2  
Interest rate contracts | Cash flow hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (133) 11
Increase / (Decrease) 0 (150)
Reclassifications 1 0
Balance at end of period $ (132) (139)
Cash Flow Hedging | Interest Rate Risk    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Gain (loss) on contracts to purchase and sell foreign currency, pre-tax   (175)
Gain (loss) for contracts to purchase and sell foreign currency   $ (136)
v3.21.1
Share-Based Payments - Types of Equity Awards (Details)
shares in Millions
 3 Months Ended
Mar. 31, 2021
$ / shares
shares
Share-Based Payments  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares 0.3
Fair value of stock options, per share, estimated using a Black-Scholes option pricing model | $ / shares $ 92
Restricted stock units  
Share-Based Payments  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares 0.7
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted-Average Grant-Date Fair Value | $ / shares $ 358
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 $ 385
v3.21.1
Share-Based Payments - Narrative (Details)
 3 Months Ended
Mar. 31, 2021
installment
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 26.10%
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period 1 year
Non-qualified stock options  
Share-Based Payments  
Share-based Compensation Arrangement By Share-based Payment Award, Number Of Equal Annual Installments 4
Share-Based Compensation Arrangement By Share-based Payment Award Options Term 10 years
Restricted stock units  
Share-Based Payments  
Share-based Compensation Arrangement By Share-based Payment Award, Number Of Equal Annual Installments 4
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period 1 year
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
v3.21.1
Income Taxes (Details)
 3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Income Tax Disclosure [Abstract]    
Effective income tax rate (as a percent) 16.50% 14.80%
v3.21.1
Legal and Regulatory Proceedings (Details)
£ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 30 Months Ended 107 Months Ended
Mar. 31, 2021
GBP (£)
Sep. 30, 2019
USD ($)
Jul. 31, 2018
claimant
Jan. 31, 2017
claimant
Mar. 31, 2016
USD ($)
claimant
Oct. 31, 2011
plaintiff
Feb. 28, 2011
Mar. 31, 2021
USD ($)
claimant
fax
Mar. 31, 2021
GBP (£)
claimant
fax
Dec. 31, 2020
USD ($)
Jun. 30, 2020
USD ($)
Mar. 31, 2020
USD ($)
Jun. 30, 2011
USD ($)
Jun. 30, 2019
claimant
Mar. 31, 2021
USD ($)
claimant
Mar. 31, 2021
GBP (£)
Jul. 31, 2019
Legal And Regulatory                                  
Accrued litigation               $ 841,000,000   $ 842,000,000         $ 841,000,000    
Provision for litigation               $ 0       $ 6,000,000          
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%                    
Canadian Competition Bureau                                  
Legal And Regulatory                                  
Amount of damages sought (that exceeds)                         $ 5,000,000,000        
U.S. Merchant Lawsuit Settlement                                  
Legal And Regulatory                                  
Accrued litigation               $ 783,000,000   783,000,000         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 Lawsuit Settlement                                  
Legal And Regulatory                                  
Provision for litigation                     $ 22,000,000            
Amount of damages sought (that exceeds)                             5,000,000,000 £ 3,000  
Damages claims resolved                             $ 3,000,000,000 £ 2,000  
U.K. Merchant claimants                                  
Legal And Regulatory                                  
Number of pending claims | claimant               4             4    
Number of plaintiffs in case | claimant     4 10       4 4                
U.K. Merchant claimants | U.K. Merchant Claimants, Sent Back to Trial Court, Liability and Damages Issues                                  
Legal And Regulatory                                  
Number of pending claims | claimant               1             1    
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)               $ 19,000,000,000 £ 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              
Restricted cash for litigation settlement                                  
Legal And Regulatory                                  
Restricted cash and restricted cash equivalents               $ 586,000,000   $ 586,000,000         $ 586,000,000    
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 1                
Appealing judgment | U.K. Merchant claimants                                  
Legal And Regulatory                                  
Number of claims settled | claimant                           3      
v3.21.1
Settlement and Other Risk Management - Estimated Settlement Exposure (Details) - Guarantee Obligations - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Risks Inherent in Servicing Assets and Servicing Liabilities    
Gross settlement exposure $ 52,265 $ 52,360
Collateral applied to settlement exposure (6,128) (6,021)
Net uncollateralized settlement exposure $ 46,137 $ 46,339
v3.21.1
Settlement and Other Risk Management - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2021
Dec. 31, 2020
Settlement and Other Risk Management [Abstract]    
Travelers cheques outstanding, notional value $ 368 $ 370
Travelers cheques covered by collateral arrangements $ 292 $ 294
v3.21.1
Derivative and Hedging Instruments - Narrative (Details)
€ in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2015
EUR (€)
Foreign Exchange Risk Management        
Notional amount designated $ 516   $ 1,016  
Cash Flow Hedging | Interest Rate Risk        
Foreign Exchange Risk Management        
Gain (loss) for contracts to purchase and sell foreign currency   $ (136)    
Unrealized gain (loss) on cash flow hedges, net of tax (132)      
Estimated amount to be reclassified into interest expense within next 12 months $ 3      
Terms of the foreign currency forward contracts and foreign currency option contracts, less than 18 months      
Net Investment Hedging        
Foreign Exchange Risk Management        
Notional amount designated | €       € 1,650
Net foreign currency transaction pre-tax loss in AOCI $ 72      
v3.21.1
Derivative and Hedging Instruments - Fair Value of Company's Derivative Financial Instruments (Details)
€ in Millions, $ in Millions
Mar. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2015
EUR (€)
Foreign Exchange Risk Management      
Derivative asset notional amount $ 2,670 $ 483  
Derivative asset fair value 56 19  
Derivative liability notional amount 516 1,016  
Derivative liability fair value (7) (28)  
Derivatives not designated as hedging instruments | Foreign exchange contracts | Prepaid Expenses and Other Current Assets      
Foreign Exchange Risk Management      
Derivative asset notional amount 713 483  
Derivative asset fair value 6 19  
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other current liabilities      
Foreign Exchange Risk Management      
Derivative liability notional amount 464 1,016  
Derivative liability fair value (7) (28)  
Cash Flow Hedging | Derivatives designated as hedging instruments | Foreign exchange contracts | Prepaid Expenses and Other Current Assets      
Foreign Exchange Risk Management      
Derivative asset notional amount 145 0  
Derivative asset fair value 3 0  
Cash Flow Hedging | Derivatives designated as hedging instruments | Foreign exchange contracts | Other current liabilities      
Foreign Exchange Risk Management      
Derivative liability notional amount 52 0  
Derivative liability fair value 0 0  
Net Investment Hedging      
Foreign Exchange Risk Management      
Derivative liability notional amount | €     € 1,650
Net Investment Hedging | Derivatives designated as hedging instruments | Foreign exchange contracts | Prepaid Expenses and Other Current Assets      
Foreign Exchange Risk Management      
Derivative asset notional amount 1,812 0  
Derivative asset fair value $ 47 $ 0  
v3.21.1
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, 2021
Mar. 31, 2020
Foreign Exchange Risk Management    
Unrealized gain (loss) on cash flow hedges, before tax $ 3 $ (189)
Realized gain (loss) on cash flow hedges reclassified from AOCI (1) 0
Unrealized gain (loss) on net investment hedges, before tax 46 0
Foreign exchange contracts    
Foreign Exchange Risk Management    
Unrealized gain (loss) on cash flow hedges, before tax 3 0
Foreign exchange contracts | Net revenue    
Foreign Exchange Risk Management    
Realized gain (loss) on cash flow hedges reclassified from AOCI 0 0
Interest rate contracts    
Foreign Exchange Risk Management    
Unrealized gain (loss) on cash flow hedges, before tax 0 (189)
Interest rate contracts | Interest expense    
Foreign Exchange Risk Management    
Realized gain (loss) on cash flow hedges reclassified from AOCI $ (1) $ 0
v3.21.1
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, 2021
Mar. 31, 2020
Foreign exchange contracts | General and administrative    
Foreign Exchange Risk Management    
Gain (loss) for contracts to purchase and sell foreign currency $ 4 $ 107