MasterCard 2009 Annual Report Download - page 104

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MASTERCARD INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except percent and per share data)
Investment Maturities:
The maturity distribution based on the contractual terms of the Company’s investment securities at
December 31, 2009 was as follows:
Available-For-Sale Held-To-Maturity
Amortized
Cost Fair Value
Carrying
Value Fair Value
Due within 1 year ................................... $ 27,420 $ 27,905 $ 19 $ 19
Due after 1 year through 5 years ........................ 374,519 393,114 337,778 339,670
Due after 5 years through 10 years ...................... 94,306 96,711 — —
Due after 10 years ................................... 207,750 176,587 — —
No contractual maturity ............................... 305,663 310,015 — —
Total ............................................. $1,009,658 $1,004,332 $337,797 $339,689
The majority of securities due after ten years are ARS. Taxable short-term bond funds and foreign equity
securities have been included in the table above in the no contractual maturity category, as these investments do
not have a stated maturity date.
The table below summarizes the contractual maturity ranges of the ARS portfolio, based on relative par
value, as of December 31, 2009:
Par
Amount
%of
Total
Due within 10 years ........................................................... $ 4,000 2%
Due year 11 through year 20 ..................................................... 34,300 16%
Due year 21 through year 30 ..................................................... 135,850 64%
Due after year 30 .............................................................. 37,600 18%
Total ....................................................................... $211,750 100%
Investment Income:
Components of net investment income were as follows:
2009 2008 2007
Interest income ................................................... $55,911 $108,757 $140,851
Dividend income ................................................. 5 1,222 15,386
Investment securities available-for-sale:
Gross realized gains ........................................... 1,921 87,579 391,444
Gross realized losses .......................................... (139) (3,519) (8,298)
Other than temporary impairment on short-term bond fund ............ — (11,115) (8,719)
Trading securities:
Unrealized gains (losses), net .................................... — — (2,116)
Realized gains, net ............................................ — (17) 1,852
Total investment income, net ........................................ $57,698 $182,907 $530,400
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