MasterCard 2009 Annual Report Download - page 125
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MASTERCARD INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(In thousands, except percent and per share data)
We recorded liabilities for these and certain litigation settlements in 2009 and prior years. Total liabilities
for litigation settlements changed from December 31, 2007, as follows:
Balance as of December 31, 2007 .................................... $ 404,436
Provision for Discover Settlement ................................... 862,500
Provision for American Express Settlement ............................ 1,649,345
Provision for other litigation settlements .............................. 6,000
Interest accretion on U.S. Merchant Lawsuit Settlement .................. 32,879
Interest accretion on American Express Settlement ...................... 44,300
Payments on American Express Settlement ............................ (300,000)
Payments on Discover Settlement .................................... (862,500)
Payment on U.S. Merchant Lawsuit Settlement ......................... (100,000)
Other payments and accretion ....................................... (662)
Balance as of December 31, 2008 .................................... 1,736,298
Interest accretion on U.S. Merchant Lawsuit Settlement .................. 20,506
Interest accretion on American Express Settlement ...................... 65,812
Payments on American Express Settlement ............................ (600,000)
Payment on U.S. Merchant Lawsuit Settlement ......................... (335,000)
Gain on prepayment of U.S. Merchant Lawsuit Settlement ................ (14,234)
Other payments, accruals and accretion, net ............................ (3,661)
Balance as of December 31, 2009 .................................... $ 869,721
See Note 21 (Legal and Regulatory Proceedings) for additional discussion regarding the Company’s legal
proceedings.
Note 20. Income Tax
The total income tax provision for the years ended December 31 is comprised of the following components:
2009 2008 2007
Current
Federal ............................................. $160,883 $ 118,387 $371,250
State and local ....................................... 17,818 13,124 36,661
Foreign ............................................ 240,022 223,143 183,127
418,723 354,654 591,038
Deferred
Federal ............................................. 307,614 (481,783) (8,666)
State and local ....................................... 20,968 2,002 5,429
Foreign ............................................ 8,122 (4,171) (2,255)
336,704 (483,952) (5,492)
Total income tax expense (benefit) ....................... $755,427 $(129,298) $585,546
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