MasterCard 2010 Annual Report Download - page 131
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MASTERCARD INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—continued
We recorded liabilities for these and certain litigation settlements in 2010 and prior years. Total liabilities
for litigation settlements changed from December 31, 2008, as follows:
(in millions)
Balance as of December 31, 2008 $1,736
Interest accretion on U.S. Merchant Lawsuit Settlement 21
Interest accretion on American Express Settlement 66
Payments on American Express Settlement (600)
Payment on U.S. Merchant Lawsuit Settlement (335)
Gain on prepayment of U.S. Merchant Lawsuit Settlement (14)
Other payments, accruals and accretion, net (4)
Balance as of December 31, 2009 870
Interest accretion on American Express Settlement 35
Payments on American Express Settlement (600)
Other payments, accruals and accretion, net (3)
Balance as of December 31, 2010 $ 302
See Note 22 (Legal and Regulatory Proceedings) for additional discussion regarding the Company’s legal
proceedings.
Note 21. Income Tax
The total income tax provision for the years ended December 31 is comprised of the following components:
2010 2009 2008
(in millions)
Current
Federal $379 $160 $ 119
State and local 17 18 13
Foreign 301 240 223
697 418 355
Deferred
Federal 225 308 (482)
State and local 8 21 2
Foreign (20) 8 (4)
213 337 (484)
Total income tax expense (benefit) $910 $755 $(129)
The domestic and foreign components of earnings (loss) before income taxes for the years ended
December 31 are as follows:
2010 2009 2008
(in millions)
United States $2,198 $1,482 $(986)
Foreign 559 736 603
$2,757 $2,218 $(383)
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