MasterCard 2010 Annual Report Download - page 146
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MASTERCARD INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—continued
As of December 31, 2010, all contracts to purchase and sell foreign currency had been entered into with
customers of MasterCard. MasterCard’s derivative contracts are classified by functional currency as summarized
below:
U.S. Dollar Functional Currency
December 31, 2010 December 31, 2009
Notional
Estimated
Fair Value 1Notional
Estimated
Fair Value 1
(in millions)
Commitments to purchase foreign currency $ 36 $ 11$38 $— 1
Commitments to sell foreign currency 129 (2)150 (1)1
Balance Sheet Location:
Accounts Receivable $1 $ 1
Other Current Liabilities (2) (2)
Euro Functional Currency
December 31, 2010 December 31, 2009
Notional
Estimated
Fair Value 1Notional
Estimated
Fair Value 1
(in millions)
Commitments to purchase foreign currency $ 2 $— $16 $—
Commitments to sell foreign currency 14 — 45 —
Balance Sheet Location:
Accounts Receivable $— $—
Other Current Liabilities ——
U.K. Pound Sterling Functional Currency
December 31, 2010 December 31, 2009
Notional
Estimated
Fair Value 1Notional
Estimated
Fair Value 1
(in millions)
Commitments to purchase foreign currency $— $— $— $—
Commitments to sell foreign currency 5 — — —
Balance Sheet Location:
Accounts Receivable $— $—
Other Current Liabilities ——
Amount and Location of Gain (Loss) Recognized in Income during the Year Ended December 31,
2010 2009
(in millions)
Derivatives Not Designated As Hedging Instruments
Foreign Currency Derivative Contracts
General and administrative $(17) $(12)
Revenues (3) (6)
Total $(20) $(18)
1Amounts represent gross fair value amounts while these amounts may be netted for actual balance sheet
presentation.
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