MasterCard 2011 Annual Report Download - page 98

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MASTERCARD INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Note 4. Supplemental Cash Flows
The following table includes supplemental cash flow disclosures for each of the years ended December 31:
2011 2010 2009
(in millions)
Cash paid for income taxes ....................................... $911 $540 $ 457
Cash paid for interest ............................................ — 3 11
Cash paid for legal settlements (Notes 18 and 20) ..................... 303 607 946
Non-cash investing and financing activities:
Dividends declared but not yet paid ............................ 19 20 20
Municipal bonds cancelled ................................... — — 154
1
Revenue bonds received ..................................... — — (154)2
Assets recorded pursuant to capital lease ........................ 14 — 154
2
Capital lease obligation relating to MDFB ....................... — — (154)2
Fair value of assets acquired, net of cash acquired ................. 549
3553317
Fair value of liabilities assumed related to acquisitions and investments
in affiliates .............................................. 89
3553154
Fair value of non-controlling interest acquired .................... — 2 8
1See Note 14 (Consolidation of Variable Interest Entity) for further details.
2See Note 8 (Property, Plant, and Equipment) for further details.
3See Note 2 (Acquisitions) for further details.
4Includes $9 million to be extinguished in 2013 and 2016 for future benefits to be provided by MasterCard in
the establishment of a joint venture.
Note 5. Fair Value
Financial Instruments—Recurring Measurements
In accordance with accounting requirements for financial instruments, the Company is disclosing the
estimated fair values as of December 31, 2011 and 2010 of the financial instruments that are within the scope of
the accounting guidance, as well as the methods and significant assumptions used to estimate the fair value of
those financial instruments. Furthermore, the Company classifies its fair value measurements in the Valuation
Hierarchy. No transfers were made among the three levels in the Valuation Hierarchy during the year ended
December 31, 2011.
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