MasterCard 2012 Annual Report Download - page 68

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On February 5, 2013, our Board of Directors declared a quarterly cash dividend of $0.60 per share payable
on May 9, 2013 to holders of record on April 9, 2013 of our Class A common stock and Class B common stock.
The aggregate amount of this dividend is estimated to be $74 million.
Shares in the Company’s common stock that are repurchased are considered treasury stock. The timing and
actual number of additional shares repurchased will depend on a variety of factors, including the operating needs
of the business, legal requirements, price, and economic and market conditions. The following table summarizes
the Company’s share repurchase authorizations of its Class A common stock through December 31, 2012, as well
as historical purchases:
Authorization Dates
June 2012 April 20111Total
(in millions, except average price data)
Board authorization ..................................... $ 1,500 $ 2,000 $ 3,500
Remaining authorization at December 31, 2011............... ** $ 852 $ 852
Dollar-value of shares repurchased in 2012 .................. $ 896 $ 852 $ 1,748
Remaining authorization at December 31, 2012............... $ 604 $ — $ 604
Shares repurchased in 2012 .............................. 1.95 2.11 4.06
Average price paid per share in 2012 ....................... $460.22 $403.53 $430.71
** Not Applicable
1The initial authorization in September 2010 for $1 billion was amended in April 2011 to increase the
authorization to $2 billion.
As of January 25, 2013, the cumulative repurchases by the Company under the June 2012 Share Repurchase
Program totaled approximately 2.3 million shares of its Class A common stock for an aggregate cost of
approximately $1.1 billion at an average price of $467.44 per share of Class A common stock.
On February 5, 2013, our Board of Directors approved a new share repurchase program authorizing the
Company to repurchase up to $2 billion of its Class A common stock. The new share repurchase program will
become effective at the completion of the Company’s June 2012 Share Repurchase Program.
Off-Balance Sheet Arrangements
MasterCard has no off-balance sheet debt other than lease arrangements and other commitments as
presented in the Future Obligations table that follows.
Future Obligations
The following table summarizes our obligations as of December 31, 2012 that are expected to impact
liquidity and cash flow in future periods. We believe we will be able to fund these obligations through cash
generated from operations and our cash balances.
Payments Due by Period
Total42013 2014-2015 2016-2017
2018 and
thereafter
(in millions)
Capital leases1........................................ $ 51 $ 45 $ 6 $— $—
Operating leases ....................................... 103 19 36 27 21
Other long-term obligations2
Sponsorship, licensing and other3..................... 585 231 269 66 19
Employee benefits ................................. 108 18 9 11 70
Total ................................................ $847 $313 $320 $104 $110
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