MasterCard 2014 Annual Report Download - page 60

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MASTERCARD INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
58
Note 4. Supplemental Cash Flows
The following table includes supplemental cash flow disclosures for each of the years ended December 31:
2014 2013 2012
(in millions)
Cash paid for income taxes, net of refunds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,036 $ 1,215 $ 1,046
Cash paid for interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24 2 —
Cash paid for legal settlements 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 — 65
Non-cash investing and financing activities:
Dividends declared but not yet paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 184 131 37
Assets recorded pursuant to capital lease . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 7 11
Fair value of assets acquired, net of cash acquired . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 768 — 77
Fair value of liabilities assumed related to acquisitions . . . . . . . . . . . . . . . . . . . . . . . . . 141 — 2
1 Amounts primarily represent payments under settlement agreements related to the U.S. merchant litigations. Amounts paid into escrow related to the
U.S. merchant class litigation are not included in this table.
Note 5. Fair Value and Investment Securities
The Company classifies its fair value measurements of financial instruments into a three-level hierarchy (the “Valuation Hierarchy”).
No transfers were made among the three levels in the Valuation Hierarchy during the years ended December 31, 2014 and 2013.