MasterCard 2014 Annual Report Download - page 74

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MASTERCARD INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
72
The following table summarizes the Company’s share repurchase authorizations of its Class A common stock through December 31,
2014, as well as historical purchases:
Authorization Dates
December
2014 December
2013 February
2013 June
2012 April
2011 Total
(in millions, except average price data)
Board authorization . . . . . . . . . . . . . . . . . . . . . . . . . . $ 3,750 $ 3,500 $ 2,000 $ 1,500 $ 2,000 $ 12,750
Dollar-value of shares repurchased in 2012 . . . . . . . . $ — $ — $ — $ 896 $ 852 $ 1,748
Remaining authorization at December 31, 2012 . . . . $ — $ — $ — $ 604 $ — $ 604
Dollar-value of shares repurchased in 2013 . . . . . . . . $ — $ — $ 1,839 $ 604 $ — $ 2,443
Remaining authorization at December 31, 2013 . . . . $ — $ 3,500 $ 161 $ — $ — $ 3,661
Dollar-value of shares repurchased in 2014 . . . . . . . . $ — $ 3,225 $ 161 $ — $ — $ 3,386
Remaining authorization at December 31, 2014 . . . . $ 3,750 $ 275 $ — $ — $ — $ 4,025
Shares repurchased in 2012 . . . . . . . . . . . . . . . . . . . . — — — 19.5 21.1 40.6
Average price paid per share in 2012 . . . . . . . . . . . . . $ — $ — $ — $ 46.02 $ 40.35 $ 43.07
Shares repurchased in 2013 . . . . . . . . . . . . . . . . . . . . — — 29.2 11.7 — 40.9
Average price paid per share in 2013 . . . . . . . . . . . . . $ — $ — $ 63.01 $ 51.72 $ — $ 59.78
Shares repurchased in 2014 . . . . . . . . . . . . . . . . . . . . — 42.6 1.9 — — 44.5
Average price paid per share in 2014 . . . . . . . . . . . . . $ — $ 75.81 $ 83.22 $ — $ — $ 76.14
Cumulative shares repurchased through
December 31, 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . — 42.6 31.1 31.1 65.4 170.2
Cumulative average price paid per share . . . . . . . . . . $ — $ 75.81 $ 64.26 $ 48.16 $ 30.56 $ 51.25
Note 14. Accumulated Other Comprehensive Income (Loss)
The changes in the balances of each component of accumulated other comprehensive income (loss) for the years ended December
31, 2014 and 2013 were as follows:
Foreign
Currency
Translation
Adjustments
Defined Benefit
Pension and
Other
Postretirement
Plans, Net of Tax
Investment
Securities
Available-for-
Sale, Net of Tax
Accumulated
Other
Comprehensive
Income (Loss)
(in millions)
Balance at December 31, 2012 . . . . . . . . . . . . . . . . . . . . . . $ 93 $ (37) $ 5 $ 61
Current period other comprehensive income (loss) 1. . . . . 113 8 (4) 117
Balance at December 31, 2013 . . . . . . . . . . . . . . . . . . . . . . 206 (29) 1 178
Current period other comprehensive income (loss) 1. . . . . (436) 3 (5)(438)
Balance at December 31, 2014 . . . . . . . . . . . . . . . . . . . . . . $(230) $ (26) $ (4) $ (260)
1 During the years ended December 31, 2014 and 2013, $7 million and $6 million, respectively, of deferred costs related to the Company’s defined benefit
pension and other postretirement plans were reclassified from accumulated other comprehensive income (loss) to general and administrative expense.
In addition, $1 million and $5 million of net gains on available-for-sale investment securities were reclassified from accumulated other comprehensive
income (loss) to investment income during the years ended December 31, 2014 and 2013, respectively. Tax amounts related to these items are
insignificant.