MasterCard 2014 Annual Report Download - page 78

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MASTERCARD INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
76
Additional Information
On July 18, 2006, the Company’s stockholders approved the MasterCard Incorporated 2006 Non-Employee Director Equity
Compensation Plan, which was amended and restated as of June 5, 2012 (the “Director Plan”). The Director Plan provides for
awards of Deferred Stock Units (“DSUs”) to each director of the Company who is not a current employee of the Company.
The following table includes additional share-based payment information for each of the years ended December 31:
2014 2013 2012
(in millions, except weighted-average fair value)
Share-based compensation expense: Options, RSUs and PSUs . . . . . . $ 111 $ 121 $ 88
Income tax benefit recognized for equity awards . . . . . . . . . . . . . . . . . 37 42 30
Income tax benefit related to options exercised. . . . . . . . . . . . . . . . . . . 20 16 27
Options:
Total intrinsic value of options exercised . . . . . . . . . . . . . . . . . . . . . . . 60 48 77
RSUs:
Weighted-average grant-date fair value of awards granted. . . . . . . . . . 76 52 42
Total intrinsic value of RSUs converted into shares of Class A
common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173 78 91
PSUs:
Weighted-average grant-date fair value of awards granted. . . . . . . . . . 78 56 83
Total intrinsic value of PSUs converted into shares of Class A
common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28 29 27
DSUs:
General and administrative expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 221
Total intrinsic value of DSUs converted into shares of Class A
common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322
Note 16. Commitments
At December 31, 2014, the Company had the following future minimum payments due under non-cancelable agreements:
Total Capital
Leases Operating
Leases
Sponsorship,
Licensing &
Other
(in millions)
2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 360 $ 4 $ 30 $ 326
2016. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 157 4 29 124
2017. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74 2 24 48
2018. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 — 19 20
2019. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32 — 16 16
Thereafter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 — 53 6
Total. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 721 $ 10 $ 171 $ 540
Included in the table above are capital leases with a net present value of minimum lease payments of $11 million. In addition, at
December 31, 2014, $62 million of the future minimum payments in the table above for sponsorship, licensing and other agreements
was accrued. Consolidated rental expense for the Company’s leased office space was $48 million, $38 million and $36 million
for the years ended December 31, 2014, 2013 and 2012, respectively. Consolidated lease expense for automobiles, computer
equipment and office equipment was $17 million, $14 million and $11 million for the years ended December 31, 2014, 2013 and
2012, respectively.