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MASTERCARD INCORPORATED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Continued)
71
The following table summarizes the Company’s share repurchase authorizations of its Class A common stock through
December 31, 2015, as well as historical purchases:
Authorization Dates
December
2015
December
2014
December
2013
February
2013
June
2012 Total
(in millions, except average price data)
Board authorization . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,000 $ 3,750 $ 3,500 $ 2,000 $ 1,500 $ 14,750
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
Dollar-value of shares repurchased in 2015 . . . . . . . . . $ — $ 3,243 $ 275 $ — $ — $ 3,518
Remaining authorization at December 31, 2015 . . . . . $ 4,000 $ 507 $ — $ — $ — $ 4,507
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
Shares repurchased in 2015 . . . . . . . . . . . . . . . . . . . . . . — 35.1 3.2 — — 38.3
Average price paid per share in 2015 . . . . . . . . . . . . . . $ — $ 92.39 $ 84.31 $ — $ — $ 91.70
Cumulative shares repurchased through December
31, 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 35.1 45.8 31.1 31.1 143.1
Cumulative average price paid per share . . . . . . . . . . . $ — $ 92.39 $ 76.42 $ 64.26 $ 48.16 $ 71.55
Note 14. Accumulated Other Comprehensive Income (Loss)
The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the years
ended December 31, 2015 and 2014 were as follows:
Foreign Currency
Translation
Adjustments
Translation
Adjustments on
Net Investment
Hedge
Defined Benefit
Pension and
Other
Postretirement
Plans
Investment
Securities
Available-for-
Sale
Accumulated
Other
Comprehensive
Income (Loss)
(in millions)
Balance at December 31, 2013 . . . . . . . . . . . $ 206 $ — $ (29) $ 1 $ 178
Other comprehensive income (loss) 1. . . . . . . (436) — 3 (5) (438)
Balance at December 31, 2014 . . . . . . . . . . . (230) — (26) (4) (260)
Other comprehensive income (loss) 1,2,3 . . . . . (433) (26) 39 4 (416)
Balance at December 31, 2015 . . . . . . . . . . . $ (663) $ (26) $ 13 $ — $ (676)
1 During 2015 and 2014, the increase in other comprehensive loss related to foreign currency translation adjustments was driven primarily by the
devaluation of the euro and Brazilian real.
2 During 2015, $80 million of deferred costs ($51 million after-tax) related to the Company’s defined benefit pension plan and other post retirement
plans were reclassified to general and administrative expenses. The deferred costs were driven primarily by the termination of the Company's U.S.
defined benefit plan (See Note 11, Pension, Postretirement and Savings Plans).
3 During 2015, $15 million of an unrealized loss (no tax impact) on a foreign denominated available-for-sale security was reclassified to other income
(expense) due to an other-than-temporary impairment.