Mastercard Inc

For the period ended Dec 31, 2023. Filed Feb 13, 2024.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 13, 2024

MA$658.84+0.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statement of Cash Flows

PART II

Consolidated Statement of Cash Flows
	For the Years Ended December 31,
	2023	2022	2021
(in millions)
Operating Activities
Net income	$11,195	$9,930	$8,687
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of customer incentives	1,622	1,586	1,371
Depreciation and amortization	799	750	726
(Gains) losses on equity investments, net	61	145	(645)
Share-based compensation	460	295	273
Deferred income taxes	(236)	(651)	(69)
Other	22	44	36
Changes in operating assets and liabilities:
Accounts receivable	(546)	(481)	(397)
Income taxes receivable	(171)	12	(87)
Settlement assets	40	48	390
Prepaid expenses	(2,438)	(2,175)	(2,087)
Accrued litigation and legal settlements	(375)	240	(1)
Restricted security deposits held for customers	277	(305)	177
Accounts payable	(99)	190	100
Settlement obligations	282	201	(568)
Accrued expenses	571	1,188	1,355
Long-term taxes payable	(129)	(121)	(52)
Net change in other assets and liabilities	645	299	254
Net cash provided by operating activities	11,980	11,195	9,463
Investing Activities
Purchases of investment securities available-for-sale	(300)	(267)	(389)
Purchases of investments held-to-maturity	(347)	(239)	(294)
Proceeds from sales of investment securities available-for-sale	87	54	83
Proceeds from maturities of investment securities available-for-sale	191	211	291
Proceeds from maturities of investments held-to-maturity	157	265	296
Purchases of property and equipment	(371)	(442)	(407)
Capitalized software	(717)	(655)	(407)
Purchases of equity investments	(89)	(88)	(228)
Proceeds from sales of equity investments	44	7	186
Acquisition of businesses, net of cash acquired	—	(313)	(4,436)
Other investing activities	(6)	(3)	33
Net cash used in investing activities	(1,351)	(1,470)	(5,272)
Financing Activities
Purchases of treasury stock	(9,032)	(8,753)	(5,904)
Dividends paid	(2,158)	(1,903)	(1,741)
Proceeds from debt, net	1,554	1,123	2,024
Payment of debt	—	(724)	(650)
Acquisition of redeemable non-controlling interests	—	(4)	—
Acquisition of non-controlling interest	—	—	(133)
Contingent consideration paid	—	—	(64)
Tax withholdings related to share-based payments	(89)	(141)	(133)
Cash proceeds from exercise of stock options	237	90	61
Other financing activities	—	(16)	(15)
Net cash used in financing activities	(9,488)	(10,328)	(6,555)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	128	(103)	(153)
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents	1,269	(706)	(2,517)
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period	9,196	9,902	12,419
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period	$10,465	$9,196	$9,902
The accompanying notes are an integral part of these consolidated financial statements.

73 MASTERCARD 2023 FORM 10-K

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.