Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
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- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2006
- Price to Operating Profit (P/OP) since 2006
- Analysis of Revenues
- Analysis of Debt
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Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- Accounts payable
- Accounts payable as a percentage of total liabilities, redeemable non-controlling interests, and equity decreased steadily from 2.16% in 2018 to 1.57% in 2020, before increasing again to 2.39% by 2022, indicating some variability with a recent upward trend.
- Settlement obligations
- Settlement obligations exhibited a pronounced decline from 8.81% in 2018 to 2.42% in 2021, then a minor recovery to 2.87% in 2022. This suggests a significant reduction in settlement-related liabilities over the period with a slight increase in the most recent year.
- Restricted security deposits held for customers
- The proportion of restricted security deposits held for customers rose gradually from 4.34% in 2018 to 5.05% in 2020, slightly declining to 4.05% by 2022, indicating moderate stability in this liability component with a minor recent decrease.
- Accrued litigation
- Accrued litigation decreased sharply from 6.4% in 2018 to 2.23% in 2021, followed by a modest increase to 2.83% in 2022. This pattern reflects a strong initial reduction in litigation-related liabilities and a slight resurgence recently.
- Customer and merchant incentives
- Customer and merchant incentives remained relatively stable around 13% from 2018 to 2019, dropped to 11.9% in 2020, and then increased consistently to 14.46% in 2022. This shows growth in incentives provision, especially after 2020.
- Personnel costs
- Personnel costs as a percentage of the total steadily declined from 2.99% in 2018 to 2.16% in 2020, then rose again to 3.41% by 2022, indicating fluctuations with a notable increase in recent years.
- Income and other taxes
- Income and other taxes increased from 0.64% in 2018 to 1.14% in 2019, decreased to 0.62% in 2020, and remained relatively stable around 0.7-0.9% afterwards, showing variability but overall moderate proportions.
- Other (unspecified liabilities)
- This category declined from 2.29% in 2018 to 1.48% in 2020 and then stabilized around 1.55% through 2022, indicating a reduction in these miscellaneous liabilities during the observed period.
- Accrued expenses
- Accrued expenses declined steadily from 19.09% in 2018 to 16.17% in 2020 but increased thereafter to 20.15% in 2022. This suggests an initial reduction followed by increased accruals in the latter period.
- Short-term debt
- Short-term debt showed inconsistency with missing data in 2019, a decrease to 0.71% in 2022 after hovering around 2% in other years, reflecting an overall downward trend in short-term borrowings toward the end of the period.
- Other current liabilities
- Other current liabilities remained relatively stable between 3.17% and 3.82% across the years, indicating consistency in this component.
- Current liabilities
- Current liabilities decreased substantially from 46.63% in 2018 to 34.94% in 2021, rebounding slightly to 36.59% in 2022, demonstrating efforts to reduce short-term obligations with a minor recent increase.
- Long-term debt, excluding current portion
- Long-term debt increased markedly from 23.47% in 2018 to 35.8% in 2020, remaining elevated around 35% through 2022, showing a shift toward greater reliance on long-term liabilities.
- Deferred income taxes
- Deferred income taxes were low and steady near 0.26-0.29% in early years but rose significantly to just over 1% in 2021 and 2022, indicating increased deferred tax liabilities in recent years.
- Other liabilities
- Other liabilities increased from 7.55% in 2018 to 10.42% in 2022, suggesting growth in various non-specified liabilities over the period.
- Noncurrent liabilities
- Noncurrent liabilities grew significantly from 31.29% in 2018 to 46.94% in 2022, reflecting increased long-term obligations within the company’s capital structure.
- Total liabilities
- Total liabilities slightly increased from 77.92% in 2018 to 83.53% in 2022, indicating a greater proportion of funding coming from liabilities relative to equity and redeemable non-controlling interests.
- Redeemable non-controlling interests
- Redeemable non-controlling interests declined steadily from 0.29% to 0.05%, showing a diminishing share of this equity component.
- Additional paid-in-capital
- Additional paid-in-capital as a percentage of total funding declined consistently from 18.42% in 2018 to 13.68% in 2022, indicating a gradual decrease in capital contributed by shareholders beyond par value.
- Class A treasury stock, at cost
- Class A treasury stock showed an increasing negative balance, from -103.58% in 2018 to -132.62% in 2022, reflecting a growing repurchase of shares reducing equity proportion accordingly.
- Retained earnings
- Retained earnings increased markedly from 109.75% in 2018 to 138.43% in 2022, indicating strong accumulated profits contributing positively to equity.
- Accumulated other comprehensive loss
- Accumulated other comprehensive loss decreased from -2.89% to -3.24% over the period, reflecting increasing unrealized losses affecting equity.
- Total Mastercard Incorporated stockholders’ equity
- Equity attributable to Mastercard Incorporated stockholders declined from 21.7% in 2018 to 16.26% in 2022, showing a reduced proportion of equity financing relative to total capital.
- Non-controlling interests
- Non-controlling interests remained very low and variable, between 0.08% and 0.29%, implying minimal influence on overall equity structure.
- Total equity
- Total equity decreased progressively from 21.79% in 2018 to 16.41% in 2022, showing a clear trend of diminished equity funding alongside rising liabilities.
- Total liabilities, redeemable non-controlling interests and equity
- The total remains constant at 100% as expected, serving as the base reference for the proportional analysis of individual components.