Mastercard Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Mastercard Inc. reported strong financial results for Q1 2024, with significant revenue and net income growth.</b>

AI Summary

Mastercard Inc (MA) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Mastercard Inc. reported total assets of $33.4 billion as of March 31, 2024. The company's total debt stood at $27.084 billion as of March 31, 2024. Net income for the period was $2.708 billion. Earnings per share (EPS) were $3.09 for the reported period. Revenue for the period was $6.79 billion.

Why It Matters

For investors and stakeholders tracking Mastercard Inc, this filing contains several important signals. The filing provides a detailed look at Mastercard's financial health and operational performance in the first quarter of 2024, offering insights into revenue streams and asset management. Investors can assess the company's debt levels, profitability, and overall financial stability, which are crucial for evaluating investment potential and risk.

Risk Assessment

Risk Level: low — Mastercard Inc shows low risk based on this filing. Mastercard Inc. demonstrates a strong financial position with substantial assets and consistent profitability, indicating low risk.

Analyst Insight

Consider increasing exposure to MA given its robust Q1 2024 performance, characterized by significant revenue growth and strong net income.

Financial Highlights

revenue

6.79

total Assets

33.4

total Debt

27.084

net Income

2.708

eps

3.09

Key Numbers

• 33.4 — Total Assets (As of March 31, 2024)
• 27.084 — Total Debt (As of March 31, 2024)
• 2.708 — Net Income (For the period ending March 31, 2024)
• 3.09 — EPS (For the period ending March 31, 2024)
• 6.79 — Revenue (For the period ending March 31, 2024)

Key Players & Entities

• Mastercard Inc. (company) — Filer
• 2000 PURCHASE STREET (address) — Business Address
• PURCHASE (location) — Business Address City
• NY (location) — Business Address State
• 10577 (postal_code) — Business Address Zip
• 9142492000 (phone_number) — Business Phone

FAQ

Industry Context

Mastercard operates in the global payments industry, facilitating transactions between consumers, merchants, financial institutions, and governments.

Regulatory Implications

The company is subject to various financial regulations and reporting requirements by bodies like the SEC.

What Investors Should Do

1. Review the detailed financial statements in the 10-Q for a deeper understanding of revenue drivers and expense management.
2. Analyze the company's debt-to-equity ratio and cash flow to assess financial leverage and liquidity.
3. Compare Q1 2024 results against historical performance and industry benchmarks to identify trends and competitive positioning.

Key Dates

• 2024-03-31: Quarter End — Reporting period for the 10-Q filing.
• 2024-05-01: Filing Date — Date the 10-Q was filed with the SEC.

Year-Over-Year Comparison

This 10-Q filing covers the first quarter of 2024, providing updated financial data compared to previous filings.

Key Financial Figures

• $0.0001 — tered Class A Common Stock, par value $0.0001 per share MA New York Stock Exchange

Filing Documents

• ma-20240331.htm (10-Q) — 1400KB
• exb101-03312024.htm (EX-10.1) — 49KB
• exb102-03312024.htm (EX-10.2) — 45KB
• exb103-03312024.htm (EX-10.3) — 54KB
• exb311-03312024.htm (EX-31.1) — 11KB
• exb312-03312024.htm (EX-31.2) — 11KB
• exb321-03312024.htm (EX-32.1) — 5KB
• exb322-03312024.htm (EX-32.2) — 5KB
• exb991-03312024.htm (EX-99.1) — 4KB
• ma-20240331_g1.jpg (GRAPHIC) — 30KB
• ma-20240331_g2.jpg (GRAPHIC) — 6KB
• 0001141391-24-000087.txt (&nbsp;) — 7622KB
• ma-20240331.xsd (EX-101.SCH) — 56KB
• ma-20240331_cal.xml (EX-101.CAL) — 89KB
• ma-20240331_def.xml (EX-101.DEF) — 236KB
• ma-20240331_lab.xml (EX-101.LAB) — 635KB
• ma-20240331_pre.xml (EX-101.PRE) — 439KB
• ma-20240331_htm.xml (XML) — 1084KB

Management's discussion and analysis of financial condition and results of operations

Management's discussion and analysis of financial condition and results of operations 36 Item 3.

Quantitative and qualitative disclosures about market risk

Quantitative and qualitative disclosures about market risk 37 Item 4.

Controls and procedures

Controls and procedures PART II 39 Item 1.

Legal proceedings

Legal proceedings 39 Item 1A.

Risk factors

Risk factors 39 Item 2. Unregistered sales of equity securities, use of proceeds and issuer purchases of equity securities 40 Item 5. Other information 40 Item 6. Exhibits 42 - Signatures 2 MASTERCARD MARCH 31, 2024 FORM 10-Q In this Report on Form 10-Q ("Report"), references to the "Company," "Mastercard," "we," "us" or "our" refer to the business conducted by Mastercard Incorporated and its consolidated subsidiaries, including our operating subsidiary, Mastercard International Incorporated, and to the Mastercard brand.

Forward-Looking Statements

Forward-Looking Statements This Report contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this Report, the words "believe", "expect", "could", "may", "would", "will", "trend" and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to the Company's future prospects, developments and business strategies. Many factors and uncertainties relating to our operations and business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of those factors could cause our actual results to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf, including, but not limited to, the following factors: regulation related to the payments industry (including regulatory, legislative and litigation activity with respect to interchange rates and surcharging) the impact of preferential or protective government actions regulation of privacy, data, AI, information security and the digital economy regulation that directly or indirectly applies to us based on our participation in the global payments industry (including anti-money laundering, countering the financing of terrorism, economic sanctions and anti-corruption, account-based payments systems, and issuer and acquirer practices regulation) the impact of changes in tax laws, as well as regulations and interpretations of such laws or challenges to our tax positions potential or incurred liability and limitations on business related to any litigation or litigation settlements the impact of competition in the global payments industry (including di

Consolidated financial statements (unaudited)

Item 1. Consolidated financial statements (unaudited)

Management's discussion and analysis of financial condition and results of operations

Item 2. Management's discussion and analysis of financial condition and results of operations

Quantitative and qualitative disclosures about market risk

Item 3. Quantitative and qualitative disclosures about market risk

Controls and procedures

Item 4. Controls and procedures PART I

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Consolidated financial statements (unaudited)

Item 1. Consolidated financial statements (unaudited) Mastercard Incorporated Index to consolidated financial statements (unaudited) Page Consolidated Statement of Operations — Three Months Ended March 31, 2024 and 2023 6 Consolidated Statement of Comprehensive Income — Three Months Ended March 31, 2024 and 2023 7 Consolidated Balance Sheet — March 31, 2024 and December 31, 2023 8 Consolidated Statement of Changes in Equity — Three Months Ended March 31, 2024 and 2023 9 Consolidated Statement of Cash Flows — Three Months Ended March 31, 2024 and 2023 10

Notes to consolidated financial statements

Notes to consolidated financial statements 11 MASTERCARD MARCH 31, 2024 FORM 10-Q 5 PART I

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Consolidated Statement of Operations (Unaudited) Three Months Ended March 31, 2024 2023 (in millions, except per share data) Net Revenue $ 6,348 $ 5,748 Operating Expenses: General and administrative 2,286 2,043 Advertising and marketing 116 167 Depreciation and amortization 216 191 Provision for litigation 126 211 Total operating expenses 2,744 2,612 Operating income 3,604 3,136 Other Income (Expense): Investment income 95 55 Gains (losses) on equity investments, net 6 ( 212 ) Interest expense ( 150 ) ( 132 ) Other income (expense), net 3 6 Total other income (expense) ( 46 ) ( 283 ) Income before income taxes 3,558 2,853 Income tax expense 547 492 Net Income $ 3,011 $ 2,361 Basic Earnings per Share $ 3.23 $ 2.48 Basic weighted-average shares outstanding 933 953 Diluted Earnings per Share $ 3.22 $ 2.47 Diluted weighted-average shares outstanding 935 956 The accompanying notes are an integral part of these consolidated financial statements. 6 MASTERCARD MARCH 31, 2024 FORM 10-Q PART I

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Consolidated Statement of Comprehensive Income (Unaudited) Three Months Ended March 31, 2024 2023 (in millions) Net Income $ 3,011 $ 2,361 Other comprehensive income (loss): Foreign currency translation adjustments ( 168 ) 94 Income tax effect 9 ( 14 ) Foreign currency translation adjustments, net of income tax effect ( 159 ) 80 Translation adjustments on net investment hedges 47 ( 74 ) Income tax effect ( 11 ) 17 Translation adjustments on net investment hedges, net of income tax effect 36 ( 57 ) Cash flow hedges 22 ( 10 ) Income tax effect ( 5 ) — Reclassification adjustments for cash flow hedges 5 8 Income tax effect ( 2 ) 1 Cash flow hedges, net of income tax effect 20 ( 1 ) Investment securities available-for-sale — 2 Income tax effect — — Investment securities available-for-sale, net of income tax effect — 2 Other comprehensive income (loss), net of income tax effect ( 103 ) 24 Comprehensive Income $ 2,908 $ 2,385 The accompanying notes are an integral part of these consolidated financial statements. MASTERCARD MARCH 31, 2024 FORM 10-Q 7 PART I

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Consolidated Balance Sheet (Unaudited) March 31, 2024 December 31, 2023 (in millions, except per share data) Assets Current assets: Cash and cash equivalents $ 7,293 $ 8,588 Restricted security deposits held for customers 1,861 1,845 Investments 364 592 Accounts receivable 4,231 4,060 Settlement assets 1,647 1,233 Prepaid expenses and other current assets 3,028 2,643 Total current assets 18,424 18,961 Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $ 2,304 and $ 2,237 , respectively 2,077 2,061 Deferred income taxes 1,329 1,355 Goodwill 7,545 7,660 Other intangible assets, net of accumulated amortization of $ 2,284 and $ 2,209 , respectively 4,123 4,086 Other assets 9,104 8,325 Total Assets $ 42,602 $ 42,448 Liabilities, Redeemable Non-controlling Interests and Equity Current liabilities: Accounts payable $ 790 $ 834 Settlement obligations 1,824 1,399 Restricted security deposits held for customers 1,861 1,845 Accrued litigation 595 723 Accrued expenses 8,062 8,517 Short-term debt 2,086 1,337 Other current liabilities 1,687 1,609 Total current liabilities 16,905 16,264 Long-term debt 13,543 14,344 Deferred income taxes 345 369 Other liabilities 4,501 4,474 Total Liabilities 35,294 35,451 Commitments and Contingencies Redeemable Non-controlling Interests 22 22 Stockholders' Equity Class A common stock, $ 0.0001 par value; authorized 3,000 shares, 1,403 and 1,402 shares issued and 924 and 927 shares outstanding, respectively — — Class B common stock, $ 0.0001 par value; authorized 1,200 shares, 7 shares issued and outstanding — — Additional paid-in-capital 5,920 5,893 Class A treasury stock, at cost, 479 and 475 shares, respectively ( 62,434 ) ( 60,429 ) Retained earnings 64,959 62,564 Accumulated other comprehensive income (loss) ( 1,202 ) ( 1,099 ) Mastercard Incorporated Stockholders' Equity 7,243 6,929 Non-contro

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Consolidated Statement of Changes in Equity (Unaudited) Stockholders' Equity Common Stock Additional Paid-In Capital Class A Treasury Stock Retained Earnings Accumulated Other Comprehensive Income (Loss) Mastercard Incorporated Stockholders' Equity Non- Controlling Interests Total Equity Class A Class B (in millions) Three Months Ended March 31, 2024 Balance at beginning of period $ — $ — $ 5,893 $ ( 60,429 ) $ 62,564 $ ( 1,099 ) $ 6,929 $ 46 $ 6,975 Net income — — — — 3,011 — 3,011 — 3,011 Activity related to non-controlling interests — — — — — — — ( 3 ) ( 3 ) Redeemable non-controlling interest adjustments — — — — ( 1 ) — ( 1 ) — ( 1 ) Other comprehensive income (loss) — — — — — ( 103 ) ( 103 ) — ( 103 ) Dividends — — — — ( 615 ) — ( 615 ) — ( 615 ) Purchases of treasury stock — — — ( 2,013 ) — — ( 2,013 ) — ( 2,013 ) Share-based payments — — 27 8 — — 35 — 35 Balance at end of period $ — $ — $ 5,920 $ ( 62,434 ) $ 64,959 $ ( 1,202 ) $ 7,243 $ 43 $ 7,286 Three Months Ended March 31, 2023 Balance at beginning of period $ — $ — $ 5,298 $ ( 51,354 ) $ 53,607 $ ( 1,253 ) $ 6,298 $ 58 $ 6,356 Net income — — — — 2,361 — 2,361 — 2,361 Activity related to non-controlling interests — — — — — — — ( 2 ) ( 2 ) Redeemable non-controlling interest adjustments — — — — ( 3 ) — ( 3 ) — ( 3 ) Other comprehensive income (loss) — — — — — 24 24 — 24 Dividends — — — — ( 541 ) — ( 541 ) — ( 541 ) Purchases of treasury stock — — ( 2,894 ) — — ( 2,894 ) — ( 2,894 ) Share-based payments — — 78 7 — — 85 — 85 Balance at end of period $ — $ — $ 5,376 $ ( 54,241 ) $ 55,424 $ ( 1,229 ) $ 5,330 $ 56 $ 5,386 The accompanying notes are an integral part of these consolidated financial statements. MASTERCARD MARCH 31, 2024 FORM 10-Q 9 PART I

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Consolidated Statement of Cash Flows (Unaudited) Three Months Ended March 31, 2024 2023 (in millions) Operating Activities Net income $ 3,011 $ 2,361 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of customer incentives 411 378 Depreciation and amortization 216 191 (Gains) losses on equity investments, net ( 6 ) 212 Share-based compensation 108 108 Deferred income taxes 3 ( 129 ) Other 32 2 Changes in operating assets and liabilities: Accounts receivable ( 219 ) ( 38 ) Settlement assets ( 417 ) 35 Prepaid expenses ( 1,490 ) ( 761 ) Accrued litigation and legal settlements ( 127 ) 9 Restricted security deposits held for customers 16 40 Accounts payable ( 21 ) ( 184 ) Settlement obligations 430 ( 241 ) Accrued expenses ( 446 ) ( 506 ) Net change in other assets and liabilities 171 442 Net cash provided by operating activities 1,672 1,919 Investing Activities Purchases of investment securities available-for-sale ( 95 ) ( 50 ) Purchases of investments held-to-maturity ( 66 ) ( 26 ) Proceeds from sales of investment securities available-for-sale 22 4 Proceeds from maturities of investment securities available-for-sale 67 51 Proceeds from maturities of investments held-to-maturity 284 24 Purchases of property and equipment ( 157 ) ( 110 ) Capitalized software ( 221 ) ( 242 ) Purchases of equity investments ( 8 ) ( 22 ) Proceeds from sales of equity investments — 44 Other investing activities — ( 70 ) Net cash used in investing activities ( 174 ) ( 397 ) Financing Activities Purchases of treasury stock ( 1,992 ) ( 2,878 ) Dividends paid ( 616 ) ( 545 ) Proceeds from debt, net — 1,489 Tax withholdings related to share-based payments ( 170 ) ( 76 ) Cash proceeds from exercise of stock options 97 53 Other financing activities — 2 Net cash used in financing activities ( 2,681 ) ( 1,955 ) Effect of exchange rate changes on cash

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Notes to consolidated financial statements (unaudited)

Notes to consolidated financial statements (unaudited) Note 1. Summary of Significant Accounting Policies Organization Mastercard Incorporated and its consolidated subsidiaries, including Mastercard International Incorporated ("Mastercard International" and together with Mastercard Incorporated, "Mastercard" or the "Company"), is a technology company in the global payments industry. Mastercard connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic payments and making those payment transactions safe, simple, smart and accessible. Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Mastercard and its majority-owned and controlled entities, including any variable interest entities ("VIEs") for which the Company is the primary beneficiary. Investments in VIEs for which the Company is not considered the primary beneficiary are not consolidated and are accounted for as marketable, equity method or measurement alternative method investments and recorded in other assets on the consolidated balance sheet. At March 31, 2024 and December 31, 2023, there were no significant VIEs which required consolidation and the investments were not considered material to the consolidated financial statements. The Company consolidates acquisitions as of the date the Company has obtained a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the 2024 presentation. The reclassification had no impact on previously reported total net revenue, operating income or net income. The Company follows accounting principles generally accepted in the United States of America ("GAAP"). The balance sheet as of December 31, 2023 was derived from the audited consolidated financial statements as of December 31, 2023. The consolidated fi

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The Company's customers are generally billed weekly, with certain billings occurring on a monthly and quarterly basis. The frequency of billing is dependent upon the nature of the performance obligation and the underlying contractual terms. The Company does not typically offer extended payment terms to customers. The following table sets forth the location of the amounts recognized on the consolidated balance sheet from contracts with customers: March 31, 2024 December 31, 2023 (in millions) Receivables from contracts with customers Accounts receivable $ 3,989 $ 3,851 Contract assets Prepaid expenses and other current assets 157 133 Other assets 409 387 Deferred revenue 1 Other current liabilities 632 459 Other liabilities 346 318 1 Revenue recognized from performance obligations satisfied during the three months ended March 31, 2024 was $ 510 million . Note 3. Earnings Per Share The components of basic and diluted earnings per share ("EPS") for common shares were as follows: Three Months Ended March 31, 2024 2023 (in millions, except per share data) Numerator Net income $ 3,011 $ 2,361 Denominator Basic weighted-average shares outstanding 933 953 Dilutive stock options and stock units 2 3 Diluted weighted-average shares outstanding 1 935 956 Earnings per Share Basic $ 3.23 $ 2.48 Diluted $ 3.22 $ 2.47 Note: Table may not sum due to rounding. 1 For the periods presented, the calculation of diluted EPS excluded a minimal amount of anti-dilutive share-based payment awards. Note 4. Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents The following table provides the components of cash, cash equivalents, restricted cash and restricted cash equivalents reported on the consolidated balance sheet that total to the amounts shown on the consolidated statement of cash flows. March 31, 2024 December 31, 2023 (in milli

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 5. Investments The Company's investments on the consolidated balance sheet include both available-for-sale and held-to-maturity debt securities (see Investments section below). The Company's strategic investments in equity securities of publicly traded and privately held companies are classified within other assets on the consolidated balance sheet (see Equity Investments section below). Investments Investments on the consolidated balance sheet consisted of the following: March 31, 2024 December 31, 2023 (in millions) Available-for-sale securities $ 283 $ 286 Held-to-maturity securities 1 81 306 Total investments $ 364 $ 592 1 Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value. Investment income on the consolidated statement of operations primarily consists of interest income generated from cash, cash equivalents, held-to maturity and available-for-sale investment securities, as well as realized gains and losses on the Company's investment securities. The realized gains and losses from the sales of available-for-sale securities for the three months ended March 31, 2024 and 2023 were not material. Available-for-Sale Securities The major classes of the Company's available-for-sale investment securities and their respective amortized cost basis and fair values were as follows: March 31, 2024 December 31, 2023 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value (in millions) Government and agency securities $ 89 $ — $ — $ 89 $ 86 $ — $ — $ 86 Corporate securities 194 1 ( 1 ) 194 200 1 ( 1 ) 200 Total $ 283 $ 1 $ ( 1 ) $ 283 $ 286 $ 1 $ ( 1 ) $ 286 The Company's government and agency securities include U.S. government bonds, U.S. government sponsored agency bo

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Equity Investments Included in other assets on the consolidated balance sheet are equity investments with readily determinable fair values ("Marketable securities") and equity investments without readily determinable fair values ("Nonmarketable securities"). Marketable securities are equity interests in publicly traded companies and are measured using unadjusted quoted prices in their respective active markets. Nonmarketable securities that do not qualify for equity method accounting are measured at cost, less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer ("Measurement alternative"). The following table is a summary of the activity related to the Company's equity investments: Balance at December 31, 2023 Purchases Sales Changes in Fair Value 1 Other 2 Balance at March 31, 2024 (in millions) Marketable securities $ 506 $ — $ — $ 7 $ ( 1 ) $ 512 Nonmarketable securities 1,223 8 — ( 1 ) ( 5 ) 1,225 Total equity investments $ 1,729 $ 8 $ — $ 6 $ ( 6 ) $ 1,737 1 Recorded in gains (losses) on equity investments, net on the consolidated statement of operations. 2 Includes translational impact of currency. The following table sets forth the components of the Company's Nonmarketable securities: March 31, 2024 December 31, 2023 (in millions) Measurement alternative $ 1,013 $ 1,008 Equity method 212 215 Total Nonmarketable securities $ 1,225 $ 1,223 The following table summarizes the total carrying value of the Company's Measurement alternative investments, including cumulative unrealized gains and losses through March 31, 2024: (in millions) Initial cost basis $ 558 Cumulative adjustments 1 : Upward adjustments 636 Downward adjustments (including impairment) ( 181 ) Carrying amount, end of period $ 1,013 1 Includes immaterial

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Note 6. Fair Value Measurements The Company's financial instruments are carried at fair value, cost or amortized cost on the consolidated balance sheet. The Company classifies its fair value measurements of financial instruments into a three-level hierarchy (the "Valuation Hierarchy"). Financial Instruments - Carried at Fair Value Financial instruments carried at fair value are categorized for fair value measurement purposes as recurring or non-recurring in nature. Recurring Measurements The distribution of the Company's financial instruments m

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