Visa 2009 Annual Report Download - page 92
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2009
(in millions, except as noted)
At September 30, 2009, estimated future amortization expense on technology placed in service was as follows:
Fiscal (in millions) 2010 2011 2012 2013
2014 and
thereafter Total
Estimated future amortization expense $ 121 $ 44 $ 31 $ 29 $ 29 $ 254
Depreciation and amortization expenses related to property, equipment and technology was $226 million and $237 million for fiscal 2009 and 2008,
respectively. Included in those amounts are amortization expense on technology of $128 million and $129 million for fiscal 2009 and 2008, respectively.
Note 8—Intangible Assets
Intangible assets at September 30, 2009 and 2008 consisted of customer relationships of $6.8 billion, a tradename of $2.6 billion and a Visa Europe
franchise right of $1.5 billion which were acquired from Visa International and Visa Canada in the reorganization. Customer relationships represent the value
of the Company's relationships with its customers in Canada and the acquired regions of Visa International. Tradename represents the value of the Visa brand
utilized in Canada and the acquired regions of Visa International. Visa Europe's franchise right represents the value of the right to franchise the use of the Visa
brand, use of Visa technology and access to the overall Visa network in the Visa Europe region. There was no amortization or impairment related to these
intangible assets during fiscal 2009 or 2008 as these have been determined to be indefinite-lived intangible assets.
Note 9—Accrued and Other Liabilities
Accrued liabilities consisted of the following:
September 30, September 30,
2009 2008
(in millions)
Visa Europe put option(1)—(See Note 3—Visa Europe) $ 346 $ —
Accrued operating expenses 87 119
Accrued marketing and product expenses 103 103
Deferred revenue 39 37
Accrued income taxes—(See Note 20—Income Taxes) 23 —
Other 156 47
Total $ 754 $ 306
Other long-term liabilities consisted of the following:
September 30,
2009
September 30,
2008
(in millions)
Visa Europe put option(1)—(See Note 3—Visa Europe) $ — $ 346
Accrued income taxes—(See Note 20—Income Taxes) 304 122
Employee benefits 119 99
Other 49 46
Total $ 472 $ 613
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