Visa 2011 Annual Report Download - page 101
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2011
(in millions, except as noted)
of $1.5 billion, all of which were acquired as part of the Company's October 2007 reorganization. Customer relationships represent the value of relationships
with clients from the acquired entities. Tradename represents the value of the Visa brand utilized by the acquired entities. 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 European Union.
The Company acquired finite-lived intangible assets related to the CyberSource, PlaySpan and Fundamo acquisitions during fiscal 2011 and 2010. See
Note 5—Acquisitions.
Indefinite-lived and finite-lived intangible assets consisted of the following:
Indefinite-lived and Finite-lived Intangible Assets
September 30, 2011 September 30, 2010
Gross
Accumulated
Amortization Net Gross
Accumulated
Amortization Net
(in millions)
Finite-lived intangible assets
Customer relationships $ 337 $ (44) $ 293 $ 320 $ (6) $ 314
Tradenames 192 (15) 177 190 (2) 188
Other 97 (14) 83 95 (2) 93
Total finite-lived intangible assets $ 626 $ (73) $ 553 $ 605 $ (10) $ 595
Indefinite-lived intangible assets 10,883 10,883
Total intangible assets, net $ 11,436 $ 11,478
Amortization expense related to finite-lived intangible assets was approximately $63 million and $10 million for fiscal 2011 and fiscal 2010,
respectively. At September 30, 2011, estimated future amortization expense on finite-lived intangible assets is as follows:
Fiscal (in millions) 2012 2013 2014 2015
2016 and
thereafter Total
Estimated future amortization expense $ 65 $ 65 $ 62 $ 57 $ 304 $ 553
There was no impairment related to the Company's indefinite-lived or finite-lived intangible assets during fiscal 2011, 2010 or 2009.
Note 9—Accrued and Other Liabilities
Accrued liabilities consisted of the following:
September 30,
2011
September 30,
2010
(in millions)
Accrued operating expenses $ 175 $ 100
Visa Europe put option(1)—(See Note 2—Visa Europe) 145 267
Deferred revenue 63 42
Accrued marketing and product expenses 36 58
Accrued income taxes—(See Note 20—Income Taxes) 63 40
Other(2) 80 118
Total $ 562 $ 625
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