Visa 2011 Annual Report Download - page 112
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2011
(in millions, except as noted)
$1 million and $2 million, respectively, with counterparties, which are included in prepaid and other current assets, and accrued liabilities, respectively, on the
consolidated balance sheet. Notwithstanding the Company's efforts to manage foreign exchange risk, there can be no absolute assurance that its hedging
activities will adequately protect against the risks associated with foreign currency fluctuations. Credit and market risks related to derivative instruments were
not considered significant at September 30, 2011.
Note 14—Enterprise-wide Disclosures and Concentration of Business
The Company's long-lived net property, equipment and technology assets are classified by major geographic area as follows:
September 30,
2011
September 30,
2010
(in millions)
U.S. $ 1,487 $ 1,301
Non-U.S. 54 56
Total $ 1,541 $ 1,357
Revenue by geographic market is primarily based on the location of the issuing financial institution. Certain revenues, primarily international service
revenues, are shared by geographic locations based upon the location of the merchant involved in the transaction. Revenues earned in the U.S. were
approximately 56%, 58% and 58% of total operating revenues in fiscal 2011, 2010 and 2009, respectively. No individual country, other than the U.S.,
generated more than 10% of total operating revenues in these years.
A significant portion of Visa's operating revenues are concentrated among its largest clients. Loss of business from any of these clients could have an
adverse effect on the Company. In fiscal 2009, one customer accounted for 10% of the Company's net operating revenues. The Company did not have any
customer that generated greater than 10% of its net operating revenues in fiscal 2011 or 2010. See Item 1A—Risk Factors.
Note 15—Stockholders' Equity
The number of shares of each class and the number of shares of class A common stock outstanding on an as-converted basis at September 30, 2011, are
as follows:
(in millions except conversion rate)
Shares Outstanding
at September 30,
2011
Conversion
Rate Into
Class A
Common
Stock
Class A
Common
Stock As
Converted(1)
Class A common stock 520 — 520
Class B common stock 245 0.4881 120
Class C common stock 47 1.0000 47
Total 687
(1) Figures may not sum due to rounding. As-converted class A common stock count is calculated based on whole numbers.
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