Visa 2011 Annual Report Download - page 122

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2011
(in millions, except as noted)
Income tax provision by fiscal year consisted of the following:
2011 2010 2009
(in millions)
Current:
U.S. federal $ 1,365 $ 1,089 $ 912
State and local 311 260 226
Non-U.S. 168 76 208
Total current taxes 1,844 1,425 1,346
Deferred:
U.S. federal 160 209 353
State and local (2) 35 14
Non-U.S. 8 5 (65)
Total deferred taxes 166 249 302
Total income tax provision $ 2,010 $ 1,674 $ 1,648
The tax effect of temporary differences that give rise to significant portions of deferred tax assets and liabilities at September 30, 2011 and 2010 are
presented below:
2011 2010
(in millions)
Deferred Tax Assets
Accrued compensation and benefits $ 96 $ 115
Comprehensive income 104 78
Investments in joint ventures 15 12
Accrued litigation obligation 128 210
Client incentives 184 179
Net operating loss carryforward 38 83
Tax credits 26 25
Federal benefit of state taxes 300 287
Federal benefit of foreign taxes 7 7
Other 76 57
Deferred tax assets 974 1,053
Deferred Tax Liabilities
Property, equipment and technology, net (266) (186)
Intangible assets (4,374) (4,396)
Foreign taxes (40) (21)
Other (10) (8)
Deferred tax liabilities (4,690) (4,611)
Net deferred tax liabilities $ (3,716) $ (3,558)
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