Visa 2011 Annual Report Download - page 92
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2011
(in millions, except as noted)
after the operation of the interchange judgment sharing agreement, plus any amounts reimbursable to the interchange judgment sharing agreement signatories;
or (ii) the damages portion of a settlement of a covered litigation that is approved as required under Visa U.S.A.'s certificate of incorporation by the vote of
Visa U.S.A.'s specified voting members. The several obligation of each bank that is a party to the loss sharing agreement will equal the amount of any final
judgment enforceable against Visa U.S.A., Visa International or any other signatory to the interchange judgment sharing agreement, or the amount of any
approved settlement of a covered litigation, multiplied by such bank's then-current membership proportion as calculated in accordance with Visa U.S.A.'s
certificate of incorporation.
Omnibus agreement. On February 7, 2011, Visa entered into an omnibus agreement with MasterCard and certain Visa U.S.A. members that confirmed
and memorialized the signatories' intentions with respect to the loss sharing agreement, the interchange judgment sharing agreement and other agreements
relating to certain interchange litigation. The Visa portion of a settlement or judgment in the interchange litigation covered by the omnibus agreement would
be allocated in accordance with specified provisions of the retrospective responsibility plan. See Note 21—Legal Matters-The Interchange Litigation-
Multidistrict Litigation Proceedings (MDL)
Note 4—Fair Value Measurements and Investments
Fair Value Measurements
The Company measures certain assets and liabilities at fair value. See Note 1—Summary of Significant Accounting Policies.
Assets and Liabilities Measured at Fair Value on a Recurring Basis.
Fair Value Measurements at September 30
Using Inputs Considered as
Level 1 Level 2 Level 3
2011 2010 2011 2010 2011 2010
(in millions)
Assets
Cash equivalents and restricted cash
Money market funds and time deposits $ 4,225 $ 5,448
U.S. government-sponsored debt securities $ 175
Investment securities
U.S. government-sponsored debt securities 1,568 $ 135
U.S. Treasury securities 350 —
Equity securities 57 60
Auction rate securities $ 7 $ 13
Prepaid and other current assets
Foreign exchange derivative instruments 30 5
$ 4,632 $ 5,508 $ 1,773 $ 140 $ 7 $ 13
Liabilities
Accrued liabilities
Visa Europe put option $ 145 $ 267
Earn-out related to PlaySpan acquisition 24 —
Foreign exchange derivative instruments $ 7 $ 56
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