Visa 2014 Annual Report Download - page 111
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2014
Note 8—Accrued and Other Liabilities
Accrued liabilities consisted of the following:
September 30,
2014
September 30,
2013
(in millions)
Accrued operating expenses ............................ $ 199 $ 182
Visa Europe put option—(See Note 2—Visa Europe)(1) ....... 145 145
Deferred revenue ..................................... 82 60
Accrued marketing and product expenses ................. 11 27
Accrued income taxes—(See Note 19—Income Taxes) ...... 73 64
Other ............................................... 114 135
Total ................................................ $ 624 $ 613
Other non-current liabilities consisted of the following:
September 30,
2014
September 30,
2013
(in millions)
Accrued income taxes—(See Note 19—Income Taxes)(2) ..... $ 855 $ 453
Employee benefits .................................... 92 86
Other ............................................... 58 63
Total ................................................ $ 1,005 $ 602
(1) The put option is exercisable at any time at the sole discretion of Visa Europe with payment required
285 days thereafter. Classification in current liabilities is not an indication of management’s
expectation of exercise and simply reflects the fact that the obligation resulting from the exercise of
the instrument could become payable within 12 months. The fair value of the put option does not
represent the actual purchase price that the Company may be required to pay if the option is
exercised, which would likely be in excess of $10 billion.
(2) The increase in non-current accrued income taxes is primarily related to an increase in liabilities for
uncertain tax positions.
Note 9—Debt
Commercial paper program. Visa maintains a commercial paper program to support its working
capital requirements and for other general corporate purposes. Under the program, the Company is
authorized to issue up to $3.0 billion in outstanding notes, with maturities up to 397 days from the date
of issuance. The Company had no outstanding obligations under the program at September 30, 2014.
Credit facility. On January 29, 2014, the Company entered into an unsecured $3.0 billion revolving
credit facility (the “Credit Facility”). The Credit Facility, which expires on January 28, 2015, replaced the
Company’s previous $3.0 billion credit facility, which terminated on January 29, 2014. The Credit
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