Visa 2007 Annual Report Download - page 127
Download and view the complete annual report
Please find page 127 of the 2007 Visa annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117 -
118 -
119 -
120 -
121 -
122 -
123 -
124 -
125 -
126 -
127 -
128 -
129 -
130 -
131 -
132 -
133 -
134 -
135 -
136 -
137 -
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
-
229
-
230
-
231
-
232
-
233
-
234
-
235
-
236
 |
 |
Table of Contents
VISA U.S.A. INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following represents Visa U.S.A.'s investments in the joint ventures and is included in other assets on the Company's consolidated balance sheets:
Ownership
Percentage
At September 30,
2007 2006
(in thousands)
Visa Resources 50.0% $ 2,399 $ 2,162
Visa Land Development I, L.P. 49.5% 11,759 10,673
Visa Land Development II, L.P. 49.5% 9,910 8,652
Visa Land Management Inc. 50.0% 384 367
Visa Land Management II, Inc. 50.0% 175 165
Total $ 24,627 $ 22,019
Visa Resources, a California General Partnership, manages and invests in or leases premises and equipment used jointly by its general partners, Visa
U.S.A. and Visa International. Visa Land Management Inc. and Visa Land Management II, Inc. manage the interests of Visa Land Development I, L.P. (VLD
I) and Visa Land Development II, L.P. (VLD II), respectively, in owned real estate.
Summarized combined financial information for the joint ventures is as follows:
At September 30,
2007 2006
(in thousands)
Current assets $ 16,820 $ 14,422
Premises and equipment, net 82,782 84,055
Other assets 1,224 1,176
Total assets $ 100,826 $ 99,653
Current liabilities $ 6,593 $ 6,616
Other liabilities 1,600 1,679
Debt 42,941 46,930
Equity 49,692 44,428
Total liabilities and equity $ 100,826 $ 99,653
For the Years Ended September 30,
2007 2006 2005
(in thousands)
Total revenue $ 80,720 $ 81,912 $ 84,327
Total expenses 80,440 81,654 84,139
Net income $ 280 $ 258 $ 188
In September 1994 and 1995, VLD I and VLD II entered into Note Purchase Agreements. Outstanding notes for VLD I and VLD II have an interest rate
of 8.28% and 7.83% and mature in September 2014 and 2015, respectively. Debt issuance and other costs totaling $1.6 million are being amortized on a
straight-line basis over the life of the notes, which approximates amortization under the effective interest method. Interest expense on the outstanding notes in
fiscal 2007, 2006 and 2005 was $3.8 million, $4.1 million and $4.4 million, respectively. As a result of the impact of legal settlements including the American
Express litigation (Note 20—Legal Matters)
126