Visa 2008 Annual Report Download - page 135

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2008
(in millions, except as noted)
and equity methods, excluding Visa U.S.A.'s investment in Visa International and Visa U.S.A.'s investments in real estate ventures owned jointly by itself and
Visa International, totaled $4 million. Investments accounted for under the cost and equity methods are included in other assets on the consolidated balance
sheets, except for Visa U.S.A.'s investment in Visa International, which is shown as a separate line on the September 30, 2007 consolidated balance sheet.
There were no other investments that realized significant losses during the fiscal year ended September 30, 2008 and at September 30, 2008, no other
investments had been in a significant unrealized loss position for a period greater than one year.
The Company also evaluated the impact to investments in money market funds held based on the recent uncertainties in the credit markets. See Note 7
—Prepaid Expenses and Other Assets for further discussion.
Note 7—Prepaid Expenses and Other Assets
Prepaid expenses and other current assets consisted of the following:
September 30,
2008
September 30,
2007
(in millions)
Money market investment—Reserve Primary Fund $ 953 $ —
Non-trade receivable 15 205
Prepaid expenses and maintenance 91 40
Income tax receivable (See Note 22—Income Taxes) 90 —
Other 41 26
Total $ 1,190 $ 271
Other non-current assets consisted of the following:
September 30,
2008
September 30,
2007
(in millions)
Other investments $ 592 $ 4
Long-term prepaid expenses 29 41
Other 13 46
Total $ 634 $ 91
The money market investment represents the estimated fair value of the Company's investment in the Reserve Primary Fund (the "fund") at
September 30, 2008. In September 2008, the fund was unable to honor the Company's request for the full redemption of its investment in the fund totaling
$983 million and was subsequently placed into liquidation. The fund announced that its per-share value would drop below $1 as a result of losses in certain of
its holdings of debt securities of Lehman Brothers, who on September 15, 2008 filed for bankruptcy.
The investment was originally recorded as a cash equivalent on the Company's consolidated balance sheet. As of September 30, 2008, the Company
considers its shares in this fund to represent an equity investment for which a market price is not readily determinable. Therefore, the investment is
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