Visa 2008 Annual Report Download - page 138

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2008
(in millions, except as noted)
Note 10—Accrued and Other Liabilities
Accrued liabilities is comprised of the following:
September 30,
2008
September 30,
2007
(in millions)
Accrued operating expenses $ 119 $ 61
Accrued marketing and product expenses 103 107
Deferred revenue 37 9
Accrued income taxes—(See Note 22—Income Taxes) — 147
Other 47 32
Total $ 306 $ 356
Other long-term liabilities is comprised of the following:
September 30,
2008
September 30,
2007
(in millions)
Visa Europe put option—(See Note 4—Visa Europe) $ 346 —
Accrued income taxes—(See Note 22—Income Taxes) 122 —
Employee benefits 99 80
Other 46 45
Total $ 613 $ 125
Note 11—Debt
The Company had outstanding debt as follows:
September 30 ,
2008
September 30,
2007
(in millions)
4.64% Senior secured notes—Series A principal and interest payments payable quarterly, due December 2007 $ — $ 7
5.60% Senior secured notes—Series B principal and interest payments payable quarterly, due December 2012 29 36
7.53% Medium-term notes—interest payments payable semi-annually, due August 2009 40 —
8.28% Secured notes—Series B, principal and interest payments payable monthly, due September 2014 18 —
7.83% Secured notes—Series B, principal and interest payments payable monthly, due September 2015 21 —
Total principal amount of debt $ 108 $ 43
Unamortized discount, debt issuance costs and other costs (2) (2)
Total debt $ 106 $ 41
Less: current portion of long-term debt (51) (41)
Long-term debt $ 55 $ —
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