Visa 2008 Annual Report Download - page 148

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2008
(in millions, except as noted)
Cash Flows
The following table presents the actual contributions made by the Company from its employer assets for fiscal 2008 and 2007:
Pension
Benefits
Other
Postretirement
Benefits
Actual employer contributions (in millions)
Fiscal 2008 $ 186 $ 4
Fiscal 2007(1) $ 48 $ 3
(1) Amount represents contributions by Visa U.S.A. only. Total contributions of $61 million and $4 million were made to the pension and other
postretirement benefits plans, respectively, in fiscal 2007.
Information about the expected cash flows for the pension and other postretirement benefit plans is set forth in the table below. The Company expects
to contribute a minimum of $63 million to the plan during fiscal 2009.
Pension
Benefits
Other
Postretirement
Benefits
(in millions)
Expected employer contributions
2009 $ 63 $ 5
Expected benefit payments
2009 $ 87 $ 5
2010 94 6
2011 98 6
2012 93 6
2013 88 6
2014-2018 382 28
United Kingdom ("UK") Plans
The Company also participates in various qualified and non-qualified defined benefit plans that provide retirement and death benefits for the Company's
employees residing in the United Kingdom. At September 30, 2008, the projected benefit obligation related to these plans was $55 million, and they were in a
funded status of $2 million.
Other Benefits
The Company participates in a defined contribution plan, which covers substantially all of its employees and Visa International employees residing in
the United States. Personnel costs included $33 million, $26 million and $24 million in fiscal 2008, 2007 and 2006, respectively, for expenses attributable to
the Company's employees under the plan. The Company's contributions to this plan are funded on a current basis, and the related expenses are recognized in
the period that the payroll expenses are incurred.
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