Visa 2008 Annual Report Download - page 170

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2008
(in millions, except as noted)
Note 19—Investment Income, Net
Investment income, net, is comprised of the following:
For the Years Ended
September 30,
2008 2007 2006
(in millions)
Interest and dividend income on cash and investments $ 279 $ 98 $ 67
Gross realized gains on investments 2 5 1
Gross realized losses on investments (3) (1) —
Gain on distribution from partnership investment — 1 —
Other-than-temporary impairment on investments and other assets (67) — —
Investment income, net $ 211 $ 103 $ 68
Note 20—Commitments and Contingencies
Commitments
The Company leases certain premises and equipment throughout the world under non-cancelable leases with varying expiration dates. Excluding rent
paid to Visa Resources, the Company incurred total rent expense of $77 million in fiscal 2008, and Visa U.S.A. incurred total rent expense of $39 million and
$31 million in fiscal 2007 and 2006 respectively. The Company's future minimum payments on non-cancelable leases and marketing and sponsorship
agreements, at September 30, 2008 were as follows:
Operating Leases
Fiscal (in millions) Premises
Equipment
and License
Agreements
Marketing and
Sponsorships Total
2009 $ 35 $ 14 $ 107 $ 156
2010 28 13 96 137
2011 19 2 56 77
2012 11 — 68 79
2013 7 — 29 36
Thereafter 37 — 25 62
$ 137 $ 29 $ 381 $ 547
In addition to fixed payments included in the above table, certain sponsorship agreements require the Company to undertake marketing, promotional or
other activities up to stated monetary values to support events which the Company is sponsoring. The stated monetary value of these activities typically
represents the value in the marketplace, which may be significantly in excess of the actual costs incurred by the Company. Future payments that may be
incurred with respect to these arrangements are based on decisions regarding product and marketing initiatives and included in the above table if and when the
Company enters into non-cancelable commitments with third parties.
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