Visa 2008 Annual Report Download - page 173

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2008
(in millions, except as noted)
received dividend income of $65 million from related party investees during fiscal 2008. The Company also received special IPO dividends from certain
related party investees which are included in the amounts discussed in Note 16 – Stockholders' Equity and Redeemable Shares.
Note 22—Income Taxes
The Company's income before taxes for the years ended September 30, 2008, 2007 and 2006 consists of:
2008 2007 2006
(in millions)
U.S. $ 1,245 $ (1,387) $ 722
Non-U.S. 91 — —
Total income (loss) before taxes and minority interest $ 1,336 $ (1,387) $ 722
Minority interest. — (5) (16)
Fiscal 2008 U.S. income before taxes of $1,245 million includes $1,030 million from non-U.S. customers.
Income tax expense for the years ended September 30, 2008, 2007 and 2006 consists of:
2008 2007 2006
(in millions)
Current:
U.S. federal $ 416 $ 520 $ 235
State and local 82 38 (15)
Non-U.S. 31 — —
Total current taxes 529 558 220
Deferred:
U.S. federal 189 (819) 33
State and local (193) (55) (2)
Non-U.S. 7 — —
Total deferred taxes 3 (874) 31
Total income tax (benefit) expense $ 532 $ (316) $ 251
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