Visa 2008 Annual Report Download - page 77

Table of Contents
Consolidated Balance Sheet Data
The following table sets forth summarized balance sheet data for Visa Inc. at September 30, 2008 and at October 1, 2007, the date of the reorganization,
and a historical balance sheet data for Visa U.S.A, deemed the accounting acquirer in the business combination, at September 30, 2007:
September 30, 2008
(Visa Inc.)
October 1, 2007
(Visa Inc.)
September 30, 2007
(Visa U.S.A.)(1)
(in millions)
Cash and cash equivalents $ 4,979 $ 1,278 $ 275
Current portion of restricted cash—litigation escrow 1,298 — —
Short-term investment securities, available-for-sale 355 842 747
Total current assets 11,174 4,701 2,507
Long-term restricted cash—litigation escrow 630 — —
Long-term investment securities, available-for-sale 244 743 737
Current portion of long-term debt 51 84 41
Current portion of accrued litigation obligation 2,698 2,236 2,236
Total current liabilities 7,165 4,786 3,282
Long-term debt 55 40 —
Long-term portion of accrued litigation obligation 1,060 1,446 1,446
Total stockholders' equity (deficit) 21,141 16,286 (501)
Working capital 4,009 (85) (775)
(1) Historical balances for periods prior to October 1, 2007 represent balances for Visa U.S.A. Inc., deemed the accounting acquirer in the business
combination.
Cash Flow Data
The following table summarizes cash flows from operating, investing and financing activities for fiscal 2008 and historical cash flows:
Fiscal 2008 Fiscal 2007(1) Fiscal 2006(1)
(in millions)
Total cash provided by (used in):
Operating activities $ 531 $ 505 $ 450
Investing activities 554 (463) (278)
Financing activities 3,624 (37) (37)
Effect of exchange rate changes on cash and cash equivalents (5) — —
Increase in cash and cash equivalents $ 4,704 $ 5 $ 135
(1) Historical balances for periods prior to October 1, 2007 represent balances for Visa U.S.A. Inc., deemed the accounting acquirer in the business
combination.
Operating Activities
Fiscal 2008
Cash provided by operating activities for fiscal 2008 was $531 million. This amount was lower than income provided by operations primarily due to:
• Use of cash of $92 million reflecting settlement transactions. The change in net settlement receivables and payables relates to timing differences,
processed volume changes and
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