Visa 2010 Annual Report Download - page 106
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2010
(in millions, except as noted)
Debt securities of U.S. Treasury and federal agencies. These securities primarily include debt issued by the U.S. Department of Treasury and securities
issued or backed by U.S. government agencies. Valuations for these securities are based on quoted prices in active markets for similar assets, or inputs other
than quoted prices that are observable in the market. These investments are generally classified within Level 2.
Asset backed securities. Asset backed securities are bonds that are backed by various types of assets and primarily consist of mortgage-backed
securities. Valuations for these securities are based on significant unobservable inputs. These investments are classified as Level 3.
Equity securities. Securities are classified as Level 1 and include securities regularly traded on a security exchange. These securities are valued at their
last quoted sales price at the reporting date, or if there was no sale on that day, the last reported bid price. This category also includes mutual funds, which are
classified as Level 1, as their net asset values are observable in the market, and the access to the investment is not restricted.
There were no transfers between Level 1 and Level 2 assets during fiscal 2010. The following table provides a roll-forward of Level 3 investments in
fiscal 2010:
Asset backed securities
(in millions)
Balance at October 1, 2009 $ 28
Actual return on plan assets:
Assets held at reporting date 2
Assets sold during the period —
Transfers in or / and (out) of Level 3 —
Purchases, sales and settlements—net (4)
Balance at September 30, 2010 $ 26
Cash Flows
Pension
Benefits
Other
Postretirement
Benefits
Actual employer contributions (in millions)
2010 $ 62 $ 4
2009 166 4
Expected employer contributions
2011 $ 55 $ 4
Expected benefit payments
2011 $ 102 $ 4
2012 95 4
2013 90 4
2014 90 4
2015 82 4
2016-2020 361 16
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