Visa 2010 Annual Report Download - page 121
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2010
(in millions, except as noted)
Ownership. At September 30, 2010 and 2009, no entity owned more than 10% of the Company's total voting common stock.
Board representation. The Company generated total operating revenues of approximately $597 million, $786 million and $538 million from clients
represented on its board of directors during fiscal 2010, 2009 and 2008, respectively. In addition, the Company maintains banking relationships and has credit
facilities with clients that have representation on the board of directors. See Note 11—Debt.
During fiscal 2008, one of the Company's directors, and the spouse of another of the Company's directors, were officers of entities that participated in
(or were affiliated with an entity that participated in) the IPO as underwriters, and one of those entities was also a client. As underwriters, each was offered
and purchased 113 million shares of class A common stock at a price of $42.77 per share, the same as that paid by all underwriters in the IPO. As
underwriters, each also received total underwriter fees of $139 million in March 2008.
Investees. The Company generated total operating revenues of $27 million, $56 million and $39 million, and received dividend income of $2 million,
$41 million and $65 million from related party investees during fiscal 2010, 2009 and 2008, respectively. The Company also received special IPO dividends
from certain related party investees which are included in the amounts discussed in Note 16—Stockholders' Equity.
Note 21—Income Taxes
The Company's income before taxes by fiscal year consisted of the following:
2010 2009 2008
(in millions)
U.S. $ 3,973 $ 3,807 $ 1,245
Non-U.S. 665 193 91
Total income before taxes and minority interest $ 4,638 $ 4,000 $ 1,336
Fiscal 2010 U.S. income before taxes of $4.0 billion includes $1.1 billion from non-U.S. clients.
Income tax expense by fiscal year consisted of the following:
2010 2009 2008
(in millions)
Current:
U.S. federal $ 1,089 $ 912 $ 416
State and local 260 226 82
Non-U.S. 76 208 31
Total current taxes 1,425 1,346 529
Deferred:
U.S. federal 209 353 189
State and local 35 14 (193)
Non-U.S. 5 (65) 7
Total deferred taxes 249 302 3
Total income tax expense $ 1,674 $ 1,648 $ 532
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