Visa 2010 Annual Report Download - page 91
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2010
(in millions, except as noted)
Visa U.S.A. and Visa International also entered into an interchange judgment sharing agreement with certain Visa U.S.A. members that have been
named as defendants in the interchange litigation. Under this judgment sharing agreement, Visa U.S.A. members that are signatories will pay their
membership proportion of the amount of a final judgment not allocated to the conduct of MasterCard.
Note 5—Investments and Fair Value Measurements
The Company measures certain assets and liabilities at fair value. See Note 1—Summary of Significant Accounting Policies.
Assets and Liabilities Measured at Fair Value on a Recurring Basis.
Fair Value Measurements at September 30
Using Inputs Considered as
Level 1 Level 2 Level 3
2010 2009 2010 2009 2010 2009
(in millions)
Assets
Cash equivalents and restricted cash
Money market funds and time deposits $ 5,448 $ 5,977
Investment securities
U.S. government-sponsored agency debt securities $ 135 $ 169
Canadian government debt securities — 7
Equity securities 60 73
Corporate debt securities $ — $ 10
Mortgage backed securities — 6
Other asset backed securities — 5
Auction rate securities 13 13
Derivative financial instruments
Foreign exchange derivative instruments 5 16
$ 5,508 $ 6,050 $ 140 $ 192 $ 13 $ 34
Liabilities
Other liabilities
Visa Europe put option $ 267 $ 346
Foreign exchange derivative instruments $ 56 $ 96
There were no transfers between Level 1 and Level 2 assets during fiscal 2010.
Level 2 assets and liabilities measured at fair value on a recurring basis. Government-sponsored debt securities and foreign exchange derivative
instruments are classified as Level 2 within the fair value hierarchy. The fair value of the government-sponsored debt securities is based on quoted prices in
active markets for similar assets. Foreign exchange derivative instruments are valued using inputs that are observable in the market or can be derived
principally from or corroborated with observable market data. There was no substantive change to the valuation techniques and related inputs used to measure
fair value during fiscal 2010.
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