Visa 2010 Annual Report Download - page 97
Download and view the complete annual report
Please find page 97 of the 2010 Visa annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99 -
100 -
101 -
102 -
103 -
104 -
105 -
106 -
107 -
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
 |
 |
Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2010
(in millions, except as noted)
Note 7—Prepaid Expenses and Other Assets
Prepaid expenses and other current assets consisted of the following:
September 30,
2010
September 30,
2009
(in millions)
Prepaid expenses and maintenance $ 72 $ 97
Income tax receivable—(See Note 21—Income Taxes) 140 135
Money market investment—Reserve Primary Fund — 69
Other 30 65
Total $ 242 $ 366
Other non-current assets consisted of the following:
September 30,
2010
September 30,
2009
(in millions)
Other investments—(See Note 5—Investments and Fair Value Measurements) $ 114 $ 102
Pension asset—(See Note 12—Pension, Postretirement and Other Benefits) 53 —
Long-term prepaid expenses and other 30 23
Total $ 197 $ 125
The money market investment represents the carrying value of the Company's investment in the Reserve Primary Fund, or the Fund. During fiscal 2008,
the Company recorded a $29 million other-than-temporary impairment against the Company's original investment of $982 million when the Fund failed to
honor the Company's request for a full redemption of its investment. The Company received distributions totaling $89 million and $884 million from the Fund
in fiscal 2010 and 2009, respectively, which substantially represented the Company's remaining pro-rata ownership in the Fund. Total distributions received
were in excess of the carrying value of the Company's investment in the Fund, resulting in the recognition of a pre-tax gain of $20 million in investment
income, net during fiscal 2010. See Note 5—Investments and Fair Value Measurements and Note 22—Legal Matters.
The increase in other non-current assets was primarily due to the Company's U.S. qualified pension plan becoming overfunded upon remeasurement at
September 30, 2010.
Note 8—Property, Equipment and Technology, Net
Property, equipment and technology, net consisted of the following:
September 30,
2010
September 30,
2009
(in millions)
Land $ 71 $ 71
Buildings and building improvements 648 629
Furniture, equipment and leasehold improvements 687 598
Construction-in-progress 75 43
Technology 908 688
Total property, equipment and technology 2,389 2,029
Accumulated depreciation and amortization (1,032) (825)
Property, equipment and technology, net $ 1,357 $ 1,204
96