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Table of Contents VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2012
2010 , or material amounts due to or from related parties at the end of fiscal 2012 and 2011 .
Ownership. At September 30, 2012 and 2011 , no entity owned more than 10% of the Company’s total voting common stock.
Board representation. In January 2011, the Company's board made the decision to reduce its overall size. Subsequently, the
non-executive board members have been comprised exclusively of independent directors. The Company generated total operating
revenues of approximately $172 million and $597 million from clients represented on its board of directors during fiscal 2011 and
2010 , respectively.
Investees. The Company generated total operating revenues of $19 million , $28 million and $27 million , and received
dividend income of $1 million , $1 million and $2 million from related party investees during fiscal 2012 , 2011 and 2010 ,
respectively.
Note 20—Income Taxes
The Company’s income before taxes by fiscal year consisted of the following:
U.S. income before taxes included $1.6 billion , $1.3 billion and $1.1 billion from non-U.S. clients for fiscal 2012 , 2011 and
2010 , respectively.
Income tax provision by fiscal year consisted of the following:
99
2012
2011
2010
(in millions)
U.S.
$
1,030
$
4,650
$
3,973
Non-U.S.
1,177
1,006
665
Total income before taxes and non-controlling interest
$
2,207
$
5,656
$
4,638
2012
2011
2010
(in millions)
Current:
U.S. federal
$
1,376
$
1,365
$
1,089
State and local
165
311
260
Non-U.S.
214
168
76
Total current taxes
1,755
1,844
1,425
Deferred:
U.S. federal
(1,276
)
160
209
State and local
(415
)
(2
)
35
Non-U.S.
1
8
5
Total deferred taxes
(1,690
)
166
249
Total income tax provision
$
65
$
2,010
$
1,674