Visa 2012 Annual Report Download - page 81

Download and view the complete annual report

Please find page 81 of the 2012 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.

Page out of 136

  • 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

Table of Contents VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
September 30, 2012
employees. These investments are held in a trust and are not available for the Company's operational or liquidity needs. See Note
1—Summary of Significant Accounting Policies . As of September 30, 2012 and 2011 , trading investment securities totaled $66
million and $57 million , respectively.
Available-for-sale Investment Securities
The amortized cost, unrealized gains and losses and fair value of available-for-sale investment securities are as follows:
The available-for-sale investment securities primarily include U.S. Treasury securities, U.S. government-sponsored debt
securities and corporate debt securities. Available-for-sale debt securities are presented below in accordance with their stated
maturities. The majority of these investments, $3.3 billion , are classified as non-current, as they have stated maturities of more
than one year from the balance sheet date. However, these investments are generally available to meet short-term liquidity needs.
Investment Income
Investment income consisted of the following:
78
September 30, 2012
September 30, 2011
Amortized
Cost
Gross Unrealized
Fair
Value
Amortized
Cost
Gross Unrealized
Fair
Value
Gains
Losses
Gains
Losses
(in millions)
U.S. Treasury securities
$
1,065
$
1
$
—
$
1,066
$
350
$
—
$
—
$
350
U.S. government-sponsored debt
securities
2,818
3
—
2,821
1,568
—
—
1,568
Corporate debt securities
63
—
—
63
—
—
—
—
Auction rate and equity securities
11
—
(
1
)
10
7
—
—
7
Total
$
3,957
$
4
$
(1
)
$
3,960
$
1,925
$
—
$
—
$
1,925
Less: current portion of available-for-
sale investment securities
(677
)
(1,214
)
Long-term available-for-sale
investment securities
$
3,283
$
711
Amortized Cost
Fair Value
(in millions)
September 30, 2012:
Due within one year
$
674
$
674
Due after 1 year through 5 years
3,272
3,276
Due after 5 years through 10 years —
—
Due after 10 years
7
7
Total
$
3,953
$
3,957