This excerpt taken from the V 8-K filed Oct 4, 2007.
Note 17Fair Value of Financial Instruments
The following methods and assumptions were used to estimate the fair value of each class of financial instruments as reported on the consolidated balance sheets:
Cash and cash equivalents, settlement due from and due to members, accounts receivable, other current assets, member collateral, trade payables, and accrued and other liabilitiesThe carrying amounts approximate fair value due to the short period of time to maturity.
Investments classified as available-for-sale, trading assets and foreign currency forward contractsThe fair value is based on quoted market prices.
DebtThe fair value is estimated based on current interest rates available to the Company for debt instruments with similar terms, degrees of risk and remaining maturities. The carrying value of the Companys debt was $39.9 million at September 30, 2006 and 2005. The estimated fair value of the Companys debt was $42.4 million and $43.2 million at September 30, 2006 and 2005, respectively.
VISA INTERNATIONAL AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS(Continued)
(In thousands, except as noted)