10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2011 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2011 10-K (Filed: Nov 18, 2011) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2011 | Sept 30, 2010 | Sept 30, 2009 | |
| Operating Revenues | |||
| Service revenues | $ 4,261 | 3,497 | 3,174 |
| Data processing revenues | 3,478 | 3,125 | 2,430 |
| International transaction revenues | 2,674 | 2,290 | 1,916 |
| Other revenues | 655 | 713 | 625 |
| Client incentives | (1,880) | (1,560) | (1,234) |
| Total operating revenues | 9,188 | 8,065 | 6,911 |
| Operating Expenses | |||
| Personnel | 1,459 | 1,222 | 1,228 |
| Network and processing | 357 | 425 | 393 |
| Marketing | 870 | 964 | 918 |
| Professional fees | 337 | 286 | 268 |
| Depreciation and amortization | 288 | 265 | 226 |
| General and administrative | 414 | 359 | 338 |
| Litigation provision (Note 21) | 7 [1] | (45) | 2 |
| Total operating expenses | 3,732 | 3,476 | 3,373 |
| Operating income | 5,456 | 4,589 | 3,538 |
| Other Income (Expense) | |||
| Interest expense | (32) | (72) | (115) |
| Investment income, net | 108 | 49 | 575 |
| Other | 124 | 72 | 2 |
| Total other income | 200 | 49 | 462 |
| Income before income taxes | 5,656 | 4,638 | 4,000 |
| Income tax provision | 2,010 | 1,674 | 1,648 |
| Net income including non-controlling interest | 3,646 | 2,964 | 2,352 |
| Loss attributable to non-controlling interest | 4 | 2 | 1 |
| Net income attributable to Visa Inc. | 3,650 | 2,966 | 2,353 |
| Class of Stock | |||
| Class A common stock | |||
| Net income attributable to Visa Inc. | 2,638 | 1,940 | 1,397 |
| Basic earnings per share (Note 16) | 5.18 | 4.03 | 3.10 |
| Basic weighted-average shares outstanding (Note 16) | 509 | 482 | 451 |
| Diluted earnings per share (Note 16) | 5.16 | 4.01 | 3.10 |
| Diluted weighted-average shares outstanding (Note 16) | 707 [2] | 739 | 759 |
| Class B common stock | |||
| Net income attributable to Visa Inc. | 636 [3] | 566 | 485 |
| Basic earnings per share (Note 16) | 2.59 | 2.31 | 1.98 |
| Basic weighted-average shares outstanding (Note 16) | 245 | 245 | 245 |
| Diluted earnings per share (Note 16) | 2.58 | 2.30 | 1.98 |
| Diluted weighted-average shares outstanding (Note 16) | 245 | 245 | 245 |
| Class C common stock | |||
| Net income attributable to Visa Inc. | 364 | 451 | 460 |
| Basic earnings per share (Note 16) | 5.18 [4] | 4.03 | 3.10 |
| Basic weighted-average shares outstanding (Note 16) | 70 | 112 | 148 |
| Diluted earnings per share (Note 16) | 5.16 | 4.01 | 3.10 |
| Diluted weighted-average shares outstanding (Note 16) | 70 | 112 | 148 |
| [1] The amount for the twelve months ended September 30, 2010 includes the reduction to the provision for the $41 million pre-tax gain recognized related to the prepayment of the remaining obligations under the Retailers' litigation. | |||
| [2] The computation of weighted-average dilutive shares outstanding included the effect of 3 million dilutive shares of outstanding stock awards for fiscal 2011, and 2 million for fiscal 2010 and 2009, respectively. The computation excluded stock options to purchase approximately $2 million, 3 million and less than 1 million shares of common stock for fiscal 2011, 2010 and 2009, respectively, because their effect would have been anti-dilutive. | |||
| [3] Net income attributable to Visa Inc. is allocated to each class of common stock on an as-converted basis. The weighted average numbers of shares of as-converted class B common stock used in the income allocation were 123 million, 141 million and 157 million for fiscal 2011, 2010 and 2009, respectively. | |||
| [4] Earnings per share calculated based on whole numbers, not rounded numbers. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2011 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Sept 30, 2011 10-K (Filed: Nov 18, 2011) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2011 | Sept 30, 2010 | Sept 30, 2009 | |
| Net income including non-controlling interest | $ 3,646 | 2,964 | 2,352 |
| Other comprehensive income (loss), net of tax: | |||
| Investment securities, available-for-sale | |||
| Net unrealized (loss) gain | (1) | (10) | 18 |
| Income tax effect | 4 | (7) | |
| Reclassification adjustment for net gain realized in net income including non-controlling interest | (4) | (1) | (3) |
| Income tax effect | 2 | 1 | |
| Defined benefit pension and other postretirement plans | (117) | 35 | (112) |
| Income tax effect | 46 | (14) | 42 |
| Derivative instruments classified as cash flow hedges | |||
| Net unrealized loss (gain) | 18 | (28) | (92) |
| Income tax effect | (9) | 6 | 30 |
| Reclassification adjustment for net loss realized in net income including non-controlling interest | 62 | 61 | 6 |
| Income tax effect | (13) | (21) | (2) |
| Foreign currency translation adjustments | (9) | 5 | 1 |
| Other comprehensive (loss) income, net of tax | (25) | 37 | (118) |
| Comprehensive income including non-controlling interest | 3,621 | 3,001 | 2,234 |
| Comprehensive loss attributable to non-controlling interest | 4 | 2 | 1 |
| Comprehensive income attributable to Visa Inc. | 3,625 | 3,003 | 2,235 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2011 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2011 10-K (Filed: Nov 18, 2011) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2011 | Sept 30, 2010 | Sept 30, 2009 | |
| Operating Activities | |||
| Net income including non-controlling interest | $ 3,646 | 2,964 | 2,352 |
| Adjustments to reconcile net income including non-controlling interest to net cash provided by (used in) operating activities: | |||
| Amortization of client incentives | 1,880 | 1,560 | 1,234 |
| Fair value adjustment for the Visa Europe put option | (122) | (79) | |
| Share-based compensation | 154 | 131 | 115 |
| Excess tax benefit for share-based compensation | (18) | (14) | (7) |
| Depreciation and amortization of property, equipment and technology and intangible assets | 288 | 265 | 226 |
| Litigation provision and accretion (Note 21) | 18 | (18) | 95 |
| Net recognized (gain) loss on investment securities, including other-than-temporary impairment | (3) | (21) | 5 |
| Net recognized gain on other investments, including other-than-temporary impairment | (92) | (3) | (462) |
| Deferred income taxes | 164 | 249 | 297 |
| Other | (9) | (8) | (35) |
| Change in operating assets and liabilities: | |||
| Trading securities | 3 | (1) | 34 |
| Settlement receivable | (4) | 203 | 526 |
| Accounts receivable | (79) | (7) | (102) |
| Client incentives | (1,857) | (1,386) | (1,136) |
| Other assets | (1) | (41) | (109) |
| Accounts payable | 29 | (21) | (3) |
| Settlement payable | 36 | (245) | (461) |
| Accrued compensation and benefits | 16 | (26) | (23) |
| Accrued and other liabilities | 113 | 191 | 213 |
| Accrued litigation | (290) | (1,002) | (2,201) |
| Net cash provided by operating activities | 3,872 | 2,691 | 558 |
| Investing Activities | |||
| Acquisition, net of cash received of $22, $147 and $0, respectively (Note 5) | (268) | (1,805) | |
| Purchases of property, equipment and technology | (353) | (241) | (306) |
| Proceeds from disposal of property, equipment and technology | 3 | ||
| Distributions from money market investment | 89 | 884 | |
| Investment securities, available-for-sale: | |||
| Purchases | (1,910) | (11) | (7) |
| Proceeds from sales and maturities | 129 | 67 | 297 |
| Purchases of / contributions to other investments | (13) | (17) | (48) |
| Proceeds / distributions of other investments | 116 | 11 | 1,010 |
| Net cash (used in) provided by investing activities | (2,299) | (1,904) | 1,830 |
| Financing Activities | |||
| Repurchase of class A common stock (Note 15) | (2,024) | (1,000) | |
| Dividends paid (Note 15) | (423) | (368) | (318) |
| Deposits into litigation escrow account-retrospective responsibility plan (Note 3) | (1,200) | (500) | (1,800) |
| Payments from litigation escrow account-retrospective responsibility plan (Note 3) | 280 | 280 | 2,028 |
| Cash proceeds from exercise of stock options | 99 | 56 | 32 |
| Excess tax benefit for share-based compensation | 18 | 14 | 7 |
| Principal payments on debt | (44) | (12) | (50) |
| Principal payments on capital lease obligations | (10) | (12) | (4) |
| Payment for redemption of stock | (2,646) | ||
| Net cash used in financing activities | (3,304) | (1,542) | (2,751) |
| Effect of exchange rate changes on cash and cash equivalents | (9) | 5 | 1 |
| Decrease in cash and cash equivalents | (1,740) | (750) | (362) |
| Cash and cash equivalents at beginning of year | 3,867 | 4,617 | 4,979 |
| Cash and cash equivalents at end of year | 2,127 | 3,867 | 4,617 |
| Supplemental Disclosure of Cash Flow Information | |||
| Income taxes paid, net of refunds | 1,731 | 1,291 | 1,172 |
| Amounts included in accounts payable and accrued and other liabilities related to purchases of property, equipment and technology | 36 | 31 | 18 |
| Interest payments on debt | 3 | 4 | 7 |
| Assets acquired in joint venture with note payable and equity interest issued | 22 | ||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2011 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2011 10-K (Filed: Nov 18, 2011) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2011 | Sept 30, 2010 | |
| Assets | ||
| Cash and cash equivalents | $ 2,127 | 3,867 |
| Restricted cash-litigation escrow (Note 3) | 2,857 | 1,866 |
| Investment securities (Note 4) | ||
| Trading | 57 | 60 |
| Available-for-sale | 1,214 | 124 |
| Settlement receivable | 412 | 402 |
| Accounts receivable | 560 | 476 |
| Customer collateral (Note 12) | 931 | 899 |
| Current portion of client incentives | 278 | 175 |
| Current portion of deferred tax assets (Note 20) | 489 | 623 |
| Prepaid expenses and other current assets (Note 6) | 265 | 242 |
| Total current assets | 9,190 | 8,734 |
| Restricted cash-litigation escrow (Note 3) | 70 | |
| Investment securities, available-for-sale (Note 4) | 711 | 24 |
| Client incentives | 85 | 101 |
| Property, equipment and technology, net (Note 7) | 1,541 | 1,357 |
| Other assets (Note 6) | 129 | 197 |
| Intangible assets, net (Note 8) | 11,436 | 11,478 |
| Goodwill | 11,668 | 11,447 |
| Total assets | 34,760 | 33,408 |
| Liabilities | ||
| Accounts payable | 169 | 137 |
| Settlement payable | 449 | 406 |
| Customer collateral (Note 12) | 931 | 899 |
| Accrued compensation and benefits | 387 | 370 |
| Client incentives | 528 | 418 |
| Accrued liabilities (Note 9) | 562 | 625 |
| Current portion of long-term debt (Note 10) | 12 | |
| Current portion of accrued litigation (Note 21) | 425 | 631 |
| Total current liabilities | 3,451 | 3,498 |
| Long-term debt (Note 10) | 32 | |
| Accrued litigation (Note 21) | 66 | |
| Deferred tax liabilities (Note 20) | 4,205 | 4,181 |
| Other liabilities (Note 9) | 667 | 617 |
| Total liabilities | 8,323 | 8,394 |
| Commitments and contingencies (Note 18) | ||
| Equity | ||
| Additional paid-in capital | 19,907 | 20,794 |
| Accumulated income | 6,706 | 4,368 |
| Accumulated other comprehensive income (loss), net | ||
| Investment securities, available-for-sale | 3 | |
| Defined benefit pension and other postretirement plans | (186) | (115) |
| Derivative instruments classified as cash flow hedges | 18 | (40) |
| Foreign currency translation adjustments | (8) | 1 |
| Total accumulated other comprehensive loss, net | (176) | (151) |
| Total Visa Inc. stockholders' equity | 26,437 | 25,011 |
| Non-controlling interest | 3 | |
| Total equity | 26,437 | 25,014 |
| Total liabilities and equity | 34,760 | 33,408 |
| Class of Stock | ||
| Preferred Stock | ||
| Preferred stock, $0.0001 par value, 25 shares authorized and none issued | ||
| Class A common stock | ||
| Common stock | ||
| Class B common stock | ||
| Common stock | ||
| Class C common stock | ||
| Common stock | ||
| External Links | |
| VISA INC. (V) Fiscal Year 2011 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |