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: 2014 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2014 10-K (Filed: Nov 21, 2014) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2014 | Sept 30, 2013 | Sept 30, 2012 | |
| Operating Revenues | |||
| Service revenues | $ 5,797 | 5,352 | 4,872 |
| Data processing revenues | 5,167 | 4,642 | 3,975 |
| International transaction revenues | 3,560 | 3,389 | 3,025 |
| Other revenues | 770 | 716 | 704 |
| Client incentives | (2,592) | (2,321) | (2,155) |
| Total operating revenues | 12,702 | 11,778 | 10,421 |
| Operating Expenses | |||
| Personnel | 1,875 | 1,932 | 1,726 |
| Marketing | 900 | 876 | 873 |
| Network and processing | 507 | 468 | 414 |
| Professional fees | 328 | 412 | 385 |
| Depreciation and amortization | 435 | 397 | 333 |
| General and administrative | 507 | 451 | 451 |
| Litigation provision (Note 20) | 453 | 3 | 4,100 |
| Total operating expenses | 5,005 | 4,539 | 8,282 |
| Operating income | 7,697 | 7,239 | 2,139 |
| Non-operating income | 27 | 18 | 68 |
| Income before income taxes | 7,724 | 7,257 | 2,207 |
| Income tax provision (Note 19) | 2,286 | 2,277 | 65 |
| Net income including non-controlling interest | 5,438 | 4,980 | 2,142 |
| Loss attributable to non-controlling interest | 0 | 0 | 2 |
| Net income attributable to Visa Inc. | 5,438 | 4,980 [1] | 2,144 |
| Earnings Per Share [Abstract] | |||
| Class of Stock | |||
| Class A common stock | |||
| Net income attributable to Visa Inc. | 4,307 | 3,959 | 1,664 |
| Basic earnings per share (Note 15) | 8.65 | 7.61 | 3.17 |
| Basic weighted-average shares outstanding (Note 15) | 498 | 520 | 524 |
| Diluted earnings per share (Note 15) | 8.62 | 7.59 | 3.16 |
| Diluted weighted-average shares outstanding (Note 15) | 631 | 656 [2] | 678 |
| Class B common stock | |||
| Net income attributable to Visa Inc. | 892 | 786 | 343 |
| Basic earnings per share (Note 15) | 3.63 | 3.20 | 1.40 |
| Basic weighted-average shares outstanding (Note 15) | 245 | 245 | 245 |
| Diluted earnings per share (Note 15) | 3.62 | 3.19 | 1.39 |
| Diluted weighted-average shares outstanding (Note 15) | 245 | 245 | 245 |
| Class C common stock | |||
| Net income attributable to Visa Inc. | 222 | 216 | 130 |
| Basic earnings per share (Note 15) | 8.65 | 7.61 | 3.17 [3] |
| Basic weighted-average shares outstanding (Note 15) | 26 | 28 | 41 |
| Diluted earnings per share (Note 15) | 8.62 | 7.59 | 3.16 |
| Diluted weighted-average shares outstanding (Note 15) | 26 | 28 | 41 |
| [3] Net income attributable to Visa Inc. is allocated based on proportional ownership on an as-converted basis. The weighted-average numbers of shares of as-converted class B common stock used in the income allocation were 103 million for fiscal 2014 and 2013, and 108 million for fiscal 2012. | |||
| [1] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. | |||
| [2] Weighted-average diluted shares outstanding are calculated on an as-converted basis, and include incremental common stock equivalents, as calculated under the treasury stock method. The computation includes 2 million common stock equivalents for fiscal 2014 and 2013, and 3 million for fiscal 2012, because their effect would have been dilutive. The computation excludes less than 1 million of common stock equivalents for fiscal 2014, 2013 and 2012 because their effect would have been anti-dilutive. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2014 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Sept 30, 2014 10-K (Filed: Nov 21, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2014 | Sept 30, 2013 | Sept 30, 2012 | |
| Net income including non-controlling interest | $ 5,438 | 4,980 | 2,142 |
| Other comprehensive (loss) income, net of tax: | |||
| Investment securities, available-for-sale: | |||
| Net unrealized (loss) gain | (44) | 88 | 4 |
| Income tax effect | 17 | (33) | (1) |
| Reclassification adjustment for net (gain) loss realized in net income including non-controlling interest | (1) | 1 | 0 |
| Income tax effect | 0 | 0 | 0 |
| Defined benefit pension and other postretirement plans: | |||
| Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax | (27) | 187 | (23) |
| Income tax effect | 8 | (70) | 9 |
| Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), before Tax | (8) | 16 | 23 |
| Other Comprehensive (Income) Loss, Amortization Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, for Net Prior Service Cost (Credit), Tax | 3 | (7) | (9) |
| Derivative instruments classified as cash flow hedges: | |||
| Net unrealized gain | 65 | 39 | 3 |
| Income tax effect | (13) | (6) | (1) |
| Reclassification adjustment for net gain realized in net income including non-controlling interest | (46) | (29) | (14) |
| Income tax effect | 9 | 6 | 7 |
| Foreign currency translation adjustments | (1) | 0 | 7 |
| Other comprehensive (loss) income, net of tax | (38) | 192 | 5 |
| Comprehensive income including non-controlling interest | 5,400 | 5,172 | 2,147 |
| Comprehensive loss attributable to non-controlling interest | 0 | 0 | 2 |
| Comprehensive income attributable to Visa Inc. | 5,400 | 5,172 | 2,149 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2014 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2014 10-K (Filed: Nov 21, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2014 | Sept 30, 2013 | Sept 30, 2012 | |
| Operating Activities | |||
| Net income including non-controlling interest | $ 5,438 | 4,980 | 2,142 |
| Adjustments to reconcile net income including non-controlling interest to net cash provided by (used in) operating activities: | |||
| Amortization of client incentives | 2,592 | 2,321 | 2,155 |
| Share-based compensation | 172 | 179 | 147 |
| Excess tax benefit for share-based compensation | (90) | (74) | (71) |
| Depreciation and amortization of property, equipment, technology and intangible assets | 435 | 397 | 333 |
| Deferred income taxes | (580) | 1,527 | (1,690) |
| Litigation provision (Note 20) | 453 | 3 | 4,101 |
| Other | 37 | 50 | (8) |
| Change in operating assets and liabilities: | |||
| Income tax receivable | 51 | 37 | (67) |
| Settlement receivable | 13 | (345) | (42) |
| Accounts receivable | (53) | (38) | (161) |
| Client incentives | (2,395) | (2,336) | (1,757) |
| Other assets | (430) | (543) | 41 |
| Accounts payable | (56) | 40 | (17) |
| Settlement payable | 107 | 506 | 270 |
| Accrued and other liabilities | 513 | 702 | (227) |
| Accrued litigation (Note 20) | 998 | (4,384) | (140) |
| Net cash provided by operating activities | 7,205 | 3,022 | 5,009 |
| Investing Activities | |||
| Purchases of property, equipment, technology and intangible assets | (553) | (471) | (376) |
| Proceeds from disposal of property, equipment and technology | 0 | 0 | 2 |
| Investment securities, available-for-sale: | |||
| Purchases | (2,572) | (3,164) | (4,140) |
| Proceeds from maturities and sales | 2,342 | 2,440 | 2,093 |
| Acquisitions, net of cash received | (149) | 0 | (3) |
| Purchases of / contributions to other investments | (9) | (3) | (12) |
| Proceeds / distributions from other investments | 0 | 34 | 22 |
| Net cash used in investing activities | (941) | (1,164) | (2,414) |
| Financing Activities | |||
| Repurchase of class A common stock (Note 14) | (4,118) | (5,365) | (710) |
| Dividends paid (Note 14) | (1,006) | (864) | (595) |
| Deposits into litigation escrow accountretrospective responsibility plan (Note 3) | (450) | 0 | (1,715) |
| (Return to) payments from litigation escrow accountretrospective responsibility plan (Note 3) | (999) | 4,383 | 140 |
| Cash proceeds from exercise of stock options | 91 | 108 | 174 |
| Restricted stock and performance-based shares settled in cash for taxes | (86) | (64) | 0 |
| Excess tax benefit for share-based compensation | 90 | 74 | 71 |
| Payments for earn-out related to PlaySpan acquisition | 0 | (12) | (14) |
| Principal payments on capital lease obligations | 0 | (6) | (6) |
| Net cash used in financing activities | (6,478) | (1,746) | (2,655) |
| Effect of exchange rate changes on cash and cash equivalents | (1) | 0 | 7 |
| (Decrease) increase in cash and cash equivalents | (215) | 112 | (53) |
| Cash and cash equivalents at beginning of year | 2,186 | 2,074 | |
| Cash and cash equivalents at end of year | 1,971 | 2,186 | 2,074 |
| Supplemental Disclosure | |||
| Income taxes paid, net of refunds | 2,656 | 595 | 2,057 |
| Non-cash accruals related to purchases of property, equipment, technology and intangible assets | 62 | 46 | 67 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2014 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2014 10-K (Filed: Nov 21, 2014) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2014 | Sept 30, 2013 | |
| Assets | ||
| Cash and cash equivalents | $ 1,971 | 2,186 |
| Restricted cashlitigation escrow (Note 3) | 1,498 | 49 |
| Investment securities (Note 4): | ||
| Trading | 69 | 75 |
| Available-for-sale | 1,910 | 1,994 |
| Income tax receivable (Note 19) | 91 | 142 |
| Settlement receivable | 786 | 799 |
| Accounts receivable | 822 | 761 |
| Customer collateral (Note 11) | 961 | 866 |
| Current portion of client incentives | 210 | 282 |
| Deferred tax assets (Note 19) | 1,028 | 481 |
| Prepaid expenses and other current assets (Note 5) | 216 | 187 |
| Total current assets | 9,562 | 7,822 |
| Investment securities, available-for-sale (Note 4) | 3,015 | 2,760 |
| Client incentives | 81 | 89 |
| Property, equipment and technology, net (Note 6) | 1,892 | 1,732 |
| Other assets (Note 5) | 855 | 521 |
| Intangible assets, net (Note 7) | 11,411 | 11,351 |
| Goodwill (Note 7) | 11,753 | 11,681 |
| Total assets | 38,569 | 35,956 |
| Liabilities | ||
| Accounts payable | 147 | 184 |
| Settlement payable | 1,332 | 1,225 |
| Customer collateral (Note 11) | 961 | 866 |
| Accrued compensation and benefits | 450 | 523 |
| Client incentives | 1,036 | 919 |
| Accrued liabilities (Note 8) | 624 | 613 |
| Accrued litigation (Note 20) | 1,456 | 5 |
| Total current liabilities | 6,006 | 4,335 |
| Deferred tax liabilities (Note 19) | 4,145 | 4,149 |
| Other liabilities (Note 8) | 1,005 | 602 |
| Total liabilities | 11,156 | 9,086 |
| Commitments and contingencies (Note 17) | ||
| Equity | ||
| Additional paid-in capital | 18,299 | 18,875 |
| Accumulated income | 9,131 | 7,974 |
| Accumulated other comprehensive (loss) income, net: | ||
| Investment securities, available-for-sale | 31 | 59 |
| Defined benefit pension and other postretirement plans | (84) | (60) |
| Derivative instruments classified as cash flow hedges | 38 | 23 |
| Foreign currency translation adjustments | (2) | (1) |
| Total accumulated other comprehensive (loss) income, net | (17) | 21 |
| Total equity | 27,413 | 26,870 |
| Total liabilities and equity | 38,569 | 35,956 |
| Class of Stock | ||
| Preferred stock | ||
| Preferred stock, $0.0001 par value, 25 shares authorized and none issued | 0 | 0 |
| Class A common stock | ||
| Common stock (Note 14) | 0 | 0 |
| Class B common stock | ||
| Common stock (Note 14) | 0 | 0 |
| Class C common stock | ||
| Common stock (Note 14) | 0 | 0 |
| External Links | |
| VISA INC. (V) Fiscal Year 2014 | |
| 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 |