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: 2015 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2015 10-K (Filed: Nov 20, 2015) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2015 | Sept 30, 2014 | Sept 30, 2013 | |
| Operating Revenues | |||
| Service revenues | $ 6,302 | 5,797 | 5,352 |
| Data processing revenues | 5,552 | 5,167 | 4,642 |
| International transaction revenues | 4,064 | 3,560 | 3,389 |
| Other revenues | 823 | 770 | 716 |
| Client incentives | (2,861) | (2,592) | (2,321) |
| Total operating revenues | 13,880 | 12,702 | 11,778 |
| Operating Expenses | |||
| Personnel | 2,079 | 1,875 | 1,932 |
| Marketing | 872 | 900 | 876 |
| Network and processing | 474 | 507 | 468 |
| Professional fees | 336 | 328 | 412 |
| Depreciation and amortization | 494 | 435 | 397 |
| General and administrative | 547 | 507 | 451 |
| Litigation provision (Note 20) | 14 | 453 | 3 |
| Total operating expenses | 4,816 | 5,005 | 4,539 |
| Operating income | 9,064 | 7,697 | 7,239 |
| Non-operating (expense) income | (69) | 27 | 18 |
| Income before income taxes | 8,995 | 7,724 | 7,257 |
| Income tax provision (Note 19) | 2,667 | 2,286 | 2,277 |
| Net income | 6,328 | 5,438 | 4,980 |
| Earnings Per Share [Abstract] | |||
| Class of Stock | |||
| Class A common stock | |||
| Basic earnings per share (Note 15) | 2.58 | 2.16 | 1.90 |
| Basic weighted-average shares outstanding (Note 15) | 1,954 | 1,993 | 2,080 |
| Diluted earnings per share (Note 15) | 2.58 | 2.16 | 1.90 |
| Diluted weighted-average shares outstanding (Note 15) | 2,457 [1] | 2,523 | 2,624 |
| Class B common stock | |||
| Basic earnings per share (Note 15) | 4.26 | 3.63 | 3.20 |
| Basic weighted-average shares outstanding (Note 15) | 245 | 245 | 245 [2] |
| Diluted earnings per share (Note 15) | 4.25 | 3.62 | 3.19 |
| Diluted weighted-average shares outstanding (Note 15) | 245 | 245 | 245 |
| Class C common stock | |||
| Basic earnings per share (Note 15) | 10.33 | 8.65 | 7.61 |
| Basic weighted-average shares outstanding (Note 15) | 22 | 26 | 28 |
| Diluted earnings per share (Note 15) | 10.30 | 8.62 | 7.59 |
| Diluted weighted-average shares outstanding (Note 15) | 22 | 26 | 28 |
| [2] The outstanding number of shares of class B and C common stock were not impacted by the stock split as these stockholders received an adjustment to their respective conversion ratios instead of stock dividends. See Note 14Stockholders' Equity. Weighted-average basic and diluted shares outstanding for class B and C common stock are calculated based on the common shares outstanding of each respective class rather than on an as-converted basis. | Figures in the table may not recalculate exactly due to roundin | |||
| [1] 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 6 million, 7 million and 8 million common stock equivalents for fiscal 2015, 2014 and 2013, respectively, because their effect would have been dilutive. The computation excludes 2 million of common stock equivalents for fiscal 2015, 2014 and 2013 because their effect would have been anti-dilutive. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2015 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Sept 30, 2015 10-K (Filed: Nov 20, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2015 | Sept 30, 2014 | Sept 30, 2013 | |
| Net income | $ 6,328 | 5,438 | 4,980 |
| Other comprehensive (loss) income, net of tax: | |||
| Investment securities, available-for-sale: | |||
| Net unrealized (loss) gain | (21) | (44) | 88 |
| Income tax effect | 8 | 17 | (33) |
| Reclassification adjustment for net (gain) loss realized in net income | (21) | (1) | 1 |
| Income tax effect | 8 | 0 | 0 |
| Defined benefit pension and other postretirement plans: | |||
| Net unrealized actuarial (loss) gain and prior service credit | (122) | (27) | 187 |
| Income tax effect | 45 | 8 | (70) |
| Amortization of actuarial (gain) loss and prior service credit realized in net income | (1) | (8) | 16 |
| Income tax effect | 1 | 3 | (7) |
| Derivative instruments classified as cash flow hedges: | |||
| Net unrealized gain | 172 | 65 | 39 |
| Income tax effect | (51) | (13) | (6) |
| Reclassification adjustment for net gain realized in net income | (102) | (46) | (29) |
| Income tax effect | 26 | 9 | 6 |
| Foreign currency translation adjustments | 1 | (1) | 0 |
| Other comprehensive (loss) income , net of tax | (57) | (38) | 192 |
| Comprehensive income | 6,271 | 5,400 | 5,172 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2015 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2015 10-K (Filed: Nov 20, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2015 | Sept 30, 2014 | Sept 30, 2013 | |
| Operating Activities | |||
| Net income | $ 6,328 | 5,438 | 4,980 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Amortization of client incentives | 2,861 | 2,592 | 2,321 |
| Fair value adjustment for the Visa Europe put option | 110 | 0 | 0 |
| Share-based compensation | 187 | 172 | 179 |
| Excess tax benefit for share-based compensation | (84) | (90) | (74) |
| Depreciation and amortization of property, equipment, technology and intangible assets | 494 | 435 | 397 |
| Deferred income taxes | 195 | (580) | 1,527 |
| Litigation provision (Note 20) | 14 | 453 | 3 |
| Other | 24 | 37 | 50 |
| Change in operating assets and liabilities: | |||
| Settlement receivable | 378 | 13 | (345) |
| Accounts receivable | (19) | (53) | (38) |
| Client incentives | (2,970) | (2,395) | (2,336) |
| Other assets | (41) | (379) | (506) |
| Accounts payable | (13) | (56) | 40 |
| Settlement payable | (552) | 107 | 506 |
| Accrued and other liabilities | 118 | 513 | 702 |
| Accrued litigation (Note 20) | (446) | 998 | (4,384) |
| Net cash provided by operating activities | 6,584 | 7,205 | 3,022 |
| Investing Activities | |||
| Purchases of property, equipment, technology and intangible assets | (414) | (553) | (471) |
| Proceeds from sales of property, equipment and technology | 10 | 0 | 0 |
| Investment securities, available-for-sale: | |||
| Purchases | (2,850) | (2,572) | (3,164) |
| Proceeds from maturities and sales | 1,925 | 2,342 | 2,440 |
| Acquisitions, net of cash received (Note 7) | (93) | (149) | 0 |
| Purchases of / contributions to other investments | (25) | (9) | (3) |
| Proceeds / distributions from other investments | 12 | 0 | 34 |
| Net cash used in investing activities | (1,435) | (941) | (1,164) |
| Financing Activities | |||
| Repurchase of class A common stock (Note 14) | (2,910) | (4,118) | (5,365) |
| Dividends paid (Note 14) | (1,177) | (1,006) | (864) |
| Deposits into litigation escrow accountU.S. retrospective responsibility plan (Note 3) | 0 | (450) | 0 |
| Payments from (return to) litigation escrow accountU.S. retrospective responsibility plan (Note 3 and Note 20) | 426 | (999) | 4,383 |
| Cash proceeds from issuance of common stock under employee equity plans | 82 | 91 | 108 |
| Restricted stock and performance-based shares settled in cash for taxes | (108) | (86) | (64) |
| Excess tax benefit for share-based compensation | 84 | 90 | 74 |
| Payments for earn-out related to PlaySpan acquisition | 0 | 0 | (12) |
| Principal payments on capital lease obligations | 0 | 0 | (6) |
| Net cash used in financing activities | (3,603) | (6,478) | (1,746) |
| Effect of exchange rate changes on cash and cash equivalents | 1 | (1) | 0 |
| Increase (decrease) in cash and cash equivalents | 1,547 | (215) | 112 |
| Cash and cash equivalents at beginning of year | 1,971 | 2,186 | |
| Cash and cash equivalents at end of year | 3,518 | 1,971 | 2,186 |
| Supplemental Disclosure | |||
| Income taxes paid, net of refunds | 2,486 | 2,656 | 595 |
| Accruals related to purchases of property, equipment, technology and intangible assets | 81 | 62 | 46 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2015 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2015 10-K (Filed: Nov 20, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2015 | Sept 30, 2014 | |
| Assets | ||
| Cash and cash equivalents | $ 3,518 | 1,971 |
| Restricted cashlitigation escrow (Note 3) | 1,072 | 1,498 |
| Investment securities (Note 4): | ||
| Trading | 66 | 69 |
| Available-for-sale | 2,431 | 1,910 |
| Settlement receivable | 408 | 786 |
| Accounts receivable | 847 | 822 |
| Customer collateral (Note 11) | 1,023 | 961 |
| Current portion of client incentives | 303 | 210 |
| Deferred tax assets (Note 19) | 871 | 1,028 |
| Prepaid expenses and other current assets (Note 5) | 353 | 307 |
| Total current assets | 10,892 | 9,562 |
| Investment securities, available-for-sale (Note 4) | 3,384 | 3,015 |
| Client incentives | 110 | 81 |
| Property, equipment and technology, net (Note 6) | 1,888 | 1,892 |
| Other assets (Note 5) | 776 | 855 |
| Intangible assets, net (Note 7) | 11,361 | 11,411 |
| Goodwill (Note 7) | 11,825 | 11,753 |
| Total assets | 40,236 | 38,569 |
| Liabilities | ||
| Accounts payable | 127 | 147 |
| Settlement payable | 780 | 1,332 |
| Customer collateral (Note 11) | 1,023 | 961 |
| Accrued compensation and benefits | 503 | 450 |
| Client incentives | 1,049 | 1,036 |
| Accrued liabilities (Note 8) | 868 | 624 |
| Accrued litigation (Note 20) | 1,024 | 1,456 |
| Total current liabilities | 5,374 | 6,006 |
| Deferred tax liabilities (Note 19) | 4,123 | 4,145 |
| Other liabilities (Note 8) | 897 | 1,005 |
| Total liabilities | 10,394 | 11,156 |
| Commitments and contingencies (Note 17) | ||
| Equity | ||
| Additional paid-in capital | 18,073 | 18,299 |
| Accumulated income | 11,843 | 9,131 |
| Accumulated other comprehensive loss, net: | ||
| Investment securities, available-for-sale | 5 | 31 |
| Defined benefit pension and other postretirement plans | (161) | (84) |
| Derivative instruments classified as cash flow hedges | 83 | 38 |
| Foreign currency translation adjustments | (1) | (2) |
| Total accumulated other comprehensive loss, net | (74) | (17) |
| Total equity | 29,842 | 27,413 |
| Total liabilities and equity | 40,236 | 38,569 |
| 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 2015 | |
| 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 |