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: 2016 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2016 10-K (Filed: Nov 15, 2016) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2016 | Sept 30, 2015 | Sept 30, 2014 | |
| Operating Revenues | |||
| Service revenues | $ 6,747 | 6,302 | 5,797 |
| Data processing revenues | 6,272 | 5,552 | 5,167 |
| International transaction revenues | 4,649 | 4,064 | 3,560 |
| Other revenues | 823 | 823 | 770 |
| Client incentives | (3,409) | (2,861) | (2,592) |
| Net operating revenues | 15,082 | 13,880 | 12,702 |
| Operating Expenses | |||
| Personnel | 2,226 | 2,079 | 1,875 |
| Marketing | 869 | 872 | 900 |
| Network and processing | 538 | 474 | 507 |
| Professional fees | 389 | 336 | 328 |
| Depreciation and amortization | 502 | 494 | 435 |
| General and administrative | 796 | 547 | 507 |
| Litigation provision (Note 20) | 2 | 14 | 453 |
| Visa Europe Framework Agreement loss (Note 2) | 1,877 | 0 | 0 |
| Total operating expenses | 7,199 | 4,816 | 5,005 |
| Operating income | 7,883 | 9,064 | 7,697 |
| Non-operating Income (Expense) | |||
| Interest expense | (427) | (3) | (8) |
| Other (Note 4 and Note 12) | 556 | (66) | 35 |
| Non-operating income (expense) | 129 | (69) | 27 |
| Income before income taxes | 8,012 | 8,995 | 7,724 |
| Income tax provision (Note 19) | 2,021 [1] | 2,667 | 2,286 |
| Net income | 5,991 | 6,328 | 5,438 |
| Earnings Per Share [Abstract] | |||
| Class of Stock | |||
| Class A common stock | |||
| Basic earnings per share (Note 15) | 2.49 | 2.58 | 2.16 |
| Basic weighted-average shares outstanding (Note 15) | 1,906 | 1,954 | 1,993 |
| Diluted earnings per share (Note 15) | 2.48 | 2.58 | 2.16 |
| Diluted weighted-average shares outstanding (Note 15) | 2,414 [2] | 2,457 | 2,523 |
| Class B common stock | |||
| Basic earnings per share (Note 15) | 4.10 | 4.26 | 3.63 |
| Basic weighted-average shares outstanding (Note 15) | 245 | 245 | 245 |
| Diluted earnings per share (Note 15) | 4.09 | 4.25 | 3.62 |
| Diluted weighted-average shares outstanding (Note 15) | 245 | 245 | 245 |
| Class C common stock | |||
| Basic earnings per share (Note 15) | 9.94 | 10.33 | 8.65 |
| Basic weighted-average shares outstanding (Note 15) | 19 | 22 | 26 |
| Diluted earnings per share (Note 15) | 9.93 [3] | 10.30 | 8.62 |
| Diluted weighted-average shares outstanding (Note 15) | 19 | 22 | 26 |
| [1] The Company did not include Visa Europe's financial results in the Company's consolidated statements of operations from the acquisition date, June 21, 2016, through June 30, 2016 as the impact was immaterial. The Company's consolidated statement of operations for the year ended September 30, 2016 includes Visa Europe's financial results for the three months ended September 30, 2016. See Note 2Acquisition of Visa Europe. | |||
| [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 5 million, 6 million and 7 million common stock equivalents for fiscal 2016, 2015 and 2014, respectively, because their effect would have been dilutive. The computation excludes 2 million of common stock equivalents for fiscal 2016, 2015 and 2014 because their effect would have been anti-dilutive. | |||
| [3] Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. The number of shares and per share amounts for the prior periods presented have been retroactively adjusted to reflect the four-for-one stock split effected in the fiscal second quarter of 2015. See Note 14Stockholders' Equity. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2016 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Sept 30, 2016 10-K (Filed: Nov 15, 2016) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2016 | Sept 30, 2015 | Sept 30, 2014 | |
| Net income | $ 5,991 | 6,328 | 5,438 |
| Other comprehensive (loss) income, net of tax: | |||
| Investment securities, available-for-sale: | |||
| Net unrealized gain (loss) | 51 | (21) | (44) |
| Income tax effect | (18) | 8 | 17 |
| Reclassification adjustment for net gain realized in net income | (3) | (21) | (1) |
| Income tax effect | 1 | 8 | 0 |
| Defined benefit pension and other postretirement plans: | |||
| Net unrealized actuarial gain (loss) and prior service credit | (106) | (122) | (27) |
| Income tax effect | 36 | 45 | 8 |
| Amortization of actuarial loss (gain) and prior service credit realized in net income | 10 | (1) | (8) |
| Income tax effect | (4) | 1 | 3 |
| Derivative instruments classified as cash flow hedges: | |||
| Net unrealized (loss) gain | (74) | 172 | 65 |
| Income tax effect | 9 | (51) | (13) |
| Reclassification adjustment for net gain realized in net income | (103) | (102) | (46) |
| Income tax effect | 35 | 26 | 9 |
| Foreign currency translation adjustments | (218) | 1 | (1) |
| Other comprehensive loss, net of tax | (384) | (57) | (38) |
| Comprehensive income | 5,607 | 6,271 | 5,400 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2016 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2016 10-K (Filed: Nov 15, 2016) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2016 | Sept 30, 2015 | Sept 30, 2014 | |
| Operating Activities | |||
| Net income | $ 5,991 | 6,328 | 5,438 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Client incentives | 3,409 | 2,861 | 2,592 |
| Fair value adjustment for the Visa Europe put option | (255) | 110 | 0 |
| Share-based compensation | 221 | 187 | 172 |
| Excess tax benefit for share-based compensation | (63) | (84) | (90) |
| Depreciation and amortization of property, equipment, technology and intangible assets | 502 | 494 | 435 |
| Deferred income taxes | (764) | 195 | (580) |
| Right to recover for covered losses recorded in equity | (9) | 0 | 0 |
| Litigation provision (Note 20) | 4 | 14 | 453 |
| Other | 64 | 24 | 37 |
| Change in operating assets and liabilities: | |||
| Settlement receivable | 391 | 378 | 13 |
| Accounts receivable | (65) | (19) | (53) |
| Client incentives | (3,508) | (2,970) | (2,395) |
| Other assets | (315) | (41) | (379) |
| Accounts payable | 43 | (13) | (56) |
| Settlement payable | (302) | (552) | 107 |
| Accrued and other liabilities | 277 | 118 | 513 |
| Accrued litigation (Note 20) | (47) | (446) | 998 |
| Net cash provided by operating activities | 5,574 | 6,584 | 7,205 |
| Investing Activities | |||
| Purchases of property, equipment, technology and intangible assets | (523) | (414) | (553) |
| Proceeds from sales of property, equipment and technology | 0 | 10 | 0 |
| Investment securities, available-for-sale: | |||
| Purchases | (28,004) | (2,850) | (2,572) |
| Proceeds from maturities and sales | 26,697 | 1,925 | 2,342 |
| Acquisitions, net of $2.8 billion cash received from Visa Europe (Note 2) | (9,082) | (93) | (149) |
| Purchases of / contributions to other investments | (10) | (25) | (9) |
| Proceeds / distributions from other investments | 6 | 12 | 0 |
| Net cash used in investing activities | (10,916) | (1,435) | (941) |
| Financing Activities | |||
| Dividends paid (Note 14) | (1,350) | (1,177) | (1,006) |
| Proceeds from issuance of senior notes (Note 9) | 15,971 | 0 | 0 |
| Debt issuance costs (Note 9) | (98) | 0 | 0 |
| Deposit into U.S. litigation escrow accountU.S. retrospective responsibility plan (Note 3 and Note 20) | 0 | 0 | (450) |
| Payments from (return to) U.S. litigation escrow accountU.S. retrospective responsibility plan (Note 3 and Note 20) | 45 | 426 | (999) |
| Cash proceeds from issuance of common stock under employee equity plans | 95 | 82 | 91 |
| Restricted stock and performance-based shares settled in cash for taxes | (92) | (108) | (86) |
| Excess tax benefit for share-based compensation | 63 | 84 | 90 |
| Net cash provided by (used in) financing activities | 7,477 | (3,603) | (6,478) |
| Effect of exchange rate changes on cash and cash equivalents | (34) | 1 | (1) |
| Increase (decrease) in cash and cash equivalents | 2,101 | 1,547 | (215) |
| Cash and cash equivalents at beginning of year | 3,518 | 1,971 | |
| Cash and cash equivalents at end of year | 5,619 | 3,518 | 1,971 |
| Supplemental Disclosure | |||
| Series B and C convertible participating preferred stock issued in Visa Europe acquisition (Note 2) | 5,717 | 0 | 0 |
| Deferred purchase consideration recorded for Visa Europe acquisition (Note 2) | 1,236 | 0 | 0 |
| Income taxes paid, net of refunds | 2,842 | 2,486 | 2,656 |
| Interest payments on debt | 244 | 0 | 0 |
| Accruals related to purchases of property, equipment, technology and intangible assets | 42 | 81 | 62 |
| Right to recover for covered losses related to Visa Europe acquisition (Note 2) | (34) | 0 | 0 |
| Class of Stock | |||
| Class A common stock | |||
| Repurchase of common stock | (6,987) | (2,910) | (4,118) |
| Class C common stock | |||
| Repurchase of common stock | (170) | 0 | 0 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2016 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2016 10-K (Filed: Nov 15, 2016) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2016 | Sept 30, 2015 | |
| Assets | ||
| Cash and cash equivalents | $ 5,619 | 3,518 |
| Restricted cashU.S. litigation escrow (Note 3) | 1,027 | 1,072 |
| Investment securities (Note 4): | ||
| Trading | 71 | 66 |
| Available-for-sale | 3,248 | 2,431 |
| Settlement receivable | 1,467 | 408 |
| Accounts receivable | 1,041 | 847 |
| Customer collateral (Note 11) | 1,001 | 1,023 |
| Current portion of client incentives | 284 | 303 |
| Prepaid expenses and other current assets (Note 5) | 555 | 353 |
| Total current assets | 14,313 | 10,021 |
| Investment securities, available-for-sale (Note 4) | 3,931 | 3,384 |
| Client incentives | 448 | 110 |
| Property, equipment and technology, net (Note 6) | 2,150 | 1,888 |
| Other assets (Note 5) | 893 | 778 |
| Intangible assets, net (Note 7) | 27,234 | 11,361 |
| Goodwill | 15,066 | 11,825 |
| Total assets | 64,035 | 39,367 |
| Liabilities | ||
| Accounts payable | 203 | 127 |
| Settlement payable | 2,084 | 780 |
| Customer collateral (Note 11) | 1,001 | 1,023 |
| Accrued compensation and benefits | 673 | 503 |
| Client incentives | 1,976 | 1,049 |
| Accrued liabilities (Note 8) | 1,128 | 849 |
| Accrued litigation (Note 20) | 981 | 1,024 |
| Total current liabilities | 8,046 | 5,355 |
| Long-term debt (Note 9) | 15,882 | 0 |
| Deferred tax liabilities (Note 19) | 4,808 | 3,273 |
| Deferred purchase consideration (Note 2) | 1,225 | 0 |
| Other liabilities (Note 8) | 1,162 | 897 |
| Total liabilities | 31,123 | 9,525 |
| Commitments and contingencies (Note 17) | ||
| Equity | ||
| Treasury stock (Note 2 and Note 14) | (170) | 0 |
| Right to recover for covered losses (Note 3) | (34) | 0 |
| Additional paid-in capital | 17,395 | 18,073 |
| Accumulated income | 10,462 | 11,843 |
| Accumulated other comprehensive loss, net: | ||
| Investment securities, available-for-sale | 36 | 5 |
| Defined benefit pension and other postretirement plans | (225) | (161) |
| Derivative instruments classified as cash flow hedges | (50) | 83 |
| Foreign currency translation adjustments | (219) | (1) |
| Total accumulated other comprehensive loss, net | (458) | (74) |
| Total equity | 32,912 | 29,842 |
| Total liabilities and equity | 64,035 | 39,367 |
| Class of Stock | ||
| Series A convertible participating preferred stock | ||
| Preferred stock (Note 14) | 0 | 0 |
| Series B convertible participating preferred stock | ||
| Preferred stock (Note 14) | 2,516 | 0 |
| Series C convertible participating preferred stock | ||
| Preferred stock (Note 14) | 3,201 | 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 2016 | |
| 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 |