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: 2017 | |||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||
Period Ending Sept 30, 2017 10-K (Filed: Nov 17, 2017) | |||
| (In Millions) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2017 | Sept 30, 2016 | Sept 30, 2015 | |
| Operating Revenues | |||
| Service revenues | $ 7,975 | 6,747 | 6,302 |
| Data processing revenues | 7,786 | 6,272 | 5,552 |
| International transaction revenues | 6,321 | 4,649 | 4,064 |
| Other revenues | 841 | 823 | 823 |
| Client incentives | (4,565) | (3,409) | (2,861) |
| Net operating revenues | 18,358 | 15,082 | 13,880 |
| Operating Expenses | |||
| Personnel | 2,628 | 2,226 | 2,079 |
| Marketing | 922 | 869 | 872 |
| Network and processing | 620 | 538 | 474 |
| Professional fees | 409 | 389 | 336 |
| Depreciation and amortization | 556 | 502 | 494 |
| General and administrative | 1,060 | 796 | 547 |
| Litigation provision (Note 19) | 19 | 2 | 14 |
| Visa Europe Framework Agreement loss | 0 | 1,877 | 0 |
| Total operating expenses | 6,214 | 7,199 | 4,816 |
| Operating income | 12,144 | 7,883 | 9,064 |
| Non-operating (Expense) Income | |||
| Interest expense | (563) | (427) | (3) |
| Other (Note 4 and Note 11) | 113 | 556 | (66) |
| Total non-operating (expense) income | (450) | 129 | (69) |
| Income before income taxes | 11,694 | 8,012 [1] | 8,995 |
| Income tax provision (Note 18) | 4,995 | 2,021 | 2,667 |
| Net income | 6,699 | 5,991 | 6,328 |
| Earnings Per Share [Abstract] | |||
| Class of Stock | |||
| Class A common stock | |||
| Basic earnings per share (Note 15) | 2.80 | 2.49 | 2.58 |
| Basic weighted-average shares outstanding (Note 15) | 1,845 | 1,906 | 1,954 |
| Diluted earnings per share (Note 15) | 2.80 | 2.48 | 2.58 |
| Diluted weighted-average shares outstanding (Note 15) | 2,395 | 2,414 | 2,457 |
| Class B common stock | |||
| Basic earnings per share (Note 15) | 4.62 | 4.10 | 4.26 |
| Basic weighted-average shares outstanding (Note 15) | 245 | 245 | 245 |
| Diluted earnings per share (Note 15) | 4.61 | 4.09 | 4.25 |
| Diluted weighted-average shares outstanding (Note 15) | 245 | 245 | 245 [2] |
| Class C common stock | |||
| Basic earnings per share (Note 15) | 11.21 | 9.94 | 10.33 |
| Basic weighted-average shares outstanding (Note 15) | 14 | 19 | 22 |
| Diluted earnings per share (Note 15) | 11.19 | 9.93 | 10.30 |
| Diluted weighted-average shares outstanding (Note 15) | 14 | 19 | 22 |
| [1] See Note 2Visa Europe. | |||
| [2] 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 second quarter of fiscal 2015. See Note 13Stockholders' Equity. | Weighted-average diluted shares outstanding are calculated on an as-converted basis, and include incremental common stock equivalents, as calculated under | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2017 | |||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Period Ending Sept 30, 2017 10-K (Filed: Nov 17, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2017 | Sept 30, 2016 | Sept 30, 2015 | |
| Net income | $ 6,699 | 5,991 | 6,328 |
| Other comprehensive income (loss), net of tax: | |||
| Investment securities, available-for-sale: | |||
| Net unrealized gain (loss) | 60 | 51 | (21) |
| Income tax effect | (24) | (18) | 8 |
| Reclassification adjustment for net loss (gain) realized in net income | 1 | (3) | (21) |
| Income tax effect | 0 | 1 | 8 |
| Defined benefit pension and other postretirement plans: | |||
| Net unrealized actuarial gain (loss) and prior service credit | 183 | (106) | (122) |
| Income tax effect | (54) | 36 | 45 |
| Amortization of actuarial loss (gain) and prior service credit realized in net income | 32 | 10 | (1) |
| Income tax effect | (12) | (4) | 1 |
| Derivative instruments classified as cash flow hedges: | |||
| Net unrealized (loss) gain | (22) | (74) | 172 |
| Income tax effect | 15 | 9 | (51) |
| Reclassification adjustment for net loss (gain) realized in net income | 33 | (103) | (102) |
| Income tax effect | (12) | 35 | 26 |
| Foreign currency translation adjustments | 1,136 | (218) | 1 |
| Other comprehensive income (loss), net of tax | 1,336 | (384) | (57) |
| Comprehensive income | 8,035 | 5,607 | 6,271 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
VISA INC. | |||
Ticker: V Fiscal Year: 2017 | |||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Period Ending Sept 30, 2017 10-K (Filed: Nov 17, 2017) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Sept 30, 2017 | Sept 30, 2016 | Sept 30, 2015 | |
| Operating Activities | |||
| Net income | $ 6,699 | 5,991 | 6,328 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Client incentives | 4,565 | 3,409 | 2,861 |
| Fair value adjustment for the Visa Europe put option | 0 | (255) | 110 |
| Share-based compensation (Note 15) | 235 | 221 | 187 |
| Excess tax benefit for share-based compensation | 0 | (63) | (84) |
| Depreciation and amortization of property, equipment, technology and intangible assets | 556 | 502 | 494 |
| Deferred income taxes | 1,700 | (764) | 195 |
| Right to recover for covered losses recorded in equity (Note 3) | (209) | (9) | 0 |
| Charitable contribution of Visa Inc. shares (Note 13 and Note 18) | 192 | 0 | 0 |
| Other | 50 | 64 | 24 |
| Change in operating assets and liabilities: | |||
| Settlement receivable | 94 | 391 | 378 |
| Accounts receivable | (54) | (65) | (19) |
| Client incentives | (4,628) | (3,508) | (2,970) |
| Other assets | (252) | (315) | (41) |
| Accounts payable | (30) | 43 | (13) |
| Settlement payable | (176) | (302) | (552) |
| Accrued and other liabilities | 465 | 277 | 118 |
| Accrued litigation (Note 19) | 1 | (43) | (432) |
| Net cash provided by operating activities | 9,208 | 5,574 | 6,584 |
| Investing Activities | |||
| Purchases of property, equipment, technology and intangible assets | (707) | (523) | (414) |
| Proceeds from sales of property, equipment and technology | 12 | 0 | 10 |
| Investment securities, available-for-sale: | |||
| Purchases | (3,238) | (10,426) | (2,850) |
| Proceeds from maturities and sales | 5,012 | 9,119 | 1,925 |
| Acquisitions, net of $2.8 billion cash received from Visa Europe (Note 2) | (302) | (9,082) | (93) |
| Purchases of / contributions to other investments | (46) | (10) | (25) |
| Proceeds / distributions from other investments | 4 | 6 | 12 |
| Net cash provided by (used in) investing activities | 735 | (10,916) | (1,435) |
| Financing Activities | |||
| Dividends paid (Note 13) | (1,579) | (1,350) | (1,177) |
| Proceeds from issuance of senior notes (Note 8) | 2,488 | 15,971 | 0 |
| Debt issuance costs (Note 8) | (15) | (98) | 0 |
| Payments from U.S. litigation escrow accountU.S. retrospective responsibility plan (Note 3 and Note 19) | 0 | 45 | 426 |
| Cash proceeds from issuance of common stock under employee equity plans | 149 | 95 | 82 |
| Restricted stock and performance-based shares settled in cash for taxes | (76) | (92) | (108) |
| Excess tax benefit for share-based compensation | 0 | 63 | 84 |
| Net cash (used in) provided by financing activities | (5,924) | 7,477 | (3,603) |
| Effect of exchange rate changes on cash and cash equivalents | 236 | (34) | 1 |
| Increase in cash and cash equivalents | 4,255 | 2,101 | 1,547 |
| Cash and cash equivalents at beginning of year | 5,619 | 3,518 | |
| Cash and cash equivalents at end of year | 9,874 | 5,619 | 3,518 |
| Supplemental Disclosure | |||
| Series B and C convertible participating preferred stock issued in Visa Europe acquisition (Note 3) | 0 | 5,717 | 0 |
| Deferred purchase consideration recorded for Visa Europe acquisition (Note 2) | 0 | 1,236 | 0 |
| Income taxes paid, net of refunds | 3,038 | 2,842 | 2,486 |
| Interest payments on debt | 489 | 244 | 0 |
| Accruals related to purchases of property, equipment, technology and intangible assets | 50 | 42 | 81 |
| Business Acquisition | |||
| Visa Europe | |||
| Class of Stock | |||
| Class A common stock | |||
| Repurchase of common stock | (6,891) | (6,987) | (2,910) |
| Class C common stock | |||
| Repurchase of common stock | 0 | (170) | 0 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
VISA INC. | ||
Ticker: V Fiscal Year: 2017 | ||
CONSOLIDATED BALANCE SHEETS | ||
Period Ending Sept 30, 2017 10-K (Filed: Nov 17, 2017) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Sept 30, 2017 | Sept 30, 2016 | |
| Assets | ||
| Cash and cash equivalents | $ 9,874 | 5,619 |
| Restricted cashU.S. litigation escrow (Note 3) | 1,031 | 1,027 |
| Investment securities (Note 4): | ||
| Trading | 82 | 71 |
| Available-for-sale | 3,482 | 3,248 |
| Settlement receivable | 1,422 | 1,467 |
| Accounts receivable | 1,132 | 1,041 |
| Customer collateral (Note 10) | 1,106 | 1,001 |
| Current portion of client incentives | 344 | 284 |
| Prepaid expenses and other current assets | 550 | 555 |
| Total current assets | 19,023 | 14,313 |
| Investment securities, available-for-sale (Note 4) | 1,926 | 3,931 |
| Client incentives | 591 | 448 |
| Property, equipment and technology, net (Note 5) | 2,253 | 2,150 |
| Other assets | 1,226 | 893 |
| Intangible assets, net (Note 2 and Note 6) | 27,848 | 27,234 |
| Goodwill (Note 2 and Note 6) | 15,110 | 15,066 |
| Total assets | 67,977 | 64,035 |
| Liabilities | ||
| Accounts payable | 179 | 203 |
| Settlement payable | 2,003 | 2,084 |
| Customer collateral (Note 10) | 1,106 | 1,001 |
| Accrued compensation and benefits | 757 | 673 |
| Client incentives | 2,089 | 1,976 |
| Accrued liabilities (Note 7) | 1,129 | 1,128 |
| Current maturities of long-term debt (Note 8) | 1,749 | 0 |
| Accrued litigation (Note 19) | 982 | 981 |
| Total current liabilities | 9,994 | 8,046 |
| Long-term debt (Note 8) | 16,618 | 15,882 |
| Deferred tax liabilities (Note 18) | 5,980 | 4,808 |
| Deferred purchase consideration | 1,304 | 1,225 |
| Other liabilities (Note 7) | 1,321 | 1,162 |
| Total liabilities | 35,217 | 31,123 |
| Equity | ||
| Treasury stock (Note 13) | 0 | (170) |
| Right to recover for covered losses (Note 3) | (52) | (34) |
| Additional paid-in capital | 16,900 | 17,395 |
| Accumulated income | 9,508 | 10,462 |
| Accumulated other comprehensive loss, net: | ||
| Investment securities, available-for-sale | 73 | 36 |
| Defined benefit pension and other postretirement plans | (76) | (225) |
| Derivative instruments classified as cash flow hedges | (36) | (50) |
| Foreign currency translation adjustments | 917 | (219) |
| Total accumulated other comprehensive loss, net | 878 | (458) |
| Total equity | 32,760 | 32,912 |
| Total liabilities and equity | 67,977 | 64,035 |
| Class of Stock | ||
| Series A convertible participating preferred stock | ||
| Preferred stock (Note 2 and Note 13) | 0 | 0 |
| Series B convertible participating preferred stock | ||
| Preferred stock (Note 2 and Note 13) | 2,326 | 2,516 |
| Series C convertible participating preferred stock | ||
| Preferred stock (Note 2 and Note 13) | 3,200 | 3,201 |
| Class A common stock | ||
| Common stock (Note 13) | 0 | 0 |
| Class B common stock | ||
| Common stock (Note 13) | 0 | 0 |
| Class C common stock | ||
| Common stock (Note 13) | 0 | 0 |
| External Links | |
| VISA INC. (V) Fiscal Year 2017 | |
| 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 |