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 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 | ||
| 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 |