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 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 |
| 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 |