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 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 |
| 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 |