Visa 2009 Annual Report Download - page 69
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Table of Contents
VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
For the Years Ended
September 30,
2009 2008 2007(1)
(in millions)
Financing Activities
Proceeds from short-term borrowing — 2 —
Payments on short-term borrowing — (2) —
Proceeds from sale of common stock, net of issuance costs of $550 — 19,100 —
Tax benefit for share-based compensation 7 — —
Cash proceeds from exercise of stock options 32 — —
Funding of litigation escrow account—Retrospective Responsibility Plan (1,800) (3,000) —
Payment from litigation escrow account—Retrospective Responsibility Plan 2,028 1,085 —
Funding of tax escrow account for income tax withheld on stock proceeds — (116) —
Payments from tax escrow account — 116 —
Payment for redemption of stock (2,646) (13,446) —
Dividends paid (318) (93) —
Principal payments on debt (50) (18) (33)
Principal payments on capital lease obligations (4) (4) (4)
Net cash (used in) provided by financing activities (2,751) 3,624 (37)
Effect of exchange rate translation on cash and cash equivalents 1 (5) —
(Decrease) Increase in cash and cash equivalents (362) 4,704 5
Cash and cash equivalents at beginning of year 4,979 275 270
Cash and cash equivalents at end of year $ 4,617 $ 4,979 $ 275
Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds $ 1,172 $ 678 $ 413
Amounts included in accounts payable and accrued liabilities related to purchases of property, equipment and technology $ 18 $ 32 $ 6
Interest payments on debt $ 7 $ 8 $ 4
Common stock issued in acquisition $ — $ 17,935 $ —
Assets acquired in joint venture with note payable and equity interest issued $ 22 $ — $ —
(1) Historical balances for periods prior to October 1, 2007 represent balances for Visa U.S.A., the accounting acquirer in the business combination.
See accompanying notes, which are an integral part of these consolidated financial statements.
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