Visa 2011 Annual Report Download - page 77
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Table of Contents
VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended
September 30,
2011 2010 2009
(in millions)
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
See accompanying notes, which are an integral part of these consolidated financial statements.
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