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Table of Contents
VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
See accompanying notes, which are an integral part of these consolidated financial statements.
64
For the Years Ended
September 30,
2012
2011
2010
(in millions)
Operating Activities
Net income including non-controlling interest
$
2,142
$
3,646
$
2,964
Adjustments to reconcile net income including non-controlling interest to net cash provided
by (used in) operating activities:
Amortization of client incentives
2,155
1,880
1,560
Fair value adjustment for the Visa Europe put option
—
(
122
)
(79
)
Share-based compensation
147
154
131
Excess tax benefit for share-based compensation
(71
)
(18
)
(14
)
Depreciation and amortization of intangible assets and property, equipment and
technology
333
288
265
Litigation provision and accretion (Note 21)
4,101
18
(18
)
Deferred income taxes
(1,690
)
164
249
Other
(8
)
(104
)
(32
)
Change in operating assets and liabilities:
Settlement receivable
(42
)
(4
)
203
Accounts receivable
(161
)
(79
)
(7
)
Client incentives
(1,757
)
(1,857
)
(1,386
)
Other assets
(26
)
2
(42
)
Accounts payable
(17
)
29
(21
)
Settlement payable
270
36
(245
)
Accrued and other liabilities
(227
)
129
165
Accrued litigation
(140
)
(290
)
(1,002
)
Net cash provided by operating activities
5,009
3,872
2,691
Investing Activities
Purchases of property, equipment, technology and intangible assets
(376
)
(353
)
(241
)
Proceeds from disposal of property, equipment and technology
2
—
3
Investment securities, available-for-sale:
Purchases
(4,140
)
(1,910
)
(11
)
Proceeds from sales and maturities
2,093
129
67
Purchases of / contributions to other investments
(12
)
(13
)
(17
)
Proceeds / distributions from other investments
22
116
11
Acquisitions, net of cash received of $17, $22 and $147, respectively (Note 5)
(3
)
(268
)
(1,805
)
Distributions from money market investment
—
—
89
Net cash used in investing activities
(2,414
)
(2,299
)
(1,904
)