Visa 2014 Annual Report Download - page 51

ITEM 6. Selected Financial Data
The following table presents selected Visa Inc. financial data for fiscal 2014, 2013, 2012, 2011 and
2010. The data below should be read in conjunction with Item 7—Management’s Discussion and
Analysis of Financial Condition and Results of Operations and Item 8—Financial Statements and
Supplementary Data of this report.
Selected Financial Data
Fiscal Year Ended September 30,
Statement of Operations Data: 2014 (1) 2013 2012 (2) 2011 2010
(in millions, except per share data)
Operating revenues .................... $12,702 $11,778 $10,421 $ 9,188 $ 8,065
Operating expenses .................... $ 5,005 $ 4,539 $ 8,282 $ 3,732 $ 3,476
Operating income ...................... $ 7,697 $ 7,239 $ 2,139 $ 5,456 $ 4,589
Net income attributable to Visa Inc. ........ $ 5,438 $ 4,980 $ 2,144 $ 3,650 $ 2,966
Basic earnings per share—class A common
stock ................................ $ 8.65 $ 7.61 $ 3.17 $ 5.18 $ 4.03
Diluted earnings per share—class A
common stock ......................... $ 8.62 $ 7.59 $ 3.16 $ 5.16 $ 4.01
At September 30,
Balance Sheet Data: 2014 (1) 2013 2012 (2) 2011 2010
(in millions, except per share data)
Total assets ........................... $38,569 $35,956 $40,013 $34,760 $33,408
Current portion of long-term debt .......... $ — $ — $ — $ — $ 12
Current portion of accrued litigation ........ $ 1,456 $ 5(1) $ 4,386 $ 425 $ 631
Long-term debt ........................ $ — $ — $ — $ — $ 32
Long-term accrued litigation .............. $ — $ — $ — $ — $ 66
Total equity ........................... $27,413 $26,870 $27,630 $26,437 $25,014
Dividend declared and paid per common
share ................................ $ 1.60 $ 1.32 $ 0.88 $ 0.60 $ 0.50
(1) During fiscal 2013, we made payments from the litigation escrow account totaling $4.4 billion in
connection with the covered litigation. During fiscal 2014, the court entered the final judgment order
approving the settlement with the class plaintiffs in the interchange multidistrict litigation proceedings,
which is subject to the adjudication of any appeals. Certain merchants in the settlement classes,
however, have objected to the settlement and a number of merchants have filed opt-out claims.
Takedown payments of approximately $1.1 billion related to the opt-out merchants were received and
deposited into the litigation escrow account. The deposit into the litigation escrow account and a
related increase in accrued litigation to address opt-out claims were recorded in the second quarter of
fiscal 2014. In the fourth quarter of fiscal 2014, an additional accrual of $450 million associated with
these opt-out claims was recorded and payments totaling $57 million were made from the litigation
escrow account reflecting settlements with a number of individual opt-out merchants, resulting in an
accrued balance of $1.4 billion related to covered litigation as of September 30, 2014. See Note 3—
Retrospective Responsibility Plan and Note 20—Legal Matters to our consolidated financial statements
included in Item 8—Financial Statements and Supplementary Data of this report.
(2) During fiscal 2012, we recorded: a one-time, non-cash tax benefit of $208 million related to the
remeasurement of our net deferred tax liabilities; a covered litigation provision of $4.1 billion and
related tax benefits; and the reversal of previously recorded tax reserves and interest, which
increased net income by $326 million.
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