Visa 2014 Annual Report Download - page 87
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VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended
September 30,
2014 2013 2012
(in millions)
Operating Activities
Net income including non-controlling interest ..................... $ 5,438 $ 4,980 $ 2,142
Adjustments to reconcile net income including non-controlling interest
to net cash provided by (used in) operating activities:
Amortization of client incentives ............................ 2,592 2,321 2,155
Share-based compensation ............................... 172 179 147
Excess tax benefit for share-based compensation ............. (90) (74) (71)
Depreciation and amortization of property, equipment, technology
and intangible assets ..................................... 435 397 333
Deferred income taxes ................................... (580) 1,527 (1,690)
Litigation provision (Note 20) .............................. 453 3 4,101
Other .................................................. 37 50 (8)
Change in operating assets and liabilities:
Income tax receivable .................................... 51 37 (67)
Settlement receivable .................................... 13 (345) (42)
Accounts receivable ...................................... (53) (38) (161)
Client incentives ......................................... (2,395) (2,336) (1,757)
Other assets ............................................ (430) (543) 41
Accounts payable ....................................... (56) 40 (17)
Settlement payable ...................................... 107 506 270
Accrued and other liabilities ............................... 513 702 (227)
Accrued litigation (Note 20) ................................ 998 (4,384) (140)
Net cash provided by operating activities ........................ 7,205 3,022 5,009
Investing Activities
Purchases of property, equipment, technology and intangible
assets ..................................................... (553) (471) (376)
Proceeds from disposal of property, equipment and technology ...... ——2
Investment securities, available-for-sale:
Purchases ............................................. (2,572) (3,164) (4,140)
Proceeds from maturities and sales ......................... 2,342 2,440 2,093
Acquisitions, net of cash received .............................. (149) — (3)
Purchases of / contributions to other investments ................. (9) (3) (12)
Proceeds / distributions from other investments ................... —34 22
Net cash used in investing activities ............................ (941) (1,164) (2,414)
See accompanying notes, which are an integral part of these consolidated financial statements.
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