Visa 2015 Annual Report Download - page 15

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TABLE OF CONTENTS
Page
PART I
Item 1 Business .............................................................. 5
Item 1A Risk Factors ........................................................... 13
Item 1B Unresolved Staff Comments .............................................. 33
Item 2 Properties ............................................................. 33
Item 3 Legal Proceedings ...................................................... 33
Item 4 Mine Safety Disclosures ................................................. 33
PART II
Item 5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer
Purchases of Equity Securities ............................................ 34
Item 6 Selected Financial Data ................................................. 37
Item 7 Management’s Discussion and Analysis of Financial Condition and Results of
Operations ............................................................ 38
Item 7A Quantitative and Qualitative Disclosures About Market Risk .................... 60
Item 8 Financial Statements and Supplementary Data .............................. 62
Item 9 Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure ............................................................. 131
Item 9A Controls and Procedures ................................................ 131
Item 9B Other Information ....................................................... 132
PART III
Item 10 Directors, Executive Officers and Corporate Governance ...................... 133
Item 11 Executive Compensation ................................................ 133
Item 12 Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters ..................................................... 133
Item 13 Certain Relationships and Related Transactions, and Director Independence ...... 133
Item 14 Principal Accounting Fees and Services .................................... 134
PART IV
Item 15 Exhibits, Financial Statement Schedules .................................... 135
Unless the context indicates otherwise, reference to “Visa,” “Company,” “we,” “us” or “our” refers
to Visa Inc. and its subsidiaries.
“Visa” and our other trademarks referenced in this report are Visa’s property. This report may
contain additional trade names and trademarks of other companies. The use or display of other
companies’ trade names or trademarks does not imply our endorsement or sponsorship of, or a
relationship with these companies.
Forward-Looking Statements:
This Annual Report on Form 10-K contains forward-looking statements within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are
identified by words such as “believes,” “estimates,” “expects,” “intends,” “may,” “projects,” “could,”
“should,” “will,” “will continue” and other similar expressions. Examples of forward-looking statements
include, but are not limited to, statements we make about our revenue, client incentives, operating
margin, tax rate, earnings per share, free cash flow, and the growth of those items.
2