Visa 2015 Annual Report Download - page 85

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VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended
September 30,
2015 2014 2013
(in millions)
Operating Activities
Net income ................................................ $ 6,328 $ 5,438 $ 4,980
Adjustments to reconcile net income to net cash provided by
operating activities:
Amortization of client incentives ............................ 2,861 2,592 2,321
Fair value adjustment for the Visa Europe put option ........... 110 ——
Share-based compensation ............................... 187 172 179
Excess tax benefit for share-based compensation ............. (84) (90) (74)
Depreciation and amortization of property, equipment,
technology and intangible assets ........................... 494 435 397
Deferred income taxes ................................... 195 (580) 1,527
Litigation provision (Note 20) .............................. 14 453 3
Other ................................................. 24 37 50
Change in operating assets and liabilities:
Settlement receivable .................................... 378 13 (345)
Accounts receivable ..................................... (19) (53) (38)
Client incentives ......................................... (2,970) (2,395) (2,336)
Other assets ............................................ (41) (379) (506)
Accounts payable ....................................... (13) (56) 40
Settlement payable ...................................... (552) 107 506
Accrued and other liabilities ............................... 118 513 702
Accrued litigation (Note 20) ............................... (446) 998 (4,384)
Net cash provided by operating activities ........................ 6,584 7,205 3,022
Investing Activities
Purchases of property, equipment, technology and intangible
assets ..................................................... (414) (553) (471)
Proceeds from sales of property, equipment and technology ........ 10 ——
Investment securities, available-for-sale:
Purchases ............................................. (2,850) (2,572) (3,164)
Proceeds from maturities and sales ......................... 1,925 2,342 2,440
Acquisitions, net of cash received (Note 7) ....................... (93) (149) —
Purchases of / contributions to other investments ................. (25) (9) (3)
Proceeds / distributions from other investments ................... 12 —34
Net cash used in investing activities ............................ (1,435) (941) (1,164)
See accompanying notes, which are an integral part of these consolidated financial statements.
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