Visa 2010 Annual Report Download - page 75
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Table of Contents
VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Years Ended
September 30,
2010 2009 2008
(in millions)
Operating Activities
Net income including non-controlling interest $ 2,964 $ 2,352 $ 804
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:
Gain on sale of other investments (6) (473) —
Depreciation and amortization of property, equipment and technology 265 226 237
Share-based compensation 131 115 74
Excess tax benefit for share-based compensation (14) (7) —
Restricted stock instruments settled in cash for taxes (14) (22) —
Fair value adjustment for liability under the Framework Agreement — — (35)
Fair value adjustment for the Visa Europe put option (79) — —
Interest earned on litigation escrow, net of tax (1) (15) (13)
Net recognized (gain) loss on investment securities, including other-than-temporary impairment (21) 5 34
Asset impairment 3 11 34
Loss on disposal of property, equipment and technology — 2 —
Amortization of volume and support incentives 1,560 1,234 1,161
Litigation provision and accretion (18) 95 1,601
Equity in earnings of unconsolidated affiliates 7 — (1)
Deferred income taxes 249 297 (27)
Change in operating assets and liabilities:
Trading securities (1) 34 —
Accounts receivable (7) (102) (24)
Settlement receivable 203 526 (543)
Volume and support incentives (1,386) (1,136) (1,378)
Other assets (41) (109) (158)
Accounts payable (21) (3) (10)
Settlement payable (245) (461) 451
Accrued compensation and benefits (26) (23) (115)
Accrued and other liabilities 191 213 (33)
Accrued litigation (1,002) (2,201) (1,525)
Member deposits — — (3)
Net cash provided by operating activities 2,691 558 531
Investing Activities
Investment securities, available-for-sale:
Purchases (11) (7) (1,509)
Proceeds from sales and maturities 67 297 2,458
Distribution from money market investment 89 884 —
Reclassification of money market investment — — (983)
Purchases of/contributions to other investments (17) (48) (25)
Proceeds from sale of other investments 9 1,008 —
Dividends/distributions from other investments 2 2 22
Acquisition, net of cash received of $147 (1,805) — —
Cash acquired through reorganization — — 1,002
Purchases of property, equipment and technology (241) (306) (415)
Proceeds from disposal of property, equipment and technology 3 — 4
Net cash (used in) provided by investing activities (1,904) 1,830 554
See accompanying notes, which are an integral part of these consolidated financial statements.
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