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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
September 30, 2015
Note 1—Summary of Significant Accounting Policies
Organization. In a series of transactions from October 1 to October 3, 2007, Visa Inc. (“Visa” or
the “Company”) undertook a reorganization in which Visa U.S.A. Inc. (“Visa U.S.A.”), Visa International
Service Association (“Visa International”), Visa Canada Corporation (“Visa Canada”) and Inovant LLC
(“Inovant”) became direct or indirect subsidiaries of Visa and established the U.S. retrospective
responsibility plan (the “October 2007 reorganization” or “reorganization”). See Note 3—U.S.
Retrospective Responsibility Plan and Potential Visa Europe Liabilities. The reorganization was
reflected as a single transaction on October 1, 2007 using the purchase method of accounting with
Visa U.S.A. as the accounting acquirer. Visa Europe Limited (“Visa Europe”) did not become a
subsidiary of Visa Inc., but rather remained owned and governed by its European member financial
institutions. See Note 2—Visa Europe.
Visa is a global payments technology company that connects consumers, businesses, financial
institutions and governments in more than 200 countries and territories to fast, secure and reliable
electronic payments. Visa and its wholly-owned consolidated subsidiaries, including Visa U.S.A., Visa
International, Visa Worldwide Pte. Limited (“VWPL”), Visa Canada, Inovant and CyberSource
Corporation (“CyberSource”), operate one of the world’s most advanced processing networks —
VisaNet — which facilitates authorization, clearing and settlement of payment transactions worldwide.
VisaNet also offers fraud protection for account holders and assured payment for merchants. Visa is
not a bank and does not issue cards, extend credit or set rates and fees for account holders on Visa-
branded cards and payment products. In most cases, account holder and merchant relationships
belong to, and are managed by, Visa’s financial institution clients. Visa provides a wide variety of
payment solutions that support payment products that issuers can offer to their account holders: pay
now with debit, pay ahead with prepaid or pay later with credit products. These services facilitate
transactions on Visa’s network among account holders, merchants, financial institutions and
governments in mature and emerging markets globally.
Consolidation and basis of presentation. The consolidated financial statements include the
accounts of Visa and its consolidated entities and are presented in accordance with accounting
principles generally accepted in the United States of America (“U.S. GAAP”). The Company
consolidates its majority-owned and controlled entities, including variable interest entities (“VIEs”) for
which the Company is the primary beneficiary. The Company’s investments in VIEs have not been
material to its consolidated financial statements as of and for the periods presented. All significant
intercompany accounts and transactions are eliminated in consolidation.
On March 18, 2015, the Company completed a four-for-one split of its class A common stock
effected in the form of a stock dividend. All per share amounts and number of shares outstanding in the
consolidated financial statements and accompanying notes are presented on a post-split basis. See
Note 14—Stockholders’ Equity.
Beginning in fiscal 2015, current income tax receivable is included in the prepaid expenses and
other current assets line. Previously, it had been presented separately on the consolidated balance
sheets. All prior period amounts within the consolidated financial statements have been reclassified to
conform to current period presentation. The reclassification did not affect the Company’s financial
position, total operating revenues, net income, comprehensive income, or cash flows as of and for the
periods presented.
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