The following table presents selected Visa Inc. financial data for the past five fiscal years. The data below should be read in conjunction with Item 7—Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 8—Financial Statements and Supplementary Data of this report.
Selected Financial Data
Fiscal Year Ended September 30,
Statement of Operations Data:
2016 (1),(2)
2015 (2),(3)
2014 (2),(4)
2013 (2)
2012 (5)
(in millions, except per share data)
Operating revenues
$
15,082
$
13,880
$
12,702
$
11,778
$
10,421
Operating expenses
$
7,199
$
4,816
$
5,005
$
4,539
$
8,282
Operating income
$
7,883
$
9,064
$
7,697
$
7,239
$
2,139
Net income
$
5,991
$
6,328
$
5,438
$
4,980
$
2,144
Basic earnings per share—class A common stock(6)
$
2.49
$
2.58
$
2.16
$
1.90
$
0.79
Diluted earnings per share—class A common stock(6)
$
2.48
$
2.58
$
2.16
$
1.90
$
0.79
At September 30,
Balance Sheet Data:
2016 (2)
2015 (2),(3)
2014 (2),(4)
2013 (2)
2012 (5)
(in millions, except per share data)
Total assets
$
64,035
$
39,367
$
37,543
$
35,495
$
38,002
Accrued litigation
$
981
$
1,024
$
1,456
$
5
$
4,386
Total equity
$
32,912
$
29,842
$
27,413
$
26,870
$
27,630
Dividend declared and paid per common share(6)
$
0.56
$
0.48
$
0.40
$
0.33
$
0.22
(1)
We did not include Visa Europe's financial results in our consolidated statement of operations from the acquisition date, June 21, 2016, through June 30, 2016 as the impact was immaterial. Our consolidated statement of operations for fiscal 2016 does include Visa Europe's financial results for the three months ended September 30, 2016. Further, our financial results for fiscal 2016 include the impact of several significant one-time items. See Overview within Item 7—Management's Discussion and Analysis of Financial Condition and Results of Operations of this report.
(2)
During fiscal 2013, we made payments from the U.S. litigation escrow account totaling $4.4 billion in connection with the U.S. covered litigation. During fiscal 2014, the court entered the final judgment order approving the settlement with the class plaintiffs in the interchange multidistrict litigation proceedings. Certain merchants in the settlement classes objected to the settlement and filed opt-out claims. Takedown payments of approximately $1.1 billion related to the opt-out merchants were received and deposited into the U.S. litigation escrow account, and a related increase in accrued litigation to address the opt-out claims were recorded in the second quarter of fiscal 2014. An additional accrual of $450 million associated with these opt-out claims was recorded in the fourth quarter of fiscal 2014. Payments totaling $528 million were made from fiscal 2014 through 2016 from the U.S. litigation escrow account reflecting settlements with a number of individual opt-out merchants, resulting in an accrued balance of $978 million related to U.S. covered litigation as of September 30, 2016. See Note 3—U.S. and Europe Retrospective Responsibility Plans and Note 20—Legal Matters to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
(3)
During fiscal 2015, we recorded a tax benefit of $296 million resulting from the resolution of uncertain tax positions with taxing authorities, of which $239 million relates to prior fiscal years.
(4)
During fiscal 2014, we recorded a $264 million tax benefit related to a deduction for U.S. domestic production activities, of which $191 million was a one-time tax benefit related to prior fiscal years.
(5)
During fiscal 2012, we recorded: a one-time, non-cash tax benefit of $208 million related to the remeasurement of our net deferred tax liabilities; a U.S. covered litigation provision of $4.1 billion and related tax benefits; and the reversal of previously recorded tax reserves and interest, which increased net income by $326 million.
(6)
The per share amounts for the prior periods presented have been retroactively adjusted to reflect the four-for-one stock split effected in the fiscal second quarter of 2015.
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