filings.toolsItem 6. Selected Financial Data
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Item 6. Selected Financial Data
The following tables present 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.
| For the Years Ended September 30, | ||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
| (in millions, except per share data) | ||||||||||||||||||||||||||||||||
| Statement of Operations: | ||||||||||||||||||||||||||||||||
| Net revenues | $ | 21,846 | $ | 22,977 | $ | 20,609 | $ | 18,358 | $ | 15,082 | ||||||||||||||||||||||
| Operating expenses | $ | 7,765 | $ | 7,976 | $ | 7,655 | $ | 6,214 | $ | 7,199 | (1) | |||||||||||||||||||||
| Operating income | $ | 14,081 | $ | 15,001 | $ | 12,954 | $ | 12,144 | $ | 7,883 | ||||||||||||||||||||||
| Net income | $ | 10,866 | (2) | $ | 12,080 | $ | 10,301 | (3) | $ | 6,699 | (4) | $ | 5,991 | |||||||||||||||||||
| Basic earnings per share—class A common stock | $ | 4.90 | $ | 5.32 | $ | 4.43 | $ | 2.80 | $ | 2.49 | ||||||||||||||||||||||
| Diluted earnings per share—class A common stock | $ | 4.89 | $ | 5.32 | $ | 4.42 | $ | 2.80 | $ | 2.48 |
| September 30, | ||||||||||||||||||||||||||||||||
| 2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||||||||||||||
| (in millions, except per share data) | ||||||||||||||||||||||||||||||||
| Balance Sheet: | ||||||||||||||||||||||||||||||||
| Total assets | $ | 80,919 | $ | 72,574 | $ | 69,225 | $ | 67,977 | $ | 64,035 | ||||||||||||||||||||||
| Accrued litigation | $ | 914 | $ | 1,203 | (5) | $ | 1,434 | (5) | $ | 982 | $ | 981 | ||||||||||||||||||||
| Long-term debt | $ | 21,071 | (6) | $ | 16,729 | $ | 16,630 | $ | 16,618 | (6) | $ | 15,882 | (6) | |||||||||||||||||||
| Total equity | $ | 36,210 | $ | 34,684 | $ | 34,006 | $ | 32,760 | $ | 32,912 | ||||||||||||||||||||||
| Dividend declared and paid per common share | $ | 1.200 | $ | 1.000 | $ | 0.825 | $ | 0.660 | $ | 0.560 |
(1)During fiscal 2016, upon consummation of the Visa Europe acquisition, we recorded a non-recurring loss of $1.9 billion, before tax, in operating expense resulting from the effective settlement of the Framework Agreement between us and Visa Europe.
(2)During fiscal 2020, in connection with the UK enacted legislation, we remeasured our net deferred tax liabilities resulting in the recognition of a non-recurring, non-cash income tax expense of $329 million. See Note 19—Income Taxes to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
(3)During fiscal 2018, as a result of the U.S. tax reform legislation, our net income reflected a lower statutory tax rate, a non-recurring, non-cash income tax benefit of approximately $1.1 billion from the remeasurement of our deferred tax liabilities, and a one-time transition tax of approximately $1.1 billion. See Note 19—Income Taxes to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
(4)During fiscal 2017, in connection with our legal entity reorganization, we eliminated deferred tax balances originally recognized upon the acquisition of Visa Europe, resulting in the recognition of a non-recurring, non-cash income tax provision of $1.5 billion.
(5)During fiscal 2019, related to the interchange multidistrict litigation, we made payments of $600 million, partially offset by an additional accrual of $370 million. During fiscal 2018, pursuant to an amended settlement agreement that superseded the 2012 Settlement Agreement related to the interchange multidistrict litigation, we recorded an accrual of $600 million. See Note 5—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.
(6)During fiscal 2020, 2017 and 2016, we issued fixed-rate senior notes in an aggregate principal amount of $7.3 billion, $2.5 billion and $16.0 billion, respectively. See Note 10—Debt to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
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