VISA INC., 10-Q filed on 1/28/2022
Quarterly Report
v3.21.4
Cover - shares
 3 Months Ended
Dec. 31, 2021
Jan. 19, 2022
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Dec. 31, 2021  
Document Transition Report false  
Entity File Number 001-33977  
Entity Registrant Name VISA INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 26-0267673  
Entity Address, Address Line One P.O. Box 8999  
Entity Address, City or Town San Francisco,  
Entity Address, State or Province CA  
Entity Address, Postal Zip Code 94128-8999  
City Area Code 650  
Local Phone Number 432-3200  
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share  
Trading Symbol V  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001403161  
Current Fiscal Year End Date --09-30  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A common stock    
Entity Common Stock, Shares Outstanding   1,658,423,632
Class B common stock    
Entity Common Stock, Shares Outstanding   245,513,385
Class C common stock    
Entity Common Stock, Shares Outstanding   10,281,997
v3.21.4
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
Dec. 31, 2021
Sep. 30, 2021
Assets    
Cash and cash equivalents $ 14,720 $ 16,487
Restricted cash equivalents—U.S. litigation escrow 1,144 894
Investment securities 1,201 2,025
Settlement receivable 1,788 1,758
Accounts receivable 2,168 1,968
Customer collateral 2,284 2,260
Current portion of client incentives 1,334 1,359
Prepaid expenses and other current assets 1,267 856
Total current assets 25,906 27,607
Investment securities 2,087 1,705
Client incentives 3,290 3,245
Property, equipment and technology, net 2,908 2,715
Goodwill 16,555 15,958
Intangible assets, net 27,272 27,664
Other assets 3,911 4,002
Total assets 81,929 82,896
Liabilities    
Accounts payable 252 266
Settlement payable 2,774 2,443
Customer collateral 2,284 2,260
Accrued compensation and benefits 725 1,211
Client incentives 5,294 5,243
Accrued liabilities 2,965 2,334
Current maturities of debt 3,247 999
Accrued litigation 1,027 983
Total current liabilities 18,568 15,739
Long-term debt 17,673 19,978
Deferred tax liabilities 6,078 6,128
Other liabilities 3,416 3,462
Total liabilities 45,735 45,307
Equity    
Right to recover for covered losses (111) (133)
Additional paid-in capital 18,776 18,855
Accumulated income 14,606 15,351
Accumulated other comprehensive income (loss), net:    
Investment securities (9) (1)
Defined benefit pension and other postretirement plans (47) (49)
Derivative instruments (171) (257)
Foreign currency translation adjustments 155 743
Total accumulated other comprehensive income (loss), net (72) 436
Total equity 36,194 37,589
Total liabilities and equity 81,929 82,896
Series A preferred stock    
Equity    
Preferred stock 430 486
Series B preferred stock    
Equity    
Preferred stock 1,045 1,071
Series C preferred stock    
Equity    
Preferred stock 1,520 1,523
Class A common stock    
Equity    
Common stock $ 0 $ 0
Accumulated other comprehensive income (loss), net:    
Common stock, shares issued (in shares) 1,661 1,677
Common stock, shares outstanding (in shares) 1,661 1,677
Class B common stock    
Equity    
Common stock $ 0 $ 0
Accumulated other comprehensive income (loss), net:    
Common stock, shares issued (in shares) 245 245
Common stock, shares outstanding (in shares) 245 245
Class C common stock    
Equity    
Common stock $ 0 $ 0
Accumulated other comprehensive income (loss), net:    
Common stock, shares issued (in shares) 10 10
Common stock, shares outstanding (in shares) 10 10
v3.21.4
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - $ / shares
shares in Millions
Dec. 31, 2021
Sep. 30, 2021
Preferred Stock    
Preferred stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Preferred stock, shares authorized (in shares) 25 25
Preferred stock, shares issued (in shares) 5 5
Preferred stock, shares outstanding (in shares) 5 5
Series A preferred stock    
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Series B preferred stock    
Preferred stock, shares issued (in shares) 2 2
Preferred stock, shares outstanding (in shares) 2 2
Series C preferred stock    
Preferred stock, shares issued (in shares) 3 3
Preferred stock, shares outstanding (in shares) 3 3
Class A common stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 2,001,622 2,001,622
Common stock, shares issued (in shares) 1,661 1,677
Common stock, shares outstanding (in shares) 1,661 1,677
Class B common stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 622 622
Common stock, shares issued (in shares) 245 245
Common stock, shares outstanding (in shares) 245 245
Class C common stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 1,097 1,097
Common stock, shares issued (in shares) 10 10
Common stock, shares outstanding (in shares) 10 10
v3.21.4
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Net revenues $ 7,059 $ 5,687
Operating Expenses    
Personnel 1,125 981
Marketing 280 205
Network and processing 190 173
Professional fees 100 83
Depreciation and amortization 198 197
General and administrative 242 203
Litigation provision 148 1
Total operating expenses 2,283 1,843
Operating income 4,776 3,844
Non-operating Income (Expense)    
Interest expense, net (134) (136)
Investment income and other 255 40
Total non-operating income (expense) 121 (96)
Income before income taxes 4,897 3,748
Income tax provision 938 622
Net income $ 3,959 $ 3,126
Class A common stock    
Earnings Per Share    
Basic Earnings Per Share (in dollars per share) $ 1.84 $ 1.42
Basic Weighted-average Shares Outstanding (in shares) 1,669 1,694
Diluted Earnings Per Share (in dollars per share) $ 1.83 $ 1.42
Diluted Weighted-average Shares Outstanding (in shares) 2,159 2,200
Class B common stock    
Earnings Per Share    
Basic Earnings Per Share (in dollars per share) $ 2.98 $ 2.31
Basic Weighted-average Shares Outstanding (in shares) 245 245
Diluted Earnings Per Share (in dollars per share) $ 2.98 $ 2.31
Diluted Weighted-average Shares Outstanding (in shares) 245 245
Class C common stock    
Earnings Per Share    
Basic Earnings Per Share (in dollars per share) $ 7.35 $ 5.69
Basic Weighted-average Shares Outstanding (in shares) 10 11
Diluted Earnings Per Share (in dollars per share) $ 7.34 $ 5.68
Diluted Weighted-average Shares Outstanding (in shares) 10 11
v3.21.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Statement of Comprehensive Income [Abstract]    
Net income $ 3,959 $ 3,126
Investment securities:    
Net unrealized gain (loss) (10) (1)
Income tax effect 2 0
Defined benefit pension and other postretirement plans:    
Net unrealized actuarial gain (loss) and prior service credit (cost) 1 (1)
Income tax effect 0 1
Reclassification adjustments 1 3
Income tax effect 0 (1)
Derivative instruments:    
Net unrealized gain (loss) 114 (297)
Income tax effect (22) 63
Reclassification adjustments (6) (18)
Income tax effect 0 5
Foreign currency translation adjustments (588) 1,046
Other comprehensive income (loss), net of tax (508) 800
Comprehensive income $ 3,451 $ 3,926
v3.21.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
Total
Conversion Of Series A Preferred Stock Upon Sale Into Public Market
Conversion Of Class C Common Stock Upon Sale Into Public Market
Cumulative Effect, Period of Adoption, Adjustment
Series B preferred stock
Series C preferred stock
Class A common stock
Preferred Stock
Preferred Stock
Conversion Of Series A Preferred Stock Upon Sale Into Public Market
Preferred Stock
Series A preferred stock
 [1]
Preferred Stock
Series A preferred stock
Conversion Of Series A Preferred Stock Upon Sale Into Public Market
 [1]
Preferred Stock
Series B preferred stock
Preferred Stock
Series C preferred stock
Common Stock
Class A common stock
Common Stock
Class A common stock
Conversion Of Series A Preferred Stock Upon Sale Into Public Market
Common Stock
Class A common stock
Conversion Of Class C Common Stock Upon Sale Into Public Market
 [1]
Common Stock
Class B common stock
Common Stock
Class C common stock
Common Stock
Class C common stock
Conversion Of Class C Common Stock Upon Sale Into Public Market
 [1]
Right to Recover for Covered Losses
Additional Paid-In Capital
Additional Paid-In Capital
Conversion Of Series A Preferred Stock Upon Sale Into Public Market
Accumulated Income
Accumulated Income
Cumulative Effect, Period of Adoption, Adjustment
Accumulated Other Comprehensive Income (Loss), Net
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Adoption of new accounting standards $ 36,210     $ 3       $ 5,086       $ 1,106 $ 1,543             $ (39) $ 16,721   $ 14,088 $ 3 $ 354
Beginning balance (in shares) at Sep. 30, 2020                   0   2 3 1,683     245 11              
Beginning balance at Sep. 30, 2020 36,210     $ 3       5,086       $ 1,106 $ 1,543             (39) 16,721   14,088 $ 3 354
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Net income 3,126                                           3,126    
Other comprehensive income (loss), net of tax 800                                               800
Comprehensive income 3,926                                                
VE territory covered losses incurred (10)                     0 0             (10)          
Recovery through conversion rate adjustment 0       $ 9 $ 6   (15)       $ (9) $ (6)             15          
Conversion of stock (in shares)                     0       20 0     0            
Conversion of stock   $ 0             $ (1,388)                         $ 1,388      
Share-based compensation, net of forfeitures 122                                       122        
Vesting of restricted stock and performance-based shares (in shares)                           3                      
Restricted stock and performance-based shares settled in cash for taxes (in shares)                           (1)                      
Restricted stock and performance-based shares settled in cash for taxes (134)                                       (134)        
Cash proceeds from issuance of common stock under employee equity plans (in shares) [1]                           0                      
Cash proceeds from issuance of class A common stock under employee equity plans 61                                       61        
Cash dividends declared and paid, at a quarterly amount per Class A share (703)                                           (703)    
Repurchase of class A common stock (in shares)             (9)             (9)                      
Repurchase of class A common stock (1,796)           $ (1,796)                           (95)   (1,701)    
Ending balance (in shares) at Dec. 31, 2020                   0   2 3 1,696     245 11              
Ending balance at Dec. 31, 2020 37,679             3,683       $ 1,097 $ 1,537             (34) 18,063   14,813   1,154
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Adoption of new accounting standards 37,679             3,683       1,097 1,537             (34) 18,063   14,813   1,154
Adoption of new accounting standards 37,589             3,080       $ 1,071 $ 1,523             (133) 18,855   15,351   436
Beginning balance (in shares) at Sep. 30, 2021                   0   2 3 1,677     245 10              
Beginning balance at Sep. 30, 2021 37,589             3,080       $ 1,071 $ 1,523             (133) 18,855   15,351   436
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Net income 3,959                                           3,959    
Other comprehensive income (loss), net of tax (508)                                               (508)
Comprehensive income 3,451                                                
VE territory covered losses incurred (7)                     0 0             (7)          
Recovery through conversion rate adjustment 0       $ 26 $ 3   (29)       $ (26) $ (3)             29          
Conversion of stock (in shares)                     0       1 0     0            
Conversion of stock   $ 0 $ 0           $ (56)                         $ 56      
Share-based compensation, net of forfeitures 128                                       128        
Vesting of restricted stock and performance-based shares (in shares)                           2                      
Restricted stock and performance-based shares settled in cash for taxes (in shares) [1]                           0                      
Restricted stock and performance-based shares settled in cash for taxes (113)                                       (113)        
Cash proceeds from issuance of common stock under employee equity plans (in shares) [1]                                                
Cash proceeds from issuance of class A common stock under employee equity plans 59                                       59        
Cash dividends declared and paid, at a quarterly amount per Class A share (809)                                           (809)    
Repurchase of class A common stock (in shares)             (19)             (19)                      
Repurchase of class A common stock (4,104)           $ (4,104)                           (209)   (3,895)    
Ending balance (in shares) at Dec. 31, 2021                   0   2 3 1,661     245 10              
Ending balance at Dec. 31, 2021 36,194             2,995       $ 1,045 $ 1,520             (111) 18,776   14,606   (72)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Adoption of new accounting standards $ 36,194             $ 2,995       $ 1,045 $ 1,520             $ (111) $ 18,776   $ 14,606   $ (72)
[1] Increase, decrease or balance is less than one million shares.
v3.21.4
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) (Parenthetical) - $ / shares
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]    
Cash dividends declared and paid, quarterly, per Class A share (in dollars per share) $ 0.375 $ 0.32
v3.21.4
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Operating Activities    
Net income $ 3,959 $ 3,126
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Client incentives 2,371 1,858
Share-based compensation 128 122
Depreciation and amortization of property, equipment, technology and intangible assets 198 197
Deferred income taxes (15) 5
VE territory covered losses incurred (7) (10)
(Gains) losses on equity investments, net (231) (16)
Other (32) 41
Change in operating assets and liabilities:    
Settlement receivable (76) (244)
Accounts receivable (213) (108)
Client incentives (2,339) (1,485)
Other assets (163) 235
Accounts payable (9) (39)
Settlement payable 409 194
Accrued and other liabilities 206 (357)
Accrued litigation 46 (6)
Net cash provided by (used in) operating activities 4,232 3,513
Investing Activities    
Purchases of property, equipment and technology (173) (160)
Investment securities:    
Purchases (951) (1,315)
Proceeds from maturities and sales 1,374 2,163
Acquisitions, net of cash acquired (832) (75)
Purchases of / contributions to other investments (37) (18)
Other investing activities 72 44
Net cash provided by (used in) investing activities (547) 639
Financing Activities    
Repurchase of class A common stock (4,104) (1,796)
Repayments of debt 0 (3,000)
Dividends paid (809) (703)
Cash proceeds from issuance of class A common stock under employee equity plans 59 61
Restricted stock and performance-based shares settled in cash for taxes (113) (134)
Net cash provided by (used in) financing activities (4,967) (5,572)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (194) 304
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (1,476) (1,116)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 19,799 19,171
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 18,323 18,055
Supplemental Disclosure    
Cash paid for income taxes, net 268 252
Interest payments on debt 244 281
Accruals related to purchases of property, equipment and technology $ 53 $ 13
v3.21.4
Summary of Significant Accounting Policies
 3 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
Note 1—Summary of Significant Accounting Policies
Organization. Visa Inc. (“Visa” or the “Company”) is a global payments technology company that facilitates global commerce and money movement across more than 200 countries and territories. Visa and its wholly-owned consolidated subsidiaries operate one of the world’s largest electronic payments network — VisaNet — which provides transaction processing services (primarily authorization, clearing and settlement). The Company offers products and solutions that facilitate secure, reliable and efficient money movement for all participants in the ecosystem. Visa is not a financial institution and does not issue cards, extend credit or set rates and fees for account holders of Visa products. In most cases, account holder and merchant relationships belong to, and are managed by, Visa’s financial institution clients.
Consolidation and basis of presentation. The accompanying unaudited 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 unaudited consolidated financial statements as of and for the periods presented. All significant intercompany accounts and transactions are eliminated in consolidation.
The accompanying unaudited consolidated financial statements are presented in accordance with the U.S. Securities and Exchange Commission (“SEC”) requirements for Quarterly Reports on Form 10-Q and, consequently, do not include all of the annual disclosures required by U.S. GAAP. Reference should be made to the Visa Annual Report on Form 10-K for the year ended September 30, 2021 for additional disclosures, including a summary of the Company’s significant accounting policies.
In the opinion of management, the accompanying unaudited consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented. The results of operations for interim periods are not necessarily indicative of results for the full year.
Use of estimates. The preparation of the accompanying unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and reported amounts of revenues and expenses during the reporting period. These estimates may change as new events occur and additional information is obtained, and will be recognized in the period in which such changes occur. Future actual results could differ materially from these estimates. As the effects of the evolving coronavirus (“COVID-19”) pandemic continue, much remains uncertain. There have been no comparable recent events and as a result the ultimate impact of COVID-19 and the extent to which COVID-19 and new variants continue to impact the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and difficult to predict.
Recently Adopted Accounting Pronouncements
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in the existing guidance and making other minor improvements. The Company adopted this guidance effective October 1, 2021. The adoption did not have a material impact on the consolidated financial statements.
In January 2020, the FASB issued ASU 2020-01, which clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for purposes of applying the fair value measurement alternative. The Company adopted this guidance effective October 1, 2021. The adoption did not have a material impact on the consolidated financial statements.
v3.21.4
Acquisitions
 3 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisitions
Note 2—Acquisitions
Closed Acquisition
On December 20, 2021, Visa acquired The Currency Cloud Group Limited (“Currencycloud”), a UK-based global platform that enables banks and fintechs to provide innovative foreign exchange solutions for cross-border payments, for a total purchase consideration of $893 million (which includes the fair value of Visa’s previously held equity interest in Currencycloud). As a result of this transaction closing days before the quarter-end, the initial allocation of the purchase price has not yet been completed. On a provisional basis, the Company allocated $210 million to technology, intangible assets and deferred tax liabilities and $683 million to goodwill. The Company expects to finalize the purchase price allocation once the information required to complete the accounting is available, but no later than one year from the acquisition date.
Pending Acquisition
On June 24, 2021, Visa entered into a definitive agreement to acquire Tink AB (“Tink”) for €1.8 billion, inclusive of cash and retention incentives. Tink is a European open banking platform that enables financial institutions, fintechs and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data. This acquisition is subject to customary closing conditions, including regulatory reviews and approvals.
v3.21.4
Revenues
 3 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Revenues
Note 3—Revenues
The nature, amount, timing and uncertainty of the Company’s revenues and cash flows and how they are affected by economic factors are most appropriately depicted through the Company’s revenue categories and geographical markets. The following tables disaggregate the Company’s net revenues by revenue category and by geography:
Three Months Ended
December 31,
20212020
(in millions)
Service revenues$3,193 $2,677 
Data processing revenues3,614 3,033 
International transaction revenues2,174 1,451 
Other revenues449 384 
Client incentives(2,371)(1,858)
Net revenues $7,059 $5,687 

Three Months Ended
December 31,
20212020
(in millions)
U.S.$3,178 $2,667 
International3,881 3,020 
Net revenues$7,059 $5,687 
v3.21.4
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
 3 Months Ended
Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]  
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
Note 4—Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
The Company reconciles cash, cash equivalents, restricted cash and restricted cash equivalents reported in the consolidated balance sheets that aggregate to the beginning and ending balances shown in the consolidated statements of cash flows as follows:
December 31,
2021		September 30,
2021
(in millions)
Cash and cash equivalents$14,720 $16,487 
Restricted cash and restricted cash equivalents:
U.S. litigation escrow1,144 894 
Customer collateral2,284 2,260 
Prepaid expenses and other current assets 175 158 
Cash, cash equivalents, restricted cash and restricted cash equivalents
$18,323 $19,799 
v3.21.4
U.S. and Europe Retrospective Responsibility Plans
 3 Months Ended
Dec. 31, 2021
Retrospective Responsibility Plan [Abstract]  
U.S. and Europe Retrospective Responsibility Plans
Note 5—U.S. and Europe Retrospective Responsibility Plans
U.S. Retrospective Responsibility Plan
Under the terms of the U.S. retrospective responsibility plan, the Company maintains an escrow account from which settlements of, or judgments in, certain litigation referred to as the “U.S. covered litigation” are paid. The accrual related to the U.S. covered litigation could be either higher or lower than the U.S. litigation escrow account balance. See Note 13—Legal Matters.
The following table presents the changes in the restricted cash equivalents—U.S. litigation escrow account:
Three Months Ended
December 31,
20212020
 (in millions)
Balance at beginning of period$894 $901 
Deposits into the litigation escrow account250 — 
Payments to opt-out merchants(1) and interest earned on escrow funds
— (7)
Balance at end of period$1,144 $894 
(1)These payments are associated with the interchange multidistrict litigation. See Note 13—Legal Matters.
Europe Retrospective Responsibility Plan
Visa Inc., Visa International and Visa Europe are parties to certain existing and potential litigation relating to the setting of multilateral interchange fee rates in the Visa Europe territory (the “VE territory covered litigation”). Under the terms of the Europe retrospective responsibility plan, the Company is entitled to recover certain losses resulting from VE territory covered litigation (the “VE territory covered losses”) through a periodic adjustment to the class A common stock conversion rates applicable to the series B and C preferred stock. VE territory covered losses are recorded in “right to recover for covered losses” within stockholders’ equity before the corresponding adjustment to the applicable conversion rate is effected. Adjustments to the conversion rate may be executed once in any six-month period unless a single, individual loss greater than €20 million is incurred, in which case, the six-month limitation does not apply. When the adjustment to the conversion rate is made, the amount previously recorded in “right to recover for covered losses” as contra-equity is then recorded against the book value of the preferred stock within stockholders’ equity. During the three months ended December 31, 2021, the Company recovered $29 million of VE territory covered losses through adjustments to the class A common stock conversion rates applicable to the series B and C preferred stock.
The following table presents the activities related to VE territory covered losses in preferred stock and “right to recover for covered losses” within stockholders’ equity:
Preferred StockRight to Recover for Covered Losses
Series BSeries C
(in millions)
Balance as of September 30, 2021$1,071 $1,523 $(133)
VE territory covered losses incurred(1)
— — (7)
Recovery through conversion rate adjustment(26)(3)29 
Balance as of December 31, 2021$1,045 $1,520 $(111)
Preferred StockRight to Recover for Covered Losses
Series BSeries C
(in millions)
Balance as of September 30, 2020$1,106 $1,543 $(39)
VE territory covered losses incurred(1)
— — (10)
Recovery through conversion rate adjustment(9)(6)15 
Balance as of December 31, 2020$1,097 $1,537 $(34)
(1)VE territory covered losses incurred reflect settlements with merchants and additional legal costs. See Note 13—Legal Matters.
The following table presents the as-converted value of the preferred stock available to recover VE territory covered losses compared to the book value of preferred stock recorded in stockholders’ equity within the Company’s consolidated balance sheets:
December 31, 2021September 30, 2021
As-converted Value of Preferred Stock(1),(2)
Book Value of Preferred Stock(1)
As-converted Value of Preferred Stock(1),(3)
Book Value of Preferred Stock(1)
(in millions)
Series B preferred stock$3,371 $1,045 $3,493 $1,071 
Series C preferred stock4,672 1,520 4,806 1,523 
Total8,043 2,565 8,299 2,594 
Less: right to recover for covered losses(111)(111)(133)(133)
Total recovery for covered losses available$7,932 $2,454 $8,166 $2,461 
(1)Figures in the table may not recalculate exactly due to rounding. As-converted and book values are based on unrounded numbers.
(2)As of December 31, 2021, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 6.271 and 6.829, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $216.71, Visa’s class A common stock closing stock price.
(3)As of September 30, 2021, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 6.321 and 6.834, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $222.75, Visa’s class A common stock closing stock price.
v3.21.4
Fair Value Measurements and Investments
 3 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Investments
Note 6—Fair Value Measurements and Investments
Assets and Liabilities Measured at Fair Value on a Recurring Basis
 Fair Value Measurements
Using Inputs Considered as
 Level 1Level 2
 December 31,
2021		September 30,
2021		December 31,
2021		September 30,
2021
 (in millions)
Assets
Cash equivalents and restricted cash equivalents:
Money market funds
$11,084 $11,779 $— $— 
U.S. government-sponsored debt securities
— — 541 100 
U.S. Treasury securities
1,075 2,400 — — 
Investment securities:
Marketable equity securities
481 490 — — 
U.S. government-sponsored debt securities
— — 510 245 
U.S. Treasury securities
2,287 2,985 — — 
Other current and non-current assets:
Money market funds
4 4 — — 
Derivative instruments
— — 408 410 
Total $14,931 $17,658 $1,459 $755 
Liabilities
Accrued compensation and benefits:
Deferred compensation liability
$209 $167 $— $— 
Accrued and other liabilities:
Derivative instruments
— — 62 109 
Total $209 $167 $62 $109 
Level 1 assets and liabilities. Money market funds, marketable equity securities and U.S. Treasury securities are classified as Level 1 within the fair value hierarchy, as fair value is based on unadjusted quoted prices in active markets for identical assets and liabilities. The Company’s deferred compensation liability is measured at fair value based on marketable equity securities held under the deferred compensation plan.
Level 2 assets and liabilities. The fair value of U.S. government-sponsored debt securities, as provided by third-party pricing vendors, is based on quoted prices in active markets for similar, not identical, assets. Derivative instruments are valued using inputs that are observable in the market or can be derived principally from or corroborated by observable market data.
U.S. government-sponsored debt securities and U.S. Treasury securities. As of December 31, 2021 and September 30, 2021, gross unrealized gains and losses were not material. As of December 31, 2021, $2.3 billion of the Company’s debt securities are due within one year and $2.1 billion is due between one to five years.
Assets Measured at Fair Value on a Non-recurring Basis
Non-marketable equity securities. The Company’s non-marketable equity securities are investments in privately held companies without readily determinable market values. These investments are classified as Level 3 due to the absence of quoted market prices, the inherent lack of liquidity and the fact that inputs used to measure fair value are unobservable and require management’s judgment.
The following table summarizes the total carrying value of the Company’s non-marketable equity securities held as of December 31, 2021 including cumulative unrealized gains and losses:
December 31,
2021
(in millions)
Initial cost basis$893 
Adjustments:
Upward adjustments818 
Downward adjustments (including impairment)(13)
Carrying amount, end of period$1,698 
Unrealized gains and losses included in the carrying value of the Company’s non-marketable equity securities still held as of December 31, 2021 and 2020 were as follows:
Three Months Ended
December 31,
20212020
(in millions)
Upward adjustments$224 $14 
Downward adjustments (including impairment)$— $(2)
The Company recognized net unrealized gains on marketable and non-marketable equity securities still held as of quarter end of $172 million and $29 million for the three months ended December 31, 2021 and 2020, respectively.
Non-financial assets and liabilities. Certain non-financial assets such as goodwill, intangible assets and property, equipment and technology are only recognized at fair value if they are deemed to be impaired. As of December 31, 2021, there were no impairment indicators.
Other Fair Value Disclosures
Debt. Debt instruments are measured at amortized cost on the Company’s unaudited consolidated balance sheets. The fair value of the debt instruments, as provided by third-party pricing vendors, is based on quoted prices in active markets for similar, not identical, assets. If measured at fair value in the financial statements, these instruments would be classified as Level 2 in the fair value hierarchy. As of December 31, 2021, the carrying value and estimated fair value of debt was $20.9 billion and $22.5 billion, respectively. As of September 30, 2021, the carrying value and estimated fair value of debt was $21.0 billion and $22.5 billion, respectively.
Other financial instruments not measured at fair value. At December 31, 2021, the carrying value of settlement receivable and payable and customer collateral approximates fair value due to their generally short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 in the fair value hierarchy.
v3.21.4
Debt
 3 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Debt
Note 7—Debt
The Company had outstanding debt as follows:
December 31,
2021		September 30,
2021
Effective Interest Rate(1)
(in millions, except percentages)
2.15% Senior Notes due September 2022
$1,000 $1,000 2.30 %
2.80% Senior Notes due December 2022
2,250 2,250 2.89 %
3.15% Senior Notes due December 2025
4,000 4,000 3.26 %
1.90% Senior Notes due April 2027
1,500 1,500 2.02 %
0.75% Senior Notes due August 2027
500 500 0.84 %
2.75% Senior Notes due September 2027
750 750 2.91 %
2.05% Senior Notes due April 2030
1,500 1,500 2.13 %
1.10% Senior Notes due February 2031
1,000 1,000 1.20 %
4.15% Senior Notes due December 2035
1,500 1,500 4.23 %
2.70% Senior Notes due April 2040
1,000 1,000 2.80 %
4.30% Senior Notes due December 2045
3,500 3,500 4.37 %
3.65% Senior Notes due September 2047
750 750 3.73 %
2.00% Senior Notes due August 2050
1,750 1,750 2.09 %
Total debt
21,000 21,000 
Unamortized discounts and debt issuance costs(158)(161)
Hedge accounting fair value adjustments(2)
78 138 
Total carrying value of debt
$20,920 $20,977 
Reported as:
Current maturities of debt$3,247 $999 
Long-term debt17,673 19,978 
Total carrying value of debt
$20,920 $20,977 
(1)Effective interest rates disclosed do not reflect hedge accounting adjustments.
(2)Represents the change in fair value of interest rate swap agreements entered into on a portion of the outstanding senior notes.
v3.21.4
Settlement Guarantee Management
 3 Months Ended
Dec. 31, 2021
Settlement Guarantee Management [Abstract]  
Settlement Guarantee Management
Note 8—Settlement Guarantee Management
The Company indemnifies its clients for settlement losses suffered due to failure of any other client to fund its settlement obligations in accordance with the Visa operating rules. This indemnification creates settlement risk for the Company due to the difference in timing between the date of a payment transaction and the date of subsequent settlement.
Historically, the Company has experienced minimal losses as a result of its settlement risk guarantee. However, the Company’s future obligations, which could be material under its guarantees, are not determinable as they are dependent upon future events.
The Company’s settlement exposure is limited to the amount of unsettled Visa payment transactions at any point in time, which vary significantly day to day. During the three months ended December 31, 2021, the Company’s maximum daily settlement exposure was $112.7 billion and the average daily settlement exposure was $72.4 billion.
The Company maintains and regularly reviews global settlement risk policies and procedures to manage settlement exposure, which may require clients to post collateral if certain credit standards are not met. The Company held the following collateral to manage settlement exposure:
December 31,
2021		September 30,
2021
 (in millions)
Restricted cash and restricted cash equivalents$2,284 $2,260 
Pledged securities at market value273 254 
Letters of credit1,545 1,518 
Guarantees765 758 
Total$4,867 $4,790 
v3.21.4
Stockholders' Equity
 3 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
Note 9—Stockholders’ Equity
As-converted class A common stock. The number of shares of each series and class, and the number of shares of class A common stock on an as-converted basis were as follows:
December 31, 2021September 30, 2021
Shares
Outstanding		Conversion Rate Into 
Class A
Common Stock
As-converted Class A
Common
Stock(1)
Shares
Outstanding		Conversion Rate Into
Class A
Common Stock
As-converted Class A
Common
Stock(1)
(in millions, except conversion rate)
Series A preferred stock— 
(2)
100.0000 6 — 
(2)
100.0000 7 
Series B preferred stock2 6.2710 16 2 6.3210 16 
Series C preferred stock3 6.8290 22 3 6.8340 22 
Class A common stock(3)
1,661 —1,661 1,677 — 1,677 
Class B common stock245 1.6181 
(4)
397 245 1.6228 
(4)
398 
Class C common stock10 4.0000 40 10 4.0000 41 
Total2,142 2,161 
(1)Figures in the table may not recalculate exactly due to rounding. As-converted class A common stock is calculated based on unrounded numbers.
(2)The number of shares outstanding was less than one million.
(3)Class A common stock shares outstanding reflect repurchases that settled on or before December 31, 2021 and September 30, 2021, respectively.
(4)The class B to class A common stock conversion rate is presented on a rounded basis. Conversion calculations for dividend payments are based on a conversion rate rounded to the tenth decimal.
Reduction in as-converted shares. Under the terms of the U.S. retrospective responsibility plan, when the Company funds the U.S. litigation escrow account, the value of the Company’s class B common stock is subject to dilution through a downward adjustment to the conversion rate of the shares of class B common stock to shares of class A common stock. Under the terms of the Europe retrospective responsibility plan, the Company is entitled to recover VE territory covered losses through periodic adjustments to the class A common stock conversion rates applicable to the series B and C preferred stock. The deposit and recovery have the same economic effect on earnings per share as repurchasing the Company’s class A common stock, because it reduces the class B common stock and the series B and C preferred stock conversion rates and consequently, reduces the as-converted class A common stock share count. See Note 5—U.S. and Europe Retrospective Responsibility Plans.
The following table presents the reduction in the number of as-converted class B common stock after deposit into the U.S. litigation escrow account for the three months ended December 31, 2021. There was no comparable adjustment recorded for class B common stock for the three months ended December 31, 2020.
Three Months Ended
December 31, 2021
(in millions, except per share data)
Reduction in equivalent number of class A common stock1 
Effective price per share(1)
$217.61 
Deposits under the U.S. retrospective responsibility plan$250 
(1)Effective price per share is calculated using the volume-weighted average price of the Company’s class A common stock over a pricing period in accordance with the Company’s current certificate of incorporation.
The following table presents the reduction in the number of as-converted series B and C preferred stock after the Company recovered VE territory covered losses through conversion rate adjustments:
Three Months Ended
December 31, 2021		Three Months Ended
December 31, 2020
Series BSeries CSeries BSeries C
(in millions, except per share data)
Reduction in equivalent number of class A common stock— 
(1)
— 
(1)
— 
(1)
— 
(1)
Effective price per share(2)
$201.68 $201.68 $209.89 $209.89 
Recovery through conversion rate adjustment
$26 $3 $9 $6 
(1)The reduction in equivalent number of shares of class A common stock was less than one million shares.
(2)Effective price per share for the quarter is calculated using the volume-weighted average price of the Company’s class A common stock over a pricing period in accordance with the Company’s current certificates of designations for its series B and C preferred stock. Effective price per share is calculated using the weighted-average effective prices of the respective adjustments made during the year.
Common stock repurchases. The following table presents share repurchases in the open market:
Three Months Ended
December 31,
20212020
(in millions, except per share data)
Shares repurchased in the open market(1)
19 9 
Average repurchase price per share(2)
$210.32 $201.73 
Total cost(2)
$4,104 $1,796 
(1)Shares repurchased in the open market reflect repurchases that settled during the three months ended December 31, 2021 and 2020, respectively. All shares repurchased in the open market have been retired and constitute authorized but unissued shares.
(2)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share and total cost are calculated based on unrounded numbers.
In December 2021, the Company’s board of directors authorized a new $12.0 billion share repurchase program. Previously, in January 2021, the Company’s board of directors authorized an $8.0 billion share repurchase program (the “January 2021 Program”). These authorizations have no expiration date. As of December 31, 2021, the Company’s repurchase programs had remaining authorized funds of $12.7 billion. All share repurchase programs authorized prior to the January 2021 Program have been completed.
Dividends. On January 25, 2022, the Company’s board of directors declared a quarterly cash dividend of $0.375 per share of class A common stock (determined in the case of class B and C common stock and series A, B and C preferred stock on an as-converted basis), which will be paid on March 1, 2022, to all holders of record as of February 11, 2022. The Company declared and paid dividends of $809 million and $703 million during the three months ended December 31, 2021 and 2020, respectively.
v3.21.4
Earnings Per Share
 3 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share
Note 10—Earnings Per Share
Basic earnings per share is computed by dividing net income available to each class of shares by the weighted-average number of shares of common stock outstanding and participating securities during the period. Participating securities include the Company’s series A, B and C preferred stock and restricted stock units (“RSUs”) that contain non-forfeitable rights to dividends or dividend equivalents. Net income is allocated to each class of common stock and participating securities based on its proportional ownership on an as-converted basis. The weighted-average number of shares outstanding of each class of common stock reflects changes in ownership over the periods presented. See Note 9—Stockholders’ Equity.
Diluted earnings per share is computed by dividing net income available by the weighted-average number of shares of common stock outstanding, participating securities and, if dilutive, potential class A common stock equivalent shares outstanding during the period. Dilutive class A common stock equivalents may consist of: (1) shares of class A common stock issuable upon the conversion of series A, B and C preferred stock and class B and C common stock based on the conversion rates in effect through the period, and (2) incremental shares of class A common stock calculated by applying the treasury stock method to the assumed exercise of employee stock options, the assumed purchase of stock under the Company’s Employee Stock Purchase Plan and the assumed vesting of unearned performance shares.
The following table presents earnings per share for the three months ended December 31, 2021:
 Basic Earnings Per ShareDiluted Earnings Per Share
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)		 
Earnings per
Share =
(A)/(B)(2)
(in millions, except per share data)
Class A common stock$3,065 1,669 $1.84 $3,959 2,159 
(3)
$1.83 
Class B common stock732 245 $2.98 $731 245 $2.98 
Class C common stock74 10 $7.35 $74 10 $7.34 
Participating securities(4)
88 Not presentedNot presented$88 Not presentedNot presented
Net income$3,959 
The following table presents earnings per share for the three months ended December 31, 2020:
 Basic Earnings Per ShareDiluted Earnings Per Share
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)		 
Earnings per
Share =
(A)/(B)(2)
(in millions, except per share data)
Class A common stock$2,410 1,694 $1.42 $3,126 2,200 
(3)
$1.42 
Class B common stock567 245 $2.31 $566 245 $2.31 
Class C common stock61 11 $5.69 $61 11 $5.68 
Participating securities88 Not presentedNot presented$89 Not presentedNot presented
Net income$3,126 
(1)Net income is allocated based on proportional ownership on an as-converted basis. The weighted-average number of shares of as-converted class B common stock used in the income allocation was 398 million for the three months ended December 31, 2021 and 2020. The weighted-average number of shares of as-converted class C common stock used in the income allocation was 40 million and 43 million for the three months ended December 31, 2021 and 2020, respectively. The weighted-average number of shares of preferred stock included within participating securities was 7 million and 21 million of as-converted series A preferred stock for the three months ended December 31, 2021 and 2020, respectively, 16 million of as-converted series B preferred stock for the three months ended December 31, 2021 and 2020, and 22 million of as-converted series C preferred stock for the three months ended December 31, 2021 and 2020.
(2)Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
(3)Weighted-average diluted shares outstanding are calculated on an as-converted basis and include incremental common stock equivalents, as calculated under the treasury stock method. The common stock equivalents are not material for the three months ended December 31, 2021 and 2020.
v3.21.4
Share-based Compensation
 3 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation
Note 11—Share-based Compensation
The Company granted the following equity awards to employees and non-employee directors under the 2007 Equity Incentive Compensation Plan, or the EIP, during the three months ended December 31, 2021:
GrantedWeighted-Average Grant Date Fair ValueWeighted-Average Exercise Price
Non-qualified stock options961,570 $43.16 $200.86 
Restricted stock units2,655,547 $201.27 
Performance-based shares(1)
440,722 $186.50 
(1)Represents the maximum number of performance-based shares which could be earned.
Related to the EIP, the Company recorded share-based compensation cost, net of estimated forfeitures, of $121 million and $116 million for the three months ended December 31, 2021 and 2020, respectively.
v3.21.4
Income Taxes
 3 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes
Note 12—Income Taxes
For the three months ended December 31, 2021 and 2020, the effective income tax rates were 19% and 17%, respectively. The difference in the effective tax rates is primarily due to an $81 million tax benefit recognized during the three months ended December 31, 2020 as a result of the conclusion of audits by taxing authorities.
During the three months ended December 31, 2021, the Company’s gross unrecognized tax benefits increased by $78 million, of which $29 million would favorably impact the effective tax rate, if recognized. The change in unrecognized tax benefits is primarily related to various tax positions across several jurisdictions.
The Company’s tax filings are subject to examination by U.S. federal, state and foreign taxing authorities. The timing and outcome of the final resolutions of the various ongoing income tax examinations are highly uncertain. It is not reasonably possible to estimate the increase or decrease in unrecognized tax benefits within the next twelve months.
v3.21.4
Legal Matters
 3 Months Ended
Dec. 31, 2021
Legal Matters [Abstract]  
Legal Matters
Note 13—Legal Matters
The Company is party to various legal and regulatory proceedings. Some of these proceedings involve complex claims that are subject to substantial uncertainties and unascertainable damages. Accordingly, except as disclosed, the Company has not established reserves or ranges of possible loss related to these proceedings, as at this time in the proceedings, the matters do not relate to a probable loss and/or the amount or range of losses are not reasonably estimable. Although the Company believes that it has strong defenses for the litigation and regulatory proceedings described below, it could, in the future, incur judgments or fines or enter into settlements of claims that could have a material adverse effect on the Company’s financial position, results of operations or cash flows. From time to time, the Company may engage in settlement discussions or mediations with respect to one or more of its outstanding litigation matters, either on its own behalf or collectively with other parties.
The litigation accrual is an estimate and is based on management’s understanding of its litigation profile, the specifics of each case, advice of counsel to the extent appropriate and management’s best estimate of incurred loss as of the balance sheet date.
The following table summarizes the activity related to accrued litigation:
 Three Months Ended
December 31,
 20212020
 (in millions)
Balance at beginning of period$983 $914 
Provision for uncovered legal matters1 1 
Provision for covered legal matters146 10 
Payments for legal matters(103)(16)
Balance at end of period$1,027 $909 
Accrual Summary—U.S. Covered Litigation
Visa Inc., Visa U.S.A. and Visa International are parties to certain legal proceedings that are covered by the U.S. retrospective responsibility plan, which the Company refers to as the U.S. covered litigation. An accrual for the U.S. covered litigation and a charge to the litigation provision are recorded when a loss is deemed to be probable and reasonably estimable. In making this determination, the Company evaluates available information, including but not limited to actions taken by the Company’s litigation committee. The total accrual related to the U.S. covered litigation could be either higher or lower than the escrow account balance. See further discussion below under U.S. Covered Litigation and Note 5—U.S. and Europe Retrospective Responsibility Plans.
The following table summarizes the accrual activity related to U.S. covered litigation:
 Three Months Ended
December 31,
 20212020
 (in millions)
Balance at beginning of period$881 $888 
Provision for interchange multidistrict litigation145 — 
Payments for U.S. covered litigation— (7)
Balance at end of period$1,026 $881 
During the quarter ended December 31, 2021, the Company recorded an additional accrual of $145 million and deposited $250 million into the U.S. litigation escrow account to address claims of certain merchants who opted out of the Amended Settlement Agreement. The U.S. covered litigation accrual balance is consistent with the Company’s estimate of its share of the lower end of a probable and reasonably estimable loss with respect to U.S. covered litigation. While this estimate is consistent with the Company’s view of the current status of the litigation, the probable and reasonably estimable loss or range of such loss could materially vary based on developments in the litigation. The Company will continue to consider and reevaluate this estimate in light of the substantial uncertainties with respect to the litigation. The Company is unable to estimate a potential loss or range of loss, if any, at trial if negotiated resolutions cannot be reached.
Accrual Summary—VE Territory Covered Litigation
Visa Inc., Visa International and Visa Europe are parties to certain legal proceedings that are covered by the Europe retrospective responsibility plan. Unlike the U.S. retrospective responsibility plan, the Europe retrospective responsibility plan does not have an escrow account that is used to fund settlements or judgments. The Company is entitled to recover VE territory covered losses through periodic adjustments to the conversion rates applicable to the series B and C preferred stock. An accrual for the VE territory covered losses and a reduction to stockholders’ equity will be recorded when the loss is deemed to be probable and reasonably estimable. See further discussion below under VE Territory Covered Litigation and Note 5—U.S. and Europe Retrospective Responsibility Plans.
The following table summarizes the accrual activity related to VE territory covered litigation:
 Three Months Ended
December 31,
 20212020
(in millions)
Balance at beginning of period$102 $21 
Provision for VE territory covered litigation1 10 
Payments for VE territory covered litigation(102)(9)
Balance at end of period$1 $22 
U.S. Covered Litigation
Interchange Multidistrict Litigation (MDL) - Individual Merchant Actions
Visa has reached settlements with a number of merchants representing approximately 40% of the Visa-branded payment card sales volume of merchants who opted out of the Amended Settlement Agreement with the Damages Class plaintiffs.
VE Territory Covered Litigation
Europe Merchant Litigation
Since July 2013, in excess of 800 Merchants (the capitalized term “Merchant,” when used in this section, means a merchant together with subsidiary/affiliate companies that are party to the same claim) have commenced proceedings against Visa Europe, Visa Inc. and other Visa subsidiaries in the UK, Belgium and Poland primarily relating to interchange rates in Europe and in some cases relating to fees charged by Visa and certain Visa rules. As of the filing date, Visa has settled the claims asserted by over 150 Merchants, leaving more than 650 Merchants with outstanding claims. In addition, over 30 additional Merchants have threatened to commence similar proceedings. Standstill agreements have been entered into with respect to some of those threatened Merchant claims, several of which have been settled.

On November 26, 2021, with respect to certain pending Merchant claims, the UK Competition Appeal Tribunal (CAT) found that UK and certain other domestic and intra-European Economic Area consumer interchange fees before the introduction of the Interchange Fee Regulation (IFR) were a restriction of competition, but that the question of whether those fees are a restriction of competition after the introduction of the IFR would need to be resolved at trial. Whether any interchange fees are exempt from the finding of restriction under applicable law and the assessment of damages, if any, will also need to be considered at trial.
Other Litigation

German ATM Litigation
In December 2021 and January 2022, Visa was served with claims in Germany brought by German savings banks against Visa Europe and Visa Inc. The banks claim that Visa’s ATM rules prohibiting the charging of access fees on domestic cash withdrawals are anti-competitive and they are seeking damages.
Foreign Currency Exchange Rate Litigation
On December 6, 2021, an amended complaint making similar allegations regarding the setting of foreign exchange rates was filed by several individuals on behalf of a nationwide class, and/or California, Washington, Massachusetts or New Jersey subclasses, of cardholders who made a transaction in a foreign currency. The amended complaint asserts claims for unjust enrichment and restitution as well as violations of the California Unfair Competition Law, the Washington Consumer Protection Act, the Massachusetts Consumer Protection Act, and the New Jersey Consumer Fraud Act. On January 19, 2022, Visa filed a motion to dismiss the amended complaint.
v3.21.4
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Dec. 31, 2021
Accounting Policies [Abstract]  
Consolidation and basis of presentation
Consolidation and basis of presentation. The accompanying unaudited 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 unaudited consolidated financial statements as of and for the periods presented. All significant intercompany accounts and transactions are eliminated in consolidation.
The accompanying unaudited consolidated financial statements are presented in accordance with the U.S. Securities and Exchange Commission (“SEC”) requirements for Quarterly Reports on Form 10-Q and, consequently, do not include all of the annual disclosures required by U.S. GAAP. Reference should be made to the Visa Annual Report on Form 10-K for the year ended September 30, 2021 for additional disclosures, including a summary of the Company’s significant accounting policies.
In the opinion of management, the accompanying unaudited consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented. The results of operations for interim periods are not necessarily indicative of results for the full year.
Use of estimates Use of estimates. The preparation of the accompanying unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and reported amounts of revenues and expenses during the reporting period. These estimates may change as new events occur and additional information is obtained, and will be recognized in the period in which such changes occur. Future actual results could differ materially from these estimates. As the effects of the evolving coronavirus (“COVID-19”) pandemic continue, much remains uncertain. There have been no comparable recent events and as a result the ultimate impact of COVID-19 and the extent to which COVID-19 and new variants continue to impact the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and difficult to predict.
Recently adopted accounting pronouncements
Recently Adopted Accounting Pronouncements
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in the existing guidance and making other minor improvements. The Company adopted this guidance effective October 1, 2021. The adoption did not have a material impact on the consolidated financial statements.
In January 2020, the FASB issued ASU 2020-01, which clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for purposes of applying the fair value measurement alternative. The Company adopted this guidance effective October 1, 2021. The adoption did not have a material impact on the consolidated financial statements.
v3.21.4
Revenues (Tables)
 3 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue The following tables disaggregate the Company’s net revenues by revenue category and by geography:
Three Months Ended
December 31,
20212020
(in millions)
Service revenues$3,193 $2,677 
Data processing revenues3,614 3,033 
International transaction revenues2,174 1,451 
Other revenues449 384 
Client incentives(2,371)(1,858)
Net revenues $7,059 $5,687 

Three Months Ended
December 31,
20212020
(in millions)
U.S.$3,178 $2,667 
International3,881 3,020 
Net revenues$7,059 $5,687 
v3.21.4
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Tables)
 3 Months Ended
Dec. 31, 2021
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]  
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
The Company reconciles cash, cash equivalents, restricted cash and restricted cash equivalents reported in the consolidated balance sheets that aggregate to the beginning and ending balances shown in the consolidated statements of cash flows as follows:
December 31,
2021		September 30,
2021
(in millions)
Cash and cash equivalents$14,720 $16,487 
Restricted cash and restricted cash equivalents:
U.S. litigation escrow1,144 894 
Customer collateral2,284 2,260 
Prepaid expenses and other current assets 175 158 
Cash, cash equivalents, restricted cash and restricted cash equivalents
$18,323 $19,799 
v3.21.4
U.S. and Europe Retrospective Responsibility Plans (Tables)
 3 Months Ended
Dec. 31, 2021
Retrospective Responsibility Plan [Abstract]  
Changes in the U.S. litigation escrow account
The following table presents the changes in the restricted cash equivalents—U.S. litigation escrow account:
Three Months Ended
December 31,
20212020
 (in millions)
Balance at beginning of period$894 $901 
Deposits into the litigation escrow account250 — 
Payments to opt-out merchants(1) and interest earned on escrow funds
— (7)
Balance at end of period$1,144 $894 
(1)These payments are associated with the interchange multidistrict litigation. See Note 13—Legal Matters.
Changes in Preferred Stock and Right to Recover for Covered Losses
The following table presents the activities related to VE territory covered losses in preferred stock and “right to recover for covered losses” within stockholders’ equity:
Preferred StockRight to Recover for Covered Losses
Series BSeries C
(in millions)
Balance as of September 30, 2021$1,071 $1,523 $(133)
VE territory covered losses incurred(1)
— — (7)
Recovery through conversion rate adjustment(26)(3)29 
Balance as of December 31, 2021$1,045 $1,520 $(111)
Preferred StockRight to Recover for Covered Losses
Series BSeries C
(in millions)
Balance as of September 30, 2020$1,106 $1,543 $(39)
VE territory covered losses incurred(1)
— — (10)
Recovery through conversion rate adjustment(9)(6)15 
Balance as of December 31, 2020$1,097 $1,537 $(34)
(1)VE territory covered losses incurred reflect settlements with merchants and additional legal costs. See Note 13—Legal Matters.
Preferred Stock As-Converted Value and Book Value
The following table presents the as-converted value of the preferred stock available to recover VE territory covered losses compared to the book value of preferred stock recorded in stockholders’ equity within the Company’s consolidated balance sheets:
December 31, 2021September 30, 2021
As-converted Value of Preferred Stock(1),(2)
Book Value of Preferred Stock(1)
As-converted Value of Preferred Stock(1),(3)
Book Value of Preferred Stock(1)
(in millions)
Series B preferred stock$3,371 $1,045 $3,493 $1,071 
Series C preferred stock4,672 1,520 4,806 1,523 
Total8,043 2,565 8,299 2,594 
Less: right to recover for covered losses(111)(111)(133)(133)
Total recovery for covered losses available$7,932 $2,454 $8,166 $2,461 
(1)Figures in the table may not recalculate exactly due to rounding. As-converted and book values are based on unrounded numbers.
(2)As of December 31, 2021, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 6.271 and 6.829, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $216.71, Visa’s class A common stock closing stock price.
(3)As of September 30, 2021, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 6.321 and 6.834, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $222.75, Visa’s class A common stock closing stock price.
v3.21.4
Fair Value Measurements and Investments (Tables)
 3 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
Assets and Liabilities Measured at Fair Value on a Recurring Basis
 Fair Value Measurements
Using Inputs Considered as
 Level 1Level 2
 December 31,
2021		September 30,
2021		December 31,
2021		September 30,
2021
 (in millions)
Assets
Cash equivalents and restricted cash equivalents:
Money market funds
$11,084 $11,779 $— $— 
U.S. government-sponsored debt securities
— — 541 100 
U.S. Treasury securities
1,075 2,400 — — 
Investment securities:
Marketable equity securities
481 490 — — 
U.S. government-sponsored debt securities
— — 510 245 
U.S. Treasury securities
2,287 2,985 — — 
Other current and non-current assets:
Money market funds
4 4 — — 
Derivative instruments
— — 408 410 
Total $14,931 $17,658 $1,459 $755 
Liabilities
Accrued compensation and benefits:
Deferred compensation liability
$209 $167 $— $— 
Accrued and other liabilities:
Derivative instruments
— — 62 109 
Total $209 $167 $62 $109 
Schedule of Non-Marketable Equity Securities
The following table summarizes the total carrying value of the Company’s non-marketable equity securities held as of December 31, 2021 including cumulative unrealized gains and losses:
December 31,
2021
(in millions)
Initial cost basis$893 
Adjustments:
Upward adjustments818 
Downward adjustments (including impairment)(13)
Carrying amount, end of period$1,698 
Unrealized gains and losses included in the carrying value of the Company’s non-marketable equity securities still held as of December 31, 2021 and 2020 were as follows:
Three Months Ended
December 31,
20212020
(in millions)
Upward adjustments$224 $14 
Downward adjustments (including impairment)$— $(2)
v3.21.4
Debt (Tables)
 3 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Debt
The Company had outstanding debt as follows:
December 31,
2021		September 30,
2021
Effective Interest Rate(1)
(in millions, except percentages)
2.15% Senior Notes due September 2022
$1,000 $1,000 2.30 %
2.80% Senior Notes due December 2022
2,250 2,250 2.89 %
3.15% Senior Notes due December 2025
4,000 4,000 3.26 %
1.90% Senior Notes due April 2027
1,500 1,500 2.02 %
0.75% Senior Notes due August 2027
500 500 0.84 %
2.75% Senior Notes due September 2027
750 750 2.91 %
2.05% Senior Notes due April 2030
1,500 1,500 2.13 %
1.10% Senior Notes due February 2031
1,000 1,000 1.20 %
4.15% Senior Notes due December 2035
1,500 1,500 4.23 %
2.70% Senior Notes due April 2040
1,000 1,000 2.80 %
4.30% Senior Notes due December 2045
3,500 3,500 4.37 %
3.65% Senior Notes due September 2047
750 750 3.73 %
2.00% Senior Notes due August 2050
1,750 1,750 2.09 %
Total debt
21,000 21,000 
Unamortized discounts and debt issuance costs(158)(161)
Hedge accounting fair value adjustments(2)
78 138 
Total carrying value of debt
$20,920 $20,977 
Reported as:
Current maturities of debt$3,247 $999 
Long-term debt17,673 19,978 
Total carrying value of debt
$20,920 $20,977 
(1)Effective interest rates disclosed do not reflect hedge accounting adjustments.
(2)Represents the change in fair value of interest rate swap agreements entered into on a portion of the outstanding senior notes.
v3.21.4
Settlement Guarantee Management (Tables)
 3 Months Ended
Dec. 31, 2021
Settlement Guarantee Management [Abstract]  
Schedule of Customer Collateral
The Company maintains and regularly reviews global settlement risk policies and procedures to manage settlement exposure, which may require clients to post collateral if certain credit standards are not met. The Company held the following collateral to manage settlement exposure:
December 31,
2021		September 30,
2021
 (in millions)
Restricted cash and restricted cash equivalents$2,284 $2,260 
Pledged securities at market value273 254 
Letters of credit1,545 1,518 
Guarantees765 758 
Total$4,867 $4,790 
v3.21.4
Stockholders' Equity (Tables)
 3 Months Ended
Dec. 31, 2021
Stockholders' Equity Note [Abstract]  
Schedule of Stock by Class
As-converted class A common stock. The number of shares of each series and class, and the number of shares of class A common stock on an as-converted basis were as follows:
December 31, 2021September 30, 2021
Shares
Outstanding		Conversion Rate Into 
Class A
Common Stock
As-converted Class A
Common
Stock(1)
Shares
Outstanding		Conversion Rate Into
Class A
Common Stock
As-converted Class A
Common
Stock(1)
(in millions, except conversion rate)
Series A preferred stock— 
(2)
100.0000 6 — 
(2)
100.0000 7 
Series B preferred stock2 6.2710 16 2 6.3210 16 
Series C preferred stock3 6.8290 22 3 6.8340 22 
Class A common stock(3)
1,661 —1,661 1,677 — 1,677 
Class B common stock245 1.6181 
(4)
397 245 1.6228 
(4)
398 
Class C common stock10 4.0000 40 10 4.0000 41 
Total2,142 2,161 
(1)Figures in the table may not recalculate exactly due to rounding. As-converted class A common stock is calculated based on unrounded numbers.
(2)The number of shares outstanding was less than one million.
(3)Class A common stock shares outstanding reflect repurchases that settled on or before December 31, 2021 and September 30, 2021, respectively.
(4)The class B to class A common stock conversion rate is presented on a rounded basis. Conversion calculations for dividend payments are based on a conversion rate rounded to the tenth decimal.
Effect of VE Territory Covered Losses Recovery on the Company Repurchasing its Common Stock
The following table presents the reduction in the number of as-converted class B common stock after deposit into the U.S. litigation escrow account for the three months ended December 31, 2021. There was no comparable adjustment recorded for class B common stock for the three months ended December 31, 2020.
Three Months Ended
December 31, 2021
(in millions, except per share data)
Reduction in equivalent number of class A common stock1 
Effective price per share(1)
$217.61 
Deposits under the U.S. retrospective responsibility plan$250 
(1)Effective price per share is calculated using the volume-weighted average price of the Company’s class A common stock over a pricing period in accordance with the Company’s current certificate of incorporation.
Effect of VE Territory Covered Losses Recovery on the Company Repurchasing its Common Stock
The following table presents the reduction in the number of as-converted series B and C preferred stock after the Company recovered VE territory covered losses through conversion rate adjustments:
Three Months Ended
December 31, 2021		Three Months Ended
December 31, 2020
Series BSeries CSeries BSeries C
(in millions, except per share data)
Reduction in equivalent number of class A common stock— 
(1)
— 
(1)
— 
(1)
— 
(1)
Effective price per share(2)
$201.68 $201.68 $209.89 $209.89 
Recovery through conversion rate adjustment
$26 $3 $9 $6 
(1)The reduction in equivalent number of shares of class A common stock was less than one million shares.
(2)Effective price per share for the quarter is calculated using the volume-weighted average price of the Company’s class A common stock over a pricing period in accordance with the Company’s current certificates of designations for its series B and C preferred stock. Effective price per share is calculated using the weighted-average effective prices of the respective adjustments made during the year.
Share Repurchase Program Disclosure
Common stock repurchases. The following table presents share repurchases in the open market:
Three Months Ended
December 31,
20212020
(in millions, except per share data)
Shares repurchased in the open market(1)
19 9 
Average repurchase price per share(2)
$210.32 $201.73 
Total cost(2)
$4,104 $1,796 
(1)Shares repurchased in the open market reflect repurchases that settled during the three months ended December 31, 2021 and 2020, respectively. All shares repurchased in the open market have been retired and constitute authorized but unissued shares.
(2)Figures in the table may not recalculate exactly due to rounding. Average repurchase price per share and total cost are calculated based on unrounded numbers.
v3.21.4
Earnings Per Share (Tables)
 3 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
The following table presents earnings per share for the three months ended December 31, 2021:
 Basic Earnings Per ShareDiluted Earnings Per Share
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)		 
Earnings per
Share =
(A)/(B)(2)
(in millions, except per share data)
Class A common stock$3,065 1,669 $1.84 $3,959 2,159 
(3)
$1.83 
Class B common stock732 245 $2.98 $731 245 $2.98 
Class C common stock74 10 $7.35 $74 10 $7.34 
Participating securities(4)
88 Not presentedNot presented$88 Not presentedNot presented
Net income$3,959 
The following table presents earnings per share for the three months ended December 31, 2020:
 Basic Earnings Per ShareDiluted Earnings Per Share
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)		 
Earnings per
Share =
(A)/(B)(2)
(in millions, except per share data)
Class A common stock$2,410 1,694 $1.42 $3,126 2,200 
(3)
$1.42 
Class B common stock567 245 $2.31 $566 245 $2.31 
Class C common stock61 11 $5.69 $61 11 $5.68 
Participating securities88 Not presentedNot presented$89 Not presentedNot presented
Net income$3,126 
(1)Net income is allocated based on proportional ownership on an as-converted basis. The weighted-average number of shares of as-converted class B common stock used in the income allocation was 398 million for the three months ended December 31, 2021 and 2020. The weighted-average number of shares of as-converted class C common stock used in the income allocation was 40 million and 43 million for the three months ended December 31, 2021 and 2020, respectively. The weighted-average number of shares of preferred stock included within participating securities was 7 million and 21 million of as-converted series A preferred stock for the three months ended December 31, 2021 and 2020, respectively, 16 million of as-converted series B preferred stock for the three months ended December 31, 2021 and 2020, and 22 million of as-converted series C preferred stock for the three months ended December 31, 2021 and 2020.
(2)Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
(3)Weighted-average diluted shares outstanding are calculated on an as-converted basis and include incremental common stock equivalents, as calculated under the treasury stock method. The common stock equivalents are not material for the three months ended December 31, 2021 and 2020.
v3.21.4
Share-based Compensation (Tables)
 3 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The Company granted the following equity awards to employees and non-employee directors under the 2007 Equity Incentive Compensation Plan, or the EIP, during the three months ended December 31, 2021:
GrantedWeighted-Average Grant Date Fair ValueWeighted-Average Exercise Price
Non-qualified stock options961,570 $43.16 $200.86 
Restricted stock units2,655,547 $201.27 
Performance-based shares(1)
440,722 $186.50 
(1)Represents the maximum number of performance-based shares which could be earned.
v3.21.4
Legal Matters (Tables)
 3 Months Ended
Dec. 31, 2021
Legal Matters [Abstract]  
Schedule of Loss Contingencies by Contingency
The following table summarizes the activity related to accrued litigation:
 Three Months Ended
December 31,
 20212020
 (in millions)
Balance at beginning of period$983 $914 
Provision for uncovered legal matters1 1 
Provision for covered legal matters146 10 
Payments for legal matters(103)(16)
Balance at end of period$1,027 $909 
The following table summarizes the accrual activity related to U.S. covered litigation:
 Three Months Ended
December 31,
 20212020
 (in millions)
Balance at beginning of period$881 $888 
Provision for interchange multidistrict litigation145 — 
Payments for U.S. covered litigation— (7)
Balance at end of period$1,026 $881 
The following table summarizes the accrual activity related to VE territory covered litigation:
 Three Months Ended
December 31,
 20212020
(in millions)
Balance at beginning of period$102 $21 
Provision for VE territory covered litigation1 10 
Payments for VE territory covered litigation(102)(9)
Balance at end of period$1 $22 
v3.21.4
Summary of Significant Accounting Policies (Details)
Dec. 31, 2021
country
Accounting Policies [Abstract]  
Number of countries in which Visa operates (more than) 200
v3.21.4
Acquisitions (Details)
$ in Millions, € in Billions
Dec. 20, 2021
USD ($)
Jun. 24, 2021
EUR (€)
Dec. 31, 2021
USD ($)
Sep. 30, 2021
USD ($)
Business Acquisition [Line Items]        
Goodwill     $ 16,555 $ 15,958
The Currency Cloud Group Limited        
Business Acquisition [Line Items]        
Total consideration $ 893      
Amount allocated to technology, intangible assets and deferred tax liabilities 210      
Goodwill $ 683      
Tink        
Business Acquisition [Line Items]        
Pending acquisition | €   € 1.8    
v3.21.4
Revenues - Schedule of Net Revenues (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Disaggregation of Revenue [Line Items]    
Net revenues $ 7,059 $ 5,687
U.S.    
Disaggregation of Revenue [Line Items]    
Net revenues 3,178 2,667
International    
Disaggregation of Revenue [Line Items]    
Net revenues 3,881 3,020
Service revenues    
Disaggregation of Revenue [Line Items]    
Net revenues 3,193 2,677
Data processing revenues    
Disaggregation of Revenue [Line Items]    
Net revenues 3,614 3,033
International transaction revenues    
Disaggregation of Revenue [Line Items]    
Net revenues 2,174 1,451
Other revenues    
Disaggregation of Revenue [Line Items]    
Net revenues 449 384
Client incentives    
Disaggregation of Revenue [Line Items]    
Net revenues $ (2,371) $ (1,858)
v3.21.4
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Sep. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash and cash equivalents $ 14,720 $ 16,487    
Cash, cash equivalents, restricted cash and restricted cash equivalents 18,323 19,799 $ 18,055 $ 19,171
U.S. litigation escrow        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash and restricted cash equivalents 1,144 894    
Customer collateral        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash and restricted cash equivalents 2,284 2,260    
Prepaid expenses and other current assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash and restricted cash equivalents $ 175 $ 158    
v3.21.4
U.S. and Europe Retrospective Responsibility Plans - Changes in the U.S. Litigation Escrow Account (Detail) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Escrow Account [Roll Forward]    
Balance at beginning of period $ 894 $ 901
Deposits into the litigation escrow account 250 0
Balance at end of period 1,144 894
Interest Income | Opt-out Merchants    
Escrow Account [Roll Forward]    
Payments to opt-out merchants and interest earned on escrow funds $ 0 $ (7)
v3.21.4
U.S. and Europe Retrospective Responsibility Plans - Additional Details (Details)
€ in Millions, $ in Millions
 3 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2021
EUR (€)
Dec. 31, 2020
USD ($)
Class of Stock [Line Items]      
VE covered loss, maximum amount of loss to allow adjustment of conversion rate during six-month period | €   € 20  
Recovery through conversion rate adjustment $ 0   $ 0
Preferred Stock      
Class of Stock [Line Items]      
Recovery through conversion rate adjustment $ 29   $ 15
v3.21.4
U.S. and Europe Retrospective Responsibility Plans - Changes in Preferred Stock and Right to Recover Covered Losses (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Dec. 31, 2021
USD ($)
$ / shares
shares
Dec. 31, 2020
USD ($)
Sep. 30, 2021
USD ($)
$ / shares
shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance $ 37,589 $ 36,210  
VE territory covered losses incurred (7) (10)  
Recovery through conversion rate adjustment 0 0  
Ending balance 36,194 37,679  
As-converted Value of Preferred Stock 8,043   $ 8,299
Book Value of Preferred Stock, Total 2,565   2,594
Less: right to recover for covered losses (111)   (133)
Preferred Stock, As-Converted Value, Total recovery for covered losses available 7,932   8,166
Book Value of Preferred of Stock, Total recovery for covered losses available $ 2,454   $ 2,461
Share price (in dollars per share) | $ / shares $ 216.71   $ 222.75
Preferred Stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance $ 3,080 5,086  
Recovery through conversion rate adjustment (29) (15)  
Ending balance 2,995 3,683  
Right to Recover for Covered Losses      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance (133) (39)  
VE territory covered losses incurred (7) (10)  
Recovery through conversion rate adjustment 29 15  
Ending balance (111) (34)  
Series B preferred stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Recovery through conversion rate adjustment 26 9  
As-converted Value of Preferred Stock 3,371   $ 3,493
Book Value of Preferred Stock $ 1,045   $ 1,071
Preferred stock, shares outstanding (in shares) | shares 2   2
Preferred stock, conversion rate 6.271   6.321
Series B preferred stock | Preferred Stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance $ 1,071 1,106  
VE territory covered losses incurred 0 0  
Recovery through conversion rate adjustment (26) (9)  
Ending balance 1,045 1,097  
Series C preferred stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Recovery through conversion rate adjustment 3 6  
As-converted Value of Preferred Stock 4,672   $ 4,806
Book Value of Preferred Stock $ 1,520   $ 1,523
Preferred stock, shares outstanding (in shares) | shares 3   3
Preferred stock, conversion rate 6.829   6.834
Series C preferred stock | Preferred Stock      
Increase (Decrease) in Stockholders' Equity [Roll Forward]      
Beginning balance $ 1,523 1,543  
VE territory covered losses incurred 0 0  
Recovery through conversion rate adjustment (3) (6)  
Ending balance $ 1,520 $ 1,537  
v3.21.4
Fair Value Measurements and Investments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Recurring - USD ($)
$ in Millions
Dec. 31, 2021
Sep. 30, 2021
Level 1    
Assets    
Total $ 14,931 $ 17,658
Liabilities    
Deferred compensation liability 209 167
Derivative instruments 0 0
Total 209 167
Level 1 | Money market funds    
Assets    
Cash equivalents and restricted cash equivalents 11,084 11,779
Other current and non-current assets 4 4
Level 1 | Marketable equity securities    
Assets    
Investment securities 481 490
Level 1 | U.S. government-sponsored debt securities    
Assets    
Cash equivalents and restricted cash equivalents 0 0
Investment securities 0 0
Level 1 | U.S. Treasury securities    
Assets    
Cash equivalents and restricted cash equivalents 1,075 2,400
Investment securities 2,287 2,985
Level 1 | Derivative instruments    
Assets    
Other current and non-current assets 0 0
Level 2    
Assets    
Total 1,459 755
Liabilities    
Deferred compensation liability 0 0
Derivative instruments 62 109
Total 62 109
Level 2 | Money market funds    
Assets    
Cash equivalents and restricted cash equivalents 0 0
Other current and non-current assets 0 0
Level 2 | Marketable equity securities    
Assets    
Investment securities 0 0
Level 2 | U.S. government-sponsored debt securities    
Assets    
Cash equivalents and restricted cash equivalents 541 100
Investment securities 510 245
Level 2 | U.S. Treasury securities    
Assets    
Cash equivalents and restricted cash equivalents 0 0
Investment securities 0 0
Level 2 | Derivative instruments    
Assets    
Other current and non-current assets $ 408 $ 410
v3.21.4
Fair Value Measurements and Investments - Additional Information (Detail) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Debt securities due within one year $ 2,300    
Debt securities due within one to five years 2,100    
Unrealized gain on equity securities held as of the end of the period 172 $ 29  
Carrying value of long-term debt 20,920   $ 20,977
Senior Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Carrying value of long-term debt 20,900   21,000
Estimated Fair Value | Senior Notes      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Estimated fair value of long-term debt $ 22,500   $ 22,500
v3.21.4
Fair Value Measurements and Investments - Schedule of Non-Marketable Equity Securities (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Fair Value Disclosures [Abstract]    
Initial cost basis $ 893  
Upward adjustments 818  
Downward adjustments (including impairment) (13)  
Carrying amount, end of period 1,698  
Upward adjustments 224 $ 14
Downward adjustments (including impairment) $ 0 $ (2)
v3.21.4
Debt - Summary of Debt (Details) - USD ($)
$ in Millions
Dec. 31, 2021
Sep. 30, 2021
Debt Instrument [Line Items]    
Unamortized discounts and debt issuance costs $ (158) $ (161)
Hedge accounting fair value adjustments 78 138
Total carrying value of debt 20,920 20,977
Current maturities of debt 3,247 999
Long-term debt 17,673 19,978
Senior Notes    
Debt Instrument [Line Items]    
Total debt 21,000 21,000
Total carrying value of debt 20,900 21,000
Senior Notes | 2.15% Senior Notes due September 2022    
Debt Instrument [Line Items]    
Total debt $ 1,000 1,000
Effective interest rate (percent) 2.30%  
Stated interest rate (percent) 2.15%  
Senior Notes | 2.80% Senior Notes due December 2022    
Debt Instrument [Line Items]    
Total debt $ 2,250 2,250
Effective interest rate (percent) 2.89%  
Stated interest rate (percent) 2.80%  
Senior Notes | 3.15% Senior Notes due December 2025    
Debt Instrument [Line Items]    
Total debt $ 4,000 4,000
Effective interest rate (percent) 3.26%  
Stated interest rate (percent) 3.15%  
Senior Notes | 1.90% Senior Notes due April 2027    
Debt Instrument [Line Items]    
Total debt $ 1,500 1,500
Effective interest rate (percent) 2.02%  
Stated interest rate (percent) 1.90%  
Senior Notes | 0.75% Senior Notes due August 2027    
Debt Instrument [Line Items]    
Total debt $ 500 500
Effective interest rate (percent) 0.84%  
Stated interest rate (percent) 0.75%  
Senior Notes | 2.75% Senior Notes due September 2027    
Debt Instrument [Line Items]    
Total debt $ 750 750
Effective interest rate (percent) 2.91%  
Stated interest rate (percent) 2.75%  
Senior Notes | 2.05% Senior Notes due April 2030    
Debt Instrument [Line Items]    
Total debt $ 1,500 1,500
Effective interest rate (percent) 2.13%  
Stated interest rate (percent) 2.05%  
Senior Notes | 1.10% Senior Notes due February 2031    
Debt Instrument [Line Items]    
Total debt $ 1,000 1,000
Effective interest rate (percent) 1.20%  
Stated interest rate (percent) 1.10%  
Senior Notes | 4.15% Senior Notes due December 2035    
Debt Instrument [Line Items]    
Total debt $ 1,500 1,500
Effective interest rate (percent) 4.23%  
Stated interest rate (percent) 4.15%  
Senior Notes | 2.70% Senior Notes due April 2040    
Debt Instrument [Line Items]    
Total debt $ 1,000 1,000
Effective interest rate (percent) 2.80%  
Stated interest rate (percent) 2.70%  
Senior Notes | 4.30% Senior Notes due December 2045    
Debt Instrument [Line Items]    
Total debt $ 3,500 3,500
Effective interest rate (percent) 4.37%  
Stated interest rate (percent) 4.30%  
Senior Notes | 3.65% Senior Notes due September 2047    
Debt Instrument [Line Items]    
Total debt $ 750 750
Effective interest rate (percent) 3.73%  
Stated interest rate (percent) 3.65%  
Senior Notes | 2.00% Senior Notes due August 2050    
Debt Instrument [Line Items]    
Total debt $ 1,750 $ 1,750
Effective interest rate (percent) 2.09%  
Stated interest rate (percent) 2.00%  
v3.21.4
Settlement Guarantee Management - Additional Information (Details)
$ in Billions
 3 Months Ended
Dec. 31, 2021
USD ($)
Settlement Guarantee Management [Abstract]  
Maximum settlement exposure $ 112.7
Average daily settlement exposure $ 72.4
v3.21.4
Settlement Guarantee Management - Collateral (Detail) - USD ($)
$ in Millions
Dec. 31, 2021
Sep. 30, 2021
Settlement Guarantee Management [Abstract]    
Restricted cash and restricted cash equivalents $ 2,284 $ 2,260
Pledged securities at market value 273 254
Letters of credit 1,545 1,518
Guarantees 765 758
Total $ 4,867 $ 4,790
v3.21.4
Stockholders' Equity - Number of Shares of Class A Common Shares Outstanding on an As-Converted Basis (Detail)
shares in Millions
Dec. 31, 2021
shares
Sep. 30, 2021
shares
Schedule of Common Stock as Converted [Line Items]    
As-converted Class A Common Stock (in shares) 2,142 2,161
Series A preferred stock    
Schedule of Common Stock as Converted [Line Items]    
Preferred stock, shares outstanding (in shares) 0 0
Preferred stock, conversion rate into Class A Common Stock 100.0000 100.0000
As-converted Class A Common Stock (in shares) 6 7
Series B preferred stock    
Schedule of Common Stock as Converted [Line Items]    
Preferred stock, shares outstanding (in shares) 2 2
Preferred stock, conversion rate into Class A Common Stock 6.271 6.321
As-converted Class A Common Stock (in shares) 16 16
Series C preferred stock    
Schedule of Common Stock as Converted [Line Items]    
Preferred stock, shares outstanding (in shares) 3 3
Preferred stock, conversion rate into Class A Common Stock 6.829 6.834
As-converted Class A Common Stock (in shares) 22 22
Class A common stock    
Schedule of Common Stock as Converted [Line Items]    
Common stock, shares outstanding (in shares) 1,661 1,677
As-converted Class A Common Stock (in shares) 1,661 1,677
Class B common stock    
Schedule of Common Stock as Converted [Line Items]    
Common stock, shares outstanding (in shares) 245 245
Common stock, conversion rate into Class A Common Stock 1.6181 1.6228
As-converted Class A Common Stock (in shares) 397 398
Class C common stock    
Schedule of Common Stock as Converted [Line Items]    
Common stock, shares outstanding (in shares) 10 10
Common stock, conversion rate into Class A Common Stock 4.0000 4.0000
As-converted Class A Common Stock (in shares) 40 41
v3.21.4
Stockholders' Equity - Schedule of As-Converted Class B Common Stock (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Stockholders' Equity Note [Abstract]    
Reduction in equivalent number of as-converted shares of class A common stock (in shares) 1  
Effective price per share (in dollars per share) $ 217.61  
Deposits under the U.S. retrospective responsibility plan $ 250 $ 0
v3.21.4
Stockholders' Equity - Effect of VE Territory Covered Losses Through Conversion Rate Adjustments (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Conversion of Stock [Line Items]    
Recovery through conversion rate adjustment $ 0 $ 0
Series B preferred stock    
Conversion of Stock [Line Items]    
Reduction in equivalent number of as-converted shares of class A common stock (in shares) 0 0
Effective price per share (in dollars per share) $ 201.68 $ 209.89
Recovery through conversion rate adjustment $ 26 $ 9
Series C preferred stock    
Conversion of Stock [Line Items]    
Reduction in equivalent number of as-converted shares of class A common stock (in shares) 0 0
Effective price per share (in dollars per share) $ 201.68 $ 209.89
Recovery through conversion rate adjustment $ 3 $ 6
v3.21.4
Stockholders' Equity - Share Repurchases in the Open Market (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Equity, Class of Treasury Stock [Line Items]    
Total cost $ 4,104 $ 1,796
Class A common stock    
Equity, Class of Treasury Stock [Line Items]    
Shares repurchased in the open market (in shares) 19 9
Average repurchase price per share (in dollars per share) $ 210.32 $ 201.73
Total cost $ 4,104 $ 1,796
v3.21.4
Stockholders' Equity - Additional Information (Detail) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Jan. 25, 2022
Jan. 31, 2021
Stockholders Equity Note [Line Items]        
Share repurchase program $ 12,000     $ 8,000
Share repurchase programs authorized 12,700      
Cash dividends declared and paid, at a quarterly amount per Class A share $ 809 $ 703    
Subsequent Event | Class A common stock        
Stockholders Equity Note [Line Items]        
Quarterly cash dividend (in dollars per share)     $ 0.375  
v3.21.4
Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]    
Net income $ 3,959 $ 3,126
Class A common stock    
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]    
Income Allocation - Basic $ 3,065 $ 2,410
Weighted- Average Shares Outstanding - Basic (in shares) 1,669 1,694
Earnings per Share - Basic (in dollars per share) $ 1.84 $ 1.42
Income Allocation - Diluted $ 3,959 $ 3,126
Weighted- Average Shares Outstanding - Diluted (in shares) 2,159 2,200
Earnings per Share - Diluted (in dollars per share) $ 1.83 $ 1.42
Class B common stock    
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]    
Income Allocation - Basic $ 732 $ 567
Weighted- Average Shares Outstanding - Basic (in shares) 245 245
Earnings per Share - Basic (in dollars per share) $ 2.98 $ 2.31
Income Allocation - Diluted $ 731 $ 566
Weighted- Average Shares Outstanding - Diluted (in shares) 245 245
Earnings per Share - Diluted (in dollars per share) $ 2.98 $ 2.31
Class C common stock    
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]    
Income Allocation - Basic $ 74 $ 61
Weighted- Average Shares Outstanding - Basic (in shares) 10 11
Earnings per Share - Basic (in dollars per share) $ 7.35 $ 5.69
Income Allocation - Diluted $ 74 $ 61
Weighted- Average Shares Outstanding - Diluted (in shares) 10 11
Earnings per Share - Diluted (in dollars per share) $ 7.34 $ 5.68
Participating securities    
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]    
Income Allocation - Basic $ 88 $ 88
Income Allocation - Diluted $ 88 $ 89
v3.21.4
Earnings Per Share - Additional Information (Detail) - shares
shares in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Class B common stock    
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]    
Weighted-average as-converted common stock used in income allocation (in shares) 398 398
Class C common stock    
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]    
Weighted-average as-converted common stock used in income allocation (in shares) 40 43
Series A preferred stock    
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]    
Weighted-average as-converted common stock used in income allocation (in shares) 7 21
Series B preferred stock    
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]    
Weighted-average as-converted common stock used in income allocation (in shares) 16 16
Series C preferred stock    
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]    
Weighted-average as-converted common stock used in income allocation (in shares) 22 22
v3.21.4
Share-based Compensation - Awards Granted to Company Employees and Non-employee Directors Under the 2007 Equity Incentive Compensation Plan (Detail)
 3 Months Ended
Dec. 31, 2021
$ / shares
shares
Non-qualified stock options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) | shares 961,570
Weighted-Average Grant Date Fair Value (in dollars per share) $ 43.16
Weighted-Average Exercise Price (in dollars per share) $ 200.86
Restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) | shares 2,655,547
Weighted-Average Grant Date Fair Value (in dollars per share) $ 201.27
Performance-based shares  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Granted (in shares) | shares 440,722
Weighted-Average Grant Date Fair Value (in dollars per share) $ 186.50
v3.21.4
Share-based Compensation - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
2007 Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Share-based compensation cost $ 121 $ 116
v3.21.4
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Income Tax Disclosure [Abstract]    
Effective income tax rate reconciliation, percent 19.00% 17.00%
Recognized tax benefit   $ 81
Increase in unrecognized tax benefits, gross $ 78  
Unrecognized tax benefits that would impact effective tax rate $ 29  
v3.21.4
Legal Matters - Schedule of Accrued Litigation for Both Covered and Non-Covered Litigation (Detail) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Loss Contingency Accrual [Roll Forward]    
Balance at beginning of period $ 983 $ 914
Balance at end of period 1,027 909
Uncovered Litigation    
Loss Contingency Accrual [Roll Forward]    
Provision for legal matters 1 1
Covered Litigation    
Loss Contingency Accrual [Roll Forward]    
Provision for legal matters 146 10
Payments for legal matters (103) (16)
U.S. Covered Litigation    
Loss Contingency Accrual [Roll Forward]    
Balance at beginning of period 881 888
Provision for legal matters 145 0
Payments for legal matters 0 (7)
Balance at end of period 1,026 881
VE Territory Covered Litigation    
Loss Contingency Accrual [Roll Forward]    
Balance at beginning of period 102 21
Provision for legal matters 1 10
Payments for legal matters (102) (9)
Balance at end of period $ 1 $ 22
v3.21.4
Legal Matters - Additional Information (Details)
$ in Millions
 3 Months Ended 103 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Jan. 28, 2022
merchant
Loss Contingencies [Line Items]      
Deposits into the litigation escrow account | $ $ 250 $ 0  
U.S. Covered Litigation      
Loss Contingencies [Line Items]      
Provision for legal matters | $ 145 $ 0  
Deposits into the litigation escrow account | $ $ 250    
Interchange Multidistrict Litigation | Subsequent Event      
Loss Contingencies [Line Items]      
Settlement percentage     40.00%
U.K. Merchant Litigation | Subsequent Event      
Loss Contingencies [Line Items]      
Number of plaintiffs     800
Number of claims settled     150
Merchants with outstanding claims     650
U.K. Merchant Litigation | Threatened Litigation | Subsequent Event      
Loss Contingencies [Line Items]      
Number of plaintiffs     30