VISA INC., 10-K filed on 11/18/2021
Annual Report
v3.21.2
Cover - USD ($)
$ in Billions
 12 Months Ended
Sep. 30, 2021
Nov. 10, 2021
Mar. 31, 2021
Document Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Sep. 30, 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, Postal Zip Code 94128-8999    
Entity Address, City or Town San Francisco,    
Entity Address, State or Province CA    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Entity Shell Company false    
Entity Public Float     $ 358.6
Documents Incorporated by Reference
DOCUMENTS INCORPORATED BY REFERENCE
Portions of the Registrant’s Proxy Statement for the 2022 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended September 30, 2021.
    
Entity Central Index Key 0001403161    
Current Fiscal Year End Date --09-30    
Document Fiscal Year Focus 2021    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A common stock      
Document Information [Line Items]      
Entity Common Stock, Shares Outstanding   1,669,730,762  
Class B common stock      
Document Information [Line Items]      
Title of 12(g) Security Class B common stock, par value $0.0001 per share    
Entity Common Stock, Shares Outstanding   245,513,385  
Class C common stock      
Document Information [Line Items]      
Title of 12(g) Security Class C common stock, par value $0.0001 per share    
Entity Common Stock, Shares Outstanding   10,099,892  
v3.21.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
Assets    
Cash and cash equivalents $ 16,487 $ 16,289
Restricted cash equivalents—U.S. litigation escrow 894 901
Investment securities 2,025 3,752
Settlement receivable 1,758 1,264
Accounts receivable 1,968 1,618
Customer collateral 2,260 1,850
Current portion of client incentives 1,359 1,214
Prepaid expenses and other current assets 856 757
Total current assets 27,607 27,645
Investment securities 1,705 231
Client incentives 3,245 3,175
Property, equipment and technology, net 2,715 2,737
Goodwill 15,958 15,910
Intangible assets, net 27,664 27,808
Other assets 4,002 3,413
Total assets 82,896 80,919
Liabilities    
Accounts payable 266 174
Settlement payable 2,443 1,736
Customer collateral 2,260 1,850
Accrued compensation and benefits 1,211 821
Client incentives 5,243 4,176
Accrued liabilities 2,334 1,840
Current maturities of debt 999 2,999
Accrued litigation 983 914
Total current liabilities 15,739 14,510
Long-term debt 19,978 21,071
Deferred tax liabilities 6,128 5,237
Other liabilities 3,462 3,891
Total liabilities 45,307 44,709
Commitments and contingencies (Note 18)
Equity    
Right to recover for covered losses (133) (39)
Additional paid-in capital 18,855 16,721
Accumulated income 15,351 14,088
Accumulated other comprehensive income (loss), net:    
Investment securities (1) 3
Defined benefit pension and other postretirement plans (49) (196)
Derivative instruments (257) (291)
Foreign currency translation adjustments 743 838
Total accumulated other comprehensive income (loss), net 436 354
Total equity 37,589 36,210
Total liabilities and equity 82,896 80,919
Series A convertible participating preferred stock    
Equity    
Preferred stock 486 2,437
Series B convertible participating preferred stock    
Equity    
Preferred stock 1,071 1,106
Series C convertible participating preferred stock    
Equity    
Preferred stock 1,523 1,543
Class A common stock    
Equity    
Common stock 0 0
Class B common stock    
Equity    
Common stock 0 0
Class C common stock    
Equity    
Common stock $ 0 $ 0
v3.21.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
shares in Millions
Sep. 30, 2021
Sep. 30, 2020
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 convertible participating preferred stock    
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Series B convertible participating preferred stock    
Preferred stock, shares issued (in shares) 2 2
Preferred stock, shares outstanding (in shares) 2 2
Series C convertible participating 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) 1,677 1,683
Common stock, shares, outstanding (in shares) 1,677 1,683
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 11
Common stock, shares, outstanding (in shares) 10 11
v3.21.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Net revenues $ 24,105 $ 21,846 $ 22,977
Operating Expenses      
Personnel 4,240 3,785 3,444
Marketing 1,136 971 1,105
Network and processing 730 727 721
Professional fees 403 408 454
Depreciation and amortization 804 767 656
General and administrative 985 1,096 1,196
Litigation provision 3 11 400
Total operating expenses 8,301 7,765 7,976
Operating income 15,804 14,081 15,001
Non-operating Income (Expense)      
Interest expense, net (513) (516) (533)
Investment income and other 772 225 416
Total non-operating income (expense) 259 (291) (117)
Income before income taxes 16,063 13,790 14,884
Income tax provision 3,752 2,924 2,804
Net income $ 12,311 $ 10,866 $ 12,080
Class A common stock      
Earnings Per Share [Abstract]      
Basic earnings per share (in dollars per share) $ 5.63 $ 4.90 $ 5.32
Basic weighted-average shares outstanding (in shares) 1,691 1,697 1,742
Diluted earnings per share (in dollars per share) $ 5.63 $ 4.89 $ 5.32
Diluted weighted-average shares outstanding (in shares) 2,188 2,223 2,272
Class B common stock      
Earnings Per Share [Abstract]      
Basic earnings per share (in dollars per share) $ 9.14 $ 7.94 $ 8.68
Basic weighted-average shares outstanding (in shares) 245 245 245
Diluted earnings per share (in dollars per share) $ 9.13 $ 7.93 $ 8.66
Diluted weighted-average shares outstanding (in shares) 245 245 245
Class C common stock      
Earnings Per Share [Abstract]      
Basic earnings per share (in dollars per share) $ 22.53 $ 19.58 $ 21.30
Basic weighted-average shares outstanding (in shares) 10 11 12
Diluted earnings per share (in dollars per share) $ 22.51 $ 19.56 $ 21.26
Diluted weighted-average shares outstanding (in shares) 10 11 12
v3.21.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Statement of Comprehensive Income [Abstract]      
Net income $ 12,311 $ 10,866 $ 12,080
Investment securities:      
Net unrealized gain (loss) (4) 1 20
Income tax effect 1 0 (5)
Reclassification adjustments (1) (3) 1
Income tax effect 0 1 0
Defined benefit pension and other postretirement plans:      
Net unrealized actuarial gain (loss) and prior service credit (cost) 178 (7) (174)
Income tax effect (41) 1 36
Reclassification adjustments 13 18 9
Income tax effect (3) (3) (2)
Derivative instruments:      
Net unrealized gain (loss) 19 (547) 233
Income tax effect (1) 119 (25)
Reclassification adjustments 15 (81) (85)
Income tax effect 1 19 16
Foreign currency translation adjustments (95) 1,511 (1,228)
Other comprehensive income (loss), net of tax 82 1,029 (1,204)
Comprehensive income $ 12,393 $ 11,895 $ 10,876
v3.21.2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Conversion of Series A Preferred 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
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
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
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
Accumulated Other Comprehensive Income (Loss), Net
Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Adoption of new accounting standards $ 34,006   $ 392       $ 5,470                       $ (7) $ 16,678   $ 11,318 $ 385 $ 547 $ 7
Beginning Balance (in shares) at Sep. 30, 2018                     2 3 1,768     245 12                
Beginning Balance at Sep. 30, 2018 34,006   392       5,470                       (7) 16,678   11,318 385 547 7
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Net income 12,080                                         12,080      
Other comprehensive income (loss), net of tax (1,204)                                             (1,204)  
Comprehensive income 10,876                                                
VE territory covered losses incurred (172)                                   (172)            
Recovery through conversion rate adjustment       $ 6 $ 2   (8)                       8            
Issuance of series A preferred stock       0 0                                        
Conversion of stock upon sales into public market (in shares)                             2     (1)              
Share-based compensation, net of forfeitures 407                                     407          
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 (111)                                     (111)          
Cash proceeds from issuance of common stock under employee equity plans (in shares)                         2                        
Cash proceeds from issuance of class A common stock under employee equity plans 162                                     162          
Cash dividends declared and paid, at a quarterly amount per Class A share (2,269)                                         (2,269)      
Repurchase of class A common stock (in shares)           (56)             (56)                        
Repurchase of class A common stock (8,607)         $ (8,607)                           (595)   (8,012)      
Ending Balance (in shares) at Sep. 30, 2019                 0   2 3 1,718     245 11                
Ending Balance at Sep. 30, 2019 34,684   0       5,462                       (171) 16,541   13,502 25 (650) (25)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                                  
Adoption of new accounting standards 34,684   0       5,462                       (171) 16,541   13,502 25 (650) $ (25)
Net income 10,866                                         10,866      
Other comprehensive income (loss), net of tax 1,029                                             1,029  
Comprehensive income 11,895                                                
VE territory covered losses incurred (37)                                   (37)            
Recovery through conversion rate adjustment 5     72 92   (164)                       169            
Issuance of series A preferred stock (in shares) [1]                 0                                
Issuance of series A preferred stock (5)     3,084 4,216   (5)                                    
Conversion of stock upon sales into public market (in shares)                   0       3 3     0 [1]              
Conversion of series A preferred stock upon sales into public market   $ 0           $ (207)                         $ 207        
Share-based compensation, net of forfeitures 416                                     416          
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 (160)                                     (160)          
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 190                                     190          
Cash dividends declared and paid, at a quarterly amount per Class A share (2,664)                                         (2,664)      
Repurchase of class A common stock (in shares)           (44)             (44)                        
Repurchase of class A common stock (8,114)         $ (8,114)                           (473)   (7,641)      
Ending Balance (in shares) at Sep. 30, 2020                 0 [1]   2 3 1,683     245 11                
Ending 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]                                                  
Adoption of new accounting standards 36,210   $ 3       5,086       1,106 1,543             (39) 16,721   14,088 $ 3 354  
Net income 12,311                                         12,311      
Other comprehensive income (loss), net of tax 82                                             82  
Comprehensive income 12,393                                                
VE territory covered losses incurred (147)                   0 0             (147)            
Recovery through conversion rate adjustment (2)     35 20   (55)       $ 35 $ 20             53            
Issuance of series A preferred stock       $ 0 $ 0                                        
Conversion of stock upon sales into public market (in shares)                   0       28 2     (1)              
Conversion of series A preferred stock upon sales into public market   $ 0           $ (1,951)                         $ 1,951        
Share-based compensation, net of forfeitures 542                                     542          
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 (144)                                     (144)          
Cash proceeds from issuance of common stock under employee equity plans (in shares)                         2                        
Cash proceeds from issuance of class A common stock under employee equity plans 208                                     208          
Cash dividends declared and paid, at a quarterly amount per Class A share (2,798)                                         (2,798)      
Repurchase of class A common stock (in shares)           (40)             (40)                        
Repurchase of class A common stock (8,676)         $ (8,676)                           (423)   (8,253)      
Ending Balance (in shares) at Sep. 30, 2021                 0 [1]   2 3 1,677     245 10                
Ending 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]                                                  
Adoption of new accounting standards $ 37,589           $ 3,080       $ 1,071 $ 1,523             $ (133) $ 18,855   $ 15,351   $ 436  
[1] Increase, decrease or balance is less than one million shares.
v3.21.2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]      
Dividends paid, quarterly, per share (in dollars per share) $ 0.32 $ 0.30 $ 0.25
Dividends declared, quarterly, per share (in dollars per share) $ 0.32 $ 0.30 $ 0.25
v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Operating Activities      
Net income $ 12,311 $ 10,866 $ 12,080
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Client incentives 8,367 6,664 6,173
Share-based compensation 542 416 407
Depreciation and amortization of property, equipment, technology and intangible assets 804 767 656
Deferred income taxes 873 307 214
VE territory covered losses incurred (147) (37) (172)
(Gains) losses on equity investments, net (712) (101) (131)
Other (109) (44) (140)
Change in operating assets and liabilities:      
Settlement receivable (468) 1,858 (1,533)
Accounts receivable (343) (43) (333)
Client incentives (7,510) (8,081) (6,430)
Other assets (147) (402) (310)
Accounts payable 88 21 (24)
Settlement payable 679 (2,384) 1,931
Accrued and other liabilities 929 923 627
Accrued litigation 70 (290) (231)
Net cash provided by (used in) operating activities 15,227 10,440 12,784
Investing Activities      
Purchases of property, equipment and technology (705) (736) (756)
Investment securities:      
Purchases (5,111) (2,075) (2,653)
Proceeds from maturities and sales 5,701 4,510 3,996
Acquisitions, net of cash and restricted cash acquired (75) (77) (699)
Purchases of / contributions to other investments (71) (267) (501)
Other investing activities 109 72 22
Net cash provided by (used in) investing activities (152) 1,427 (591)
Financing Activities      
Repurchase of class A common stock (8,676) (8,114) (8,607)
Repayments of debt (3,000) 0 0
Dividends paid (2,798) (2,664) (2,269)
Proceeds from issuance of senior notes 0 7,212 0
Payment of deferred purchase consideration related to the Visa Europe acquisition 0 0 (1,236)
Cash proceeds from issuance of class A common stock under employee equity plans 208 190 162
Restricted stock and performance-based shares settled in cash for taxes (144) (160) (111)
Payments to settle derivative instruments 0 (333) 0
Other financing activities 0 (99) 0
Net cash provided by (used in) financing activities (14,410) (3,968) (12,061)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (37) 440 (277)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 628 8,339 (145)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 19,171 10,832 10,977
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year 19,799 19,171 10,832
Supplemental Disclosure      
Cash paid for income taxes, net 3,012 2,671 2,648
Interest payments on debt 643 537 537
Accruals related to purchases of property, equipment and technology $ 41 $ 38 $ 95
v3.21.2
Summary of Significant Accounting Policies
 12 Months Ended
Sep. 30, 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 enables innovative, reliable and secure electronic payments 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 facilitates authorization, clearing and settlement of payment transactions and enables the Company to offer 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 consolidated financial statements include the accounts of Visa and its consolidated entities and are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company consolidates its majority-owned and controlled entities, including variable interest entities (“VIEs”) for which the Company is the primary beneficiary. The Company’s investments in VIEs have not been material to its consolidated financial statements as of and for the periods presented. All significant intercompany accounts and transactions are eliminated in consolidation.
The Company’s activities are interrelated, and each activity is dependent upon and supportive of the other. All significant operating decisions are based on analysis of Visa as a single global business. Accordingly, the Company has one reportable segment, Payment Services.
Use of estimates. The preparation of 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 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 consolidated financial statements in the period in which such changes occur. Future actual results could differ materially from these estimates. As the effects of an evolving coronavirus (“COVID-19”) pandemic continues, 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. The use of estimates in specific accounting policies is described further below as appropriate.
Cash, cash equivalents, restricted cash, and restricted cash equivalents. Cash and cash equivalents include cash and certain highly liquid investments with original maturities of 90 days or less from the date of purchase. Cash equivalents are primarily recorded at cost, which approximates fair value due to their generally short maturities. The Company defines restricted cash and restricted cash equivalents as cash and cash equivalents that cannot be withdrawn or used for general operating activities. See Note 4—Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents.
Restricted cash equivalents—U.S. litigation escrow. The Company maintains an escrow account from which monetary liabilities from settlements of, or judgments in, the U.S. covered litigation are paid. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 20—Legal Matters for a discussion of the U.S. covered litigation. The escrow funds are held in money market investments, together with the interest earned, less applicable taxes payable, and classified as restricted cash equivalents on the consolidated balance sheets. Interest earned on escrow funds is included in non-operating income (expense) on the consolidated statements of operations.
Fair value. The Company measures certain financial assets and liabilities at fair value on a recurring basis. Certain non-financial assets such as goodwill, intangible assets and property, equipment and technology are measured at cost and only recognized at fair value if they are deemed to be impaired. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are reported under a three-level valuation hierarchy. See Note 6—Fair Value Measurements and Investments.
Marketable equity securities. Marketable equity securities, which are reported in investment securities on the consolidated balance sheets, include mutual fund investments related to various employee compensation and benefit plans. Trading activity in these investments is at the direction of the Company’s employees. These
investments are held in a trust and are not available for the Company’s operational or liquidity needs. Interest and dividend income as well as gains and losses, realized and unrealized, from changes in fair value are recorded in non-operating income (expense), and offset in personnel expense on the consolidated statements of operations.
Available-for-sale debt securities. The Company’s investment in debt securities, which are classified as available-for-sale and reported in investment securities on the consolidated balance sheets, include U.S. government-sponsored debt securities and U.S. Treasury securities. These securities are recorded at cost at the time of purchase and are carried at fair value. The Company considers these securities to be available-for-sale to meet working capital and liquidity needs. Investments with original maturities of greater than 90 days and stated maturities of less than one year from the balance sheet date, or investments that the Company intends to sell within one year, are classified as current assets, while all other securities are classified as non-current assets. Unrealized gains and losses are reported in accumulated other comprehensive income (loss) on the consolidated balance sheets. The specific identification method is used to calculate realized gain or loss on the sale of securities, which is recorded in non-operating income (expense) on the consolidated statements of operations. Interest income is recognized when earned and is included in non-operating income (expense) on the consolidated statements of operations.
The Company evaluates its debt securities for impairment on an ongoing basis. When there has been a decline in fair value of a debt security below the amortized cost basis, the Company recognizes an impairment if: (1) it has the intent to sell the security; (2) it is more likely than not that it will be required to sell the security before recovery of the amortized cost basis; or (3) it does not expect to recover the entire amortized cost basis of the security. If the Company identifies that the decline in fair value has resulted from credit losses, the credit loss component is recognized as an allowance on the balance sheet and in non-operating income (expense) on the consolidated statements of operations. The non-credit loss component remains in accumulated other comprehensive income (loss) until realized from a sale or subsequent impairment.
Non-marketable equity securities. The Company’s non-marketable equity securities, which are reported in other assets on the consolidated balance sheets, include investments in privately held companies without readily determinable market values. All gains and losses on non-marketable equity securities, realized and unrealized, are recognized in non-operating income (expense).
The Company applies the equity method of accounting for investments in other entities when it holds between 20% and 50% ownership in the entity or when it exercises significant influence. Under the equity method, the Company’s share of each entity’s profit or loss is reflected in non-operating income (expense) on the consolidated statements of operations. The equity method of accounting is also used for flow-through entities such as limited partnerships and limited liability companies when the investment ownership percentage is equal to or greater than 5% of outstanding ownership interests, regardless of whether the Company has significant influence over the investees.
The Company applies the fair value measurement alternative for investments in other entities when it holds less than 20% ownership in the entity and does not exercise significant influence, or for flow-through entities when the investment ownership is less than 5% and the Company does not exercise significant influence. These investments consist of equity holdings in non-public companies and are recorded in other assets on the consolidated balance sheets. The Company adjusts the carrying value of these equity securities to fair value when transactions for identical or similar investments of the same issuer are observable.
The Company regularly reviews investments accounted for under the equity method and the fair value measurement alternative for possible impairment, which generally involves an analysis of the facts and changes in circumstances influencing the investment, expectations of the entity’s cash flows and capital needs, and the viability of its business model.
Financial instruments. The Company considers the following to be financial instruments: cash, cash equivalents, restricted cash, restricted cash equivalents, investment securities, settlement receivable and payable, accounts receivable, customer collateral, non-marketable equity investments and derivative instruments. See Note 6—Fair Value Measurements and Investments.
Settlement receivable and payable. The Company operates systems for authorizing, clearing and settling payment transactions worldwide. Most U.S. dollar settlements with the Company’s financial institution clients are settled within the same day and do not result in a receivable or payable balance. Settlements in currencies other than the U.S. dollar generally remain outstanding for one to two business days, resulting in amounts due from and to clients. These amounts are presented as settlement receivable and settlement payable on the consolidated balance sheets.
Customer collateral. The Company holds cash deposits and other non-cash assets from certain clients in order to ensure their performance of settlement obligations arising from Visa payment services are processed in accordance with the Company’s operating rules. The cash collateral assets are restricted and fully offset by corresponding liabilities and both balances are presented on the consolidated balance sheets. Pledged securities are held by a custodian in an account under the Company’s name and ownership; however, the Company does not have the right to repledge these securities, but may sell these securities in the event of default by the client on its settlement obligations. Letters of credit are provided primarily by client financial institutions to serve as irrevocable guarantees of payment. Guarantees are provided primarily by parent financial institutions to secure the obligations of their subsidiaries. The Company routinely evaluates the financial viability of institutions providing the letters of credit and guarantees. See Note 12—Settlement Guarantee Management.
Guarantees and indemnifications. The Company recognizes an obligation at inception for guarantees and indemnifications that qualify for recognition, regardless of the probability of occurrence. The Company indemnifies its financial institution clients for settlement losses suffered due to the failure of any other client to fund its settlement obligations in accordance with the Visa operating rules. The Company estimates expected credit losses and recognizes an allowance for those credit losses related to its settlement indemnification obligations. The estimated fair value of the liability for settlement indemnification is included in accrued liabilities on the consolidated balance sheets.
Property, equipment and technology, net. Property, equipment and technology are recorded at historical cost less accumulated depreciation and amortization, which are computed on a straight-line basis over the asset’s estimated useful life. Depreciation and amortization of technology, furniture, fixtures and equipment are computed over estimated useful lives ranging from 2 to 10 years. Leasehold improvements are amortized over the shorter of the useful life of the asset or lease term. Building improvements are depreciated between 3 and 40 years, and buildings are depreciated over 40 years. Improvements that increase functionality of the asset are capitalized and depreciated over the asset’s remaining useful life. Land and construction-in-progress are not depreciated. Fully depreciated assets are retained in property, equipment and technology, net, until removed from service.
Technology includes purchased and internally developed software, including technology assets obtained through acquisitions. Internally developed software represents software primarily used by the VisaNet electronic payments network. Internal and external costs incurred during the preliminary project stage are expensed as incurred. Qualifying costs incurred during the application development stage are capitalized. Once the project is substantially complete and ready for its intended use these costs are amortized on a straight-line basis over the technology’s estimated useful life. Acquired technology assets are initially recorded at fair value and amortized on a straight-line basis over the estimated useful life.
The Company evaluates the recoverability of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If the sum of expected undiscounted net future cash flows is less than the carrying amount of an asset or asset group, an impairment loss is recognized to the extent that the carrying amount of the asset or asset group exceeds its fair value. See Note 7—Property, Equipment and Technology, Net.
Leases. The Company determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets, and corresponding lease liabilities, are recognized at the commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As a majority of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company does not record a ROU asset and corresponding liability for leases with terms of 12 months or less.
Lease agreements generally contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. The Company does not combine lease payments with non-lease components for any of its leases. Operating leases are recorded as ROU assets, which are included in other assets on the consolidated balance sheets. The current portion of lease liabilities are included in accrued liabilities and the long-term portion is included in other liabilities on the consolidated balance sheets. The Company’s lease cost is included in general and administrative expense in the consolidated statements of operations and consists of amounts recognized under lease agreements, adjusted for impairment and sublease income.
Intangible assets, net. The Company records identifiable intangible assets at fair value on the date of acquisition and evaluates the useful life of each asset.
Finite-lived intangible assets primarily consist of customer relationships and trade names obtained through acquisitions. Finite-lived intangible assets are amortized on a straight-line basis and are tested for recoverability if events or changes in circumstances indicate that their carrying amounts may not be recoverable. These intangibles have useful lives ranging from 3 to 15 years. See Note 8—Intangible Assets and Goodwill.
Indefinite-lived intangible assets consist of trade name, customer relationships and reacquired rights. Intangible assets with indefinite useful lives are not amortized but are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that impairment may exist. The Company first assesses qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangible assets. The Company assesses each category of indefinite-lived intangible assets for impairment on an aggregate basis, which may require the allocation of cash flows and/or an estimate of fair value to the assets or asset group. Impairment exists if the fair value of the indefinite-lived intangible asset is less than the carrying value. The Company relies on a number of factors when completing impairment assessments, including a review of discounted net future cash flows, business plans and the use of present value techniques.
The Company performed its annual impairment review of indefinite-lived intangible assets as of February 1, 2021, and concluded there was no impairment as of that date. No recent events or changes in circumstances indicate that impairment of the Company’s indefinite-lived intangible assets existed as of September 30, 2021.
Goodwill. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment at the reporting unit level annually or more frequently if events or changes in circumstances indicate that impairment may exist.
The Company performed its annual impairment review of goodwill as of February 1, 2021, and concluded there was no impairment as of that date. No recent events or changes in circumstances indicate that impairment existed as of September 30, 2021.
Accrued litigation. The Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which it is a party and records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These judgments are subjective, based on the status of such legal or regulatory proceedings, the merits of the Company’s defenses and consultation with corporate and external legal counsel. Actual outcomes of these legal and regulatory proceedings may differ materially from the Company’s estimates. The Company expenses legal costs as incurred in professional fees in the consolidated statements of operations. See Note 20—Legal Matters.
Revenue recognition. The Company’s net revenues are comprised principally of the following categories: service revenues, data processing revenues, international transaction revenues and other revenues, reduced by client incentives. As a payments network service provider, the Company’s obligation to the customer is to stand ready to provide continuous access to our payments network over the contractual term. Consideration is variable based primarily upon the amount and type of transactions and payments volume on Visa’s products. The Company recognizes revenue, net of sales and other similar taxes, as the payments network services are performed in an amount that reflects the consideration the Company expects to receive in exchange for those services. Fixed fees for payments network services are generally recognized ratably over the related service period. The Company has elected the optional exemption to not disclose the remaining performance obligations related to payments network services and other performance obligations which are constrained by and dependent upon the future performance of its clients, which are variable in nature. The Company also recognizes revenues, net of sales and other similar
taxes, from other value added services, including issuer solutions, acceptance solutions, risk and identity solutions and advisory services, as these value added services are performed.
Service revenues consist mainly of revenues earned for services provided in support of client usage of Visa payment services. Current quarter service revenues are primarily assessed using a calculation of current quarter’s pricing applied to the prior quarter’s payments volume. The Company also earns revenues from assessments designed to support ongoing acceptance and volume growth initiatives, which are recognized in the same period the related volume is transacted.
Data processing revenues consist of revenues earned for authorization, clearing, settlement, value added services, network access and other maintenance and support services that facilitate transaction and information processing among the Company’s clients globally. Data processing revenues are recognized in the same period the related transactions occur or services are performed.
International transaction revenues are earned for cross-border transaction processing and currency conversion activities. Cross-border transactions arise when the country of origin of the issuer or financial institution originating the transaction is different from that of the beneficiary. International transaction revenues are recognized in the same period the cross-border transactions occur or services are performed.
Other revenues consist mainly of value added services, license fees for use of the Visa brand or technology, fees for account holder services, certification, licensing and card benefits, such as extended account holder protection and concierge services. Other revenues are recognized in the same period the related transactions occur or services are performed.
Client incentives. The Company enters into long-term contracts with financial institution clients, merchants and strategic partners for various programs that provide cash and other incentives designed to increase revenue by growing payments volume, increasing Visa product acceptance, winning merchant routing transactions over to Visa’s network and driving innovation. Incentives are classified as reductions to revenues within client incentives, unless the incentive is a cash payment made in exchange for a distinct good or service provided by the customer, in which case the payment is classified as operating expense. The Company generally capitalizes upfront and fixed incentive payments under these agreements and amortizes the amounts as a reduction to revenues ratably over the contractual term. Incentives that are earned by the customer based on performance targets are recorded as reductions to revenues based on management's estimate of each client's future performance. These accruals are regularly reviewed and estimates of performance are adjusted, as appropriate, based on changes in performance expectations, actual client performance, amendments to existing contracts or the execution of new contracts.
Marketing. The Company expenses costs for the production of advertising as incurred. The cost of media advertising is expensed when the advertising takes place. Sponsorship costs are recognized over the period in which the Company benefits from the sponsorship rights. Promotional items are expensed as incurred, when the related services are received, or when the related event occurs.
Income taxes. The Company’s income tax expense consists of two components: current and deferred. Current income tax expense represents taxes paid or payable for the current period. Deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to temporary differences between the financial statement carrying amounts and the respective tax basis of existing assets and liabilities, and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. In assessing whether deferred tax assets are realizable, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. A valuation allowance is recorded for the portions that are not expected to be realized based on the level of historical taxable income, projections of future taxable income over the periods in which the temporary differences are deductible, and qualifying tax planning strategies.
Where interpretation of the tax law may be uncertain, the Company recognizes, measures and discloses income tax uncertainties. The Company accounts for interest expense and penalties related to uncertain tax positions in non-operating income (expense) in the consolidated statements of operations. The Company files a consolidated federal income tax return and, in certain states, combined state tax returns. The Company elects to claim foreign tax credits in any given year if such election is beneficial to the Company. See Note 19—Income Taxes.
Pension and other postretirement benefit plans. The Company’s defined benefit pension and other postretirement benefit plans are actuarially evaluated, incorporating various critical assumptions including the discount rate and the expected rate of return on plan assets (for qualified pension plans). The discount rate is based on a cash flow matching analysis, with the projected benefit payments matching spot rates from a yield curve developed from high-quality corporate bonds. The expected rate of return on pension plan assets is primarily based on the targeted allocation, and evaluated for reasonableness by considering such factors as: (i) actual return on plan assets; (ii) historical rates of return on various asset classes in the portfolio; (iii) projections of returns on various asset classes; and (iv) current and prospective capital market conditions and economic forecasts. Any difference between actual and expected plan experience, including asset return experience, in excess of a 10% corridor is recognized in net periodic pension cost over the expected average employee future service period, which ranges from approximately 7 to 9 years for the U.S. and non-U.S. pension plans. Other assumptions involve demographic factors such as retirement age, mortality, attrition and the rate of compensation increases. The Company evaluates assumptions annually and modifies them as appropriate.
The Company recognizes settlement losses when it settles pension benefit obligations, including making lump-sum cash payments to plan participants in exchange for their rights to receive specified pension benefits, when certain thresholds are met. See Note 11—Pension and Other Postretirement Benefits.
Foreign currency remeasurement and translation. The Company’s functional currency is the U.S. dollar for the majority of its foreign operations except for Visa Europe Limited (“Visa Europe”) whose functional currency is the Euro. Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet dates. Non-monetary assets and liabilities are remeasured at historical exchange rates. Resulting foreign currency transaction gains and losses related to conversion and remeasurement are recorded in general and administrative expense in the consolidated statements of operations and were not material for fiscal 2021, 2020 and 2019.
Where a non-U.S. currency is the functional currency, translation from that functional currency to the U.S. dollar is performed for balance sheet accounts using exchange rates in effect at the balance sheet dates and for revenue and expense accounts using an average exchange rate for the period. Resulting translation adjustments are reported as a component of accumulated other comprehensive income (loss) on the consolidated balance sheets.
Derivative financial instruments. The Company uses foreign exchange forward derivative contracts to reduce its exposure to foreign currency rate changes on forecasted non-functional currency denominated operational cash flows. The terms of these derivative contracts designated as cash flow hedges are generally no more than 12 months. The Company uses regression analysis to assess hedge effectiveness prospectively and retrospectively. The effectiveness tests are performed on foreign exchange forward contracts based on changes in the spot rate of the derivative instrument compared to changes in the spot rate of the forecasted hedged transaction.
Derivatives are carried at fair value on a gross basis on the consolidated balance sheets. Gains and losses resulting from changes in the fair value of cash flow hedges are accounted for in accumulated other comprehensive income (loss) on the consolidated balance sheets. When the forecasted transaction occurs and is recognized in earnings, the amount in accumulated other comprehensive income (loss) related to that hedge is reclassified to the consolidated statements of operations in the corresponding account where revenue or expense is recorded. Forward points are excluded from effectiveness testing and measurement purposes and are reported in earnings. Cash flow hedges are subject to master netting agreements, which provide the Company with a legal right to net settle multiple payable and receivable positions with the same counterparty, in a single currency through a single payment. However, the Company presents fair values on a gross basis on the consolidated balance sheets.
The Company holds foreign exchange forward contracts which were designated as a net investment hedge against a portion of the Company’s net investment in Visa Europe. The Company also holds interest rate and cross-currency swap agreements on a portion of the outstanding senior notes that allows the Company to manage its interest rate exposure through a combination of fixed and floating rates and reduce the overall cost of borrowing. The Company designated the interest rate swaps as a fair value hedge and the cross-currency swap as a net investment hedge. Gains and losses related to changes in fair value hedges are recognized in non-operating income (expense) along with a corresponding loss or gain related to the change in fair value of the underlying hedged item in the same line item in the consolidated statements of operations. Gains and losses related to changes in the fair value of net investment hedges are recorded in other comprehensive income (loss). Amounts
excluded from the effectiveness testing of net investment hedges are recognized in non-operating income (expense).
The Company utilizes foreign exchange derivative contracts to hedge against foreign currency exchange rate fluctuations related to certain monetary assets and liabilities denominated in foreign currency. Gains and losses resulting from changes in the fair value of these derivative instruments not designated for hedge accounting are recorded in general and administrative expense for hedges of operating activity, or non-operating income (expense) for hedges of non-operating activity.
Cash flows associated with a cash flow hedge are classified as an operating activity on the consolidated statement of cash flows. Cash flows associated with a fair value hedge may be included in operating, investing or financing activities depending on the classification of the items being hedged. Cash flows associated with a net investment hedge are classified as an investing activity. See Note 13—Derivative Financial Instruments.
Share-based compensation. The Company recognizes share-based compensation cost, net of estimated forfeitures, using the fair value method of accounting. The Company recognizes compensation cost for awards with only service conditions on a straight-line basis over the requisite service period, which is generally the vesting period. Compensation cost for performance-based awards is recognized on a graded-vesting basis. The amount is initially estimated based on target performance and is adjusted as appropriate based on management’s best estimate throughout the performance period. See Note 17—Share-based Compensation.
Earnings per share. The Company calculates earnings per share using the two-class method to reflect the different rights of each class and series of outstanding common stock. The dilutive effect of incremental common stock equivalents is reflected in diluted earnings per share by application of the treasury stock method. See Note 16—Earnings Per Share.
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Board Update (“ASU”) 2016-13, which requires the measurement and recognition of expected credit losses for financial assets and certain other instruments held at amortized cost, replacing the incurred loss model. Subsequently, the FASB also issued amendments to this standard. The Company adopted the guidance effective October 1, 2020 using the modified retrospective transition method with comparative periods continuing to be reported using the previous applicable guidance. The adoption did not have a material impact on the consolidated financial statements.
In January 2017, the FASB issued ASU 2017-04, which simplifies the accounting for goodwill impairments by eliminating Step 2 from the goodwill impairment test. An entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount, which is Step 1 of the goodwill impairment test. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company adopted the standard effective October 1, 2020 on a prospective basis. The adoption had no impact on the consolidated financial statements.
In August 2018, the FASB issued ASU 2018-13, which modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The Company adopted this standard effective October 1, 2020. The adoption did not have a material impact on the consolidated financial statements.
In August 2018, the FASB issued ASU 2018-14, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing, modifying or adding certain disclosures. The Company adopted this standard effective October 1, 2020. The adoption did not have a material impact on the consolidated financial statements.
v3.21.2
Acquisitions
 12 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Acquisitions
Note 2—Acquisitions
Pending Acquisitions
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.
On July 22, 2021, Visa entered into a definitive agreement to acquire 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. The acquisition values Currencycloud at £700 million, inclusive of cash and retention incentives. The financial consideration will be reduced by the outstanding equity of Currencycloud that Visa already owns. This acquisition is subject to customary closing conditions, including regulatory reviews and approvals.
Terminated Acquisition
On January 12, 2021, Visa and Plaid Inc. mutually terminated their merger agreement announced on January 13, 2020. See Note 20—Legal Matters.
v3.21.2
Revenues
 12 Months Ended
Sep. 30, 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 for the years ended September 30, 2021, 2020, and 2019:
For the Years Ended
September 30,
202120202019
(in millions)
Service revenues$11,475 $9,804 $9,700 
Data processing revenues12,792 10,975 10,333 
International transaction revenues6,530 6,299 7,804 
Other revenues1,675 1,432 1,313 
Client incentives(8,367)(6,664)(6,173)
Net revenues$24,105 $21,846 $22,977 

For the Years Ended
September 30,
202120202019
(in millions)
U.S.$11,160 $10,125 $10,279 
International12,945 11,721 12,698 
Net revenues$24,105 $21,846 $22,977 
Remaining performance obligations are comprised of deferred revenues and unbilled contract revenues that will be invoiced and recognized as revenues in future periods primarily related to value added services. As of September 30, 2021, the remaining performance obligations were $1.7 billion. The Company expects approximately half to be recognized as revenue in the next two years and the remaining thereafter. However, the amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenues could be recognized.
v3.21.2
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
 12 Months Ended
Sep. 30, 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:
September 30,
20212020
(in millions)
Cash and cash equivalents$16,487 $16,289 
Restricted cash and restricted cash equivalents:
U.S. litigation escrow894 901 
Customer collateral
2,260 1,850 
Prepaid expenses and other current assets
158 131 
Cash, cash equivalents, restricted cash and restricted cash equivalents$19,799 $19,171 
v3.21.2
U.S. and Europe Retrospective Responsibility Plans
 12 Months Ended
Sep. 30, 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
The Company has established several related mechanisms designed to address potential liability under certain litigation referred to as the “U.S. covered litigation.” These mechanisms are included in and referred to as the U.S. retrospective responsibility plan and consist of a U.S. litigation escrow agreement, the conversion feature of the Company’s shares of class B common stock, the indemnification obligations of the Visa U.S.A. Inc. (“Visa U.S.A.”) members, an interchange judgment sharing agreement, a loss sharing agreement and an omnibus agreement, as amended.
U.S. covered litigation consists of a number of matters that have been settled or otherwise fully or substantially resolved, as well as the following:
•the Interchange Multidistrict Litigation. In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, 1:05-md-01720-JG-JO (E.D.N.Y.) or MDL 1720, including all cases currently included in MDL 1720, any other case that includes claims for damages relating to the period prior to the Company’s IPO that has been or is transferred for coordinated or consolidated pre-trial proceedings at any time to MDL 1720 by the Judicial Panel on Multidistrict Litigation or otherwise included at any time in MDL 1720 by order of any court of competent jurisdiction; 
•any claim that challenges the reorganization or the consummation thereof; provided that such claim is transferred for coordinated or consolidated pre-trial proceedings at any time to MDL 1720 by the Judicial Panel on Multidistrict Litigation or otherwise included at any time in MDL 1720 by order of any court of competent jurisdiction; and
•any case brought after October 22, 2015 by a merchant that opted out of the Rule 23(b)(3) settlement class in MDL 1720 that arises out of facts or circumstances substantially similar to those alleged in MDL 1720 and that is not transferred to or otherwise included in MDL 1720. See Note 20—Legal Matters.
U.S. litigation escrow agreement. In accordance with the U.S. litigation escrow agreement, the Company maintains an escrow account, from which settlements of, or judgments in, the U.S. covered litigation are paid. The amount of the escrow is determined by the board of directors and the Company’s litigation committee, all members of which are affiliated with, or act for, certain Visa U.S.A. members. 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 20—Legal Matters.
The following table presents the changes in the restricted cash equivalents—U.S. litigation escrow account by fiscal year:
20212020
 (in millions)
Balance at beginning of period$901 $1,205 
Return of takedown payment to the litigation escrow account— 467 
Payments to opt-out merchants(1) and interest earned on escrow funds
(7)(771)
Balance at end of period$894 $901 
(1)These payments are associated with the interchange multidistrict litigation. See Note 20—Legal Matters.
Conversion feature. Under the terms of the plan, when the Company funds the U.S. litigation escrow account, the shares of class B common stock are subject to dilution through an adjustment to the conversion rate of the shares of class B common stock to shares of class A common stock. This has the same economic effect on diluted class A common stock earnings per share as repurchasing the Company’s class A common stock, because it reduces the class B conversion rate and consequently the as-converted class A common stock share count. See Note 15—Stockholders’ Equity.
Indemnification obligations. To the extent that amounts available under the U.S. litigation escrow arrangement and other agreements in the plan are insufficient to fully resolve the U.S. covered litigation, the Company will use commercially reasonable efforts to enforce the indemnification obligations of Visa U.S.A.’s members for such excess amounts, including but not limited to enforcing indemnification obligations pursuant to Visa U.S.A.’s certificate of incorporation and bylaws and in accordance with their membership agreements.
Interchange judgment sharing agreement. Visa U.S.A. and Visa International Service Association (“Visa International”) have entered into an interchange judgment sharing agreement with certain Visa U.S.A. members that have been named as defendants in the interchange multidistrict litigation, which is described in Note 20—Legal Matters. Under this judgment sharing agreement, Visa U.S.A. members that are signatories will pay their membership proportion of the amount of a final judgment not allocated to the conduct of Mastercard.
Loss sharing agreement. Visa has entered into a loss sharing agreement with Visa U.S.A., Visa International and certain Visa U.S.A. members. The loss sharing agreement provides for the indemnification of Visa U.S.A., Visa International and, in certain circumstances, Visa with respect to: (i) the amount of a final judgment paid by Visa U.S.A. or Visa International in the U.S. covered litigation after the operation of the interchange judgment sharing agreement, plus any amounts reimbursable to the interchange judgment sharing agreement signatories; or (ii) the damages portion of a settlement of a U.S. covered litigation that is approved as required under Visa U.S.A.’s certificate of incorporation by the vote of Visa U.S.A.’s specified voting members. The several obligation of each bank that is a party to the loss sharing agreement will equal the amount of any final judgment enforceable against Visa U.S.A., Visa International or any other signatory to the interchange judgment sharing agreement, or the amount of any approved settlement of a U.S. covered litigation, multiplied by such bank’s then-current membership proportion as calculated in accordance with Visa U.S.A.’s certificate of incorporation.
On October 22, 2015, Visa entered into an amendment to the loss sharing agreement. The amendment includes within the scope of U.S. covered litigation any action brought after the amendment by an opt-out from the Rule 23(b)(3) Settlement Class in MDL 1720 that arises out of facts or circumstances substantially similar to those alleged in MDL 1720 and that is not transferred to or otherwise included in MDL 1720. On the same date, Visa entered into amendments to the interchange judgment sharing agreement and omnibus agreement that include any such action within the scope of those agreements as well.
Omnibus agreement. Visa entered into an omnibus agreement with Mastercard and certain Visa U.S.A. members that confirmed and memorialized the signatories’ intentions with respect to the loss sharing agreement, the interchange judgment sharing agreement and other agreements relating to the interchange multidistrict litigation, see Note 20—Legal Matters. Under the omnibus agreement, the monetary portion of any settlement of the interchange multidistrict litigation covered by the omnibus agreement would be divided into a Mastercard portion at 33.3333% and a Visa portion at 66.6667%. In addition, the monetary portion of any judgment assigned to Visa-related claims in accordance with the omnibus agreement would be treated as a Visa portion. Visa would have no liability for the monetary portion of any judgment assigned to Mastercard-related claims in accordance with the
omnibus agreement, and if a judgment is not assigned to Visa-related claims or Mastercard-related claims in accordance with the omnibus agreement, then any monetary liability would be divided into a Mastercard portion at 33.3333% and a Visa portion at 66.6667%. The Visa portion of a settlement or judgment covered by the omnibus agreement would be allocated in accordance with specified provisions of the Company’s U.S. retrospective responsibility plan. The litigation provision on the consolidated statements of operations was not impacted by the execution of the omnibus agreement.
On August 26, 2014, Visa entered into an amendment to the omnibus agreement. The omnibus amendment makes applicable to certain settlements in opt-out cases in the interchange multidistrict litigation the settlement-sharing provisions of the omnibus agreement, pursuant to which the monetary portion of any settlement of the interchange multidistrict litigation covered by the omnibus agreement would be divided into a Mastercard portion at 33.3333% and a Visa portion at 66.6667%. The omnibus amendment also provides that in the event of termination of the class settlement agreement, Visa and Mastercard would make mutually acceptable arrangements so that Visa shall have received two-thirds and Mastercard shall have received one-third of the total of (i) the sums paid to defendants as a result of the termination of the settlement agreement and (ii) the takedown payments previously made to defendants.
Europe Retrospective Responsibility Plan
UK loss sharing agreement. The Company has entered into a loss sharing agreement with Visa Europe and certain of Visa Europe’s member financial institutions located in the United Kingdom (the “UK LSA members”). Each of the UK LSA members has agreed, on a several and not joint basis, to compensate the Company for certain losses which may be incurred by the Company, Visa Europe or their affiliates as a result of certain existing and potential litigation relating to the setting and implementation of domestic multilateral interchange fee rates in the United Kingdom prior to the closing of the Visa Europe acquisition (the “Closing”), subject to the terms and conditions set forth therein and, with respect to each UK LSA member, up to a maximum amount of the up-front cash consideration received by such UK LSA member. The UK LSA members’ obligations under the UK loss sharing agreement are conditional upon, among other things, either (a) losses valued in excess of the sterling equivalent on June 21, 2016 of €1.0 billion having arisen in UK covered claims (and such losses having reduced the conversion rate of the series B preferred stock accordingly), or (b) the conversion rate of the series B preferred stock having been reduced to zero pursuant to losses arising in claims relating to multilateral interchange fee rate setting in the Visa Europe territory.
Litigation management deed. The Company has entered into a litigation management deed with Visa Europe which sets forth the agreed upon procedures for the management of the VE territory covered litigation, the allocation of losses resulting from this litigation (the “VE territory covered losses”) between the series B and C preferred stock, and any accelerated conversion or reduction in the conversion rate of the shares of series B and C preferred stock. The litigation management deed applies only to VE territory covered litigation (and resultant losses and liabilities). The litigation management deed provides that the Company will generally control the conduct of the VE territory covered litigation, subject to certain obligations to report and consult with the litigation management committees for VE territory covered litigation (the “VE territory litigation management committees”). The VE territory litigation management committees, which are composed of representatives of certain Visa Europe members, have also been granted consent rights to approve certain material decisions in relation to the VE territory covered litigation.
The Company obtained certain protections for VE territory covered losses through the series B and C preferred stock, the UK loss sharing agreement, and the litigation management deed, referred to as the “Europe retrospective responsibility plan.” The plan covers VE territory covered litigation (and resultant liabilities and losses) relating to the covered period, which generally refers to the period before the Closing. Visa’s protection from the plan is further limited to 70% of any liabilities where the claim relates to inter-regional multilateral interchange fee rates where the issuer is located outside the Visa Europe territory, and the merchant is located within the Visa Europe territory. The plan does not protect the Company in Europe against all types of litigation or remedies or fines imposed in competition law enforcement proceedings, only the interchange litigation specifically covered by the plan’s terms.
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 a periodic adjustment to the class A common stock conversion rates applicable to the series B and C preferred stock. The total amount of protection available through the preferred stock component of the Europe retrospective responsibility plan is equivalent to the as-converted value of the preferred stock, which can be calculated at any point in time as the product of: (a) the outstanding number of shares of preferred stock; (b) the
current conversion rate applicable to each class of preferred stock; and (c) Visa’s class A common stock price. This amount differs from the value of the preferred stock recorded within stockholders’ equity on the Company’s consolidated balance sheets. The book value of the preferred stock reflects its historical value recorded at the Closing less VE territory covered losses recovered through a reduction of the applicable conversion rate. The book value does not reflect changes in the underlying class A common stock price subsequent to the Closing.
Visa Inc. net income will not be impacted by VE territory covered losses as long as the as-converted value of the preferred stock is greater than the covered loss. VE territory covered losses will be recorded when the loss is deemed to be probable and reasonably estimable, or in the case of attorney’s fees, when incurred. Concurrently, the Company will record a reduction to stockholders’ equity, which represents the Company’s right to recover such losses through adjustments to the conversion rate applicable to the preferred stock. The reduction to stockholders’ equity is recorded in a contra-equity account referred to as “right to recover for covered losses.”
As required by the litigation management deed, at the fourth anniversary of the Visa Europe acquisition, Visa, in consultation with the VE territories litigation management committee, carried out a release assessment of the extent to which, if at all, it would be appropriate to effect a partial conversion of series B or C preferred stock into class A common stock or series A preferred stock. After the completion of this assessment, in September 2020, the Company released $7.3 billion of the as-converted value from its series B and C preferred stock and issued 374,819 shares of series A preferred stock (the “Fourth anniversary release”). Each holder of a share of series B and C preferred stock received a number of series A preferred stock equal to the applicable conversion adjustment divided by 100. The Company paid $5 million in cash in lieu of issuing fractional shares of series A preferred stock. The release resulted in a downward adjustment to the series B and C preferred stock conversion rates. See Note 15—Stockholders’ Equity.
VE territory covered losses may be recorded 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 will then be recorded against the book value of the preferred stock within stockholders’ equity. During the year ended September 30, 2021, the Company recovered $55 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 during the year ended September 30, 2021:
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)
— — (147)
Recovery through conversion rate adjustment(2)
(35)(20)53 
Balance as of September 30, 2021$1,071 $1,523 $(133)
(1)VE territory covered losses incurred reflect settlements with merchants and additional legal costs. See Note 20—Legal Matters.
(2)Adjustment to right to recover for covered losses for the conversion rate adjustment differs from the actual recovered amount due to differences in foreign exchange rates between the time the losses were incurred and the subsequent recovery through the conversion rate adjustment.
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 as of September 30, 2021 and 2020:
September 30,
20212020
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$3,493 $1,071 $3,168 $1,106 
Series C preferred stock4,806 1,523 4,331 1,543 
Total8,299 2,594 7,499 2,649 
Less: right to recover for covered losses(133)(133)(39)(39)
Total recovery for covered losses available$8,166 $2,461 $7,460 $2,610 
(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 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.
(3)As of September 30, 2020, 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) 6.387 and 6.861, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $199.97, Visa’s class A common stock closing stock price.
v3.21.2
Fair Value Measurements and Investments
 12 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements and Investments
Note 6—Fair Value Measurements and Investments
The Company measures certain assets and liabilities at fair value. See Note 1—Summary of Significant Accounting Policies.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Fair Value Measurements at September 30
Using Inputs Considered as
Level 1Level 2
2021202020212020
(in millions)
Assets
Cash equivalents and restricted cash equivalents:
Money market funds$11,779 $12,522 $— $— 
U.S. government-sponsored debt securities— — 100 1,469 
U.S. Treasury securities2,400 650 — — 
Investment securities:
Marketable equity securities490 148 — — 
U.S. government-sponsored debt securities— — 245 2,582 
U.S. Treasury securities2,985 1,253 — — 
Other current and non-current assets:
Money market funds4 — — — 
Derivative instruments— — 410 512 
Total$17,658 $14,573 $755 $4,563 
Liabilities
Accrued compensation and benefits:
Deferred compensation liability$167 $135 $— $— 
Accrued and other liabilities:
Derivative instruments— — 109 181 
Total$167 $135 $109 $181 
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 September 30, 2021 and 2020, gross unrealized gains and losses were not material. As of September 30, 2021, $4.0 billion of the Company’s debt securities are due within one year and $1.7 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 September 30, 2021 including cumulative unrealized gains and losses:
September 30,
2021
(in millions)
Initial cost basis$874 
Adjustments:
Upward adjustments607 
Downward adjustments (including impairment)(13)
Carrying amount, end of period$1,468 
Unrealized gains and losses included in the carrying value of the Company’s non-marketable equity securities still held as of September 30, 2021 and 2020 were as follows:
For the Years Ended
September 30,
20212020
(in millions)
Upward adjustments$484 $102 
Downward adjustments (including impairment)$(3)$(6)
Investment Income
Investment income is recorded as non-operating income (expense) in the Company’s consolidated statements of operations and consisted of the following:
 For the Years Ended
September 30,
 202120202019
 (in millions)
Interest and dividend income on cash and investments$(16)$80 $247 
Realized gains (losses), net on debt securities— 4 1 
Equity securities:
Unrealized gains (losses), net721 115 117 
Realized gains (losses), net26 1 18 
Investment income$731 $200 $383 
Other Fair Value Disclosures
Debt. Debt instruments are measured at amortized cost on the Company’s 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 September 30, 2021, the carrying value and estimated fair value of debt was $21.0 billion and $22.5 billion, respectively. As of September 30, 2020, the carrying value and estimated fair value of debt was $24.1 billion and $26.6 billion, respectively.
Other financial instruments not measured at fair value. The following financial instruments are not measured at fair value on the Company’s consolidated balance sheet at September 30, 2021, but disclosure of their fair values is required: settlement receivable and payable and customer collateral. The estimated fair value of such instruments at September 30, 2021 approximates their carrying 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.
v3.21.2
Property, Equipment and Technology, Net
 12 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
Property, Equipment and Technology, Net
Note 7—Property, Equipment and Technology, Net
Property, equipment and technology, net, consisted of the following:
September 30,
20212020
 (in millions)
Land$72 $71 
Buildings and building improvements1,008 1,007 
Furniture, equipment and leasehold improvements2,048 1,997 
Construction-in-progress226 163 
Technology4,320 3,923 
Total property, equipment and technology7,674 7,161 
Accumulated depreciation and amortization(4,959)(4,424)
Property, equipment and technology, net$2,715 $2,737 
Technology consists of both purchased and internally developed software. Internally developed software primarily represents software utilized by the VisaNet electronic payments network. At September 30, 2021 and 2020, accumulated amortization for technology was $3.2 billion and $2.7 billion, respectively.
At September 30, 2021, estimated future amortization expense on technology is as follows:
For the Years Ending September 30,
20222023202420252026ThereafterTotal
 (in millions)
Estimated future amortization expense$408 $307 $217 $134 $56 $18 $1,140 
For fiscal 2021, 2020 and 2019, depreciation and amortization expense related to property, equipment and technology was $721 million, $687 million and $596 million, respectively.
v3.21.2
Intangible Assets and Goodwill
 12 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets and Goodwill Note 8—Intangible Assets and Goodwill
Indefinite-lived and finite-lived intangible assets consisted of the following: 
September 30,
20212020
 GrossAccumulated
Amortization		NetGrossAccumulated
Amortization		Net
 (in millions)
Finite-lived intangible assets:
Customer relationships$726 $(440)$286 $709 $(376)$333 
Trade names199 (148)51 199 (134)65 
Reseller relationships95 (92)3 95 (89)6 
Other16 (15)1 17 (14)3 
Total finite-lived intangible assets1,036 (695)341 1,020 (613)407 
Indefinite-lived intangible assets:
Customer relationships and reacquired rights
23,239 — 23,239 23,317 — 23,317 
Visa trade name4,084 — 4,084 4,084 — 4,084 
Total indefinite-lived intangible assets27,323 — 27,323 27,401 — 27,401 
Total intangible assets$28,359 $(695)$27,664 $28,421 $(613)$27,808 
For fiscal 2021, 2020 and 2019, amortization expense related to finite-lived intangible assets was $83 million, $80 million and $60 million, respectively.
At September 30, 2021, estimated future amortization expense on finite-lived intangible assets is as follows:
For the Years Ending September 30,
20222023202420252026ThereafterTotal
(in millions)
Estimated future amortization expense$78 $55 $53 $42 $27 $86 $341 
The changes in goodwill during the years ended September 30, 2021 and 2020 are as follows:
20212020
(in millions)
Goodwill, beginning of period
$15,910 $15,656 
Goodwill from acquisitions, net of adjustments
63 48 
Foreign currency translation
(15)206 
Goodwill, end of period$15,958 $15,910 
During fiscal 2021, 2020 or 2019, there was no impairment related to the Company’s intangible assets and goodwill.
v3.21.2
Leases
 12 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leases
Note 9—Leases
The Company entered into various operating lease agreements primarily for real estate. The Company's leases have original lease periods expiring between fiscal 2022 and 2031. Many leases include one or more options to renew. The Company's lease agreements do not contain any material residual value guarantees or material restrictive covenants. Payments under the Company’s lease arrangements are generally fixed. At September 30, 2021, the Company had no finance leases.
At September 30, 2021 and 2020, ROU assets included in other assets on the consolidated balance sheets was $515 million and $508 million, respectively. At September 30, 2021 and 2020, the current portion of lease liabilities included in accrued liabilities on the consolidated balance sheets was $103 million and $97 million, respectively, and the long-term portion included in other liabilities was $471 million and $473 million, respectively.
During fiscal 2021 and 2020, total operating lease cost was $111 million and $114 million, respectively. At September 30, 2021 and 2020, the weighted-average remaining lease term for operating leases was approximately 6 years and the weighted-average discount rate for operating leases was 2.23% and 2.29%, respectively.
At September 30, 2021, the present value of future minimum lease payments was as follows:
September 30,
2021
(in millions)
2022$120 
2023108 
2024100 
202585 
202675 
Thereafter132 
Total undiscounted lease payments620 
Less: imputed interest(46)
Present value of lease liabilities$574 
During fiscal 2021 and 2020, ROU assets obtained in exchange for lease liabilities was $96 million and $76 million, respectively.
At September 30, 2021, the Company had additional operating leases that had not yet commenced with lease obligations of $467 million. These operating leases will commence between fiscal 2022 and 2023 with non-cancellable lease terms of 1 to 15 years.
v3.21.2
Debt
 12 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Debt
Note 10—Debt
The Company had outstanding debt as follows:
September 30,
20212020
Effective Interest Rate(1)
(in millions, except percentages)
2.20% Senior Notes due December 2020
$— $3,000 2.30 %
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 debt21,000 24,000 
Unamortized discounts and debt issuance costs(161)(178)
Hedge accounting fair value adjustments(2)
138 248 
Total carrying value of debt$20,977 $24,070 
Reported as:
Current maturities of debt$999 $2,999 
Long-term debt19,978 21,071 
Total carrying value of debt$20,977 $24,070 
(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. See Note 1—Summary of Significant Accounting Policies and Note 13—Derivative Financial Instruments.
Senior Notes
The Company’s outstanding senior notes, or collectively, the “Notes”, are senior unsecured obligations of the Company, ranking equally and ratably among themselves and with the Company’s existing and future unsecured and unsubordinated debt. The Notes are not secured by any assets of the Company and are not guaranteed by any of the Company’s subsidiaries. As of September 30, 2021, the Company was in compliance with all related covenants. Each series of Notes may be redeemed as a whole or in part at the Company’s option at any time at specified redemption prices.
During the year ended September 30, 2021, the Company repaid $3.0 billion of principal upon maturity of its senior notes.
In August 2020, the Company issued fixed-rate senior notes in a public offering in an aggregate principal amount of $3.3 billion with maturities of 7, 10 and a half and 30 years. The August 2027 Notes, 2031 Notes and 2050 Notes, or collectively, the “August 2020 Notes”, have interest rates of 0.75%, 1.10% and 2.00%, respectively. Interest on the August 2020 Notes is payable semi-annually on February 15 and August 15 of each year, commencing on February 15, 2021. The net aggregate proceeds, after deducting discounts and debt issuance costs, were approximately $3.2 billion. The net proceeds from the offering of the August 2027 Notes will be used to
fund eligible green projects and the net proceeds from the offering of the 2031 Notes and 2050 Notes will be used for general corporate purposes.
In April 2020, the Company issued fixed-rate senior notes in a public offering in an aggregate principal amount of $4.0 billion with maturities of 7, 10 and 20 years. The April 2027 Notes, 2030 Notes and 2040 Notes, or collectively, the “April 2020 Notes”, have interest rates of 1.90%, 2.05% and 2.70%, respectively. Interest on the April 2020 Notes is payable semi-annually on April 15 and October 15 of each year, commencing October 15, 2020. The net aggregate proceeds, after deducting discounts and debt issuance costs, were approximately $4.0 billion. The net proceeds from the offering of the April 2020 Notes will be used for general corporate purposes.
Commercial Paper Program
Visa maintains a commercial paper program to support its working capital requirements and for other general corporate purposes. Under the program, the Company is authorized to issue up to $3.0 billion in outstanding notes, with maturities up to 397 days from the date of issuance. As of September 30, 2021 and 2020, the Company had no outstanding obligations under the program.
Credit Facility
On July 25, 2019, the Company entered into an amended and restated credit agreement for a 5 year, unsecured $5.0 billion revolving credit facility (the "Credit Facility"), which will expire on July 25, 2024. The Credit Facility is not governed by any financial covenants. This Credit Facility is maintained to ensure the integrity of the payment card settlement process and for general corporate purposes. Interest on borrowings under the Credit Facility will be charged at the London Interbank Offered Rate or an alternative base rate, in each case plus applicable margins that fluctuate based on the applicable credit rating of the Company's senior unsecured long-term debt. The Company has agreed to pay a commitment fee which will fluctuate based on such applicable rating of the Company. As of September 30, 2021 and 2020, the Company had no amounts outstanding under the Credit Facility.
At September 30, 2021, future principal payments on the Company’s outstanding debt were as follows:
For the Years Ending September 30,
20222023202420252026ThereafterTotal
(in millions)
Future principal payments$1,000 $2,250 $— $— $4,000 $13,750 $21,000 
v3.21.2
Pension and Other Postretirement Benefits
 12 Months Ended
Sep. 30, 2021
Retirement Benefits [Abstract]  
Pension and Other Postretirement Benefits
Note 11—Pension and Other Postretirement Benefits
The Company sponsors various qualified and non-qualified defined benefit pension and other postretirement benefit plans that provide for retirement and medical benefits for all eligible employees residing in the U.S. The Company also sponsors other pension benefit plans that provide benefits for internationally-based employees at certain non-U.S. locations.
Disclosures presented below include the U.S. pension plans and the non-U.S. plans, comprising only the Visa Europe plans. Disclosures relating to other U.S. postretirement benefit plans and other non-U.S. pension benefit plans are not included as they are immaterial, individually and in aggregate. The Company uses a September 30 measurement date for its pension and other postretirement benefit plans.
Defined benefit pension plans. The U.S. pension benefits under the defined benefit pension plan were earned based on a cash balance formula. An employee’s cash balance account was credited with an amount equal to 6% of eligible compensation plus interest based on 30-year Treasury securities. In October 2015, the Company’s board of directors approved an amendment of the U.S. qualified defined benefit pension plan such that the Company discontinued employer provided credits after December 31, 2015. Plan participants continue to earn interest credits on existing balances at the time of the freeze.
The funding policy for the U.S. pension benefits is to contribute annually no less than the minimum required contribution under ERISA.
Under the Visa Europe plans, retirement benefits are provided based on the participants’ final pensionable pay and are currently closed to new entrants. However, future benefits continue to accrue for active participants. The
funding policy is to contribute in accordance with the appropriate funding requirements agreed with the trustees of the UK pension plans. Additional funding amounts may be agreed to with the UK pension plan trustees.
Summary of Plan Activities
A reconciliation of pension benefit obligations, plan assets, funded status and amounts recognized in the Company’s consolidated balance sheets were as follows:
U.S. PlansNon-U.S. Plans
 September 30,September 30,
 2021202020212020
 (in millions)
Change in pension benefit obligation:
Benefit obligation at beginning of period
$920 $919 $563 $528 
Service cost— — 4 4 
Interest cost25 28 10 10 
Actuarial (gain) loss(8)37 (53)11 
Benefit payments(60)(64)(28)(17)
Foreign currency exchange rate changes
— — 24 27 
Benefit obligation at end of period$877 $920 $520 $563 
Accumulated benefit obligation$877 $920 $520 $563 
Change in plan assets:
Fair value of plan assets at beginning of period
$1,142 $1,090 $525 $490 
Actual return on plan assets205 114 9 5 
Company contribution1 2 21 22 
Benefit payments(60)(64)(28)(17)
Foreign currency exchange rate changes
— — 21 25 
Fair value of plan assets at end of period
$1,288 $1,142 $548 $525 
Funded status at end of period$411 $222 $28 $(38)
Recognized in consolidated balance sheets:
Non-current asset$417 $229 $30 $— 
Current liability(1)(1)— — 
Non-current liability(5)(6)(2)(38)
Funded status at end of period$411 $222 $28 $(38)
Amounts recognized in accumulated other comprehensive income (loss) before tax consist of the following: 
U.S. PlansNon-U.S. Plans
September 30,September 30,
 2021202020212020
 (in millions)
Net actuarial (gain) loss$(11)$135 $47 $93 
Benefit obligations in excess of plan assets were as follows:
 U.S. PlansNon-U.S. Plans
September 30,September 30,
 2021202020212020
 (in millions)
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation at end of period$(6)$(7)$(520)$(563)
Fair value of plan assets at end of period$— $— $548 $525 
Projected benefit obligation in excess of plan assets
Benefit obligation at end of period$(6)$(7)$(520)$(563)
Fair value of plan assets at end of period$— $— $548 $525 
Net periodic benefit cost consists of the following:
U.S. PlansNon-U.S. Plans
For the Years Ended September 30,
 202120202019202120202019
 (in millions)
Service cost$— $— $— $4 $4 $4 
Interest cost25 28 32 10 10 13 
Expected return on assets(70)(72)(71)(17)(15)(18)
Amortization of actuarial (gain) loss 3 6 — 4 2 — 
Settlement (gain) loss(1)8 7 2 — — 
Total net periodic benefit cost$(43)$(30)$(32)$3 $1 $(1)
The service cost component of net periodic benefit cost is presented in personnel expenses while the other components are presented in other non-operating income (expense) on the Company’s consolidated statements of operations.
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) consist of the following: 
U.S. PlansNon-U.S. Plans
For the Years Ended September 30,
202120202019202120202019
 (in millions)
Current year actuarial (gain) loss$(143)$(5)$114 $(45)$21 $27 
Amortization of actuarial gain (loss)(3)(14)(7)(6)(2)— 
Current year prior service cost— — — — — 1 
Total recognized in other comprehensive (income) loss$(146)$(19)$107 $(51)$19 $28 
Total recognized in net periodic benefit cost and other comprehensive (income) loss$(189)$(49)$75 $(48)$20 $27 
For the year ended September 30, 2021, the net gain was primarily attributable to market-driven increases in the fair value of plan assets combined with an increase in the discount rate.
Weighted-average actuarial assumptions used to estimate the benefit obligation and net periodic benefit cost were as follows:
U.S. PlansNon-U.S. Plans
 For the Years Ended September 30,
 202120202019202120202019
Discount rate for benefit obligation:
Pension2.98 %2.88 %3.26 %2.10 %1.60 %1.80 %
Discount rate for net periodic benefit cost:
Pension2.88 %3.27 %4.23 %1.60 %1.80 %2.90 %
Expected long-term rate of return on plan assets6.50 %7.00 %7.00 %3.50 %3.00 %3.00 %
Rate of increase(1) in compensation levels for:
Benefit obligationNANANA2.50 %2.50 %2.50 %
Net periodic benefit costNANANA2.50 %2.50 %2.50 %
(1)This assumption is not applicable for the U.S. plans due to the amendment of the U.S. qualified defined benefit pension plan in October 2015, which discontinued the employer provided credits effective after December 31, 2015.
The U.S. plans include a cash balance plan with promised interest crediting rates. Under the plan rules, for fiscal 2021, 2020 and 2019, the weighted average interest crediting rates for the benefit obligation were 1.98%,1.88%, 2.26%, respectively, and the weighted average interest crediting rates for the benefit cost set at the beginning of the period were 1.88%, 2.26% and 3.23% for fiscal 2021, 2020 and 2019, respectively.
Pension Plan Assets
Pension plan assets are managed with a long-term perspective to ensure that there is an adequate level of assets to support benefit payments to participants over the life of the pension plan. Pension plan assets are managed by external investment managers. Investment manager performance is measured against benchmarks for each asset class on a quarterly basis. An independent consultant assists management with investment manager selections and performance evaluations.
Pension plan assets are broadly diversified to maintain a prudent level of risk and to provide adequate liquidity for benefit payments. The Company generally evaluates and rebalances pension plan assets, as appropriate, to ensure that allocations are consistent with its investment strategy and within target allocation ranges. For U.S. pension plan assets, the Company’s investment strategy is to invest in the following: equity securities of 35% to 65%, fixed income securities of 43% to 53% and other, primarily consisting of cash equivalents to meet near term expected benefit payments and expenses, of up to 4%. At September 30, 2021, U.S. pension plan asset allocations for these categories were 50%, 48% and 2%, respectively, which were within target allocation ranges.
For non-U.S. pension plan assets, the Company’s investment strategy is to invest in the following: equity funds of 12%, interest and inflation hedging assets of 50% and other of 38%, consisting of cash and cash equivalents, corporate debt and asset-backed securities, multi-asset funds and property. At September 30, 2021, non-U.S. pension plan asset allocations for these categories were 12%, 45% and 43%, respectively, which generally aligned with the target allocations.
The following tables set forth by level, within the fair value hierarchy, the pension plans’ investments at fair value as of September 30, 2021 and 2020, including the impact of transactions that were not settled at the end of September:
U.S. Plans
Fair Value Measurements at September 30 Using Inputs Considered as
Level 1Level 2Level 3Total
20212020202120202021202020212020
(in millions)
Cash equivalents$20 $17 $— $— $— $— $20 $17 
Collective investment funds— — 548 509 — — 548 509 
Corporate debt securities— — 455 373 — — 455 373 
U.S. government-sponsored debt securities
— — 28 30 — — 28 30 
U.S. Treasury securities
105 84 — — — — 105 84 
Asset-backed securities— — — — 31 37 31 37 
Equity securities101 92 — — — — 101 92 
Total
$226 $193 $1,031 $912 $31 $37 $1,288 $1,142 
Non-U.S. Plans
Fair Value Measurements at September 30 Using Inputs Considered as
Level 1Level 2Level 3Total
20212020202120202021202020212020
(in millions)
Cash and cash equivalents$18 $6 $— $— $— $— $18 $6 
Corporate debt securities— — 51 48 — — 51 48 
Asset-backed securities— — — — 78 67 78 67 
Equity funds— — 68 65 — — 68 65 
Multi-asset securities(1)
— — 333 339 — — 333 339 
Total
$18 $6 $452 $452 $78 $67 $548 $525 
(1)Multi-asset securities represent pension plan assets that are invested in funds comprised of broad ranges of assets.
Level 1 assets. Cash equivalents, which comprise of money market funds, U.S. Treasury securities and equity 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.
Level 2 assets. Collective investment funds are unregistered investment vehicles that generally commingle the assets of multiple fiduciary clients, such as pension and other employee benefit plans, to invest in a portfolio of stocks, bonds or other securities. Although the collective investment funds held by the plan are ultimately invested in publicly traded equity securities, their own unit values are not directly observable, and therefore they are classified as Level 2. Equity funds are investments in mutual funds that in-turn ultimately invest in equity securities of various jurisdictions. These are classified as level 2 as the equity funds held by the plan are not actively traded but the fair value of underlying securities are generally, although not always, determined with observable data and inputs. The fair values of corporate debt, multi-asset and U.S. government-sponsored securities are based on quoted prices in active markets for similar, not identical, assets.
Level 3 assets. Asset-backed securities are bonds that are backed by various types of assets and primarily consist of mortgage-backed securities. Asset-backed securities are classified as Level 3 due to a lack of observable inputs in measuring fair value.
Cash Flows
Expected future employer contributions and benefit payments are as follows:
U.S. PlansNon-U.S. Plans
(in millions)
Expected employer contributions
2022$1 $21 
Expected benefit payments
2022$122 $8 
2023$93 $8 
2024$84 $9 
2025$80 $9 
2026$72 $9 
2027-2031$278 $50 
Other Benefits
The Company sponsors a defined contribution plan, or 401(k) plan, that covers substantially all of its employees residing in the U.S. In fiscal 2021, 2020 and 2019, personnel costs included $141 million, $140 million, and $121 million, respectively, of expenses attributable to the Company’s employees under the 401(k) plan. The Company’s contributions to this 401(k) plan are funded on a current basis, and the related expenses are recognized in the period that the payroll expenses are incurred.
v3.21.2
Settlement Guarantee Management
 12 Months Ended
Sep. 30, 2021
Settlement Guarantee Management [Abstract]  
Settlement Guarantee Management
Note 12—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 year ended September 30, 2021, the Company’s maximum daily settlement exposure was $105.0 billion and the average daily settlement exposure was $65.1 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. At September 30, 2021 and 2020, the Company held the following collateral to manage settlement exposure:
September 30,
20212020
 (in millions)
Restricted cash and restricted cash equivalents$2,260 $1,850 
Pledged securities at market value254 228 
Letters of credit1,518 1,306 
Guarantees758 717 
Total$4,790 $4,101 
v3.21.2
Derivative Financial Instruments
 12 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
Note 13—Derivative Financial Instruments
As of September 30, 2021 and 2020, the aggregate notional amount of the Company’s derivative contracts outstanding in its hedge program was $11.2 billion and $10.7 billion, respectively. As of September 30, 2021 and 2020, the aggregate notional amount of the derivative contracts not designated as hedging instruments was $0.8 billion and $1.6 billion, respectively.

As of September 30, 2021 and 2020, the following table shows the Company’s derivative instruments at gross fair value:
September 30,
Balance Sheet Location20212020
(in millions)
Assets
Designated as Hedging Instrument:
Foreign exchange contractsPrepaid expenses and other current assets and other assets$270 $257 
Interest rate swapOther assets$138 $248 
Not Designated as Hedging Instrument:
Foreign exchange contractsPrepaid expenses and other current assets$2 $7 
Liabilities
Designated as Hedging Instrument:
Foreign exchange contractsAccrued liabilities$13 $39 
Cross-currency swapOther liabilities$90 $137 
Not Designated as Hedging Instrument:
Foreign exchange contractsAccrued liabilities$6 $5 
For fiscal 2021, 2020 and 2019, the Company recognized pre-tax net gains (losses) in other comprehensive income (loss) related to net investment hedges of $20 million, ($318) million and $234 million, respectively. For fiscal 2021, 2020 and 2019, the Company recognized an increase in earnings of $156 million, $150 million and $95 million, respectively, related to excluded forward points and interest differentials from forward contracts and swap agreements.
Credit and market risks. The Company’s derivative financial instruments are subject to both credit and market risk. The Company monitors the credit-worthiness of the financial institutions that are counterparties to its derivative financial instruments and does not consider the risks of counterparty nonperformance to be significant. The Company mitigates this risk by entering into master netting agreements, and such agreements require each party to post collateral against its net liability position with the respective counterparty. As of September 30, 2021, the Company has received collateral of $35 million from counterparties, which is included in accrued liabilities in the consolidated balance sheets, and posted collateral of $9 million, which is included in prepaid expenses and other current assets in the consolidated balance sheets. Notwithstanding the Company’s efforts to manage foreign exchange risk, there can be no absolute assurance that its hedging activities will adequately protect against the risks associated with foreign currency fluctuations. As of September 30, 2021, credit and market risks related to derivative instruments were not considered significant.
v3.21.2
Enterprise-wide Disclosures and Concentration of Business
 12 Months Ended
Sep. 30, 2021
Enterprise-wide Disclosures and Concentration of Business [Abstract]  
Enterprise-wide Disclosures and Concentration of Business
Note 14—Enterprise-wide Disclosures and Concentration of Business
The Company’s long-lived net property and equipment and ROU assets are classified by major geographic areas as follows:
September 30,
20212020
 (in millions)
U.S.$1,286 $1,350 
International596 558 
Total$1,882 $1,908 
Revenues by geographic market is primarily based on the location of the issuing financial institution. Net revenues earned in the U.S. were approximately 46% of total net revenues in each of fiscal 2021 and fiscal 2020 and 45% of total net revenues in fiscal 2019. No individual country, other than the U.S., generated more than 10% of total net revenues in these years.
In fiscal 2021, the Company had one client that accounted for 11% of its total net revenues. In fiscal 2020, the Company had two clients that accounted for 11% and 10% of its total net revenues, respectively. In fiscal 2019, no clients generated greater than 10% of the Company’s total net revenues.
v3.21.2
Stockholders' Equity
 12 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Stockholders' Equity
Note 15—Stockholders’ Equity
Series A preferred stock issuance. In September 2020, the Company issued 374,819 shares of series A preferred stock in connection with the Fourth anniversary release. See Note 5—U.S. and Europe Retrospective Responsibility Plans.
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 at September 30, 2021 and 2020, were as follows:
September 30,
20212020
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 7 — 
(2)
100.0000 35 
Series B preferred stock2 6.3210 16 2 6.3870 16 
Series C preferred stock3 6.8340 22 3 6.8610 22 
Class A common stock(3)
1,677 — 1,677 1,683 — 1,683 
Class B common stock245 1.6228 
(4)
398 245 1.6228 
(4)
398 
Class C common stock10 4.0000 41 11 4.0000 43 
Total2,161 2,197 
(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 September 30, 2021 and 2020.
(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 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 recovery has the same economic effect on earnings per share as repurchasing the Company’s class A common stock, because it reduces 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 as-converted series B and C preferred stock after the Company recovered VE territory covered losses through conversion rate adjustments and the Fourth anniversary release:
For the Years Ended September 30,
202120202019
Series BSeries CSeries BSeries CSeries BSeries C
(in millions, except per share data)
Reduction in equivalent number of as-converted shares of class A common stock
— 
(1)
— 
(1)
16 22 — 
(1)
— 
(1)
Effective price per share(2)
$220.84 $220.71 $194.31 $194.33 $141.32 $150.26 
Recovery through conversion rate adjustment
$35 $20 $72 $92 $6 $2 
Fourth anniversary release$— $— $3,084 $4,216 $— $— 
(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 each adjustment made during the year 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 for each fiscal year is calculated using the weighted-average effective prices of the respective adjustments made during the year.
Under the terms of the U.S. retrospective responsibility plan, when the Company makes a deposit into the litigation escrow account, the shares of class B common stock are subject to dilution through a reduction to the conversion rate of the shares of class B common stock to shares of class A common stock. See Note 5—U.S. and Europe Retrospective Responsibility Plans.
The following table presents the reduction in as-converted class B common stock after deposits into the litigation escrow account for the following fiscal years:
For the Years Ended September 30,
202120202019
(in millions, except per share data)
Reduction in equivalent number of as-converted shares of class A common stock
— — 2 
Effective price per share(1)
$— $— $174.73 
Deposits under the U.S. retrospective responsibility plan$— $— $300 
(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.
Common stock repurchases. The following table presents share repurchases in the open market for the following fiscal years:
For the Years Ended September 30,
202120202019
(in millions, except per share data)
Shares repurchased in the open market(1)
40 44 56 
Average repurchase price per share(2)
$219.03 $183.00 $154.01 
Total cost(2)
$8,676 $8,114 $8,607 
(1)Shares repurchased in the open market reflect repurchases that settled during fiscal 2021, 2020 and 2019. 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 January 2020, the Company’s board of directors authorized a $9.5 billion share repurchase program and in January 2021, authorized an additional $8.0 billion share repurchase program (the “January 2021 Program”). These authorizations have no expiration date. As of September 30, 2021, the Company’s January 2021 Program had remaining authorized funds of $4.8 billion. All share repurchase programs authorized prior to January 2021 have been completed.
Dividends. In fiscal 2021, 2020 and 2019, the Company declared and paid dividends of $2.8 billion, $2.7 billion and $2.3 billion, respectively, at a quarterly rate of $0.32, $0.30 and $0.25 per share, respectively. On October 22, 2021, 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 December 7, 2021, to all holders of record of the Company’s common and preferred stock as of November 12, 2021.
Class B common stock. The class B common stock is not convertible or transferable until the date on which all of the U.S. covered litigation has been finally resolved. This transfer restriction is subject to limited exceptions, including transfers to other holders of class B common stock. After termination of the restrictions, the class B common stock will be convertible into class A common stock if transferred to a person that was not a Visa Member (as defined in the current certificate of incorporation) or similar person or an affiliate of a Visa Member or similar person. Upon such transfer, each share of class B common stock will automatically convert into a number of shares of class A common stock based upon the applicable conversion rate in effect at the time of such transfer.
Adjustment of the conversion rate occurs upon: (i) the completion of any follow-on offering of class A common stock completed to increase the size of the U.S. litigation escrow account (or any cash deposit by the Company in lieu thereof) resulting in a further corresponding decrease in the conversion rate; or (ii) the final resolution of the U.S. covered litigation and the release of funds remaining on deposit in the U.S. litigation escrow account to the Company resulting in a corresponding increase in the conversion rate. See Note 5—U.S. and Europe Retrospective Responsibility Plans.
Class C common stock. As of September 30, 2021, all of the shares of class C common stock have been released from transfer restrictions. A total of 141 million shares have been converted from class C to class A common stock upon their sale into the public market.
Preferred stock. In connection with the Visa Europe acquisition, three new series of preferred stock of the Company were created. Upon issuance, all of the preferred stock participate on an as-converted basis in regular quarterly cash dividends declared on the Company’s class A common stock. Preferred stock may be issued as redeemable or non-redeemable, and has preference over any class of common stock with respect to the payment of dividends and distribution of the Company’s assets in the event of a liquidation or dissolution.
The series B and C preferred stock is convertible upon certain conditions into shares of class A common stock or series A preferred stock. The shares of series B and C preferred stock are subject to restrictions on transfer and may become convertible in stages based on developments in the VE territory covered litigation. The shares of series B and C preferred stock will become fully convertible on the 12th anniversary of the closing of the Visa Europe acquisition, subject only to a holdback to cover any then-pending claims. Upon any such conversion of the series B and C preferred stock (whether by such 12th anniversary, or thereafter with respect to claims pending on such anniversary), the conversion rate would be adjusted downward and the holder would receive either class A common stock or series A preferred stock (for those who are not eligible to hold class A common stock pursuant to the Company’s charter). The conversion rates may also be reduced from time to time to offset certain liabilities.
The series A preferred stock, generally designed to be economically equivalent to the Company’s class A common stock, is freely transferable and each share of series A preferred stock will automatically convert into 100 shares of class A common stock upon a transfer to any holder that is eligible to hold class A common stock under the charter. See Note 5—U.S. and Europe Retrospective Responsibility Plans.
Voting rights. The holders of the series B and C preferred stock have no right to vote on any matters, except for certain defined matters, including, in specified circumstances, any consolidation, merger, combination or similar transaction of the Company in which the preferred stockholders would either (i) receive shares of common stock or other equity securities of the Company with preferences, rights and privileges that are not substantially identical to the preferences, rights and privileges of the applicable series of preferred stock or (ii) receive securities, cash or other property that is different from what the Company’s class A common stockholders would receive. With respect to these limited matters on which the holders of preferred stock may vote, approval by the preferred stockholders requires the affirmative vote of the outstanding voting power of each such series of preferred stock, each such series voting as a single class. In either case, the series B and C preferred stockholders are entitled to cast a number of votes equal to the number of shares held by each such holder. Holders of the series A preferred stock, upon issuance at conversion, will have similar voting rights to the rights of the holders of the series B and C preferred stock.
Class A common stockholders have the right to vote on all matters on which stockholders generally are entitled to vote. Class B and C common stockholders have no right to vote on any matters, except for certain defined matters, including (i) any decision to exit the core payments business, in which case the class B and C common stockholders will vote together with the class A common stockholders in a single class, and (ii) in specified circumstances, any consolidation, merger, combination or similar transaction of the Company, in which case the class B and C common stockholders will vote together as a single class. In either case, the class B and C common stockholders are entitled to cast a number of votes equal to the number of shares of class B or C common stock held multiplied by the applicable conversion rate in effect on the record date. Holders of the Company’s common stock have no right to vote on any amendment to the current certificate of incorporation that relates solely to any series of preferred stock.
v3.21.2
Earnings Per Share
 12 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Earnings Per Share
Note 16—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 15—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 fiscal 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$9,527 1,691 $5.63 $12,311 2,188 (3)$5.63 
Class B common stock2,244 245 $9.14 2,242 245 $9.13 
Class C common stock237 10 $22.53 236 10 $22.51 
Participating securities303 Not presentedNot presented303 Not presentedNot presented
Net income$12,311 
The following table presents earnings per share for fiscal 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$8,310 1,697 $4.90 $10,866 2,223 (3)$4.89 
Class B common stock1,951 245 $7.94 1,948 245 $7.93 
Class C common stock214 11 $19.58 214 11 $19.56 
Participating securities391 Not presentedNot presented391 Not presentedNot presented
Net income$10,866 
The following table presents earnings per share for fiscal 2019:
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$9,273 1,742 $5.32 $12,080 2,272 (3)$5.32 
Class B common stock2,130 245 $8.68 2,127 245 $8.66 
Class C common stock247 12 $21.30 246 12 $21.26 
Participating securities430 Not presentedNot presented429 Not presentedNot presented
Net income$12,080 
(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 each of fiscal 2021 and 2020 and 400 million for fiscal 2019. The weighted-average number of shares of as-converted class C common stock used in the income allocation was 42 million, 44 million and 46 million for fiscal 2021, 2020 and 2019, respectively. The weighted-average number of shares of preferred stock included within participating securities was 12 million and 1 million of as-converted series A preferred stock for fiscal 2021 and 2020, respectively, 16 million of as-converted series B preferred stock for fiscal 2021 and 32 million of as-converted series B preferred stock for each of fiscal 2020 and 2019, and 22 million, 43 million, and 44 million of as-converted series C preferred stock for fiscal 2021, 2020 and 2019, respectively.
(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 each of fiscal 2021, 2020 and 2019.
v3.21.2
Share-based Compensation
 12 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation
Note 17—Share-based Compensation
2007 Equity Incentive Compensation Plan
The Company’s 2007 Equity Incentive Compensation Plan, or the EIP, authorizes the compensation committee of the board of directors to grant non-qualified stock options (“options”), restricted stock awards, RSUs and performance-based shares to its employees and non-employee directors. On January 26, 2021, the EIP was amended to extend the termination date from January 31, 2022 to January 26, 2031 and reduce the number of shares of class A common stock authorized for grant from 236 million to 198 million. Shares available for grant may be either authorized and unissued or previously issued shares subsequently acquired by the Company. Under the amended EIP, shares withheld for taxes, or shares used to pay the exercise or purchase price of an award, shall not again be available for future grant. The EIP will continue to be in effect until all of the common stock available under the EIP is delivered and all restrictions on those shares have lapsed, unless the EIP is terminated earlier by the Company’s board of directors.
For fiscal 2021, 2020 and 2019, the Company recorded share-based compensation cost related to the EIP of $518 million, $393 million and $388 million, respectively, in personnel expense on its consolidated statements of operations. The related tax benefits for fiscal 2021, 2020 and 2019 were $73 million, $63 million and $59 million, respectively.
Options
Options issued under the EIP expire 10 years from the date of grant and primarily vest ratably over 3 years from the date of grant, subject to earlier vesting in full under certain conditions.
During fiscal 2021, 2020 and 2019, the fair value of each stock option was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:
For the Years Ended September 30,
202120202019
Expected term (in years)(1)
4.074.033.98
Risk-free rate of return(2)
0.3 %1.6 %2.9 %
Expected volatility(3)
25.1 %18.7 %20.2 %
Expected dividend yield(4)
0.6 %0.7 %0.7 %
Fair value per option granted$39.51$29.37$25.89
(1)Based on Visa’s historical exercise experience.
(2)Based upon the zero coupon U.S. treasury bond rate over the expected term of the awards.
(3)Based on the Company’s implied and historical volatilities.
(4)Based on the Company’s annual dividend rate on the date of grant.
The following table summarizes the Company’s option activity for fiscal 2021:
OptionsWeighted-
Average
Exercise Price
Per Share		Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value(1)
(in millions)
Outstanding at September 30, 20205,786,549 $114.61 
Granted1,022,430 $207.57 
Forfeited(57,107)$179.38 
Expired— $— 
Exercised(912,093)$87.06 
Outstanding at September 30, 20215,839,779 $134.56 6.56$515 
Options exercisable at September 30, 20213,736,509 $105.05 5.55$440 
Options exercisable and expected to vest at September 30, 2021(2)
5,783,092 $133.93 6.54$514 
(1)Calculated using the closing stock price on the last trading day of fiscal 2021 of $222.75, less the option exercise price, multiplied by the number of instruments.
(2)Applied a forfeiture rate to unvested options outstanding at September 30, 2021 to estimate the options expected to vest in the future.
During fiscal 2021, 2020 and 2019, the total intrinsic value of options exercised was $124 million, $146 million and $107 million, respectively, and the tax benefit realized was $23 million, $31 million and $23 million, respectively. As of September 30, 2021, there was $23 million of total unrecognized compensation cost related to unvested options, which is expected to be recognized over a weighted-average period of approximately 0.42 years.
Restricted Stock Units
RSUs issued under the EIP primarily vest ratably over 3 years from the date of grant, subject to earlier vesting in full under certain conditions. Upon vesting, RSUs can be settled in class A common stock on a one-for-one basis or in cash, or a combination thereof, at the Company’s option. The Company does not currently intend to settle any RSUs in cash. During the vesting period, RSU award recipients are eligible to receive dividend equivalents, but do not participate in the voting rights granted to the holders of the underlying class A common stock.
The fair value and compensation cost before estimated forfeitures for RSUs is calculated using the closing price of class A common stock on the date of grant. During fiscal 2021, 2020 and 2019, the weighted-average grant date fair value of RSUs granted was $209.00, $183.61 and $137.38, respectively. During fiscal 2021, 2020 and 2019, the total grant date fair value of RSUs vested was $331 million, $284 million and $228 million, respectively.
The following table summarizes the Company’s RSU activity for fiscal 2021:
 UnitsWeighted-
Average
Grant Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value(1)
(in millions)
Outstanding at September 30, 20204,690,500 $154.06 
Granted
2,486,219 $209.00 
Vested
(2,327,105)$142.35 
Forfeited
(323,166)$183.46 
Outstanding at September 30, 20214,526,448 $188.16 0.87$1,008 
(1)Calculated by multiplying the closing stock price on the last trading day of fiscal 2021 of $222.75 by the number of instruments.
At September 30, 2021, there was $452 million of total unrecognized compensation cost related to unvested RSUs, which is expected to be recognized over a weighted-average period of approximately 0.87 years.
Performance-based Shares
For the Company’s performance-based shares, in addition to service conditions, the ultimate number of shares to be earned depends on the achievement of both performance and market conditions. The performance condition is based on the Company’s earnings per share target. The market condition is based on the Company’s total shareholder return ranked against that of other companies that are included in the Standard & Poor’s 500 Index. For fiscal 2021, the fair value of the performance-based shares incorporating the market condition is estimated on the grant date using a Monte Carlo simulation model with the following weighted-average assumptions: risk-free rate of return of 0.2%, expected term of 2 years, expected volatility of 27.2% and expected dividend yield of 0.6%. In fiscal 2021, 2020 and 2019, the weighted-average grant date fair value of performance-based shares granted was $229.81, $211.08 and $153.42 per share, respectively. Performance-based shares vest over three years and are subject to earlier vesting in full under certain conditions. During fiscal 2021, 2020 and 2019, the total grant date fair value of performance-based shares vested and earned was $47 million, $65 million and $41 million, respectively. Compensation cost for performance-based shares is initially estimated based on target performance. It is recorded net of estimated forfeitures and adjusted as appropriate throughout the performance period.
The following table summarizes the maximum number of performance-based shares which could be earned and related activity for fiscal 2021:
Shares
Weighted-
Average
Grant Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value(1)
(in millions)
Outstanding at September 30, 2020994,800 $171.33 
Granted(2)
432,714 $229.81 
Vested and earned(359,894)$130.98 
Unearned(203,760)$224.79 
Forfeited— $— 
Outstanding at September 30, 2021863,860 $204.82 0.82$192 
(1)Calculated by multiplying the closing stock price on the last trading day of fiscal 2021 of $222.75 by the number of instruments.
(2)Represents the maximum number of performance-based shares which could be earned.
At September 30, 2021, there was $40 million of total unrecognized compensation cost related to unvested performance-based shares, which is expected to be recognized over a weighted-average period of approximately 0.82 years.
Employee Stock Purchase Plan
The Visa Inc. Employee Stock Purchase Plan (the “ESPP”) permits eligible employees to purchase the Company’s class A common stock at a 15% discount of the stock price on the purchase date, subject to certain restrictions. A total of 20 million shares of class A common stock have been reserved for issuance under the ESPP. In fiscal 2021, 2020 and 2019, the ESPP did not have a material impact on the consolidated financial statements.
v3.21.2
Commitments and Contingencies
 12 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Note 18—Commitments and Contingencies
Commitments. The Company has software licenses throughout the world with varying expiration dates. At September 30, 2021, future minimum payments on software licenses are as follows:
For the Years Ending September 30,
20222023202420252026ThereafterTotal
(in millions)
Software licenses$97 $35 $7 $6 $— $— $145 
v3.21.2
Income Taxes
 12 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
Income Taxes
Note 19—Income Taxes
The Company’s income before taxes by fiscal year consisted of the following:
For the Years Ended September 30,
202120202019
 (in millions)
U.S.$11,002 $9,178 $9,536 
Non-U.S.5,061 4,612 5,348 
Total income before taxes$16,063 $13,790 $14,884 
For fiscal 2021, U.S. income before taxes included $3.1 billion, and for fiscal 2020 and 2019 included $3.0 billion, of the Company’s U.S. entities’ income from operations outside of the U.S.
Income tax provision by fiscal year consisted of the following:
For the Years Ended September 30,
202120202019
 (in millions)
Current:
U.S. federal$1,943 $1,662 $1,504 
State and local69 212 243 
Non-U.S.869 743 843 
Total current taxes2,881 2,617 2,590 
Deferred:
U.S. federal(57)42 184 
State and local(28)9 28 
Non-U.S.956 256 2 
Total deferred taxes871 307 214 
Total income tax provision$3,752 $2,924 $2,804 
At September 30, 2021 and 2020, the tax effect of temporary differences that give rise to significant portions of deferred tax assets and liabilities, are presented below:
September 30,
20212020
 (in millions)
Deferred Tax Assets:
Accrued compensation and benefits$166 $114 
Accrued litigation obligation234 204 
Client incentives327 121 
Net operating loss carryforwards104 80 
Comprehensive loss106 148 
Federal benefit of state taxes157 203 
Other55 60 
Valuation allowance(103)(84)
Deferred tax assets1,046 846 
Deferred Tax Liabilities:
Property, equipment and technology, net(346)(343)
Intangible assets(6,452)(5,492)
Unrealized gains on equity securities(203)(48)
Foreign taxes(93)(137)
Deferred tax liabilities(7,094)(6,020)
Net deferred tax liabilities$(6,048)$(5,174)
On June 10, 2021, the UK enacted legislation that increases the tax rate from 19% to 25%, effective April 1, 2023. As a result, the Company recorded a $1.0 billion non-recurring, non-cash tax expense related to the remeasurement of its UK deferred tax liabilities, primarily related to intangibles recorded upon the acquisition of Visa Europe in fiscal 2016. The increase in deferred tax liabilities reflects the remeasurement of UK deferred tax liabilities.
The American Rescue Plan Act of 2021 (the “ARP Act”) was enacted in the U.S. on March 11, 2021. The ARP Act did not have a material impact on the Company’s financial results.
At September 30, 2021 and 2020, net deferred tax assets of $80 million and $63 million, respectively, are reflected in other assets on the consolidated balance sheets.
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences are deductible. The fiscal 2021 and 2020 valuation allowances relate primarily to foreign net operating losses from subsidiaries acquired in recent years. 
As of September 30, 2021, the Company had $42 million federal, $15 million state and $390 million foreign net operating loss carryforwards from acquired subsidiaries. Federal net operating loss carryforwards generated in years prior to fiscal 2018 will expire in fiscal 2034 through 2037. State net operating loss carryforwards will expire in fiscal 2028 through 2035. Federal net operating losses generated after fiscal 2017 and foreign net operating losses may be carried forward indefinitely. The Company expects to fully utilize the state net operating loss carryforwards in future years.
The income tax provision differs from the amount of income tax determined by applying the applicable U.S. federal statutory rate to pretax income, as a result of the following:
 For the Years Ended September 30,
 202120202019
 (in millions, except percentages)
U.S. federal income tax at statutory rate$3,373 21 %$2,896 21 %$3,126 21 %
State income taxes, net of federal benefit222 1 %199 2 %223 2 %
Non-U.S. tax effect, net of federal benefit(505)(3 %)(483)(4 %)(527)(4 %)
Remeasurement of deferred tax balances1,007 6 %329 2 %— — %
Conclusion of audits(255)(2 %)— — %— — %
Other, net(90)— %(17)— %(18)— %
Income tax provision$3,752 23 %$2,924 21 %$2,804 19 %
In fiscal 2021 and fiscal 2020, the effective income tax rate was 23% and 21%, respectively. The effective tax rate in fiscal 2021 differs from the effective tax rate in fiscal 2020 primarily due to the following:
•during fiscal 2021, a $1.0 billion non-recurring non-cash tax expense related to the remeasurement of UK deferred tax liabilities, as discussed above;
•during fiscal 2021, $255 million of tax benefits recognized as a result of the conclusion of audits by taxing authorities; and
•during fiscal 2020, a $329 million non-recurring, non-cash tax expense related to the remeasurement of UK deferred tax liabilities, as discussed below.
In fiscal 2020 and fiscal 2019, the effective income tax rate was 21% and 19%, respectively. The effective tax rate in fiscal 2020 differs from the effective tax rate in fiscal 2019 mainly due to a $329 million non-recurring, non-cash tax expense related to the remeasurement of UK deferred tax liabilities, as a result of the enactment of UK legislation on July 22, 2020 that repealed the previous tax rate reduction from 19% to 17% that was effective April 1, 2020.
Current income taxes receivable at September 30, 2021 and 2020 of $83 million and $93 million, respectively, were included in prepaid expenses and other current assets. Non-current income taxes receivable at September 30, 2021 and 2020 of $974 million and $988 million, respectively, were included in other assets. Income taxes payable at September 30, 2021 and 2020 of $325 million and $134 million, respectively, were included in accrued liabilities. Accrued income taxes at September 30, 2021 and 2020 of $2.4 billion and $2.8 billion, respectively, were included in other liabilities.
The Company’s operating hub in the Asia Pacific region is located in Singapore. Effective October 1, 2008 through September 30, 2023, it is subject to a tax incentive which is conditional upon meeting certain business operations and employment thresholds in Singapore. The tax incentive decreased Singapore tax by $273 million, $280 million and $324 million, and the gross benefit of the tax incentive on diluted earnings per share was $0.12, $0.13 and $0.14 in fiscal 2021, 2020 and 2019, respectively.
In accordance with Accounting Standards Codification 740—Income Taxes, the Company is required to inventory, evaluate and measure all uncertain tax positions taken or to be taken on tax returns, and to record liabilities for the amount of such positions that may not be sustained, or may only partially be sustained, upon examination by the relevant taxing authorities.
At September 30, 2021, 2020, and 2019, the Company’s total gross unrecognized tax benefits were $2.5 billion, $2.6 billion and $2.2 billion, respectively, exclusive of interest and penalties described below. Included in the $2.5 billion, $2.6 billion and $2.2 billion are $1.3 billion, $1.6 billion and $1.4 billion of unrecognized tax benefits, respectively, that if recognized, would reduce the effective tax rate in a future period.
A reconciliation of beginning and ending unrecognized tax benefits by fiscal year is as follows: 
202120202019
 (in millions)
Balance at beginning of period$2,579 $2,234 $1,658 
Increases of unrecognized tax benefits related to prior years34 66 216 
Decreases of unrecognized tax benefits related to prior years(386)(83)(13)
Increases of unrecognized tax benefits related to current year326 376 384 
Decreases related to settlements with taxing authorities(63)(12)(9)
Reductions related to lapsing statute of limitations(2)(2)(2)
Balance at end of period$2,488 $2,579 $2,234 
In fiscal 2021, 2020 and 2019, the Company recognized $1 million, $68 million and $66 million of net interest expense, respectively, related to uncertain tax positions. In fiscal 2021, 2020 and 2019, the Company accrued penalties related to uncertain tax positions of $3 million, $4 million and $5 million, respectively. At September 30, 2021 and 2020, the Company had accrued interest of $233 million, and accrued penalties of $34 million and $31 million, respectively, related to uncertain tax positions included in other long-term liabilities in its consolidated balance sheets.
The Company’s U.S. federal income tax returns for fiscal 2013 through 2018 and refund claims filed for fiscal 2008 through 2012 are currently under examination. The Company’s California income tax returns for fiscal 2012 through 2015 and refund claims filed for fiscal 2006 through 2011 are currently under examination. Except for the refund claims, the federal and California statutes of limitations have expired for fiscal years prior to 2012.
In September 2020, the Company accepted a settlement offer related to the examination of Canadian tax returns dating back to fiscal 2003, which was subject to approval by the Tax Court of Canada. On January 21, 2021, the Tax Court of Canada approved the settlement agreement related to the examination. The Company’s income tax provision was adjusted to reflect the estimated impact of the settlement in fiscal 2020.
The India tax authorities completed the assessment of the Company’s income tax returns for the taxable years falling within the period from fiscal 2010 to 2018, and made certain adjustments. The Company objected to these adjustments and filed appeals to the appellate authorities. While the timing and outcome of the final resolution of these appeals are uncertain, the Company believes that its income tax provision adequately reflects its income tax obligations in India.
The Company is also subject to examinations by various state and foreign tax authorities. All material state and foreign tax matters have been concluded for years through fiscal 2007. The timing and outcome of the final resolutions of the federal, state and foreign tax examinations and refund claims are uncertain. As such, it is not reasonably possible to estimate the impact that the final outcomes could have on the Company’s unrecognized tax benefits in the next 12 months.
v3.21.2
Legal Matters
 12 Months Ended
Sep. 30, 2021
Legal Matters [Abstract]  
Legal Matters
Note 20—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 by fiscal year:
20212020
 (in millions)
Balance at beginning of period$914 $1,203 
Provision for uncovered legal matters4 10 
Provision for covered legal matters125 26 
Reestablishment of prior accrual related to interchange multidistrict litigation— 467 
Payments for legal matters(60)(792)
Balance at end of period$983 $914 
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 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 Interchange Multidistrict Litigation (MDL) – Individual Merchant Actions and Note 5—U.S. and Europe Retrospective Responsibility Plans.
The following table summarizes the accrual activity related to U.S. covered litigation by fiscal year:
20212020
 (in millions)
Balance at beginning of period$888 $1,198 
Reestablishment of prior accrual related to interchange multidistrict litigation— 467 
Payments for U.S. covered litigation(7)(777)
Balance at end of period$881 $888 
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 by fiscal year:
20212020
 (in millions)
Balance at beginning of period$21 $5 
Accrual for VE territory covered litigation125 26 
Payments for VE territory covered litigation(44)(10)
Balance at end of period$102 $21 
U.S. Covered Litigation
Interchange Multidistrict Litigation (MDL) – Putative Class Actions
Beginning in May 2005, a series of complaints (the majority of which were styled as class actions) were filed in U.S. federal district courts by merchants against Visa U.S.A., Visa International and/or Mastercard, and in some cases, certain U.S. financial institutions. The Judicial Panel on Multidistrict Litigation issued an order transferring the cases to the U.S. District Court for the Eastern District of New York for coordination of pre-trial proceedings in MDL 1720. A group of purported class plaintiffs subsequently filed amended and supplemental class complaints. The individual and class complaints generally challenged, among other things, Visa’s and Mastercard’s purported setting of interchange reimbursement fees, their “no surcharge” and honor-all-cards rules, alleged tying and bundling of transaction fees, and Visa’s reorganization and IPO, under the federal antitrust laws and, in some cases, certain state unfair competition laws. The complaints sought money damages, declaratory and injunctive relief, attorneys’ fees and, in one instance, an order that the IPO be unwound.
Visa Inc., Visa U.S.A., Visa International, Mastercard Incorporated, Mastercard International Incorporated, various U.S. financial institution defendants, and the class plaintiffs signed a settlement agreement (the “2012 Settlement Agreement”) to resolve the class plaintiffs’ claims. Pursuant to the 2012 Settlement Agreement, the Company deposited approximately $4.0 billion from the U.S. litigation escrow account and approximately $500 million attributable to interchange reductions for an eight-month period into court-authorized settlement accounts. Visa subsequently received from the Court and deposited into the Company’s U.S. litigation escrow account “takedown payments” of approximately $1.1 billion. On June 30, 2016, the U.S. Court of Appeals for the Second Circuit vacated the lower court’s certification of the merchant class, reversed the approval of the settlement, and remanded the case to the lower court for further proceedings.
On remand, the district court entered an order appointing interim counsel for two putative classes of plaintiffs, a “Damages Class” and an “Injunctive Relief Class.” The plaintiffs purporting to act on behalf of the putative Damages Class subsequently filed a Third Consolidated Amended Class Action Complaint, seeking money damages and attorneys’ fees, among other relief. A new group of purported class plaintiffs, acting on behalf of the putative Injunctive Relief Class, filed a class action complaint against Visa, Mastercard, and certain bank defendants seeking, among other things, an injunction against the setting of default interchange rates; against certain Visa operating rules relating to merchants, including the honor-all-cards rule; and against various transaction fees, including the fixed acquirer network fee, as well as attorneys’ fees.
On September 17, 2018, Visa, Mastercard, and certain U.S. financial institutions reached an agreement with plaintiffs purporting to act on behalf of the putative Damages Class to resolve all Damages Class claims (the “Amended Settlement Agreement”), subject to court approval. The Amended Settlement Agreement supersedes the 2012 Settlement Agreement and includes, among other terms, a release from participating class members for liability arising out of conduct alleged by the Damages Class in the litigation, including claims that accrue no later than five years after the Amended Settlement Agreement becomes final. Participating class members will not release injunctive relief claims as a named representative or non-representative class member in the putative Injunctive Relief Class. The Amended Settlement Agreement also required an additional settlement payment from all defendants totaling $900 million, with the Company’s share of $600 million paid from the Company’s litigation escrow account established pursuant to the Company’s retrospective responsibility plan. See Note 5—U.S. and Europe Retrospective Responsibility Plans. The additional settlement payment was added to the approximately $5.3 billion previously deposited into settlement accounts by the defendants pursuant to the 2012 Settlement Agreement.
Following a motion by the Damages Class plaintiffs for final approval of the Amended Settlement Agreement, certain merchants in the proposed settlement class objected to the settlement and/or submitted requests to opt out of the settlement class. On December 13, 2019, the district court granted final approval of the Amended Settlement Agreement relating to claims by the Damages Class, which was subsequently appealed. Based on the percentage of class members (by payment volume) that opted out of the class, $700 million was returned to defendants. Visa’s portion of the takedown payment was calculated to be approximately $467 million, and upon receipt, was deposited into the U.S. litigation escrow account with a corresponding increase in accrued litigation to address opt-out claims.
On May 29, 2020, a complaint was filed by Old Jericho Enterprise, Inc. against Visa and Mastercard on behalf of a purported class of gasoline retailers operating in 24 states and the District of Columbia. On April 28, 2021, a complaint was filed by Hayley Lanning and others, and on June 16, 2021, a complaint was filed by Camp Grounds Coffee and others, each against Visa and Mastercard on behalf of a purported class of merchants located in 25 states and the District of Columbia who have taken payment using the Square card acceptance service. Each of these complaints alleges violations of the antitrust laws of those jurisdictions and seeks recovery for plaintiffs as indirect purchasers. To the extent that these plaintiffs’ claims are not released by the Amended Settlement Agreement, Visa believes they are covered by the U.S. Retrospective Responsibility Plan.
On June 1, 2020, Visa, jointly with other defendants, served a motion for summary judgment regarding the claims in the Injunctive Relief Class complaint. The putative Injunctive Relief Class plaintiffs served a motion for partial summary judgment. On September 27, 2021, the district court certified without opt out rights an Injunctive Relief Class consisting of all merchants that accept Visa or Mastercard credit or debit cards in the United States at any time between December 18, 2020 and entry of final judgment.
Interchange Multidistrict Litigation (MDL) – Individual Merchant Actions
Since May 2013, more than 50 cases have been filed in or removed to various federal district courts by hundreds of merchants generally pursuing damages claims on allegations similar to those raised in MDL 1720. The cases name as defendants Visa Inc., Visa U.S.A., Visa International, Mastercard Incorporated and Mastercard International Incorporated, although some also include certain U.S. financial institutions as defendants. A number of the cases include allegations that Visa has monopolized, attempted to monopolize, and/or conspired to monopolize debit card-related market segments. Some of the cases seek an injunction against the setting of default interchange rates; certain Visa operating rules relating to merchants, including the honor-all-cards rule; and various transaction fees, including the fixed acquirer network fee. In addition, some cases assert that Visa, Mastercard and/or their member banks conspired to prevent the adoption of chip-and-PIN authentication in the U.S. or otherwise circumvent competition in the debit market. Certain individual merchants have filed amended complaints to, among other things, add claims for injunctive relief and update claims for damages.
In addition to the cases filed by individual merchants, Visa, Mastercard, and/or certain U.S. financial institution defendants in MDL 1720 filed complaints against certain merchants in the Eastern District of New York seeking, in part, a declaration that Visa’s conduct did not violate federal or state antitrust laws.
The individual merchant actions described in this section have been either assigned to the judge presiding over MDL 1720, or have been transferred or are being considered for transfer by the Judicial Panel on Multidistrict Litigation for inclusion in MDL 1720. These individual merchant actions are U.S. covered litigation for purposes of the U.S. retrospective responsibility plan. See Note 5—U.S. and Europe Retrospective Responsibility Plans.
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.
On June 1, 2020, Visa, jointly with other defendants, served motions for summary judgment regarding the claims in certain of the individual merchant actions, as well as certain declaratory judgment claims brought by Visa, Mastercard, and some U.S. financial institutions. Plaintiffs in certain of the individual merchant actions served motions for partial summary judgment.
The Company believes it has substantial defenses to the claims asserted in the putative class actions and individual merchant actions, but the final outcome of individual legal claims is inherently unpredictable. The Company could incur judgments, enter into settlements or revise its expectations regarding the outcome of merchants’ claims, and such developments could have a material adverse effect on the Company’s financial results in the period in which the effect becomes probable and reasonably estimable. While the U.S. retrospective responsibility plan is designed to address monetary liability in these matters, see Note 5—U.S. and Europe Retrospective Responsibility Plans, judgments or settlements that require the Company to change its business practices, rules, or contractual commitments could adversely affect the Company’s financial results.
VE Territory Covered Litigation
Europe Merchant Litigation
Since July 2013, in excess of 750 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. They seek damages for alleged anti-competitive conduct in relation to one or more of the following types of interchange fees for credit and debit card transactions: UK domestic, Irish domestic, other European domestic, intra-European Economic Area and/or other inter-regional. As of the filing date, Visa Europe, Visa Inc. and other Visa subsidiaries have settled the claims asserted by over 150 Merchants, leaving more than 550 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. While the amount of interchange being challenged could be substantial, these claims have not yet been filed and their full scope is not yet known. The Company has learned that several additional European entities have indicated that they may also bring similar claims and the Company anticipates additional claims in the future.
A trial took place from November 2016 to March 2017, relating to claims asserted by only one Merchant. In judgments published in November 2017 and February 2018, the court found as to that Merchant that Visa’s UK domestic interchange did not restrict competition, but that if it had been found to be restrictive it would not be exemptible under applicable law. On July 4, 2018, the Court of Appeal overturned the lower court’s rulings, finding that Visa’s UK domestic interchange restricted competition and the question of whether Visa’s UK domestic interchange was exempt from the finding of restriction under applicable law had been incorrectly decided. Following an appeal to the Supreme Court of the United Kingdom, on June 17, 2020, the Supreme Court found that Visa’s UK domestic interchange restricted competition under applicable competition law. On September 30, 2021, Visa reached a confidential settlement agreement resolving the plaintiff’s claims. Certain other plaintiffs, whose claims were effectively stayed pending the Supreme Court of the United Kingdom's judgment, are moving their claims forward, mostly before the UK Competition Appeal Tribunal.
The full scope of potential damages is not yet known because not all Merchant claims have been served and Visa has substantial defenses. However, the claims that have been issued, served and/or preserved seek several billion dollars in damages.
Other Litigation
On November 14, 2021, a motion to certify a class action was filed against Visa and Mastercard in the Israel Central District Court. The motion asserts that interchange fees on cross-border transactions in Israel and the Honor All Cards rule are anti-competitive and seeks damages and injunctive relief.
Other Litigation
Canadian Merchant Litigation
Beginning in December 2010, a number of class action lawsuits were filed in Quebec, British Columbia, Ontario, Saskatchewan and Alberta against Visa Canada, Mastercard and ten financial institutions on behalf of merchants that accept payment by Visa and/or Mastercard credit cards. The actions alleged a violation of Canada’s price-fixing law and various common law claims based on separate Visa and Mastercard conspiracies in respect of default interchange and certain of the networks’ rules. In June 2017, Visa and Mastercard reached settlements with the plaintiffs. Courts in each of the five provinces approved the settlements and appeals of the decisions approving the settlements were rejected.
U.S. ATM Access Fee Litigation
National ATM Council Class Action. In October 2011, the National ATM Council and thirteen non-bank ATM operators filed a purported class action lawsuit against Visa (Visa Inc., Visa International, Visa U.S.A. and Plus System, Inc.) and Mastercard in the U.S. District Court for the District of Columbia. The complaint challenges Visa’s rule (and a similar Mastercard rule) that if an ATM operator chooses to charge consumers an access fee for a Visa or Plus transaction, that fee cannot be greater than the access fee charged for transactions on other networks. Plaintiffs claim that the rule violates Section 1 of the Sherman Act, and seek treble damages, injunctive relief, and attorneys’ fees. On August 4, 2021, the district court granted plaintiffs’ motion for class certification, and on October 1, 2021, the U.S. Court of Appeals for the District of Columbia Circuit granted defendants’ motion for leave to appeal the district court’s decision.
Consumer Class Actions. In October 2011, a purported consumer class action was filed against Visa and Mastercard in the same federal court challenging the same ATM access fee rules. Two other purported consumer class actions challenging the rules, later combined, were also filed in October 2011 in the same federal court naming Visa, Mastercard and three financial institutions as defendants. Plaintiffs seek treble damages, restitution, injunctive relief, and attorneys’ fees where available under federal and state law, including under Section 1 of the Sherman Act and consumer protection statutes. On September 20, 2019, plaintiffs in both cases filed motions for class certification. On August 4, 2021, the district court granted plaintiffs’ motion for class certification in each case, and on October 1, 2021, the U.S. Court of Appeals for the District of Columbia Circuit granted defendants’ motion for leave to appeal the district court’s decision. On November 12, 2021, in the case in which the three financial institutions were named, the district court granted plaintiffs’ motion for preliminary approval of a class action settlement with those institutions.
U.S. Department of Justice Civil Investigative Demand
On March 13, 2012, the Antitrust Division of the United States Department of Justice (the “Division”) issued a Civil Investigative Demand, or “CID,” to Visa Inc. seeking documents and information regarding a potential violation of Section 1 or 2 of the Sherman Act, 15 U.S.C. §§ 1, 2. The CID focuses on PIN-Authenticated Visa Debit and Visa’s competitive responses to the Dodd-Frank Act, including Visa’s fixed acquirer network fee. Visa is cooperating with the Division in connection with the CID.
Pulse Network
On November 25, 2014, Pulse Network LLC filed suit against Visa Inc. in federal district court in Texas. Pulse alleges that Visa has, among other things, monopolized and attempted to monopolize debit card network services markets. Pulse seeks unspecified treble damages, attorneys’ fees and injunctive relief, including to enjoin the fixed acquirer network fee structure, Visa’s conduct regarding PIN-Authenticated Visa Debit and Visa agreements with merchants and acquirers relating to debit acceptance. On August 31, 2018, the court granted Visa’s motion for summary judgment, finding that Pulse did not have standing to pursue its claims. Pulse appealed the district court’s summary judgment decision to the U.S. Court of Appeals for the Fifth Circuit.
EMV Chip Liability Shift
Following their initial complaint filed on March 8, 2016, B&R Supermarket, Inc., d/b/a Milam’s Market, and Grove Liquors LLC filed an amended class action complaint on July 15, 2016, against Visa Inc., Visa U.S.A., Mastercard, Discover, American Express, EMVCo and certain financial institutions in the U.S. District Court for the Northern District of California. The amended complaint asserts that defendants, through EMVCo, conspired to shift liability for fraudulent, faulty or otherwise rejected payment card transactions from defendants to the purported class of merchants, defined as those merchants throughout the U.S. who have been subjected to the “Liability Shift” since October 2015. Plaintiffs claim that the so-called “Liability Shift” violates Sections 1 and 3 of the Sherman Act and certain state laws, and seek treble damages, injunctive relief and attorneys’ fees.
EMVCo and the financial institution defendants were dismissed, and the matter was subsequently transferred to the U.S. District Court for the Eastern District of New York, which has clarified that this case is not part of MDL 1720.
On August 28, 2020, the district court granted plaintiffs’ motion for class certification.
Australian Competition & Consumer Commission
On July 12, 2019, the Australian Competition & Consumer Commission (ACCC) informed Visa that the ACCC had commenced an investigation into certain agreements and interchange fees relating to Visa Debit. On March 9, 2021, the ACCC accepted an undertaking by Visa to resolve the investigation. The investigation is closed.
Federal Trade Commission Civil Investigative Demand (Formerly Voluntary Access Letter)
On November 4, 2019, the Bureau of Competition of the United States Federal Trade Commission (the “Bureau”) requested that Visa provide, on a voluntary basis, documents and information for an investigation as to whether Visa’s actions inhibited merchant choice in the selection of debit payments networks in potential violation of the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act. On June 9, 2020, the Federal Trade Commission issued a Civil Investigative Demand to Visa requesting additional documents and information, and Visa is cooperating with the Bureau.
Euronet Litigation
On December 13, 2019, Euronet 360 Finance Limited, Euronet Polska Spolka z.o.o. and Euronet Services spol. s.r.o. (“Euronet”) served a claim in the UK alleging that certain rules affecting ATM access fees in Poland, the Czech Republic and Greece by Visa Inc. and Mastercard Incorporated, and certain of their subsidiaries, breach various competition laws. Euronet seeks damages, costs, and injunctive relief to prevent the defendants from enforcing the aforementioned rules. Trial has been scheduled for a date on or after October 2, 2023.
European Commission Staged Digital Wallets Investigation
On June 26, 2020, the European Commission (“EC”) informed Visa that it has opened a preliminary investigation into Visa’s rules regarding staged digital wallets and issued a request for information regarding such rules. Visa is cooperating with the EC.
Plaid Inc. Acquisition
On November 5, 2020, the U.S. Department of Justice filed a complaint in the U.S. District Court for the Northern District of California seeking a permanent injunction to prevent Visa from acquiring Plaid Inc., alleging that the proposed acquisition would substantially lessen competition in violation of Section 7 of the Clayton Act and would constitute monopolization under Section 2 of the Sherman Act. The case was dismissed on January 12, 2021.
German ATM Litigation
In December 2020 and January 2021, six savings banks and cooperative banks filed claims in Germany against Visa Europe challenging Visa’s ATM rules prohibiting the charging of access fees on domestic cash withdrawals with a credit card as anti-competitive. No damages were sought. The claims were withdrawn in August 2021.
U.S. Department of Justice Civil Investigative Demand (2021)
On March 26, 2021, the Antitrust Division of the U.S. Department of Justice (the “Division”) issued a Civil Investigative Demand (“CID”) to Visa seeking documents and information regarding a potential violation of Section 1 or 2 of the Sherman Act, 15 U.S.C. §§ 1, 2. The CID focuses on U.S. debit and competition with other payment methods and networks. Visa is cooperating with the Division in connection with the CID. On June 11, 2021, the Division issued a further CID seeking additional documents and information on the same subjects.
Foreign Currency Exchange Rate Litigation
On July 9, 2021, a class action complaint was filed against Visa in the U.S. District Court for the Northern District of California by several individuals on behalf of a nationwide class, and/or California, Washington, or Illinois subclasses, of cardholders who made a transaction in a foreign currency. The complaint alleges that Visa sets foreign exchange rates in violation of Visa’s rules and bank cardholder agreements, and asserts claims for unjust enrichment and restitution as well as violations of the California Unfair Competition Law, the Washington Consumer Protection Act, and the Illinois Consumer Fraud Act. Plaintiffs seek an injunction, damages, disgorgement, and attorneys’ fees among other relief. On October 18, 2021, Visa filed a motion to dismiss the complaint.
v3.21.2
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Nature of Operations Organization. Visa Inc. (“Visa” or the “Company”) is a global payments technology company that enables innovative, reliable and secure electronic payments 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 facilitates authorization, clearing and settlement of payment transactions and enables the Company to offer 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
Consolidation and basis of presentation. The consolidated financial statements include the accounts of Visa and its consolidated entities and are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company consolidates its majority-owned and controlled entities, including variable interest entities (“VIEs”) for which the Company is the primary beneficiary. The Company’s investments in VIEs have not been material to its consolidated financial statements as of and for the periods presented. All significant intercompany accounts and transactions are eliminated in consolidation.
The Company’s activities are interrelated, and each activity is dependent upon and supportive of the other. All significant operating decisions are based on analysis of Visa as a single global business. Accordingly, the Company has one reportable segment, Payment Services.
Use of estimates Use of estimates. The preparation of 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 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 consolidated financial statements in the period in which such changes occur. Future actual results could differ materially from these estimates. As the effects of an evolving coronavirus (“COVID-19”) pandemic continues, 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. The use of estimates in specific accounting policies is described further below as appropriate.
Cash, cash equivalents, restricted cash, and restricted cash equivalents
Cash, cash equivalents, restricted cash, and restricted cash equivalents. Cash and cash equivalents include cash and certain highly liquid investments with original maturities of 90 days or less from the date of purchase. Cash equivalents are primarily recorded at cost, which approximates fair value due to their generally short maturities. The Company defines restricted cash and restricted cash equivalents as cash and cash equivalents that cannot be withdrawn or used for general operating activities. See Note 4—Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents.
Restricted cash equivalents—U.S. litigation escrow. The Company maintains an escrow account from which monetary liabilities from settlements of, or judgments in, the U.S. covered litigation are paid. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 20—Legal Matters for a discussion of the U.S. covered litigation. The escrow funds are held in money market investments, together with the interest earned, less applicable taxes payable, and classified as restricted cash equivalents on the consolidated balance sheets. Interest earned on escrow funds is included in non-operating income (expense) on the consolidated statements of operations.
Fair value Fair value. The Company measures certain financial assets and liabilities at fair value on a recurring basis. Certain non-financial assets such as goodwill, intangible assets and property, equipment and technology are measured at cost and only recognized at fair value if they are deemed to be impaired. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements are reported under a three-level valuation hierarchy.
Marketable equity securities, available-for-sale debt securities, non-marketable equity securities Marketable equity securities. Marketable equity securities, which are reported in investment securities on the consolidated balance sheets, include mutual fund investments related to various employee compensation and benefit plans. Trading activity in these investments is at the direction of the Company’s employees. These
investments are held in a trust and are not available for the Company’s operational or liquidity needs. Interest and dividend income as well as gains and losses, realized and unrealized, from changes in fair value are recorded in non-operating income (expense), and offset in personnel expense on the consolidated statements of operations.
Available-for-sale debt securities. The Company’s investment in debt securities, which are classified as available-for-sale and reported in investment securities on the consolidated balance sheets, include U.S. government-sponsored debt securities and U.S. Treasury securities. These securities are recorded at cost at the time of purchase and are carried at fair value. The Company considers these securities to be available-for-sale to meet working capital and liquidity needs. Investments with original maturities of greater than 90 days and stated maturities of less than one year from the balance sheet date, or investments that the Company intends to sell within one year, are classified as current assets, while all other securities are classified as non-current assets. Unrealized gains and losses are reported in accumulated other comprehensive income (loss) on the consolidated balance sheets. The specific identification method is used to calculate realized gain or loss on the sale of securities, which is recorded in non-operating income (expense) on the consolidated statements of operations. Interest income is recognized when earned and is included in non-operating income (expense) on the consolidated statements of operations.
The Company evaluates its debt securities for impairment on an ongoing basis. When there has been a decline in fair value of a debt security below the amortized cost basis, the Company recognizes an impairment if: (1) it has the intent to sell the security; (2) it is more likely than not that it will be required to sell the security before recovery of the amortized cost basis; or (3) it does not expect to recover the entire amortized cost basis of the security. If the Company identifies that the decline in fair value has resulted from credit losses, the credit loss component is recognized as an allowance on the balance sheet and in non-operating income (expense) on the consolidated statements of operations. The non-credit loss component remains in accumulated other comprehensive income (loss) until realized from a sale or subsequent impairment.
Non-marketable equity securities. The Company’s non-marketable equity securities, which are reported in other assets on the consolidated balance sheets, include investments in privately held companies without readily determinable market values. All gains and losses on non-marketable equity securities, realized and unrealized, are recognized in non-operating income (expense).
The Company applies the equity method of accounting for investments in other entities when it holds between 20% and 50% ownership in the entity or when it exercises significant influence. Under the equity method, the Company’s share of each entity’s profit or loss is reflected in non-operating income (expense) on the consolidated statements of operations. The equity method of accounting is also used for flow-through entities such as limited partnerships and limited liability companies when the investment ownership percentage is equal to or greater than 5% of outstanding ownership interests, regardless of whether the Company has significant influence over the investees.
The Company applies the fair value measurement alternative for investments in other entities when it holds less than 20% ownership in the entity and does not exercise significant influence, or for flow-through entities when the investment ownership is less than 5% and the Company does not exercise significant influence. These investments consist of equity holdings in non-public companies and are recorded in other assets on the consolidated balance sheets. The Company adjusts the carrying value of these equity securities to fair value when transactions for identical or similar investments of the same issuer are observable.
The Company regularly reviews investments accounted for under the equity method and the fair value measurement alternative for possible impairment, which generally involves an analysis of the facts and changes in circumstances influencing the investment, expectations of the entity’s cash flows and capital needs, and the viability of its business model.
Financial instruments Financial instruments. The Company considers the following to be financial instruments: cash, cash equivalents, restricted cash, restricted cash equivalents, investment securities, settlement receivable and payable, accounts receivable, customer collateral, non-marketable equity investments and derivative instruments.
Settlement receivable and payable Settlement receivable and payable. The Company operates systems for authorizing, clearing and settling payment transactions worldwide. Most U.S. dollar settlements with the Company’s financial institution clients are settled within the same day and do not result in a receivable or payable balance. Settlements in currencies other than the U.S. dollar generally remain outstanding for one to two business days, resulting in amounts due from and to clients. These amounts are presented as settlement receivable and settlement payable on the consolidated balance sheets.
Customer collateral Customer collateral. The Company holds cash deposits and other non-cash assets from certain clients in order to ensure their performance of settlement obligations arising from Visa payment services are processed in accordance with the Company’s operating rules. The cash collateral assets are restricted and fully offset by corresponding liabilities and both balances are presented on the consolidated balance sheets. Pledged securities are held by a custodian in an account under the Company’s name and ownership; however, the Company does not have the right to repledge these securities, but may sell these securities in the event of default by the client on its settlement obligations. Letters of credit are provided primarily by client financial institutions to serve as irrevocable guarantees of payment. Guarantees are provided primarily by parent financial institutions to secure the obligations of their subsidiaries. The Company routinely evaluates the financial viability of institutions providing the letters of credit and guarantees.
Guarantees and indemnifications Guarantees and indemnifications. The Company recognizes an obligation at inception for guarantees and indemnifications that qualify for recognition, regardless of the probability of occurrence. The Company indemnifies its financial institution clients for settlement losses suffered due to the failure of any other client to fund its settlement obligations in accordance with the Visa operating rules. The Company estimates expected credit losses and recognizes an allowance for those credit losses related to its settlement indemnification obligations. The estimated fair value of the liability for settlement indemnification is included in accrued liabilities on the consolidated balance sheets.
Property, equipment and technology, net
Property, equipment and technology, net. Property, equipment and technology are recorded at historical cost less accumulated depreciation and amortization, which are computed on a straight-line basis over the asset’s estimated useful life. Depreciation and amortization of technology, furniture, fixtures and equipment are computed over estimated useful lives ranging from 2 to 10 years. Leasehold improvements are amortized over the shorter of the useful life of the asset or lease term. Building improvements are depreciated between 3 and 40 years, and buildings are depreciated over 40 years. Improvements that increase functionality of the asset are capitalized and depreciated over the asset’s remaining useful life. Land and construction-in-progress are not depreciated. Fully depreciated assets are retained in property, equipment and technology, net, until removed from service.
Technology includes purchased and internally developed software, including technology assets obtained through acquisitions. Internally developed software represents software primarily used by the VisaNet electronic payments network. Internal and external costs incurred during the preliminary project stage are expensed as incurred. Qualifying costs incurred during the application development stage are capitalized. Once the project is substantially complete and ready for its intended use these costs are amortized on a straight-line basis over the technology’s estimated useful life. Acquired technology assets are initially recorded at fair value and amortized on a straight-line basis over the estimated useful life.
The Company evaluates the recoverability of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If the sum of expected undiscounted net future cash flows is less than the carrying amount of an asset or asset group, an impairment loss is recognized to the extent that the carrying amount of the asset or asset group exceeds its fair value.
Leases Leases. The Company determines if an arrangement is a lease at its inception. Right-of-use (“ROU”) assets, and corresponding lease liabilities, are recognized at the commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. As a majority of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The ROU asset also includes any lease payments made prior to commencement and is recorded net of any lease incentives received. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. The Company does not record a ROU asset and corresponding liability for leases with terms of 12 months or less.Lease agreements generally contain lease and non-lease components. Non-lease components primarily include payments for maintenance and utilities. The Company does not combine lease payments with non-lease components for any of its leases. Operating leases are recorded as ROU assets, which are included in other assets on the consolidated balance sheets. The current portion of lease liabilities are included in accrued liabilities and the long-term portion is included in other liabilities on the consolidated balance sheets. The Company’s lease cost is included in general and administrative expense in the consolidated statements of operations and consists of amounts recognized under lease agreements, adjusted for impairment and sublease income.
Intangible assets, net
Intangible assets, net. The Company records identifiable intangible assets at fair value on the date of acquisition and evaluates the useful life of each asset.
Finite-lived intangible assets primarily consist of customer relationships and trade names obtained through acquisitions. Finite-lived intangible assets are amortized on a straight-line basis and are tested for recoverability if events or changes in circumstances indicate that their carrying amounts may not be recoverable. These intangibles have useful lives ranging from 3 to 15 years. See Note 8—Intangible Assets and Goodwill.
Indefinite-lived intangible assets consist of trade name, customer relationships and reacquired rights. Intangible assets with indefinite useful lives are not amortized but are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that impairment may exist. The Company first assesses qualitative factors to determine whether it is necessary to perform a quantitative impairment test for indefinite-lived intangible assets. The Company assesses each category of indefinite-lived intangible assets for impairment on an aggregate basis, which may require the allocation of cash flows and/or an estimate of fair value to the assets or asset group. Impairment exists if the fair value of the indefinite-lived intangible asset is less than the carrying value. The Company relies on a number of factors when completing impairment assessments, including a review of discounted net future cash flows, business plans and the use of present value techniques.
The Company performed its annual impairment review of indefinite-lived intangible assets as of February 1, 2021, and concluded there was no impairment as of that date. No recent events or changes in circumstances indicate that impairment of the Company’s indefinite-lived intangible assets existed as of September 30, 2021.
Goodwill
Goodwill. Goodwill represents the excess of the purchase price over the fair value of the net assets acquired in a business combination. Goodwill is not amortized but is evaluated for impairment at the reporting unit level annually or more frequently if events or changes in circumstances indicate that impairment may exist.
The Company performed its annual impairment review of goodwill as of February 1, 2021, and concluded there was no impairment as of that date. No recent events or changes in circumstances indicate that impairment existed as of September 30, 2021.
Accrued litigation Accrued litigation. The Company evaluates the likelihood of an unfavorable outcome in legal or regulatory proceedings to which it is a party and records a loss contingency when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. These judgments are subjective, based on the status of such legal or regulatory proceedings, the merits of the Company’s defenses and consultation with corporate and external legal counsel. Actual outcomes of these legal and regulatory proceedings may differ materially from the Company’s estimates. The Company expenses legal costs as incurred in professional fees in the consolidated statements of operations.
Revenue recognition Revenue recognition. The Company’s net revenues are comprised principally of the following categories: service revenues, data processing revenues, international transaction revenues and other revenues, reduced by client incentives. As a payments network service provider, the Company’s obligation to the customer is to stand ready to provide continuous access to our payments network over the contractual term. Consideration is variable based primarily upon the amount and type of transactions and payments volume on Visa’s products. The Company recognizes revenue, net of sales and other similar taxes, as the payments network services are performed in an amount that reflects the consideration the Company expects to receive in exchange for those services. Fixed fees for payments network services are generally recognized ratably over the related service period. The Company has elected the optional exemption to not disclose the remaining performance obligations related to payments network services and other performance obligations which are constrained by and dependent upon the future performance of its clients, which are variable in nature. The Company also recognizes revenues, net of sales and other similar
taxes, from other value added services, including issuer solutions, acceptance solutions, risk and identity solutions and advisory services, as these value added services are performed.
Service revenues consist mainly of revenues earned for services provided in support of client usage of Visa payment services. Current quarter service revenues are primarily assessed using a calculation of current quarter’s pricing applied to the prior quarter’s payments volume. The Company also earns revenues from assessments designed to support ongoing acceptance and volume growth initiatives, which are recognized in the same period the related volume is transacted.
Data processing revenues consist of revenues earned for authorization, clearing, settlement, value added services, network access and other maintenance and support services that facilitate transaction and information processing among the Company’s clients globally. Data processing revenues are recognized in the same period the related transactions occur or services are performed.
International transaction revenues are earned for cross-border transaction processing and currency conversion activities. Cross-border transactions arise when the country of origin of the issuer or financial institution originating the transaction is different from that of the beneficiary. International transaction revenues are recognized in the same period the cross-border transactions occur or services are performed.
Other revenues consist mainly of value added services, license fees for use of the Visa brand or technology, fees for account holder services, certification, licensing and card benefits, such as extended account holder protection and concierge services. Other revenues are recognized in the same period the related transactions occur or services are performed.
Client incentives Client incentives. The Company enters into long-term contracts with financial institution clients, merchants and strategic partners for various programs that provide cash and other incentives designed to increase revenue by growing payments volume, increasing Visa product acceptance, winning merchant routing transactions over to Visa’s network and driving innovation. Incentives are classified as reductions to revenues within client incentives, unless the incentive is a cash payment made in exchange for a distinct good or service provided by the customer, in which case the payment is classified as operating expense. The Company generally capitalizes upfront and fixed incentive payments under these agreements and amortizes the amounts as a reduction to revenues ratably over the contractual term. Incentives that are earned by the customer based on performance targets are recorded as reductions to revenues based on management's estimate of each client's future performance. These accruals are regularly reviewed and estimates of performance are adjusted, as appropriate, based on changes in performance expectations, actual client performance, amendments to existing contracts or the execution of new contracts.
Marketing Marketing. The Company expenses costs for the production of advertising as incurred. The cost of media advertising is expensed when the advertising takes place. Sponsorship costs are recognized over the period in which the Company benefits from the sponsorship rights. Promotional items are expensed as incurred, when the related services are received, or when the related event occurs.
Income taxes Income taxes. The Company’s income tax expense consists of two components: current and deferred. Current income tax expense represents taxes paid or payable for the current period. Deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to temporary differences between the financial statement carrying amounts and the respective tax basis of existing assets and liabilities, and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. In assessing whether deferred tax assets are realizable, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. A valuation allowance is recorded for the portions that are not expected to be realized based on the level of historical taxable income, projections of future taxable income over the periods in which the temporary differences are deductible, and qualifying tax planning strategies. Where interpretation of the tax law may be uncertain, the Company recognizes, measures and discloses income tax uncertainties. The Company accounts for interest expense and penalties related to uncertain tax positions in non-operating income (expense) in the consolidated statements of operations. The Company files a consolidated federal income tax return and, in certain states, combined state tax returns. The Company elects to claim foreign tax credits in any given year if such election is beneficial to the Company.
Pension and other postretirement benefit plans Pension and other postretirement benefit plans. The Company’s defined benefit pension and other postretirement benefit plans are actuarially evaluated, incorporating various critical assumptions including the discount rate and the expected rate of return on plan assets (for qualified pension plans). The discount rate is based on a cash flow matching analysis, with the projected benefit payments matching spot rates from a yield curve developed from high-quality corporate bonds. The expected rate of return on pension plan assets is primarily based on the targeted allocation, and evaluated for reasonableness by considering such factors as: (i) actual return on plan assets; (ii) historical rates of return on various asset classes in the portfolio; (iii) projections of returns on various asset classes; and (iv) current and prospective capital market conditions and economic forecasts. Any difference between actual and expected plan experience, including asset return experience, in excess of a 10% corridor is recognized in net periodic pension cost over the expected average employee future service period, which ranges from approximately 7 to 9 years for the U.S. and non-U.S. pension plans. Other assumptions involve demographic factors such as retirement age, mortality, attrition and the rate of compensation increases. The Company evaluates assumptions annually and modifies them as appropriate.The Company recognizes settlement losses when it settles pension benefit obligations, including making lump-sum cash payments to plan participants in exchange for their rights to receive specified pension benefits, when certain thresholds are met.
Foreign currency remeasurement and translation Foreign currency remeasurement and translation. The Company’s functional currency is the U.S. dollar for the majority of its foreign operations except for Visa Europe Limited (“Visa Europe”) whose functional currency is the Euro. Transactions denominated in currencies other than the applicable functional currency are converted to the functional currency at the exchange rate on the transaction date. At period end, monetary assets and liabilities are remeasured to the functional currency using exchange rates in effect at the balance sheet dates. Non-monetary assets and liabilities are remeasured at historical exchange rates. Resulting foreign currency transaction gains and losses related to conversion and remeasurement are recorded in general and administrative expense in the consolidated statements of operations and were not material for fiscal 2021, 2020 and 2019. Where a non-U.S. currency is the functional currency, translation from that functional currency to the U.S. dollar is performed for balance sheet accounts using exchange rates in effect at the balance sheet dates and for revenue and expense accounts using an average exchange rate for the period. Resulting translation adjustments are reported as a component of accumulated other comprehensive income (loss) on the consolidated balance sheets.
Derivative financial instruments
Derivative financial instruments. The Company uses foreign exchange forward derivative contracts to reduce its exposure to foreign currency rate changes on forecasted non-functional currency denominated operational cash flows. The terms of these derivative contracts designated as cash flow hedges are generally no more than 12 months. The Company uses regression analysis to assess hedge effectiveness prospectively and retrospectively. The effectiveness tests are performed on foreign exchange forward contracts based on changes in the spot rate of the derivative instrument compared to changes in the spot rate of the forecasted hedged transaction.
Derivatives are carried at fair value on a gross basis on the consolidated balance sheets. Gains and losses resulting from changes in the fair value of cash flow hedges are accounted for in accumulated other comprehensive income (loss) on the consolidated balance sheets. When the forecasted transaction occurs and is recognized in earnings, the amount in accumulated other comprehensive income (loss) related to that hedge is reclassified to the consolidated statements of operations in the corresponding account where revenue or expense is recorded. Forward points are excluded from effectiveness testing and measurement purposes and are reported in earnings. Cash flow hedges are subject to master netting agreements, which provide the Company with a legal right to net settle multiple payable and receivable positions with the same counterparty, in a single currency through a single payment. However, the Company presents fair values on a gross basis on the consolidated balance sheets.
The Company holds foreign exchange forward contracts which were designated as a net investment hedge against a portion of the Company’s net investment in Visa Europe. The Company also holds interest rate and cross-currency swap agreements on a portion of the outstanding senior notes that allows the Company to manage its interest rate exposure through a combination of fixed and floating rates and reduce the overall cost of borrowing. The Company designated the interest rate swaps as a fair value hedge and the cross-currency swap as a net investment hedge. Gains and losses related to changes in fair value hedges are recognized in non-operating income (expense) along with a corresponding loss or gain related to the change in fair value of the underlying hedged item in the same line item in the consolidated statements of operations. Gains and losses related to changes in the fair value of net investment hedges are recorded in other comprehensive income (loss). Amounts
excluded from the effectiveness testing of net investment hedges are recognized in non-operating income (expense).
The Company utilizes foreign exchange derivative contracts to hedge against foreign currency exchange rate fluctuations related to certain monetary assets and liabilities denominated in foreign currency. Gains and losses resulting from changes in the fair value of these derivative instruments not designated for hedge accounting are recorded in general and administrative expense for hedges of operating activity, or non-operating income (expense) for hedges of non-operating activity.
Cash flows associated with a cash flow hedge are classified as an operating activity on the consolidated statement of cash flows. Cash flows associated with a fair value hedge may be included in operating, investing or financing activities depending on the classification of the items being hedged. Cash flows associated with a net investment hedge are classified as an investing activity. See Note 13—Derivative Financial Instruments.
Share-based compensation Share-based compensation. The Company recognizes share-based compensation cost, net of estimated forfeitures, using the fair value method of accounting. The Company recognizes compensation cost for awards with only service conditions on a straight-line basis over the requisite service period, which is generally the vesting period. Compensation cost for performance-based awards is recognized on a graded-vesting basis. The amount is initially estimated based on target performance and is adjusted as appropriate based on management’s best estimate throughout the performance period.
Earnings per share Earnings per share. The Company calculates earnings per share using the two-class method to reflect the different rights of each class and series of outstanding common stock. The dilutive effect of incremental common stock equivalents is reflected in diluted earnings per share by application of the treasury stock method.
Recently Adopted Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Board Update (“ASU”) 2016-13, which requires the measurement and recognition of expected credit losses for financial assets and certain other instruments held at amortized cost, replacing the incurred loss model. Subsequently, the FASB also issued amendments to this standard. The Company adopted the guidance effective October 1, 2020 using the modified retrospective transition method with comparative periods continuing to be reported using the previous applicable guidance. The adoption did not have a material impact on the consolidated financial statements.
In January 2017, the FASB issued ASU 2017-04, which simplifies the accounting for goodwill impairments by eliminating Step 2 from the goodwill impairment test. An entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount, which is Step 1 of the goodwill impairment test. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. The Company adopted the standard effective October 1, 2020 on a prospective basis. The adoption had no impact on the consolidated financial statements.
In August 2018, the FASB issued ASU 2018-13, which modifies the disclosure requirements for fair value measurements by removing, modifying or adding certain disclosures. The Company adopted this standard effective October 1, 2020. The adoption did not have a material impact on the consolidated financial statements.
In August 2018, the FASB issued ASU 2018-14, which modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing, modifying or adding certain disclosures. The Company adopted this standard effective October 1, 2020. The adoption did not have a material impact on the consolidated financial statements.
v3.21.2
Revenues (Tables)
 12 Months Ended
Sep. 30, 2021
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenues The following tables disaggregate the Company’s net revenues by revenue category and by geography for the years ended September 30, 2021, 2020, and 2019:
For the Years Ended
September 30,
202120202019
(in millions)
Service revenues$11,475 $9,804 $9,700 
Data processing revenues12,792 10,975 10,333 
International transaction revenues6,530 6,299 7,804 
Other revenues1,675 1,432 1,313 
Client incentives(8,367)(6,664)(6,173)
Net revenues$24,105 $21,846 $22,977 

For the Years Ended
September 30,
202120202019
(in millions)
U.S.$11,160 $10,125 $10,279 
International12,945 11,721 12,698 
Net revenues$24,105 $21,846 $22,977 
v3.21.2
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Tables)
 12 Months Ended
Sep. 30, 2021
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]  
Schedule of Cash and 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:
September 30,
20212020
(in millions)
Cash and cash equivalents$16,487 $16,289 
Restricted cash and restricted cash equivalents:
U.S. litigation escrow894 901 
Customer collateral
2,260 1,850 
Prepaid expenses and other current assets
158 131 
Cash, cash equivalents, restricted cash and restricted cash equivalents$19,799 $19,171 
v3.21.2
U.S. and Europe Retrospective Responsibility Plans (Tables)
 12 Months Ended
Sep. 30, 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 by fiscal year:
20212020
 (in millions)
Balance at beginning of period$901 $1,205 
Return of takedown payment to the litigation escrow account— 467 
Payments to opt-out merchants(1) and interest earned on escrow funds
(7)(771)
Balance at end of period$894 $901 
(1)These payments are associated with the interchange multidistrict litigation. See Note 20—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 during the year ended September 30, 2021:
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)
— — (147)
Recovery through conversion rate adjustment(2)
(35)(20)53 
Balance as of September 30, 2021$1,071 $1,523 $(133)
(1)VE territory covered losses incurred reflect settlements with merchants and additional legal costs. See Note 20—Legal Matters.
(2)Adjustment to right to recover for covered losses for the conversion rate adjustment differs from the actual recovered amount due to differences in foreign exchange rates between the time the losses were incurred and the subsequent recovery through the conversion rate adjustment.
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 as of September 30, 2021 and 2020:
September 30,
20212020
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$3,493 $1,071 $3,168 $1,106 
Series C preferred stock4,806 1,523 4,331 1,543 
Total8,299 2,594 7,499 2,649 
Less: right to recover for covered losses(133)(133)(39)(39)
Total recovery for covered losses available$8,166 $2,461 $7,460 $2,610 
(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 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.
(3)As of September 30, 2020, 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) 6.387 and 6.861, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $199.97, Visa’s class A common stock closing stock price.
v3.21.2
Fair Value Measurements and Investments (Tables)
 12 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value, Assets and Liabilities Measured on Recurring Basis
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Fair Value Measurements at September 30
Using Inputs Considered as
Level 1Level 2
2021202020212020
(in millions)
Assets
Cash equivalents and restricted cash equivalents:
Money market funds$11,779 $12,522 $— $— 
U.S. government-sponsored debt securities— — 100 1,469 
U.S. Treasury securities2,400 650 — — 
Investment securities:
Marketable equity securities490 148 — — 
U.S. government-sponsored debt securities— — 245 2,582 
U.S. Treasury securities2,985 1,253 — — 
Other current and non-current assets:
Money market funds4 — — — 
Derivative instruments— — 410 512 
Total$17,658 $14,573 $755 $4,563 
Liabilities
Accrued compensation and benefits:
Deferred compensation liability$167 $135 $— $— 
Accrued and other liabilities:
Derivative instruments— — 109 181 
Total$167 $135 $109 $181 
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 September 30, 2021 including cumulative unrealized gains and losses:
September 30,
2021
(in millions)
Initial cost basis$874 
Adjustments:
Upward adjustments607 
Downward adjustments (including impairment)(13)
Carrying amount, end of period$1,468 
Equity Securities without Readily Determinable Fair Value
Unrealized gains and losses included in the carrying value of the Company’s non-marketable equity securities still held as of September 30, 2021 and 2020 were as follows:
For the Years Ended
September 30,
20212020
(in millions)
Upward adjustments$484 $102 
Downward adjustments (including impairment)$(3)$(6)
Investment Income
Investment income is recorded as non-operating income (expense) in the Company’s consolidated statements of operations and consisted of the following:
 For the Years Ended
September 30,
 202120202019
 (in millions)
Interest and dividend income on cash and investments$(16)$80 $247 
Realized gains (losses), net on debt securities— 4 1 
Equity securities:
Unrealized gains (losses), net721 115 117 
Realized gains (losses), net26 1 18 
Investment income$731 $200 $383 
v3.21.2
Property, Equipment and Technology, Net (Tables)
 12 Months Ended
Sep. 30, 2021
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment
Property, equipment and technology, net, consisted of the following:
September 30,
20212020
 (in millions)
Land$72 $71 
Buildings and building improvements1,008 1,007 
Furniture, equipment and leasehold improvements2,048 1,997 
Construction-in-progress226 163 
Technology4,320 3,923 
Total property, equipment and technology7,674 7,161 
Accumulated depreciation and amortization(4,959)(4,424)
Property, equipment and technology, net$2,715 $2,737 
Estimated future amortization expense on technology
At September 30, 2021, estimated future amortization expense on technology is as follows:
For the Years Ending September 30,
20222023202420252026ThereafterTotal
 (in millions)
Estimated future amortization expense$408 $307 $217 $134 $56 $18 $1,140 
v3.21.2
Intangible Assets and Goodwill (Tables)
 12 Months Ended
Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
Indefinite-lived and finite-lived intangible assets consisted of the following: 
September 30,
20212020
 GrossAccumulated
Amortization		NetGrossAccumulated
Amortization		Net
 (in millions)
Finite-lived intangible assets:
Customer relationships$726 $(440)$286 $709 $(376)$333 
Trade names199 (148)51 199 (134)65 
Reseller relationships95 (92)3 95 (89)6 
Other16 (15)1 17 (14)3 
Total finite-lived intangible assets1,036 (695)341 1,020 (613)407 
Indefinite-lived intangible assets:
Customer relationships and reacquired rights
23,239 — 23,239 23,317 — 23,317 
Visa trade name4,084 — 4,084 4,084 — 4,084 
Total indefinite-lived intangible assets27,323 — 27,323 27,401 — 27,401 
Total intangible assets$28,359 $(695)$27,664 $28,421 $(613)$27,808 
Schedule of Indefinite-Lived Intangible Assets
Indefinite-lived and finite-lived intangible assets consisted of the following: 
September 30,
20212020
 GrossAccumulated
Amortization		NetGrossAccumulated
Amortization		Net
 (in millions)
Finite-lived intangible assets:
Customer relationships$726 $(440)$286 $709 $(376)$333 
Trade names199 (148)51 199 (134)65 
Reseller relationships95 (92)3 95 (89)6 
Other16 (15)1 17 (14)3 
Total finite-lived intangible assets1,036 (695)341 1,020 (613)407 
Indefinite-lived intangible assets:
Customer relationships and reacquired rights
23,239 — 23,239 23,317 — 23,317 
Visa trade name4,084 — 4,084 4,084 — 4,084 
Total indefinite-lived intangible assets27,323 — 27,323 27,401 — 27,401 
Total intangible assets$28,359 $(695)$27,664 $28,421 $(613)$27,808 
Schedule of Estimated Future Amortization Expense
At September 30, 2021, estimated future amortization expense on finite-lived intangible assets is as follows:
For the Years Ending September 30,
20222023202420252026ThereafterTotal
(in millions)
Estimated future amortization expense$78 $55 $53 $42 $27 $86 $341 
Schedule of Goodwill
The changes in goodwill during the years ended September 30, 2021 and 2020 are as follows:
20212020
(in millions)
Goodwill, beginning of period
$15,910 $15,656 
Goodwill from acquisitions, net of adjustments
63 48 
Foreign currency translation
(15)206 
Goodwill, end of period$15,958 $15,910 
v3.21.2
Leases (Tables)
 12 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Schedule of Present Value of Future Minimum Lease Payments
At September 30, 2021, the present value of future minimum lease payments was as follows:
September 30,
2021
(in millions)
2022$120 
2023108 
2024100 
202585 
202675 
Thereafter132 
Total undiscounted lease payments620 
Less: imputed interest(46)
Present value of lease liabilities$574 
v3.21.2
Debt (Tables)
 12 Months Ended
Sep. 30, 2021
Debt Disclosure [Abstract]  
Outstanding debt
The Company had outstanding debt as follows:
September 30,
20212020
Effective Interest Rate(1)
(in millions, except percentages)
2.20% Senior Notes due December 2020
$— $3,000 2.30 %
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 debt21,000 24,000 
Unamortized discounts and debt issuance costs(161)(178)
Hedge accounting fair value adjustments(2)
138 248 
Total carrying value of debt$20,977 $24,070 
Reported as:
Current maturities of debt$999 $2,999 
Long-term debt19,978 21,071 
Total carrying value of debt$20,977 $24,070 
(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. See Note 1—Summary of Significant Accounting Policies and Note 13—Derivative Financial Instruments.
Future Principal Payments on Outstanding Debt
At September 30, 2021, future principal payments on the Company’s outstanding debt were as follows:
For the Years Ending September 30,
20222023202420252026ThereafterTotal
(in millions)
Future principal payments$1,000 $2,250 $— $— $4,000 $13,750 $21,000 
v3.21.2
Pension and Other Postretirement Benefits (Tables)
 12 Months Ended
Sep. 30, 2021
Retirement Benefits [Abstract]  
Change in benefit obligations and plan assets
A reconciliation of pension benefit obligations, plan assets, funded status and amounts recognized in the Company’s consolidated balance sheets were as follows:
U.S. PlansNon-U.S. Plans
 September 30,September 30,
 2021202020212020
 (in millions)
Change in pension benefit obligation:
Benefit obligation at beginning of period
$920 $919 $563 $528 
Service cost— — 4 4 
Interest cost25 28 10 10 
Actuarial (gain) loss(8)37 (53)11 
Benefit payments(60)(64)(28)(17)
Foreign currency exchange rate changes
— — 24 27 
Benefit obligation at end of period$877 $920 $520 $563 
Accumulated benefit obligation$877 $920 $520 $563 
Change in plan assets:
Fair value of plan assets at beginning of period
$1,142 $1,090 $525 $490 
Actual return on plan assets205 114 9 5 
Company contribution1 2 21 22 
Benefit payments(60)(64)(28)(17)
Foreign currency exchange rate changes
— — 21 25 
Fair value of plan assets at end of period
$1,288 $1,142 $548 $525 
Funded status at end of period$411 $222 $28 $(38)
Recognized in consolidated balance sheets:
Non-current asset$417 $229 $30 $— 
Current liability(1)(1)— — 
Non-current liability(5)(6)(2)(38)
Funded status at end of period$411 $222 $28 $(38)
Amounts recognized in accumulated other comprehensive income (loss) before tax
Amounts recognized in accumulated other comprehensive income (loss) before tax consist of the following: 
U.S. PlansNon-U.S. Plans
September 30,September 30,
 2021202020212020
 (in millions)
Net actuarial (gain) loss$(11)$135 $47 $93 
Benefit obligations in excess of plan assets
Benefit obligations in excess of plan assets were as follows:
 U.S. PlansNon-U.S. Plans
September 30,September 30,
 2021202020212020
 (in millions)
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation at end of period$(6)$(7)$(520)$(563)
Fair value of plan assets at end of period$— $— $548 $525 
Projected benefit obligation in excess of plan assets
Benefit obligation at end of period$(6)$(7)$(520)$(563)
Fair value of plan assets at end of period$— $— $548 $525 
Net periodic benefit cost
Net periodic benefit cost consists of the following:
U.S. PlansNon-U.S. Plans
For the Years Ended September 30,
 202120202019202120202019
 (in millions)
Service cost$— $— $— $4 $4 $4 
Interest cost25 28 32 10 10 13 
Expected return on assets(70)(72)(71)(17)(15)(18)
Amortization of actuarial (gain) loss 3 6 — 4 2 — 
Settlement (gain) loss(1)8 7 2 — — 
Total net periodic benefit cost$(43)$(30)$(32)$3 $1 $(1)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) consist of the following: 
U.S. PlansNon-U.S. Plans
For the Years Ended September 30,
202120202019202120202019
 (in millions)
Current year actuarial (gain) loss$(143)$(5)$114 $(45)$21 $27 
Amortization of actuarial gain (loss)(3)(14)(7)(6)(2)— 
Current year prior service cost— — — — — 1 
Total recognized in other comprehensive (income) loss$(146)$(19)$107 $(51)$19 $28 
Total recognized in net periodic benefit cost and other comprehensive (income) loss$(189)$(49)$75 $(48)$20 $27 
Weighted average actuarial assumptions
Weighted-average actuarial assumptions used to estimate the benefit obligation and net periodic benefit cost were as follows:
U.S. PlansNon-U.S. Plans
 For the Years Ended September 30,
 202120202019202120202019
Discount rate for benefit obligation:
Pension2.98 %2.88 %3.26 %2.10 %1.60 %1.80 %
Discount rate for net periodic benefit cost:
Pension2.88 %3.27 %4.23 %1.60 %1.80 %2.90 %
Expected long-term rate of return on plan assets6.50 %7.00 %7.00 %3.50 %3.00 %3.00 %
Rate of increase(1) in compensation levels for:
Benefit obligationNANANA2.50 %2.50 %2.50 %
Net periodic benefit costNANANA2.50 %2.50 %2.50 %
(1)This assumption is not applicable for the U.S. plans due to the amendment of the U.S. qualified defined benefit pension plan in October 2015, which discontinued the employer provided credits effective after December 31, 2015.
Pension plan investments at fair value
The following tables set forth by level, within the fair value hierarchy, the pension plans’ investments at fair value as of September 30, 2021 and 2020, including the impact of transactions that were not settled at the end of September:
U.S. Plans
Fair Value Measurements at September 30 Using Inputs Considered as
Level 1Level 2Level 3Total
20212020202120202021202020212020
(in millions)
Cash equivalents$20 $17 $— $— $— $— $20 $17 
Collective investment funds— — 548 509 — — 548 509 
Corporate debt securities— — 455 373 — — 455 373 
U.S. government-sponsored debt securities
— — 28 30 — — 28 30 
U.S. Treasury securities
105 84 — — — — 105 84 
Asset-backed securities— — — — 31 37 31 37 
Equity securities101 92 — — — — 101 92 
Total
$226 $193 $1,031 $912 $31 $37 $1,288 $1,142 
Non-U.S. Plans
Fair Value Measurements at September 30 Using Inputs Considered as
Level 1Level 2Level 3Total
20212020202120202021202020212020
(in millions)
Cash and cash equivalents$18 $6 $— $— $— $— $18 $6 
Corporate debt securities— — 51 48 — — 51 48 
Asset-backed securities— — — — 78 67 78 67 
Equity funds— — 68 65 — — 68 65 
Multi-asset securities(1)
— — 333 339 — — 333 339 
Total
$18 $6 $452 $452 $78 $67 $548 $525 
(1)Multi-asset securities represent pension plan assets that are invested in funds comprised of broad ranges of assets.
Expected future employer contributions and benefit payments
Expected future employer contributions and benefit payments are as follows:
U.S. PlansNon-U.S. Plans
(in millions)
Expected employer contributions
2022$1 $21 
Expected benefit payments
2022$122 $8 
2023$93 $8 
2024$84 $9 
2025$80 $9 
2026$72 $9 
2027-2031$278 $50 
v3.21.2
Settlement Guarantee Management (Tables)
 12 Months Ended
Sep. 30, 2021
Settlement Guarantee Management [Abstract]  
Schedule of Customer Collateral At September 30, 2021 and 2020, the Company held the following collateral to manage settlement exposure:
September 30,
20212020
 (in millions)
Restricted cash and restricted cash equivalents$2,260 $1,850 
Pledged securities at market value254 228 
Letters of credit1,518 1,306 
Guarantees758 717 
Total$4,790 $4,101 
v3.21.2
Derivative Financial Instruments (Tables)
 12 Months Ended
Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments at Gross Value
As of September 30, 2021 and 2020, the following table shows the Company’s derivative instruments at gross fair value:
September 30,
Balance Sheet Location20212020
(in millions)
Assets
Designated as Hedging Instrument:
Foreign exchange contractsPrepaid expenses and other current assets and other assets$270 $257 
Interest rate swapOther assets$138 $248 
Not Designated as Hedging Instrument:
Foreign exchange contractsPrepaid expenses and other current assets$2 $7 
Liabilities
Designated as Hedging Instrument:
Foreign exchange contractsAccrued liabilities$13 $39 
Cross-currency swapOther liabilities$90 $137 
Not Designated as Hedging Instrument:
Foreign exchange contractsAccrued liabilities$6 $5 
v3.21.2
Enterprise-wide Disclosures and Concentration of Business (Tables)
 12 Months Ended
Sep. 30, 2021
Enterprise-wide Disclosures and Concentration of Business [Abstract]  
Schedule of long-lived net property, equipment and technology assets by major geographic area
The Company’s long-lived net property and equipment and ROU assets are classified by major geographic areas as follows:
September 30,
20212020
 (in millions)
U.S.$1,286 $1,350 
International596 558 
Total$1,882 $1,908 
v3.21.2
Stockholders' Equity (Tables)
 12 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Schedule of Common Stock as Converted The number of shares of each series and class, and the number of shares of class A common stock on an as-converted basis at September 30, 2021 and 2020, were as follows:
September 30,
20212020
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 7 — 
(2)
100.0000 35 
Series B preferred stock2 6.3210 16 2 6.3870 16 
Series C preferred stock3 6.8340 22 3 6.8610 22 
Class A common stock(3)
1,677 — 1,677 1,683 — 1,683 
Class B common stock245 1.6228 
(4)
398 245 1.6228 
(4)
398 
Class C common stock10 4.0000 41 11 4.0000 43 
Total2,161 2,197 
(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 September 30, 2021 and 2020.
(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 as-converted series B and C preferred stock after the Company recovered VE territory covered losses through conversion rate adjustments and the Fourth anniversary release:
For the Years Ended September 30,
202120202019
Series BSeries CSeries BSeries CSeries BSeries C
(in millions, except per share data)
Reduction in equivalent number of as-converted shares of class A common stock
— 
(1)
— 
(1)
16 22 — 
(1)
— 
(1)
Effective price per share(2)
$220.84 $220.71 $194.31 $194.33 $141.32 $150.26 
Recovery through conversion rate adjustment
$35 $20 $72 $92 $6 $2 
Fourth anniversary release$— $— $3,084 $4,216 $— $— 
(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 each adjustment made during the year 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 for each fiscal year is calculated using the weighted-average effective prices of the respective adjustments made during the year.
Effect of U.S. Retrospective Responsibility Plan on the Company Class Common B As-Converted Shares
The following table presents the reduction in as-converted class B common stock after deposits into the litigation escrow account for the following fiscal years:
For the Years Ended September 30,
202120202019
(in millions, except per share data)
Reduction in equivalent number of as-converted shares of class A common stock
— — 2 
Effective price per share(1)
$— $— $174.73 
Deposits under the U.S. retrospective responsibility plan$— $— $300 
(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.
Schedule of Share Repurchases in the Open Market The following table presents share repurchases in the open market for the following fiscal years:
For the Years Ended September 30,
202120202019
(in millions, except per share data)
Shares repurchased in the open market(1)
40 44 56 
Average repurchase price per share(2)
$219.03 $183.00 $154.01 
Total cost(2)
$8,676 $8,114 $8,607 
(1)Shares repurchased in the open market reflect repurchases that settled during fiscal 2021, 2020 and 2019. 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.
v3.21.2
Earnings Per Share (Tables)
 12 Months Ended
Sep. 30, 2021
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
The following table presents earnings per share for fiscal 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$9,527 1,691 $5.63 $12,311 2,188 (3)$5.63 
Class B common stock2,244 245 $9.14 2,242 245 $9.13 
Class C common stock237 10 $22.53 236 10 $22.51 
Participating securities303 Not presentedNot presented303 Not presentedNot presented
Net income$12,311 
The following table presents earnings per share for fiscal 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$8,310 1,697 $4.90 $10,866 2,223 (3)$4.89 
Class B common stock1,951 245 $7.94 1,948 245 $7.93 
Class C common stock214 11 $19.58 214 11 $19.56 
Participating securities391 Not presentedNot presented391 Not presentedNot presented
Net income$10,866 
The following table presents earnings per share for fiscal 2019:
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$9,273 1,742 $5.32 $12,080 2,272 (3)$5.32 
Class B common stock2,130 245 $8.68 2,127 245 $8.66 
Class C common stock247 12 $21.30 246 12 $21.26 
Participating securities430 Not presentedNot presented429 Not presentedNot presented
Net income$12,080 
(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 each of fiscal 2021 and 2020 and 400 million for fiscal 2019. The weighted-average number of shares of as-converted class C common stock used in the income allocation was 42 million, 44 million and 46 million for fiscal 2021, 2020 and 2019, respectively. The weighted-average number of shares of preferred stock included within participating securities was 12 million and 1 million of as-converted series A preferred stock for fiscal 2021 and 2020, respectively, 16 million of as-converted series B preferred stock for fiscal 2021 and 32 million of as-converted series B preferred stock for each of fiscal 2020 and 2019, and 22 million, 43 million, and 44 million of as-converted series C preferred stock for fiscal 2021, 2020 and 2019, respectively.
(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 each of fiscal 2021, 2020 and 2019.
v3.21.2
Share-based Compensation (Tables)
 12 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used
During fiscal 2021, 2020 and 2019, the fair value of each stock option was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:
For the Years Ended September 30,
202120202019
Expected term (in years)(1)
4.074.033.98
Risk-free rate of return(2)
0.3 %1.6 %2.9 %
Expected volatility(3)
25.1 %18.7 %20.2 %
Expected dividend yield(4)
0.6 %0.7 %0.7 %
Fair value per option granted$39.51$29.37$25.89
(1)Based on Visa’s historical exercise experience.
(2)Based upon the zero coupon U.S. treasury bond rate over the expected term of the awards.
(3)Based on the Company’s implied and historical volatilities.
(4)Based on the Company’s annual dividend rate on the date of grant.
Options Activity Disclosure
The following table summarizes the Company’s option activity for fiscal 2021:
OptionsWeighted-
Average
Exercise Price
Per Share		Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value(1)
(in millions)
Outstanding at September 30, 20205,786,549 $114.61 
Granted1,022,430 $207.57 
Forfeited(57,107)$179.38 
Expired— $— 
Exercised(912,093)$87.06 
Outstanding at September 30, 20215,839,779 $134.56 6.56$515 
Options exercisable at September 30, 20213,736,509 $105.05 5.55$440 
Options exercisable and expected to vest at September 30, 2021(2)
5,783,092 $133.93 6.54$514 
(1)Calculated using the closing stock price on the last trading day of fiscal 2021 of $222.75, less the option exercise price, multiplied by the number of instruments.
(2)Applied a forfeiture rate to unvested options outstanding at September 30, 2021 to estimate the options expected to vest in the future.
Restricted Stock Unit Activity Disclosure
The following table summarizes the Company’s RSU activity for fiscal 2021:
 UnitsWeighted-
Average
Grant Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value(1)
(in millions)
Outstanding at September 30, 20204,690,500 $154.06 
Granted
2,486,219 $209.00 
Vested
(2,327,105)$142.35 
Forfeited
(323,166)$183.46 
Outstanding at September 30, 20214,526,448 $188.16 0.87$1,008 
(1)Calculated by multiplying the closing stock price on the last trading day of fiscal 2021 of $222.75 by the number of instruments.
Performance-based Shares Activity Disclosure
The following table summarizes the maximum number of performance-based shares which could be earned and related activity for fiscal 2021:
Shares
Weighted-
Average
Grant Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value(1)
(in millions)
Outstanding at September 30, 2020994,800 $171.33 
Granted(2)
432,714 $229.81 
Vested and earned(359,894)$130.98 
Unearned(203,760)$224.79 
Forfeited— $— 
Outstanding at September 30, 2021863,860 $204.82 0.82$192 
(1)Calculated by multiplying the closing stock price on the last trading day of fiscal 2021 of $222.75 by the number of instruments.
(2)Represents the maximum number of performance-based shares which could be earned.
v3.21.2
Commitments and Contingencies (Tables)
 12 Months Ended
Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Present Value of Future Minimum Lease Payments At September 30, 2021, future minimum payments on software licenses are as follows:
For the Years Ending September 30,
20222023202420252026ThereafterTotal
(in millions)
Software licenses$97 $35 $7 $6 $— $— $145 
v3.21.2
Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2021
Income Tax Disclosure [Abstract]  
U.S. and Non-U.S. Income Before Income Tax
The Company’s income before taxes by fiscal year consisted of the following:
For the Years Ended September 30,
202120202019
 (in millions)
U.S.$11,002 $9,178 $9,536 
Non-U.S.5,061 4,612 5,348 
Total income before taxes$16,063 $13,790 $14,884 
Comprehensive Income Tax (Expense) Benefit Components Table
Income tax provision by fiscal year consisted of the following:
For the Years Ended September 30,
202120202019
 (in millions)
Current:
U.S. federal$1,943 $1,662 $1,504 
State and local69 212 243 
Non-U.S.869 743 843 
Total current taxes2,881 2,617 2,590 
Deferred:
U.S. federal(57)42 184 
State and local(28)9 28 
Non-U.S.956 256 2 
Total deferred taxes871 307 214 
Total income tax provision$3,752 $2,924 $2,804 
Components of Deferred Tax Assets and Liabilities
At September 30, 2021 and 2020, the tax effect of temporary differences that give rise to significant portions of deferred tax assets and liabilities, are presented below:
September 30,
20212020
 (in millions)
Deferred Tax Assets:
Accrued compensation and benefits$166 $114 
Accrued litigation obligation234 204 
Client incentives327 121 
Net operating loss carryforwards104 80 
Comprehensive loss106 148 
Federal benefit of state taxes157 203 
Other55 60 
Valuation allowance(103)(84)
Deferred tax assets1,046 846 
Deferred Tax Liabilities:
Property, equipment and technology, net(346)(343)
Intangible assets(6,452)(5,492)
Unrealized gains on equity securities(203)(48)
Foreign taxes(93)(137)
Deferred tax liabilities(7,094)(6,020)
Net deferred tax liabilities$(6,048)$(5,174)
Reconciliation of the US Statutory Federal Tax Rate
The income tax provision differs from the amount of income tax determined by applying the applicable U.S. federal statutory rate to pretax income, as a result of the following:
 For the Years Ended September 30,
 202120202019
 (in millions, except percentages)
U.S. federal income tax at statutory rate$3,373 21 %$2,896 21 %$3,126 21 %
State income taxes, net of federal benefit222 1 %199 2 %223 2 %
Non-U.S. tax effect, net of federal benefit(505)(3 %)(483)(4 %)(527)(4 %)
Remeasurement of deferred tax balances1,007 6 %329 2 %— — %
Conclusion of audits(255)(2 %)— — %— — %
Other, net(90)— %(17)— %(18)— %
Income tax provision$3,752 23 %$2,924 21 %$2,804 19 %
Unrecognized Tax Benefits Reconciliation, Table
A reconciliation of beginning and ending unrecognized tax benefits by fiscal year is as follows: 
202120202019
 (in millions)
Balance at beginning of period$2,579 $2,234 $1,658 
Increases of unrecognized tax benefits related to prior years34 66 216 
Decreases of unrecognized tax benefits related to prior years(386)(83)(13)
Increases of unrecognized tax benefits related to current year326 376 384 
Decreases related to settlements with taxing authorities(63)(12)(9)
Reductions related to lapsing statute of limitations(2)(2)(2)
Balance at end of period$2,488 $2,579 $2,234 
v3.21.2
Legal Matters (Tables)
 12 Months Ended
Sep. 30, 2021
Legal Matters [Abstract]  
Schedule of Loss Contingencies by Contingency
The following table summarizes the activity related to accrued litigation by fiscal year:
20212020
 (in millions)
Balance at beginning of period$914 $1,203 
Provision for uncovered legal matters4 10 
Provision for covered legal matters125 26 
Reestablishment of prior accrual related to interchange multidistrict litigation— 467 
Payments for legal matters(60)(792)
Balance at end of period$983 $914 
The following table summarizes the accrual activity related to U.S. covered litigation by fiscal year:
20212020
 (in millions)
Balance at beginning of period$888 $1,198 
Reestablishment of prior accrual related to interchange multidistrict litigation— 467 
Payments for U.S. covered litigation(7)(777)
Balance at end of period$881 $888 
The following table summarizes the accrual activity related to VE territory covered litigation by fiscal year:
20212020
 (in millions)
Balance at beginning of period$21 $5 
Accrual for VE territory covered litigation125 26 
Payments for VE territory covered litigation(44)(10)
Balance at end of period$102 $21 
v3.21.2
Summary of Significant Accounting Policies (Detail)
 12 Months Ended
Feb. 01, 2021
USD ($)
Sep. 30, 2021
segment
country
Significant Accounting Policies [Line Items]    
Number of countries in which entity operates (more than) | country   200
Number of reportable segments | segment   1
Indefinite-lived intangible impairment $ 0  
Goodwill, impairment loss $ 0  
Term of derivative contracts designated as cash flow hedges   12 months
Minimum    
Significant Accounting Policies [Line Items]    
Acquired long-lived intangible assets useful life   3 years
Minimum | U.S.    
Significant Accounting Policies [Line Items]    
Expected average employee future service period (in years)   7 years
Minimum | Non-U.S. Plans    
Significant Accounting Policies [Line Items]    
Expected average employee future service period (in years)   7 years
Maximum    
Significant Accounting Policies [Line Items]    
Acquired long-lived intangible assets useful life   15 years
Maximum | U.S.    
Significant Accounting Policies [Line Items]    
Expected average employee future service period (in years)   9 years
Maximum | Non-U.S. Plans    
Significant Accounting Policies [Line Items]    
Expected average employee future service period (in years)   9 years
Technology Equipment | Minimum    
Significant Accounting Policies [Line Items]    
Estimated useful life   2 years
Technology Equipment | Maximum    
Significant Accounting Policies [Line Items]    
Estimated useful life   10 years
Furniture and Fixtures | Minimum    
Significant Accounting Policies [Line Items]    
Estimated useful life   2 years
Furniture and Fixtures | Maximum    
Significant Accounting Policies [Line Items]    
Estimated useful life   10 years
Equipment | Minimum    
Significant Accounting Policies [Line Items]    
Estimated useful life   2 years
Equipment | Maximum    
Significant Accounting Policies [Line Items]    
Estimated useful life   10 years
Building Improvements | Minimum    
Significant Accounting Policies [Line Items]    
Estimated useful life   3 years
Building Improvements | Maximum    
Significant Accounting Policies [Line Items]    
Estimated useful life   40 years
Building    
Significant Accounting Policies [Line Items]    
Estimated useful life   40 years
v3.21.2
Acquisitions (Details)
£ in Millions, € in Billions
Jul. 22, 2021
GBP (£)
Jun. 24, 2021
EUR (€)
Tink AB    
Business Acquisition [Line Items]    
Pending acquisition | €   € 1.8
The Currency Cloud Group Limited    
Business Acquisition [Line Items]    
Pending acquisition | £ £ 700  
v3.21.2
Revenues - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Disaggregation of Revenue [Line Items]      
Net revenues $ 24,105 $ 21,846 $ 22,977
U.S.      
Disaggregation of Revenue [Line Items]      
Net revenues 11,160 10,125 10,279
International      
Disaggregation of Revenue [Line Items]      
Net revenues 12,945 11,721 12,698
Service revenues      
Disaggregation of Revenue [Line Items]      
Net revenues 11,475 9,804 9,700
Data processing revenues      
Disaggregation of Revenue [Line Items]      
Net revenues 12,792 10,975 10,333
International transaction revenues      
Disaggregation of Revenue [Line Items]      
Net revenues 6,530 6,299 7,804
Other revenues      
Disaggregation of Revenue [Line Items]      
Net revenues 1,675 1,432 1,313
Client incentives      
Disaggregation of Revenue [Line Items]      
Net revenues $ (8,367) $ (6,664) $ (6,173)
v3.21.2
Revenues - Additional Information (Details)
$ in Billions
Sep. 30, 2021
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, amount $ 1.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 50.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period 2 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Revenue, remaining performance obligation, percentage 50.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period
v3.21.2
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2018
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash and cash equivalents $ 16,487 $ 16,289    
Cash, cash equivalents, restricted cash and restricted cash equivalents 19,799 19,171 $ 10,832 $ 10,977
U.S. litigation escrow        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash and restricted cash equivalents 894 901    
Customer collateral        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash and restricted cash equivalents 2,260 1,850    
Prepaid expenses and other current assets        
Restricted Cash and Cash Equivalents Items [Line Items]        
Restricted cash and restricted cash equivalents $ 158 $ 131    
v3.21.2
U.S. and Europe Retrospective Responsibility Plans - Changes in the U.S. Litigation Escrow Account (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Escrow Account [Roll Forward]    
Beginning balance $ 901 $ 1,205
Return of takedown payment to the litigation escrow account 0 467
Ending balance 894 901
Interest Income | Opt-out Merchants    
Escrow Account [Roll Forward]    
Payments to opt-out merchants and interest earned on escrow funds $ (7) $ (771)
v3.21.2
U.S. and Europe Retrospective Responsibility Plans - Additional Information (Details)
€ in Millions, $ in Millions
 1 Months Ended 12 Months Ended
Sep. 30, 2020
USD ($)
shares
Sep. 30, 2021
USD ($)
Sep. 30, 2021
EUR (€)
Sep. 30, 2020
USD ($)
shares
Sep. 30, 2019
USD ($)
Jun. 21, 2016
EUR (€)
Class of Stock [Line Items]            
Omnibus loss sharing agreement percentage   66.6667% 66.6667%      
Litigation loss sharing agreement, obligation threshold | €           € 1,000
Limit of protection from VE territory covered losses           70.00%
Conversion adjustment denominator (in shares) | shares 100          
VE covered loss, maximum amount of loss to allow adjustment of conversion rate during six-month period | €     € 20      
Recovery through conversion rate adjustment   $ 2   $ (5)    
Series A convertible participating preferred stock            
Class of Stock [Line Items]            
Preferred stock issued $ 7,300          
Preferred stock, shares issued (in shares) | shares 374,819          
Cash paid for fractional shares of series A preferred stock $ 5          
Preferred Stock            
Class of Stock [Line Items]            
Recovery through conversion rate adjustment   $ 55   $ 164 $ 8  
Preferred Stock | Series A convertible participating preferred stock            
Class of Stock [Line Items]            
Preferred stock, shares issued (in shares) | shares [1]       0    
MasterCard            
Class of Stock [Line Items]            
Omnibus loss sharing agreement percentage   33.3333% 33.3333%      
[1] Increase, decrease or balance is less than one million shares.
v3.21.2
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
 12 Months Ended
Sep. 30, 2021
USD ($)
$ / shares
shares
Sep. 30, 2020
USD ($)
$ / shares
shares
Sep. 30, 2021
USD ($)
$ / shares
shares
Sep. 30, 2020
USD ($)
$ / shares
shares
Sep. 30, 2019
USD ($)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Beginning Balance     $ 36,210 $ 34,684 $ 34,006
VE territory covered losses incurred     (147) (37) (172)
Recovery through conversion rate adjustment     2 (5)  
Ending Balance $ 37,589 $ 36,210 37,589 36,210 34,684
As-converted Value of Preferred Stock 8,299 7,499 8,299 7,499  
Book Value of Preferred Stock 2,594 2,649 2,594 2,649  
Right to recover for covered losses (133) (39) (133) (39)  
As-converted Value of Preferred Stock 8,166 7,460 8,166 7,460  
Book Value of Preferred Stock $ 2,461 2,610 $ 2,461 2,610  
Share price (in dollars per share) | $ / shares $ 222.75   $ 222.75    
Series B Preferred Stock          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Recovery through conversion rate adjustment     $ (35) (72) (6)
As-converted Value of Preferred Stock $ 3,493 3,168 3,493 3,168  
Book Value of Preferred Stock $ 1,071 $ 1,106 $ 1,071 $ 1,106  
Preferred stock, shares outstanding (in shares) | shares 2 2 2 2  
Preferred stock, conversion rate 6.3210 6.3870      
Series C Preferred Stock          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Recovery through conversion rate adjustment     $ (20) $ (92) (2)
As-converted Value of Preferred Stock $ 4,806 $ 4,331 4,806 4,331  
Book Value of Preferred Stock $ 1,523 $ 1,543 $ 1,523 $ 1,543  
Preferred stock, shares outstanding (in shares) | shares 3 3 3 3  
Preferred stock, conversion rate 6.8340 6.8610      
Class A common stock          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Share price (in dollars per share) | $ / shares $ 222.75 $ 199.97 $ 222.75 $ 199.97  
Preferred Stock          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Beginning Balance     $ 5,086 $ 5,462 5,470
Recovery through conversion rate adjustment     55 164 8
Ending Balance $ 3,080 $ 5,086 3,080 5,086 5,462
Preferred Stock | Series B Preferred Stock          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Beginning Balance     1,106    
VE territory covered losses incurred     0    
Recovery through conversion rate adjustment     (35)    
Ending Balance 1,071 1,106 1,071 1,106  
Preferred Stock | Series C Preferred Stock          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Beginning Balance     1,543    
VE territory covered losses incurred     0    
Recovery through conversion rate adjustment     (20)    
Ending Balance 1,523 1,543 1,523 1,543  
Right to Recover for Covered Losses          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Beginning Balance     (39) (171) (7)
VE territory covered losses incurred     (147) (37) (172)
Recovery through conversion rate adjustment     (53) (169) (8)
Ending Balance $ (133) $ (39) $ (133) $ (39) $ (171)
v3.21.2
Fair Value Measurements and Investments - Assets and Liabilities Measured (Details) - Fair Value, Measurements, Recurring - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
Level 1    
Assets    
Total $ 17,658 $ 14,573
Liabilities    
Deferred compensation liability 167 135
Derivative instruments 0 0
Total 167 135
Level 1 | Money market funds    
Assets    
Cash equivalents and restricted cash equivalents 11,779 12,522
Other current and non-current assets: 4 0
Level 1 | Marketable equity securities    
Assets    
Investment securities 490 148
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 2,400 650
Investment securities 2,985 1,253
Level 1 | Derivative instruments    
Assets    
Other current and non-current assets: 0 0
Level 2    
Assets    
Total 755 4,563
Liabilities    
Deferred compensation liability 0 0
Derivative instruments 109 181
Total 109 181
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 100 1,469
Investment securities 245 2,582
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: $ 410 $ 512
v3.21.2
Fair Value Measurements and Investments - Additional Information (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Debt securities due within one year $ 4,000  
Debt securities due between one to five years 1,700  
Carrying value of long-term debt 20,977 $ 24,070
Senior Notes    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Carrying value of long-term debt 21,000 24,100
Senior Notes | Estimate of Fair Value Measurement    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Estimated fair value $ 22,500 $ 26,600
v3.21.2
Fair Value Measurements and Investments - Schedule of Non-Marketable Equity Securities (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Fair Value Disclosures [Abstract]    
Initial cost basis $ 874  
Upward adjustments 607  
Downward adjustments (including impairment) (13)  
Carrying amount, end of period 1,468  
Upward adjustments 484 $ 102
Downward adjustments (including impairment) $ (3) $ (6)
v3.21.2
Fair Value Measurements and Investments - Investment Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Fair Value Disclosures [Abstract]      
Interest and dividend income on cash and investments $ (16) $ 80 $ 247
Realized gains (losses), net on debt securities 0 4 1
Equity securities:      
Unrealized gains (losses), net 721 115 117
Realized gains (losses), net 26 1 18
Investment income $ 731 $ 200 $ 383
v3.21.2
Property, Equipment and Technology, Net - Summary of Property, Equipment and Technology, Net (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
Property, Plant and Equipment [Line Items]    
Total property, equipment and technology $ 7,674 $ 7,161
Accumulated depreciation and amortization (4,959) (4,424)
Property, equipment and technology, net 2,715 2,737
Land    
Property, Plant and Equipment [Line Items]    
Total property, equipment and technology 72 71
Buildings and building improvements    
Property, Plant and Equipment [Line Items]    
Total property, equipment and technology 1,008 1,007
Furniture, equipment and leasehold improvements    
Property, Plant and Equipment [Line Items]    
Total property, equipment and technology 2,048 1,997
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Total property, equipment and technology 226 163
Technology    
Property, Plant and Equipment [Line Items]    
Total property, equipment and technology $ 4,320 $ 3,923
v3.21.2
Property, Equipment and Technology, Net - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Finite-Lived Intangible Assets [Line Items]      
Technology, accumulated amortization $ 3,200 $ 2,700  
Depreciation and amortization 804 767 $ 656
Property, Equipment and Technology      
Finite-Lived Intangible Assets [Line Items]      
Depreciation and amortization $ 721 $ 687 $ 596
v3.21.2
Property, Equipment and Technology, Net - Estimated Future Amortization Expense on Technology Placed in Service (Detail)
$ in Millions
Sep. 30, 2021
USD ($)
Finite-Lived Intangible Assets [Line Items]  
2022 $ 78
2023 55
2024 53
2025 42
2026 27
Thereafter 86
Total 341
Technology and Software  
Finite-Lived Intangible Assets [Line Items]  
2022 408
2023 307
2024 217
2025 134
2026 56
Thereafter 18
Total $ 1,140
v3.21.2
Intangible Assets and Goodwill - Fair Value of Intangible Assets and Related Accumulated Amortization Expense (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
Finite-Lived Intangible Assets [Line Items]    
Gross $ 1,036 $ 1,020
Accumulated Amortization (695) (613)
Finite-Lived Intangible Assets, Net 341 407
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets 27,323 27,401
Gross 28,359 28,421
Net 27,664 27,808
Customer relationships and reacquired rights    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets 23,239 23,317
Visa trade name    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived Intangible Assets 4,084 4,084
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross 726 709
Accumulated Amortization (440) (376)
Finite-Lived Intangible Assets, Net 286 333
Trade names    
Finite-Lived Intangible Assets [Line Items]    
Gross 199 199
Accumulated Amortization (148) (134)
Finite-Lived Intangible Assets, Net 51 65
Reseller relationships    
Finite-Lived Intangible Assets [Line Items]    
Gross 95 95
Accumulated Amortization (92) (89)
Finite-Lived Intangible Assets, Net 3 6
Other    
Finite-Lived Intangible Assets [Line Items]    
Gross 16 17
Accumulated Amortization (15) (14)
Finite-Lived Intangible Assets, Net $ 1 $ 3
v3.21.2
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense related to finite-lived intangible assets $ 83,000,000 $ 80,000,000 $ 60,000,000
Goodwill and intangible asset impairment $ 0 $ 0 $ 0
v3.21.2
Intangible Assets and Goodwill - Estimated Future Amortization Expense on Finite-Lived Intangible Assets (Detail)
$ in Millions
Sep. 30, 2021
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2022 $ 78
2023 55
2024 53
2025 42
2026 27
Thereafter 86
Total $ 341
v3.21.2
Intangible Assets and Goodwill - Schedule of Goodwill (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Goodwill [Roll Forward]    
Goodwill, beginning of period $ 15,910 $ 15,656
Goodwill from acquisitions, net of adjustments 63 48
Foreign currency translation (15) 206
Goodwill, end of period $ 15,958 $ 15,910
v3.21.2
Leases - Additional Information (Details)
$ in Millions
 12 Months Ended
Sep. 30, 2021
USD ($)
option_to_renew
Sep. 30, 2020
USD ($)
Lessee, Lease, Description [Line Items]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets Other assets
ROU assets $ 515 $ 508
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accrued liabilities Accrued liabilities
Current portion of lease liabilities $ 103 $ 97
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Noncurrent portion of lease liabilities $ 471 $ 473
Operating lease cost $ 111 $ 114
Weighted average remaining lease term (in years) 6 years 6 years
Weighted average discount rate 2.23% 2.29%
Right-of-use asset obtained in exchange for operating lease liability $ 96 $ 76
Operating leases, not yet commenced, lease obligations $ 467  
Minimum    
Lessee, Lease, Description [Line Items]    
Number of renewal options | option_to_renew 1  
Operating leases, non-cancellable lease terms 1 year  
Maximum    
Lessee, Lease, Description [Line Items]    
Operating leases, non-cancellable lease terms 15 years  
v3.21.2
Leases - Schedule of Present Value of Future Minimum Lease Payments (Details)
$ in Millions
Sep. 30, 2021
USD ($)
Leases [Abstract]  
2022 $ 120
2023 108
2024 100
2025 85
2026 75
Thereafter 132
Total 620
Less: imputed interest (46)
Present value of lease liabilities $ 574
v3.21.2
Debt - Senior Notes (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
Debt Instrument [Line Items]    
Senior notes $ 21,000  
Unamortized discounts and debt issuance costs (161) $ (178)
Hedge accounting fair value adjustments 138 248
Total carrying value of debt 20,977 24,070
Current maturities of debt 999 2,999
Long-term debt 19,978 21,071
Senior Notes    
Debt Instrument [Line Items]    
Total debt 21,000 24,000
Total carrying value of debt $ 21,000 24,100
Senior Notes | 2.20% Senior Notes due December 2020    
Debt Instrument [Line Items]    
Stated interest rate (percent) 2.20%  
Senior notes $ 0 3,000
Effective interest rate (percent) 2.30%  
Senior Notes | 2.15% Senior Notes due September 2022    
Debt Instrument [Line Items]    
Stated interest rate (percent) 2.15%  
Senior notes $ 1,000 1,000
Effective interest rate (percent) 2.30%  
Senior Notes | 2.80% Senior Notes due December 2022    
Debt Instrument [Line Items]    
Stated interest rate (percent) 2.80%  
Senior notes $ 2,250 2,250
Effective interest rate (percent) 2.89%  
Senior Notes | 3.15% Senior Notes due December 2025    
Debt Instrument [Line Items]    
Stated interest rate (percent) 3.15%  
Senior notes $ 4,000 4,000
Effective interest rate (percent) 3.26%  
Senior Notes | 1.90% Senior Notes due April 2027    
Debt Instrument [Line Items]    
Stated interest rate (percent) 1.90%  
Senior notes $ 1,500 1,500
Effective interest rate (percent) 2.02%  
Senior Notes | 0.75% Senior Notes due August 2027    
Debt Instrument [Line Items]    
Stated interest rate (percent) 0.75%  
Senior notes $ 500 500
Effective interest rate (percent) 0.84%  
Senior Notes | 2.75% Senior Notes due September 2027    
Debt Instrument [Line Items]    
Stated interest rate (percent) 2.75%  
Senior notes $ 750 750
Effective interest rate (percent) 2.91%  
Senior Notes | 2.05% Senior Notes due April 2030    
Debt Instrument [Line Items]    
Stated interest rate (percent) 2.05%  
Senior notes $ 1,500 1,500
Effective interest rate (percent) 2.13%  
Senior Notes | 1.10% Senior Notes due February 2031    
Debt Instrument [Line Items]    
Stated interest rate (percent) 1.10%  
Senior notes $ 1,000 1,000
Effective interest rate (percent) 1.20%  
Senior Notes | 4.15% Senior Notes due December 2035    
Debt Instrument [Line Items]    
Stated interest rate (percent) 4.15%  
Senior notes $ 1,500 1,500
Effective interest rate (percent) 4.23%  
Senior Notes | 2.70% Senior Notes due April 2040    
Debt Instrument [Line Items]    
Stated interest rate (percent) 2.70%  
Senior notes $ 1,000 1,000
Effective interest rate (percent) 2.80%  
Senior Notes | 4.30% Senior Notes due December 2045    
Debt Instrument [Line Items]    
Stated interest rate (percent) 4.30%  
Senior notes $ 3,500 3,500
Effective interest rate (percent) 4.37%  
Senior Notes | 3.65% Senior Notes due September 2047    
Debt Instrument [Line Items]    
Stated interest rate (percent) 3.65%  
Senior notes $ 750 750
Effective interest rate (percent) 3.73%  
Senior Notes | 2.00% Senior Notes due August 2050    
Debt Instrument [Line Items]    
Stated interest rate (percent) 2.00%  
Senior notes $ 1,750 $ 1,750
Effective interest rate (percent) 2.09%  
v3.21.2
Debt - Additional Information (Detail) - USD ($)
 1 Months Ended 12 Months Ended
Jul. 25, 2019
Aug. 31, 2020
Apr. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Debt Instrument [Line Items]            
Repayments of debt       $ 3,000,000,000 $ 0 $ 0
Commercial Paper Program            
Debt Instrument [Line Items]            
Aggregate principal       $ 3,000,000,000    
Debt term       397 days    
Commercial paper program, amount outstanding       $ 0 0  
Senior Notes | 2.20% Senior Notes due December 2020            
Debt Instrument [Line Items]            
Repayments of debt       $ 3,000,000,000    
Stated interest rate (percent)       2.20%    
Senior Notes | August 2020 Notes            
Debt Instrument [Line Items]            
Aggregate principal   $ 3,300,000,000        
Net aggregate proceeds   $ 3,200,000,000        
Senior Notes | August 2027 Notes            
Debt Instrument [Line Items]            
Debt term   7 years        
Stated interest rate (percent)       0.75%    
Senior Notes | August 2031 Notes            
Debt Instrument [Line Items]            
Debt term   10 years 6 months        
Stated interest rate (percent)       1.10%    
Senior Notes | August 2050 Notes            
Debt Instrument [Line Items]            
Debt term   30 years        
Stated interest rate (percent)       2.00%    
Senior Notes | April 2020 Notes            
Debt Instrument [Line Items]            
Aggregate principal     $ 4,000,000,000      
Net aggregate proceeds     $ 4,000,000,000      
Senior Notes | April 2027 Notes            
Debt Instrument [Line Items]            
Debt term     7 years      
Stated interest rate (percent)       1.90%    
Senior Notes | April 2030 Notes            
Debt Instrument [Line Items]            
Debt term     10 years      
Stated interest rate (percent)       2.05%    
Senior Notes | April 2040 Notes            
Debt Instrument [Line Items]            
Debt term     20 years      
Stated interest rate (percent)       2.70%    
Line of Credit | Credit Facility | Revolving Credit Facility            
Debt Instrument [Line Items]            
Debt term 5 years          
Maximum borrowing capacity $ 5,000,000,000          
Credit facility amount outstanding       $ 0 $ 0  
v3.21.2
Debt - Debt Maturities (Details)
$ in Millions
Sep. 30, 2021
USD ($)
Debt Disclosure [Abstract]  
2022 $ 1,000
2023 2,250
2024 0
2025 0
2026 4,000
Thereafter 13,750
Total $ 21,000
v3.21.2
Pension and Other Postretirement Benefits - Change in Pension Benefit Obligations, Plan Assets, Funded Status and Amounts Recognized in the Consolidated Balance Sheets (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
U.S. Plans      
Change in Benefit Obligation      
Benefit obligation at beginning of period $ 920 $ 919  
Service cost 0 0 $ 0
Interest cost 25 28 32
Actuarial (gain) loss (8) 37  
Benefit payments (60) (64)  
Foreign currency exchange rate changes 0 0  
Benefit obligation at end of period 877 920 919
Accumulated benefit obligation 877 920  
Change in plan assets:      
Fair value of plan assets at beginning of period 1,142 1,090  
Actual return on plan assets 205 114  
Company contribution 1 2  
Benefit payments (60) (64)  
Foreign currency exchange rate changes 0 0  
Fair value of plan assets at end of period 1,288 1,142 1,090
Funded status at end of period 411 222  
Recognized in consolidated balance sheets:      
Non-current asset 417 229  
Current liability (1) (1)  
Non-current liability (5) (6)  
Funded status at end of period 411 222  
Non-U.S. Plans      
Change in Benefit Obligation      
Benefit obligation at beginning of period 563 528  
Service cost 4 4 4
Interest cost 10 10 13
Actuarial (gain) loss (53) 11  
Benefit payments (28) (17)  
Foreign currency exchange rate changes 24 27  
Benefit obligation at end of period 520 563 528
Accumulated benefit obligation 520 563  
Change in plan assets:      
Fair value of plan assets at beginning of period 525 490  
Actual return on plan assets 9 5  
Company contribution 21 22  
Benefit payments (28) (17)  
Foreign currency exchange rate changes 21 25  
Fair value of plan assets at end of period 548 525 $ 490
Funded status at end of period 28 (38)  
Recognized in consolidated balance sheets:      
Non-current asset 30 0  
Current liability 0 0  
Non-current liability (2) (38)  
Funded status at end of period $ 28 $ (38)  
v3.21.2
Pension and Other Postretirement Benefits - Amounts Recognized in Accumulated Comprehensive Income Before Tax (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
U.S. Plans    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial (gain) loss $ (11) $ 135
Non-U.S. Plans    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial (gain) loss $ 47 $ 93
v3.21.2
Pension and Other Postretirement Benefits - Benefit Obligations in Excess of Plan Assets (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
U.S. Plans    
Accumulated benefit obligation in excess of plan assets    
Accumulated benefit obligation at end of period $ (6) $ (7)
Fair value of plan assets at end of period 0 0
Projected benefit obligation in excess of plan assets    
Benefit obligation at end of period (6) (7)
Fair value of plan assets at end of period 0 0
Non-U.S. Plans    
Accumulated benefit obligation in excess of plan assets    
Accumulated benefit obligation at end of period (520) (563)
Fair value of plan assets at end of period 548 525
Projected benefit obligation in excess of plan assets    
Benefit obligation at end of period (520) (563)
Fair value of plan assets at end of period $ 548 $ 525
v3.21.2
Pension and Other Postretirement Benefits - Net Periodic Pension and Other Postretirement Plan Cost (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost $ 0 $ 0 $ 0
Interest cost 25 28 32
Expected return on assets (70) (72) (71)
Amortization of actuarial (gain) loss 3 6 0
Settlement (gain) loss (1) 8 7
Total net periodic benefit cost (43) (30) (32)
Non-U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Service cost 4 4 4
Interest cost 10 10 13
Expected return on assets (17) (15) (18)
Amortization of actuarial (gain) loss 4 2 0
Settlement (gain) loss 2 0 0
Total net periodic benefit cost $ 3 $ 1 $ (1)
v3.21.2
Pension and Other Postretirement Benefits - Other Changes in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Current year actuarial (gain) loss $ (143) $ (5) $ 114
Amortization of actuarial gain (loss) (3) (14) (7)
Current year prior service cost 0 0 0
Total recognized in other comprehensive (income) loss (146) (19) 107
Total recognized in net periodic benefit cost and other comprehensive (income) loss (189) (49) 75
Non-U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Current year actuarial (gain) loss (45) 21 27
Amortization of actuarial gain (loss) (6) (2) 0
Current year prior service cost 0 0 1
Total recognized in other comprehensive (income) loss (51) 19 28
Total recognized in net periodic benefit cost and other comprehensive (income) loss $ (48) $ 20 $ 27
v3.21.2
Pension and Other Postretirement Benefits - Weighted Average Actuarial Assumptions (Detail)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate for benefit obligation 2.98% 2.88% 3.26%
Discount rate for net periodic benefit cost 2.88% 3.27% 4.23%
Expected long-term rate of return on plan assets 6.50% 7.00% 7.00%
Non-U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Discount rate for benefit obligation 2.10% 1.60% 1.80%
Discount rate for net periodic benefit cost 1.60% 1.80% 2.90%
Expected long-term rate of return on plan assets 3.50% 3.00% 3.00%
Rate of increase in compensation levels for:      
Benefit obligation 2.50% 2.50% 2.50%
Net periodic benefit cost 2.50% 2.50% 2.50%
v3.21.2
Pension and Other Postretirement Benefits - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Defined contribution plan, personnel costs $ 141 $ 140 $ 121
U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Weighted average interest crediting rate, benefit obligation 1.98% 1.88% 2.26%
Weighted average interest crediting rate, benefit cost 1.88% 2.26% 3.23%
Equity securities | U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Actual plan asset allocations 50.00%    
Fixed income securities | U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Actual plan asset allocations 48.00%    
Other security investments | U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Actual plan asset allocations 2.00%    
Other security investments | Non-U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Target allocation, percentage 38.00%    
Actual plan asset allocations 43.00%    
Equity funds | Non-U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Target allocation, percentage 12.00%    
Actual plan asset allocations 12.00%    
Interest and inflation hedging assets | Non-U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Target allocation, percentage 50.00%    
Actual plan asset allocations 45.00%    
Minimum | Equity securities | U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Target allocation, percentage 35.00%    
Minimum | Fixed income securities | U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Target allocation, percentage 43.00%    
Maximum | Equity securities | U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Target allocation, percentage 65.00%    
Maximum | Fixed income securities | U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Target allocation, percentage 53.00%    
Maximum | Other security investments | U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Target allocation, percentage 4.00%    
v3.21.2
Pension and Other Postretirement Benefits - Pension Plan Assets (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets $ 1,288 $ 1,142 $ 1,090
U.S. Plans | Fair Value, Measurements, Recurring      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 1,288 1,142  
U.S. Plans | Fair Value, Measurements, Recurring | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 20 17  
U.S. Plans | Fair Value, Measurements, Recurring | Collective investment funds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 548 509  
U.S. Plans | Fair Value, Measurements, Recurring | Corporate debt securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 455 373  
U.S. Plans | Fair Value, Measurements, Recurring | U.S. government-sponsored debt securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 28 30  
U.S. Plans | Fair Value, Measurements, Recurring | U.S. Treasury securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 105 84  
U.S. Plans | Fair Value, Measurements, Recurring | Asset-backed securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 31 37  
U.S. Plans | Fair Value, Measurements, Recurring | Equity securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 101 92  
U.S. Plans | Fair Value, Measurements, Recurring | Level 1      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 226 193  
U.S. Plans | Fair Value, Measurements, Recurring | Level 1 | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 20 17  
U.S. Plans | Fair Value, Measurements, Recurring | Level 1 | Collective investment funds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 1 | Corporate debt securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 1 | U.S. government-sponsored debt securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 105 84  
U.S. Plans | Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 1 | Equity securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 101 92  
U.S. Plans | Fair Value, Measurements, Recurring | Level 2      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 1,031 912  
U.S. Plans | Fair Value, Measurements, Recurring | Level 2 | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 2 | Collective investment funds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 548 509  
U.S. Plans | Fair Value, Measurements, Recurring | Level 2 | Corporate debt securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 455 373  
U.S. Plans | Fair Value, Measurements, Recurring | Level 2 | U.S. government-sponsored debt securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 28 30  
U.S. Plans | Fair Value, Measurements, Recurring | Level 2 | U.S. Treasury securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 2 | Equity securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 3      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 31 37  
U.S. Plans | Fair Value, Measurements, Recurring | Level 3 | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 3 | Collective investment funds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 3 | Corporate debt securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 3 | U.S. government-sponsored debt securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 3 | U.S. Treasury securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
U.S. Plans | Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 31 37  
U.S. Plans | Fair Value, Measurements, Recurring | Level 3 | Equity securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Non-U.S. Plans      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 548 525 $ 490
Non-U.S. Plans | Fair Value, Measurements, Recurring      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 548 525  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 18 6  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Corporate debt securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 51 48  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Asset-backed securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 78 67  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Equity funds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 68 65  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Multi-asset securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 333 339  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 1      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 18 6  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 1 | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 18 6  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 1 | Corporate debt securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 1 | Asset-backed securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 1 | Equity funds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 1 | Multi-asset securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 2      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 452 452  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 2 | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 2 | Corporate debt securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 51 48  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 2 | Asset-backed securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 2 | Equity funds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 68 65  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 2 | Multi-asset securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 333 339  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 3      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 78 67  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 3 | Cash and cash equivalents      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 3 | Corporate debt securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 3 | Asset-backed securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 78 67  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 3 | Equity funds      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets 0 0  
Non-U.S. Plans | Fair Value, Measurements, Recurring | Level 3 | Multi-asset securities      
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]      
Fair value of plan assets $ 0 $ 0  
v3.21.2
Pension and Other Postretirement Benefits - Employer Contributions (Detail)
$ in Millions
Sep. 30, 2021
USD ($)
U.S. Plans  
Expected employer contributions  
2022 $ 1
Expected benefit payments  
2022 122
2023 93
2024 84
2025 80
2026 72
2027-2031 278
Non-U.S. Plans  
Expected employer contributions  
2022 21
Expected benefit payments  
2022 8
2023 8
2024 9
2025 9
2026 9
2027-2031 $ 50
v3.21.2
Settlement Guarantee Management - Additional Information (Detail)
$ in Billions
 12 Months Ended
Sep. 30, 2021
USD ($)
Settlement Guarantee Management [Abstract]  
Maximum settlement exposure $ 105.0
Average daily settlement exposure $ 65.1
v3.21.2
Settlement Guarantee Management - Collateral (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
Settlement Guarantee Management [Abstract]    
Restricted cash and restricted cash equivalents $ 2,260 $ 1,850
Pledged securities at market value 254 228
Letters of credit 1,518 1,306
Guarantees 758 717
Total $ 4,790 $ 4,101
v3.21.2
Derivative Financial Instruments - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Derivative [Line Items]      
Pre-tax gains (losses) in other comprehensive income (loss) related to net investment hedges $ 20 $ (318) $ 234
Earnings related to forward points and interest differentials from forward contracts and swap agreements 156 150 $ 95
Accrued liabilities      
Derivative [Line Items]      
Collateral received with counterparties 35    
Other Assets      
Derivative [Line Items]      
Posted collateral 9    
Designated as Hedging Instrument      
Derivative [Line Items]      
Notional amount 11,200 10,700  
Not Designated as Hedging Instrument      
Derivative [Line Items]      
Notional amount $ 800 $ 1,600  
v3.21.2
Derivative Financial Instruments - Schedule of Derivative Instruments at Gross Value (Details) - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
Foreign exchange contracts | Designated as Hedging Instrument | Prepaid expenses and other current assets and other assets    
Derivative [Line Items]    
Assets $ 270 $ 257
Foreign exchange contracts | Designated as Hedging Instrument | Accrued liabilities    
Derivative [Line Items]    
Liabilities 13 39
Foreign exchange contracts | Not Designated as Hedging Instrument | Prepaid expenses and other current assets    
Derivative [Line Items]    
Assets 2 7
Foreign exchange contracts | Not Designated as Hedging Instrument | Accrued liabilities    
Derivative [Line Items]    
Liabilities 6 5
Interest rate swap | Designated as Hedging Instrument | Other assets    
Derivative [Line Items]    
Assets 138 248
Cross-currency swap | Designated as Hedging Instrument | Other liabilities    
Derivative [Line Items]    
Liabilities $ 90 $ 137
v3.21.2
Enterprise-wide Disclosures and Concentration of Business - Long-Lived Net Property, Equipment and Technology Assets Classified by Major Geographic Area (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
Segment Reporting Information [Line Items]    
Total $ 1,882 $ 1,908
U.S.    
Segment Reporting Information [Line Items]    
Total 1,286 1,350
International    
Segment Reporting Information [Line Items]    
Total $ 596 $ 558
v3.21.2
Enterprise-wide Disclosures and Concentration of Business - Additional Information (Detail) - Net Operating Revenue
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Customer Concentration Risk | Customer One      
Concentration Risk [Line Items]      
Concentration risk, percentage 11.00% 11.00%  
Customer Concentration Risk | Customer Two      
Concentration Risk [Line Items]      
Concentration risk, percentage   10.00%  
U.S. | Geographic Concentration Risk      
Concentration Risk [Line Items]      
Concentration risk, percentage 46.00% 46.00% 45.00%
v3.21.2
Stockholders' Equity - Additional Information (Detail)
$ / shares in Units, $ in Billions
 1 Months Ended 12 Months Ended
Sep. 30, 2021
USD ($)
Sep. 30, 2020
Sep. 30, 2020
shares
Sep. 30, 2021
USD ($)
preferredStockSeries
$ / shares
shares
Sep. 30, 2020
USD ($)
$ / shares
Sep. 30, 2019
USD ($)
$ / shares
Oct. 22, 2021
$ / shares
Jan. 31, 2021
USD ($)
Jan. 31, 2020
USD ($)
Class of Stock [Line Items]                  
Stock repurchase program, authorized amount | $               $ 8.0 $ 9.5
Stock repurchase plan, remaining authorized funds | $ $ 4.8     $ 4.8          
Dividends, paid | $       $ 2.8 $ 2.7 $ 2.3      
Dividends declared, quarterly, per share (in dollars per share) | $ / shares       $ 0.32 $ 0.30 $ 0.25      
Dividends paid, quarterly, per share (in dollars per share) | $ / shares       $ 0.32 $ 0.30 $ 0.25      
Number of series of preferred stock acquired | preferredStockSeries       3          
Subsequent Event                  
Class of Stock [Line Items]                  
Dividends declared, quarterly, per share amount (in dollars per share) | $ / shares             $ 0.375    
Series A convertible participating preferred stock                  
Class of Stock [Line Items]                  
Issuance of series A preferred stock (in shares) | shares     374,819            
Preferred stock, conversion rate 100.0000 100.0000              
Visa Europe | Class A equivalent preferred stock                  
Class of Stock [Line Items]                  
Preferred stock, conversion rate       100          
Share Repurchase Program Aggregate | Class C common stock                  
Class of Stock [Line Items]                  
Shares of class C common stock released from transfer restrictions, converted to class A common stock (in shares) | shares       141,000,000          
v3.21.2
Stockholders' Equity - Number of Shares of Class A Common Shares Outstanding on an As-Converted Basis (Detail)
shares in Millions
Sep. 30, 2021
shares
Sep. 30, 2020
shares
Class of Stock [Line Items]    
As-converted Class A Common Stock (in shares) 2,161 2,197
Series A Preferred Stock    
Class of Stock [Line Items]    
Preferred stock, shares outstanding (in shares) 0 0
Preferred stock conversion rate 100.0000 100.0000
As-converted Class A Common Stock (in shares) 7 35
Series B Preferred Stock    
Class of Stock [Line Items]    
Preferred stock, shares outstanding (in shares) 2 2
Preferred stock conversion rate 6.3210 6.3870
As-converted Class A Common Stock (in shares) 16 16
Series C Preferred Stock    
Class of Stock [Line Items]    
Preferred stock, shares outstanding (in shares) 3 3
Preferred stock conversion rate 6.8340 6.8610
As-converted Class A Common Stock (in shares) 22 22
Class A common stock    
Class of Stock [Line Items]    
Common stock, shares, outstanding (in shares) 1,677 1,683
As-converted Class A Common Stock (in shares) 1,677 1,683
Class B common stock    
Class of Stock [Line Items]    
Common stock, shares, outstanding (in shares) 245 245
Common stock, conversion rate 1.6228 1.6228
As-converted Class A Common Stock (in shares) 398 398
Class C common stock    
Class of Stock [Line Items]    
Common stock, shares, outstanding (in shares) 10 11
Common stock, conversion rate 4.0000 4.0000
As-converted Class A Common Stock (in shares) 41 43
v3.21.2
Stockholders' Equity - Effect of VE Territory Covered Losses Recovery on the Company Repurchasing its Common Stock (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Conversion of Stock [Line Items]      
Recovery through conversion rate adjustment $ (2) $ 5  
Fourth anniversary release   $ (5)  
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 16 0
Effective price per share (in dollars per share) $ 220.84 $ 194.31 $ 141.32
Recovery through conversion rate adjustment $ 35 $ 72 $ 6
Fourth anniversary release $ 0 $ 3,084 $ 0
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 22 0
Effective price per share (in dollars per share) $ 220.71 $ 194.33 $ 150.26
Recovery through conversion rate adjustment $ 20 $ 92 $ 2
Fourth anniversary release $ 0 $ 4,216 $ 0
v3.21.2
Stockholders' Equity - Schedule of As-Converted Class B Common Stock (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Equity [Abstract]      
Reduction in equivalent number of as-converted shares of class A common stock (in shares) 0 0 2
Effective price per share (in dollars per share) $ 0 $ 0 $ 174.73
Deposits under the U.S. retrospective responsibility plan $ 0 $ 0 $ 300
v3.21.2
Stockholders' Equity - Share Repurchases in the Open Market (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Class of Stock [Line Items]      
Total cost $ 8,676 $ 8,114 $ 8,607
Class A common stock      
Class of Stock [Line Items]      
Shares repurchased in the open market (in shares) 40 44 56
Average repurchase price per share (in dollars per share) $ 219.03 $ 183.00 $ 154.01
Total cost $ 8,676 $ 8,114 $ 8,607
v3.21.2
Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]      
Income allocation - basic earnings per share $ 12,311 $ 10,866 $ 12,080
Class A common stock      
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]      
Income allocation - basic earnings per share $ 9,527 $ 8,310 $ 9,273
Weighted-average shares outstanding - basic (in shares) 1,691,000,000 1,697,000,000 1,742,000,000
Earnings per share - basic (in dollars per share) $ 5.63 $ 4.90 $ 5.32
Income allocation - diluted $ 12,311 $ 10,866 $ 12,080
Weighted-average shares outstanding - diluted (in shares) 2,188,000,000 2,223,000,000 2,272,000,000
Earnings per share - diluted (in dollars per share) $ 5.63 $ 4.89 $ 5.32
Class B common stock      
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]      
Income allocation - basic earnings per share $ 2,244 $ 1,951 $ 2,130
Weighted-average shares outstanding - basic (in shares) 245,000,000 245,000,000 245,000,000
Earnings per share - basic (in dollars per share) $ 9.14 $ 7.94 $ 8.68
Income allocation - diluted $ 2,242 $ 1,948 $ 2,127
Weighted-average shares outstanding - diluted (in shares) 245,000,000 245,000,000 245,000,000
Earnings per share - diluted (in dollars per share) $ 9.13 $ 7.93 $ 8.66
Weighted average number shares as-converted basis (in shares) 398,000,000 398,000,000 400,000,000
Class C common stock      
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]      
Income allocation - basic earnings per share $ 237 $ 214 $ 247
Weighted-average shares outstanding - basic (in shares) 10,000,000 11,000,000 12,000,000
Earnings per share - basic (in dollars per share) $ 22.53 $ 19.58 $ 21.30
Income allocation - diluted $ 236 $ 214 $ 246
Weighted-average shares outstanding - diluted (in shares) 10,000,000 11,000,000 12,000,000
Earnings per share - diluted (in dollars per share) $ 22.51 $ 19.56 $ 21.26
Weighted average number shares as-converted basis (in shares) 42,000,000 44,000,000 46,000,000
Participating Securities      
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]      
Income allocation - basic earnings per share $ 303 $ 391 $ 430
Income allocation - diluted $ 303 $ 391 $ 429
Weighted average number shares as-converted basis (in shares) 12,000,000 1,000,000  
Series B Preferred Stock      
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]      
Weighted average number shares as-converted basis (in shares) 16,000,000 32,000,000 32,000,000
Series C Preferred Stock      
Schedule of Earnings Per Share, Basic and Diluted, by Common Class, Including Two Class Method [Line Items]      
Weighted average number shares as-converted basis (in shares) 22,000,000 43,000,000 44,000,000
v3.21.2
Share-based Compensation - Additional Information (Detail) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Jan. 26, 2021
Jan. 25, 2021
Stock Option          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Expiration period of options issued under EIP 10 years        
Vesting period from the date of grant 3 years        
Total intrinsic value from options exercised $ 124 $ 146 $ 107    
Tax benefit from exercise of stock options 23 $ 31 $ 23    
Unrecognized compensation cost $ 23        
Total unrecognized compensation cost related to non-vested options expected to be recognized over a weighted average period (in years) 5 months 1 day        
Risk-free rate of return 0.30% 1.60% 2.90%    
Expected term (in years) 4 years 25 days 4 years 10 days 3 years 11 months 23 days    
Expected volatility 25.10% 18.70% 20.20%    
Expected dividend yield 0.60% 0.70% 0.70%    
Restricted Stock Units (RSUs)          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period from the date of grant 3 years        
Unrecognized compensation cost $ 452        
Weighted average grant date fair value (in dollars per share) $ 209.00 $ 183.61 $ 137.38    
Total grant date fair value of shares vested and earned $ 331 $ 284 $ 228    
Weighted-average period 10 months 13 days        
Performance-based Shares          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Vesting period from the date of grant 3 years        
Unrecognized compensation cost $ 40        
Weighted average grant date fair value (in dollars per share) $ 229.81 $ 211.08 $ 153.42    
Total grant date fair value of shares vested and earned $ 47 $ 65 $ 41    
Weighted-average period 9 months 25 days        
Risk-free rate of return 0.20%        
Expected term (in years) 2 years        
Expected volatility 27.20%        
Expected dividend yield 0.60%        
2007 Equity Incentive Compensation Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Maximum number of Class A Common Stock authorized for issuance under EIP or ESPP (in shares)       198 236
Share-based compensation expense under EIP $ 518 393 388    
Tax benefit under EIP $ 73 $ 63 $ 59    
Employee Stock Purchase Plan          
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]          
Maximum number of Class A Common Stock authorized for issuance under EIP or ESPP (in shares) 20        
ESPP discount from market price 15.00%        
v3.21.2
Share-based Compensation - Assumptions Used to Estimate the Fair Value of Each Stock Option on the Date of Grant Using a Black-Scholes Option Pricing Model (Detail) - Stock Option - $ / shares
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term (in years) 4 years 25 days 4 years 10 days 3 years 11 months 23 days
Risk-free rate of return 0.30% 1.60% 2.90%
Expected volatility 25.10% 18.70% 20.20%
Expected dividend yield 0.60% 0.70% 0.70%
Fair value per option granted (in dollars per share) $ 39.51 $ 29.37 $ 25.89
v3.21.2
Share-based Compensation - Summary of Option Activity (Detail)
$ / shares in Units, $ in Millions
 12 Months Ended
Sep. 30, 2021
USD ($)
$ / shares
shares
Aggregate Intrinsic Value  
Stock price used to calculate aggregate intrinsic value (in dollars per share) $ 222.75
Stock Option  
Options  
Beginning balance (in shares) | shares 5,786,549
Granted (in shares) | shares 1,022,430
Forfeited (in shares) | shares (57,107)
Expired (in shares) | shares 0
Exercised (in shares) | shares (912,093)
Ending balance (in shares) | shares 5,839,779
Options exercisable at September 30, 2021 (in shares) | shares 3,736,509
Options exercisable and expected to vest at September 30, 2021 (in shares) | shares 5,783,092
Weighted- Average Exercise Price Per Share  
Beginning balance (in dollars per share) $ 114.61
Granted (in dollars per share) 207.57
Forfeited (in dollars per share) 179.38
Expired (in dollars per share) 0
Exercised (in dollars per share) 87.06
Ending balance (in dollars per share) 134.56
Options exercisable at September 30, 2021 (in dollars per share) 105.05
Options exercisable and expected to vest at September 30, 2021 (in dollars per share) $ 133.93
Weighted- Average Remaining Contractual Term (in years)  
Outstanding at September 30, 2021 6 years 6 months 21 days
Options exercisable at September 30, 2021 5 years 6 months 18 days
Options exercisable and expected to vest at September 30, 2021 6 years 6 months 14 days
Aggregate Intrinsic Value  
Outstanding at September 30, 2021 | $ $ 515
Options exercisable at September 30, 2021 | $ 440
Options exercisable and expected to vest at September 30, 2021 | $ $ 514
v3.21.2
Share-based Compensation - Summary of RSU Activity (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Aggregate Intrinsic Value      
Stock price used to calculate aggregate intrinsic value (in dollars per share) $ 222.75    
Restricted Stock Units (RSUs)      
Units      
Beginning balance (in shares) 4,690,500    
Granted (in shares) 2,486,219    
Vested and earned (in shares) (2,327,105)    
Forfeited (in shares) (323,166)    
Ending balance (in shares) 4,526,448 4,690,500  
Weighted-Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 154.06    
Granted (in dollars per share) 209.00 $ 183.61 $ 137.38
Vested and earned (in dollars per share) 142.35    
Forfeited (in dollars per share) 183.46    
Ending balance (in dollars per share) $ 188.16 $ 154.06  
Weighted-Average Remaining Contactual Term      
Outstanding at September 30, 2021 10 months 13 days    
Aggregate Intrinsic Value      
Outstanding at September 30, 2021 $ 1,008    
v3.21.2
Share-based Compensation - Summary of Performance-based Shares Activity (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Aggregate Intrinsic Value      
Stock price used to calculate aggregate intrinsic value (in dollars per share) $ 222.75    
Performance-based Shares      
Shares      
Beginning balance (in shares) 994,800    
Granted (in shares) 432,714    
Vested and earned (in shares) (359,894)    
Unearned (in shares) (203,760)    
Forfeited (in shares) 0    
Ending balance (in shares) 863,860 994,800  
Weighted- Average Grant Date Fair Value      
Beginning balance (in dollars per share) $ 171.33    
Granted (in dollars per share) 229.81 $ 211.08 $ 153.42
Vested and earned (in dollars per share) 130.98    
Unearned (in dollars per share) 224.79    
Forfeited (in dollars per share) 0    
Ending balance (in dollars per share) $ 204.82 $ 171.33  
Weighted- Average Remaining Contractual Term (in years)      
Outstanding at September 30, 2021 9 months 25 days    
Aggregate Intrinsic Value      
Outstanding at September 30, 2021 $ 192    
v3.21.2
Commitments and Contingencies - Future Minimum Payments on Leases (Detail) - Software License
$ in Millions
Sep. 30, 2021
USD ($)
Lessee, Lease, Description [Line Items]  
2022 $ 97
2023 35
2024 7
2025 6
2026 0
Thereafter 0
Total $ 145
v3.21.2
Income Taxes - Income Before Taxes by Fiscal Year (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Income Tax Disclosure [Abstract]      
U.S. $ 11,002 $ 9,178 $ 9,536
Non-U.S. 5,061 4,612 5,348
Income before income taxes $ 16,063 $ 13,790 $ 14,884
v3.21.2
Income Taxes - Additional Information (Detail) - USD ($)
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2016
Sep. 30, 2018
Tax Credit Carryforward [Line Items]          
US income before taxes $ 11,002,000,000 $ 9,178,000,000 $ 9,536,000,000    
Non-recurring, non-cash tax expense related to the remeasurement of UK deferred tax liabilities 1,000,000,000 329,000,000   $ 1,000,000,000  
Deferred tax assets, net $ 1,046,000,000 $ 846,000,000      
Effective income tax rate 23.00% 21.00% 19.00%    
Recognized tax benefit $ 255,000,000 $ 0 $ 0    
Income taxes receivable included in prepaid and other current assets 83,000,000 93,000,000      
Income taxes payable included in accrued taxes as part of accrued liabilities 325,000,000 134,000,000      
Accrued income taxes included in other long-term liabilities 2,400,000,000 2,800,000,000      
Decreased Singapore tax as a result of the tax incentive agreement $ 273,000,000 $ 280,000,000 $ 324,000,000    
Benefit of the tax incentive agreement on diluted net income per share (in dollars per share) $ 0.12 $ 0.13 $ 0.14    
Total unrecognized tax benefits exclusive of interest and penalties $ 2,488,000,000 $ 2,579,000,000 $ 2,234,000,000   $ 1,658,000,000
Unrecognized tax benefits, if recognized, would reduce the effective tax rate in a future period 1,300,000,000 1,600,000,000 1,400,000,000    
Interest expense included in interest expense and administrative and other 1,000,000 68,000,000 66,000,000    
Accrued penalties related to uncertain tax positions 3,000,000 4,000,000 5,000,000    
Accrued interest related to uncertain tax positions in other long term liabilities 233,000,000 233,000,000      
Accrued penalties related to uncertain tax positions in other long term liabilities 34,000,000 31,000,000      
Domestic Tax Authority          
Tax Credit Carryforward [Line Items]          
Net operating loss carryforwards 42,000,000        
State and Local Jurisdiction          
Tax Credit Carryforward [Line Items]          
Net operating loss carryforwards 15,000,000        
Foreign Country          
Tax Credit Carryforward [Line Items]          
Net operating loss carryforwards 390,000,000        
Other Assets          
Tax Credit Carryforward [Line Items]          
Deferred tax assets, net 80,000,000 63,000,000      
Non-current income tax receivable 974,000,000 988,000,000      
Non United States Customers          
Tax Credit Carryforward [Line Items]          
US income before taxes $ 3,100,000,000 $ 3,000,000,000 $ 3,000,000,000    
v3.21.2
Income Taxes - Income Tax Expense by Fiscal Year (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Current:      
U.S. federal $ 1,943 $ 1,662 $ 1,504
State and local 69 212 243
Non-U.S. 869 743 843
Total current taxes 2,881 2,617 2,590
Deferred:      
U.S. federal (57) 42 184
State and local (28) 9 28
Non-U.S. 956 256 2
Total deferred taxes 871 307 214
Total income tax provision $ 3,752 $ 2,924 $ 2,804
v3.21.2
Income Taxes - Tax Effect of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Liabilities (Detail) - USD ($)
$ in Millions
Sep. 30, 2021
Sep. 30, 2020
Deferred Tax Assets:    
Accrued compensation and benefits $ 166 $ 114
Accrued litigation obligation 234 204
Client incentives 327 121
Net operating loss carryforwards 104 80
Comprehensive loss 106 148
Federal benefit of state taxes 157 203
Other 55 60
Valuation allowance (103) (84)
Deferred tax assets 1,046 846
Deferred Tax Liabilities:    
Property, equipment and technology, net (346) (343)
Intangible assets (6,452) (5,492)
Unrealized gains on equity securities (203) (48)
Foreign taxes (93) (137)
Deferred tax liabilities (7,094) (6,020)
Net deferred tax liabilities $ (6,048) $ (5,174)
v3.21.2
Income Taxes - Information that Causes the Income Tax Expense to Differ from the Amount of Income Tax Determined by Applying the Applicable U.S. Federal Statutory Rate of 35% to Pretax Income (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Income Tax Disclosure [Abstract]      
U.S. federal income tax at statutory rate $ 3,373 $ 2,896 $ 3,126
State income taxes, net of federal benefit 222 199 223
Non-U.S. tax effect, net of federal benefit (505) (483) (527)
Remeasurement of deferred tax balances 1,007 329 0
Conclusion of audits (255) 0 0
Other, net (90) (17) (18)
Total income tax provision $ 3,752 $ 2,924 $ 2,804
U.S. federal income tax at statutory rate, percent 21.00% 21.00% 21.00%
State income taxes, net of federal benefit, percent 1.00% 2.00% 2.00%
Non-U.S. tax effect, net of federal benefit, percent (3.00%) (4.00%) (4.00%)
Remeasurement of deferred tax liability, percent 6.00% 2.00% 0.00%
Conclusion of audits, percent (2.00%) 0.00% 0.00%
Other, net, percent 0.00% 0.00% 0.00%
Effective Income Tax Rate Reconciliation, Percent, Total 23.00% 21.00% 19.00%
v3.21.2
Income Taxes - Reconciliation of Beginning and Ending Unrecognized Tax Benefits by Fiscal Year (Detail) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2019
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]      
Balance at beginning of period $ 2,579 $ 2,234 $ 1,658
Increases of unrecognized tax benefits related to prior years 34 66 216
Decreases of unrecognized tax benefits related to prior years (386) (83) (13)
Increases of unrecognized tax benefits related to current year 326 376 384
Decreases related to settlements with taxing authorities (63) (12) (9)
Reductions related to lapsing statute of limitations (2) (2) (2)
Balance at end of period $ 2,488 $ 2,579 $ 2,234
v3.21.2
Legal Matters - Accrued Litigation (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Loss Contingency Accrual [Roll Forward]    
Balance at beginning of period $ 914 $ 1,203
Reestablishment of prior accrual related to interchange multidistrict litigation 0 467
Balance at end of period 983 914
Uncovered Litigation    
Loss Contingency Accrual [Roll Forward]    
Provision for unsettled legal matters 4 10
Covered Litigation    
Loss Contingency Accrual [Roll Forward]    
Provision for unsettled legal matters 125 26
Reestablishment of prior accrual related to interchange multidistrict litigation 0 467
Payments on unsettled and settled matters (60) (792)
U.S. Covered Litigation    
Loss Contingency Accrual [Roll Forward]    
Balance at beginning of period 888 1,198
Reestablishment of prior accrual related to interchange multidistrict litigation 0 467
Payments on unsettled and settled matters (7) (777)
Balance at end of period 881 888
VE Territory Covered Litigation    
Loss Contingency Accrual [Roll Forward]    
Balance at beginning of period 21 5
Provision for unsettled legal matters 125 26
Payments on unsettled and settled matters (44) (10)
Balance at end of period $ 102 $ 21
v3.21.2
Legal Matters - Additional Information (Detail)
$ in Millions
 1 Months Ended 2 Months Ended 5 Months Ended 12 Months Ended 101 Months Ended 103 Months Ended
Nov. 12, 2021
financial_institution
May 29, 2020
state
Dec. 13, 2019
USD ($)
Sep. 17, 2018
USD ($)
Jun. 30, 2016
litigation_case
Dec. 31, 2020
financial_institution
Jun. 30, 2017
province
Oct. 31, 2011
financial_institution
atm_operator
Jun. 16, 2021
state
Jan. 31, 2021
bank
Mar. 31, 2017
merchant
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2012
USD ($)
Nov. 18, 2021
merchant
Nov. 18, 2021
case_filed
merchant
Sep. 30, 2019
USD ($)
Loss Contingencies [Line Items]                                  
Loss contingency accrual                       $ 983 $ 914       $ 1,203
Number of states | state   24             25                
Visa, MasterCard, and Certain U.S. Financial Institutions                                  
Loss Contingencies [Line Items]                                  
Loss contingency accrual       $ 5,300                          
Possible return to defendants     $ 700                            
U.S. Covered Litigation                                  
Loss Contingencies [Line Items]                                  
Period of accrual       5 years                          
Company's share of an additional settlement payment                       7 777        
Loss contingency accrual                       $ 881 $ 888       $ 1,198
Possible return to defendants     $ 467                            
U.S. Covered Litigation | Settled Litigation                                  
Loss Contingencies [Line Items]                                  
Company's share of an additional settlement payment       $ 600                          
Class Plaintiffs                                  
Loss Contingencies [Line Items]                                  
Payments for legal settlements                           $ 4,000      
Settlement, further distribution of default interchange                           $ 500      
Loss contingency, further distributions, default period                           8 months      
Loss contingency, number of cases appointed counsel | litigation_case         2                        
Interchange Multidistrict Litigation | Subsequent Event                                  
Loss Contingencies [Line Items]                                  
Settlement percentage                             40.00% 40.00%  
Interchange Multidistrict Litigation | U.S. Covered Litigation                                  
Loss Contingencies [Line Items]                                  
Provision for legal matters                           $ 1,100      
Interchange Multidistrict Litigation | U.S. Covered Litigation | Visa, MasterCard, and Certain U.S. Financial Institutions                                  
Loss Contingencies [Line Items]                                  
Provision for legal matters       $ 900                          
Interchange Opt Out Litigation | Subsequent Event                                  
Loss Contingencies [Line Items]                                  
Number of opt-out cases filed | case_filed                               50  
Europe Merchant Litigation                                  
Loss Contingencies [Line Items]                                  
Number of plaintiffs | merchant                     1            
Europe Merchant Litigation | Subsequent Event                                  
Loss Contingencies [Line Items]                                  
Number of plaintiffs | merchant                             750    
Number of claims settled | merchant                             150    
Number of claims pending | merchant                             550 550  
Europe Merchant Litigation | Threatened Litigation | Subsequent Event                                  
Loss Contingencies [Line Items]                                  
Number of plaintiffs | merchant                             30    
National ATM Council Class Action                                  
Loss Contingencies [Line Items]                                  
Number of non-bank ATM operators | atm_operator               13                  
Consumer Class Actions                                  
Loss Contingencies [Line Items]                                  
Number of claims pending | financial_institution               2                  
Number of financial institutions | financial_institution               3                  
Consumer Class Actions | Subsequent Event                                  
Loss Contingencies [Line Items]                                  
Number of financial institutions | financial_institution 3                                
German ATM Litigation                                  
Loss Contingencies [Line Items]                                  
Number of plaintiffs | bank                   6              
Canadian Competition Proceedings                                  
Loss Contingencies [Line Items]                                  
Number of financial institutions | financial_institution           10                      
Number of provinces with cases | province             5