Cover - shares	3 Months Ended
Cover - shares	Dec. 31, 2019	Jan. 24, 2020
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2019
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001403161
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Entity Common Stock, Shares Outstanding		1,706,024,403
Class B common stock
Entity Common Stock, Shares Outstanding		245,513,385
Class C common stock
Entity Common Stock, Shares Outstanding		10,969,172

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019
Assets
Cash and cash equivalents	$ 8,768	$ 7,838
Restricted cash equivalents—U.S. litigation escrow (Note 3 and Note 4)	1,634	1,205
Investment securities (Note 5)	3,902	4,236
Settlement receivable	3,273	3,048
Accounts receivable	1,661	1,542
Customer collateral (Note 3 and Note 8)	1,698	1,648
Current portion of client incentives	803	741
Prepaid expenses and other current assets	580	712
Total current assets	22,319	20,970
Investment securities (Note 5)	1,719	2,157
Client incentives	2,481	2,084
Property, equipment and technology, net	2,739	2,695
Goodwill	15,767	15,656
Intangible assets, net	27,137	26,780
Other assets	2,619	2,232
Total assets	74,781	72,574
Liabilities
Accounts payable	133	156
Settlement payable	4,277	3,990
Customer collateral (Note 3 and Note 8)	1,698	1,648
Accrued compensation and benefits	527	796
Client incentives	4,270	3,997
Accrued liabilities	2,045	1,625
Current maturities of long-term debt (Note 7)	3,000	0
Accrued litigation (Note 13)	1,629	1,203
Total current liabilities	17,579	13,415
Long-term debt (Note 7)	13,688	16,729
Deferred tax liabilities	4,810	4,807
Other liabilities	3,434	2,939
Total liabilities	39,511	37,890
Equity
Right to recover for covered losses (Note 4)	(175)	(171)
Additional paid-in capital	16,424	16,541
Accumulated income	13,899	13,502
Accumulated other comprehensive income (loss), net:
Investment securities	4	6
Defined benefit pension and other postretirement plans	(203)	(192)
Derivative instruments	49	199
Foreign currency translation adjustments	(190)	(663)
Total accumulated other comprehensive income (loss), net	(340)	(650)
Total equity	35,270	34,684
Total liabilities and equity	74,781	72,574
Series A Preferred Stock
Equity
Preferred stock	0	0
UK&I preferred stock
Equity
Preferred stock	2,285	2,285
Europe preferred stock
Equity
Preferred stock	3,177	3,177
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

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2019	Sep. 30, 2019
Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	5,000,000	5,000,000
Preferred stock, shares outstanding (in shares)	5,000,000	5,000,000
Series A Preferred Stock
Preferred stock, shares issued (in shares)	0	0
UK&I preferred stock
Preferred stock, shares issued (in shares)	2,000,000	2,000,000
Preferred stock, shares outstanding (in shares)	2,000,000	2,000,000
Europe preferred stock
Preferred stock, shares issued (in shares)	3,000,000	3,000,000
Preferred stock, shares outstanding (in shares)	3,000,000	3,000,000
Class A common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	2,001,622,000,000	2,001,622,000,000
Common stock, shares issued (in shares)	1,709,000,000	1,718,000,000
Common stock, shares outstanding (in shares)	1,709,000,000	1,718,000,000
Class B common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	622,000,000	622,000,000
Common stock, shares issued (in shares)	245,000,000	245,000,000
Common stock, shares outstanding (in shares)	245,000,000	245,000,000
Class C common stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,097,000,000	1,097,000,000
Common stock, shares issued (in shares)	11,000,000	11,000,000
Common stock, shares outstanding (in shares)	11,000,000	11,000,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Revenues
Net revenues	$ 6,054	$ 5,506
Operating Expenses
Personnel	982	807
Marketing	274	276
Network and processing	181	173
Professional fees	106	91
Depreciation and amortization	182	159
General and administrative	313	276
Litigation provision (Note 13)	0	7
Total operating expenses	2,038	1,789
Operating income	4,016	3,717
Non-operating Income (Expense)
Interest expense, net	(111)	(145)
Investment income and other	69	58
Total non-operating income (expense)	(42)	(87)
Income before income taxes	3,974	3,630
Income tax provision (Note 12)	702	653
Net income	$ 3,272	$ 2,977
Class A common stock
Earnings Per Share
Basic earnings per share (in dollars per share)	$ 1.46	$ 1.30
Basic weighted-average shares outstanding (in shares)	1,713	1,760
Diluted earnings per share (in dollars per share)	$ 1.46	$ 1.30
Diluted weighted-average shares outstanding (in shares)	2,240	2,291
Class B common stock
Earnings Per Share
Basic earnings per share (in dollars per share)	$ 2.37	$ 2.12
Basic weighted-average shares outstanding (in shares)	245	245
Diluted earnings per share (in dollars per share)	$ 2.37	$ 2.12
Diluted weighted-average shares outstanding (in shares)	245	245
Class C common stock
Earnings Per Share
Basic earnings per share (in dollars per share)	$ 5.85	$ 5.20
Basic weighted-average shares outstanding (in shares)	11	12
Diluted earnings per share (in dollars per share)	$ 5.84	$ 5.20
Diluted weighted-average shares outstanding (in shares)	11	12

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 3,272	$ 2,977
Investment securities:
Net unrealized gain (loss)	0	8
Income tax effect	0	(2)
Defined benefit pension and other postretirement plans:
Net unrealized actuarial gain (loss) and prior service credit (cost)	(1)	(7)
Income tax effect	0	1
Reclassification adjustments	4	0
Income tax effect	(1)	0
Derivative instruments:
Net unrealized gain (loss)	(188)	38
Income tax effect	39	(10)
Reclassification adjustments	(2)	(25)
Income tax effect	1	5
Foreign currency translation adjustments	483	(287)
Other comprehensive income (loss), net of tax	335	(279)
Comprehensive income	$ 3,607	$ 2,698

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($)
shares in Millions, $ in Millions

Total

Class A common stock

Preferred Stock

UK&I preferred stock

Preferred Stock

Europe preferred stock

Common Stock

Class A common stock

Common Stock

Class B common stock

Common Stock

Class C common stock

Right to Recover for Covered Losses

Additional Paid-In Capital

Accumulated Income

Accumulated Other Comprehensive Income (Loss), Net

Beginning balance (in shares) at Sep. 30, 2018

2

3

1,768

245

12

Beginning balance at Sep. 30, 2018

$ 34,006

$ 5,470

$ (7)

$ 16,678

$ 11,318

$ 547

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

2,977

Other comprehensive income (loss), net of tax

(279)

Comprehensive income

2,698

Adoption of new accounting standards (Note 1)

400

393

7

VE territory covered losses incurred (Note 4)

(91)

Recovery through conversion rate adjustment (Note 4 and Note 9)

(6)

6

Conversion of class C common stock upon sales into public market (in shares)

^[1]

0

Vesting of restricted stock and performance-based shares (in shares)

3

Share-based compensation, net of forfeitures (Note 11)

100

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

(101)

Cash proceeds from issuance of common stock under employee equity plans (in shares)

1

Cash proceeds from issuance of common stock under employee equity plans

48

Cash dividends declared and paid, at a quarterly amount per Class A share

(572)

Repurchase of class A common stock (Note 10) (in shares)

(17)

Repurchase of class A common stock (Note 9)

(2,393)

$ (2,393)

(185)

(2,208)

Ending balance (in shares) at Dec. 31, 2018

2

3

1,754

245

12

Ending balance at Dec. 31, 2018

34,095

5,464

(92)

16,540

11,908

275

Beginning balance (in shares) at Sep. 30, 2019

2

3

1,718

245

11

Beginning balance at Sep. 30, 2019

34,684

5,462

(171)

16,541

13,502

(650)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income

3,272

Other comprehensive income (loss), net of tax

335

Comprehensive income

3,607

Adoption of new accounting standards (Note 1)

0

25

(25)

VE territory covered losses incurred (Note 4)

(4)

Conversion of class C common stock upon sales into public market (in shares)

1

0

^[2]

Vesting of restricted stock and performance-based shares (in shares)

3

Share-based compensation, net of forfeitures (Note 11)

116

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

(147)

Cash proceeds from issuance of common stock under employee equity plans (in shares)

1

Cash proceeds from issuance of common stock under employee equity plans

55

Cash dividends declared and paid, at a quarterly amount per Class A share

(671)

Repurchase of class A common stock (Note 10) (in shares)

(13)

Repurchase of class A common stock (Note 9)

(2,370)

$ (2,370)

(141)

(2,229)

Ending balance (in shares) at Dec. 31, 2019

2

3

1,709

245

11

Ending balance at Dec. 31, 2019

$ 35,270

$ 5,462

$ (175)

$ 16,424

$ 13,899

$ (340)

[1]	Increase or decrease is less than one million shares.
[2]	Increase or decrease is less than one million shares.

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parentheticals) - $ / shares	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Statement of Stockholders' Equity [Abstract]
Cash dividends declared and paid, quarterly, per Class A share (in dollars per share)	$ 0.30	$ 0.25

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net income	$ 3,272	$ 2,977
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentives (Note 2)	1,748	1,456
Share-based compensation (Note 11)	116	100
Depreciation and amortization of property, equipment, technology and intangible assets	182	159
Deferred income taxes	(47)	139
VE territory covered losses incurred (Note 4)	(4)	(91)
Other	(50)	9
Change in operating assets and liabilities:
Settlement receivable	(183)	(1,551)
Accounts receivable	(107)	(200)
Client incentives	(1,943)	(1,361)
Other assets	123	(37)
Accounts payable	(12)	(46)
Settlement payable	218	1,739
Accrued and other liabilities	136	(54)
Accrued litigation (Note 13)	426	55
Net cash provided by (used in) operating activities	3,875	3,294
Investing Activities
Purchases of property, equipment and technology	(191)	(157)
Investment securities:
Purchases	(400)	(1,124)
Proceeds from maturities and sales	1,202	1,233
Acquisitions, net of cash acquired	(77)	0
Purchases of / contributions to other investments	(9)	(22)
Proceeds / distributions from other investments	1	0
Other investing activities	36	0
Net cash provided by (used in) investing activities	562	(70)
Financing Activities
Repurchase of class A common stock (Note 9)	(2,370)	(2,393)
Dividends paid (Note 9)	(671)	(572)
Cash proceeds from issuance of common stock under employee equity plans	55	48
Restricted stock and performance-based shares settled in cash for taxes	(147)	(101)
Net cash provided by (used in) financing activities	(3,133)	(3,018)
Effect of exchange rate changes on cash and cash equivalents	127	(68)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	1,431	138
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period (Note 3)	10,832	10,977
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period (Note 3)	12,263	11,115
Supplemental Disclosure
Income taxes paid, net of refunds	345	168
Interest payments on debt	234	234
Accruals related to purchases of property, equipment and technology	$ 66	$ 34

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2019
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 fast, secure and reliable electronic payments across more than 200 countries and territories. Visa and its wholly-owned consolidated subsidiaries, including Visa U.S.A. Inc. (“Visa U.S.A.”), Visa International Service Association (“Visa International”), Visa Worldwide Pte. Limited, Visa Europe Limited (“Visa Europe”), Visa Canada Corporation (“Visa Canada”), Visa Technology & Operations LLC and CyberSource Corporation, operate one of the world’s largest electronic payments networks — VisaNet — which facilitates authorization, clearing and settlement of payment transactions and enables the Company to provide its financial institution and merchant clients a wide range of products, platforms and value-added services. Visa is not a financial institution and does not issue cards, extend credit or set rates and fees for account holders on Visa products. In most cases, account holder and merchant relationships belong to, and are managed by, Visa’s financial institution clients. Consolidation and basis of presentation. The accompanying unaudited consolidated financial statements include the accounts of Visa and its consolidated entities and are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company consolidates its majority-owned and controlled entities, including variable interest entities (“VIEs”) for which the Company is the primary beneficiary. The Company’s investments in VIEs have not been material to its unaudited consolidated financial statements as of and for the periods presented. All significant intercompany accounts and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements are presented in accordance with the U.S. Securities and Exchange Commission (“SEC”) requirements for Quarterly Reports on Form 10-Q and, consequently, do not include all of the annual disclosures required by U.S. GAAP. Reference should be made to the Visa Annual Report on Form 10-K for the year ended September 30, 2019 for additional disclosures, including a summary of the Company’s significant accounting policies. In the opinion of management, the accompanying unaudited consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented. Recently Issued and Adopted Accounting Pronouncements. In February 2016, the FASB issued ASU 2016-02, which requires the recognition of lease assets and lease liabilities arising from operating leases on the balance sheet. Subsequently, the FASB also issued a series of amendments to this new leases standard that address the transition methods available and clarify the guidance for lessor costs and other aspects of the new leases standard. The Company adopted the standard effective October 1, 2019 using the modified retrospective transition method with comparative periods continuing to be reported using the prior leases standard. The Company elected to apply the package of practical expedients permitted under the transition guidance, allowing the Company to carry forward the historical assessment of whether a contract was or contains a lease, lease classification and capitalization of initial direct costs. The adoption did not have a material impact on the consolidated financial statements. In accordance with ASU 2016-02, 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. The Company does not include renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. 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. 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 sheet. The Company’s lease cost consists of amounts recognized under lease agreements in the results of operations adjusted for impairment and sublease income. In February 2018, the FASB issued ASU 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for adjustments to tax effects that were originally recorded in other comprehensive income due to changes in the U.S. federal corporate income tax rate resulting from the enactment of the U.S. tax reform legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Company adopted the ASU effective October 1, 2019. The adoption did not have a material impact on the consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in the existing guidance for income taxes and making other minor improvements. The amendments in the ASU are effective for the Company on October 1, 2021. The Company does not plan to early adopt the ASU at this time. The adoption is not expected to have a material impact on the consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, which clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the fair value measurement alternative. The amendments in the ASU are effective for the Company on October 1, 2021. The adoption is not expected to have a material impact on the consolidated financial statements.

Revenues

3 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenues

Note 2—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 three months ended December 31, 2019 and 2018:



	Three Months Ended December 31,
	2019			2018
	(in millions)
Service revenues	$	2,555		$	2,342
Data processing revenues	2,864			2,470
International transaction revenues	2,018			1,851
Other revenues	365			299
Client incentives	(1,748		)	(1,456		)
Net revenues	$	6,054		$	5,506



	Three Months Ended December 31,
	2019		2018
	(in millions)
U.S.	$	2,717	$	2,508
International	3,337		2,998
Net revenues	$	6,054	$	5,506

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

3 Months Ended

Dec. 31, 2019

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

Note 3—Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

The Company’s 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.

The Company reconciles cash, cash equivalents, restricted cash and restricted cash equivalents reported in the consolidated balance sheets that aggregate to the beginning and ending balances shown in the consolidated statements of cash flows as follows:



	December 31, 2019		September 30, 2019
	(in millions)
Cash and cash equivalents	$	8,768	$	7,838
Restricted cash and restricted cash equivalents:
U.S. litigation escrow	1,634		1,205
Customer collateral	1,698		1,648
Prepaid expenses and other current assets	163		141
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	12,263	$	10,832

U.S. and Europe Retrospective Responsibility Plan

3 Months Ended

Dec. 31, 2019

Retrospective Responsibility Plan [Abstract]

U.S. and Europe Retrospective Responsibility Plan

Note 4—U.S. and Europe Retrospective Responsibility Plans

U.S. Retrospective Responsibility Plan

Under the terms of the U.S. retrospective responsibility plan, the Company maintains an escrow account from which settlements of, or judgments in, certain litigation referred to as the “U.S. covered litigation” are paid. The escrow funds are held in money market investments along with interest income earned, less applicable taxes, and are classified as restricted cash equivalents on the consolidated balance sheets.

On December 13, 2019, the district court entered the final judgment order approving the Amended Settlement Agreement with the Damages Class plaintiffs in the Interchange Multidistrict Litigation proceedings. A takedown payment of approximately $467 million was received on December 27, 2019, and deposited into the Company’s litigation escrow account. The deposit into the litigation escrow account and reestablishment of a prior accrual to address opt-out claims was recorded during the three months ended December 31, 2019. The accrual related to the U.S. covered litigation could be either higher or lower than the litigation escrow account balance. See Note 13—Legal Matters.

The following table sets forth the changes in the restricted cash equivalents—U.S. litigation escrow account:



	Three Months Ended December 31,
	2019			2018
	(in millions)
Balance at beginning of period	$	1,205		$	1,491
Return of takedown payment to the litigation escrow account	467			—
Payments to opt-out merchants⁽¹⁾ and interest earned on escrow funds	(38		)	5
Balance at end of period	$	1,634		$	1,496


⁽¹⁾	These payments are associated with the Interchange Multidistrict Litigation. See Note 13—Legal Matters.

Europe Retrospective Responsibility Plan

Visa Inc., Visa International and Visa Europe are parties to certain existing and potential litigation relating to the setting of multilateral interchange fee rates in the Visa Europe territory (the “VE territory covered litigation”). Under the terms of the Europe retrospective responsibility plan, the Company is entitled to recover certain losses resulting from VE territory covered litigation (the “VE territory covered losses”) through a periodic adjustment to the class A common stock conversion rates applicable to the UK&I and Europe preferred stock. VE territory covered losses are recorded in “right to recover for covered losses” within equity before the corresponding adjustment to the applicable conversion rate is effected. Adjustments to the conversion rate may be executed once in any six-month period unless a single, individual loss greater than €20 million is incurred, in which case, the six-month limitation does not apply. When the adjustment to the conversion rate is made, the amount previously recorded in “right to recover for covered losses” as contra-equity is then recorded against the book value of the preferred stock within stockholders’ equity. See Note 13—Legal Matters. There were no adjustments to the conversion rates during the three months ended December 31, 2019.

The following table sets forth the as-converted value of the preferred stock available to recover VE territory covered losses compared to the book value of preferred shares recorded in stockholders’ equity within the Company’s consolidated balance sheets as of December 31, 2019 and September 30, 2019:



	December 31, 2019						September 30, 2019
	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)
UK&I preferred stock	$	6,029		$	2,285		$	5,519		$	2,285
Europe preferred stock	8,236			3,177			7,539			3,177
Total	14,265			5,462			13,058			5,462
Less: right to recover for covered losses	(175		)	(175		)	(171		)	(171		)
Total recovery for covered losses available	$	14,090		$	5,287		$	12,887		$	5,291


⁽¹⁾	Figures in the table may not recalculate exactly due to rounding. As-converted and book values are based on unrounded numbers.

⁽²⁾

The as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the UK&I and Europe preferred stock outstanding, respectively, as of December 31, 2019; (b) 12.936 and 13.884, the class A common stock conversion rate applicable to the UK&I and Europe preferred stock as of December 31, 2019, respectively; and (c) $187.90, Visa’s class A common stock closing stock price as of December 31, 2019.

⁽³⁾

The as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the UK&I and Europe preferred stock outstanding, respectively, as of September 30, 2019; (b) 12.936 and 13.884, the class A common stock conversion rate applicable to the UK&I and Europe preferred stock as of September 30, 2019, respectively; and (c) $172.01, Visa’s class A common stock closing stock price as of September 30, 2019.

Fair Value Measurements and Investments

3 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements and Investments

Note 5—Fair Value Measurements and Investments

Assets and Liabilities Measured at Fair Value on a Recurring Basis



	Fair Value Measurements Using Inputs Considered as
	Level 1				Level 2
	December 31, 2019		September 30, 2019		December 31, 2019		September 30, 2019
	(in millions)
Assets
Cash equivalents and restricted cash equivalents:
Money market funds	$	7,539	$	6,494
U.S. government-sponsored debt securities					$	350	$	150
Investment securities:
Marketable equity securities	154		126
U.S. government-sponsored debt securities					4,565		5,592
U.S. Treasury securities	902		675
Other current and non-current assets:
Derivative instruments					274		437
Total	$	8,595	$	7,295	$	5,189	$	6,179
Liabilities
Accrued compensation and benefits:
Deferred compensation liability	$	141	$	113
Accrued and other liabilities:
Derivative instruments					$	99	$	52
Total	$	141	$	113	$	99	$	52

There were no transfers between Level 1 and Level 2 assets during the three months ended December 31, 2019.

Level 1 assets. 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 quoted prices in active markets. 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. The pricing data obtained from outside sources is reviewed internally for reasonableness, compared against benchmark quotes from independent pricing sources, then confirmed or revised accordingly. Derivative instruments are valued using inputs that are observable in the market or can be derived principally from or corroborated by observable market data. There were no substantive changes to the valuation techniques and related inputs used to measure fair value during the three months ended December 31, 2019.

U.S. government-sponsored debt securities and U.S. Treasury securities. The Company considers U.S. government-sponsored debt securities and U.S. Treasury securities to be available-for-sale and held $5.5 billion and $6.3 billion of these investment securities as of December 31, 2019 and September 30, 2019, respectively. All of the Company’s long-term available-for-sale investment securities are due within 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.

During the three months ended December 31, 2019, $9 million of upward adjustments and no downward adjustments were included in the carrying value of non-marketable equity securities. During the three months ended December 31, 2019 and 2018, there were no significant impairments. The following table summarizes the total carrying value of the Company’s non-marketable equity securities held as of December 31, 2019 including cumulative unrealized gains and losses:



	December 31, 2019
	(in millions)
Initial cost basis	$	595
Upward adjustments	119
Downward adjustments (including impairment)	(4		)
Carrying amount, end of period	$	710

Non-financial assets and liabilities. Long-lived assets such as goodwill, indefinite-lived intangible assets, finite-lived intangible assets and property, equipment and technology are considered non-financial assets. The Company does not have any non-financial liabilities measured at fair value on a non-recurring basis. Finite-lived intangible assets primarily consist of customer relationships and trade names, all of which were obtained through acquisitions.

If the Company were required to perform a quantitative assessment for impairment testing of goodwill and indefinite-lived intangible assets, the fair values would generally be estimated using an income approach. As the assumptions employed to measure these assets on a non-recurring basis are based on management’s judgment using internal and external data, these fair value determinations are classified as Level 3 in the fair value hierarchy. The Company completed its annual impairment review of its indefinite-lived intangible assets and goodwill as of February 1, 2019, and concluded that there was no impairment. No recent events or changes in circumstances indicate that impairment existed at December 31, 2019.

Gains and Losses on Marketable and Non-marketable Equity Securities

Gains and losses on the Company’s equity securities are summarized below.



	Three Months Ended December 31,
	2019		2018
	(in millions)
Net gain (loss) on equity securities sold during the period	$	4	$	—
Unrealized gain (loss) on equity securities held as of the end of the period	14		(20		)
Total gain (loss) recognized in non-operating income (expense), net	$	18	$	(20	)

Other Fair Value Disclosures

Long-term 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. The pricing data obtained from outside sources is reviewed internally for reasonableness, compared against benchmark quotes from independent pricing sources, then confirmed or revised accordingly. If measured at fair value in the financial statements, these instruments would be classified as Level 2 in the fair value hierarchy. The carrying value and estimated fair value of long-term debt was $16.7 billion and $18.3 billion, respectively, as of December 31, 2019. The carrying value and estimated fair value of long-term debt was $16.7 billion and $18.4 billion, respectively, as of September 30, 2019.

Other financial instruments not measured at fair value. The following financial instruments are not measured at fair value on the Company’s unaudited consolidated balance sheet at December 31, 2019, but disclosure of their fair values is required: settlement receivable and payable, accounts receivable and customer collateral. The estimated fair value of such instruments at December 31, 2019 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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases

3 Months Ended

Dec. 31, 2019

Leases [Abstract]

Leases

Note 6—Leases

The Company entered into various operating lease agreements primarily for real estate. The Company's leases have original lease periods expiring between fiscal 2020 and 2030. 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 December 31, 2019, the Company had no finance leases.

During the three months ended December 31, 2019, total operating lease cost was $26 million. At December 31, 2019, the weighted average remaining lease term for operating leases was approximately 7 years and the weighted average discount rate for operating leases was 2.31%.

At December 31, 2019, the present value of future minimum lease payments was as follows:



	December 31, 2019
	(in millions)
Remainder of 2020	$	82
2021	108
2022	93
2023	86
2024	73
Thereafter	186
Total undiscounted lease payments	628
Less: imputed interest	(54		)
Present value of lease liabilities	$	574

At December 31, 2019, the Company had additional operating leases that had not yet commenced with lease obligations of $507 million. These operating leases will commence between fiscal 2020 and 2023 with non-cancellable lease terms of 5 to 15 years.

Debt

3 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Debt

Note 7—Debt

The Company had outstanding debt as follows:



	December 31, 2019			September 30, 2019			Effective Interest Rate⁽¹⁾
	(in millions, except percentages)
2.20% Senior Notes due December 2020	$	3,000		$	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	%
2.75% Senior Notes due September 2027	750			750			2.91	%
4.15% Senior Notes due December 2035	1,500			1,500			4.23	%
4.30% Senior Notes due December 2045	3,500			3,500			4.37	%
3.65% Senior Notes due September 2047	750			750			3.73	%
Total senior notes	16,750			16,750
Unamortized discounts and debt issuance costs	(105		)	(108		)
Hedge accounting fair value adjustments⁽²⁾	43			87
Less: current maturities of long-term debt	(3,000		)	—
Total long-term debt	$	13,688		$	16,729


⁽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.

Settlement Guarantee Management

3 Months Ended

Dec. 31, 2019

Settlement Guarantee Management [Abstract]

Settlement Guarantee Management

Note 8—Settlement Guarantee Management

The Company indemnifies its clients for settlement losses suffered due to failure of any other client to fund its settlement obligations in accordance with the Visa operating rules. This indemnification creates settlement risk for the Company due to the difference in timing between the date of a payment transaction and the date of subsequent settlement.

Historically, the Company has experienced minimal losses as a result of its settlement risk guarantee. However, the Company’s future obligations, which could be material under its guarantees, are not determinable as they are dependent upon future events.

The Company’s settlement exposure is limited to the amount of unsettled Visa payment transactions at any point in time, which vary significantly day to day. The Company’s maximum daily settlement exposure was $97.3 billion and the average daily settlement exposure was $59.2 billion during the three months ended December 31, 2019.

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 December 31, 2019 and September 30, 2019, the Company held collateral as follows:



	December 31, 2019		September 30, 2019
	(in millions)
Restricted cash and restricted cash equivalents	$	1,698	$	1,648
Pledged securities at market value	241		259
Letters of credit	1,325		1,293
Guarantees	506		477
Total	$	3,770	$	3,677

Stockholders' Equity

3 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Stockholders' Equity

Note 9—Stockholders’ Equity

As-converted class A common stock. The following table presents the number of shares of each series and class of stock and the number of shares of class A common stock on an as-converted basis:



	December 31, 2019				September 30, 2019
	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 rates)
UK&I preferred stock	2	12.9360		32	2	12.9360		32
Europe preferred stock	3	13.8840		44	3	13.8840		44
Class A common stock⁽²⁾	1,709	—		1,709	1,718	—		1,718
Class B common stock	245	1.6228	⁽³⁾	398	245	1.6228	⁽³⁾	398
Class C common stock	11	4.0000		44	11	4.0000		45
Total				2,227				2,237


⁽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⁾	Class A common stock shares outstanding reflect repurchases that settled on or before December 31, 2019 and September 30, 2019.


⁽³⁾	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 UK&I and Europe 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 UK&I and Europe preferred stock conversion rates and consequently, reduces the as-converted class A common stock share count. There were no conversion rate adjustments in the three months ended December 31, 2019. See Note 4—U.S. and Europe Retrospective Responsibility Plans.

Common stock repurchases. The following table presents share repurchases in the open market for the following periods:



	Three Months Ended December 31,
	2019		2018
	(in millions, except per share data)
Shares repurchased in the open market⁽¹⁾	13		17
Average repurchase price per share⁽²⁾	$	179.27	$	138.11
Total cost⁽²⁾	$	2,370	$	2,393


⁽¹⁾	Shares repurchased in the open market reflect repurchases that settled during the three months ended December 31, 2019 and 2018. 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 is calculated based on unrounded numbers.

In January 2019, the Company’s board of directors authorized an $8.5 billion share purchase program. As of December 31, 2019, the Company’s January 2019 share repurchase program had remaining authorized funds of $1.7 billion for share repurchase. In January 2020, the Company’s board of directors authorized an additional $9.5 billion share repurchase program. These authorizations have no expiration date.

Dividends. On January 28, 2020, the Company’s board of directors declared a quarterly cash dividend of $0.30 per share of class A common stock (determined in the case of class B and C common stock and UK&I and Europe preferred stock on an as-converted basis). The cash dividend will be paid on March 3, 2020, to all holders of record as of February 14, 2020. The Company declared and paid $671 million and $572 million during the three months ended December 31, 2019 and 2018, respectively, in dividends to holders of the Company’s common and preferred stocks.

Earnings Per Share

3 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Earnings Per Share

Note 10—Earnings Per Share

Basic earnings per share is computed by dividing net income available to each class of shares by the weighted-average number of shares of common stock outstanding and participating securities during the period. Net income is allocated to each class of common stock and participating securities based on its proportional ownership on an as-converted basis. The weighted-average number of shares outstanding of each class of common stock reflects changes in ownership over the periods presented. See Note 9—Stockholders’ Equity.

Diluted earnings per share is computed by dividing net income available by the weighted-average number of shares of common stock outstanding, participating securities and, if dilutive, potential class A common stock equivalent shares outstanding during the period. Dilutive class A common stock equivalents may consist of: (1) shares of class A common stock issuable upon the conversion of UK&I and Europe preferred stock and class B and C common stock based on the conversion rates in effect through the period, and (2) incremental shares of class A common stock calculated by applying the treasury stock method to the assumed exercise of employee stock options, the assumed purchase of stock under the Company’s Employee Stock Purchase Plan and the assumed vesting of unearned performance shares.

The following table presents earnings per share for the three months ended December 31, 2019:



	Basic Earnings Per Share					Diluted Earnings Per Share
	(in millions, except per share data)
	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⁾
Class A common stock	$	2,506	1,713	$	1.46	$	3,272	2,240	⁽³⁾	$	1.46
Class B common stock	583		245	$	2.37	582		245		$	2.37
Class C common stock	65		11	$	5.85	65		11		$	5.84
Participating securities⁽⁴⁾	118		Not presented	Not presented		117		Not presented		Not presented
Net income	$	3,272

The following table presents earnings per share for the three months ended December 31, 2018:



	Basic Earnings Per Share					Diluted Earnings Per Share
	(in millions, except per share data)
	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⁾
Class A common stock	$	2,290	1,760	$	1.30	$	2,977	2,291	⁽³⁾	$	1.30
Class B common stock	521		245	$	2.12	520		245		$	2.12
Class C common stock	61		12	$	5.20	61		12		$	5.20
Participating securities⁽⁴⁾	105		Not presented	Not presented		105		Not presented		Not presented
Net income	$	2,977

⁽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 and 400 million for the three months ended December 31, 2019 and 2018, respectively. The weighted-average number of shares of as-converted class C common stock used in the income allocation was 44 million and 47 million for the three months ended December 31, 2019 and 2018, respectively. The weighted-average number of shares of preferred stock included within participating securities was 32 million of as-converted UK&I preferred stock for the three months ended December 31, 2019 and 2018. The weighted-average number of shares of preferred stock included within participating securities was 44 million of as-converted Europe preferred stock for the three months ended December 31, 2019 and 2018.


⁽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 computation includes approximately 3 million common stock equivalents for the three months ended December 31, 2019 and 2018, because their effect would have been dilutive. The computation excludes 1 million of common stock equivalents for the three months ended December 31, 2019 and 2018, because their effect would have been anti-dilutive.

⁽⁴⁾

Participating securities include preferred stock outstanding and unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, such as the Company’s UK&I and Europe preferred stock, restricted stock units and earned performance-based shares. Participating securities’ income is allocated based on the weighted-average number of shares of as-converted stock.

Share-based Compensation

3 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement, Noncash Expense [Abstract]

Share-based Compensation

Note 11—Share-based Compensation

The Company granted the following equity awards to employees and non-employee directors under the 2007 Equity Incentive Compensation Plan, or the EIP, during the three months ended December 31, 2019:



	Granted	Weighted-Average Grant Date Fair Value		Weighted-Average Exercise Price
Non-qualified stock options	1,247,982	$	29.37	$	182.50
Restricted stock units	2,189,944	$	182.62
Performance-based shares⁽¹⁾	470,128	$	211.08


⁽¹⁾	Represents the maximum number of performance-based shares which could be earned.

The Company recorded share-based compensation cost related to the EIP of $111 million and $95 million for the three months ended December 31, 2019 and 2018, respectively, net of estimated forfeitures, which are adjusted as appropriate.

Income Taxes	3 Months Ended
Income Taxes	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Note 12—Income Taxes The effective income tax rates were 18% for both the three months ended December 31, 2019 and 2018. During the three months ended December 31, 2019, the Company’s gross unrecognized tax benefits increased by $63 million, of which $13 million would favorably impact the effective tax rate, if recognized. The change in unrecognized tax benefits is primarily related to various tax positions across several jurisdictions. During the three months ended December 31, 2019 and 2018, there were no significant changes in interest and penalties related to uncertain tax positions. The Company’s tax filings are subject to examination by the U.S. federal, state and foreign taxing authorities. The timing and outcome of the final resolutions of the various ongoing income tax examinations are highly uncertain. It is not reasonably possible to estimate the increase or decrease in unrecognized tax benefits within the next twelve months.

Legal Matters

3 Months Ended

Dec. 31, 2019

Legal Matters [Abstract]

Legal Matters

Note 13—Legal Matters

The Company is party to various legal and regulatory proceedings. Some of these proceedings involve complex claims that are subject to substantial uncertainties and unascertainable damages. Accordingly, except as disclosed, the Company has not established reserves or ranges of possible loss related to these proceedings, as at this time in the proceedings, the matters do not relate to a probable loss and/or the amount or range of losses are not reasonably estimable. Although the Company believes that it has strong defenses for the litigation and regulatory proceedings described below, it could, in the future, incur judgments or fines or enter into settlements of claims that could have a material adverse effect on the Company’s financial position, results of operations or cash flows. From time to time, the Company may engage in settlement discussions or mediations with respect to one or more of its outstanding litigation matters, either on its own behalf or collectively with other parties.

The litigation accrual is an estimate and is based on management’s understanding of its litigation profile, the specifics of each case, advice of counsel to the extent appropriate and management’s best estimate of incurred loss as of the balance sheet date.

The following table summarizes the activity related to accrued litigation:



	Three Months Ended December 31,
	2019			2018
	(in millions)
Balance at beginning of period	$	1,203		$	1,434
Provision for uncovered legal matters	—			7
Provision for covered legal matters	1			90
Reestablishment of prior accrual related to interchange multidistrict litigation	467			—
Payments for legal matters	(42		)	(42		)
Balance at end of period	$	1,629		$	1,489

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. See further discussion below under U.S. Covered Litigation and Note 4—U.S. and Europe Retrospective Responsibility Plans. 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.

The following table summarizes the accrual activity related to U.S. covered litigation:



	Three Months Ended December 31,
	2019			2018
	(in millions)
Balance at beginning of period	$	1,198		$	1,428
Reestablishment of prior accrual related to interchange multidistrict litigation	467			—
Payments for U.S. covered litigation	(41		)	—
Balance at end of period	$	1,624		$	1,428

In fiscal 2019, the Company paid $600 million from its litigation escrow account into a settlement fund established pursuant to the Amended Settlement Agreement with the Damages Class plaintiffs in the Interchange Multidistrict Litigation. Under the Amended Settlement Agreement, if class members opt out of the Damages Class, the defendants are entitled to receive takedown payments of up to $700 million (up to $467 million for Visa), based on the percentage of payment card sales volume attributable to merchants who have chosen to opt out. On December 13, 2019, the district court entered a final judgment order approving the Amended Settlement Agreement with the Damages Class plaintiffs. A takedown payment of approximately $467 million was received on December 27, 2019, and deposited into the Company’s litigation escrow account. The deposit into the litigation escrow account and reestablishment of a prior accrual to address opt-out claims was recorded during the three months ended December 31, 2019. See further discussion below under U.S. Covered Litigation.

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 UK&I preferred stock and Europe 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 4—U.S. and Europe Retrospective Responsibility Plans.

The following table summarizes the accrual activity related to VE territory covered litigation:



	Three Months Ended December 31,
	2019			2018
	(in millions)
Balance at beginning of period	$	5		$	—
Provision for VE territory covered litigation	1			90
Payments for VE territory covered litigation	(1		)	(35		)
Balance at end of period	$	5		$	55

U.S. Covered Litigation

Interchange Multidistrict Litigation (MDL) – Putative Class Actions

On November 20, 2019, the district court denied the bank defendants’ motion to dismiss the claims brought against them by the putative Injunctive Relief Class.

On December 13, 2019, the district court granted final approval of the 2018 Amended Settlement Agreement relating to claims by the Damages Class, which was subsequently appealed.

VE Territory Covered Litigation

Europe Merchant Litigation

Since July 2013, in excess of 500 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, Germany and Belgium primarily relating to interchange rates in Europe and in some cases relating to fees charged by Visa and certain Visa rules. As of the filing date, Visa Europe, Visa Inc. and other Visa subsidiaries have settled the claims asserted by over 100 Merchants, leaving more than 400 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.

Other Litigation

Canadian Merchant Litigation

Between August 2019 and January 2020, the Courts of Appeal in British Columbia, Quebec, Ontario and Saskatchewan rejected the appeals filed by Wal-Mart Canada and Home Depot of Canada Inc. In January 2020, Wal-Mart Canada and Home Depot of Canada Inc. filed applications to appeal the decisions of the British Columbia, Quebec and Ontario courts to the Supreme Court of Canada. An appeal to the Alberta Court of Appeal remains pending.

Nuts for Candy

On December 31, 2019, plaintiff filed a motion to dismiss and for attorneys’ fees and costs based on the settlement reached between the parties and the grant of final approval of the 2018 Amended Settlement Agreement as discussed above in Interchange Multidistrict Litigation (MDL) - Putative Class Actions.

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.

Subsequent Events	3 Months Ended
Subsequent Events	Dec. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	Note 14—Subsequent Events On January 13, 2020, the Company entered into a definitive agreement to acquire Plaid, Inc. for $5.3 billion. The Company will pay approximately $4.9 billion of cash and $0.4 billion of retention equity and deferred equity consideration. This acquisition is subject to customary closing conditions, including certain regulatory approvals, and is expected to close in the next three to six months.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2019
Accounting Policies [Abstract]
Consolidation and basis of presentation	Consolidation and basis of presentation. The accompanying unaudited consolidated financial statements include the accounts of Visa and its consolidated entities and are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company consolidates its majority-owned and controlled entities, including variable interest entities (“VIEs”) for which the Company is the primary beneficiary. The Company’s investments in VIEs have not been material to its unaudited consolidated financial statements as of and for the periods presented. All significant intercompany accounts and transactions are eliminated in consolidation. The accompanying unaudited consolidated financial statements are presented in accordance with the U.S. Securities and Exchange Commission (“SEC”) requirements for Quarterly Reports on Form 10-Q and, consequently, do not include all of the annual disclosures required by U.S. GAAP. Reference should be made to the Visa Annual Report on Form 10-K for the year ended September 30, 2019 for additional disclosures, including a summary of the Company’s significant accounting policies. In the opinion of management, the accompanying unaudited consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented.
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements. In February 2016, the FASB issued ASU 2016-02, which requires the recognition of lease assets and lease liabilities arising from operating leases on the balance sheet. Subsequently, the FASB also issued a series of amendments to this new leases standard that address the transition methods available and clarify the guidance for lessor costs and other aspects of the new leases standard. The Company adopted the standard effective October 1, 2019 using the modified retrospective transition method with comparative periods continuing to be reported using the prior leases standard. The Company elected to apply the package of practical expedients permitted under the transition guidance, allowing the Company to carry forward the historical assessment of whether a contract was or contains a lease, lease classification and capitalization of initial direct costs. The adoption did not have a material impact on the consolidated financial statements. In accordance with ASU 2016-02, 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. The Company does not include renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. 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. 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 sheet. The Company’s lease cost consists of amounts recognized under lease agreements in the results of operations adjusted for impairment and sublease income. In February 2018, the FASB issued ASU 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for adjustments to tax effects that were originally recorded in other comprehensive income due to changes in the U.S. federal corporate income tax rate resulting from the enactment of the U.S. tax reform legislation, commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”). The Company adopted the ASU effective October 1, 2019. The adoption did not have a material impact on the consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in the existing guidance for income taxes and making other minor improvements. The amendments in the ASU are effective for the Company on October 1, 2021. The Company does not plan to early adopt the ASU at this time. The adoption is not expected to have a material impact on the consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, which clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the fair value measurement alternative. The amendments in the ASU are effective for the Company on October 1, 2021. The adoption is not expected to have a material impact on the consolidated financial statements.

Revenues (Tables)

3 Months Ended

Dec. 31, 2019

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following tables disaggregate the Company’s net revenues by revenue category and by geography for the three months ended December 31, 2019 and 2018:



	Three Months Ended December 31,
	2019			2018
	(in millions)
Service revenues	$	2,555		$	2,342
Data processing revenues	2,864			2,470
International transaction revenues	2,018			1,851
Other revenues	365			299
Client incentives	(1,748		)	(1,456		)
Net revenues	$	6,054		$	5,506



	Three Months Ended December 31,
	2019		2018
	(in millions)
U.S.	$	2,717	$	2,508
International	3,337		2,998
Net revenues	$	6,054	$	5,506

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Tables)

3 Months Ended

Dec. 31, 2019

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:



	December 31, 2019		September 30, 2019
	(in millions)
Cash and cash equivalents	$	8,768	$	7,838
Restricted cash and restricted cash equivalents:
U.S. litigation escrow	1,634		1,205
Customer collateral	1,698		1,648
Prepaid expenses and other current assets	163		141
Cash, cash equivalents, restricted cash and restricted cash equivalents	$	12,263	$	10,832

U.S. and Europe Retrospective Responsibility Plan (Tables)

3 Months Ended

Dec. 31, 2019

Retrospective Responsibility Plan [Abstract]

Changes in the U.S. litigation escrow account

The following table sets forth the changes in the restricted cash equivalents—U.S. litigation escrow account:



	Three Months Ended December 31,
	2019			2018
	(in millions)
Balance at beginning of period	$	1,205		$	1,491
Return of takedown payment to the litigation escrow account	467			—
Payments to opt-out merchants⁽¹⁾ and interest earned on escrow funds	(38		)	5
Balance at end of period	$	1,634		$	1,496

⁽¹⁾

These payments are associated with the Interchange Multidistrict Litigation. See Note 13—Legal Matters.

Preferred Stock As-Converted Value and Book Value

The following table sets forth the as-converted value of the preferred stock available to recover VE territory covered losses compared to the book value of preferred shares recorded in stockholders’ equity within the Company’s consolidated balance sheets as of December 31, 2019 and September 30, 2019:



	December 31, 2019						September 30, 2019
	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)
UK&I preferred stock	$	6,029		$	2,285		$	5,519		$	2,285
Europe preferred stock	8,236			3,177			7,539			3,177
Total	14,265			5,462			13,058			5,462
Less: right to recover for covered losses	(175		)	(175		)	(171		)	(171		)
Total recovery for covered losses available	$	14,090		$	5,287		$	12,887		$	5,291


⁽¹⁾	Figures in the table may not recalculate exactly due to rounding. As-converted and book values are based on unrounded numbers.

⁽²⁾

The as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the UK&I and Europe preferred stock outstanding, respectively, as of December 31, 2019; (b) 12.936 and 13.884, the class A common stock conversion rate applicable to the UK&I and Europe preferred stock as of December 31, 2019, respectively; and (c) $187.90, Visa’s class A common stock closing stock price as of December 31, 2019.

⁽³⁾

The as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the UK&I and Europe preferred stock outstanding, respectively, as of September 30, 2019; (b) 12.936 and 13.884, the class A common stock conversion rate applicable to the UK&I and Europe preferred stock as of September 30, 2019, respectively; and (c) $172.01, Visa’s class A common stock closing stock price as of September 30, 2019.

Fair Value Measurements and Investments (Tables)

3 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Assets and Liabilities Measured at Fair Value on a Recurring Basis



	Fair Value Measurements Using Inputs Considered as
	Level 1				Level 2
	December 31, 2019		September 30, 2019		December 31, 2019		September 30, 2019
	(in millions)
Assets
Cash equivalents and restricted cash equivalents:
Money market funds	$	7,539	$	6,494
U.S. government-sponsored debt securities					$	350	$	150
Investment securities:
Marketable equity securities	154		126
U.S. government-sponsored debt securities					4,565		5,592
U.S. Treasury securities	902		675
Other current and non-current assets:
Derivative instruments					274		437
Total	$	8,595	$	7,295	$	5,189	$	6,179
Liabilities
Accrued compensation and benefits:
Deferred compensation liability	$	141	$	113
Accrued and other liabilities:
Derivative instruments					$	99	$	52
Total	$	141	$	113	$	99	$	52

Schedule of Non-Marketable Equity Securities

The following table summarizes the total carrying value of the Company’s non-marketable equity securities held as of December 31, 2019 including cumulative unrealized gains and losses:



	December 31, 2019
	(in millions)
Initial cost basis	$	595
Upward adjustments	119
Downward adjustments (including impairment)	(4		)
Carrying amount, end of period	$	710

Schedule of Gains and Losses on Marketable and Non-Marketable Equity Securities

Gains and losses on the Company’s equity securities are summarized below.



	Three Months Ended December 31,
	2019		2018
	(in millions)
Net gain (loss) on equity securities sold during the period	$	4	$	—
Unrealized gain (loss) on equity securities held as of the end of the period	14		(20		)
Total gain (loss) recognized in non-operating income (expense), net	$	18	$	(20	)

Leases (Tables)

3 Months Ended

Dec. 31, 2019

Leases [Abstract]

Schedule of Present Value of Future Minimum Lease Payments

At December 31, 2019, the present value of future minimum lease payments was as follows:



	December 31, 2019
	(in millions)
Remainder of 2020	$	82
2021	108
2022	93
2023	86
2024	73
Thereafter	186
Total undiscounted lease payments	628
Less: imputed interest	(54		)
Present value of lease liabilities	$	574

Debt (Tables)

3 Months Ended

Dec. 31, 2019

Debt Disclosure [Abstract]

Schedule of Debt

The Company had outstanding debt as follows:



	December 31, 2019			September 30, 2019			Effective Interest Rate⁽¹⁾
	(in millions, except percentages)
2.20% Senior Notes due December 2020	$	3,000		$	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	%
2.75% Senior Notes due September 2027	750			750			2.91	%
4.15% Senior Notes due December 2035	1,500			1,500			4.23	%
4.30% Senior Notes due December 2045	3,500			3,500			4.37	%
3.65% Senior Notes due September 2047	750			750			3.73	%
Total senior notes	16,750			16,750
Unamortized discounts and debt issuance costs	(105		)	(108		)
Hedge accounting fair value adjustments⁽²⁾	43			87
Less: current maturities of long-term debt	(3,000		)	—
Total long-term debt	$	13,688		$	16,729


⁽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.

Settlement Guarantee Management (Tables)

3 Months Ended

Dec. 31, 2019

Settlement Guarantee Management [Abstract]

Schedule of Customer Collateral

The Company maintains and regularly reviews global settlement risk policies and procedures to manage settlement exposure, which may require clients to post collateral if certain credit standards are not met. At December 31, 2019 and September 30, 2019, the Company held collateral as follows:



	December 31, 2019		September 30, 2019
	(in millions)
Restricted cash and restricted cash equivalents	$	1,698	$	1,648
Pledged securities at market value	241		259
Letters of credit	1,325		1,293
Guarantees	506		477
Total	$	3,770	$	3,677

Stockholders' Equity (Tables)

3 Months Ended

Dec. 31, 2019

Stockholders' Equity Note [Abstract]

Schedule of Stock by Class

As-converted class A common stock. The following table presents the number of shares of each series and class of stock and the number of shares of class A common stock on an as-converted basis:



	December 31, 2019				September 30, 2019
	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 rates)
UK&I preferred stock	2	12.9360		32	2	12.9360		32
Europe preferred stock	3	13.8840		44	3	13.8840		44
Class A common stock⁽²⁾	1,709	—		1,709	1,718	—		1,718
Class B common stock	245	1.6228	⁽³⁾	398	245	1.6228	⁽³⁾	398
Class C common stock	11	4.0000		44	11	4.0000		45
Total				2,227				2,237


⁽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⁾	Class A common stock shares outstanding reflect repurchases that settled on or before December 31, 2019 and September 30, 2019.

⁽³⁾

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.

Share Repurchase Program Disclosure

Common stock repurchases. The following table presents share repurchases in the open market for the following periods:



	Three Months Ended December 31,
	2019		2018
	(in millions, except per share data)
Shares repurchased in the open market⁽¹⁾	13		17
Average repurchase price per share⁽²⁾	$	179.27	$	138.11
Total cost⁽²⁾	$	2,370	$	2,393


⁽¹⁾	Shares repurchased in the open market reflect repurchases that settled during the three months ended December 31, 2019 and 2018. 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 is calculated based on unrounded numbers.

Earnings Per Share (Tables)

3 Months Ended

Dec. 31, 2019

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table presents earnings per share for the three months ended December 31, 2019:



	Basic Earnings Per Share					Diluted Earnings Per Share
	(in millions, except per share data)
	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⁾
Class A common stock	$	2,506	1,713	$	1.46	$	3,272	2,240	⁽³⁾	$	1.46
Class B common stock	583		245	$	2.37	582		245		$	2.37
Class C common stock	65		11	$	5.85	65		11		$	5.84
Participating securities⁽⁴⁾	118		Not presented	Not presented		117		Not presented		Not presented
Net income	$	3,272

The following table presents earnings per share for the three months ended December 31, 2018:



	Basic Earnings Per Share					Diluted Earnings Per Share
	(in millions, except per share data)
	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⁾
Class A common stock	$	2,290	1,760	$	1.30	$	2,977	2,291	⁽³⁾	$	1.30
Class B common stock	521		245	$	2.12	520		245		$	2.12
Class C common stock	61		12	$	5.20	61		12		$	5.20
Participating securities⁽⁴⁾	105		Not presented	Not presented		105		Not presented		Not presented
Net income	$	2,977

⁽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 and 400 million for the three months ended December 31, 2019 and 2018, respectively. The weighted-average number of shares of as-converted class C common stock used in the income allocation was 44 million and 47 million for the three months ended December 31, 2019 and 2018, respectively. The weighted-average number of shares of preferred stock included within participating securities was 32 million of as-converted UK&I preferred stock for the three months ended December 31, 2019 and 2018. The weighted-average number of shares of preferred stock included within participating securities was 44 million of as-converted Europe preferred stock for the three months ended December 31, 2019 and 2018.


⁽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 computation includes approximately 3 million common stock equivalents for the three months ended December 31, 2019 and 2018, because their effect would have been dilutive. The computation excludes 1 million of common stock equivalents for the three months ended December 31, 2019 and 2018, because their effect would have been anti-dilutive.

⁽⁴⁾

Participating securities include preferred stock outstanding and unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, such as the Company’s UK&I and Europe preferred stock, restricted stock units and earned performance-based shares. Participating securities’ income is allocated based on the weighted-average number of shares of as-converted stock.

Share-based Compensation (Tables)

3 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement, Noncash Expense [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The Company granted the following equity awards to employees and non-employee directors under the 2007 Equity Incentive Compensation Plan, or the EIP, during the three months ended December 31, 2019:



	Granted	Weighted-Average Grant Date Fair Value		Weighted-Average Exercise Price
Non-qualified stock options	1,247,982	$	29.37	$	182.50
Restricted stock units	2,189,944	$	182.62
Performance-based shares⁽¹⁾	470,128	$	211.08

⁽¹⁾

Represents the maximum number of performance-based shares which could be earned.

Legal Matters (Tables)

3 Months Ended

Dec. 31, 2019

Legal Matters [Abstract]

Schedule of Loss Contingencies by Contingency

The following table summarizes the activity related to accrued litigation:



	Three Months Ended December 31,
	2019			2018
	(in millions)
Balance at beginning of period	$	1,203		$	1,434
Provision for uncovered legal matters	—			7
Provision for covered legal matters	1			90
Reestablishment of prior accrual related to interchange multidistrict litigation	467			—
Payments for legal matters	(42		)	(42		)
Balance at end of period	$	1,629		$	1,489

The following table summarizes the accrual activity related to U.S. covered litigation:



	Three Months Ended December 31,
	2019			2018
	(in millions)
Balance at beginning of period	$	1,198		$	1,428
Reestablishment of prior accrual related to interchange multidistrict litigation	467			—
Payments for U.S. covered litigation	(41		)	—
Balance at end of period	$	1,624		$	1,428

The following table summarizes the accrual activity related to VE territory covered litigation:



	Three Months Ended December 31,
	2019			2018
	(in millions)
Balance at beginning of period	$	5		$	—
Provision for VE territory covered litigation	1			90
Payments for VE territory covered litigation	(1		)	(35		)
Balance at end of period	$	5		$	55

- Definition

Tabular disclosure of the loss contingencies that were reported in the period or disclosed as of the balance sheet date.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14472-108349

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14326-108349

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14453-108349

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14615-108349

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12021-110248

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14394-108349

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14435-108349

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 450
-SubTopic 20
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=118942415&loc=d3e14557-108349

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 460
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=118943654&loc=d3e12053-110248

+ Details

Summary of Significant Accounting Policies (Details)	Dec. 31, 2019 country
Accounting Policies [Abstract]
Number of countries in which entity operates (more than)	200

Revenues (Details) - USD ($) $ in Millions	3 Months Ended
Revenues (Details) - USD ($) $ in Millions	Dec. 31, 2019	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Net revenues	$ 6,054	$ 5,506
U.S.
Disaggregation of Revenue [Line Items]
Net revenues	2,717	2,508
International
Disaggregation of Revenue [Line Items]
Net revenues	3,337	2,998
Service revenues
Disaggregation of Revenue [Line Items]
Net revenues	2,555	2,342
Data processing revenues
Disaggregation of Revenue [Line Items]
Net revenues	2,864	2,470
International transaction revenues
Disaggregation of Revenue [Line Items]
Net revenues	2,018	1,851
Other revenues
Disaggregation of Revenue [Line Items]
Net revenues	365	299
Client incentives
Disaggregation of Revenue [Line Items]
Net revenues	$ (1,748)	$ (1,456)

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 8,768	$ 7,838
Cash, cash equivalents, restricted cash and restricted cash equivalents	12,263	10,832	$ 11,115	$ 10,977
U.S. litigation escrow
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and restricted cash equivalents	1,634	1,205
Customer collateral
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and restricted cash equivalents	1,698	1,648
Prepaid expenses and other current assets
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash and restricted cash equivalents	$ 163	$ 141

U.S. and Europe Retrospective Responsibility Plan - Additional Details (Details) € in Millions, $ in Millions		3 Months Ended
	Dec. 27, 2019 USD ($)	Dec. 31, 2019 EUR (€)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)
Retrospective Responsibility Plan [Abstract]
Return of takedown payment to the litigation escrow account \| $	$ 467		$ 467	$ 0
VE covered loss, maximum amount of loss to allow adjustment of conversion rate during six-month period \| €		€ 20

U.S. and Europe Retrospective Responsibility Plan - Changes in the U.S. Litigation Escrow Account (Detail) - USD ($) $ in Millions		3 Months Ended
	Dec. 27, 2019	Dec. 31, 2019	Dec. 31, 2018
Escrow Account [Roll Forward]
Beginning balance		$ 1,205	$ 1,491
Return of takedown payment to the litigation escrow account	$ 467	467	0
Ending balance		1,634	1,496
Interest Income \| Opt-out Merchants
Escrow Account [Roll Forward]
Payments to opt-out merchants and interest earned on escrow funds		$ (38)	$ 5

U.S. and Europe Retrospective Responsibility Plan - Changes in Preferred Stock and Right to Recover Covered Losses (Details) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares shares	Sep. 30, 2019 USD ($) $ / shares shares
Class of Stock [Line Items]
Preferred Stock, As-Converted Value	$ 14,265	$ 13,058
Preferred Stock, Book Value, Total	5,462	5,462
Less: right to recover for covered losses	(175)	(171)
Preferred Stock, As-Converted Value, Total Recovery for Covered Losses Available	14,090	12,887
Preferred Stock, Book Value, Total Recovery for Covered Losses Available	$ 5,287	$ 5,291
Share price (in dollars per share) \| $ / shares	$ 187.90	$ 172.01
UK&I preferred stock
Class of Stock [Line Items]
Preferred Stock, As-Converted Value	$ 6,029	$ 5,519
Preferred Stock, Book Value	$ 2,285	$ 2,285
Preferred stock, shares outstanding (in shares) \| shares	2	2
Preferred stock, conversion rate	12.936	12.936
Europe preferred stock
Class of Stock [Line Items]
Preferred Stock, As-Converted Value	$ 8,236	$ 7,539
Preferred Stock, Book Value	$ 3,177	$ 3,177
Preferred stock, shares outstanding (in shares) \| shares	3	3
Preferred stock, conversion rate	13.8840	13.884

Fair Value Measurements and Investments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019
Assets
U.S. securities	$ 5,500	$ 6,300
Level 1 \| Fair Value, Measurements, Recurring
Assets
Marketable equity securities	154	126
Total	8,595	7,295
Liabilities
Deferred compensation liability	141	113
Total	141	113
Level 1 \| U.S. Treasury securities \| Fair Value, Measurements, Recurring
Assets
U.S. securities	902	675
Level 2 \| Fair Value, Measurements, Recurring
Assets
Derivative instruments	274	437
Total	5,189	6,179
Liabilities
Derivative instruments	99	52
Total	99	52
Level 2 \| U.S. government-sponsored debt securities \| Fair Value, Measurements, Recurring
Assets
U.S. securities	4,565	5,592
Money market funds \| Level 1 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents and restricted cash equivalents:	7,539	6,494
U.S. government-sponsored debt securities \| Level 2 \| Fair Value, Measurements, Recurring
Assets
Cash equivalents and restricted cash equivalents:	$ 350	$ 150

Fair Value Measurements and Investments - Additional Information (Detail) - USD ($)		3 Months Ended
	Feb. 01, 2019	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount		$ 0
U.S. securities		5,500,000,000		$ 6,300,000,000
Upward adjustments		9,000,000
Downward adjustments		0
Impairment charges of non-marketable equity securities		$ 0	$ 0
Impairment of indefinite-lived intangible assets and goodwill	$ 0
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities, stated maturities		1 year
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities, stated maturities		5 years
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value of long-term debt		$ 16,700,000,000		16,700,000,000
Estimated Fair Value \| Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Estimated fair value of long-term deb		$ 18,300,000,000		$ 18,400,000,000

Fair Value Measurements and Investments - Schedule of Non-Marketable Equity Securities (Details) $ in Millions	Dec. 31, 2019 USD ($)
Fair Value Disclosures [Abstract]
Initial cost basis	$ 595
Upward adjustments	119
Downward adjustments (including impairment)	(4)
Carrying amount, end of period	$ 710

Fair Value Measurements and Investments - Schedule of Gains and Losses on Marketable and Non-Marketable Equity Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Net gain (loss) on equity securities sold during the period	$ 4	$ 0
Unrealized gain (loss) on equity securities held as of the end of the period	14	(20)
Total gain (loss) recognized in non-operating income (expense), net	$ 18	$ (20)

Leases - Additional Information (Details) $ in Millions	3 Months Ended
Leases - Additional Information (Details) $ in Millions	Dec. 31, 2019 USD ($) option_to_renew
Lessee, Lease, Description [Line Items]
Operating lease cost	$ 26
Weighted average remaining lease term (in years)	7 years
Weighted average discount rate	2.31%
Operating leases, not yet commenced, lease obligations	$ 507
Minimum
Lessee, Lease, Description [Line Items]
Number of renewal options \| option_to_renew	1
Operating leases, non-cancellable lease terms	5 years
Maximum
Lessee, Lease, Description [Line Items]
Operating leases, non-cancellable lease terms	15 years

Leases - Schedule of Present Value of Future Minimum Lease Payments (Details) $ in Millions	Dec. 31, 2019 USD ($)
Leases [Abstract]
Remainder of 2020	$ 82
2021	108
2022	93
2023	86
2024	73
Thereafter	186
Total undiscounted lease payments	628
Less: imputed interest	(54)
Present value of lease liabilities	$ 574

Debt - Summary of Debt (Details) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Unamortized discounts and debt issuance costs	$ (105)	$ (108)
Hedge accounting fair value adjustments	43	87
Less: current maturities of long-term debt	(3,000)	0
Total long-term debt	13,688	16,729
Senior Notes
Debt Instrument [Line Items]
Total senior notes	16,750	16,750
Senior Notes \| 2.20% Senior Notes due December 2020
Debt Instrument [Line Items]
Total senior notes	$ 3,000	3,000
Effective interest rate (percent)	2.30%
Stated interest rate	2.20%
Senior Notes \| 2.15% Senior Notes due September 2022
Debt Instrument [Line Items]
Total senior notes	$ 1,000	1,000
Effective interest rate (percent)	2.30%
Stated interest rate	2.15%
Senior Notes \| 2.80% Senior Notes due December 2022
Debt Instrument [Line Items]
Total senior notes	$ 2,250	2,250
Effective interest rate (percent)	2.89%
Stated interest rate	2.80%
Senior Notes \| 3.15% Senior Notes due December 2025
Debt Instrument [Line Items]
Total senior notes	$ 4,000	4,000
Effective interest rate (percent)	3.26%
Stated interest rate	3.15%
Senior Notes \| 2.75% Senior Notes due September 2027
Debt Instrument [Line Items]
Total senior notes	$ 750	750
Effective interest rate (percent)	2.91%
Stated interest rate	2.75%
Senior Notes \| 4.15% Senior Notes due December 2035
Debt Instrument [Line Items]
Total senior notes	$ 1,500	1,500
Effective interest rate (percent)	4.23%
Stated interest rate	4.15%
Senior Notes \| 4.30% Senior Notes due December 2045
Debt Instrument [Line Items]
Total senior notes	$ 3,500	3,500
Effective interest rate (percent)	4.37%
Stated interest rate	4.30%
Senior Notes \| 3.65% Senior Notes due September 2047
Debt Instrument [Line Items]
Total senior notes	$ 750	$ 750
Effective interest rate (percent)	3.73%
Stated interest rate	3.65%

Settlement Guarantee Management - Additional Information (Details) $ in Billions	3 Months Ended
	Dec. 31, 2019 USD ($)
Settlement Guarantee Management [Abstract]
Maximum Settlement Exposure	$ 97.3
Average Daily Settlement Exposure	$ 59.2

Settlement Guarantee Management - Collateral (Detail) - USD ($) $ in Millions	Dec. 31, 2019	Sep. 30, 2019
Settlement Guarantee Management [Abstract]
Restricted cash and restricted cash equivalents	$ 1,698	$ 1,648
Pledged securities at market value	241	259
Letters of credit	1,325	1,293
Guarantees	506	477
Total	$ 3,770	$ 3,677

Stockholders' Equity - Number of Shares of Class A Common Shares Outstanding on an As-Converted Basis (Detail) shares in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2019 shares	Sep. 30, 2019 shares
Schedule of Common Stock as Converted [Line Items]
As-converted Class A Common Stock (in shares)	2,227	2,237
U.K.& I preferred stock
Schedule of Common Stock as Converted [Line Items]
Preferred stock, shares outstanding (in shares)	2	2
Preferred stock, conversion rate into Class A Common Stock	12.936	12.936
As-converted Class A Common Stock (in shares)	32	32
Europe preferred stock
Schedule of Common Stock as Converted [Line Items]
Preferred stock, shares outstanding (in shares)	3	3
Preferred stock, conversion rate into Class A Common Stock	13.8840	13.884
As-converted Class A Common Stock (in shares)	44	44
Class A common stock
Schedule of Common Stock as Converted [Line Items]
Common stock, shares outstanding (in shares)	1,709	1,718
As-converted Class A Common Stock (in shares)	1,709	1,718
Class B common stock
Schedule of Common Stock as Converted [Line Items]
Common stock, shares outstanding (in shares)	245	245
Common stock, conversion rate into Class A Common Stock	1.6228	1.6228
As-converted Class A Common Stock (in shares)	398	398
Class C common stock
Schedule of Common Stock as Converted [Line Items]
Common stock, shares outstanding (in shares)	11	11
Common stock, conversion rate into Class A Common Stock	4.0000	4.0000
As-converted Class A Common Stock (in shares)	44	45

Stockholders' Equity - Share Repurchases in the Open Market (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Total cost	$ 2,370	$ 2,393
Class A common stock
Equity, Class of Treasury Stock [Line Items]
Shares repurchased in the open market (in shares)	13	17
Average repurchase price per share (in dollars per share)	$ 179.27	$ 138.11
Total cost	$ 2,370	$ 2,393

Stockholders' Equity - Additional Information (Detail) - USD ($)	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2020	Jan. 28, 2020	Jan. 31, 2019
Stockholders Equity Note [Line Items]
Share repurchase program					$ 8,500,000,000
January 2019 share repurchase program remaining authorized funds	$ 1,700,000,000
Cash dividends declared and paid, at a quarterly amount per Class A share	$ 671,000,000	$ 572,000,000
Subsequent Event
Stockholders Equity Note [Line Items]
Additional share repurchase program			$ 9,500,000,000
Subsequent Event \| Class A common stock
Stockholders Equity Note [Line Items]
Quarterly cash dividend (in dollars per share)				$ 0.30

Earnings Per Share - Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Net income	$ 3,272	$ 2,977
Class A common stock
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Income Allocation - Basic	$ 2,506	$ 2,290
Weighted- Average Shares Outstanding - Basic (in shares)	1,713	1,760
Earnings per Share - Basic (in dollars per share)	$ 1.46	$ 1.30
Income Allocation - Diluted	$ 3,272	$ 2,977
Weighted- Average Shares Outstanding - Diluted (in shares)	2,240	2,291
Earnings per Share - Diluted (in dollars per share)	$ 1.46	$ 1.30
Class B common stock
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Income Allocation - Basic	$ 583	$ 521
Weighted- Average Shares Outstanding - Basic (in shares)	245	245
Earnings per Share - Basic (in dollars per share)	$ 2.37	$ 2.12
Income Allocation - Diluted	$ 582	$ 520
Weighted- Average Shares Outstanding - Diluted (in shares)	245	245
Earnings per Share - Diluted (in dollars per share)	$ 2.37	$ 2.12
Class C common stock
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Income Allocation - Basic	$ 65	$ 61
Weighted- Average Shares Outstanding - Basic (in shares)	11	12
Earnings per Share - Basic (in dollars per share)	$ 5.85	$ 5.20
Income Allocation - Diluted	$ 65	$ 61
Weighted- Average Shares Outstanding - Diluted (in shares)	11	12
Earnings per Share - Diluted (in dollars per share)	$ 5.84	$ 5.20
Participating securities
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Income Allocation - Basic	$ 118	$ 105
Income Allocation - Diluted	$ 117	$ 105

Earnings Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Common stock equivalents included in the computation of diluted shares outstanding (in shares)	3	3
Antidilutive securities excluded from computation of earnings per share (in shares)	1	1
Class B common stock
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Weighted-average as-converted common stock used in income allocation (in shares)	398	400
Class C common stock
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Weighted-average as-converted common stock used in income allocation (in shares)	44	47
UK&I preferred stock
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Weighted-average as-converted common stock used in income allocation (in shares)	32	32
Europe preferred stock
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Weighted-average as-converted common stock used in income allocation (in shares)	44	44

Share-based Compensation - Awards Granted to Company Employees and Non-employee Directors Under the 2007 Equity Incentive Compensation Plan (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Non-qualified stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,247,982
Weighted-Average Grant Date Fair Value (in dollars per share)	$ 29.37
Weighted-Average Exercise Price (in USD per share)	$ 182.50
Restricted stock units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,189,944
Weighted-Average Grant Date Fair Value (in dollars per share)	$ 182.62
Performance-bases shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	470,128
Weighted-Average Grant Date Fair Value (in dollars per share)	$ 211.08
Equity Incentive Compensation Plan, 2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation cost	$ 111	$ 95

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	18.00%	18.00%
Increase in unrecognized tax benefits	$ 63
Effective income tax rate reconciliation Unrecognized Tax Benefits that would Favorably Impact Effective Tax Rate	$ 13

Legal Matters - Schedule of Accrued Litigation for Both Covered and Non-Covered Litigation (Detail) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Loss Contingency Accrual [Roll Forward]
Balance at beginning of period	$ 1,203	$ 1,434
Provision for legal matters	1	90
Balance at end of period	1,629	1,489
U.S. Covered Litigation
Loss Contingency Accrual [Roll Forward]
Balance at beginning of period	1,198	1,428
Balance at end of period	1,624	1,428
VE Territory Covered Litigation
Loss Contingency Accrual [Roll Forward]
Balance at beginning of period	5	0
Provision for legal matters	1	90
Balance at end of period	5	55
Interchange Multidistrict Litigation
Loss Contingency Accrual [Roll Forward]
Provision for legal matters	467	0
Interchange Multidistrict Litigation \| U.S. Covered Litigation
Loss Contingency Accrual [Roll Forward]
Provision for legal matters	467	0
Unsettled
Loss Contingency Accrual [Roll Forward]
Provision for legal matters	0	7
Settled Litigation
Loss Contingency Accrual [Roll Forward]
Payments for legal matters	(42)	(42)
Settled Litigation \| U.S. Covered Litigation
Loss Contingency Accrual [Roll Forward]
Payments for legal matters	(41)	0
Settled Litigation \| VE Territory Covered Litigation
Loss Contingency Accrual [Roll Forward]
Payments for legal matters	$ (1)	$ (35)

Legal Matters - Additional Information (Details) $ in Millions		3 Months Ended		79 Months Ended
	Dec. 27, 2019 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Jan. 31, 2020 merchant
Loss Contingencies [Line Items]
Provision for legal matters		$ 1	$ 90
Return of takedown payment to the litigation escrow account	$ 467	467	0
Interchange Multidistrict Litigation
Loss Contingencies [Line Items]
Provision for legal matters		467	$ 0
Subsequent Event \| U.K. Merchant Litigation
Loss Contingencies [Line Items]
Number of plaintiffs \| merchant				500
Number of claims settled \| merchant				100
Merchants with outstanding claims \| merchant				400
Subsequent Event \| U.K. Merchant Litigation \| Threatened Litigation
Loss Contingencies [Line Items]
Number of plaintiffs \| merchant				30
Visa, MasterCard, and Certain U.S. Financial Institutions
Loss Contingencies [Line Items]
Maximum takedown payments the defendants are entitled to		700
U.S. Covered Litigation [Member]
Loss Contingencies [Line Items]
Maximum takedown payments the defendants are entitled to		467
U.S. Covered Litigation [Member] \| Interchange Multidistrict Litigation
Loss Contingencies [Line Items]
Provision for legal matters		$ 600
Return of takedown payment to the litigation escrow account	$ 467

Subsequent Events (Details) - Subsequent Event - Plaid, Inc. $ in Billions	Jan. 13, 2020 USD ($)
Subsequent Event [Line Items]
Total consideration	$ 5.3
Total consideration, cash	4.9
Total consideration, restricted stock units	$ 0.4