V Visa

Document and Entity Information

Document and Entity Information - shares6 Months Ended
Mar. 31, 2019Apr. 19, 2019
Entity Registrant NameVISA INC.
Entity Central Index Key0001403161
Current Fiscal Year End Date--09-30
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Document Type10-Q
Document Period End DateMar. 31,
2019
Document Fiscal Year Focus2019
Document Fiscal Period FocusQ2
Amendment Flagfalse
Class A common stock
Entity Common Stock, Shares Outstanding1,738,987,989
Class B common stock
Entity Common Stock, Shares Outstanding245,513,385
Class C common stock
Entity Common Stock, Shares Outstanding11,565,095

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in MillionsMar. 31, 2019Sep. 30, 2018
Assets
Cash and cash equivalents $ 7,648 $ 8,162
Restricted cash equivalents—U.S. litigation escrow (Note 3 and Note 4)899 1,491
Investment securities (Note 5)3,876 3,547
Settlement receivable1,574 1,582
Accounts receivable1,404 1,208
Customer collateral (Note 3 and Note 7)1,735 1,324
Current portion of client incentives589 340
Prepaid expenses and other current assets765 562
Total current assets18,490 18,216
Investment securities (Note 5)3,506 4,082
Client incentives1,664 538
Property, equipment and technology, net2,456 2,472
Goodwill15,088 15,194
Intangible assets, net26,966 27,558
Other assets1,695 1,165
Total assets69,865 69,225
Liabilities
Accounts payable119 183
Settlement payable2,081 2,168
Customer collateral (Note 7)1,735 1,325
Accrued compensation and benefits578 901
Client incentives3,484 2,834
Accrued liabilities1,207 1,160
Deferred purchase consideration1,262 1,300
Accrued litigation (Note 13)914 1,434
Total current liabilities11,380 11,305
Long-term debt (Note 6)16,630 16,630
Deferred tax liabilities4,911 4,618
Other liabilities2,669 2,666
Total liabilities35,590 35,219
Equity
Preferred stock[1]5,464 5,470
Right to recover for covered losses (Note 4)[1](163)(7)
Additional paid-in capital16,547 16,678
Accumulated income12,513 11,318
Accumulated other comprehensive income (loss), net:
Investment securities1 (17)
Defined benefit pension and other postretirement plans(67)(61)
Derivative instruments96 60
Foreign currency translation adjustments(116)565
Total accumulated other comprehensive income (loss), net(86)547
Total equity34,275 34,006
Total liabilities and equity69,865 69,225
Series A Preferred Stock
Equity
Preferred stock0 0
U.K.& I preferred stock
Equity
Preferred stock[1]2,286 2,291
Europe preferred stock
Equity
Preferred stock[1]3,178 3,179
Class A common stock
Equity
Common stock0 0
Class B common stock
Equity
Common stock0 0
Class C common stock
Equity
Common stock $ 0 $ 0
[1]Figures in the table may not recalculate exactly due to rounding. As-converted and book values are based on unrounded numbers.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in MillionsMar. 31, 2019Sep. 30, 2018
Preferred Stock
Preferred stock, par value $ 0.0001 $ 0.0001
Preferred stock, shares authorized25 25
Preferred stock, shares issued5 5
Preferred stock, shares outstanding5 5
Series A Preferred Stock
Preferred stock, shares issued0 0
U.K.& I preferred stock
Preferred stock, shares issued2 2
Preferred stock, shares outstanding[1]2 2
Europe preferred stock
Preferred stock, shares issued3 3
Preferred stock, shares outstanding[1]3 3
Class A common stock
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized2,001,622 2,001,622
Common stock, shares issued1,741 1,768
Common stock, shares outstanding[1],[2]1,741 1,768
Class B common stock
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized622 622
Common stock, shares issued245 245
Common stock, shares outstanding[1]245 245
Class C common stock
Common stock, par value $ 0.0001 $ 0.0001
Common stock, shares authorized1,097 1,097
Common stock, shares issued12 12
Common stock, shares outstanding[1]12 12
[1]Figures in the table may not recalculate exactly due to rounding.
[2]Class A common stock shares outstanding reflect repurchases settled on or before March 31, 2019 and September 30, 2018.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
Revenues
Net revenues $ 5,494 $ 5,073 $ 11,000 $ 9,935
Operating Expenses
Personnel894 824 1,701 1,503
Marketing241 261 517 484
Network and processing171 169 344 329
Professional fees101 108 192 200
Depreciation and amortization160 153 319 298
General and administrative264 222 540 458
Litigation provision (Note 13)22 0 29 0
Total operating expenses1,853 1,737 3,642 3,272
Operating income3,641 3,336 7,358 6,663
Non-operating Income (Expense)
Interest expense, net(140)(153)(285)(307)
Investment income and other176 34 234 100
Total non-operating income (expense)36 (119)(51)(207)
Income before income taxes3,677 3,217 7,307 6,456
Income tax provision (Note 12)700 612 1,353 1,329
Net income $ 2,977 $ 2,605 $ 5,954 $ 5,127
Class A common stock
Earnings Per Share
Basic earnings per share (in dollars per share)[1] $ 1.31 $ 1.12 $ 2.61 $ 2.19
Basic weighted-average shares outstanding (in shares)1,748 1,798 1,754 1,805
Diluted earnings per share (in dollars per share)[1] $ 1.31 $ 1.11 $ 2.61 $ 2.19
Diluted weighted-average shares outstanding (in shares)[2]2,279 2,337 2,285 2,345
Class B common stock
Earnings Per Share
Basic earnings per share (in dollars per share)[1] $ 2.13 $ 1.84 $ 4.25 $ 3.61
Basic weighted-average shares outstanding (in shares)245 245 245 245
Diluted earnings per share (in dollars per share)[1] $ 2.13 $ 1.84 $ 4.25 $ 3.60
Diluted weighted-average shares outstanding (in shares)245 245 245 245
Class C common stock
Earnings Per Share
Basic earnings per share (in dollars per share)[1] $ 5.23 $ 4.46 $ 10.44 $ 8.76
Basic weighted-average shares outstanding (in shares)12 12 12 13
Diluted earnings per share (in dollars per share)[1] $ 5.23 $ 4.46 $ 10.42 $ 8.74
Diluted weighted-average shares outstanding (in shares)12 12 12 13
[1]Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers.
[2]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 and six months ended March 31, 2019 and 4 million common stock equivalents for the three and six months ended March 31, 2018, because their effect would have been dilutive. The computation excludes 1 million of common stock equivalents for the three and six months ended March 31, 2019, and 2 million of common stock equivalents for the three and six months ended March 31, 2018, because their effect would have been anti-dilutive.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income $ 2,977 $ 2,605 $ 5,954 $ 5,127
Investment securities:
Net unrealized gain (loss)7 41 15 50
Income tax effect(2)(9)(4)(12)
Reclassification adjustment for net (gain) loss realized in net income0 0 0 (28)
Income tax effect0 0 0 10
Defined benefit pension and other postretirement plans:
Net unrealized actuarial gain (loss) and prior service credit (cost)0 (2)(7)(2)
Income tax effect0 1 1 1
Derivative instruments:
Net unrealized gain (loss)59 (41)97 (42)
Income tax effect(13)2 (23)(3)
Reclassification adjustment for net (gain) loss realized in net income(22)24 (47)35
Income tax effect4 (3)9 (5)
Foreign currency translation adjustments(394)512 (681)846
Other comprehensive income (loss), net of tax(361)525 (640)850
Comprehensive income $ 2,616 $ 3,130 $ 5,314 $ 5,977

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Millions, $ in MillionsTotalU.K.& I preferred stockEurope preferred stockClass A common stock[3]Preferred StockPreferred StockU.K.& I preferred stockPreferred StockEurope preferred stockCommon StockClass A common stockCommon StockClass B common stockCommon StockClass C common stockRight to Recover for Covered LossesAdditional Paid-in CapitalAccumulated IncomeAccumulated Other Comprehensive Income
Beginning balance (in shares) at Sep. 30, 20172 3 1,818 245 13
Beginning balance at Sep. 30, 2017 $ 32,760 $ 5,526 $ (52) $ 16,900 $ 9,508 $ 878
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income5,127
Other comprehensive income (loss), net of tax850 850
Comprehensive income5,977
VE territory covered losses incurred (Note 4)(4)(4)
Recovery through conversion rate adjustment (Note 4 and Note 9)0 (50)50
Conversion of class C common stock upon sales into public market (in shares)2 (1)
Vesting of restricted stock and performance-based shares (in shares)2
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited[1]0
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition153 153
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(88)(88)
Cash proceeds from issuance of common stock under employee equity plans (in shares)2
Cash proceeds from issuance of common stock under employee equity plans103 103
Cash dividends declared and paid, at a quarterly amount per Class A share(948)(948)
Repurchase of class A common stock (Note 9) (in shares)(33)[2](33)
Repurchase of class A common stock (Note 9)(3,850) $ (3,850)(355)(3,495)
Ending balance (in shares) at Mar. 31, 20182 3 1,790 245 12
Ending balance at Mar. 31, 201834,103 5,476 (6)16,713 10,192 1,728
Beginning balance (in shares) at Sep. 30, 20172 3 1,818 245 13
Beginning balance at Sep. 30, 201732,760 5,526 (52)16,900 9,508 878
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Recovery through conversion rate adjustment (Note 4 and Note 9) $ 35 $ 21
Ending balance (in shares) at Sep. 30, 20182 3 1,768 245 12
Ending balance at Sep. 30, 201834,006 5,470 (7)16,678 11,318 547
Beginning balance (in shares) at Dec. 31, 20172 3 1,805 245 12
Beginning balance at Dec. 31, 201733,401 5,476 (5)16,761 9,966 1,203
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income2,605
Other comprehensive income (loss), net of tax525 525
Comprehensive income3,130
VE territory covered losses incurred (Note 4)(1)(1)
Conversion of class C common stock upon sales into public market (in shares)1 0 [4]
Vesting of restricted stock and performance-based shares (in shares)[4]0
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited[4]0
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition85 85
Restricted stock and performance-based shares settled in cash for taxes (in shares)[4]0
Restricted stock and performance-based shares settled in cash for taxes0 0
Cash proceeds from issuance of common stock under employee equity plans (in shares)1
Cash proceeds from issuance of common stock under employee equity plans50 50
Cash dividends declared and paid, at a quarterly amount per Class A share(490)(490)
Repurchase of class A common stock (Note 9) (in shares)(17)[2](17)
Repurchase of class A common stock (Note 9)(2,072) $ (2,072)(183)(1,889)
Ending balance (in shares) at Mar. 31, 20182 3 1,790 245 12
Ending balance at Mar. 31, 201834,103 5,476 (6)16,713 10,192 1,728
Beginning balance (in shares) at Sep. 30, 20182 3 1,768 245 12
Beginning balance at Sep. 30, 201834,006 5,470 (7)16,678 11,318 547
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income5,954
Other comprehensive income (loss), net of tax(640)(640)
Comprehensive income5,314
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification392 385 7
VE territory covered losses incurred (Note 4)(162)0 0 (162)
Recovery through conversion rate adjustment (Note 4 and Note 9)0 $ 5 $ 1 (6)6
Conversion of class C common stock upon sales into public market (in shares)1 0 [5]
Vesting of restricted stock and performance-based shares (in shares)3
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition211 211
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(103)(103)
Cash proceeds from issuance of common stock under employee equity plans (in shares)1
Cash proceeds from issuance of common stock under employee equity plans89 89
Cash dividends declared and paid, at a quarterly amount per Class A share(1,141)(1,141)
Repurchase of class A common stock (Note 9) (in shares)(31)[2](31)
Repurchase of class A common stock (Note 9)(4,331) $ (4,331)(328)(4,003)
Ending balance (in shares) at Mar. 31, 20192 3 1,741 245 12
Ending balance at Mar. 31, 201934,275 5,464 (163)16,547 12,513 (86)
Beginning balance (in shares) at Dec. 31, 20182 3 1,754 245 12
Beginning balance at Dec. 31, 201834,095 5,464 (92)16,540 11,908 275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income2,977
Other comprehensive income (loss), net of tax(361)(361)
Comprehensive income2,616
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification(8)(8)0
VE territory covered losses incurred (Note 4)(71)(71)
Conversion of class C common stock upon sales into public market (in shares)1 0 [6]
Vesting of restricted stock and performance-based shares (in shares)[6]0
Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition111 111
Restricted stock and performance-based shares settled in cash for taxes (in shares)[6]0
Restricted stock and performance-based shares settled in cash for taxes(2)(2)
Cash proceeds from issuance of common stock under employee equity plans (in shares)[6]0
Cash proceeds from issuance of common stock under employee equity plans41 41
Cash dividends declared and paid, at a quarterly amount per Class A share(569)(569)
Repurchase of class A common stock (Note 9) (in shares)(14)[2](14)
Repurchase of class A common stock (Note 9)(1,938) $ (1,938)(143)(1,795)
Ending balance (in shares) at Mar. 31, 20192 3 1,741 245 12
Ending balance at Mar. 31, 2019 $ 34,275 $ 5,464 $ (163) $ 16,547 $ 12,513 $ (86)
[1]Decrease is less than one million shares.
[2]All shares repurchased in the open market have been retired and constitute authorized but unissued shares.
[3]Figures in the table may not recalculate exactly due to rounding. Shares repurchased in the open market reflect repurchases settled during the three and six months ended March 31, 2019 and 2018. These amounts include repurchases traded but not yet settled on or before September 30, 2018 and 2017 for six months, respectively, and December 31, 2018 and 2017 for three months, respectively. Also, these amounts exclude repurchases traded but not yet settled on or before March 31, 2019 and 2018, respectively.
[4]Increase or decrease is less than one million shares.
[5]Decrease is less than one million shares.
[6]Increase or decrease is less than one million shares.

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parentheticals) - $ / shares3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2018Dec. 31, 2017Mar. 31, 2019
Consolidated Statement of Changes in Equity (Parenthetical) [Abstract]
Cash dividends declared and paid, quarterly, per Class A share $ 0.25 $ 0.210 $ 0.195 $ 0.25

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions6 Months Ended
Mar. 31, 2019Mar. 31, 2018
Operating Activities
Net income $ 5,954 $ 5,127
Adjustments to reconcile net income to net cash provided by operating activities:
Client incentives (Note 2)2,934 2,615
Share-based compensation (Note 11)211 153
Depreciation and amortization of property, equipment, technology and intangible assets319 298
Deferred income taxes256 (945)
Right to recover for covered losses recorded in equity (Note 4)(162)(4)
Other(106)(10)
Change in operating assets and liabilities:
Settlement receivable(23)(1,039)
Accounts receivable(203)(113)
Client incentives(3,142)(2,177)
Other assets(245)41
Accounts payable(48)(26)
Settlement payable(38)986
Accrued and other liabilities170 975
Accrued litigation (Note 13)(519)(152)
Net cash provided by operating activities5,358 5,729
Investing Activities
Purchases of property, equipment and technology(313)(354)
Investment securities:
Purchases1,806 2,342
Proceeds from maturities and sales2,038 1,771
Acquisitions, net of cash acquired0 (196)
Purchases of / contributions to other investments(236)(16)
Proceeds / distributions from other investments10 0
Other investing activities(89)0
Net cash used in investing activities(396)(1,137)
Financing Activities
Repurchase of class A common stock (Note 9)(4,331)(3,850)
Repayments of long-term debt0 (1,750)
Dividends paid (Note 9)(1,141)(948)
Cash proceeds from issuance of common stock under employee equity plans89 103
Restricted stock and performance-based shares settled in cash for taxes(103)(88)
Net cash used in financing activities(5,486)(6,533)
Effect of exchange rate changes on cash and cash equivalents(171)206
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents(695)(1,735)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period (Note 3)10,977 12,011
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period (Note 3)10,282 10,276
Supplemental Disclosure
Income taxes paid, net of refunds1,381 1,197
Interest payments on debt (Note 6)269 276
Accruals related to purchases of property, equipment and technology $ 51 $ 21

Summary of Significant Accounti

Summary of Significant Accounting Policies6 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting PoliciesNote 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 retail 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. VisaNet also offers fraud protection for account holders and assured payment for merchants. Visa is not a bank 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 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, 2018 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 May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of goods or services to customers. This new revenue standard replaces all existing revenue recognition guidance in U.S. GAAP. Subsequently, the FASB also issued a series of amendments to the new revenue standard. The new revenue standard changes the classification and timing of recognition of certain client incentives and marketing-related funds paid to customers, as well as revenues and expenses for market development funds and services provided to customers as an incentive. The Company adopted the standard effective October 1, 2018 using the modified retrospective transition method applied to the aggregate of all modifications for contracts not completed as of October 1, 2018. Results for reporting periods beginning after October 1, 2018 are presented under the new revenue standard. The comparative prior period amounts appearing on the financial statements have not been restated and continue to be reported under the prior revenue standard. See Note 2—Revenues for the impact of the new revenue standard on the accompanying unaudited consolidated financial statements as of and for the three and six months ended March 31, 2019 . The following table summarizes the cumulative transition adjustments for the adoption of the new revenue standard recorded on the October 1, 2018 consolidated balance sheet to reflect the aggregate impact to all contracts not completed as of October 1, 2018: Fiscal Year 2018 Closing Balance Sheet Cumulative Transition Adjustment for New Revenue Standard Fiscal Year 2019 Opening Balance Sheet (in millions) Assets Current portion of client incentives $ 340 $ 199 $ 539 Client incentives 538 614 1,152 Liabilities Client incentives 2,834 241 3,075 Accrued liabilities 1,160 6 1,166 Deferred tax liabilities 4,618 108 4,726 Other liabilities 2,666 58 2,724 Equity Accumulated income 11,318 400 11,718 In January 2016, the FASB issued ASU 2016-01, which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The Company adopted the standard effective October 1, 2018, using the modified retrospective transition method for marketable equity securities and the prospective method for non-marketable equity securities. The Company has elected to use the measurement alternative for non-marketable equity securities, defined as cost adjusted for changes from observable transactions for identical or similar investments of the same issuer, less impairment. The adoption did not have a material impact on the consolidated financial statements. 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 lease standard that address the transition methods available and clarify the guidance for lessor costs and other aspects of the new lease standard. The Company will adopt the standard effective October 1, 2019 and expects to adopt using the modified retrospective transition method without restating comparative periods. The adoption is not expected to have a material impact on the consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, which requires that entities recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The Company adopted the standard effective October 1, 2018. The adoption did not have a material impact on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, which requires that a statement of cash flows includes the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts. The Company adopted the standard effective October 1, 2018. The adoption impacted the presentation of transactions related to the U.S. litigation escrow account and customer collateral on the consolidated statements of cash flows. The prior period statement of cash flows have been retrospectively adjusted to reflect the impact of this ASU, which had no impact on the Company’s balance sheets, statements of operations or statements of comprehensive income for any period. In March 2017, the FASB issued ASU 2017-07, which requires that the service cost component of net periodic pension and postretirement benefit cost be presented in the same line item as other employee compensation costs, while the other components be presented separately as non-operating income (expense). In addition, only the service cost component is eligible for capitalization, when applicable. Retrospective application is required for the change in income statement presentation while the change in capitalized benefit cost is required to be applied prospectively. The Company adopted the standard effective October 1, 2018, which did not have a material impact on the consolidated financial statements. The service cost component of net periodic pension and postretirement benefit cost is presented in personnel expenses while the other components are presented in other non-operating expense on the Company’s consolidated statement of operations. The Company did not apply the standard retrospectively for the change in income statement presentation as the impact would have been immaterial. In May 2017, the FASB issued ASU 2017-09, which amends the scope of modification accounting for share-based payment arrangements. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The Company adopted the standard effective October 1, 2018. The adoption did not have a material impact on the consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, which improves the financial reporting of hedging instruments to better portray the economic results of an entity’s risk management activities in its financial statements. Visa early adopted the standard effective January 1, 2019, which did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted the standard effective October 1, 2018. The adoption did not have a material impact on the consolidated financial statements.

Revenues

Revenues6 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
RevenuesNote 2—Revenues Impact of the New Revenue Standard The following tables summarize the impact of the new revenue standard on the Company’s consolidated statement of operations for the three and six months ended March 31, 2019 and the consolidated balance sheet as of March 31, 2019 : For the Three Months Ended March 31, 2019 For the Six Months Ended March 31, 2019 As Reported Impact of the New Revenue Standard Results Under Prior Revenue Standard As Reported Impact of the New Revenue Standard Results Under Prior Revenue Standard (in millions) Net revenues $ 5,494 $ (39 ) $ 5,455 $ 11,000 $ (91 ) $ 10,909 Operating Expenses Marketing 241 (39 ) 202 517 (69 ) 448 Professional fees 101 (3 ) 98 192 (6 ) 186 General and administrative 264 (7 ) 257 540 (10 ) 530 Total operating expenses 1,853 (49 ) 1,804 3,642 (85 ) 3,557 Operating income 3,641 10 3,651 7,358 (6 ) 7,352 Income before income taxes 3,677 10 3,687 7,307 (6 ) 7,301 Income tax provision 700 2 702 1,353 1 1,354 Net income 2,977 8 2,985 5,954 (7 ) 5,947 March 31, 2019 As Reported Impact of the New Revenue Standard Results Under Prior Revenue Standard (in millions) Assets Current portion of client incentives $ 589 $ (262 ) $ 327 Client incentives 1,664 (725 ) 939 Liabilities Accounts payable 119 13 132 Client incentives 3,484 (401 ) 3,083 Accrued liabilities 1,207 (8 ) 1,199 Deferred tax liabilities 4,911 (105 ) 4,806 Other liabilities 2,669 (79 ) 2,590 Equity Accumulated income 12,513 (407 ) 12,106 Disaggregation of 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 and six months ended March 31, 2019 and 2018 : Three Months Ended Six Months Ended 2019 2018 2019 2018 (in millions) Service revenues $ 2,417 $ 2,253 $ 4,759 $ 4,399 Data processing revenues 2,432 2,127 4,902 4,274 International transaction revenues 1,796 1,752 3,647 3,418 Other revenues 327 230 626 459 Client incentives (1,478 ) (1,289 ) (2,934 ) (2,615 ) Net revenues $ 5,494 $ 5,073 $ 11,000 $ 9,935 Three Months Ended Six Months Ended 2019 2018 2019 2018 (in millions) U.S. $ 2,479 $ 2,297 $ 4,987 $ 4,562 International 3,015 2,776 6,013 5,373 Net revenues $ 5,494 $ 5,073 $ 11,000 $ 9,935 Revenue recognition. The Company's net revenues are comprised principally of the following categories: service revenues, data processing revenues, international transaction revenues, and other revenues, reduced by costs incurred under client incentives arrangements. As a payment network service provider, the Company’s obligation to the customer is to stand ready to provide continuous access to our payment network over the contractual term. Consideration is variable based primarily upon the amount and type of transactions and payments volume on Visa’s products. The Company recognizes revenues, net of sales and other similar taxes, as the payment network services are performed. Fixed fees for payment network services are generally recognized ratably over the related service period. The Company has elected the optional exemption to not disclose the remaining performance obligations related to payment network services. Service revenues consist of revenues earned for services provided in support of client usage of Visa products. Current quarter service revenues are primarily assessed using a calculation of current pricing applied to the prior quarter's payments volume. The Company also earns revenues from assessments designed to support ongoing acceptance and volume growth initiatives, which are recognized in the same period the related volume is transacted. Data processing revenues consist of revenues earned for authorization, clearing, settlement, network access and other maintenance and support services that facilitate transaction and information processing among the Company's clients globally. Data processing revenues are recognized in the same period the related transactions occur or services are performed. International transaction revenues are earned for cross-border transaction processing and currency conversion activities. Cross-border transactions arise when the country of origin of the issuer is different from that of the merchant. International transaction revenues are primarily generated by cross-border payments and cash volume. Other revenues consist mainly of license fees for use of the Visa brand, fees for account holder services, licensing and certification and other activities related to the Company's acquired entities. Other revenues also include optional services or product enhancements, such as extended account holder protection and concierge services. Other revenues are recognized in the same period the related transactions occur or services are performed. Client incentives. The Company enters into long-term contracts with financial institution clients, merchants and strategic partners for various programs designed to increase revenues recognized by growing payments volume, increasing Visa product acceptance, winning merchant routing transactions over to Visa's network and driving innovation. These incentives are primarily accounted for as reductions to revenues or as operating expenses if the payment is in exchange for a distinct good or service provided by the customer. The Company generally capitalizes upfront and fixed incentive payments under these agreements and amortizes the amounts as a reduction to revenues ratably over the contractual term. Incentives that are earned by the customer based on performance targets are recorded as reductions to revenues based on management's estimate of each client's future performance. These accruals are regularly reviewed and estimates of performance are adjusted, as appropriate, based on changes in performance expectations, actual client performance, amendments to existing contracts or the execution of new contracts.

Cash, Cash Equivalents, Restric

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalent6 Months Ended
Mar. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsNote 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: March 31, September 30, 2019 2018 2018 2017 (in millions) Cash and cash equivalents $ 7,648 $ 8,142 $ 8,162 $ 9,874 Restricted cash and restricted cash equivalents: U.S. litigation escrow 899 884 1,491 1,031 Customer collateral 1,735 1,250 1,324 1,106 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 10,282 $ 10,276 $ 10,977 $ 12,011

U.S. and Europe Retrospective R

U.S. and Europe Retrospective Responsibility Plans6 Months Ended
Mar. 31, 2019
Retrospective Responsibility Plan [Abstract]
U.S. and Europe Retrospective Responsibility PlansNote 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. The balance of the escrow account was $899 million at March 31, 2019 and $1.5 billion at September 30, 2018 . The Company paid $600 million from the litigation escrow account during the three months ended March 31, 2019 . See Note 13—Legal Matters . The accrual related to the U.S. covered litigation could be either higher or lower than the litigation escrow account balance. The Company did not record an additional accrual for the U.S. covered litigation during the six months ended March 31, 2019 . 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. During the six months ended March 31, 2019 , the Company recovered $6 million of VE territory covered losses through adjustments to the class A common stock conversion rates applicable to the UK&I and Europe preferred stock. The conversion rates applicable to the UK&I and Europe preferred stock were reduced from 12.955 and 13.888 , respectively, as of September 30, 2018 to 12.939 and 13.886 , respectively, as of March 31, 2019 . The following table sets forth the activities related to VE territory covered losses in preferred stock and “right to recover for covered losses” within equity during the six months ended March 31, 2019 . VE territory covered losses incurred reflect settlements with merchants and additional legal costs. See Note 13—Legal Matters . Preferred Stock Right to Recover for Covered Losses UK&I Europe (in millions) Balance as of September 30, 2018 $ 2,291 $ 3,179 $ (7 ) VE territory covered losses incurred — — (162 ) Recovery through conversion rate adjustment (5 ) (1 ) 6 Balance as of March 31, 2019 $ 2,286 $ 3,178 $ (163 ) The following table (1) 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 March 31, 2019 and September 30, 2018 : March 31, 2019 September 30, 2018 As-Converted Value of Preferred Stock (2) Book Value of Preferred Stock As-Converted Value of Preferred Stock (3) Book Value of Preferred Stock (in millions) UK&I preferred stock $ 5,013 $ 2,286 $ 4,823 $ 2,291 Europe preferred stock 6,847 3,178 6,580 3,179 Total 11,860 5,464 11,403 5,470 Less: right to recover for covered losses (163 ) (163 ) (7 ) (7 ) Total recovery for covered losses available $ 11,697 $ 5,301 $ 11,396 $ 5,463 (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 March 31, 2019 ; (b) 12.939 and 13.886 , the class A common stock conversion rate applicable to the UK&I and Europe preferred stock as of March 31, 2019 , respectively; and (c) $156.19 , Visa’s class A common stock closing stock price as of March 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, 2018 ; (b) 12.955 and 13.888 , the class A common stock conversion rate applicable to the UK&I and Europe preferred stock as of September 30, 2018 , respectively; and (c) $150.09 , Visa’s class A common stock closing stock price as of September 30, 2018 .

Fair Value Measurements and Inv

Fair Value Measurements and Investments6 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements and InvestmentsNote 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 March 31, September 30, March 31, September 30, (in millions) Assets Cash equivalents and restricted cash equivalents: Money market funds $ 6,089 $ 6,252 U.S. government-sponsored debt securities $ 200 $ 1,048 Investment securities: Marketable equity securities 157 113 U.S. government-sponsored debt securities 5,482 5,008 U.S. Treasury securities 1,743 2,508 Other current and non-current assets: Derivative instruments 166 78 Total $ 7,989 $ 8,873 $ 5,848 $ 6,134 Liabilities Accrued and other liabilities: Derivative instruments $ 44 $ 22 Total $ — $ — $ 44 $ 22 There were no transfers between Level 1 and Level 2 assets during the six months ended March 31, 2019 . Level 1 assets. Money market funds, publicly-traded 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. 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 six months ended March 31, 2019 . Marketable equity securities. Marketable equity securities are publicly traded and measured at fair value within Level 1 of the fair value hierarchy, as fair value is based on quoted prices in active markets. On October 1, 2018, the Company adopted ASU 2016-01 which changed the Company’s accounting for marketable equity securities. Beginning on October 1, 2018, unrealized gains and losses from changes in fair value of marketable equity securities are recognized in non-operating income (expense). 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 $7.2 billion and $7.5 billion of these investment securities as of March 31, 2019 and September 30, 2018 , respectively. All of the Company’s long-term available-for-sale investment securities are due within one to five years. Derivative instruments. During the three months ended March 31, 2019 , the Company entered into interest rate and cross-currency swap agreements on a portion of the Company’s outstanding 3.15% Senior Notes due December 2025. The Company designated the interest rate swap as a fair value hedge and the cross-currency swap as a net investment hedge. Gains and losses related to changes in fair value hedges are recognized in non-operating income (expense) along with a corresponding loss or gain related to the change in value of the underlying hedged item in the same line in the consolidated statement of operations. The effective portions of net investment hedges are recorded in other comprehensive income. Amounts excluded from the effectiveness testing of net investment hedges are recognized in non-operating income (expense). Cash flows associated with derivatives designated as a fair value hedge may be included in operating, investing or financing activities on the consolidated statement of cash flows, depending on the classification of the items being hedged. Cash flows associated with financial instruments designated as net investment hedges are classified as an investing activity. There were no swap agreements outstanding as of September 30, 2018 . 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. On October 1, 2018, the Company adopted ASU 2016-01 which changed the Company’s accounting for non-marketable equity securities. Beginning on October 1, 2018, the Company’s policy is to adjust the carrying value of its non-marketable equity securities to fair value when transactions for identical or similar investments of the same issuer are observable in the market. All gains and losses on non-marketable equity securities, realized and unrealized, are recognized in non-operating income (expense). Non-marketable equity securities totaled $438 million and $137 million at March 31, 2019 and September 30, 2018 , respectively, and are classified in other assets on the consolidated balance sheets. During the three and six months ended March 31, 2019 , $66 million of upward adjustments and no downward adjustments were made to the carrying value of non-marketable equity securities. During the six months ended March 31, 2019 and 2018 , there were no significant impairments of non-marketable equity securities. 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, trade names and reseller relationships, 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 March 31, 2019 . Gains and Losses on Marketable and Non-marketable Equity Securities The Company recognized net realized gains of $15 million for both the three and six months ended March 31, 2019 on its equity securities sold during the periods. The Company recognized net unrealized gains of $79 million and $59 million for the three and six months ended March 31, 2019 , respectively, on equity securities held as of the end of the periods. 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 $16.6 billion and $17.3 billion , respectively, as of March 31, 2019 . The carrying value and estimated fair value of long-term debt were both $16.6 billion as of September 30, 2018. 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 March 31, 2019 , but disclosure of their fair values is required: time deposits recorded in prepaid expenses and other current assets, settlement receivable and payable and customer collateral. The estimated fair value of such instruments at March 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.

Debt

Debt6 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]
DebtNote 6—Debt The Company had outstanding debt as follows: March 31, September 30, 2018 Effective Interest Rate (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 (114 ) (120 ) Hedge accounting fair value adjustments (6 ) — Total long-term debt $ 16,630 $ 16,630 The Company recognized interest expense for its senior notes of $119 million and $137 million for the three months ended March 31, 2019 and 2018 , respectively, and $245 million and $275 million for the six months ended March 31, 2019 and 2018 , respectively. Interest expense for the three and six months ended March 31, 2019 includes adjustments related to the Company’s hedging program. Effective interest rates disclosed in the table above do not reflect hedge accounting adjustments.

Settlement Guarantee Management

Settlement Guarantee Management6 Months Ended
Mar. 31, 2019
Settlement Guarantee Management [Abstract]
Settlement Guarantee ManagementNote 7—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 settlement exposure was $92.0 billion and the average daily settlement exposure was $55.3 billion during the six months ended March 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 March 31, 2019 and September 30, 2018 , the Company held collateral as follows: March 31, September 30, (in millions) Cash equivalents $ 1,735 $ 1,708 Pledged securities at market value 307 192 Letters of credit 1,337 1,382 Guarantees 574 860 Total $ 3,953 $ 4,142

Pension and Other Postretiremen

Pension and Other Postretirement Benefits6 Months Ended
Mar. 31, 2019
Retirement Benefits [Abstract]
Pension and Other Postretirement BenefitsNote 8—Pension and Other Postretirement Benefits The Company sponsors various qualified and non-qualified defined benefit pension and other postretirement benefit plans that provide for retirement and medical benefits for all eligible employees residing in the United States. The Company also sponsors other pension benefit plans that provide benefits for internationally-based employees at certain non-U.S. locations. The components of net periodic benefit cost presented below include the U.S. pension plans and the non-U.S. pension plans, comprising only the Visa Europe plans. Disclosures relating to other U.S. postretirement benefit plans and other non-U.S. pension benefit plans are not included as they are immaterial, individually and in aggregate. Pension Benefits U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended 2019 2018 2019 2018 (in millions) Service cost $ — $ — $ 1 $ 1 Interest cost 8 8 4 3 Expected return on plan assets (18 ) (18 ) (5 ) (5 ) Total net periodic benefit cost (income) $ (10 ) $ (10 ) $ — $ (1 ) Pension Benefits U.S. Plans Non-U.S. Plans Six Months Ended Six Months Ended 2019 2018 2019 2018 (in millions) Service cost $ — $ — $ 2 $ 2 Interest cost 16 16 7 6 Expected return on plan assets (36 ) (35 ) (9 ) (10 ) Total net periodic benefit cost (income) $ (20 ) $ (19 ) $ — $ (2 )

Stockholders' Equity

Stockholders' Equity6 Months Ended
Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Stockholders' EquityNote 9—Stockholders’ Equity As-converted class A common stock. The following table (1) presents number of shares of each series and class and the number of shares of class A common stock on an as-converted basis: March 31, 2019 September 30, 2018 Shares Outstanding Conversion Rate Into Class A Common Stock As-converted Class A Common Stock (2) Shares Outstanding Conversion Rate Into Class A Common Stock As-converted Class A Common Stock (2) (in millions, except conversion rates) UK&I preferred stock 2 12.9390 32 (3) 2 12.9550 32 (3) Europe preferred stock 3 13.8860 44 (3) 3 13.8880 44 (3) Class A common stock (4) 1,741 — 1,741 1,768 — 1,768 Class B common stock 245 1.6298 (5) 400 245 1.6298 (5) 400 Class C common stock 12 4.0000 46 12 4.0000 47 Total 2,263 2,291 (1) Figures in the table may not recalculate exactly due to rounding. (2) As-converted class A common stock is calculated based on unrounded numbers. (3) The reduction in equivalent number of shares of class A common stock was less than one million shares during the six months ended March 31, 2019 . (4) Class A common stock shares outstanding reflect repurchases settled on or before March 31, 2019 and September 30, 2018 . (5) 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. The following table presents effective price per share and recovery of VE territory covered losses through conversion rate adjustments: Six Months Ended Twelve Months Ended Preferred Stock UK&I Europe UK&I Europe (in millions, except per share data) Effective price per share (1) $ 137.19 $ 137.19 $ 113.05 $ 112.92 Recovery through conversion rate adjustment $ 5 $ 1 $ 35 $ 21 (1) Effective price per share for the quarter is calculated using the volume-weighted average price of the Company’s class A common stock over a pricing period in accordance with the Company’s current certificates of designations for its series B and C convertible participating preferred stock. Effective price per share for the fiscal year is calculated using the weighted-average effective prices of the respective adjustments made during the year. Common stock repurchases. The following table (1) presents share repurchases in the open market for the following periods: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in millions, except per share data) Shares repurchased in the open market (2) 14 17 31 33 Average repurchase price per share (3) $ 144.94 $ 120.26 $ 141.08 $ 115.41 Total cost $ 1,938 $ 2,072 $ 4,331 $ 3,850 (1) Figures in the table may not recalculate exactly due to rounding. Shares repurchased in the open market reflect repurchases settled during the three and six months ended March 31, 2019 and 2018 . These amounts include repurchases traded but not yet settled on or before September 30, 2018 and 2017 for six months, respectively, and December 31, 2018 and 2017 for three months, respectively. Also, these amounts exclude repurchases traded but not yet settled on or before March 31, 2019 and 2018 , respectively. (2) All shares repurchased in the open market have been retired and constitute authorized but unissued shares. (3) Average repurchase price per share is calculated based on unrounded numbers. In January 2019 , the Company’s board of directors authorized an additional $8.5 billion share repurchase program. As of March 31, 2019 , the Company’s January 2019 share repurchase program had remaining authorized funds of $8.4 billion for share repurchase. All share repurchase programs authorized prior to January 2019 have been completed. Dividends. O n April 16, 2019 , the Company’s board of directors declared a quarterly cash dividend of $0.25 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 June 4, 2019 , to all holders of record as of May 17, 2019 . The Company declared and paid $569 million and $490 million during the three months ended March 31, 2019 and 2018 , respectively, and $1.1 billion and $948 million during the six months ended March 31, 2019 and 2018 , respectively, in dividends to holders of the Company’s common and preferred stocks.

Earnings Per Share

Earnings Per Share6 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]
Earnings Per ShareNote 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 (1) presents earnings per share for the three months ended March 31, 2019 : Basic Earnings Per Share Diluted Earnings Per Share (in millions, except per share data) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Class A common stock $ 2,287 1,748 $ 1.31 $ 2,977 2,279 (3) $ 1.31 Class B common stock 523 245 $ 2.13 $ 523 245 $ 2.13 Class C common stock 61 12 $ 5.23 $ 61 12 $ 5.23 Participating securities (4) 106 Not presented Not presented $ 106 Not presented Not presented Net income $ 2,977 The following table (1) presents earnings per share for the six months ended March 31, 2019 : Basic Earnings Per Share Diluted Earnings Per Share (in millions, except per share data) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Class A common stock $ 4,577 1,754 $ 2.61 $ 5,954 2,285 (3) $ 2.61 Class B common stock 1,044 245 $ 4.25 $ 1,043 245 $ 4.25 Class C common stock 122 12 $ 10.44 $ 122 12 $ 10.42 Participating securities (4) 211 Not presented Not presented $ 211 Not presented Not presented Net income $ 5,954 The following table (1) presents earnings per share for the three months ended March 31, 2018 : Basic Earnings Per Share Diluted Earnings Per Share (in millions, except per share data) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Class A common stock $ 2,007 1,798 $ 1.12 $ 2,605 2,337 (3) $ 1.11 Class B common stock 452 245 $ 1.84 $ 451 245 $ 1.84 Class C common stock 55 12 $ 4.46 $ 55 12 $ 4.46 Participating securities (4) 91 Not presented Not presented $ 91 Not presented Not presented Net income $ 2,605 The following table (1) presents earnings per share for the six months ended March 31, 2018 : Basic Earnings Per Share Diluted Earnings Per Share (in millions, except per share data) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Class A common stock $ 3,952 1,805 $ 2.19 $ 5,127 2,345 (3) $ 2.19 Class B common stock 886 245 $ 3.61 $ 885 245 $ 3.60 Class C common stock 110 13 $ 8.76 $ 109 13 $ 8.74 Participating securities (4) 179 Not presented Not presented $ 178 Not presented Not presented Net income $ 5,127 (1) Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. (2) 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 400 million for the three and six months ended March 31, 2019 , and 405 million for the three and six months ended March 31, 2018 . The weighted-average number of shares of as-converted class C common stock used in the income allocation was 47 million for the three and six months ended March 31, 2019 , and 49 million and 50 million for the three and six months ended March 31, 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 and six months ended March 31, 2019 and 2018 , and 44 million of as-converted Europe preferred stock for the three and six months ended March 31, 2019 and 2018 . (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 and six months ended March 31, 2019 and 4 million common stock equivalents for the three and six months ended March 31, 2018 , because their effect would have been dilutive. The computation excludes 1 million of common stock equivalents for the three and six months ended March 31, 2019 , and 2 million of common stock equivalents for the three and six months ended March 31, 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 awards, 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

Share-based Compensation6 Months Ended
Mar. 31, 2019
Share-based Compensation [Abstract]
Share-based CompensationNote 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 six months ended March 31, 2019 : Granted Weighted-Average Grant Date Fair Value Weighted-Average Exercise Price Non-qualified stock options 1,109,645 $ 25.89 $ 134.76 Restricted stock units (“RSUs”) 2,616,550 $ 135.19 Performance-based shares (1) 540,538 $ 153.42 (1) Represents the maximum number of performance-based shares which could be earned. The Company’s non-qualified stock options and RSUs are equity awards with service-only conditions and are accordingly expensed on a straight-line basis over the vesting period. The Company’s performance-based shares are equity awards with service, market and performance conditions that are accounted for using the graded-vesting method. The Company recorded share-based compensation cost related to the EIP of $106 million and $201 million for the three and six months ended March 31, 2019 , respectively, and $82 million and $146 million for the three and six months ended March 31, 2018 , respectively, net of estimated forfeitures, which are adjusted as appropriate.

Income Taxes

Income Taxes6 Months Ended
Mar. 31, 2019
Income Tax Disclosure [Abstract]
Income TaxesNote 12—Income Taxes The effective income tax rate was 19% for the three and six months ended March 31, 2019 , and 19% and 21% for the three and six months ended March 31, 2018 , respectively. The effective tax rate for the six months ended March 31, 2019 differs from the effective tax rate in the same prior-year period primarily due to the effects of U.S. tax reform legislation commonly referred to as the Tax Cuts and Jobs Act (the “Tax Act”), enacted on December 22, 2017, as discussed below: • The Tax Act reduced the statutory federal corporate income tax rate from 35% to 21% effective January 1, 2018. In fiscal 2018, the Company’s statutory federal corporate rate was a blended rate of 24.5% . Federal tax expense for the six months ended March 31, 2019 was determined at a 21% tax rate compared to the 24.5% tax rate in the prior-year period; • The Tax Act enacted a new deduction for foreign-derived intangible income (“FDII”) and a new tax on global intangible low-tax income (“GILTI”). Both FDII and GILTI became effective for the Company on October 1, 2018; and • The absence of the following items recorded during the six months ended March 31, 2018 : ▪ an $80 million benefit due to a non-recurring audit settlement during the three months ended March 31, 2018; ▪ a $1.1 billion non-recurring, non-cash benefit from the remeasurement of deferred tax balances recorded in the three months ended December 31, 2017, in connection with the reduction in U.S. federal tax rate enacted by the Tax Act; and ▪ a $1.1 billion one-time transition tax expense on certain untaxed foreign earnings recorded in the three months ended December 31, 2017, in connection with the requirement enacted by the Tax Act . The Company previously recorded provisional amounts for the transition tax and the tax effects of various other tax provisions enacted by the Tax Act. As permitted by ASU 2018-05, the Company completed the determination of the accounting impacts of the transition tax and the tax effects of these various tax provisions in the three months ended December 31, 2018. The adjustments to the provisional amounts were not material. In addition, the Company adopted the accounting policy of accounting for taxes on GILTI in the period that it is subject to such tax. During the three and six months ended March 31, 2019 , the Company’s gross unrecognized tax benefits increased by $108 million and $146 million , respectively. The Company's unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate increased by $44 million and $83 million , respectively. The change in unrecognized tax benefits is primarily related to various tax positions across several jurisdictions. During the three and six months ended March 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

Legal Matters6 Months Ended
Mar. 31, 2019
Legal Matters [Abstract]
Legal MattersNote 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: Six Months Ended 2019 2018 (in millions) Balance at beginning of period $ 1,434 $ 982 Provision for uncovered legal matters 35 — Provision for covered legal matters 159 1 Payments for legal matters (714 ) (153 ) Balance at end of period $ 914 $ 830 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 activity related to U.S. covered litigation: Six Months Ended 2019 2018 (in millions) Balance at beginning of period $ 1,428 $ 978 Payments for U.S. covered litigation (600 ) (150 ) Balance at end of period $ 828 $ 828 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 activity related to VE territory covered litigation: Six Months Ended 2019 2018 (in millions) Balance at beginning of period $ — $ 1 Accrual for VE territory covered litigation 159 1 Payments for VE territory covered litigation (98 ) (2 ) Balance at end of period $ 61 $ — U.S. Covered Litigation Interchange Multidistrict Litigation (MDL) – Putative Class Actions On December 6, 2018, the district court held a hearing on the Damages Class plaintiffs’ motion for preliminary approval of the Amended Settlement Agreement, and on January 24, 2019, the district court granted preliminary approval. Settlement discussions with plaintiffs purporting to act on behalf of the putative Injunctive Relief Class are ongoing. On January 16, 2019, the bank defendants moved to dismiss the claims brought against them by the Injunctive Relief Class, on the grounds that plaintiffs lack standing and fail to state a claim against the bank defendants. VE Territory Covered Litigation UK Merchant Litigation Since July 2013, in excess of 450 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 Visa International 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 Visa International have settled the claims asserted by over 100 Merchants, leaving more than 350 Merchants with outstanding claims. In addition, over 30 additional Merchants have threatened to commence similar proceedings. Standstill agreements have been entered into with respect to some of those threatened Merchant claims, several of which have been settled. On November 29, 2018, Visa was granted permission to appeal aspects of the Court of Appeal’s judgment to the Supreme Court of the United Kingdom, including the question of whether Visa’s UK interchange restricted competition . Other Litigation European Commission Proceedings Inter-regional Interchange Investigation. On December 4, 2018, the European Commission (EC) announced formal public consultation (known as “market testing”) of commitments proposed by Visa pursuant to Article 9 of Council Regulation (EC) No 1/2003 in order for the EC to conclude its investigation. Subject to market testing, the EC intends to adopt a decision declaring the commitments to be binding on Visa and concluding that there are no longer grounds for action by the EC and without any finding of infringement of the law by Visa. If accepted by the EC, the proposed commitments require Visa to cap its inter-regional multilateral interchange rates at 1.50% credit and 1.15% debit for “Card-Not-Present” transactions and 0.30% credit and 0.20% debit for “Card Present” transactions on consumer debit and credit cards issued outside of the European Economic Area when used at merchants located inside of the European Economic Area. The commitments would last for a period of five years following implementation. No fine will be imposed against Visa, and the commitments are proposed without prejudice to Visa’s position that its conduct did not infringe any law. The EC’s market testing was completed in January 2019, and the EC is expected to decide whether to formally adopt the proposed commitments in the first half of calendar year 2019. Canadian Merchant Litigation Wal-Mart Canada and/or Home Depot of Canada Inc. have filed notices of appeal of the British Columbia, Ontario, Saskatchewan, Quebec and Alberta decisions approving the settlements. EMV Chip Liability Shift Plaintiffs filed a renewed motion for class certification on July 16, 2018, following an earlier denial of the motion without prejudice. Plaintiffs’ renewed motion was terminated without prejudice to reinstatement on October 17, 2018, but was subsequently reinstated and is currently pending. Kroger The litigation was stayed until February 2, 2019. Visa and Kroger have reached an agreement in principle to resolve this lawsuit. Nuts for Candy On October 18, 2018, the court stayed the Nuts for Candy case pending the district court’s decision on preliminary approval of the Amended Settlement Agreement discussed above under Interchange Multidistrict Litigation (MDL) – Putative Class Actions , and pending final approval of that agreement if preliminary approval is granted. Preliminary approval was granted on January 24, 2019, which extended the stay in the Nuts for Candy case pending final approval of the Amended Settlement Agreement. Ohio Attorney General Civil Investigative Demand On January 8, 2019, the State of Ohio Office of the Attorney General informed Visa that the investigation has been terminated.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)6 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]
Consolidation and basis of presentationConsolidation 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 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, 2018 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.
New Accounting Pronouncements, PolicyRecently Issued and Adopted Accounting Pronouncements. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of goods or services to customers. This new revenue standard replaces all existing revenue recognition guidance in U.S. GAAP. Subsequently, the FASB also issued a series of amendments to the new revenue standard. The new revenue standard changes the classification and timing of recognition of certain client incentives and marketing-related funds paid to customers, as well as revenues and expenses for market development funds and services provided to customers as an incentive. The Company adopted the standard effective October 1, 2018 using the modified retrospective transition method applied to the aggregate of all modifications for contracts not completed as of October 1, 2018. Results for reporting periods beginning after October 1, 2018 are presented under the new revenue standard. The comparative prior period amounts appearing on the financial statements have not been restated and continue to be reported under the prior revenue standard. See Note 2—Revenues for the impact of the new revenue standard on the accompanying unaudited consolidated financial statements as of and for the three and six months ended March 31, 2019 . The following table summarizes the cumulative transition adjustments for the adoption of the new revenue standard recorded on the October 1, 2018 consolidated balance sheet to reflect the aggregate impact to all contracts not completed as of October 1, 2018: Fiscal Year 2018 Closing Balance Sheet Cumulative Transition Adjustment for New Revenue Standard Fiscal Year 2019 Opening Balance Sheet (in millions) Assets Current portion of client incentives $ 340 $ 199 $ 539 Client incentives 538 614 1,152 Liabilities Client incentives 2,834 241 3,075 Accrued liabilities 1,160 6 1,166 Deferred tax liabilities 4,618 108 4,726 Other liabilities 2,666 58 2,724 Equity Accumulated income 11,318 400 11,718 In January 2016, the FASB issued ASU 2016-01, which amends certain aspects of recognition, measurement, presentation and disclosure of financial instruments, including the requirement to measure certain equity investments at fair value with changes in fair value recognized in net income. The Company adopted the standard effective October 1, 2018, using the modified retrospective transition method for marketable equity securities and the prospective method for non-marketable equity securities. The Company has elected to use the measurement alternative for non-marketable equity securities, defined as cost adjusted for changes from observable transactions for identical or similar investments of the same issuer, less impairment. The adoption did not have a material impact on the consolidated financial statements. 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 lease standard that address the transition methods available and clarify the guidance for lessor costs and other aspects of the new lease standard. The Company will adopt the standard effective October 1, 2019 and expects to adopt using the modified retrospective transition method without restating comparative periods. The adoption is not expected to have a material impact on the consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, which requires that entities recognize the income tax consequences of an intra-entity transfer of an asset, other than inventory, when the transfer occurs. The Company adopted the standard effective October 1, 2018. The adoption did not have a material impact on the consolidated financial statements. In November 2016, the FASB issued ASU 2016-18, which requires that a statement of cash flows includes the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents when reconciling the beginning-of-period and end-of-period total amounts. The Company adopted the standard effective October 1, 2018. The adoption impacted the presentation of transactions related to the U.S. litigation escrow account and customer collateral on the consolidated statements of cash flows. The prior period statement of cash flows have been retrospectively adjusted to reflect the impact of this ASU, which had no impact on the Company’s balance sheets, statements of operations or statements of comprehensive income for any period. In March 2017, the FASB issued ASU 2017-07, which requires that the service cost component of net periodic pension and postretirement benefit cost be presented in the same line item as other employee compensation costs, while the other components be presented separately as non-operating income (expense). In addition, only the service cost component is eligible for capitalization, when applicable. Retrospective application is required for the change in income statement presentation while the change in capitalized benefit cost is required to be applied prospectively. The Company adopted the standard effective October 1, 2018, which did not have a material impact on the consolidated financial statements. The service cost component of net periodic pension and postretirement benefit cost is presented in personnel expenses while the other components are presented in other non-operating expense on the Company’s consolidated statement of operations. The Company did not apply the standard retrospectively for the change in income statement presentation as the impact would have been immaterial. In May 2017, the FASB issued ASU 2017-09, which amends the scope of modification accounting for share-based payment arrangements. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. The Company adopted the standard effective October 1, 2018. The adoption did not have a material impact on the consolidated financial statements. In August 2017, the FASB issued ASU 2017-12, which improves the financial reporting of hedging instruments to better portray the economic results of an entity’s risk management activities in its financial statements. Visa early adopted the standard effective January 1, 2019, which did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU 2018-15, which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted the standard effective October 1, 2018. The adoption did not have a material impact on the consolidated financial statements. On October 1, 2018, the Company adopted ASU 2016-01 which changed the Company’s accounting for marketable equity securities. Beginning on October 1, 2018, unrealized gains and losses from changes in fair value of marketable equity securities are recognized in non-operating income (expense).
Derivatives PolicyGains and losses related to changes in fair value hedges are recognized in non-operating income (expense) along with a corresponding loss or gain related to the change in value of the underlying hedged item in the same line in the consolidated statement of operations. The effective portions of net investment hedges are recorded in other comprehensive income. Amounts excluded from the effectiveness testing of net investment hedges are recognized in non-operating income (expense). Cash flows associated with derivatives designated as a fair value hedge may be included in operating, investing or financing activities on the consolidated statement of cash flows, depending on the classification of the items being hedged. Cash flows associated with financial instruments designated as net investment hedges are classified as an investing activity.
Investment Policythe Company’s policy is to adjust the carrying value of its non-marketable equity securities to fair value when transactions for identical or similar investments of the same issuer are observable in the market. All gains and losses on non-marketable equity securities, realized and unrealized, are recognized in non-operating income (expense).

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)6 Months Ended
Mar. 31, 2019
Accounting Policies [Abstract]
Schedule of Effect from Adoption of New Revenue StandardThe following table summarizes the cumulative transition adjustments for the adoption of the new revenue standard recorded on the October 1, 2018 consolidated balance sheet to reflect the aggregate impact to all contracts not completed as of October 1, 2018: Fiscal Year 2018 Closing Balance Sheet Cumulative Transition Adjustment for New Revenue Standard Fiscal Year 2019 Opening Balance Sheet (in millions) Assets Current portion of client incentives $ 340 $ 199 $ 539 Client incentives 538 614 1,152 Liabilities Client incentives 2,834 241 3,075 Accrued liabilities 1,160 6 1,166 Deferred tax liabilities 4,618 108 4,726 Other liabilities 2,666 58 2,724 Equity Accumulated income 11,318 400 11,718

Revenues (Tables)

Revenues (Tables)6 Months Ended
Mar. 31, 2019
Revenue from Contract with Customer [Abstract]
Impact of Adoption of New Revenue StandardThe following tables summarize the impact of the new revenue standard on the Company’s consolidated statement of operations for the three and six months ended March 31, 2019 and the consolidated balance sheet as of March 31, 2019 : For the Three Months Ended March 31, 2019 For the Six Months Ended March 31, 2019 As Reported Impact of the New Revenue Standard Results Under Prior Revenue Standard As Reported Impact of the New Revenue Standard Results Under Prior Revenue Standard (in millions) Net revenues $ 5,494 $ (39 ) $ 5,455 $ 11,000 $ (91 ) $ 10,909 Operating Expenses Marketing 241 (39 ) 202 517 (69 ) 448 Professional fees 101 (3 ) 98 192 (6 ) 186 General and administrative 264 (7 ) 257 540 (10 ) 530 Total operating expenses 1,853 (49 ) 1,804 3,642 (85 ) 3,557 Operating income 3,641 10 3,651 7,358 (6 ) 7,352 Income before income taxes 3,677 10 3,687 7,307 (6 ) 7,301 Income tax provision 700 2 702 1,353 1 1,354 Net income 2,977 8 2,985 5,954 (7 ) 5,947 March 31, 2019 As Reported Impact of the New Revenue Standard Results Under Prior Revenue Standard (in millions) Assets Current portion of client incentives $ 589 $ (262 ) $ 327 Client incentives 1,664 (725 ) 939 Liabilities Accounts payable 119 13 132 Client incentives 3,484 (401 ) 3,083 Accrued liabilities 1,207 (8 ) 1,199 Deferred tax liabilities 4,911 (105 ) 4,806 Other liabilities 2,669 (79 ) 2,590 Equity Accumulated income 12,513 (407 ) 12,106
Disaggregation of RevenueDisaggregation of 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 and six months ended March 31, 2019 and 2018 : Three Months Ended Six Months Ended 2019 2018 2019 2018 (in millions) Service revenues $ 2,417 $ 2,253 $ 4,759 $ 4,399 Data processing revenues 2,432 2,127 4,902 4,274 International transaction revenues 1,796 1,752 3,647 3,418 Other revenues 327 230 626 459 Client incentives (1,478 ) (1,289 ) (2,934 ) (2,615 ) Net revenues $ 5,494 $ 5,073 $ 11,000 $ 9,935 Three Months Ended Six Months Ended 2019 2018 2019 2018 (in millions) U.S. $ 2,479 $ 2,297 $ 4,987 $ 4,562 International 3,015 2,776 6,013 5,373 Net revenues $ 5,494 $ 5,073 $ 11,000 $ 9,935

Cash, Cash Equivalents, Restr_2

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalent (Tables)6 Months Ended
Mar. 31, 2019
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Schedule of Cash and Cash EquivalentsThe 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: March 31, September 30, 2019 2018 2018 2017 (in millions) Cash and cash equivalents $ 7,648 $ 8,142 $ 8,162 $ 9,874 Restricted cash and restricted cash equivalents: U.S. litigation escrow 899 884 1,491 1,031 Customer collateral 1,735 1,250 1,324 1,106 Cash, cash equivalents, restricted cash and restricted cash equivalents $ 10,282 $ 10,276 $ 10,977 $ 12,011

U.S. and Europe Retrospective_2

U.S. and Europe Retrospective Responsibility Plans (Tables)6 Months Ended
Mar. 31, 2019
Retrospective Responsibility Plan [Abstract]
Schedule of Activities Related to Territory Covered Losses and Right to Recover for Covered LossesThe following table sets forth the activities related to VE territory covered losses in preferred stock and “right to recover for covered losses” within equity during the six months ended March 31, 2019 . VE territory covered losses incurred reflect settlements with merchants and additional legal costs. See Note 13—Legal Matters . Preferred Stock Right to Recover for Covered Losses UK&I Europe (in millions) Balance as of September 30, 2018 $ 2,291 $ 3,179 $ (7 ) VE territory covered losses incurred — — (162 ) Recovery through conversion rate adjustment (5 ) (1 ) 6 Balance as of March 31, 2019 $ 2,286 $ 3,178 $ (163 )
Schedule of As-converted and Book Value of Preferred Stock Available to Recover Europe Covered LossesThe following table (1) 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 March 31, 2019 and September 30, 2018 : March 31, 2019 September 30, 2018 As-Converted Value of Preferred Stock (2) Book Value of Preferred Stock As-Converted Value of Preferred Stock (3) Book Value of Preferred Stock (in millions) UK&I preferred stock $ 5,013 $ 2,286 $ 4,823 $ 2,291 Europe preferred stock 6,847 3,178 6,580 3,179 Total 11,860 5,464 11,403 5,470 Less: right to recover for covered losses (163 ) (163 ) (7 ) (7 ) Total recovery for covered losses available $ 11,697 $ 5,301 $ 11,396 $ 5,463 (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 March 31, 2019 ; (b) 12.939 and 13.886 , the class A common stock conversion rate applicable to the UK&I and Europe preferred stock as of March 31, 2019 , respectively; and (c) $156.19 , Visa’s class A common stock closing stock price as of March 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, 2018 ; (b) 12.955 and 13.888 , the class A common stock conversion rate applicable to the UK&I and Europe preferred stock as of September 30, 2018 , respectively; and (c) $150.09 , Visa’s class A common stock closing stock price as of September 30, 2018 .

Fair Value Measurements and I_2

Fair Value Measurements and Investments (Tables)6 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring BasisAssets and Liabilities Measured at Fair Value on a Recurring Basis Fair Value Measurements Using Inputs Considered as Level 1 Level 2 March 31, September 30, March 31, September 30, (in millions) Assets Cash equivalents and restricted cash equivalents: Money market funds $ 6,089 $ 6,252 U.S. government-sponsored debt securities $ 200 $ 1,048 Investment securities: Marketable equity securities 157 113 U.S. government-sponsored debt securities 5,482 5,008 U.S. Treasury securities 1,743 2,508 Other current and non-current assets: Derivative instruments 166 78 Total $ 7,989 $ 8,873 $ 5,848 $ 6,134 Liabilities Accrued and other liabilities: Derivative instruments $ 44 $ 22 Total $ — $ — $ 44 $ 22

Debt (Tables)

Debt (Tables)6 Months Ended
Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of DebtThe Company had outstanding debt as follows: March 31, September 30, 2018 Effective Interest Rate (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 (114 ) (120 ) Hedge accounting fair value adjustments (6 ) — Total long-term debt $ 16,630 $ 16,630

Settlement Guarantee Manageme_2

Settlement Guarantee Management (Tables)6 Months Ended
Mar. 31, 2019
Settlement Guarantee Management [Abstract]
Schedule of Customer CollateralThe 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 March 31, 2019 and September 30, 2018 , the Company held collateral as follows: March 31, September 30, (in millions) Cash equivalents $ 1,735 $ 1,708 Pledged securities at market value 307 192 Letters of credit 1,337 1,382 Guarantees 574 860 Total $ 3,953 $ 4,142

Pension and Other Postretirem_2

Pension and Other Postretirement Benefits (Tables)6 Months Ended
Mar. 31, 2019
Retirement Benefits [Abstract]
Schedule of Pension and Other Postretirement Benefits Pension Benefits U.S. Plans Non-U.S. Plans Three Months Ended Three Months Ended 2019 2018 2019 2018 (in millions) Service cost $ — $ — $ 1 $ 1 Interest cost 8 8 4 3 Expected return on plan assets (18 ) (18 ) (5 ) (5 ) Total net periodic benefit cost (income) $ (10 ) $ (10 ) $ — $ (1 ) Pension Benefits U.S. Plans Non-U.S. Plans Six Months Ended Six Months Ended 2019 2018 2019 2018 (in millions) Service cost $ — $ — $ 2 $ 2 Interest cost 16 16 7 6 Expected return on plan assets (36 ) (35 ) (9 ) (10 ) Total net periodic benefit cost (income) $ (20 ) $ (19 ) $ — $ (2 )

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)6 Months Ended
Mar. 31, 2019
Stockholders' Equity Note [Abstract]
Schedule of Stock by ClassAs-converted class A common stock. The following table (1) presents number of shares of each series and class and the number of shares of class A common stock on an as-converted basis: March 31, 2019 September 30, 2018 Shares Outstanding Conversion Rate Into Class A Common Stock As-converted Class A Common Stock (2) Shares Outstanding Conversion Rate Into Class A Common Stock As-converted Class A Common Stock (2) (in millions, except conversion rates) UK&I preferred stock 2 12.9390 32 (3) 2 12.9550 32 (3) Europe preferred stock 3 13.8860 44 (3) 3 13.8880 44 (3) Class A common stock (4) 1,741 — 1,741 1,768 — 1,768 Class B common stock 245 1.6298 (5) 400 245 1.6298 (5) 400 Class C common stock 12 4.0000 46 12 4.0000 47 Total 2,263 2,291 (1) Figures in the table may not recalculate exactly due to rounding. (2) As-converted class A common stock is calculated based on unrounded numbers. (3) The reduction in equivalent number of shares of class A common stock was less than one million shares during the six months ended March 31, 2019 . (4) Class A common stock shares outstanding reflect repurchases settled on or before March 31, 2019 and September 30, 2018 . (5) The class B to class A common stock conversion rate is presented on a rounded basis. Conversion calculations for dividend payments are based on a conversion rate rounded to the tenth decimal.
Effect of VE Territory Covered Losses Recovery on the Company Repurchasing its Common StockThe following table presents effective price per share and recovery of VE territory covered losses through conversion rate adjustments: Six Months Ended Twelve Months Ended Preferred Stock UK&I Europe UK&I Europe (in millions, except per share data) Effective price per share (1) $ 137.19 $ 137.19 $ 113.05 $ 112.92 Recovery through conversion rate adjustment $ 5 $ 1 $ 35 $ 21 (1) Effective price per share for the quarter is calculated using the volume-weighted average price of the Company’s class A common stock over a pricing period in accordance with the Company’s current certificates of designations for its series B and C convertible participating preferred stock. Effective price per share for the fiscal year is calculated using the weighted-average effective prices of the respective adjustments made during the year.
Share Repurchase Program DisclosureCommon stock repurchases. The following table (1) presents share repurchases in the open market for the following periods: Three Months Ended Six Months Ended 2019 2018 2019 2018 (in millions, except per share data) Shares repurchased in the open market (2) 14 17 31 33 Average repurchase price per share (3) $ 144.94 $ 120.26 $ 141.08 $ 115.41 Total cost $ 1,938 $ 2,072 $ 4,331 $ 3,850 (1) Figures in the table may not recalculate exactly due to rounding. Shares repurchased in the open market reflect repurchases settled during the three and six months ended March 31, 2019 and 2018 . These amounts include repurchases traded but not yet settled on or before September 30, 2018 and 2017 for six months, respectively, and December 31, 2018 and 2017 for three months, respectively. Also, these amounts exclude repurchases traded but not yet settled on or before March 31, 2019 and 2018 , respectively. (2) All shares repurchased in the open market have been retired and constitute authorized but unissued shares. (3) Average repurchase price per share is calculated based on unrounded numbers.

Earnings Per Share (Tables)

Earnings Per Share (Tables)6 Months Ended
Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and DilutedThe following table (1) presents earnings per share for the three months ended March 31, 2019 : Basic Earnings Per Share Diluted Earnings Per Share (in millions, except per share data) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Class A common stock $ 2,287 1,748 $ 1.31 $ 2,977 2,279 (3) $ 1.31 Class B common stock 523 245 $ 2.13 $ 523 245 $ 2.13 Class C common stock 61 12 $ 5.23 $ 61 12 $ 5.23 Participating securities (4) 106 Not presented Not presented $ 106 Not presented Not presented Net income $ 2,977 The following table (1) presents earnings per share for the six months ended March 31, 2019 : Basic Earnings Per Share Diluted Earnings Per Share (in millions, except per share data) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Class A common stock $ 4,577 1,754 $ 2.61 $ 5,954 2,285 (3) $ 2.61 Class B common stock 1,044 245 $ 4.25 $ 1,043 245 $ 4.25 Class C common stock 122 12 $ 10.44 $ 122 12 $ 10.42 Participating securities (4) 211 Not presented Not presented $ 211 Not presented Not presented Net income $ 5,954 The following table (1) presents earnings per share for the three months ended March 31, 2018 : Basic Earnings Per Share Diluted Earnings Per Share (in millions, except per share data) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Class A common stock $ 2,007 1,798 $ 1.12 $ 2,605 2,337 (3) $ 1.11 Class B common stock 452 245 $ 1.84 $ 451 245 $ 1.84 Class C common stock 55 12 $ 4.46 $ 55 12 $ 4.46 Participating securities (4) 91 Not presented Not presented $ 91 Not presented Not presented Net income $ 2,605 The following table (1) presents earnings per share for the six months ended March 31, 2018 : Basic Earnings Per Share Diluted Earnings Per Share (in millions, except per share data) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Income Allocation (A) (2) Weighted- Average Shares Outstanding (B) Earnings per Share = (A)/(B) Class A common stock $ 3,952 1,805 $ 2.19 $ 5,127 2,345 (3) $ 2.19 Class B common stock 886 245 $ 3.61 $ 885 245 $ 3.60 Class C common stock 110 13 $ 8.76 $ 109 13 $ 8.74 Participating securities (4) 179 Not presented Not presented $ 178 Not presented Not presented Net income $ 5,127 (1) Figures in the table may not recalculate exactly due to rounding. Earnings per share is calculated based on unrounded numbers. (2) 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 400 million for the three and six months ended March 31, 2019 , and 405 million for the three and six months ended March 31, 2018 . The weighted-average number of shares of as-converted class C common stock used in the income allocation was 47 million for the three and six months ended March 31, 2019 , and 49 million and 50 million for the three and six months ended March 31, 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 and six months ended March 31, 2019 and 2018 , and 44 million of as-converted Europe preferred stock for the three and six months ended March 31, 2019 and 2018 . (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 and six months ended March 31, 2019 and 4 million common stock equivalents for the three and six months ended March 31, 2018 , because their effect would have been dilutive. The computation excludes 1 million of common stock equivalents for the three and six months ended March 31, 2019 , and 2 million of common stock equivalents for the three and six months ended March 31, 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 awards, 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 (Table

Share-based Compensation (Tables)6 Months Ended
Mar. 31, 2019
Share-based Compensation [Abstract]
Disclosure of Share-based Compensation Arrangements by Share-based Payment AwardThe Company granted the following equity awards to employees and non-employee directors under the 2007 Equity Incentive Compensation Plan, or the EIP, during the six months ended March 31, 2019 : Granted Weighted-Average Grant Date Fair Value Weighted-Average Exercise Price Non-qualified stock options 1,109,645 $ 25.89 $ 134.76 Restricted stock units (“RSUs”) 2,616,550 $ 135.19 Performance-based shares (1) 540,538 $ 153.42 (1) Represents the maximum number of performance-based shares which could be earned.

Legal Matters (Tables)

Legal Matters (Tables)6 Months Ended
Mar. 31, 2019
Loss Contingencies [Line Items]
Schedule of Loss Contingencies by ContingencyThe following table summarizes the activity related to accrued litigation: Six Months Ended 2019 2018 (in millions) Balance at beginning of period $ 1,434 $ 982 Provision for uncovered legal matters 35 — Provision for covered legal matters 159 1 Payments for legal matters (714 ) (153 ) Balance at end of period $ 914 $ 830
U.S. Covered Litigation
Loss Contingencies [Line Items]
Schedule of Loss Contingencies by ContingencyThe following table summarizes the activity related to U.S. covered litigation: Six Months Ended 2019 2018 (in millions) Balance at beginning of period $ 1,428 $ 978 Payments for U.S. covered litigation (600 ) (150 ) Balance at end of period $ 828 $ 828
VE Territory Covered Litigation
Loss Contingencies [Line Items]
Schedule of Loss Contingencies by ContingencyThe following table summarizes the activity related to VE territory covered litigation: Six Months Ended 2019 2018 (in millions) Balance at beginning of period $ — $ 1 Accrual for VE territory covered litigation 159 1 Payments for VE territory covered litigation (98 ) (2 ) Balance at end of period $ 61 $ —

Summary of Significant Accoun_4

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

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Adoption of 606) (Details) - USD ($) $ in MillionsMar. 31, 2019Oct. 01, 2018Sep. 30, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Current portion of client incentives $ 589 $ 340
Client incentives1,664 538
Client incentives3,484 2,834
Accrued liabilities1,207 1,160
Deferred tax liabilities4,911 4,618
Other liabilities2,669 2,666
Accumulated income12,513 $ 11,318
Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Current portion of client incentives $ 539
Client incentives1,152
Client incentives3,075
Accrued liabilities1,166
Deferred tax liabilities4,726
Other liabilities2,724
Accumulated income11,718
Impact of the New Revenue Standard | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Current portion of client incentives(262)199
Client incentives(725)614
Client incentives(401)241
Accrued liabilities(8)6
Deferred tax liabilities(105)108
Other liabilities(79)58
Accumulated income(407) $ 400
Results Under Prior Revenue Standard
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Current portion of client incentives327
Client incentives939
Client incentives3,083
Accrued liabilities1,199
Deferred tax liabilities4,806
Other liabilities2,590
Accumulated income $ 12,106

Revenues Adoption of New Revenu

Revenues Adoption of New Revenue Standard (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018Oct. 01, 2018Sep. 30, 2018
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenues $ 5,494 $ 5,073 $ 11,000 $ 9,935
Operating Expenses
Marketing241 261 517 484
Professional fees101 108 192 200
General and administrative264 222 540 458
Total operating expenses1,853 1,737 3,642 3,272
Operating income3,641 3,336 7,358 6,663
Income before income taxes3,677 3,217 7,307 6,456
Income tax provision700 612 1,353 1,329
Net income2,977 $ 2,605 5,954 $ 5,127
Assets
Current portion of client incentives589 589 $ 340
Client incentives1,664 1,664 538
Liabilities
Accounts payable119 119 183
Client incentives3,484 3,484 2,834
Accrued liabilities1,207 1,207 1,160
Deferred tax liabilities4,911 4,911 4,618
Other liabilities2,669 2,669 2,666
Equity
Accumulated income12,513 12,513 $ 11,318
Accounting Standards Update 2014-09
Assets
Current portion of client incentives $ 539
Client incentives1,152
Liabilities
Client incentives3,075
Accrued liabilities1,166
Deferred tax liabilities4,726
Other liabilities2,724
Equity
Accumulated income11,718
Impact of the New Revenue Standard | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenues(39)(91)
Operating Expenses
Marketing(39)(69)
Professional fees(3)(6)
General and administrative(7)(10)
Total operating expenses(49)(85)
Operating income10 (6)
Income before income taxes10 (6)
Income tax provision2 1
Net income8 (7)
Assets
Current portion of client incentives(262)(262)199
Client incentives(725)(725)614
Liabilities
Accounts payable13 13
Client incentives(401)(401)241
Accrued liabilities(8)(8)6
Deferred tax liabilities(105)(105)108
Other liabilities(79)(79)58
Equity
Accumulated income(407)(407) $ 400
Results Under Prior Revenue Standard
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Net revenues5,455 10,909
Operating Expenses
Marketing202 448
Professional fees98 186
General and administrative257 530
Total operating expenses1,804 3,557
Operating income3,651 7,352
Income before income taxes3,687 7,301
Income tax provision702 1,354
Net income2,985 5,947
Assets
Current portion of client incentives327 327
Client incentives939 939
Liabilities
Accounts payable132 132
Client incentives3,083 3,083
Accrued liabilities1,199 1,199
Deferred tax liabilities4,806 4,806
Other liabilities2,590 2,590
Equity
Accumulated income $ 12,106 $ 12,106

Revenues Disaggregation of Reve

Revenues Disaggregation of Revenue (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Net revenues $ 5,494 $ 5,073 $ 11,000 $ 9,935
U.S.
Disaggregation of Revenue [Line Items]
Net revenues2,479 2,297 4,987 4,562
International
Disaggregation of Revenue [Line Items]
Net revenues3,015 2,776 6,013 5,373
Service revenues
Disaggregation of Revenue [Line Items]
Net revenues2,417 2,253 4,759 4,399
Data processing revenues
Disaggregation of Revenue [Line Items]
Net revenues2,432 2,127 4,902 4,274
International transaction revenues
Disaggregation of Revenue [Line Items]
Net revenues1,796 1,752 3,647 3,418
Other revenues
Disaggregation of Revenue [Line Items]
Net revenues327 230 626 459
Client incentives
Disaggregation of Revenue [Line Items]
Net revenues $ (1,478) $ (1,289) $ (2,934) $ (2,615)

Cash, Cash Equivalents, Restr_3

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalent (Details) - USD ($) $ in MillionsMar. 31, 2019Sep. 30, 2018Mar. 31, 2018Sep. 30, 2017
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and cash equivalents $ 7,648 $ 8,162 $ 8,142 $ 9,874
U.S. litigation escrow899 1,491 884 1,031
Customer collateral1,735 1,324 1,250 1,106
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents $ 10,282 $ 10,977 $ 10,276 $ 12,011

U.S. and Europe Retrospective_3

U.S. and Europe Retrospective Responsibility Plans (Details) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2019Sep. 30, 2018Mar. 31, 2018Sep. 30, 2017
Restricted Cash and Cash Equivalents Items [Line Items]
U.S. litigation escrow $ 899 $ 1,491 $ 884 $ 1,031
Deposits To Litigation Escrow Account $ 600

U.S. and Europe Retrospective_4

U.S. and Europe Retrospective Responsibility Plans - Preferred Stock Rollforward (Details) € in Millions, $ in Millions3 Months Ended6 Months Ended12 Months Ended
Mar. 31, 2019EUR (€)Mar. 31, 2019USD ($)Mar. 31, 2018USD ($)Mar. 31, 2019USD ($)Mar. 31, 2018USD ($)Sep. 30, 2018USD ($)
Class of Stock [Line Items]
VE territory covered loss, maximum amount of loss to allow adjustment of conversion rate during six-month period | € € 20
Recovery through conversion rate adjustment $ 0 $ 0
Preferred Stock and Right to Recover for Covered Losses [Roll Forward]
Preferred stock, beginning[1]5,470
Recovery through conversion rate adjustment0 0
Preferred stock, ending[1] $ 5,464 5,464 $ 5,470
Right to recover for covered losses, beginning[1]7
VE territory covered losses incurred71 $ 1 162 4
Right to recover for covered losses, ending[1] $ 163 163 7
U.K.& I preferred stock
Class of Stock [Line Items]
Recovery through conversion rate adjustment $ (5) $ (35)
Preferred stock, conversion ratio12.9390 12.9390 12.9390 12.9550
Preferred Stock and Right to Recover for Covered Losses [Roll Forward]
Preferred stock, beginning[1] $ 2,291
Recovery through conversion rate adjustment(5) $ (35)
Preferred stock, ending[1] $ 2,286 2,286 2,291
VE territory covered losses incurred0
Europe preferred stock
Class of Stock [Line Items]
Recovery through conversion rate adjustment $ (1) $ (21)
Preferred stock, conversion ratio13.8860 13.8860 13.8860 13.8880
Preferred Stock and Right to Recover for Covered Losses [Roll Forward]
Preferred stock, beginning[1] $ 3,179
Recovery through conversion rate adjustment(1) $ (21)
Preferred stock, ending[1] $ 3,178 3,178 $ 3,179
VE territory covered losses incurred0
Right to Recover for Covered Losses
Class of Stock [Line Items]
Recovery through conversion rate adjustment(6)(50)
Preferred Stock and Right to Recover for Covered Losses [Roll Forward]
Recovery through conversion rate adjustment(6)(50)
VE territory covered losses incurred $ 71 $ 1 $ 162 $ 4
[1]Figures in the table may not recalculate exactly due to rounding. As-converted and book values are based on unrounded numbers.

U.S. and Europe Retrospective_5

U.S. and Europe Retrospective Responsibility Plans - Preferred Stock (Details) $ / shares in Units, shares in Millions, $ in Millions6 Months Ended12 Months Ended
Mar. 31, 2019USD ($)$ / sharessharesMar. 31, 2018USD ($)Sep. 30, 2018USD ($)$ / sharesshares
Class of Stock [Line Items]
Recovery Through Conversion Rate Adjustment $ 0 $ 0
As-converted value of preferred stock[1]11,860 [2] $ 11,403 [3]
Book Value of Preferred stock[1]5,464 5,470
Right to recover for covered losses[1](163)(7)
Total recovery for covered losses available, as converted[1]11,697 11,396
Total recovery for covered losses available, book value[1] $ 5,301 $ 5,463
Share Price | $ / shares $ 156.19 $ 150.09
U.K.& I preferred stock
Class of Stock [Line Items]
Recovery Through Conversion Rate Adjustment $ (5) $ (35)
As-converted value of preferred stock[1]5,013 [2]4,823 [3]
Book Value of Preferred stock[1] $ 2,286 $ 2,291
Preferred stock, shares outstanding | shares[4]2 2
Preferred stock, conversion ratio12.9390 12.9550
Europe preferred stock
Class of Stock [Line Items]
Recovery Through Conversion Rate Adjustment $ (1) $ (21)
As-converted value of preferred stock[1]6,847 [2]6,580 [3]
Book Value of Preferred stock[1] $ 3,178 $ 3,179
Preferred stock, shares outstanding | shares[4]3 3
Preferred stock, conversion ratio13.8860 13.8880
Preferred Stock
Class of Stock [Line Items]
Recovery Through Conversion Rate Adjustment $ 6 $ 50
[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 March 31, 2019; (b) 12.939 and 13.886, the class A common stock conversion rate applicable to the UK&I and Europe preferred stock as of March 31, 2019, respectively; and (c) $156.19, Visa’s class A common stock closing stock price as of March 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, 2018; (b) 12.955 and 13.888, the class A common stock conversion rate applicable to the UK&I and Europe preferred stock as of September 30, 2018, respectively; and (c) $150.09, Visa’s class A common stock closing stock price as of September 30, 2018.
[4]Figures in the table may not recalculate exactly due to rounding.

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in MillionsMar. 31, 2019Sep. 30, 2018
Assets
Investment securities, available-for-sale: $ 7,200 $ 7,500
Liabilities
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount0
Fair Value, Measurements, Recurring | Level 1
Assets
Total7,989 8,873
Liabilities
Total0 0
Fair Value, Measurements, Recurring | Level 2
Assets
Total5,848 6,134
Liabilities
Total44 22
Cash equivalents and restricted cash equivalents: | Fair Value, Measurements, Recurring | Level 1 | Money market funds
Assets
Cash equivalents and restricted cash equivalents:6,089 6,252
Cash equivalents and restricted cash equivalents: | Fair Value, Measurements, Recurring | Level 2 | U.S. government-sponsored debt securities
Assets
Cash equivalents and restricted cash equivalents:200 1,048
Investment securities: | Fair Value, Measurements, Recurring | Level 1 | Marketable equity securities
Assets
Marketable equity securities157 113
Investment securities: | Fair Value, Measurements, Recurring | Level 1 | U.S. Treasury securities
Assets
Investment securities, available-for-sale:1,743 2,508
Investment securities: | Fair Value, Measurements, Recurring | Level 2 | U.S. government-sponsored debt securities
Assets
Investment securities, available-for-sale:5,482 5,008
Other current and non-current assets: | Fair Value, Measurements, Recurring | Level 2 | Derivative instruments
Assets
Derivative Asset166 78
Derivative instruments | Accrued and other liabilities: | Fair Value, Measurements, Recurring | Level 2
Liabilities
Accrued Liabilities, Fair Value Disclosure $ 44 $ 22

Fair Value Measurements and I_3

Fair Value Measurements and Investments - Additional Information (Detail) - USD ($)3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2019Sep. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale Securities $ 7,200,000,000 $ 7,200,000,000 $ 7,500,000,000
Non-marketable equity investments438,000,000 438,000,000 137,000,000
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Annual Amount66,000,000 66,000,000
Equity Securities without Readily Determinable Fair Value, Downward Price Adjustment, Annual Amount0 0
Realized Gain (Loss) on Marketable Securities, Cost Method Investments, and Other Investments15,000,000 15,000,000
Equity Securities, FV-NI, Unrealized Gain (Loss)79,000,000 59,000,000
Long-term Debt16,630,000,000 $ 16,630,000,000 16,630,000,000
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities, stated maturities1 year
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities, stated maturities5 years
Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt16,600,000,000 $ 16,600,000,000 16,600,000,000
Estimated Fair Value | Senior Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value $ 17,300,000,000 $ 17,300,000,000 $ 16,600,000,000

Debt - Debt (Details)

Debt - Debt (Details) - USD ($) $ in MillionsMar. 31, 2019Sep. 30, 2018
Debt Instrument [Line Items]
Long-term Debt $ 16,630 $ 16,630
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net(114)(120)
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease)(6)0
Senior Notes
Debt Instrument [Line Items]
Principal Amount, noncurrent16,750 16,750
Long-term Debt16,600 16,600
Senior Notes | 2020 Notes
Debt Instrument [Line Items]
Principal Amount, noncurrent $ 3,000 3,000
Effective Interest Rate (percent)2.30%
Debt Instrument, Interest Rate, Stated Percentage2.20%
Senior Notes | September 2022 Notes
Debt Instrument [Line Items]
Principal Amount, noncurrent $ 1,000 1,000
Effective Interest Rate (percent)2.30%
Debt Instrument, Interest Rate, Stated Percentage2.15%
Senior Notes | December 2022 Notes
Debt Instrument [Line Items]
Principal Amount, noncurrent $ 2,250 2,250
Effective Interest Rate (percent)2.89%
Debt Instrument, Interest Rate, Stated Percentage2.80%
Senior Notes | 2025 Notes
Debt Instrument [Line Items]
Principal Amount, noncurrent $ 4,000 4,000
Effective Interest Rate (percent)3.26%
Debt Instrument, Interest Rate, Stated Percentage3.15%
Senior Notes | 2027 Notes
Debt Instrument [Line Items]
Principal Amount, noncurrent $ 750 750
Effective Interest Rate (percent)2.91%
Debt Instrument, Interest Rate, Stated Percentage2.75%
Senior Notes | 2035 Notes
Debt Instrument [Line Items]
Principal Amount, noncurrent $ 1,500 1,500
Effective Interest Rate (percent)4.23%
Debt Instrument, Interest Rate, Stated Percentage4.15%
Senior Notes | 2045 Notes
Debt Instrument [Line Items]
Principal Amount, noncurrent $ 3,500 3,500
Effective Interest Rate (percent)4.37%
Debt Instrument, Interest Rate, Stated Percentage4.30%
Senior Notes | 2047 Notes
Debt Instrument [Line Items]
Principal Amount, noncurrent $ 750 $ 750
Effective Interest Rate (percent)3.73%
Debt Instrument, Interest Rate, Stated Percentage3.65%

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($) $ in Millions3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
Senior Notes
Debt Instrument [Line Items]
Interest expense $ 119 $ 137 $ 245 $ 275

Settlement Guarantee Manageme_3

Settlement Guarantee Management Settlement Guarantee Management - Additional Information (Details) $ in Billions6 Months Ended
Mar. 31, 2019USD ($)
Settlement Guarantee Management [Abstract]
Maximum Settlement Exposure $ 92
Average Daily Settlement Exposure $ 55.3

Collateral (Detail)

Collateral (Detail) - USD ($) $ in MillionsMar. 31, 2019Sep. 30, 2018
Settlement Guarantee Management [Abstract]
Cash equivalents $ 1,735 $ 1,708
Pledged securities at market value307 192
Letters of credit1,337 1,382
Guarantees574 860
Total $ 3,953 $ 4,142

Components of Net Periodic Bene

Components of Net Periodic Benefit Cost (Detail) - Pension Benefits - USD ($) $ in Millions3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
U.S.
Defined Benefit Plan Disclosure [Line Items]
Service cost $ 0 $ 0 $ 0 $ 0
Interest cost8 8 16 16
Expected return on plan assets(18)(18)(36)(35)
Total net periodic benefit cost (income)(10)(10)(20)(19)
Non-U.S. Plans
Defined Benefit Plan Disclosure [Line Items]
Service cost1 1 2 2
Interest cost4 3 7 6
Expected return on plan assets(5)(5)(9)(10)
Total net periodic benefit cost (income) $ 0 $ (1) $ 0 $ (2)

Stockholders' Equity - Number o

Stockholders' Equity - Number of Shares of Class A Common Shares Outstanding on an As-Converted Basis (Detail) shares in MillionsMar. 31, 2019sharesSep. 30, 2018shares
Schedule of Common Stock as Converted [Line Items]
As-converted Class A Common Stock[1],[2]2,263 2,291
U.K.& I preferred stock
Schedule of Common Stock as Converted [Line Items]
Preferred stock, shares outstanding[2]2 2
Preferred stock, conversion rate into Class A Common Stock12.9390 12.9550
As-converted Class A Common Stock[1],[2],[3]32 32
Europe preferred stock
Schedule of Common Stock as Converted [Line Items]
Preferred stock, shares outstanding[2]3 3
Preferred stock, conversion rate into Class A Common Stock13.8860 13.8880
As-converted Class A Common Stock[1],[2],[3]44 44
Class A common stock
Schedule of Common Stock as Converted [Line Items]
Common stock, shares outstanding[2],[4]1,741 1,768
As-converted Class A Common Stock[1],[2],[4]1,741 1,768
Class B common stock
Schedule of Common Stock as Converted [Line Items]
Common stock, shares outstanding[2]245 245
Common stock, conversion rate[5]1.6298 1.6298
As-converted Class A Common Stock[1],[2]400 400
Class C common stock
Schedule of Common Stock as Converted [Line Items]
Common stock, shares outstanding[2]12 12
Common stock, conversion rate4 4
As-converted Class A Common Stock[1],[2]46 47
[1]As-converted class A common stock is calculated based on unrounded numbers.
[2]Figures in the table may not recalculate exactly due to rounding.
[3]The reduction in equivalent number of shares of class A common stock was less than one million shares during the six months ended March 31, 2019.
[4]Class A common stock shares outstanding reflect repurchases settled on or before March 31, 2019 and September 30, 2018.
[5]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.

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018Apr. 16, 2019Jan. 31, 2019
Stockholders Equity Note [Line Items]
Stock Repurchase Program, Authorized Amount $ 8,500
Stock Repurchase Remaining Authorized Amount $ 8,400 $ 8,400
Cash dividends declared and paid, at a quarterly amount per Class A share $ 569 $ 490 $ 1,141 $ 948
Subsequent Event | Class A common stock
Stockholders Equity Note [Line Items]
Dividends Payable, Amount Per Share $ 0.25

Stockholders' Equity Effect of

Stockholders' Equity Effect of VE Territory Covered Losses Through Coversion Rate Adjustments (Details) - USD ($) $ / shares in Units, $ in Millions6 Months Ended12 Months Ended
Mar. 31, 2019Mar. 31, 2018Sep. 30, 2018
Conversion of Stock [Line Items]
Recovery Through Conversion Rate Adjustment $ 0 $ 0
U.K.& I preferred stock
Conversion of Stock [Line Items]
Effective price per share (in USD per share)[1] $ 137.19 $ 113.05
Recovery Through Conversion Rate Adjustment $ 5 $ 35
Europe preferred stock
Conversion of Stock [Line Items]
Effective price per share (in USD per share)[1] $ 137.19 $ 112.92
Recovery Through Conversion Rate Adjustment $ 1 $ 21
[1]Effective price per share for the quarter is calculated using the volume-weighted average price of the Company’s class A common stock over a pricing period in accordance with the Company’s current certificates of designations for its series B and C convertible participating preferred stock. Effective price per share for the fiscal year is calculated using the weighted-average effective prices of the respective adjustments made during the year.

Stockholders' Equity - Share Re

Stockholders' Equity - Share Repurchases in the Open Market (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Total cost $ 1,938 $ 2,072 $ 4,331 $ 3,850
Class A common stock
Equity, Class of Treasury Stock [Line Items]
Shares repurchased in the open market[1],[2]14 17 31 33
Average repurchase price per share[2],[3] $ 144.94 $ 120.26 $ 141.08 $ 115.41
Total cost[2] $ 1,938 $ 2,072 $ 4,331 $ 3,850
[1]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. Shares repurchased in the open market reflect repurchases settled during the three and six months ended March 31, 2019 and 2018. These amounts include repurchases traded but not yet settled on or before September 30, 2018 and 2017 for six months, respectively, and December 31, 2018 and 2017 for three months, respectively. Also, these amounts exclude repurchases traded but not yet settled on or before March 31, 2019 and 2018, respectively.
[3]Average repurchase price per share is calculated based on unrounded numbers.

Basic and Diluted Earnings Per

Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Net income $ 2,977 $ 2,605 $ 5,954 $ 5,127
Class A common stock
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Income Allocation - Basic[1] $ 2,287 $ 2,007 $ 4,577 $ 3,952
Weighted- Average Shares Outstanding - Basic1,748 1,798 1,754 1,805
Earnings per Share - Basic[2] $ 1.31 $ 1.12 $ 2.61 $ 2.19
Income Allocation - Diluted[1] $ 2,977 $ 2,605 $ 5,954 $ 5,127
Weighted- Average Shares Outstanding - Diluted[3]2,279 2,337 2,285 2,345
Earnings per Share - Diluted[2] $ 1.31 $ 1.11 $ 2.61 $ 2.19
Class B common stock
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Income Allocation - Basic[1] $ 523 $ 452 $ 1,044 $ 886
Weighted- Average Shares Outstanding - Basic245 245 245 245
Earnings per Share - Basic[2] $ 2.13 $ 1.84 $ 4.25 $ 3.61
Income Allocation - Diluted[1] $ 523 $ 451 $ 1,043 $ 885
Weighted- Average Shares Outstanding - Diluted245 245 245 245
Earnings per Share - Diluted[2] $ 2.13 $ 1.84 $ 4.25 $ 3.60
Class C common stock
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Income Allocation - Basic[1] $ 61 $ 55 $ 122 $ 110
Weighted- Average Shares Outstanding - Basic12 12 12 13
Earnings per Share - Basic[2] $ 5.23 $ 4.46 $ 10.44 $ 8.76
Income Allocation - Diluted[1] $ 61 $ 55 $ 122 $ 109
Weighted- Average Shares Outstanding - Diluted12 12 12 13
Earnings per Share - Diluted[2] $ 5.23 $ 4.46 $ 10.42 $ 8.74
Participating securities
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Income Allocation - Basic[1],[4] $ 106 $ 91 $ 211 $ 179
Income Allocation - Diluted[1],[4] $ 106 $ 91 $ 211 $ 178
[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 400 million for the three and six months ended March 31, 2019, and 405 million for the three and six months ended March 31, 2018. The weighted-average number of shares of as-converted class C common stock used in the income allocation was 47 million for the three and six months ended March 31, 2019, and 49 million and 50 million for the three and six months ended March 31, 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 and six months ended March 31, 2019 and 2018, and 44 million of as-converted Europe preferred stock for the three and six months ended March 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 and six months ended March 31, 2019 and 4 million common stock equivalents for the three and six months ended March 31, 2018, because their effect would have been dilutive. The computation excludes 1 million of common stock equivalents for the three and six months ended March 31, 2019, and 2 million of common stock equivalents for the three and six months ended March 31, 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 awards, 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.

Basic and Diluted Earnings Pe_2

Basic and Diluted Earnings Per Share - Additional Information (Detail) - shares shares in Millions3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 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 outstanding3 4 3 4
Common stock equivalents excluded from computation of average dilutive shares outstanding1 2 1 2
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 allocation400 405 400 405
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 allocation49 47 50
U.K.& 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 allocation32 32 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 allocation44 44 44 44

Share-based Compensation - Awar

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 Millions3 Months Ended6 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018
Non-qualified stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted1,109,645
Weighted-Average Grant Date Fair Value $ 25.89
Weighted-Average Exercise Price $ 134.76
Restricted stock units (“RSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted2,616,550
Weighted-Average Grant Date Fair Value $ 135.19
Performance-bases shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted[1]540,538
Weighted-Average Grant Date Fair Value[1] $ 153.42
Equity Incentive Compensation Plan, 2007
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense $ 106 $ 82 $ 201 $ 146
[1]Represents the maximum number of performance-based shares which could be earned.

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended6 Months Ended12 Months Ended
Mar. 31, 2019Mar. 31, 2018Mar. 31, 2019Mar. 31, 2018Sep. 30, 2019Sep. 30, 2018
Business Acquisition [Line Items]
Effective income tax rate reconciliation, percent19.00%19.00%21.00%
Income tax provision $ 700 $ 612 $ 1,353 $ 1,329
Federal statutory income tax rate, percent24.50%
Effective Income Tax Rate Reconciliation, Tax Settlement, Amount80
Tax cuts and jobs act of 2017 deferred tax liability, provisional income tax (expense) benefit1,100
Tax cuts and jobs act of 2017 transition tax accumulated foreign earnings, provisional income tax expense (benefit) $ 1,100
Increase in unrecognized tax benefits108 146
Effective income tax rate reconciliation Unrecognized Tax Benefits that would Favorably Impact Effective Tax Rate $ 44 $ 83
Forecast
Business Acquisition [Line Items]
Federal statutory income tax rate, percent21.00%

Accrued Litigation for Both Cov

Accrued Litigation for Both Covered and Non-Covered Litigation (Detail) $ in Millions6 Months Ended69 Months Ended70 Months Ended
Mar. 31, 2019USD ($)Mar. 31, 2018USD ($)Mar. 31, 2019USD ($)merchantApr. 26, 2019merchantDec. 04, 2018
Loss Contingency Accrual [Roll Forward]
Balance at beginning of period $ 1,434 $ 982
Provision for legal matters159 1
Balance at end of period914 830 $ 914
Interchange Rate, Card-Not-Present, Credit0.015
Interchange Rate, Card-Not-Present, Debit0.0115
Interchange Rate, Card Present, Credit0.003
Interchange Rate, Card Present, Debit0.002
U.K. Merchant Litigation
Loss Contingency Accrual [Roll Forward]
Number of plaintiffs | merchant450
Unsettled
Loss Contingency Accrual [Roll Forward]
Provision for legal matters35 0
Settled Litigation
Loss Contingency Accrual [Roll Forward]
Loss Contingency Accrual, Payments(714)(153)
Threatened Litigation | U.K. Merchant Litigation
Loss Contingency Accrual [Roll Forward]
Number of plaintiffs | merchant30
U.S. Covered Litigation
Loss Contingency Accrual [Roll Forward]
Balance at beginning of period1,428 978
Balance at end of period828 828 $ 828
U.S. Covered Litigation | Settled Litigation
Loss Contingency Accrual [Roll Forward]
Loss Contingency Accrual, Payments(600)(150)
VE Territory Covered Litigation
Loss Contingency Accrual [Roll Forward]
Balance at beginning of period0 1
Provision for legal matters159 1
Balance at end of period61 0 $ 61
VE Territory Covered Litigation | Settled Litigation
Loss Contingency Accrual [Roll Forward]
Loss Contingency Accrual, Payments $ (98) $ (2)
Subsequent Event | U.K. Merchant Litigation
Loss Contingency Accrual [Roll Forward]
Number of claims settled | merchant100
Merchants with outstanding claims | merchant350