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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to        
Commission file number 001-33977
logoa14.gif
VISA INC.
(Exact name of Registrant as specified in its charter)
Delaware 26-0267673
(State or other jurisdiction
of incorporation or organization)
 (IRS Employer
Identification No.)
P.O. Box 8999 
San Francisco,
California94128-8999
(Address of principal executive offices) (Zip Code)
(650) 432-3200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareVNew York Stock Exchange
1.500% Senior Notes due 2026V26New York Stock Exchange
2.000% Senior Notes due 2029V29New York Stock Exchange
2.375% Senior Notes due 2034V34New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  
As of April 17, 2024, there were 1,574,151,974 shares outstanding of the registrant’s class A common stock, par value $0.0001 per share, 245,513,385 shares outstanding of the registrant’s class B-1 common stock, par value $0.0001 per share, and 9,273,174 shares outstanding of the registrant’s class C common stock, par value $0.0001 per share.


VISA
TABLE OF CONTENTS
 
  Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
2

PART I. FINANCIAL INFORMATION
ITEM 1.Financial Statements (Unaudited)
VISA
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31,
2024
September 30,
2023
 (in millions, except per share data)
Assets
Cash and cash equivalents$12,993 $16,286 
Restricted cash equivalents—U.S. litigation escrow1,584 1,764 
Investment securities4,710 3,842 
Settlement receivable3,558 2,183 
Accounts receivable2,272 2,291 
Customer collateral3,367 3,005 
Current portion of client incentives1,740 1,577 
Prepaid expenses and other current assets2,551 2,584 
Total current assets32,775 33,532 
Investment securities3,092 1,921 
Client incentives3,998 3,789 
Property, equipment and technology, net3,630 3,425 
Goodwill18,837 17,997 
Intangible assets, net26,375 26,104 
Other assets3,692 3,731 
Total assets$92,399 $90,499 
Liabilities
Accounts payable$338 $375 
Settlement payable4,485 3,269 
Customer collateral3,367 3,005 
Accrued compensation and benefits1,065 1,506 
Client incentives7,949 8,177 
Accrued liabilities4,386 5,015 
Accrued litigation1,853 1,751 
Total current liabilities23,443 23,098 
Long-term debt20,603 20,463 
Deferred tax liabilities5,145 5,114 
Other liabilities2,723 3,091 
Total liabilities51,914 51,766 
Commitments and contingencies (Note 13)
Equity
Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of March 31, 2024 and September 30, 2023
1,602 1,698 
Common stock, $0.0001 par value:
Class A common stock, 1,574 and 1,594 shares issued and outstanding as of March 31, 2024 and September 30, 2023, respectively
  
Class B-1 common stock, 245 shares issued and outstanding as of March 31, 2024 and September 30, 2023
  
Class C common stock, 9 and 10 shares issued and outstanding as of March 31, 2024 and September 30, 2023, respectively
  
Right to recover for covered losses(175)(140)
Additional paid-in capital20,709 20,452 
Accumulated income19,347 18,040 
Accumulated other comprehensive income (loss):
Investment securities(25)(64)
Defined benefit pension and other postretirement plans(145)(155)
Derivative instruments(162)(177)
Foreign currency translation adjustments(666)(921)
Total accumulated other comprehensive income (loss)(998)(1,317)
Total equity40,485 38,733 
Total liabilities and equity$92,399 $90,499 
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
3

VISA
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended
March 31,
Six Months Ended
March 31,
 2024202320242023
 (in millions, except per share data)
Net revenue$8,775 $7,985 $17,409 $15,921 
Operating Expenses
Personnel 1,603 1,515 3,082 2,852 
Marketing 338 309 631 641 
Network and processing 189 179 370 357 
Professional fees 160 130 291 239 
Depreciation and amortization 249 234 496 461 
General and administrative 452 282 792 604 
Litigation provision430  439 341 
Total operating expenses 3,421 2,649 6,101 5,495 
Operating income 5,354 5,336 11,308 10,426 
Non-operating Income (Expense)
Interest expense(82)(142)(269)(279)
Investment income (expense) and other 241 84 516 108 
Total non-operating income (expense)159 (58)247 (171)
Income before income taxes 5,513 5,278 11,555 10,255 
Income tax provision850 1,021 2,002 1,819 
Net income $4,663 $4,257 $9,553 $8,436 
Basic Earnings Per Share
Class A common stock $2.29 $2.04 $4.68 $4.03 
Class B-1 common stock $3.63 $3.26 $7.44 $6.45 
Class C common stock $9.16 $8.15 $18.73 $16.10 
Basic Weighted-average Shares Outstanding
Class A common stock 1,579 1,624 1,582 1,627 
Class B-1 common stock 245 245 245 245 
Class C common stock 9 10 9 10 
Diluted Earnings Per Share
Class A common stock $2.29 $2.03 $4.68 $4.02 
Class B-1 common stock $3.63 $3.25 $7.43 $6.44 
Class C common stock $9.15 $8.14 $18.71 $16.09 
Diluted Weighted-average Shares Outstanding
Class A common stock 2,039 2,093 2,042 2,098 
Class B-1 common stock 245 245 245 245 
Class C common stock 9 10 9 10 
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
4

VISA
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 Three Months Ended
March 31,
Six Months Ended
March 31,
 2024202320242023
 (in millions)
Net income$4,663 $4,257 $9,553 $8,436 
Other comprehensive income (loss):
Investment securities:
Net unrealized gain (loss)(8)36 50 51 
Income tax effect1 (8)(11)(11)
Defined benefit pension and other postretirement plans:
Net unrealized actuarial gain (loss) and prior service credit (cost)
8 3 8 5 
Income tax effect(2) (2)(1)
Reclassification adjustments3 3 6 4 
Income tax effect(1) (2) 
Derivative instruments:
Net unrealized gain (loss)58 (75)(19)(191)
Income tax effect(7)17 9 31 
Reclassification adjustments(6)6 33 (1)
Income tax effect1 (3)(8)(7)
Foreign currency translation adjustments:
Translation adjustments(357)290 231 1,499 
Income tax effect(33) 24  
Other comprehensive income (loss)(343)269 319 1,379 
Comprehensive income$4,320 $4,526 $9,872 $9,815 
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
5

VISA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
Three Months Ended March 31, 2024
 Preferred StockCommon Stock and Additional Paid-in CapitalRight to Recover for Covered LossesAccumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss)
Total
Equity
 SharesAmountSharesAmount
 (in millions, except per share data)
Balance as of December 31, 20235 $1,615 1,836 $20,490 $(139)$18,422 $(655)$39,733 
Net income 4,663 4,663 
Other comprehensive income (loss)
(343)(343)
VE territory covered losses incurred(36)(36)
Conversion to class A common stock
 
(1)
(13)1 13  
Share-based compensation
242 242 
Stock issued under equity plans1 79 79 
Restricted stock and performance-based shares settled in cash for taxes
 
(1)
(9)(9)
Cash dividends declared and paid, at a quarterly amount of $0.52 per class A common stock
(1,060)(1,060)
Repurchase of class A common stock(10)(106)(2,678)(2,784)
Balance as of March 31, 20245 $1,602 1,828 $20,709 $(175)$19,347 $(998)$40,485 
(1)Increase or decrease is less than one million shares.




















See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
6

VISA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Six Months Ended March 31, 2024
 Preferred StockCommon Stock and Additional Paid-in CapitalRight to Recover for Covered LossesAccumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss)
Total
Equity
 SharesAmountSharesAmount
 (in millions, except per share data)
Balance as of September 30, 20235 $1,698 
(1)
1,849 $20,452 $(140)$18,040 $(1,317)$38,733 
Net income 9,553 9,553 
Other comprehensive income (loss)
319 319 
VE territory covered losses incurred(60)(60)
Recovery through conversion rate adjustment(25)25  
Conversion to class A common stock
 
(2)
(71)2 71  
Share-based compensation
451 451 
Stock issued under equity plans3 183 183 
Restricted stock and performance-based shares settled in cash for taxes
(1)(181)(181)
Cash dividends declared and paid, at a quarterly amount of $0.52 per class A common stock
(2,120)(2,120)
Repurchase of class A common stock(25)(267)(6,126)(6,393)
Balance as of March 31, 20245 $1,602 
(1)
1,828 $20,709 $(175)$19,347 $(998)$40,485 
(1)As of March 31, 2024 and September 30, 2023, the book value of series A preferred stock was $385 million and $456 million, respectively. Refer to Note 5—U.S. and Europe Retrospective Responsibility Plans for the book value of series B and series C preferred stock.
(2)Increase or decrease is less than one million shares.

See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
7

VISA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Three Months Ended March 31, 2023
 Preferred StockCommon Stock and Additional Paid-in CapitalRight to Recover for Covered LossesAccumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss)
Total
Equity
 SharesAmountSharesAmount
 (in millions, except per share data)
Balance as of December 31, 20225 $1,981 1,881 $19,827 $(28)$16,403 $(1,259)$36,924 
Net income 4,257 4,257 
Other comprehensive income (loss)
269 269 
VE territory covered losses incurred(7)(7)
Conversion to class A common stock
 
(1)
(96)2 96  
Share-based compensation
223 223 
Stock issued under equity plans1 62 62 
Restricted stock and performance-based shares settled in cash for taxes 
(1)
(6)(6)
Cash dividends declared and paid, at a quarterly amount of $0.45 per class A common stock
(941)(941)
Repurchase of class A common stock(10)(107)(2,109)(2,216)
Balance as of March 31, 20235 $1,885 1,874 $20,095 $(35)$17,610 $(990)$38,565 
(1)Increase or decrease is less than one million shares.

See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
8

VISA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Six Months Ended March 31, 2023
 Preferred StockCommon Stock and Additional Paid-in CapitalRight to Recover for Covered LossesAccumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss)
Total
Equity
 SharesAmountSharesAmount
 (in millions, except per share data)
Balance as of September 30, 20225 $2,324 
(1)
1,890 $19,545 $(35)$16,116 $(2,369)$35,581 
Net income 8,436 8,436 
Other comprehensive income (loss)
1,379 1,379 
VE territory covered losses incurred(15)(15)
Recovery through conversion rate adjustment(14)15 1 
Conversion to class A common stock
 
(2)
(425)7 425  
Share-based compensation400 400 
Stock issued under equity plans3 118 118 
Restricted stock and performance-based shares settled in cash for taxes 
(2)
(118)(118)
Cash dividends declared and paid, at a quarterly amount of $0.45 per class A common stock
(1,886)(1,886)
Repurchase of class A common stock(26)(275)(5,056)(5,331)
Balance as of March 31, 20235 $1,885 
(1)
1,874 $20,095 $(35)$17,610 $(990)$38,565 
(1)As of March 31, 2023 and September 30, 2022, the book value of series A preferred stock was $627 million and $1.0 billion, respectively. Refer to Note 5—U.S. and Europe Retrospective Responsibility Plans for the book value of series B and series C preferred stock.
(2)Increase or decrease is less than one million shares.
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
9

VISA
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Six Months Ended
March 31,
 20242023
 (in millions)
Operating Activities
Net income$9,553 $8,436 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentives6,605 5,691 
Share-based compensation451 400 
Depreciation and amortization496 461 
Deferred income taxes(68)(154)
VE territory covered losses incurred(60)(15)
(Gains) losses on equity investments, net26 196 
Other58 (22)
Change in operating assets and liabilities:
Settlement receivable(1,335)147 
Accounts receivable34 (67)
Client incentives(7,088)(5,521)
Other assets(258)(77)
Accounts payable(25)(48)
Settlement payable1,143 (493)
Accrued and other liabilities(1,479)(1,047)
Accrued litigation99 144 
Net cash provided by (used in) operating activities8,152 8,031 
Investing Activities
Purchases of property, equipment and technology(548)(459)
Investment securities:
Purchases(3,686)(2,487)
Proceeds from maturities and sales2,145 1,760 
Acquisitions, net of cash and restricted cash acquired(915) 
Purchases of other investments(14)(70)
Settlement of derivative instruments 402 
Other investing activities(47)19 
Net cash provided by (used in) investing activities(3,065)(835)
Financing Activities
Repurchase of class A common stock(6,338)(5,309)
Repayments of debt (2,250)
Dividends paid(2,120)(1,886)
Cash proceeds from issuance of class A common stock under equity plans183 118 
Restricted stock and performance-based shares settled in cash for taxes(181)(118)
Other financing activities203 172 
Net cash provided by (used in) financing activities(8,253)(9,273)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
124 828 
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
(3,042)(1,249)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period21,990 20,377 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$18,948 $19,128 
Supplemental Disclosure
Cash paid for income taxes, net$3,658 $2,635 
Interest payments on debt$261 $293 
Accruals related to purchases of property, equipment and technology$99 $148 


See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
10

VISA
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1—Summary of Significant Accounting Policies
Organization. Visa Inc., together with its subsidiaries (Visa or the Company), is a global payments technology company that facilitates global commerce and money movement across more than 200 countries and territories. Visa operates one of the world’s largest electronic payments networks — VisaNet — which provides transaction processing services (primarily authorization, clearing and settlement). The Company offers products, solutions and services that facilitate secure, reliable and efficient money movement for participants in the ecosystem. Visa is not a financial institution and does not issue cards, extend credit or set rates and fees for account holders of Visa products. In most cases, account holder and merchant relationships belong to, and are managed by, Visa’s financial institution clients.
Consolidation and basis of presentation. The accompanying unaudited consolidated financial statements include the accounts of Visa and its consolidated entities and are presented in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Company consolidates its majority-owned and controlled entities, including variable interest entities (VIEs) for which the Company is the primary beneficiary. The Company’s investments in VIEs have not been material to its unaudited consolidated financial statements as of and for the periods presented. Intercompany balances and transactions have been 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 Visa’s Annual Report on Form 10-K for the year ended September 30, 2023 for additional disclosures, including a summary of the Company’s significant accounting policies.
In the opinion of management, the accompanying unaudited consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented. The results of operations for interim periods are not necessarily indicative of results for the full year.
Use of estimates. The preparation of the accompanying unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and reported amounts of revenue and expenses during the reporting period. These estimates may change as new events occur and additional information is obtained, and will be recognized in the period in which such changes occur. Future actual results could differ materially from these estimates.
Note 2—Acquisitions
On January 16, 2024, Visa acquired Pismo Holdings, a global cloud-native issuer processing and core banking platform, for a purchase consideration of $929 million. The Company allocated $139 million of the purchase consideration to technology, customer relationships, other net assets acquired and deferred tax liabilities and the remaining $790 million to goodwill.
11

Note 3—Revenue
The nature, amount, timing and uncertainty of the Company’s revenue 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 revenue by revenue category and by geography:
Three Months Ended
March 31,
Six Months Ended
March 31,
2024202320242023
(in millions)
Service revenue
$4,033 $3,771 $7,948 $7,282 
Data processing revenue
4,259 3,819 8,615 7,646 
International transaction revenue
2,984 2,749 6,003 5,546 
Other revenue
756 551 1,448 1,138 
Client incentives(3,257)(2,905)(6,605)(5,691)
Net revenue
$8,775 $7,985 $17,409 $15,921 

Three Months Ended
March 31,
Six Months Ended
March 31,
2024202320242023
(in millions)
U.S.$3,643 $3,540 $7,288 $7,107 
International5,132 4,445 10,121 8,814 
Net revenue
$8,775 $7,985 $17,409 $15,921 
Remaining performance obligations are comprised of deferred revenue and contract revenue that will be invoiced and recognized as revenue in future periods primarily related to value added services. As of March 31, 2024, the remaining performance obligations were $3.4 billion. The Company expects approximately half to be recognized as revenue in the next two years and the remaining thereafter. However, the amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenue could be recognized.
Note 4—Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
The Company reconciles cash, cash equivalents, restricted cash and restricted cash equivalents reported on the consolidated balance sheets that aggregate to the beginning and ending balances shown in the consolidated statements of cash flows as follows:
March 31,
2024
September 30,
2023
(in millions)
Cash and cash equivalents$12,993 $16,286 
Restricted cash and restricted cash equivalents:
U.S. litigation escrow1,584 1,764 
Customer collateral3,367 3,005 
Prepaid expenses and other current assets 1,004 935 
Cash, cash equivalents, restricted cash and restricted cash equivalents
$18,948 $21,990 
12

Note 5—U.S. and Europe Retrospective Responsibility Plans
U.S. Retrospective Responsibility Plan
Under the terms of the U.S. retrospective responsibility plan, the Company maintains an escrow account from which settlements of, or judgments in, certain litigation (U.S. covered litigation) are paid. The accrual related to the U.S. covered litigation could be either higher or lower than the U.S. litigation escrow account balance. See Note 13—Legal Matters.
The following table presents the changes in the restricted cash equivalents—U.S. litigation escrow account:
Six Months Ended
March 31,
20242023
 (in millions)
Balance as of beginning of period
$1,764 $1,449 
Deposits into the U.S. litigation escrow account 350 
Payments to opt-out merchants(1), net of interest earned on escrow funds
(180)(183)
Balance as of end of period
$1,584 $1,616 
(1)These payments are associated with the interchange multidistrict litigation. See Note 13—Legal Matters.
Europe Retrospective Responsibility Plan
Visa Inc., Visa International and Visa Europe are parties to certain existing and potential litigation relating to the setting of multilateral interchange fee rates in the Visa Europe territory (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 (VE territory covered losses) through a periodic adjustment to the class A common stock conversion rates applicable to the series B and C preferred stock. VE territory covered losses are recorded in right to recover for covered losses, a contra-equity account within stockholders’ equity, before the corresponding adjustment to the applicable conversion rate is effected. Adjustments to the conversion rate may be executed once in any six-month period unless a single, individual loss greater than €20 million is incurred, in which case, the six-month limitation does not apply. When the adjustment to the conversion rate is made, the amount previously recorded in right to recover for covered losses is then recorded against the book value of the preferred stock within stockholders’ equity.
The following table presents the activities related to VE territory covered losses in preferred stock and right to recover for covered losses within stockholders’ equity:
Six Months Ended
March 31, 2024
Preferred StockRight to Recover for Covered Losses
Series BSeries C
(in millions)
Balance as of beginning of period
$441 $801 $(140)
VE territory covered losses incurred(1)
  (60)
Recovery through conversion rate adjustment
(22)(3)25 
Balance as of end of period
$419 $798 $(175)
13

Six Months Ended
March 31, 2023
Preferred StockRight to Recover for Covered Losses
Series BSeries C
(in millions)
Balance as of beginning of period
$460 $812 $(35)
VE territory covered losses incurred(1)
  (15)
Recovery through conversion rate adjustment(2)
(7)(7)15 
Balance as of end of period
$453 $805 $(35)
(1)VE territory covered losses incurred reflect settlements with merchants and additional legal costs. See Note 13—Legal Matters.
(2)Adjustment to right to recover for covered losses for the conversion rate adjustment differs from the actual recovered amount due to differences in foreign exchange rates between the time the losses were incurred and the subsequent recovery through the conversion rate adjustment.
The following table presents the as-converted value of the preferred stock available to recover VE territory covered losses compared to the book value of preferred stock recorded within the Company’s consolidated balance sheets:
March 31, 2024September 30, 2023
As-converted Value of Preferred Stock(1),(2)
Book Value of Preferred Stock(1)
As-converted Value of Preferred Stock(1),(3)
Book Value of Preferred Stock(1)
(in millions)
Series B preferred stock$2,010 $419 $1,676 $441 
Series C preferred stock3,194 798 2,635 801 
Total5,204 1,217 4,311 1,242 
Less: right to recover for covered losses(175)(175)(140)(140)
Total recovery for covered losses available$5,029 $1,042 $4,171 $1,102 
(1)Figures in the table may not recalculate exactly due to rounding. As-converted and book values are based on unrounded numbers.
(2)As of March 31, 2024, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 2.903 and 3.625, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $279.08, Visa’s class A common stock closing stock price.
(3)As of September 30, 2023, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 2.937 and 3.629, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $230.01, Visa’s class A common stock closing stock price.
14

Note 6—Fair Value Measurements and Investments
Assets and Liabilities Measured at Fair Value on a Recurring Basis
 Fair Value Measurements
Using Inputs Considered as
 Level 1Level 2
 March 31,
2024
September 30,
2023
March 31,
2024
September 30,
2023
 (in millions)
Assets
Cash equivalents and restricted cash equivalents:
Money market funds
$9,050 $13,504 $ $ 
U.S. Treasury securities
834 301   
Investment securities:
Marketable equity securities
374 339   
U.S. government-sponsored debt securities
  1,510 1,108 
U.S. Treasury securities
5,918 4,316   
Other current and non-current assets:
Money market funds
29 23   
Derivative instruments
  210 293 
Total $16,205 $18,483 $1,720 $1,401 
Liabilities
Accrued compensation and benefits:
Deferred compensation liability
$223 $175 $ $ 
Accrued and other liabilities:
Derivative instruments
  278 396 
Total $223 $175 $278 $396 
Level 1 assets and liabilities. Money market funds, U.S. Treasury securities and marketable equity securities are classified as Level 1 within the fair value hierarchy, as fair value is based on unadjusted quoted prices in active markets for identical assets. The Company’s deferred compensation liability is measured at fair value based on marketable equity securities held under the deferred compensation plan.
Level 2 assets and liabilities. The fair value of U.S. government-sponsored debt securities, as provided by third-party pricing vendors, is based on quoted prices in active markets for similar, not identical, assets. Derivative instruments are valued using inputs that are observable in the market or can be derived principally from or corroborated by observable market data.
U.S. Government-sponsored Debt Securities and U.S. Treasury Securities
The amortized cost, unrealized gains and losses and fair value of debt securities were as follows:
March 31, 2024
Amortized
Cost
Gross UnrealizedFair
Value
GainsLosses
(in millions)
U.S. government-sponsored debt securities$1,511 $ $(1)$1,510 
U.S. Treasury securities6,782 4 (34)6,752 
Total$8,293 $4 $(35)$8,262 
15

September 30, 2023
Amortized
Cost
Gross UnrealizedFair
Value
GainsLosses
(in millions)
U.S. government-sponsored debt securities$1,109 $1 $(2)$1,108 
U.S. Treasury securities4,697  (80)4,617 
Total$5,806 $1 $(82)$5,725 
Debt securities with unrealized losses for less than 12 months and 12 months or greater were as follows:
March 31, 2024
Less Than 12 Months
12 Months or Greater
Fair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
U.S. government-sponsored debt securities$1,282 $(1)$ $ 
U.S. Treasury securities2,789 (6)1,870 (28)
Total$4,071 $(7)$1,870 $(28)
September 30, 2023
Less Than 12 Months
12 Months or Greater
Fair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
U.S. government-sponsored debt securities$412 $(2)$50 $ 
U.S. Treasury securities1,360 (12)2,128 (68)
Total$1,772 $(14)$2,178 $(68)
The unrealized losses were primarily attributable to changes in interest rates.
The stated maturities of debt securities were as follows:
March 31,
2024
 (in millions)
Due within one year$5,170 
Due after one year through five years
3,092 
Total$8,262 
Equity Securities
For the three months ended March 31, 2024 and 2023, the Company recognized net unrealized losses of $23 million and $82 million, respectively, on marketable and non-marketable equity securities held as of period end. For the six months ended March 31, 2024 and 2023, the Company recognized net unrealized gains of $13 million and net unrealized losses of $184 million, respectively, on marketable and non-marketable equity securities held as of period end.
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Fair value measurement alternative. The Company’s investments in privately held companies do not have readily determinable fair values. These investments are measured at fair value on a non-recurring basis and are classified as Level 3 due to the absence of quoted market prices, the inherent lack of liquidity and the fact that significant inputs used to measure fair value are unobservable and require management’s judgment.
The following table summarizes the Company’s non-marketable equity securities held as of period end that were accounted for using the fair value measurement alternative:
March 31,
2024
(in millions)
Initial cost basis
$710 
Adjustments:
Upward adjustments
909 
Downward adjustments (including impairment)
(445)
Carrying amount
$1,174 
Unrealized gains and losses of the Company’s non-marketable equity securities held as of period end that were accounted for using the fair value measurement alternative were as follows:
Three Months Ended
March 31,
Six Months Ended
March 31,
2024202320242023
(in millions)
Upward adjustments$ $2 $9 $19 
Downward adjustments (including impairment)$(15)$(89)$(15)$(89)
Other Fair Value Disclosures
Debt. Debt instruments are measured at amortized cost on the Company’s consolidated balance sheets. The fair value of the debt instruments, as provided by third-party pricing vendors, is based on quoted prices in active markets for similar, not identical, assets. If measured at fair value in the financial statements, these instruments would be classified as Level 2 in the fair value hierarchy. As of March 31, 2024, the carrying value and estimated fair value of debt was $20.6 billion and $18.6 billion, respectively. As of September 30, 2023, the carrying value and estimated fair value of debt was $20.5 billion and $17.7 billion, respectively.
Other financial instruments not measured at fair value. As of March 31, 2024, the carrying values of settlement receivable and payable and customer collateral are an approximate fair value due to their generally short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 in the fair value hierarchy.
Non-financial assets. Certain non-financial assets such as goodwill, intangible assets and property, equipment and technology are subject to non-recurring fair value measurements if they are deemed to be impaired. The Company performed an annual impairment review of its indefinite-lived intangible assets and goodwill as of February 1, 2024, and concluded there was no impairment as of that date. No recent events or changes in circumstances indicated that impairment existed as of March 31, 2024.
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Note 7—Debt
The Company had outstanding debt as follows:
March 31,
2024
September 30,
2023
Effective Interest Rate(1)
(in millions, except percentages)
U.S. dollar notes
3.15% Senior Notes due December 2025
$4,000 $4,000 3.26 %
1.90% Senior Notes due April 2027
1,500 1,500 2.02 %
0.75% Senior Notes due August 2027
500 500 0.84 %
2.75% Senior Notes due September 2027
750 750 2.91 %
2.05% Senior Notes due April 2030
1,500 1,500 2.13 %
1.10% Senior Notes due February 2031
1,000 1,000 1.20 %
4.15% Senior Notes due December 2035
1,500 1,500 4.23 %
2.70% Senior Notes due April 2040
1,000 1,000 2.80 %
4.30% Senior Notes due December 2045
3,500 3,500 4.37 %
3.65% Senior Notes due September 2047
750 750 3.73 %
2.00% Senior Notes due August 2050
1,750 1,750 2.09 %
Euro notes
1.50% Senior Notes due June 2026
1,459 1,434 1.71 %
2.00% Senior Notes due June 2029
1,081 1,062 2.13 %
2.375% Senior Notes due June 2034
702 690 2.53 %
Total debt
20,992 20,936 
Unamortized discounts and debt issuance costs(151)(159)
Hedge accounting fair value adjustments(2)
(238)(314)
Total carrying value of debt
$20,603 $20,463 
Reported as:
Current maturities of debt$ $ 
Long-term debt20,603 20,463 
Total carrying value of debt
$20,603 $20,463 
(1)Effective interest rates disclosed do not reflect hedge accounting adjustments.
(2)Represents the fair value of interest rate swap agreements entered into on a portion of the outstanding senior notes.
Note 8—Settlement Guarantee Management
The Company indemnifies its clients for settlement losses suffered due to failure of any other client to fund its settlement obligations in accordance with the Visa operating rules. This indemnification creates settlement risk for the Company due to the difference in timing between the date of a payment transaction and the date of subsequent settlement. The Company maintains and regularly reviews global settlement risk policies and procedures to manage settlement risk, which may require clients to post collateral if certain credit standards are not met. Historically, the Company has experienced minimal losses as a result of its settlement risk guarantee. However, the Company’s future obligations, which could be material under its guarantees, are not determinable as they are dependent upon future events.
The Company’s settlement exposure is limited to the amount of unsettled Visa payment transactions at any point in time, which vary significantly day to day. During the six months ended March 31, 2024, the Company’s maximum daily settlement exposure was $133.7 billion and the average daily settlement exposure was $82.3 billion. To mitigate the risk of settlement exposure, the Company holds various forms of collateral including restricted cash, letters of credit, guarantees, beneficial rights to trust assets and pledged securities. As of March 31, 2024, the Company had total collateral of $7.2 billion.
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Note 9—Stockholders’ Equity
As-converted class A common stock. The number of shares of each series and class, and the number of shares of class A common stock on an as-converted basis were as follows:
March 31, 2024September 30, 2023
Shares
Outstanding
Conversion Rate Into 
Class A
Common Stock
As-converted Class A
Common
Stock(1)
Shares
Outstanding
Conversion Rate Into
Class A
Common Stock
As-converted Class A
Common
Stock(1)
(in millions, except conversion rate)
Series A preferred stock 
(2)
100.0000 6  
(2)
100.0000 7 
Series B preferred stock2 2.9030 7 2 2.9370 7 
Series C preferred stock3 3.6250 11 3 3.6290 11 
Class A common stock1,574  1,574 1,594 — 1,594 
Class B-1 common stock
245 1.5875 
(3)
390 245 1.5875 
(3)
390 
Class C common stock9 4.0000 37 10 4.0000 38 
Total2,025 2,047 
(1)Figures in the table may not recalculate exactly due to rounding. As-converted class A common stock is calculated based on unrounded numbers.
(2)The number of shares outstanding was less than one million.
(3)The class B-1