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U.S. and Europe Retrospective Responsibility Plans | 6 Months Ended
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Mar. 31, 2022
Retrospective Responsibility Plan [Abstract] |
U.S. and Europe Retrospective Responsibility Plans | Note 5—U.S. and Europe Retrospective Responsibility Plans U.S. Retrospective Responsibility Plan Under the terms of the U.S. retrospective responsibility plan, the Company maintains an escrow account from which settlements of, or judgments in, certain litigation referred to as the “U.S. covered litigation” are paid. The accrual related to the U.S. covered litigation could be either higher or lower than the U.S. litigation escrow account balance. See Note 13—Legal Matters. The following table presents the changes in the restricted cash equivalents—U.S. litigation escrow account:
| Six Months Ended March 31,
| 2022 |  | 2021
| (in millions)
Balance at beginning of period | $ | 894 |  |  | $ | 901 |
Deposits into the litigation escrow account | 250 |  |  | — |
Payments to opt-out merchants(1) and interest earned on escrow funds | (262) |  |  | (7) |
Balance at end of period | $ | 882 |  |  | $ | 894 |
(1)These payments are associated with the interchange multidistrict litigation. See Note 13—Legal Matters. Europe Retrospective Responsibility Plan Visa Inc., Visa International and Visa Europe are parties to certain existing and potential litigation relating to the setting of multilateral interchange fee rates in the Visa Europe territory (the “VE territory covered litigation”). Under the terms of the Europe retrospective responsibility plan, the Company is entitled to recover certain losses resulting from VE territory covered litigation (the “VE territory covered losses”) through a periodic adjustment to the class A common stock conversion rates applicable to the series B and C preferred stock. VE territory covered losses are recorded in “right to recover for covered losses” within stockholders’ equity before the corresponding adjustment to the applicable conversion rate is effected. Adjustments to the conversion rate may be executed once in any six-month period unless a single, individual loss greater than €20 million is incurred, in which case, the six-month limitation does not apply. When the adjustment to the conversion rate is made, the amount previously recorded in “right to recover for covered losses” as contra-equity is then recorded against the book value of the preferred stock within stockholders’ equity. The following table presents the activities related to VE territory covered losses in preferred stock and “right to recover for covered losses” within stockholders’ equity:
| Preferred Stock |  | Right to Recover for Covered Losses
| Series B |  | Series C |
| (in millions)
Balance as of September 30, 2021 | $ | 1,071 |  |  | $ | 1,523 |  |  | $ | (133) |
VE territory covered losses incurred(1) | — |  |  | — |  |  | (16) |
Recovery through conversion rate adjustment | (26) |  |  | (3) |  |  | 29 |
Balance as of March 31, 2022 | $ | 1,045 |  |  | $ | 1,520 |  |  | $ | (120) |
| Preferred Stock |  | Right to Recover for Covered Losses
| Series B |  | Series C |
| (in millions)
Balance as of September 30, 2020 | $ | 1,106 |  |  | $ | 1,543 |  |  | $ | (39) |
VE territory covered losses incurred(1) | — |  |  | — |  |  | (17) |
Recovery through conversion rate adjustment | (9) |  |  | (6) |  |  | 15 |
Balance as of March 31, 2021 | $ | 1,097 |  |  | $ | 1,537 |  |  | $ | (41) |
(1)VE territory covered losses incurred reflect settlements with merchants and additional legal costs. See Note 13—Legal Matters. The following table presents the as-converted value of the preferred stock available to recover VE territory covered losses compared to the book value of preferred stock recorded in stockholders’ equity within the Company’s consolidated balance sheets:
| March 31, 2022 |  | September 30, 2021
| As-converted Value of Preferred Stock(1),(2) |  | Book Value of Preferred Stock(1) |  | As-converted Value of Preferred Stock(1),(3) |  | Book Value of Preferred Stock(1)
| (in millions)
Series B preferred stock | $ | 3,450 |  |  | $ | 1,045 |  |  | $ | 3,493 |  |  | $ | 1,071 |
Series C preferred stock | 4,781 |  |  | 1,520 |  |  | 4,806 |  |  | 1,523 |
Total | 8,231 |  |  | 2,565 |  |  | 8,299 |  |  | 2,594 |
Less: right to recover for covered losses | (120) |  |  | (120) |  |  | (133) |  |  | (133) |
Total recovery for covered losses available | $ | 8,111 |  |  | $ | 2,445 |  |  | $ | 8,166 |  |  | $ | 2,461 |
(1)Figures in the table may not recalculate exactly due to rounding. As-converted and book values are based on unrounded numbers. (2)As of March 31, 2022, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 6.271 and 6.829, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $221.77, Visa’s class A common stock closing stock price. (3)As of September 30, 2021, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 6.321 and 6.834, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $222.75, Visa’s class A common stock closing stock price.

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