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Share-based Compensation (Tables)

12 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Weighted-Average Assumption Model for Stock Options

The fair value of each stock option was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:

			For the Years Ended September 30,
			2023						2022						2021
Expected term (in years)(1)			4.17						4.11						4.07
Risk-free rate of return(2)			4.0		%				1.1		%				0.3		%
Expected volatility(3)			28.6		%				27.1		%				25.1		%
Expected dividend yield(4)			0.8		%				0.7		%				0.6		%
Fair value per option granted			$	57.31					$	43.16					$	39.51

(1)Based on Visa’s historical exercise experience.

(2)Based on the zero-coupon U.S. Treasury constant maturity yield curve, continuously compounded over the expected term of the awards.

(3)Based on the Company’s implied and historical volatilities.

(4)Based on the Company’s annual dividend rate on the date of grant.

Options Activity Disclosure

The following table summarizes the Company’s option activity:

			Options						Weighted- Average Exercise Price Per Share						Weighted- Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value(1) (in millions)
Outstanding as of September 30, 2022			6,168,624						$	145.92
Granted			798,017						$	211.09
Forfeited			(32,358)						$	205.35
Expired			(2,716)						$	191.77
Exercised			(1,006,212)						$	98.54
Outstanding as of September 30, 2023			5,925,355						$	162.40					5.96						$	401
Options exercisable as of September 30, 2023			4,241,861						$	144.75					5.01						$	362
Options exercisable and expected to vest as of September 30, 2023(2)			5,884,022						$	162.07					5.94						$	400

(1)Calculated using the closing stock price on the last trading day of fiscal 2023 of $230.01, less the option exercise price, multiplied by the number of instruments.

(2)Applied a forfeiture rate to unvested options outstanding as of September 30, 2023 to estimate the options expected to vest in the future.

Restricted Stock Unit Activity Disclosure

The following table summarizes the Company’s RSU activity:

			Units						Weighted- Average Grant Date Fair Value						Weighted- Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value(1) (in millions)
Outstanding as of September 30, 2022			5,794,320						$	203.23
Granted			3,373,137						$	212.94
Vested			(2,428,334)						$	200.33
Forfeited			(321,726)						$	207.97
Outstanding as of September 30, 2023			6,417,397						$	209.19					0.96						$	1,476

(1)Calculated by multiplying the closing stock price on the last trading day of fiscal 2023 of $230.01 by the number of instruments.

Weighted-Average Assumption Model for PSUs

The fair value of each performance-based shares incorporating the market condition was estimated on the date of grant using a Monte Carlo simulation model with the following weighted-average assumptions:

			For the Years Ended September 30,
			2023						2022						2021
Expected term (in years)			2.15						2.05						2.00
Risk-free rate of return(1)			4.4		%				0.5		%				0.2		%
Expected volatility(2)			28.9		%				28.3		%				27.2		%
Expected dividend yield(3)			0.8		%				0.8		%				0.6		%
Fair value per performance-based share granted			$	221.32					$	186.50					$	229.81

(1)Based on the zero-coupon U.S. treasury constant maturity yield curve, continuously compounded over the expected term of the awards.

(2)Based on the Company’s implied and historical volatilities.

(3)Based on the Company’s annual dividend rate on the date of grant.

Performance-based Shares Activity Disclosure

The following table summarizes the maximum number of performance-based shares which could be earned and related activity:

			Shares						Weighted- Average Grant Date Fair Value						Weighted- Average Remaining Contractual Term (in years)						Aggregate Intrinsic Value(1) (in millions)
Outstanding as of September 30, 2022			834,196						$	199.92
Granted(2)			551,818						$	221.32
Vested and earned			(219,523)						$	201.70
Unearned			(167,989)						$	194.42
Outstanding as of September 30, 2023			998,502						$	212.28					1.00						$	230

(1)Calculated by multiplying the closing stock price on the last trading day of fiscal 2023 of $230.01 by the number of instruments.

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

X

- Definition

Tabular disclosure of share-based payment arrangement.

+ References

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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-1

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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-Name Accounting Standards Codification
-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

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Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used, PSUs

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For each plan, identification of the award pricing model or other valuation method used in calculating the weighted average fair values disclosed. The model is also used to calculate the compensation expense that is shown within the balance sheet, income statement, and cash flow. Examples of valuation techniques are lattice models (binomial model), closed-form models (Black-Scholes-Merton formula), and a Monte Carlo simulation technique. Fair value is the amount at which an asset (or liability) could be bought (or incurred) or sold (or settled) in a current transaction between willing parties, that is, other than in a forced or liquidation sale. May include disclosures about the assumptions underlying application of the method selected.

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