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Share-based Compensation (Tables)
 12 Months Ended
Sep. 30, 2018
Share-based Compensation [Abstract]  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used
During fiscal 2018, 2017 and 2016, 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,
 
2018
 
2017
 
2016
Expected term (in years)(1)
4

 
4.23

 
4.35

Risk-free rate of return(2)
2.0
%
 
1.6
%
 
1.5
%
Expected volatility(3)
18.3
%
 
20.2
%
 
21.7
%
Expected dividend yield(4)
0.7
%
 
0.8
%
 
0.7
%
Fair value per option granted
$
18.24

 
$
13.90

 
$
15.01


(1) 
Until March 2018, this assumption was based on the Company’s historical option exercises and those of a set of peer companies that management believed to be generally comparable to Visa. The Company’s data was weighted based on the number of years between the measurement date and Visa’s IPO date as a percentage of the options’ contractual term. The relative weighting placed on Visa’s data and peer data for stock options granted until March 2018 in fiscal 2018 was approximately 97% and 3%, respectively, 87% and 13% in fiscal 2017, respectively, and 77% and 23% in fiscal 2016, respectively. The assumptions for stock options granted after March 2018 was based on Visa’s historical exercise experience as the passage of time since the Company’s IPO has exceeded 10 years.
(2) 
Based upon the zero coupon U.S. treasury bond rate over the expected term of the awards.
(3) 
Based on the Company’s implied and historical volatility. The expected volatility was approximately 18% in fiscal 2018 and 20% in fiscal 2017 and ranged from 20% to 23% in fiscal 2016.
(4) 
Based on the Company’s annual dividend rate on the date of grant.
Schedule of Share-based Compensation, Options Activity
The following table summarizes the Company’s option activity for fiscal 2018:
 
Options
 
Weighted-
Average
Exercise Price
Per Share
 
Weighted-
Average
Remaining
Contractual
Term
(in years)
 
Aggregate
Intrinsic
Value (1)
(in millions)
Outstanding at September 30, 2017
7,115,876

 
$
50.17

 
 
 
 
Granted
1,646,060

 
$
110.26

 
 
 
 
Forfeited
(281,952
)
 
$
93.19

 
 
 
 
Expired
(1,128
)
 
$
11.00

 
 
 
 
Exercised
(2,690,016
)
 
$
28.37

 
 
 
 
Outstanding at September 30, 2018
5,788,840

 
$
75.30

 
6.94
 
$433
Options exercisable at September 30, 2018
3,000,704

 
$
55.28

 
5.42
 
$285
Options exercisable and expected to vest at September 30, 2018(2)
5,567,702

 
$
74.23

 
6.86
 
$422
(1) 
Calculated using the closing stock price on the last trading day of fiscal 2018 of $150.09, less the option exercise price, multiplied by the number of instruments.
(2) 
Applies a forfeiture rate to unvested options outstanding at September 30, 2018 to estimate the options expected to vest in the future.
Restricted Share Activity Disclosure
The following table summarizes the Company’s RSA and RSU activity for fiscal 2018:
 
Restricted Stock
 
Weighted-
Average
Grant Date
Fair Value
 
Weighted-
Average
Remaining
Contractual
Term
(in years)
 
Aggregate
Intrinsic
Value (1)
(in millions)
 
Awards
 
Units
 
RSA
 
RSU
 
RSA
 
RSU
 
RSA
 
RSU
Outstanding at September 30, 2017
466,007

 
4,673,701

 
$
63.37

 
$
80.37

 
 
 
 
 
 
 
 
Granted
—

 
2,832,984

 
$
—

 
$
111.11

 
 
 
 
 
 
 
 
Vested
(451,297
)
 
(1,937,132
)
 
$
63.39

 
$
79.76

 
 
 
 
 
 
 
 
Forfeited
(14,710
)
 
(365,099
)
 
$
72.25

 
$
92.31

 
 
 
 
 
 
 
 
Outstanding at September 30, 2018
—

 
5,204,454

 
$
—

 
$
96.50

 
0.0
 
0.88
 
$
—

 
$781
(1) 
Calculated by multiplying the closing stock price on the last trading day of fiscal 2018 of $150.09 by the number of instruments.
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The following table summarizes the maximum number of performance-based shares which could be earned and related activity for fiscal 2018:
 
Shares
 
Weighted-
Average
Grant Date
Fair Value
 
Weighted-
Average
Remaining
Contractual
Term
(in years)
 
Aggregate
Intrinsic
Value (1)
(in millions)
Outstanding at September 30, 2017
937,675

 
$
84.20

 
 
 
 
Granted(2)
641,498

 
$
120.11

 
 
 
 
Vested and earned
(355,563
)
 
$
88.05

 
 
 
 
Unearned
(48,980
)
 
$
76.07

 
 
 
 
Forfeited
(175,214
)
 
$
108.05

 
 
 
 
Outstanding at September 30, 2018
999,416

 
$
102.07

 
0.94
 
$150
(1) 
Calculated by multiplying the closing stock price on the last trading day of fiscal 2018 of $150.09 by the number of instruments.
(2) 
Represents the maximum number of performance-based shares which could be earned.