Debt

9 Months Ended

Jun. 30, 2019

Debt Disclosure [Abstract]

Debt

Note 6—Debt

The Company had outstanding debt as follows:

	June 30, 2019			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	(111		)	(120		)
Hedge accounting fair value adjustments	55			—
Total long-term debt	$	16,694		$	16,630

The Company recognized interest expense for its senior notes of $106 million and $137 million for the three months ended June 30, 2019 and 2018, respectively, and $350 million and $413 million for the nine months ended June 30, 2019 and 2018, respectively. Interest expense for the three and nine months ended June 30, 2019 includes adjustments related to the Company’s hedging program. Effective interest rates disclosed in the table above do not reflect hedge accounting adjustments. Hedge accounting adjustments impacting the carrying value of the Company’s long-term debt are a result of gains or losses related to fair value hedges. These gains or losses are recognized in earnings, along with a corresponding gain or loss related to the change in value of the underlying hedged item, within non-operating income (expense) in the Company’s consolidated statement of operations. See Note 5—Fair Value Measurements and Investments for a description of the Company’s accounting treatment for fair value hedges.

Credit facility. On July 25, 2019, the Company entered into an amended and restated credit agreement for a 5 year, unsecured $5.0 billion revolving credit facility (the "Credit Facility"), which will expire on July 25, 2024. The Credit Facility is no longer governed by any financial covenants. This facility is maintained to ensure the integrity of the payment card settlement process and for general corporate purposes. Interest on borrowings under the Credit Facility will be charged at the London Interbank Offered Rate or an alternative base rate, in each case plus applicable margins that fluctuate based on the applicable credit rating of the Company's senior unsecured long-term debt.