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Debt
 12 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Debt
Note 9—Debt
The Company had outstanding debt as follows:
 
September 30, 2019
 
September 30, 2018
 
Effective Interest Rate(1)
 
(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
(108
)
 
(120
)
 
 
Hedge accounting fair value adjustments(2)
87

 
—

 
 
Total long-term debt
$
16,729

 
$
16,630

 
 


(1) 
Effective interest rates disclosed do not reflect hedge accounting adjustments.
(2) 
Represents the change in fair value of interest rate swap agreements entered into on a portion of the outstanding Senior Notes. See Note 1—Summary of Significant Accounting Policies and Note 12—Derivative and Non-derivative Financial Instruments.
Senior Notes
The Company’s outstanding senior notes, or collectively, the “Notes”, are senior unsecured obligations of the Company, ranking equally and ratably among themselves and with the Company’s existing and future unsecured and unsubordinated debt. The Notes are not secured by any assets of the Company and are not guaranteed by any of the Company’s subsidiaries. The Company was in compliance with all related covenants as of September 30, 2019. Each series of Notes may be redeemed as a whole or in part at the Company’s option at any time at specified redemption prices.
At September 30, 2019, future principal payments on the Company’s outstanding debt are as follows:
 
For the Years Ending September 30,

2020
 
2021
 
2022
 
2023
 
2024
 
Thereafter
 
Total
 
(in millions)
Future principal payments
$
—

 
$
3,000

 
$
1,000

 
$
2,250

 
$
—

 
$
10,500

 
$
16,750


Commercial Paper Program
Visa maintains a commercial paper program to support its working capital requirements and for other general corporate purposes. Under the program, the Company is authorized to issue up to $3.0 billion in outstanding notes, with maturities up to 397 days from the date of issuance. The Company had no outstanding obligations under the program as of September 30, 2019 and 2018.
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 Credit 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. The Company has agreed to pay a commitment fee which will fluctuate based on such applicable rating of the Company. The Company had no amounts outstanding under the Credit Facility as of September 30, 2019 and 2018.