Debt

9 Months Ended

Jun. 30, 2020

Note 8—Debt

The Company had outstanding debt as follows:


	June 30, 2020		September 30, 2019		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	%
1.90% Senior Notes due April 2027	1,500		—		2.02	%
2.75% Senior Notes due September 2027	750		750		2.91	%
2.05% Senior Notes due April 2030	1,500		—		2.13	%
4.15% Senior Notes due December 2035	1,500		1,500		4.23	%
2.70% Senior Notes due April 2040	1,000		—		2.80	%
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 debt	20,750		16,750
Unamortized discounts and debt issuance costs	(134)		(108)
Hedge accounting fair value adjustments⁽²⁾	263		87
Total carrying value of debt	$	20,879	$	16,729

Reported as:
Current maturities of debt	$	2,999	$	—
Long-term debt	17,880		16,729
Total carrying value of debt	$	20,879	$	16,729

⁽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 certain outstanding senior notes.

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. During the three months ended June 30, 2020, the Company repaid $1.0 billion of commercial paper that was issued during the three months ended March 31, 2020. The Company had no outstanding obligations under the program at June 30, 2020 and September 30, 2019.

Senior Notes

In April 2020, the Company issued fixed-rate senior notes in a public offering for an aggregate principal amount of $4.0 billion, with maturities ranging between 7 and 20 years. The April 2027 Notes, 2030 Notes and 2040 Notes, or collectively, the "2020 Notes", have interest rates of 1.90%, 2.05% and 2.70%, respectively. Interest on the 2020 Notes is payable semi-annually on April 15 and October 15 of each year, commencing October 15, 2020. The net aggregate proceeds, after deducting discounts and debt issuance costs, were approximately $4.0 billion. The Company plans to use the net proceeds for general corporate purposes.

The 2020 Notes are senior unsecured obligations of the Company, ranking equally with the Company's other senior unsecured indebtedness. The Company may redeem the 2020 Notes as a whole or in part at any time and from time to time at specified redemption prices.

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	$	—	$	14,500	$	20,750