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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q

☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended December 31, 2021

OR

☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-33977
v-20211231_g1.gif
VISA INC.
(Exact name of Registrant as specified in its charter)
Delaware 26-0267673
(State or other jurisdiction
of incorporation or organization)		 (IRS Employer
Identification No.)
P.O. Box 8999 94128-8999
San Francisco,
California
(Address of principal executive offices) (Zip Code)
(650) 432-3200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol Name of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareVNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☑    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐ No  ☑
As of January 19, 2022, there were 1,658,423,632 shares outstanding of the registrant’s class A common stock, par value $0.0001 per share, 245,513,385 shares outstanding of the registrant’s class B common stock, par value $0.0001 per share, and 10,281,997 shares outstanding of the registrant’s class C common stock, par value $0.0001 per share.

Table of Contents
VISA INC.
TABLE OF CONTENTS
 
  Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
3
Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1.Financial Statements (Unaudited)
VISA INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
December 31,
2021		September 30,
2021
 (in millions, except per share data)
Assets
Cash and cash equivalents$14,720 $16,487 
Restricted cash equivalents—U.S. litigation escrow1,144 894 
Investment securities1,201 2,025 
Settlement receivable1,788 1,758 
Accounts receivable2,168 1,968 
Customer collateral2,284 2,260 
Current portion of client incentives1,334 1,359 
Prepaid expenses and other current assets1,267 856 
Total current assets25,906 27,607 
Investment securities2,087 1,705 
Client incentives3,290 3,245 
Property, equipment and technology, net2,908 2,715 
Goodwill16,555 15,958 
Intangible assets, net27,272 27,664 
Other assets3,911 4,002 
Total assets$81,929 $82,896 
Liabilities
Accounts payable$252 $266 
Settlement payable2,774 2,443 
Customer collateral2,284 2,260 
Accrued compensation and benefits725 1,211 
Client incentives5,294 5,243 
Accrued liabilities2,965 2,334 
Current maturities of debt3,247 999 
Accrued litigation1,027 983 
Total current liabilities18,568 15,739 
Long-term debt17,673 19,978 
Deferred tax liabilities6,078 6,128 
Other liabilities3,416 3,462 
Total liabilities45,735 45,307 
Equity
Preferred stock, $0.0001 par value, 25 shares authorized and 5 shares issued and outstanding as follows:
Series A convertible participating preferred stock, less than one shares issued and outstanding at December 31, 2021 and September 30, 2021 (the “series A preferred stock”)
430 486 
Series B convertible participating preferred stock, 2 shares issued and outstanding at December 31, 2021 and September 30, 2021 (the “series B preferred stock”)
1,045 1,071 
Series C convertible participating preferred stock, 3 shares issued and outstanding at December 31, 2021 and September 30, 2021 (the “series C preferred stock”)
1,520 1,523 
Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 1,661 and 1,677 shares issued and outstanding at December 31, 2021 and September 30, 2021 respectively
— — 
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at December 31, 2021 and September 30, 2021
— — 
Class C common stock, $0.0001 par value, 1,097 shares authorized, 10 shares issued and outstanding at December 31, 2021 and September 30, 2021
— — 
Right to recover for covered losses(111)(133)
Additional paid-in capital18,776 18,855 
Accumulated income14,606 15,351 
Accumulated other comprehensive income (loss), net:
Investment securities(9)(1)
Defined benefit pension and other postretirement plans(47)(49)
Derivative instruments(171)(257)
Foreign currency translation adjustments155 743 
Total accumulated other comprehensive income (loss), net(72)436 
Total equity36,194 37,589 
Total liabilities and equity$81,929 $82,896 
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
4
Table of Contents
VISA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
 Three Months Ended
December 31,
 20212020
 (in millions, except per share data)
Net revenues $7,059 $5,687 
Operating Expenses
Personnel 1,125 981 
Marketing 280 205 
Network and processing 190 173 
Professional fees 100 83 
Depreciation and amortization 198 197 
General and administrative 242 203 
Litigation provision148 1 
Total operating expenses 2,283 1,843 
Operating income 4,776 3,844 
Non-operating Income (Expense)
Interest expense, net (134)(136)
Investment income and other 255 40 
Total non-operating income (expense)121 (96)
Income before income taxes 4,897 3,748 
Income tax provision938 622 
Net income $3,959 $3,126 
Basic Earnings Per Share
Class A common stock $1.84 $1.42 
Class B common stock $2.98 $2.31 
Class C common stock $7.35 $5.69 
Basic Weighted-average Shares Outstanding
Class A common stock 1,669 1,694 
Class B common stock 245 245 
Class C common stock 10 11 
Diluted Earnings Per Share
Class A common stock $1.83 $1.42 
Class B common stock $2.98 $2.31 
Class C common stock $7.34 $5.68 
Diluted Weighted-average Shares Outstanding
Class A common stock 2,159 2,200 
Class B common stock 245 245 
Class C common stock 10 11 
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 Three Months Ended
December 31,
 20212020
 (in millions)
Net income$3,959 $3,126 
Other comprehensive income (loss), net of tax:
Investment securities:
Net unrealized gain (loss)(10)(1)
Income tax effect2 — 
Defined benefit pension and other postretirement plans:
Net unrealized actuarial gain (loss) and prior service credit (cost)
1 (1)
Income tax effect— 1 
Reclassification adjustments1 3 
Income tax effect— (1)
Derivative instruments:
Net unrealized gain (loss)114 (297)
Income tax effect(22)63 
Reclassification adjustments(6)(18)
Income tax effect— 5 
Foreign currency translation adjustments(588)1,046 
Other comprehensive income (loss), net of tax(508)800 
Comprehensive income$3,451 $3,926 

See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
Three Months Ended December 31, 2021
 Preferred StockCommon StockPreferred StockRight to Recover for Covered LossesAdditional
Paid-In Capital		Accumulated
Income		Accumulated
Other
Comprehensive
 Income (Loss), Net		Total
Equity
 Series
A		Series BSeries CClass AClass BClass C
 (in millions, except per share data)
Balance as of September 30, 2021— 
(1)
2 3 1,677 245 10 $3,080 $(133)$18,855 $15,351 $436 $37,589 
Net income 3,959 3,959 
Other comprehensive income (loss), net of tax
(508)(508)
Comprehensive income 3,451 
VE territory covered losses incurred(7)(7)
Recovery through conversion rate adjustment(29)29 — 
Conversion of series A preferred stock upon sales into public market— 
(1)
1 (56)56 — 
Conversion of class C common stock upon sales into public market
— 
(1)
— 
(1)
— 
Share-based compensation, net of forfeitures128 128 
Vesting of restricted stock and performance-based shares
2 — 
Restricted stock and performance-based shares settled in cash for taxes
— 
(1)
(113)(113)
Cash proceeds from issuance of class A common stock under employee equity plans
(1)
59 59 
Cash dividends declared and paid, at a quarterly amount of $0.375 per class A common stock
(809)(809)
Repurchase of class A common stock(19)(209)(3,895)(4,104)
Balance as of December 31, 2021— 
(1)
2 3 1,661 245 10 $2,995 $(111)$18,776 $14,606 $(72)$36,194 
(1)Increase, decrease or balance is less than one million shares.
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Three Months Ended December 31, 2020
 Preferred StockCommon StockPreferred StockRight to Recover for Covered LossesAdditional
Paid-In Capital		Accumulated
Income		Accumulated
Other
Comprehensive
 Income (Loss), Net		Total
Equity
 Series
A		Series BSeries CClass AClass BClass C
 (in millions, except per share data)
Balance as of September 30, 2020— 
(1)
2 3 1,683 245 11 $5,086 $(39)$16,721 $14,088 $354 $36,210 
Net income 3,126 3,126 
Other comprehensive income (loss), net of tax
800 800 
Comprehensive income 3,926 
Adoption of new accounting standards3 3 
VE territory covered losses incurred(10)(10)
Recovery through conversion rate adjustment(15)15 — 
Conversion of series A preferred stock upon sales into public market— 
(1)
20 (1,388)1,388 — 
Conversion of class C common stock upon sales into public market
— 
(1)
— 
(1)
— 
Share-based compensation, net of forfeitures

122 122 
Vesting of restricted stock and performance-based shares
3 — 
Restricted stock and performance-based shares settled in cash for taxes
(1)(134)(134)
Cash proceeds from issuance of class A common stock under employee equity plans— 
(1)
61 61 
Cash dividends declared and paid, at a quarterly amount of $0.32 per class A common stock
(703)(703)
Repurchase of class A common stock(9)(95)(1,701)(1,796)
Balance as of December 31, 2020— 
(1)
2 3 1,696 245 11 $3,683 $(34)$18,063 $14,813 $1,154 $37,679 
(1)Increase, decrease or balance is less than one million shares.


See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
 Three Months Ended
December 31,
 20212020
 (in millions)
Operating Activities
Net income $3,959 $3,126 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentives 2,371 1,858 
Share-based compensation 128 122 
Depreciation and amortization of property, equipment, technology and intangible assets 198 197 
Deferred income taxes (15)5 
VE territory covered losses incurred (7)(10)
(Gains) losses on equity investments, net(231)(16)
Other (32)41 
Change in operating assets and liabilities:
Settlement receivable (76)(244)
Accounts receivable (213)(108)
Client incentives (2,339)(1,485)
Other assets (163)235 
Accounts payable (9)(39)
Settlement payable 409 194 
Accrued and other liabilities 206 (357)
Accrued litigation 46 (6)
Net cash provided by (used in) operating activities 4,232 3,513 
Investing Activities
Purchases of property, equipment and technology (173)(160)
Investment securities:
Purchases (951)(1,315)
Proceeds from maturities and sales 1,374 2,163 
Acquisitions, net of cash acquired (832)(75)
Purchases of / contributions to other investments (37)(18)
Other investing activities 72 44 
Net cash provided by (used in) investing activities (547)639 
Financing Activities
Repurchase of class A common stock (4,104)(1,796)
Repayments of debt — (3,000)
Dividends paid (809)(703)
Cash proceeds from issuance of class A common stock under employee equity plans 59 61 
Restricted stock and performance-based shares settled in cash for taxes(113)(134)
Net cash provided by (used in) financing activities (4,967)(5,572)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
(194)304 
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
(1,476)(1,116)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period19,799 19,171 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$18,323 $18,055 
Supplemental Disclosure
Cash paid for income taxes, net $268 $252 
Interest payments on debt $244 $281 
Accruals related to purchases of property, equipment and technology $53 $13 


See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1—Summary of Significant Accounting Policies
Organization. Visa Inc. (“Visa” or the “Company”) is a global payments technology company that facilitates global commerce and money movement across more than 200 countries and territories. Visa and its wholly-owned consolidated subsidiaries operate one of the world’s largest electronic payments network — VisaNet — which provides transaction processing services (primarily authorization, clearing and settlement). The Company offers products and solutions that facilitate secure, reliable and efficient money movement for all participants in the ecosystem. Visa is not a financial institution and does not issue cards, extend credit or set rates and fees for account holders of Visa products. In most cases, account holder and merchant relationships belong to, and are managed by, Visa’s financial institution clients.
Consolidation and basis of presentation. The accompanying unaudited consolidated financial statements include the accounts of Visa and its consolidated entities and are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company consolidates its majority-owned and controlled entities, including variable interest entities (“VIEs”) for which the Company is the primary beneficiary. The Company’s investments in VIEs have not been material to its unaudited consolidated financial statements as of and for the periods presented. All significant intercompany accounts and transactions are eliminated in consolidation.
The accompanying unaudited consolidated financial statements are presented in accordance with the U.S. Securities and Exchange Commission (“SEC”) requirements for Quarterly Reports on Form 10-Q and, consequently, do not include all of the annual disclosures required by U.S. GAAP. Reference should be made to the Visa Annual Report on Form 10-K for the year ended September 30, 2021 for additional disclosures, including a summary of the Company’s significant accounting policies.
In the opinion of management, the accompanying unaudited consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented. The results of operations for interim periods are not necessarily indicative of results for the full year.
Use of estimates. The preparation of the accompanying unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and reported amounts of revenues and expenses during the reporting period. These estimates may change as new events occur and additional information is obtained, and will be recognized in the period in which such changes occur. Future actual results could differ materially from these estimates. As the effects of the evolving coronavirus (“COVID-19”) pandemic continue, much remains uncertain. There have been no comparable recent events and as a result the ultimate impact of COVID-19 and the extent to which COVID-19 and new variants continue to impact the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and difficult to predict.
Recently Adopted Accounting Pronouncements
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, which simplifies the accounting for income taxes by removing certain exceptions to the general principles in the existing guidance and making other minor improvements. The Company adopted this guidance effective October 1, 2021. The adoption did not have a material impact on the consolidated financial statements.
In January 2020, the FASB issued ASU 2020-01, which clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for purposes of applying the fair value measurement alternative. The Company adopted this guidance effective October 1, 2021. The adoption did not have a material impact on the consolidated financial statements.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Note 2—Acquisitions
Closed Acquisition
On December 20, 2021, Visa acquired The Currency Cloud Group Limited (“Currencycloud”), a UK-based global platform that enables banks and fintechs to provide innovative foreign exchange solutions for cross-border payments, for a total purchase consideration of $893 million (which includes the fair value of Visa’s previously held equity interest in Currencycloud). As a result of this transaction closing days before the quarter-end, the initial allocation of the purchase price has not yet been completed. On a provisional basis, the Company allocated $210 million to technology, intangible assets and deferred tax liabilities and $683 million to goodwill. The Company expects to finalize the purchase price allocation once the information required to complete the accounting is available, but no later than one year from the acquisition date.
Pending Acquisition
On June 24, 2021, Visa entered into a definitive agreement to acquire Tink AB (“Tink”) for €1.8 billion, inclusive of cash and retention incentives. Tink is a European open banking platform that enables financial institutions, fintechs and merchants to build tailored financial management tools, products and services for European consumers and businesses based on their financial data. This acquisition is subject to customary closing conditions, including regulatory reviews and approvals.
Note 3—Revenues
The nature, amount, timing and uncertainty of the Company’s revenues and cash flows and how they are affected by economic factors are most appropriately depicted through the Company’s revenue categories and geographical markets. The following tables disaggregate the Company’s net revenues by revenue category and by geography:
Three Months Ended
December 31,
20212020
(in millions)
Service revenues$3,193 $2,677 
Data processing revenues3,614 3,033 
International transaction revenues2,174 1,451 
Other revenues449 384 
Client incentives(2,371)(1,858)
Net revenues $7,059 $5,687 

Three Months Ended
December 31,
20212020
(in millions)
U.S.$3,178 $2,667 
International3,881 3,020 
Net revenues$7,059 $5,687 
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Note 4—Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
The Company reconciles cash, cash equivalents, restricted cash and restricted cash equivalents reported in the consolidated balance sheets that aggregate to the beginning and ending balances shown in the consolidated statements of cash flows as follows:
December 31,
2021		September 30,
2021
(in millions)
Cash and cash equivalents$14,720 $16,487 
Restricted cash and restricted cash equivalents:
U.S. litigation escrow1,144 894 
Customer collateral2,284 2,260 
Prepaid expenses and other current assets 175 158 
Cash, cash equivalents, restricted cash and restricted cash equivalents
$18,323 $19,799 
Note 5—U.S. and Europe Retrospective Responsibility Plans
U.S. Retrospective Responsibility Plan
Under the terms of the U.S. retrospective responsibility plan, the Company maintains an escrow account from which settlements of, or judgments in, certain litigation referred to as the “U.S. covered litigation” are paid. The accrual related to the U.S. covered litigation could be either higher or lower than the U.S. litigation escrow account balance. See Note 13—Legal Matters.
The following table presents the changes in the restricted cash equivalents—U.S. litigation escrow account:
Three Months Ended
December 31,
20212020
 (in millions)
Balance at beginning of period$894 $901 
Deposits into the litigation escrow account250 — 
Payments to opt-out merchants(1) and interest earned on escrow funds
— (7)
Balance at end of period$1,144 $894 
(1)These payments are associated with the interchange multidistrict litigation. See Note 13—Legal Matters.
Europe Retrospective Responsibility Plan
Visa Inc., Visa International and Visa Europe are parties to certain existing and potential litigation relating to the setting of multilateral interchange fee rates in the Visa Europe territory (the “VE territory covered litigation”). Under the terms of the Europe retrospective responsibility plan, the Company is entitled to recover certain losses resulting from VE territory covered litigation (the “VE territory covered losses”) through a periodic adjustment to the class A common stock conversion rates applicable to the series B and C preferred stock. VE territory covered losses are recorded in “right to recover for covered losses” within stockholders’ equity before the corresponding adjustment to the applicable conversion rate is effected. Adjustments to the conversion rate may be executed once in any six-month period unless a single, individual loss greater than €20 million is incurred, in which case, the six-month limitation does not apply. When the adjustment to the conversion rate is made, the amount previously recorded in “right to recover for covered losses” as contra-equity is then recorded against the book value of the preferred stock within stockholders’ equity. During the three months ended December 31, 2021, the Company recovered $29 million of VE territory covered losses through adjustments to the class A common stock conversion rates applicable to the series B and C preferred stock.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
The following table presents the activities related to VE territory covered losses in preferred stock and “right to recover for covered losses” within stockholders’ equity:
Preferred StockRight to Recover for Covered Losses
Series BSeries C
(in millions)
Balance as of September 30, 2021$1,071 $1,523 $(133)
VE territory covered losses incurred(1)
— — (7)
Recovery through conversion rate adjustment(26)(3)29 
Balance as of December 31, 2021$1,045 $1,520 $(111)
Preferred StockRight to Recover for Covered Losses
Series BSeries C
(in millions)
Balance as of September 30, 2020$1,106 $1,543 $(39)
VE territory covered losses incurred(1)
— — (10)
Recovery through conversion rate adjustment(9)(6)15 
Balance as of December 31, 2020$1,097 $1,537 $(34)
(1)VE territory covered losses incurred reflect settlements with merchants and additional legal costs. See Note 13—Legal Matters.
The following table presents the as-converted value of the preferred stock available to recover VE territory covered losses compared to the book value of preferred stock recorded in stockholders’ equity within the Company’s consolidated balance sheets:
December 31, 2021September 30, 2021
As-converted Value of Preferred Stock(1),(2)
Book Value of Preferred Stock(1)
As-converted Value of Preferred Stock(1),(3)
Book Value of Preferred Stock(1)
(in millions)
Series B preferred stock$3,371 $1,045 $3,493 $1,071 
Series C preferred stock4,672 1,520 4,806 1,523 
Total8,043 2,565 8,299 2,594 
Less: right to recover for covered losses(111)(111)(133)(133)
Total recovery for covered losses available$7,932 $2,454 $8,166 $2,461 
(1)Figures in the table may not recalculate exactly due to rounding. As-converted and book values are based on unrounded numbers.
(2)As of December 31, 2021, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 6.271 and 6.829, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $216.71, Visa’s class A common stock closing stock price.
(3)As of September 30, 2021, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 6.321 and 6.834, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $222.75, Visa’s class A common stock closing stock price.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Note 6—Fair Value Measurements and Investments
Assets and Liabilities Measured at Fair Value on a Recurring Basis
 Fair Value Measurements
Using Inputs Considered as
 Level 1Level 2
 December 31,
2021		September 30,
2021		December 31,
2021		September 30,
2021
 (in millions)
Assets
Cash equivalents and restricted cash equivalents:
Money market funds
$11,084 $11,779 $— $— 
U.S. government-sponsored debt securities
— — 541 100 
U.S. Treasury securities
1,075 2,400 — — 
Investment securities:
Marketable equity securities
481 490 — — 
U.S. government-sponsored debt securities
— — 510 245 
U.S. Treasury securities
2,287 2,985 — — 
Other current and non-current assets:
Money market funds
4 4 — — 
Derivative instruments
— — 408 410 
Total $14,931 $17,658 $1,459 $755 
Liabilities
Accrued compensation and benefits:
Deferred compensation liability
$209 $167 $— $— 
Accrued and other liabilities:
Derivative instruments
— — 62 109 
Total $209 $167 $62 $109 
Level 1 assets and liabilities. Money market funds, marketable equity securities and U.S. Treasury securities are classified as Level 1 within the fair value hierarchy, as fair value is based on unadjusted quoted prices in active markets for identical assets and liabilities. The Company’s deferred compensation liability is measured at fair value based on marketable equity securities held under the deferred compensation plan.
Level 2 assets and liabilities. The fair value of U.S. government-sponsored debt securities, as provided by third-party pricing vendors, is based on quoted prices in active markets for similar, not identical, assets. Derivative instruments are valued using inputs that are observable in the market or can be derived principally from or corroborated by observable market data.
U.S. government-sponsored debt securities and U.S. Treasury securities. As of December 31, 2021 and September 30, 2021, gross unrealized gains and losses were not material. As of December 31, 2021, $2.3 billion of the Company’s debt securities are due within one year and $2.1 billion is due between one to five years.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Assets Measured at Fair Value on a Non-recurring Basis
Non-marketable equity securities. The Company’s non-marketable equity securities are investments in privately held companies without readily determinable market values. These investments are classified as Level 3 due to the absence of quoted market prices, the inherent lack of liquidity and the fact that inputs used to measure fair value are unobservable and require management’s judgment.
The following table summarizes the total carrying value of the Company’s non-marketable equity securities held as of December 31, 2021 including cumulative unrealized gains and losses:
December 31,
2021
(in millions)
Initial cost basis$893 
Adjustments:
Upward adjustments818 
Downward adjustments (including impairment)(13)
Carrying amount, end of period$1,698 
Unrealized gains and losses included in the carrying value of the Company’s non-marketable equity securities still held as of December 31, 2021 and 2020 were as follows:
Three Months Ended
December 31,
20212020
(in millions)
Upward adjustments$224 $14 
Downward adjustments (including impairment)$— $(2)
The Company recognized net unrealized gains on marketable and non-marketable equity securities still held as of quarter end of $172 million and $29 million for the three months ended December 31, 2021 and 2020, respectively.
Non-financial assets and liabilities. Certain non-financial assets such as goodwill, intangible assets and property, equipment and technology are only recognized at fair value if they are deemed to be impaired. As of December 31, 2021, there were no impairment indicators.
Other Fair Value Disclosures
Debt. Debt instruments are measured at amortized cost on the Company’s unaudited consolidated balance sheets. The fair value of the debt instruments, as provided by third-party pricing vendors, is based on quoted prices in active markets for similar, not identical, assets. If measured at fair value in the financial statements, these instruments would be classified as Level 2 in the fair value hierarchy. As of December 31, 2021, the carrying value and estimated fair value of debt was $20.9 billion and $22.5 billion, respectively. As of September 30, 2021, the carrying value and estimated fair value of debt was $21.0 billion and $22.5 billion, respectively.
Other financial instruments not measured at fair value. At December 31, 2021, the carrying value of settlement receivable and payable and customer collateral approximates fair value due to their generally short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 in the fair value hierarchy.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Note 7—Debt
The Company had outstanding debt as follows:
December 31,
2021		September 30,
2021
Effective Interest Rate(1)
(in millions, except percentages)
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 1,500 2.02 %
0.75% Senior Notes due August 2027
500