The Company sponsors various qualified and non-qualified defined benefit pension and other postretirement benefit plans that provide for retirement and medical benefits for all eligible employees residing in the U. S. The Company also sponsors other pension benefit plans that provide benefits for internationally-based employees at certain non-U.S. locations.

Disclosures presented below include the U.S. pension plans and the non-U.S. plans, comprising only the Visa Europe plans. Disclosures relating to other U.S. postretirement benefit plans and other non-U.S. pension benefit plans are not included as they are immaterial, individually and in aggregate. The Company uses a September 30 measurement date for its pension and other postretirement benefit plans.

Defined benefit pension plans. The U.S. pension benefits under the defined benefit pension plan were earned based on a cash balance formula. An employee’s cash balance account was credited with an amount equal to 6% of eligible compensation plus interest based on 30-year Treasury securities. In October 2015, the Company’s board of directors approved an amendment of the U.S. qualified defined benefit pension plan such that the Company discontinued employer provided credits after December 31, 2015. Plan participants continue to earn interest credits on existing balances at the time of the freeze.

Under the Visa Europe plans, retirement benefits are provided based on the participants’ final pensionable pay and are currently closed to new entrants. However, future benefits continue to accrue for active participants. The funding policy is to contribute in accordance with the appropriate funding requirements agreed with the trustees of the UK pension plans. Additional funding amounts may be agreed to with the UK pension plan trustees.



	U.S. Plans						Non-U.S. Plans
	September 30,						September 30,
	2019			2018			2019			2018
	(in millions)
Change in Pension Benefit Obligation:
Benefit obligation—beginning of fiscal year	$	844		$	913		$	452		$	433
Service cost	—			—			4			4
Interest cost	32			32			13			12
Actuarial loss (gain)	95			(38		)	109			24
Benefit payments	(52		)	(63		)	(22		)	(9		)
Plan amendment	—			—			1			—
Foreign currency exchange rate changes	—			—			(29		)	(12		)
Benefit obligation—end of fiscal year	$	919		$	844		$	528		$	452
Accumulated benefit obligation	$	919		$	844		$	528		$	452
Change in Plan Assets:
Fair value of plan assets—beginning of fiscal year	$	1,090		$	1,074		$	436		$	433
Actual return on plan assets	52			78			93			13
Company contribution	—			1			10			11
Benefit payments	(52		)	(63		)	(22		)	(9		)
Foreign currency exchange rate changes	—			—			(27		)	(12		)
Fair value of plan assets—end of fiscal year	$	1,090		$	1,090		$	490		$	436
Funded status at end of fiscal year	$	171		$	246		$	(38	)	$	(16	)
Recognized in Consolidated Balance Sheets:
Non-current asset	$	178		$	252		$	—		$	—
Current liability	(1		)	(1		)	—			(10		)
Non-current liability	(6		)	(5		)	(38		)	(6		)
Funded status at end of fiscal year	$	171		$	246		$	(38	)	$	(16	)



	U.S. Plans						Non-U.S. Plans
	September 30,						September 30,
	2019			2018			2019			2018
	(in millions)
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation—end of year	$	(7	)	$	(6	)	$	(528	)	$	(452	)
Fair value of plan assets—end of year	$	—		$	—		$	490		$	436
Projected benefit obligation in excess of plan assets
Benefit obligation—end of year	$	(7	)	$	(6	)	$	(528	)	$	(452	)
Fair value of plan assets—end of year	$	—		$	—		$	490		$	436



	U.S. Plans									Non-U.S. Plans
	For the Years Ended September 30,
	2019			2018			2017			2019			2018			2017
	(in millions)
Service cost	$	—		$	—		$	—		$	4		$	4		$	6
Interest cost	32			32			36			13			12			11
Expected return on assets	(71		)	(70		)	(70		)	(18		)	(20		)	(16		)
Amortization of actuarial loss	—			—			15			—			—			2
Settlement loss	7			3			15			—			—			—
Total net periodic benefit cost	$	(32	)	$	(35	)	$	(4	)	$	(1	)	$	(4	)	$	3



	U.S. Plans									Non-U.S. Plans
	For the Years Ended September 30,
	2019			2018			2017			2019		2018		2017
	(in millions)
Current year actuarial loss (gain)	$	114		$	(47	)	$	(113	)	$	27	$	30	$	(53	)
Amortization of actuarial (loss) gain	(7		)	(3		)	(30		)	—		—		(2		)
Current year prior service cost	—			—			—			1		—		—
Total recognized in other comprehensive income	$	107		$	(50	)	$	(143	)	$	28	$	30	$	(55	)
Total recognized in net periodic benefit cost and other comprehensive income	$	75		$	(85	)	$	(147	)	$	27	$	26	$	(52	)



	U.S. Plans						Non-U.S. Plans
	For the Years Ended September 30,
	2019		2018		2017		2019		2018		2017
Discount rate⁽¹⁾ for benefit obligation:
Pension	3.26	%	4.23	%	3.84	%	1.80	%	2.90	%	2.70	%
Discount rate for net periodic benefit cost:
Pension	4.23	%	3.84	%	3.62	%	2.90	%	2.70	%	2.40	%
Expected long-term rate of return on plan assets⁽²⁾	7.00	%	7.00	%	7.00	%	3.00	%	4.25	%	4.50	%
Rate of increase⁽³⁾ in compensation levels for:
Benefit obligation	NA		NA		NA		2.50	%	3.20	%	3.20	%
Net periodic benefit cost	NA		NA		NA		2.50	%	3.20	%	3.20	%

Pension plan assets are managed with a long-term perspective to ensure that there is an adequate level of assets to support benefit payments to participants over the life of the pension plan. Pension plan assets are managed by external investment managers. Investment manager performance is measured against benchmarks for each asset class on a quarterly basis. An independent consultant assists management with investment manager selections and performance evaluations.

Pension plan assets are broadly diversified to maintain a prudent level of risk and to provide adequate liquidity for benefit payments. The Company generally evaluates and rebalances pension plan assets, as appropriate, to ensure that allocations are consistent with its investment strategy and within target allocation ranges. For U.S. pension plan assets, the Company’s investment strategy is to invest in the following: equity securities of 50% to 80%, fixed income securities of 25% to 35% and other, primarily consisting of cash equivalents to meet near term expected benefit payments and expenses, of up to 7%. At September 30, 2019, U.S. pension plan asset allocations for these categories were 65%, 33% and 2%, respectively, which were within target allocation ranges.

For non-U.S. pension plan assets, the Company’s investment strategy is to invest in the following: equity securities of 15%, interest and inflation hedging assets of 40% and other of 45%, consisting of cash and cash equivalents, corporate debt and asset-backed securities, multi-asset funds and property. At September 30, 2019, non-U.S. pension plan asset allocations for these categories were 14%, 48% and 38%, respectively, which generally aligned with the target allocations.



	U.S. Plans
	Fair Value Measurements at September 30 Using Inputs Considered as
	Level 1				Level 2				Level 3				Total
	2019		2018		2019		2018		2019		2018		2019		2018
	(in millions)
Cash equivalents	$	18	$	65									$	18	$	65
Collective investment funds					$	580	$	571					580		571
Corporate debt securities					188		187						188		187
U.S. government-sponsored debt securities					35		30						35		30
U.S. Treasury securities	99		62										99		62
Asset-backed securities									$	37	$	34	37		34
Equity securities	133		141										133		141
Total	$	250	$	268	$	803	$	788	$	37	$	34	$	1,090	$	1,090



	Non-U.S. Plans
	Fair Value Measurements at September 30 Using Inputs Considered as
	Level 1				Level 2				Level 3				Total
	2019		2018		2019		2018		2019		2018		2019		2018
	(in millions)
Cash and cash equivalents	$	16	$	6									$	16	$	6
Corporate debt securities					$	44							44		—
Asset-backed securities									$	51	$	33	51		33
Equity securities	66		68										66		68
Multi-asset securities⁽¹⁾					313		$	329					313		329
Total	$	82	$	74	$	357	$	329	$	51	$	33	$	490	$	436

Level 2 assets. Collective investment funds are unregistered investment vehicles that generally commingle the assets of multiple fiduciary clients, such as pension and other employee benefit plans, to invest in portfolio of stocks, bonds or other securities. Although the collective investment funds held by the plan are ultimately invested in publicly traded equity securities, their own unit values are not directly observable, and therefore they are classified as Level 2. The fair values of corporate debt, multi-asset, derivatives and U.S. government-sponsored securities are based on quoted prices in active markets for similar assets as provided by third-party pricing vendors. This pricing data is reviewed internally for reasonableness through comparisons with benchmark quotes from independent third-party sources. Based on this review, the valuation is confirmed or revised accordingly.

Level 3 assets. Asset-backed securities are bonds that are backed by various types of assets and primarily consist of mortgage-backed securities. Asset-backed securities are classified as Level 3 due to a lack of observable inputs in measuring fair value.



	U.S. Plans		Non-U.S. Plans
	(in millions)
Actual employer contributions
2019	$	—	$	10
2018	1		11
Expected employer contributions
2020	1		10
Expected benefit payments
2020	127		6
2021	92		6
2022	86		6
2023	82		6
2024	74		6
2025-2029	293		34

The Company sponsors a defined contribution plan, or 401(k) plan, that covers substantially all of its employees residing in the U.S. Personnel costs included $121 million, $93 million, and $58 million in fiscal 2019, 2018 and 2017, respectively, for expenses attributable to the Company’s employees under the 401(k) plan. The Company’s contributions to this 401(k) plan are funded on a current basis, and the related expenses are recognized in the period that the payroll expenses are incurred.