v3.21.2
Share-based Compensation (Tables)
 12 Months Ended
Sep. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used
During fiscal 2021, 2020 and 2019, the fair value of each stock option was estimated on the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:
For the Years Ended September 30,
202120202019
Expected term (in years)(1)
4.074.033.98
Risk-free rate of return(2)
0.3 %1.6 %2.9 %
Expected volatility(3)
25.1 %18.7 %20.2 %
Expected dividend yield(4)
0.6 %0.7 %0.7 %
Fair value per option granted$39.51$29.37$25.89
(1)Based on Visa’s historical exercise experience.
(2)Based upon the zero coupon U.S. treasury bond rate over the expected term of the awards.
(3)Based on the Company’s implied and historical volatilities.
(4)Based on the Company’s annual dividend rate on the date of grant.
Options Activity Disclosure
The following table summarizes the Company’s option activity for fiscal 2021:
OptionsWeighted-
Average
Exercise Price
Per Share		Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value(1)
(in millions)
Outstanding at September 30, 20205,786,549 $114.61 
Granted1,022,430 $207.57 
Forfeited(57,107)$179.38 
Expired— $— 
Exercised(912,093)$87.06 
Outstanding at September 30, 20215,839,779 $134.56 6.56$515 
Options exercisable at September 30, 20213,736,509 $105.05 5.55$440 
Options exercisable and expected to vest at September 30, 2021(2)
5,783,092 $133.93 6.54$514 
(1)Calculated using the closing stock price on the last trading day of fiscal 2021 of $222.75, less the option exercise price, multiplied by the number of instruments.
(2)Applied a forfeiture rate to unvested options outstanding at September 30, 2021 to estimate the options expected to vest in the future.
Restricted Stock Unit Activity Disclosure
The following table summarizes the Company’s RSU activity for fiscal 2021:
 UnitsWeighted-
Average
Grant Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value(1)
(in millions)
Outstanding at September 30, 20204,690,500 $154.06 
Granted
2,486,219 $209.00 
Vested
(2,327,105)$142.35 
Forfeited
(323,166)$183.46 
Outstanding at September 30, 20214,526,448 $188.16 0.87$1,008 
(1)Calculated by multiplying the closing stock price on the last trading day of fiscal 2021 of $222.75 by the number of instruments.
Performance-based Shares Activity Disclosure
The following table summarizes the maximum number of performance-based shares which could be earned and related activity for fiscal 2021:
Shares
Weighted-
Average
Grant Date
Fair Value
Weighted-
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value(1)
(in millions)
Outstanding at September 30, 2020994,800 $171.33 
Granted(2)
432,714 $229.81 
Vested and earned(359,894)$130.98 
Unearned(203,760)$224.79 
Forfeited— $— 
Outstanding at September 30, 2021863,860 $204.82 0.82$192 
(1)Calculated by multiplying the closing stock price on the last trading day of fiscal 2021 of $222.75 by the number of instruments.
(2)Represents the maximum number of performance-based shares which could be earned.