Accrued and Other Liabilities

12 Months Ended

Sep. 30, 2011

Accrued and Other Liabilities

Note 9—Accrued and Other Liabilities

Accrued liabilities consisted of the following:

	September 30, 2011		September 30, 2010
	(in millions)
Accrued operating expenses	$	175	$	100
Visa Europe put option(1)—(See Note 2—Visa Europe)		145		267
Deferred revenue		63		42
Accrued marketing and product expenses		36		58
Accrued income taxes—(See Note 20—Income Taxes)		63		40
Other(2)		80		118
Total	$	562	$	625

Other long-term liabilities consisted of the following:

	September 30, 2011		September 30, 2010
	(in millions)
Accrued income taxes—(See Note 20—Income Taxes)	$	468	$	423
Employee benefits		106		76
Other		93		118
Total	$	667	$	617

⁽¹⁾  The put option is exercisable at any time at the sole discretion of Visa Europe with payment required 285 days thereafter. Classification in current liabilities is not an indication of management’s expectation of exercise and simply reflects the fact that the obligation resulting from the exercise of the instrument could become payable within 12 months.

⁽²⁾  The balance at September 30, 2011 includes $24 million for the fair value of the earn-out provision related to the PlaySpan acquisition. See Note 5—Acquisitions.