Accrued and Other Liabilities

3 Months Ended

Dec. 31, 2013

Accrued and Other Liabilities [Abstract]

Accrued and Other Liabilities

Note 6—Accrued and Other Liabilities

Accrued liabilities consisted of the following:

	December 31, 2013		September 30, 2013
	(in millions)
Accrued operating expenses	$	153	$	182
Visa Europe put option—(See Note 3—Fair Value Measurements and Investments)(1)	145		145
Deferred revenue	72		60
Accrued marketing and product expenses	22		27
Accrued income taxes(2)	412		64
Other	143		135
Total	$	947	$	613

Other non-current liabilities consisted of the following:

	December 31, 2013		September 30, 2013
	(in millions)
Accrued income taxes(3)	$	539	$	453
Employee benefits	86		86
Other	64		63
Total	$	689	$	602

⁽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 increase in current accrued income taxes is primarily related to current income taxes accrued in the first quarter of fiscal 2014, but payable in the second quarter of fiscal 2014.

⁽³⁾  The increase in non-current accrued income taxes is due to an increase in liabilities for uncertain tax positions.