Accrued and Other Liabilities

3 Months Ended

Dec. 31, 2014

Other Liabilities Disclosure [Abstract]

Note 6—Accrued and Other Liabilities

Accrued liabilities consisted of the following:



	December 31, 2014		September 30, 2014
	(in millions)
Accrued operating expenses	$	164	$	199
Visa Europe put option—(See Note 3—Fair Value Measurements and Investments)⁽¹⁾	145		145
Deferred revenue	79		82
Accrued income taxes⁽²⁾	470		73
Other	191		125
Total	$	1,049	$	624

Other non-current liabilities consisted of the following:



	December 31, 2014		September 30, 2014
	(in millions)
Accrued income taxes	$	861	$	855
Employee benefits	83		92
Other	61		58
Total	$	1,005	$	1,005

⁽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. The fair value of the put option does not represent the actual purchase price that the Company may be required to pay if the option is exercised, which would likely be in excess of $10 billion.


⁽²⁾	The increase in current accrued income taxes is primarily related to current income taxes accrued in the first quarter of fiscal 2015, but payable in the second quarter of fiscal 2015.