VISA INC. | 2013 | FY |

Note 8—Accrued and Other Liabilities

Accrued liabilities consisted of the following:



	September 30, 2013				September 30, 2012
	(in millions)
Accrued operating expenses	$	182			$	194
Visa Europe put option—(See Note 2—Visa Europe)⁽¹⁾	145				145
Deferred revenue	60				59
Accrued marketing and product expenses	27				22
Accrued income taxes—(See Note 19—Income Taxes)	64				58
Other	135				106
Total	$	613			$	584

Other long-term liabilities consisted of the following:



	September 30, 2013				September 30, 2012
	(in millions)
Accrued income taxes—(See Note 19—Income Taxes)⁽²⁾	$	453			$	171
Employee benefits	86				93
Other	63				107
Total	$	602			$	371


⁽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 accrued income taxes is primarily related to increases in unrecognized tax benefits.

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