Note 8—Accrued and Other Liabilities

Accrued liabilities consisted of the following:



	September 30, 2015		September 30, 2014
	(in millions)
Accrued operating expenses	$	237	$	199
Visa Europe put option (See Note 2—Visa Europe)⁽¹⁾	255		145
Deferred revenue	81		82
Accrued marketing and product expenses	20		11
Accrued income taxes (See Note 19—Income Taxes)	75		73
Other	200		114
Total	$	868	$	624

Other non-current liabilities consisted of the following:



	September 30, 2015		September 30, 2014
	(in millions)
Accrued income taxes (See Note 19—Income Taxes)⁽²⁾	$	752	$	855
Employee benefits	77		92
Other	68		58
Total	$	897	$	1,005

⁽¹⁾

On November 2, 2015, the Company and Visa Europe amended the Visa Europe put option. At September 30, 2015, the fair value of the put option liability was based on the unamended terms, and the unamended put option was exercisable at any time at the sole discretion of Visa Europe with payment required 285 days thereafter. Classification in current liabilities reflects the fact that the obligation resulting from the exercise of the unamended instrument could become payable within 12 months at September 30, 2015. The fair value of the unamended put option does not represent the actual purchase price that the Company may be required to pay if the option is exercised in its unamended form, which would likely be in excess of $15 billion. During fiscal 2015, we recorded an increase of $110 million in the fair value of the unamended put option. See Note 2—Visa Europe.


⁽²⁾	The decrease in non-current accrued income taxes is primarily related to decreases in liabilities for uncertain tax positions.