Which of the following is NOT classified as a current liability?

Severance pay typically falls under the category of long-term liabilities rather than current liabilities in financial reporting. Current liabilities are obligations that are expected to be settled within one year or within the operating cycle of the business, whichever is longer.

Accrued payables, taxes payable, and notes payable due in six months are all obligations that will be settled within this timeframe, categorizing them as current liabilities.

Severance pay, however, is often associated with employee terminations and may not be anticipated to be paid out within the current operating cycle or year unless there are specific arrangements in place indicating otherwise. This is why severance pay is seen as a longer-term obligation on the balance sheet, distinguishing it from other options listed that are clearly current liabilities.