An analysis of Other current liabilities is as follows:
| ($ million) | At December 31, 2014 | At December 31, 2013 |
|---|---|---|
| Advances on buy-back agreements | 1,962 | 1,902 |
| Indirect tax payables | 471 | 559 |
| Accrued expenses and deferred income | 570 | 624 |
| Payables to personnel | 260 | 312 |
| Social security payables | 228 | 252 |
| Other | 464 | 494 |
| Total Other current liabilities | 3,955 | 4,143 |
An analysis of Other current liabilities (excluding Accrued expenses and deferred income) by due date is as follows:
| At December 31, 2014 | At December 31, 2013 | |||||||
|---|---|---|---|---|---|---|---|---|
| ($ million) | due within one year | due between one and five years | due beyond five years | Total | due within one year | due between one and five years | due beyond five years | Total |
| Other current liabilities (excluding Accrued expenses and deferred income) |
2,262 | 1,040 | 83 | 3,385 | 2,458 | 935 | 126 | 3,519 |
Advances on buy-back agreements refer to agreements entered into by the Group during the year or which still remain effective at the balance sheet date, and relate to assets included in Property, plant and equipment. The item Advances on buy-back agreements consists of the following:
- at the date of the sale, the price received for the product is recognized as an advance in liabilities;
- subsequently, since the difference between the original sales price and the repurchase price is recognized in profi t or loss as operating lease installments on a straight-line basis over the lease term, the balance represents the remaining lease installments yet to be recognized in income plus the repurchase price.
The carrying amount of Other current liabilities is in line with their fair value.
