Chrysler 2015 Annual Report Download - page 217

2015 | ANNUAL REPORT 217
24. Other current liabilities
Other current liabilities consisted of the following:
At December 31,
2015 2014
(€ million)
Advances on buy-back agreements 2,492 2,571
Indirect tax payables 1,305 1,495
Accrued expenses and deferred income 3,178 2,992
Payables to personnel 972 932
Social security payables 333 338
Amounts due to customers for contract work 227 252
Other 2,423 2,915
Total Other current liabilities 10,930 11,495
An analysis of Other current liabilities (excluding Accrued expenses and deferred income) by due date was as follows:
At December 31,
2015 2014
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
(€ million)
Total Other current liabilities (excluding
Accrued expenses and deferred income) 6,728 1,013 11 7,752 7,248 1,230 25 8,503
Advances on buy-back agreements refers to buy-back agreements entered into by the Group and includes the price
received for the product recognized as an advance at the date of the sale, and subsequently, the repurchase price
and the remaining lease installments yet to be recognized.
Indirect tax payables includes taxes on commercial transactions accrued by the Brazilian subsidiary, FCA Brazil, for which
the company (as well as a number of important industrial groups that operate in Brazil) is awaiting the decision by the
Supreme Court regarding its claim alleging double taxation. In March 2007, FCA Brazil received a preliminary trial court
decision allowing the payment of such tax on a taxable base consistent with the Group’s position. Since it is a preliminary
decision and the amount may be required to be paid to the tax authorities at any time, the difference between the tax
payments as preliminary allowed and the full amount determined as required by the legislation still in force is recognized
as a current liability due between one and five years. Timing for the Supreme Court decision is not predictable.
Included within Other current liabilities is the outstanding obligation of €313 million arising from the MOU signed by
FCA US and the UAW. For further information on the MOU refer to the section —Changes in Scope of Consolidation -
Acquisition of the remaining ownership interest in FCA US.
Deferred income includes revenues not yet recognized in relation to separately-priced extended warranties and service
contracts offered by FCA US. These revenues will be recognized in the Consolidated Income Statement over the
contract period in proportion to the costs expected to be incurred based on historical information.