29. Other current liabilities

An analysis of Other current liabilities is as follows:  

($ million)At December 31, 2014At 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, 2014At December 31, 2013
($ million)due within one yeardue between one and five yearsdue beyond five yearsTotaldue within one yeardue between one and five yearsdue beyond five yearsTotal
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.