XML 164 R31.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
OTHER LIABILITIES
12 Months Ended
Dec. 31, 2019
Subclassifications of assets, liabilities and equities [abstract]  
OTHER LIABILITIES
OTHER LIABILITIES
An analysis of other liabilities is as follows:
 
At December 31,
 
2019
 
2018
 
(€ thousand)
Deferred income
275,439

 
271,817

Advances and security deposits
348,899

 
145,394

Accrued expenses
85,965

 
81,408

Payables to personnel
28,272

 
25,434

Social security payables
20,334

 
18,209

Other
41,106

 
47,481

Total other liabilities
800,015

 
589,743


Deferred income primarily includes amounts received under maintenance and power warranty programs of €219,209 thousand at December 31, 2019 and €204,987 thousand at December 31, 2018, which are deferred and recognized as revenues over the length of the related program term. Of the total liability related to maintenance and power warranty programs as of December 31, 2019, the Group expects to recognize in net revenues approximately €61 million in 2020, €44 million in 2021, €35 million in 2022 and €79 million afterwards. Deferred income also includes amounts collected under various other agreements, which are dependent upon the future performance of a service or other act of the Group.

Advances and security deposits at December 31, 2019 and at December 31, 2018 primarily include advances received from clients for the purchase of our hypercars and limited edition cars, and at December 31, 2019 also our Icona cars. Upon shipment of such cars, the advances are recognized as revenue. The increase primarily relates to advances received for the Ferrari Monza SP1 and SP2. Of the total contract liability related to advances as of December 31, 2019, the Group expects to recognize the entire amount within net revenues in 2020 and 2021.

Changes in the Group’s contract liabilities for maintenance and power warranties, and advances from customers, were as follows:

At January 1, 2019

Additional amounts arising during the period

Amounts recognized within revenue

Other changes

At December 31, 2019

(€ thousand)
Maintenance and power warranty programs
204,987

 
90,998

 
(76,776
)
 

 
219,209

Advances from customers
139,852


377,950


(176,623
)

44


341,223



An analysis of other liabilities (excluding accrued expenses and deferred income) by due date is as follows:
 
At December 31,
 
2019
 
2018
 
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
 
(€ thousand)
Total other liabilities (excluding accrued expenses and deferred income)
422,462

 
10,083

 
6,066

 
438,611

 
223,138

 
6,960

 
6,420

 
236,518