318 BMW Group Report 2024 To Our Stakeholders Combined Management Report Group Financial Statements Responsibility Statement and Auditor’s Report Remuneration Report Other Information Notes to the Group Financial Statements 37 Other liabilities Other liabilities comprise the following items: in € million 31.12.2024 31.12.2023 Bonuses and sales aides 5,113 5,447 Refund liabilities for future leased products 2,803 2,963 Deposits received 1,239 1,079 Payables for supplier development cost* 1,079 380 Payables to subsidiaries 336 241 Payables to other companies in which an investment is held 21 38 Other liabilities (financial instruments) 10,591 10,148 Contract liabilities 8,644 7,998 Deferred income 3,568 3,359 Other taxes 1,409 1,613 Social security 145 130 Other advance payments received for orders 115 237 Other liabilities (non-financial instruments) 13,881 13,337 Sundry* 2,523 2,263 Other liabilities 26,995 25,748 * Presentation adjusted compared to previous year. Liabilities arising from supplier development contracts include development costs incurred during the series development phase. In the financial year 2024 these liabilities were mainly at- tributable to new vehicle models, in particular the NEUE KLASSE, as well as expenses in connection with the further electrification of the vehicle fleet. Contract liabilities relate to obligations for service and repair work as well as telematics services and roadside assistance agreed to be part of the sale of a vehicle (in some cases multiple-compo- nent arrangements). An amount of € 3,932 million (2023: € 4,239 million) was released from contract liabilities in the fi- nancial year and recognised as revenues from contracts with customers. Deferred income includes down payments received on leases with customers as well as deferred grants. Grants comprise mainly public sector funds to promote regional structures and which have been invested in the production plants in Brazil, China, Germany, Mexico, Austria and South Africa amongst others. The grants are partly subject to holding periods for the assets concerned of up to five years and/or minimum em- ployment figures or minimum production figures. Grants and subsidies awarded before 31 December 2022 are released to income over the useful life of the assets to which they relate. Other non-financial liabilities also include insurance liabilities for the remaining contractual terms of contracts accounted for in ac- cordance with IFRS 17 amounting to € 331 million (2023: € 289 million). 38 Trade payables Trade payables mainly have a remaining term of up to one year.