13 Accrued expenses
| In CHF million | 2024 | 2023 1 | ||
|---|---|---|---|---|
| Personnel expenses | 460 | 482 | ||
| Late cost for customer contracts | 207 | 213 | ||
| Cost of materials and services | 160 | 145 | ||
| Other accrued expenses | 252 | 236 | ||
| Total accrued expenses | 1 079 | 1 076 | ||
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1 See note 2.2 for information on the change in presentation
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Late cost accruals for customer contracts represent the Group’s expected cost for follow-up work on new installations or modernizations customer contracts and outstanding supplier invoices after handover to the customer. Late cost accruals are typically used within one year.