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Accrued Expenses and Other Payables
 3 Months Ended
Mar. 31, 2025
Accrued Liabilities and Other Liabilities [Abstract]  
Accrued Expenses and Other Payables Accrued Expenses and Other Payables
The following table sets forth the items in accrued expenses and other payables (in millions).
March 31,December 31,
20252024
Unrealized losses on derivative contracts$847 $972 
Accrued compensation288 346 
Income tax payable248 167 
Other taxes payable204 138 
Insurance liabilities89 172 
Accrued interest payable112 153 
Other deferred income137 156 
Contract liabilities (1)
480 534 
Other accruals and payables1,106 1,092 
$3,511 $3,730 
(1) Contract liabilities relate to advance payments from customers for goods and services the Company has yet to provide. Revenues recognized in the three months ended March 31, 2025 and 2024 from contract liabilities as of December 31, 2024 and 2023 were $280 million and $235 million, respectively.