v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net earnings including non-controlling interests $ 303 $ 292
Adjustments to reconcile net earnings to net cash provided by operating activities    
Depreciation and amortization 293 287
Deferred income taxes (112) (42)
Equity in earnings of unconsolidated affiliates, net of dividends (10) (28)
Stock compensation expense 64 50
(Gain) on asset contributions, sales and investment revaluation, net (57) (26)
Other – net (39) (94)
Changes in operating assets and liabilities, net of acquisitions and dispositions    
Segregated investments (64) 220
Trade receivables (726) (655)
Inventories (1,447) 137
Other current assets (552) 263
Trade payables 245 (423)
Payables to brokerage customers 1,312 (79)
Accrued expenses and other payables 940 (244)
Net cash provided by (used in) operating activities 150 (342)
Cash flows from investing activities    
Capital expenditures (194) (291)
Net assets of businesses acquired 0 (90)
Proceeds from sales of assets, businesses and investments 26 10
Purchases of marketable securities 0 (11)
Proceeds from sales of marketable securities 4 248
Other – net 36 5
Net cash used in investing activities (128) (129)
Cash flows from financing activities    
Net borrowings under lines of credit agreements 919 863
Cash dividends (254) (247)
Other – net (53) (29)
Net cash provided by financing activities 612 587
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents (27) 16
Increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 607 132
Cash, cash equivalents, restricted cash, and restricted cash equivalents - beginning of period 5,505 3,924
Cash, cash equivalents, restricted cash, and restricted cash equivalents - end of period $ 6,112 $ 4,056