v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net loss $ (563) $ (580)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Net loss from securities transactions 105 237
Purchases of securities (25) (942)
Proceeds from sales of securities 744 993
Payments to cover securities sold, not yet purchased (941) (626)
Proceeds from securities sold, not yet purchased 60 94
Changes in receivables and payables relating to securities transactions 744 499
Changes in derivative assets and liabilities 193 156
(Gain) loss on disposition of assets, net 2 3
Depreciation and amortization 123 118
Impairment   10
Deferred taxes (53) (72)
Other, net 36 79
Changes in other operating assets and liabilities (28) (151)
Net cash provided by (used in) operating activities 397 (182)
Cash flows from investing activities:    
Capital expenditures (114) (88)
Turnaround expenditures   (43)
Proceeds from sale of equity method investment   6
Return of equity method investment   4
Other, net 4 3
Net cash used in investing activities (110) (118)
Cash flows from financing activities:    
Investment segment distributions to non-controlling interests (175)  
Purchase of additional interests in consolidated subsidiaries (16) (35)
Dividends and distributions to non-controlling interests in subsidiaries (2) (12)
Proceeds from reverse recapitalization 40  
Repayments of Holding Company senior notes (240)  
Proceeds from subsidiary borrowings 1,007  
Repayments of subsidiary borrowings (983) (13)
Other, net (43) (5)
Net cash used in financing activities (412) (65)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents   1
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents (125) (364)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period 3,419 5,239
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period $ 3,294 $ 4,875