v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (951) $ (781)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Net loss from securities transactions 70 172
Purchases of securities (33) (1,069)
Proceeds from sales of securities 979 1,310
Payments to cover securities sold, not yet purchased (1,233) (727)
Proceeds from securities sold, not yet purchased 553 268
Changes in receivables and payables relating to securities transactions 542 363
Changes in derivative assets and liabilities 281 320
(Gain) loss on disposition of assets, net 3 (44)
Depreciation and amortization 247 250
Impairment   10
Deferred taxes (53) (117)
Other, net 35 (14)
Changes in other operating assets and liabilities 73 152
Net cash provided by (used in) operating activities 513 93
Cash flows from investing activities:    
Capital expenditures (194) (184)
Turnaround expenditures (1) (191)
Proceeds from disposition of businesses and assets 4 52
Proceeds from sale of equity method investment   9
Return of equity method investment 5 5
Other, net   5
Net cash used in investing activities (186) (304)
Cash flows from financing activities:    
Investment segment distributions to non-controlling interests (175) (216)
Partnership contributions   34
Partnership distributions (106) (154)
Purchase of additional interests in consolidated subsidiaries (16) (72)
Dividends and distributions to non-controlling interests in subsidiaries (31) (31)
Proceeds from reverse recapitalization 40  
Repayments of Holding Company senior notes (240) (32)
Proceeds from subsidiary borrowings 1,004 12
Repayments of subsidiary borrowings (983) (87)
Other, net (47) (4)
Net cash used in financing activities (554) (550)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents   (2)
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents (227) (763)
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 $ 3,192 $ 4,476