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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (26) $ (358)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Net gain from securities transactions 258 196
Purchases of securities (784) (380)
Proceeds from sales of securities 660 565
Payments to cover securities sold, not yet purchased (368) (1,228)
Proceeds from securities sold, not yet purchased 100 205
Changes in receivables and payables relating to securities transactions 18 655
Changes in derivative assets and liabilities (237) 366
(Gain) loss on disposition of assets, net 6  
Depreciation and amortization 129 122
Loss on deconsolidation of subsidiary   226
Deferred taxes (16) (60)
Other, net 12 (19)
Changes in other operating assets and liabilities (3) (25)
Net cash (used in) provided by operating activities (251) 265
Cash flows from investing activities:    
Capital expenditures (68) (58)
Turnaround expenditures (12) (8)
Proceeds from partial sale of interests in consolidated subsidiaries 2  
Return of equity method investment 3 19
Other, net   (16)
Net cash (used in) provided by investing activities (75) (63)
Cash flows from financing activities:    
Investment segment distributions to non-controlling interests (5) (82)
Partnership contributions 50 173
Dividends and distributions to non-controlling interests in subsidiaries (28) (85)
Proceeds from subsidiary borrowings 7 16
Repayments of subsidiary borrowings (607) (19)
Other, net (4) (2)
Net cash (used in) provided by financing activities (587) 1
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents (913) 203
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period 5,946 4,886
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period $ 5,033 $ 5,089