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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (432) $ (807)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Net loss from securities transactions 205 538
Purchases of securities (1,812) (634)
Proceeds from sales of securities 1,260 3,905
Payments to cover securities sold, not yet purchased (1,022) (3,919)
Proceeds from securities sold, not yet purchased 997 951
Changes in receivables and payables relating to securities transactions 1,190 2,094
Changes in derivative assets and liabilities (273) 802
Loss (gain) on disposition of assets, net 6 (5)
Depreciation and amortization 382 384
Loss on deconsolidation of subsidiary   246
Credit loss expense   139
Deferred taxes (12) (76)
Other, net 13 16
Changes in other operating assets and liabilities 86 (13)
Net cash provided by operating activities 588 3,621
Cash flows from investing activities:    
Capital expenditures (192) (201)
Turnaround expenditures (46) (53)
Acquisition of businesses, net of cash acquired (2)  
Proceeds from disposition of businesses and assets 4 4
Return of equity method investment 5 20
Proceeds from sales of investments   158
Other, net 5 (9)
Net cash used in investing activities (226) (81)
Cash flows from financing activities:    
Investment segment contributions from non-controlling interests 1  
Investment segment distributions to non-controlling interests (511) (2,033)
Partnership contributions 104 185
Partnership distributions (320) (194)
Purchase of additional interests in consolidated subsidiaries (1)  
Dividends and distributions to non-controlling interests in subsidiaries (88) (241)
Proceeds from Holding Company senior unsecured notes 766  
Repayments of Holding Company senior unsecured notes (750)  
Repurchase of Holding Company senior unsecured notes (168)  
Proceeds from subsidiary borrowings 22 36
Repayments of subsidiary borrowings (617) (63)
Other, net (11) (4)
Net cash used in financing activities (1,573) (2,314)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents (1)  
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents (1,212) 1,226
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 $ 4,734 $ 6,112