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Parent Company Condensed Financial Statements | 12 Months Ended
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Dec. 31, 2024
Parent Company Condensed Financial Statements [Abstract] |
Parent Company Condensed Financial Statements | 18. Parent Company Condensed Financial Statements The preparation of the Parent Company Condensed Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts and disclosures in the condensed financial statements. Parent Company Only – Condensed Statements of Financial Condition
|  | December 31,
(in millions, except share amounts) |  | 2024 |  | 2023
Assets |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1 |  | $ | 6
Investments in subsidiaries, equity basis |  |  | 4,270 |  |  | 3,571
Other assets 1 |  |  | 233 |  |  | 230
Total assets |  | $ | 4,504 |  | $ | 3,807
Liabilities and Equity |  |  |  |  |  |
Liabilities: |  |  |  |  |  |
Payable to affiliates 2 |  | $ | 195 |  | $ | 209
Accrued expenses and other liabilities |  |  | 29 |  |  | 14
|  |  | 224 |  |  | 223
Stockholders' equity: |  |  |  |  |  |
Common stock, $0.01 par value per share: |  |  |  |  |  |
Class A – Authorized - 1,000,000,000, Issued - 109,061,059 and 107,178,928 shares, Outstanding – 108,904,613 and 107,045,994 shares as of December 31, 2024 and 2023 |  |  | 1 |  |  | 1
Class B – Authorized, Issued and Outstanding – 100 shares as of December 31, 2024 and 2023 |  |  | — |  |  | —
Additional paid-in capital |  |  | 1,816 |  |  | 1,726
Retained earnings |  |  | 2,515 |  |  | 1,852
Accumulated other comprehensive income, net of income taxes of $0 and $0 as of December 31, 2024 and 2023 |  |  | (45) |  |  | 8
Treasury stock, at cost, 156,446 and 133,034 shares as of December 31, 2024 and 2023 |  |  | (7) |  |  | (3)
Total equity |  |  | 4,280 |  |  | 3,584
Total liabilities and equity |  | $ | 4,504 |  | $ | 3,807
___________________________ (1)As of December 31, 2024 and 2023, receivables from affiliates were immaterial. (2)As of December 31, 2024 and 2023, respectively, payable to affiliates of $195 million and $210 million consisted primarily of amounts payable to Holdings under the Tax Receivable Agreement. Parent Company Only – Condensed Statements of Comprehensive Income
|  | Year-Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Income (loss) before income from subsidiaries |  | $ | (12) |  | $ | 5 |  | $ | 4
Undistributed gains of subsidiaries, net |  |  | 913 |  |  | 737 |  |  | 463
Income tax expense |  |  | 146 |  |  | 142 |  |  | 87
Net income |  | $ | 755 |  | $ | 600 |  | $ | 380
Net income available for common stockholders |  | $ | 755 |  | $ | 600 |  | $ | 380
Cumulative translation adjustment, net of tax |  |  | (53) |  |  | 30 |  |  | (26)
Comprehensive income available for common stockholders |  | $ | 702 |  | $ | 630 |  | $ | 354
‎ Parent Company Only – Condensed Statements of Cash Flows
|  | Year-Ended December 31,
(in millions) |  | 2024 |  | 2023 |  | 2022
Cash flows from operating activities |  |  |  |  |  |  |  |  |
Net income |  | $ | 755 |  | $ | 600 |  | $ | 380
Adjustments to reconcile net income to net cash used in operating activities |  |  |  |  |  |  |  |  |
Undistributed gains of subsidiaries, net |  |  | (913) |  |  | (737) |  |  | (463)
Deferred income taxes |  |  | 2 |  |  | 34 |  |  | 28
(Gain) loss on remeasurement of Tax Receivable Agreement liability |  |  | 10 |  |  | (7) |  |  | (6)
Changes in operating assets and liabilities |  |  | 64 |  |  | (33) |  |  | 20
Net cash used in operating activities |  |  | (82) |  |  | (143) |  |  | (41)
Cash flows provided by investing activities 1 |  |  | 246 |  |  | 185 |  |  | 127
Cash flows used in financing activities |  |  | (116) |  |  | (67) |  |  | (59)
Effect of exchange rate changes on cash and cash equivalents |  |  | (53) |  |  | 30 |  |  | (26)
Net increase in cash and cash equivalents |  |  | (5) |  |  | 5 |  |  | 1
Cash and cash equivalents at beginning of year |  |  | 6 |  |  | 1 |  |  | —
Cash and cash equivalents at end of year |  | $ | 1 |  | $ | 6 |  | $ | 1
Supplemental disclosures of cash flow information |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 3 |  | $ | 2 |  | $ | 1
Cash paid for taxes, net |  | $ | 117 |  | $ | 111 |  | $ | 67
Non-cash investing activities: |  |  |  |  |  |  |  |  |
Non-cash distributions from subsidiaries |  | $ | — |  | $ | — |  | $ | 1
___________________________ (1)Dividends received from IBG LLC for the three years ended December 31, 2024, 2023 and 2022, were $246 million, $185 million and $128 million, respectively.

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481231/810-10-45-11 + Details
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