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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2024
Fair Value Measurements  
Assets measured at fair value on a recurring basis

December 31, 2024

December 31, 2023

    

Level 1

    

Level 2

    

Level 3

    

Total

    

Level 1

    

Level 2

    

Level 3

    

Total

(in millions)

Assets

Investments (Note 5)

$

2,203

$

31

$

41

$

2,275

$

2,730

$

129

$

42

$

2,901

Derivative assets, net (Note 7)

 

 

22

 

 

22

 

 

64

 

 

64

$

2,203

$

53

$

41

$

2,297

$

2,730

$

193

$

42

$

2,965

Liabilities

Securities sold, not yet purchased (Note 5)

$

1,153

$

220

$

$

1,373

$

3,288

$

185

$

$

3,473

Derivative liabilities, net (Note 7)

 

6

 

750

 

 

756

 

 

979

 

 

979

Other liabilities

 

 

323

 

 

323

 

 

329

 

 

329

$

1,159

$

1,293

$

$

2,452

$

3,288

$

1,493

$

$

4,781