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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (542) $ (1,012) $ (25)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Net loss from securities transactions 207 595 52
Purchases of securities (1,925) (963) (2,985)
Proceeds from sales of securities 1,474 4,537 5,359
Payments to cover securities sold, not yet purchased (2,227) (4,692) (2,908)
Proceeds from securities sold, not yet purchased 998 1,358 3,836
Changes in receivables and payables relating to securities transactions 2,465 2,268 (2,390)
Changes in derivative assets and liabilities (181) 1,029 (296)
Loss (gain) on disposition of assets, net 4 (8) 8
Depreciation and amortization 511 518 509
Loss on deconsolidation of subsidiary   246  
Credit loss expense   139  
Impairment   7  
Deferred taxes (45) (48) (148)
Other, net 3 (84) 72
Changes in other operating assets and liabilities:      
Accounts receivable, net 15 78 (110)
Related party note receivable   7  
Inventories 133 27 (96)
Other assets (1) 55 (11)
Accounts payable (33) 59 45
Accrued expenses and other liabilities (24) (380) 143
Net cash provided by operating activities 832 3,736 1,055
Cash flows from investing activities:      
Capital expenditures (280) (303) (338)
Turnaround expenditures (53) (57) (83)
Acquisition of businesses, net of cash acquired (2) (20)  
Proceeds from sale of investments     153
Proceeds from sale of equity investment 90    
Proceeds from disposition of businesses and assets 3 33 4
Related party note receivable payments and distributions, net 4 30  
Other, net 23 27 4
Net cash (used in) provided by investing activities (215) (290) (260)
Cash flows from financing activities:      
Investment segment contributions from non-controlling interests 1   9
Investment segment distributions to non-controlling interests (511) (2,199) (23)
Partnership contributions 104 185 768
Partnership distributions (391) (307) (226)
Proceeds from sale of (purchase of) additional interests in consolidated subsidiaries (13) 158 (1)
Dividends and distributions to non-controlling interests in subsidiaries (95) (319) (270)
Proceeds from Holding Company senior notes 1,266 699  
Repayments of Holding Company senior notes (1,229) (1,159) (500)
Repurchase of senior notes held in treasury (168)    
Proceeds from subsidiary borrowings 362 683 115
Repayments of subsidiary borrowings (629) (112) (216)
Other, net (20) (14)  
Net cash (used in) provided by financing activities (1,323) (2,385) (344)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents (1) (1) (1)
Net (decrease) increase in cash and cash equivalents and restricted cash and restricted cash equivalents (707) 1,060 450
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period 5,946 4,886 4,436
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period $ 5,239 $ 5,946 $ 4,886