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Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2025
Fair Value Measurements  
Schedule of assets and liabilities measured at fair value on a recurring basis

September 30, 2025

December 31, 2024

    

Level 1

    

Level 2

    

Level 3

    

Total

    

Level 1

    

Level 2

    

Level 3

    

Total

(in millions)

Assets

Investments (Note 4)

$

1,893

$

$

41

$

1,934

$

2,203

$

31

$

41

$

2,275

Derivative assets, net (Note 6)

 

 

3

 

 

3

 

 

22

 

 

22

$

1,893

$

3

$

41

$

1,937

$

2,203

$

53

$

41

$

2,297

Liabilities

Securities sold, not yet purchased (Note 4)

$

1,434

$

$

$

1,434

$

1,153

$

220

$

$

1,373

Derivative liabilities, net (Note 6)

 

 

989

 

 

989

 

6

 

750

 

 

756

RFS obligations (Note 16)

 

 

93

 

 

93

 

 

323

 

 

323

$

1,434

$

1,082

$

$

2,516

$

1,159

$

1,293

$

$

2,452