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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Cash flows from operating activities:    
Net loss $ (370) $ (432)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Net loss from securities transactions 32 205
Purchases of securities (1,226) (1,812)
Proceeds from sales of securities 1,799 1,260
Payments to cover securities sold, not yet purchased (773) (1,022)
Proceeds from securities sold, not yet purchased 570 997
Changes in receivables and payables relating to securities transactions (115) 1,190
Changes in derivative assets and liabilities 252 (273)
(Gain) loss on disposition of assets, net (262) 6
Depreciation and amortization 408 382
Impairment 13  
Deferred taxes 5 (12)
Other, net 41 13
Changes in other operating assets and liabilities (266) 86
Net cash provided by operating activities 108 588
Cash flows from investing activities:    
Capital expenditures (266) (192)
Turnaround expenditures (196) (46)
Acquisition of businesses, net of cash acquired   (2)
Proceeds from disposition of businesses and assets 112 4
Proceeds from sale of equity method investment   5
Return of equity method investment 6  
Other, net 7 5
Net cash used in investing activities (337) (226)
Cash flows from financing activities:    
Investment segment contributions from non-controlling interests   1
Investment segment distributions to non-controlling interests (526) (511)
Partnership contributions 45 104
Partnership distributions (233) (320)
Purchase of additional interests in consolidated subsidiaries (72) (1)
Dividends and distributions to non-controlling interests in subsidiaries (51) (88)
Proceeds from Holding Company senior notes 495 766
Repayments of Holding Company senior notes (479) (750)
Repurchase of Holding Company senior notes (46) (168)
Proceeds from subsidiary borrowings 9 22
Repayments of subsidiary borrowings (108) (617)
Other, net (15) (11)
Net cash used in financing activities (981) (1,573)
Effect of exchange rate changes on cash and cash equivalents and restricted cash and restricted cash equivalents (4) (1)
Net decrease in cash and cash equivalents and restricted cash and restricted cash equivalents (1,214) (1,212)
Cash and cash equivalents and restricted cash and restricted cash equivalents, beginning of period 5,239 5,946
Cash and cash equivalents and restricted cash and restricted cash equivalents, end of period $ 4,025 $ 4,734