Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Measurements

Schedule of assets and liabilities measured at fair value on a recurring basis

	March 31, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Investments (Note 4)	$	2,001	$	—	$	41	$	2,042	$	2,203	$	31	$	41	$	2,275
Derivative assets, net (Note 6)		—		22		—		22		—		22		—		22
	$	2,001	$	22	$	41	$	2,064	$	2,203	$	53	$	41	$	2,297
Liabilities
Securities sold, not yet purchased (Note 4)	$	896	$	—	$	—	$	896	$	1,153	$	220	$	—	$	1,373
Derivative liabilities, net (Note 6)		—		912		—		912		6		750		—		756
RFS obligations (Note 16)		—		438		—		438		—		323		—		323
	$	896	$	1,350	$	—	$	2,246	$	1,159	$	1,293	$	—	$	2,452