Derivative and Hedging (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Fair Values of Derivatives Instruments Recognized in Consolidated Statements of Financial Condition

The following table presents the fair values of derivative instruments recognized in the consolidated statements of financial condition at December 31, 2023:


	Assets					Liabilities
	Statement of Financial Condition	December 31,		December 31,		Statement of Financial Condition	December 31,		December 31,
(in millions)	Classification	2023		2022		Classification	2023		2022
Derivative instruments
Forward foreign currency exchange contracts	Other assets	$	19	$	1	Other liabilities	$	6	$	19

Summary of Realized and Unrealized Gains (Losses) Recognized in Consolidated Statements of Income on Derivative Instruments

The following table presents realized and unrealized gains (losses) recognized in the consolidated statements of income on derivative instruments:


		Gains (Losses)
(in millions)	Statement of Income Classification	2023			2022			2021
Derivative Instruments
Exchange traded futures(1)	Nonoperating income (expense)	$	(88	)	$	36		$	—
Forward foreign currency exchange contracts	General and administration expense		98			(222	)		(29	)
Total return swaps	Nonoperating income (expense)		—			83			(99	)
Total gain (loss) from derivative instruments		$	10		$	(103	)	$	(128	)

(1)

Amounts include $112 million of losses and $36 million of gains on futures used as a macro hedging strategy of seed investments for 2023 and 2022, respectively. In addition, amounts include $24 million of gains on futures used to economically hedge certain deferred cash compensation plans for 2023.