Derivative and Hedging (Tables)

6 Months Ended

Jun. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table presents the fair values of derivative instruments recognized in the condensed consolidated statements of financial condition at June 30, 2024 and December 31, 2023:

         
        Assets

        Liabilities

        (in millions)

        Statement of
Financial 
Condition
Classification

        June 30, 2024

        December 31, 2023

        Statement of
Financial 
Condition
Classification

        June 30, 2024

        December 31, 2023

        Derivative Instruments

Forward foreign currency 
   exchange contracts

Other assets

1

19

Other liabilities

7

6

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

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


		Three Months Ended						Six Months Ended
		June 30,						June 30,
	Statement of Income	2024			2023			2024			2023
(in millions)	Classification	Gains (Losses)						Gains (Losses)
Derivative Instruments
Exchange traded futures(1)	Net gain (loss) on investments	$	(3	)	$	(13	)	$	(35	)	$	(58	)
Forward foreign currency exchange contracts	General and administration expense		9			55			4			95
Total gain (loss) from derivative instruments		$	6		$	42		$	(31	)	$	37

(1)

Amounts for the three months ended June 30, 2024 and 2023 include $6 million and $21 million of losses on futures used in a macro hedging strategy of seed investments, respectively, and $3 million and $8 million of gains on futures used to economically hedge certain deferred cash compensation plans, respectively. Amounts for the six months ended June 30, 2024 and 2023 include $49 million and $76 million of losses on futures used in a macro hedging strategy of seed investments, respectively, and $14 million and $17 million of gains on futures used to economically hedge certain deferred cash compensation plans, respectively.