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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2017
Derivative [Line Items] |
Fair value and income recognized for derivatives not designated as hedging instruments | The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments in accordance with U.S GAAP:
Derivatives Not Designated as Hedging Instruments |  | Asset Derivatives(1) |  | Liability Derivatives(2)
| March 31, 2017 |  | December 31, 2016 |  | March 31, 2017 |  | December 31, 2016
|  | (in millions)
Equity contracts |  | $ | 35 |  |  | $ | 15 |  |  | $ | 1,692 |  |  | $ | 1,104 |
Credit contracts |  | — |  |  | 17 |  |  | 16 |  |  | 39 |
Commodity contracts |  | 6 |  |  | 2 |  |  | — |  |  | 11 |
Sub-total |  | 41 |  |  | 34 |  |  | 1,708 |  |  | 1,154 |
Netting across contract types(3) |  | (35 | ) |  | (15 | ) |  | (35 | ) |  | (15 | )
Total(3) |  | $ | 6 |  |  | $ | 19 |  |  | $ | 1,673 |  |  | $ | 1,139 |
(1) | Net asset derivatives are located within other assets in our condensed consolidated balance sheets.
(2) | Net liability derivatives are located within accrued expenses and other liabilities in our condensed consolidated balance sheets.
(3) | Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2017 and December 31, 2016 was $874 million and $634 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash on the condensed consolidated balance sheets.
The following table presents the amount of gain (loss) recognized in the condensed consolidated statements of operations for our derivatives not designated as hedging instruments:
|  | (Loss) Gain Recognized in Income(1)
Derivatives Not Designated as Hedging Instruments |  | Three Months Ended March 31,
| 2017 |  | 2016
|  | (in millions)
Equity contracts |  | $ | (573 | ) |  | $ | (408 | )
Foreign exchange contracts |  | — |  |  | (38 | )
Credit contracts |  | (25 | ) |  | 125 |
Interest rate contracts |  | — |  |  | (12 | )
Commodity contracts |  | (5 | ) |  | (49 | )
|  | $ | (603 | ) |  | $ | (382 | )
(1) | Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our condensed consolidated statements of operations for our Investment segment and are included in other income (loss), net for all other segments.
Notional exposure of derivative instruments |
| March 31, 2017 |  | December 31, 2016
| Long Notional Exposure |  | Short Notional Exposure |  | Long Notional Exposure |  | Short Notional Exposure
Primary underlying risk: | (in millions)
Equity contracts | $ | 446 |  |  | $ | 13,504 |  |  | $ | 112 |  |  | $ | 14,094 |
Credit contracts(1) | — |  |  | 481 |  |  | 202 |  |  | 472 |
Commodity contracts | 23 |  |  | 301 |  |  | 16 |  |  | 754 |
(1) | The short notional amount on our credit default swap positions is approximately $2.7 billion and $2.6 billion as of March 31, 2017 and December 31, 2016, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $481 million and $472 million as of March 31, 2017 and December 31, 2016, respectively.

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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5579245-113959 + Details
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- Definition Tabular disclosure for other derivative instruments not designated as hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=64837297&loc=SL5624171-113959 + Details
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