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Derivative Financial Instruments (Tables)
 3 Months Ended
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.