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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Financial Instruments [Abstract]  
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments in accordance with U.S GAAP:
 
Asset Derivatives(1)
 
Liability Derivatives
 
December 31,
 
December 31,
2017
 
2016
 
2017
 
2016
 
(in millions)
Equity contracts
$
—

 
$
15

 
$
1,159

 
$
1,104

Credit contracts
—

 
17

 
17

 
39

Commodity contracts
7

 
2

 
106

 
11

Sub-total
7

 
34

 
1,282

 
1,154

Netting across contract types(2)
(7
)
 
(15
)
 
(7
)
 
(15
)
 
$
—

 
$
19

 
$
1,275

 
$
1,139

(1) 
Net asset derivatives are located within other assets in our consolidated balance sheets.
(2) 
Excludes netting of cash collateral received and posted.  The total collateral posted at December 31, 2017 and 2016 was $542 million and $634 million, respectively, across all counterparties.
The following table presents the amount of gain (loss) recognized in the consolidated statements of operations for our derivatives not designated as hedging instruments:
 
Gain (Loss) Recognized in Income(1)
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
(in millions)
Equity contracts
$
(1,815
)
 
$
(1,609
)
 
$
(1
)
Foreign exchange contracts
—

 
35

 
160

Credit contracts
(42
)
 
44

 
489

Interest rate contracts
—

 
(28
)
 
—

Commodity contracts
(182
)
 
(101
)
 
57

 
$
(2,039
)
 
$
(1,659
)
 
$
705

 
(1) 
Gains (losses) recognized on derivatives are classified in net gain from investment activities in our consolidated statements of operations for our Investment segment and are included in other income, net for all other segments.
Schedule of Notional Amounts of Outstanding Derivative Positions
 
December 31, 2017
 
December 31, 2016
  
Long Notional Exposure
 
Short Notional Exposure
 
Long Notional Exposure
 
Short Notional Exposure
Primary underlying risk:
(in millions)
Equity contracts
$
243

 
$
6,660

 
$
112

 
$
14,094

Credit contracts(1)
—

 
391

 
202

 
472

Commodity contracts
20

 
911

 
16

 
754

(1)
The short notional amount on our credit default swap positions is approximately $2.5 billion and $2.6 billion as of December 31, 2017 and 2016, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $391 million and $472 million as of December 31, 2017 and 2016, respectively.