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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2018
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
 
March 31, 2018
 
December 31, 2017
 
March 31, 2018
 
December 31, 2017
 
 
(in millions)
Equity contracts
 
$
15

 
$
—

 
$
959

 
$
1,159

Credit contracts
 
—

 
—

 
—

 
17

Commodity contracts
 
24

 
7

 
27

 
106

Sub-total
 
39

 
7

 
986

 
1,282

Netting across contract types(2)
 
(14
)
 
(7
)
 
(14
)
 
(7
)
Total(2)
 
$
25

 
$
—

 
$
972

 
$
1,275


(1) 
Net asset derivatives are located within other assets in our condensed consolidated balance sheets.
(2) 
Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2018 and December 31, 2017 was $295 million and $542 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:
 
 
Gain (Loss) Recognized in Income(1)
Derivatives Not Designated as Hedging Instruments
 
Three Months Ended March 31,
 
2018
 
2017
 
 
(in millions)
Equity contracts
 
$
58

 
$
(573
)
Credit contracts
 
53

 
(25
)
Commodity contracts
 
95

 
(5
)
 
 
$
206

 
$
(603
)
(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, 2018
 
December 31, 2017
  
Long Notional Exposure
 
Short Notional Exposure
 
Long Notional Exposure
 
Short Notional Exposure
Primary underlying risk:
(in millions)
Equity contracts
$
171

 
$
5,715

 
$
243

 
$
6,660

Credit contracts(1)
—

 
—

 
—

 
391

Commodity contracts
30

 
387

 
20

 
911

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