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Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 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
 
September 30, 2018
 
December 31, 2017
 
September 30, 2018
 
December 31, 2017
 
 
(in millions)
Equity contracts
 
$
32

 
$
—

 
$
953

 
$
1,159

Credit contracts
 
11

 
—

 
—

 
17

Commodity contracts
 
5

 
7

 
38

 
106

Sub-total
 
48

 
7

 
991

 
1,282

Netting across contract types(2)
 
(6
)
 
(7
)
 
(6
)
 
(7
)
Total(2)
 
$
42

 
$
—

 
$
985

 
$
1,275

(1) 
Net asset derivatives are classified within other assets in our condensed consolidated balance sheets.
(2) 
Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2018 and December 31, 2017 was $573 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
September 30,
 
Nine Months Ended
September 30,
 
2018
 
2017
 
2018
 
2017
 
 
(in millions)
Equity contracts
 
$
(564
)
 
$
(350
)
 
$
(653
)
 
$
(1,185
)
Credit contracts
 
12

 
(15
)
 
65

 
(32
)
Commodity contracts
 
18

 
(20
)
 
132

 
(36
)
 
 
$
(534
)
 
$
(385
)
 
$
(456
)
 
$
(1,253
)
(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. Gains (losses) recognized on derivatives for our Investment segment were $(539) million and $(368) million for the three months ended September 30, 2018 and 2017, respectively, and $(531) million and $(1,248) million for the nine months ended September 30, 2018 and 2017, respectively. Gains (losses) recognized on derivatives for our other segments were $5 million and $(17) million for the three months ended September 30, 2018 and 2017, respectively, and $75 million and $(5) million for the nine months ended September 30, 2018 and 2017, respectively.
Investment Segment  
Derivative [Line Items]  
Notional exposure of derivative instruments
 
September 30, 2018
 
December 31, 2017
  
Long Notional Exposure
 
Short Notional Exposure
 
Long Notional Exposure
 
Short Notional Exposure
Primary underlying risk:
(in millions)
Equity contracts
$
256

 
$
10,050

 
$
243

 
$
6,660

Credit contracts(1)
—

 
183

 
—

 
391

Commodity contracts
—

 
122

 
—

 
634

(1) 
The short notional amount on our credit default swap positions was approximately $800 million at September 30, 2018. However, because credit spreads cannot compress below zero, our downside short notional exposure is $183 million as of September 30, 2018. 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.