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Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2019
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:
| Asset Derivatives(1) |  | Liability Derivatives
March 31, 2019 |  | December 31, 2018 |  | March 31, 2019 |  | December 31, 2018
| (in millions)
Equity contracts | $ | 28 |  |  | $ | 568 |  |  | $ | 736 |  |  | $ | 170 |
Credit contracts | 12 |  |  | 76 |  |  | — |  |  | — |
Commodity contracts | 1 |  |  | 15 |  |  | — |  |  | 1 |
Sub-total | 41 |  |  | 659 |  |  | 736 |  |  | 171 |
Netting across contract types(2) | (14 | ) |  | (135 | ) |  | (14 | ) |  | (135 | )
Total(2) | $ | 27 |  |  | $ | 524 |  |  | $ | 722 |  |  | $ | 36 |
(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 March 31, 2019 and December 31, 2018 was $613 million and $0 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in 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)
| Three Months Ended March 31,
2019 |  | 2018
| (in millions)
Equity contracts | $ | (1,101 | ) |  | $ | 58 |
Credit contracts | (64 | ) |  | 53 |
Commodity contracts | 2 |  |  | 95 |
| $ | (1,163 | ) |  | $ | 206 |
(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 cost of goods sold for our Energy segment. (Losses) gains recognized on derivatives for our Investment segment were $(1,179) million and $147 million for the three months ended March 31, 2019 and 2018, respectively. Gains recognized on derivatives for our Energy segment were $16 million and $59 million for the three months ended March 31, 2019 and 2018, respectively.
Investment Segment |
Derivative [Line Items] |
Notional exposure of derivative instruments |
| March 31, 2019 |  | December 31, 2018
| Long Notional Exposure |  | Short Notional Exposure |  | Long Notional Exposure |  | Short Notional Exposure
Primary underlying risk: | (in millions)
Equity contracts | $ | 686 |  |  | $ | 10,870 |  |  | $ | 118 |  |  | $ | 8,368 |
Credit contracts(1) | — |  |  | 563 |  |  | — |  |  | 479 |
Commodity contracts | — |  |  | 59 |  |  | — |  |  | 114 |
(1) The short notional amount on our credit default swap positions was approximately $2.5 billion at March 31, 2019. However, because credit spreads cannot compress below zero, our downside short notional exposure is $563 million as of March 31, 2019. The short notional amount on our credit default swap positions was approximately $1.8 billion as of December 31, 2018. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $479 million as of December 31, 2018.

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