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Financial Instruments (Tables) - Investment Segment | 9 Months Ended
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Sep. 30, 2019
Derivative [Line Items] |
Notional exposure of derivative instruments |
| September 30, 2019 |  | December 31, 2018
| Long Notional Exposure |  | Short Notional Exposure |  | Long Notional Exposure |  | Short Notional Exposure
Primary underlying risk: | (in millions)
Equity contracts | $ | 742 |  |  | $ | 10,019 |  |  | $ | 118 |  |  | $ | 8,368 |
Credit contracts(1) | — |  |  | 593 |  |  | — |  |  | 479 |
Commodity contracts | — |  |  | 52 |  |  | — |  |  | 114 |
(1) The short notional amount on our credit default swap positions was approximately $3.5 billion at September 30, 2019. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $593 million as of September 30, 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.
Fair value and income recognized for derivatives not designated as hedging instruments |
| Asset Derivatives(1) |  | Liability Derivatives
September 30, 2019 |  | December 31, 2018 |  | September 30, 2019 |  | December 31, 2018
| (in millions)
Equity contracts | $ | 188 |  |  | $ | 568 |  |  | $ | 408 |  |  | $ | 170 |
Credit contracts | — |  |  | 76 |  |  | 108 |  |  | — |
Commodity contracts | — |  |  | 7 |  |  | — |  |  | — |
Sub-total | 188 |  |  | 651 |  |  | 516 |  |  | 170 |
Netting across contract types(2) | (55 | ) |  | (134 | ) |  | (55 | ) |  | (134 | )
Total(2) | $ | 133 |  |  | $ | 517 |  |  | $ | 461 |  |  | $ | 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 September 30, 2019 and December 31, 2018 was $314 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 Investment segment’s derivatives not designated as hedging instruments:
| Gain (Loss) Recognized in Income(1)
| Three Months Ended September 30, |  | Nine Months Ended September 30,
2019 |  | 2018 |  | 2019 |  | 2018
| (in millions)
Equity contracts | $ | (213 | ) |  | $ | (564 | ) |  | $ | (1,464 | ) |  | $ | (653 | )
Credit contracts | (52 | ) |  | 12 |  |  | (184 | ) |  | 65 |
Commodity contracts | 3 |  |  | 13 |  |  | (6 | ) |  | 57 |
| $ | (262 | ) |  | $ | (539 | ) |  | $ | (1,654 | ) |  | $ | (531 | )
(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.

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