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Financial Instruments (Tables) - Investment Segment | 3 Months Ended
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Mar. 31, 2020
Derivative [Line Items] |
Notional exposure of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2020 | ​ | December 31, 2019
​ |  | Long Notional Exposure |  | Short Notional Exposure |  | Long Notional Exposure |  | Short Notional Exposure
​ | ​ | ​ | (in millions)
Primary underlying risk: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity contracts | ​ | $ | 486 | ​ | $ | 12,402 | ​ | $ | 806 | ​ | $ | 13,113
Credit contracts(1) |  | ​ | — |  | ​ | 1,934 | ​ | ​ | — | ​ | ​ | 622
(1) | The short notional amount on our credit default swap positions was approximately $6.4 billion at March 31, 2020. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $1.9 billion as of March 31, 2020. The short notional amount on our credit default swap positions was approximately $4.7 billion as of December 31, 2019. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $622 million as of December 31, 2019.
Fair value and income recognized for derivatives not designated as hedging instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Asset Derivatives | ​ | Liability Derivatives
​ |  | March 31, 2020 |  | December 31, 2019 |  | March 31, 2020 |  | December 31, 2019
​ | ​ | ​ | (in millions)
Equity contracts | ​ | $ | 2,421 | ​ | $ | 291 | ​ | $ | 405 | ​ | $ | 1,058
Credit contracts | ​ |  | 759 | ​ |  | — | ​ |  | — | ​ |  | 266
Sub-total | ​ |  | 3,180 | ​ |  | 291 | ​ |  | 405 | ​ |  | 1,324
Netting across contract types(1) | ​ |  | (324) | ​ |  | (109) | ​ |  | (324) | ​ |  | (109)
Total(1) | ​ | $ | 2,856 | ​ | $ | 182 | ​ | $ | 81 | ​ | $ | 1,215
(1) | Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2020 and December 31, 2019 was $616 million and $903 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 March 31,
​ | 2020 |  | 2019
​ | (in millions)
Equity contracts | $ | 1,468 | ​ | $ | (1,101)
Credit contracts |  | 806 | ​ |  | (64)
Commodity contracts |  | — | ​ |  | (14)
​ | $ | 2,274 | ​ | $ | (1,179)
(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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