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Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Notional exposure of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2021 | ​ | December 31, 2020
​ |  | Long Notional Exposure |  | Short Notional Exposure |  | Long Notional Exposure |  | Short Notional Exposure
​ | ​ | ​ | (in millions)
Primary underlying risk: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity contracts | ​ | $ | 217 | ​ | $ | 4,074 | ​ | $ | — | ​ | $ | 8,623
Credit contracts(1) |  | ​ | 8 |  | ​ | 4,113 | ​ | ​ | — |  | ​ | 2,099
(1) | The short notional amount on our credit default swap positions was approximately $8.2 billion at March 31, 2021. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $4.1 billion as of March 31, 2021. The short notional amount on our credit default swap positions was approximately $6.3 billion as of December 31, 2020. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $2.1 billion as of December 31, 2020.
Fair value and income recognized for derivatives not designated as hedging instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Asset Derivatives | ​ | Liability Derivatives
​ |  | March 31, 2021 |  | December 31, 2020 |  | March 31, 2021 |  | December 31, 2020
​ | ​ | ​ | (in millions)
Equity contracts | ​ | $ | 11 | ​ | $ | 4 | ​ | $ | 737 | ​ | $ | 852
Credit contracts | ​ |  | 1,056 | ​ |  | 1,012 | ​ |  | 2 | ​ |  | 1
Sub-total | ​ |  | 1,067 | ​ |  | 1,016 | ​ |  | 739 | ​ |  | 853
Netting across contract types(1) | ​ |  | (218) | ​ |  | (231) | ​ |  | (218) | ​ |  | (231)
Total(1) | ​ | $ | 849 | ​ | $ | 785 | ​ | $ | 521 | ​ | $ | 622
(1) | Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2021 and December 31, 2020 was $936 million and $872 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,
​ | 2021 |  | 2020
​ | (in millions)
Equity contracts | $ | (324) | ​ | $ | 1,468
Credit contracts |  | 39 | ​ |  | 806
​ | $ | (285) | ​ | $ | 2,274
(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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