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Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Notional exposure of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | June 30, 2021 | ​ | December 31, 2020
​ |  | Long Notional Exposure |  | Short Notional Exposure |  | Long Notional Exposure |  | Short Notional Exposure
​ | ​ | ​ | (in millions)
Primary underlying risk: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity contracts | ​ | $ | 596 | ​ | $ | 4,400 | ​ | $ | — | ​ | $ | 8,623
Credit contracts(1) |  | ​ | 1 |  | ​ | 2,027 | ​ | ​ | — |  | ​ | 2,099
(1) | The short notional amount on our credit default swap positions was approximately $6.5 billion at June 30, 2021. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $2.0 billion as of June 30, 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 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Assets | ​ | Derivative Liabilities
​ |  | June 30, 2021 |  | December 31, 2020 |  | June 30, 2021 |  | December 31, 2020
​ | ​ | ​ | (in millions)
Equity contracts | ​ | $ | 13 | ​ | $ | 4 | ​ | $ | 1,085 | ​ | $ | 852
Credit contracts | ​ |  | 1,023 | ​ |  | 1,012 | ​ |  | — | ​ |  | 1
Sub-total | ​ |  | 1,036 | ​ |  | 1,016 | ​ |  | 1,085 | ​ |  | 853
Netting across contract types(1) | ​ |  | (357) | ​ |  | (231) | ​ |  | (357) | ​ |  | (231)
Total(1) | ​ | $ | 679 | ​ | $ | 785 | ​ | $ | 728 | ​ | $ | 622
(1) | Excludes netting of cash collateral received and posted. The total collateral posted at June 30, 2021 and December 31, 2020 was $995 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 June 30, | ​ | Six Months Ended June 30,
​ |  | 2021 |  | 2020 |  | 2021 |  | 2020
​ |  | (in millions)
Equity contracts | ​ | $ | (310) | ​ | $ | (1,697) | ​ | $ | (634) | ​ | $ | (229)
Credit contracts | ​ |  | (41) | ​ |  | 584 | ​ |  | (2) | ​ |  | 1,390
​ | ​ | $ | (351) | ​ | $ | (1,113) | ​ | $ | (636) | ​ | $ | 1,161
(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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