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Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative

Notional exposure of derivative instruments

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​

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​

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​

​

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​

​

​

​

​

​

September 30, 2023

​

December 31, 2022

​

Long Notional Exposure

Short Notional Exposure

Long Notional Exposure

Short Notional Exposure

​

​

​

(in millions)

Primary underlying risk:

​

​

​

​

​

​

​

​

​

​

​

​

Equity contracts

​

$

2,075

​

$

2,833

​

$

1,816

​

$

5,354

Credit contracts(1)

​

—

​

495

​

​

—

​

945

Commodity contracts

​

—

​

562

​

​

—

​

​

22

(1) The short notional amount on our credit default swap positions was approximately $2.6 billion and $3.5 billion at September 30, 2023 and December 31, 2022, respectively. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $0.5 billion and $0.9 billion as of September 30, 2023 and December 31, 2022, respectively.

Investment Segment

Derivative

Fair value and income recognized for derivatives not designated as hedging instruments

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative Assets

​

Derivative Liabilities

​

September 30, 2023

December 31, 2022

September 30, 2023

December 31, 2022

​

​

​

(in millions)

Equity contracts

​

$

228

​

$

392

​

$

906

​

$

719

Credit contracts

​

87

​

447

​

1

​

1

Commodity contracts

​

19

​

—

​

76

​

1

Sub-total

​

334

​

839

​

983

​

721

Netting across contract types(1)

​

(207)

​

(34)

​

(207)

​

(34)

Total(1)

​

$

127

​

$

805

​

$

776

​

$

687

(1) Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2023 and December 31, 2022 was $1,854 million and $1,436 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:

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​

​

​

​

​

​

​

​

​

​

​

​

​

​

Gain (loss) Recognized in Income (1)

​

​

Three Months Ended September 30,

​

Nine Months Ended September 30,

​

2023

2022

2023

2022

​

​

(in millions)

Equity contracts

​

$

32

​

$

227

​

$

(618)

​

$

710

Credit contracts

​

(63)

​

(259)

​

(29)

​

(579)

Commodity contracts

​

(74)

​

—

​

(91)

​

—

​

​

$

(105)

​

$

(32)

​

$

(738)

​

$

131

(1) Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our condensed consolidated statements of operations for our Investment segment.

Energy Segment

Derivative

Fair value and income recognized for derivatives not designated as hedging instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Derivative Assets

​

Derivative Liabilities

​

September 30, 2023

December 31, 2022

September 30, 2023

December 31, 2022

​

​

​

(in millions)

Commodity contracts

​

—

​

—

​

(41)

​

5

Netting across contract types(1)

​

—

​

—

​

2

​

(1)

Total(1)

​

$

—

​

$

—

​

$

(39)

​

$

4

​

(1) Excludes netting of derivatives primarily related to initial margin requirements of $20 million and $7 million at September 30, 2023 and December 31, 2022, respectively, which was not offset against derivatives liabilities, net in the condensed consolidated balance sheets.

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+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
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Tabular disclosure of the notional amounts of outstanding derivative positions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-1A

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Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4C

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4CC
-SubTopic 10
-Topic 815
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480434/815-10-50-4CC

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