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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2023
Derivative |
Notional exposure of derivative instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2023 | ​ | December 31, 2022
​ |  | Long Notional Exposure |  | Short Notional Exposure |  | Long Notional Exposure |  | Short Notional Exposure
​ | ​ | ​ | (in millions)
Primary underlying risk: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Equity contracts | ​ | $ | 1,882 | ​ | $ | 2,350 | ​ | $ | 1,816 | ​ | $ | 5,354
Credit contracts(1) |  | ​ | — |  | ​ | 435 | ​ | ​ | — |  | ​ | 945
Commodity contracts |  | ​ | — |  | ​ | 409 | ​ | ​ | — |  | ​ | 22
(1) | The short notional amount on our credit default swap positions was approximately $2.5 billion at December 31, 2023. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $0.4 billion as of December 31, 2023. The short notional amount on our credit default swap positions was approximately $3.5 billion as of December 31, 2022. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $0.9 billion as of December 31, 2022.
Fair value and income recognized for derivatives not designated as hedging instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Assets | ​ | Derivative Liabilities
​ |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
​ | ​ | ​ | (in millions)
Equity contracts | ​ | $ | 11 | ​ | $ | 392 | ​ | $ | 999 | ​ | $ | 719
Credit contracts | ​ |  | 39 | ​ |  | 447 | ​ |  | 2 | ​ |  | 1
Commodity contracts | ​ |  | 14 | ​ |  | — | ​ |  | 3 | ​ |  | 1
Sub-total | ​ |  | 64 | ​ |  | 839 | ​ |  | 1,004 | ​ |  | 721
Netting across contract types(1) | ​ |  | (25) | ​ |  | (34) | ​ |  | (25) | ​ |  | (34)
Total(1) | ​ | $ | 39 | ​ | $ | 805 | ​ | $ | 979 | ​ | $ | 687
(1) | Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2023 and 2022 was $1,731 million and $1,436 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the consolidated balance sheets.
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Gain (Loss) Recognized in Income(1)
​ | Year Ended December 31,
​ | 2023 |  | 2022 |  | 2021
​ | ​ | ​ | ​ | ​ | ​ | ​
Equity contracts | $ | (903) | ​ | $ | 456 | ​ | $ | (1,100)
Credit contracts |  | (87) | ​ |  | (586) | ​ |  | 88
Commodity contracts |  | (26) | ​ |  | (1) | ​ |  | —
​ | $ | (1,016) | ​ | $ | (131) | ​ | $ | (1,012)
(1) | Gains (losses) recognized on derivatives are classified in net (loss) gain from investment activities in our consolidated statements of operations for our Investment segment.
Energy |
Derivative |
Fair value and income recognized for derivatives not designated as hedging instruments | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Derivative Assets | ​ | Derivative Liabilities
​ |  | December 31, 2023 |  | December 31, 2022 |  | December 31, 2023 |  | December 31, 2022
​ | ​ | ​ | (in millions)
Commodity contracts | ​ | $ | 31 | ​ | $ | — | ​ | $ | (6) | ​ | $ | 5
Netting across contract types(1) | ​ |  | (6) | ​ |  | — | ​ |  | 6 | ​ |  | (1)
Total(1) | ​ | $ | 25 | ​ | $ | — | ​ | $ | — | ​ | $ | 4
| (1) | Excludes netting of derivatives primarily related to initial margin requirements of $13 million and $7 million at December 31, 2023 and 2022, respectively, which was not offset against derivatives liabilities, net in the consolidated balance sheets.

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