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Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The notional amounts and fair values of derivatives from continuing operations were as follows as of the dates indicated:
 
December 31, 2017
 
December 31, 2016
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
 
Notional
Amount
 
Asset
Fair
Value
 
Liability
Fair
Value
Derivatives: Qualifying for hedge accounting (1)
 
 
 
 
 
 
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
$
56

 
$
—

 
$
—

 
$
106

 
$
4

 
$
—

Foreign exchange contracts
625

 
—

 
60

 
324

 
28

 
7

Derivatives: Non-qualifying for hedge accounting (1)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts
27,482

 
173

 
58

 
39,570

 
550

 
247

Foreign exchange contracts
85

 
—

 
2

 
368

 
30

 
27

Equity contracts
1,526

 
198

 
19

 
917

 
95

 
—

Credit contracts
1,983

 
26

 
10

 
3,051

 
30

 
16

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
 
 
 
 
 
 
Within fixed maturity investments
N/A

 
37

 
—

 
N/A

 
55

 
—

Within products
N/A

 
—

 
306

 
N/A

 
—

 
291

Within reinsurance agreements
N/A

 
—

 
129

 
N/A

 
—

 
79

Total
 
 
$
434

 
$
584

 
 
 
$
792

 
$
667

(1) Open derivative contracts are reported as Derivatives assets or liabilities on the Consolidated Balance Sheets at fair value.
N/A - Not Applicable
Offsetting Assets and Liabilities
Although the Company has not elected to net its derivative exposures, the notional amounts and fair values of Over-The-Counter ("OTC") and cleared derivatives excluding exchange traded contracts and forward contracts (To Be Announced mortgage-backed securities) for continuing operations and businesses held for sale are presented in the tables below as of the dates indicated:
 
December 31, 2017
Continuing operations:
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
1,983

 
$
26

 
$
10

Equity contracts
1,382

 
197

 
19

Foreign exchange contracts
710

 
—

 
62

Interest rate contracts
24,490

 
173

 
57

 
 
 
396

 
148

Counterparty netting(1)
 
 
(100
)
 
(100
)
Cash collateral netting(1)
 
 
(251
)
 
—

Securities collateral netting(1)
 
 
(37
)
 
(40
)
Net receivables/payables
 
 
$
8

 
$
8

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

 
December 31, 2017
Businesses held for sale:
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
431

 
$
1

 
$
6

Equity contracts
28,131

 
1,023

 
662

Foreign exchange contracts
244

 
—

 
24

Interest rate contracts
27,025

 
471

 
88

 
 
 
1,495

 
780

Counterparty netting(1)
 
 
(776
)
 
(776
)
Cash collateral netting(1)
 
 
(676
)
 
(4
)
Securities collateral netting(1)
 
 
(31
)
 
—

Net receivables/payables
 
 
$
12

 
$
—

(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.


 
December 31, 2016
Continuing operations:
 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
3,051

 
$
30

 
$
16

Equity contracts
782

 
94

 
—

Foreign exchange contracts
692

 
58

 
34

Interest rate contracts
32,898

 
555

 
245

 
 
 
737

 
295

Counterparty netting(1)
 
 
(250
)
 
(250
)
Cash collateral netting(1)
 
 
(399
)
 
(6
)
Securities collateral netting(1)
 
 
(20
)
 
(14
)
Net receivables/payables
 
 
$
68

 
$
25


(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

 
December 31, 2016
Businesses held for sale:

 
 
 
 
 
 
Notional Amount
 
Asset Fair Value
 
Liability Fair Value
Credit contracts
$
204

 
$
3

 
$
—

Equity contracts
21,545

 
378

 
49

Foreign exchange contracts
1,362

 
43

 
16

Interest rate contracts
35,444

 
530

 
108

 
 
 
954

 
173

Counterparty netting(1)
 
 
(161
)
 
(161
)
Cash collateral netting(1)
 
 
(685
)
 
(15
)
Securities collateral netting(1)
 
 
(52
)
 
—

Net receivables/payables
 
 
$
56

 
$
(3
)
(1) Represents the netting of receivable balances with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
Net realized gains (losses) on derivatives from continuing operations were as follows for the periods indicated:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Derivatives: Qualifying for hedge accounting(1)
 
 
 
 
 
Cash flow hedges:
 
 
 
 
 
Interest rate contracts
$
1

 
$
1

 
$
1

Foreign exchange contracts
26

 
2

 
2

Fair value hedges:
 
 
 
 
 
Interest rate contracts
—

 
(3
)
 
(6
)
Derivatives: Non-qualifying for hedge accounting(2)
 
 
 
 
 
Interest rate contracts
1

 
35

 
(56
)
Foreign exchange contracts
(8
)
 
(4
)
 
6

Equity contracts
61

 
(11
)
 
(18
)
Credit contracts
17

 
12

 
3

Embedded derivatives and Managed custody guarantees:
 
 
 
 
 
Within fixed maturity investments(2)
(18
)
 
(19
)
 
(16
)
Within products(2)
(22
)
 
9

 
(46
)
Within reinsurance agreements(3)
(57
)
 
(25
)
 
125

Total
$
1

 
$
(3
)
 
$
(5
)

(1) Changes in value for effective fair value hedges are recorded in Other net realized capital gains (losses). Changes in fair value upon disposal for effective cash flow hedges are amortized through Net investment income and the ineffective portion is recorded in Other net realized capital gains (losses) in the Consolidated Statements of Operations. For the years ended December 31, 2017, 2016 and 2015, ineffective amounts were immaterial.
(2) Changes in value are included in Other net realized capital gains (losses) in the Consolidated Statements of Operations.
(3) Changes in value are included in Policyholder benefits in the Consolidated Statements of Operations.