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Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2019
Derivative [Line Items]  
Fair value and income recognized for derivatives not designated as hedging instruments The following table presents the consolidated fair values of our derivatives that are not designated as hedging instruments in accordance with U.S GAAP:
 
Asset Derivatives(1)
 
Liability Derivatives
March 31, 2019
 
December 31, 2018
 
March 31, 2019
 
December 31, 2018
 
(in millions)
Equity contracts
$
28

 
$
568

 
$
736

 
$
170

Credit contracts
12

 
76

 
—

 
—

Commodity contracts
1

 
15

 
—

 
1

Sub-total
41

 
659

 
736

 
171

Netting across contract types(2)
(14
)
 
(135
)
 
(14
)
 
(135
)
Total(2)
$
27

 
$
524

 
$
722

 
$
36

(1) 
Net asset derivatives are classified within other assets in our condensed consolidated balance sheets.
(2) 
Excludes netting of cash collateral received and posted. The total collateral posted at March 31, 2019 and December 31, 2018 was $613 million and $0 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 derivatives not designated as hedging instruments:
 
Gain (Loss) Recognized in Income(1)
 
Three Months Ended March 31,
2019
 
2018
 
(in millions)
Equity contracts
$
(1,101
)
 
$
58

Credit contracts
(64
)
 
53

Commodity contracts
2

 
95

 
$
(1,163
)
 
$
206

(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 and are included in cost of goods sold for our Energy segment. (Losses) gains recognized on derivatives for our Investment segment were $(1,179) million and $147 million for the three months ended March 31, 2019 and 2018, respectively. Gains recognized on derivatives for our Energy segment were $16 million and $59 million for the three months ended March 31, 2019 and 2018, respectively.
Investment Segment  
Derivative [Line Items]  
Notional exposure of derivative instruments
 
March 31, 2019
 
December 31, 2018
  
Long Notional Exposure
 
Short Notional Exposure
 
Long Notional Exposure
 
Short Notional Exposure
Primary underlying risk:
(in millions)
Equity contracts
$
686

 
$
10,870

 
$
118

 
$
8,368

Credit contracts(1)
—

 
563

 
—

 
479

Commodity contracts
—

 
59

 
—

 
114

(1) 
The short notional amount on our credit default swap positions was approximately $2.5 billion at March 31, 2019. However, because credit spreads cannot compress below zero, our downside short notional exposure is $563 million as of March 31, 2019. The short notional amount on our credit default swap positions was approximately $1.8 billion as of December 31, 2018. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $479 million as of December 31, 2018.