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Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative [Line Items]  
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location
Asset Derivatives(1)
Liability Derivatives
December 31, 2019December 31, 2018December 31, 2019December 31, 2018
(in millions)
Equity contracts$291  $568  $1,058  $170  
Credit contracts—  76  266  —  
Commodity contracts—  7  —  —  
Sub-total291  651  1,324  170  
Netting across contract types(2)
(109) (134) (109) (134) 
Total(2)
$182  $517  $1,215  $36  
(1)Net asset derivatives are classified within other assets in our consolidated balance sheets.
(2)Excludes netting of cash collateral received and posted. The total collateral posted at December 31, 2019 and December 31, 2018 was $903 million and $0 million, respectively, across all counterparties, which are included in cash held at consolidated affiliated partnerships and restricted cash in the consolidated balance sheets.
The following table presents the amount of gain (loss) recognized in the consolidated statements of operations for our Investment segment’s derivatives not designated as hedging instruments:
Gain (Loss) Recognized in Income(1)
Year Ended December 31,
201920182017
(in millions)
Equity contracts$(2,152) $603  $(1,815) 
Credit contracts(342) 129  (42) 
Commodity contracts(8) 66  (112) 
$(2,502) $798  $(1,969) 
(1)Gains (losses) recognized on derivatives are classified in net gain (loss) from investment activities in our consolidated statements of operations for our Investment segment.
Investment Segment  
Derivative [Line Items]  
Schedule of Notional Amounts of Outstanding Derivative Positions
December 31, 2019December 31, 2018
  Long Notional ExposureShort Notional ExposureLong Notional ExposureShort Notional Exposure
Primary underlying risk:(in millions)
Equity contracts$806  $13,113  $118  $8,368  
Credit contracts(1)
—  622  —  479  
Commodity contracts—  —  —  114  
(1)The short notional amount on our credit default swap positions was approximately $4.7 billion at December 31, 2019. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is $622 million as of December 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.