Financial Instruments (Tables) - Investment Segment

9 Months Ended

Sep. 30, 2020

Derivative [Line Items]

Notional exposure of derivative instruments

	September 30, 2020				December 31, 2019
	Long Notional Exposure		Short Notional Exposure		Long Notional Exposure		Short Notional Exposure
		(in millions)
Primary underlying risk:
Equity contracts	$	—	$	2,022	$	806	$	13,113
Credit contracts(1)		—		2,501		—		622

(1) The short notional amount on our credit default swap positions was approximately $6.2 billion at September 30, 2020. However, because credit spreads cannot compress below zero, our downside short notional exposure to loss is approximately $2.5 billion as of September 30, 2020. The short notional amount on our credit default swap positions was approximately $4.7 billion as of 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.

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

	Asset Derivatives				Liability Derivatives
	September 30, 2020		December 31, 2019		September 30, 2020		December 31, 2019
		(in millions)
Equity contracts	$	—	$	291	$	172	$	1,058
Credit contracts		1,433		—		—		266
Sub-total		1,433		291		172		1,324
Netting across contract types(1)		—		(109)		—		(109)
Total(1)	$	1,433	$	182	$	172	$	1,215

(1) Excludes netting of cash collateral received and posted. The total collateral posted at September 30, 2020 and December 31, 2019 was $285 million and $903 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:

	Gain (Loss) Recognized in Income(1)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in millions)
Equity contracts	$	(657)	$	(213)	$	(886)	$	(1,464)
Credit contracts		121		(52)		1,511		(184)
Commodity contracts		—		3		—		(6)
	$	(536)	$	(262)	$	625	$	(1,654)

(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.