Financial Instruments (Tables)

12 Months Ended

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.