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Derivative Financial Instruments
 12 Months Ended
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Financial Instruments
The notional amounts and fair values of derivatives were as follows as of the dates indicated:
December 31, 2023December 31, 2022
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$10 $— $— $18 $— $— 
Foreign exchange contracts597 27 6 596 58 2 
Derivatives: Non-qualifying for hedge accounting(1)
Interest rate contracts11,125 186 290 12,470 262 327 
Foreign exchange contracts66 — 2 45 2 — 
Credit contracts101 — 1 141 — 2 
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments(2)
N/A1 — N/A2 — 
Managed custody guarantees(3)
N/A— 8 N/A— 6 
Stabilizers(3)
N/A— 1 N/A— — 
Total$214 $308 $324 $337 
(1) Open derivative contracts are reported as Derivatives assets or liabilities at fair value on the Consolidated Balance Sheets at fair value.
(2) Included in Fixed maturities, available-for-sale, at fair value on the Consolidated Balance Sheets.
(3) Included in Future policy benefits and contract owner account balances on the Consolidated Balance Sheets.
N/A - Not applicable
The Company does not offset any derivative assets and liabilities in the Consolidated Balance Sheets. The disclosures set out in the table below include the fair values of Over-The-Counter (“OTC”) and cleared derivatives excluding exchange traded contracts subject to master netting agreements or similar agreements as of the dates indicated:

Gross Amount Recognized(1)
Counterparty Netting(2)
Cash Collateral Netting(2)
Securities Collateral Netting(2)
Net receivables/ payables
December 31, 2023
Derivative assets$213 $(184)$(17)$(8)$4 
Derivative liabilities299 (184)(111)(3)1 
December 31, 2022
Derivative assets321 (263)(51)(6)1 
Derivative liabilities331 (263)(64)(1)3 
(1) As of December 31, 2023, gross amounts do not exclude asset and liability exchange traded contracts. As of December 31, 2022, gross amounts exclude asset and liability exchange traded contracts of $1 and $0, respectively.
(2) Represents the netting of receivable with payable balances, net of collateral, for the same counterparty under eligible netting agreements.

Collateral

Under the terms of the OTC Derivative International Swaps and Derivatives Association, Inc. ("ISDA") agreements, the Company may receive from, or deliver to, counterparties, collateral to assure that terms of the ISDA agreements will be met with regard to the Credit Support Annex ("CSA"). The terms of the CSA call for the Company to pay interest on any cash received equal to the Federal Funds rate. To the extent cash collateral is received and delivered, it is included in Payables under securities loan agreements, including collateral held and Short-term investments under securities loan agreements, including collateral delivered, respectively, on the Consolidated Balance Sheets and is reinvested in short-term investments. Collateral held is used in accordance with the CSA to satisfy any obligations. Investment grade bonds owned by the Company are the source of noncash collateral posted, which is reported in Securities pledged on the Consolidated Balance Sheets.

As of December 31, 2023, the Company held $17 and pledged $112 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. As of December 31, 2022, the Company held $50 and $62 of net cash collateral related to OTC derivative contracts and cleared derivative contracts, respectively. In addition, as of December 31, 2023, the Company delivered $153 of securities and held $10 securities as collateral. As of December 31, 2022, the Company delivered $102 of securities and held $7 securities as collateral.
The location and effect of derivatives qualifying for hedge accounting on the Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income are as follows for the periods indicated:
Year Ended December 31,
202320222021
Interest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange ContractsInterest Rate ContractsForeign Exchange Contracts
Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into IncomeNet investment income
Net investment income and Net gains (losses)
Net investment income
Net investment income and Net gains (losses)
Net investment income
Net investment income and Net gains (losses)
Amount of Gain or (Loss) Recognized in Other Comprehensive Income$— $(36)$(2)$58 $(1)$33 
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income— 8 — 9 — 3 

The location and amount of gain (loss) recognized in the Consolidated Statements of Operations for derivatives qualifying for hedge accounting are as follows for the periods indicated:
Year Ended December 31,
202320222021
Net investment income
Net gains (losses)
Net investment income
Net gains (losses)
Net investment income
Net gains (losses)
Total amounts of line items presented in the statements of operations in which the effects of cash flow hedges are recorded
$1,523 $(134)$1,619 $(429)$1,949 $166 
Cash flow hedges:
Foreign exchange contracts:
Gain (loss) reclassified from accumulated other comprehensive income into income
8 — 9 — 8 (5)
The location and effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations areas follows for the periods indicated:
Location of Gain (Loss) Recognized on Derivative
Year Ended December 31,
202320222021
Derivatives: Non-qualifying for hedge accounting
Interest rate contractsNet gains (losses)$10 $184 $(16)
Foreign exchange contracts
Net gains (losses)(1)4 1 
Credit contracts
Net gains (losses)2 (3)2 
Embedded derivatives and Managed custody guarantees:
Within fixed maturity investments
Net gains (losses)(1)(5)(4)
Managed custody guaranteesNet gains (losses)(2)(5)4 
StabilizersNet gains (losses)(1)19 30 
Total
$7 $194 $17