The Company maintains a program to enter into swaps to hedge against market price and interest rate exposures with respect to certain seed investments in sponsored investment products. At June 30, 2019 and December 31, 2018, the Company had outstanding total return swaps with aggregate notional values of approximately $522 million and $483 million, respectively.

At both June 30, 2019 and December 31, 2018, the Company had a derivative providing credit protection of approximately $17 million to a counterparty, representing the Company’s maximum risk of loss with respect to the provision of credit protection. The Company carries the derivative at fair value based on the expected discounted future cash outflows under the arrangement.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At June 30, 2019 and December 31, 2018, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $2.1 billion and $2.2 billion, respectively.

The fair values of the outstanding total return swaps, credit default swap and forward foreign currency exchange contracts were not material to the condensed consolidated statement of financial condition at both June 30, 2019 and December 31, 2018.

The following table presents gains (losses) recognized in the condensed consolidated statements of income on derivative instruments:

		Three Months Ended						Six Months Ended
		June 30,						June 30,
(in millions)		2019			2018			2019			2018
Derivative Instruments	Statement of Income Classification	Gains (Losses)						Gains (Losses)

Total return swaps	Nonoperating income (expense)	$	(14	)	$	2		$	(64	)	$	7
Forward foreign currency exchange contracts	Other general and administration expense		(49	)		(93	)		(13	)		(63	)
Total gain (loss) from derivative instruments		$	(63	)	$	(91	)	$	(77	)	$	(56	)

The Company consolidates certain sponsored investment funds, which may utilize derivative instruments as a part of the funds’ investment strategies. The change in fair value of such derivatives, which is recorded in nonoperating income (expense), was not material for the three and six months ended June 30, 2019 and 2018.

See Note 13, Borrowings, in the 2018 Form 10-K for more information on the Company’s net investment hedge.