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 December 31, 2021 and 2020, the Company had outstanding total return swaps with aggregate notional values of approximately $720 million and $833 million, respectively.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At December 31, 2021 and 2020, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $1.8 billion and $2.8 billion, respectively and with expiration dates in January 2022 and January 2021, respectively.

At both December 31, 2021 and 2020, the Company had a derivative providing credit protection with a notional amount of approximately $17 million to a counterparty, representing the Company’s maximum risk of loss with respect to the derivative. The Company carries the derivative at fair value based on the expected discounted future cash outflows under the arrangement.

The following table presents the fair values of derivative instruments recognized in the consolidated statements of financial condition at December 31, 2021:

(in millions)	Assets					Liabilities
	Statement of Financial Condition	December 31,		December 31,		Statement of Financial Condition	December 31,		December 31,
Derivative instruments	Classification	2021		2020		Classification	2021		2020
Total return swaps	Other assets	$	5	$	—	Other liabilities	$	14	$	50
Forward foreign currency exchange contracts	Other assets		34		13	Other liabilities		—		5
Total		$	39	$	13		$	14	$	55

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

(in millions)		Gains (Losses)
Derivative Instruments	Statement of Income Classification	2021			2020			2019
Total return swaps	Nonoperating income (expense)	$	(99	)	$	(93	)	$	(106	)
Forward foreign currency exchange contracts	General and administration expense		(29	)		47			55
Total gain (loss) from derivative instruments		$	(128	)	$	(46	)	$	(51	)

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 2021, 2020 and 2019.

See Note 15, Borrowings, for more information on the Company’s net investment hedge.