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 March 31, 2022 and December 31, 2021, the Company had outstanding total return swaps with aggregate notional values of approximately $688 million and $720 million, respectively.

The Company executes forward foreign currency exchange contracts to mitigate the risk of certain foreign exchange movements. At March 31, 2022 and December 31, 2021, the Company had outstanding forward foreign currency exchange contracts with aggregate notional values of approximately $1.9 billion and $1.8 billion, respectively, and with expiration dates in April 2022 and January 2022, respectively.

At both March 31, 2022 and December 31, 2021, 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 condensed consolidated statements of financial condition at March 31, 2022 and December 31, 2021:

(in millions)	Assets					Liabilities
Derivative instruments	Statement of Financial Condition Classification	March 31, 2022		December 31, 2021		Statement of Financial Condition Classification	March 31, 2022		December 31, 2021
Total return swaps	Other assets	$	16	$	5	Other liabilities	$	22	$	14
Forward foreign currency exchange contracts	Other assets		3		34	Other liabilities		1		—
Total		$	19	$	39		$	23	$	14

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

		Three Months Ended
		March 31,
(in millions)		2022			2021
Derivative Instruments	Statement of Income Classification	Gains (Losses)
Total return swaps	Nonoperating income (expense)	$	41		$	(34	)
Forward foreign currency exchange contracts	General and administration expense		(42	)		7
Total gain (loss) from derivative instruments		$	(1	)	$	(27	)

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 months ended March 31, 2022 and 2021.

See Note 15, Borrowings, in the 2021 Form 10-K for more information on the Company’s net investment hedge.