Derivative Instruments |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments | 4. Derivative Instruments In the normal course of business, CVC-PEF may enter into derivative contracts to achieve certain risk management objectives. CVC-PEF may enter into derivative instruments to hedge against foreign currency exchange rate risk on a portion or all of its non-U.S. dollar denominated investments. CVC-PEF utilizes forward currency contracts to economically hedge the currency exposure associated with certain foreign-denominated investments. These derivative contracts are not designated as hedging instruments for accounting purposes. The use of foreign exchange contracts does not eliminate fluctuations in the price of the underlying investments recognized by CVC-PEF. As a result of the use of derivative contracts, CVC-PEF is exposed to the risk that counterparties will fail to fulfill their contractual obligations. To mitigate such counterparty risk, CVC-PEF enters into contracts with certain major financial institutions, primarily those with investment grade ratings. Counterparty credit risk is evaluated in determining the fair value of derivative instruments. The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional amount represents the absolute value amount of the foreign exchange contracts:
The table below summarizes the impact to the Consolidated Statements of Operations from derivative instruments:
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