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Interest Rate Swap Agreements | 12 Months Ended
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Mar. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest Rate Swap Agreements | 6. Interest Rate Swap Agreements The Company utilizes interest rate swap agreements to manage exposure to variability in expected cash flows attributable to interest rate risk. The interest rate swap agreements convert a portion of the Company’s floating rate debt to a fixed rate, more closely matching the interest rate characteristics of the Company’s finance receivables. As of the twelve months ended March 31, 2016 and 2015, no new contracts were initiated and no contracts matured. The Company currently has two interest rate swap agreements. A June 4, 2012 interest rate swap agreement provides for a five-year term in which the Company pays a fixed rate of 1% and receives payments from the counterparty on the 1-month LIBOR rate. This interest rate swap agreement has an effective date of June 13, 2012 and a notional amount of $25.0 million. A July 30, 2012 agreement provides for a five-year term in which the Company pays a fixed rate of 0.87% and receives payments from the counterparty on the 1-month LIBOR rate. This interest rate swap agreement has an effective date of August 13, 2012 and a notional amount of $25.0 million. The locations and amounts of losses recognized in income are detailed as follows for the fiscal years ended March 31:
|  | (In thousands) |
|  | 2016 |  |  | 2015 |
Periodic change in fair value of interest rate swap agreements |  | $ | (24 | ) |  | $ | (364 | )
Periodic settlement differentials included in interest expense |  |  | (343 | ) |  |  | (393 | )
Loss recognized in income |  | $ | (367 | ) |  | $ | (757 | )
Net realized losses from the interest rate swap agreements were recorded in the interest expense line item of the consolidated statements of income. The following table summarizes the average variable rates received and average fixed rates paid under the interest rate swap agreements as of March 31:
|  | 2016 |  |  | 2015 |
Average variable rate received |  |  | 0.26 | % |  |  | 0.16 | %
Average fixed rate paid |  |  | 0.94 | % |  |  | 0.94 | %

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