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Interest Rate Swap Agreements | 12 Months Ended
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Mar. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest Rate Swap Agreements | 6. Interest Rate Swap Agreements The Company previously utilized interest rate swap agreements to manage exposure to variability in expected cash flows attributable to interest rate risk. The interest rate swap agreements converted a portion of the Company’s floating rate debt to a fixed rate, more closely matching the interest rate characteristics of the finance receivables. During the twelve months ended March 31, 2018, no new contracts were initiated and both interest rate swap contracts matured. The two interest rate swap agreements which expired were as follows: A June 4, 2012 interest rate swap agreement providing for a five-year term in which the Company paid a fixed rate of 1% and received payments from the counterparty on the 1-month LIBOR rate. This interest rate swap agreement had an effective date of June 13, 2012 and a notional amount of $25.0 million. A July 30, 2012 agreement provided for a five-year term in which the Company paid a fixed rate of 0.87% and received payments from the counterparty on the 1-month LIBOR rate. This interest rate swap agreement had an effective date of August 13, 2012 and a notional amount of $25.0 million The locations and amounts of gains recognized in income are detailed as follows for the fiscal years ended March 31:
|  | (In thousands) |
|  | 2018 |  |  | 2017 |
Periodic change in fair value of interest rate swap agreements |  | $ | 17 |  |  | $ | 222 |
Periodic settlement differentials included in interest expense |  | $ | 18 |  |  |  | (179 | )
Gain recognized in income |  | $ | 35 |  |  | $ | 43 |
Net realized gains 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 for the period ended March 31:
|  | 2018 |  |  | 2017 |
Average variable rate received |  |  | 1.05 | % |  |  | 0.58 | %
Average fixed rate paid |  |  | 0.91 | % |  |  | 0.94 | %

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- References No definition available. + Details
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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