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Derivative Instruments | 3 Months Ended
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Mar. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Instruments | Derivative Instruments Interest Rate Hedging The Company enters into interest rate swap agreements to manage interest rate risk exposure. Interest rate swap agreements are utilized to limit the Company's exposure to interest rate risk by converting a portion of its floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. These agreements involve the receipt of floating rate amounts in exchange for fixed rate interest payments over the lives of the agreements without an exchange of the underlying principal amounts. The counterparties to the Company's interest rate swap agreements are highly rated financial institutions. In the unlikely event that the counterparties fail to meet the terms of the interest rate swap agreements, the Company's exposure is limited to the interest rate differential on the notional amount at each monthly settlement period over the life of the agreements. The Company does not anticipate any non-performance by the counterparties. Substantially all of the assets of certain indirect, wholly-owned subsidiaries of the Company have been pledged as collateral for the underlying indebtedness and the amounts payable under the interest rate swap agreements for each of these entities. In addition, certain assets of the Company's subsidiaries, are pledged as collateral for various credit facilities and the amounts payable under certain interest rate swap agreements. During the three months ended March 31, 2019, the Company entered into the following interest rate swaps:
Date Effective |  | Notional Amount |  | Indexed To |  | Scheduled Maturity
March 29, 2019 |  | $100.0 million |  | 1 month LIBOR |  | March 31, 2026
March 29, 2019 |  | $100.0 million |  | 1 month LIBOR |  | March 31, 2026
As of March 31, 2019, the Company had interest rate swap agreements in place to fix interest rates on a portion of its borrowings under debt facilities with floating interest rates as summarized below:
Derivatives |  | Net Notional Amount |  | Weighted Average Fixed Leg (Pay) Interest Rate |  | Weighted Average Remaining Term
Interest Rate Swap |  | $1,753.3 million |  | 2.24% |  | 4.4 years
The following table summarizes the impact of derivative instruments on the consolidated statements of operations and the consolidated statements of comprehensive income on a pretax basis (in thousands):
|  |  | Three Months Ended March 31,
Derivative instrument | Financial statement caption |  | 2019 |  | 2018
Non-designated interest rate swaps | Realized (gain) loss on derivative instruments, net |  | $ | (704 | ) |  | $ | (248 | )
Non-designated interest rate swaps | Unrealized (gain) loss on derivative instruments, net |  | $ | 986 |  |  | $ | (1,186 | )
Designated interest rate swaps | Other comprehensive (income) loss |  | $ | 16,467 |  |  | $ | (15,813 | )
Designated interest rate swaps | Interest and debt (income) expense |  | $ | (2,355 | ) |  | $ | (1,824 | )

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
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