Derivative Financial Instruments (Tables)

3 Months Ended

Dec. 31, 2015

Derivative [Line Items]

Schedule of Derivative Instruments [Table Text Block]

had the following commodity swap contracts outstanding as of December 31, 2015 and September 30, 2015:

	December 31, 2015			September 30, 2015
	Notional	Contract Value		Notional	Contract Value
Silver (troy oz.)	15	$	0.2	25	$	0.4

The swaps effectively fix the floating price on a specified quantity of raw materials through a specified date. At December 31, 2015, Spectrum Brands had a series of zinc and brass swap contracts outstanding through September 2017. The derivative net losses estimated to be reclassified from AOCI into earnings over the next 12 months is $2.1, net of tax. Spectrum Brands had the following commodity swap contracts outstanding as of December 31, 2015 and September 30, 2015:

	December 31, 2015			September 30, 2015
	Notional	Contract Value		Notional	Contract Value
Zinc swap contracts (tons)	11.6	$	22.6	10.8	$	22.2
Brass swap contracts (tons)	1.4	6.5		1.8	8.5

F

Fair Value of Outstanding Derivative Contracts in Condensed Consolidated Balance Sheets

The fair value of outstanding derivatives recorded in the accompanying Condensed Consolidated Balance Sheets were as follows:

Asset Derivatives	Classification	December 31, 2015		September 30, 2015
				(As Adjusted)
Derivatives designated as hedging instruments:
Foreign exchange contracts	Receivables, net	$	6.7	$	5.2
Foreign exchange contracts	Other assets	0.8		0.4
Total asset derivatives designated as hedging instruments		7.5		5.6
Derivatives not designated as hedging instruments:
Call options	Funds withheld receivables	8.1		5.4
Call options	Other assets	2.2		1.0
Commodity contracts	Receivables, net	1.3		7.9
Foreign exchange contracts	Receivables, net	0.1		0.4
Total asset derivatives		$	19.2	$	20.3

Liability Derivatives	Classification	December 31, 2015		September 30, 2015
				(As Adjusted)
Derivatives designated as hedging instruments:
Interest rate swaps	Accounts payable and other current liabilities	$	1.2	$	1.4
Interest rate swaps	Other liabilities	0.7		1.2
Commodity swaps	Accounts payable and other current liabilities	4.3		4.7
Commodity swaps	Other liabilities	0.8		0.8
Foreign exchange contracts	Accounts payable and other current liabilities	—		1.5
Foreign exchange contracts	Other liabilities	0.1		—
Total liability derivatives designated as hedging instruments		7.1		9.6
Derivatives not designated as hedging instruments:
Embedded derivatives in Front Street's assumed FIA business	Insurance reserves	139.9		142.3
Foreign exchange	Accounts payable and other current liabilities	0.6		0.1
Commodity contracts	Accounts payable and other current liabilities	—		0.1
Total liability derivatives		$	147.6	$	152.1

Summary of Gain (Loss) Recognized in Income on Derivatives

		Three months ended December 31,
Classification	Derivatives Not Designated as Hedging Instruments	2015			2014
Revenues:
Net investment gains	Call options	$	1.9		$	2.7
Other income and expense:
Benefits and other changes in policy reserves	Embedded derivatives in Front Street's assumed FIA business	$	2.4		$	(6.2	)
Other income, net	Oil and natural gas commodity contracts	1.7			18.7
	Foreign exchange contracts	(2.1		)	(1.7		)

Volumes and Fair Value of Oil and Natural Gas Derivative Financial Instruments

The following table presents Compass’ volumes and fair value of the oil and natural gas Derivative Financial Instruments as of December 31, 2015 (presented on a calendar-year basis): 

	Volume Mmbtus/Mbbls	Weighted average strike price per Mmbtu/Bbl	Fair Value at December 31, 2015
Natural gas two-way collars (February - December 2016)	3,350		$	(0.2	)
Short call		2.77
Long put		2.15
Total natural gas	3,350		$	(0.2	)
Oil three-way collars (January - December 2016)	183		$	1.5
Short call		76.00
Long put		56.00
Short Put		42.00
Total oil	183		$	1.5
Total oil and natural gas derivatives			$	1.3

Impact of effective and ineffective portions of cash flow hedges and gain (loss) realized in statement of operations [Table Text Block]

The following table summarizes the impact of the effective portions of cash flow hedges and the gains and losses recognized in the Condensed Consolidated Statements of Operations for the three months ended December 31, 2015 and 2014:

		Three months ended December 31,
		2015						2014
	Classification	Gain (Loss) in AOCI			Gain (Loss) reclassified to Earnings			Gain (Loss) in AOCI			Gain (Loss) reclassified to Earnings
Interest rate swaps	Interest expense	$	0.3		$	(0.5	)	$	(0.6	)	$	(0.5	)
Commodity swaps	Cost of consumer products and other goods sold	(1.0		)	(1.4		)	(1.2		)	0.4
Foreign exchange contracts	Net consumer and other product sales	(0.1		)	—			0.1			—
Foreign exchange contracts	Cost of consumer products and other goods sold	5.4			2.1			9.4			4.9
		$	4.6		$	0.2		$	7.7		$	4.8