XML 67 R53.htm IDEA: XBRL DOCUMENT v3.8.0.1
Employee Benefit Obligations Employee Benefit Obligations (Tables)
 12 Months Ended
Sep. 30, 2017
Compensation and Retirement Disclosure [Abstract]  
Schedule of Changes in Projected Benefit Obligations
The following tables provide additional information on the Company’s pension plans as of September 30, 2017 and 2016, which principally relate to Spectrum Brands’ continuing operations:
 
 
Fiscal
 
 
2017
 
2016
Change in benefit obligation
 
 
 
 
Projected benefit obligation, beginning of year
 
$
104.9

 
$
87.8

Service cost
 
2.9

 
2.4

Interest cost
 
2.2

 
2.7

Actuarial (gain) loss
 
(12.0
)
 
15.9

Curtailments
 
(0.2
)
 
—

Benefits paid
 
(4.7
)
 
(3.4
)
Foreign currency exchange rate changes
 
4.1

 
(0.5
)
Projected benefit obligation, end of year
 
$
97.2

 
$
104.9

Change in plan assets
 
 
 
 
Fair value of plan assets, beginning of year
 
$
57.2

 
$
56.1

Actual return on plan assets
 
1.1

 
1.9

Employer contributions
 
4.8

 
2.5

Benefits paid
 
(4.7
)
 
(3.4
)
Foreign currency exchange rate changes
 
2.2

 
0.1

Fair value of plan assets, end of year
 
$
60.6

 
$
57.2

Accrued Benefit Cost / Funded Status
 
$
(36.6
)
 
$
(47.7
)
Weighted average assumptions:
 
 
 
 
Discount rate
 
1.1% to 7.5%
 
1.0% to 8.7%
Expected return on plan assets
 
1.1% to 7.0%
 
1.0% to 7.0%
Rate of compensation increase
 
1.4% to 7.0%
 
2.3% to 7.0%
Schedule of Expected Benefit Payments
The following benefit payments were expected to be paid as of September 30, 2017:
Fiscal Year
 
 
2018
 
$
3.4

2019
 
3.7

2020
 
3.8

2021
 
3.9

2022
 
3.9

2023 to 2027
 
22.6
Schedule of Allocation of Plan Assets
Below is a summary allocation of all pension plan assets as of September 30, 2017 and 2016:
 
 
Fiscal
 
 
2017
 
2016
Asset Type
 
 
 
 
Equity securities
 
6
%
 
14
%
Fixed income securities
 
17
%
 
13
%
Other
 
77
%
 
73
%
Total
 
100
%
 
100
%

The fair value of pension plan assets by asset category as of September 30, 2017 and 2016 were as follows:
 
 
September 30, 2017
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Defined Benefit Plan Assets:
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
 
U.S. equity securities
 
$
—

 
$
2.1

 
$
—

 
$
2.1

Foreign equity securities
 
—

 
1.4

 
—

 
1.4

Fixed income securities
 
 
 
 
 
 
 
 
U.S. fixed income securities
 
—

 
8.1

 
—

 
8.1

Foreign fixed income securities
 
—

 
2.4

 
—

 
2.4

Real estate
 
—

 
—

 
—

 
—

Life insurance contracts
 
—

 
37.6

 
—

 
37.6

Other
 
—

 
0.5

 
—

 
0.5

Foreign cash & cash equivalents
 
8.5

 
—

 
—

 
8.5

Total defined benefit plan assets
 
$
8.5

 
$
52.1

 
$
—

 
$
60.6

 
 
September 30, 2016
 
 
Level 1
 
Level 2
 
Level 3
 
Total
Defined Benefit Plan Assets:
 
 
 
 
 
 
 
 
Equity securities
 
 
 
 
 
 
 
 
U.S. equity securities
 
$
—

 
$
5.5

 
$
—

 
$
5.5

Foreign equity securities
 
—

 
2.3

 
—

 
2.3

Fixed income securities
 
 
 
 
 
 
 
 
U.S. fixed income securities
 
—

 
5.4

 
—

 
5.4

Foreign fixed income securities
 
—

 
2.3

 
—

 
2.3

Real estate
 
—

 
—

 
—

 
—

Life insurance contracts
 
—

 
34.6

 
—

 
34.6

Other
 
—

 
1.1

 
—

 
1.1

Foreign cash & cash equivalents
 
6.0

 
—

 
—

 
6.0

Total defined benefit plan assets
 
$
6

 
$
51.2

 
$
—

 
$
57.2
Components of Consolidated Net Periodic Benefit and Deferred Compensation Benefit Costs and Contributions Made
 
 
Fiscal
 
 
2017
 
2016
 
2015
Components of net periodic cost:
 
 
 
 
 
 
Service cost
 
$
2.9

 
$
2.4

 
$
2.4

Interest cost
 
2.2

 
2.7

 
2.8

Expected return on assets
 
(2.3
)
 
(2.3
)
 
(2.5
)
Curtailment gain
 
(0.2
)
 
0.1

 
0.4

Recognized net actuarial loss
 
2.3

 
0.6

 
0.9

Net periodic cost
 
$
4.9

 
$
3.5

 
$
4.0

Weighted average assumptions:
 
 
 
 
 
 
Discount rate
 
1.0% to 8.7%
 
1.0% to 7.0%
 
2.0% to 7.5%
Expected return on plan assets
 
1.0% to 7.0%
 
1.0% to 7.0%
 
2.0% to 7.3%
Rate of compensation increase
 
2.3% to 7.0%
 
2.3% to 5.5%
 
2.3% to 5.5%