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Derivative Financial Instruments | 12 Months Ended
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Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Financial Instruments | The fair value of outstanding derivatives recorded in the accompanying Consolidated Balance Sheets were as follows:
|  |  |  | September 30,
Asset Derivatives |  | Classification |  | 2017 |  | 2016
Derivatives designated as hedging instruments: |  |  |  |  |  |
Commodity swaps |  | Receivables, net |  | $ | 3.4 |  |  | $ | 2.9 |
Interest rate swaps |  | Other assets |  | 0.4 |  |  | — |
Commodity swaps |  | Other assets |  | 0.2 |  |  | — |
Foreign exchange contracts |  | Receivables, net |  | 0.2 |  |  | 5.5 |
Foreign exchange contracts |  | Other assets |  | — |  |  | 0.1 |
Total asset derivatives designated as hedging instruments |  |  |  | 4.2 |  |  | 8.5 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Foreign exchange contracts |  | Receivables, net |  | 0.3 |  |  | 0.2 |
Total asset derivatives |  |  |  | $ | 4.5 |  |  | $ | 8.7 |
|  |  |  | September 30,
Liability Derivatives |  | Classification |  | 2017 |  | 2016
Derivatives designated as hedging instruments: |  |  |  |  |  |
Foreign exchange contracts |  | Accounts payable and other current liabilities |  | $ | 14.5 |  |  | $ | 1.7 |
Foreign exchange contracts |  | Other liabilities |  | 1.8 |  |  | 0.1 |
Interest rate swaps |  | Accounts payable and other current liabilities |  | 0.7 |  |  | 1.1 |
Commodity swaps |  | Accounts payable and other current liabilities |  | — |  |  | 0.1 |
Total liability derivatives designated as hedging instruments |  |  |  | 17.0 |  |  | 3.0 |
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Foreign exchange contracts |  | Accounts payable and other current liabilities |  | 0.6 |  |  | 0.2 |
Total liability derivatives |  |  |  | $ | 17.6 |  |  | $ | 3.2 |
Spectrum Brands is exposed to the risk of default by the counterparties with which Spectrum Brands transacts and generally does not require collateral or other security to support financial instruments subject to credit risk. Spectrum Brands monitors counterparty credit risk on an individual basis by periodically assessing each such counterparty’s credit rating exposure. The maximum loss due to credit risk equals the fair value of the gross asset derivatives that are concentrated with certain domestic and foreign financial institution counterparties. Spectrum Brands considers these exposures when measuring its credit reserve on its derivative assets, which $0.1 as of September 30, 2017 and 2016. Spectrum Brands’ standard contracts do not contain credit risk related contingent features whereby Spectrum Brands would be required to post additional cash collateral as a result of a credit event. However, Spectrum Brands is typically required to post collateral in the normal course of business to offset its liability positions. As of September 30, 2017 and 2016, there was no cash collateral outstanding. In addition, as of September 30, 2017 and 2016, Spectrum Brands had no posted standby letters of credit related to such liability positions. The following tables summarize the impact of the effective portion of designated hedges and the gain (loss) recognized in the accompanying Consolidated Statements of Operations for Fiscal 2017, 2016 and 2015:
Fiscal 2017 |  | Classification |  | Effective Portion
|  |  |  | Gain (Loss) in AOCI |  | Gain (Loss) reclassified to Earnings
Interest rate swaps |  | Interest expense |  | $ | (0.7 | ) |  | $ | (1.3 | )
Commodity swaps |  | Cost of goods sold |  | 6.2 |  |  | 5.4 |
Net investment hedge |  | Other (expense) income, net |  | (24.0 | ) |  | — |
Foreign exchange contracts |  | Net sales |  | 0.4 |  |  | — |
Foreign exchange contracts |  | Cost of goods sold |  | (13.5 | ) |  | 6.7 |
|  |  |  | $ | (31.6 | ) |  | $ | 10.8 |
Fiscal 2016 |  | Classification |  | Effective Portion
|  |  |  | Gain (Loss) in AOCI |  | Gain (Loss) reclassified to Earnings
Interest rate swaps |  | Interest expense |  | $ | (0.4 | ) |  | $ | (1.9 | )
Commodity swaps |  | Cost of goods sold |  | 4.5 |  |  | (3.7 | )
Net investment hedge |  | Other (expense) income, net |  | 0.6 |  |  | — |
Foreign exchange contracts |  | Net sales |  | (0.4 | ) |  | (0.2 | )
Foreign exchange contracts |  | Cost of goods sold |  | 6.8 |  |  | 6.9 |
|  |  |  | $ | 11.1 |  |  | $ | 1.1 |
Fiscal 2015 |  | Classification |  | Effective Portion
|  |  |  | Gain (Loss) in AOCI |  | Gain (Loss) reclassified to Earnings
Interest rate swaps |  | Interest expense |  | $ | (3.4 | ) |  | $ | (1.9 | )
Commodity swaps |  | Cost of goods sold |  | (7.1 | ) |  | (0.7 | )
Foreign exchange contracts |  | Net sales |  | 0.1 |  |  | 0.1 |
Foreign exchange contracts |  | Cost of goods sold |  | 21.8 |  |  | 30.0 |
|  |  |  | $ | 11.4 |  |  | $ | 27.5 |
The unrealized loss on derivative contracts in AOCI expected to be recognized during the fiscal year ending September 30, 2018 (“Fiscal 2018”) is $8.9. During Fiscal 2017, 2016 and 2015, the Company recognized the following gains and losses on its derivatives:
|  |  |  | Fiscal
|  | Classification |  | 2017 |  | 2016 |  | 2015
Commodity swaps |  | Cost of goods sold |  | $ | 0.1 |  |  | $ | — |  |  | $ | (0.1 | )
Foreign exchange contracts |  | Other (expense) income, net |  | (4.2 | ) |  | 5.5 |  |  | (13.5 | )

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