The following table summarizes the components of “Net income (loss) from discontinued operations” attributable to Compass in the accompanying Condensed Consolidated Statements of Operations for the three months ended December 31, 2015.
| | | | | | Three months ended December 31, 2015 | Revenues: | | Oil and natural gas revenues | $ | 16.8 |
| | | Operating costs and expenses: | | Oil and natural gas direct operating costs | 17.1 |
| Selling, acquisition, operating and general expenses | 9.8 |
| Impairments | 54.4 |
| Total operating costs and expenses | 81.3 |
| Operating loss | (64.5 | ) | Interest expense | (2.3 | ) | Gain on sale of oil and gas properties | 105.6 |
| Other income, net | 1.8 |
| Net income before income taxes | 40.6 |
| Income tax expense | 7.5 |
| Net income | $ | 33.1 |
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(5) Derivative Financial Instruments The fair value of outstanding derivatives recorded in the accompanying Condensed Consolidated Balance Sheets were as follows:
| | | | | | | | | | | | Asset Derivatives | | Classification | | December 31,
2016 | | September 30,
2016 | Derivatives designated as hedging instruments: | | | | | | | Foreign exchange contracts | | Receivables, net | | $ | 10.1 |
| | $ | 5.5 |
| Commodity swaps | | Receivables, net | | 3.3 |
| | 2.9 |
| Foreign exchange contracts | | Other assets | | 0.1 |
| | 0.1 |
| Total asset derivatives designated as hedging instruments | | | | 13.5 |
| | 8.5 |
| Derivatives not designated as hedging instruments: | | | | | | | Call option receivable from FGL | | Funds withheld receivables | | 12.2 |
| | 11.3 |
| Call options | | Other assets | | 8.3 |
| | 5.9 |
| Foreign exchange contracts | | Receivables, net | | 0.1 |
| | 0.2 |
| Total asset derivatives | | | | $ | 34.1 |
| | $ | 25.9 |
|
| | | | | | | | | | | | Liability Derivatives | | Classification | | December 31,
2016 | | September 30,
2016 | Derivatives designated as hedging instruments: | | | | | | | Interest rate swaps | | Accounts payable and other current liabilities | | $ | 0.3 |
| | $ | 0.7 |
| Interest rate swaps | | Other liabilities | | 0.4 |
| | 0.4 |
| Commodity swaps | | Accounts payable and other current liabilities | | 0.2 |
| | 0.1 |
| Foreign exchange contracts | | Accounts payable and other current liabilities | | 0.1 |
| | 1.7 |
| Foreign exchange contracts | | Other liabilities | | 0.1 |
| | 0.1 |
| Total liability derivatives designated as hedging instruments | | | | 1.1 |
| | 3.0 |
| Derivatives not designated as hedging instruments: | | | | | | | Embedded derivatives in Front Street's assumed FIA business | | Insurance reserves | | 121.2 |
| | 131.2 |
| Foreign exchange contracts | | Accounts payable and other current liabilities | | 0.3 |
| | 0.2 |
| Total liability derivatives | | | | $ | 122.6 |
| | $ | 134.4 |
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For derivative instruments that are used to economically hedge the fair value of Spectrum Brands’ third party and intercompany foreign currency payments, commodity purchases and interest rate payments, the gain (loss) associated with the derivative contract
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