Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||||
Oct. 31, 2013 | Dec. 16, 2013 | Apr. 30, 2013 | Dec. 16, 2013 | Apr. 30, 2013 | |
Class A Common Stock [Member] | Class A Common Stock [Member] | Class B Common Stock [Member] | Class B Common Stock [Member] | ||
Document Information [Line Items] | ' | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' |
Document Period End Date | 31-Oct-13 | ' | ' | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' | ' |
Entity Registrant Name | 'GREIF INC | ' | ' | ' | ' |
Entity Central Index Key | '0000043920 | ' | ' | ' | ' |
Current Fiscal Year End Date | '--10-31 | ' | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 25,456,724 | ' | 22,119,966 | ' |
Entity Public Float | ' | ' | $1,181,112,584 | ' | $283,270,041 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Net sales | $4,353.40 | $4,269.50 | $4,248.20 |
Costs of products sold | 3,520.80 | 3,489.90 | 3,449.90 |
Gross profit | 832.6 | 779.6 | 798.3 |
Selling, general and administrative expenses | 477.3 | 468.4 | 449.2 |
Restructuring charges | 8.8 | 33.4 | 30.5 |
Timberland gains | -17.5 | ' | ' |
Asset impairment charges | 30 | 2.6 | 4.5 |
Gain on disposal of properties, plants and equipment, net | -5.6 | -7.6 | -16.1 |
Operating profit | 339.6 | 282.8 | 330.2 |
Interest expense, net | 83.8 | 89.9 | 76 |
Debt extinguishment charges | 1.3 | ' | ' |
Other expense, net | 10.8 | 7.5 | 14.1 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net | 243.7 | 185.4 | 240.1 |
Income tax expense | 97.6 | 58.8 | 67.3 |
Equity earnings of unconsolidated affiliates, net of tax | 2.9 | 1.3 | 4.8 |
Net income | 149 | 127.9 | 177.6 |
Net income attributable to noncontrolling interests | -1.7 | -5.5 | -2.9 |
Net income attributable to Greif, Inc. | $147.30 | $122.40 | $174.70 |
Class A Common Stock [Member] | ' | ' | ' |
Basic earnings per share attributable to Greif, Inc.: | ' | ' | ' |
EPS Basic | $2.52 | $2.10 | $3 |
Diluted earnings per share attributed to Greif, Inc.: | ' | ' | ' |
EPS Diluted | $2.52 | $2.10 | $2.99 |
Class B Common Stock [Member] | ' | ' | ' |
Basic earnings per share attributable to Greif, Inc.: | ' | ' | ' |
EPS Basic | $3.77 | $3.14 | $4.48 |
Diluted earnings per share attributed to Greif, Inc.: | ' | ' | ' |
EPS Diluted | $3.77 | $3.14 | $4.48 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $149 | $127.90 | $177.60 |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Foreign currency translation | 7.2 | -46.4 | -12.9 |
Reclassification of cash flow hedges to earnings, net of tax | 0.5 | 1.3 | 1.4 |
Unrealized gain on cash flow hedges, net of tax | -0.2 | -2.4 | -0.7 |
Minimum pension liabilities, net of tax | 30.9 | -24.4 | -25.1 |
Other comprehensive income (loss), net of tax | 38.4 | -71.9 | -37.3 |
Comprehensive income | 187.4 | 56 | 140.3 |
Comprehensive income (loss) attributable to noncontrolling interests | 3.1 | -14 | 17.5 |
Comprehensive income attributable to Greif, Inc. | $184.30 | $70 | $122.80 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $78.10 | $91.50 |
Trade accounts receivable, less allowance of $13.5 in 2013 and $17.1 in 2012 | 481.9 | 453.8 |
Inventories | 375.3 | 373.5 |
Deferred tax assets | 22.2 | 18.9 |
Net assets held for sale | 1.5 | 0.1 |
Current portion related party notes and advances receivable | 2.8 | 2.5 |
Prepaid expenses and other current assets | 132.2 | 114.8 |
Total current assets | 1,094 | 1,055.10 |
Long-term assets | ' | ' |
Goodwill | 1,003.50 | 976.1 |
Other intangible assets, net of amortization | 180.8 | 198.6 |
Deferred tax assets | 28 | 13.6 |
Related party notes receivable | 12.6 | 15.7 |
Assets held by special purpose entities | 50.9 | 50.9 |
Other long-term assets | 114.1 | 118.3 |
Total long-term assets | 1,389.90 | 1,373.20 |
Properties, plants and equipment | ' | ' |
Timber properties, net of depletion | 215.2 | 217.8 |
Land | 141.5 | 139.3 |
Buildings | 496.7 | 464.1 |
Machinery and equipment | 1,523.70 | 1,472.80 |
Capital projects in progress | 128.7 | 149.3 |
Property, plant and equipment, gross | 2,505.80 | 2,443.30 |
Accumulated depreciation | -1,107.50 | -1,018.20 |
Properties, plants and equipment, net | 1,398.30 | 1,425.10 |
Total assets | 3,882.20 | 3,853.40 |
Current liabilities | ' | ' |
Accounts payable | 431.3 | 466.1 |
Accrued payroll and employee benefits | 103 | 96.1 |
Restructuring reserves | 3 | 8 |
Current portion of long-term debt | 10 | 25 |
Short-term borrowings | 64.1 | 76.1 |
Deferred tax liabilities | 11.5 | 8.1 |
Other current liabilities | 178.8 | 187.9 |
Total current liabilities | 801.7 | 867.3 |
Long-term liabilities | ' | ' |
Long-term debt | 1,207.20 | 1,175.30 |
Deferred tax liabilities | 238.1 | 197 |
Pension liabilities | 82.5 | 123.4 |
Postretirement benefit obligations | 18.5 | 19.3 |
Liabilities held by special purpose entities | 43.3 | 43.3 |
Other long-term liabilities | 92.9 | 117 |
Total long-term liabilities | 1,682.50 | 1,675.30 |
Shareholders' equity | ' | ' |
Common stock, without par value | 129.4 | 123.8 |
Treasury stock, at cost | -131 | -131.4 |
Retained earnings | 1,443.80 | 1,394.80 |
Accumulated other comprehensive loss: | ' | ' |
-foreign currency translation | -63.3 | -69.1 |
-interest rate and other derivatives | -0.6 | -0.9 |
-minimum pension liabilities | -95.1 | -126 |
Total Greif, Inc. shareholders' equity | 1,283.20 | 1,191.20 |
Noncontrolling interests | 114.8 | 119.6 |
Total shareholders' equity | 1,398 | 1,310.80 |
Total liabilities and shareholders' equity | $3,882.20 | $3,853.40 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Millions, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance of trade accounts receivable | $13.50 | $17.10 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Cash flows from operating activities: | ' | ' | ' |
Net income | $149 | $127.90 | $177.60 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation, depletion and amortization | 156.9 | 154.8 | 144.3 |
Asset impairments | 34 | 12.9 | 9 |
Unrealized foreign exchange (gain) loss | 7.1 | -0.1 | -2.7 |
Deferred income taxes | 2 | 20.2 | 9.8 |
Gain on disposals of properties, plants and equipment, net | -23.1 | -7.6 | -16.1 |
Equity earnings of affiliates | -2.9 | -1.3 | -4.8 |
Other, net | 0.7 | -2.8 | -3.8 |
Increase (decrease) in cash from changes in certain assets and liabilities: | ' | ' | ' |
Trade accounts receivable | -35.4 | 96.7 | -20.6 |
Inventories | -3.5 | 40.3 | 17.4 |
Deferred purchase price on sold receivables | -8 | -20.9 | 7 |
Accounts payable | -37.1 | 3.5 | -7.5 |
Restructuring reserves | -5 | -11.4 | -0.6 |
Pension and postretirement benefit liabilities | 7.5 | 15.8 | -26.5 |
Other, net | 8.1 | 45.3 | -110.3 |
Net cash provided by operating activities | 250.3 | 473.3 | 172.2 |
Cash flows from investing activities: | ' | ' | ' |
Acquisitions of companies, net of cash acquired | ' | ' | -344.9 |
Purchases of properties, plants and equipment | -136.4 | -166 | -162.4 |
Purchases of timber properties | -9 | -3.7 | -3.4 |
Proceeds from the sale of properties, plants, equipment and other assets | 41.5 | 13.9 | 31 |
Payments on (issuance of) notes receivable with related party, net | 3.2 | 2 | -20 |
Purchases of land rights | ' | ' | -0.7 |
Net cash used in investing activities | -100.7 | -153.8 | -500.4 |
Cash flows from financing activities: | ' | ' | ' |
Proceeds from issuance of long-term debt | 1,253.80 | 2,947.20 | 3,859.40 |
Payments on long-term debt | -1,266.50 | -3,129.80 | -3,465.80 |
Proceeds from (payments on) short-term borrowings, net | -30.2 | -43.3 | 74.3 |
Proceeds from (payments on) trade accounts receivable credit facility, net | 30 | -20 | -5 |
Proceeds from joint venture partner | ' | 4 | ' |
Dividends paid | -98.3 | -97.7 | -97.8 |
Acquisitions of treasury stock and other | ' | -0.1 | -15.1 |
Exercise of stock options | 1.3 | 1.8 | 2.5 |
Fees paid for amended credit agreement | -3.4 | ' | ' |
Cash paid for deferred purchase price related to acquisitions | -46.6 | -14.3 | ' |
Debt issuance costs paid | ' | ' | -4.4 |
Net cash provided by (used in) financing activities | -159.9 | -352.2 | 348.1 |
Effects of exchange rates on cash | -3.1 | -3.1 | 0.4 |
Net increase (decrease) in cash and cash equivalents | -13.4 | -35.8 | 20.3 |
Cash and cash equivalents at beginning of year | 91.5 | 127.3 | 107 |
Cash and cash equivalents at end of year | $78.10 | $91.50 | $127.30 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Shareholders' Equity (USD $) | Total | Capital Stock [Member] | Treasury Stock [Member] | Retained Earnings [Member] | Noncontrolling Interests [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Millions, except Share data, unless otherwise specified | ||||||
Beginning balance, value at Oct. 31, 2010 | $1,305.80 | $106 | ($117.40) | $1,293.20 | $115.70 | ($91.70) |
Beginning balance, shares at Oct. 31, 2010 | ' | 47,169,000,000 | 29,673,000,000 | ' | ' | ' |
Net income | 177.6 | ' | ' | 174.7 | 2.9 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Foreign currency translation | -12.9 | ' | ' | ' | 14.6 | -27.5 |
Reclassification of cash flow hedges to earnings, net of income tax benefit | 1.4 | ' | ' | ' | ' | 1.4 |
Unrealized gain on cash flow hedges, net of income tax expense | -0.7 | ' | ' | ' | ' | -0.7 |
Minimum pension liability adjustment, net of income tax benefit | -25.1 | ' | ' | ' | ' | -25.1 |
Comprehensive income | 140.3 | ' | ' | ' | ' | ' |
Acquisitions of noncontrolling interests and other | -5.3 | ' | ' | ' | -5.3 | ' |
Dividends paid | -97.8 | ' | ' | -97.8 | ' | ' |
Treasury shares acquired | -15 | ' | -15 | ' | ' | ' |
Treasury shares acquired, shares | ' | -300,000,000 | 300,000,000 | ' | ' | ' |
Stock options exercised or forfeited | 2.5 | 2.2 | 0.3 | ' | ' | ' |
Stock options exercised or forfeited, shares | 167,000 | 168,000,000 | -168,000,000 | ' | ' | ' |
Restricted stock directors | 0.7 | 0.7 | ' | ' | ' | ' |
Restricted stock directors, shares | ' | 11,000,000 | -11,000,000 | ' | ' | ' |
Restricted stock executives | 0.3 | 0.3 | ' | ' | ' | ' |
Restricted stock executives, shares | ' | 5,000,000 | -5,000,000 | ' | ' | ' |
Tax benefit of stock options and other | 2.2 | 2.2 | ' | ' | ' | ' |
Long-term incentive shares issued | 2.5 | 2.4 | 0.1 | ' | ' | ' |
Long-term incentive shares issued, shares | ' | 40,000,000 | -40,000,000 | ' | ' | ' |
Ending balance, value at Oct. 31, 2011 | 1,336.20 | 113.8 | -132 | 1,370.10 | 127.9 | -143.6 |
Ending balance, shares at Oct. 31, 2011 | ' | 47,093,000,000 | 29,749,000,000 | ' | ' | ' |
Net income | 127.9 | ' | ' | 122.4 | 5.5 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Foreign currency translation | -46.4 | ' | ' | ' | -19.5 | -26.9 |
Reclassification of cash flow hedges to earnings, net of income tax benefit | 1.3 | ' | ' | ' | ' | 1.3 |
Unrealized gain on cash flow hedges, net of income tax expense | -2.4 | ' | ' | ' | ' | -2.4 |
Minimum pension liability adjustment, net of income tax benefit | -24.4 | ' | ' | ' | ' | -24.4 |
Comprehensive income | 56 | ' | ' | ' | ' | ' |
Acquisitions of noncontrolling interests and other | 5.7 | ' | ' | ' | 5.7 | ' |
Dividends paid | -97.7 | ' | ' | -97.7 | ' | ' |
Treasury shares acquired, shares | ' | -1,000,000 | 1,000,000 | ' | ' | ' |
Stock options exercised or forfeited | 2.1 | 1.8 | 0.3 | ' | ' | ' |
Stock options exercised or forfeited, shares | 158,000 | 158,000,000 | -158,000,000 | ' | ' | ' |
Restricted stock directors | 0.7 | 0.7 | ' | ' | ' | ' |
Restricted stock directors, shares | ' | 14,000,000 | -14,000,000 | ' | ' | ' |
Restricted stock executives | 0.2 | 0.2 | ' | ' | ' | ' |
Restricted stock executives, shares | ' | 5,000,000 | -5,000,000 | ' | ' | ' |
Tax benefit of stock options and other | 1.4 | 1.4 | ' | ' | ' | ' |
Long-term incentive shares issued | 6.2 | 5.9 | 0.3 | ' | ' | ' |
Long-term incentive shares issued, shares | ' | 134,000,000 | -134,000,000 | ' | ' | ' |
Ending balance, value at Oct. 31, 2012 | 1,310.80 | 123.8 | -131.4 | 1,394.80 | 119.6 | -196 |
Ending balance, shares at Oct. 31, 2012 | ' | 47,403,000,000 | 29,439,000,000 | ' | ' | ' |
Net income | 149 | ' | ' | 147.3 | 1.7 | ' |
Other comprehensive income (loss): | ' | ' | ' | ' | ' | ' |
Foreign currency translation | 7.2 | ' | ' | ' | 1.4 | 5.8 |
Reclassification of cash flow hedges to earnings, net of income tax benefit | 0.5 | ' | ' | ' | ' | 0.5 |
Unrealized gain on cash flow hedges, net of income tax expense | -0.2 | ' | ' | ' | ' | -0.2 |
Minimum pension liability adjustment, net of income tax benefit | 30.9 | ' | ' | ' | ' | 30.9 |
Comprehensive income | 187.4 | ' | ' | ' | ' | ' |
Acquisitions of noncontrolling interests and other | -7.9 | ' | ' | ' | -7.9 | ' |
Dividends paid | -98.3 | ' | ' | -98.3 | ' | ' |
Stock options exercised or forfeited | 1.5 | 1.3 | 0.2 | ' | ' | ' |
Stock options exercised or forfeited, shares | 99,000 | 99,000,000 | -99,000,000 | ' | ' | ' |
Restricted stock executives | 1.1 | 1 | 0.1 | ' | ' | ' |
Restricted stock executives, shares | ' | 21,000,000 | -21,000,000 | ' | ' | ' |
Stock forfeiture | 0.2 | 0.2 | ' | ' | ' | ' |
Tax benefit of stock options and other | 1 | 1 | ' | ' | ' | ' |
Long-term incentive shares issued | 2.2 | 2.1 | 0.1 | ' | ' | ' |
Long-term incentive shares issued, shares | ' | 54,000,000 | -54,000,000 | ' | ' | ' |
Ending balance, value at Oct. 31, 2013 | $1,398 | $129.40 | ($131) | $1,443.80 | $114.80 | ($159) |
Ending balance, shares at Oct. 31, 2013 | ' | 47,577,000,000 | 29,265,000,000 | ' | ' | ' |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Statement Of Stockholders Equity [Abstract] | ' | ' | ' |
Income tax benefit, Reclassification of cash flow hedges to earnings | $0.30 | $0.80 | $0.90 |
Income tax expense, Unrealized gain on cash flow hedges | 0.2 | 1.3 | 0.1 |
Income tax (expense) benefit, minimum pension liability adjustment | $22.20 | $9.40 | $10.60 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended | ||||
Oct. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Basis of Presentation and Summary of Significant Accounting Policies | ' | ||||
NOTE 1 – BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||
The Business | |||||
Greif, Inc. and its subsidiaries (collectively, “Greif,” “our,” or the “Company”) principally manufacture industrial packaging products, complemented with a variety of value-added services, including blending, packaging, reconditioning, logistics and warehousing, flexible intermediate bulk containers and containerboard and corrugated products, that they sell to customers in many industries throughout the world. The Company has operations in over 50 countries. In addition, the Company owns timber properties in the southeastern United States, which are actively harvested and regenerated, and also owns timber properties in Canada. | |||||
Due to the variety of its products, the Company has many customers buying different products and, due to the scope of the Company’s sales, no one customer is considered principal in the total operations of the Company. | |||||
Because the Company supplies a cross section of industries, such as chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agricultural, pharmaceutical and mineral products, and must make spot deliveries on a day-to-day basis as its products are required by its customers, the Company does not operate on a backlog to any significant extent and maintains only limited levels of finished goods. Many customers place their orders weekly for delivery during the same week. | |||||
The Company’s raw materials are principally steel, resin, containerboard, old corrugated containers for recycling, used industrial packaging for reconditioning and pulpwood. | |||||
There are approximately 13,085 employees of the Company as of October 31, 2013. | |||||
Principles of Consolidation and Basis of Presentation | |||||
The consolidated financial statements include the accounts of Greif, Inc., all wholly-owned and majority-owned subsidiaries, joint ventures managed by the Company including the joint venture relating to the Flexible Products & Services segment and equity earnings of unconsolidated affiliates. All intercompany transactions and balances have been eliminated in consolidation. Investments in unconsolidated affiliates are accounted for using the equity or cost methods based on the Company’s ownership interest in the unconsolidated affiliate. | |||||
The Company’s consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Certain prior year and prior quarter amounts have been reclassified to conform to the current year presentation. | |||||
The Company’s fiscal year begins on November 1 and ends on October 31 of the following year. Any references to the year 2013, 2012 or 2011, or to any quarter of those years, relates to the fiscal year ended in that year. | |||||
The Company presents various fair value disclosures in Notes 3, 10 and 13 to these Consolidated Financial Statements. | |||||
Use of Estimates | |||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The most significant estimates are related to the allowance for doubtful accounts, inventory reserves, expected useful lives assigned to properties, plants and equipment, goodwill and other intangible assets, estimates of fair value, restructuring reserves, environmental liabilities, pension and postretirement benefits, income taxes, derivatives, net assets held for sale, self-insurance reserves and contingencies. Actual amounts could differ from those estimates. | |||||
Cash and Cash Equivalents | |||||
The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying value of cash equivalents approximates fair value. | |||||
The Company had total cash and cash equivalents held outside of the United States in various foreign jurisdictions of $54.0 million as of October 31, 2013. Under current tax laws and regulations, if cash and cash equivalents held outside the United States are repatriated to the United States in the form of dividends or otherwise, we may be subject to additional U.S. income taxes (subject to an adjustment for foreign tax credits) and foreign withholding taxes. | |||||
Allowance for Doubtful Accounts | |||||
Trade receivables represent amounts owed to the Company through its operating activities and are presented net of allowance for doubtful accounts. The allowance for doubtful accounts totaled $13.5 million and $17.1 million as of October 31, 2013 and 2012, respectively. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company, the Company records a specific allowance for bad debts against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. In addition, the Company recognizes allowances for bad debts based on the length of time receivables are past due with allowance percentages, based on its historical experiences, applied on a graduated scale relative to the age of the receivable amounts. If circumstances such as higher than expected bad debt experience or an unexpected material adverse change in a major customer’s ability to meet its financial obligations to the Company were to occur, the recoverability of amounts due to the Company could change by a material amount. Amounts deemed uncollectible are written-off against an established allowance for doubtful accounts. | |||||
Concentration of Credit Risk and Major Customers | |||||
The Company maintains cash depository accounts with banks throughout the world and invests in high quality short-term liquid instruments. Such investments are made only in instruments issued by high quality institutions. These investments mature within three months and the Company has not incurred any related losses for the years ended October 31, 2013, 2012, and 2011. | |||||
Trade receivables can be potentially exposed to a concentration of credit risk with customers or in particular industries. Such credit risk is considered by management to be limited due to the Company’s many customers, none of which are considered principal in the total operations of the Company, and its geographic scope of operations in a variety of industries throughout the world. The Company does not have an individual customer that exceeds 10 percent of total revenue. In addition, the Company performs ongoing credit evaluations of its customers’ financial conditions and maintains reserves for credit losses. Such losses historically have been within management’s expectations. | |||||
Inventory Reserves | |||||
Reserves for slow moving and obsolete inventories are provided based on historical experience, inventory aging and product demand. The Company continuously evaluates the adequacy of these reserves and makes adjustments to these reserves as required. The Company also evaluates reserves for losses under firm purchase commitments for goods or inventories. | |||||
Net Assets Held for Sale | |||||
Net assets held for sale represent land, buildings and land improvements for locations that have met the criteria of “held for sale” accounting, as specified by Accounting Standards Codification (“ASC”) 360, “Property, Plant, and Equipment.” As of October 31, 2013, there were two asset groups held for sale in the Flexible Products & Services segment. The effect of suspending depreciation on the facilities held for sale is immaterial to the results of operations. The net assets held for sale are being marketed for sale and it is the Company’s intention to complete the sales of these assets within the upcoming year. | |||||
Goodwill and Other Intangibles | |||||
Goodwill is the excess of the purchase price of an acquired entity over the amounts assigned to tangible and intangible assets and liabilities assumed in the business combination. The Company accounts for purchased goodwill and indefinite-lived intangible assets in accordance with ASC 350, “Intangibles – Goodwill and Other.” Under ASC 350, purchased goodwill and intangible assets with indefinite lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives, primarily customer relationships, patents and trademarks, continue to be amortized over their useful lives on a straight-line basis. The useful lives for finite lived intangible assets vary depending on the type of asset and the terms of contracts or the valuation performed. The Company tests for impairment of goodwill and indefinite-lived intangible assets during the fourth quarter of each fiscal year, or more frequently if certain indicators are present or changes in circumstances suggest that impairment may exist. The Company tests for impairment of finite lived intangible assets at least annually, or more frequently if certain indicators are present to suggest that impairment may exist. | |||||
ASC 350 requires that testing for goodwill impairment be conducted at the reporting unit level using a two-step approach. The first step requires a comparison of the carrying value of the reporting units to the estimated fair value of these units. If the carrying value of a reporting unit exceeds its estimated fair value, the Company performs the second step of the goodwill impairment to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the estimated implied fair value of a reporting unit’s goodwill to its carrying value. The Company allocates the estimated fair value of a reporting unit to all of the assets and liabilities in that reporting unit, including intangible assets, as if the reporting unit had been acquired in a business combination. Any excess of the estimated fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. | |||||
The Company’s determination of estimated fair value of the reporting units is based on a discounted cash flow analysis utilizing the income approach. Under this method, the principal valuation focus is on the reporting unit’s cash-generating capabilities. The discount rates used for impairment testing are based on a market participant’s weighted average cost of capital. The use of alternative estimates, including different peer groups or changes in the industry, or adjusting the discount rate, or earnings before interest, taxes, depreciation, depletion and amortization (“EBITDA”) forecasts used could affect the estimated fair value of the reporting units and potentially result in goodwill impairment. Any identified impairment would result in an expense to the Company’s results of operations. The Company performed its annual impairment test for fiscal years 2013, 2012 and 2011, which resulted in no impairment charges. During 2013, the annual impairment test identified potential impairment indicators in the Flexible Products & Services reporting unit, requiring the Company to perform additional analysis. Based on the results of the additional analysis of the goodwill for the Flexible Products & Services reporting unit, it was concluded that no goodwill impairment was required. Refer to Note 6 for additional information regarding goodwill and other intangible assets. | |||||
Acquisitions | |||||
From time to time, the Company acquires businesses and/or assets that augment and complement its operations, in accordance with ASC 805, “Business Combinations.” These acquisitions are accounted for under the purchase method of accounting. The consolidated financial statements include the results of operations from these business combinations from the date of acquisition. | |||||
In order to assess performance, the Company classifies costs incurred in connection with acquisitions as acquisition-related costs. These costs consist primarily of transaction costs, integration costs and changes in the fair value of contingent payments (earn-outs) and are recorded within selling, general and administrative costs. Acquisition transaction costs are incurred during the initial evaluation of a potential targeted acquisition and primarily relate to costs to analyze, negotiate and consummate the transaction as well as financial and legal due diligence activities. Post-acquisition integration activities are costs incurred to combine the operations of an acquired enterprise into the Company’s operations. | |||||
Internal Use Software | |||||
Internal use software is accounted for under ASC 985, “Software.” Internal use software is software that is acquired, internally developed or modified solely to meet the Company’s needs and for which, during the software’s development or modification, a plan does not exist to market the software externally. Costs incurred to develop the software during the application development stage and for upgrades and enhancements that provide additional functionality are capitalized and then amortized over a three to ten year period. | |||||
Properties, Plants and Equipment | |||||
Properties, plants and equipment are stated at cost. Depreciation on properties, plants and equipment is provided on the straight-line method over the estimated useful lives of the assets as follows: | |||||
Years | |||||
Buildings | 30–45 | ||||
Machinery and equipment | 3–19 | ||||
Depreciation expense was $131.9 million, $131.4 million and $122.7 million, in 2013, 2012 and 2011, respectively. Expenditures for repairs and maintenance are charged to expense as incurred. When properties are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the asset and related allowance accounts. Gains or losses are credited or charged to income as incurred. | |||||
The Company capitalizes interest on long-term fixed asset projects using a rate that approximates the weighted average cost of borrowing. As of October 31, 2013, 2012, and 2011, the Company capitalized interest costs of $1.7 million, $2.7 million, and $3.8 million, respectively. | |||||
The Company tests for impairment of properties, plants and equipment at least annually, or more frequently if certain indicators are present to suggest that impairment may exist. | |||||
The Company owns timber properties in the southeastern United States and in Canada. With respect to the Company’s United States timber properties, which consisted of approximately 252,475 acres as of October 31, 2013, depletion expense on timber properties is computed on the basis of cost and the estimated recoverable timber. Depletion expense was $4.3 million, $2.9 million and $2.7 million in 2013, 2012 and 2011, respectively. The Company’s land costs are maintained by tract. The Company begins recording pre-merchantable timber costs at the time the site is prepared for planting. Costs capitalized during the establishment period include site preparation by aerial spray, costs of seedlings, planting costs, herbaceous weed control, woody release, labor and machinery use, refrigeration rental and trucking for the seedlings. The Company does not capitalize interest costs in the process. Property taxes are expensed as incurred. New road construction costs are capitalized as land improvements and depreciated over 20 years. Road repairs and maintenance costs are expensed as incurred. Costs after establishment of the seedlings, including management costs, pre-commercial thinning costs and fertilization costs, are expensed as incurred. Once the timber becomes merchantable, the cost is transferred from the pre-merchantable timber category to the merchantable timber category in the depletion block. | |||||
Merchantable timber costs are maintained by five product classes, pine sawtimber, pine chip-n-saw, pine pulpwood, hardwood sawtimber and hardwood pulpwood, within a depletion block, with each depletion block based upon a geographic district or subdistrict. Currently, the Company has eight depletion blocks. These same depletion blocks are used for pre-merchantable timber costs. Each year, the Company estimates the volume of the Company’s merchantable timber for the five product classes by each depletion block. These estimates are based on the current state in the growth cycle and not on quantities to be available in future years. The Company’s estimates do not include costs to be incurred in the future. The Company then projects these volumes to the end of the year. Upon acquisition of a new timberland tract, the Company records separate amounts for land, merchantable timber and pre-merchantable timber allocated as a percentage of the values being purchased. These acquisition volumes and costs acquired during the year are added to the totals for each product class within the appropriate depletion block(s). The total of the beginning, one-year growth and acquisition volumes are divided by the total undepleted historical cost to arrive at a depletion rate, which is then used for the current year. As timber is sold, the Company multiplies the volumes sold by the depletion rate for the current year to arrive at the depletion cost. | |||||
For 2013, the Company recorded a gain of $17.5 million relating to the sale of timberland. | |||||
The Company’s Canadian timber properties, which consisted of approximately 10,300 as of October 31, 2013, are not actively managed at this time, and therefore, no depletion expense is recorded. | |||||
Equity Earnings of Unconsolidated Affiliates, net of tax and Noncontrolling Interests including Variable Interest Entities | |||||
The Company accounts for equity earnings of unconsolidated affiliates, net of tax and noncontrolling interests under ASC 810, “Consolidation.” ASC 810 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. ASC 810 requires a single method of accounting for changes in a parent’s ownership interest in a subsidiary that do not result in deconsolidation, that a parent recognize a gain or loss in net income when a subsidiary is deconsolidated and that the consolidated financial statements clearly identify and distinguish between the parent’s ownership interest and the interest of the noncontrolling owners of a subsidiary. Refer to Note 16 for additional information regarding the Company’s unconsolidated affiliates and noncontrolling interests. | |||||
ASC 810 also provides a framework for identifying variable interest entities (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests and results of operations of a VIE in its consolidated financial statements. In general, a VIE is a corporation, partnership, limited liability company, trust or any other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. ASC 810 requires a VIE to be consolidated if a party with an ownership, contractual or other financial interest in the VIE (a variable interest holder) is obligated to absorb a majority of the risk of loss from the VIE’s activities, is entitled to receive a majority of the VIE’s residual returns (if no party absorbs a majority of the VIE’s losses), or both. One of the companies acquired in 2011 is considered a VIE. However, because the Company is not the primary beneficiary, the Company will report its ownership interest in this acquired company using the equity method of accounting. | |||||
On September 29, 2010, Greif, Inc. and its indirect subsidiary Greif International Holding Supra C.V. (“Greif Supra”), a Netherlands limited partnership, completed a Joint Venture Agreement with Dabbagh Group Holding Company Limited (“Dabbagh”) and National Scientific Company Limited (“NSC”), a subsidiary of Dabbagh, referred to herein as the Flexible Packaging JV. The joint venture owns the operations in the Flexible Products & Services segment, with the exception of the North American multi-wall bag business. Greif Supra and NSC have equal economic interests in the joint venture, notwithstanding the actual ownership interests in the various legal entities. All investments, loans and capital injections are shared 50 percent by Greif and the Dabbagh entities. Greif has deemed this joint venture to be a VIE based on the criteria outlined in ASC 810. Greif exercises management control over this joint venture and is the primary beneficiary due to supply agreements and broader packaging industry customer risks and rewards. Therefore, Greif has fully consolidated the operations of this joint venture as of the formation date of September 29, 2010 and has reported Dabbagh’s share in the profits and losses in this joint venture from this date on the Company’s income statement under net income attributable to noncontrolling interests. | |||||
The Company has consolidated the assets and liabilities of STA Timber LLC (“STA Timber”) in accordance with ASC 810 which was involved in the transactions described in Note 8. Because STA Timber is a separate and distinct legal entity from Greif, Inc. and its other subsidiaries, the assets of STA Timber are not available to satisfy the liabilities and obligations of these entities and the liabilities of STA Timber are not liabilities or obligations of these entities. The Company has also consolidated the assets and liabilities of the buyer-special purpose entity described in Note 8 (the “Buyer SPE”) involved in that transaction as a result of ASC 810. However, because the Buyer SPE is a separate and distinct legal entity from Greif, Inc. and its other subsidiaries, the assets of the Buyer SPE are not available to satisfy the liabilities and obligations of the Company, and the liabilities of the Buyer SPE are not liabilities or obligations of the Company. | |||||
On April 27, 2012, Cooperage Receivables Finance B.V. and Greif Coordination Center BVBA, an indirect wholly owned subsidiary of Greif, Inc., entered into the Nieuw Amsterdam Receivables Purchase Agreement with affiliates of a major international bank. Cooperage Receivables Finance B.V. is deemed to be a VIE since this entity is not able to satisfy its liabilities without the financial support from the Company. While this entity is a separate and distinct legal entity from the Company and no ownership interest in this entity is held by the Company, the Company is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE. As a result, Cooperage Receivables Finance B.V. has been consolidated into the operations of the Company. Refer to Note 3 for additional information regarding the sale of non-United States accounts receivable. | |||||
Contingencies | |||||
Various lawsuits, claims and proceedings have been or may be instituted or asserted against the Company, including those pertaining to environmental, product liability, and safety and health matters. While the amounts claimed may be substantial, the ultimate liability cannot currently be determined because of the considerable uncertainties that exist. | |||||
All lawsuits, claims and proceedings are considered by the Company in establishing reserves for contingencies in accordance with ASC 450, “Contingencies.” In accordance with the provisions of ASC 450, the Company accrues for a litigation-related liability when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Based on currently available information known to the Company, the Company believes that its reserves for these litigation-related liabilities are reasonable and that the ultimate outcome of any pending matters is not likely to have a material adverse effect on the Company’s financial position or results of operations. | |||||
Environmental Cleanup Costs | |||||
The Company accounts for environmental cleanup costs in accordance with ASC 450. The Company expenses environmental expenditures related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible. Expenditures that extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. The Company determines its liability on a site-by-site basis and records a liability at the time when it is probable and can be reasonably estimated. The Company’s estimated liability is reduced to reflect the anticipated participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of the relevant costs. | |||||
Self-Insurance | |||||
The Company is self-insured for certain of the claims made under its employee medical and dental insurance programs. The Company had recorded liabilities totaling $2.9 million and $2.7 million for estimated costs related to outstanding claims as of October 31, 2013 and 2012, respectively. These costs include an estimate for expected settlements on pending claims, administrative fees and an estimate for claims incurred but not reported. These estimates are based on management’s assessment of outstanding claims, historical analyses and current payment trends. The Company recorded an estimate for the claims incurred but not reported using an estimated lag period based upon historical information. The Company believes the reserves recorded are adequate based upon current facts and circumstances. | |||||
The Company has certain deductibles applied to various insurance policies including general liability, product, auto and workers’ compensation. The Company maintains liabilities totaling $14.3 million and $16.1 million for anticipated costs related to general liability, product, auto and workers’ compensation as of October 31, 2013 and 2012, respectively. These costs include an estimate for expected settlements on pending claims, defense costs and an estimate for claims incurred but not reported. These estimates are based on the Company’s assessment of its deductibles, outstanding claims, historical analysis, actuarial information and current payment trends. | |||||
Income Taxes | |||||
Income taxes are accounted for under ASC 740, “Income Taxes.” In accordance with ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as measured by enacted tax rates that are expected to be in effect in the periods when the deferred tax assets and liabilities are expected to be settled or realized. Valuation allowances are established where expected future taxable income does not support the realization of the deferred tax assets. | |||||
The Company’s effective tax rate is impacted by the amount of income allocated to each taxing jurisdiction, statutory tax rates and tax planning opportunities available to the Company in the various jurisdictions in which the Company operates. Significant judgment is required in determining the Company’s effective tax rate and in evaluating its tax positions. | |||||
Tax benefits from uncertain tax positions are recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The amount recognized is measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement. The Company’s effective tax rate includes the impact of reserve provisions and changes to reserves that it considers appropriate as well as related interest and penalties. | |||||
A number of years may elapse before a particular matter, for which the Company has established a reserve, is audited and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes that its reserves reflect the probable outcome of known tax contingencies. Unfavorable settlement of any particular issue would require use of the Company’s cash. Favorable resolution would be recognized as a reduction to the Company’s effective tax rate in the period of resolution. | |||||
Restructuring Charges | |||||
The Company accounts for all exit or disposal activities in accordance with ASC 420, “Exit or Disposal Cost Obligations.” Under ASC 420, a liability is measured at its fair value and recognized as incurred. | |||||
Employee-related costs primarily consist of one-time termination benefits provided to employees who have been involuntarily terminated. A one-time benefit arrangement is an arrangement established by a plan of termination that applies for a specified termination event or for a specified future period. A one-time benefit arrangement exists at the date the plan of termination meets all of the following criteria and has been communicated to employees: | |||||
-1 | Management, having the authority to approve the action, commits to a plan of termination. | ||||
-2 | The plan identifies the number of employees to be terminated, their job classifications or functions and their locations, and the expected completion date. | ||||
-3 | The plan establishes the terms of the benefit arrangement, including the benefits that employees will receive upon termination (including but not limited to cash payments), in sufficient detail to enable employees to determine the type and amount of benefits they will receive if they are involuntarily terminated. | ||||
-4 | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||||
Facility exit and other costs consist of accelerated depreciation, equipment relocation costs, project consulting fees. A liability for other costs associated with an exit or disposal activity shall be recognized and measured at its fair value in the period in which the liability is incurred (generally, when goods or services associated with the activity are received). The liability shall not be recognized before it is incurred, even if the costs are incremental to other operating costs and will be incurred as a direct result of a plan. | |||||
Pension and Postretirement Benefits | |||||
Under ASC 715, “Compensation – Retirement Benefits,” employers recognize the funded status of their defined benefit pension and other postretirement plans on the consolidated balance sheet and record as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that have not been recognized as components of the net periodic benefit cost. | |||||
Transfer and Service of Assets | |||||
An indirect wholly-owned subsidiary of Greif, Inc. agrees to sell trade receivables meeting certain eligibility requirements that it had purchased from other indirect wholly-owned subsidiaries of Greif, Inc., under a non-U.S. factoring agreement. The structure of the transactions provide for a legal true sale, on a revolving basis, of the receivables transferred from the various Greif, Inc. subsidiaries to the respective banks or their affiliates. The banks and their affiliates fund an initial purchase price of a certain percentage of eligible receivables based on a formula with the initial purchase price approximating 75 percent to 90 percent of eligible receivables. The remaining deferred purchase price is settled upon collection of the receivables. At the balance sheet reporting dates, the Company removes from accounts receivable the amount of proceeds received from the initial purchase price since they meet the applicable criteria of ASC 860, “Transfers and Servicing,” and continues to recognize the deferred purchase price in its other current assets. The receivables are sold on a non-recourse basis with the total funds in the servicing collection accounts pledged to the banks between settlement dates. | |||||
Stock-Based Compensation Expense | |||||
The Company recognizes stock-based compensation expense in accordance with ASC 718, “Compensation – Stock Compensation.” ASC 718 requires the measurement and recognition of compensation expense, based on estimated fair values, for all share-based awards made to employees and directors, including stock options, restricted stock, restricted stock units and participation in the Company’s employee stock purchase plan. | |||||
ASC 718 requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the Company’s consolidated statements of income over the requisite service periods. No options were granted in 2013, 2012, or 2011. For any options granted in the future, compensation expense will be based on the grant date fair value estimated in accordance with the standard. | |||||
The Company uses the straight-line single option method of expensing stock options to recognize compensation expense in its consolidated statements of income for all share-based awards. Because share-based compensation expense is based on awards that are ultimately expected to vest, share-based compensation expense will be reduced to account for estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||
Revenue Recognition | |||||
The Company recognizes revenue when title passes to customers or services have been rendered, with appropriate provision for returns and allowances. Revenue is recognized in accordance with ASC 605, “Revenue Recognition.” | |||||
Timberland disposals, timber, HBU, surplus and development property revenues are recognized when closings have occurred, required down payments have been received, title and possession have been transferred to the buyer, and all other criteria for sale and profit recognition have been satisfied. | |||||
The Company reports the sale of HBU and surplus property in our consolidated statements of income under “gain on disposals of properties, plants and equipment, net” and reports the sale of development property under “net sales” and “cost of products sold.” All HBU and development property, together with surplus property, is used by the Company to productively grow and sell timber until the property is sold. | |||||
Shipping and Handling Fees and Costs | |||||
The Company includes shipping and handling fees and costs in cost of products sold. | |||||
Other Expense, Net | |||||
Other expense, net primarily represents non-United States trade receivables program fees, currency transaction gains and losses and other infrequent non-operating items. | |||||
Currency Translation | |||||
In accordance with ASC 830, “Foreign Currency Matters,” the assets and liabilities denominated in a foreign currency are translated into United States dollars at the rate of exchange existing at year-end, and revenues and expenses are translated at average exchange rates. | |||||
The cumulative translation adjustments, which represent the effects of translating assets and liabilities of the Company’s international operations, are presented in the consolidated statements of changes in shareholders’ equity in accumulated other comprehensive income (loss). Transaction gains and losses on foreign currency transactions denominated in a currency other than an entity’s functional currency are credited or charged to income. The amounts included in other expense, net related to transaction losses, net of tax were $3.9 million, $0.8 million and $4.7 million in 2013, 2012 and 2011, respectively. | |||||
Derivative Financial Instruments | |||||
In accordance with ASC 815, “Derivatives and Hedging,” the Company records all derivatives in the consolidated balance sheet as either assets or liabilities measured at fair value. Dependent on the designation of the derivative instrument, changes in fair value are recorded to earnings or shareholders’ equity through other comprehensive income (loss). The Company may use the following derivatives from time to time. | |||||
The Company uses interest rate swap agreements for cash flow hedging purposes. For derivative instruments that hedge the exposure of variability in interest rates, designated as cash flow hedges, the effective portion of the net gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. | |||||
Interest rate swap agreements that hedge against variability in interest rates effectively convert a portion of floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. The Company uses the “variable cash flow method” for assessing the effectiveness of these swaps. The effectiveness of these swaps is reviewed at least every quarter. Hedge ineffectiveness has not been material during any of the years presented herein. | |||||
The Company enters into currency forward contracts to hedge certain currency transactions and short-term intercompany loan balances with its international businesses. Such contracts limit the Company’s exposure to both favorable and unfavorable currency fluctuations. These contracts are adjusted to reflect market value as of each balance sheet date, with the resulting changes in fair value being recognized in other comprehensive income (loss). | |||||
The Company has used derivative instruments to hedge a portion of its natural gas purchases. These derivatives were designated as cash flow hedges. The effective portion of the net gain or loss was reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period during which the hedged transaction affects earnings. | |||||
Any derivative contract that is either not designated as a hedge, or is so designated but is ineffective, would be adjusted to market value and recognized in earnings immediately. If a cash flow or fair value hedge ceases to qualify for hedge accounting, the contract would continue to be carried on the balance sheet at fair value until settled and future adjustments to the contract’s fair value would be recognized in earnings immediately. If a forecasted transaction were no longer probable to occur, amounts previously deferred in accumulated other comprehensive income (loss) would be recognized immediately in earnings. | |||||
Fair Value | |||||
The Company uses ASC 820, “Fair Value Measurements and Disclosures” to account for fair value. ASC 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Additionally, this standard established a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||
The three levels of inputs used to measure fair values are as follows: | |||||
• | Level 1—Observable inputs such as unadjusted quoted prices in active markets for identical assets and liabilities. | ||||
• | Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities. | ||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. | ||||
The Company presents various fair value disclosures in Notes 9, 10 and 13 to these consolidated financial statements. | |||||
Newly Adopted Accounting Standards | |||||
In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-05 “Comprehensive Income: Presentation of comprehensive income.” This amendment to Accounting Standards Codification (“ASC”) 220 “Comprehensive Income” requires that all non-owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. In December 2011, the FASB issued ASU 2011-12 “Comprehensive Income: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” This amendment to ASC 220 “Comprehensive Income” deferred the adoption of presentation of reclassification items out of accumulated other comprehensive income. The Company adopted this new guidance beginning November 1, 2012, and the adoption of the new guidance did not impact the Company’s financial position, results of operations or cash flows, other than the related disclosures. | |||||
In September 2011, the FASB issued ASU 2011-08 “Intangibles—Goodwill and Other: Testing Goodwill for Impairment”, which provides an entity the option to first assess qualitative factors to determine whether it is necessary to perform the current two-step test for goodwill impairment. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The revised standard is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company has adopted this new guidance, which was implemented when the annual goodwill impairment testing was performed during the fourth quarter of 2013, and the adoption of the new guidance did not impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than related disclosures. | |||||
In July 2012, the FASB issued ASU 2012-02 “Intangibles—Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment” which provides an entity the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more-likely-than-not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount. The Company has adopted this new guidance, which was implemented when the annual intangible asset impairment testing was performed during the fourth quarter of 2013, and the adoption of the new guidance did not impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than related disclosures. | |||||
Recently Issued Accounting Standards | |||||
As of October 31, 2013, the FASB has issued ASU’s through 2013-11. The Company has reviewed each recently issued ASU and the adoption of each ASU that is applicable to the Company is not expected to have a material impact on the Company’s financial position, results of operations, comprehensive income or cash flows, other than the related disclosures. | |||||
In December 2011, the FASB issued ASU 2011-11 “Balance Sheet: Disclosures about Offsetting Assets and Liabilities.” The differences in the offsetting requirements in GAAP and International Financial Reporting Standards (“IFRS”) account for a significant difference in the amounts presented in statements of financial position prepared in accordance with GAAP and in the amounts presented in those statements prepared in accordance with IFRS for certain institutions. This difference reduces the comparability of statements of financial position. The FASB and IASB are issuing joint requirements that will enhance current disclosures. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The Company is expected to adopt the new guidance beginning on November 1, 2013, and the adoption of the new guidance is not expected to impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than the related disclosures. | |||||
In January 2013, the FASB issued ASU 2013-01 “Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The main objective in developing this update is to address implementation issues about the scope of ASU 2011-11. FASB stakeholders have told the FASB that because the scope in ASU 2011-11 is unclear, diversity in practice may result. Recent feedback from FASB stakeholders is that standard commercial provisions of many contracts would equate to a master netting arrangement. FASB stakeholders questioned whether it was the FASB’s intent to require disclosures for such a broad scope, which would significantly increase the cost of compliance. The objective of this update is to clarify the scope of the offsetting disclosures and address any unintended consequences. The Company is expected to adopt the new guidance beginning on November 1, 2013, and the adoption of the new guidance is not expected to impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than the related disclosures. | |||||
In February 2013, the FASB issued ASU 2013-02 “Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account instead of directly to income or expense in the same reporting period. The Company is expected to adopt the new guidance beginning on November 1, 2013, and the adoption of the new guidance is not expected to impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than the related disclosures. | |||||
In March 2013, the FASB issued ASU 2013-05 “Foreign Currency Matters: Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or an Investment in a Foreign Entity.” The objective of this update is to resolve the diversity in practice about whether ASC 810-10 or ASC 830-30 applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas rights) within a foreign entity. The Company is expected to adopt the new guidance beginning November 1, 2014, and the impact of the adoption of the new guidance will be evaluated when an acquisition or divestiture occurs with respect to the Company’s financial position, results of operations, comprehensive income, cash flows and disclosures. | |||||
In July 2013, the FASB issued ASU 2013-10 “Derivatives and Hedging: Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.” The objective of this update is to permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The Company adopted the new guidance for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013, and the impact of the adoption of the new guidance did not have an impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than the related disclosures. | |||||
In July 2013, the FASB issued ASU 2013-11 “Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The objective of this update is to eliminate the diversity in practice in the presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. The amendments in this update seek to attain that objective by requiring an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for those instances described above, except in certain situations discussed in the update. The Company is expected to adopt the new guidance beginning on November 1, 2014, and the adoption of the new guidance is not expected to impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than the related disclosures. | |||||
Acquisitions_and_Other_Signifi
Acquisitions and Other Significant Transactions | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||
Acquisitions and Other Significant Transactions | ' | ||||||||||||||||||||
NOTE 2 – ACQUISITIONS AND OTHER SIGNIFICANT TRANSACTIONS | |||||||||||||||||||||
The following table summarizes the Company’s acquisition activity in 2013, 2012 and 2011 (Dollars in millions). | |||||||||||||||||||||
Segment | # of | Purchase Price, | Tangible | Intangible | Goodwill | ||||||||||||||||
Acquisitions | net of Cash | Assets, net | Assets | ||||||||||||||||||
Total 2013 Acquisitions | — | $ | — | — | — | — | |||||||||||||||
Total 2012 Acquisitions | — | $ | — | — | — | — | |||||||||||||||
Total 2011 Acquisitions | 8 | $ | 344.9 | $ | 101.7 | $ | 77.7 | $ | 307.2 | ||||||||||||
Note: | Purchase price, net of cash acquired, represents cash paid in the period of each acquisition and does not include assumed debt, subsequent payments for deferred purchase adjustments or earn-out provisions. | ||||||||||||||||||||
During 2013, the Company completed no material acquisitions and no material divestitures. The Company made a $46.6 million deferred cash payment during 2013 related to an acquisition completed in 2011. | |||||||||||||||||||||
During 2012, the Company completed no material acquisitions and no material divestitures. The Company made a $14.3 million deferred cash payment during 2012 for an acquisition completed in fiscal year 2010. | |||||||||||||||||||||
During 2011, the Company completed eight acquisitions, all in the Rigid Industrial Packaging and Services segment: four European companies acquired in February, May, July and August; two joint ventures entered into in February and August in North America and Asia Pacific, respectively; the acquisition of the remaining outstanding noncontrolling shares from a 2008 acquisition in South America; and the acquisition of additional shares of a company in North America that was a consolidated subsidiary as of October 31, 2011. The Company’s 2011 acquisitions were made in part to obtain technologies, patents, equipment, customer lists and access to markets. During 2011 there were no divestitures. | |||||||||||||||||||||
Pro Forma Information | |||||||||||||||||||||
In accordance with ASU 2010-29, “Disclosure of Supplementary Pro Forma Information for Business Combinations,” the Company has considered the effect of the 2011 acquisitions in the consolidated statements of income for each period presented. The revenue and operating profit of the 2011 acquisitions included in the Company’s consolidated statements of income totaled $432.5 million and $17.0 million, respectively, for the year ended October 31, 2013. The revenue and operating profit of the 2011 acquisitions included in the Company’s consolidated statements of income totaled $427.7 million and $4.0 million, respectively, for the year ended October 31, 2012. The revenue and operating (loss) of the 2011 acquisitions included in the Company’s consolidated statements of income totaled $119.2 million and ($19.6) million, respectively, for the year ended October 31, 2011. None of the 2011 acquisitions were of companies listed on a stock exchange or otherwise publicly traded or required to provide public financial information. Therefore, pro forma results of operations are not presented. | |||||||||||||||||||||
Sale_of_NonUnited_States_Accou
Sale of Non-United States Accounts Receivable | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Sale of Non-United States Accounts Receivable | ' | ||||||||||||
NOTE 3 – SALE OF NON-UNITED STATES ACCOUNTS RECEIVABLE | |||||||||||||
On April 27, 2012, Cooperage Receivables Finance B.V. (the “Main SPV”) and Greif Coordination Center BVBA, an indirect wholly owned subsidiary of Greif, Inc. (“Seller”), entered into the Nieuw Amsterdam Receivables Purchase Agreement (the “European RPA”) with affiliates of a major international bank (the “Purchasing Bank Affiliates”). Under the European RPA, the Seller has agreed to sell trade accounts receivables that meet certain eligibility requirements that Seller had purchased from other indirect wholly owned subsidiaries of Greif, Inc. under discounted receivables purchase agreements and related agreements. These other indirect wholly owned subsidiaries of Greif, Inc. include Greif Belgium BVBA, Pack2pack Rumbeke N.V., Pack2pack Zwolle B.V., Greif Nederland B.V., Pack2pack Halsteren B.V., Greif Italia S.p.A., Fustiplast S.p.A., Greif France S.A.S., Pack2pack Lille S.A.S., Greif Packaging Spain S.A., Greif UK Ltd., Greif Germany GmbH, Fustiplast GmbH, Pack2pack Mendig GmbH, Greif Portugal S.A., Greif Sweden Aktiebolag, Greif Packaging Sweden Aktiebolag and Greif Norway A.S. (the “Selling Subsidiaries”). Under the terms of a Performance and Indemnity Agreement, the performance obligations of the Selling Subsidiaries under the transaction documents have been guaranteed by Greif, Inc. The European RPA may be amended from time to time to add additional subsidiaries of Greif, Inc. The maximum amount of receivables that may be sold and outstanding under the European RPA at any time is €145 million ($199.9 million as of October 31, 2013). A significant portion of the proceeds from this trade receivables facility was used to pay the obligations under the previous European trade receivables facilities described below, which were then terminated, and to pay expenses incurred in connection with this transaction. The subsequent proceeds from this facility are available for working capital and general corporate purposes. | |||||||||||||
Under the terms of a Receivable Purchase Agreement (the “RPA”) between Seller and a major international bank, the Seller had agreed to sell trade receivables meeting certain eligibility requirements that Seller had purchased from other indirect wholly owned subsidiaries of Greif, Inc., including Greif Belgium BVBA, Greif Germany GmbH, Greif Nederland B.V., Greif Packaging Belgium NV, Greif Spain S.A., Greif Sweden AB, Greif Packaging Norway A.S., Greif Packaging France S.A.S., Greif Packaging Spain S.A., Greif Portugal S.A. and Greif UK Ltd., under discounted receivables purchase agreements and from Greif France S.A.S. under a factoring agreement. In addition, Greif Italia S.p.A., also an indirect wholly owned subsidiary of Greif, Inc., had entered into an Italian Receivables Purchase Agreement with the Italian branch of the major international bank (the “Italian RPA”) agreeing to sell trade receivables that meet certain eligibility criteria to such branch. The Italian RPA was similar in structure and terms as the RPA. On April 27, 2012, the RPA and the Italian RPA were terminated. | |||||||||||||
In October 2007, Greif Singapore Pte. Ltd., an indirect wholly-owned subsidiary of Greif, Inc., entered into the Singapore Receivable Purchase Agreement (the “Singapore RPA”) with a major international bank. The maximum amount of aggregate receivables that may be financed under the Singapore RPA is 15.0 million Singapore Dollars ($12.1 million as of October 31, 2013). | |||||||||||||
In May 2009, Greif Malaysia Sdn Bhd., an indirect wholly-owned subsidiary of Greif, Inc., entered into the Malaysian Receivables Purchase Agreement (the “Malaysian Agreements”) with Malaysian banks. The maximum amount of the aggregate receivables that may be financed under the Malaysian Agreements is 15.0 million Malaysian Ringgits ($4.8 million as of October 31, 2013). | |||||||||||||
These transactions are structured to provide for true legal sales, on a revolving basis, of the receivables transferred from the various Greif, Inc. subsidiaries to the respective banks and affiliates. Under the European RPA, the Singapore RPA and the Malaysian Agreements, the banks and affiliates fund an initial purchase price of a certain percentage of eligible receivables based on a formula with the initial purchase price approximating 75 percent to 90 percent of eligible receivables. The remaining deferred purchase price is settled upon collection of the receivables; although under the European RPA, the Seller provides a subordinated loan to the Main SPV, which is used to fund the remaining purchase price owed to the Selling Subsidiaries. The repayment of the subordinated loan to the Seller is paid from the collections of the receivables. As of the balance sheet reporting dates, the Company removes from accounts receivable the amount of cash proceeds received from the initial purchase price since they meet the applicable criteria of ASC 860, “Transfers and Servicing”, and continues to recognize the deferred purchase price within other current assets on the Company’s consolidated balance sheet as of the time the receivables are initially sold; accordingly the difference between the carrying amount and the fair value of the assets sold are included as a loss on sale in the consolidated statements of operations within other expense, net. The receivables are sold on a non-recourse basis with the total funds in the servicing collection accounts pledged to the banks between settlement dates. | |||||||||||||
The table below contains information related to the Company’s accounts receivables programs (Dollars in millions): | |||||||||||||
For the years ended October 31, | 2013 | 2012 | 2011 | ||||||||||
European RPA | |||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 1,071.30 | $ | 702.7 | $ | — | |||||||
Cash received for accounts receivable sold under the programs | 947 | 619.1 | — | ||||||||||
Deferred purchase price related to accounts receivable sold | 124.3 | 83.6 | — | ||||||||||
Loss associated with the programs | 2.5 | 1.9 | — | ||||||||||
Expenses associated with the programs | — | 1.9 | — | ||||||||||
RPA and Italian RPA | |||||||||||||
Gross accounts receivable sold to third party financial institution | $ | — | $ | 189.4 | $ | 958.6 | |||||||
Cash received for accounts receivable sold under the programs | — | 167.7 | 848.4 | ||||||||||
Deferred purchase price related to accounts receivable sold | — | 21.7 | 110.2 | ||||||||||
Loss associated with the programs | — | 1.6 | 4.4 | ||||||||||
Expenses associated with the programs | — | — | — | ||||||||||
Singapore RPA | |||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 70.5 | $ | 73.8 | $ | 70.5 | |||||||
Cash received for accounts receivable sold under the program | 70.5 | 73.8 | 70.5 | ||||||||||
Deferred purchase price related to accounts receivable sold | — | — | — | ||||||||||
Loss associated with the program | — | — | — | ||||||||||
Expenses associated with the program | 0.2 | 0.2 | 0.2 | ||||||||||
Malaysian Agreements | |||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 22.9 | $ | 24.2 | $ | 19 | |||||||
Cash received for accounts receivable sold under the program | 22.9 | 24.2 | 19 | ||||||||||
Deferred purchase price related to accounts receivable sold | — | — | — | ||||||||||
Loss associated with the program | 0.2 | 0.1 | 0.2 | ||||||||||
Expenses associated with the program | 0.1 | 0.1 | — | ||||||||||
Total RPAs and Agreements | |||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 1,164.70 | $ | 990.1 | $ | 1,048.10 | |||||||
Cash received for accounts receivable sold under the program | 1,040.40 | 884.8 | 937.9 | ||||||||||
Deferred purchase price related to accounts receivable sold | 124.3 | 105.3 | 110.2 | ||||||||||
Loss associated with the program | 2.7 | 3.6 | 4.6 | ||||||||||
Expenses associated with the program | 0.3 | 2.2 | 0.2 | ||||||||||
October 31, | October 31, | ||||||||||||
2013 | 2012 | ||||||||||||
European RPA | |||||||||||||
Accounts receivable sold to and held by third party financial institution | $ | 179 | $ | 185.6 | |||||||||
Uncollected deferred purchase price related to accounts receivable sold | 11.5 | 3.5 | |||||||||||
RPA and Italian RPA | |||||||||||||
Accounts receivable sold to and held by third party financial institution | $ | — | $ | — | |||||||||
Uncollected deferred purchase price related to accounts receivable sold | — | — | |||||||||||
Singapore RPA | |||||||||||||
Accounts receivable sold to and held by third party financial institution | $ | 4.4 | $ | 3.9 | |||||||||
Uncollected deferred purchase price related to accounts receivable sold | — | — | |||||||||||
Malaysian Agreements | |||||||||||||
Accounts receivable sold to and held by third party financial institution | $ | 4.5 | $ | 2.9 | |||||||||
Uncollected deferred purchase price related to accounts receivable sold | — | — | |||||||||||
Total RPAs and Agreements | |||||||||||||
Accounts receivable sold to and held by third party financial institution | $ | 187.9 | $ | 192.4 | |||||||||
Uncollected deferred purchase price related to accounts receivable sold | $ | 11.5 | $ | 3.5 | |||||||||
The deferred purchase price related to the accounts receivable sold is reflected as prepaid and other current assets on the Company’s consolidated balance sheet and was initially recorded at an amount which approximates its fair value due to the short-term nature of these items. The cash received initially and the deferred purchase price relate to the sale or ultimate collection of the underlying receivables and are not subject to significant other risks given their short nature; therefore, the Company reflects all cash flows under the accounts receivable sales programs as operating cash flows on the Company’s consolidated statements of cash flows. | |||||||||||||
Additionally, the Company performs collections and administrative functions on the receivables sold similar to the procedures it uses for collecting all of its receivables, including receivables that are not sold under the European RPA, the Singapore RPA and the Malaysian Agreements. The servicing liability for these receivables is not material to the consolidated financial statements. | |||||||||||||
Inventories
Inventories | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
NOTE 4 – INVENTORIES | |||||||||
The inventories are stated at the lower of cost or market and summarized as follows as of October 31 for each year (Dollars in millions): | |||||||||
2013 | 2012 | ||||||||
Finished goods | $ | 98.5 | $ | 96.9 | |||||
Raw materials | 240.4 | 240.2 | |||||||
Work-in process | 36.4 | 36.4 | |||||||
$ | 375.3 | $ | 373.5 | ||||||
Net_Assets_Held_for_Sale
Net Assets Held for Sale | 12 Months Ended |
Oct. 31, 2013 | |
Property Plant And Equipment [Abstract] | ' |
Net Assets Held for Sale | ' |
NOTE 5 – NET ASSETS HELD FOR SALE | |
As of October 31, 2013, there were two asset groups in the Flexible Products & Services segment with assets held for sale. As of October 31, 2012, there was one asset group in the Rigid Industrial Packaging & Services segment and one location in the Flexible Products & Services segment with assets held for sale. During 2013, one asset group was added in the Rigid Industrial Packaging Products & Services segment and subsequently sold in the same period. Additionally, two asset groups were added in the Flexible Products & Services segment. One asset group in the Rigid Industrial Packaging and Services segment and one asset group in the Flexible Products & Services segment were placed back in service for purposes of GAAP and depreciation was resumed. As a result of placing these locations back in service in 2013, the 2012 consolidated balance sheet has been reclassified for such locations to conform to the current year presentation. The reclassification of these asset groups to properties, plants and equipment within the consolidated balance sheets was done in accordance with ASC 360, but these assets are still being marketed for sale. The net assets held for sale are being marketed for sale and it is the Company’s intention to complete the sales of these assets within the upcoming year. | |
For the year ended October 31, 2013, the Company recorded a gain on disposal of PP&E, net of $5.6 million. There were sales of HBU and surplus properties which resulted in gains of $1.2 million in the Land Management segment, a sale of equipment in the Paper Packaging segment that resulted in a gain of $0.6 million, a disposal of equipment in the Rigid Industrial Packaging & Services segment that resulted in a gain of $2.5 million, a sale of property that was previously classified as held for sale in the Rigid Industrial Packaging & Services segment that resulted in a gain of $0.6 million, a sale of land adjacent to our corporate offices that resulted in a gain of $0.8 million, a sale of equipment that resulted in a loss of $0.9 million and sales of other miscellaneous equipment which resulted in aggregate gains of $0.8 million. | |
For the year ended October 31, 2012, the Company recorded a gain on disposal of PP&E, net of $7.6 million. There were sales of HBU and surplus properties which resulted in gains of $5.5 million in the Land Management segment, a sale of equipment in the Rigid Industrial Packaging & Services segment which resulted in a gain of $0.6 million, a sale of miscellaneous equipment in the Paper Packaging segment which resulted in a gain of $0.5 million and sales of other miscellaneous equipment which resulted in aggregate gains of $1.0 million. | |
For the year ended October 31, 2011, the Company recorded a gain on disposal of PP&E, net of $16.1 million. There were sales in the Rigid Industrial Packaging & Services segment which resulted in a $3.2 million gain, sales in the Paper Packaging segment which resulted in a $0.9 million gain, sales in the Land Management segment of HBU and surplus properties which resulted in a $11.4 million gain and sales of other miscellaneous equipment which resulted in a $0.6 million gain. | |
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Goodwill and Other Intangible Assets | ' | ||||||||||||||||||||
NOTE 6 – GOODWILL AND OTHER INTANGIBLE ASSETS | |||||||||||||||||||||
The following table summarizes the changes in the carrying amount of goodwill by segment for the year ended October 31, 2013 and 2012 (Dollars in millions): | |||||||||||||||||||||
Rigid Industrial | Flexible Products | Paper | Land | Total | |||||||||||||||||
Packaging & Services | & Services | Packaging | Management | ||||||||||||||||||
Balance at October 31, 2011 | $ | 864.6 | $ | 78.1 | $ | 59.7 | $ | 0.2 | $ | 1,002.60 | |||||||||||
Goodwill acquired | — | — | — | — | — | ||||||||||||||||
Goodwill adjustments | 14.9 | 0.2 | — | — | 15.1 | ||||||||||||||||
Currency translation | (34.9 | ) | (6.7 | ) | — | — | (41.6 | ) | |||||||||||||
Balance at October 31, 2012 | $ | 844.6 | $ | 71.6 | $ | 59.7 | $ | 0.2 | $ | 976.1 | |||||||||||
Goodwill acquired | — | — | — | — | — | ||||||||||||||||
Goodwill adjustments | 1.5 | — | 0.2 | (0.2 | ) | 1.5 | |||||||||||||||
Currency translation | 21.2 | 4.7 | — | — | 25.9 | ||||||||||||||||
Balance at October 31, 2013 | $ | 867.3 | $ | 76.3 | $ | 59.9 | $ | — | $ | 1,003.50 | |||||||||||
The goodwill adjustments during 2013 increased goodwill by a net amount of $27.4 million and are primarily related to the impact of foreign currency translation. | |||||||||||||||||||||
The goodwill adjustments during 2012 decreased goodwill by a net amount of $26.5 million related to the impact of foreign currency translation, partially offset by the finalization of purchase price allocation of prior year acquisitions. Goodwill from prior year acquisitions had been adjusted to properly reflect deferred tax assets and liabilities and tax reserves in our Rigid Industrial Packaging & Services segment. | |||||||||||||||||||||
The Company reviews goodwill by reporting unit and indefinite-lived intangible assets for impairment as required by ASC 350, “Intangibles—Goodwill and Other”, either annually in the fourth quarter or whenever events and circumstances indicate impairment may have occurred. A reporting unit is the operating segment, or a business one level below that operating segment if discrete financial information is prepared and regularly reviewed by segment management. | |||||||||||||||||||||
As of October 31, 2013, the Company recognized an impairment charge of $0.4 million related to intangible assets in our Rigid Industrial Packaging & Services segment. The Company concluded that no impairment indicators existed as of October 31, 2012. As of October 31, 2011, the Company recognized an impairment charge of $3.0 million related to the discontinued usage of certain trade names in our Flexible Products and Services segment. | |||||||||||||||||||||
The following table summarizes the carrying amount of net intangible assets by class as of October 31, 2013 and October 31, 2012 (Dollars in millions): | |||||||||||||||||||||
Gross | Accumulated | Net | |||||||||||||||||||
Intangible | Amortization | Intangible | |||||||||||||||||||
Assets | Assets | ||||||||||||||||||||
October 31, 2012: | |||||||||||||||||||||
Trademarks and patents | $ | 32.5 | $ | 3.6 | $ | 28.9 | |||||||||||||||
Non-compete agreements | 14.4 | 11.1 | 3.3 | ||||||||||||||||||
Customer relationships | 201.1 | 53.6 | 147.5 | ||||||||||||||||||
Other | 23.8 | 4.9 | 18.9 | ||||||||||||||||||
Total | $ | 271.8 | $ | 73.2 | $ | 198.6 | |||||||||||||||
October 31, 2013: | |||||||||||||||||||||
Trademarks and patents | $ | 31.1 | $ | 4.3 | $ | 26.8 | |||||||||||||||
Non-compete agreements | 14.6 | 12.6 | 2 | ||||||||||||||||||
Customer relationships | 205.6 | 69.4 | 136.2 | ||||||||||||||||||
Other | 23.5 | 7.7 | 15.8 | ||||||||||||||||||
Total | $ | 274.8 | $ | 94 | $ | 180.8 | |||||||||||||||
Gross intangible assets increased by $3.0 million for the year ended October 31, 2013. The increase in gross intangible assets was attributable to $8.1 million of currency fluctuations, partially offset by the impairment of certain intangible assets, and the write-off of certain fully-amortized assets. Amortization expense was $20.5 million, $20.3 million and $18.6 million for 2013, 2012 and 2011, respectively. Amortization expense for the next five years is expected to be $19.6 million in 2014, $18.9 million in 2015, $18.3 million in 2016, $17.5 million in 2017 and $17.1 million in 2018. | |||||||||||||||||||||
All intangible assets for the periods presented are subject to amortization and are being amortized using the straight-line method over periods that are contractually or legally determined or through purchase price accounting, except for $23.5 million related to the Tri-Sure trademark and trade names related to Blagden Express, Closed-loop, Box Board and Fustiplast, all of which have indefinite lives. |
Restructuring_Charges
Restructuring Charges | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||||||
Restructuring Charges | ' | ||||||||||||||||||||
NOTE 7 – RESTRUCTURING CHARGES | |||||||||||||||||||||
The following is a reconciliation of the beginning and ended restructuring reserve balances for the years ended October 31, 2013, 2012 and 2011 (Dollars in millions): | |||||||||||||||||||||
Cash Charges | Non-cash Charges | ||||||||||||||||||||
Employee | Other costs | Asset | Inventory | Total | |||||||||||||||||
Separation | Impairments | Write-down | |||||||||||||||||||
Costs | |||||||||||||||||||||
Balance at October 31, 2011 | $ | 11.8 | $ | 7.6 | $ | 0.2 | $ | — | $ | 19.6 | |||||||||||
Costs incurred and charged to expense | 13.4 | 9.8 | 10.2 | — | 33.4 | ||||||||||||||||
Costs paid or otherwise settled | (19.0 | ) | (15.6 | ) | (10.4 | ) | — | (45.0 | ) | ||||||||||||
Balance at October 31, 2012 | $ | 6.2 | $ | 1.8 | $ | — | $ | — | $ | 8 | |||||||||||
Costs incurred and charged to expense | 2.8 | 2 | 4 | — | 8.8 | ||||||||||||||||
Costs paid or otherwise settled | (7.2 | ) | (2.6 | ) | (4.0 | ) | — | (13.8 | ) | ||||||||||||
Balance at October 31, 2013 | $ | 1.8 | $ | 1.2 | $ | — | $ | — | $ | 3 | |||||||||||
The focus for restructuring activities in 2013 was on the rationalization of operations and contingency actions in Rigid Industrial Packaging & Services. During 2013, the Company recorded restructuring charges of $8.8 million, consisting of $2.8 million in employee separation costs, $4.0 million in asset impairments and $2.0 million in other restructuring costs, primarily consisting of lease termination costs and professional fees. There were no plants closed in 2013, but there was a total of 278 employees severed throughout 2013 as part of the Company’s restructuring efforts. | |||||||||||||||||||||
The following is a reconciliation of the total amounts expected to be incurred from open restructuring plans or plans that are being formulated and have not been announced as of the date of this From 10-K. Remaining amounts expected to be incurred were $6.6 million and $12.3 million as of October 31, 2013 and 2012, respectively. The decrease was due to the realization of expenses from plans formulated in prior periods offset by the formation of new plans during the period. (Dollars in millions): | |||||||||||||||||||||
Amounts | Amounts | Amounts | |||||||||||||||||||
expected to be | Incurred | remaining | |||||||||||||||||||
incurred | in 2013 | to be | |||||||||||||||||||
incurred | |||||||||||||||||||||
Rigid Industrial Packaging & Services: | |||||||||||||||||||||
Employee separation costs | $ | 5.1 | $ | 2.8 | $ | 2.3 | |||||||||||||||
Asset impairments | 3.9 | 3.9 | — | ||||||||||||||||||
Other restructuring costs | 4.8 | 1.5 | 3.3 | ||||||||||||||||||
13.8 | 8.2 | 5.6 | |||||||||||||||||||
Flexible Products & Services: | |||||||||||||||||||||
Employee separation costs | 0.8 | — | 0.8 | ||||||||||||||||||
Asset impairments | 0.1 | 0.1 | — | ||||||||||||||||||
Other restructuring costs | 0.7 | 0.5 | 0.2 | ||||||||||||||||||
1.6 | 0.6 | 1 | |||||||||||||||||||
$ | 15.4 | $ | 8.8 | $ | 6.6 | ||||||||||||||||
The focus for restructuring activities in 2012 was on the consolidation of operations in the Flexible Products & Services segment as part of the ongoing implementation of the Greif Business System and rationalization of operations and contingency actions in Rigid Industrial Packaging & Services. During 2012, the Company recorded restructuring charges of $33.4 million, consisting of $13.4 million in employee separation costs, $10.2 million in asset impairments and $9.8 million in other restructuring costs, primarily consisting of lease termination costs and professional fees. Four plants in the Rigid Industrial Packaging & Services segment were closed. There were a total of 513 employees severed throughout 2012 as part of the Company’s restructuring efforts. | |||||||||||||||||||||
The focus for restructuring activities in 2011 was on integration of recent acquisitions in the Rigid Industrial Packaging & Services and Flexible Products & Services segments as well as the implementation of certain cost-cutting measures. During 2011, the Company recorded restructuring charges of $30.5 million, consisting of $13.3 million in employee separation costs, $4.5 million in asset impairments and $12.7 million in other restructuring costs, primarily consisting of lease termination costs, professional fees, relocation costs and other costs. Two plants in the Rigid Industrial Packaging & Services segment were closed. There were a total of 257 employees severed throughout 2011 as part of the Company’s restructuring efforts. | |||||||||||||||||||||
Consolidation_of_Variable_Inte
Consolidation of Variable Interest Entities | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Consolidation of Variable Interest Entities | ' | ||||||||||||||||
NOTE 8 – CONSOLIDATION OF VARIABLE INTEREST ENTITIES | |||||||||||||||||
The Company evaluates whether an entity is a VIE whenever reconsideration events occur and performs reassessments of all VIE’s quarterly to determine if the primary beneficiary status is appropriate. The Company consolidates VIE’s for which it is the primary beneficiary. If the Company is not the primary beneficiary and an ownership interest is held, the VIE is accounted for under the equity or cost methods of accounting, as appropriate. When assessing the determination of the primary beneficiary, the Company considers all relevant facts and circumstances, including: the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. One of the companies acquired in 2011 is considered a VIE. However, because the Company is not the primary beneficiary, the Company will report its ownership interest in this acquired company using the equity method of accounting. | |||||||||||||||||
Significant Nonstrategic Timberland Transactions | |||||||||||||||||
On March 28, 2005, Soterra LLC (a wholly owned subsidiary) entered into two real estate purchase and sale agreements with Plum Creek Timberlands, L.P. (“Plum Creek”) to sell approximately 56,000 acres of timberland and related assets located primarily in Florida for an aggregate sales price of approximately $90 million, subject to closing adjustments. In connection with the closing of one of these agreements, Soterra LLC sold approximately 35,000 acres of timberland and associated assets in Florida, Georgia and Alabama for $51.0 million, resulting in a pretax gain of $42.1 million, on May 23, 2005. The purchase price was paid in the form of cash and a $50.9 million purchase note payable (the “Purchase Note”) by an indirect subsidiary of Plum Creek (the “Buyer SPE”). Soterra LLC contributed the Purchase Note to STA Timber LLC (“STA Timber”), one of the Company’s indirect wholly owned subsidiaries. The Purchase Note is secured by a Deed of Guarantee issued by Bank of America, N.A., London Branch, in an amount not to exceed $52.3 million (the “Deed of Guarantee”), as a guarantee of the due and punctual payment of principal and interest on the Purchase Note. | |||||||||||||||||
The Company completed the second phase of these transactions in the first quarter of 2006. In this phase, the Company sold 15,300 acres of timberland holdings in Florida for $29.3 million in cash, resulting in a pre-tax gain of $27.4 million. The final phase of this transaction, approximately 5,700 acres sold for $9.7 million in the second quarter of 2006 which resulted in a pre-tax gain of $9.0 million. | |||||||||||||||||
On May 31, 2005, STA Timber issued in a private placement its 5.20% Senior Secured Notes due August 5, 2020 (the “Monetization Notes”) in the principal amount of $43.3 million. In connection with the sale of the Monetization Notes, STA Timber entered into note purchase agreements with the purchasers of the Monetization Notes (the “Note Purchase Agreements”) and related documentation. The Monetization Notes are secured by a pledge of the Purchase Note and the Deed of Guarantee. The Monetization Notes may be accelerated in the event of a default in payment or a breach of the other obligations set forth therein or in the Note Purchase Agreements or related documents, subject in certain cases to any applicable cure periods, or upon the occurrence of certain insolvency or bankruptcy related events. The Monetization Notes are subject to a mechanism that may cause them, subject to certain conditions, to be extended to November 5, 2020. The proceeds from the sale of the Monetization Notes were primarily used for the repayment of indebtedness. Greif, Inc. and its other subsidiaries have not extended any form of guaranty of the principal or interest on the Monetization Notes. Accordingly, Greif, Inc. and its other subsidiaries will not become directly or contingently liable for the payment of the Monetization Notes at any time. | |||||||||||||||||
The Buyer SPE is deemed to be a VIE since the assets of the Buyer SPE are not available to satisfy the liabilities of the Buyer SPE. The Buyer SPE is a separate and distinct legal entity from the Company and no ownership interest in the Buyer SPE is held by the Company, but the Company is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. As a result, Buyer SPE has been consolidated into the operations of the Company. | |||||||||||||||||
As of October 31, 2013 and 2012, assets of the Buyer SPE consisted of $50.9 million of restricted bank financial instruments. For each of the years ended October 31, 2013, 2012 and 2011, the Buyer SPE recorded interest income of $2.4 million. | |||||||||||||||||
As of October 31, 2013 and 2012, STA Timber had long-term debt of $43.3 million. For each of the years ended October 31, 2013, 2012 and 2011, STA Timber recorded interest expense of $2.2 million. STA Timber is exposed to credit-related losses in the event of nonperformance by the issuer of the Deed of Guarantee. | |||||||||||||||||
Flexible Packaging Joint Venture | |||||||||||||||||
On September 29, 2010, Greif, Inc. and its indirect subsidiary Greif International Holding Supra C.V. (“Greif Supra,”) formed a joint venture (referred to herein as the “Flexible Packaging JV”) with Dabbagh Group Holding Company Limited and its subsidiary NSC. The Flexible Packaging JV owns the operations in the Flexible Products & Services segment, with the exception of the North American multi-wall bag business. The Flexible Packaging JV has been consolidated into the operations of the Company as of its formation date of September 29, 2010. | |||||||||||||||||
The Flexible Packaging JV is deemed to be a VIE since the total equity investment at risk is not sufficient to permit the legal entity to finance its activities without additional subordinated financial support. The Company is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. | |||||||||||||||||
The economic and business purpose underlying the Flexible Packaging JV is to establish a global industrial flexible products enterprise through a series of targeted acquisitions and major investments in plant, machinery and equipment. All entities contributed to the Flexible Packaging JV were existing businesses acquired by Greif Supra and that were reorganized under Greif Flexibles Asset Holding B.V. and Greif Flexibles Trading Holding B.V. (“Asset Co.” and “Trading Co.”), respectively. The Flexibles Packaging J.V. also includes Global Textile Company LLC (“Global Textile”), which owns and operates a fabric hub in the Kingdom of Saudi Arabia that commenced operations in the fourth quarter of 2012. The Company has 51 percent ownership in Trading Co. and 49 percent ownership in Asset Co. and General Textile. However, Greif Supra and NSC have equal economic interests in the Flexible Packaging JV, notwithstanding the actual ownership interests in the various legal entities. | |||||||||||||||||
All investments, loans and capital contributions are to be shared equally by Greif Supra and NSC and each partner has committed to contribute capital of up to $150 million and obtain third party financing for up to $150 million as required. | |||||||||||||||||
The following table presents the Flexible Packaging JV total net assets (Dollars in millions): | |||||||||||||||||
October 31, 2012 | Asset Co. | Global Textile | Trading Co. | Flexible Packaging JV | |||||||||||||
Total assets | $ | 152.1 | $ | 47.6 | $ | 174.3 | $ | 374 | |||||||||
Total liabilities | 175.8 | 0.8 | 80.1 | 256.7 | |||||||||||||
Net assets | $ | (23.7 | ) | $ | 46.8 | $ | 94.2 | $ | 117.3 | ||||||||
October 31, 2013 | Asset Co. | Global Textile | Trading Co. | Flexible Packaging JV | |||||||||||||
Total assets | $ | 155.5 | $ | 44.9 | $ | 163.6 | $ | 364 | |||||||||
Total liabilities | 209.8 | 1.2 | 57.3 | 268.3 | |||||||||||||
Net assets | $ | (54.3 | ) | $ | 43.7 | $ | 106.3 | $ | 95.7 | ||||||||
As of October 31, 2013 and 2012, Asset Co. had outstanding advances to NSC for $0.6 million which are being used to fund certain costs incurred in Saudi Arabia in respect of the fabric hub. These advances are recorded within the current portion related party notes and advances receivable on the Company’s consolidated balance sheet since they are expected to be repaid within the next twelve months. As of October 31, 2013 and 2012, Asset Co. and Trading Co. held short term loans payable to NSC for $12.7 million and $8.1 million, respectively, recorded within short-term borrowings on the Company’s consolidated balance sheet. These loans are interest bearing and are used to fund certain operational requirements. | |||||||||||||||||
Net loss attributable to the noncontrolling interest in the Flexible Packaging JV for the years ended October 31, 2013, 2012 and 2011 were $8.0 million, $4.4 million and $3.5 million, respectively. | |||||||||||||||||
Non-United States Accounts Receivable VIE | |||||||||||||||||
As further described in Note 3, Cooperage Receivables Finance B.V. is a party to the European RPA. Cooperage Receivables Finance B.V. is deemed to be a VIE since this entity is not able to satisfy its liabilities without the financial support from the Company. While this entity is a separate and distinct legal entity from the Company and no ownership interest in this entity is held by the Company, the Company is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE. As a result, Cooperage Receivables Finance B.V. has been consolidated into the operations of the Company. | |||||||||||||||||
LongTerm_Debt
Long-Term Debt | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
NOTE 9 – LONG-TERM DEBT | |||||||||
Long-term debt is summarized as follows (Dollars in millions): | |||||||||
October 31, 2013 | October 31, 2012 | ||||||||
Amended Credit Agreement | $ | 222.9 | $ | — | |||||
2010 Credit Agreement | — | 255 | |||||||
Senior Notes due 2017 | 301.8 | 302.3 | |||||||
Senior Notes due 2019 | 244.4 | 243.6 | |||||||
Senior Notes due 2021 | 272.9 | 256 | |||||||
Amended Receivables Facility | 140 | — | |||||||
Prior Receivables Facility | — | 110 | |||||||
Other long-term debt | 35.2 | 33.4 | |||||||
1,217.20 | 1,200.30 | ||||||||
Less current portion | (10.0 | ) | (25.0 | ) | |||||
Long-term debt | $ | 1,207.20 | $ | 1,175.30 | |||||
Credit Agreement | |||||||||
On December 19, 2012, the Company and two of its international subsidiaries amended and restated the Company’s existing $1.0 billion senior secured credit agreement with a syndicate of financial institutions (the “Amended Credit Agreement”). The Amended Credit Agreement provides the Company with an $800 million revolving multicurrency credit facility and a $200 million term loan, both expiring in December 2017, with an option to add $250 million to the facilities with the agreement of the lenders. The $200 million term loan is scheduled to amortize by the payment of principal in the amount of $2.5 million each quarter-end for the first eight quarters, beginning January 2013, the payment of $5.0 million each quarter-end for the next twelve quarters and the payment of the remaining balance on the maturity date. The revolving credit facility under the Amended Credit Agreement is available to fund ongoing working capital and capital expenditure needs, for general corporate purposes and to finance acquisitions. Interest is based on a Eurodollar rate or a base rate that resets periodically plus an agreed upon margin amount. The total available borrowing under this facility was $753.8 million as of October 31, 2013, which has been reduced by $13.3 million for outstanding letters of credit. | |||||||||
The Amended Credit Agreement contains financial covenants that require the Company to maintain a certain leverage ratio and an interest coverage ratio. The leverage ratio generally requires that at the end of any fiscal quarter the Company will not permit the ratio of (a) the Company’s total consolidated indebtedness, to (b) the Company’s consolidated net income plus depreciation, depletion and amortization, interest expense (including capitalized interest), income taxes, and minus certain extraordinary gains and non-recurring gains (or plus certain extraordinary losses and non-recurring losses) and plus or minus certain other items for the preceding twelve months (“adjusted EBITDA”) to be greater than 4.00 to 1. The interest coverage ratio generally requires that at the end of any fiscal quarter the Company will not permit the ratio of (a) the Company’s consolidated adjusted EBITDA to (b) the Company’s consolidated interest expense to the extent paid or payable, to be less than 3.00 to 1, during the preceding twelve month period (the “Interest Coverage Ratio Covenant”). As of October 31, 2013, the Company was in compliance with these covenants. | |||||||||
The terms of the Amended Credit Agreement limit the Company’s ability to make “restricted payments,” which include dividends and purchases, redemptions and acquisitions of the Company’s equity interests. The repayment of amounts borrowed under the Amended Credit Agreement are secured by a security interest in the personal property of Greif, Inc. and certain of the Company’s United States subsidiaries, including equipment and inventory and certain intangible assets, as well as a pledge of the capital stock of substantially all of the Company’s United States subsidiaries. The repayment of amounts borrowed under the Amended Credit Agreement is also secured, in part, by capital stock of the non-U.S. subsidiaries that are parties to the Amended Credit Agreement. However, in the event that the Company receives and maintains an investment grade rating from either Moody’s Investors Service, Inc. or Standard & Poor’s Corporation, the Company may request the release of such collateral. The payment of outstanding principal under the Amended Credit Agreement and accrued interest thereon may be accelerated and become immediately due and payable upon the Company’s default in its payment or other performance obligations or its failure to comply with the financial and other covenants in the Amended Credit Agreement, subject to applicable notice requirements and cure periods as provided in the Amended Credit Agreement. | |||||||||
During the twelve months ended October 31, 2013 the Company recorded debt extinguishment charges of $1.3 million resulting from the write off of unamortized deferred financing costs associated with the 2010 Credit Agreement, as defined below. The Company recorded no debt extinguishment charges for the twelve months ended October 31, 2012 and 2011. Financing costs associated with the Amended Credit Agreement totaling $3.4 million have been capitalized and included in other long term assets. | |||||||||
On October 29, 2010, the Company obtained a $1.0 billion senior secured credit facility pursuant to an Amended and Restated Credit Agreement with a syndicate of financial institutions (the “2010 Credit Agreement”). The 2010 Credit Agreement provided for a $750 million revolving multicurrency credit facility and a $250 million term loan, both expiring October 29, 2015, with an option to add $250 million to the facilities with the agreement of the lenders. The $250 million term loan was scheduled to amortize by $3.1 million each quarter-end for the first eight quarters, $6.3 million each quarter-end for the next eleven quarters and the remaining balance due on the maturity date. The 2010 Credit Agreement was replaced by the Amended Credit Agreement. | |||||||||
The Amended Credit Agreement is available to fund ongoing working capital and capital expenditure needs, for general corporate purposes and to finance acquisitions. Interest under the Amended Credit Agreement is based on a Eurodollar rate or a base rate that resets periodically plus a calculated margin amount. As of October 31, 2013, $222.9 million was outstanding under the Amended Credit Agreement. The current portion of the Amended Credit Agreement was $10.0 million and the long-term portion was $212.9 million. The weighted average interest rate on the Amended Credit Agreement was 1.86% for the year ended October 31, 2013. The actual interest rate on the Amended Credit Agreement was 1.87% as of October 31, 2013. | |||||||||
Senior Notes due 2017 | |||||||||
On February 9, 2007, the Company issued $300.0 million of 6.75% Senior Notes due February 1, 2017. Interest on these Senior Notes is payable semi-annually. Proceeds from the issuance of these Senior Notes were principally used to fund the purchase of previously outstanding 8.875% Senior Subordinated Notes in a tender offer and for general corporate purposes. | |||||||||
The Indenture pursuant to which these Senior Notes were issued contains certain covenants. As of October 31, 2013, the Company was in compliance with these covenants. | |||||||||
Senior Notes due 2019 | |||||||||
On July 28, 2009, the Company issued $250.0 million of 7.75% Senior Notes due August 1, 2019. Interest on these Senior Notes is payable semi-annually. Proceeds from the issuance of Senior Notes were principally used for general corporate purposes, including the repayment of amounts outstanding under the Company’s then existing revolving multicurrency credit facility, without any permanent reduction of the commitments thereunder. | |||||||||
The Indenture pursuant to which these Senior Notes were issued contains certain covenants. As of October 31, 2013, the Company was in compliance with these covenants. | |||||||||
Senior Notes due 2021 | |||||||||
On July 15, 2011, Greif, Inc.’s wholly-owned subsidiary; Greif Nevada Holdings, Inc., S.C.S. (formerly Greif Luxembourg Finance S.C.A.) issued €200.0 million of 7.375% Senior Notes due July 15, 2021. These Senior Notes are fully and unconditionally guaranteed on a senior basis by Greif, Inc. Interest on these Senior Notes is payable semi-annually. A portion of the proceeds from the issuance of these Senior Notes was used to repay non-U.S. borrowings under the 2010 Credit Agreement, without any permanent reduction of the commitments thereunder, and the remaining proceeds are available for general corporate purposes, including the financing of acquisitions. | |||||||||
The Indenture pursuant to which these Senior Notes were issued contains certain covenants. As of October 31, 2013, the Company was in compliance with these covenants. | |||||||||
United States Trade Accounts Receivable Credit Facility | |||||||||
On September 30, 2013, the Company amended and restated its existing receivables financing facility to establish a $170.0 million United States Trade Accounts Receivable Credit Facility (the “Amended Receivables Facility”) with a financial institution. The Amended Receivables Facility matures in September 2016. In addition, the Company can terminate the Amended Receivables Facility at any time upon five days prior written notice. The Amended Receivables Facility is secured by certain of the Company’s trade accounts receivables in the United States and bears interest at a variable rate based on the London InterBank Offered Rate (“LIBOR”) or an applicable base rate, plus a margin, or a commercial paper rate plus a margin. Interest is payable on a monthly basis and the principal balance is payable upon termination of the Amended Receivables Facility. The Amended Receivables Facility also contains certain covenants and events of default, including a requirement that the Company maintain a certain interest coverage ratio. The interest coverage ratio generally requires that at the end of any fiscal quarter the Company will not permit the Interest Coverage Ratio Covenant to be less than 3.00 to 1 during the applicable trailing twelve-month period. Proceeds of the Amended Receivables Facility are available for working capital and general corporate purposes. As of October 31, 2013, the Company was in compliance with this covenant. | |||||||||
Until September 30, 2013, the Company had a U.S. trade accounts receivable credit facility with a financial institution (the “Prior Receivables Facility”). The Prior Receivables Facility was amended on September 19, 2011, which decreased the amount available to the borrowers from $135.0 million to $130.0 million and extended the termination date of the commitment to September 19, 2014. The Prior Receivables Facility was secured by certain of the Company’s trade accounts receivable in the United States and bore interest at a variable rate based on the applicable base rate or other agreed-upon rate plus a margin amount. In addition, the Prior Receivables Facility was terminable at any time upon five days prior written notice. A significant portion of the initial proceeds from the Prior Receivables Facility was used to pay the obligations under the previous trade accounts receivable credit facility, which was terminated. The remaining proceeds were used to pay certain fees, costs and expenses incurred in connection with the Prior Receivables Facility and for working capital and general corporate purposes. As of October 31, 2012, there was $110.0 million outstanding under the Prior Receivables Facility. The agreement for the Prior Receivables Facility receivables financing facility contained financial covenants that required the Company to maintain the same leverage ratio and fixed charge coverage ratio as set forth in the 2010 Credit Agreement. On December 19, 2012, this leverage ratio was amended to be identical to the ratio in the Amended Credit Agreement, and the fixed charge coverage ratio was deleted and the interest coverage ratio set forth in the Amended Credit Agreement was included. On September 30, 2013, the Prior Receivables Facility was terminated and replaced with the Amended Receivables Facility. | |||||||||
Greif Receivables Funding LLC (“GRF”), an indirect subsidiary of the Company, has participated in the purchase and transfer of receivables in connection with these credit facilities and is included in the Company’s consolidated financial statements. However, because GRF is a separate and distinct legal entity from the Company and its other subsidiaries, the assets of GRF are not available to satisfy the liabilities and obligations of the Company and its other subsidiaries, and the liabilities of GRF are not the liabilities or obligations of the Company and its other subsidiaries. This entity purchases and services the Company’s trade accounts receivable that were subject to the Prior Receivables Facility and that are subject to the Amended Receivables Facility. | |||||||||
Other | |||||||||
In addition to the amounts borrowed under the Credit Agreement and proceeds from the Senior Notes and the Amended Receivables Facility, as of October 31, 2013, the Company had outstanding other debt of $99.3 million, comprised of $35.2 million in long-term debt and $64.1 million in short-term borrowings, compared to other debt outstanding of $109.4 million, comprised of $33.4 million in long-term debt and $76.1 million in short-term borrowings, as of October 31, 2012. | |||||||||
As of October 31, 2013, the current portion of the Company’s long-term debt was $10.0 million. Annual maturities, including the current portion of long-term debt under the Company’s various financing arrangements, were $10.0 million in 2014, $55.2 million in 2015, $160.0 million in 2016, $321.8 million in 2017, $152.9 million in 2018 and $517.3 million thereafter. Cash paid for interest expense was $86.5 million, $86.6 million and $67.7 million in 2013, 2012 and 2011, respectively. | |||||||||
As of October 31, 2013 and 2012, the Company had deferred financing fees and debt issuance costs of $13.4 million and $14.8 million, respectively, which are included in other long-term assets. | |||||||||
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Financial Instruments and Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||||
NOTE 10 – FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS | |||||||||||||||||||||||||||||||||||
Financial Instruments | |||||||||||||||||||||||||||||||||||
The Company uses derivatives from time to time to mitigate partially the effect of exposure to interest rate movements, exposure to currency fluctuations, and energy cost fluctuations. Under ASC 815, “Derivatives and Hedging,” all derivatives are to be recognized as assets or liabilities on the balance sheet and measured at fair value. Changes in the fair value of derivatives are recognized in either net income or in other comprehensive income, depending on the designated purpose of the derivative. | |||||||||||||||||||||||||||||||||||
While the Company may be exposed to credit losses in the event of nonperformance by the counterparties to its derivative financial instrument contracts, its counterparties are established banks and financial institutions with high credit ratings. The Company has no reason to believe that such counterparties will not be able to fully satisfy their obligations under these contracts. | |||||||||||||||||||||||||||||||||||
During the next twelve months, the Company expects to reclassify into earnings a net loss from accumulated other comprehensive income of approximately $0.5 million after tax at the time the underlying hedge transactions are realized. | |||||||||||||||||||||||||||||||||||
ASC 820, “Fair Value Measurements and Disclosures” defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements for financial and non-financial assets and liabilities. Additionally, this guidance established a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||||||||||||||||||||||||||||||||
The three levels of inputs used to measure fair values are as follows: | |||||||||||||||||||||||||||||||||||
• | Level 1—Observable inputs such as unadjusted quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||||||||||||||||||||
• | Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities. | ||||||||||||||||||||||||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. | ||||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | |||||||||||||||||||||||||||||||||||
The following table presents the fair values adjustments for those assets and (liabilities) measured on a recurring basis as of October 31, 2013 and 2012 (Dollars in millions): | |||||||||||||||||||||||||||||||||||
October 31, 2013 | October 31, 2012 | Balance sheet | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Location | |||||||||||||||||||||||||||
Interest rate derivatives | $ | — | $ | (0.9 | ) | $ | — | $ | (0.9 | ) | $ | — | $ | (1.4 | ) | $ | — | $ | (1.4 | ) | Other long-term liabilities | ||||||||||||||
Foreign exchange hedges | — | 0.3 | — | 0.3 | — | 0.8 | — | 0.8 | Other current assets | ||||||||||||||||||||||||||
Foreign exchange hedges | — | (1.0 | ) | — | (1.0 | ) | — | (0.3 | ) | — | (0.3 | ) | Other current liabilities | ||||||||||||||||||||||
Total* | $ | — | $ | (1.6 | ) | $ | — | $ | (1.6 | ) | $ | — | $ | (0.9 | ) | $ | — | $ | (0.9 | ) | |||||||||||||||
* | The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts payable, current liabilities and short-term borrowings as of October 31, 2013 and 2012 approximate their fair values because of the short-term nature of these items and are not included in this table. | ||||||||||||||||||||||||||||||||||
Interest Rate Derivatives | |||||||||||||||||||||||||||||||||||
The Company has interest rate swap agreements with various maturities through 2014. These interest rate swap agreements are used to manage the Company’s fixed and floating rate debt mix, specifically the Amended Credit Agreement. The assumptions used in measuring fair value of these interest rate derivatives are considered level 2 inputs, which were based on monthly interest from the counterparties based upon the LIBOR and interest to be based upon a designated fixed rate over the life of the swap agreements. These derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on these derivative instruments is reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative instrument is recognized in earnings immediately. | |||||||||||||||||||||||||||||||||||
The Company has two interest rate derivatives, both of which were entered into during the first quarter of 2012 (floating to fixed swap agreements designated as cash flow hedges) with a total notional amount of $150 million. Under these swap agreements, the Company receives interest based upon a variable interest rate from the counterparties (weighted average of 0.17% as of October 31, 2013 and 0.21% as of October 31, 2012) and pays interest based upon a fixed interest rate (weighted average of 0.75% as of October 31, 2013 and 0.75% as of October 31, 2012). Losses reclassified to earnings under these contracts (both those that existed as of October 31, 2011 and those entered into in the first quarter 2012) were $0.8 million, $0.9 million and $1.9 million for the twelve months ended October 31, 2013, 2012 and 2011, respectively. These losses were recorded within the consolidated statement of operations as interest expense, net. The change in fair value of these contracts resulted in losses of $0.9 million and $1.4 million recorded in accumulated other comprehensive income as of October 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||||||||||||
Foreign Exchange Hedges | |||||||||||||||||||||||||||||||||||
The Company conducts business in various international currencies and is subject to risks associated with changing foreign exchange rates. The Company’s objective is to reduce volatility associated with foreign exchange rate changes. Accordingly, the Company enters into various contracts that change in value as foreign exchange rates change to protect the value of certain existing foreign currency assets and liabilities, commitments and anticipated foreign currency cash flows. | |||||||||||||||||||||||||||||||||||
As of October 31, 2013, the Company had outstanding foreign currency forward contracts in the notional amount of $137.6 million ($233.2 million as of October 31, 2012). At October 31, 2013, these derivative instruments were designated and qualified as fair value hedges. Adjustments to fair value for fair value hedges are recognized in earnings, offsetting the impact of the hedged item. The assumptions used in measuring fair value of foreign exchange hedges are considered level 2 inputs, which were based on observable market pricing for similar instruments, principally foreign exchange futures contracts. Gains recorded under fair value contracts were immaterial for the twelve months ended October 31, 2013. Losses recorded under fair value contracts were, $1.6 million and $0.7 million for the twelve months ended October 31, 2012 and 2011. | |||||||||||||||||||||||||||||||||||
During 2012 and 2011, some derivative instruments were designated and qualified as cash flow hedges. Accordingly, the effective portion of the gain or loss on these derivative instruments was previously reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affected earnings. Gains reclassified to earnings for hedging contracts qualifying as cash flow hedges were immaterial for the twelve months ended October 31, 2012. Gains reclassified to earnings for hedging contracts qualifying as cash flow hedges were $0.1 million for the twelve months October 31, 2011. These gains were recorded within the consolidated statement of operations as other (income) expense, net. The change in fair value of these contracts resulted in an immaterial gain recorded in accumulated other comprehensive income as of October 31, 2012. The ineffective portion of the gain or loss on the derivative instrument was previously recognized in earnings immediately. | |||||||||||||||||||||||||||||||||||
Energy Hedges | |||||||||||||||||||||||||||||||||||
The Company is exposed to changes in the price of certain commodities. The Company’s objective is to reduce volatility associated with forecasted purchases of these commodities to allow management of the Company to focus its attention on business operations. Accordingly, the Company may enter into derivative contracts to manage the price risk associated with certain of these forecasted purchases. | |||||||||||||||||||||||||||||||||||
From time to time, the Company has entered into certain cash flow hedges to mitigate its exposure to cost fluctuations in natural gas prices. Under these hedge agreements, the Company agreed to purchase natural gas at a fixed price. There were no energy hedges in effect as of October 31, 2013 or October 31, 2012. Such derivative instruments were previously designated and qualified as cash flow hedges. Accordingly, the effective portion of the gain or loss on such a derivative instrument was previously reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affected earnings. The ineffective portion of the gain or loss on such a derivative instrument was previously recognized in earnings immediately. The assumptions used in measuring fair value of energy hedges are considered level 2 inputs, which were based on observable market pricing for similar instruments, principally commodity futures contracts. Losses reclassified to earnings under such prior contracts were $1.2 million and $0.4 million for the twelve months ended October 31, 2012 and 2011, respectively. Losses on such contracts were recorded within the consolidated statement of operations as cost of products sold. The change in fair value of these contracts had no impact on accumulated other comprehensive income as of October 31, 2012. | |||||||||||||||||||||||||||||||||||
Other Financial Instruments | |||||||||||||||||||||||||||||||||||
The estimated fair value of the Company’s 2017 Senior Notes are $334.5 million and $330.8 million compared to the carrying amount of $301.8 million and $302.3 million as of October 31, 2013 and 2012, respectively. The estimated fair value of the Company’s 2019 Senior Notes are $289.9 million and $286.9 million compared to the carrying amounts of $244.4 million and $243.6 million as of October 31, 2013 and 2012, respectively. The estimated fair value of the Company’s 2021 Senior Notes are $317.9 million and $283.4 million compared to the carrying amounts of $272.4 million and $256.1 million as of October 31, 2013 and 2012, respectively. The assumptions used in measuring fair value of Senior Notes are considered level 2 inputs, which were based on observable market pricing for similar instruments. The fair values of the Company’s Amended Credit Agreement and the Amended Receivables Facility do not materially differ from carrying value as the Company’s cost of borrowing is variable and approximates current borrowing rates. The fair values of the Company’s long-term obligations are estimated based on either the quoted market prices for the same or similar issues or the current interest rates offered for the debt of the same remaining maturities, which are considered level 2 inputs in accordance with ASC Topic 820, Fair Value Measurements and Disclosures. | |||||||||||||||||||||||||||||||||||
Non-Recurring Fair Value Measurements | |||||||||||||||||||||||||||||||||||
Long-Lived Assets | |||||||||||||||||||||||||||||||||||
The Company may close manufacturing facilities during the next few years as part of restructuring plans to rationalize costs and realize benefits of synergies. The assumptions used in measuring fair value of long-lived assets are considered level 2 inputs, which include bids received from third parties, recent purchase offers, market comparables and future cash flows. The Company recorded restructuring-related expenses for the year ended October 31, 2013, 2012, and 2011 of $4.0 million, $10.2 million, and $4.5 million, respectively. | |||||||||||||||||||||||||||||||||||
During the year ended October 31, 2013, the Company recognized asset impairment charges of $30.0 million, consisting of $1.6 million, for assets in the Paper Packaging segment primarily for assets under contract to be sold, $16.8 million, for assets in Rigid Industrial Packaging and Services segment related to loss making facilities, underutilized and damaged equipment, and unutilized facilities in Europe, and $11.6 million, for assets in Flexible Products and Services segment related to underutilized equipment. The Company recorded asset impairment charges for the year ended October 31, 2012 and 2011 of $2.6 million and $4.5 million, respectively. | |||||||||||||||||||||||||||||||||||
Net Assets Held for Sale | |||||||||||||||||||||||||||||||||||
The assumptions used in measuring fair value of net assets held for sale are considered level 2 inputs, which include recent purchase offers, market comparables and/or data obtained from commercial real estate brokers. During the year ended October 31, 2013, the Company recorded $4.6 million of additional impairment related to assets which were previously classified as net assets held for sale. | |||||||||||||||||||||||||||||||||||
Goodwill and Long Lived Intangible Assets | |||||||||||||||||||||||||||||||||||
On an annual basis or when events or circumstances indicate impairment may have occurred, the Company performs impairment tests for goodwill and intangibles as defined under ASC 350, “Intangibles-Goodwill and Other.” As of October 31, 2011, the Company recognized an impairment charge of $3.0 million related to the discontinued usage of certain trade names in our Flexible Products & Services segment. The Company concluded that no further impairment existed as of October 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||||
Pension Plan Assets | |||||||||||||||||||||||||||||||||||
On an annual basis we compare the asset holdings of our pension plan to targets established by the Company. The pension plan assets are categorized as either equity securities, debt securities, fixed income securities, insurance annuities, or other assets, which are considered level 1, level 2 and level 3 fair value measurements. The typical asset holdings include: | |||||||||||||||||||||||||||||||||||
• | Mutual funds: Valued at the Net Asset Value “NAV” available daily in an observable market. | ||||||||||||||||||||||||||||||||||
• | Common collective trusts: Unit value calculated based on the observable NAV of the underlying investment. | ||||||||||||||||||||||||||||||||||
• | Pooled separate accounts: Unit value calculated based on the observable NAV of the underlying investment. | ||||||||||||||||||||||||||||||||||
• | Government and corporate debt securities: Valued based on readily available inputs such as yield or price of bonds of comparable quality, coupon, maturity and type. | ||||||||||||||||||||||||||||||||||
• | Insurance Annuity: Value is derived based on the value of the corresponding liability |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||||||
NOTE 11 – STOCK-BASED COMPENSATION | |||||||||||||||||||||||||
Stock-based compensation is accounted for in accordance with ASC 718, “Compensation – Stock Compensation,” which requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense in the Company’s consolidated statements of operations over the requisite service periods. The Company uses the straight-line single option method of expensing stock options to recognize compensation expense in its consolidated statements of operations for all share-based awards. Because share-based compensation expense is based on awards that are ultimately expected to vest, share-based compensation expense is reduced to account for estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. No stock options were granted in 2013, 2012 or 2011. For any options granted in the future, compensation expense will be based on the grant date fair value estimated in accordance with the provisions of ASC 718. | |||||||||||||||||||||||||
In 2001, the Company adopted the 2001 Management Equity Incentive and Compensation Plan (the “2001 Plan”). The provisions of the 2001 Plan allow the awarding of incentive and nonqualified stock options and restricted and performance shares of Class A Common Stock to key employees. The maximum number of shares that may be issued each year is determined by a formula that takes into consideration the total number of shares outstanding and is also subject to certain limits. In addition, the maximum number of incentive stock options that will be issued under the 2001 Plan during its term is 5,000,000 shares. | |||||||||||||||||||||||||
Prior to 2001, the Company had adopted a Non-statutory Stock Option Plan (the “2000 Plan”) that provides the discretionary granting of non-statutory options to key employees, and an Incentive Stock Option Plan (the “Option Plan”) that provides the discretionary granting of incentive stock options to key employees and non-statutory options for non-employees. The aggregate number of the Company’s Class A Common Stock options that may be granted under the 2000 Plan and Option Plan may not exceed 400,000 shares and 2,000,000 shares, respectively. | |||||||||||||||||||||||||
Under the terms of the 2001 Plan, the 2000 Plan and the Option Plan, stock options may be granted at exercise prices equal to the market value of the common stock on the date options are granted and become fully vested two years after date of grant. Options expire 10 years after date of grant. | |||||||||||||||||||||||||
In 2005, the Company adopted the 2005 Outside Directors Equity Award Plan (the “2005 Directors Plan”), which provides for the granting of stock options, restricted stock or stock appreciation rights to directors who are not employees of the Company. Prior to 2005, the Directors Stock Option Plan (the “Directors Plan”) provided for the granting of stock options to directors who are not employees of the Company. The aggregate number of the Company’s Class A Common Stock options, and in the case of the 2005 Directors Plan, restricted stock, that may be granted may not exceed 200,000 shares under each of these plans. Under the terms of both plans, options are granted at exercise prices equal to the market value of the common stock on the date options are granted and become exercisable immediately. Options expire 10 years after date of grant. | |||||||||||||||||||||||||
Stock option activity for the years ended October 31 was as follows (Shares in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
price | price | price | |||||||||||||||||||||||
Beginning balance | 181 | $ | 19.45 | 342 | $ | 16.61 | 510 | $ | 16.14 | ||||||||||||||||
Granted | — | — | — | — | — | — | |||||||||||||||||||
Forfeited | 3 | 19.35 | 3 | 13.1 | 1 | 12.72 | |||||||||||||||||||
Exercised | 99 | 14.79 | 158 | 13.45 | 167 | 15.17 | |||||||||||||||||||
Ending balance | 79 | $ | 25.3 | 181 | $ | 19.45 | 342 | $ | 16.61 | ||||||||||||||||
As of October 31, 2013, outstanding stock options had exercise prices and contractual lives as follows (Shares in thousands): | |||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted- | |||||||||||||||||||||||
Outstanding | Average | ||||||||||||||||||||||||
Remaining | |||||||||||||||||||||||||
Contractual | |||||||||||||||||||||||||
Life | |||||||||||||||||||||||||
$15 – $25 | 67 | 1.1 | |||||||||||||||||||||||
$25 – $35 | 12 | 1.3 | |||||||||||||||||||||||
All outstanding options were exercisable as of October 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Under the Company’s Long-Term Incentive Plan, the Company will grant 55,874 shares of restricted stock with a weighted average grant date fair value of $51.97 for 2013. The Company granted 53,533 shares of restricted stock with a weighted average grant date fair value of $41.44 under the Company’s Long-Term Incentive Plan for 2012. The total stock expense recorded under the plan was $2.9 million, $2.2 million and $2.5 million for the periods ended October 31, 2013, 2012 and 2011, respectively. All restricted stock awards under the Long Term Investment Plan are fully vested at the date of award. | |||||||||||||||||||||||||
Under the Company’s 2005 Directors Plan, the Company granted 15,831 shares of restricted stock with a weighted average grant date fair value of $51.16 in 2013. The Company granted 14,152 shares of restricted stock with a weighted average grant date fair value of $50.87 under the Company’s 2005 Directors Plan in 2012. The total expense recorded under the plan was $0.8 million, $0.7 million, and $0.7 million for the periods ended October 31, 2013, 2012, and 2011, respectively. All restricted stock awards under the 2005 Directors Plan are fully vested at the date of award. | |||||||||||||||||||||||||
The total stock compensation expenses recorded under the plans were $3.7 million, $3.6 million and $4.2 million for the periods ended October 31, 2013, 2012 and 2011 respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
NOTE 12 – INCOME TAXES | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state and local jurisdictions, and various non-U.S. jurisdictions. | |||||||||||||
The provision for income taxes consists of the following (Dollars in millions): | |||||||||||||
For the years ended October 31, | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
Federal | $ | 54.2 | $ | 19.7 | $ | 25.6 | |||||||
State and local | 8.8 | 5.4 | 4.4 | ||||||||||
Non-U.S. | 32.6 | 13.5 | 27.5 | ||||||||||
95.6 | 38.6 | 57.5 | |||||||||||
Deferred | |||||||||||||
Federal | (6.3 | ) | 10.3 | 11 | |||||||||
State and local | (0.2 | ) | 2.7 | 5 | |||||||||
Non-U.S. | 8.5 | 7.2 | (6.2 | ) | |||||||||
2 | 20.2 | 9.8 | |||||||||||
$ | 97.6 | $ | 58.8 | $ | 67.3 | ||||||||
Non-U.S. income before income tax expense was $80.3 million, $74.8 million and $129.0 million in 2013, 2012, and 2011, respectively. | |||||||||||||
The following is a reconciliation of the provision for income taxes based on the federal statutory rate to the Company’s effective income tax rate: | |||||||||||||
For the years ended October 31, | 2013 | 2012 | 2011 | ||||||||||
United States federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
Non-U.S. tax rates | 2.2 | % | -1.1 | % | -10 | % | |||||||
State and local taxes, net of federal tax benefit | 2.5 | % | 2.3 | % | 1.9 | % | |||||||
United States tax credits | -2.1 | % | -0.7 | % | -0.8 | % | |||||||
Unrecognized tax benefits | -0.2 | % | -5.5 | % | 12.6 | % | |||||||
Change in judgment regarding valuation allowance | 0.5 | % | 1.5 | % | -14.5 | % | |||||||
Withholding tax | 2.9 | % | 2.6 | % | 1.9 | % | |||||||
Foreign partnerships | -3.6 | % | -4.3 | % | -1 | % | |||||||
Foreign Income Inclusion | 1.7 | % | 1.6 | % | 0.1 | % | |||||||
Other items | 1.1 | % | 0.3 | % | 2.8 | % | |||||||
40 | % | 31.7 | % | 28 | % | ||||||||
The components of the Company’s deferred tax assets and liabilities as of October 31 for the years indicated were as follows (Dollars in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Tax Assets | |||||||||||||
Net operating loss carryforwards | $ | 102.4 | $ | 90.7 | |||||||||
Minimum pension liabilities | 41.5 | 61.6 | |||||||||||
Insurance operations | 6.4 | 9.1 | |||||||||||
Incentives | 5.5 | 4.1 | |||||||||||
Environmental reserves | 7.3 | 7.4 | |||||||||||
Inventories | 6.1 | 2.7 | |||||||||||
State income tax | 9.6 | 9.2 | |||||||||||
Postretirement | 5.6 | 7.4 | |||||||||||
Other | 5.6 | 6.3 | |||||||||||
Derivatives instruments | 0.4 | 0.5 | |||||||||||
Interest | 5.2 | 5.3 | |||||||||||
Allowance for doubtful accounts | 3 | 4.5 | |||||||||||
Restructuring reserves | 0.4 | 1.1 | |||||||||||
Deferred compensation | 2.8 | 2.5 | |||||||||||
Foreign tax credits | 2.5 | 1.8 | |||||||||||
Vacation accruals | 1.5 | 1.4 | |||||||||||
Stock options | 1 | 1.4 | |||||||||||
Severance | 0.2 | 0.2 | |||||||||||
Workers compensation accruals | 3.9 | 2.5 | |||||||||||
Total Deferred Tax Assets | 210.9 | 219.7 | |||||||||||
Valuation allowance | (78.6 | ) | (57.0 | ) | |||||||||
Net Deferred Tax Assets | 132.3 | 162.7 | |||||||||||
Deferred Tax Liabilities | |||||||||||||
Properties, plants and equipment | 114.8 | 121.9 | |||||||||||
Goodwill and other intangible assets | 97.5 | 93.4 | |||||||||||
Foreign Income Inclusion | 0.8 | — | |||||||||||
Foreign exchange | 7.6 | 7.8 | |||||||||||
Timberland transactions | 102.1 | 95.7 | |||||||||||
Pension | 8.9 | 16.5 | |||||||||||
Total Deferred Tax Liabilities | 331.7 | 335.3 | |||||||||||
Net Deferred Tax Liability | $ | (199.4 | ) | $ | (172.6 | ) | |||||||
As of October 31, 2013, the Company had tax benefits from non-U.S. net operating loss carryforwards of approximately $102.2 million and approximately $0.2 million of state net operating loss carryfowards. The Company has recorded valuation allowances of $76.1 million and $55.3 million as of October 31, 2013 and 2012, respectively against the tax benefits from non-U.S. net deferred tax assets. | |||||||||||||
As of October 31, 2013, the Company had undistributed earnings from certain non-U.S. subsidiaries that are intended to be permanently reinvested in non-U.S. operations. Because these earnings are considered permanently reinvested, no U.S. tax provision has been accrued related to the repatriation of these earnings. It is not practicable to determine the additional tax, if any, which would result from the remittance of these amounts. | |||||||||||||
A reconciliation of the beginning and ended amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at November 1 | $ | 43.6 | $ | 73.9 | $ | 35.4 | |||||||
Increases in tax positions for prior years | 1.3 | 7.3 | 44 | ||||||||||
Decreases in tax positions for prior years | (2.5 | ) | (2.1 | ) | (1.6 | ) | |||||||
Increases in tax positions for current years | 1.3 | 3.9 | — | ||||||||||
Settlements with taxing authorities | (30.3 | ) | (32.5 | ) | (4.5 | ) | |||||||
Lapse in statute of limitations | — | (0.3 | ) | — | |||||||||
Currency translation | 2.6 | (6.6 | ) | 0.6 | |||||||||
Balance at October 31 | $ | 16 | $ | 43.6 | $ | 73.9 | |||||||
The 2013 decrease is primarily related to settlements of foreign tax controversies and the closing of the respective open tax years. | |||||||||||||
The Company files income tax returns in the U.S. federal jurisdiction, various U.S. state jurisdictions and various foreign jurisdictions. With a few exceptions, the Company is subject to audit by various taxing authorities for 2009 through the current fiscal year. The company has completed its U.S. federal tax audit for the tax years through 2010. | |||||||||||||
The Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense net of tax, as applicable. As of October 31, 2013 and October 31, 2012, the Company had $1.2 million and $1.2 million, respectively, accrued for the payment of interest and penalties. | |||||||||||||
The Company has estimated the reasonably possible expected net change in unrecognized tax benefits through October 31, 2013 under ASC 740, “Income Taxes”. The Company’s estimate is based on lapses of the applicable statutes of limitations, settlements and payments of uncertain tax positions. The estimated net decrease in unrecognized tax benefits for the next 12 months ranges from $0 to $16.0 million. Actual results may differ materially from this estimate. | |||||||||||||
The Company paid income taxes of $74.0 million, $56.9 million and $64.9 million in 2013, 2012, and 2011, respectively. | |||||||||||||
Post_Retirement_Benefit_Plans
Post Retirement Benefit Plans | 12 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Postemployment Benefits [Abstract] | ' | ||||||||||||||||||||||||
Post Retirement Benefit Plans | ' | ||||||||||||||||||||||||
NOTE 13 – POST RETIREMENT BENEFIT PLANS | |||||||||||||||||||||||||
Defined Benefit Pension Plans | |||||||||||||||||||||||||
The Company has certain non-contributory defined benefit pension plans in the United States, Canada, Germany, the Netherlands, South Africa and the United Kingdom. The Company uses a measurement date of October 31 for fair value purposes for its pension plans. The salaried plans’ benefits are based primarily on years of service and earnings. The hourly plans’ benefits are based primarily upon years of service. Certain benefit provisions are subject to collective bargaining. The Company contributes an amount that is not less than the minimum funding and not more than the maximum tax-deductible amount to these plans. Salaried employees in the United States who commence service on or after November 1, 2007 and in various dates in the preceding five years for the non-U.S. plans will not be eligible to participate in the defined benefit pension plans, but will participate in a defined contribution retirement program. The category “Other International” represents the noncontributory defined benefit pension plans in Canada and South Africa. | |||||||||||||||||||||||||
Pension plan contributions by the Company totaled $14.4 million during 2013, which consisted of $13.0 million of employer contributions and $1.4 million of benefits paid directly by the Company. Pension contributions by the Company totaled $18.0 million and $32.6 million during 2012 and 2011, respectively. Contributions during 2014 are expected to be approximately $13.2 million. | |||||||||||||||||||||||||
The following table presents the number of participants in the defined benefit plans: | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
October 31, 2013 | Consolidated | USA | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Active participants | 2,244 | 1,880 | 122 | 133 | 48 | 61 | |||||||||||||||||||
Vested former employees | 2,184 | 1,452 | 64 | 399 | 249 | 20 | |||||||||||||||||||
Retirees and beneficiaries | 4,147 | 2,320 | 250 | 718 | 804 | 55 | |||||||||||||||||||
Other plan participants | 35 | 0 | 0 | 0 | 35 | 0 | |||||||||||||||||||
October 31, 2012 | Consolidated | USA | Germany | United Kingdom | Netherlands | Other Intl | |||||||||||||||||||
Active participants | 2,402 | 2,004 | 127 | 158 | 48 | 65 | |||||||||||||||||||
Vested former employees | 3,660 | 2,913 | 63 | 418 | 249 | 17 | |||||||||||||||||||
Retirees and beneficiaries | 4,043 | 2,210 | 248 | 726 | 804 | 55 | |||||||||||||||||||
Other plan participants | 35 | 0 | 0 | 0 | 35 | 0 | |||||||||||||||||||
The actuarial assumptions are used to measure the year-end benefit obligations at October 31and the pension costs for the subsequent year were as follows: | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
For the year ended October 31, 2013 | Consolidated | United States | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Discount rate | 4.3 | % | 4.75 | % | 3.4 | % | 4.25 | % | 3.25 | % | 5.28 | % | |||||||||||||
Expected return on plan assets | 5.7 | % | 6 | % | N/A | 6.5 | % | 3.25 | % | 5.82 | % | ||||||||||||||
Rate of compensation increase | 2.99 | % | 3 | % | 2.75 | % | 3.5 | % | 2.25 | % | 2.35 | % | |||||||||||||
For the year ended October 31, 2012 | |||||||||||||||||||||||||
Discount rate | 3.92 | % | 4 | % | 3.5 | % | 4.25 | % | 3.25 | % | 4.89 | % | |||||||||||||
Expected return on plan assets | 6.46 | % | 6.75 | % | N/A | 6.75 | % | 5 | % | 6.55 | % | ||||||||||||||
Rate of compensation increase | 2.99 | % | 3 | % | 2.75 | % | 3.5 | % | 2.25 | % | 2.29 | % | |||||||||||||
For the year ended October 31, 2011 | |||||||||||||||||||||||||
Discount rate | 4.94 | % | 4.9 | % | 5.25 | % | 5 | % | 5 | % | 5.55 | % | |||||||||||||
Expected return on plan assets | 7.2 | % | 8.25 | % | N/A | 7.5 | % | 4.25 | % | 6.6 | % | ||||||||||||||
Rate of compensation increase | 3.13 | % | 3 | % | 2.75 | % | 4 | % | 2.25 | % | 2.7 | % | |||||||||||||
To determine the expected long-term rate of return on pension plan assets, we consider current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. In developing future return expectations for our defined benefit pension plans’ assets, we formulate views on the future economic environment, both in the U.S. and globally. We evaluate general market trends and historical relationships among a number of key variables that impact asset class returns, such as expected earnings growth, inflation, valuations, yields and spreads, using both internal and external sources. We also take into account expected volatility by asset class and diversification across classes to determine expected overall portfolio results given current and expected allocations. | |||||||||||||||||||||||||
Based on our analysis of future expectations of asset performance, past return results, and our current and expected asset allocations, we have assumed a 5.7% long-term expected return on those assets for cost recognition in 2013. For the defined benefit pension plans, we apply our expected rate of return to a market-related value of assets, which stabilizes variability in the amounts to which we apply that expected return. | |||||||||||||||||||||||||
We amortize experience gains and losses as well as the effects of changes in actuarial assumptions and plan provisions over a period no longer than the average future service of employees. | |||||||||||||||||||||||||
Benefit Obligations | |||||||||||||||||||||||||
The components of net periodic pension cost include the following (Dollars in millions): | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
For the year ended October 31, 2013 | Consolidated | United States | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Service cost | $ | 16.7 | $ | 11.5 | $ | 0.6 | $ | 2.9 | $ | 1.2 | $ | 0.5 | |||||||||||||
Interest cost | 27.6 | 15.9 | 1.2 | 6.5 | 3.3 | 0.7 | |||||||||||||||||||
Expected return on plan assets | (32.1 | ) | (16.4 | ) | — | (11.7 | ) | (3.2 | ) | (0.8 | ) | ||||||||||||||
Amortization of prior service cost | 0.6 | 0.5 | — | — | — | 0.1 | |||||||||||||||||||
Recognized net actuarial loss | 16.4 | 13.6 | 0.6 | 1.3 | 0.6 | 0.3 | |||||||||||||||||||
Net periodic pension cost | $ | 29.2 | $ | 25.1 | $ | 2.4 | $ | (1.0 | ) | $ | 1.9 | $ | 0.8 | ||||||||||||
Other | |||||||||||||||||||||||||
For the year ended October 31, 2012 | Consolidated | United States | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Service cost | $ | 13.4 | $ | 10 | $ | 0.4 | $ | 2.1 | $ | 0.5 | $ | 0.4 | |||||||||||||
Interest cost | 29.6 | 16.6 | 1.4 | 7 | 3.9 | 0.7 | |||||||||||||||||||
Expected return on plan assets | (33.9 | ) | (17.6 | ) | — | (11.8 | ) | (3.6 | ) | (0.9 | ) | ||||||||||||||
Amortization of prior service cost | 1.5 | 1.5 | — | — | — | — | |||||||||||||||||||
Recognized net actuarial loss | 11.4 | 9.9 | 0.1 | 0.6 | 0.4 | 0.4 | |||||||||||||||||||
Net periodic pension cost | $ | 22 | $ | 20.4 | $ | 1.9 | $ | (2.1 | ) | $ | 1.2 | $ | 0.6 | ||||||||||||
Other | |||||||||||||||||||||||||
For the year ended October 31, 2011 | Consolidated | United States | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Service cost | $ | 12.7 | $ | 9 | $ | 0.5 | $ | 2.1 | $ | 0.7 | $ | 0.4 | |||||||||||||
Interest cost | 29.6 | 16.6 | 1.4 | 7.1 | 3.9 | 0.6 | |||||||||||||||||||
Expected return on plan assets | (36.8 | ) | (19.7 | ) | — | (12.7 | ) | (3.7 | ) | (0.7 | ) | ||||||||||||||
Amortization of prior service cost | 1.9 | 1.9 | — | — | — | — | |||||||||||||||||||
Recognized net actuarial loss | 8.4 | 7.1 | 0.1 | 0.4 | 0.4 | 0.4 | |||||||||||||||||||
Net periodic pension cost | $ | 15.8 | $ | 14.9 | $ | 2 | $ | (3.1 | ) | $ | 1.3 | $ | 0.7 | ||||||||||||
Benefit obligations are described in the following tables. Accumulated and projected benefit obligations (ABO and PBO) represent the obligations of a pension plan for past service as of the measurement date. ABO is the present value of benefits earned to date with benefits computed based on current compensation levels. PBO is ABO increased to reflect expected future compensation. | |||||||||||||||||||||||||
The following table sets forth the plans’ change in projected benefit obligation (Dollars in millions): | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Consolidated | USA | Germany | United Kingdom | Netherlands | International | ||||||||||||||||||||
For the year ended October 31, 2013 | |||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 722.4 | $ | 404.7 | $ | 35.3 | $ | 161.9 | $ | 103.4 | $ | 17.1 | |||||||||||||
Service cost | 16.7 | 11.5 | 0.6 | 2.9 | 1.2 | 0.5 | |||||||||||||||||||
Interest cost | 27.6 | 15.9 | 1.2 | 6.5 | 3.3 | 0.7 | |||||||||||||||||||
Plan participant contributions | 0.3 | — | — | — | 0.3 | — | |||||||||||||||||||
Expenses paid from assets | (2.2 | ) | (1.9 | ) | — | — | — | (0.3 | ) | ||||||||||||||||
Plan Amendments | 0.4 | 0.4 | — | — | — | — | |||||||||||||||||||
Actuarial (gain) loss | (23.8 | ) | (40.6 | ) | 0.9 | 9.7 | 7.7 | (1.5 | ) | ||||||||||||||||
Foreign currency effect | 9.4 | — | 2.4 | 0.8 | 7 | (0.8 | ) | ||||||||||||||||||
Benefits paid | (47.0 | ) | (31.3 | ) | (1.4 | ) | (6.9 | ) | (6.0 | ) | (1.4 | ) | |||||||||||||
Benefit obligation at end of year | $ | 703.8 | $ | 358.7 | $ | 39 | $ | 174.9 | $ | 116.9 | $ | 14.3 | |||||||||||||
For the year ended October 31, 2012 | |||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 616.2 | $ | 345.5 | $ | 27.9 | $ | 142.1 | $ | 85.3 | $ | 15.4 | |||||||||||||
Service cost | 13.4 | 10 | 0.4 | 2.1 | 0.5 | 0.4 | |||||||||||||||||||
Interest cost | 29.6 | 16.6 | 1.4 | 7 | 3.9 | 0.7 | |||||||||||||||||||
Plan participant contributions | 0.3 | — | — | 0.1 | 0.2 | — | |||||||||||||||||||
Expenses paid from assets | (1.1 | ) | (1.1 | ) | — | — | — | — | |||||||||||||||||
Multi-plan combination | 1.7 | — | — | 1.7 | — | — | |||||||||||||||||||
Actuarial loss | 91.9 | 47.3 | 8.4 | 11.4 | 24 | 0.8 | |||||||||||||||||||
Foreign currency effect | (1.7 | ) | — | (1.5 | ) | 3.9 | (4.5 | ) | 0.4 | ||||||||||||||||
Benefits paid | (27.9 | ) | (13.6 | ) | (1.3 | ) | (6.4 | ) | (6.0 | ) | (0.6 | ) | |||||||||||||
Benefit obligation at end of year | $ | 722.4 | $ | 404.7 | $ | 35.3 | $ | 161.9 | $ | 103.4 | $ | 17.1 | |||||||||||||
The following tables set forth the PBO, ABO, plan assets and instances where the ABO exceeds the plan assets for the respective years (Dollars in millions): | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Consolidated | USA | Germany | United Kingdom | Netherlands | International | ||||||||||||||||||||
Actuarial value of benefit obligations | |||||||||||||||||||||||||
October 31, 2013 | |||||||||||||||||||||||||
Projected benefit obligation | $ | 703.8 | $ | 358.7 | $ | 39 | $ | 174.9 | $ | 116.9 | $ | 14.3 | |||||||||||||
Accumulated benefit obligation | 674.4 | 339.1 | 35.9 | 171.3 | 115.2 | 12.9 | |||||||||||||||||||
Plan assets | 621.2 | 301.8 | — | 198.9 | 106.5 | 14 | |||||||||||||||||||
October 31, 2012 | |||||||||||||||||||||||||
Projected benefit obligation | $ | 722.4 | $ | 404.7 | $ | 35.3 | $ | 161.9 | $ | 103.4 | $ | 17.1 | |||||||||||||
Accumulated benefit obligation | 687.8 | 382 | 32.5 | 156.6 | 102 | 14.7 | |||||||||||||||||||
Plan assets | 599.1 | 298.4 | — | 187.4 | 99.3 | 14 | |||||||||||||||||||
Plans with ABO in excess of Plan assets | |||||||||||||||||||||||||
October 31, 2013 | |||||||||||||||||||||||||
Accumulated benefit obligation | $ | 503 | $ | 339.1 | $ | 35.9 | $ | — | $ | 115.2 | $ | 12.8 | |||||||||||||
Plan assets | 419.2 | 301.8 | — | — | 106.5 | 10.9 | |||||||||||||||||||
October 31, 2012 | |||||||||||||||||||||||||
Accumulated benefit obligation | $ | 531.2 | $ | 382 | $ | 32.5 | $ | — | $ | 102 | $ | 14.7 | |||||||||||||
Plan assets | 408.3 | 298.4 | — | — | 99.3 | 10.6 | |||||||||||||||||||
Future benefit payments, which reflect expected future service, as appropriate, during the next five years, and in the aggregate for the five years thereafter, are as follows (Dollars in millions): | |||||||||||||||||||||||||
Year | Expected | ||||||||||||||||||||||||
benefit | |||||||||||||||||||||||||
payments | |||||||||||||||||||||||||
2014 | $ | 32.7 | |||||||||||||||||||||||
2015 | $ | 33.2 | |||||||||||||||||||||||
2016 | $ | 33.9 | |||||||||||||||||||||||
2017 | $ | 35.2 | |||||||||||||||||||||||
2018 | $ | 37 | |||||||||||||||||||||||
2019-2023 | $ | 205 | |||||||||||||||||||||||
Plan assets | |||||||||||||||||||||||||
The plans’ assets consist of domestic and foreign equity securities, government and corporate bonds, cash, insurance annuity mutual funds and not more than the allowable number of shares of the Company’s common stock, which was 247,504 Class A shares and 160,710 Class B shares at October 31, 2013 and 2012. | |||||||||||||||||||||||||
The investment policy reflects the long-term nature of the plans’ funding obligations. The assets are invested to provide the opportunity for both income and growth of principal. This objective is pursued as a long-term goal designed to provide required benefits for participants without undue risk. It is expected that this objective can be achieved through a well-diversified asset portfolio. All equity investments are made within the guidelines of quality, marketability and diversification mandated by the Employee Retirement Income Security Act and/or other relevant statutes. Investment managers are directed to maintain equity portfolios at a risk level approximately equivalent to that of the specific benchmark established for that portfolio. | |||||||||||||||||||||||||
The Company’s weighted average asset allocations at the measurement date and the target asset allocations by category are as follows: | |||||||||||||||||||||||||
2013 | 2013 | 2012 | 2012 | ||||||||||||||||||||||
Asset Category | Target | Actual | Target | Actual | |||||||||||||||||||||
Equity securities | 23 | % | 31 | % | 34 | % | 34 | % | |||||||||||||||||
Debt securities | 49 | % | 46 | % | 45 | % | 45 | % | |||||||||||||||||
Other | 28 | % | 23 | % | 21 | % | 21 | % | |||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||
The fair value of the pension plans’ investments is presented below. The inputs and valuation techniques used to measure the fair value of the assets are consistently applied and described in Note 1. | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Consolidated | USA | Germany | United Kingdom | Netherlands | International | ||||||||||||||||||||
For the year ended October 31, 2013 | |||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 599.1 | $ | 298.4 | $ | — | $ | 187.4 | $ | 99.3 | $ | 14 | |||||||||||||
Actual return on plan assets | 48.9 | 25.1 | — | 15.9 | 6.5 | 1.4 | |||||||||||||||||||
Expenses paid | (2.1 | ) | (1.8 | ) | — | — | — | (0.3 | ) | ||||||||||||||||
Plan participant contributions | 0.3 | — | — | — | 0.3 | — | |||||||||||||||||||
Multi-plan combination | — | — | — | — | — | — | |||||||||||||||||||
Foreign currency impact | 6.4 | — | — | 0.8 | 6.5 | (0.9 | ) | ||||||||||||||||||
Employer contributions | 14.4 | 11.4 | — | 1.7 | — | 1.3 | |||||||||||||||||||
Benefits paid | (45.8 | ) | (31.3 | ) | — | (6.9 | ) | (6.1 | ) | (1.5 | ) | ||||||||||||||
Fair value of plan assets at end of year | $ | 621.2 | $ | 301.8 | $ | — | $ | 198.9 | $ | 106.5 | $ | 14 | |||||||||||||
For the year ended October 31, 2012 | |||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 540.3 | $ | 263 | $ | — | $ | 176.7 | $ | 87.9 | $ | 12.7 | |||||||||||||
Actual return on plan assets | 66.2 | 35.3 | — | 8.6 | 21.9 | 0.4 | |||||||||||||||||||
Expenses paid | (1.1 | ) | (1.1 | ) | — | — | — | — | |||||||||||||||||
Plan participant contributions | 0.3 | — | — | 0.1 | 0.2 | — | |||||||||||||||||||
Multi-plan combination | 1.7 | — | — | 1.7 | — | — | |||||||||||||||||||
Foreign currency effects | (0.2 | ) | — | — | 4.5 | (4.7 | ) | — | |||||||||||||||||
Employer contributions | 18 | 14.3 | — | 2.2 | — | 1.5 | |||||||||||||||||||
Benefits paid | (26.1 | ) | (13.1 | ) | — | (6.4 | ) | (6.0 | ) | (0.6 | ) | ||||||||||||||
Fair value of plan assets at end of year | $ | 599.1 | $ | 298.4 | $ | — | $ | 187.4 | $ | 99.3 | $ | 14 | |||||||||||||
The following table presents the fair value measurements for the pension assets: | |||||||||||||||||||||||||
As of October 31, 2013 (Dollars in millions) | |||||||||||||||||||||||||
Asset Category | Fair Value Measurement | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equity securities | $ | 146.3 | $ | 46.1 | $ | — | $ | 192.4 | |||||||||||||||||
Fixed income | 155.1 | 112.6 | — | 267.7 | |||||||||||||||||||||
Debt securities | — | 19.3 | — | 19.3 | |||||||||||||||||||||
Insurance annuity | — | — | 106.5 | 106.5 | |||||||||||||||||||||
Other | 2.9 | 32.4 | — | 35.3 | |||||||||||||||||||||
Total | $ | 304.3 | $ | 210.4 | $ | 106.5 | $ | 621.2 | |||||||||||||||||
As of October 31, 2012 (Dollars in millions) | |||||||||||||||||||||||||
Asset Category | Fair Value Measurement | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equity securities | $ | 7.7 | $ | 216.3 | $ | — | $ | 224 | |||||||||||||||||
Fixed income | 89 | 99.3 | — | 188.3 | |||||||||||||||||||||
Debt securities | — | 56.8 | — | 56.8 | |||||||||||||||||||||
Insurance annuity | — | — | 99.3 | 99.3 | |||||||||||||||||||||
Other | 15.1 | 15.6 | — | 30.7 | |||||||||||||||||||||
Total | $ | 111.8 | $ | 388 | $ | 99.3 | $ | 599.1 | |||||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3). There have been no transfers in or out of level 3: | |||||||||||||||||||||||||
Non-U.S. Pension Plan | |||||||||||||||||||||||||
(Dollars in millions) | 2013 | 2012 | |||||||||||||||||||||||
Balance at beginning of year | $ | 99.3 | $ | 87.9 | |||||||||||||||||||||
Actual return on plan assets held at reporting date: | |||||||||||||||||||||||||
Assets still held at reporting date | 6.5 | 21.9 | |||||||||||||||||||||||
Plan participant contributions | 0.3 | 0.2 | |||||||||||||||||||||||
Settlements | (6.1 | ) | (6.0 | ) | |||||||||||||||||||||
Currency impact | 6.5 | (4.7 | ) | ||||||||||||||||||||||
Balance at end of year | $ | 106.5 | $ | 99.3 | |||||||||||||||||||||
Financial statement presentation including other comprehensive income: | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
As of October 31, 2013 | Consolidated | USA | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Unrecognized net actuarial loss | $ | 148.5 | $ | 77.8 | $ | 13.1 | $ | 30.4 | $ | 22.8 | $ | 4.4 | |||||||||||||
Unrecognized prior service cost | 0.8 | 0.8 | — | — | — | — | |||||||||||||||||||
Unrecognized initial net obligation | 0.3 | — | — | — | — | 0.3 | |||||||||||||||||||
Accumulated other comprehensive loss | $ | 149.6 | $ | 78.6 | $ | 13.1 | $ | 30.4 | $ | 22.8 | $ | 4.7 | |||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||||||
Prepaid benefit cost | $ | 29.6 | $ | — | $ | — | $ | 26.6 | $ | — | $ | 3 | |||||||||||||
Accrued benefit liability | (112.1 | ) | (56.9 | ) | (39.0 | ) | (2.5 | ) | (10.4 | ) | (3.3 | ) | |||||||||||||
Accumulated other comprehensive loss | 149.6 | 78.6 | 13.1 | 30.4 | 22.8 | 4.7 | |||||||||||||||||||
Net amount recognized | $ | 67.1 | $ | 21.7 | $ | (25.9 | ) | $ | 54.5 | $ | 12.4 | $ | 4.4 | ||||||||||||
Other | |||||||||||||||||||||||||
As of October 31, 2012 | Consolidated | USA | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Unrecognized net actuarial loss | $ | 203.5 | $ | 140.9 | $ | 12 | $ | 26 | $ | 17.6 | $ | 7 | |||||||||||||
Unrecognized prior service cost | 0.9 | 0.9 | — | — | — | — | |||||||||||||||||||
Unrecognized initial net obligation | 0.4 | — | — | — | — | 0.4 | |||||||||||||||||||
Accumulated other comprehensive loss | $ | 204.8 | $ | 141.8 | $ | 12 | $ | 26 | $ | 17.6 | $ | 7.4 | |||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||||||
Prepaid benefit cost | $ | 28.8 | $ | — | $ | — | $ | 25.6 | $ | — | $ | 3.2 | |||||||||||||
Accrued benefit liability | (152.1 | ) | (106.3 | ) | (35.3 | ) | — | (4.1 | ) | (6.4 | ) | ||||||||||||||
Accumulated other comprehensive loss | 204.8 | 141.8 | 12 | 26 | 17.6 | 7.4 | |||||||||||||||||||
Net amount recognized | $ | 81.5 | $ | 35.5 | $ | (23.3 | ) | $ | 51.6 | $ | 13.5 | $ | 4.2 | ||||||||||||
October 31, 2013 | October 31, 2012 | ||||||||||||||||||||||||
Accumulated other comprehensive loss at beginning of year | $ | 204.8 | $ | 158.6 | |||||||||||||||||||||
Increase or (decrease) in accumulated other comprehensive (income) or loss | |||||||||||||||||||||||||
Net transition obligation amortized during fiscal year | (0.1 | ) | (0.1 | ) | |||||||||||||||||||||
Net prior service costs amortized during fiscal year | (0.5 | ) | (1.5 | ) | |||||||||||||||||||||
Net loss amortzied during fiscal year | (16.4 | ) | (11.3 | ) | |||||||||||||||||||||
Prior service (cost) or credit recognized during fiscal year due to curtailment | — | (2.3 | ) | ||||||||||||||||||||||
Prior service costs occuring during fiscal year | 0.4 | — | |||||||||||||||||||||||
Liability (gain) loss occuring during fiscal year | (23.9 | ) | 92 | ||||||||||||||||||||||
Asset (gain) occuring during fiscal year | (16.9 | ) | (30.7 | ) | |||||||||||||||||||||
Increase (decrease) in accumulated other comprehensive loss | $ | (57.4 | ) | $ | 46.1 | ||||||||||||||||||||
Foreign currency impact | 2.2 | 0.1 | |||||||||||||||||||||||
Accumulated other comprehensive (income) or loss at current fiscal year end | $ | 149.6 | $ | 204.8 | |||||||||||||||||||||
In 2014, the Company expects to record an amortization loss of $10.4 million of prior service costs from shareholders’ equity into pension costs. | |||||||||||||||||||||||||
Defined contribution plans | |||||||||||||||||||||||||
The Company has several voluntary 401(k) savings plans that cover eligible employees. For certain plans, the Company matches a percentage of each employee’s contribution up to a maximum percentage of base salary. Company contributions to the 401(k) plans were $6.5 million in 2013, $3.9 million in 2012 and $3.6 million in 2011. | |||||||||||||||||||||||||
Supplemental Employee Retirement Plan | |||||||||||||||||||||||||
The Company has a supplemental employee retirement plan which is an unfunded plan providing supplementary retirement benefits primarily to certain executives and longer-service employees. | |||||||||||||||||||||||||
Postretirement Health Care and Life Insurance Benefits | |||||||||||||||||||||||||
The Company has certain postretirement health and life insurance benefit plans in the United States and South Africa. The Company uses a measurement date of October 31 for its postretirement benefit plans. | |||||||||||||||||||||||||
The following table presents the number of participants in the post-retirement health and life insurance benefit plans: | |||||||||||||||||||||||||
October 31, 2013 | Consolidated | USA | South Africa | ||||||||||||||||||||||
Active participants | 26 | 12 | 14 | ||||||||||||||||||||||
Vested former employees | 0 | 0 | 0 | ||||||||||||||||||||||
Retirees and beneficiaries | 894 | 793 | 101 | ||||||||||||||||||||||
Other plan participants | 0 | 0 | 0 | ||||||||||||||||||||||
October 31, 2012 | Consolidated | USA | South Africa | ||||||||||||||||||||||
Active participants | 31 | 12 | 19 | ||||||||||||||||||||||
Vested former employees | 0 | 0 | 0 | ||||||||||||||||||||||
Retirees and beneficiaries | 916 | 812 | 104 | ||||||||||||||||||||||
Other plan participants | 0 | 0 | 0 | ||||||||||||||||||||||
The discount rate actuarial assumptions at October 31 are used to measure the year-end benefit obligations and the pension costs for the subsequent year were as follows: | |||||||||||||||||||||||||
Consolidated | United States | South Africa | |||||||||||||||||||||||
For the year ended October 31, 2013 | 4.67 | % | 3.95 | % | 8.1 | % | |||||||||||||||||||
For the year ended October 31, 2012 | 4.77 | % | 4 | % | 7.75 | % | |||||||||||||||||||
The components of net periodic cost for the postretirement benefits include the following (Dollars in millions): | |||||||||||||||||||||||||
For the years ended October 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | |||||||||||||||||||
Interest cost | 0.8 | 1.1 | 1.2 | ||||||||||||||||||||||
Amortization of prior service cost | (1.5 | ) | (1.6 | ) | (1.6 | ) | |||||||||||||||||||
Recognized net actuarial gain | — | — | (0.1 | ) | |||||||||||||||||||||
Net periodic income | $ | (0.7 | ) | $ | (0.5 | ) | $ | (0.5 | ) | ||||||||||||||||
The following table sets forth the plans’ change in benefit obligation (Dollars in millions): | |||||||||||||||||||||||||
October 31, 2013 | October 31, 2012 | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 19.3 | $ | 20.8 | |||||||||||||||||||||
Service cost | — | — | |||||||||||||||||||||||
Interest cost | 0.8 | 1 | |||||||||||||||||||||||
Actuarial loss | 0.4 | 0.2 | |||||||||||||||||||||||
Foreign currency effect | (0.5 | ) | (0.3 | ) | |||||||||||||||||||||
Plan amendments | — | — | |||||||||||||||||||||||
Benefits paid | (1.5 | ) | (2.4 | ) | |||||||||||||||||||||
Benefit obligation at end of year | $ | 18.5 | $ | 19.3 | |||||||||||||||||||||
Financial statement presentation included other comprehensive income (Dollars in millions): | |||||||||||||||||||||||||
October 31, 2013 | October 31, 2012 | ||||||||||||||||||||||||
Unrecognized net actuarial gain | $ | 0.5 | $ | 0.9 | |||||||||||||||||||||
Unrecognized prior service credit | 9 | 10.7 | |||||||||||||||||||||||
Accumulated other comprehensive income | $ | 9.5 | $ | 11.6 | |||||||||||||||||||||
The accumulated postretirement health and life insurance benefit obligation and fair value of plan assets for the consolidated plans were $18.5 million and $0, respectively, as of October 31, 2013 compared to $19.3 million and $0, respectively, as of October 31, 2012. | |||||||||||||||||||||||||
The healthcare cost trend rates on gross eligible charges are as follows: | |||||||||||||||||||||||||
Medical | |||||||||||||||||||||||||
Current trend rate | 7.6 | % | |||||||||||||||||||||||
Ultimate trend rate | 5.2 | % | |||||||||||||||||||||||
Year ultimate trend rate reached | 2026 | ||||||||||||||||||||||||
A one-percentage point change in assumed health care cost trend rates would have the following effects (Dollars in thousands): | |||||||||||||||||||||||||
1-Percentage-Point | 1-Percentage-Point | ||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 42 | $ | (35 | ) | ||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 523 | $ | (446 | ) | ||||||||||||||||||||
Future benefit payments, which reflect expected future service, as appropriate, during the next five years, and in the aggregate for the five years thereafter, are as follows (Dollars in millions): | |||||||||||||||||||||||||
Year | Expected | ||||||||||||||||||||||||
benefit | |||||||||||||||||||||||||
payments | |||||||||||||||||||||||||
2014 | $ | 2.2 | |||||||||||||||||||||||
2015 | $ | 1.8 | |||||||||||||||||||||||
2016 | $ | 1.7 | |||||||||||||||||||||||
2017 | $ | 1.6 | |||||||||||||||||||||||
2018 | $ | 1.5 | |||||||||||||||||||||||
2019-2023 | $ | 6.4 |
Contingent_Liabilities_and_Env
Contingent Liabilities and Environmental Reserves | 12 Months Ended |
Oct. 31, 2013 | |
Text Block [Abstract] | ' |
Contingent Liabilities and Environmental Reserves | ' |
NOTE 14 – CONTINGENT LIABILITIES AND ENVIRONMENTAL RESERVES | |
Litigation-related Liabilities | |
The Company may become involved from time-to-time in litigation and regulatory matters incidental to its business, including governmental investigations, enforcement actions, personal injury claims, product liability, employment health and safety matters, commercial disputes, intellectual property matters, disputes regarding environmental clean-up costs, litigation in connection with acquisitions and divestitures, and other matters arising out of the normal conduct of its business. The Company intends to vigorously defend itself in such litigation. The Company does not believe that the outcome of any pending litigation will have a material adverse effect on its consolidated financial statements. | |
The Company may accrue for contingencies related to litigation and regulatory matters if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because litigation is inherently unpredictable and unfavorable resolutions can occur, assessing contingencies is highly subjective and requires judgments about future events. The Company regularly reviews contingencies to determine whether its accruals are adequate. The amount of ultimate loss may differ from these estimates. | |
Environmental Reserves | |
As of October 31, 2013 and 2012, environmental reserves of $26.8 million and $27.5 million, respectively, were included in other long-term liabilities and were recorded on an undiscounted basis. These reserves are principally based on environmental studies and cost estimates provided by third parties, but also take into account management estimates. The estimated liabilities are reduced to reflect the anticipated participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of relevant costs. For sites that involve formal actions subject to joint and several liabilities, these actions have formal agreements in place to apportion the liability. As of October 31, 2013 and 2012, environmental reserves of the Company included $13.8 million and $13.9 million, respectively, for its blending facility in Chicago, Illinois; $7.7 million and $7.4 million, respectively, for various European drum facilities acquired from Blagden and Van Leer; $2.3 million and $4.2 million, respectively, for its various container life cycle management and recycling facilities acquired in 2011 and 2010, and $3.0 million and $2.0 million for various other facilities around the world. | |
The Company’s exposure to adverse developments with respect to any individual site is not expected to be material. Although environmental remediation could have a material effect on results of operations if a series of adverse developments occur in a particular quarter or year, the Company believes that the chance of a series of adverse developments occurring in the same quarter or year is remote. Future information and developments will require the Company to continually reassess the expected impact of these environmental matters. | |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
NOTE 15 – EARNINGS PER SHARE | |||||||||||||||||
The Company has two classes of common stock and, as such, applies the “two-class method” of computing earnings per share (“EPS”) as prescribed in ASC 260, “Earnings Per Share.” In accordance with this guidance, earnings are allocated first to Class A and Class B Common Stock to the extent that dividends are actually paid and the remainder allocated assuming all of the earnings for the period have been distributed in the form of dividends. | |||||||||||||||||
The Company calculates Class A EPS as follows: (i) multiply 40 percent times the average Class A shares outstanding, then divide that amount by the product of 40 percent of the average Class A shares outstanding plus 60 percent of the average Class B shares outstanding to get a percentage, (ii) undistributed net income divided by the average Class A shares outstanding, (iii) multiply item (i) by item (ii), (iv) add item (iii) to the Class A cash dividend. Diluted shares are factored into the Class A calculation. | |||||||||||||||||
The Company calculates Class B EPS as follows: (i) multiply 60 percent times the average Class B shares outstanding, then divide that amount by the product of 40 percent of the average Class A shares outstanding plus 60 percent of the average Class B shares outstanding to get a percentage, (ii) undistributed net income divided by the average Class B shares outstanding, (iii) multiply item (i) by item (ii), (iv) add item (iii) to the Class B cash dividend. Class B diluted EPS is identical to Class B basic EPS. | |||||||||||||||||
The following table provides EPS information for each period, respectively: | |||||||||||||||||
Numerator | |||||||||||||||||
Numerator for basic and diluted EPS— | |||||||||||||||||
Net income attributable to Greif | $ | 147.3 | $ | 122.4 | $ | 174.7 | |||||||||||
Cash dividends | 98.3 | 97.7 | 97.8 | ||||||||||||||
Undistributed net income attributable to Greif, Inc. | $ | 49 | $ | 24.7 | $ | 76.9 | |||||||||||
Demonimator | |||||||||||||||||
Denominator for basic EPS— | |||||||||||||||||
Class A common stock | 25.4 | 25.2 | 24.9 | ||||||||||||||
Class B common stock | 22.1 | 22.1 | 22.3 | ||||||||||||||
Denominator for diluted EPS— | |||||||||||||||||
Class A common stock | 25.4 | 25.2 | 25 | ||||||||||||||
Class B common stock | 22.1 | 22.1 | 22.3 | ||||||||||||||
EPS Basic | |||||||||||||||||
Class A common stock | $ | 2.52 | $ | 2.1 | $ | 3 | |||||||||||
Class B common stock | $ | 3.77 | $ | 3.14 | $ | 4.48 | |||||||||||
EPS Diluted | |||||||||||||||||
Class A common stock | $ | 2.52 | $ | 2.1 | $ | 2.99 | |||||||||||
Class B common stock | $ | 3.77 | $ | 3.14 | $ | 4.48 | |||||||||||
Class A Common Stock is entitled to cumulative dividends of one cent a share per year after which Class B Common Stock is entitled to non-cumulative dividends up to a half-cent a share per year. Further distribution in any year must be made in proportion of one cent a share for Class A Common Stock to one and a half cents a share for Class B Common Stock. The Class A Common Stock has no voting rights unless four quarterly cumulative dividends upon the Class A Common Stock are in arrears. The Class B Common Stock has full voting rights. There is no cumulative voting for the election of directors. | |||||||||||||||||
Common Stock Repurchases | |||||||||||||||||
The Company’s Board of Directors has authorized the purchase of up to four million shares of Class A Common Stock or Class B Common Stock or any combination of the foregoing. During 2013, the Company repurchased no shares of Class A or Class B Common Stock. As of October 31, 2013, the Company had repurchased 3,184,272 shares, including 1,425,452 shares of Class A Common Stock and 1,758,820 shares of Class B Common Stock, under this program, all of which were repurchased in prior years. The total cost of the shares repurchased from November 1, 2010 through October 31, 2013 was $15.1 million. | |||||||||||||||||
The following table summarizes the Company’s Class A and Class B common and treasury shares at the specified dates: | |||||||||||||||||
Authorized Shares | Issued Shares | Outstanding | Treasury Shares | ||||||||||||||
Shares | |||||||||||||||||
October 31, 2013: | |||||||||||||||||
Class A Common Stock | 128,000,000 | 42,281,920 | 25,456,724 | 16,825,196 | |||||||||||||
Class B Common Stock | 69,120,000 | 34,560,000 | 22,119,966 | 12,440,034 | |||||||||||||
October 31, 2012: | |||||||||||||||||
Class A Common Stock | 128,000,000 | 42,281,920 | 25,283,465 | 16,998,455 | |||||||||||||
Class B Common Stock | 69,120,000 | 34,560,000 | 22,119,966 | 12,440,034 | |||||||||||||
The following is a reconciliation of the shares used to calculate basic and diluted earnings per share: | |||||||||||||||||
For the years ended October 31, | 2013 | 2012 | 2011 | ||||||||||||||
Class A Common Stock: | |||||||||||||||||
Basic shares | 25,399,256 | 25,162,686 | 24,869,573 | ||||||||||||||
Assumed conversion of stock options | 23,281 | 71,854 | 177,759 | ||||||||||||||
Diluted shares | 25,422,537 | 25,234,540 | 25,047,332 | ||||||||||||||
Class B Common Stock: | |||||||||||||||||
Basic and diluted shares | 22,119,966 | 22,120,391 | 22,349,844 | ||||||||||||||
No stock options were antidilutive for the years ended October 31, 2013, 2012, or 2011. | |||||||||||||||||
Dividends per Share | |||||||||||||||||
The Company pays quarterly dividends of varying amounts computed on the basis as described above. The annual dividends paid for the last two years are as follows: | |||||||||||||||||
2013 Dividends per Share – Class A $1.68; Class B $2.51 | |||||||||||||||||
2012 Dividends per Share – Class A $1.68; Class B $2.51 | |||||||||||||||||
Equity_Earnings_of_Unconsolida
Equity Earnings of Unconsolidated Affiliates, Net of Tax and Net Income Attributable to Noncontrolling Interests | 12 Months Ended |
Oct. 31, 2013 | |
Equity Method Investments And Joint Ventures [Abstract] | ' |
Equity Earnings of Unconsolidated Affiliates, Net of Tax and Net Income Attributable to Noncontrolling Interests | ' |
NOTE 16 – EQUITY EARNINGS OF UNCONSOLIDATED AFFILIATES, NET OF TAX AND NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | |
Equity earnings of unconsolidated affiliates, net of tax | |
Equity earnings of unconsolidated affiliates, net of tax represent the Company’s share of earnings of affiliates in which the Company does not exercise control and has a 20 percent or more voting interest. Investments in such affiliates are accounted for using the equity method of accounting. If the fair value of an investment in an affiliate is below its carrying value and the difference is deemed to be other than temporary, the difference between the fair value and the carrying value is charged to earnings. The Company has an equity interest in five such affiliates. Equity earnings of unconsolidated affiliates, net of tax for 2013, 2012 and 2011 were $2.9 million, $1.3 million and $4.8 million, respectively. Dividends received from the Company’s equity method affiliates for the years ended October 31, 2013 and 2012 were $0.3 million and $0.1 million, respectively. The Company has made loans to an entity deemed a VIE and accounted for as an equity method investment. These loans bear interest at various interest rates. The original principal balance of these loans was $22.2 million. As of October 31, 2013 these loans had an outstanding balance of $14.3 million. | |
Net income attributable to noncontrolling interests | |
Net income attributable to noncontrolling interests represent the portion of earnings or losses from the operations of the Company’s consolidated subsidiaries attributable to unrelated third party equity owners that were deducted from net income to arrive at net income attributable to the Company. Net income attributable to noncontrolling interests for the years ended October 31, 2013, 2012 and 2011 was $1.7 million, $5.5 million and $2.9 million, respectively. | |
Leases
Leases | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Leases | ' | ||||||||||||
NOTE 17 – LEASES | |||||||||||||
The table below contains information related to the Company’s rent expense (Dollars in millions): | |||||||||||||
For the years ended October 31, | 2013 | 2012 | 2011 | ||||||||||
Rent Expense | $ | 54.7 | $ | 51.4 | $ | 45.4 | |||||||
Total Rent Expense | $ | 54.7 | $ | 51.4 | $ | 45.4 | |||||||
The following table provides the Company’s minimum rent commitments under operating and capital leases in the next five years and the remaining years thereafter: | |||||||||||||
Operating | Capital | ||||||||||||
Fiscal Year | Leases | Leases | |||||||||||
2014 | $ | 42.7 | $ | 1.2 | |||||||||
2015 | 36.6 | 0.8 | |||||||||||
2016 | 24.9 | 0.4 | |||||||||||
2017 | 15 | 0.2 | |||||||||||
2018 | 10 | — | |||||||||||
Thereafter | 33.4 | — | |||||||||||
Total | $ | 162.6 | $ | 2.6 | |||||||||
Business_Segment_Information
Business Segment Information | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Business Segment Information | ' | ||||||||||||
NOTE 18 – BUSINESS SEGMENT INFORMATION | |||||||||||||
The Company has five operating segments, which are aggregated into four reportable business segments: Rigid Industrial Packaging & Services, Flexible Products & Services, Paper Packaging, and Land Management. | |||||||||||||
Operations in the Rigid Industrial Packaging & Services segment involve the production and sale of rigid industrial packaging products, such as steel, fibre and plastic drums, rigid intermediate bulk containers, closure systems for industrial packaging products, transit protection products, water bottles and reconditioned containers, and services, such as container life cycle services, blending, filling and other packaging services, logistics and warehousing. The Company’s rigid industrial packaging products are sold to customers in industries such as chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agricultural, pharmaceutical and mineral, among others. | |||||||||||||
Operations in the Flexible Products & Services segment involve the production and sale of flexible intermediate bulk containers and related services on a global basis and the sale of industrial and consumer shipping sacks and multiwall bag products in North America. The Company’s flexible intermediate bulk containers are constructed from a polypropylene-based woven fabric that is produced at its fully integrated production sites, as well as sourced from strategic regional suppliers. Flexible products are sold to customers and in market segments similar to those of the Company’s Rigid Industrial Packaging & Services segment. Additionally, the Company’s flexible products significantly expand its presence in the agricultural and food industries, among others. The Company’s industrial and consumer shipping sacks and multiwall bag products are used to ship a wide range of industrial and consumer products, such as seed, fertilizers, chemicals, concrete, flour, sugar, feed, pet foods, popcorn, charcoal and salt, primarily for the agricultural, chemical, building products and food industries. | |||||||||||||
Operations in the Paper Packaging segment involve the production and sale of containerboard, corrugated sheets, corrugated containers and other corrugated products to customers in North America. The Company’s corrugated container products are used to ship such diverse products as home appliances, small machinery, grocery products, automotive components, books and furniture, as well as numerous other applications. | |||||||||||||
Operations in the Land Management segment involve the management and sale of timber and special use properties from approximately 252,475 acres of timber properties in the southeastern United States, which are actively managed, and 10,300 acres of timber properties in Canada. Land Management’s operations focus on the active harvesting and regeneration of our United States timber properties to achieve sustainable long-term yields. While timber sales are subject to fluctuations, the Company seeks to maintain a consistent cutting schedule, within the limits of market and weather conditions. The Company also sells, from time to time, timberland and special use properties, which consists of surplus properties, HBU properties, and development properties. | |||||||||||||
In order to maximize the value of timber property, the Company continues to review its current portfolio and explore the development of certain of these properties in Canada and the United States. This process has led the Company to characterize property as follows: | |||||||||||||
• | Surplus property, meaning land that cannot be efficiently or effectively managed by the Company, whether due to parcel size, lack of productivity, location, access limitations or for other reasons. | ||||||||||||
• | HBU property, meaning land that in its current state has a higher market value for uses other than growing and selling timber. | ||||||||||||
• | Development property, meaning HBU land that, with additional investment, may have a significantly higher market value than its HBU market value. | ||||||||||||
• | Timberland, meaning land that is best suited for growing and selling timber. | ||||||||||||
The disposal of surplus and HBU property is reported in the consolidated statements of income under “gain on disposals of properties, plants and equipment, net” and the sale of development property is reported under “net sales” and “cost of products sold.” All HBU, development and surplus property is used by the Company to productively grow and sell timber until sold. | |||||||||||||
Whether timberland has a higher value for uses other than growing and selling timber is a determination based upon several variables, such as proximity to population centers, anticipated population growth in the area, the topography of the land, aesthetic considerations, including access to water, the condition of the surrounding land, availability of utilities, markets for timber and economic considerations both nationally and locally. Given these considerations, the characterization of land is not a static process, but requires an ongoing review and re-characterization as circumstances change. | |||||||||||||
The following segment information is presented for each of the three years in the period ended October 31, 2013 (Dollars in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
Rigid Industrial Packaging & Service | $ | 3,062.10 | $ | 3,075.60 | $ | 3,014.30 | |||||||
Flexible Products & Services | 448.7 | 453.3 | 538 | ||||||||||
Paper Packaging | 809.5 | 713.8 | 675 | ||||||||||
Land Management | 33.1 | 26.8 | 20.9 | ||||||||||
Total net sales | $ | 4,353.40 | $ | 4,269.50 | $ | 4,248.20 | |||||||
Operating profit (loss): | |||||||||||||
Rigid Industrial Packaging | 196 | 185 | 219.4 | ||||||||||
Flexible Products & Services | (13.1 | ) | (1.0 | ) | 16.9 | ||||||||
Paper Packaging | 123.8 | 83.5 | 74.9 | ||||||||||
Land Management | 32.9 | 15.3 | 19 | ||||||||||
Total operating profit | $ | 339.6 | $ | 282.8 | $ | 330.2 | |||||||
Assets: | |||||||||||||
Rigid Industrial Packaging & Services | $ | 2,441.60 | $ | 2,481.20 | $ | 2,717.80 | |||||||
Flexible Products & Services | 367.3 | 363.8 | 383.5 | ||||||||||
Paper Packaging | 413.3 | 401.7 | 420.4 | ||||||||||
Land Management | 280.7 | 280.5 | 280.1 | ||||||||||
Total segment | 3,502.90 | 3,527.20 | 3,801.80 | ||||||||||
Corporate and other | 379.3 | 326.2 | 385.1 | ||||||||||
Total assets | $ | 3,882.20 | $ | 3,853.40 | $ | 4,186.90 | |||||||
Depreciation, depletion and amortization expense: | |||||||||||||
Rigid Industrial Packaging & Services | $ | 106.7 | $ | 105.2 | $ | 93.1 | |||||||
Flexible Products & Services | 15.2 | 14.7 | 16.6 | ||||||||||
Paper Packaging | 30.3 | 31.6 | 31.6 | ||||||||||
Land Management | 4.7 | 3.3 | 3 | ||||||||||
Total depreciation, depletion and amortization expense | $ | 156.9 | $ | 154.8 | $ | 144.3 | |||||||
Capital Expenditures | |||||||||||||
Rigid Industrial Packaging & Services | $ | 64.8 | $ | 86.7 | $ | 96.9 | |||||||
Flexible Products & Services | 14 | 39 | 36.5 | ||||||||||
Paper Packaging | 21.7 | 20.1 | 18.5 | ||||||||||
Land Management | 13 | 6.9 | 6.7 | ||||||||||
Total segment | 113.5 | 152.7 | 158.6 | ||||||||||
Corporate and other | 31.9 | 17 | 7.2 | ||||||||||
Total capital expenditures | $ | 145.4 | $ | 169.7 | $ | 165.8 | |||||||
The following geographic information is presented for each of the three years in the period ended October 31, 2013 (Dollars in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net Sales | |||||||||||||
North America | $ | 2,079.10 | $ | 1,983.90 | $ | 1,932.80 | |||||||
Europe, Middle East, and Africa | 1,610.60 | 1,634.90 | 1,645.60 | ||||||||||
Asia Pacific and Latin America | 663.7 | 650.7 | 669.8 | ||||||||||
Total net sales | $ | 4,353.40 | $ | 4,269.50 | $ | 4,248.20 | |||||||
The following table presents total assets by geographic region (Dollars in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
North America | $ | 1,818.20 | $ | 1,717.20 | |||||||||
Europe, Middle East, and Africa | 1,517.40 | 1,555.00 | |||||||||||
Asia Pacific and Latin America | 546.6 | 581.2 | |||||||||||
Total assets | $ | 3,882.20 | $ | 3,853.40 | |||||||||
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||
NOTE 19 – QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||
As previously disclosed in its Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2013, the Company identified errors related to several prior periods. The impact of the errors in the prior years was not material to the Company in any of those years; however, the aggregate amount of the prior period errors of $9.6 million would have been material to the Company’s current year consolidated statement of operations. Consequently, the Company has corrected these errors for all prior periods presented by restating the consolidated financial statements and other financial information included herein. | |||||||||||||||||
The quarterly results of operations for 2013 and 2012 are shown below (Dollars in millions, except per share amounts): | |||||||||||||||||
2013 | January 31 | April 30 | July 31 | October 31 | |||||||||||||
Net sales | $ | 1,008.60 | $ | 1,088.90 | $ | 1,129.70 | $ | 1,126.20 | |||||||||
Gross profit | $ | 186.7 | $ | 202.6 | $ | 217.3 | $ | 226 | |||||||||
Net income(1) | $ | 24.9 | $ | 42.3 | $ | 48.8 | $ | 33 | |||||||||
Net income attributable to Greif, Inc.(1) | $ | 23.6 | $ | 40.2 | $ | 46.7 | $ | 36.8 | |||||||||
Earnings per share | |||||||||||||||||
Basic: | |||||||||||||||||
Class A Common Stock | $ | 0.41 | $ | 0.69 | $ | 0.8 | $ | 0.63 | |||||||||
Class B Common Stock | $ | 0.6 | $ | 1.03 | $ | 1.2 | $ | 0.94 | |||||||||
Diluted: | |||||||||||||||||
Class A Common Stock | $ | 0.41 | $ | 0.69 | $ | 0.8 | $ | 0.63 | |||||||||
Class B Common Stock | $ | 0.6 | $ | 1.03 | $ | 1.2 | $ | 0.94 | |||||||||
Earnings per share were calculated using the following number of shares: | |||||||||||||||||
Basic: | |||||||||||||||||
Class A Common Stock | 25,316,395 | 25,390,486 | 25,435,379 | 25,454,762 | |||||||||||||
Class B Common Stock | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | |||||||||||||
Diluted: | |||||||||||||||||
Class A Common Stock | 25,382,077 | 25,433,480 | 25,464,862 | 25,473,100 | |||||||||||||
Class B Common Stock | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | |||||||||||||
Market price (Class A Common Stock): | |||||||||||||||||
High | $ | 47.93 | $ | 54.28 | $ | 56.38 | $ | 58.27 | |||||||||
Low | $ | 39.8 | $ | 45.49 | $ | 47.35 | $ | 47.76 | |||||||||
Close | $ | 46.98 | $ | 48.17 | $ | 55.32 | $ | 53.49 | |||||||||
Market price (Class B Common Stock): | |||||||||||||||||
High | $ | 51.73 | $ | 57.44 | $ | 58.54 | $ | 60 | |||||||||
Low | $ | 43.45 | $ | 48.24 | $ | 51.01 | $ | 52.02 | |||||||||
Close | $ | 50.34 | $ | 51.79 | $ | 57.17 | $ | 56.85 | |||||||||
(1) | We recorded the following significant transactions during the fourth quarter of 2013: (i) restructuring charges of $3.4 million, (ii) gain on sale of timberland of $17.5 million and (iii) non-cash asset impairment charges of $28.2 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends. | ||||||||||||||||
2012 | January 31 | April 30 | July 31 | October 31 | |||||||||||||
Net sales | $ | 992.8 | $ | 1,098.20 | $ | 1,102.90 | $ | 1,075.60 | |||||||||
Gross profit | $ | 177.3 | $ | 205.5 | $ | 202.2 | $ | 194.6 | |||||||||
Net income(1) | $ | 21.8 | $ | 38.2 | $ | 39 | $ | 28.9 | |||||||||
Net income attributable to Greif, Inc.(1) | $ | 20.7 | $ | 38.4 | $ | 37.5 | $ | 25.8 | |||||||||
Earnings per share | |||||||||||||||||
Basic: | |||||||||||||||||
Class A Common Stock | $ | 0.36 | $ | 0.66 | $ | 0.64 | $ | 0.44 | |||||||||
Class B Common Stock | $ | 0.53 | $ | 0.99 | $ | 0.96 | $ | 0.66 | |||||||||
Diluted: | |||||||||||||||||
Class A Common Stock | $ | 0.36 | $ | 0.66 | $ | 0.64 | $ | 0.44 | |||||||||
Class B Common Stock | $ | 0.53 | $ | 0.99 | $ | 0.96 | $ | 0.66 | |||||||||
Earnings per share were calculated using the following number of shares: | |||||||||||||||||
Basic: | |||||||||||||||||
Class A Common Stock | 25,052,868 | 25,149,691 | 25,177,924 | 25,270,259 | |||||||||||||
Class B Common Stock | 22,120,966 | 22,120,666 | 22,119,966 | 22,119,966 | |||||||||||||
Diluted: | |||||||||||||||||
Class A Common Stock | 25,193,827 | 25,288,352 | 25,271,088 | 25,351,713 | |||||||||||||
Class B Common Stock | 22,120,966 | 22,120,666 | 22,119,966 | 22,119,966 | |||||||||||||
Market price (Class A Common Stock): | |||||||||||||||||
High | $ | 49.99 | $ | 56.88 | $ | 54.9 | $ | 47.38 | |||||||||
Low | $ | 41.74 | $ | 48.02 | $ | 38.78 | $ | 39.98 | |||||||||
Close | $ | 48.45 | $ | 53.64 | $ | 43.26 | $ | 41.96 | |||||||||
Market price (Class B Common Stock): | |||||||||||||||||
High | $ | 50.39 | $ | 57.61 | $ | 55.74 | $ | 52.7 | |||||||||
Low | $ | 42.43 | $ | 49.5 | $ | 42.15 | $ | 45.2 | |||||||||
Close | $ | 49.5 | $ | 54.89 | $ | 50 | $ | 45.3 | |||||||||
(1) | We recorded the following significant transactions during the fourth quarter of 2012: (i) restructuring charges of $10.5 million and (ii) acquisition-related charges of $3.2 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends. | ||||||||||||||||
Shares of the Company’s Class A Common Stock and Class B Common Stock are listed on the New York Stock Exchange where the symbols are GEF and GEF.B, respectively. | |||||||||||||||||
As of December 16, 2013, there were 438 stockholders of record of the Class A Common Stock and 108 stockholders of record of the Class B Common Stock. | |||||||||||||||||
Report of Independent Registered Public Accounting Firm | |||||||||||||||||
The Board of Directors and Shareholders of Greif, Inc. and subsidiary companies: | |||||||||||||||||
We have audited the accompanying consolidated balance sheets of Greif, Inc. and subsidiary companies as of October 31, 2013 and 2012, and the related consolidated statements of income, comprehensive income, shareholders’ equity, and cash flows for each of the three years in the period ended October 31, 2013. Our audits also included the financial statement schedule listed in the Index at Item 15. These financial statements and schedule are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits. | |||||||||||||||||
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. | |||||||||||||||||
In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Greif, Inc. and subsidiary companies at October 31, 2013 and 2012, and the consolidated results of their operations and their cash flows for each of the three years in the period ended October 31, 2013, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly in all material respects the information set forth therein. | |||||||||||||||||
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Greif, Inc. and subsidiary companies’ internal control over financial reporting as of October 31, 2013, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (1992 framework) and our report dated December 23, 2013 expressed an adverse opinion thereon. |
Schedule_II_Consolidated_Valua
Schedule II - Consolidated Valuation and Qualifying Accounts and Reserves | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Valuation And Qualifying Accounts [Abstract] | ' | ||||||||||||||||||||
Schedule II - Consolidated Valuation and Qualifying Accounts and Reserves | ' | ||||||||||||||||||||
SCHEDULE II | |||||||||||||||||||||
GREIF, INC. AND SUBSIDIARY COMPANIES | |||||||||||||||||||||
Consolidated Valuation and Qualifying Accounts and Reserves (Dollars in millions) | |||||||||||||||||||||
Description | Balance at | Charged to | Charged to | Deductions | Balance at End | ||||||||||||||||
Beginning of | Costs and | Other Accounts | of Period | ||||||||||||||||||
Period | Expenses | ||||||||||||||||||||
Year ended October 31, 2011: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 13.3 | $ | 1 | $ | (0.5 | ) | $ | — | $ | 13.8 | ||||||||||
Environmental reserves | $ | 26.2 | $ | 4.5 | $ | (1.3 | ) | $ | (0.1 | ) | $ | 29.3 | |||||||||
Year ended October 31, 2012: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 13.8 | $ | 3.6 | $ | (0.3 | ) | $ | — | $ | 17.1 | ||||||||||
Environmental reserves | $ | 29.3 | $ | 1.3 | $ | (2.4 | ) | $ | (0.7 | ) | $ | 27.5 | |||||||||
Year ended October 31, 2013: | |||||||||||||||||||||
Allowance for doubtful accounts | $ | 17.1 | $ | 3.8 | $ | (7.4 | ) | $ | — | $ | 13.5 | ||||||||||
Environmental reserves | $ | 27.5 | $ | 2.6 | $ | (3.9 | ) | $ | 0.6 | $ | 26.8 |
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||
Oct. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
The Business | ' | ||||
The Business | |||||
Greif, Inc. and its subsidiaries (collectively, “Greif,” “our,” or the “Company”) principally manufacture industrial packaging products, complemented with a variety of value-added services, including blending, packaging, reconditioning, logistics and warehousing, flexible intermediate bulk containers and containerboard and corrugated products, that they sell to customers in many industries throughout the world. The Company has operations in over 50 countries. In addition, the Company owns timber properties in the southeastern United States, which are actively harvested and regenerated, and also owns timber properties in Canada. | |||||
Due to the variety of its products, the Company has many customers buying different products and, due to the scope of the Company’s sales, no one customer is considered principal in the total operations of the Company. | |||||
Because the Company supplies a cross section of industries, such as chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agricultural, pharmaceutical and mineral products, and must make spot deliveries on a day-to-day basis as its products are required by its customers, the Company does not operate on a backlog to any significant extent and maintains only limited levels of finished goods. Many customers place their orders weekly for delivery during the same week. | |||||
The Company’s raw materials are principally steel, resin, containerboard, old corrugated containers for recycling, used industrial packaging for reconditioning and pulpwood. | |||||
There are approximately 13,085 employees of the Company as of October 31, 2013. | |||||
Principles of Consolidation and Basis of Presentation | ' | ||||
Principles of Consolidation and Basis of Presentation | |||||
The consolidated financial statements include the accounts of Greif, Inc., all wholly-owned and majority-owned subsidiaries, joint ventures managed by the Company including the joint venture relating to the Flexible Products & Services segment and equity earnings of unconsolidated affiliates. All intercompany transactions and balances have been eliminated in consolidation. Investments in unconsolidated affiliates are accounted for using the equity or cost methods based on the Company’s ownership interest in the unconsolidated affiliate. | |||||
The Company’s consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Certain prior year and prior quarter amounts have been reclassified to conform to the current year presentation. | |||||
The Company’s fiscal year begins on November 1 and ends on October 31 of the following year. Any references to the year 2013, 2012 or 2011, or to any quarter of those years, relates to the fiscal year ended in that year. | |||||
The Company presents various fair value disclosures in Notes 3, 10 and 13 to these Consolidated Financial Statements. | |||||
Use of Estimates | ' | ||||
Use of Estimates | |||||
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make certain estimates, judgments, and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The most significant estimates are related to the allowance for doubtful accounts, inventory reserves, expected useful lives assigned to properties, plants and equipment, goodwill and other intangible assets, estimates of fair value, restructuring reserves, environmental liabilities, pension and postretirement benefits, income taxes, derivatives, net assets held for sale, self-insurance reserves and contingencies. Actual amounts could differ from those estimates. | |||||
Cash and Cash Equivalents | ' | ||||
Cash and Cash Equivalents | |||||
The Company considers highly liquid investments with an original maturity of three months or less to be cash equivalents. The carrying value of cash equivalents approximates fair value. | |||||
The Company had total cash and cash equivalents held outside of the United States in various foreign jurisdictions of $54.0 million as of October 31, 2013. Under current tax laws and regulations, if cash and cash equivalents held outside the United States are repatriated to the United States in the form of dividends or otherwise, we may be subject to additional U.S. income taxes (subject to an adjustment for foreign tax credits) and foreign withholding taxes. | |||||
Allowance for Doubtful Accounts | ' | ||||
Allowance for Doubtful Accounts | |||||
Trade receivables represent amounts owed to the Company through its operating activities and are presented net of allowance for doubtful accounts. The allowance for doubtful accounts totaled $13.5 million and $17.1 million as of October 31, 2013 and 2012, respectively. The Company evaluates the collectability of its accounts receivable based on a combination of factors. In circumstances where the Company is aware of a specific customer’s inability to meet its financial obligations to the Company, the Company records a specific allowance for bad debts against amounts due to reduce the net recognized receivable to the amount the Company reasonably believes will be collected. In addition, the Company recognizes allowances for bad debts based on the length of time receivables are past due with allowance percentages, based on its historical experiences, applied on a graduated scale relative to the age of the receivable amounts. If circumstances such as higher than expected bad debt experience or an unexpected material adverse change in a major customer’s ability to meet its financial obligations to the Company were to occur, the recoverability of amounts due to the Company could change by a material amount. Amounts deemed uncollectible are written-off against an established allowance for doubtful accounts. | |||||
Concentration of Credit Risk and Major Customers | ' | ||||
Concentration of Credit Risk and Major Customers | |||||
The Company maintains cash depository accounts with banks throughout the world and invests in high quality short-term liquid instruments. Such investments are made only in instruments issued by high quality institutions. These investments mature within three months and the Company has not incurred any related losses for the years ended October 31, 2013, 2012, and 2011. | |||||
Trade receivables can be potentially exposed to a concentration of credit risk with customers or in particular industries. Such credit risk is considered by management to be limited due to the Company’s many customers, none of which are considered principal in the total operations of the Company, and its geographic scope of operations in a variety of industries throughout the world. The Company does not have an individual customer that exceeds 10 percent of total revenue. In addition, the Company performs ongoing credit evaluations of its customers’ financial conditions and maintains reserves for credit losses. Such losses historically have been within management’s expectations. | |||||
Inventory Reserves | ' | ||||
Inventory Reserves | |||||
Reserves for slow moving and obsolete inventories are provided based on historical experience, inventory aging and product demand. The Company continuously evaluates the adequacy of these reserves and makes adjustments to these reserves as required. The Company also evaluates reserves for losses under firm purchase commitments for goods or inventories. | |||||
Net Assets Held for Sale | ' | ||||
Net Assets Held for Sale | |||||
Net assets held for sale represent land, buildings and land improvements for locations that have met the criteria of “held for sale” accounting, as specified by Accounting Standards Codification (“ASC”) 360, “Property, Plant, and Equipment.” As of October 31, 2013, there were two asset groups held for sale in the Flexible Products & Services segment. The effect of suspending depreciation on the facilities held for sale is immaterial to the results of operations. The net assets held for sale are being marketed for sale and it is the Company’s intention to complete the sales of these assets within the upcoming year. | |||||
Goodwill and Other Intangibles | ' | ||||
Goodwill and Other Intangibles | |||||
Goodwill is the excess of the purchase price of an acquired entity over the amounts assigned to tangible and intangible assets and liabilities assumed in the business combination. The Company accounts for purchased goodwill and indefinite-lived intangible assets in accordance with ASC 350, “Intangibles – Goodwill and Other.” Under ASC 350, purchased goodwill and intangible assets with indefinite lives are not amortized, but instead are tested for impairment at least annually. Intangible assets with finite lives, primarily customer relationships, patents and trademarks, continue to be amortized over their useful lives on a straight-line basis. The useful lives for finite lived intangible assets vary depending on the type of asset and the terms of contracts or the valuation performed. The Company tests for impairment of goodwill and indefinite-lived intangible assets during the fourth quarter of each fiscal year, or more frequently if certain indicators are present or changes in circumstances suggest that impairment may exist. The Company tests for impairment of finite lived intangible assets at least annually, or more frequently if certain indicators are present to suggest that impairment may exist. | |||||
ASC 350 requires that testing for goodwill impairment be conducted at the reporting unit level using a two-step approach. The first step requires a comparison of the carrying value of the reporting units to the estimated fair value of these units. If the carrying value of a reporting unit exceeds its estimated fair value, the Company performs the second step of the goodwill impairment to measure the amount of impairment loss, if any. The second step of the goodwill impairment test compares the estimated implied fair value of a reporting unit’s goodwill to its carrying value. The Company allocates the estimated fair value of a reporting unit to all of the assets and liabilities in that reporting unit, including intangible assets, as if the reporting unit had been acquired in a business combination. Any excess of the estimated fair value of a reporting unit over the amounts assigned to its assets and liabilities is the implied fair value of goodwill. | |||||
The Company’s determination of estimated fair value of the reporting units is based on a discounted cash flow analysis utilizing the income approach. Under this method, the principal valuation focus is on the reporting unit’s cash-generating capabilities. The discount rates used for impairment testing are based on a market participant’s weighted average cost of capital. The use of alternative estimates, including different peer groups or changes in the industry, or adjusting the discount rate, or earnings before interest, taxes, depreciation, depletion and amortization (“EBITDA”) forecasts used could affect the estimated fair value of the reporting units and potentially result in goodwill impairment. Any identified impairment would result in an expense to the Company’s results of operations. The Company performed its annual impairment test for fiscal years 2013, 2012 and 2011, which resulted in no impairment charges. During 2013, the annual impairment test identified potential impairment indicators in the Flexible Products & Services reporting unit, requiring the Company to perform additional analysis. Based on the results of the additional analysis of the goodwill for the Flexible Products & Services reporting unit, it was concluded that no goodwill impairment was required. Refer to Note 6 for additional information regarding goodwill and other intangible assets. | |||||
Acquisitions | ' | ||||
Acquisitions | |||||
From time to time, the Company acquires businesses and/or assets that augment and complement its operations, in accordance with ASC 805, “Business Combinations.” These acquisitions are accounted for under the purchase method of accounting. The consolidated financial statements include the results of operations from these business combinations from the date of acquisition. | |||||
In order to assess performance, the Company classifies costs incurred in connection with acquisitions as acquisition-related costs. These costs consist primarily of transaction costs, integration costs and changes in the fair value of contingent payments (earn-outs) and are recorded within selling, general and administrative costs. Acquisition transaction costs are incurred during the initial evaluation of a potential targeted acquisition and primarily relate to costs to analyze, negotiate and consummate the transaction as well as financial and legal due diligence activities. Post-acquisition integration activities are costs incurred to combine the operations of an acquired enterprise into the Company’s operations. | |||||
Internal Use Software | ' | ||||
Internal Use Software | |||||
Internal use software is accounted for under ASC 985, “Software.” Internal use software is software that is acquired, internally developed or modified solely to meet the Company’s needs and for which, during the software’s development or modification, a plan does not exist to market the software externally. Costs incurred to develop the software during the application development stage and for upgrades and enhancements that provide additional functionality are capitalized and then amortized over a three to ten year period. | |||||
Properties, Plants and Equipment | ' | ||||
Properties, Plants and Equipment | |||||
Properties, plants and equipment are stated at cost. Depreciation on properties, plants and equipment is provided on the straight-line method over the estimated useful lives of the assets as follows: | |||||
Years | |||||
Buildings | 30–45 | ||||
Machinery and equipment | 3–19 | ||||
Depreciation expense was $131.9 million, $131.4 million and $122.7 million, in 2013, 2012 and 2011, respectively. Expenditures for repairs and maintenance are charged to expense as incurred. When properties are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the asset and related allowance accounts. Gains or losses are credited or charged to income as incurred. | |||||
The Company capitalizes interest on long-term fixed asset projects using a rate that approximates the weighted average cost of borrowing. As of October 31, 2013, 2012, and 2011, the Company capitalized interest costs of $1.7 million, $2.7 million, and $3.8 million, respectively. | |||||
The Company tests for impairment of properties, plants and equipment at least annually, or more frequently if certain indicators are present to suggest that impairment may exist. | |||||
The Company owns timber properties in the southeastern United States and in Canada. With respect to the Company’s United States timber properties, which consisted of approximately 252,475 acres as of October 31, 2013, depletion expense on timber properties is computed on the basis of cost and the estimated recoverable timber. Depletion expense was $4.3 million, $2.9 million and $2.7 million in 2013, 2012 and 2011, respectively. The Company’s land costs are maintained by tract. The Company begins recording pre-merchantable timber costs at the time the site is prepared for planting. Costs capitalized during the establishment period include site preparation by aerial spray, costs of seedlings, planting costs, herbaceous weed control, woody release, labor and machinery use, refrigeration rental and trucking for the seedlings. The Company does not capitalize interest costs in the process. Property taxes are expensed as incurred. New road construction costs are capitalized as land improvements and depreciated over 20 years. Road repairs and maintenance costs are expensed as incurred. Costs after establishment of the seedlings, including management costs, pre-commercial thinning costs and fertilization costs, are expensed as incurred. Once the timber becomes merchantable, the cost is transferred from the pre-merchantable timber category to the merchantable timber category in the depletion block. | |||||
Merchantable timber costs are maintained by five product classes, pine sawtimber, pine chip-n-saw, pine pulpwood, hardwood sawtimber and hardwood pulpwood, within a depletion block, with each depletion block based upon a geographic district or subdistrict. Currently, the Company has eight depletion blocks. These same depletion blocks are used for pre-merchantable timber costs. Each year, the Company estimates the volume of the Company’s merchantable timber for the five product classes by each depletion block. These estimates are based on the current state in the growth cycle and not on quantities to be available in future years. The Company’s estimates do not include costs to be incurred in the future. The Company then projects these volumes to the end of the year. Upon acquisition of a new timberland tract, the Company records separate amounts for land, merchantable timber and pre-merchantable timber allocated as a percentage of the values being purchased. These acquisition volumes and costs acquired during the year are added to the totals for each product class within the appropriate depletion block(s). The total of the beginning, one-year growth and acquisition volumes are divided by the total undepleted historical cost to arrive at a depletion rate, which is then used for the current year. As timber is sold, the Company multiplies the volumes sold by the depletion rate for the current year to arrive at the depletion cost. | |||||
For 2013, the Company recorded a gain of $17.5 million relating to the sale of timberland. | |||||
The Company’s Canadian timber properties, which consisted of approximately 10,300 as of October 31, 2013, are not actively managed at this time, and therefore, no depletion expense is recorded. | |||||
Equity Earnings of Unconsolidated Affiliates, Net of Tax and Noncontrolling Interests Including Variable Interest Entities | ' | ||||
Equity Earnings of Unconsolidated Affiliates, net of tax and Noncontrolling Interests including Variable Interest Entities | |||||
The Company accounts for equity earnings of unconsolidated affiliates, net of tax and noncontrolling interests under ASC 810, “Consolidation.” ASC 810 establishes accounting and reporting standards for the noncontrolling interest in a subsidiary and for the deconsolidation of a subsidiary. ASC 810 requires a single method of accounting for changes in a parent’s ownership interest in a subsidiary that do not result in deconsolidation, that a parent recognize a gain or loss in net income when a subsidiary is deconsolidated and that the consolidated financial statements clearly identify and distinguish between the parent’s ownership interest and the interest of the noncontrolling owners of a subsidiary. Refer to Note 16 for additional information regarding the Company’s unconsolidated affiliates and noncontrolling interests. | |||||
ASC 810 also provides a framework for identifying variable interest entities (“VIE”) and determining when a company should include the assets, liabilities, noncontrolling interests and results of operations of a VIE in its consolidated financial statements. In general, a VIE is a corporation, partnership, limited liability company, trust or any other legal structure used to conduct activities or hold assets that either (1) has an insufficient amount of equity to carry out its principal activities without additional subordinated financial support, (2) has a group of equity owners that are unable to make significant decisions about its activities or (3) has a group of equity owners that do not have the obligation to absorb losses or the right to receive returns generated by its operations. ASC 810 requires a VIE to be consolidated if a party with an ownership, contractual or other financial interest in the VIE (a variable interest holder) is obligated to absorb a majority of the risk of loss from the VIE’s activities, is entitled to receive a majority of the VIE’s residual returns (if no party absorbs a majority of the VIE’s losses), or both. One of the companies acquired in 2011 is considered a VIE. However, because the Company is not the primary beneficiary, the Company will report its ownership interest in this acquired company using the equity method of accounting. | |||||
On September 29, 2010, Greif, Inc. and its indirect subsidiary Greif International Holding Supra C.V. (“Greif Supra”), a Netherlands limited partnership, completed a Joint Venture Agreement with Dabbagh Group Holding Company Limited (“Dabbagh”) and National Scientific Company Limited (“NSC”), a subsidiary of Dabbagh, referred to herein as the Flexible Packaging JV. The joint venture owns the operations in the Flexible Products & Services segment, with the exception of the North American multi-wall bag business. Greif Supra and NSC have equal economic interests in the joint venture, notwithstanding the actual ownership interests in the various legal entities. All investments, loans and capital injections are shared 50 percent by Greif and the Dabbagh entities. Greif has deemed this joint venture to be a VIE based on the criteria outlined in ASC 810. Greif exercises management control over this joint venture and is the primary beneficiary due to supply agreements and broader packaging industry customer risks and rewards. Therefore, Greif has fully consolidated the operations of this joint venture as of the formation date of September 29, 2010 and has reported Dabbagh’s share in the profits and losses in this joint venture from this date on the Company’s income statement under net income attributable to noncontrolling interests. | |||||
The Company has consolidated the assets and liabilities of STA Timber LLC (“STA Timber”) in accordance with ASC 810 which was involved in the transactions described in Note 8. Because STA Timber is a separate and distinct legal entity from Greif, Inc. and its other subsidiaries, the assets of STA Timber are not available to satisfy the liabilities and obligations of these entities and the liabilities of STA Timber are not liabilities or obligations of these entities. The Company has also consolidated the assets and liabilities of the buyer-special purpose entity described in Note 8 (the “Buyer SPE”) involved in that transaction as a result of ASC 810. However, because the Buyer SPE is a separate and distinct legal entity from Greif, Inc. and its other subsidiaries, the assets of the Buyer SPE are not available to satisfy the liabilities and obligations of the Company, and the liabilities of the Buyer SPE are not liabilities or obligations of the Company. | |||||
On April 27, 2012, Cooperage Receivables Finance B.V. and Greif Coordination Center BVBA, an indirect wholly owned subsidiary of Greif, Inc., entered into the Nieuw Amsterdam Receivables Purchase Agreement with affiliates of a major international bank. Cooperage Receivables Finance B.V. is deemed to be a VIE since this entity is not able to satisfy its liabilities without the financial support from the Company. While this entity is a separate and distinct legal entity from the Company and no ownership interest in this entity is held by the Company, the Company is the primary beneficiary because it has (1) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance, and (2) the obligation to absorb losses of the VIE that could potentially be significant to the VIE. As a result, Cooperage Receivables Finance B.V. has been consolidated into the operations of the Company. Refer to Note 3 for additional information regarding the sale of non-United States accounts receivable. | |||||
Contingencies | ' | ||||
Contingencies | |||||
Various lawsuits, claims and proceedings have been or may be instituted or asserted against the Company, including those pertaining to environmental, product liability, and safety and health matters. While the amounts claimed may be substantial, the ultimate liability cannot currently be determined because of the considerable uncertainties that exist. | |||||
All lawsuits, claims and proceedings are considered by the Company in establishing reserves for contingencies in accordance with ASC 450, “Contingencies.” In accordance with the provisions of ASC 450, the Company accrues for a litigation-related liability when it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Based on currently available information known to the Company, the Company believes that its reserves for these litigation-related liabilities are reasonable and that the ultimate outcome of any pending matters is not likely to have a material adverse effect on the Company’s financial position or results of operations. | |||||
Environmental Cleanup Costs | ' | ||||
Environmental Cleanup Costs | |||||
The Company accounts for environmental cleanup costs in accordance with ASC 450. The Company expenses environmental expenditures related to existing conditions resulting from past or current operations and from which no current or future benefit is discernible. Expenditures that extend the life of the related property or mitigate or prevent future environmental contamination are capitalized. The Company determines its liability on a site-by-site basis and records a liability at the time when it is probable and can be reasonably estimated. The Company’s estimated liability is reduced to reflect the anticipated participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of the relevant costs. | |||||
Self-Insurance | ' | ||||
Self-Insurance | |||||
The Company is self-insured for certain of the claims made under its employee medical and dental insurance programs. The Company had recorded liabilities totaling $2.9 million and $2.7 million for estimated costs related to outstanding claims as of October 31, 2013 and 2012, respectively. These costs include an estimate for expected settlements on pending claims, administrative fees and an estimate for claims incurred but not reported. These estimates are based on management’s assessment of outstanding claims, historical analyses and current payment trends. The Company recorded an estimate for the claims incurred but not reported using an estimated lag period based upon historical information. The Company believes the reserves recorded are adequate based upon current facts and circumstances. | |||||
The Company has certain deductibles applied to various insurance policies including general liability, product, auto and workers’ compensation. The Company maintains liabilities totaling $14.3 million and $16.1 million for anticipated costs related to general liability, product, auto and workers’ compensation as of October 31, 2013 and 2012, respectively. These costs include an estimate for expected settlements on pending claims, defense costs and an estimate for claims incurred but not reported. These estimates are based on the Company’s assessment of its deductibles, outstanding claims, historical analysis, actuarial information and current payment trends. | |||||
Income Taxes | ' | ||||
Income Taxes | |||||
Income taxes are accounted for under ASC 740, “Income Taxes.” In accordance with ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, as measured by enacted tax rates that are expected to be in effect in the periods when the deferred tax assets and liabilities are expected to be settled or realized. Valuation allowances are established where expected future taxable income does not support the realization of the deferred tax assets. | |||||
The Company’s effective tax rate is impacted by the amount of income allocated to each taxing jurisdiction, statutory tax rates and tax planning opportunities available to the Company in the various jurisdictions in which the Company operates. Significant judgment is required in determining the Company’s effective tax rate and in evaluating its tax positions. | |||||
Tax benefits from uncertain tax positions are recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. The amount recognized is measured as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon settlement. The Company’s effective tax rate includes the impact of reserve provisions and changes to reserves that it considers appropriate as well as related interest and penalties. | |||||
A number of years may elapse before a particular matter, for which the Company has established a reserve, is audited and finally resolved. The number of years with open tax audits varies depending on the tax jurisdiction. While it is often difficult to predict the final outcome or the timing of resolution of any particular tax matter, the Company believes that its reserves reflect the probable outcome of known tax contingencies. Unfavorable settlement of any particular issue would require use of the Company’s cash. Favorable resolution would be recognized as a reduction to the Company’s effective tax rate in the period of resolution. | |||||
Restructuring Charges | ' | ||||
Restructuring Charges | |||||
The Company accounts for all exit or disposal activities in accordance with ASC 420, “Exit or Disposal Cost Obligations.” Under ASC 420, a liability is measured at its fair value and recognized as incurred. | |||||
Employee-related costs primarily consist of one-time termination benefits provided to employees who have been involuntarily terminated. A one-time benefit arrangement is an arrangement established by a plan of termination that applies for a specified termination event or for a specified future period. A one-time benefit arrangement exists at the date the plan of termination meets all of the following criteria and has been communicated to employees: | |||||
-1 | Management, having the authority to approve the action, commits to a plan of termination. | ||||
-2 | The plan identifies the number of employees to be terminated, their job classifications or functions and their locations, and the expected completion date. | ||||
-3 | The plan establishes the terms of the benefit arrangement, including the benefits that employees will receive upon termination (including but not limited to cash payments), in sufficient detail to enable employees to determine the type and amount of benefits they will receive if they are involuntarily terminated. | ||||
-4 | Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. | ||||
Facility exit and other costs consist of accelerated depreciation, equipment relocation costs, project consulting fees. A liability for other costs associated with an exit or disposal activity shall be recognized and measured at its fair value in the period in which the liability is incurred (generally, when goods or services associated with the activity are received). The liability shall not be recognized before it is incurred, even if the costs are incremental to other operating costs and will be incurred as a direct result of a plan. | |||||
Pension and Postretirement Benefits | ' | ||||
Pension and Postretirement Benefits | |||||
Under ASC 715, “Compensation – Retirement Benefits,” employers recognize the funded status of their defined benefit pension and other postretirement plans on the consolidated balance sheet and record as a component of other comprehensive income, net of tax, the gains or losses and prior service costs or credits that have not been recognized as components of the net periodic benefit cost. | |||||
Transfer and Service of Assets | ' | ||||
Transfer and Service of Assets | |||||
An indirect wholly-owned subsidiary of Greif, Inc. agrees to sell trade receivables meeting certain eligibility requirements that it had purchased from other indirect wholly-owned subsidiaries of Greif, Inc., under a non-U.S. factoring agreement. The structure of the transactions provide for a legal true sale, on a revolving basis, of the receivables transferred from the various Greif, Inc. subsidiaries to the respective banks or their affiliates. The banks and their affiliates fund an initial purchase price of a certain percentage of eligible receivables based on a formula with the initial purchase price approximating 75 percent to 90 percent of eligible receivables. The remaining deferred purchase price is settled upon collection of the receivables. At the balance sheet reporting dates, the Company removes from accounts receivable the amount of proceeds received from the initial purchase price since they meet the applicable criteria of ASC 860, “Transfers and Servicing,” and continues to recognize the deferred purchase price in its other current assets. The receivables are sold on a non-recourse basis with the total funds in the servicing collection accounts pledged to the banks between settlement dates. | |||||
Stock-Based Compensation Expense | ' | ||||
Stock-Based Compensation Expense | |||||
The Company recognizes stock-based compensation expense in accordance with ASC 718, “Compensation – Stock Compensation.” ASC 718 requires the measurement and recognition of compensation expense, based on estimated fair values, for all share-based awards made to employees and directors, including stock options, restricted stock, restricted stock units and participation in the Company’s employee stock purchase plan. | |||||
ASC 718 requires companies to estimate the fair value of share-based awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense in the Company’s consolidated statements of income over the requisite service periods. No options were granted in 2013, 2012, or 2011. For any options granted in the future, compensation expense will be based on the grant date fair value estimated in accordance with the standard. | |||||
The Company uses the straight-line single option method of expensing stock options to recognize compensation expense in its consolidated statements of income for all share-based awards. Because share-based compensation expense is based on awards that are ultimately expected to vest, share-based compensation expense will be reduced to account for estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||
Revenue Recognition | ' | ||||
Revenue Recognition | |||||
The Company recognizes revenue when title passes to customers or services have been rendered, with appropriate provision for returns and allowances. Revenue is recognized in accordance with ASC 605, “Revenue Recognition.” | |||||
Timberland disposals, timber, HBU, surplus and development property revenues are recognized when closings have occurred, required down payments have been received, title and possession have been transferred to the buyer, and all other criteria for sale and profit recognition have been satisfied. | |||||
The Company reports the sale of HBU and surplus property in our consolidated statements of income under “gain on disposals of properties, plants and equipment, net” and reports the sale of development property under “net sales” and “cost of products sold.” All HBU and development property, together with surplus property, is used by the Company to productively grow and sell timber until the property is sold. | |||||
Shipping and Handling Fees and Costs | ' | ||||
Shipping and Handling Fees and Costs | |||||
The Company includes shipping and handling fees and costs in cost of products sold. | |||||
Other Expense, Net | ' | ||||
Other Expense, Net | |||||
Other expense, net primarily represents non-United States trade receivables program fees, currency transaction gains and losses and other infrequent non-operating items. | |||||
Currency Translation | ' | ||||
Currency Translation | |||||
In accordance with ASC 830, “Foreign Currency Matters,” the assets and liabilities denominated in a foreign currency are translated into United States dollars at the rate of exchange existing at year-end, and revenues and expenses are translated at average exchange rates. | |||||
The cumulative translation adjustments, which represent the effects of translating assets and liabilities of the Company’s international operations, are presented in the consolidated statements of changes in shareholders’ equity in accumulated other comprehensive income (loss). Transaction gains and losses on foreign currency transactions denominated in a currency other than an entity’s functional currency are credited or charged to income. The amounts included in other expense, net related to transaction losses, net of tax were $3.9 million, $0.8 million and $4.7 million in 2013, 2012 and 2011, respectively. | |||||
Derivative Financial Instruments | ' | ||||
Derivative Financial Instruments | |||||
In accordance with ASC 815, “Derivatives and Hedging,” the Company records all derivatives in the consolidated balance sheet as either assets or liabilities measured at fair value. Dependent on the designation of the derivative instrument, changes in fair value are recorded to earnings or shareholders’ equity through other comprehensive income (loss). The Company may use the following derivatives from time to time. | |||||
The Company uses interest rate swap agreements for cash flow hedging purposes. For derivative instruments that hedge the exposure of variability in interest rates, designated as cash flow hedges, the effective portion of the net gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. | |||||
Interest rate swap agreements that hedge against variability in interest rates effectively convert a portion of floating rate debt to a fixed rate basis, thus reducing the impact of interest rate changes on future interest expense. The Company uses the “variable cash flow method” for assessing the effectiveness of these swaps. The effectiveness of these swaps is reviewed at least every quarter. Hedge ineffectiveness has not been material during any of the years presented herein. | |||||
The Company enters into currency forward contracts to hedge certain currency transactions and short-term intercompany loan balances with its international businesses. Such contracts limit the Company’s exposure to both favorable and unfavorable currency fluctuations. These contracts are adjusted to reflect market value as of each balance sheet date, with the resulting changes in fair value being recognized in other comprehensive income (loss). | |||||
The Company has used derivative instruments to hedge a portion of its natural gas purchases. These derivatives were designated as cash flow hedges. The effective portion of the net gain or loss was reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period during which the hedged transaction affects earnings. | |||||
Any derivative contract that is either not designated as a hedge, or is so designated but is ineffective, would be adjusted to market value and recognized in earnings immediately. If a cash flow or fair value hedge ceases to qualify for hedge accounting, the contract would continue to be carried on the balance sheet at fair value until settled and future adjustments to the contract’s fair value would be recognized in earnings immediately. If a forecasted transaction were no longer probable to occur, amounts previously deferred in accumulated other comprehensive income (loss) would be recognized immediately in earnings. | |||||
Fair Value | ' | ||||
Fair Value | |||||
The Company uses ASC 820, “Fair Value Measurements and Disclosures” to account for fair value. ASC 820 defines fair value, establishes a framework for measuring fair value in GAAP and expands disclosures about fair value measurements. Additionally, this standard established a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. | |||||
The three levels of inputs used to measure fair values are as follows: | |||||
• | Level 1—Observable inputs such as unadjusted quoted prices in active markets for identical assets and liabilities. | ||||
• | Level 2—Observable inputs other than quoted prices in active markets for identical assets and liabilities. | ||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. | ||||
The Company presents various fair value disclosures in Notes 9, 10 and 13 to these consolidated financial statements. | |||||
Newly Adopted Accounting Standards | ' | ||||
Newly Adopted Accounting Standards | |||||
In June 2011, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2011-05 “Comprehensive Income: Presentation of comprehensive income.” This amendment to Accounting Standards Codification (“ASC”) 220 “Comprehensive Income” requires that all non-owner changes in stockholders’ equity be presented either in a single continuous statement of comprehensive income or in two separate but consecutive statements. In the two-statement approach, the first statement should present total net income and its components followed consecutively by a second statement that should present total other comprehensive income, the components of other comprehensive income, and the total of comprehensive income. In December 2011, the FASB issued ASU 2011-12 “Comprehensive Income: Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” This amendment to ASC 220 “Comprehensive Income” deferred the adoption of presentation of reclassification items out of accumulated other comprehensive income. The Company adopted this new guidance beginning November 1, 2012, and the adoption of the new guidance did not impact the Company’s financial position, results of operations or cash flows, other than the related disclosures. | |||||
In September 2011, the FASB issued ASU 2011-08 “Intangibles—Goodwill and Other: Testing Goodwill for Impairment”, which provides an entity the option to first assess qualitative factors to determine whether it is necessary to perform the current two-step test for goodwill impairment. If an entity believes, as a result of its qualitative assessment, that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount, the quantitative impairment test is required. Otherwise, no further testing is required. The revised standard is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The Company has adopted this new guidance, which was implemented when the annual goodwill impairment testing was performed during the fourth quarter of 2013, and the adoption of the new guidance did not impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than related disclosures. | |||||
In July 2012, the FASB issued ASU 2012-02 “Intangibles—Goodwill and Other: Testing Indefinite-Lived Intangible Assets for Impairment” which provides an entity the option to first assess qualitative factors to determine whether the existence of events and circumstances indicates that it is more-likely-than-not that the indefinite-lived intangible asset is impaired. If, after assessing the totality of events and circumstances, an entity concludes that it is not more likely than not that the indefinite-lived intangible asset is impaired, then the entity is not required to take further action. However, if an entity concludes otherwise, then it is required to determine the fair value of the indefinite-lived intangible asset and perform the quantitative impairment test by comparing the fair value with the carrying amount. The Company has adopted this new guidance, which was implemented when the annual intangible asset impairment testing was performed during the fourth quarter of 2013, and the adoption of the new guidance did not impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than related disclosures. | |||||
Recently Issued Accounting Standards | ' | ||||
Recently Issued Accounting Standards | |||||
As of October 31, 2013, the FASB has issued ASU’s through 2013-11. The Company has reviewed each recently issued ASU and the adoption of each ASU that is applicable to the Company is not expected to have a material impact on the Company’s financial position, results of operations, comprehensive income or cash flows, other than the related disclosures. | |||||
In December 2011, the FASB issued ASU 2011-11 “Balance Sheet: Disclosures about Offsetting Assets and Liabilities.” The differences in the offsetting requirements in GAAP and International Financial Reporting Standards (“IFRS”) account for a significant difference in the amounts presented in statements of financial position prepared in accordance with GAAP and in the amounts presented in those statements prepared in accordance with IFRS for certain institutions. This difference reduces the comparability of statements of financial position. The FASB and IASB are issuing joint requirements that will enhance current disclosures. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. The Company is expected to adopt the new guidance beginning on November 1, 2013, and the adoption of the new guidance is not expected to impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than the related disclosures. | |||||
In January 2013, the FASB issued ASU 2013-01 “Balance Sheet: Clarifying the Scope of Disclosures about Offsetting Assets and Liabilities.” The main objective in developing this update is to address implementation issues about the scope of ASU 2011-11. FASB stakeholders have told the FASB that because the scope in ASU 2011-11 is unclear, diversity in practice may result. Recent feedback from FASB stakeholders is that standard commercial provisions of many contracts would equate to a master netting arrangement. FASB stakeholders questioned whether it was the FASB’s intent to require disclosures for such a broad scope, which would significantly increase the cost of compliance. The objective of this update is to clarify the scope of the offsetting disclosures and address any unintended consequences. The Company is expected to adopt the new guidance beginning on November 1, 2013, and the adoption of the new guidance is not expected to impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than the related disclosures. | |||||
In February 2013, the FASB issued ASU 2013-02 “Comprehensive Income: Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income.” The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. GAAP to be reclassified in its entirety to net income. For other amounts that are not required under U.S. GAAP to be reclassified in their entirety to net income in the same reporting period, an entity is required to cross-reference other disclosures required under U.S. GAAP that provide additional detail about those amounts. This would be the case when a portion of the amount reclassified out of accumulated other comprehensive income is reclassified to a balance sheet account instead of directly to income or expense in the same reporting period. The Company is expected to adopt the new guidance beginning on November 1, 2013, and the adoption of the new guidance is not expected to impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than the related disclosures. | |||||
In March 2013, the FASB issued ASU 2013-05 “Foreign Currency Matters: Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or an Investment in a Foreign Entity.” The objective of this update is to resolve the diversity in practice about whether ASC 810-10 or ASC 830-30 applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas rights) within a foreign entity. The Company is expected to adopt the new guidance beginning November 1, 2014, and the impact of the adoption of the new guidance will be evaluated when an acquisition or divestiture occurs with respect to the Company’s financial position, results of operations, comprehensive income, cash flows and disclosures. | |||||
In July 2013, the FASB issued ASU 2013-10 “Derivatives and Hedging: Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes.” The objective of this update is to permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815, in addition to the UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The Company adopted the new guidance for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013, and the impact of the adoption of the new guidance did not have an impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than the related disclosures. | |||||
In July 2013, the FASB issued ASU 2013-11 “Income Taxes: Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The objective of this update is to eliminate the diversity in practice in the presentation of unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. The amendments in this update seek to attain that objective by requiring an entity to present an unrecognized tax benefit in the financial statements as a reduction to a deferred tax asset for those instances described above, except in certain situations discussed in the update. The Company is expected to adopt the new guidance beginning on November 1, 2014, and the adoption of the new guidance is not expected to impact the Company’s financial position, results of operations, comprehensive income or cash flows, other than the related disclosures. | |||||
Earnings Per Share | ' | ||||
The Company has two classes of common stock and, as such, applies the “two-class method” of computing earnings per share (“EPS”) as prescribed in ASC 260, “Earnings Per Share.” In accordance with this guidance, earnings are allocated first to Class A and Class B Common Stock to the extent that dividends are actually paid and the remainder allocated assuming all of the earnings for the period have been distributed in the form of dividends. |
Basis_of_Presentation_and_Summ2
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||
Oct. 31, 2013 | |||||
Accounting Policies [Abstract] | ' | ||||
Depreciation on Properties, Plants and Equipment | ' | ||||
Properties, plants and equipment are stated at cost. Depreciation on properties, plants and equipment is provided on the straight-line method over the estimated useful lives of the assets as follows: | |||||
Years | |||||
Buildings | 30–45 | ||||
Machinery and equipment | 3–19 |
Acquisitions_and_Other_Signifi1
Acquisitions and Other Significant Transactions (Tables) | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||||||||||
Acquisitions | ' | ||||||||||||||||||||
The following table summarizes the Company’s acquisition activity in 2013, 2012 and 2011 (Dollars in millions). | |||||||||||||||||||||
Segment | # of | Purchase | Tangible | Intangible | Goodwill | ||||||||||||||||
Acquisitions | Price, | Assets, | Assets | ||||||||||||||||||
net of | net | ||||||||||||||||||||
Cash | |||||||||||||||||||||
Total 2013 Acquisitions | — | $ | — | — | — | — | |||||||||||||||
Total 2012 Acquisitions | — | $ | — | — | — | — | |||||||||||||||
Total 2011 Acquisitions | 8 | $ | 344.9 | $ | 101.7 | $ | 77.7 | $ | 307.2 |
Sale_of_NonUnited_States_Accou1
Sale of Non-United States Accounts Receivable (Tables) | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Receivables [Abstract] | ' | ||||||||||||
Company's Accounts Receivable Programs | ' | ||||||||||||
The table below contains information related to the Company’s accounts receivables programs (Dollars in millions): | |||||||||||||
For the years ended October 31, | 2013 | 2012 | 2011 | ||||||||||
European RPA | |||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 1,071.30 | $ | 702.7 | $ | — | |||||||
Cash received for accounts receivable sold under the programs | 947 | 619.1 | — | ||||||||||
Deferred purchase price related to accounts receivable sold | 124.3 | 83.6 | — | ||||||||||
Loss associated with the programs | 2.5 | 1.9 | — | ||||||||||
Expenses associated with the programs | — | 1.9 | — | ||||||||||
RPA and Italian RPA | |||||||||||||
Gross accounts receivable sold to third party financial institution | $ | — | $ | 189.4 | $ | 958.6 | |||||||
Cash received for accounts receivable sold under the programs | — | 167.7 | 848.4 | ||||||||||
Deferred purchase price related to accounts receivable sold | — | 21.7 | 110.2 | ||||||||||
Loss associated with the programs | — | 1.6 | 4.4 | ||||||||||
Expenses associated with the programs | — | — | — | ||||||||||
Singapore RPA | |||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 70.5 | $ | 73.8 | $ | 70.5 | |||||||
Cash received for accounts receivable sold under the program | 70.5 | 73.8 | 70.5 | ||||||||||
Deferred purchase price related to accounts receivable sold | — | — | — | ||||||||||
Loss associated with the program | — | — | — | ||||||||||
Expenses associated with the program | 0.2 | 0.2 | 0.2 | ||||||||||
Malaysian Agreements | |||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 22.9 | $ | 24.2 | $ | 19 | |||||||
Cash received for accounts receivable sold under the program | 22.9 | 24.2 | 19 | ||||||||||
Deferred purchase price related to accounts receivable sold | — | — | — | ||||||||||
Loss associated with the program | 0.2 | 0.1 | 0.2 | ||||||||||
Expenses associated with the program | 0.1 | 0.1 | — | ||||||||||
Total RPAs and Agreements | |||||||||||||
Gross accounts receivable sold to third party financial institution | $ | 1,164.70 | $ | 990.1 | $ | 1,048.10 | |||||||
Cash received for accounts receivable sold under the program | 1,040.40 | 884.8 | 937.9 | ||||||||||
Deferred purchase price related to accounts receivable sold | 124.3 | 105.3 | 110.2 | ||||||||||
Loss associated with the program | 2.7 | 3.6 | 4.6 | ||||||||||
Expenses associated with the program | 0.3 | 2.2 | 0.2 | ||||||||||
October 31, | October 31, | ||||||||||||
2013 | 2012 | ||||||||||||
European RPA | |||||||||||||
Accounts receivable sold to and held by third party financial institution | $ | 179 | $ | 185.6 | |||||||||
Uncollected deferred purchase price related to accounts receivable sold | 11.5 | 3.5 | |||||||||||
RPA and Italian RPA | |||||||||||||
Accounts receivable sold to and held by third party financial institution | $ | — | $ | — | |||||||||
Uncollected deferred purchase price related to accounts receivable sold | — | — | |||||||||||
Singapore RPA | |||||||||||||
Accounts receivable sold to and held by third party financial institution | $ | 4.4 | $ | 3.9 | |||||||||
Uncollected deferred purchase price related to accounts receivable sold | — | — | |||||||||||
Malaysian Agreements | |||||||||||||
Accounts receivable sold to and held by third party financial institution | $ | 4.5 | $ | 2.9 | |||||||||
Uncollected deferred purchase price related to accounts receivable sold | — | — | |||||||||||
Total RPAs and Agreements | |||||||||||||
Accounts receivable sold to and held by third party financial institution | $ | 187.9 | $ | 192.4 | |||||||||
Uncollected deferred purchase price related to accounts receivable sold | $ | 11.5 | $ | 3.5 |
Inventories_Tables
Inventories (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Summarization of Inventories | ' | ||||||||
The inventories are stated at the lower of cost or market and summarized as follows as of October 31 for each year (Dollars in millions): | |||||||||
2013 | 2012 | ||||||||
Finished goods | $ | 98.5 | $ | 96.9 | |||||
Raw materials | 240.4 | 240.2 | |||||||
Work-in process | 36.4 | 36.4 | |||||||
$ | 375.3 | $ | 373.5 | ||||||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Changes in Carrying Amount of Goodwill by Segment | ' | ||||||||||||||||||||
The following table summarizes the changes in the carrying amount of goodwill by segment for the year ended October 31, 2013 and 2012 (Dollars in millions): | |||||||||||||||||||||
Rigid Industrial | Flexible Products | Paper | Land | Total | |||||||||||||||||
Packaging & Services | & Services | Packaging | Management | ||||||||||||||||||
Balance at October 31, 2011 | $ | 864.6 | $ | 78.1 | $ | 59.7 | $ | 0.2 | $ | 1,002.60 | |||||||||||
Goodwill acquired | — | — | — | — | — | ||||||||||||||||
Goodwill adjustments | 14.9 | 0.2 | — | — | 15.1 | ||||||||||||||||
Currency translation | (34.9 | ) | (6.7 | ) | — | — | (41.6 | ) | |||||||||||||
Balance at October 31, 2012 | $ | 844.6 | $ | 71.6 | $ | 59.7 | $ | 0.2 | $ | 976.1 | |||||||||||
Goodwill acquired | — | — | — | — | — | ||||||||||||||||
Goodwill adjustments | 1.5 | — | 0.2 | (0.2 | ) | 1.5 | |||||||||||||||
Currency translation | 21.2 | 4.7 | — | — | 25.9 | ||||||||||||||||
Balance at October 31, 2013 | $ | 867.3 | $ | 76.3 | $ | 59.9 | $ | — | $ | 1,003.50 | |||||||||||
Summary of Carrying Amount of Net Intangible Assets by Class | ' | ||||||||||||||||||||
The following table summarizes the carrying amount of net intangible assets by class as of October 31, 2013 and October 31, 2012 (Dollars in millions): | |||||||||||||||||||||
Gross | Accumulated | Net | |||||||||||||||||||
Intangible | Amortization | Intangible | |||||||||||||||||||
Assets | Assets | ||||||||||||||||||||
October 31, 2012: | |||||||||||||||||||||
Trademarks and patents | $ | 32.5 | $ | 3.6 | $ | 28.9 | |||||||||||||||
Non-compete agreements | 14.4 | 11.1 | 3.3 | ||||||||||||||||||
Customer relationships | 201.1 | 53.6 | 147.5 | ||||||||||||||||||
Other | 23.8 | 4.9 | 18.9 | ||||||||||||||||||
Total | $ | 271.8 | $ | 73.2 | $ | 198.6 | |||||||||||||||
October 31, 2013: | |||||||||||||||||||||
Trademarks and patents | $ | 31.1 | $ | 4.3 | $ | 26.8 | |||||||||||||||
Non-compete agreements | 14.6 | 12.6 | 2 | ||||||||||||||||||
Customer relationships | 205.6 | 69.4 | 136.2 | ||||||||||||||||||
Other | 23.5 | 7.7 | 15.8 | ||||||||||||||||||
Total | $ | 274.8 | $ | 94 | $ | 180.8 | |||||||||||||||
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 12 Months Ended | ||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||
Restructuring And Related Activities [Abstract] | ' | ||||||||||||||||||||
Reconciliation of Beginning and Ending Restructuring Reserve Balances | ' | ||||||||||||||||||||
The following is a reconciliation of the beginning and ended restructuring reserve balances for the years ended October 31, 2013, 2012 and 2011 (Dollars in millions): | |||||||||||||||||||||
Cash Charges | Non-cash Charges | ||||||||||||||||||||
Employee | Other | Asset | Inventory | Total | |||||||||||||||||
Separation | costs | Impairments | Write- | ||||||||||||||||||
Costs | down | ||||||||||||||||||||
Balance at October 31, 2011 | $ | 11.8 | $ | 7.6 | $ | 0.2 | $ | — | $ | 19.6 | |||||||||||
Costs incurred and charged to expense | 13.4 | 9.8 | 10.2 | — | 33.4 | ||||||||||||||||
Costs paid or otherwise settled | (19.0 | ) | (15.6 | ) | (10.4 | ) | — | (45.0 | ) | ||||||||||||
Balance at October 31, 2012 | $ | 6.2 | $ | 1.8 | $ | — | $ | — | $ | 8 | |||||||||||
Costs incurred and charged to expense | 2.8 | 2 | 4 | — | 8.8 | ||||||||||||||||
Costs paid or otherwise settled | (7.2 | ) | (2.6 | ) | (4.0 | ) | — | (13.8 | ) | ||||||||||||
Balance at October 31, 2013 | $ | 1.8 | $ | 1.2 | $ | — | $ | — | $ | 3 | |||||||||||
Reconciliation of Total Amounts Expected to be Incurred from Open Restructuring Plans Anticipated to be Realized | ' | ||||||||||||||||||||
The following is a reconciliation of the total amounts expected to be incurred from open restructuring plans or plans that are being formulated and have not been announced as of the date of this From 10-K. Remaining amounts expected to be incurred were $6.6 million and $12.3 million as of October 31, 2013 and 2012, respectively. The decrease was due to the realization of expenses from plans formulated in prior periods offset by the formation of new plans during the period. (Dollars in millions): | |||||||||||||||||||||
Amounts | Amounts | Amounts | |||||||||||||||||||
expected | Incurred | remaining | |||||||||||||||||||
to be | in 2013 | to be | |||||||||||||||||||
incurred | incurred | ||||||||||||||||||||
Rigid Industrial Packaging & Services: | |||||||||||||||||||||
Employee separation costs | $ | 5.1 | $ | 2.8 | $ | 2.3 | |||||||||||||||
Asset impairments | 3.9 | 3.9 | — | ||||||||||||||||||
Other restructuring costs | 4.8 | 1.5 | 3.3 | ||||||||||||||||||
13.8 | 8.2 | 5.6 | |||||||||||||||||||
Flexible Products & Services: | |||||||||||||||||||||
Employee separation costs | 0.8 | — | 0.8 | ||||||||||||||||||
Asset impairments | 0.1 | 0.1 | — | ||||||||||||||||||
Other restructuring costs | 0.7 | 0.5 | 0.2 | ||||||||||||||||||
1.6 | 0.6 | 1 | |||||||||||||||||||
$ | 15.4 | $ | 8.8 | $ | 6.6 | ||||||||||||||||
Consolidation_of_Variable_Inte1
Consolidation of Variable Interest Entities (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||
Total Net Assets of Flexible Packaging JV | ' | ||||||||||||||||
The following table presents the Flexible Packaging JV total net assets (Dollars in millions): | |||||||||||||||||
October 31, 2012 | Asset Co. | Global Textile | Trading Co. | Flexible Packaging JV | |||||||||||||
Total assets | $ | 152.1 | $ | 47.6 | $ | 174.3 | $ | 374 | |||||||||
Total liabilities | 175.8 | 0.8 | 80.1 | 256.7 | |||||||||||||
Net assets | $ | (23.7 | ) | $ | 46.8 | $ | 94.2 | $ | 117.3 | ||||||||
October 31, 2013 | Asset Co. | Global Textile | Trading Co. | Flexible Packaging JV | |||||||||||||
Total assets | $ | 155.5 | $ | 44.9 | $ | 163.6 | $ | 364 | |||||||||
Total liabilities | 209.8 | 1.2 | 57.3 | 268.3 | |||||||||||||
Net assets | $ | (54.3 | ) | $ | 43.7 | $ | 106.3 | $ | 95.7 | ||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 12 Months Ended | ||||||||
Oct. 31, 2013 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Summary of Long-Term Debt | ' | ||||||||
Long-term debt is summarized as follows (Dollars in millions): | |||||||||
October 31, 2013 | October 31, 2012 | ||||||||
Amended Credit Agreement | $ | 222.9 | $ | — | |||||
2010 Credit Agreement | — | 255 | |||||||
Senior Notes due 2017 | 301.8 | 302.3 | |||||||
Senior Notes due 2019 | 244.4 | 243.6 | |||||||
Senior Notes due 2021 | 272.9 | 256 | |||||||
Amended Receivables Facility | 140 | — | |||||||
Prior Receivables Facility | — | 110 | |||||||
Other long-term debt | 35.2 | 33.4 | |||||||
1,217.20 | 1,200.30 | ||||||||
Less current portion | (10.0 | ) | (25.0 | ) | |||||
Long-term debt | $ | 1,207.20 | $ | 1,175.30 | |||||
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Recurring Fair Value Measurements | ' | ||||||||||||||||||||||||||||||||||
The following table presents the fair values adjustments for those assets and (liabilities) measured on a recurring basis as of October 31, 2013 and 2012 (Dollars in millions): | |||||||||||||||||||||||||||||||||||
October 31, 2013 | October 31, 2012 | Balance sheet | |||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | Location | |||||||||||||||||||||||||||
Interest rate derivatives | $ | — | $ | (0.9 | ) | $ | — | $ | (0.9 | ) | $ | — | $ | (1.4 | ) | $ | — | $ | (1.4 | ) | Other long-term liabilities | ||||||||||||||
Foreign exchange hedges | — | 0.3 | — | 0.3 | — | 0.8 | — | 0.8 | Other current assets | ||||||||||||||||||||||||||
Foreign exchange hedges | — | (1.0 | ) | — | (1.0 | ) | — | (0.3 | ) | — | (0.3 | ) | Other current liabilities | ||||||||||||||||||||||
Total* | $ | — | $ | (1.6 | ) | $ | — | $ | (1.6 | ) | $ | — | $ | (0.9 | ) | $ | — | $ | (0.9 | ) | |||||||||||||||
* | The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts payable, current liabilities and short-term borrowings as of October 31, 2013 and 2012 approximate their fair values because of the short-term nature of these items and are not included in this table. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Stock Option Activity | ' | ||||||||||||||||||||||||
Stock option activity for the years ended October 31 was as follows (Shares in thousands): | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||||||
Average | Average | Average | |||||||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||||||
price | price | price | |||||||||||||||||||||||
Beginning balance | 181 | $ | 19.45 | 342 | $ | 16.61 | 510 | $ | 16.14 | ||||||||||||||||
Granted | — | — | — | — | — | — | |||||||||||||||||||
Forfeited | 3 | 19.35 | 3 | 13.1 | 1 | 12.72 | |||||||||||||||||||
Exercised | 99 | 14.79 | 158 | 13.45 | 167 | 15.17 | |||||||||||||||||||
Ending balance | 79 | $ | 25.3 | 181 | $ | 19.45 | 342 | $ | 16.61 | ||||||||||||||||
Exercise Price of Outstanding Stock Options | ' | ||||||||||||||||||||||||
As of October 31, 2013, outstanding stock options had exercise prices and contractual lives as follows (Shares in thousands): | |||||||||||||||||||||||||
Range of Exercise Prices | Number | Weighted- | |||||||||||||||||||||||
Outstanding | Average | ||||||||||||||||||||||||
Remaining | |||||||||||||||||||||||||
Contractual | |||||||||||||||||||||||||
Life | |||||||||||||||||||||||||
$15 – $25 | 67 | 1.1 | |||||||||||||||||||||||
$25 – $35 | 12 | 1.3 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Provision for Income Taxes | ' | ||||||||||||
The provision for income taxes consists of the following (Dollars in millions): | |||||||||||||
For the years ended October 31, | 2013 | 2012 | 2011 | ||||||||||
Current | |||||||||||||
Federal | $ | 54.2 | $ | 19.7 | $ | 25.6 | |||||||
State and local | 8.8 | 5.4 | 4.4 | ||||||||||
Non-U.S. | 32.6 | 13.5 | 27.5 | ||||||||||
95.6 | 38.6 | 57.5 | |||||||||||
Deferred | |||||||||||||
Federal | (6.3 | ) | 10.3 | 11 | |||||||||
State and local | (0.2 | ) | 2.7 | 5 | |||||||||
Non-U.S. | 8.5 | 7.2 | (6.2 | ) | |||||||||
2 | 20.2 | 9.8 | |||||||||||
$ | 97.6 | $ | 58.8 | $ | 67.3 | ||||||||
Reconciliation of Effective Income Tax Rate | ' | ||||||||||||
The following is a reconciliation of the provision for income taxes based on the federal statutory rate to the Company’s effective income tax rate: | |||||||||||||
For the years ended October 31, | 2013 | 2012 | 2011 | ||||||||||
United States federal tax rate | 35 | % | 35 | % | 35 | % | |||||||
Non-U.S. tax rates | 2.2 | % | -1.1 | % | -10 | % | |||||||
State and local taxes, net of federal tax benefit | 2.5 | % | 2.3 | % | 1.9 | % | |||||||
United States tax credits | -2.1 | % | -0.7 | % | -0.8 | % | |||||||
Unrecognized tax benefits | -0.2 | % | -5.5 | % | 12.6 | % | |||||||
Change in judgment regarding valuation allowance | 0.5 | % | 1.5 | % | -14.5 | % | |||||||
Withholding tax | 2.9 | % | 2.6 | % | 1.9 | % | |||||||
Foreign partnerships | -3.6 | % | -4.3 | % | -1 | % | |||||||
Foreign Income Inclusion | 1.7 | % | 1.6 | % | 0.1 | % | |||||||
Other items | 1.1 | % | 0.3 | % | 2.8 | % | |||||||
40 | % | 31.7 | % | 28 | % | ||||||||
Significant Components of Company's Deferred Tax Assets and Liabilities | ' | ||||||||||||
The components of the Company’s deferred tax assets and liabilities as of October 31 for the years indicated were as follows (Dollars in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred Tax Assets | |||||||||||||
Net operating loss carryforwards | $ | 102.4 | $ | 90.7 | |||||||||
Minimum pension liabilities | 41.5 | 61.6 | |||||||||||
Insurance operations | 6.4 | 9.1 | |||||||||||
Incentives | 5.5 | 4.1 | |||||||||||
Environmental reserves | 7.3 | 7.4 | |||||||||||
Inventories | 6.1 | 2.7 | |||||||||||
State income tax | 9.6 | 9.2 | |||||||||||
Postretirement | 5.6 | 7.4 | |||||||||||
Other | 5.6 | 6.3 | |||||||||||
Derivatives instruments | 0.4 | 0.5 | |||||||||||
Interest | 5.2 | 5.3 | |||||||||||
Allowance for doubtful accounts | 3 | 4.5 | |||||||||||
Restructuring reserves | 0.4 | 1.1 | |||||||||||
Deferred compensation | 2.8 | 2.5 | |||||||||||
Foreign tax credits | 2.5 | 1.8 | |||||||||||
Vacation accruals | 1.5 | 1.4 | |||||||||||
Stock options | 1 | 1.4 | |||||||||||
Severance | 0.2 | 0.2 | |||||||||||
Workers compensation accruals | 3.9 | 2.5 | |||||||||||
Total Deferred Tax Assets | 210.9 | 219.7 | |||||||||||
Valuation allowance | (78.6 | ) | (57.0 | ) | |||||||||
Net Deferred Tax Assets | 132.3 | 162.7 | |||||||||||
Deferred Tax Liabilities | |||||||||||||
Properties, plants and equipment | 114.8 | 121.9 | |||||||||||
Goodwill and other intangible assets | 97.5 | 93.4 | |||||||||||
Foreign Income Inclusion | 0.8 | — | |||||||||||
Foreign exchange | 7.6 | 7.8 | |||||||||||
Timberland transactions | 102.1 | 95.7 | |||||||||||
Pension | 8.9 | 16.5 | |||||||||||
Total Deferred Tax Liabilities | 331.7 | 335.3 | |||||||||||
Net Deferred Tax Liability | $ | (199.4 | ) | $ | (172.6 | ) | |||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
A reconciliation of the beginning and ended amount of unrecognized tax benefits is as follows: | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Balance at November 1 | $ | 43.6 | $ | 73.9 | $ | 35.4 | |||||||
Increases in tax positions for prior years | 1.3 | 7.3 | 44 | ||||||||||
Decreases in tax positions for prior years | (2.5 | ) | (2.1 | ) | (1.6 | ) | |||||||
Increases in tax positions for current years | 1.3 | 3.9 | — | ||||||||||
Settlements with taxing authorities | (30.3 | ) | (32.5 | ) | (4.5 | ) | |||||||
Lapse in statute of limitations | — | (0.3 | ) | — | |||||||||
Currency translation | 2.6 | (6.6 | ) | 0.6 | |||||||||
Balance at October 31 | $ | 16 | $ | 43.6 | $ | 73.9 | |||||||
Post_Retirement_Benefit_Plans_
Post Retirement Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||||||||||
Number of Participants in Defined Benefit Plans | ' | ||||||||||||||||||||||||
The following table presents the number of participants in the defined benefit plans: | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
October 31, 2013 | Consolidated | USA | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Active participants | 2,244 | 1,880 | 122 | 133 | 48 | 61 | |||||||||||||||||||
Vested former employees | 2,184 | 1,452 | 64 | 399 | 249 | 20 | |||||||||||||||||||
Retirees and beneficiaries | 4,147 | 2,320 | 250 | 718 | 804 | 55 | |||||||||||||||||||
Other plan participants | 35 | 0 | 0 | 0 | 35 | 0 | |||||||||||||||||||
October 31, 2012 | Consolidated | USA | Germany | United Kingdom | Netherlands | Other Intl | |||||||||||||||||||
Active participants | 2,402 | 2,004 | 127 | 158 | 48 | 65 | |||||||||||||||||||
Vested former employees | 3,660 | 2,913 | 63 | 418 | 249 | 17 | |||||||||||||||||||
Retirees and beneficiaries | 4,043 | 2,210 | 248 | 726 | 804 | 55 | |||||||||||||||||||
Other plan participants | 35 | 0 | 0 | 0 | 35 | 0 | |||||||||||||||||||
Actuarial Assumptions Used to Measure Benefit Obligations and Pension Costs | ' | ||||||||||||||||||||||||
The actuarial assumptions are used to measure the year-end benefit obligations at October 31and the pension costs for the subsequent year were as follows: | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
For the year ended October 31, 2013 | Consolidated | United States | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Discount rate | 4.3 | % | 4.75 | % | 3.4 | % | 4.25 | % | 3.25 | % | 5.28 | % | |||||||||||||
Expected return on plan assets | 5.7 | % | 6 | % | N/A | 6.5 | % | 3.25 | % | 5.82 | % | ||||||||||||||
Rate of compensation increase | 2.99 | % | 3 | % | 2.75 | % | 3.5 | % | 2.25 | % | 2.35 | % | |||||||||||||
For the year ended October 31, 2012 | |||||||||||||||||||||||||
Discount rate | 3.92 | % | 4 | % | 3.5 | % | 4.25 | % | 3.25 | % | 4.89 | % | |||||||||||||
Expected return on plan assets | 6.46 | % | 6.75 | % | N/A | 6.75 | % | 5 | % | 6.55 | % | ||||||||||||||
Rate of compensation increase | 2.99 | % | 3 | % | 2.75 | % | 3.5 | % | 2.25 | % | 2.29 | % | |||||||||||||
For the year ended October 31, 2011 | |||||||||||||||||||||||||
Discount rate | 4.94 | % | 4.9 | % | 5.25 | % | 5 | % | 5 | % | 5.55 | % | |||||||||||||
Expected return on plan assets | 7.2 | % | 8.25 | % | N/A | 7.5 | % | 4.25 | % | 6.6 | % | ||||||||||||||
Rate of compensation increase | 3.13 | % | 3 | % | 2.75 | % | 4 | % | 2.25 | % | 2.7 | % | |||||||||||||
Components of Net Periodic Pension Cost | ' | ||||||||||||||||||||||||
The components of net periodic pension cost include the following (Dollars in millions): | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
For the year ended October 31, 2013 | Consolidated | United States | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Service cost | $ | 16.7 | $ | 11.5 | $ | 0.6 | $ | 2.9 | $ | 1.2 | $ | 0.5 | |||||||||||||
Interest cost | 27.6 | 15.9 | 1.2 | 6.5 | 3.3 | 0.7 | |||||||||||||||||||
Expected return on plan assets | (32.1 | ) | (16.4 | ) | — | (11.7 | ) | (3.2 | ) | (0.8 | ) | ||||||||||||||
Amortization of prior service cost | 0.6 | 0.5 | — | — | — | 0.1 | |||||||||||||||||||
Recognized net actuarial loss | 16.4 | 13.6 | 0.6 | 1.3 | 0.6 | 0.3 | |||||||||||||||||||
Net periodic pension cost | $ | 29.2 | $ | 25.1 | $ | 2.4 | $ | (1.0 | ) | $ | 1.9 | $ | 0.8 | ||||||||||||
Other | |||||||||||||||||||||||||
For the year ended October 31, 2012 | Consolidated | United States | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Service cost | $ | 13.4 | $ | 10 | $ | 0.4 | $ | 2.1 | $ | 0.5 | $ | 0.4 | |||||||||||||
Interest cost | 29.6 | 16.6 | 1.4 | 7 | 3.9 | 0.7 | |||||||||||||||||||
Expected return on plan assets | (33.9 | ) | (17.6 | ) | — | (11.8 | ) | (3.6 | ) | (0.9 | ) | ||||||||||||||
Amortization of prior service cost | 1.5 | 1.5 | — | — | — | — | |||||||||||||||||||
Recognized net actuarial loss | 11.4 | 9.9 | 0.1 | 0.6 | 0.4 | 0.4 | |||||||||||||||||||
Net periodic pension cost | $ | 22 | $ | 20.4 | $ | 1.9 | $ | (2.1 | ) | $ | 1.2 | $ | 0.6 | ||||||||||||
Other | |||||||||||||||||||||||||
For the year ended October 31, 2011 | Consolidated | United States | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Service cost | $ | 12.7 | $ | 9 | $ | 0.5 | $ | 2.1 | $ | 0.7 | $ | 0.4 | |||||||||||||
Interest cost | 29.6 | 16.6 | 1.4 | 7.1 | 3.9 | 0.6 | |||||||||||||||||||
Expected return on plan assets | (36.8 | ) | (19.7 | ) | — | (12.7 | ) | (3.7 | ) | (0.7 | ) | ||||||||||||||
Amortization of prior service cost | 1.9 | 1.9 | — | — | — | — | |||||||||||||||||||
Recognized net actuarial loss | 8.4 | 7.1 | 0.1 | 0.4 | 0.4 | 0.4 | |||||||||||||||||||
Net periodic pension cost | $ | 15.8 | $ | 14.9 | $ | 2 | $ | (3.1 | ) | $ | 1.3 | $ | 0.7 | ||||||||||||
Change in Projected Benefit Obligation | ' | ||||||||||||||||||||||||
The following table sets forth the plans’ change in projected benefit obligation (Dollars in millions): | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Consolidated | USA | Germany | United Kingdom | Netherlands | International | ||||||||||||||||||||
For the year ended October 31, 2013 | |||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 722.4 | $ | 404.7 | $ | 35.3 | $ | 161.9 | $ | 103.4 | $ | 17.1 | |||||||||||||
Service cost | 16.7 | 11.5 | 0.6 | 2.9 | 1.2 | 0.5 | |||||||||||||||||||
Interest cost | 27.6 | 15.9 | 1.2 | 6.5 | 3.3 | 0.7 | |||||||||||||||||||
Plan participant contributions | 0.3 | — | — | — | 0.3 | — | |||||||||||||||||||
Expenses paid from assets | (2.2 | ) | (1.9 | ) | — | — | — | (0.3 | ) | ||||||||||||||||
Plan Amendments | 0.4 | 0.4 | — | — | — | — | |||||||||||||||||||
Actuarial (gain) loss | (23.8 | ) | (40.6 | ) | 0.9 | 9.7 | 7.7 | (1.5 | ) | ||||||||||||||||
Foreign currency effect | 9.4 | — | 2.4 | 0.8 | 7 | (0.8 | ) | ||||||||||||||||||
Benefits paid | (47.0 | ) | (31.3 | ) | (1.4 | ) | (6.9 | ) | (6.0 | ) | (1.4 | ) | |||||||||||||
Benefit obligation at end of year | $ | 703.8 | $ | 358.7 | $ | 39 | $ | 174.9 | $ | 116.9 | $ | 14.3 | |||||||||||||
For the year ended October 31, 2012 | |||||||||||||||||||||||||
Change in benefit obligation: | |||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 616.2 | $ | 345.5 | $ | 27.9 | $ | 142.1 | $ | 85.3 | $ | 15.4 | |||||||||||||
Service cost | 13.4 | 10 | 0.4 | 2.1 | 0.5 | 0.4 | |||||||||||||||||||
Interest cost | 29.6 | 16.6 | 1.4 | 7 | 3.9 | 0.7 | |||||||||||||||||||
Plan participant contributions | 0.3 | — | — | 0.1 | 0.2 | — | |||||||||||||||||||
Expenses paid from assets | (1.1 | ) | (1.1 | ) | — | — | — | — | |||||||||||||||||
Multi-plan combination | 1.7 | — | — | 1.7 | — | — | |||||||||||||||||||
Actuarial loss | 91.9 | 47.3 | 8.4 | 11.4 | 24 | 0.8 | |||||||||||||||||||
Foreign currency effect | (1.7 | ) | — | (1.5 | ) | 3.9 | (4.5 | ) | 0.4 | ||||||||||||||||
Benefits paid | (27.9 | ) | (13.6 | ) | (1.3 | ) | (6.4 | ) | (6.0 | ) | (0.6 | ) | |||||||||||||
Benefit obligation at end of year | $ | 722.4 | $ | 404.7 | $ | 35.3 | $ | 161.9 | $ | 103.4 | $ | 17.1 | |||||||||||||
The fair value of the pension plans’ investments is presented below. The inputs and valuation techniques used to measure the fair value of the assets are consistently applied and described in Note 1. | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Consolidated | USA | Germany | United Kingdom | Netherlands | International | ||||||||||||||||||||
For the year ended October 31, 2013 | |||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 599.1 | $ | 298.4 | $ | — | $ | 187.4 | $ | 99.3 | $ | 14 | |||||||||||||
Actual return on plan assets | 48.9 | 25.1 | — | 15.9 | 6.5 | 1.4 | |||||||||||||||||||
Expenses paid | (2.1 | ) | (1.8 | ) | — | — | — | (0.3 | ) | ||||||||||||||||
Plan participant contributions | 0.3 | — | — | — | 0.3 | — | |||||||||||||||||||
Multi-plan combination | — | — | — | — | — | — | |||||||||||||||||||
Foreign currency impact | 6.4 | — | — | 0.8 | 6.5 | (0.9 | ) | ||||||||||||||||||
Employer contributions | 14.4 | 11.4 | — | 1.7 | — | 1.3 | |||||||||||||||||||
Benefits paid | (45.8 | ) | (31.3 | ) | — | (6.9 | ) | (6.1 | ) | (1.5 | ) | ||||||||||||||
Fair value of plan assets at end of year | $ | 621.2 | $ | 301.8 | $ | — | $ | 198.9 | $ | 106.5 | $ | 14 | |||||||||||||
For the year ended October 31, 2012 | |||||||||||||||||||||||||
Change in plan assets: | |||||||||||||||||||||||||
Fair value of plan assets at beginning of year | $ | 540.3 | $ | 263 | $ | — | $ | 176.7 | $ | 87.9 | $ | 12.7 | |||||||||||||
Actual return on plan assets | 66.2 | 35.3 | — | 8.6 | 21.9 | 0.4 | |||||||||||||||||||
Expenses paid | (1.1 | ) | (1.1 | ) | — | — | — | — | |||||||||||||||||
Plan participant contributions | 0.3 | — | — | 0.1 | 0.2 | — | |||||||||||||||||||
Multi-plan combination | 1.7 | — | — | 1.7 | — | — | |||||||||||||||||||
Foreign currency effects | (0.2 | ) | — | — | 4.5 | (4.7 | ) | — | |||||||||||||||||
Employer contributions | 18 | 14.3 | — | 2.2 | — | 1.5 | |||||||||||||||||||
Benefits paid | (26.1 | ) | (13.1 | ) | — | (6.4 | ) | (6.0 | ) | (0.6 | ) | ||||||||||||||
Fair value of plan assets at end of year | $ | 599.1 | $ | 298.4 | $ | — | $ | 187.4 | $ | 99.3 | $ | 14 | |||||||||||||
Benefit Obligations in Excess of Plan Assets | ' | ||||||||||||||||||||||||
The following tables set forth the PBO, ABO, plan assets and instances where the ABO exceeds the plan assets for the respective years (Dollars in millions): | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
Consolidated | USA | Germany | United Kingdom | Netherlands | International | ||||||||||||||||||||
Actuarial value of benefit obligations | |||||||||||||||||||||||||
October 31, 2013 | |||||||||||||||||||||||||
Projected benefit obligation | $ | 703.8 | $ | 358.7 | $ | 39 | $ | 174.9 | $ | 116.9 | $ | 14.3 | |||||||||||||
Accumulated benefit obligation | 674.4 | 339.1 | 35.9 | 171.3 | 115.2 | 12.9 | |||||||||||||||||||
Plan assets | 621.2 | 301.8 | — | 198.9 | 106.5 | 14 | |||||||||||||||||||
October 31, 2012 | |||||||||||||||||||||||||
Projected benefit obligation | $ | 722.4 | $ | 404.7 | $ | 35.3 | $ | 161.9 | $ | 103.4 | $ | 17.1 | |||||||||||||
Accumulated benefit obligation | 687.8 | 382 | 32.5 | 156.6 | 102 | 14.7 | |||||||||||||||||||
Plan assets | 599.1 | 298.4 | — | 187.4 | 99.3 | 14 | |||||||||||||||||||
Plans with ABO in excess of Plan assets | |||||||||||||||||||||||||
October 31, 2013 | |||||||||||||||||||||||||
Accumulated benefit obligation | $ | 503 | $ | 339.1 | $ | 35.9 | $ | — | $ | 115.2 | $ | 12.8 | |||||||||||||
Plan assets | 419.2 | 301.8 | — | — | 106.5 | 10.9 | |||||||||||||||||||
October 31, 2012 | |||||||||||||||||||||||||
Accumulated benefit obligation | $ | 531.2 | $ | 382 | $ | 32.5 | $ | — | $ | 102 | $ | 14.7 | |||||||||||||
Plan assets | 408.3 | 298.4 | — | — | 99.3 | 10.6 | |||||||||||||||||||
Future Benefit Payments Next Five Years and Thereafter | ' | ||||||||||||||||||||||||
Future benefit payments, which reflect expected future service, as appropriate, during the next five years, and in the aggregate for the five years thereafter, are as follows (Dollars in millions): | |||||||||||||||||||||||||
Year | Expected | ||||||||||||||||||||||||
benefit | |||||||||||||||||||||||||
payments | |||||||||||||||||||||||||
2014 | $ | 32.7 | |||||||||||||||||||||||
2015 | $ | 33.2 | |||||||||||||||||||||||
2016 | $ | 33.9 | |||||||||||||||||||||||
2017 | $ | 35.2 | |||||||||||||||||||||||
2018 | $ | 37 | |||||||||||||||||||||||
2019-2023 | $ | 205 | |||||||||||||||||||||||
Weighted Average Asset Allocations at Measurement Date and Target Asset Allocations | ' | ||||||||||||||||||||||||
The Company’s weighted average asset allocations at the measurement date and the target asset allocations by category are as follows: | |||||||||||||||||||||||||
2013 | 2013 | 2012 | 2012 | ||||||||||||||||||||||
Asset Category | Target | Actual | Target | Actual | |||||||||||||||||||||
Equity securities | 23 | % | 31 | % | 34 | % | 34 | % | |||||||||||||||||
Debt securities | 49 | % | 46 | % | 45 | % | 45 | % | |||||||||||||||||
Other | 28 | % | 23 | % | 21 | % | 21 | % | |||||||||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||
Fair Value Measurements for Pension Assets | ' | ||||||||||||||||||||||||
The following table presents the fair value measurements for the pension assets: | |||||||||||||||||||||||||
As of October 31, 2013 (Dollars in millions) | |||||||||||||||||||||||||
Asset Category | Fair Value Measurement | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equity securities | $ | 146.3 | $ | 46.1 | $ | — | $ | 192.4 | |||||||||||||||||
Fixed income | 155.1 | 112.6 | — | 267.7 | |||||||||||||||||||||
Debt securities | — | 19.3 | — | 19.3 | |||||||||||||||||||||
Insurance annuity | — | — | 106.5 | 106.5 | |||||||||||||||||||||
Other | 2.9 | 32.4 | — | 35.3 | |||||||||||||||||||||
Total | $ | 304.3 | $ | 210.4 | $ | 106.5 | $ | 621.2 | |||||||||||||||||
As of October 31, 2012 (Dollars in millions) | |||||||||||||||||||||||||
Asset Category | Fair Value Measurement | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||
Equity securities | $ | 7.7 | $ | 216.3 | $ | — | $ | 224 | |||||||||||||||||
Fixed income | 89 | 99.3 | — | 188.3 | |||||||||||||||||||||
Debt securities | — | 56.8 | — | 56.8 | |||||||||||||||||||||
Insurance annuity | — | — | 99.3 | 99.3 | |||||||||||||||||||||
Other | 15.1 | 15.6 | — | 30.7 | |||||||||||||||||||||
Total | $ | 111.8 | $ | 388 | $ | 99.3 | $ | 599.1 | |||||||||||||||||
Amounts Recognized in Consolidated Financial Statements | ' | ||||||||||||||||||||||||
Financial statement presentation including other comprehensive income: | |||||||||||||||||||||||||
Other | |||||||||||||||||||||||||
As of October 31, 2013 | Consolidated | USA | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Unrecognized net actuarial loss | $ | 148.5 | $ | 77.8 | $ | 13.1 | $ | 30.4 | $ | 22.8 | $ | 4.4 | |||||||||||||
Unrecognized prior service cost | 0.8 | 0.8 | — | — | — | — | |||||||||||||||||||
Unrecognized initial net obligation | 0.3 | — | — | — | — | 0.3 | |||||||||||||||||||
Accumulated other comprehensive loss | $ | 149.6 | $ | 78.6 | $ | 13.1 | $ | 30.4 | $ | 22.8 | $ | 4.7 | |||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||||||
Prepaid benefit cost | $ | 29.6 | $ | — | $ | — | $ | 26.6 | $ | — | $ | 3 | |||||||||||||
Accrued benefit liability | (112.1 | ) | (56.9 | ) | (39.0 | ) | (2.5 | ) | (10.4 | ) | (3.3 | ) | |||||||||||||
Accumulated other comprehensive loss | 149.6 | 78.6 | 13.1 | 30.4 | 22.8 | 4.7 | |||||||||||||||||||
Net amount recognized | $ | 67.1 | $ | 21.7 | $ | (25.9 | ) | $ | 54.5 | $ | 12.4 | $ | 4.4 | ||||||||||||
Other | |||||||||||||||||||||||||
As of October 31, 2012 | Consolidated | USA | Germany | United Kingdom | Netherlands | International | |||||||||||||||||||
Unrecognized net actuarial loss | $ | 203.5 | $ | 140.9 | $ | 12 | $ | 26 | $ | 17.6 | $ | 7 | |||||||||||||
Unrecognized prior service cost | 0.9 | 0.9 | — | — | — | — | |||||||||||||||||||
Unrecognized initial net obligation | 0.4 | — | — | — | — | 0.4 | |||||||||||||||||||
Accumulated other comprehensive loss | $ | 204.8 | $ | 141.8 | $ | 12 | $ | 26 | $ | 17.6 | $ | 7.4 | |||||||||||||
Amounts recognized in the Consolidated Balance Sheets consist of: | |||||||||||||||||||||||||
Prepaid benefit cost | $ | 28.8 | $ | — | $ | — | $ | 25.6 | $ | — | $ | 3.2 | |||||||||||||
Accrued benefit liability | (152.1 | ) | (106.3 | ) | (35.3 | ) | — | (4.1 | ) | (6.4 | ) | ||||||||||||||
Accumulated other comprehensive loss | 204.8 | 141.8 | 12 | 26 | 17.6 | 7.4 | |||||||||||||||||||
Net amount recognized | $ | 81.5 | $ | 35.5 | $ | (23.3 | ) | $ | 51.6 | $ | 13.5 | $ | 4.2 | ||||||||||||
October 31, 2013 | October 31, 2012 | ||||||||||||||||||||||||
Accumulated other comprehensive loss at beginning of year | $ | 204.8 | $ | 158.6 | |||||||||||||||||||||
Increase or (decrease) in accumulated other comprehensive (income) or loss | |||||||||||||||||||||||||
Net transition obligation amortized during fiscal year | (0.1 | ) | (0.1 | ) | |||||||||||||||||||||
Net prior service costs amortized during fiscal year | (0.5 | ) | (1.5 | ) | |||||||||||||||||||||
Net loss amortzied during fiscal year | (16.4 | ) | (11.3 | ) | |||||||||||||||||||||
Prior service (cost) or credit recognized during fiscal year due to curtailment | — | (2.3 | ) | ||||||||||||||||||||||
Prior service costs occuring during fiscal year | 0.4 | — | |||||||||||||||||||||||
Liability (gain) loss occuring during fiscal year | (23.9 | ) | 92 | ||||||||||||||||||||||
Asset (gain) occuring during fiscal year | (16.9 | ) | (30.7 | ) | |||||||||||||||||||||
Increase (decrease) in accumulated other comprehensive loss | $ | (57.4 | ) | $ | 46.1 | ||||||||||||||||||||
Foreign currency impact | 2.2 | 0.1 | |||||||||||||||||||||||
Accumulated other comprehensive (income) or loss at current fiscal year end | $ | 149.6 | $ | 204.8 | |||||||||||||||||||||
Components of Net Periodic Cost for Postretirement Benefits | ' | ||||||||||||||||||||||||
The components of net periodic cost for the postretirement benefits include the following (Dollars in millions): | |||||||||||||||||||||||||
For the years ended October 31, | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Service cost | $ | — | $ | — | $ | — | |||||||||||||||||||
Interest cost | 0.8 | 1.1 | 1.2 | ||||||||||||||||||||||
Amortization of prior service cost | (1.5 | ) | (1.6 | ) | (1.6 | ) | |||||||||||||||||||
Recognized net actuarial gain | — | — | (0.1 | ) | |||||||||||||||||||||
Net periodic income | $ | (0.7 | ) | $ | (0.5 | ) | $ | (0.5 | ) | ||||||||||||||||
Schedule of Plan's Change in Benefit Obligation | ' | ||||||||||||||||||||||||
The following table sets forth the plans’ change in benefit obligation (Dollars in millions): | |||||||||||||||||||||||||
October 31, 2013 | October 31, 2012 | ||||||||||||||||||||||||
Benefit obligation at beginning of year | $ | 19.3 | $ | 20.8 | |||||||||||||||||||||
Service cost | — | — | |||||||||||||||||||||||
Interest cost | 0.8 | 1 | |||||||||||||||||||||||
Actuarial loss | 0.4 | 0.2 | |||||||||||||||||||||||
Foreign currency effect | (0.5 | ) | (0.3 | ) | |||||||||||||||||||||
Plan amendments | — | — | |||||||||||||||||||||||
Benefits paid | (1.5 | ) | (2.4 | ) | |||||||||||||||||||||
Benefit obligation at end of year | $ | 18.5 | $ | 19.3 | |||||||||||||||||||||
Schedule of Other Comprehensive Income Included in Financial Statement | ' | ||||||||||||||||||||||||
Financial statement presentation included other comprehensive income (Dollars in millions): | |||||||||||||||||||||||||
October 31, 2013 | October 31, 2012 | ||||||||||||||||||||||||
Unrecognized net actuarial gain | $ | 0.5 | $ | 0.9 | |||||||||||||||||||||
Unrecognized prior service credit | 9 | 10.7 | |||||||||||||||||||||||
Accumulated other comprehensive income | $ | 9.5 | $ | 11.6 | |||||||||||||||||||||
Summary of Healthcare Cost Trend Rates on Gross Eligible Charges | ' | ||||||||||||||||||||||||
The healthcare cost trend rates on gross eligible charges are as follows: | |||||||||||||||||||||||||
Medical | |||||||||||||||||||||||||
Current trend rate | 7.6 | % | |||||||||||||||||||||||
Ultimate trend rate | 5.2 | % | |||||||||||||||||||||||
Year ultimate trend rate reached | 2026 | ||||||||||||||||||||||||
Effect of One-Percentage Point Change in Assumed Health Care Cost Trend Rates | ' | ||||||||||||||||||||||||
A one-percentage point change in assumed health care cost trend rates would have the following effects (Dollars in thousands): | |||||||||||||||||||||||||
1-Percentage-Point | 1-Percentage-Point | ||||||||||||||||||||||||
Increase | Decrease | ||||||||||||||||||||||||
Effect on total of service and interest cost components | $ | 42 | $ | (35 | ) | ||||||||||||||||||||
Effect on postretirement benefit obligation | $ | 523 | $ | (446 | ) | ||||||||||||||||||||
Level 3 [Member] | ' | ||||||||||||||||||||||||
Reconciliation of Beginning and Ending Balances of Fair Value Measurements Using Significant Unobservable Inputs | ' | ||||||||||||||||||||||||
The following table presents a reconciliation of the beginning and ending balances of the fair value measurements using significant unobservable inputs (Level 3). There have been no transfers in or out of level 3: | |||||||||||||||||||||||||
Non-U.S. Pension Plan | |||||||||||||||||||||||||
(Dollars in millions) | 2013 | 2012 | |||||||||||||||||||||||
Balance at beginning of year | $ | 99.3 | $ | 87.9 | |||||||||||||||||||||
Actual return on plan assets held at reporting date: | |||||||||||||||||||||||||
Assets still held at reporting date | 6.5 | 21.9 | |||||||||||||||||||||||
Plan participant contributions | 0.3 | 0.2 | |||||||||||||||||||||||
Settlements | (6.1 | ) | (6.0 | ) | |||||||||||||||||||||
Currency impact | 6.5 | (4.7 | ) | ||||||||||||||||||||||
Balance at end of year | $ | 106.5 | $ | 99.3 | |||||||||||||||||||||
Postretirement Health Care and Life Insurance Benefits [Member] | ' | ||||||||||||||||||||||||
Number of Participants in Defined Benefit Plans | ' | ||||||||||||||||||||||||
The following table presents the number of participants in the post-retirement health and life insurance benefit plans: | |||||||||||||||||||||||||
October 31, 2013 | Consolidated | USA | South Africa | ||||||||||||||||||||||
Active participants | 26 | 12 | 14 | ||||||||||||||||||||||
Vested former employees | 0 | 0 | 0 | ||||||||||||||||||||||
Retirees and beneficiaries | 894 | 793 | 101 | ||||||||||||||||||||||
Other plan participants | 0 | 0 | 0 | ||||||||||||||||||||||
October 31, 2012 | Consolidated | USA | South Africa | ||||||||||||||||||||||
Active participants | 31 | 12 | 19 | ||||||||||||||||||||||
Vested former employees | 0 | 0 | 0 | ||||||||||||||||||||||
Retirees and beneficiaries | 916 | 812 | 104 | ||||||||||||||||||||||
Other plan participants | 0 | 0 | 0 | ||||||||||||||||||||||
Actuarial Assumptions Used to Measure Benefit Obligations and Pension Costs | ' | ||||||||||||||||||||||||
The discount rate actuarial assumptions at October 31 are used to measure the year-end benefit obligations and the pension costs for the subsequent year were as follows: | |||||||||||||||||||||||||
Consolidated | United States | South Africa | |||||||||||||||||||||||
For the year ended October 31, 2013 | 4.67 | % | 3.95 | % | 8.1 | % | |||||||||||||||||||
For the year ended October 31, 2012 | 4.77 | % | 4 | % | 7.75 | % | |||||||||||||||||||
Future Benefit Payments Next Five Years and Thereafter | ' | ||||||||||||||||||||||||
Future benefit payments, which reflect expected future service, as appropriate, during the next five years, and in the aggregate for the five years thereafter, are as follows (Dollars in millions): | |||||||||||||||||||||||||
Year | Expected | ||||||||||||||||||||||||
benefit | |||||||||||||||||||||||||
payments | |||||||||||||||||||||||||
2014 | $ | 2.2 | |||||||||||||||||||||||
2015 | $ | 1.8 | |||||||||||||||||||||||
2016 | $ | 1.7 | |||||||||||||||||||||||
2017 | $ | 1.6 | |||||||||||||||||||||||
2018 | $ | 1.5 | |||||||||||||||||||||||
2019-2023 |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation Earnings Per Share Basic and Diluted | ' | ||||||||||||||||
The following table provides EPS information for each period, respectively: | |||||||||||||||||
Numerator | |||||||||||||||||
Numerator for basic and diluted EPS— | |||||||||||||||||
Net income attributable to Greif | $ | 147.3 | $ | 122.4 | $ | 174.7 | |||||||||||
Cash dividends | 98.3 | 97.7 | 97.8 | ||||||||||||||
Undistributed net income attributable to Greif, Inc. | $ | 49 | $ | 24.7 | $ | 76.9 | |||||||||||
Demonimator | |||||||||||||||||
Denominator for basic EPS— | |||||||||||||||||
Class A common stock | 25.4 | 25.2 | 24.9 | ||||||||||||||
Class B common stock | 22.1 | 22.1 | 22.3 | ||||||||||||||
Denominator for diluted EPS— | |||||||||||||||||
Class A common stock | 25.4 | 25.2 | 25 | ||||||||||||||
Class B common stock | 22.1 | 22.1 | 22.3 | ||||||||||||||
EPS Basic | |||||||||||||||||
Class A common stock | $ | 2.52 | $ | 2.1 | $ | 3 | |||||||||||
Class B common stock | $ | 3.77 | $ | 3.14 | $ | 4.48 | |||||||||||
EPS Diluted | |||||||||||||||||
Class A common stock | $ | 2.52 | $ | 2.1 | $ | 2.99 | |||||||||||
Class B common stock | $ | 3.77 | $ | 3.14 | $ | 4.48 | |||||||||||
Summarization of Company's Class A and Class B Common and Treasury Shares | ' | ||||||||||||||||
The following table summarizes the Company’s Class A and Class B common and treasury shares at the specified dates: | |||||||||||||||||
Authorized Shares | Issued Shares | Outstanding | Treasury Shares | ||||||||||||||
Shares | |||||||||||||||||
October 31, 2013: | |||||||||||||||||
Class A Common Stock | 128,000,000 | 42,281,920 | 25,456,724 | 16,825,196 | |||||||||||||
Class B Common Stock | 69,120,000 | 34,560,000 | 22,119,966 | 12,440,034 | |||||||||||||
October 31, 2012: | |||||||||||||||||
Class A Common Stock | 128,000,000 | 42,281,920 | 25,283,465 | 16,998,455 | |||||||||||||
Class B Common Stock | 69,120,000 | 34,560,000 | 22,119,966 | 12,440,034 | |||||||||||||
Reconciliation of Shares Used to Calculate Basic and Diluted Earnings Per Share | ' | ||||||||||||||||
The following is a reconciliation of the shares used to calculate basic and diluted earnings per share: | |||||||||||||||||
For the years ended October 31, | 2013 | 2012 | 2011 | ||||||||||||||
Class A Common Stock: | |||||||||||||||||
Basic shares | 25,399,256 | 25,162,686 | 24,869,573 | ||||||||||||||
Assumed conversion of stock options | 23,281 | 71,854 | 177,759 | ||||||||||||||
Diluted shares | 25,422,537 | 25,234,540 | 25,047,332 | ||||||||||||||
Class B Common Stock: | |||||||||||||||||
Basic and diluted shares | 22,119,966 | 22,120,391 | 22,349,844 | ||||||||||||||
Leases_Tables
Leases (Tables) | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Leases [Abstract] | ' | ||||||||||||
Information Related to Company's Rent Expense | ' | ||||||||||||
The table below contains information related to the Company’s rent expense (Dollars in millions): | |||||||||||||
For the years ended October 31, | 2013 | 2012 | 2011 | ||||||||||
Rent Expense | $ | 54.7 | $ | 51.4 | $ | 45.4 | |||||||
Total Rent Expense | $ | 54.7 | $ | 51.4 | $ | 45.4 | |||||||
Company's Minimum Rent Commitments Under Operating and Capital Leases | ' | ||||||||||||
The following table provides the Company’s minimum rent commitments under operating and capital leases in the next five years and the remaining years thereafter: | |||||||||||||
Operating | Capital | ||||||||||||
Fiscal Year | Leases | Leases | |||||||||||
2014 | $ | 42.7 | $ | 1.2 | |||||||||
2015 | 36.6 | 0.8 | |||||||||||
2016 | 24.9 | 0.4 | |||||||||||
2017 | 15 | 0.2 | |||||||||||
2018 | 10 | — | |||||||||||
Thereafter | 33.4 | — | |||||||||||
Total | $ | 162.6 | $ | 2.6 | |||||||||
Business_Segment_Information_T
Business Segment Information (Tables) | 12 Months Ended | ||||||||||||
Oct. 31, 2013 | |||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||
Segment Information | ' | ||||||||||||
The following segment information is presented for each of the three years in the period ended October 31, 2013 (Dollars in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net sales: | |||||||||||||
Rigid Industrial Packaging & Service | $ | 3,062.10 | $ | 3,075.60 | $ | 3,014.30 | |||||||
Flexible Products & Services | 448.7 | 453.3 | 538 | ||||||||||
Paper Packaging | 809.5 | 713.8 | 675 | ||||||||||
Land Management | 33.1 | 26.8 | 20.9 | ||||||||||
Total net sales | $ | 4,353.40 | $ | 4,269.50 | $ | 4,248.20 | |||||||
Operating profit (loss): | |||||||||||||
Rigid Industrial Packaging | 196 | 185 | 219.4 | ||||||||||
Flexible Products & Services | (13.1 | ) | (1.0 | ) | 16.9 | ||||||||
Paper Packaging | 123.8 | 83.5 | 74.9 | ||||||||||
Land Management | 32.9 | 15.3 | 19 | ||||||||||
Total operating profit | $ | 339.6 | $ | 282.8 | $ | 330.2 | |||||||
Total Assets by Segments | ' | ||||||||||||
Assets: | |||||||||||||
Rigid Industrial Packaging & Services | $ | 2,441.60 | $ | 2,481.20 | $ | 2,717.80 | |||||||
Flexible Products & Services | 367.3 | 363.8 | 383.5 | ||||||||||
Paper Packaging | 413.3 | 401.7 | 420.4 | ||||||||||
Land Management | 280.7 | 280.5 | 280.1 | ||||||||||
Total segment | 3,502.90 | 3,527.20 | 3,801.80 | ||||||||||
Corporate and other | 379.3 | 326.2 | 385.1 | ||||||||||
Total assets | $ | 3,882.20 | $ | 3,853.40 | $ | 4,186.90 | |||||||
Depreciation, depletion and amortization expense: | |||||||||||||
Rigid Industrial Packaging & Services | $ | 106.7 | $ | 105.2 | $ | 93.1 | |||||||
Flexible Products & Services | 15.2 | 14.7 | 16.6 | ||||||||||
Paper Packaging | 30.3 | 31.6 | 31.6 | ||||||||||
Land Management | 4.7 | 3.3 | 3 | ||||||||||
Total depreciation, depletion and amortization expense | $ | 156.9 | $ | 154.8 | $ | 144.3 | |||||||
Capital Expenditures | |||||||||||||
Rigid Industrial Packaging & Services | $ | 64.8 | $ | 86.7 | $ | 96.9 | |||||||
Flexible Products & Services | 14 | 39 | 36.5 | ||||||||||
Paper Packaging | 21.7 | 20.1 | 18.5 | ||||||||||
Land Management | 13 | 6.9 | 6.7 | ||||||||||
Total segment | 113.5 | 152.7 | 158.6 | ||||||||||
Corporate and other | 31.9 | 17 | 7.2 | ||||||||||
Total capital expenditures | $ | 145.4 | $ | 169.7 | $ | 165.8 | |||||||
Net Sales to External Customers by Geographical Area | ' | ||||||||||||
The following geographic information is presented for each of the three years in the period ended October 31, 2013 (Dollars in millions): | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net Sales | |||||||||||||
North America | $ | 2,079.10 | $ | 1,983.90 | $ | 1,932.80 | |||||||
Europe, Middle East, and Africa | 1,610.60 | 1,634.90 | 1,645.60 | ||||||||||
Asia Pacific and Latin America | 663.7 | 650.7 | 669.8 | ||||||||||
Total net sales | $ | 4,353.40 | $ | 4,269.50 | $ | 4,248.20 | |||||||
Total Assets by Geographical Area | ' | ||||||||||||
The following table presents total assets by geographic region (Dollars in millions): | |||||||||||||
2013 | 2012 | ||||||||||||
Assets: | |||||||||||||
North America | $ | 1,818.20 | $ | 1,717.20 | |||||||||
Europe, Middle East, and Africa | 1,517.40 | 1,555.00 | |||||||||||
Asia Pacific and Latin America | 546.6 | 581.2 | |||||||||||
Total assets | $ | 3,882.20 | $ | 3,853.40 | |||||||||
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Results of Operations | ' | ||||||||||||||||
The quarterly results of operations for 2013 and 2012 are shown below (Dollars in millions, except per share amounts): | |||||||||||||||||
2013 | January 31 | April 30 | July 31 | October 31 | |||||||||||||
Net sales | $ | 1,008.60 | $ | 1,088.90 | $ | 1,129.70 | $ | 1,126.20 | |||||||||
Gross profit | $ | 186.7 | $ | 202.6 | $ | 217.3 | $ | 226 | |||||||||
Net income(1) | $ | 24.9 | $ | 42.3 | $ | 48.8 | $ | 33 | |||||||||
Net income attributable to Greif, Inc.(1) | $ | 23.6 | $ | 40.2 | $ | 46.7 | $ | 36.8 | |||||||||
Earnings per share | |||||||||||||||||
Basic: | |||||||||||||||||
Class A Common Stock | $ | 0.41 | $ | 0.69 | $ | 0.8 | $ | 0.63 | |||||||||
Class B Common Stock | $ | 0.6 | $ | 1.03 | $ | 1.2 | $ | 0.94 | |||||||||
Diluted: | |||||||||||||||||
Class A Common Stock | $ | 0.41 | $ | 0.69 | $ | 0.8 | $ | 0.63 | |||||||||
Class B Common Stock | $ | 0.6 | $ | 1.03 | $ | 1.2 | $ | 0.94 | |||||||||
Earnings per share were calculated using the following number of shares: | |||||||||||||||||
Basic: | |||||||||||||||||
Class A Common Stock | 25,316,395 | 25,390,486 | 25,435,379 | 25,454,762 | |||||||||||||
Class B Common Stock | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | |||||||||||||
Diluted: | |||||||||||||||||
Class A Common Stock | 25,382,077 | 25,433,480 | 25,464,862 | 25,473,100 | |||||||||||||
Class B Common Stock | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | |||||||||||||
Market price (Class A Common Stock): | |||||||||||||||||
High | $ | 47.93 | $ | 54.28 | $ | 56.38 | $ | 58.27 | |||||||||
Low | $ | 39.8 | $ | 45.49 | $ | 47.35 | $ | 47.76 | |||||||||
Close | $ | 46.98 | $ | 48.17 | $ | 55.32 | $ | 53.49 | |||||||||
Market price (Class B Common Stock): | |||||||||||||||||
High | $ | 51.73 | $ | 57.44 | $ | 58.54 | $ | 60 | |||||||||
Low | $ | 43.45 | $ | 48.24 | $ | 51.01 | $ | 52.02 | |||||||||
Close | $ | 50.34 | $ | 51.79 | $ | 57.17 | $ | 56.85 | |||||||||
(1) | We recorded the following significant transactions during the fourth quarter of 2013: (i) restructuring charges of $3.4 million, (ii) gain on sale of timberland of $17.5 million and (iii) non-cash asset impairment charges of $28.2 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends. | ||||||||||||||||
2012 | January 31 | April 30 | July 31 | October 31 | |||||||||||||
Net sales | $ | 992.8 | $ | 1,098.20 | $ | 1,102.90 | $ | 1,075.60 | |||||||||
Gross profit | $ | 177.3 | $ | 205.5 | $ | 202.2 | $ | 194.6 | |||||||||
Net income(1) | $ | 21.8 | $ | 38.2 | $ | 39 | $ | 28.9 | |||||||||
Net income attributable to Greif, Inc.(1) | $ | 20.7 | $ | 38.4 | $ | 37.5 | $ | 25.8 | |||||||||
Earnings per share | |||||||||||||||||
Basic: | |||||||||||||||||
Class A Common Stock | $ | 0.36 | $ | 0.66 | $ | 0.64 | $ | 0.44 | |||||||||
Class B Common Stock | $ | 0.53 | $ | 0.99 | $ | 0.96 | $ | 0.66 | |||||||||
Diluted: | |||||||||||||||||
Class A Common Stock | $ | 0.36 | $ | 0.66 | $ | 0.64 | $ | 0.44 | |||||||||
Class B Common Stock | $ | 0.53 | $ | 0.99 | $ | 0.96 | $ | 0.66 | |||||||||
Earnings per share were calculated using the following number of shares: | |||||||||||||||||
Basic: | |||||||||||||||||
Class A Common Stock | 25,052,868 | 25,149,691 | 25,177,924 | 25,270,259 | |||||||||||||
Class B Common Stock | 22,120,966 | 22,120,666 | 22,119,966 | 22,119,966 | |||||||||||||
Diluted: | |||||||||||||||||
Class A Common Stock | 25,193,827 | 25,288,352 | 25,271,088 | 25,351,713 | |||||||||||||
Class B Common Stock | 22,120,966 | 22,120,666 | 22,119,966 | 22,119,966 | |||||||||||||
Market price (Class A Common Stock): | |||||||||||||||||
High | $ | 49.99 | $ | 56.88 | $ | 54.9 | $ | 47.38 | |||||||||
Low | $ | 41.74 | $ | 48.02 | $ | 38.78 | $ | 39.98 | |||||||||
Close | $ | 48.45 | $ | 53.64 | $ | 43.26 | $ | 41.96 | |||||||||
Market price (Class B Common Stock): | |||||||||||||||||
High | $ | 50.39 | $ | 57.61 | $ | 55.74 | $ | 52.7 | |||||||||
Low | $ | 42.43 | $ | 49.5 | $ | 42.15 | $ | 45.2 | |||||||||
Close | $ | 49.5 | $ | 54.89 | $ | 50 | $ | 45.3 | |||||||||
(1) | We recorded the following significant transactions during the fourth quarter of 2012: (i) restructuring charges of $10.5 million and (ii) acquisition-related charges of $3.2 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends. |
Basis_of_Presentation_and_Summ3
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | |
Block | Timber Properties [Member] | Timber Properties [Member] | United States [Member] | United States [Member] | United States [Member] | Canada [Member] | Minimum [Member] | Maximum [Member] | Flexible Products & Services [Member] | Flexible Products & Services [Member] | Flexible Products & Services [Member] | Computer Software, Intangible Asset [Member] | Computer Software, Intangible Asset [Member] | |||
Country | acre | acre | Group | Minimum [Member] | Maximum [Member] | |||||||||||
Employees | ||||||||||||||||
Basis Of Presentation And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of countries in which company operates | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate number of Employees | 13,085 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalent held in foreign jurisdiction | $54,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for trade accounts receivable | 13,500,000 | 17,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of asset groups with assets held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Impairment charges due to annual impairment test | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' |
Amortization period of software | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '10 years |
Depreciation expense on properties, plants and equipment | 131,900,000 | 131,400,000 | 122,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest costs | 1,700,000 | 2,700,000 | 3,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of timber properties in acres | ' | ' | ' | ' | ' | 252,475 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depletion expense, timber | ' | ' | ' | ' | ' | 4,300,000 | 2,900,000 | 2,700,000 | 0 | ' | ' | ' | ' | ' | ' | ' |
Newly constructed road, depreciation period | ' | ' | ' | ' | '20 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of product classes | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of depletion blocks | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of timberland | 23,100,000 | 7,600,000 | 16,100,000 | 17,500,000 | 17,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Area of timberland properties | ' | ' | ' | ' | ' | ' | ' | ' | 10,300 | ' | ' | ' | ' | ' | ' | ' |
Percentage of sharing of investments, loans and capital injections | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Self insurance reserve | 2,900,000 | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities for anticipated costs related to captive insurance subsidiary | 14,300,000 | 16,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Largest amount of tax benefit likely of being realized upon settlement | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial purchase price of a certain percentage of eligible receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | 90.00% | ' | ' | ' | ' | ' |
Options granted | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Translation adjustment functional to reporting currency, losses reclassified to earnings, net of tax | $3,900,000 | $800,000 | $4,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis_of_Presentation_and_Summ4
Basis of Presentation and Summary of Significant Accounting Policies - Depreciation on Properties, Plants and Equipment (Detail) | 12 Months Ended |
Oct. 31, 2013 | |
Minimum [Member] | Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '30 years |
Minimum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '3 years |
Maximum [Member] | Buildings [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '45 years |
Maximum [Member] | Machinery and Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '19 years |
Acquisitions_and_Other_Signifi2
Acquisitions and Other Significant Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Joint_Ventures | |||
Company | |||
Acquisition | |||
Business Combinations [Abstract] | ' | ' | ' |
Deferred Cash Payment | $46.60 | $14.30 | ' |
Number of acquisitions completed | ' | ' | 8 |
Number of rigid industrial packaging companies acquired | ' | ' | 4 |
Number of rigid industrial packaging joint ventures | ' | ' | 2 |
Revenue | 432.5 | 427.7 | 119.2 |
Operating profit (loss) | $17 | $4 | ($19.60) |
Acquisitions_and_Other_Signifi3
Acquisitions and Other Significant Transactions - Acquisitions (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Acquisition | Two Thousand Thirteen Acquisitions [Member] | Two Thousand Twelve Acquisitions [Member] | Two Thousand Eleven Acquisitions [Member] | |||
Acquisition | Acquisition | Acquisition | ||||
Business Acquisition Actual Revenue And Pre Tax Income Loss [Line Items] | ' | ' | ' | ' | ' | ' |
Number of Acquisitions | 8 | ' | ' | ' | ' | 8 |
Purchase Price, net of Cash | $344.90 | ' | ' | ' | ' | $344.90 |
Tangible Assets, net | ' | ' | ' | ' | ' | 101.7 |
Intangible Assets | ' | ' | ' | ' | ' | 77.7 |
Goodwill | $1,002.60 | $1,003.50 | $976.10 | ' | ' | $307.20 |
Sale_of_NonUnited_States_Accou2
Sale of Non-United States Accounts Receivable - Additional Information (Detail) | 12 Months Ended | ||||||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 |
European RPA [Member] | European RPA [Member] | Singapore RPA [Member] | Singapore RPA [Member] | Malaysian Agreements [Member] | Malaysian Agreements [Member] | ||
USD ($) | EUR (€) | USD ($) | SGD | USD ($) | MYR | ||
Finance Receivable Transferred To Held For Sale [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Financing receivable maximum amount under receivable purchase agreement | ' | $199.90 | € 145 | $12.10 | 15 | $4.80 | 15 |
Minimum percentage of eligible receivables related with bank funds initial purchase price | 75.00% | ' | ' | ' | ' | ' | ' |
Maximum percentage of eligible receivables related with bank funds initial purchase price | 90.00% | ' | ' | ' | ' | ' | ' |
Sale_of_NonUnited_States_Accou3
Sale of Non-United States Accounts Receivable - Company's Accounts Receivable Programs (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
European RPA [Member] | ' | ' | ' |
Finance Receivable Transferred To Held For Sale [Line Items] | ' | ' | ' |
Gross accounts receivable sold to third party financial institution | $1,071.30 | $702.70 | ' |
Cash received for accounts receivable sold under the program | 947 | 619.1 | ' |
Deferred purchase price related to accounts receivable sold | 124.3 | 83.6 | ' |
Loss associated with the program | 2.5 | 1.9 | ' |
Expenses associated with the program | ' | 1.9 | ' |
Accounts receivable sold to and held by third party financial institution | 179 | 185.6 | ' |
Uncollected deferred purchase price related to accounts receivable sold | 11.5 | 3.5 | ' |
RPA and Italian RPA [Member] | ' | ' | ' |
Finance Receivable Transferred To Held For Sale [Line Items] | ' | ' | ' |
Gross accounts receivable sold to third party financial institution | ' | 189.4 | 958.6 |
Cash received for accounts receivable sold under the program | ' | 167.7 | 848.4 |
Deferred purchase price related to accounts receivable sold | ' | 21.7 | 110.2 |
Loss associated with the program | ' | 1.6 | 4.4 |
Expenses associated with the program | ' | ' | ' |
Accounts receivable sold to and held by third party financial institution | ' | ' | ' |
Uncollected deferred purchase price related to accounts receivable sold | ' | ' | ' |
Singapore RPA [Member] | ' | ' | ' |
Finance Receivable Transferred To Held For Sale [Line Items] | ' | ' | ' |
Gross accounts receivable sold to third party financial institution | 70.5 | 73.8 | 70.5 |
Cash received for accounts receivable sold under the program | 70.5 | 73.8 | 70.5 |
Deferred purchase price related to accounts receivable sold | ' | ' | ' |
Loss associated with the program | ' | ' | ' |
Expenses associated with the program | 0.2 | 0.2 | 0.2 |
Accounts receivable sold to and held by third party financial institution | 4.4 | 3.9 | ' |
Uncollected deferred purchase price related to accounts receivable sold | ' | ' | ' |
Malaysian Agreements [Member] | ' | ' | ' |
Finance Receivable Transferred To Held For Sale [Line Items] | ' | ' | ' |
Gross accounts receivable sold to third party financial institution | 22.9 | 24.2 | 19 |
Cash received for accounts receivable sold under the program | 22.9 | 24.2 | 19 |
Deferred purchase price related to accounts receivable sold | ' | ' | ' |
Loss associated with the program | 0.2 | 0.1 | 0.2 |
Expenses associated with the program | 0.1 | 0.1 | ' |
Accounts receivable sold to and held by third party financial institution | 4.5 | 2.9 | ' |
Uncollected deferred purchase price related to accounts receivable sold | ' | ' | ' |
Total RPAs and Agreements [Member] | ' | ' | ' |
Finance Receivable Transferred To Held For Sale [Line Items] | ' | ' | ' |
Gross accounts receivable sold to third party financial institution | 1,164.70 | 990.1 | 1,048.10 |
Cash received for accounts receivable sold under the program | 1,040.40 | 884.8 | 937.9 |
Deferred purchase price related to accounts receivable sold | 124.3 | 105.3 | 110.2 |
Loss associated with the program | 2.7 | 3.6 | 4.6 |
Expenses associated with the program | 0.3 | 2.2 | 0.2 |
Accounts receivable sold to and held by third party financial institution | 187.9 | 192.4 | ' |
Uncollected deferred purchase price related to accounts receivable sold | $11.50 | $3.50 | ' |
Inventories_Summarization_of_I
Inventories - Summarization of Inventories (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Millions, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $98.50 | $96.90 |
Raw materials | 240.4 | 240.2 |
Work-in process | 36.4 | 36.4 |
Inventories, Net | $375.30 | $373.50 |
Net_Assets_Held_for_Sale_Addit
Net Assets Held for Sale - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gain (loss) on disposals of property, plant and equipment, net | $5.60 | $7.60 | $16.10 |
Other Machinery and Equipment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gain (loss) on disposals of property, plant and equipment, net | 0.8 | ' | ' |
Land [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gain (loss) on disposals of property, plant and equipment, net | 0.8 | ' | ' |
Corporate Property [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gain (loss) on disposals of property, plant and equipment, net | -0.9 | ' | ' |
Land Management [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gain (loss) on disposals of property, plant and equipment, net | 1.2 | 5.5 | 11.4 |
Rigid Industrial Packaging & Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of assets group with assets held for sale | ' | 1 | ' |
Additional number of assets group with assets held for sale | 1 | ' | ' |
Number of assets group with assets sold | 1 | ' | ' |
Number of assets group with assets placed back | 1 | ' | ' |
Rigid Industrial Packaging & Services [Member] | Equipment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gain (loss) on disposals of property, plant and equipment, net | ' | 0.6 | 0.9 |
Rigid Industrial Packaging & Services [Member] | Corporate Building [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gain (loss) on disposals of property, plant and equipment, net | ' | 0.5 | 3.2 |
Rigid Industrial Packaging & Services [Member] | Other Machinery and Equipment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gain (loss) on disposals of property, plant and equipment, net | ' | 1 | 0.6 |
Rigid Industrial Packaging & Services [Member] | Property and Equipment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gain (loss) on disposals of property, plant and equipment, net | 2.5 | ' | ' |
Rigid Industrial Packaging & Services [Member] | Property [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gain (loss) on disposals of property, plant and equipment, net | 0.6 | ' | ' |
Paper Packaging [Member] | Equipment [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Gain (loss) on disposals of property, plant and equipment, net | $0.60 | ' | ' |
Flexible Products & Services [Member] | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Number of assets group with assets held for sale | 2 | ' | ' |
Number of locations with assets held for sale | ' | 1 | ' |
Additional number of assets group with assets held for sale | 2 | ' | ' |
Number of assets group with assets placed back | 1 | ' | ' |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Segment (Detail) (USD $) | 12 Months Ended | 12 Months Ended | ||||||||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2011 |
Rigid Industrial Packaging & Services [Member] | Rigid Industrial Packaging & Services [Member] | Flexible Products & Services [Member] | Flexible Products & Services [Member] | Paper Packaging [Member] | Paper Packaging [Member] | Land Management [Member] | Land Management [Member] | |||
Goodwill [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill beginning balance | $976.10 | $1,002.60 | $844.60 | $864.60 | $71.60 | $78.10 | $59.70 | $59.70 | $0.20 | $0.20 |
Goodwill acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill adjustments | 1.5 | 15.1 | 1.5 | 14.9 | ' | 0.2 | 0.2 | ' | -0.2 | ' |
Currency translation | 25.9 | -41.6 | 21.2 | -34.9 | 4.7 | -6.7 | ' | ' | ' | ' |
Goodwill ending balance | $1,003.50 | $976.10 | $867.30 | $844.60 | $76.30 | $71.60 | $59.90 | $59.70 | ' | $0.20 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Goodwill [Line Items] | ' | ' | ' |
Goodwill adjustments | $1.50 | $15.10 | ' |
Recognized amount of impairment related to discontinued usage of certain trade names | 0 | 0 | 3 |
Increase in gross intangible assets | 3 | ' | ' |
Amortization expense | 20.5 | 20.3 | 18.6 |
Increase in gross intangible assets relating to prior period adjustments | 8.1 | ' | ' |
Future amortization expense, 2014 | 19.6 | ' | ' |
Future amortization expense, 2015 | 18.9 | ' | ' |
Future amortization expense, 2016 | 18.3 | ' | ' |
Future amortization expense, 2017 | 17.5 | ' | ' |
Future amortization expense, 2018 | 17.1 | ' | ' |
Value of infinite lived intangible trademarks and trade names related to Blagden Express, Closed-loop, Box Board and Fustiplast | 23.5 | ' | ' |
Foreign Currency Translation [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill adjustments | 27.4 | -26.5 | ' |
Rigid Industrial Packaging & Services [Member] | ' | ' | ' |
Goodwill [Line Items] | ' | ' | ' |
Goodwill adjustments | 1.5 | 14.9 | ' |
Impairment charges related to intangible assets | $0.40 | ' | ' |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Summary of Carrying Amount of Net Intangible Assets by Class (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | $274.80 | $271.80 |
Accumulated Amortization | 94 | 73.2 |
Net Intangible Assets | 180.8 | 198.6 |
Trademarks and Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 31.1 | 32.5 |
Accumulated Amortization | 4.3 | 3.6 |
Net Intangible Assets | 26.8 | 28.9 |
Non-Compete Agreements [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 14.6 | 14.4 |
Accumulated Amortization | 12.6 | 11.1 |
Net Intangible Assets | 2 | 3.3 |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 205.6 | 201.1 |
Accumulated Amortization | 69.4 | 53.6 |
Net Intangible Assets | 136.2 | 147.5 |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Intangible Assets | 23.5 | 23.8 |
Accumulated Amortization | 7.7 | 4.9 |
Net Intangible Assets | $15.80 | $18.90 |
Restructuring_Charges_Reconcil
Restructuring Charges - Reconciliation of Beginning and Ending Restructuring Reserve Balances (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | $8 | $19.60 | ' |
Costs incurred and charged to expense | 3.4 | 10.5 | 8.8 | 33.4 | 30.5 |
Costs paid or otherwise settled | ' | ' | -13.8 | -45 | ' |
Ending balance | 3 | 8 | 3 | 8 | 19.6 |
Employee Separation Costs [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | 6.2 | 11.8 | ' |
Costs incurred and charged to expense | ' | ' | 2.8 | 13.4 | 13.3 |
Costs paid or otherwise settled | ' | ' | -7.2 | -19 | ' |
Ending balance | 1.8 | 6.2 | 1.8 | 6.2 | 11.8 |
Other Restructuring Costs [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | 1.8 | 7.6 | ' |
Costs incurred and charged to expense | ' | ' | 2 | 9.8 | 12.7 |
Costs paid or otherwise settled | ' | ' | -2.6 | -15.6 | ' |
Ending balance | 1.2 | 1.8 | 1.2 | 1.8 | 7.6 |
Asset Impairments [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 0.2 | ' |
Costs incurred and charged to expense | ' | ' | 4 | 10.2 | ' |
Costs paid or otherwise settled | ' | ' | -4 | -10.4 | ' |
Ending balance | ' | ' | ' | ' | ' |
Inventory Write-Down [Member] | ' | ' | ' | ' | ' |
Restructuring Cost and Reserve [Line Items] | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | ' | ' |
Costs incurred and charged to expense | ' | ' | ' | ' | ' |
Costs paid or otherwise settled | ' | ' | ' | ' | ' |
Ending balance | ' | ' | ' | ' | ' |
Restructuring_Charges_Addition
Restructuring Charges - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Plant | Employees | Employees | Employees | ||
Plant | |||||
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Restructuring charges | $3.40 | $10.50 | $8.80 | $33.40 | $30.50 |
Number of plants closed | 0 | ' | 0 | ' | ' |
Number of employees severed | ' | ' | 278 | 513 | 257 |
Amounts remaining to be incurred | ' | ' | 6.6 | 12.3 | ' |
Rigid Industrial Packaging & Services [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | 8.2 | ' | ' |
Number of plants closed | ' | 4 | ' | 4 | 2 |
Amounts remaining to be incurred | ' | ' | 5.6 | ' | ' |
Employee Separation Costs [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | 2.8 | 13.4 | 13.3 |
Employee Separation Costs [Member] | Rigid Industrial Packaging & Services [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | 2.8 | ' | ' |
Amounts remaining to be incurred | ' | ' | 2.3 | ' | ' |
Asset Impairments [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | 4 | 10.2 | 4.5 |
Other Restructuring Costs [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | 2 | 9.8 | 12.7 |
Other Restructuring Costs [Member] | Rigid Industrial Packaging & Services [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | 1.5 | ' | ' |
Amounts remaining to be incurred | ' | ' | $3.30 | ' | ' |
Restructuring_Charges_Reconcil1
Restructuring Charges - Reconciliation of Total Amounts Expected to be Incurred from Open Restructuring Plans Anticipated to be Realized (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Amounts expected to be incurred | ' | ' | $15.40 | ' | ' |
Restructuring charges | 3.4 | 10.5 | 8.8 | 33.4 | 30.5 |
Amounts remaining to be incurred | ' | ' | 6.6 | 12.3 | ' |
Employee Separation Costs [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | 2.8 | 13.4 | 13.3 |
Asset Impairments [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | 4 | 10.2 | ' |
Other Restructuring Costs [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Restructuring charges | ' | ' | 2 | 9.8 | 12.7 |
Rigid Industrial Packaging & Services [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Amounts expected to be incurred | ' | ' | 13.8 | ' | ' |
Restructuring charges | ' | ' | 8.2 | ' | ' |
Amounts remaining to be incurred | ' | ' | 5.6 | ' | ' |
Rigid Industrial Packaging & Services [Member] | Employee Separation Costs [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Amounts expected to be incurred | ' | ' | 5.1 | ' | ' |
Restructuring charges | ' | ' | 2.8 | ' | ' |
Amounts remaining to be incurred | ' | ' | 2.3 | ' | ' |
Rigid Industrial Packaging & Services [Member] | Asset Impairments [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Amounts expected to be incurred | ' | ' | 3.9 | ' | ' |
Restructuring charges | ' | ' | 3.9 | ' | ' |
Rigid Industrial Packaging & Services [Member] | Other Restructuring Costs [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Amounts expected to be incurred | ' | ' | 4.8 | ' | ' |
Restructuring charges | ' | ' | 1.5 | ' | ' |
Amounts remaining to be incurred | ' | ' | 3.3 | ' | ' |
Flexible Products & Services [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Amounts expected to be incurred | ' | ' | 1.6 | ' | ' |
Restructuring charges | ' | ' | 0.6 | ' | ' |
Amounts remaining to be incurred | ' | ' | 1 | ' | ' |
Flexible Products & Services [Member] | Employee Separation Costs [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Amounts expected to be incurred | ' | ' | 0.8 | ' | ' |
Amounts remaining to be incurred | ' | ' | 0.8 | ' | ' |
Flexible Products & Services [Member] | Asset Impairments [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Amounts expected to be incurred | ' | ' | 0.1 | ' | ' |
Restructuring charges | ' | ' | 0.1 | ' | ' |
Flexible Products & Services [Member] | Other Restructuring Costs [Member] | ' | ' | ' | ' | ' |
Restructuring and Related Cost [Abstract] | ' | ' | ' | ' | ' |
Amounts expected to be incurred | ' | ' | 0.7 | ' | ' |
Restructuring charges | ' | ' | 0.5 | ' | ' |
Amounts remaining to be incurred | ' | ' | $0.20 | ' | ' |
Consolidation_of_Variable_Inte2
Consolidation of Variable Interest Entities - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Mar. 28, 2005 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | 23-May-05 | Apr. 30, 2006 | Jan. 31, 2006 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | 31-May-05 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2012 | Oct. 31, 2012 |
Agreement | acre | Timberland Holdings [Member] | Timberland Holdings [Member] | STA Timber [Member] | STA Timber [Member] | STA Timber [Member] | STA Timber [Member] | Flexible Packaging JV [Member] | Flexible Packaging JV [Member] | Flexible Packaging JV [Member] | Cooperage Receivables Finance BV [Member] | Buyer SPE [Member] | Trading Co. [Member] | Asset Co. [Member] | General Textile [Member] | ||||
acre | acre | acre | Monetization Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of purchase and sale agreements | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate acres of timberland to be sold under agreement with Plum Creek Timberland | 56,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate value of sale agreement with Plum Creek Timberland | $90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acres of timberland sold under the agreement | ' | ' | ' | ' | 35,000 | 5,700 | 15,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of timberland sold under the agreement | ' | ' | ' | ' | 51 | 9.7 | 29.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase notes payable | 50.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum amount of guarantee on purchase notes | 52.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pre-tax gain resulting from sale under agreement | ' | ' | ' | ' | 42.1 | 9 | 27.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Secured Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.20% | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5-Aug-20 | ' | ' | ' | ' | ' | ' | ' | ' |
Extended date | ' | 5-Nov-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument, principal outstanding | ' | ' | ' | ' | ' | ' | ' | 43.3 | 43.3 | ' | 43.3 | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage in Variable Interest Entity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 51.00% | 49.00% | 49.00% |
Restricted bank financial instruments under Buyer SPE | ' | 50.9 | 50.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income of Buyer SPE | ' | 2.4 | 2.4 | 2.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | 2.2 | 2.2 | 2.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Committed capital contribution | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment to obtain third party financing | ' | 'Up to $150 million | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest entities outstanding advances | ' | 0.6 | 0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short term loans payable to NSC | ' | 12.7 | 8.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss attributable to noncontrolling interests | ' | ($1.70) | ($5.50) | ($2.90) | ' | ' | ' | ' | ' | ' | ' | $8 | $4.40 | $3.50 | ' | ' | ' | ' | ' |
Consolidation_of_Variable_Inte3
Consolidation of Variable Interest Entities - Total Net Assets of Flexible Packaging JV (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Millions, unless otherwise specified | ||
Asset Co. [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Total assets | $155.50 | $152.10 |
Total liabilities | 209.8 | 175.8 |
Net assets | -54.3 | -23.7 |
Global Textile [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Total assets | 44.9 | 47.6 |
Total liabilities | 1.2 | 0.8 |
Net assets | 43.7 | 46.8 |
Trading Co. [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Total assets | 163.6 | 174.3 |
Total liabilities | 57.3 | 80.1 |
Net assets | 106.3 | 94.2 |
Flexible Packaging JV [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Total assets | 364 | 374 |
Total liabilities | 268.3 | 256.7 |
Net assets | $95.70 | $117.30 |
LongTerm_Debt_Summary_of_LongT
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Carrying amount of long-term debt | $1,217.20 | $1,200.30 |
Less current portion | -10 | -25 |
Long-term debt | 1,207.20 | 1,175.30 |
Amended Credit Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount of long-term debt | 222.9 | ' |
Less current portion | -10 | ' |
Long-term debt | 212.9 | ' |
2010 Credit Agreement [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount of long-term debt | ' | 255 |
Senior Notes Due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount of long-term debt | 301.8 | 302.3 |
Senior Notes Due 2019 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount of long-term debt | 244.4 | 243.6 |
Senior Notes Due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount of long-term debt | 272.9 | 256 |
Amended Receivables Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount of long-term debt | 140 | ' |
Prior Receivables Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount of long-term debt | ' | 110 |
Other Long-Term Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Carrying amount of long-term debt | $35.20 | $33.40 |
LongTerm_Debt_Additional_Infor
Long-Term Debt - Additional Information (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Dec. 19, 2012 | Oct. 31, 2013 | Dec. 19, 2012 | Oct. 29, 2010 | Dec. 19, 2012 | Oct. 29, 2010 | Feb. 09, 2007 | Oct. 31, 2013 | Oct. 31, 2012 | Feb. 09, 2007 | Jul. 28, 2009 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 29, 2010 | Oct. 31, 2012 | Jul. 15, 2011 | Oct. 31, 2013 | Oct. 31, 2012 | Sep. 30, 2013 | Oct. 31, 2012 | Sep. 19, 2011 | Sep. 19, 2011 |
USD ($) | USD ($) | USD ($) | Maximum [Member] | Minimum [Member] | Amended Credit Agreement [Member] | Amended Credit Agreement [Member] | Multicurrency Credit Facility [Member] | Multicurrency Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | Senior Notes Due 2017 [Member] | Senior Notes Due 2017 [Member] | Senior Notes Due 2017 [Member] | Subordinated Debt [Member] | Senior Notes Due 2019 [Member] | Senior Notes Due 2019 [Member] | Senior Notes Due 2019 [Member] | Other Long-Term Debt [Member] | Other Long-Term Debt [Member] | 2010 Credit Agreement [Member] | 2010 Credit Agreement [Member] | Senior Notes Due 2021 [Member] | Senior Notes Due 2021 [Member] | Senior Notes Due 2021 [Member] | United States Trade Accounts Receivable Credit Facility [Member] | United States Trade Accounts Receivable Credit Facility [Member] | United States Trade Accounts Receivable Credit Facility [Member] | Trade Accounts Receivable Credit Facility [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed under multi currency credit facility | ' | ' | ' | ' | ' | $1,000 | ' | $800 | $750 | $200 | $250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,000 | ' | ' | ' | ' | $170 | ' | ' | ' |
Option to borrow loan under senior secured credit facility | ' | ' | ' | ' | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of term loan for first eight quarters | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.5 | 3.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of term loan for next eleven quarters | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 6.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date of credit facility | ' | ' | ' | ' | ' | 31-Dec-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 29-Oct-15 | ' | ' | ' | ' | 30-Sep-16 | ' | ' | 19-Sep-14 |
Total borrowing capacity available in line of credit facility | 753.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Decrease) in outstanding letter of credit | 13.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leverage ratio, adjusted EBITDA | ' | ' | ' | 4 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest coverage ratio, adjusted EBITDA | ' | ' | ' | 3 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt extinguishment charge | 1.3 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing cost associated with amended credit agreement | 3.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying amount of long-term debt | 1,217.20 | 1,200.30 | ' | ' | ' | ' | 222.9 | ' | ' | ' | ' | ' | 301.8 | 302.3 | ' | ' | 244.4 | 243.6 | 35.2 | 33.4 | ' | 255 | ' | 272.9 | 256 | ' | 110 | ' | ' |
Current portion of long-term debt | 10 | 25 | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | 1,207.20 | 1,175.30 | ' | ' | ' | ' | 212.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average interest rate on the Amended Credit Agreement | ' | ' | ' | ' | ' | ' | 1.86% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual interest rate on the Amended Credit Agreement | ' | ' | ' | ' | ' | ' | 1.87% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior notes issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300 | ' | ' | ' | 250 | ' | ' | ' | ' | ' | ' | 200 | ' | ' | ' | ' | 135 | ' |
Interest of senior notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | ' | ' | 8.88% | 7.75% | ' | ' | ' | ' | ' | ' | 7.38% | ' | ' | ' | ' | ' | ' |
Senior notes due date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-17 | ' | ' | ' | 1-Aug-19 | ' | ' | ' | ' | ' | ' | 15-Jul-21 | ' | ' | ' | ' | ' | ' |
Interest coverage ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' |
Decreased trade accounts receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130 | ' |
Outstanding other debt | 99.3 | 109.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term borrowings | 64.1 | 76.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt in 2014 | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt in 2015 | 55.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt in 2016 | 160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt in 2017 | 321.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt in 2018 | 152.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion of long-term debt thereafter | 517.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash paid for interest expense | 86.5 | 86.6 | 67.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred financing fees and debt issuance costs | $13.40 | $14.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate reclassification of net loss from accumulated other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | $0.50 | ' | ' |
Interest rate swap agreements maturity year | '2014 | ' | ' | ' | ' | ' | ' | ' | '2014 | ' | ' |
Weighted average of variable interest rate | 0.17% | ' | ' | ' | 0.21% | ' | ' | ' | 0.17% | 0.21% | ' |
Weighted average of fixed interest rate | 0.75% | ' | ' | ' | 0.75% | ' | ' | ' | 0.75% | 0.75% | ' |
Realized losses on interest rate derivatives related to statement of operations | ' | ' | ' | ' | ' | ' | ' | ' | 0.8 | 0.9 | 1.9 |
Other comprehensive losses on interest rate derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 0.9 | 0.9 | 1.4 |
(Gains) losses recorded under fair value contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | 0.7 |
Gains reclassified to earnings for hedging contracts qualifying as cash flow hedges | 33 | 48.8 | 42.3 | 24.9 | 28.9 | 39 | 38.2 | 21.8 | 149 | 127.9 | 177.6 |
Realized losses on Energy hedges related to statement of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.2 | 0.4 |
Carrying amount of long-term debt | 1,217.20 | ' | ' | ' | 1,200.30 | ' | ' | ' | 1,217.20 | 1,200.30 | ' |
Restructuring-related expenses on long lived assets | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 10.2 | 4.5 |
Recognized amount of impairment related to assets under contract to be sold | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 2.6 | 4.5 |
Asset impairment charges | 28.2 | ' | ' | ' | ' | ' | ' | ' | 34 | 12.9 | 9 |
Recognized amount of impairment related to discontinued usage of certain trade names | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | 3 |
Senior Notes [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value long-term debt | 334.5 | ' | ' | ' | 330.8 | ' | ' | ' | 334.5 | 330.8 | ' |
Carrying amount of long-term debt | 301.8 | ' | ' | ' | 302.3 | ' | ' | ' | 301.8 | 302.3 | ' |
Senior Notes Due 2019 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value long-term debt | 289.9 | ' | ' | ' | 286.9 | ' | ' | ' | 289.9 | 286.9 | ' |
Carrying amount of long-term debt | 244.4 | ' | ' | ' | 243.6 | ' | ' | ' | 244.4 | 243.6 | ' |
Senior Notes Due 2021 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated fair value long-term debt | 317.9 | ' | ' | ' | 283.4 | ' | ' | ' | 317.9 | 283.4 | ' |
Carrying amount of long-term debt | 272.9 | ' | ' | ' | 256 | ' | ' | ' | 272.9 | 256 | ' |
Paper Packaging [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized amount of impairment related to assets under contract to be sold | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' |
Rigid Industrial Packaging & Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized amount of impairment related to assets under contract to be sold | ' | ' | ' | ' | ' | ' | ' | ' | 16.8 | ' | ' |
Recognized amount of additional impairment related to net assets held for sale | ' | ' | ' | ' | ' | ' | ' | ' | 4.6 | ' | ' |
Flexible Products & Services [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized amount of impairment related to assets under contract to be sold | ' | ' | ' | ' | ' | ' | ' | ' | 11.6 | ' | ' |
Recognized amount of impairment related to discontinued usage of certain trade names | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gains reclassified to earnings for hedging contracts qualifying as cash flow hedges | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.1 |
Interest Rate Derivatives [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | 150 | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' |
Derivative number of instruments held | 2 | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Foreign Currency Forward Contracts [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | $137.60 | ' | ' | ' | $233.20 | ' | ' | ' | $137.60 | $233.20 | ' |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements - Recurring Fair Value Measurements (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Total Fair Value | ($1.60) | ($0.90) |
Other Long-Term Liabilities [Member] | Interest Rate Derivatives [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Total Fair Value | -0.9 | -1.4 |
Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Hedges [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Foreign exchange hedges included in prepaid expenses and other current assets | 0.3 | 0.8 |
Other Current Liabilities [Member] | Foreign Exchange Hedges [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Total Fair Value | -1 | -0.3 |
Level 1 [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Total Fair Value | ' | ' |
Level 1 [Member] | Other Long-Term Liabilities [Member] | Interest Rate Derivatives [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Total Fair Value | ' | ' |
Level 1 [Member] | Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Hedges [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Foreign exchange hedges included in prepaid expenses and other current assets | ' | ' |
Level 1 [Member] | Other Current Liabilities [Member] | Foreign Exchange Hedges [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Total Fair Value | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Total Fair Value | -1.6 | -0.9 |
Level 2 [Member] | Other Long-Term Liabilities [Member] | Interest Rate Derivatives [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Total Fair Value | -0.9 | -1.4 |
Level 2 [Member] | Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Hedges [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Foreign exchange hedges included in prepaid expenses and other current assets | 0.3 | 0.8 |
Level 2 [Member] | Other Current Liabilities [Member] | Foreign Exchange Hedges [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Total Fair Value | -1 | -0.3 |
Level 3 [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Total Fair Value | ' | ' |
Level 3 [Member] | Other Long-Term Liabilities [Member] | Interest Rate Derivatives [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Total Fair Value | ' | ' |
Level 3 [Member] | Prepaid Expenses and Other Current Assets [Member] | Foreign Exchange Hedges [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Foreign exchange hedges included in prepaid expenses and other current assets | ' | ' |
Level 3 [Member] | Other Current Liabilities [Member] | Foreign Exchange Hedges [Member] | ' | ' |
Fair Value Assets Measured On Recurring Basis [Line Items] | ' | ' |
Total Fair Value | ' | ' |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Stock options granted | 0 | 0 | 0 |
Stock options fully vested | '2 years | ' | ' |
Expiry of options | '10 years | ' | ' |
Share based compensation expense | $3.70 | $3.60 | $4.20 |
2001 Management Equity Incentive and Compensation Plan [Member] | ' | ' | ' |
Stock options granted under various plans | 5,000,000 | ' | ' |
Non-statutory Stock Option Plan [Member] | ' | ' | ' |
Stock options granted under various plans | 400,000 | ' | ' |
Incentive Stock Option Plan [Member] | ' | ' | ' |
Stock options granted under various plans | 2,000,000 | ' | ' |
Outside Directors Award Plan [Member] | ' | ' | ' |
Stock options granted under various plans | 200,000 | ' | ' |
Expiry of option | '10 years | ' | ' |
Long Term Incentive Plan Restricted Stock [Member] | ' | ' | ' |
Shares of restricted stock | 55,874 | 53,533 | ' |
Weighted average grant date fair value | $51.97 | $41.44 | ' |
Share based compensation expense | 2.9 | 2.2 | 2.5 |
2005 Outside Directors Equity Award Plan Restricted Stock [Member] | ' | ' | ' |
Shares of restricted stock | 15,831 | 14,152 | ' |
Weighted average grant date fair value | $51.16 | $50.87 | ' |
Share based compensation expense | $0.80 | $0.70 | $0.70 |
StockBased_Compensation_Stock_
Stock-Based Compensation - Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Beginning balance, Shares | 181 | 342 | 510 |
Granted, Shares | ' | ' | ' |
Forfeited, Shares | 3 | 3 | 1 |
Exercised, Shares | 99 | 158 | 167 |
Ending balance, Shares | 79 | 181 | 342 |
Beginning balance, Weighted Average Exercise price | $19.45 | $16.61 | $16.14 |
Granted, Weighted Average Exercise price | ' | ' | ' |
Forfeited, Weighted Average Exercise price | $19.35 | $13.10 | $12.72 |
Exercised, Weighted Average Exercise price | $14.79 | $13.45 | $15.17 |
Ending balance, Weighted Average Exercise price | $25.30 | $19.45 | $16.61 |
StockBased_Compensation_Exerci
Stock-Based Compensation - Exercise Price of Outstanding Stock Options (Detail) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 |
Price Range One [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise price | $15 |
Upper range of exercise price | $25 |
Number Outstanding | 67 |
Weighted-Average Remaining Contractual Life | '1 year 1 month 6 days |
Price Range Two [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Lower range of exercise price | $25 |
Upper range of exercise price | $35 |
Number Outstanding | 12 |
Weighted-Average Remaining Contractual Life | '1 year 3 months 18 days |
Income_Taxes_Provision_for_Inc
Income Taxes - Provision for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Current | ' | ' | ' |
Federal | $54.20 | $19.70 | $25.60 |
State and local | 8.8 | 5.4 | 4.4 |
Non-U.S. | 32.6 | 13.5 | 27.5 |
Total Current | 95.6 | 38.6 | 57.5 |
Deferred | ' | ' | ' |
Federal | -6.3 | 10.3 | 11 |
State and local | -0.2 | 2.7 | 5 |
Non-U.S. | 8.5 | 7.2 | -6.2 |
Total Deferred | 2 | 20.2 | 9.8 |
Total Current and Deferred income taxes | $97.60 | $58.80 | $67.30 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Tax benefits from net operating loss carry forwards, Foreign | $102.20 | ' | ' |
Tax benefits from net operating loss carry forwards, State and Local | 0.2 | ' | ' |
Accrued interest and penalties related to unrecognized tax benefits | 1.2 | 1.7 | ' |
Net decrease in unrecognized tax benefits for the next 12 months, minimum | 0 | ' | ' |
Net decrease in unrecognized tax benefits for the next 12 months, maximum | 16 | ' | ' |
Income taxes paid | 74 | 56.9 | 64.9 |
Non-U.S. [Member] | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' |
Income before income tax expense | 80.3 | 74.8 | 129 |
Valuation allowance resulting from net operating loss carryforward | $76.10 | $55.30 | ' |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
United States federal tax rate | 35.00% | 35.00% | 35.00% |
Non-U.S. tax rates | 2.20% | -1.10% | -10.00% |
State and local taxes, net of federal tax benefit | 2.50% | 2.30% | 1.90% |
United States tax credits | -2.10% | -0.70% | -0.80% |
Unrecognized tax benefits | -0.20% | -5.50% | 12.60% |
Change in judgment regarding valuation allowance | 0.50% | 1.50% | -14.50% |
Withholding tax | 2.90% | 2.60% | 1.90% |
Foreign partnerships | -3.60% | -4.30% | -1.00% |
Foreign Income Inclusion | 1.70% | 1.60% | 0.10% |
Other items | 1.10% | 0.30% | 2.80% |
Effective income tax rate, Continuing operations | 40.00% | 31.70% | 28.00% |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Millions, unless otherwise specified | ||
Deferred Tax Assets | ' | ' |
Net operating loss carryforwards | $102.40 | $90.70 |
Minimum pension liabilities | 41.5 | 61.6 |
Insurance operations | 6.4 | 9.1 |
Incentives | 5.5 | 4.1 |
Environmental reserves | 7.3 | 7.4 |
Inventories | 6.1 | 2.7 |
State income tax | 9.6 | 9.2 |
Postretirement | 5.6 | 7.4 |
Other | 5.6 | 6.3 |
Derivatives instruments | 0.4 | 0.5 |
Interest | 5.2 | 5.3 |
Allowance for doubtful accounts | 3 | 4.5 |
Restructuring reserves | 0.4 | 1.1 |
Deferred compensation | 2.8 | 2.5 |
Foreign tax credits | 2.5 | 1.8 |
Vacation accruals | 1.5 | 1.4 |
Stock options | 1 | 1.4 |
Severance | 0.2 | 0.2 |
Workers compensation accruals | 3.9 | 2.5 |
Total Deferred Tax Assets | 210.9 | 219.7 |
Valuation allowance | -78.6 | -57 |
Net Deferred Tax Assets | 132.3 | 162.7 |
Deferred Tax Liabilities | ' | ' |
Properties, plants and equipment | 114.8 | 121.9 |
Goodwill and other intangible assets | 97.5 | 93.4 |
Foreign Income Inclusion | 0.8 | ' |
Foreign exchange | 7.6 | 7.8 |
Timberland transactions | 102.1 | 95.7 |
Pension | 8.9 | 16.5 |
Total Deferred Tax Liabilities | 331.7 | 335.3 |
Net Deferred Tax Liability | ($199.40) | ($172.60) |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Balance at November 1 | $43.60 | $73.90 | $35.40 |
Increases in tax positions for prior years | 1.3 | 7.3 | 44 |
Decreases in tax positions for prior years | -2.5 | -2.1 | -1.6 |
Increases in tax positions for current years | 1.3 | 3.9 | ' |
Settlements with taxing authorities | -30.3 | -32.5 | -4.5 |
Lapse in statute of limitations | ' | -0.3 | ' |
Currency translation | 2.6 | -6.6 | 0.6 |
Balance at October 31 | $16 | $43.60 | $73.90 |
Post_Retirement_Benefit_Plans_1
Post Retirement Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company's pension contributions | $14.40 | $18 | $32.60 |
Benefits paid by the company | 1.4 | ' | ' |
Company's estimated pension contributions | 13.2 | ' | ' |
Expected return on plan assets | 5.70% | ' | ' |
Transfer value | 0 | ' | ' |
Fair value of plan assets | 621.2 | 599.1 | ' |
Class A Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Authorized Shares | 128,000,000 | 128,000,000 | ' |
Class B Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Authorized Shares | 69,120,000 | 69,120,000 | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company's pension contributions | 13 | ' | ' |
Amortization loss of prior service costs | 10.4 | ' | ' |
Pension Plans, Defined Benefit [Member] | Class A Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Authorized Shares | 247,504 | 247,504 | ' |
Pension Plans, Defined Benefit [Member] | Class B Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Authorized Shares | 160,710 | 160,710 | ' |
401 (k) Savings Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company's pension contributions | 6.5 | 3.9 | 3.6 |
Postretirement Health Care and Life Insurance Benefits [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Aggregated accumulated benefit obligation | 18.5 | 0 | ' |
Fair value of plan assets | $19.30 | $0 | ' |
Post_Retirement_Benefit_Plans_2
Post Retirement Benefit Plans - Number of Participants in Defined Benefit Plans (Detail) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Participant | Participant | |
Pension Plans, Defined Benefit [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Active participants | 2,244 | 2,402 |
Vested former employees | 2,184 | 3,660 |
Retirees and beneficiaries | 4,147 | 4,043 |
Other plan participants | 35 | 35 |
USA [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Active participants | 1,880 | 2,004 |
Vested former employees | 1,452 | 2,913 |
Retirees and beneficiaries | 2,320 | 2,210 |
Other plan participants | 0 | 0 |
Germany [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Active participants | 122 | 127 |
Vested former employees | 64 | 63 |
Retirees and beneficiaries | 250 | 248 |
Other plan participants | 0 | 0 |
United Kingdom [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Active participants | 133 | 158 |
Vested former employees | 399 | 418 |
Retirees and beneficiaries | 718 | 726 |
Other plan participants | 0 | 0 |
Netherlands [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Active participants | 48 | 48 |
Vested former employees | 249 | 249 |
Retirees and beneficiaries | 804 | 804 |
Other plan participants | 35 | 35 |
Other International [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Active participants | 61 | 65 |
Vested former employees | 20 | 17 |
Retirees and beneficiaries | 55 | 55 |
Other plan participants | 0 | 0 |
Postretirement Health Care and Life Insurance Benefits [Member] | Pension Plans, Defined Benefit [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Active participants | 26 | 31 |
Vested former employees | 0 | 0 |
Retirees and beneficiaries | 894 | 916 |
Other plan participants | 0 | 0 |
Postretirement Health Care and Life Insurance Benefits [Member] | USA [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Active participants | 12 | 12 |
Vested former employees | 0 | 0 |
Retirees and beneficiaries | 793 | 812 |
Other plan participants | 0 | 0 |
Postretirement Health Care and Life Insurance Benefits [Member] | South Africa [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Active participants | 14 | 19 |
Vested former employees | 0 | 0 |
Retirees and beneficiaries | 101 | 104 |
Other plan participants | 0 | 0 |
Post_Retirement_Benefit_Plans_3
Post Retirement Benefit Plans - Actuarial Assumptions Used to Measure Benefit Obligations and Pension Costs (Detail) | 12 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Discount rate | 4.30% | 3.92% | 4.94% |
Expected return on plan assets | 5.70% | 6.46% | 7.20% |
Rate of compensation increase | 2.99% | 2.99% | 3.13% |
USA [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Discount rate | 4.75% | 4.00% | 4.90% |
Expected return on plan assets | 6.00% | 6.75% | 8.25% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Germany [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Discount rate | 3.40% | 3.50% | 5.25% |
Rate of compensation increase | 2.75% | 2.75% | 2.75% |
United Kingdom [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Discount rate | 4.25% | 4.25% | 5.00% |
Expected return on plan assets | 6.50% | 6.75% | 7.50% |
Rate of compensation increase | 3.50% | 3.50% | 4.00% |
Netherlands [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Discount rate | 3.25% | 3.25% | 5.00% |
Expected return on plan assets | 3.25% | 5.00% | 4.25% |
Rate of compensation increase | 2.25% | 2.25% | 2.25% |
Other International [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Discount rate | 5.28% | 4.89% | 5.55% |
Expected return on plan assets | 5.82% | 6.55% | 6.60% |
Rate of compensation increase | 2.35% | 2.29% | 2.70% |
Post_Retirement_Benefit_Plans_4
Post Retirement Benefit Plans - Components of Net Periodic Pension Cost (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Service cost | $16.70 | $13.40 | $12.70 |
Interest cost | 27.6 | 29.6 | 29.6 |
Expected return on plan assets | -32.1 | -33.9 | -36.8 |
Amortization of prior service cost | 0.6 | 1.5 | 1.9 |
Recognized net actuarial loss | 16.4 | 11.4 | 8.4 |
Net periodic (income) cost | 29.2 | 22 | 15.8 |
USA [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Service cost | 11.5 | 10 | 9 |
Interest cost | 15.9 | 16.6 | 16.6 |
Expected return on plan assets | -16.4 | -17.6 | -19.7 |
Amortization of prior service cost | 0.5 | 1.5 | 1.9 |
Recognized net actuarial loss | 13.6 | 9.9 | 7.1 |
Net periodic (income) cost | 25.1 | 20.4 | 14.9 |
Germany [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Service cost | 0.6 | 0.4 | 0.5 |
Interest cost | 1.2 | 1.4 | 1.4 |
Recognized net actuarial loss | 0.6 | 0.1 | 0.1 |
Net periodic (income) cost | 2.4 | 1.9 | 2 |
United Kingdom [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Service cost | 2.9 | 2.1 | 2.1 |
Interest cost | 6.5 | 7 | 7.1 |
Expected return on plan assets | -11.7 | -11.8 | -12.7 |
Recognized net actuarial loss | 1.3 | 0.6 | 0.4 |
Net periodic (income) cost | -1 | -2.1 | -3.1 |
Netherlands [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Service cost | 1.2 | 0.5 | 0.7 |
Interest cost | 3.3 | 3.9 | 3.9 |
Expected return on plan assets | -3.2 | -3.6 | -3.7 |
Recognized net actuarial loss | 0.6 | 0.4 | 0.4 |
Net periodic (income) cost | 1.9 | 1.2 | 1.3 |
Other International [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Service cost | 0.5 | 0.4 | 0.4 |
Interest cost | 0.7 | 0.7 | 0.6 |
Expected return on plan assets | -0.8 | -0.9 | -0.7 |
Amortization of prior service cost | 0.1 | ' | ' |
Recognized net actuarial loss | 0.3 | 0.4 | 0.4 |
Net periodic (income) cost | $0.80 | $0.60 | $0.70 |
Post_Retirement_Benefit_Plans_5
Post Retirement Benefit Plans - Change in Projected Benefit Obligation (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Change in benefit obligation: | ' | ' | ' |
Benefits paid | ($1.40) | ' | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 722.4 | 616.2 | ' |
Service cost | 16.7 | 13.4 | 12.7 |
Interest cost | 27.6 | 29.6 | 29.6 |
Plan participant contributions | 0.3 | 0.3 | ' |
Expenses paid from assets | 2.2 | -1.1 | ' |
Plan amendments | 0.4 | 1.7 | ' |
Actuarial (gain) loss | -23.8 | 91.9 | ' |
Foreign currency effect | 9.4 | -1.7 | ' |
Benefits paid | -47 | -27.9 | ' |
Benefit obligation at end of year | 703.8 | 722.4 | 616.2 |
USA [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 404.7 | 345.5 | ' |
Service cost | 11.5 | 10 | 9 |
Interest cost | 15.9 | 16.6 | 16.6 |
Expenses paid from assets | 1.9 | -1.1 | ' |
Plan amendments | 0.4 | ' | ' |
Actuarial (gain) loss | -40.6 | 47.3 | ' |
Benefits paid | -31.3 | -13.6 | ' |
Benefit obligation at end of year | 358.7 | 404.7 | 345.5 |
Germany [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 35.3 | 27.9 | ' |
Service cost | 0.6 | 0.4 | 0.5 |
Interest cost | 1.2 | 1.4 | 1.4 |
Actuarial (gain) loss | 0.9 | 8.4 | ' |
Foreign currency effect | 2.4 | -1.5 | ' |
Benefits paid | -1.4 | -1.3 | ' |
Benefit obligation at end of year | 39 | 35.3 | 27.9 |
United Kingdom [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 161.9 | 142.1 | ' |
Service cost | 2.9 | 2.1 | 2.1 |
Interest cost | 6.5 | 7 | 7.1 |
Plan participant contributions | ' | 0.1 | ' |
Plan amendments | ' | 1.7 | ' |
Actuarial (gain) loss | 9.7 | 11.4 | ' |
Foreign currency effect | 0.8 | 3.9 | ' |
Benefits paid | -6.9 | -6.4 | ' |
Benefit obligation at end of year | 174.9 | 161.9 | 142.1 |
Netherlands [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 103.4 | 85.3 | ' |
Service cost | 1.2 | 0.5 | 0.7 |
Interest cost | 3.3 | 3.9 | 3.9 |
Plan participant contributions | 0.3 | 0.2 | ' |
Actuarial (gain) loss | 7.7 | 24 | ' |
Foreign currency effect | 7 | -4.5 | ' |
Benefits paid | -6 | -6 | ' |
Benefit obligation at end of year | 116.9 | 103.4 | 85.3 |
Other International [Member] | ' | ' | ' |
Change in benefit obligation: | ' | ' | ' |
Benefit obligation at beginning of year | 17.1 | 15.4 | ' |
Service cost | 0.5 | 0.4 | 0.4 |
Interest cost | 0.7 | 0.7 | 0.6 |
Expenses paid from assets | 0.3 | ' | ' |
Actuarial (gain) loss | -1.5 | 0.8 | ' |
Foreign currency effect | -0.8 | 0.4 | ' |
Benefits paid | -1.4 | -0.6 | ' |
Benefit obligation at end of year | $14.30 | $17.10 | $15.40 |
Post_Retirement_Benefit_Plans_6
Post Retirement Benefit Plans - Benefit Obligations in Excess of Plan Assets (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
In Millions, unless otherwise specified | |||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Plan assets | $621.20 | $599.10 | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Projected benefit obligation | 703.8 | 722.4 | 616.2 |
Accumulated benefit obligation | 674.4 | 687.8 | ' |
Plan assets | 621.2 | 599.1 | ' |
Accumulated benefit obligation | 503 | 531.2 | ' |
Plan assets | 419.2 | 408.3 | ' |
USA [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Projected benefit obligation | 358.7 | 404.7 | 345.5 |
Accumulated benefit obligation | 339.1 | 382 | ' |
Plan assets | 301.8 | 298.4 | ' |
Accumulated benefit obligation | 339.1 | 382 | ' |
Plan assets | 301.8 | 298.4 | ' |
Germany [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Projected benefit obligation | 39 | 35.3 | 27.9 |
Accumulated benefit obligation | 35.9 | 32.5 | ' |
Accumulated benefit obligation | 35.9 | 32.5 | ' |
United Kingdom [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Projected benefit obligation | 174.9 | 161.9 | 142.1 |
Accumulated benefit obligation | 171.3 | 156.6 | ' |
Plan assets | 198.9 | 187.4 | ' |
Netherlands [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Projected benefit obligation | 116.9 | 103.4 | 85.3 |
Accumulated benefit obligation | 115.2 | 102 | ' |
Plan assets | 106.5 | 99.3 | ' |
Accumulated benefit obligation | 115.2 | 102 | ' |
Plan assets | 106.5 | 99.3 | ' |
Other International [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Projected benefit obligation | 14.3 | 17.1 | 15.4 |
Accumulated benefit obligation | 12.9 | 14.7 | ' |
Plan assets | 14 | 14 | ' |
Accumulated benefit obligation | 12.8 | 14.7 | ' |
Plan assets | $10.90 | $10.60 | ' |
Post_Retirement_Benefit_Plans_7
Post Retirement Benefit Plans - Future Benefit Payments Next Five Years and Thereafter (Detail) (USD $) | Oct. 31, 2013 |
In Millions, unless otherwise specified | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
2014 | $32.70 |
2015 | 33.2 |
2016 | 33.9 |
2017 | 35.2 |
2018 | 37 |
2019-2023 | 205 |
Postretirement Health Care and Life Insurance Benefits [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
2014 | 2.2 |
2015 | 1.8 |
2016 | 1.7 |
2017 | 1.6 |
2018 | 1.5 |
2019-2023 | $6.40 |
Post_Retirement_Benefit_Plans_8
Post Retirement Benefit Plans - Weighted Average Asset Allocations at Measurement Date and Target Asset Allocations (Detail) | 12 Months Ended | |
Oct. 31, 2013 | Oct. 31, 2012 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Total, Target | 100.00% | 100.00% |
Total, Actual | 100.00% | 100.00% |
Equity Securities [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Total, Target | 23.00% | 34.00% |
Total, Actual | 31.00% | 34.00% |
Debt Securities [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Total, Target | 49.00% | 45.00% |
Total, Actual | 46.00% | 45.00% |
Other [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Total, Target | 28.00% | 21.00% |
Total, Actual | 23.00% | 21.00% |
Post_Retirement_Benefit_Plans_9
Post Retirement Benefit Plans - Fair Value of the Pension Plans Investments (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Change in plan assets: | ' | ' | ' |
Balance at beginning of year | $599.10 | ' | ' |
Employer contributions | 14.4 | 18 | 32.6 |
Benefits paid | 1.4 | ' | ' |
Balance at end of year | 621.2 | 599.1 | ' |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Balance at beginning of year | 599.1 | ' | ' |
Expenses paid | -2.2 | 1.1 | ' |
Plan participant contributions | 0.3 | 0.3 | ' |
Multi-plan combination | 0.4 | 1.7 | ' |
Benefits paid | 47 | 27.9 | ' |
Balance at end of year | 621.2 | 599.1 | ' |
USA [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Balance at beginning of year | 298.4 | ' | ' |
Expenses paid | -1.9 | 1.1 | ' |
Multi-plan combination | 0.4 | ' | ' |
Benefits paid | 31.3 | 13.6 | ' |
Balance at end of year | 301.8 | 298.4 | ' |
Germany [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Benefits paid | 1.4 | 1.3 | ' |
United Kingdom [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Balance at beginning of year | 187.4 | ' | ' |
Plan participant contributions | ' | 0.1 | ' |
Multi-plan combination | ' | 1.7 | ' |
Benefits paid | 6.9 | 6.4 | ' |
Balance at end of year | 198.9 | 187.4 | ' |
Netherlands [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Balance at beginning of year | 99.3 | ' | ' |
Plan participant contributions | 0.3 | 0.2 | ' |
Benefits paid | 6 | 6 | ' |
Balance at end of year | 106.5 | 99.3 | ' |
Other International [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Balance at beginning of year | 14 | ' | ' |
Expenses paid | -0.3 | ' | ' |
Benefits paid | 1.4 | 0.6 | ' |
Balance at end of year | 14 | 14 | ' |
Level 1 [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Balance at end of year | 304.3 | 111.8 | ' |
Level 1 [Member] | Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Balance at beginning of year | 599.1 | 540.3 | ' |
Actual return on plan assets | 48.9 | 66.2 | ' |
Expenses paid | -2.1 | -1.1 | ' |
Plan participant contributions | 0.3 | 0.3 | ' |
Multi-plan combination | ' | 1.7 | ' |
Foreign currency effects | 6.4 | -0.2 | ' |
Employer contributions | 14.4 | 18 | ' |
Benefits paid | -45.8 | -26.1 | ' |
Balance at end of year | 621.2 | 599.1 | ' |
Level 1 [Member] | USA [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Balance at beginning of year | 298.4 | 263 | ' |
Actual return on plan assets | 25.1 | 35.3 | ' |
Expenses paid | -1.8 | -1.1 | ' |
Employer contributions | 11.4 | 14.3 | ' |
Benefits paid | -31.3 | -13.1 | ' |
Balance at end of year | 301.8 | 298.4 | ' |
Level 1 [Member] | Germany [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Balance at beginning of year | ' | ' | ' |
Actual return on plan assets | ' | ' | ' |
Expenses paid | ' | ' | ' |
Plan participant contributions | ' | ' | ' |
Multi-plan combination | ' | ' | ' |
Employer contributions | ' | ' | ' |
Benefits paid | ' | ' | ' |
Balance at end of year | ' | ' | ' |
Level 1 [Member] | United Kingdom [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Balance at beginning of year | 187.4 | 176.7 | ' |
Actual return on plan assets | 15.9 | 8.6 | ' |
Plan participant contributions | ' | 0.1 | ' |
Multi-plan combination | ' | 1.7 | ' |
Foreign currency effects | 0.8 | 4.5 | ' |
Employer contributions | 1.7 | 2.2 | ' |
Benefits paid | -6.9 | -6.4 | ' |
Balance at end of year | 198.9 | 187.4 | ' |
Level 1 [Member] | Netherlands [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Balance at beginning of year | 99.3 | 87.9 | ' |
Actual return on plan assets | 6.5 | 21.9 | ' |
Plan participant contributions | 0.3 | 0.2 | ' |
Foreign currency effects | 6.5 | -4.7 | ' |
Benefits paid | -6.1 | -6 | ' |
Balance at end of year | 106.5 | 99.3 | ' |
Level 1 [Member] | Other International [Member] | ' | ' | ' |
Change in plan assets: | ' | ' | ' |
Balance at beginning of year | 14 | 12.7 | ' |
Actual return on plan assets | 1.4 | 0.4 | ' |
Expenses paid | -0.3 | ' | ' |
Foreign currency effects | -0.9 | ' | ' |
Employer contributions | 1.3 | 1.5 | ' |
Benefits paid | -1.5 | -0.6 | ' |
Balance at end of year | $14 | $14 | ' |
Recovered_Sheet1
Post Retirement Benefit Plans - Fair Value Measurements for Pension Assets (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Millions, unless otherwise specified | ||
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | $621.20 | $599.10 |
Equity Securities [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 192.4 | 224 |
Fixed Income [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 267.7 | 188.3 |
Debt Securities [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 19.3 | 56.8 |
Insurance Annuity [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 106.5 | 99.3 |
Other [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 35.3 | 30.7 |
Level 1 [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 304.3 | 111.8 |
Level 1 [Member] | Equity Securities [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 146.3 | 7.7 |
Level 1 [Member] | Fixed Income [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 155.1 | 89 |
Level 1 [Member] | Other [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 12.9 | 15.1 |
Level 2 [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 210.4 | 388 |
Level 2 [Member] | Equity Securities [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 46.1 | 216.3 |
Level 2 [Member] | Fixed Income [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 112.6 | 99.3 |
Level 2 [Member] | Debt Securities [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 19.3 | 56.8 |
Level 2 [Member] | Other [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 32.4 | 15.6 |
Level 3 [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | 106.5 | 99.3 |
Level 3 [Member] | Insurance Annuity [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Fair value of plan assets | $106.50 | $99.30 |
Recovered_Sheet2
Post Retirement Benefit Plans - Reconciliation of Beginning and Ending Balances of Fair Value Measurements Using Significant Unobservable Inputs (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Actual return on plan assets held at reporting date: | ' | ' |
Balance at end of year | $621.20 | $599.10 |
Level 3 [Member] | ' | ' |
Actual return on plan assets held at reporting date: | ' | ' |
Balance at end of year | 106.5 | 99.3 |
Level 3 [Member] | Non-U.S. Pension Plan [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Balance at beginning of year | 99.3 | 87.9 |
Actual return on plan assets held at reporting date: | ' | ' |
Assets still held at reporting date | 6.5 | 21.9 |
Plan participant contributions | 0.3 | 0.2 |
Settlements | -6.1 | -6 |
Currency impact | -6.5 | -4.7 |
Balance at end of year | $106.50 | $99.30 |
Recovered_Sheet3
Post Retirement Benefit Plans - Amounts Recognized in Consolidated Financial Statements (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Accumulated other comprehensive loss at beginning of year | $204.80 | $158.60 |
Net transition obligation amortized during fiscal year | -0.1 | -0.1 |
Net prior service costs amortized during fiscal year | -0.5 | -1.5 |
Net loss amortzied during fiscal year | -16.4 | -11.3 |
Accumulated other comprehensive loss | 149.6 | 204.8 |
Prior service (cost) or credit recognized during fiscal year due to curtailment | ' | -2.3 |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' |
Accumulated other comprehensive loss | 149.6 | 204.8 |
Prior service costs occuring during fiscal year | 0.4 | ' |
Liability (gain) loss occuring during fiscal year | -23.9 | 92 |
Asset (gain) occuring during fiscal year | -16.9 | -30.7 |
Increase (decrease) in accumulated other comprehensive loss | -57.4 | 46.1 |
Foreign currency impact | 2.2 | 0.1 |
Accumulated other comprehensive (income) or loss at current fiscal year end | 149.6 | 204.8 |
Pension Plans, Defined Benefit [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Unrecognized net actuarial loss | 148.5 | 203.5 |
Unrecognized prior service cost | 0.8 | 0.9 |
Unrecognized initial net obligation | 0.3 | 0.4 |
Accumulated other comprehensive loss | 149.6 | 204.8 |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' |
Prepaid benefit cost | 29.6 | 28.8 |
Accrued benefit liability | -112.1 | -152.1 |
Accumulated other comprehensive loss | 149.6 | 204.8 |
Net amount recognized | 67.1 | 81.5 |
Accumulated other comprehensive (income) or loss at current fiscal year end | 149.6 | 204.8 |
USA [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Unrecognized net actuarial loss | 77.8 | 140.9 |
Unrecognized prior service cost | 0.8 | 0.9 |
Accumulated other comprehensive loss | 78.6 | 141.8 |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' |
Accrued benefit liability | -56.9 | -106.3 |
Accumulated other comprehensive loss | 78.6 | 141.8 |
Net amount recognized | 21.7 | 35.5 |
Accumulated other comprehensive (income) or loss at current fiscal year end | 78.6 | 141.8 |
Germany [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Unrecognized net actuarial loss | 13.1 | 12 |
Accumulated other comprehensive loss | 13.1 | 12 |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' |
Accrued benefit liability | -39 | -35.3 |
Accumulated other comprehensive loss | 13.1 | 12 |
Net amount recognized | -25.9 | -23.3 |
Accumulated other comprehensive (income) or loss at current fiscal year end | 13.1 | 12 |
United Kingdom [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Unrecognized net actuarial loss | 30.4 | 26 |
Accumulated other comprehensive loss | 30.4 | 26 |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' |
Prepaid benefit cost | 26.6 | 25.6 |
Accrued benefit liability | -2.5 | ' |
Accumulated other comprehensive loss | 30.4 | 26 |
Net amount recognized | 54.5 | 51.6 |
Accumulated other comprehensive (income) or loss at current fiscal year end | 30.4 | 26 |
Netherlands [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Unrecognized net actuarial loss | 22.8 | 17.6 |
Accumulated other comprehensive loss | 22.8 | 17.6 |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' |
Accrued benefit liability | -10.4 | -4.1 |
Accumulated other comprehensive loss | 22.8 | 17.6 |
Net amount recognized | 12.4 | 13.5 |
Accumulated other comprehensive (income) or loss at current fiscal year end | 22.8 | 17.6 |
Other International [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Unrecognized net actuarial loss | 4.4 | 7 |
Unrecognized initial net obligation | 0.3 | 0.4 |
Accumulated other comprehensive loss | 4.7 | 7.4 |
Amounts recognized in the Consolidated Balance Sheets consist of: | ' | ' |
Prepaid benefit cost | 3 | 3.2 |
Accrued benefit liability | -3.3 | -6.4 |
Accumulated other comprehensive loss | 4.7 | 7.4 |
Net amount recognized | 4.4 | 4.2 |
Accumulated other comprehensive (income) or loss at current fiscal year end | $4.70 | $7.40 |
Recovered_Sheet4
Post Retirement Benefit Plans - Actuarial Assumptions Used for the Measurement of Benefit Obligations and Pension Costs (Detail) | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Pension Plans, Defined Benefit [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Actuarial assumptions used to measure the year-end benefit obligations and the pension costs | 4.30% | 3.92% | 4.94% |
Pension Plans, Defined Benefit [Member] | Postretirement Health Care and Life Insurance Benefits [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Actuarial assumptions used to measure the year-end benefit obligations and the pension costs | 4.67% | 4.77% | ' |
USA [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Actuarial assumptions used to measure the year-end benefit obligations and the pension costs | 4.75% | 4.00% | 4.90% |
USA [Member] | Postretirement Health Care and Life Insurance Benefits [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Actuarial assumptions used to measure the year-end benefit obligations and the pension costs | 3.95% | 4.00% | ' |
South Africa [Member] | Postretirement Health Care and Life Insurance Benefits [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Actuarial assumptions used to measure the year-end benefit obligations and the pension costs | 8.10% | 7.75% | ' |
Post_Retirement_Benefits_Plans
Post Retirement Benefits Plans - Components of Net Periodic Cost for Postretirement Benefits (Detail) (Other Postretirement Benefit Plans, Defined Benefit [Member], USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service cost | ' | ' | ' |
Interest cost | 0.8 | 1.1 | 1.2 |
Amortization of prior service cost | -1.5 | -1.6 | -1.6 |
Recognized net actuarial gain | ' | ' | -0.1 |
Net periodic (income) cost | ($0.70) | ($0.50) | ($0.50) |
Recovered_Sheet5
Post Retirement Benefit Plans - Schedule of Plan's Change in Benefit Obligation (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Benefits paid | ($1.40) | ' | ' |
Other Postretirement Benefit Plans, Defined Benefit [Member] | ' | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' | ' |
Benefit obligation at beginning of year | 19.3 | 20.8 | ' |
Service cost | ' | ' | ' |
Interest cost | 0.8 | 1.1 | 1.2 |
Actuarial loss | 0.4 | 0.2 | ' |
Foreign currency effect | -0.5 | -0.3 | ' |
Plan amendments | ' | ' | ' |
Benefits paid | -1.5 | -2.4 | ' |
Benefit obligation at end of year | $18.50 | $19.30 | $20.80 |
Recovered_Sheet6
Post Retirement Benefit Plans - Schedule of Other Comprehensive Income Included in Financial Statement (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Millions, unless otherwise specified | ||
Compensation And Retirement Disclosure [Abstract] | ' | ' |
Unrecognized net actuarial gain | $0.50 | $0.90 |
Unrecognized prior service credit | 9 | 10.7 |
Accumulated other comprehensive income | $9.50 | $11.60 |
Recovered_Sheet7
Post Retirement Benefit Plans - Summary of Healthcare Cost Trend Rates on Gross Eligible Charges (Detail) (Pension Plans, Defined Benefit [Member]) | 12 Months Ended |
Oct. 31, 2013 | |
Pension Plans, Defined Benefit [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
Current trend rate | 7.60% |
Ultimate trend rate | 5.20% |
Year ultimate trend rate reached | '2026 |
Recovered_Sheet8
Post Retirement Benefit Plans - Effect of One-Percentage Point Change In Assumed Health Care Cost Trend Rates (Detail) (Pension Plans, Defined Benefit [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Pension Plans, Defined Benefit [Member] | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' |
1-Percentage-Point, Effect on total of service and interest cost components | $42 |
1-Percentage-Point, Effect on postretirement benefit obligation | 523 |
1-Percentage-Point, Effect on total of service and interest cost components | -35 |
1-Percentage-Point, Effect on postretirement benefit obligation | ($446) |
Contingent_Liabilities_and_Env1
Contingent Liabilities and Environmental Reserves - Additional Information (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 |
In Millions, unless otherwise specified | ||
Site Contingency [Line Items] | ' | ' |
Environmental liability reserves | $26.80 | $27.50 |
Blending Facility in Chicago and Illinois [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Environmental liability reserves | 13.8 | 13.9 |
European Drum Facilities [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Environmental liability reserves | 7.7 | 7.4 |
Life Cycle Management and Recycling Facilities [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Environmental liability reserves | 2.3 | 4.2 |
Other Facilities [Member] | ' | ' |
Site Contingency [Line Items] | ' | ' |
Environmental liability reserves | $3 | $2 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 12 Months Ended | 36 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | Oct. 31, 2013 |
Class of Stock [Line Items] | ' | ' | ' | ' |
Number of shares authorized to be purchased | 4,000,000 | ' | ' | 4,000,000 |
Total cost of the shares repurchased | ' | ' | $15 | $15.10 |
Shares repurchased of common stock | 3,184,272 | ' | ' | 3,184,272 |
Antidilutive stock option | 0 | 0 | 0 | ' |
Class A Common Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Calculation of EPS | '(i) multiply 40 percent times the average Class A shares outstanding, then divide that amount by the product of 40 percent of the average Class A shares outstanding plus 60 percent of the average Class B shares outstanding to get a percentage, (ii) undistributed net income divided by the average Class A shares outstanding, (iii) multiply item (i) by item (ii), (iv) add item (iii) to the Class A cash dividend. Diluted shares are factored into the Class A calculation. | ' | ' | ' |
Percentage of shares outstanding used in two class method calculation | 40.00% | ' | ' | ' |
Cumulative dividends per share | 0.01 | ' | ' | ' |
Common stock dividend per share | 0.01 | ' | ' | ' |
Cumulative dividend period in arrear for voting right | 4 | ' | ' | ' |
Repurchase of common stock | 0 | ' | ' | ' |
Shares repurchased of common stock | 1,425,452 | ' | ' | 1,425,452 |
Dividends per share | 1.68 | 1.68 | ' | ' |
Class B Common Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Calculation of EPS | '(i) multiply 60 percent times the average Class B shares outstanding, then divide that amount by the product of 40 percent of the average Class A shares outstanding plus 60 percent of the average Class B shares outstanding to get a percentage, (ii) undistributed net income divided by the average Class B shares outstanding, (iii) multiply item (i) by item (ii), (iv) add item (iii) to the Class B cash dividend. Class B diluted EPS is identical to Class B basic EPS. | ' | ' | ' |
Percentage of shares outstanding used in two class method calculation | 60.00% | ' | ' | ' |
Non-Cumulative dividends per share | 0.005 | ' | ' | ' |
Common stock dividend per share | 0.015 | ' | ' | ' |
Repurchase of common stock | 0 | ' | ' | ' |
Shares repurchased of common stock | 1,758,820 | ' | ' | 1,758,820 |
Dividends per share | 2.51 | 2.51 | ' | ' |
Earnings_Per_Share_Computation
Earnings Per Share - Computation Earnings Per Share Basic and Diluted (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Numerator for basic and diluted EPS- | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Greif | $36.80 | $46.70 | $40.20 | $23.60 | $25.80 | $37.50 | $38.40 | $20.70 | $147.30 | $122.40 | $174.70 |
Cash dividends | ' | ' | ' | ' | ' | ' | ' | ' | 98.3 | 97.7 | 97.8 |
Undistributed net income attributable to Greif, Inc. | ' | ' | ' | ' | ' | ' | ' | ' | $49 | $24.70 | $76.90 |
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic EPS- | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic EPS | 25,454,762 | 25,435,379 | 25,390,486 | 25,316,395 | 25,270,259 | 25,177,924 | 25,149,691 | 25,052,868 | 25,399,256 | 25,162,686 | 24,869,573 |
Denominator for diluted EPS- | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for diluted EPS | 25,473,100 | 25,464,862 | 25,433,480 | 25,382,077 | 25,351,713 | 25,271,088 | 25,288,352 | 25,193,827 | 25,422,537 | 25,234,540 | 25,047,332 |
EPS Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EPS Basic | $0.63 | $0.80 | $0.69 | $0.41 | $0.44 | $0.64 | $0.66 | $0.36 | $2.52 | $2.10 | $3 |
EPS Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EPS Diluted | $0.63 | $0.80 | $0.69 | $0.41 | $0.44 | $0.64 | $0.66 | $0.36 | $2.52 | $2.10 | $2.99 |
Class B Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic EPS- | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for basic EPS | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,120,666 | 22,120,966 | 22,100,000 | 22,100,000 | 22,300,000 |
Denominator for diluted EPS- | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator for diluted EPS | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,120,666 | 22,120,966 | 22,100,000 | 22,100,000 | 22,300,000 |
EPS Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EPS Basic | $0.94 | $1.20 | $1.03 | $0.60 | $0.66 | $0.96 | $0.99 | $0.53 | $3.77 | $3.14 | $4.48 |
EPS Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EPS Diluted | $0.94 | $1.20 | $1.03 | $0.60 | $0.66 | $0.96 | $0.99 | $0.53 | $3.77 | $3.14 | $4.48 |
Earnings_Per_Share_Summarizati
Earnings Per Share - Summarization of Company's Class A and Class B Common and Treasury Shares (Detail) | Oct. 31, 2013 | Oct. 31, 2012 |
Class A Common Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Authorized Shares | 128,000,000 | 128,000,000 |
Issued Shares | 42,281,920 | 42,281,920 |
Outstanding Shares | 25,456,724 | 25,283,465 |
Treasury Shares | 16,825,196 | 16,998,455 |
Class B Common Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Authorized Shares | 69,120,000 | 69,120,000 |
Issued Shares | 34,560,000 | 34,560,000 |
Outstanding Shares | 22,119,966 | 22,119,966 |
Treasury Shares | 12,440,034 | 12,440,034 |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Shares Used to Calculate Basic and Diluted Earnings Per Share (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 | |
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares | 25,454,762 | 25,435,379 | 25,390,486 | 25,316,395 | 25,270,259 | 25,177,924 | 25,149,691 | 25,052,868 | 25,399,256 | 25,162,686 | 24,869,573 |
Assumed conversion of stock options | ' | ' | ' | ' | ' | ' | ' | ' | 23,281 | 71,854 | 177,759 |
Diluted shares | 25,473,100 | 25,464,862 | 25,433,480 | 25,382,077 | 25,351,713 | 25,271,088 | 25,288,352 | 25,193,827 | 25,422,537 | 25,234,540 | 25,047,332 |
Class B Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,120,666 | 22,120,966 | 22,100,000 | 22,100,000 | 22,300,000 |
Diluted shares | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,120,666 | 22,120,966 | 22,100,000 | 22,100,000 | 22,300,000 |
Basic and diluted shares | ' | ' | ' | ' | ' | ' | ' | ' | 22,119,966 | 22,120,391 | 22,349,844 |
Equity_Earnings_of_Unconsolida1
Equity Earnings of Unconsolidated Affiliates, Net of Tax and Net Income Attributable to Noncontrolling Interests - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Affiliates | |||
Noncontrolling Interest [Line Items] | ' | ' | ' |
Number of affiliates in which company has equity interest | 5 | ' | ' |
Equity earnings of affiliates | $2.90 | $1.30 | $4.80 |
Dividends received from company's equity method affiliates | 0.3 | 0.1 | ' |
Principal balance of loan made to an entity deemed VIE | 22.2 | ' | ' |
Outstanding amount of loan | 14.3 | ' | ' |
Net income attributable to noncontrolling interests | $1.70 | $5.50 | $2.90 |
Minimum [Member] | ' | ' | ' |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Percentage of investments in affiliates in which company have non controlling interest | 20.00% | ' | ' |
Leases_Information_Related_to_
Leases - Information Related to Company's Rent Expense (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Leases [Abstract] | ' | ' | ' |
Rent Expense | $54.70 | $51.40 | $45.40 |
Total Rent Expense | $54.70 | $51.40 | $45.40 |
Leases_Companys_Minimum_Rent_C
Leases - Company's Minimum Rent Commitments Under Operating and Capital Leases (Detail) (USD $) | Oct. 31, 2013 |
In Millions, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $42.70 |
2015 | 36.6 |
2016 | 24.9 |
2017 | 15 |
2018 | 10 |
Thereafter | 33.4 |
Total | 162.6 |
2014 | 1.2 |
2015 | 0.8 |
2016 | 0.4 |
2017 | 0.2 |
2018 | ' |
Thereafter | ' |
Total | $2.60 |
Business_Segment_Information_A
Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2013 | |
acre | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of operating segment | 5 |
Number of reportable business segment | 4 |
Measurement area of timber properties in the south eastern United States which are actively managed in acres | 252,475 |
Measurement area of timber properties in Canada which are not actively managed in acres | 10,300 |
Business_Segment_Information_S
Business Segment Information - Segment Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | $1,126.20 | $1,129.70 | $1,088.90 | $1,008.60 | $1,075.60 | $1,102.90 | $1,098.20 | $992.80 | $4,353.40 | $4,269.50 | $4,248.20 |
Operating profit (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 339.6 | 282.8 | 330.2 |
Rigid Industrial Packaging & Services [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 3,062.10 | 3,075.60 | 3,014.30 |
Operating profit (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 196 | 185 | 219.4 |
Flexible Products & Services [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 448.7 | 453.3 | 538 |
Operating profit (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating profit | ' | ' | ' | ' | ' | ' | ' | ' | -13.1 | -1 | 16.9 |
Paper Packaging [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 809.5 | 713.8 | 675 |
Operating profit (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating profit | ' | ' | ' | ' | ' | ' | ' | ' | 123.8 | 83.5 | 74.9 |
Land Management [Member] | Operating Segments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 33.1 | 26.8 | 20.9 |
Operating profit (loss): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total operating profit | ' | ' | ' | ' | ' | ' | ' | ' | $32.90 | $15.30 | $19 |
Business_Segment_Information_T1
Business Segment Information - Total Assets by Segments (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Total assets by segments | ' | ' | ' |
Total assets | $3,882.20 | $3,853.40 | $4,186.90 |
Depreciation, depletion and amortization expense: | ' | ' | ' |
Total depreciation, depletion and amortization expense | 156.9 | 154.8 | 144.3 |
Capital Expenditures | ' | ' | ' |
Total capital expenditures | 145.4 | 169.7 | 165.8 |
Operating Segments [Member] | ' | ' | ' |
Total assets by segments | ' | ' | ' |
Total assets | 3,502.90 | 3,527.20 | 3,801.80 |
Capital Expenditures | ' | ' | ' |
Total capital expenditures | 113.5 | 152.7 | 158.6 |
Corporate and Other [Member] | ' | ' | ' |
Total assets by segments | ' | ' | ' |
Total assets | 379.3 | 326.2 | 385.1 |
Capital Expenditures | ' | ' | ' |
Total capital expenditures | 31.9 | 17 | 7.2 |
Rigid Industrial Packaging & Services [Member] | Operating Segments [Member] | ' | ' | ' |
Total assets by segments | ' | ' | ' |
Total assets | 2,441.60 | 2,481.20 | 2,717.80 |
Depreciation, depletion and amortization expense: | ' | ' | ' |
Total depreciation, depletion and amortization expense | 106.7 | 105.2 | 93.1 |
Capital Expenditures | ' | ' | ' |
Total capital expenditures | 64.8 | 86.7 | 96.9 |
Flexible Products & Services [Member] | Operating Segments [Member] | ' | ' | ' |
Total assets by segments | ' | ' | ' |
Total assets | 367.3 | 363.8 | 383.5 |
Depreciation, depletion and amortization expense: | ' | ' | ' |
Total depreciation, depletion and amortization expense | 15.2 | 14.7 | 16.6 |
Capital Expenditures | ' | ' | ' |
Total capital expenditures | 14 | 39 | 36.5 |
Paper Packaging [Member] | Operating Segments [Member] | ' | ' | ' |
Total assets by segments | ' | ' | ' |
Total assets | 413.3 | 401.7 | 420.4 |
Depreciation, depletion and amortization expense: | ' | ' | ' |
Total depreciation, depletion and amortization expense | 30.3 | 31.6 | 31.6 |
Capital Expenditures | ' | ' | ' |
Total capital expenditures | 21.7 | 20.1 | 18.5 |
Land Management [Member] | Operating Segments [Member] | ' | ' | ' |
Total assets by segments | ' | ' | ' |
Total assets | 280.7 | 280.5 | 280.1 |
Depreciation, depletion and amortization expense: | ' | ' | ' |
Total depreciation, depletion and amortization expense | 4.7 | 3.3 | 3 |
Capital Expenditures | ' | ' | ' |
Total capital expenditures | $13 | $6.90 | $6.70 |
Business_Segment_Information_N
Business Segment Information - Net Sales to External Customers by Geographical Area (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | $1,126.20 | $1,129.70 | $1,088.90 | $1,008.60 | $1,075.60 | $1,102.90 | $1,098.20 | $992.80 | $4,353.40 | $4,269.50 | $4,248.20 |
North America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 2,079.10 | 1,983.90 | 1,932.80 |
Europe, Middle East and Africa [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | 1,610.60 | 1,634.90 | 1,645.60 |
Asia Pacific and Latin America [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total net sales | ' | ' | ' | ' | ' | ' | ' | ' | $663.70 | $650.70 | $669.80 |
Business_Segment_Information_T2
Business Segment Information - Total Assets by Geographical Area (Detail) (USD $) | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
In Millions, unless otherwise specified | |||
Total assets by geographical area | ' | ' | ' |
Total assets | $3,882.20 | $3,853.40 | $4,186.90 |
North America [Member] | ' | ' | ' |
Total assets by geographical area | ' | ' | ' |
Total assets | 1,818.20 | 1,717.20 | ' |
Europe Middle East And Africa [Member] | ' | ' | ' |
Total assets by geographical area | ' | ' | ' |
Total assets | 1,517.40 | 1,555 | ' |
Asia Pacific and Latin America [Member] | ' | ' | ' |
Total assets by geographical area | ' | ' | ' |
Total assets | $546.60 | $581.20 | ' |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Jul. 31, 2013 | Dec. 16, 2013 | Dec. 16, 2013 |
Subsequent Event [Member] | Subsequent Event [Member] | ||
Class A Common Stock [Member] | Class B Common Stock [Member] | ||
Shareholder | Shareholder | ||
Aggregate amount of prior period error | $9.60 | ' | ' |
Number of stockholders | ' | 438 | 108 |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) - Quarterly Results of Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Millions, except Share data, unless otherwise specified | Oct. 31, 2013 | Jul. 31, 2013 | Apr. 30, 2013 | Jan. 31, 2013 | Oct. 31, 2012 | Jul. 31, 2012 | Apr. 30, 2012 | Jan. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Quarterly Results Of Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $1,126.20 | $1,129.70 | $1,088.90 | $1,008.60 | $1,075.60 | $1,102.90 | $1,098.20 | $992.80 | $4,353.40 | $4,269.50 | $4,248.20 |
Gross profit | 226 | 217.3 | 202.6 | 186.7 | 194.6 | 202.2 | 205.5 | 177.3 | 832.6 | 779.6 | 798.3 |
Net income | 33 | 48.8 | 42.3 | 24.9 | 28.9 | 39 | 38.2 | 21.8 | 149 | 127.9 | 177.6 |
Net income attributable to Greif, Inc. | $36.80 | $46.70 | $40.20 | $23.60 | $25.80 | $37.50 | $38.40 | $20.70 | $147.30 | $122.40 | $174.70 |
Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EPS Basic | $0.63 | $0.80 | $0.69 | $0.41 | $0.44 | $0.64 | $0.66 | $0.36 | $2.52 | $2.10 | $3 |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EPS Diluted | $0.63 | $0.80 | $0.69 | $0.41 | $0.44 | $0.64 | $0.66 | $0.36 | $2.52 | $2.10 | $2.99 |
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares | 25,454,762 | 25,435,379 | 25,390,486 | 25,316,395 | 25,270,259 | 25,177,924 | 25,149,691 | 25,052,868 | 25,399,256 | 25,162,686 | 24,869,573 |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted Shares | 25,473,100 | 25,464,862 | 25,433,480 | 25,382,077 | 25,351,713 | 25,271,088 | 25,288,352 | 25,193,827 | 25,422,537 | 25,234,540 | 25,047,332 |
Class B Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per share Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EPS Basic | $0.94 | $1.20 | $1.03 | $0.60 | $0.66 | $0.96 | $0.99 | $0.53 | $3.77 | $3.14 | $4.48 |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
EPS Diluted | $0.94 | $1.20 | $1.03 | $0.60 | $0.66 | $0.96 | $0.99 | $0.53 | $3.77 | $3.14 | $4.48 |
Basic: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic shares | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,120,666 | 22,120,966 | 22,100,000 | 22,100,000 | 22,300,000 |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted Shares | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,119,966 | 22,120,666 | 22,120,966 | 22,100,000 | 22,100,000 | 22,300,000 |
Maximum [Member] | Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price of common stock | $58.27 | $56.38 | $54.28 | $47.93 | $47.38 | $54.90 | $56.88 | $49.99 | ' | ' | ' |
Maximum [Member] | Class B Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price of common stock | $60 | $58.54 | $57.44 | $51.73 | $52.70 | $55.74 | $57.61 | $50.39 | ' | ' | ' |
Minimum [Member] | Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price of common stock | $47.76 | $47.35 | $45.49 | $39.80 | $39.98 | $38.78 | $48.02 | $41.74 | ' | ' | ' |
Minimum [Member] | Class B Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price of common stock | $52.02 | $51.01 | $48.24 | $43.45 | $45.20 | $42.15 | $49.50 | $42.43 | ' | ' | ' |
Close [Member] | Class A Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price of common stock | $53.49 | $55.32 | $48.17 | $46.98 | $41.96 | $43.26 | $53.64 | $48.45 | ' | ' | ' |
Close [Member] | Class B Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price of common stock | $56.85 | $57.17 | $51.79 | $50.34 | $45.30 | $50 | $54.89 | $49.50 | ' | ' | ' |
Quarterly_Financial_Data_Unaud4
Quarterly Financial Data (Unaudited) - Quarterly Results of Operations (Parenthetical) (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Quarterly Results Of Operations [Line Items] | ' | ' | ' | ' | ' |
Restructuring charges | $3.40 | $10.50 | $8.80 | $33.40 | $30.50 |
Gain on sale of timberland | ' | ' | 23.1 | 7.6 | 16.1 |
Asset impairment charges | 28.2 | ' | 34 | 12.9 | 9 |
Acquisition-related charges | ' | 3.2 | ' | ' | ' |
Timber Properties [Member] | ' | ' | ' | ' | ' |
Quarterly Results Of Operations [Line Items] | ' | ' | ' | ' | ' |
Gain on sale of timberland | $17.50 | ' | $17.50 | ' | ' |
Schedule_II_Consolidated_Valua1
Schedule II - Consolidated Valuation and Qualifying Accounts and Reserves (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2011 |
Allowance for Doubtful Accounts [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | $17.10 | $13.80 | $13.30 |
Charged to Costs and Expenses | 3.8 | 3.6 | 1 |
Charged to Other Accounts | -7.4 | -0.3 | -0.5 |
Balance at End of Period | 13.5 | 17.1 | 13.8 |
Environmental Reserves [Member] | ' | ' | ' |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Balance at Beginning of Period | 27.5 | 29.3 | 26.2 |
Charged to Costs and Expenses | 2.6 | 1.3 | 4.5 |
Charged to Other Accounts | -3.9 | -2.4 | -1.3 |
Deductions | 0.6 | -0.7 | -0.1 |
Balance at End of Period | $26.80 | $27.50 | $29.30 |