GREIF INC, 10-K filed on 12/21/2016
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Oct. 31, 2016
Dec. 16, 2016
Class A Common Stock
Apr. 30, 2016
Class A Common Stock
Dec. 16, 2016
Class B Common Stock
Apr. 30, 2016
Class B Common Stock
Document Information [Line Items]
 
 
 
 
 
Document Type
10-K 
 
 
 
 
Amendment Flag
false 
 
 
 
 
Document Period End Date
Oct. 31, 2016 
 
 
 
 
Document Fiscal Year Focus
2016 
 
 
 
 
Document Fiscal Period Focus
FY 
 
 
 
 
Trading Symbol
GEF 
 
 
 
 
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
 
25,781,791 
 
22,009,725 
 
Entity Public Float
 
 
$ 865,741,576 
 
$ 248,148,145 
Consolidated Statements of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Net sales
$ 3,323.6 
$ 3,616.7 
$ 4,239.1 
Costs of products sold
2,638.7 
2,946.9 
3,428.1 
Gross profit
684.9 
669.8 
811.0 
Selling, general and administrative expenses
376.8 
413.2 
496.7 
Restructuring charges
26.9 
40.0 
16.1 
Timberland gains
(24.3)
(17.1)
Non-cash asset impairment charges
51.4 
45.9 
35.5 
Goodwill impairment charges
50.3 
Gain on disposal of properties, plants and equipment, net
(10.3)
(7.0)
(8.3)
(Gain) loss on disposal of businesses, net
14.5 
9.2 
(11.5)
Operating profit
225.6 
192.8 
249.3 
Interest expense, net
75.4 
74.8 
81.8 
Other expense, net
9.0 
3.2 
9.5 
Income before income tax expense and equity earnings of unconsolidated affiliates, net
141.2 
114.8 
158.0 
Income tax expense
66.5 
48.4 
115.0 
Equity earnings of unconsolidated affiliates, net of tax
(0.8)
(0.8)
(1.9)
Net income
75.5 
67.2 
44.9 
Net (income) loss attributable to noncontrolling interests
(0.6)
4.7 
46.6 
Net income attributable to Greif, Inc.
$ 74.9 
$ 71.9 
$ 91.5 
Class A Common Stock
 
 
 
Basic earnings per share attributable to Greif, Inc.:
 
 
 
EPS Basic (usd per share)
$ 1.28 
$ 1.23 
$ 1.56 
Diluted earnings per share attributed to Greif, Inc.:
 
 
 
EPS Diluted (usd per share)
$ 1.28 
$ 1.23 
$ 1.56 
Class B Common Stock
 
 
 
Basic earnings per share attributable to Greif, Inc.:
 
 
 
EPS Basic (usd per share)
$ 1.90 
$ 1.83 
$ 2.33 
Diluted earnings per share attributed to Greif, Inc.:
 
 
 
EPS Diluted (usd per share)
$ 1.90 
$ 1.83 
$ 2.33 
Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
Net income
$ 75.5 
$ 67.2 
$ 44.9 
Other comprehensive income (loss), net of tax:
 
 
 
Foreign currency translation
(17.6)
(130.9)
(86.9)
Reclassification of cash flow hedges to earnings, net of tax benefit of $0.0, $0.1 million and $0.5 million, respectively
0.1 
0.4 
Unrealized gain on cash flow hedges, net of tax expense of $0.0, $0.0 and $0.2 million, respectively
0.1 
Minimum pension liabilities, net of tax benefit of $4.7 million, tax expense of $(0.5) million and tax benefit of $15.7 million, respectively
(7.4)
9.0 
(34.7)
Other comprehensive income (loss), net of tax
(25.0)
(121.8)
(121.1)
Comprehensive income (loss)
50.5 
(54.6)
(76.2)
Comprehensive income (loss) attributable to noncontrolling interests
(3.4)
(23.5)
(45.9)
Comprehensive income (loss) attributable to Greif, Inc.
$ 53.9 
$ (31.1)
$ (30.3)
Consolidated Statements of Comprehensive Income (Parenthetical) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Statement of Comprehensive Income [Abstract]
 
 
 
Income tax benefit. Reclassification of cash flow hedges to earnings
$ 0 
$ 0.1 
$ 0.5 
Income tax expense. Unrealized gain on cash flow hedges
0.2 
Income tax benefit (expense). Minimum pension liability
$ 4.7 
$ (0.5)
$ 15.7 
Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Current assets
 
 
Cash and cash equivalents
$ 103.7 
$ 106.2 
Trade accounts receivable, less allowance of $8.8 in 2016 and $11.8 in 2015
399.2 
403.7 
Inventories
277.4 
297.0 
Deferred tax assets
25.4 
Assets held for sale
11.8 
16.9 
Prepaid expenses and other current assets
128.2 
159.3 
Total current assets
920.3 
1,008.5 
Long-term assets
 
 
Goodwill
786.4 
807.1 
Other intangible assets, net of amortization
110.6 
132.7 
Deferred tax assets
9.0 
7.8 
Assets held by special purpose entities
50.9 
50.9 
Pension assets
22.2 
Other long-term assets
89.7 
91.0 
Total long-term assets
1,068.8 
1,089.5 
Properties, plants and equipment
 
 
Timber properties, net of depletion
277.8 
277.1 
Land
99.5 
106.3 
Buildings
390.1 
410.4 
Machinery and equipment
1,484.8 
1,457.9 
Capital projects in progress
91.3 
78.0 
Properties, plants and equipment, gross
2,343.5 
2,329.7 
Accumulated depreciation
(1,179.6)
(1,112.0)
Properties, plants and equipment, net
1,163.9 
1,217.7 
Total assets
3,153.0 
3,315.7 
Current liabilities
 
 
Accounts payable
372.0 
355.3 
Accrued payroll and employee benefits
93.7 
83.5 
Restructuring reserves
10.4 
21.3 
Current portion of long-term debt
30.7 
Short-term borrowings
51.6 
40.7 
Deferred tax liabilities
2.4 
Liabilities held for sale
1.8 
Other current liabilities
131.5 
111.3 
Total current liabilities
659.2 
647.0 
Long-term liabilities
 
 
Long-term debt
974.6 
1,116.2 
Deferred tax liabilities
193.0 
214.9 
Pension liabilities
179.8 
141.1 
Postretirement benefit obligations
13.7 
14.9 
Liabilities held by special purpose entities
43.3 
43.3 
Contingent liabilities and environmental reserves
6.8 
8.2 
Other long-term liabilities
92.9 
70.2 
Total long-term liabilities
1,504.1 
1,608.8 
Commitments and Contingencies
Redeemable Noncontrolling Interests
31.8 
Equity
 
 
Common stock, without par value
141.4 
139.1 
Treasury stock, at cost
(135.6)
(130.6)
Retained earnings
1,340.0 
1,384.5 
Accumulated other comprehensive loss, net of tax:
 
 
— foreign currency translation
(270.2)
(256.6)
— minimum pension liabilities
(128.2)
(120.8)
Total Greif, Inc. shareholders’ equity
947.4 
1,015.6 
Noncontrolling interests
10.5 
44.3 
Total shareholders’ equity
957.9 
1,059.9 
Total liabilities and shareholders’ equity
$ 3,153.0 
$ 3,315.7 
Consolidated Balance Sheets (Parenthetical) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Statement of Financial Position [Abstract]
 
 
Allowance of trade accounts receivable
$ 8.8 
$ 11.8 
Consolidated Statements of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Cash flows from operating activities:
 
 
 
Net income
$ 75.5 
$ 67.2 
$ 44.9 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation, depletion and amortization
127.7 
134.6 
155.8 
Timberland gains
(24.3)
(17.1)
Non-cash asset impairment charges
51.4 
45.9 
85.8 
Gain on disposals of properties, plants and equipment, net
(10.3)
(7.0)
(8.3)
(Gain)/Loss on disposals of businesses, net
14.5 
9.2 
(11.5)
Unrealized foreign exchange (gain) loss
4.1 
(3.9)
Deferred income tax expense (benefit)
1.5 
(5.9)
14.1 
Gain from Venezuela monetary assets and liabilities remeasurement
(4.9)
Loss for Venezuela non-monetary assets to net realizable value
9.3 
Other, net
(2.2)
(2.8)
Increase (decrease) in cash from changes in certain assets and liabilities:
 
 
 
Trade accounts receivable
(18.6)
39.5 
(45.3)
Inventories
3.4 
38.9 
(28.7)
Deferred purchase price on sold receivables
5.2 
(5.7)
11.5 
Accounts payable
39.4 
(56.6)
68.9 
Restructuring reserves
(10.7)
18.8 
1.3 
Pension and postretirement benefit liabilities
(8.9)
(4.0)
(16.9)
Other, net
26.8 
(46.5)
14.0 
Net cash provided by operating activities
301.0 
206.3 
261.8 
Cash flows from investing activities:
 
 
 
Acquisitions of companies, net of cash acquired
(0.4)
(1.6)
(53.5)
Collection (Issuance) of subordinated note receivable
44.2 
(44.2)
Purchases of properties, plants and equipment
(100.1)
(135.8)
(137.9)
Purchases of and investments in timber properties
(7.1)
(38.4)
(56.8)
Purchases of properties, plants and equipment with insurance proceeds
(4.4)
Proceeds from the sale of properties, plants, equipment and other assets
12.3 
49.3 
49.6 
Proceeds from the sale of businesses
23.8 
19.6 
115.3 
Proceeds on insurance recoveries
6.6 
4.6 
Payments on notes receivable with related party, net
14.3 
Net cash used in investing activities
(25.1)
(146.5)
(69.0)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of long-term debt
1,102.3 
912.3 
1,120.0 
Payments on long-term debt
(1,119.2)
(870.1)
(1,186.5)
Proceeds from short-term borrowings, net
4.7 
2.6 
8.2 
Proceeds from trade accounts receivable credit facility
283.5 
123.0 
67.0 
Payments on trade accounts receivable credit facility
(431.1)
(85.4)
(97.0)
Dividends paid to Greif, Inc. shareholders
(98.7)
(98.7)
(98.6)
Dividends paid to noncontrolling interests
(4.9)
(4.0)
Cash paid for deferred purchase price related to acquisitions
(1.2)
Proceeds from the sale of membership units of a consolidated subsidiary
0.3 
6.0 
Exercise of stock options
0.2 
1.6 
Acquisitions of treasury stock
(5.2)
Purchases of redeemable noncontrolling interest
(6.0)
Cash contribution from noncontrolling interest holder
1.5 
Net cash used in financing activities
(272.8)
(20.1)
(180.5)
Effects of exchange rates on cash
(5.6)
(18.6)
(5.3)
Net increase (decrease) in cash and cash equivalents
(2.5)
21.1 
7.0 
Cash and cash equivalents at beginning of year
106.2 
85.1 
78.1 
Cash and cash equivalents at end of year
$ 103.7 
$ 106.2 
$ 85.1 
Consolidated Statements of Changes in Shareholders' Equity (USD $)
In Millions, except Share data in Thousands, unless otherwise specified
Total
Capital Stock
Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Greif, Inc. Equity
Noncontrolling interests
Out Of Period
Out Of Period
Retained Earnings
Out Of Period
Greif, Inc. Equity
Current Period
Current Period
Retained Earnings
Current Period
Greif, Inc. Equity
Beginning balance, value at Oct. 31, 2013
$ 1,379.9 
$ 129.4 
$ (131.0)
$ 1,418.8 
$ (152.6)
$ 1,264.6 
$ 115.3 
 
 
 
 
 
 
Beginning balance (shares) at Oct. 31, 2013
 
47,577 
29,265 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
44.9 
 
 
91.5 
 
91.5 
(46.6)
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
(86.9)
 
 
 
(87.6)
(87.6)
0.7 
 
 
 
 
 
 
Reclassification of cash flow hedges to earnings, net of income tax benefit
0.4 
 
 
 
0.4 
0.4 
 
 
 
 
 
 
 
Unrealized gain on cash flow hedges, net of income tax expense
0.1 
 
 
 
0.1 
0.1 
 
 
 
 
 
 
 
Minimum pension liability adjustment, net of income tax expense
(34.7)
 
 
 
(34.7)
(34.7)
 
 
 
 
 
 
 
Comprehensive income (loss)
(76.2)
 
 
 
 
(30.3)
 
 
 
 
 
 
 
Acquisitions of noncontrolling interests and other
11.7 
 
 
 
 
 
11.7 
 
 
 
 
 
 
Dividends paid
(98.6)
 
 
(98.6)
 
(98.6)
 
 
 
 
 
 
 
Stock options exercised
1.7 
1.6 
0.1 
 
 
1.7 
 
 
 
 
 
 
 
Stock options exercised (shares)
69 
69 
(69)
 
 
 
 
 
 
 
 
 
 
Restricted stock executives and directors
1.2 
1.1 
0.1 
 
 
1.2 
 
 
 
 
 
 
 
Restricted stock executives and directors (shares)
 
22 
(22)
 
 
 
 
 
 
 
 
 
 
Tax benefit of stock options and other
0.5 
0.5 
 
 
 
0.5 
 
 
 
 
 
 
 
Long-term incentive shares issued
3.0 
2.9 
0.1 
 
 
3.0 
 
 
 
 
 
 
 
Long-term incentive shares issued (shares)
 
56 
(56)
 
 
 
 
 
 
 
 
 
 
Ending balance, value at Oct. 31, 2014
1,223.2 
135.5 
(130.7)
1,411.7 
(274.4)
1,142.1 
81.1 
 
 
 
 
 
 
Ending balance (shares) at Oct. 31, 2014
 
47,724 
29,118 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
67.2 
 
 
71.9 
 
71.9 
(4.7)
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
(130.9)
 
 
 
(112.1)
(112.1)
(18.8)
 
 
 
 
 
 
Reclassification of cash flow hedges to earnings, net of income tax benefit
0.1 
 
 
 
0.1 
0.1 
 
 
 
 
 
 
 
Unrealized gain on cash flow hedges, net of income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
Minimum pension liability adjustment, net of income tax expense
9.0 
 
 
 
9.0 
9.0 
 
 
 
 
 
 
 
Comprehensive income (loss)
(54.6)
 
 
 
 
(31.1)
 
 
 
 
 
 
 
Acquisitions of noncontrolling interests and other
(9.7)
 
 
(0.4)
 
(0.4)
(9.3)
 
 
 
 
 
 
Dividends paid
(98.7)
 
 
(98.7)
 
(98.7)
 
 
 
 
 
 
 
Stock options exercised
0.2 
0.2 
 
 
 
0.2 
 
 
 
 
 
 
 
Stock options exercised (shares)
10 
10 
(10)
 
 
 
 
 
 
 
 
 
 
Restricted stock executives and directors
1.3 
1.3 
 
 
 
1.3 
 
 
 
 
 
 
 
Restricted stock executives and directors (shares)
 
30 
(30)
 
 
 
 
 
 
 
 
 
 
Tax benefit of stock options and other
0.2 
0.2 
 
 
 
0.2 
 
 
 
 
 
 
 
Long-term incentive shares issued
2.0 
1.9 
0.1 
 
 
2.0 
 
 
 
 
 
 
 
Long-term incentive shares issued (shares)
 
50 
(50)
 
 
 
 
 
 
 
 
 
 
Dividends paid to noncontrolling interest
(4.0)
 
 
 
 
 
(4.0)
 
 
 
 
 
 
Ending balance, value at Oct. 31, 2015
1,059.9 
139.1 
(130.6)
1,384.5 
(377.4)
1,015.6 
44.3 
 
 
 
 
 
 
Ending balance (shares) at Oct. 31, 2015
 
47,814 
29,028 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
75.5 
 
 
74.9 
 
74.9 
0.6 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
Foreign currency translation
(17.6)
 
 
 
(13.6)
(13.6)
(4.0)
 
 
 
 
 
 
Reclassification of cash flow hedges to earnings, net of income tax benefit
 
 
 
 
 
 
 
 
 
 
 
 
Unrealized gain on cash flow hedges, net of income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
Minimum pension liability adjustment, net of income tax expense
(7.4)
 
 
 
(7.4)
(7.4)
 
 
 
 
 
 
 
Comprehensive income (loss)
50.5 
 
 
 
 
53.9 
 
 
 
 
 
 
 
Dividends paid
(98.7)
 
 
(98.7)
 
(98.7)
 
 
 
 
 
 
 
Stock options exercised (shares)
 
 
 
 
 
 
 
 
 
 
 
 
Restricted stock executives and directors
1.4 
1.3 
0.1 
 
 
1.4 
 
 
 
 
 
 
 
Restricted stock executives and directors (shares)
 
47 
(47)
 
 
 
 
 
 
 
 
 
 
Long-term incentive shares issued
1.1 
1.0 
0.1 
 
 
1.1 
 
 
 
 
 
 
 
Long-term incentive shares issued (shares)
 
41 
(41)
 
 
 
 
 
 
 
 
 
 
Dividends paid to noncontrolling interest
(3.9)
 
 
 
 
 
(3.9)
 
 
 
 
 
 
Mark to redemption value
 
 
 
 
 
 
 
(19.8)
(19.8)
(19.8)
(2.1)
(2.1)
(2.1)
Reclassification of redeemable noncontrolling interests
(21.6)
 
 
1.2 
 
1.2 
(22.8)
 
 
 
 
 
 
Net income (loss) allocated to redeemable noncontrolling interests
(4.8)
 
 
 
 
 
(4.8)
 
 
 
 
 
 
Other
(0.4)
 
 
 
 
 
(0.4)
 
 
 
 
 
 
Contributions from noncontrolling interest
1.5 
 
 
 
 
 
1.5 
 
 
 
 
 
 
Treasury shares acquired
(5.2)
 
(5.2)
 
 
(5.2)
 
 
 
 
 
 
 
Treasury shares acquired (shares)
 
(110)
110 
 
 
 
 
 
 
 
 
 
 
Ending balance, value at Oct. 31, 2016
$ 957.9 
$ 141.4 
$ (135.6)
$ 1,340.0 
$ (398.4)
$ 947.4 
$ 10.5 
 
 
 
 
 
 
Ending balance (shares) at Oct. 31, 2016
 
47,792 
29,050 
 
 
 
 
 
 
 
 
 
 
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Income tax benefit. Reclassification of cash flow hedges to earnings
$ 0 
$ 0.1 
$ 0.5 
Income tax expense. Unrealized gain on cash flow hedges
0.2 
Income tax benefit (expense). Minimum pension liability
$ 4.7 
$ (0.5)
$ 15.7 
Class A Common Stock
 
 
 
Dividend paid (usd per share)
$ 1.68 
$ 1.68 
$ 1.68 
Class B Common Stock
 
 
 
Dividend paid (usd per share)
$ 2.51 
$ 2.51 
$ 2.51 
Basis of Presentation and Summary of Significant Accounting Policies
Basis of Presentation and Summary of Significant Accounting Policies
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Business
Greif, Inc. and its subsidiaries (collectively, “Greif,” “our,” or the “Company”), principally manufacture 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 remanufactured and reconditioned industrial containers, and provides services, such as container life cycle management, filling, logistics, warehousing and other packaging services. The Company produces containerboard and corrugated products for niche markets in North America and is also a leading global producer of flexible intermediate bulk containers The Company has operations in over 45 countries. In addition, the Company owns timber properties in the southeastern United States, which are actively harvested and regenerated.
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, mineral, packaging, automotive and building 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, pulpwood and used industrial packaging for reconditioning.
There were approximately 12,370 employees of the Company as of October 31, 2016.
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 controlled by the Company or for which the Company is the primary beneficiary, 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 method 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 2016, 2015 or 2014, or to any quarter of those years, relates to the fiscal year ended in that year.
Venezuela Currency
The Company’s results of its Venezuelan businesses have been reported under highly inflationary accounting since 2010 and the functional currency was converted to US Dollars at that time. Prior to the third quarter of 2015, Greif utilized the official rate of 6.4 Bolivars/US Dollar to measure Bolivar-denominated monetary assets and liabilities and the respective historical rate to measure Bolivar-denominated nonmonetary assets for each reporting period. During the third quarter of 2015, due to the continued devaluation of the Bolivar and reconsideration of the exchange rate mechanism that best reflected the economics of the Company's business activities in Venezuela, the Company remeasured the local currency denominated balance sheet using the SIMADI exchange rate.
As a result of the change to the SIMADI rate, the Company recorded other income of $4.9 million related to the remeasurement of its Venezuelan monetary assets and liabilities during 2015. In addition, the Company determined that an adjustment of $9.3 million to increase cost of goods sold was needed to reflect the non-monetary inventory assets at net realizable value and, upon review of long-lived assets for impairment, the Company determined that the carrying amount of the long-lived asset was not recoverable in US dollar functional currency and recorded an impairment charge of $15.0 million.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP 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 expected useful lives assigned to properties, plants and equipment, goodwill and other intangible assets, estimates of fair value, environmental liabilities, pension and postretirement benefits including plan assets, income taxes, net assets held for sale 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 $96.6 million and $104.2 million as of October 31, 2016 and 2015, respectively. 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, the Company 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 $8.8 million and $11.8 million as of October 31, 2016 and 2015, 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, 2016, 2015, and 2014.
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
The Company primarily uses the FIFO method of inventory valuation or the weighted average standard costing method for valuing inventory, which approximates FIFO. 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 Paper Packaging & Services segment trades certain inventories with third parties. These inventory trades are accounted for as non-monetary exchanges and the Company records an asset or liability for any imbalance resulting from these trades.
Net Assets Held for Sale
Net assets held for sale represent land, buildings and other assets and liabilities 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, 2016, there was one asset group in the Rigid Industrial Packaging Products & Services segment and one asset group in the Flexible Products & Services segment that are recorded as assets and liabilities held for sale. 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 Indefinite-Lived 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. The Company tests for impairment of goodwill and indefinite-lived intangible assets during the fourth quarter of each fiscal year as of August 1, or more frequently if certain indicators are present or changes in circumstances suggest that impairment may exist.
In accordance with ASC 350, the Company has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step test for goodwill impairment. If the Company 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. The quantitative test for goodwill impairment is 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. When there is a disposition of a portion of a reporting unit, goodwill is allocated to the gain or loss on that disposition based on the relative fair values of the portion of the reporting unit subject to disposition and the portion of the reporting unit that will be retained.
The Company’s determinations of estimated fair value of the reporting units are based on both the market approach and a discounted cash flow analysis utilizing the income approach. Under the market approach, the principal inputs are market prices and valuation multiples for public companies engaged in businesses that are considered comparable to the reporting unit. Under the income approach, the principal inputs are the reporting unit’s cash-generating capabilities and the discount rate. The discount rates used in the income approach 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, earnings before interest, taxes, depreciation, depletion and amortization forecasts or cash flow assumptions 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. Refer to Note 6 for additional information regarding goodwill and other intangible assets.
Other Intangibles
The Company accounts for intangible assets in accordance with ASC 350. Indefinite lived intangible assets are not amortized. Definite lived intangible assets are amortized over their useful lives on a straight-line basis. The useful lives for definite 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 intangible assets at least annually, or more frequently if certain indicators are present to suggest that impairment may exist. Amortization expense on intangible assets is recorded on the straight-line method over their useful lives as follows:
 
  
Years
Trade names
10-15
Non-competes
1-10
Customer relationships
5-15
Other intangibles
3-15
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. Internal use software is capitalized as a component of machinery and equipment on the Consolidated Balance Sheets.
Long-Lived Assets
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 $107.4 million, $113.4 million and $129.8 million in 2016, 2015 and 2014, 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. For the years ended October 31, 2016, 2015, and 2014, the Company capitalized interest costs of $2.6 million, $1.5 million, and $1.4 million, respectively.
The Company tests for impairment of properties, plants and equipment if certain indicators are present to suggest that impairment may exist. Long-lived assets are grouped together at the lowest level, generally at the plant level, for which identifiable cash flows are largely independent of cash flows of other groups of long-lived assets. As events warrant, we evaluate the recoverability of long-lived assets, other than goodwill and indefinite-lived intangible assets, by assessing whether the carrying value can be recovered over their remaining useful lives through the expected future undiscounted operating cash flows of the underlying business. Impairment indicators include, but are not limited to, a significant decrease in the market price of a long-lived asset; a significant adverse change in the manner in which the asset is being used or in its physical condition; a significant adverse change in legal factors or the business climate that could affect the value of a long-lived asset; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; current period operating or cash flow losses combined with a history of operating or cash flow losses associated with the use of the asset; or a current expectation that it is more likely than not that a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. Future decisions to change our manufacturing processes, exit certain businesses, reduce excess capacity, temporarily idle facilities and close facilities could also result in material impairment charges. Any impairment loss that may be required is determined by comparing the carrying value of the assets to their estimated fair value.
As of October 31, 2016, the Company's timber properties consisted of approximately 244,548 acres, all of which were located in the southeastern United States. The Company’s land costs are maintained by tract. 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. 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, including refrigeration rental and trucking, planting costs, herbaceous weed control, woody release, and labor and machinery use. 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 and depletion costs recognized upon sales are calculated as volumes sold times the unit costs in the respective depletion block. Depletion expense was $3.2 million, $2.8 million and $3.8 million in 2016, 2015 and 2014, respectively.

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 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 410, “Asset Retirement and Environmental Obligations.” 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 $4.4 million and $3.6 million for estimated costs related to outstanding claims as of October 31, 2016 and 2015, 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 $11.8 million and $12.2 million for anticipated costs related to general liability, product, vehicle and workers’ compensation claims as of October 31, 2016 and 2015, 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 when management believes it is more likely than not that some portion of the deferred tax assets will not be realized.
The Company’s effective tax rate is impacted by the amount of income generated in 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 on uncertain tax positions that are not more likely than not to be sustained upon examination 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.
Other Comprehensive Income
Our other comprehensive income is significantly impacted by foreign currency translation and defined benefit pension and postretirement benefit adjustments. The impact of foreign currency translation is affected by the translation of assets, liabilities and operations of our foreign subsidiaries which are denominated in functional currencies other than the U.S. dollar and the recognition of accumulated foreign currency translation upon the disposal of foreign entities. The primary assets and liabilities affecting the adjustments are: cash and cash equivalents; accounts receivable; inventory; properties, plants and equipment; accounts payable; pension and other postretirement benefit obligations; and certain intercompany loans payable and receivable. The primary currencies in which these assets and liabilities are denominated are the Euro, Brazilian Real, and Chinese Yuan. The impact of defined benefit pension and postretirement benefit adjustments is primarily affected by unrecognized actuarial gains and losses related to our defined benefit and other postretirement benefit plans, as well as the subsequent amortization of gains and losses from accumulated other comprehensive income in periods following the initial recording of such items. These actuarial gains and losses are determined using various assumptions, the most significant of which are (i) the weighted average rate used for discounting the liability, (ii) the weighted average expected long-term rate of return on pension plan assets, (iii) the method used to determine market-related value of pension plan assets, (iv) the weighted average rate of future salary increases and (v) the anticipated mortality rate tables.
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 equipment relocation costs and 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 Servicing 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. indirect 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 stock options were granted in 2016, 2015 or 2014. For any options granted in the future, compensation expense will be based on the grant date fair value estimated in accordance with the standard.
Revenue Recognition
The Company recognizes revenue when title passes and risks and rewards of ownership have transferred 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 sales, higher and better use (“HBU”) land, surplus and development property sales 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 timberland property in "timberland gains," the sale of HBU and surplus property in “gain on disposal of properties, plants and equipment, net” and the sale of timber and development property under “net sales” and “cost of products sold" in its consolidated statements of income. 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 period-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 were $6.7 million, $3.8 million and $1.2 million in 2016, 2015 and 2014, 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 from time to time use interest rate swap agreements to hedge against changing interest rates. For interest rate swap agreements 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.
The Company's interest rate swap agreements effectively convert a portion of floating rate debt to a fixed rate basis, thus reducing the impact of interest rate increases on future interest expense. The Company uses the regression 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 expense, net.
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, has its changes to market value 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 have the adjustments to the contract’s fair value recognized in earnings. 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 10 and 13 to these consolidated financial statements.
Newly Adopted Accounting Standards
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-3, “Interest—Imputation of Interest (Subtopic 835-30)”. The objective of this update is to simplify the presentation of debt issuance costs in the financial statements. Under this ASU, the Company is required to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset, with amortization of the costs reported as interest expense. The ASU requires the Company to disclose in the first fiscal year after the entity’s adoption date, and in the interim periods within the first fiscal year, the following: (1) The nature and reason for the change in accounting principle; (2) The transition method; (3) A description of the prior-period information that has been retrospectively adjusted; and (4) The effect of the change on the financial statement line item (that is, the debt issuance costs asset and the debt liability). The Company adopted the new guidance beginning on November 1, 2016, and the adoption will not have a material impact on the Company's financial position, results of operations, comprehensive income (loss), cash flows or disclosures.

In February 2015, the FASB issued ASU 2015-2, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which makes changes to both the variable interest model and the voting interest model and eliminates the indefinite deferral of FASB Statement No. 167, included in ASU 2010-10, for certain investment funds. All reporting entities that hold a variable interest in other legal entities were required to re-evaluate their consolidation conclusions as well as disclosure requirements. The Company adopted the new guidance beginning on November 1, 2016, and the adoption will not have a material impact on the Company's financial position, results of operations, comprehensive income (loss), cash flows or disclosures.
In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Tax Items." This ASU amends ASC 740-10-45-4, which now states that in a classified statement of financial position an entity must classify deferred tax liabilities and assets as noncurrent amounts. This ASU also supersedes ASC 740-12-45-5, which required the valuation allowance for a particular tax jurisdiction to be allocated between current and noncurrent deferred tax assets for that tax jurisdiction on a pro rata basis. For public companies, this ASU is effective for periods beginning after December 15, 2016. The Company elected to adopt the new guidance beginning February 1, 2016 prospectively, resulting in deferred tax liabilities and assets being classified as noncurrent on the Company's balance sheet. Prior periods were not retrospectively adjusted. The adoption did not have a material impact on the Company's financial position, results of operations, comprehensive income (loss) or cash flows.
Recently Issued Accounting Standards
The FASB has issued ASUs through 2016-19. The Company has reviewed each recently issued ASU and the adoption of each ASU that is applicable to the Company, other than as explained below, will not have a material impact on the Company's financial position, results of operations, comprehensive income (loss) or cash flows, other than the related disclosures.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The update is effective in fiscal year 2019 using one of two retrospective application methods. The Company is in the process of analyzing the impact of adopting this guidance but does not anticipate that it will have a material impact on its financial position, results of operations, comprehensive income (loss), cash flow and disclosures.
In February 2016, the FASB issued ASU 2016-2, "Leases (Topic 842)," which amends the lease accounting and disclosure requirements in ASC 842, "Leases". The objective of this update is to increase transparency and comparability among organizations recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about lease arrangements. This ASU will require the recognition of lease assets and lease liabilities for those leases classified as operating leases under previous GAAP. The update is effective in fiscal year 2020 using a modified retrospective approach. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income (loss), cash flows and disclosures.
In March 2016, the FASB issued ASU 2016-9, "Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for employee share-based payment transactions. This ASU is effective for annual periods beginning after December 15, 2016 and early adoption is permitted, including any interim period. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income (loss), cash flows and disclosures.
In October 2016, the FASB issued ASU 2016-16, "Intra-Equity Transfers of Assets Other Than Inventory," which improves the accounting for income tax consequences of intra-entity transfers of assets other than inventory. This ASU is effective for annual periods beginning after December 15, 2017 and early adoption is permitted, including any interim period. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income (loss), cash flows and disclosures.
In October 2016, the FASB issued ASU 2016-17, "Interests Held through Related Parties That Are under Common Control," which amends the consolidation guidance for single decision makers of variable interest entities. This ASU is effective for annual periods beginning after December 15, 2016 and early adoption is permitted, including any interim period. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income (loss), cash flows and disclosures.
Acquisitions and Divestitures
Acquisitions and Divestitures
ACQUISITIONS AND DIVESTITURES
The following table summarizes the Company’s significant acquisition activity in 2016, 2015 and 2014 (Dollars in millions):
 
 
 
# of
Acquisitions

 
Purchase Price,
net of Cash

 
Tangible
Assets, net

 
Intangible
Assets

 
Goodwill
Total 2016 Acquisitions
 

 
$

 

 

 

Total 2015 Acquisitions
 

 
$

 

 

 

Total 2014 Acquisitions
 
2

 
$
53.5

 
2.5

 
22.1

 
25.9


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 2016, the Company completed four divestitures, one partial sale of ownership interest resulting in deconsolidation of a then wholly-owned indirect subsidiary and no material acquisitions. The divestitures were of nonstrategic businesses: three in the Rigid Industrial Packaging & Services segment and one in Flexible Products & Services segment. The loss on disposal of businesses was $14.5 million for the year ended October 31, 2016, consisting of an $18.1 million loss on the partial sale of ownership interest and a net gain of $3.6 million for the four divestitures. Proceeds from the divestitures and the partial sale of ownership interest were $24.1 million. Additionally, the Company has recorded notes receivable of $2.4 million for the sale of two businesses in the second quarter, which are expected to be collected in the fourth quarter of 2017.
The partial sale of ownership interest resulting in deconsolidation of a then wholly-owned indirect subsidiary was the result of the sale of 51 percent ownership interest in Earthminded Benelux, NV, a subsidiary in the Rigid Industrial Packaging & Services segment, which, together with the relinquishment of the Company's power to direct the activities that most significantly impact the subsidiary's performance, resulted in deconsolidation . As of September 1, 2016, the Company accounts for its investment in this subsidiary under the equity method of accounting due to the Company's noncontrolling ownership interest.
The $18.1 million loss on the partial sale of ownership interest resulting in deconsolidation was measured as the difference between (a) the fair value of the retained noncontrolling interest of $0.3 million and the consideration transferred of $0.3 million from the unrelated third party purchaser and (b) the carrying value of the former subsidiary's net assets of $18.7 million.
During 2015, the Company completed eight divestitures and no material acquisitions. The divestitures were of nonstrategic businesses: six in the Rigid Industrial Packaging & Services segment and two in the Flexible Products & Services segment. The loss on disposal of businesses was $9.2 million for the year ended October 31, 2015. Proceeds from divestitures were $19.6 million. Additionally, the Company has recorded notes receivable of $2.9 million for the sale of these businesses, with terms ranging from three months to five years.
During 2014, the Company completed two acquisitions and nine divestitures. One acquisition was in the Rigid Industrial Packaging & Services segment in November and the other acquisition was in the Paper Packaging & Services segment in November. The rigid industrial packaging acquisition complemented the Company’s existing product lines and provided growth opportunities and economies of scale. The paper packaging acquisition was made in part to obtain technologies, equipment, and customer lists. The gain on sale of businesses, net was $11.5 million for the year ended October 31, 2014. Three of the divestitures were of nonstrategic businesses in the Rigid Industrial Packaging & Services segment. Two of the divestitures in this segment resulted in losses on disposal of $9.1 million and $1.8 million, respectively, which included the write off of allocated goodwill. The third divestiture in this segment resulted in a loss of $11.4 million, which consisted of $5.5 million recorded as a loss on disposal and of $5.9 million of non-cash asset impairment charges due to the recording of an expected loss prior to the period in which the transaction was completed. There were also divestitures of businesses in the Flexible Products & Services and Paper Packaging & Services segments that resulted in gains of $18.3 million and $4.2 million, respectively, which included the write-off of allocated goodwill. Additionally, there were divestitures of four smaller investments in the Rigid Industrial Packaging & Services segment that resulted in an aggregate net gain of $5.4 million. Proceeds from divestitures were $115.3 million.
None of the above-referenced divestitures in 2016, 2015 or 2014 qualified as discontinued operations as they do not, individually or in the aggregate, represent a strategic shift that has had a major impact on the Company’s operations or financial results.

The Company has allocated purchase price as of the dates of acquisition based upon its understanding, obtained during due diligence and through other sources, of the fair value of the acquired assets and assumed liabilities.
Sale of Non-United States Accounts Receivable
Sale of Non-United States Accounts Receivable
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”). On April 20, 2015, the Main SPV and Seller amended and extended the term of the existing European RPA. Under the European RPA, as amended, the number of entities participating in the agreement have decreased. Additionally, the terms have been amended to decrease the maximum amount of receivables that may be sold and outstanding under the European RPA at any time to €100 million ($109.0 million as of October 31, 2016). Under the terms of the European RPA, the Company has the ability to loan excess cash back to the Purchasing Bank Affiliates in the form of a subordinated loan receivable. As of October 31, 2015, the Company had loaned $44.2 million of excess cash back to the Purchasing Bank Affiliates, which was included in prepaid expenses and other current assets. As of October 31, 2016, the Company collected the full balance of the subordinated note receivable.
Under the terms of the European RPA, the Company has agreed to sell trade receivables meeting certain eligibility requirements that the Seller had purchased from other of our indirect wholly-owned subsidiaries under a factoring agreement. The structure of the transactions provide for a legal true sale, on a revolving basis, of the receivables transferred from our various subsidiaries to the respective banks and their affiliates. The purchaser funds 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 the Company continues to recognize the deferred purchase price in prepaid expenses and other current assets or other current liabilities. 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.
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 ($10.8 million as of October 31, 2016). Under the terms of the Singapore RPA, the Company has agreed to sell trade receivables in exchange for an initial purchase price of approximately 90 percent of the eligible receivables. The remaining deferred purchase price is settled upon collection of the receivables.
The table below contains information related to the Company’s accounts receivables programs (Dollars in millions): 
For the years ended October 31,
2016
 
2015
 
2014
European RPA
 
 
 
 
 
Gross accounts receivable sold to third party financial institution
$
620.3

 
$
715.2

 
$
1,006.4

Cash received for accounts receivable sold under the programs
548.1

 
633.6

 
888.1

Deferred purchase price related to accounts receivable sold
71.7

 
76.2

 
118.3

Loss associated with the programs
0.8

 
1.5

 
2.5

Expenses associated with the programs

 

 

Singapore RPA
 
 
 
 
 
Gross accounts receivable sold to third party financial institution
$
44.1

 
$
48.1

 
$
56.7

Cash received for accounts receivable sold under the programs
36.4

 
48.1

 
56.7

Deferred purchase price related to accounts receivable sold
7.1

 

 

Loss associated with the programs

 
0.1

 

Expenses associated with the programs

 
0.1

 
0.1

Total RPAs and Agreements
 
 
 
 
 
Gross accounts receivable sold to third party financial institution
$
664.4

 
$
763.3

 
$
1,063.1

Cash received for accounts receivable sold under the program
584.5

 
681.7

 
944.8

Deferred purchase price related to accounts receivable sold
78.8

 
76.2

 
118.3

Loss associated with the program
0.8

 
1.6

 
2.5

Expenses associated with the program

 
0.1

 
0.1

 
October 31, 2016
 
October 31, 2015
European RPA
 
 
 
Accounts receivable sold to and held by third party financial institution
$
106.7

 
$
114.8

Deferred purchase price asset (liability) related to accounts receivable sold
(0.4
)
 
(1.5
)
Singapore RPA
 
 
 
Accounts receivable sold to and held by third party financial institution
$
4.0

 
$
4.0

Uncollected deferred purchase price related to accounts receivable sold
0.5

 

Total RPAs and Agreements
 
 
 
Accounts receivable sold to and held by third party financial institution
$
110.7

 
$
118.8

Deferred purchase price asset (liability) related to accounts receivable sold
0.1

 
(1.5
)

The deferred purchase price related to the accounts receivable sold is reflected as prepaid expenses and other current assets or other current liabilities 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 and the Singapore RPA. The servicing liability for these receivables is not material to the consolidated financial statements.
Inventories
Inventories
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):
 
 
2016
 
2015
Finished goods
$
79.8

 
$
88.0

Raw materials
185.4

 
190.7

Work-in process
12.2

 
18.3

 
$
277.4

 
$
297.0

Assets and Liabilities Held for Sale and Disposals of Property, Plant and Equipment, Net
Assets and Liabilities Held for Sale and Disposals of Property, Plant and Equipment, Net
ASSETS AND LIABILITIES HELD FOR SALE AND DISPOSALS OF PROPERTY, PLANT AND EQUIPMENT, NET
The following table presents assets and liabilities classified as held for sale as of October 31, 2016 and 2015.
 
October 31, 2016
October 31, 2015
Trade accounts receivable, less allowance
$

$
2.3

Inventories

1.6

Properties, plants and equipment, net
11.8

8.1

Other assets

4.9

Assets held for sale
11.8

16.9

Accounts payable

1.8

Liabilities held for sale
$

$
1.8



As of October 31, 2016, there was one asset group in the Rigid Industrial Packaging Products & Services segment and one asset group in the Flexible Products & Services segment classified as assets held for sale. These 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 twelve months following their initial classification into assets held for sale.
During 2016, the Company recorded a gain on disposal of properties, plants and equipment, net of $10.3 million. This included insurance recoveries that resulted in gains of $6.4 million in the Rigid Industrial Packaging & Services segment, disposals of assets in the Flexible Products & Services segment classified as held for sale that resulted in gains of $1.3 million, sales of surplus properties in the Land Management segment that resulted in gains of $1.6 million, insurance recoveries that resulted in gains of $0.2 million in the Paper Packaging & Services segment, and other net gains totaling an additional $0.8 million. For additional information regarding the sale of businesses refer to Note 2 to these consolidated financial statements.
For the year ended October 31, 2015, the Company recorded a gain on disposal of properties, plants and equipment, net of $7.0 million. There were sales of HBU and surplus properties which resulted in gains of $2.7 million in the Land Management segment, a disposal of an asset group previously classified as held for sale in the Rigid Industrial Packaging & Services segment that resulted in a gain of $4.4 million, insurance recoveries which resulted in gains of $3.0 million in the Rigid Industrial Packaging & Services segment, a $3.0 million loss in the Flexible Products & Services segment resulting from the fair market value adjustment of an asset previously classified as held for sale and other miscellaneous losses of $0.1 million.
For the year ended October 31, 2014, the Company recorded a gain on disposal of properties, plants and equipment, net of $8.3 million. There were sales of HBU and surplus properties which resulted in gains of $5.4 million in the Land Management segment, a sale of equipment in the Flexible Products & Services segment that resulted in a gain of $1.1 million, a disposal of an asset in the Paper Packaging & Services segment that resulted in a gain of $0.7 million and sales of other miscellaneous equipment which resulted in aggregate gains of $1.1 million.
For the year ended October 31, 2016, the Company recorded no gains relating to the sale of timberland. For the years ended October 31 2015 and 2014, the Company recorded a gain of $24.3 million and $17.1 million, respectively, relating to the sale of timberland.
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
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, 2016 and 2015 (Dollars in millions):
 
 
Rigid Industrial
Packaging & Services
 
Paper
Packaging & Services
 
Flexible Products
& Services (1)
 
Land
Management
 
Total
Balance at October 31, 2014
$
820.7

 
$
59.5

 
$

 
$

 
$
880.2

Goodwill acquired

 

 

 

 

Goodwill allocated to divestitures and businesses held for sale
(11.6
)
 

 

 

 
(11.6
)
Goodwill adjustments

 

 

 

 

Goodwill impairment charge

 

 

 

 

Currency translation
(61.5
)
 

 

 

 
(61.5
)
Balance at October 31, 2015
$
747.6

 
$
59.5

 
$

 
$

 
$
807.1

Goodwill acquired

 

 

 

 

Goodwill allocated to divestitures and businesses held for sale
(17.6
)
 

 

 

 
(17.6
)
Goodwill adjustments

 

 

 

 

Goodwill impairment charge

 

 

 

 

Currency translation
(3.1
)
 

 

 

 
(3.1
)
Balance at October 31, 2016
$
726.9

 
$
59.5

 
$

 
$

 
$
786.4

 
(1)
Accumulated goodwill impairment loss was $50.3 million as of October 31, 2016, 2015 and 2014.
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 as of August 1, 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 (the component level) if discrete financial information is prepared and regularly reviewed by segment management. The components are aggregated into reporting units for purposes of goodwill impairment testing to the extent they share similar qualitative and quantitative characteristics. The Company has five operating segments: Rigid Industrial Packaging & Services – Americas; Rigid Industrial Packaging & Services Europe, Middle East, Africa and Asia Pacific; Paper Packaging & Services; Flexible Products & Services; and Land Management. These five operating segments are aggregated into four reportable business segments by combining the Rigid Industrial Packaging & Services – Americas and Rigid Industrial Packaging & Services Europe, Middle East, Africa and Asia Pacific operating segments. The Company’s reporting units are the same as the operating segments.

Refer to Note 10 herein for further discussion regarding goodwill allocated to divestitures and businesses held for sale.
During the fourth quarter of 2014, triggering events occurred in the Flexible Products & Services reporting unit that significantly lowered the forecasted cash flow projections used by the Company during its annual impairment test. The triggering events identified were as follows:
During the fourth quarter of 2014, the Flexible Products & Services business changed the labor mix of employees at one of its facilities in Turkey, resulting in higher expected long-term overall labor costs.
There were also certain Flexible Products & Services businesses and facilities identified during the fourth quarter of 2014 as planned divestitures and shutdowns. These planned divestitures and shutdowns were primarily distribution locations and so reduced overall sales and topline revenue for Flexible Products & Services without reducing fixed production costs, resulting in projected decreases in gross margins and operating profit margins for the business as a whole.
Finally, there was a significant devaluation of the Euro that negatively impacted expected results for the Flexible Products & Services business, as a significant portion of its forecasted sales are to customers in the Euro zone. The devaluation is projected to have a long-term effect on the results of the Flexible Products & Services reporting unit.
Due to these events, the Company performed a goodwill impairment test as of October 31, 2014 for the Flexible Products & Services reporting unit. Based on the analysis performed as of October 31, 2014, the carrying amount of the Flexible Products & Services reporting unit exceeded the fair value of the Flexible Products & Services reporting unit and the goodwill of the Flexible Products & Services reporting unit as of October 31, 2014 was fully impaired and written off as of October 31, 2014.
The fair value was determined primarily using the income approach by discounting estimated future cash flows. Those cash flow projections were prepared based upon the evaluation of the historical performance and future growth expectations for the Flexible Products & Services segment. Revenue was based on 2015 projections with a long-term growth rate applied to future periods. The most critical assumptions within the cash flow projections are revenue growth rates and forecasted gross margin percentages. The second step of the goodwill impairment test compared the implied fair value of the reporting unit’s goodwill with the carrying amount of that goodwill. The implied fair value of goodwill was calculated as the difference between the fair value of the reporting unit as a whole and the fair values of the other non-goodwill assets and liabilities making up the reporting unit. Significant assumptions used in the calculation of the implied fair value include those used in the valuation of fixed assets and intangibles. Fixed assets were valued using the indirect cost approach. The customer retention model used to value the customer list intangible asset was the multi-period excess earnings method.
The following table summarizes the carrying amount of net intangible assets by class as of October 31, 2016 and October 31, 2015 (Dollars in millions):
 
 
Gross
Intangible
Assets
 
Accumulated
Amortization
 
Net Intangible
Assets
October 31, 2016:
 
 
 
 
 
Indefinite lived:
 
 
 
 
 
Trademarks and patents
$
13.0

 
$

 
$
13.0

Definite lived:
 
 
 
 
 
Customer relationships
$
167.6

 
$
86.9

 
$
80.7

Trademarks and patents
12.1

 
4.8

 
7.3

Non-compete agreements
1.0

 
0.9

 
0.1

Other
23.5

 
14.0

 
9.5

Total
$
217.2

 
$
106.6

 
$
110.6

October 31, 2015:
 
 
 
 
 
Indefinite lived:
 
 
 
 
 
Trademarks and patents
$
13.1

 
$

 
$
13.1

Definite lived:
 
 
 
 
 
Customer relationships
$
180.7

 
$
81.7

 
$
99.0

Trademarks and patents
12.4

 
4.2

 
8.2

Non-compete agreements
4.9

 
4.5

 
0.4

Other
24.2

 
12.2

 
12.0

Total
$
235.3

 
$
102.6

 
$
132.7


Gross intangible assets decreased by $18.1 million for the year ended October 31, 2016. The decrease was attributable to $7.6 million of gross intangibles divested, $4.2 million of impairments resulting from a business being classified into held for sale, $1.6 million of currency fluctuations and the write-off of $4.7 million of fully-amortized assets. Amortization expense was $16.8 million, $18.4 million and $22.0 million for the years ended 2016, 2015 and 2014, respectively. Amortization expense for the next five years is expected to be $15.3 million in 2017, $14.9 million in 2018, $14.8 million in 2019, $14.3 million in 2020 and $12.6 million million in 2021.
Definite lived 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. Indefinite lived intangibles of approximately $13.0 million as of October 31, 2016, which related primarily to the Tri-Sure trademark and trade names related to Blagden Express, Closed-loop and Box Board, are not amortized.
Restructuring Charges
Restructuring Charges
RESTRUCTURING CHARGES
The following is a reconciliation of the beginning and ended restructuring reserve balances for the years ended October 31, 2016 and 2015 (Dollars in millions):
 
Employee
Separation
Costs
 
Other costs
 
Total
Balance at October 31, 2014
$
2.9

 
$
1.2

 
$
4.1

Costs incurred and charged to expense
27.8

 
12.2

 
40.0

Costs paid or otherwise settled
(16.0
)
 
(6.8
)
 
(22.8
)
Balance at October 31, 2015
$
14.7

 
$
6.6

 
$
21.3

Costs incurred and charged to expense
16.7

 
10.2

 
26.9

Costs paid or otherwise settled
(22.2
)
 
(15.6
)
 
(37.8
)
Balance at October 31, 2016
$
9.2

 
$
1.2

 
$
10.4


The focus for restructuring activities in 2016 was to continue to rationalize operations and close underperforming assets in the Rigid Industrial Packaging & Services and Flexible Products & Services segments. During the year ended October 31, 2016, the Company recorded restructuring charges of $26.9 million, as compared to $40.0 million of restructuring charges recorded during the year ended October 31, 2015. The restructuring activity for the year ended October 31, 2016 consisted of $16.7 million in employee separation costs and $10.2 million in other restructuring costs, primarily consisting of professional fees incurred for services specifically associated with employee separation and relocation. There were four plants closed in 2016, and a total of 254 employees severed throughout 2016 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 filing date of this Form 10-K. Remaining amounts expected to be incurred were $16.1 million as of October 31, 2016. (Dollars in millions):
 
 
Total Amounts
Expected to be
Incurred
 
Amounts
Incurred During
the year ended October 31, 2016
 
Amounts
Remaining to be
Incurred
Rigid Industrial Packaging & Services:
 
 
 
 
 
Employee separation costs
$
23.5

 
$
12.4

 
11.1

Other restructuring costs
8.3

 
6.6

 
1.7

 
31.8

 
19.0

 
12.8

Flexible Products & Services:
 
 
 
 
 
Employee separation costs
6.0

 
4.0

 
2.0

Other restructuring costs
3.6

 
2.3

 
1.3

 
9.6

 
6.3

 
3.3

Paper Packaging & Services:
 
 
 
 
 
Employee separation costs
0.3

 
0.3

 

Other restructuring costs
1.2

 
1.2

 

 
1.5

 
1.5

 

Land Management:
 
 
 
 
 
Employee separation costs

 

 

Other restructuring costs
0.1

 
0.1

 

 
0.1

 
0.1

 

 
$
43.0

 
$
26.9

 
$
16.1


The focus for restructuring activities in 2015 was to rationalize operations and close underperforming assets throughout all segments. During 2015, the Company recorded restructuring charges of $40.0 million, consisting of $27.8 million in employee separation costs and $12.2 million in other restructuring costs, primarily consisting of professional fees incurred for services specifically associated with employee separation and relocation. There were eight plants closed and a total of 1,020 employees severed throughout 2015 as part of the Company’s restructuring efforts.
The focus for restructuring activities in 2014 was to rationalize and close underperforming assets in both the Flexible Products & Services and the Rigid Industrial Packaging & Services segments. During 2014, the Company recorded restructuring charges of $16.1 million, consisting of $12.0 million in employee separation costs and $4.1 million in other restructuring costs, primarily consisting of lease termination costs, professional fees and other miscellaneous exit costs. There were eight plants closed and a total of 850 employees severed throughout 2014 as part of the Company’s restructuring efforts.
Consolidation of Variable Interest Entities
Consolidation of Variable Interest Entities
CONSOLIDATION OF VARIABLE INTEREST ENTITIES
The Company evaluates whether an entity is a variable interest entity (“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.

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 and final phase of these transactions in the first and second quarters of 2006, respectively, with the sale of 15,300 acres and another approximately 5,700 acres.
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, 2016 and 2015, assets of the Buyer SPE consisted of $50.9 million of restricted bank financial instruments which are expected to be held to maturity. For each of the years ended October 31, 2016, 2015 and 2014, the Buyer SPE recorded interest income of $2.4 million.
As of October 31, 2016 and 2015, STA Timber had long-term debt of $43.3 million. For each of the years ended October 31, 2016, 2015 and 2014, 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” or "FPS VIE") with Dabbagh Group Holding Company Limited and one of its subsidiaries, originally National Scientific Company Limited and now Gulf Refined Packaging for Industrial Packaging Company LTD ("GRP"). The Flexible Packaging JV owns the operations in the Flexible Products & Services segment. 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 major factors that led to the conclusion that the Company was the primary beneficiary of this VIE was that (1) the Company has the power to direct the most significant activities due to its ability to direct the operating decisions of the FPS VIE, which power is derived from the significant CEO discretion over the operations of the FPS VIE combined with the Company's sole and exclusive right to appoint the CEO of the FPS VIE, and (2) the significant variable interest through the Company's equity interest in the FPS 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 owned and operated a fabric hub in the Kingdom of Saudi Arabia that commenced operations in the fourth quarter of 2012 and ceased operations in the fourth quarter of 2014. The Company has 51 percent ownership in Trading Co. and 49 percent ownership in Asset Co. and Global Textile. However, Greif Supra and GRP 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 GRP and each partner has committed to contribute capital of up to $150.0 million and obtain third party financing for up to $150.0 million as required.
The following table presents the Flexible Packaging JV total net assets (Dollars in millions):
 
As of October 31,
2016
 
2015
Cash and cash equivalents
$
15.2

 
$
14.5

Trade accounts receivable, less allowance of $2.8 in 2016 and $3.2 in 2015
43.3

 
47.5

Inventories
50.9

 
44.7

Properties, plants and equipment, net
25.0

 
43.1

Other assets
37.3

 
36.8

     Total Assets
$
171.7

 
$
186.6

Accounts payable
30.7

 
27.9

Other liabilities
43.7

 
50.6

     Total Liabilities
$
74.4

 
$
78.5


Net loss attributable to the noncontrolling interest in the Flexible Packaging JV for the years ended October 31, 2016, 2015 and 2014 were $8.2 million, $14.2 million and $57.0 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.
EarthMinded Benelux NV VIE
On August 31, 2016, a wholly owned indirect subsidiary of Greif, Inc.sold 51 percent of its shares in its then wholly owned subsiduary, EarthMinded Benelux NV for $0.3 million.
EarthMinded Benelux NV is a VIE due to insufficient equity investment at risk. The Company is not the primary beneficiary of this VIE since (1) the Company does not have the power to direct the most significant activities due to its lack of ability to direct the financing, capital and operating decisions of the VIE, and (2) the Company does not have the obligation to absorb losses of the VIE that could potentially be significant to the VIE. As a result, EarthMinded Benelux NV was deconsolidated from the operations of the Company as of August 31, 2016. The retained noncontrolling interest of $0.3 million is included in prepaid expenses and other current assets in the consolidated balance sheets and the Company's share of the operations is classified in equity earnings of unconsolidated affiliates, net of tax, on the condensed consolidated statements of income prospectively.
Long-Term Debt
Long-Term Debt
LONG-TERM DEBT
Long-term debt is summarized as follows (Dollars in millions):
 
 
October 31, 2016
 
October 31, 2015
Prior Credit Agreement
$
201.2

 
$
217.4

Senior Notes due 2017
300.1

 
300.7

Senior Notes due 2019
247.0

 
246.0

Senior Notes due 2021
216.6

 
219.4

Amended Receivables Facility

 
147.6

Other long-term debt
9.7

 
15.8

 
974.6

 
1,146.9

Less current portion

 
(30.7
)
Long-term debt
$
974.6

 
$
1,116.2


Credit Agreement
On November 3, 2016, the Company and four of its international subsidiaries entered into a new senior secured credit agreement (the “2017 Credit Agreement”) with a syndicate of financial institutions. The 2017 Credit Agreement replaces in its entirety the $1.0 billion senior secured credit agreement entered into on December 19, 2012, by the Company and two of its international subsidiaries ("Prior Credit Agreement") with a syndicate of financial institutions. The total available borrowing under the Prior Credit Agreement was $584.4 million as of October 31, 2016, which has been reduced by $14.4 million for outstanding letters of credit, all of which was then available without violating covenants.
The Prior Credit Agreement contained financial covenants that required the Company to maintain a certain leverage ratio and an interest coverage ratio. The leverage ratio generally required 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 required that at the end of any fiscal quarter the Company would not permit the ratio of (a) the Company’s 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”).
The terms of the Prior 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 payment of dividends and other restricted payments are subject to the condition that certain defaults not exist under the terms of the Prior Credit Agreement and, in the event that certain defaults exist, are limited in amount by a formula based, in part, on the Company’s consolidated net income. The repayment of amounts borrowed under the Prior 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 Prior Credit Agreement is also secured, in part, by capital stock of the non-U.S. subsidiaries that are parties to the Prior Credit Agreement. The payment of outstanding principal under the Prior 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 Prior Credit Agreement, subject to applicable notice requirements and cure periods as provided in the Prior Credit Agreement.
As of October 31, 2016, $201.2 million was outstanding under the Prior Credit Agreement. There was no current portion of the Prior Credit Agreement. The weighted average interest rate on the Prior Credit Agreement was 1.78% for the year ended October 31, 2016. The actual interest rate on the Prior Credit Agreement was 1.28% as of October 31, 2016.

The 2017 Credit Agreement provides for an $800.0 million revolving multicurrency credit facility expiring November 3, 2021, and a $300.0 million term loan, with quarterly principal installments commencing April 30, 2017, through maturity on November 3, 2021, both with an option to add an aggregate of $550.0 million to the facilities with the agreement of the lenders. The term loan facility can be drawn upon as a single loan any time on or prior to February 15, 2017. The Company expects to use the term loan on February 1, 2017, to repay the principal of the Company’s $300.0 million 6.75% Senior Notes that mature on that date. The revolving credit facility is available to fund ongoing working capital and capital expenditure needs, for general corporate purposes, to finance acquisitions and to refinance amounts outstanding under the Prior Credit Agreement. Interest is based on either a Eurodollar rate or a base rate that resets periodically plus a calculated margin amount. On November 3, 2016, a total of approximately $208.0 million was used to pay the obligations outstanding under the Prior Credit Agreement in full and certain costs and expenses incurred in connection with the 2017 Credit Agreement.

The 2017 Credit Agreement contains certain covenants, which include 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) its total consolidated indebtedness, to (b) adjusted EBITDA to be greater than 4.00 to 1 (or 3.75 to 1, during any collateral release period). The interest coverage ratio generally requires that at the end of any fiscal quarter the Company will not permit the ratio of (a) adjusted EBITDA, to (b) the consolidated interest expense to the extent paid or payable, to be less than 3.00 to 1, during the applicable preceding twelve month period.

The terms of the 2017 Credit Agreement limit the Company’s ability to make “restricted payments,” which include dividends and purchases, redemptions and acquisitions of equity interests of the Company. The repayment of this facility is secured by a security interest in the personal property of the Company and certain of its 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 and will be secured, in part, by the capital stock of the non-U.S. borrowers. 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 2017 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 2017 Credit Agreement, subject to applicable notice requirements and cure periods as provided in the 2017 Credit Agreement.
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. The Senior Notes are classified as long-term debt on the consolidated balance sheet as of October 31, 2016 because the Company has the intent and ability to repay them and anticipates doing so using proceeds from the term loan under the 2017 Credit Agreement.
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.
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.
United States Trade Accounts Receivable Credit Facility

On September 28, 2016, certain domestic subsidiaries of Greif, Inc. (the “Company”) amended and restated their receivables financing facility (the “Receivables Facility”) with Cooperatieve Rabobank U.A., New York Branch (“Rabobank”), as the agent, managing agent, administrator and committed investor.

Greif Receivables Funding LLC (“Greif Funding”), Greif Packaging LLC (“Greif Packaging”) and certain other domestic subsidiaries of the Company entered into a Second Amended and Restated Transfer and Administration Agreement, dated as of September 28, 2016 (the “Second Amended TAA”), with Rabobank, as a committed investor, a managing agent, an administrator and the agent and various investor groups, managing agents, and administrators, from time to time parties thereto. The Second Amended TAA, as of September 28, 2016, replaced in its entirety the Amended and Restated Transfer and Administration Agreement, dated as of September 30, 2013 with PNC Bank, National Association, as a committed investor, managing agent, administrator and agent (the "Prior TAA"), which provided for a $150.0 million Receivables Facility. The Second Amended TAA also provides for a $150.0 million Receivables Facility.
Greif Funding is a direct subsidiary of Greif Packaging and is included in the Company’s consolidated financial statements. However, because Greif Funding is a separate and distinct legal entity from the Company, the assets of Greif Funding are not available to satisfy the liabilities and obligations of the Company, Greif Packaging or other subsidiaries of the Company, and the liabilities of Greif Funding are not the liabilities or obligations of the Company or its other subsidiaries.

The Second Amended TAA provides for the ongoing purchase by Rabobank of receivables from Greif Funding, which Greif Funding will have purchased from Greif Packaging and certain other domestic subsidiaries of the Company as the originators under the Second Amended and Restated Sale Agreement, dated as of September 28, 2016 (the “Second Amended Sale Agreement”).  Greif Packaging will service and collect on behalf of Greif Funding those receivables sold to Greif Funding under the Second Amended Sale Agreement.  The maturity date of the Receivables Facility is September 27, 2017, subject to earlier termination as provided in the Second Amended TAA (including acceleration upon an event of default as provided therein), or such later date to which the purchase commitment may be extended by agreement of the parties.  In addition, Greif Funding can terminate the Receivables Facility at any time upon five days prior written notice. The Company has guaranteed the performance by Greif Funding, Greif Packaging and its other participating subsidiaries of their respective obligations under the Second Amended TAA, the Second Amended Sale Agreement and related agreements, but has not guaranteed the collectability of the receivables.  A significant portion of the proceeds from the Receivables Facility were used to pay the obligations under the Prior TAA.  The remaining proceeds are to be used to pay certain fees, costs and expenses incurred in connection with the Receivables Facility and for working capital and general corporate purposes. 

The Receivables Facility is secured by certain trade accounts receivables relating to the Rigid Industrial Packaging and Paper Packaging & Services businesses of Greif Packaging and other domestic subsidiaries of the Company in the United States and bears interest at a variable rate based on the London InterBank Offered Rate or an applicable base rate, plus a margin, or a commercial paper rate, all as provided in the Second Amended TAA.  Interest is payable on a monthly basis and the principal balance is payable upon termination of the Receivables Facility.
Other
In addition to the amounts borrowed under the Amended Credit Agreement and proceeds from the Senior Notes and the Receivables Facility, as of October 31, 2016, the Company had outstanding other debt of $9.7 million in long-term debt and $51.6 million in short-term borrowings, compared to other debt of $15.8 million in long-term debt and $40.7 million in short-term borrowings, as of October 31, 2015. There are no financial covenants associated with this other debt.
Annual maturities are $300.1 million in 2017, $201.2 million in 2018, $247.0 million in 2019, zero in 2020, $216.6 million in 2021 and $9.7 million thereafter. Cash paid for interest expense was $74.8 million, $77.5 million and $86.4 million in 2016, 2015 and 2014, respectively.
As of October 31, 2016 and 2015, the Company had deferred financing fees and debt issuance costs of $4.2 million and $7.2 million, respectively, which are included in other long-term assets.
Financial Instruments and Fair Value Measurements
Financial Instruments and Fair Value Measurements
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements
The following table presents the fair value of those assets and (liabilities) measured on a recurring basis as of October 31, 2016 and 2015 (Dollars in millions):
 
 
October 31, 2016
 
Balance sheet
Location
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
Foreign exchange hedges
$

 
$
0.3

 
$

 
$
0.3

 
Prepaid expenses and other current assets
Foreign exchange hedges

 
(0.3
)
 

 
(0.3
)
 
Other current liabilities
Insurance Annuity

 

 
20.1

 
20.1

 
Other long-term assets
Total*
$

 
$

 
$
20.1

 
$
20.1

 
 
 
 
 
 
 
 
 
 
 
 
 
October 31, 2015
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Balance sheet
Location
Foreign exchange hedges

 
0.3

 

 
0.3

 
Prepaid expenses and other current assets
Foreign exchange hedges

 
(0.2
)
 


 
(0.2
)
 
Other current liabilities
Insurance Annuity

 

 
20.1

 
20.1

 
Other long-term assets
Total*
$

 
$
0.1

 
$
20.1

 
$
20.2

 
 
 
*    The carrying amounts of cash and cash equivalents, trade accounts receivable, notes receivable, accounts payable, current liabilities and short-term borrowings as of October 31, 2016 and 2015 approximate their fair values because of the short-term nature of these items and are not included in this table.
Interest Rate Derivatives
As of October 31, 2016 and October 31, 2015 the Company had no interest rate derivatives.
Through December 2014, the Company had two interest rate derivatives (floating to fixed swap agreements designated as cash flow hedges) with a total notional amount of $150.0 million. Under these swap agreements, the Company received interest based upon a variable interest rate from the counterparties and paid interest based upon a fixed interest rate. The assumptions that were used in measuring fair value of the interest rate derivatives were considered level 2 inputs, which were based on interest from the counterparties based upon LIBOR and interest paid based upon a designated fixed rate over the life of the swap agreements. These derivative instruments were designated and qualified as cash flow hedges. Accordingly, the effective portion of the gain or loss on these derivative instruments was 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 the derivative instrument was recognized in earnings immediately.
Losses reclassified to earnings under these contracts were $0.2 million and $0.9 million for the twelve months ended October 31, 2015, and 2014, respectively. These losses were recorded within the consolidated statements of income as interest expense, net.
Subsequent to October 31, 2016, the Company entered into a forward interest rate swap with a notional amount of $300 million.  Beginning as of February 1, 2017, the Company has agreed to receive variable rate interest based upon one month U.S. dollar LIBOR and pay a fixed spread, depending on the leverage ratio, over the borrowing cost as defined in the 2017 Credit Agreement.  On February 1, 2017, this will effectively convert the borrowing rate on $300 million of debt under the 2017 Credit Agreement from a variable rate to a rate of 2.944%.  This derivative will be designated as a cash flow hedge for accounting purposes.  Accordingly, any effective portion of the gain or loss on this derivative instrument will be 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.  Any ineffective portion of the gain or loss on the derivative instrument will be recognized into earnings.  The assumptions that will be used in measuring fair value of the interest rate derivative are considered level 2 inputs, which are based upon LIBOR and interest paid based upon a designated fixed rate over the life of the swap agreements.
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, 2016, the Company had outstanding foreign currency forward contracts in the notional amount of $78.9 million ($129.9 million as of October 31, 2015). Adjustments to fair value 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. Losses recorded under fair value contracts were $2.7 million, $6.0 million and $6.2 million for the years ended October 31, 2016, 2015 and 2014, respectively.
Other Financial Instruments
The fair values of the Company’s Prior 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.”
The following table presents the estimated fair values for the Company’s Senior Notes and Assets held by special purpose entities (Dollars in millions):
 
 
October 31, 2016
 
October 31, 2015
Senior Notes due 2017 Estimated fair value
$
302.4

 
$
314.8

Senior Notes due 2019 Estimated fair value
280.1

 
280.6

Senior Notes due 2021 Estimated fair value
264.9

 
258.7

Assets held by special purpose entities Estimated fair value
54.3

 
54.4


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 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:
 
Common Stock: Valued based on quoted prices and are primarily exchange-traded.
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.
Non-Recurring Fair Value Measurements
The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of the impairment of long-lived assets held and used and net assets held for sale for the twelve months ended October 31, 2016 and October 31, 2015 (Dollars in millions):
 
Quantitative Information about Level 3 Fair Value Measurements
 
Fair Value of
Impairment
 
Valuation
Technique
 
Unobservable
Input
 
Range
of Input Values
October 31, 2016
 
 
 
 
 
 
 
Impairment of Net Assets Held for Sale
$
37.6

 
Broker Quote /
Indicative Bids
 
Indicative Bids
 
N/A
Impairment of Long Lived Assets
13.8

 
Sales Value
 
Sales Value
 
N/A
Total
$
51.4

 
 
 
 
 
 
October 31, 2015
 
 
 
 
 
 
 
Impairment of Long-lived assets- Land & Building
$
28.1

 
Broker Quote /
Indicative Bids
 
Indicative Bids
 
N/A
Impairment of Long-lived assets- Machinery & Equipment
17.8

 
Sales Value
 
Sales Value
 
N/A
Total
$
45.9

 
 
 
 
 
 



Long-Lived Assets
During the year ended October 31, 2016, the Company wrote down long-lived assets with a carrying value of $19.2 million to a fair value of $5.4 million, resulting in recognized asset impairment charges of $13.8 million. These charges include $8.6 million related to properties, plants and equipment, net, in the Rigid Industrial Packaging & Services segment, $3.7 million of properties, plants and equipment, net, in the Flexible Products & Services segment, and $1.5 million related to a cost method investment in the Paper Packaging & Services segment.
During the year ended October 31, 2015, the Company wrote down long-lived assets with a carrying value of $60.7 million to a fair value of $14.8 million, resulting in recognized asset impairment charges of $45.9 million. These charges include $15.0 million of impairment charges related to Venezuelan properties, plants, and equipment, net, $11.4 million of impairment charges related to assets recognized at fair value in the Company's reconditioning business, $1.5 million of IT software assets that were identified as obsolete, $0.5 million other-than-temporary impairment of equity method investment within the Flexible Products & Services segment, $10.9 million of impairment charges related to plant closures within the Rigid Industrial Packaging & Services and Flexible Products & Services segments, and $6.6 million of various machinery and equipment determined to be obsolete.
During the year ended October 31, 2014, the Company wrote down long-lived assets with a carrying value of $58.0 million to a fair value of $22.5 million, resulting in recognized asset impairment charges of properties, plants and equipment of $35.5 million, consisting of: $11.5 million for assets in the Rigid Industrial Packaging & Services segment related to the third quarter 2014 impairment of assets to be sold for a loss in the fourth quarter of 2014, underutilized and damaged equipment and unutilized facilities in Europe; and $24.0 million for assets in Flexible Products & Services segment related to underutilized equipment and the shutdown of the fabric hub in the Kingdom of Saudi Arabia. The impairment charges in the Flexible Products & Services segment included $15.7 million related to assets valued on the basis of their highest and best use.
The assumptions used in measuring fair value of long-lived assets are considered level 3 inputs, which include bids received from third parties, recent purchase offers, market comparable information and discounted cash flows based on assumptions that market participants would use.
 
Assets and Liabilities Held for Sale
During the year ended October 31, 2016, the Company wrote down assets and liabilities held for sale with a carrying value of $70.6 million to a fair value of $33.0 million, resulting in recognized asset impairment charges of $37.6 million. During the year ended October 31, 2016, three asset groups were reclassified to assets and liabilities held for sale, resulting in a $23.6 million impairment to net realizable value. Included in that asset impairment, was $9.1 million of goodwill allocated to the business classified as held for sale. One asset group classified as held for sale as of October 31, 2015, was remeasured to net realizable value, resulting in an impairment of $14.0 million. Included in that asset impairment was $11.9 million of goodwill allocated to the business classified as held for sale. During the year ended October 31, 2015, two asset groups classified as held for sale at October 31, 2014 were reclassified to held and used, resulting in a $3.0 million impairment to net realizable value. During the year ended October 31, 2014, the Company recorded no additional impairment charges related to assets which were previously classified as held for sale. The assumptions used in measuring fair value of assets and liabilities held for sale are considered level 3 inputs, which include recent purchase offers, market comparables and/or data obtained from commercial real estate brokers.
Goodwill and Indefinite-Lived Intangibles
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, 2014, the Company concluded that the carrying amount of the Flexible Products & Services reporting unit exceeded the fair value of the Flexible Products & Services reporting unit and the goodwill of $50.3 million on the Flexible Products & Services reporting unit as of October 31, 2014 was fully impaired. See Note 6 for additional information. The Company concluded that no impairment existed as of October 31, 2016 and 2015.
Stock-Based Compensation
Stock-Based Compensation
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 income 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 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 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 2016, 2015 or 2014. For any stock 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.
Under the terms of the 2001 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):
 
 
2016
 
2015
 
2014
 
Shares
 
Weighted
Average
Exercise
price
 
Shares
 
Weighted
Average
Exercise
price
 
Shares
 
Weighted
Average
Exercise
price
Beginning balance

 

 
10

 
$
27.36

 
79

 
$
25.30

Granted

 

 

 

 

 

Forfeited

 

 

 

 

 

Exercised

 

 
10

 
27.36

 
69

 
25.01

Ending balance

 

 

 
$

 
10

 
$
27.36


All outstanding stock options were exercisable as of October 31, 2014. No stock options were outstanding as of October 31, 2016 and 2015.
The Company’s Long Term Incentive Plan is intended to focus management on the key measures that drive superior performance over the longer-term. The Long Term Incentive Plan is based on three-year performance periods that commence at the start of every fiscal year. For each three-year performance period, the performance goals are based on targeted levels of earnings before interest, taxes, depreciation, depletion and amortization as determined by the Special Subcommittee of the Company’s Compensation Committee of the Board of Directors (the “Special Subcommittee”). Participants are paid 50% in cash and 50% in restricted shares of the Company’s Class A and/or Class B Common Stock, as determined by the Special Subcommittee.
Under the Company’s Long Term Incentive Plan, the Company will grant in January 2017 31,075 shares of restricted stock for the three year performance period ended 2016. The Company granted 40,792 shares of restricted stock with a grant date fair value of $27.02 under the Company’s Long Term Incentive Plan for 2015. The total stock expense recorded under the Long Term Incentive Plan was $1.5 million, $1.4 million and $2.3 million for the periods ended October 31, 2016, 2015 and 2014, respectively. All restricted stock awards under the Long Term Incentive Plan are fully vested at the date of award.
Under the Company’s 2005 Directors Plan, the Company granted 42,435 shares of restricted stock with a weighted average grant date fair value of $26.51 in 2016. The Company granted 25,560 shares of restricted stock with a weighted average grant date fair value of $44.01 under the Company’s 2005 Directors Plan in 2015. The total expense recorded under the plan was $1.1 million for the periods ended October 31, 2016, 2015, and 2014, respectively. All restricted stock awards under the 2005 Directors Plan are fully vested at the date of award.
During 2014, the Company awarded an officer, as part of the terms of his initial employment arrangement, 15,000 shares of Class A Common Stock under the 2001 Plan. These shares were issued subject to vesting and post-vesting restrictions on the sale or transfer until May 12, 2019. These shares fully vest in equal installments of 5,000 on May 12, 2015, 2016 and 2017. Share-based compensation expense was $0.2 million, $0.3 million, and $0.2 million for the periods ended October 31, 2016, 2015, and 2014 respectively.
The total stock compensation expenses recorded under the plans were $2.8 million, $2.8 million and $3.6 million for the periods ended October 31, 2016, 2015 and 2014 respectively.
Income Taxes
Income Taxes
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,
2016
 
2015
 
2014
Current
 
 
 
 
 
Federal
$
20.3

 
$
18.3

 
$
53.1

State and local
4.4

 
4.0

 
9.8

Non-U.S.
40.3

 
29.6

 
38.0

 
65.0

 
51.9

 
100.9

Deferred
 
 
 
 
 
Federal
0.5

 
2.4

 
2.7

State and local
0.5

 
0.2

 
(1.6
)
Non-U.S.
0.5

 
(6.1
)
 
13.0

 
1.5

 
(3.5
)
 
14.1

 
$
66.5

 
$
48.4

 
$
115.0



The non-U.S. income (loss) before income tax expense was $49.9 million, $44.8 million and $(17.0) million in 2016, 2015, and 2014, respectively. The 2014 non-U.S. pretax loss is primarily the result of the impairment of non-deductible goodwill. The U.S. income before income tax was $91.3 million, $70.0 million and $175.0 million in 2016, 2015, and 2014, 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,
2016
 
2015
 
2014
Federal statutory rate
35.00
 %
 
35.00
 %
 
35.00
 %
Impact of foreign tax rate differential
(11.15
)%
 
(10.10
)%
 
(2.40
)%
State and local taxes, net of federal tax benefit
2.19
 %
 
2.80
 %
 
4.20
 %
Net impact of changes in valuation allowances
1.91
 %
 
3.00
 %
 
12.70
 %
Venezuela balance sheet remeasurement
 %
 
5.90
 %
 
 %
Non-deductible write-off and impairment of goodwill and other intangible assets
7.37
 %
 
2.50
 %
 
15.60
 %
Unrecognized tax benefits
4.84
 %
 
2.50
 %
 
7.20
 %
Permanent book-tax differences
(4.78
)%
 
(0.50
)%
 
(3.10
)%
Withholding taxes
4.64
 %
 
2.70
 %
 
2.90
 %
Other items, net
7.08
 %
 
(1.60
)%
 
0.70
 %
 
47.10
 %
 
42.20
 %
 
72.80
 %

The primary items which increased the Company’s effective income tax rate from the federal statutory rate in 2016 were non-deductible expenses, such as the write-off of goodwill allocated to divestitures and impairments, withholding taxes, unrecognized tax benefits, state and local taxes, net of federal tax benefit, the net impact of changes in valuation allowances due to changes in circumstances in several legal entities and other tax items. Cumulatively, these items impacted the 2016 effective income tax rate by approximately 28.0 percent. This increase was offset by the impact of foreign tax rates and permanent book-tax differences, which decreased the effective income tax rate by approximately 15.9 percent in 2016. In both 2016 and 2015, the items that materially increased the effective income tax rate from the federal statutory rate were related to non-U.S. operations.
As discussed in Note 1 herein, with respect to its operations in Venezuela, the Company changed from the official exchange rate to the SIMADI rate requiring remeasurement of the Venezuelan balance sheet during 2015. The net $19.4 million charge to the income statement had no tax benefit. This balance sheet remeasurement contributed 5.90 percent to our effective tax rate.
During 2014, the Company disposed of certain operations, including the divestiture of a nonstrategic business in the Rigid Industrial Packaging & Services segment in third quarter and the multiwall packaging business in the fourth quarter, which resulted in gains and losses recognized, including an amount related to goodwill of $13.6 million and $21.8 million, respectively, which did not have a tax basis. Moreover, the Flexible Products & Services reporting unit recognized the impairment of goodwill of $50.3 million that did not have any tax basis. For 2014, the combination of these items contributed 15.6 percent to our effective tax rate.

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):
 
 
2016
 
2015
Deferred Tax Assets
 
 
 
Net operating loss and other carryforwards
$
83.0

 
$
80.8

Pension liabilities
57.0

 
53.6

Insurance operations
2.7

 
3.5

Incentive liabilities
8.0

 
5.4

Environmental reserves
1.3

 
0.4

Inventories
7.8

 
6.5

State income taxes
7.0

 
7.4

Postretirement benefit obligations
3.1

 
3.5

Other
9.1

 
11.3

Interest accrued
1.2

 
1.6

Allowance for doubtful accounts
1.9

 
3.4

Restructuring reserves
1.1

 
6.0

Deferred compensation
3.8

 
2.9

Foreign tax credits
2.4

 
2.3

Vacation accruals
1.5

 
1.5

Workers compensation accruals
6.7

 
3.5

Total Deferred Tax Assets
197.6

 
193.6

Valuation allowance
(92.1
)
 
(89.5
)
Net Deferred Tax Assets
105.5

 
104.1

Deferred Tax Liabilities
 
 
 
Properties, plants and equipment
86.5

 
84.7

Goodwill and other intangible assets
80.4

 
80.1

Foreign income inclusion
1.1

 
1.1

Foreign exchange gains
5.7

 
6.1

Timberland transactions
115.8

 
116.2

Total Deferred Tax Liabilities
289.5

 
288.2

Net Deferred Tax Liability
$
(184.0
)
 
$
(184.1
)

As of October 31, 2016, the Company had income tax benefits of $83.0 million from net operating loss carryforwards, almost all of which were related to non-US operations. The Company has recorded valuation allowances $89.9 million and $87.2 million against non-US deferred tax assets as of October 31, 2016 and 2015 respectively. The Company has also recorded valuation allowances of $2.3 million, as of October 31, 2016 and 2015, against U.S. deferred tax assets. The Company had net changes in valuation allowances in 2016 of $2.6 million, resulting in a net increase of 1.91% in the effective tax rate related to these changes.
As of October 31, 2016, the Company has not recognized U.S. deferred income taxes on a cumulative total of $557.0 million of undistributed earnings from certain non-U.S. subsidiaries. The Company’s intention is to reinvest these earnings indefinitely outside of the U.S., or to repatriate the earnings only when it is tax-efficient to do so. Therefore, no U.S. tax provision has been accrued related to the repatriation of these earnings. It is not practicable to estimate the amount of any additional taxes which may be payable on the undistributed earnings given the various alternatives the Company could employ should the Company decide to repatriate these earnings in the future.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 
 
2016
 
2015
 
2014
Balance at November 1
$
29.6

 
$
34.3

 
$
30.5

Increases in tax positions for prior years
5.7

 
8.5

 
5.7

Decreases in tax positions for prior years
(10.5
)
 
(2.2
)
 
(8.2
)
Increases in tax positions for current years
6.9

 
6.2

 
10.3

Settlements with taxing authorities

 
(5.7
)
 
(0.6
)
Lapse in statute of limitations
(2.6
)
 
(6.2
)
 
(0.8
)
Currency translation
0.6

 
(5.3
)
 
(2.6
)
Balance at October 31
$
29.7

 
$
29.6

 
$
34.3


The 2016 net increase is primarily related to decreases related to the settlement of prior years’ tax audits and lapse in statute of limitations, offset by increases in unrecognized tax benefits related to prior years and the current year.
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 2011 through the current fiscal year. The Company has completed its U.S. federal tax audit for the tax years through 2013.
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, 2016 and October 31, 2015, the Company had $5.6 million and $5.4 million, respectively, accrued for the payment of interest and penalties.
The October 31, 2016, 2015, 2014 balances include $28.5 million, $28.5 million and $28.0 million, respectively, of unrecognized tax benefits that, if recognized, would have an impact on the effective tax rate. The remaining unrecognized tax benefits relate to tax positions for which ultimate deductibility is highly certain, but for which there is uncertainty as to the timing of such deductibility. Recognition of these tax benefits would not affect our effective tax rate.
The Company has estimated the reasonably possible expected net change in unrecognized tax benefits through October 31, 2016 under ASC 740. 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 $0.0 to $3.5 million. Actual results may differ materially from this estimate.
The Company paid income taxes of $51.8 million, $73.5 million and $78.7 million in 2016, 2015, and 2014, respectively.
Post Retirement Benefit Plans
Post Retirement Benefit Plans
POST RETIREMENT BENEFIT PLANS
Defined Benefit Pension Plans
The Company has certain non-contributory defined benefit pension plans for salaried and hourly employees 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 employees plans’ benefits are based primarily on years of service and earnings. The hourly employees 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 various dates in the preceding five years for the non-U.S. plans are not eligible to participate in the defined benefit pension plans, but are eligible to 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 $20.6 million during 2016, which consisted of $17.3 million of employer contributions and $3.3 million of benefits paid directly by the Company. Pension plan contributions, including benefits paid directly by the Company, totaled $11.4 million and $16.9 million during 2015 and 2014, respectively. Contributions, including benefits paid directly by the Company, during 2017 are expected to be approximately $20.6 million.
The following table presents the number of participants in the defined benefit plans (in thousands):
 
October 31, 2016
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Active participants
1,573

 
1,405

 
95

 

 
73

 

Vested former employees and deferred members
2,149

 
1,484

 
60

 
462

 
89

 
54

Retirees and beneficiaries
4,114

 
2,565

 
258

 
699

 
534

 
58

 
 
 
 
 
 
 
 
 
 
 
 
October 31, 2015
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Active participants
1,869

 
1,509

 
105

 
133

 
74

 
48

Vested former employees
2,083

 
1,525

 
57

 
399

 
81

 
21

Retirees and beneficiaries
4,050

 
2,480

 
255

 
718

 
540

 
57



The actuarial assumptions are used to measure the year-end benefit obligations as of October 31, 2016 and the pension costs for the subsequent year were as follows:
 
For the year ended October 31, 2016
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Discount rate
3.08
%
 
3.79
%
 
1.50
%
 
2.44
%
 
1.32
%
 
4.31
%
Expected return on plan assets
5.51
%
 
6.25
%
 
N/A

 
6.00
%
 
1.88
%
 
5.77
%
Rate of compensation increase
2.87
%
 
3.00
%
 
2.75
%
 
N/A

 
2.25
%
 
N/A

For the year ended October 31, 2015
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Discount rate
3.71
%
 
4.37
%
 
2.10
%
 
3.45
%
 
1.98
%
 
4.82
%
Expected return on plan assets
5.47
%
 
6.25
%
 
N/A

 
6.00
%
 
2.06
%
 
5.99
%
Rate of compensation increase
3.01
%
 
3.00
%
 
2.75
%
 
3.50
%
 
2.25
%
 
N/A

For the year ended October 31, 2014
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Discount rate
3.69
%
 
4.22
%
 
2.45
%
 
3.72
%
 
2.20
%
 
4.83
%
Expected return on plan assets
5.73
%
 
6.25
%
 
N/A

 
6.25
%
 
3.25
%
 
6.09
%
Rate of compensation increase
2.93
%
 
3.00
%
 
2.75
%
 
3.25
%
 
2.25
%
 
2.41
%

The discount rate is determined by developing a hypothetical portfolio of individual high-quality corporate bonds available at the measurement date, the coupon and principal payments of which would be sufficient to satisfy the plans’ expected future benefit payments as defined for the projected benefit obligation. The discount rate by country is equivalent to the average yield on that hypothetical portfolio of bonds and is a reflection of current market settlement rates on such high quality bonds, government treasuries, and annuity purchase rates. To determine the expected long-term rate of return on pension plan assets, the Company considers current and expected asset allocations, as well as historical and expected returns on various categories of plan assets. In developing future return expectations for the defined benefit pension plans’ assets; the Company formulates views on the future economic environment, both in the U.S. and globally. The Company evaluates 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. The Company takes into account expected volatility by asset class and diversification across classes to determine expected overall portfolio results given current and expected allocations. The Company uses published mortality tables for determining the expected lives of plan participants and believe that the tables selected are most-closely associated with the expected lives of plan participants as the tables are based on the country in which the participant is employed.
Based on our analysis of future expectations of asset performance, past return results, and our current and expected asset allocations, we have assumed a 5.51% long-term expected return on those assets for cost recognition in 2016. 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.

Subsequent to October 31, 2016, an annuity contract for approximately $49.2 million was purchased with defined benefit plan assets and the pension obligation for certain retirees in the United States was irrevocably transferred from that plan to the annuity contract. Additionally, lump sum payments totalling $32.4 million were made from the defined benefit plan assets to certain participants who agreed to such payments, representing the current fair value of the participant's respective pension benefit. The settlement items described above resulted in a decrease in projected benefit obligation of $81.6 million and a settlement cost of $22.8 million, which will be recognized during the first quarter of 2017. The settlement items will decrease future service costs for the United States defined benefit plan.
 
Benefit Obligations
The components of net periodic pension cost include the following (Dollars in millions):
 
For the year ended October 31, 2016
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Service cost
$
12.4

 
$
10.2

 
$
0.5

 
$
0.8

 
$
0.7

 
$
0.2

Interest cost
22.0

 
13.7

 
0.8

 
5.7

 
1.4

 
0.4

Expected return on plan assets
(32.1
)
 
(19.0
)
 

 
(10.7
)
 
(1.7
)
 
(0.7
)
Amortization of prior service cost
(0.2
)
 
(0.1
)
 

 

 
(0.1
)
 

Recognized net actuarial loss
11.4

 
9.3

 
1.0

 
0.8

 
0.3

 

Special Events
 
 
 
 
 
 
 
 
 
 
 
Settlement
0.1

 

 

 

 

 
0.1

Net periodic pension (benefit) cost
$
13.6

 
$
14.1

 
$
2.3

 
$
(3.4
)
 
$
0.6

 
$

For the year ended October 31, 2015
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Service cost
$
15.5

 
$
11.3

 
$
0.5

 
$
1.8

 
$
1.4

 
$
0.5

Interest cost
27.6

 
17.3

 
0.9

 
6.5

 
2.4

 
0.5

Expected return on plan assets
(32.8
)
 
(18.7
)
 

 
(11.4
)
 
(1.9
)
 
(0.8
)
Amortization of prior service cost
0.1

 
0.1

 

 

 

 

Recognized net actuarial loss
14.2

 
10.0

 
0.9

 
2.2

 
0.8

 
0.3

Special Events
 
 
 
 
 
 
 
 
 
 
 
Curtailment
0.5

 
0.3

 

 

 

 
0.2

Settlement
0.1

 

 

 

 

 
0.1

Special/contractual termination benefit
0.1

 

 

 

 

 
0.1

Net periodic pension (benefit) cost
$
25.3

 
$
20.3

 
$
2.3

 
$
(0.9
)
 
$
2.7

 
$
0.9

For the year ended October 31, 2014
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Service cost
$
15.7

 
$
10.4

 
$
0.6

 
$
2.5

 
$
1.6

 
$
0.6

Interest cost
29.6

 
16.6

 
1.3

 
7.5

 
3.6

 
0.6

Expected return on plan assets
(33.9
)
 
(17.4
)
 

 
(12.6
)
 
(3.1
)
 
(0.8
)
Amortization of prior service cost
0.2

 
0.2

 

 

 

 

Recognized net actuarial loss
10.4

 
6.8

 
0.7

 
1.9

 
0.8

 
0.2

Net periodic pension (benefit) cost
$
22.0

 
$
16.6

 
$
2.6

 
$
(0.7
)
 
$
2.9

 
$
0.6


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):
 
For the year ended October 31, 2016
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
765.8

 
$
432.1

 
$
38.7

 
$
184.0

 
$
100.8

 
$
10.2

Service cost
12.4

 
10.2

 
0.5

 
0.8

 
0.7

 
0.2

Interest cost
22.0

 
13.7

 
0.8

 
5.7

 
1.4

 
0.4

Plan participant contributions
0.2

 

 

 

 
0.2

 

Expenses paid from assets
(4.0
)
 
(3.3
)
 

 
(0.7
)
 
0.2

 
(0.2
)
Plan Amendments
0.5

 
0.5

 

 

 

 

Actuarial (gain) loss
70.1

 
39.1

 
3.6

 
33.4

 
(7.1
)
 
1.1

Foreign currency effect
(43.4
)
 

 
(0.6
)
 
(41.5
)
 
(1.2
)
 
(0.1
)
Benefits paid
(39.8
)
 
(22.1
)
 
(1.2
)
 
(10.3
)
 
(4.9
)
 
(1.3
)
Benefit obligation at end of year
$
783.8

 
$
470.2

 
$
41.8

 
$
171.4

 
$
90.1

 
$
10.3

For the year ended October 31, 2015
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
786.9

 
$
419.6

 
$
41.9

 
$
186.9

 
$
123.6

 
$
14.9

Service cost
15.5

 
11.3

 
0.5

 
1.8

 
1.4

 
0.5

Interest cost
27.6

 
17.3

 
0.9

 
6.5

 
2.4

 
0.5

Plan participant contributions
0.2

 

 

 

 
0.2

 

Expenses paid from assets
(2.7
)
 
(2.1
)
 

 
(0.7
)
 
0.2

 
(0.1
)
Plan Amendments
(3.3
)
 
(2.3
)
 

 

 
(1.0
)
 

Actuarial (gain) loss
15.7

 
9.1

 
2.2

 
9.0

 
(4.6
)
 

Foreign currency effect
(33.7
)
 

 
(5.6
)
 
(9.7
)
 
(16.2
)
 
(2.2
)
Benefits paid
(33.0
)
 
(18.4
)
 
(1.2
)
 
(7.3
)
 
(5.2
)
 
(0.9
)
Curtailments
(7.2
)
 
(2.1
)
 

 
(2.5
)
 

 
(2.6
)
Other
(0.2
)
 
(0.3
)
 

 

 

 
0.1

Benefit obligation at end of year
$
765.8

 
$
432.1

 
$
38.7

 
$
184.0

 
$
100.8

 
$
10.2




















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):
 
 
 
 
 
 
 
 
 
 
 
 
 
Actuarial value of benefit obligations
Consolidated
 
United States
 
Germany
 
United
Kingdom
 
Netherlands
 
Other
International
October 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation
$
783.8

 
$
470.2

 
$
41.8

 
$
171.4

 
$
90.1

 
$
10.3

Accumulated benefit obligation
752.9

 
443.4

 
39.1

 
171.4

 
88.7

 
10.3

Plan assets
626.3

 
332.5

 

 
185.1

 
96.1

 
12.6

October 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation
$
765.8

 
$
432.1

 
$
38.7

 
$
184.0

 
$
100.8

 
$
10.2

Accumulated benefit obligation
739.9

 
409.8

 
35.9

 
184.0

 
100.0

 
10.2

Plan assets
624.7

 
311.1

 

 
208.4

 
92.7

 
12.5

Plans with ABO in excess of Plan assets
 
 
 
 
 
 
 
 
 
 
 
October 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Accumulated benefit obligation
$
492.7

 
$
443.4

 
$
39.1

 
$

 
$

 
$
10.2

Plan assets
342.5

 
332.5

 

 

 

 
10.0

October 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Accumulated benefit obligation
$
546.5

 
$
409.8

 
$
35.9

 
$

 
$
100.0

 
$
0.8

Plan assets
404.4

 
311.1

 

 

 
92.7

 
0.6


Future benefit payments for the Company's global plans, 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
2017
$
42.2

2018
42.3

2019
43.9

2020
44.5

2021
44.4

2022-2026
242.7


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, 2016 and 2015.
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:
 
Asset Category
2016 Target

 
2016 Actual

 
2015 Target

 
2015 Actual

Equity securities
25
%
 
29
%
 
23
%
 
28
%
Debt securities
49
%
 
40
%
 
51
%
 
40
%
Other
26
%
 
31
%
 
26
%
 
32
%
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 10.
 
For the year ended October 31, 2016
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
624.7

 
$
311.1

 
$

 
$
208.4

 
$
92.7

 
$
12.5

Actual return on plan assets
71.6

 
29.8

 

 
31.5

 
9.3

 
1.0

Expenses paid
(4.0
)
 
(3.3
)
 

 
(0.7
)
 
0.2

 
(0.2
)
Plan participant contributions
0.2

 

 

 

 
0.2

 

Foreign currency impact
(47.1
)
 

 

 
(45.6
)
 
(1.4
)
 
(0.1
)
Employer contributions
17.3

 
14.9

 

 
1.8

 

 
0.6

Benefits paid out of plan
(36.4
)
 
(20.0
)
 

 
(10.3
)
 
(4.9
)
 
(1.2
)
Fair value of plan assets at end of year
$
626.3

 
$
332.5

 
$

 
$
185.1

 
$
96.1

 
$
12.6

For the year ended October 31, 2015
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
650.8

 
$
325.6

 
$

 
$
202.7

 
$
107.8

 
$
14.7

Actual return on plan assets
25.4

 
(0.9
)
 

 
21.8

 
3.9

 
0.6

Expenses paid
(2.7
)
 
(2.1
)
 

 
(0.7
)
 
0.2

 
(0.1
)
Plan participant contributions
0.2

 

 

 

 
0.2

 

Foreign currency impact
(27.3
)
 

 

 
(10.6
)
 
(14.2
)
 
(2.5
)
Employer contributions
8.2

 
5.0

 

 
2.5

 

 
0.7

Benefits paid
(29.9
)
 
(16.5
)
 

 
(7.3
)
 
(5.2
)
 
(0.9
)
Fair value of plan assets at end of year
$
624.7

 
$
311.1

 
$

 
$
208.4

 
$
92.7

 
$
12.5







The following table presents the fair value measurements for the pension assets:
 
As of October 31, 2016 (Dollars in millions)
 
 
 
 
 
 
 
Asset Category
Fair Value Measurement
 
Level 1
 
Level 2
 
Level 3
 
Total
Mutual funds
$
104.9

 
$
152.3

 
$

 
$
257.2

Common stock
39.7

 

 

 
39.7

Cash
18.6

 

 

 
18.6

Common collective trusts

 
136.7

 

 
136.7

Corporate bonds

 
29.7

 

 
29.7

Government bonds

 
16.5

 

 
16.5

Insurance annuity

 

 
125.4

 
125.4

Other assets

 
2.5

 

 
2.5

Total
$
163.2

 
$
337.7

 
$
125.4

 
$
626.3

 
 
 
 
 
 
 
 
As of October 31, 2015 (Dollars in millions)
 
 
 
 
 
 
 
Asset Category
Fair Value Measurement
 
Level 1
 
Level 2
 
Level 3
 
Total
Mutual funds
$
124.4

 
$
161.2

 
$

 
$
285.6

Common stock
26.7

 

 

 
26.7

Cash
20.0

 

 

 
20.0

Money market fund
0.6

 

 

 
0.6

Common collective trusts

 
128.3

 

 
128.3

Corporate bonds

 
19.7

 

 
19.7

Government bonds

 
10.0

 

 
10.0

Insurance annuity

 

 
130.2

 
130.2

Other assets

 
3.6

 

 
3.6

Total
$
171.7

 
$
322.8

 
$
130.2

 
$
624.7



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:
 
 
Pension Plan
(Dollars in millions)
October 31, 2016
 
October 31, 2015
Balance at beginning of year
$
130.2

 
$
151.1

Actual return on plan assets held at reporting date:
 
 
 
Assets still held at reporting date
10.6

 
7.1

Plan participant contributions

 

Net purchases (settlements)
(6.1
)
 

Transfers

 
(3.4
)
Currency impact
(9.3
)
 
(24.6
)
Balance at end of year
$
125.4

 
$
130.2






Financial statement presentation including other comprehensive income:
 
As of October 31, 2016
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Unrecognized net actuarial loss
$
202.5

 
$
145.4

 
$
18.4

 
$
36.4

 
$
(0.1
)
 
$
2.4

Unrecognized prior service cost
(2.7
)
 
(1.2
)
 

 

 
(1.5
)
 

Unrecognized initial net obligation

 

 

 

 

 

Accumulated other comprehensive loss (Pre-tax)
$
199.8

 
$
144.2

 
$
18.4

 
$
36.4

 
$
(1.6
)
 
$
2.4

Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
 
 
 
 
 
 
 
Prepaid benefit cost
$
22.2

 
$

 
$

 
$
13.7

 
$
6.0

 
$
2.5

Accrued benefit liability
(179.7
)
 
(137.7
)
 
(41.8
)
 

 

 
(0.2
)
Accumulated other comprehensive loss
199.8

 
144.2

 
18.4

 
36.4

 
(1.6
)
 
2.4

Net amount recognized
$
42.3

 
$
6.5

 
$
(23.4
)
 
$
50.1

 
$
4.4

 
$
4.7

As of October 31, 2015
Consolidated
 
USA
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Unrecognized net actuarial loss
$
192.1

 
$
126.6

 
$
15.9

 
$
32.9

 
$
14.9

 
$
1.8

Unrecognized prior service cost
(3.5
)
 
(1.8
)
 

 

 
(1.7
)
 

Unrecognized initial net obligation

 

 

 

 

 

Accumulated other comprehensive loss (Pre-tax)
$
188.6

 
$
124.8

 
$
15.9

 
$
32.9

 
$
13.2

 
$
1.8

Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
 
 
 
 
 
 
 
Prepaid benefit cost
$
26.7

 
$

 
$

 
$
24.4

 
$

 
$
2.3

Accrued benefit liability
(167.8
)
 
(121.0
)
 
(38.6
)
 

 
(8.2
)
 

Accumulated other comprehensive loss
188.6

 
124.8

 
15.9

 
32.9

 
13.2

 
1.8

Net amount recognized
$
47.5

 
$
3.8

 
$
(22.7
)
 
$
57.3

 
$
5.0

 
$
4.1

 
 
October 31, 2016
 
October 31, 2015
Accumulated other comprehensive loss at beginning of year
$
188.6

 
$
198.8

Increase or (decrease) in accumulated other comprehensive (income) or loss
 
 
 
Net transition obligation amortized during fiscal year

 
(0.1
)
Net prior service costs amortized during fiscal year
0.2

 
(0.1
)
Net loss amortized during fiscal year
(11.4
)
 
(14.2
)
Prior service cost recognized during fiscal year due to curtailment

 
(0.3
)
Transition obligation recognized during fiscal year due to curtailment

 
(0.2
)
Loss recognized during fiscal year due to settlement
(0.1
)
 
(0.1
)
Prior service credit occurring during fiscal year
0.5

 
(3.2
)
Liability loss occurring during fiscal year
69.8

 
8.4

Asset loss (gain) occurring during fiscal year
(39.4
)
 
7.5

Increase (decrease) in accumulated other comprehensive loss
$
19.6

 
$
(2.3
)
Foreign currency impact
(8.4
)
 
(7.9
)
Accumulated other comprehensive loss at current fiscal year end
$
199.8

 
$
188.6


In 2017, the Company expects to record an amortization loss of $15.0 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 $7.2 million in 2016, $7.8 million in 2015 and $7.3 million in 2014.
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. The present benefit obligation of the supplemental employee retirement plan is included in the United States defined benefit pension plans above.
Postretirement Health Care and Life Insurance Benefits
The Company has certain postretirement unfunded 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 plan:
 
October 31, 2016
Consolidated
 
United States
 
South Africa
Active participants
22

 
12

 
10

Retirees and beneficiaries
704

 
616

 
88

October 31, 2015
Consolidated
 
United States
 
South Africa
Active participants
25

 
12

 
13

Retirees and beneficiaries
757

 
667

 
90


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:
 
For the year ended:
Consolidated
 
United States
 
South Africa
October 31, 2016
4.10
%
 
3.38
%
 
9.50
%
October 31, 2015
4.65
%
 
3.88
%
 
9.20
%

The components of net periodic cost for the postretirement benefits include the following (Dollars in millions):
 
For the years ended October 31,
2016
 
2015
 
2014
Service cost
$

 
$

 
$

Interest cost
0.5

 
0.7

 
0.8

Amortization of prior service cost (benefit)
(1.5
)
 
(1.5
)
 
(1.6
)
Recognized net actuarial gain
(0.1
)
 
(0.1
)
 

Net periodic income
$
(1.1
)
 
$
(0.9
)
 
$
(0.8
)

The following table sets forth the plans’ change in benefit obligation (Dollars in millions):
 
 
October 31, 2016
 
October 31, 2015
Benefit obligation at beginning of year
$
14.9

 
$
17.3

Service cost

 

Interest cost
0.5

 
0.7

Actuarial loss
(0.6
)
 
(1.0
)
Foreign currency effect
(0.1
)
 
(0.6
)
Benefits paid
(1.1
)
 
(1.5
)
Benefit obligation at end of year
$
13.6

 
$
14.9



Financial statement presentation included other comprehensive income (Dollars in millions):
 
 
October 31, 2016
 
October 31, 2015
Unrecognized net actuarial gain
$
(2.2
)
 
$
1.6

Unrecognized prior service credit
(4.3
)
 
5.8

Accumulated other comprehensive income
$
(6.5
)
 
$
7.4


The accumulated postretirement health and life insurance benefit obligation and fair value of plan assets for the consolidated plans were $13.6 million and $0, respectively, as of October 31, 2016 compared to $14.9 million and $0, respectively, as of October 31, 2015.
The healthcare cost trend rates on gross eligible charges are as follows:
 
 
Medical

Current trend rate
7.2
%
Ultimate trend rate
5.0
%
Year ultimate trend rate reached (South Africa)
2018

Year ultimate trend rate reached (US)
2026


A one-percentage point change in assumed health care cost trend rates would have the following effects (Dollars in thousands):
 
 
1-Percentage-Point
Increase

 
1-Percentage-Point
Decrease

Effect on total of service and interest cost components
$
27

 
$
(23
)
Effect on postretirement benefit obligation
$
304

 
$
(261
)

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 expected to be as follows (Dollars in millions):
 
Year
Expected
benefit
payments

2017
$
1.3

2018
1.3

2019
1.2

2020
1.1

2021
1.1

2022-2026
4.7

Contingent Liabilities and Environmental Reserves
Contingent Liabilities and Environmental Reserves
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, 2016 and 2015, environmental reserves were $6.8 million and $8.2 million, respectively, 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, 2016 and 2015, environmental reserves of the Company included $3.9 million and $4.3 million, respectively, for various European drum facilities acquired from Blagden and Van Leer; $0.3 million and $2.0 million, respectively, for its various container life cycle management and recycling facilities acquired in 2011 and 2010; $1.7 million and $0.8 million for remediation of sites no longer owned by the Company; and $0.9 million and $1.1 million for various other facilities around the world. The $1.4 million decrease in environmental reserve was primarily a result of the Company selling its controlling interest in Earthminded Benelux, NV, which was deconsolidated during the fourth quarter of 2016.
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
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 in the same fashion as dividends would be distributed. Under the Company’s articles of incorporation, any distribution of dividends in any year must be made in proportion of one cent a share for Class A Common Stock to one and one-half cents a share for Class B Common Stock, which results in a 40% to 60% split to Class A and B shareholders, respectively. In accordance with this, earnings are allocated first to Class A and Class B Common Stock to the extent that dividends are actually paid and the remainder is allocated assuming all of the earnings for the period have been distributed in the form of dividends.
The Company calculates EPS as follows:
Basic
=
 
40% * Average Class A Shares Outstanding
*
 
Undistributed Net Income
+
Class A Dividends
Per Share
Class A EPS
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding
Average Class A Shares Outstanding
Diluted
=
 
40% * Average Class A Shares Outstanding
*
 
Undistributed Net Income
+
Class A Dividends
Per Share
Class A EPS
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding
Average Diluted Class A Shares Outstanding
Basic
=
 
60% * Average Class B Shares Outstanding
*
 
Undistributed Net Income
+
Class B Dividends
Per Share
Class B EPS
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding
Average Class B Shares Outstanding
 
 
 
 
 
 
 
 
 
*  Diluted Class B EPS calculation is identical to Basic Class B calculation


The following table provides EPS information for each period, respectively:
 
(In millions except per share data)
2016
 
2015
 
2014
Numerator
 
 
Numerator for basic and diluted EPS –
 
 
 
 
 
Net income attributable to Greif
$
74.9

 
$
71.9

 
$
91.5

Cash dividends
98.7

 
98.7

 
98.6

Undistributed net loss attributable to Greif, Inc.
$
(23.8
)
 
$
(26.8
)
 
$
(7.1
)
Denominator
 
 
 
 
 
Denominator for basic EPS –
 
 
 
 
 
Class A common stock
25.8

 
25.7

 
25.5

Class B common stock
22.1

 
22.1

 
22.1

Denominator for diluted EPS –
 
 
 
 
 
Class A common stock
25.8

 
25.7

 
25.5

Class B common stock
22.1

 
22.1

 
22.1

EPS Basic
 
 
 
 
 
Class A common stock
$
1.28

 
$
1.23

 
$
1.56

Class B common stock
$
1.90

 
$
1.83

 
$
2.33

EPS Diluted
 
 
 
 
 
Class A common stock
$
1.28

 
$
1.23

 
$
1.56

Class B common stock
$
1.90

 
$
1.83

 
$
2.33


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 2016, the Stock Repurchase Committee authorized the Company to repurchase 110,241 shares of Class B Common Stock as part of the program and those shares were repurchased during 2016. There have been no other shares repurchased under this program from November 1, 2013 through October 31, 2016. As of October 31, 2016, the Company had repurchased 3,294,513 shares, including 1,425,452 shares of Class A Common Stock and 1,869,061 shares of Class B Common Stock, under this program, all of which were repurchased in prior years.

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
Shares
 
Treasury Shares
October 31, 2016:
 
 
 
 
 
 
 
Class A Common Stock
128,000,000

 
42,281,920

 
25,781,791

 
16,500,129

Class B Common Stock
69,120,000

 
34,560,000

 
22,009,725

 
12,550,275

October 31, 2015:
 
 
 
 
 
 
 
Class A Common Stock
128,000,000

 
42,281,920

 
25,693,564

 
16,588,356

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,
2016
 
2015
 
2014
Class A Common Stock:
 
 
 
 
 
Basic shares
25,755,545

 
25,668,204

 
25,547,650

Assumed conversion of stock options
1,348

 
5,901

 
5,336

Diluted shares
25,756,893

 
25,674,105

 
25,552,986

Class B Common Stock:
 
 
 
 
 
Basic and diluted shares
22,062,089

 
22,119,966

 
22,119,966


No stock options were antidilutive for the years ended October 31, 2016, 2015, or 2014.
Equity Earnings of Unconsolidated Affiliates, Net of Tax and Net Income (Loss) Attributable to Noncontrolling Interests
Equity Earnings of Unconsolidated Affiliates, Net of Tax and Net Income (Loss) Attributable to Noncontrolling Interests
EQUITY EARNINGS OF UNCONSOLIDATED AFFILIATES, NET OF TAX AND NET INCOME (LOSS) 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 two such affiliates as of October 31, 2016, including the addition of the equity method investment in 2016. For additional information regarding the addition of the equity method investment in 2016 refer to Note 2 to these consolidated financial statements.
Equity earnings of unconsolidated affiliates, net of tax for the years ended October 31, 2016, 2015 and 2014 were $0.8 million, $0.8 million and $1.9 million, respectively. Dividends received from the Company’s equity method affiliates for the years ended October 31, 2016, 2015 and 2014 were $0.4 million, $0.2 million and $0.2 million, respectively.
Net (income) loss attributable to noncontrolling interests
Net (income) loss 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) added to net income to arrive at net income attributable to the Company. Net (income) loss attributable to noncontrolling interests for the years ended October 31, 2016, 2015 and 2014 was $(0.6) million, $4.7 million and $46.6 million, respectively.
Leases
Leases
LEASES
The table below contains information related to the Company’s rent expense (Dollars in millions):
 
For the years ended October 31,
2016
 
2015
 
2014
Rent Expense
$
45.5

 
$
50.4

 
$
57.4


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:
 
Fiscal Year
Operating
Leases
 
Capital
Leases
2017
37.4

 
0.1

2018
28.9

 

2019
23.9

 

2020
17.4

 

2021
9.7

 

Thereafter
34.9

 

Total
$
152.2

 
$
0.1

Business Segment Information
Business Segment Information
BUSINESS SEGMENT INFORMATION
The Company has five operating segments, which are aggregated into four reportable business segments: Rigid Industrial Packaging & Services; Paper Packaging & Services; Flexible Products & Services; and Land Management. The Rigid Industrial Packaging & Services reportable business segment is the aggregation of two operating segments: Rigid Industrial Packaging & Services – Americas; and Rigid Industrial Packaging & Services Europe, Middle East, Africa and Asia Pacific.
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 remanufactured and reconditioned industrial containers, and services, such as container life cycle management, filling, logistics, warehousing and other packaging services. The Company’s rigid industrial packaging products and services are sold to customers in industries such as chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agricultural, pharmaceutical and mineral products, among others.
Operations in the Paper Packaging & Services segment involve the production and sale of containerboard, corrugated sheets, corrugated containers and other corrugated products to customers in North America in industries such as packaging, automotive, food and building products. 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 Flexible Products & Services segment involve the production and sale of flexible intermediate bulk containers and related services on a global basis. The Company’s flexible intermediate bulk containers are constructed from a polypropylene-based woven fabric that is produced at its 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.
Operations in the Land Management segment involve the management and sale of timber and special use properties from approximately 244,548 acres of timber properties in the southeastern United States. Land Management’s operations focus on the active harvesting and regeneration of its 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. 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, 2016 (Dollars in millions):
 
 
2016

 
2015

 
2014

Net sales:
 
 
 
 
 
Rigid Industrial Packaging & Services
$
2,324.2

 
$
2,586.4

 
$
3,077.0

Paper Packaging & Services
687.1

 
676.1

 
706.8

Flexible Products & Services
288.1

 
322.6

 
425.8

Land Management
24.2

 
31.6

 
29.5

Total net sales
$
3,323.6

 
$
3,616.7

 
$
4,239.1

Operating profit (loss):
 
 
 
 
 
Rigid Industrial Packaging & Services
$
143.9

 
$
86.4

 
$
170.1

Paper Packaging & Services
89.1

 
109.3

 
125.8

Flexible Products & Services
(15.5
)
 
(36.6
)
 
(78.6
)
Land Management
8.1

 
33.7

 
32.0

Total operating profit
$
225.6

 
$
192.8

 
$
249.3

Depreciation, depletion and amortization expense:
 
 
 
 
 
Rigid Industrial Packaging & Services
$
84.6

 
$
94.0

 
$
108.4

Paper Packaging & Services
31.6

 
28.7

 
29.8

Flexible Products & Services
7.7

 
8.6

 
13.3

Land Management
3.8

 
3.3

 
4.3

Total depreciation, depletion and amortization expense
$
127.7

 
$
134.6

 
$
155.8

Capital Expenditures
 
 
 
 
 
Rigid Industrial Packaging & Services
$
53.9

 
$
69.4

 
$
73.8

Paper Packaging & Services
27.2

 
56.4

 
38.9

Flexible Products & Services
3.2

 
3.2

 
4.9

Land Management
0.6

 
1.6

 
60.0

Total segment
84.9

 
130.6

 
177.6

Corporate and other
16.2

 
10.7

 
17.1

Total capital expenditures
$
101.1

 
$
141.3

 
$
194.7

Assets:
 
 
 
 
 
Rigid Industrial Packaging & Services
$
1,930.8

 
$
2,043.3

 
$
2,334.1

Paper Packaging & Services
439.8

 
444.0

 
408.3

Flexible Products & Services
156.1

 
187.0

 
251.0

Land Management
339.9

 
335.2

 
319.0

Total Segment
2,866.6

 
3,009.5

 
3,312.4

Corporate and other
286.4

 
306.2

 
355.0

Total Assets
$
3,153.0

 
$
3,315.7

 
$
3,667.4







The following geographic information is presented for each of the three years in the period ended October 31, (Dollars in millions):
 
 
2016

 
2015

 
2014

Net Sales
 
 
 
 
 
United States
$
1,610.8

 
$
1,688.3

 
$
1,905.8

Europe, Middle East, and Africa
1,208.4

 
1,287.2

 
1,596.2

Asia Pacific and other Americas
504.4

 
641.2

 
737.1

Total net sales
$
3,323.6

 
$
3,616.7

 
$
4,239.1


The following table presents properties, plants and equipment, net by geographic region (Dollars in millions):

 
2016

 
2015

Properties, plants and equipment, net
 
 
 
United States
$
723.3

 
$
734.1

Europe, Middle East, and Africa
300.5

 
335.4

Asia Pacific and other Americas
140.1

 
148.2

Total properties, plants and equipment, net
$
1,163.9

 
$
1,217.7

Comprehensive (Loss) Income
Comprehensive (Loss) Income
COMPREHENSIVE (LOSS) INCOME
The following table provides the roll forward of accumulated other comprehensive income for the year ended October 31, 2016 (Dollars in millions): 
 
Foreign Currency
Translation
 
Minimum
Pension Liability
Adjustment
 
Accumulated
Other
Comprehensive
Loss
Balance as of October 31, 2015
$
(256.6
)
 
$
(120.8
)
 
$
(377.4
)
Other Comprehensive Loss Before Reclassifications
(13.6
)
 
(7.4
)
 
$
(21.0
)
Balance as of October 31, 2016
$
(270.2
)
 
$
(128.2
)
 
$
(398.4
)
The following table provides the roll forward of accumulated other comprehensive income for the year ended October 31, 2015 (Dollars in millions): 
 
Foreign Currency
Translation
 
Cash Flow Hedges
 
Minimum
Pension Liability
Adjustment
 
Accumulated
Other
Comprehensive
Loss
Balance as of October 31, 2014
$
(144.5
)
 
$
(0.1
)
 
$
(129.8
)
 
$
(274.4
)
Other Comprehensive (Loss) Income Before Reclassifications
(112.1
)
 

 
9.0

 
$
(103.1
)
Amounts reclassified from Accumulated Other Comprehensive Loss

 
0.1

 

 
$
0.1

Current-period Other Comprehensive (Loss) Income
(112.1
)
 
0.1

 
9.0

 
$
(103.0
)
Balance as of October 31, 2015
$
(256.6
)
 
$

 
$
(120.8
)
 
$
(377.4
)

The components of accumulated other comprehensive income above are presented net of tax, as applicable.
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited)
QUARTERLY FINANCIAL DATA (UNAUDITED)
The quarterly results of operations for 2016 and 2015 are shown below (Dollars in millions, except per share amounts):
 
2016
January 31,
 
April 30,
 
July 31,
 
October 31,
Net sales
$
771.4

 
$
839.6

 
$
845.0

 
$
867.6

Gross profit
$
151.3

 
$
173.7

 
$
176.5

 
$
183.4

Net income (loss) (1)
$
(9.9
)
 
$
32.5

 
$
46.4

 
$
6.5

Net income (loss) attributable to Greif, Inc.(1)
$
(11.1
)
 
$
31.4

 
$
46.1

 
$
8.5

Earnings (loss) per share
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Class A Common Stock
$
(0.19
)
 
$
0.53

 
$
0.78

 
$
0.14

Class B Common Stock
$
(0.29
)
 
$
0.80

 
$
1.18

 
$
0.22

Diluted:
 
 
 
 
 
 
 
Class A Common Stock
$
(0.19
)
 
$
0.53

 
$
0.78

 
$
0.14

Class B Common Stock
$
(0.29
)
 
$
0.80

 
$
1.18

 
$
0.22

Earnings per share were calculated using the following number of shares:
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Class A Common Stock
25,697,512

 
25,761,733

 
25,781,146

 
25,781,791

Class B Common Stock
22,119,966

 
22,108,942

 
22,009,725

 
22,009,725

Diluted:
 
 
 
 
 
 
 
Class A Common Stock
25,704,023

 
25,766,609

 
25,783,184

 
25,785,266

Class B Common Stock
22,119,966

 
22,108,942

 
22,009,725

 
22,009,725

Market price (Class A Common Stock):
 
 
 
 
 
 
 
High
$
33.77

 
$
35.56

 
$
40.09

 
$
49.59

Low
$
24.05

 
$
23.17

 
$
32.96

 
$
38.92

Close
$
25.51

 
$
34.02

 
$
39.77

 
$
46.86

Market price (Class B Common Stock):
 
 
 
 
 
 
 
High
$
45.80

 
$
47.38

 
$
55.48

 
$
60.98

Low
$
34.48

 
$
32.91

 
$
44.38

 
$
50.26

Close
$
35.11

 
$
45.07

 
$
52.41

 
$
58.25

 
(1)
We recorded the following significant transactions during the fourth quarter of 2016: (i) restructuring charges of $9.0 million; (ii) non-cash asset impairment charges of $6.5 million; (iii) gain on disposals of properties, plants, equipment, net of $0.8 million; and (iv) loss on disposals of businesses, net of $18.6 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends.
2015
January 31
 
April 30
 
July 31
 
October 31
Net sales
$
902.3

 
$
915.9

 
$
930.0

 
$
868.5

Gross profit
$
153.9

 
$
181.1

 
$
166.8

 
$
168.0

Net income(1)
$
28.2

 
$
20.5

 
$
9.3

 
$
9.2

Net income attributable to Greif, Inc.(1)
$
30.1

 
$
20.8

 
$
8.6

 
$
12.4

Earnings per share
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Class A Common Stock
$
0.52

 
$
0.35

 
$
0.15

 
$
0.21

Class B Common Stock
$
0.76

 
$
0.53

 
$
0.22

 
$
0.32

Diluted:
 
 
 
 
 
 
 
Class A Common Stock
$
0.52

 
$
0.35

 
$
0.15

 
$
0.21

Class B Common Stock
$
0.76

 
$
0.53

 
$
0.22

 
$
0.32

Earnings per share were calculated using the following number of shares:
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Class A Common Stock
25,607,886

 
25,678,393

 
25,692,973

 
25,693,564

Class B Common Stock
22,119,966

 
22,119,966

 
22,119,966

 
22,119,966

Diluted:
 
 
 
 
 
 
 
Class A Common Stock
25,617,814

 
25,688,653

 
25,698,547

 
25,701,264

Class B Common Stock
22,119,966

 
22,119,966

 
22,119,966

 
22,119,966

Market price (Class A Common Stock):
 
 
 
 
 
 
 
High
$
45.94

 
$
41.97

 
$
41.65

 
$
35.97

Low
$
36.43

 
$
34.52

 
$
29.43

 
$
27.13

Close
$
36.43

 
$
39.29

 
$
30.20

 
$
32.33

Market price (Class B Common Stock):
 
 
 
 
 
 
 
High
$
47.39

 
$
45.89

 
$
47.80

 
$
47.97

Low
$
41.47

 
$
40.40

 
$
36.59

 
$
33.42

Close
$
41.47

 
$
45.89

 
$
37.13

 
$
37.98

 
(1)
We recorded the following significant transactions during the fourth quarter of 2015: (i) restructuring charges of $13.3 million; (ii) non-cash asset impairment charges of $23.6 million; (iii) loss on disposals of properties, plants, equipment, net of $2.3 million; and (iv) loss on disposal of businesses, net of $0.7 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, 2016, there were 303 stockholders of record of the Class A Common Stock and 84 stockholders of record of the Class B Common Stock.
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests
REDEEMABLE NONCONTROLLING INTERESTS

During the first quarter of 2016, the Company identified errors related to the accounting for and presentation related to various noncontrolling interests of consolidated entities. The Company has concluded that the errors are not material to any prior period, the current period, or to the trend in earnings and, as such, has presented the error corrections as an out-of-period reclassification in the current consolidated financial statements.

Mandatorily Redeemable Noncontrolling Interests

The terms of the joint venture agreement for one joint venture within the Rigid Industrial Packaging & Services segment include mandatory redemption by the Company, in cash, of the noncontrolling interest holders’ equity at a formulaic price after the expiration of a lockout period specific to each noncontrolling interest holder. The redemption features cause the interest to be classified as a mandatorily redeemable instrument under the accounting guidance and included at the current redemption value each period in long-term or short-term liabilities of the Company, as applicable. The impact of marking to redemption value at each period end is recorded in interest expense.

During the second quarter of 2016, the Company purchased the interest of one of the mandatorily redeemable noncontrolling interest holders that notified the Company of the exercise of its option requiring the Company to purchase its equity for the redemption price of $0.8 million. One remaining partner has the ability to require the Company to redeem its equity in 2017 and the Company has a contractual obligation to redeem the outstanding equity interests of each remaining partner in 2021 and 2022, respectively, and therefore, redemption values as of October 31, 2016 of $9.0 million are included in other long-term liabilities in these consolidated financial statements.

The following table provides the rollforward of the mandatorily redeemable noncontrolling interest for the twelve months ended October 31, 2016 (Dollars in millions):
 
Mandatorily Redeemable Noncontrolling Interest

Balance as of October 31, 2015
$

Reclassification of book value of noncontrolling interest
10.4

Out-of period reversal of cumulative income allocated to noncontrolling interest

(1.2
)
Out-of period mark to redemption value
0.1

Current period mark to redemption value
0.5

Repurchase of redeemable shareholder interest
(0.8
)
Balance as of October 31, 2016
$
9.0




Redeemable Noncontrolling Interests

Redeemable noncontrolling interests related to one joint venture within the Paper Packaging & Services segment and one joint venture within the Rigid Industrial Packaging & Services segment are held by the respective noncontrolling interest owners. The holders of these interests share in the profits and losses of these entities on a pro-rata basis with the Company. However, the noncontrolling interest owners have the right to put all or a portion of those noncontrolling interests to the Company at a formulaic price after a set period of time, specific to each agreement. During the third quarter of 2016, the Company purchased the remaining interest of one of the redeemable noncontrolling interests for the redemption price of $5.5 million.

Redeemable noncontrolling interests are reflected in the consolidated balance sheets at redemption value. The following table provides the rollforward of the redeemable noncontrolling interest for the twelve months ended October 31, 2016 (Dollars in millions):

 
Redeemable Noncontrolling Interest
Balance as of October 31, 2015
$

Reclassification of book value of noncontrolling interest
12.4

Out-of period mark to redemption value*
19.8

Current period mark to redemption value
2.1

Repurchase of redeemable shareholder interest
(5.5
)
Redeemable Noncontrolling Interest share of Income/(Loss) and other
4.8

Contributions from /(Dividends to) redeemable noncontrolling interest and other
(1.8
)
Balance as of October 31, 2016
$
31.8


* The out-of-period mark to redemption value amounts were charged to retained earnings in the first quarter of 2016.
Subsequent Events
Subsequent Events
SUBSEQUENT EVENTS

On November 3, 2016, the Company, as borrowers, entered into the 2017 Credit Agreement. The 2017 Credit Agreement replaces in its entirety the Prior Credit Agreement. See Note 9 herein for additional information on the 2017 Credit Agreement.

Subsequent to October 31, 2016, the Company entered into a forward interest rate swap with a notional amount of $300 million.  See Note 10 herein for additional information on the forward interest rate swap.

Subsequent to October 31, 2016, an annuity contract was purchased with defined benefit plan assets and the pension obligation for certain retirees in the United States was irrevocably transferred from that plan to the annuity contract. Additionally, lump sum payments were made from the defined benefit plan assets to certain participants who agreed to such payments, representing the current fair value of the participant's respective pension benefit. See Note 13 herein for additional information on the annuity contract and lump sum payments.
Schedule II - Consolidated Valuation and Qualifying Accounts and Reserves
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
Beginning of
Period
 
Charged to
Costs and
Expenses
 
Charged to
Other Accounts
 
Deductions
 
Balance at End
of Period
Year ended October 31, 2014:
 
 
 
 
 
 
 
 
 
Allowance for doubtful accounts
$
13.5

 
$
7.5

 
$
(4.2
)
 
$

 
$
16.8

Environmental reserves
$
26.8

 
$
0.7

 
$
(2.0
)
 
$
(0.8
)
 
$
24.7

Year ended October 31, 2015:
 
 
 
 
 
 
 
 
 
Allowance for doubtful accounts
$
16.8

 
$
0.2

 
$
(3.7
)
 
$
(1.5
)
 
$
11.8

Environmental reserves
$
24.7

 
$
1.7

 
$
(16.8
)
 
$
(1.4
)
 
$
8.2

Year ended October 31, 2016:
 
 
 
 
 
 
 
 
 
Allowance for doubtful accounts
$
11.8

 
$
1.7

 
$
(4.2
)
 
$
(0.5
)
 
$
8.8

Environmental reserves
$
8.2

 
$
1.1

 
$
(2.5
)
 
$

 
$
6.8

Basis of Presentation and Summary of Significant Accounting Policies (Policies)
The Business
Greif, Inc. and its subsidiaries (collectively, “Greif,” “our,” or the “Company”), principally manufacture 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 remanufactured and reconditioned industrial containers, and provides services, such as container life cycle management, filling, logistics, warehousing and other packaging services. The Company produces containerboard and corrugated products for niche markets in North America and is also a leading global producer of flexible intermediate bulk containers The Company has operations in over 45 countries. In addition, the Company owns timber properties in the southeastern United States, which are actively harvested and regenerated.
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, mineral, packaging, automotive and building 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, pulpwood and used industrial packaging for reconditioning.
There were approximately 12,370 employees of the Company as of October 31, 2016.
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 controlled by the Company or for which the Company is the primary beneficiary, 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 method 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 2016, 2015 or 2014, or to any quarter of those years, relates to the fiscal year ended in that year.
Venezuela Currency
The Company’s results of its Venezuelan businesses have been reported under highly inflationary accounting since 2010 and the functional currency was converted to US Dollars at that time. Prior to the third quarter of 2015, Greif utilized the official rate of 6.4 Bolivars/US Dollar to measure Bolivar-denominated monetary assets and liabilities and the respective historical rate to measure Bolivar-denominated nonmonetary assets for each reporting period. During the third quarter of 2015, due to the continued devaluation of the Bolivar and reconsideration of the exchange rate mechanism that best reflected the economics of the Company's business activities in Venezuela, the Company remeasured the local currency denominated balance sheet using the SIMADI exchange rate.
As a result of the change to the SIMADI rate, the Company recorded other income of $4.9 million related to the remeasurement of its Venezuelan monetary assets and liabilities during 2015. In addition, the Company determined that an adjustment of $9.3 million to increase cost of goods sold was needed to reflect the non-monetary inventory assets at net realizable value and, upon review of long-lived assets for impairment, the Company determined that the carrying amount of the long-lived asset was not recoverable in US dollar functional currency and recorded an impairment charge of $15.0 million.
Use of Estimates
The preparation of consolidated financial statements in conformity with GAAP 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 expected useful lives assigned to properties, plants and equipment, goodwill and other intangible assets, estimates of fair value, environmental liabilities, pension and postretirement benefits including plan assets, income taxes, net assets held for sale 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 $96.6 million and $104.2 million as of October 31, 2016 and 2015, respectively. 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, the Company 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 $8.8 million and $11.8 million as of October 31, 2016 and 2015, 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, 2016, 2015, and 2014.
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
The Company primarily uses the FIFO method of inventory valuation or the weighted average standard costing method for valuing inventory, which approximates FIFO. 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 Paper Packaging & Services segment trades certain inventories with third parties. These inventory trades are accounted for as non-monetary exchanges and the Company records an asset or liability for any imbalance resulting from these trades.
Net Assets Held for Sale
Net assets held for sale represent land, buildings and other assets and liabilities 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, 2016, there was one asset group in the Rigid Industrial Packaging Products & Services segment and one asset group in the Flexible Products & Services segment that are recorded as assets and liabilities held for sale. 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 Indefinite-Lived 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. The Company tests for impairment of goodwill and indefinite-lived intangible assets during the fourth quarter of each fiscal year as of August 1, or more frequently if certain indicators are present or changes in circumstances suggest that impairment may exist.
In accordance with ASC 350, the Company has the option to first assess qualitative factors to determine whether it is necessary to perform the two-step test for goodwill impairment. If the Company 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. The quantitative test for goodwill impairment is 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. When there is a disposition of a portion of a reporting unit, goodwill is allocated to the gain or loss on that disposition based on the relative fair values of the portion of the reporting unit subject to disposition and the portion of the reporting unit that will be retained.
The Company’s determinations of estimated fair value of the reporting units are based on both the market approach and a discounted cash flow analysis utilizing the income approach. Under the market approach, the principal inputs are market prices and valuation multiples for public companies engaged in businesses that are considered comparable to the reporting unit. Under the income approach, the principal inputs are the reporting unit’s cash-generating capabilities and the discount rate. The discount rates used in the income approach 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, earnings before interest, taxes, depreciation, depletion and amortization forecasts or cash flow assumptions 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. Refer to Note 6 for additional information regarding goodwill and other intangible assets.
Other Intangibles
The Company accounts for intangible assets in accordance with ASC 350. Indefinite lived intangible assets are not amortized. Definite lived intangible assets are amortized over their useful lives on a straight-line basis. The useful lives for definite 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 intangible assets at least annually, or more frequently if certain indicators are present to suggest that impairment may exist. Amortization expense on intangible assets is recorded on the straight-line method over their useful lives as follows:
 
  
Years
Trade names
10-15
Non-competes
1-10
Customer relationships
5-15
Other intangibles
3-15
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. Internal use software is capitalized as a component of machinery and equipment on the Consolidated Balance Sheets.
Long-Lived Assets
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 $107.4 million, $113.4 million and $129.8 million in 2016, 2015 and 2014, 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. For the years ended October 31, 2016, 2015, and 2014, the Company capitalized interest costs of $2.6 million, $1.5 million, and $1.4 million, respectively.
The Company tests for impairment of properties, plants and equipment if certain indicators are present to suggest that impairment may exist. Long-lived assets are grouped together at the lowest level, generally at the plant level, for which identifiable cash flows are largely independent of cash flows of other groups of long-lived assets. As events warrant, we evaluate the recoverability of long-lived assets, other than goodwill and indefinite-lived intangible assets, by assessing whether the carrying value can be recovered over their remaining useful lives through the expected future undiscounted operating cash flows of the underlying business. Impairment indicators include, but are not limited to, a significant decrease in the market price of a long-lived asset; a significant adverse change in the manner in which the asset is being used or in its physical condition; a significant adverse change in legal factors or the business climate that could affect the value of a long-lived asset; an accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset; current period operating or cash flow losses combined with a history of operating or cash flow losses associated with the use of the asset; or a current expectation that it is more likely than not that a long-lived asset will be sold or otherwise disposed of significantly before the end of its previously estimated useful life. Future decisions to change our manufacturing processes, exit certain businesses, reduce excess capacity, temporarily idle facilities and close facilities could also result in material impairment charges. Any impairment loss that may be required is determined by comparing the carrying value of the assets to their estimated fair value.
As of October 31, 2016, the Company's timber properties consisted of approximately 244,548 acres, all of which were located in the southeastern United States. The Company’s land costs are maintained by tract. 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. 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, including refrigeration rental and trucking, planting costs, herbaceous weed control, woody release, and labor and machinery use. 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 and depletion costs recognized upon sales are calculated as volumes sold times the unit costs in the respective depletion block.
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 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 410, “Asset Retirement and Environmental Obligations.” 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 $4.4 million and $3.6 million for estimated costs related to outstanding claims as of October 31, 2016 and 2015, 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 $11.8 million and $12.2 million for anticipated costs related to general liability, product, vehicle and workers’ compensation claims as of October 31, 2016 and 2015, 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 when management believes it is more likely than not that some portion of the deferred tax assets will not be realized.
The Company’s effective tax rate is impacted by the amount of income generated in 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 on uncertain tax positions that are not more likely than not to be sustained upon examination 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.
Other Comprehensive Income
Our other comprehensive income is significantly impacted by foreign currency translation and defined benefit pension and postretirement benefit adjustments. The impact of foreign currency translation is affected by the translation of assets, liabilities and operations of our foreign subsidiaries which are denominated in functional currencies other than the U.S. dollar and the recognition of accumulated foreign currency translation upon the disposal of foreign entities. The primary assets and liabilities affecting the adjustments are: cash and cash equivalents; accounts receivable; inventory; properties, plants and equipment; accounts payable; pension and other postretirement benefit obligations; and certain intercompany loans payable and receivable. The primary currencies in which these assets and liabilities are denominated are the Euro, Brazilian Real, and Chinese Yuan. The impact of defined benefit pension and postretirement benefit adjustments is primarily affected by unrecognized actuarial gains and losses related to our defined benefit and other postretirement benefit plans, as well as the subsequent amortization of gains and losses from accumulated other comprehensive income in periods following the initial recording of such items. These actuarial gains and losses are determined using various assumptions, the most significant of which are (i) the weighted average rate used for discounting the liability, (ii) the weighted average expected long-term rate of return on pension plan assets, (iii) the method used to determine market-related value of pension plan assets, (iv) the weighted average rate of future salary increases and (v) the anticipated mortality rate tables.
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 equipment relocation costs and 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 Servicing 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. indirect 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 stock options were granted in 2016, 2015 or 2014. For any options granted in the future, compensation expense will be based on the grant date fair value estimated in accordance with the standard.
Revenue Recognition
The Company recognizes revenue when title passes and risks and rewards of ownership have transferred 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 sales, higher and better use (“HBU”) land, surplus and development property sales 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 timberland property in "timberland gains," the sale of HBU and surplus property in “gain on disposal of properties, plants and equipment, net” and the sale of timber and development property under “net sales” and “cost of products sold" in its consolidated statements of income. 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 period-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.
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 from time to time use interest rate swap agreements to hedge against changing interest rates. For interest rate swap agreements 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.
The Company's interest rate swap agreements effectively convert a portion of floating rate debt to a fixed rate basis, thus reducing the impact of interest rate increases on future interest expense. The Company uses the regression 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 expense, net.
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, has its changes to market value 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 have the adjustments to the contract’s fair value recognized in earnings. 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 10 and 13 to these consolidated financial statements.
Newly Adopted Accounting Standards
In April 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2015-3, “Interest—Imputation of Interest (Subtopic 835-30)”. The objective of this update is to simplify the presentation of debt issuance costs in the financial statements. Under this ASU, the Company is required to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset, with amortization of the costs reported as interest expense. The ASU requires the Company to disclose in the first fiscal year after the entity’s adoption date, and in the interim periods within the first fiscal year, the following: (1) The nature and reason for the change in accounting principle; (2) The transition method; (3) A description of the prior-period information that has been retrospectively adjusted; and (4) The effect of the change on the financial statement line item (that is, the debt issuance costs asset and the debt liability). The Company adopted the new guidance beginning on November 1, 2016, and the adoption will not have a material impact on the Company's financial position, results of operations, comprehensive income (loss), cash flows or disclosures.

In February 2015, the FASB issued ASU 2015-2, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” which makes changes to both the variable interest model and the voting interest model and eliminates the indefinite deferral of FASB Statement No. 167, included in ASU 2010-10, for certain investment funds. All reporting entities that hold a variable interest in other legal entities were required to re-evaluate their consolidation conclusions as well as disclosure requirements. The Company adopted the new guidance beginning on November 1, 2016, and the adoption will not have a material impact on the Company's financial position, results of operations, comprehensive income (loss), cash flows or disclosures.
In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Tax Items." This ASU amends ASC 740-10-45-4, which now states that in a classified statement of financial position an entity must classify deferred tax liabilities and assets as noncurrent amounts. This ASU also supersedes ASC 740-12-45-5, which required the valuation allowance for a particular tax jurisdiction to be allocated between current and noncurrent deferred tax assets for that tax jurisdiction on a pro rata basis. For public companies, this ASU is effective for periods beginning after December 15, 2016. The Company elected to adopt the new guidance beginning February 1, 2016 prospectively, resulting in deferred tax liabilities and assets being classified as noncurrent on the Company's balance sheet. Prior periods were not retrospectively adjusted. The adoption did not have a material impact on the Company's financial position, results of operations, comprehensive income (loss) or cash flows.
Recently Issued Accounting Standards
The FASB has issued ASUs through 2016-19. The Company has reviewed each recently issued ASU and the adoption of each ASU that is applicable to the Company, other than as explained below, will not have a material impact on the Company's financial position, results of operations, comprehensive income (loss) or cash flows, other than the related disclosures.

In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The update is effective in fiscal year 2019 using one of two retrospective application methods. The Company is in the process of analyzing the impact of adopting this guidance but does not anticipate that it will have a material impact on its financial position, results of operations, comprehensive income (loss), cash flow and disclosures.
In February 2016, the FASB issued ASU 2016-2, "Leases (Topic 842)," which amends the lease accounting and disclosure requirements in ASC 842, "Leases". The objective of this update is to increase transparency and comparability among organizations recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about lease arrangements. This ASU will require the recognition of lease assets and lease liabilities for those leases classified as operating leases under previous GAAP. The update is effective in fiscal year 2020 using a modified retrospective approach. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income (loss), cash flows and disclosures.
In March 2016, the FASB issued ASU 2016-9, "Improvements to Employee Share-Based Payment Accounting," which simplifies several aspects of the accounting for employee share-based payment transactions. This ASU is effective for annual periods beginning after December 15, 2016 and early adoption is permitted, including any interim period. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income (loss), cash flows and disclosures.
In October 2016, the FASB issued ASU 2016-16, "Intra-Equity Transfers of Assets Other Than Inventory," which improves the accounting for income tax consequences of intra-entity transfers of assets other than inventory. This ASU is effective for annual periods beginning after December 15, 2017 and early adoption is permitted, including any interim period. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income (loss), cash flows and disclosures.
In October 2016, the FASB issued ASU 2016-17, "Interests Held through Related Parties That Are under Common Control," which amends the consolidation guidance for single decision makers of variable interest entities. This ASU is effective for annual periods beginning after December 15, 2016 and early adoption is permitted, including any interim period. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income (loss), cash flows and disclosures.
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
Amortization expense on intangible assets is recorded on the straight-line method over their useful lives as follows:
 
  
Years
Trade names
10-15
Non-competes
1-10
Customer relationships
5-15
Other intangibles
3-15
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 Divestitures (Tables)
Acquisitions
The following table summarizes the Company’s significant acquisition activity in 2016, 2015 and 2014 (Dollars in millions):
 
 
 
# of
Acquisitions

 
Purchase Price,
net of Cash

 
Tangible
Assets, net

 
Intangible
Assets

 
Goodwill
Total 2016 Acquisitions
 

 
$

 

 

 

Total 2015 Acquisitions
 

 
$

 

 

 

Total 2014 Acquisitions
 
2

 
$
53.5

 
2.5

 
22.1

 
25.9

Sale of Non-United States Accounts Receivable (Tables)
Company's Accounts Receivables Programs
The table below contains information related to the Company’s accounts receivables programs (Dollars in millions): 
For the years ended October 31,
2016
 
2015
 
2014
European RPA
 
 
 
 
 
Gross accounts receivable sold to third party financial institution
$
620.3

 
$
715.2

 
$
1,006.4

Cash received for accounts receivable sold under the programs
548.1

 
633.6

 
888.1

Deferred purchase price related to accounts receivable sold
71.7

 
76.2

 
118.3

Loss associated with the programs
0.8

 
1.5

 
2.5

Expenses associated with the programs

 

 

Singapore RPA
 
 
 
 
 
Gross accounts receivable sold to third party financial institution
$
44.1

 
$
48.1

 
$
56.7

Cash received for accounts receivable sold under the programs
36.4

 
48.1

 
56.7

Deferred purchase price related to accounts receivable sold
7.1

 

 

Loss associated with the programs

 
0.1

 

Expenses associated with the programs

 
0.1

 
0.1

Total RPAs and Agreements
 
 
 
 
 
Gross accounts receivable sold to third party financial institution
$
664.4

 
$
763.3

 
$
1,063.1

Cash received for accounts receivable sold under the program
584.5

 
681.7

 
944.8

Deferred purchase price related to accounts receivable sold
78.8

 
76.2

 
118.3

Loss associated with the program
0.8

 
1.6

 
2.5

Expenses associated with the program

 
0.1

 
0.1

 
October 31, 2016
 
October 31, 2015
European RPA
 
 
 
Accounts receivable sold to and held by third party financial institution
$
106.7

 
$
114.8

Deferred purchase price asset (liability) related to accounts receivable sold
(0.4
)
 
(1.5
)
Singapore RPA
 
 
 
Accounts receivable sold to and held by third party financial institution
$
4.0

 
$
4.0

Uncollected deferred purchase price related to accounts receivable sold
0.5

 

Total RPAs and Agreements
 
 
 
Accounts receivable sold to and held by third party financial institution
$
110.7

 
$
118.8

Deferred purchase price asset (liability) related to accounts receivable sold
0.1

 
(1.5
)
Inventories (Tables)
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):
 
 
2016
 
2015
Finished goods
$
79.8

 
$
88.0

Raw materials
185.4

 
190.7

Work-in process
12.2

 
18.3

 
$
277.4

 
$
297.0

Assets and Liabilities Held for Sale and Disposals of Property, Plant and Equipment, Net (Tables)
Schedule of Assets and Liabilities Held for Sale
The following table presents assets and liabilities classified as held for sale as of October 31, 2016 and 2015.
 
October 31, 2016
October 31, 2015
Trade accounts receivable, less allowance
$

$
2.3

Inventories

1.6

Properties, plants and equipment, net
11.8

8.1

Other assets

4.9

Assets held for sale
11.8

16.9

Accounts payable

1.8

Liabilities held for sale
$

$
1.8

Goodwill and Other Intangible Assets (Tables)
The following table summarizes the changes in the carrying amount of goodwill by segment for the year ended October 31, 2016 and 2015 (Dollars in millions):
 
 
Rigid Industrial
Packaging & Services
 
Paper
Packaging & Services
 
Flexible Products
& Services (1)
 
Land
Management
 
Total
Balance at October 31, 2014
$
820.7

 
$
59.5

 
$

 
$

 
$
880.2

Goodwill acquired

 

 

 

 

Goodwill allocated to divestitures and businesses held for sale
(11.6
)
 

 

 

 
(11.6
)
Goodwill adjustments

 

 

 

 

Goodwill impairment charge

 

 

 

 

Currency translation
(61.5
)
 

 

 

 
(61.5
)
Balance at October 31, 2015
$
747.6

 
$
59.5

 
$

 
$

 
$
807.1

Goodwill acquired

 

 

 

 

Goodwill allocated to divestitures and businesses held for sale
(17.6
)
 

 

 

 
(17.6
)
Goodwill adjustments

 

 

 

 

Goodwill impairment charge

 

 

 

 

Currency translation
(3.1
)
 

 

 

 
(3.1
)
Balance at October 31, 2016
$
726.9

 
$
59.5

 
$

 
$

 
$
786.4

 
(1)
Accumulated goodwill impairment loss was $50.3 million as of October 31, 2016, 2015 and 2014.
The following table summarizes the carrying amount of net intangible assets by class as of October 31, 2016 and October 31, 2015 (Dollars in millions):
 
 
Gross
Intangible
Assets
 
Accumulated
Amortization
 
Net Intangible
Assets
October 31, 2016:
 
 
 
 
 
Indefinite lived:
 
 
 
 
 
Trademarks and patents
$
13.0

 
$

 
$
13.0

Definite lived:
 
 
 
 
 
Customer relationships
$
167.6

 
$
86.9

 
$
80.7

Trademarks and patents
12.1

 
4.8

 
7.3

Non-compete agreements
1.0

 
0.9

 
0.1

Other
23.5

 
14.0

 
9.5

Total
$
217.2

 
$
106.6

 
$
110.6

October 31, 2015:
 
 
 
 
 
Indefinite lived:
 
 
 
 
 
Trademarks and patents
$
13.1

 
$

 
$
13.1

Definite lived:
 
 
 
 
 
Customer relationships
$
180.7

 
$
81.7

 
$
99.0

Trademarks and patents
12.4

 
4.2

 
8.2

Non-compete agreements
4.9

 
4.5

 
0.4

Other
24.2

 
12.2

 
12.0

Total
$
235.3

 
$
102.6

 
$
132.7

Restructuring Charges (Tables)
The following is a reconciliation of the beginning and ended restructuring reserve balances for the years ended October 31, 2016 and 2015 (Dollars in millions):
 
Employee
Separation
Costs
 
Other costs
 
Total
Balance at October 31, 2014
$
2.9

 
$
1.2

 
$
4.1

Costs incurred and charged to expense
27.8

 
12.2

 
40.0

Costs paid or otherwise settled
(16.0
)
 
(6.8
)
 
(22.8
)
Balance at October 31, 2015
$
14.7

 
$
6.6

 
$
21.3

Costs incurred and charged to expense
16.7

 
10.2

 
26.9

Costs paid or otherwise settled
(22.2
)
 
(15.6
)
 
(37.8
)
Balance at October 31, 2016
$
9.2

 
$
1.2

 
$
10.4

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 filing date of this Form 10-K. Remaining amounts expected to be incurred were $16.1 million as of October 31, 2016. (Dollars in millions):
 
 
Total Amounts
Expected to be
Incurred
 
Amounts
Incurred During
the year ended October 31, 2016
 
Amounts
Remaining to be
Incurred
Rigid Industrial Packaging & Services:
 
 
 
 
 
Employee separation costs
$
23.5

 
$
12.4

 
11.1

Other restructuring costs
8.3

 
6.6

 
1.7

 
31.8

 
19.0

 
12.8

Flexible Products & Services:
 
 
 
 
 
Employee separation costs
6.0

 
4.0

 
2.0

Other restructuring costs
3.6

 
2.3

 
1.3

 
9.6

 
6.3

 
3.3

Paper Packaging & Services:
 
 
 
 
 
Employee separation costs
0.3

 
0.3

 

Other restructuring costs
1.2

 
1.2

 

 
1.5

 
1.5

 

Land Management:
 
 
 
 
 
Employee separation costs

 

 

Other restructuring costs
0.1

 
0.1

 

 
0.1

 
0.1

 

 
$
43.0

 
$
26.9

 
$
16.1

Consolidation of Variable Interest Entities (Tables)
Total Net Assets of Flexible Packaging JV
The following table presents the Flexible Packaging JV total net assets (Dollars in millions):
 
As of October 31,
2016
 
2015
Cash and cash equivalents
$
15.2

 
$
14.5

Trade accounts receivable, less allowance of $2.8 in 2016 and $3.2 in 2015
43.3

 
47.5

Inventories
50.9

 
44.7

Properties, plants and equipment, net
25.0

 
43.1

Other assets
37.3

 
36.8

     Total Assets
$
171.7

 
$
186.6

Accounts payable
30.7

 
27.9

Other liabilities
43.7

 
50.6

     Total Liabilities
$
74.4

 
$
78.5

Long-Term Debt (Tables)
Summary of Long-Term Debt
Long-term debt is summarized as follows (Dollars in millions):
 
 
October 31, 2016
 
October 31, 2015
Prior Credit Agreement
$
201.2

 
$
217.4

Senior Notes due 2017
300.1

 
300.7

Senior Notes due 2019
247.0

 
246.0

Senior Notes due 2021
216.6

 
219.4

Amended Receivables Facility

 
147.6

Other long-term debt
9.7

 
15.8

 
974.6

 
1,146.9

Less current portion

 
(30.7
)
Long-term debt
$
974.6

 
$
1,116.2

Financial Instruments and Fair Value Measurements (Tables)
The following table presents the fair value of those assets and (liabilities) measured on a recurring basis as of October 31, 2016 and 2015 (Dollars in millions):
 
 
October 31, 2016
 
Balance sheet
Location
 
Level 1
 
Level 2
 
Level 3
 
Total
 
 
Foreign exchange hedges
$

 
$
0.3

 
$

 
$
0.3

 
Prepaid expenses and other current assets
Foreign exchange hedges

 
(0.3
)
 

 
(0.3
)
 
Other current liabilities
Insurance Annuity

 

 
20.1

 
20.1

 
Other long-term assets
Total*
$

 
$

 
$
20.1

 
$
20.1

 
 
 
 
 
 
 
 
 
 
 
 
 
October 31, 2015
 
 
 
Level 1
 
Level 2
 
Level 3
 
Total
 
Balance sheet
Location
Foreign exchange hedges

 
0.3

 

 
0.3

 
Prepaid expenses and other current assets
Foreign exchange hedges

 
(0.2
)
 


 
(0.2
)
 
Other current liabilities
Insurance Annuity

 

 
20.1

 
20.1

 
Other long-term assets
Total*
$

 
$
0.1

 
$
20.1

 
$
20.2

 
 
 
*    The carrying amounts of cash and cash equivalents, trade accounts receivable, notes receivable, accounts payable, current liabilities and short-term borrowings as of October 31, 2016 and 2015 approximate their fair values because of the short-term nature of these items and are not included in this table.
The following table presents the estimated fair values for the Company’s Senior Notes and Assets held by special purpose entities (Dollars in millions):
 
 
October 31, 2016
 
October 31, 2015
Senior Notes due 2017 Estimated fair value
$
302.4

 
$
314.8

Senior Notes due 2019 Estimated fair value
280.1

 
280.6

Senior Notes due 2021 Estimated fair value
264.9

 
258.7

Assets held by special purpose entities Estimated fair value
54.3

 
54.4

The following table presents quantitative information about the significant unobservable inputs used to determine the fair value of the impairment of long-lived assets held and used and net assets held for sale for the twelve months ended October 31, 2016 and October 31, 2015 (Dollars in millions):
 
Quantitative Information about Level 3 Fair Value Measurements
 
Fair Value of
Impairment
 
Valuation
Technique
 
Unobservable
Input
 
Range
of Input Values
October 31, 2016
 
 
 
 
 
 
 
Impairment of Net Assets Held for Sale
$
37.6

 
Broker Quote /
Indicative Bids
 
Indicative Bids
 
N/A
Impairment of Long Lived Assets
13.8

 
Sales Value
 
Sales Value
 
N/A
Total
$
51.4

 
 
 
 
 
 
October 31, 2015
 
 
 
 
 
 
 
Impairment of Long-lived assets- Land & Building
$
28.1

 
Broker Quote /
Indicative Bids
 
Indicative Bids
 
N/A
Impairment of Long-lived assets- Machinery & Equipment
17.8

 
Sales Value
 
Sales Value
 
N/A
Total
$
45.9

 
 
 
 
 
 
Stock-Based Compensation (Tables)
Stock Option Activity
Stock option activity for the years ended October 31 was as follows (Shares in thousands):
 
 
2016
 
2015
 
2014
 
Shares
 
Weighted
Average
Exercise
price
 
Shares
 
Weighted
Average
Exercise
price
 
Shares
 
Weighted
Average
Exercise
price
Beginning balance

 

 
10

 
$
27.36

 
79

 
$
25.30

Granted

 

 

 

 

 

Forfeited

 

 

 

 

 

Exercised

 

 
10

 
27.36

 
69

 
25.01

Ending balance

 

 

 
$

 
10

 
$
27.36

Income Taxes (Tables)
The provision for income taxes consists of the following (Dollars in millions):
For the years ended October 31,
2016
 
2015
 
2014
Current
 
 
 
 
 
Federal
$
20.3

 
$
18.3

 
$
53.1

State and local
4.4

 
4.0

 
9.8

Non-U.S.
40.3

 
29.6

 
38.0

 
65.0

 
51.9

 
100.9

Deferred
 
 
 
 
 
Federal
0.5

 
2.4

 
2.7

State and local
0.5

 
0.2

 
(1.6
)
Non-U.S.
0.5

 
(6.1
)
 
13.0

 
1.5

 
(3.5
)
 
14.1

 
$
66.5

 
$
48.4

 
$
115.0

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,
2016
 
2015
 
2014
Federal statutory rate
35.00
 %
 
35.00
 %
 
35.00
 %
Impact of foreign tax rate differential
(11.15
)%
 
(10.10
)%
 
(2.40
)%
State and local taxes, net of federal tax benefit
2.19
 %
 
2.80
 %
 
4.20
 %
Net impact of changes in valuation allowances
1.91
 %
 
3.00
 %
 
12.70
 %
Venezuela balance sheet remeasurement
 %
 
5.90
 %
 
 %
Non-deductible write-off and impairment of goodwill and other intangible assets
7.37
 %
 
2.50
 %
 
15.60
 %
Unrecognized tax benefits
4.84
 %
 
2.50
 %
 
7.20
 %
Permanent book-tax differences
(4.78
)%
 
(0.50
)%
 
(3.10
)%
Withholding taxes
4.64
 %
 
2.70
 %
 
2.90
 %
Other items, net
7.08
 %
 
(1.60
)%
 
0.70
 %
 
47.10
 %
 
42.20
 %
 
72.80
 %
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):
 
 
2016
 
2015
Deferred Tax Assets
 
 
 
Net operating loss and other carryforwards
$
83.0

 
$
80.8

Pension liabilities
57.0

 
53.6

Insurance operations
2.7

 
3.5

Incentive liabilities
8.0

 
5.4

Environmental reserves
1.3

 
0.4

Inventories
7.8

 
6.5

State income taxes
7.0

 
7.4

Postretirement benefit obligations
3.1

 
3.5

Other
9.1

 
11.3

Interest accrued
1.2

 
1.6

Allowance for doubtful accounts
1.9

 
3.4

Restructuring reserves
1.1

 
6.0

Deferred compensation
3.8

 
2.9

Foreign tax credits
2.4

 
2.3

Vacation accruals
1.5

 
1.5

Workers compensation accruals
6.7

 
3.5

Total Deferred Tax Assets
197.6

 
193.6

Valuation allowance
(92.1
)
 
(89.5
)
Net Deferred Tax Assets
105.5

 
104.1

Deferred Tax Liabilities
 
 
 
Properties, plants and equipment
86.5

 
84.7

Goodwill and other intangible assets
80.4

 
80.1

Foreign income inclusion
1.1

 
1.1

Foreign exchange gains
5.7

 
6.1

Timberland transactions
115.8

 
116.2

Total Deferred Tax Liabilities
289.5

 
288.2

Net Deferred Tax Liability
$
(184.0
)
 
$
(184.1
)
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 
 
2016
 
2015
 
2014
Balance at November 1
$
29.6

 
$
34.3

 
$
30.5

Increases in tax positions for prior years
5.7

 
8.5

 
5.7

Decreases in tax positions for prior years
(10.5
)
 
(2.2
)
 
(8.2
)
Increases in tax positions for current years
6.9

 
6.2

 
10.3

Settlements with taxing authorities

 
(5.7
)
 
(0.6
)
Lapse in statute of limitations
(2.6
)
 
(6.2
)
 
(0.8
)
Currency translation
0.6

 
(5.3
)
 
(2.6
)
Balance at October 31
$
29.7

 
$
29.6

 
$
34.3

Post Retirement Benefit Plans (Tables)
The following table presents the number of participants in the defined benefit plans (in thousands):
 
October 31, 2016
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Active participants
1,573

 
1,405

 
95

 

 
73

 

Vested former employees and deferred members
2,149

 
1,484

 
60

 
462

 
89

 
54

Retirees and beneficiaries
4,114

 
2,565

 
258

 
699

 
534

 
58

 
 
 
 
 
 
 
 
 
 
 
 
October 31, 2015
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Active participants
1,869

 
1,509

 
105

 
133

 
74

 
48

Vested former employees
2,083

 
1,525

 
57

 
399

 
81

 
21

Retirees and beneficiaries
4,050

 
2,480

 
255

 
718

 
540

 
57

The following table presents the number of participants in the post-retirement health and life insurance benefit plan:
 
October 31, 2016
Consolidated
 
United States
 
South Africa
Active participants
22

 
12

 
10

Retirees and beneficiaries
704

 
616

 
88

October 31, 2015
Consolidated
 
United States
 
South Africa
Active participants
25

 
12

 
13

Retirees and beneficiaries
757

 
667

 
90

The actuarial assumptions are used to measure the year-end benefit obligations as of October 31, 2016 and the pension costs for the subsequent year were as follows:
 
For the year ended October 31, 2016
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Discount rate
3.08
%
 
3.79
%
 
1.50
%
 
2.44
%
 
1.32
%
 
4.31
%
Expected return on plan assets
5.51
%
 
6.25
%
 
N/A

 
6.00
%
 
1.88
%
 
5.77
%
Rate of compensation increase
2.87
%
 
3.00
%
 
2.75
%
 
N/A

 
2.25
%
 
N/A

For the year ended October 31, 2015
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Discount rate
3.71
%
 
4.37
%
 
2.10
%
 
3.45
%
 
1.98
%
 
4.82
%
Expected return on plan assets
5.47
%
 
6.25
%
 
N/A

 
6.00
%
 
2.06
%
 
5.99
%
Rate of compensation increase
3.01
%
 
3.00
%
 
2.75
%
 
3.50
%
 
2.25
%
 
N/A

For the year ended October 31, 2014
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Discount rate
3.69
%
 
4.22
%
 
2.45
%
 
3.72
%
 
2.20
%
 
4.83
%
Expected return on plan assets
5.73
%
 
6.25
%
 
N/A

 
6.25
%
 
3.25
%
 
6.09
%
Rate of compensation increase
2.93
%
 
3.00
%
 
2.75
%
 
3.25
%
 
2.25
%
 
2.41
%
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:
 
For the year ended:
Consolidated
 
United States
 
South Africa
October 31, 2016
4.10
%
 
3.38
%
 
9.50
%
October 31, 2015
4.65
%
 
3.88
%
 
9.20
%
The components of net periodic pension cost include the following (Dollars in millions):
 
For the year ended October 31, 2016
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Service cost
$
12.4

 
$
10.2

 
$
0.5

 
$
0.8

 
$
0.7

 
$
0.2

Interest cost
22.0

 
13.7

 
0.8

 
5.7

 
1.4

 
0.4

Expected return on plan assets
(32.1
)
 
(19.0
)
 

 
(10.7
)
 
(1.7
)
 
(0.7
)
Amortization of prior service cost
(0.2
)
 
(0.1
)
 

 

 
(0.1
)
 

Recognized net actuarial loss
11.4

 
9.3

 
1.0

 
0.8

 
0.3

 

Special Events
 
 
 
 
 
 
 
 
 
 
 
Settlement
0.1

 

 

 

 

 
0.1

Net periodic pension (benefit) cost
$
13.6

 
$
14.1

 
$
2.3

 
$
(3.4
)
 
$
0.6

 
$

For the year ended October 31, 2015
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Service cost
$
15.5

 
$
11.3

 
$
0.5

 
$
1.8

 
$
1.4

 
$
0.5

Interest cost
27.6

 
17.3

 
0.9

 
6.5

 
2.4

 
0.5

Expected return on plan assets
(32.8
)
 
(18.7
)
 

 
(11.4
)
 
(1.9
)
 
(0.8
)
Amortization of prior service cost
0.1

 
0.1

 

 

 

 

Recognized net actuarial loss
14.2

 
10.0

 
0.9

 
2.2

 
0.8

 
0.3

Special Events
 
 
 
 
 
 
 
 
 
 
 
Curtailment
0.5

 
0.3

 

 

 

 
0.2

Settlement
0.1

 

 

 

 

 
0.1

Special/contractual termination benefit
0.1

 

 

 

 

 
0.1

Net periodic pension (benefit) cost
$
25.3

 
$
20.3

 
$
2.3

 
$
(0.9
)
 
$
2.7

 
$
0.9

For the year ended October 31, 2014
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Service cost
$
15.7

 
$
10.4

 
$
0.6

 
$
2.5

 
$
1.6

 
$
0.6

Interest cost
29.6

 
16.6

 
1.3

 
7.5

 
3.6

 
0.6

Expected return on plan assets
(33.9
)
 
(17.4
)
 

 
(12.6
)
 
(3.1
)
 
(0.8
)
Amortization of prior service cost
0.2

 
0.2

 

 

 

 

Recognized net actuarial loss
10.4

 
6.8

 
0.7

 
1.9

 
0.8

 
0.2

Net periodic pension (benefit) cost
$
22.0

 
$
16.6

 
$
2.6

 
$
(0.7
)
 
$
2.9

 
$
0.6

The following table sets forth the plans’ change in projected benefit obligation (Dollars in millions):
 
For the year ended October 31, 2016
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
765.8

 
$
432.1

 
$
38.7

 
$
184.0

 
$
100.8

 
$
10.2

Service cost
12.4

 
10.2

 
0.5

 
0.8

 
0.7

 
0.2

Interest cost
22.0

 
13.7

 
0.8

 
5.7

 
1.4

 
0.4

Plan participant contributions
0.2

 

 

 

 
0.2

 

Expenses paid from assets
(4.0
)
 
(3.3
)
 

 
(0.7
)
 
0.2

 
(0.2
)
Plan Amendments
0.5

 
0.5

 

 

 

 

Actuarial (gain) loss
70.1

 
39.1

 
3.6

 
33.4

 
(7.1
)
 
1.1

Foreign currency effect
(43.4
)
 

 
(0.6
)
 
(41.5
)
 
(1.2
)
 
(0.1
)
Benefits paid
(39.8
)
 
(22.1
)
 
(1.2
)
 
(10.3
)
 
(4.9
)
 
(1.3
)
Benefit obligation at end of year
$
783.8

 
$
470.2

 
$
41.8

 
$
171.4

 
$
90.1

 
$
10.3

For the year ended October 31, 2015
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Change in benefit obligation:
 
 
 
 
 
 
 
 
 
 
 
Benefit obligation at beginning of year
$
786.9

 
$
419.6

 
$
41.9

 
$
186.9

 
$
123.6

 
$
14.9

Service cost
15.5

 
11.3

 
0.5

 
1.8

 
1.4

 
0.5

Interest cost
27.6

 
17.3

 
0.9

 
6.5

 
2.4

 
0.5

Plan participant contributions
0.2

 

 

 

 
0.2

 

Expenses paid from assets
(2.7
)
 
(2.1
)
 

 
(0.7
)
 
0.2

 
(0.1
)
Plan Amendments
(3.3
)
 
(2.3
)
 

 

 
(1.0
)
 

Actuarial (gain) loss
15.7

 
9.1

 
2.2

 
9.0

 
(4.6
)
 

Foreign currency effect
(33.7
)
 

 
(5.6
)
 
(9.7
)
 
(16.2
)
 
(2.2
)
Benefits paid
(33.0
)
 
(18.4
)
 
(1.2
)
 
(7.3
)
 
(5.2
)
 
(0.9
)
Curtailments
(7.2
)
 
(2.1
)
 

 
(2.5
)
 

 
(2.6
)
Other
(0.2
)
 
(0.3
)
 

 

 

 
0.1

Benefit obligation at end of year
$
765.8

 
$
432.1

 
$
38.7

 
$
184.0

 
$
100.8

 
$
10.2

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):
 
 
 
 
 
 
 
 
 
 
 
 
 
Actuarial value of benefit obligations
Consolidated
 
United States
 
Germany
 
United
Kingdom
 
Netherlands
 
Other
International
October 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation
$
783.8

 
$
470.2

 
$
41.8

 
$
171.4

 
$
90.1

 
$
10.3

Accumulated benefit obligation
752.9

 
443.4

 
39.1

 
171.4

 
88.7

 
10.3

Plan assets
626.3

 
332.5

 

 
185.1

 
96.1

 
12.6

October 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Projected benefit obligation
$
765.8

 
$
432.1

 
$
38.7

 
$
184.0

 
$
100.8

 
$
10.2

Accumulated benefit obligation
739.9

 
409.8

 
35.9

 
184.0

 
100.0

 
10.2

Plan assets
624.7

 
311.1

 

 
208.4

 
92.7

 
12.5

Plans with ABO in excess of Plan assets
 
 
 
 
 
 
 
 
 
 
 
October 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Accumulated benefit obligation
$
492.7

 
$
443.4

 
$
39.1

 
$

 
$

 
$
10.2

Plan assets
342.5

 
332.5

 

 

 

 
10.0

October 31, 2015
 
 
 
 
 
 
 
 
 
 
 
Accumulated benefit obligation
$
546.5

 
$
409.8

 
$
35.9

 
$

 
$
100.0

 
$
0.8

Plan assets
404.4

 
311.1

 

 

 
92.7

 
0.6

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 expected to be as follows (Dollars in millions):
 
Year
Expected
benefit
payments

2017
$
1.3

2018
1.3

2019
1.2

2020
1.1

2021
1.1

2022-2026
4.7

Future benefit payments for the Company's global plans, 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
2017
$
42.2

2018
42.3

2019
43.9

2020
44.5

2021
44.4

2022-2026
242.7

The Company’s weighted average asset allocations at the measurement date and the target asset allocations by category are as follows:
 
Asset Category
2016 Target

 
2016 Actual

 
2015 Target

 
2015 Actual

Equity securities
25
%
 
29
%
 
23
%
 
28
%
Debt securities
49
%
 
40
%
 
51
%
 
40
%
Other
26
%
 
31
%
 
26
%
 
32
%
Total
100
%
 
100
%
 
100
%
 
100
%
The following table presents the fair value measurements for the pension assets:
 
As of October 31, 2016 (Dollars in millions)
 
 
 
 
 
 
 
Asset Category
Fair Value Measurement
 
Level 1
 
Level 2
 
Level 3
 
Total
Mutual funds
$
104.9

 
$
152.3

 
$

 
$
257.2

Common stock
39.7

 

 

 
39.7

Cash
18.6

 

 

 
18.6

Common collective trusts

 
136.7

 

 
136.7

Corporate bonds

 
29.7

 

 
29.7

Government bonds

 
16.5

 

 
16.5

Insurance annuity

 

 
125.4

 
125.4

Other assets

 
2.5

 

 
2.5

Total
$
163.2

 
$
337.7

 
$
125.4

 
$
626.3

 
 
 
 
 
 
 
 
As of October 31, 2015 (Dollars in millions)
 
 
 
 
 
 
 
Asset Category
Fair Value Measurement
 
Level 1
 
Level 2
 
Level 3
 
Total
Mutual funds
$
124.4

 
$
161.2

 
$

 
$
285.6

Common stock
26.7

 

 

 
26.7

Cash
20.0

 

 

 
20.0

Money market fund
0.6

 

 

 
0.6

Common collective trusts

 
128.3

 

 
128.3

Corporate bonds

 
19.7

 

 
19.7

Government bonds

 
10.0

 

 
10.0

Insurance annuity

 

 
130.2

 
130.2

Other assets

 
3.6

 

 
3.6

Total
$
171.7

 
$
322.8

 
$
130.2

 
$
624.7

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 10.
 
For the year ended October 31, 2016
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
624.7

 
$
311.1

 
$

 
$
208.4

 
$
92.7

 
$
12.5

Actual return on plan assets
71.6

 
29.8

 

 
31.5

 
9.3

 
1.0

Expenses paid
(4.0
)
 
(3.3
)
 

 
(0.7
)
 
0.2

 
(0.2
)
Plan participant contributions
0.2

 

 

 

 
0.2

 

Foreign currency impact
(47.1
)
 

 

 
(45.6
)
 
(1.4
)
 
(0.1
)
Employer contributions
17.3

 
14.9

 

 
1.8

 

 
0.6

Benefits paid out of plan
(36.4
)
 
(20.0
)
 

 
(10.3
)
 
(4.9
)
 
(1.2
)
Fair value of plan assets at end of year
$
626.3

 
$
332.5

 
$

 
$
185.1

 
$
96.1

 
$
12.6

For the year ended October 31, 2015
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Change in plan assets:
 
 
 
 
 
 
 
 
 
 
 
Fair value of plan assets at beginning of year
$
650.8

 
$
325.6

 
$

 
$
202.7

 
$
107.8

 
$
14.7

Actual return on plan assets
25.4

 
(0.9
)
 

 
21.8

 
3.9

 
0.6

Expenses paid
(2.7
)
 
(2.1
)
 

 
(0.7
)
 
0.2

 
(0.1
)
Plan participant contributions
0.2

 

 

 

 
0.2

 

Foreign currency impact
(27.3
)
 

 

 
(10.6
)
 
(14.2
)
 
(2.5
)
Employer contributions
8.2

 
5.0

 

 
2.5

 

 
0.7

Benefits paid
(29.9
)
 
(16.5
)
 

 
(7.3
)
 
(5.2
)
 
(0.9
)
Fair value of plan assets at end of year
$
624.7

 
$
311.1

 
$

 
$
208.4

 
$
92.7

 
$
12.5

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:
 
 
Pension Plan
(Dollars in millions)
October 31, 2016
 
October 31, 2015
Balance at beginning of year
$
130.2

 
$
151.1

Actual return on plan assets held at reporting date:
 
 
 
Assets still held at reporting date
10.6

 
7.1

Plan participant contributions

 

Net purchases (settlements)
(6.1
)
 

Transfers

 
(3.4
)
Currency impact
(9.3
)
 
(24.6
)
Balance at end of year
$
125.4

 
$
130.2

Financial statement presentation including other comprehensive income:
 
As of October 31, 2016
Consolidated
 
United States
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Unrecognized net actuarial loss
$
202.5

 
$
145.4

 
$
18.4

 
$
36.4

 
$
(0.1
)
 
$
2.4

Unrecognized prior service cost
(2.7
)
 
(1.2
)
 

 

 
(1.5
)
 

Unrecognized initial net obligation

 

 

 

 

 

Accumulated other comprehensive loss (Pre-tax)
$
199.8

 
$
144.2

 
$
18.4

 
$
36.4

 
$
(1.6
)
 
$
2.4

Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
 
 
 
 
 
 
 
Prepaid benefit cost
$
22.2

 
$

 
$

 
$
13.7

 
$
6.0

 
$
2.5

Accrued benefit liability
(179.7
)
 
(137.7
)
 
(41.8
)
 

 

 
(0.2
)
Accumulated other comprehensive loss
199.8

 
144.2

 
18.4

 
36.4

 
(1.6
)
 
2.4

Net amount recognized
$
42.3

 
$
6.5

 
$
(23.4
)
 
$
50.1

 
$
4.4

 
$
4.7

As of October 31, 2015
Consolidated
 
USA
 
Germany
 
United Kingdom
 
Netherlands
 
Other
International
Unrecognized net actuarial loss
$
192.1

 
$
126.6

 
$
15.9

 
$
32.9

 
$
14.9

 
$
1.8

Unrecognized prior service cost
(3.5
)
 
(1.8
)
 

 

 
(1.7
)
 

Unrecognized initial net obligation

 

 

 

 

 

Accumulated other comprehensive loss (Pre-tax)
$
188.6

 
$
124.8

 
$
15.9

 
$
32.9

 
$
13.2

 
$
1.8

Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
 
 
 
 
 
 
 
 
Prepaid benefit cost
$
26.7

 
$

 
$

 
$
24.4

 
$

 
$
2.3

Accrued benefit liability
(167.8
)
 
(121.0
)
 
(38.6
)
 

 
(8.2
)
 

Accumulated other comprehensive loss
188.6

 
124.8

 
15.9

 
32.9

 
13.2

 
1.8

Net amount recognized
$
47.5

 
$
3.8

 
$
(22.7
)
 
$
57.3

 
$
5.0

 
$
4.1

 
 
October 31, 2016
 
October 31, 2015
Accumulated other comprehensive loss at beginning of year
$
188.6

 
$
198.8

Increase or (decrease) in accumulated other comprehensive (income) or loss
 
 
 
Net transition obligation amortized during fiscal year

 
(0.1
)
Net prior service costs amortized during fiscal year
0.2

 
(0.1
)
Net loss amortized during fiscal year
(11.4
)
 
(14.2
)
Prior service cost recognized during fiscal year due to curtailment

 
(0.3
)
Transition obligation recognized during fiscal year due to curtailment

 
(0.2
)
Loss recognized during fiscal year due to settlement
(0.1
)
 
(0.1
)
Prior service credit occurring during fiscal year
0.5

 
(3.2
)
Liability loss occurring during fiscal year
69.8

 
8.4

Asset loss (gain) occurring during fiscal year
(39.4
)
 
7.5

Increase (decrease) in accumulated other comprehensive loss
$
19.6

 
$
(2.3
)
Foreign currency impact
(8.4
)
 
(7.9
)
Accumulated other comprehensive loss at current fiscal year end
$
199.8

 
$
188.6

The components of net periodic cost for the postretirement benefits include the following (Dollars in millions):
 
For the years ended October 31,
2016
 
2015
 
2014
Service cost
$

 
$

 
$

Interest cost
0.5

 
0.7

 
0.8

Amortization of prior service cost (benefit)
(1.5
)
 
(1.5
)
 
(1.6
)
Recognized net actuarial gain
(0.1
)
 
(0.1
)
 

Net periodic income
$
(1.1
)
 
$
(0.9
)
 
$
(0.8
)
The following table sets forth the plans’ change in benefit obligation (Dollars in millions):
 
 
October 31, 2016
 
October 31, 2015
Benefit obligation at beginning of year
$
14.9

 
$
17.3

Service cost

 

Interest cost
0.5

 
0.7

Actuarial loss
(0.6
)
 
(1.0
)
Foreign currency effect
(0.1
)
 
(0.6
)
Benefits paid
(1.1
)
 
(1.5
)
Benefit obligation at end of year
$
13.6

 
$
14.9

Financial statement presentation included other comprehensive income (Dollars in millions):
 
 
October 31, 2016
 
October 31, 2015
Unrecognized net actuarial gain
$
(2.2
)
 
$
1.6

Unrecognized prior service credit
(4.3
)
 
5.8

Accumulated other comprehensive income
$
(6.5
)
 
$
7.4

The healthcare cost trend rates on gross eligible charges are as follows:
 
 
Medical

Current trend rate
7.2
%
Ultimate trend rate
5.0
%
Year ultimate trend rate reached (South Africa)
2018

Year ultimate trend rate reached (US)
2026

A one-percentage point change in assumed health care cost trend rates would have the following effects (Dollars in thousands):
 
 
1-Percentage-Point
Increase

 
1-Percentage-Point
Decrease

Effect on total of service and interest cost components
$
27

 
$
(23
)
Effect on postretirement benefit obligation
$
304

 
$
(261
)
Earnings Per Share (Tables)
The Company calculates EPS as follows:
Basic
=
 
40% * Average Class A Shares Outstanding
*
 
Undistributed Net Income
+
Class A Dividends
Per Share
Class A EPS
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding
Average Class A Shares Outstanding
Diluted
=
 
40% * Average Class A Shares Outstanding
*
 
Undistributed Net Income
+
Class A Dividends
Per Share
Class A EPS
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding
Average Diluted Class A Shares Outstanding
Basic
=
 
60% * Average Class B Shares Outstanding
*
 
Undistributed Net Income
+
Class B Dividends
Per Share
Class B EPS
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares Outstanding
Average Class B Shares Outstanding
 
 
 
 
 
 
 
 
 
*  Diluted Class B EPS calculation is identical to Basic Class B calculation
The following table provides EPS information for each period, respectively:
 
(In millions except per share data)
2016
 
2015
 
2014
Numerator
 
 
Numerator for basic and diluted EPS –
 
 
 
 
 
Net income attributable to Greif
$
74.9

 
$
71.9

 
$
91.5

Cash dividends
98.7

 
98.7

 
98.6

Undistributed net loss attributable to Greif, Inc.
$
(23.8
)
 
$
(26.8
)
 
$
(7.1
)
Denominator
 
 
 
 
 
Denominator for basic EPS –
 
 
 
 
 
Class A common stock
25.8

 
25.7

 
25.5

Class B common stock
22.1

 
22.1

 
22.1

Denominator for diluted EPS –
 
 
 
 
 
Class A common stock
25.8

 
25.7

 
25.5

Class B common stock
22.1

 
22.1

 
22.1

EPS Basic
 
 
 
 
 
Class A common stock
$
1.28

 
$
1.23

 
$
1.56

Class B common stock
$
1.90

 
$
1.83

 
$
2.33

EPS Diluted
 
 
 
 
 
Class A common stock
$
1.28

 
$
1.23

 
$
1.56

Class B common stock
$
1.90

 
$
1.83

 
$
2.33

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
Shares
 
Treasury Shares
October 31, 2016:
 
 
 
 
 
 
 
Class A Common Stock
128,000,000

 
42,281,920

 
25,781,791

 
16,500,129

Class B Common Stock
69,120,000

 
34,560,000

 
22,009,725

 
12,550,275

October 31, 2015:
 
 
 
 
 
 
 
Class A Common Stock
128,000,000

 
42,281,920

 
25,693,564

 
16,588,356

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,
2016
 
2015
 
2014
Class A Common Stock:
 
 
 
 
 
Basic shares
25,755,545

 
25,668,204

 
25,547,650

Assumed conversion of stock options
1,348

 
5,901

 
5,336

Diluted shares
25,756,893

 
25,674,105

 
25,552,986

Class B Common Stock:
 
 
 
 
 
Basic and diluted shares
22,062,089

 
22,119,966

 
22,119,966

Leases (Tables)
The table below contains information related to the Company’s rent expense (Dollars in millions):
 
For the years ended October 31,
2016
 
2015
 
2014
Rent Expense
$
45.5

 
$
50.4

 
$
57.4

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:
 
Fiscal Year
Operating
Leases
 
Capital
Leases
2017
37.4

 
0.1

2018
28.9

 

2019
23.9

 

2020
17.4

 

2021
9.7

 

Thereafter
34.9

 

Total
$
152.2

 
$
0.1

Business Segment Information (Tables)
The following segment information is presented for each of the three years in the period ended October 31, 2016 (Dollars in millions):
 
 
2016

 
2015

 
2014

Net sales:
 
 
 
 
 
Rigid Industrial Packaging & Services
$
2,324.2

 
$
2,586.4

 
$
3,077.0

Paper Packaging & Services
687.1

 
676.1

 
706.8

Flexible Products & Services
288.1

 
322.6

 
425.8

Land Management
24.2

 
31.6

 
29.5

Total net sales
$
3,323.6

 
$
3,616.7

 
$
4,239.1

Operating profit (loss):
 
 
 
 
 
Rigid Industrial Packaging & Services
$
143.9

 
$
86.4

 
$
170.1

Paper Packaging & Services
89.1

 
109.3

 
125.8

Flexible Products & Services
(15.5
)
 
(36.6
)
 
(78.6
)
Land Management
8.1

 
33.7

 
32.0

Total operating profit
$
225.6

 
$
192.8

 
$
249.3

Depreciation, depletion and amortization expense:
 
 
 
 
 
Rigid Industrial Packaging & Services
$
84.6

 
$
94.0

 
$
108.4

Paper Packaging & Services
31.6

 
28.7

 
29.8

Flexible Products & Services
7.7

 
8.6

 
13.3

Land Management
3.8

 
3.3

 
4.3

Total depreciation, depletion and amortization expense
$
127.7

 
$
134.6

 
$
155.8

Capital Expenditures
 
 
 
 
 
Rigid Industrial Packaging & Services
$
53.9

 
$
69.4

 
$
73.8

Paper Packaging & Services
27.2

 
56.4

 
38.9

Flexible Products & Services
3.2

 
3.2

 
4.9

Land Management
0.6

 
1.6

 
60.0

Total segment
84.9

 
130.6

 
177.6

Corporate and other
16.2

 
10.7

 
17.1

Total capital expenditures
$
101.1

 
$
141.3

 
$
194.7

Assets:
 
 
 
 
 
Rigid Industrial Packaging & Services
$
1,930.8

 
$
2,043.3

 
$
2,334.1

Paper Packaging & Services
439.8

 
444.0

 
408.3

Flexible Products & Services
156.1

 
187.0

 
251.0

Land Management
339.9

 
335.2

 
319.0

Total Segment
2,866.6

 
3,009.5

 
3,312.4

Corporate and other
286.4

 
306.2

 
355.0

Total Assets
$
3,153.0

 
$
3,315.7

 
$
3,667.4

The following geographic information is presented for each of the three years in the period ended October 31, (Dollars in millions):
 
 
2016

 
2015

 
2014

Net Sales
 
 
 
 
 
United States
$
1,610.8

 
$
1,688.3

 
$
1,905.8

Europe, Middle East, and Africa
1,208.4

 
1,287.2

 
1,596.2

Asia Pacific and other Americas
504.4

 
641.2

 
737.1

Total net sales
$
3,323.6

 
$
3,616.7

 
$
4,239.1

The following table presents properties, plants and equipment, net by geographic region (Dollars in millions):

 
2016

 
2015

Properties, plants and equipment, net
 
 
 
United States
$
723.3

 
$
734.1

Europe, Middle East, and Africa
300.5

 
335.4

Asia Pacific and other Americas
140.1

 
148.2

Total properties, plants and equipment, net
$
1,163.9

 
$
1,217.7

Comprehensive (Loss) Income (Tables)
Schedule of Accumulated Other Comprehensive Income Loss
The following table provides the roll forward of accumulated other comprehensive income for the year ended October 31, 2016 (Dollars in millions): 
 
Foreign Currency
Translation
 
Minimum
Pension Liability
Adjustment
 
Accumulated
Other
Comprehensive
Loss
Balance as of October 31, 2015
$
(256.6
)
 
$
(120.8
)
 
$
(377.4
)
Other Comprehensive Loss Before Reclassifications
(13.6
)
 
(7.4
)
 
$
(21.0
)
Balance as of October 31, 2016
$
(270.2
)
 
$
(128.2
)
 
$
(398.4
)
The following table provides the roll forward of accumulated other comprehensive income for the year ended October 31, 2015 (Dollars in millions): 
 
Foreign Currency
Translation
 
Cash Flow Hedges
 
Minimum
Pension Liability
Adjustment
 
Accumulated
Other
Comprehensive
Loss
Balance as of October 31, 2014
$
(144.5
)
 
$
(0.1
)
 
$
(129.8
)
 
$
(274.4
)
Other Comprehensive (Loss) Income Before Reclassifications
(112.1
)
 

 
9.0

 
$
(103.1
)
Amounts reclassified from Accumulated Other Comprehensive Loss

 
0.1

 

 
$
0.1

Current-period Other Comprehensive (Loss) Income
(112.1
)
 
0.1

 
9.0

 
$
(103.0
)
Balance as of October 31, 2015
$
(256.6
)
 
$

 
$
(120.8
)
 
$
(377.4
)
Quarterly Financial Data (Unaudited) (Tables)
Quarterly Results of Operations
The quarterly results of operations for 2016 and 2015 are shown below (Dollars in millions, except per share amounts):
 
2016
January 31,
 
April 30,
 
July 31,
 
October 31,
Net sales
$
771.4

 
$
839.6

 
$
845.0

 
$
867.6

Gross profit
$
151.3

 
$
173.7

 
$
176.5

 
$
183.4

Net income (loss) (1)
$
(9.9
)
 
$
32.5

 
$
46.4

 
$
6.5

Net income (loss) attributable to Greif, Inc.(1)
$
(11.1
)
 
$
31.4

 
$
46.1

 
$
8.5

Earnings (loss) per share
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Class A Common Stock
$
(0.19
)
 
$
0.53

 
$
0.78

 
$
0.14

Class B Common Stock
$
(0.29
)
 
$
0.80

 
$
1.18

 
$
0.22

Diluted:
 
 
 
 
 
 
 
Class A Common Stock
$
(0.19
)
 
$
0.53

 
$
0.78

 
$
0.14

Class B Common Stock
$
(0.29
)
 
$
0.80

 
$
1.18

 
$
0.22

Earnings per share were calculated using the following number of shares:
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Class A Common Stock
25,697,512

 
25,761,733

 
25,781,146

 
25,781,791

Class B Common Stock
22,119,966

 
22,108,942

 
22,009,725

 
22,009,725

Diluted:
 
 
 
 
 
 
 
Class A Common Stock
25,704,023

 
25,766,609

 
25,783,184

 
25,785,266

Class B Common Stock
22,119,966

 
22,108,942

 
22,009,725

 
22,009,725

Market price (Class A Common Stock):
 
 
 
 
 
 
 
High
$
33.77

 
$
35.56

 
$
40.09

 
$
49.59

Low
$
24.05

 
$
23.17

 
$
32.96

 
$
38.92

Close
$
25.51

 
$
34.02

 
$
39.77

 
$
46.86

Market price (Class B Common Stock):
 
 
 
 
 
 
 
High
$
45.80

 
$
47.38

 
$
55.48

 
$
60.98

Low
$
34.48

 
$
32.91

 
$
44.38

 
$
50.26

Close
$
35.11

 
$
45.07

 
$
52.41

 
$
58.25

 
(1)
We recorded the following significant transactions during the fourth quarter of 2016: (i) restructuring charges of $9.0 million; (ii) non-cash asset impairment charges of $6.5 million; (iii) gain on disposals of properties, plants, equipment, net of $0.8 million; and (iv) loss on disposals of businesses, net of $18.6 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends.
2015
January 31
 
April 30
 
July 31
 
October 31
Net sales
$
902.3

 
$
915.9

 
$
930.0

 
$
868.5

Gross profit
$
153.9

 
$
181.1

 
$
166.8

 
$
168.0

Net income(1)
$
28.2

 
$
20.5

 
$
9.3

 
$
9.2

Net income attributable to Greif, Inc.(1)
$
30.1

 
$
20.8

 
$
8.6

 
$
12.4

Earnings per share
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Class A Common Stock
$
0.52

 
$
0.35

 
$
0.15

 
$
0.21

Class B Common Stock
$
0.76

 
$
0.53

 
$
0.22

 
$
0.32

Diluted:
 
 
 
 
 
 
 
Class A Common Stock
$
0.52

 
$
0.35

 
$
0.15

 
$
0.21

Class B Common Stock
$
0.76

 
$
0.53

 
$
0.22

 
$
0.32

Earnings per share were calculated using the following number of shares:
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
Class A Common Stock
25,607,886

 
25,678,393

 
25,692,973

 
25,693,564

Class B Common Stock
22,119,966

 
22,119,966

 
22,119,966

 
22,119,966

Diluted:
 
 
 
 
 
 
 
Class A Common Stock
25,617,814

 
25,688,653

 
25,698,547

 
25,701,264

Class B Common Stock
22,119,966

 
22,119,966

 
22,119,966

 
22,119,966

Market price (Class A Common Stock):
 
 
 
 
 
 
 
High
$
45.94

 
$
41.97

 
$
41.65

 
$
35.97

Low
$
36.43

 
$
34.52

 
$
29.43

 
$
27.13

Close
$
36.43

 
$
39.29

 
$
30.20

 
$
32.33

Market price (Class B Common Stock):
 
 
 
 
 
 
 
High
$
47.39

 
$
45.89

 
$
47.80

 
$
47.97

Low
$
41.47

 
$
40.40

 
$
36.59

 
$
33.42

Close
$
41.47

 
$
45.89

 
$
37.13

 
$
37.98

 
(1)
We recorded the following significant transactions during the fourth quarter of 2015: (i) restructuring charges of $13.3 million; (ii) non-cash asset impairment charges of $23.6 million; (iii) loss on disposals of properties, plants, equipment, net of $2.3 million; and (iv) loss on disposal of businesses, net of $0.7 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends.
Redeemable Noncontrolling Interests (Tables)
The following table provides the rollforward of the redeemable noncontrolling interest for the twelve months ended October 31, 2016 (Dollars in millions):

 
Redeemable Noncontrolling Interest
Balance as of October 31, 2015
$

Reclassification of book value of noncontrolling interest
12.4

Out-of period mark to redemption value*
19.8

Current period mark to redemption value
2.1

Repurchase of redeemable shareholder interest
(5.5
)
Redeemable Noncontrolling Interest share of Income/(Loss) and other
4.8

Contributions from /(Dividends to) redeemable noncontrolling interest and other
(1.8
)
Balance as of October 31, 2016
$
31.8


* The out-of-period mark to redemption value amounts were charged to retained earnings in the first quarter of 2016.
The following table provides the rollforward of the mandatorily redeemable noncontrolling interest for the twelve months ended October 31, 2016 (Dollars in millions):
 
Mandatorily Redeemable Noncontrolling Interest

Balance as of October 31, 2015
$

Reclassification of book value of noncontrolling interest
10.4

Out-of period reversal of cumulative income allocated to noncontrolling interest

(1.2
)
Out-of period mark to redemption value
0.1

Current period mark to redemption value
0.5

Repurchase of redeemable shareholder interest
(0.8
)
Balance as of October 31, 2016
$
9.0

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Oct. 31, 2016
Country
Employees
Oct. 31, 2015
Oct. 31, 2016
class
Block
Country
Employees
Oct. 31, 2015
Oct. 31, 2014
Oct. 31, 2016
Timber Properties
Oct. 31, 2016
United States
acre
Oct. 31, 2015
United States
Oct. 31, 2014
United States
Oct. 31, 2016
Rigid Industrial Packaging & Services
asset_group
Oct. 31, 2014
Flexible Products & Services
Oct. 31, 2016
Flexible Products & Services
asset_group
Oct. 31, 2016
Minimum
Oct. 31, 2016
Maximum
Oct. 31, 2016
Software
Minimum
Oct. 31, 2016
Software
Maximum
Oct. 31, 2015
Venezuela Currency
Apr. 30, 2015
Venezuela Currency
Basis Of Presentation And Significant Accounting Policies [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of countries in which company operates (country)
45 
 
45 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Approximate number of employees (employees)
12,370 
 
12,370 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Exchange rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
6.4 
Other income related to remeasurement of Venezuelan monetary assets and liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 4.9 
 
Adjustment to increase in cost of goods sold
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
9.3 
 
Asset impairment charges
6.5 
23.6 
51.4 
45.9 
85.8 
 
 
 
 
 
15.7 
 
 
 
 
 
15.0 
 
Cash and cash equivalent held in foreign jurisdiction
96.6 
104.2 
96.6 
104.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for trade accounts receivable
8.8 
11.8 
8.8 
11.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of asset groups with assets held for sale (asset group)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amortization period
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3 years 
10 years 
 
 
Depreciation expense on properties, plants and equipment
 
 
107.4 
113.4 
129.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest costs
2.6 
1.5 
2.6 
1.5 
1.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
Area of timber properties (acre)
 
 
 
 
 
 
244,548 
 
 
 
 
 
 
 
 
 
 
 
Depletion expense, timber
 
 
 
 
 
 
3.2 
2.8 
3.8 
 
 
 
 
 
 
 
 
 
Newly constructed road, depreciation period
 
 
 
 
 
20 years 
 
 
 
 
 
 
 
 
 
 
 
 
Number of product classes (class)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of depletion blocks (block)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Self insurance reserve
4.4 
3.6 
4.4 
3.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities for anticipated costs
11.8 
12.2 
11.8 
12.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Initial purchase price of a certain percentage of eligible receivables
 
 
 
 
 
 
 
 
 
 
 
 
75.00% 
90.00% 
 
 
 
 
Options granted (shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Translation adjustment functional to reporting currency, losses reclassified to earnings, net of tax
 
 
$ 6.7 
$ 3.8 
$ 1.2 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Amortization Expense on Other Intangible Assets (Detail)
12 Months Ended
Oct. 31, 2016
Minimum |
Trade names
 
Finite-Lived Intangible Assets [Line Items]
 
Useful life
10 years 
Minimum |
Non-competes
 
Finite-Lived Intangible Assets [Line Items]
 
Useful life
1 year 
Minimum |
Customer relationships
 
Finite-Lived Intangible Assets [Line Items]
 
Useful life
5 years 
Minimum |
Other intangibles
 
Finite-Lived Intangible Assets [Line Items]
 
Useful life
3 years 
Maximum |
Trade names
 
Finite-Lived Intangible Assets [Line Items]
 
Useful life
15 years 
Maximum |
Non-competes
 
Finite-Lived Intangible Assets [Line Items]
 
Useful life
10 years 
Maximum |
Customer relationships
 
Finite-Lived Intangible Assets [Line Items]
 
Useful life
15 years 
Maximum |
Other intangibles
 
Finite-Lived Intangible Assets [Line Items]
 
Useful life
15 years 
Basis of Presentation and Summary of Significant Accounting Policies - Depreciation on Properties, Plants and Equipment (Detail)
12 Months Ended
Oct. 31, 2016
Minimum |
Buildings
 
Property, Plant and Equipment [Line Items]
 
Useful life
30 years 
Minimum |
Machinery and equipment
 
Property, Plant and Equipment [Line Items]
 
Useful life
3 years 
Maximum |
Buildings
 
Property, Plant and Equipment [Line Items]
 
Useful life
45 years 
Maximum |
Machinery and equipment
 
Property, Plant and Equipment [Line Items]
 
Useful life
19 years 
Acquisitions and Divestitures - Acquisitions (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
business
Oct. 31, 2015
Acquisition
Oct. 31, 2014
Company
Business Acquisition [Line Items]
 
 
 
Number of acquisitions (acquisition)
Purchase Price, net of Cash
$ 0.4 
$ 1.6 
$ 53.5 
Goodwill
786.4 
807.1 
880.2 
Series of Individually Immaterial Business Acquisitions
 
 
 
Business Acquisition [Line Items]
 
 
 
Number of acquisitions (acquisition)
Purchase Price, net of Cash
53.5 
Tangible Assets, net
2.5 
Intangible Assets
22.1 
Goodwill
$ 0 
$ 0 
$ 25.9 
Acquisitions and Divestitures - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2016
business
deconsolidation
Oct. 31, 2015
business
Acquisition
Oct. 31, 2014
Company
business
May 23, 2005
Mar. 28, 2005
Oct. 31, 2014
Divestiture Two
business
Oct. 31, 2014
Divestiture Three
Oct. 31, 2015
Minimum
Oct. 31, 2015
Maximum
Aug. 31, 2016
Variable Interest Entity, Not Primary Beneficiary
Oct. 31, 2016
Variable Interest Entity, Not Primary Beneficiary
Apr. 30, 2016
Two Thousand Sixteen Divestitures
business
Oct. 31, 2016
Two Thousand Sixteen Divestitures
Apr. 30, 2016
Two Thousand Sixteen Divestitures
Notes Receivable
Oct. 31, 2016
Deconsolidation of Earthminded Benelux, NV
Oct. 31, 2016
Rigid Industrial Packaging & Services
business
Oct. 31, 2015
Rigid Industrial Packaging & Services
business
Oct. 31, 2014
Rigid Industrial Packaging & Services
Company
business
Oct. 31, 2014
Rigid Industrial Packaging & Services
Divestiture One
Oct. 31, 2014
Rigid Industrial Packaging & Services
Divestiture Two
Oct. 31, 2016
Flexible Products & Services
business
Oct. 31, 2015
Flexible Products & Services
business
Oct. 31, 2014
Flexible Products & Services
Oct. 31, 2014
Paper Packaging & Services
Company
Business Acquisition [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of divestitures (business)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of deconsolidations
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of acquisitions (acquisition)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gain (loss) on sale of business
 
 
$ (14.5)
$ (9.2)
$ 11.5 
 
 
 
$ (5.5)
 
 
 
 
 
$ 3.6 
 
$ (18.1)
 
 
$ 5.4 
$ (9.1)
$ (1.8)
 
 
$ 18.3 
$ 4.2 
Gain (loss) on disposal of businesses, net
(18.6)
(0.7)
(14.5)
(9.2)
11.5 
 
 
 
(11.4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from divestiture and deconsolidation
 
 
24.1 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes receivables related to sale of business
 
2.9 
 
2.9 
 
51.0 
90.0 
 
 
 
 
 
 
 
 
2.4 
0.3 
 
 
 
 
 
 
 
 
 
Ownership percent sold of Earthminded Benelux, NV
 
 
 
 
 
 
 
 
 
 
 
51.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair value of retained noncontrolling interest
 
 
 
 
 
 
 
 
 
 
 
 
0.3 
 
 
 
0.3 
 
 
 
 
 
 
 
 
 
Carrying value of former subsidiary net assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
18.7 
 
 
 
 
 
 
 
 
 
Proceeds from divestitures
 
 
23.8 
19.6 
115.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Terms related to sale of business
 
 
 
three months to five years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes receivable term
 
 
 
 
 
 
 
 
 
3 months 
5 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of non-strategic divestitures (business)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset impairment charges
$ 6.5 
$ 23.6 
$ 51.4 
$ 45.9 
$ 85.8 
 
 
 
$ 5.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 15.7 
 
Sale of Non-United States Accounts Receivable - Additional Information (Detail)
12 Months Ended 0 Months Ended 12 Months Ended
Oct. 31, 2016
European RPA
USD ($)
Oct. 31, 2016
European RPA
EUR (€)
Oct. 31, 2015
Purchasing Bank Affiliate
USD ($)
Oct. 31, 2016
Singapore RPA
USD ($)
Oct. 31, 2016
Singapore RPA
SGD ($)
Finance Receivable Transferred To Held For Sale [Line Items]
 
 
 
 
 
Financing receivable maximum amount under receivable purchase agreement
$ 109,000,000 
€ 100,000,000 
 
$ 10,800,000.0 
$ 15,000,000.0 
Excess cash loaned back in exchange for subordinated note receivable
 
 
$ 44,200,000 
 
 
Minimum percentage of eligible receivables related with bank funds initial purchase price
75.00% 
75.00% 
 
 
 
Maximum percentage of eligible receivables related with bank funds initial purchase price
90.00% 
90.00% 
 
 
 
Percentage of eligible receivables related with bank funds initial purchase price
 
 
 
90.00% 
90.00% 
Sale of Non-United States Accounts Receivable - Company's Accounts Receivables Programs (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
European RPA
 
 
 
Finance Receivable Transferred To Held For Sale [Line Items]
 
 
 
Gross accounts receivable sold to third party financial institution
$ 620.3 
$ 715.2 
$ 1,006.4 
Cash received for accounts receivable sold under the programs
548.1 
633.6 
888.1 
Deferred purchase price related to accounts receivable sold
71.7 
76.2 
118.3 
Loss associated with the programs
0.8 
1.5 
2.5 
Expenses associated with the programs
Accounts receivable sold to and held by third party financial institution
106.7 
114.8 
 
Deferred purchase price asset (liability) related to accounts receivable sold
(0.4)
(1.5)
 
Singapore RPA
 
 
 
Finance Receivable Transferred To Held For Sale [Line Items]
 
 
 
Gross accounts receivable sold to third party financial institution
44.1 
48.1 
56.7 
Cash received for accounts receivable sold under the programs
36.4 
48.1 
56.7 
Deferred purchase price related to accounts receivable sold
7.1 
Loss associated with the programs
0.1 
Expenses associated with the programs
0.1 
0.1 
Accounts receivable sold to and held by third party financial institution
4.0 
4.0 
 
Uncollected deferred purchase price related to accounts receivable sold
0.5 
 
Total RPAs and Agreements
 
 
 
Finance Receivable Transferred To Held For Sale [Line Items]
 
 
 
Gross accounts receivable sold to third party financial institution
664.4 
763.3 
1,063.1 
Cash received for accounts receivable sold under the programs
584.5 
681.7 
944.8 
Deferred purchase price related to accounts receivable sold
78.8 
76.2 
118.3 
Loss associated with the programs
0.8 
1.6 
2.5 
Expenses associated with the programs
0.1 
0.1 
Accounts receivable sold to and held by third party financial institution
110.7 
118.8 
 
Deferred purchase price asset (liability) related to accounts receivable sold
$ 0.1 
$ (1.5)
 
Inventories - Summarization of Inventories (Detail) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Inventory Disclosure [Abstract]
 
 
Finished goods
$ 79.8 
$ 88.0 
Raw materials
185.4 
190.7 
Work-in process
12.2 
18.3 
Inventories, Net
$ 277.4 
$ 297.0 
Assets and Liabilities Held for Sale and Disposals of Property, Plant and Equipment, Net - Assets and Liabilities Classified as Held for Sale (Details) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
 
 
Trade accounts receivable, less allowance
$ 0 
$ 2.3 
Inventories
1.6 
Properties, plants and equipment, net
11.8 
8.1 
Other assets
4.9 
Assets held for sale
11.8 
16.9 
Accounts payable
1.8 
Liabilities held for sale
$ 0 
$ 1.8 
Assets and Liabilities Held for Sale and Disposals of Property, Plant and Equipment, Net - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Long Lived Assets Held-for-sale [Line Items]
 
 
 
 
 
Gain (loss) on disposals of properties, plants and equipment, net
$ 0.8 
$ (2.3)
$ 10.3 
$ 7.0 
$ 8.3 
Gain (loss) disposition of assets
(18.6)
(0.7)
(14.5)
(9.2)
11.5 
Timberland gains
 
 
24.3 
17.1 
Other Miscellaneous Losses
 
 
 
 
 
Long Lived Assets Held-for-sale [Line Items]
 
 
 
 
 
Gain (loss) on disposals of properties, plants and equipment, net
 
 
 
(0.1)
 
Other Net Gains
 
 
 
 
 
Long Lived Assets Held-for-sale [Line Items]
 
 
 
 
 
Gain (loss) on disposals of properties, plants and equipment, net
 
 
0.8 
 
 
Other Miscellaneous Equipment
 
 
 
 
 
Long Lived Assets Held-for-sale [Line Items]
 
 
 
 
 
Gain (loss) on disposals of properties, plants and equipment, net
 
 
 
 
1.1 
Rigid Industrial Packaging & Services
 
 
 
 
 
Long Lived Assets Held-for-sale [Line Items]
 
 
 
 
 
Number of assets group held for sale (asset)
 
 
 
Gain (loss) on disposals of properties, plants and equipment, net
 
 
6.4 
3.0 
 
Rigid Industrial Packaging & Services |
Assets Held for Sale
 
 
 
 
 
Long Lived Assets Held-for-sale [Line Items]
 
 
 
 
 
Gain (loss) on disposals of properties, plants and equipment, net
 
 
 
4.4 
 
Flexible Products & Services
 
 
 
 
 
Long Lived Assets Held-for-sale [Line Items]
 
 
 
 
 
Number of assets group held for sale (asset)
 
 
 
Flexible Products & Services |
Assets Held for Sale
 
 
 
 
 
Long Lived Assets Held-for-sale [Line Items]
 
 
 
 
 
Gain (loss) on disposals of properties, plants and equipment, net
 
 
1.3 
(3.0)
 
Flexible Products & Services |
Equipment
 
 
 
 
 
Long Lived Assets Held-for-sale [Line Items]
 
 
 
 
 
Gain (loss) on disposals of properties, plants and equipment, net
 
 
 
 
1.1 
Land Management
 
 
 
 
 
Long Lived Assets Held-for-sale [Line Items]
 
 
 
 
 
Gain (loss) on disposals of properties, plants and equipment, net
 
 
1.6 
2.7 
5.4 
Paper Packaging And Services
 
 
 
 
 
Long Lived Assets Held-for-sale [Line Items]
 
 
 
 
 
Gain (loss) on disposals of properties, plants and equipment, net
 
 
0.2 
 
 
Gain (loss) disposition of assets
 
 
 
 
$ 0.7 
Goodwill and Other Intangible Assets - Summary of Changes in Carrying Amount of Goodwill by Segment (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 12 Months Ended
Oct. 31, 2014
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Jul. 31, 2014
Rigid Industrial Packaging & Services
Oct. 31, 2016
Rigid Industrial Packaging & Services
Oct. 31, 2015
Rigid Industrial Packaging & Services
Oct. 31, 2016
Paper Packaging & Services
Oct. 31, 2015
Paper Packaging & Services
Oct. 31, 2016
Flexible Products & Services
Oct. 31, 2015
Flexible Products & Services
Oct. 31, 2014
Flexible Products & Services
Oct. 31, 2016
Land Management
Oct. 31, 2015
Land Management
Goodwill [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill beginning balance
 
$ 807.1 
$ 880.2 
 
 
$ 747.6 
$ 820.7 
$ 59.5 
$ 59.5 
$ 0 
$ 0 
 
$ 0 
$ 0 
Goodwill acquired
 
 
 
 
Goodwill allocated to divestitures and businesses held for sale
(21.8)
(17.6)
(11.6)
 
(13.6)
(17.6)
(11.6)
 
Goodwill adjustments
 
 
 
 
Goodwill impairment charge
 
(50.3)
 
 
Currency translation
 
(3.1)
(61.5)
 
 
(3.1)
(61.5)
 
Goodwill ending balance
880.2 
786.4 
807.1 
880.2 
 
726.9 
747.6 
59.5 
59.5 
 
Accumulated goodwill impairment loss
 
 
 
 
 
 
 
 
 
$ 50.3 
$ 50.3 
$ 50.3 
 
 
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Segment
Oct. 31, 2015
Oct. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
 
 
 
Number of operating segments (segment)
 
 
Number of reportable business segment (segment)
 
 
Decrease in gross intangible assets
$ 18.1 
 
 
Decrease in gross intangibles assets due to divestitures
7.6 
 
 
Intangible asset impairment
4.2 
 
 
Decrease in gross intangibles assets due to currency fluctuations
1.6 
 
 
Decrease in gross intangibles assets due to write-off
4.7 
 
 
Amortization expense
16.8 
18.4 
22.0 
Future amortization expense, 2017
15.3 
 
 
Future amortization expense, 2018
14.9 
 
 
Future amortization expense, 2019
14.8 
 
 
Future amortization expense, 2020
14.3 
 
 
Future amortization expense, 2021
12.6 
 
 
Value of infinite lived intangible trademarks and trade names related to Blagden Express, Closed-loop, Box Board and Fustiplast
$ 13.0 
 
 
Goodwill and Other Intangible Assets - Summary of Carrying Amount of Net Intangible Assets by Class (Detail) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
 
 
Indefinite Lived Intangible Assets
$ 13.0 
 
Gross Intangible Assets
217.2 
235.3 
Accumulated Amortization
106.6 
102.6 
Net Intangible Assets
110.6 
132.7 
Customer relationships
 
 
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
 
 
Gross Intangible Assets
167.6 
180.7 
Accumulated Amortization
86.9 
81.7 
Net Intangible Assets
80.7 
99.0 
Trademarks and patents
 
 
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
 
 
Gross Intangible Assets
12.1 
12.4 
Accumulated Amortization
4.8 
4.2 
Net Intangible Assets
7.3 
8.2 
Non-compete agreements
 
 
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
 
 
Gross Intangible Assets
1.0 
4.9 
Accumulated Amortization
0.9 
4.5 
Net Intangible Assets
0.1 
0.4 
Other
 
 
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
 
 
Gross Intangible Assets
23.5 
24.2 
Accumulated Amortization
14.0 
12.2 
Net Intangible Assets
9.5 
12.0 
Trademarks and patents
 
 
Finite Lived And Indefinite Lived Intangible Assets [Line Items]
 
 
Indefinite Lived Intangible Assets
$ 13.0 
$ 13.1 
Restructuring Charges - Reconciliation of Beginning and Ended Restructuring Reserve Balances (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Restructuring Reserve [Roll Forward]
 
 
 
 
 
Beginning balance
 
 
$ 21.3 
$ 4.1 
 
Costs incurred and charged to expense
9.0 
13.3 
26.9 
40.0 
16.1 
Costs paid or otherwise settled
 
 
(37.8)
(22.8)
 
Ending balance
10.4 
21.3 
10.4 
21.3 
4.1 
Employee Separation Costs
 
 
 
 
 
Restructuring Reserve [Roll Forward]
 
 
 
 
 
Beginning balance
 
 
14.7 
2.9 
 
Costs incurred and charged to expense
 
 
16.7 
27.8 
12.0 
Costs paid or otherwise settled
 
 
(22.2)
(16.0)
 
Ending balance
9.2 
14.7 
9.2 
14.7 
2.9 
Other costs
 
 
 
 
 
Restructuring Reserve [Roll Forward]
 
 
 
 
 
Beginning balance
 
 
6.6 
1.2 
 
Costs incurred and charged to expense
 
 
10.2 
12.2 
4.1 
Costs paid or otherwise settled
 
 
(15.6)
(6.8)
 
Ending balance
$ 1.2 
$ 6.6 
$ 1.2 
$ 6.6 
$ 1.2 
Restructuring Charges - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Plant
Oct. 31, 2016
Employees
Plant
Oct. 31, 2015
Employees
Plant
Oct. 31, 2014
Employees
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Restructuring charges
$ 9.0 
$ 13.3 
$ 26.9 
$ 40.0 
$ 16.1 
Number of plants closed (plant)
 
 
 
Number of employees severed (employee)
 
 
254 
1,020 
850 
Amounts remaining to be incurred
16.1 
 
16.1 
 
 
Rigid Industrial Packaging and Services and Flexible Products and Services
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Number of plants closed (plant)
 
 
Employee Separation Costs
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Restructuring charges
 
 
16.7 
27.8 
12.0 
Other costs
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Restructuring charges
 
 
$ 10.2 
$ 12.2 
$ 4.1 
Restructuring Charges - Reconciliation of Total Amounts Expected to be Incurred from Open Restructuring Plans Anticipated to be Realized (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
$ 43.0 
 
$ 43.0 
 
 
Restructuring charges
9.0 
13.3 
26.9 
40.0 
16.1 
Amounts remaining to be incurred
16.1 
 
16.1 
 
 
Employee Separation Costs
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Restructuring charges
 
 
16.7 
27.8 
12.0 
Other costs
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Restructuring charges
 
 
10.2 
12.2 
4.1 
Rigid Industrial Packaging & Services
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
31.8 
 
31.8 
 
 
Restructuring charges
 
 
19.0 
 
 
Amounts remaining to be incurred
12.8 
 
12.8 
 
 
Rigid Industrial Packaging & Services |
Employee Separation Costs
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
23.5 
 
23.5 
 
 
Restructuring charges
 
 
12.4 
 
 
Amounts remaining to be incurred
11.1 
 
11.1 
 
 
Rigid Industrial Packaging & Services |
Other costs
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
8.3 
 
8.3 
 
 
Restructuring charges
 
 
6.6 
 
 
Amounts remaining to be incurred
1.7 
 
1.7 
 
 
Flexible Products & Services
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
9.6 
 
9.6 
 
 
Restructuring charges
 
 
6.3 
 
 
Amounts remaining to be incurred
3.3 
 
3.3 
 
 
Flexible Products & Services |
Employee Separation Costs
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
6.0 
 
6.0 
 
 
Restructuring charges
 
 
4.0 
 
 
Amounts remaining to be incurred
2.0 
 
2.0 
 
 
Flexible Products & Services |
Other costs
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
3.6 
 
3.6 
 
 
Restructuring charges
 
 
2.3 
 
 
Amounts remaining to be incurred
1.3 
 
1.3 
 
 
Paper Packaging & Services
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
1.5 
 
1.5 
 
 
Restructuring charges
 
 
1.5 
 
 
Amounts remaining to be incurred
 
 
 
Paper Packaging & Services |
Employee Separation Costs
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
0.3 
 
0.3 
 
 
Restructuring charges
 
 
0.3 
 
 
Amounts remaining to be incurred
 
 
 
Paper Packaging & Services |
Other costs
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
1.2 
 
1.2 
 
 
Restructuring charges
 
 
1.2 
 
 
Amounts remaining to be incurred
 
 
 
Land Management
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
0.1 
 
0.1 
 
 
Restructuring charges
 
 
0.1 
 
 
Amounts remaining to be incurred
 
 
 
Land Management |
Employee Separation Costs
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
 
 
 
Restructuring charges
 
 
 
 
Amounts remaining to be incurred
 
 
 
Land Management |
Other costs
 
 
 
 
 
Restructuring and Related Cost [Abstract]
 
 
 
 
 
Total amounts expected to be incurred
0.1 
 
0.1 
 
 
Restructuring charges
 
 
0.1 
 
 
Amounts remaining to be incurred
$ 0 
 
$ 0 
 
 
Consolidation of Variable Interest Entities - Additional Information (Detail) (USD $)
0 Months Ended 12 Months Ended 12 Months Ended 0 Months Ended 12 Months Ended 0 Months Ended
May 23, 2005
Mar. 28, 2005
Agreement
acre
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Apr. 30, 2006
acre
Jan. 31, 2006
acre
May 23, 2005
acre
Oct. 31, 2016
Maximum
Oct. 31, 2016
Third Party
Maximum
Oct. 31, 2016
Buyer SPE
Aug. 31, 2016
Variable Interest Entity, Not Primary Beneficiary
Oct. 31, 2016
Variable Interest Entity, Not Primary Beneficiary
Oct. 31, 2016
STA Timber
Oct. 31, 2015
STA Timber
Oct. 31, 2014
STA Timber
Oct. 31, 2016
Flexible Packaging JV
Oct. 31, 2015
Flexible Packaging JV
Oct. 31, 2014
Flexible Packaging JV
Oct. 31, 2016
Trading Co.
Oct. 31, 2016
Asset Co.
Oct. 31, 2016
Global Textile
May 31, 2005
Monetization Notes
STA Timber
May 31, 2005
Monetization Notes
STA Timber
Variable Interest Entity [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number of purchase and sale agreements (agreement)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Acres of timberland (acre)
 
56,000 
 
 
 
5,700 
15,300 
35,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Approximate value of sale agreement with Plum Creek Timberland
 
$ 90,000,000 
 
$ 2,900,000 
 
 
 
$ 51,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pretax gain on sale
42,100,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchase notes payable
 
 
 
 
 
 
 
50,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum amount of guarantee on purchase notes
 
 
 
 
 
 
 
52,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest of senior notes
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
5.20% 
Maturity date
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Aug. 05, 2020 
 
Debt instrument, principal outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
43,300,000 
43,300,000 
 
 
 
 
 
 
 
 
43,300,000 
Extended date
 
 
Nov. 05, 2020 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Restricted bank financial instruments under Buyer SPE
 
 
50,900,000 
50,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest income of Buyer SPE
 
 
2,400,000 
2,400,000 
2,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
 
 
 
 
 
 
 
 
 
 
 
 
2,200,000 
2,200,000 
2,200,000 
 
 
 
 
 
 
 
 
Ownership percentage in Variable Interest Entity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
51.00% 
49.00% 
49.00% 
 
 
Committed capital contribution
 
 
 
 
 
 
 
 
150,000,000 
150,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net loss attributable to noncontrolling interests
 
 
(600,000)
4,700,000 
46,600,000 
 
 
 
 
 
 
 
 
 
 
 
8,200,000 
14,200,000 
57,000,000 
 
 
 
 
 
Ownership percentage in Variable Interest Entity
 
 
 
 
 
 
 
 
 
 
0.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ownership percent sold of Earthminded Benelux, NV
 
 
 
 
 
 
 
 
 
 
 
51.00% 
 
 
 
 
 
 
 
 
 
 
 
 
Proceeds from sale of investment
 
 
300,000 
6,000,000 
 
 
 
 
 
 
300,000 
 
 
 
 
 
 
 
 
 
 
 
 
Retained noncontrolling interest
 
 
 
 
 
 
 
 
 
 
 
 
$ 300,000 
 
 
 
 
 
 
 
 
 
 
 
Consolidation of Variable Interest Entities - Total Net Assets of Flexible Packaging JV (Detail) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Oct. 31, 2013
Variable Interest Entity [Line Items]
 
 
 
 
Cash and cash equivalents
$ 103.7 
$ 106.2 
$ 85.1 
$ 78.1 
Trade accounts receivable, less allowance of $2.8 in 2016 and $3.2 in 2015
399.2 
403.7 
 
 
Allowance of trade accounts receivable
8.8 
11.8 
 
 
Inventories
277.4 
297.0 
 
 
Properties, plants and equipment, net
1,163.9 
1,217.7 
 
 
Total Assets
50.9 
50.9 
 
 
Accounts payable
372.0 
355.3 
 
 
Total Liabilities
43.3 
43.3 
 
 
Flexible Packaging JV
 
 
 
 
Variable Interest Entity [Line Items]
 
 
 
 
Cash and cash equivalents
15.2 
14.5 
 
 
Trade accounts receivable, less allowance of $2.8 in 2016 and $3.2 in 2015
43.3 
47.5 
 
 
Allowance of trade accounts receivable
2.8 
3.2 
 
 
Inventories
50.9 
44.7 
 
 
Properties, plants and equipment, net
25.0 
43.1 
 
 
Other assets
37.3 
36.8 
 
 
Total Assets
171.7 
186.6 
 
 
Accounts payable
30.7 
27.9 
 
 
Other liabilities
43.7 
50.6 
 
 
Total Liabilities
$ 74.4 
$ 78.5 
 
 
Long-Term Debt - Summary of Long-Term Debt (Detail) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Debt Instrument [Line Items]
 
 
Other long-term debt
$ 9.7 
$ 15.8 
Total long-term debt
974.6 
1,146.9 
Less current portion
(30.7)
Long-term debt
974.6 
1,116.2 
Prior Credit Agreement
 
 
Debt Instrument [Line Items]
 
 
Prior Credit Agreement
201.2 
217.4 
Senior Notes Due 2017
 
 
Debt Instrument [Line Items]
 
 
Senior Notes
300.1 
300.7 
Senior Notes Due 2019
 
 
Debt Instrument [Line Items]
 
 
Senior Notes
247.0 
246.0 
Senior Notes Due 2021
 
 
Debt Instrument [Line Items]
 
 
Senior Notes
216.6 
219.4 
Amended Receivables Facility
 
 
Debt Instrument [Line Items]
 
 
Carrying amount of long-term debt
$ 0 
$ 147.6 
Long-Term Debt (Credit Agreement) - Additional Information (Detail) (USD $)
0 Months Ended 12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Nov. 3, 2016
Subsequent Event
Nov. 3, 2016
2017 Credit Agreement
Subsequent Event
Nov. 3, 2016
2017 Credit Agreement
Subsequent Event
Nov. 3, 2016
2017 Credit Agreement
Revolving Credit Facility
Subsequent Event
Oct. 31, 2016
Minimum
Oct. 31, 2016
Maximum
Oct. 31, 2016
Prior Credit Agreement
Oct. 31, 2015
Prior Credit Agreement
Dec. 19, 2012
Prior Credit Agreement
Nov. 3, 2016
Term loan
2017 Credit Agreement
Subsequent Event
Feb. 9, 2007
Senior Notes Due 2017
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
Credit facility borrowing capacity
 
 
 
 
 
$ 800,000,000.0 
 
 
 
 
$ 1,000,000,000.0 
 
 
Total borrowing capacity available in line of credit facility
584,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
Reduction in outstanding letters of credit
14,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
Leverage ratio, adjusted EBITDA
 
 
 
4.00 
 
 
4.00 
 
 
 
 
 
 
Interest coverage ratio, adjusted EBITDA
 
 
 
3.00 
 
 
 
3.00 
 
 
 
 
 
Amount outstanding under Prior Credit Agreement
 
 
 
 
 
 
 
 
201,200,000 
217,400,000 
 
 
 
Long-term debt
974,600,000 
1,116,200,000 
 
 
 
 
 
 
 
 
 
 
 
Weighted average interest rate on the Prior Credit Agreement
 
 
 
 
 
 
 
 
1.78% 
 
 
 
 
Actual interest rate on the Prior Credit Agreement
 
 
 
 
 
 
 
 
1.28% 
 
 
 
 
Amount of debt
 
 
 
 
 
 
 
 
 
 
 
300,000,000.0 
300,000,000 
Optional increase to facilities
 
 
 
 
550,000,000.0 
 
 
 
 
 
 
 
 
Expected repayment of debt
 
 
 
300,000,000 
 
 
 
 
 
 
 
 
 
Interest of senior notes
 
 
 
 
 
 
 
 
 
 
 
 
6.75% 
Amount used to pay obligations outstanding and debt restructuring costs
 
 
$ 208,000,000 
 
 
 
 
 
 
 
 
 
 
Leverage ratio, adjusted EBITDA during collateral release period
 
 
 
3.75 
 
 
 
 
 
 
 
 
 
Long-Term Debt (Senior Notes) - Additional Information (Detail)
12 Months Ended 12 Months Ended 12 Months Ended
Oct. 31, 2016
Senior Notes Due 2017
Feb. 9, 2007
Senior Notes Due 2017
USD ($)
Oct. 31, 2016
Senior Notes Due 2019
Jul. 28, 2009
Senior Notes Due 2019
USD ($)
Oct. 31, 2016
Senior Notes Due 2021
Jul. 15, 2011
Senior Notes Due 2021
EUR (€)
Debt Instrument [Line Items]
 
 
 
 
 
 
Amount of debt
 
$ 300,000,000 
 
$ 250,000,000 
 
€ 200,000,000 
Interest of senior notes
 
6.75% 
 
7.75% 
 
7.375% 
Senior notes due date
Feb. 01, 2017 
 
Aug. 01, 2019 
 
Jul. 15, 2021 
 
Long-Term Debt (United States Trade Accounts Receivable Credit Facility) - Additional Information (Detail) (Rabobank, Domestic Line of Credit, USD $)
0 Months Ended
Sep. 28, 2016
Sep. 28, 2016
Existing TAA
 
 
Debt Instrument [Line Items]
 
 
Credit facility borrowing capacity
 
$ 150,000,000.0 
Written notice period for agreement termination
5 days 
 
Second Amended TAA
 
 
Debt Instrument [Line Items]
 
 
Credit facility borrowing capacity
$ 150,000,000 
$ 150,000,000 
Long-Term Debt (Other) - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Debt Disclosure [Abstract]
 
 
 
Other long-term debt
$ 9.7 
$ 15.8 
 
Short-term borrowings
51.6 
40.7 
 
Annual maturities, long-term debt, 2017
300.1 
 
 
Annual maturities, long-term debt, 2018
201.2 
 
 
Annual maturities, long-term debt, 2019
247.0 
 
 
Annual maturities, long-term debt, 2020
 
 
Annual maturities, long-term debt, 2021
216.6 
 
 
Annual maturities, long-term debt, thereafter
9.7 
 
 
Cash paid for interest expense
74.8 
77.5 
86.4 
Deferred financing fees and debt issuance costs
$ 4.2 
$ 7.2 
 
Financial Instruments and Fair Value Measurements - Recurring Fair Value Measurements (Detail) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Level 2 |
Other long-term assets |
Insurance annuity
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
$ 0 
$ 0 
Fair Value, Measurements, Recurring
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
20.1 
20.2 
Fair Value, Measurements, Recurring |
Prepaid expenses and other current assets |
Foreign exchange hedges
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
0.3 
0.3 
Fair Value, Measurements, Recurring |
Other current liabilities |
Foreign exchange hedges
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
(0.3)
(0.2)
Fair Value, Measurements, Recurring |
Other long-term assets |
Insurance annuity
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
20.1 
20.1 
Fair Value, Measurements, Recurring |
Level 1
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
Fair Value, Measurements, Recurring |
Level 1 |
Prepaid expenses and other current assets |
Foreign exchange hedges
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
Fair Value, Measurements, Recurring |
Level 1 |
Other current liabilities |
Foreign exchange hedges
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
Fair Value, Measurements, Recurring |
Level 1 |
Other long-term assets |
Insurance annuity
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
Fair Value, Measurements, Recurring |
Level 2
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
0.1 
Fair Value, Measurements, Recurring |
Level 2 |
Prepaid expenses and other current assets |
Foreign exchange hedges
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
0.3 
0.3 
Fair Value, Measurements, Recurring |
Level 2 |
Other current liabilities |
Foreign exchange hedges
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
(0.3)
(0.2)
Fair Value, Measurements, Recurring |
Level 3
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
20.1 
20.1 
Fair Value, Measurements, Recurring |
Level 3 |
Prepaid expenses and other current assets |
Foreign exchange hedges
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
Fair Value, Measurements, Recurring |
Level 3 |
Other current liabilities |
Foreign exchange hedges
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
   
Fair Value, Measurements, Recurring |
Level 3 |
Other long-term assets |
Insurance annuity
 
 
Fair Value Assets Measured On Recurring Basis [Line Items]
 
 
Foreign exchange hedges/Insurance annuity
$ 20.1 
$ 20.1 
Financial Instruments and Fair Value Measurements - Additional Information (Detail) (USD $)
3 Months Ended 12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Oct. 31, 2016
2016 Assets Held-for-sale
asset_group
Oct. 31, 2016
2015 Assets Held-for-sale
asset_group
Oct. 31, 2015
Assets Held And Used
asset_group
Oct. 31, 2015
IT Software Assets
Oct. 31, 2015
Venezuelan Properties, Plants and Equipment, Net
Oct. 31, 2016
Paper Packaging And Services Segment
Oct. 31, 2016
Rigid Industrial Packaging & Services
Oct. 31, 2015
Rigid Industrial Packaging & Services
Oct. 31, 2014
Rigid Industrial Packaging & Services
Oct. 31, 2016
Flexible Products & Services
Oct. 31, 2015
Flexible Products & Services
Oct. 31, 2014
Flexible Products & Services
Oct. 31, 2015
Flexible Products & Services
Other Than Temporary Impairment
Oct. 31, 2015
Rigid Industrial Packaging and Services and Flexible Products and Services
Facility Closing
Oct. 31, 2015
Reconditioning Business
Dec. 31, 2014
Interest Rate Swap
Derivative
Oct. 31, 2016
Foreign Currency Forward Contracts
Oct. 31, 2015
Foreign Currency Forward Contracts
Feb. 1, 2017
Scenario, Forecast
Interest Rate Swap
Cash Flow Hedging
Nov. 1, 2016
Subsequent Event
Interest Rate Swap
Cash Flow Hedging
Oct. 31, 2016
Estimate of Fair Value Measurement
Oct. 31, 2016
Reported Value Measurement
Derivative Instruments and Hedging Activities Disclosures [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate derivatives
$ 0 
$ 0 
$ 0 
$ 0 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative number of instruments held (derivative)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notional amount
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
150,000,000 
78,900,000 
129,900,000 
 
300,000,000 
 
 
Realized losses on interest rate derivatives related to statement of operations
 
 
 
200,000 
900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amount of debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
300,000,000 
 
 
 
Interest rate on debt
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2.944% 
 
 
 
Losses recorded under fair value contracts
 
 
2,700,000 
6,000,000 
6,200,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-lived assets, carrying value
19,200,000 
60,700,000 
19,200,000 
60,700,000 
58,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-lived assets, fair value
5,400,000 
14,800,000 
5,400,000 
14,800,000 
22,500,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recognized asset impairment charges
 
 
13,800,000 
45,900,000 
35,500,000 
 
 
 
1,500,000 
15,000,000 
1,500,000 
8,600,000 
 
11,500,000 
3,700,000 
 
24,000,000 
500,000 
10,900,000 
11,400,000 
 
 
 
 
 
 
 
Long lived assets, impairment charges
 
 
 
6,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset impairment charges
6,500,000 
23,600,000 
51,400,000 
45,900,000 
85,800,000 
 
 
 
 
 
 
 
 
 
 
 
15,700,000 
 
 
 
 
 
 
 
 
 
 
Fair value, assets and liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
70,600,000 
33,000,000 
Number of asset groups classified as held for sale (asset group)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Impairment of assets held for sale
 
 
37,600,000 
 
 
23,600,000 
14,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill allocated to businesses classified as held for sale
 
 
 
 
 
9,100,000 
11,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset groups classified as held and used (asset group)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Recognized amount of additional impairment related to assets and liabilities held for sale
 
 
 
 
 
 
 
3,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill impairment charge
 
 
$ 0 
$ 0 
$ 50,300,000 
 
 
 
 
 
 
$ 0 
$ 0 
 
$ 0 
$ 0 
 
 
 
 
 
 
 
 
 
 
 
Financial Instruments And Fair Value Measurements - Estimated Fair Values for the Company's Senior Notes and Assets Held by Special Purpose Entities (Detail) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Estimated Fair Value Of Financial Instruments [Line Items]
 
 
Assets held by special purpose entities Estimated fair value
$ 50.9 
$ 50.9 
Estimate of Fair Value Measurement
 
 
Estimated Fair Value Of Financial Instruments [Line Items]
 
 
Assets held by special purpose entities Estimated fair value
54.3 
54.4 
Senior Notes Due 2017 |
Estimate of Fair Value Measurement
 
 
Estimated Fair Value Of Financial Instruments [Line Items]
 
 
Estimated fair value of debt instruments
302.4 
314.8 
Senior Notes Due 2019 |
Estimate of Fair Value Measurement
 
 
Estimated Fair Value Of Financial Instruments [Line Items]
 
 
Estimated fair value of debt instruments
280.1 
280.6 
Senior Notes Due 2021 |
Estimate of Fair Value Measurement
 
 
Estimated Fair Value Of Financial Instruments [Line Items]
 
 
Estimated fair value of debt instruments
$ 264.9 
$ 258.7 
Financial Instruments and Fair Value Measurements - Summary of Quantitative about Significant Unobservable Inputs Used to Determine Fair Value of Impairment of Long-Lived Assets Held and Used (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Fair Value Inputs, Assets, Quantitative Information [Line Items]
 
 
 
Impairment of Net Assets Held for Sale
$ 37.6 
 
 
Impairment of Long Lived Assets
13.8 
45.9 
35.5 
Total
 
6.6 
 
Level 3
 
 
 
Fair Value Inputs, Assets, Quantitative Information [Line Items]
 
 
 
Total
51.4 
45.9 
 
Broker Quote / Indicative Bids |
Level 3
 
 
 
Fair Value Inputs, Assets, Quantitative Information [Line Items]
 
 
 
Impairment of Net Assets Held for Sale
37.6 
 
 
Unobservable Input
Indicative Bids 
Indicative Bids 
 
Sales Value |
Level 3
 
 
 
Fair Value Inputs, Assets, Quantitative Information [Line Items]
 
 
 
Impairment of Long Lived Assets
13.8 
 
 
Unobservable Input
Sales Value 
Sales Value 
 
Land and building |
Broker Quote / Indicative Bids |
Level 3
 
 
 
Fair Value Inputs, Assets, Quantitative Information [Line Items]
 
 
 
Impairment of Long Lived Assets
 
28.1 
 
Machinery and equipment |
Sales Value |
Level 3
 
 
 
Fair Value Inputs, Assets, Quantitative Information [Line Items]
 
 
 
Impairment of Long Lived Assets
 
$ 17.8 
 
Stock-Based Compensation - Additional Information (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended 12 Months Ended 1 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Oct. 31, 2016
2001 Management Equity Incentive and Compensation Plan
Oct. 31, 2016
Outside Directors Award Plan
Oct. 31, 2016
Long Term Incentive Plan Restricted Stock
Oct. 31, 2015
Long Term Incentive Plan Restricted Stock
Oct. 31, 2014
Long Term Incentive Plan Restricted Stock
Oct. 31, 2016
2005 Outside Directors Equity Award Plan Restricted Stock
Oct. 31, 2015
2005 Outside Directors Equity Award Plan Restricted Stock
Oct. 31, 2016
Class A Common Stock 2001 Plan
Officer
Oct. 31, 2015
Class A Common Stock 2001 Plan
Officer
Oct. 31, 2014
Class A Common Stock 2001 Plan
Officer
May 12, 2016
Class A Common Stock 2001 Plan
Officer
May 12, 2015
Class A Common Stock 2001 Plan
Officer
Jan. 31, 2017
Scenario, Forecast
Long Term Incentive Plan Restricted Stock
May 12, 2017
Scenario, Forecast
Class A Common Stock 2001 Plan
Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock options granted (shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Stock options granted under various plans (shares)
 
 
 
5,000,000 
200,000 
 
 
 
 
 
 
 
 
 
 
 
 
Stock options fully vested
2 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expiry of options
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expiry of option
 
 
 
 
10 years 
 
 
 
 
 
 
 
 
 
 
 
 
Long term Incentive Plan, Description
Long Term Incentive Plan is based on three-year performance periods 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term incentive plan, Requisite service period
3 years 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments for employee long term incentive plan paid in cash
50.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Payments for employee long term incentive plan in restricted shares
50.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shares of restricted stock (shares)
 
 
 
 
 
 
40,792 
 
42,435 
25,560 
 
 
 
 
 
31,075 
 
Weighted average grant date fair value (usd per share)
 
 
 
 
 
 
$ 27.02 
 
$ 26.51 
$ 44.01 
 
 
 
 
 
 
 
Share based compensation expense
$ 2.8 
$ 2.8 
$ 3.6 
 
 
$ 1.5 
$ 1.4 
$ 2.3 
$ 1.1 
 
$ 0.2 
$ 0.3 
$ 0.2 
 
 
 
 
Grants in the period (shares)
 
 
 
 
 
 
 
 
 
15,000 
 
 
 
 
Vesting installments (shares)
 
 
 
 
 
 
 
 
 
 
 
 
 
5,000 
5,000 
 
5,000 
Stock-Based Compensation - Stock Option Activity (Detail) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
 
 
 
Beginning balance (shares)
10 
79 
Granted (shares)
Forfeited (shares)
Exercised (shares)
10 
69 
Ending balance (shares)
10 
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
 
 
 
Beginning balance, Weighted Average Exercise price (usd per share)
$ 0.00 
$ 27.36 
$ 25.30 
Granted, Weighted Average Exercise price (usd per share)
$ 0.00 
$ 0.00 
$ 0.00 
Forfeited, Weighted Average Exercise price (usd per share)
$ 0.00 
$ 0.00 
$ 0.00 
Exercised, Weighted Average Exercise price (usd per share)
$ 0.00 
$ 27.36 
$ 25.01 
Ending balance, Weighted Average Exercise price (usd per share)
$ 0.00 
$ 0.00 
$ 27.36 
Income Taxes - Provision for Income Taxes (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Current
 
 
 
Federal
$ 20.3 
$ 18.3 
$ 53.1 
State and local
4.4 
4.0 
9.8 
Non-U.S.
40.3 
29.6 
38.0 
Total Current
65.0 
51.9 
100.9 
Deferred
 
 
 
Federal
0.5 
2.4 
2.7 
State and local
0.5 
0.2 
(1.6)
Non-U.S.
0.5 
(6.1)
13.0 
Total Deferred
1.5 
(3.5)
14.1 
Total Current and Deferred income taxes
$ 66.5 
$ 48.4 
$ 115.0 
Income Taxes - Additional Information (Detail) (USD $)
3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended
Oct. 31, 2014
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Oct. 31, 2016
Minimum
Oct. 31, 2016
Maximum
Jul. 31, 2014
Rigid Industrial Packaging & Services
Oct. 31, 2016
Rigid Industrial Packaging & Services
Oct. 31, 2015
Rigid Industrial Packaging & Services
Oct. 31, 2016
Flexible Products & Services
Oct. 31, 2015
Flexible Products & Services
Oct. 31, 2016
Non-U.S.
Oct. 31, 2015
Non-U.S.
Oct. 31, 2014
Non-U.S.
Oct. 31, 2016
Domestic Tax Authority
Oct. 31, 2015
Domestic Tax Authority
Oct. 31, 2014
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income (loss) before income tax expense
 
$ 141,200,000 
$ 114,800,000 
$ 158,000,000 
 
 
 
 
 
 
 
$ 49,900,000 
$ 44,800,000 
$ (17,000,000)
$ 91,300,000 
$ 70,000,000 
$ 175,000,000 
Increase in effective tax rate
 
28.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Decrease in effective tax rate from foreign tax rates and permanent book-tax differences
 
15.90% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effect of change in exchange rate in net income
 
 
19,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income tax benefit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance sheet remeasurement rate
0.00% 
0.00% 
5.90% 
0.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Goodwill allocated to divestitures and businesses held for sale
21,800,000 
17,600,000 
11,600,000 
 
 
 
13,600,000 
17,600,000 
11,600,000 
 
 
 
 
 
 
Goodwill impairment charge
 
50,300,000 
 
 
 
 
 
 
 
 
 
Nondeductible goodwill
 
 
 
15.60% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net operating loss and other carryforwards
 
83,000,000 
80,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Valuation allowance
 
92,100,000 
89,500,000 
 
 
 
 
 
 
 
 
89,900,000 
87,200,000 
 
2,300,000 
2,300,000 
 
Increase (decrease) in valuation allowances
 
2,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of rate impact in valuation allowance
 
1.90% 
3.00% 
12.70% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Undistributed foreign earnings
 
557,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accrued interest and penalties related to unrecognized tax benefits
 
5,600,000 
5,400,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Unrecognized tax benefits
28,000,000 
28,500,000 
28,500,000 
28,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net decrease in unrecognized tax benefits for the next 12 months
 
 
 
 
3,500,000.0 
 
 
 
 
 
 
 
 
 
 
 
Income taxes paid
 
$ 51,800,000 
$ 73,500,000 
$ 78,700,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income Taxes - Reconciliation of Effective Income Tax Rate (Detail)
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Income Tax Disclosure [Abstract]
 
 
 
Federal statutory rate
35.00% 
35.00% 
35.00% 
Impact of foreign tax rate differential
(11.15%)
(10.10%)
(2.40%)
State and local taxes, net of federal tax benefit
2.19% 
2.80% 
4.20% 
Net impact of changes in valuation allowances
1.90% 
3.00% 
12.70% 
Venezuela balance sheet remeasurement
0.00% 
5.90% 
0.00% 
Non-deductible write-off and impairment of goodwill and other intangible assets
7.37% 
2.50% 
15.60% 
Unrecognized tax benefits
4.84% 
2.50% 
7.20% 
Permanent book-tax differences
(4.78%)
(0.50%)
(3.10%)
Withholding taxes
4.64% 
2.70% 
2.90% 
Other items, net
7.08% 
(1.60%)
0.70% 
Effective income tax rate
47.10% 
42.20% 
72.80% 
Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Detail) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Deferred Tax Assets
 
 
Net operating loss and other carryforwards
$ 83.0 
$ 80.8 
Pension liabilities
57.0 
53.6 
Insurance operations
2.7 
3.5 
Incentive liabilities
8.0 
5.4 
Environmental reserves
1.3 
0.4 
Inventories
7.8 
6.5 
State income taxes
7.0 
7.4 
Postretirement benefit obligations
3.1 
3.5 
Other
9.1 
11.3 
Interest accrued
1.2 
1.6 
Allowance for doubtful accounts
1.9 
3.4 
Restructuring reserves
1.1 
6.0 
Deferred compensation
3.8 
2.9 
Foreign tax credits
2.4 
2.3 
Vacation accruals
1.5 
1.5 
Workers compensation accruals
6.7 
3.5 
Total Deferred Tax Assets
197.6 
193.6 
Valuation allowance
(92.1)
(89.5)
Net Deferred Tax Assets
105.5 
104.1 
Deferred Tax Liabilities
 
 
Properties, plants and equipment
86.5 
84.7 
Goodwill and other intangible assets
80.4 
80.1 
Foreign income inclusion
1.1 
1.1 
Foreign exchange gains
5.7 
6.1 
Timberland transactions
115.8 
116.2 
Total Deferred Tax Liabilities
289.5 
288.2 
Net Deferred Tax Liability
$ (184.0)
$ (184.1)
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
 
 
 
Balance at November 1
$ 29.6 
$ 34.3 
$ 30.5 
Increases in tax positions for prior years
5.7 
8.5 
5.7 
Decreases in tax positions for prior years
(10.5)
(2.2)
(8.2)
Increases in tax positions for current years
6.9 
6.2 
10.3 
Settlements with taxing authorities
(5.7)
(0.6)
Lapse in statute of limitations
(2.6)
(6.2)
(0.8)
Currency translation
(0.6)
5.3 
2.6 
Balance at October 31
$ 29.7 
$ 29.6 
$ 34.3 
Post Retirement Benefit Plans - Additional Information (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended 3 Months Ended 2 Months Ended 12 Months Ended 12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Oct. 31, 2016
Class A Common Stock
Oct. 31, 2015
Class A Common Stock
Oct. 31, 2016
Class B Common Stock
Oct. 31, 2015
Class B Common Stock
Jan. 31, 2017
Scenario, Forecast
Dec. 21, 2016
Subsequent Event
Oct. 31, 2016
Pension Plans, Defined Benefit
Oct. 31, 2015
Pension Plans, Defined Benefit
Oct. 31, 2014
Pension Plans, Defined Benefit
Oct. 31, 2016
Pension Plans, Defined Benefit
Class A Common Stock
Oct. 31, 2015
Pension Plans, Defined Benefit
Class A Common Stock
Oct. 31, 2016
Pension Plans, Defined Benefit
Class B Common Stock
Oct. 31, 2015
Pension Plans, Defined Benefit
Class B Common Stock
Oct. 31, 2016
Postretirement Health Care and Life Insurance Benefits
Oct. 31, 2015
Postretirement Health Care and Life Insurance Benefits
Oct. 31, 2016
401 (k) Savings Plan
Oct. 31, 2015
401 (k) Savings Plan
Oct. 31, 2014
401 (k) Savings Plan
Defined Contribution Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company contributions to 401(k) plans
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 7.2 
$ 7.8 
$ 7.3 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company's pension contributions
17.3 
8.2 
 
 
 
 
 
 
 
20.6 
11.4 
16.9 
 
 
 
 
 
 
 
 
 
Company's pension contributions paid directly by the Company
3.3 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Company's estimated pension contributions
20.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expected return on plan assets
5.51% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Annuity contract purchased
 
 
 
 
 
 
 
 
49.2 
 
 
 
 
 
 
 
 
 
 
 
 
Lump sum payments
 
 
 
 
 
 
 
 
32.4 
 
 
 
 
 
 
 
 
 
 
 
 
Decrease in projected benefits obligation from settlements
 
 
 
 
 
 
 
81.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
Settlement cost
(0.1)
(0.1)
 
 
 
 
 
22.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common stock shares authorized (shares)
 
 
 
128,000,000 
128,000,000 
69,120,000 
69,120,000 
 
 
 
 
 
247,504 
247,504 
160,710 
160,710 
 
 
 
 
 
Amortization loss of prior service costs
 
 
 
 
 
 
 
 
 
15.0 
 
 
 
 
 
 
 
 
 
 
 
Aggregated accumulated benefit obligation
752.9 
739.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13.6 
14.9 
 
 
 
Fair value of plan assets
$ 626.3 
$ 624.7 
$ 650.8 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0 
$ 0 
 
 
 
Post Retirement Benefit Plans - Number of Participants in Defined Benefit Plans (Detail)
12 Months Ended
Oct. 31, 2016
Participant
Oct. 31, 2015
Participant
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Active participants (participant)
1,573,000 
1,869,000 
Vested former employees (participant)
2,149,000 
2,083,000 
Retirees and beneficiaries (participant)
4,114,000 
4,050,000 
United States
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Active participants (participant)
1,405,000 
1,509,000 
Vested former employees (participant)
1,484,000 
1,525,000 
Retirees and beneficiaries (participant)
2,565,000 
2,480,000 
Non-United States |
Germany
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Active participants (participant)
95,000 
105,000 
Vested former employees (participant)
60,000 
57,000 
Retirees and beneficiaries (participant)
258,000 
255,000 
Non-United States |
United Kingdom
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Active participants (participant)
133,000 
Vested former employees (participant)
462,000 
399,000 
Retirees and beneficiaries (participant)
699,000 
718,000 
Non-United States |
Netherlands
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Active participants (participant)
73,000 
74,000 
Vested former employees (participant)
89,000 
81,000 
Retirees and beneficiaries (participant)
534,000 
540,000 
Non-United States |
Other International
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Active participants (participant)
48,000 
Vested former employees (participant)
54,000 
21,000 
Retirees and beneficiaries (participant)
58,000 
57,000 
Postretirement Health Care and Life Insurance Benefits
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Active participants (participant)
22,000 
25,000 
Retirees and beneficiaries (participant)
704,000 
757,000 
Postretirement Health Care and Life Insurance Benefits |
United States
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Active participants (participant)
12,000 
12,000 
Retirees and beneficiaries (participant)
616,000 
667,000 
Postretirement Health Care and Life Insurance Benefits |
South Africa
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Active participants (participant)
10,000 
13,000 
Retirees and beneficiaries (participant)
88,000 
90,000 
Post Retirement Benefit Plans - Actuarial Assumptions Used to Measure Benefit Obligations and Pension Costs (Detail)
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Discount rate
3.08% 
3.71% 
3.69% 
Expected return on plan assets
5.51% 
5.47% 
5.73% 
Rate of compensation increase
2.87% 
3.01% 
2.93% 
United States
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Discount rate
3.79% 
4.37% 
4.22% 
Expected return on plan assets
6.25% 
6.25% 
6.25% 
Rate of compensation increase
3.00% 
3.00% 
3.00% 
Non-United States |
Germany
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Discount rate
1.50% 
2.10% 
2.45% 
Rate of compensation increase
2.75% 
2.75% 
2.75% 
Non-United States |
United Kingdom
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Discount rate
2.44% 
3.45% 
3.72% 
Expected return on plan assets
6.00% 
6.00% 
6.25% 
Rate of compensation increase
 
3.50% 
3.25% 
Non-United States |
Netherlands
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Discount rate
1.32% 
1.98% 
2.20% 
Expected return on plan assets
1.88% 
2.06% 
3.25% 
Rate of compensation increase
2.25% 
2.25% 
2.25% 
Non-United States |
Other International
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Discount rate
4.31% 
4.82% 
4.83% 
Expected return on plan assets
5.77% 
5.99% 
6.09% 
Rate of compensation increase
 
 
2.41% 
Post Retirement Benefit Plans - Components of Net Periodic Pension Cost (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
$ 12.4 
$ 15.5 
$ 15.7 
Interest cost
22.0 
27.6 
29.6 
Expected return on plan assets
(32.1)
(32.8)
(33.9)
Amortization of prior service cost
(0.2)
0.1 
0.2 
Recognized net actuarial loss
11.4 
14.2 
10.4 
Special Events
 
 
 
Curtailment
 
0.5 
 
Settlement
0.1 
0.1 
 
Special/contractual termination benefits
 
0.1 
 
Net periodic pension (benefit) cost
13.6 
25.3 
22.0 
United States
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
10.2 
11.3 
10.4 
Interest cost
13.7 
17.3 
16.6 
Expected return on plan assets
(19.0)
(18.7)
(17.4)
Amortization of prior service cost
(0.1)
0.1 
0.2 
Recognized net actuarial loss
9.3 
10.0 
6.8 
Special Events
 
 
 
Curtailment
 
0.3 
 
Settlement
 
Special/contractual termination benefits
 
 
Net periodic pension (benefit) cost
14.1 
20.3 
16.6 
Germany |
Non-United States
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
0.5 
0.5 
0.6 
Interest cost
0.8 
0.9 
1.3 
Expected return on plan assets
Amortization of prior service cost
Recognized net actuarial loss
1.0 
0.9 
0.7 
Special Events
 
 
 
Curtailment
 
 
Settlement
 
Special/contractual termination benefits
 
 
Net periodic pension (benefit) cost
2.3 
2.3 
2.6 
United Kingdom |
Non-United States
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
0.8 
1.8 
2.5 
Interest cost
5.7 
6.5 
7.5 
Expected return on plan assets
(10.7)
(11.4)
(12.6)
Amortization of prior service cost
Recognized net actuarial loss
0.8 
2.2 
1.9 
Special Events
 
 
 
Curtailment
 
 
Settlement
 
Special/contractual termination benefits
 
 
Net periodic pension (benefit) cost
(3.4)
(0.9)
(0.7)
Netherlands |
Non-United States
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
0.7 
1.4 
1.6 
Interest cost
1.4 
2.4 
3.6 
Expected return on plan assets
(1.7)
(1.9)
(3.1)
Amortization of prior service cost
(0.1)
Recognized net actuarial loss
0.3 
0.8 
0.8 
Special Events
 
 
 
Curtailment
 
 
Settlement
 
Special/contractual termination benefits
 
 
Net periodic pension (benefit) cost
0.6 
2.7 
2.9 
Other International |
Non-United States
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
0.2 
0.5 
0.6 
Interest cost
0.4 
0.5 
0.6 
Expected return on plan assets
(0.7)
(0.8)
(0.8)
Amortization of prior service cost
Recognized net actuarial loss
0.3 
0.2 
Special Events
 
 
 
Curtailment
 
0.2 
 
Settlement
0.1 
0.1 
 
Special/contractual termination benefits
 
0.1 
 
Net periodic pension (benefit) cost
$ 0 
$ 0.9 
$ 0.6 
Post Retirement Benefit Plans - Change in Projected Benefit Obligation (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
$ 765.8 
$ 786.9 
 
Service cost
12.4 
15.5 
15.7 
Interest cost
22.0 
27.6 
29.6 
Plan participant contributions
0.2 
0.2 
 
Expenses paid from assets
(4.0)
(2.7)
 
Plan Amendments
0.5 
(3.3)
 
Actuarial (gain) loss
70.1 
15.7 
 
Foreign currency effect
(43.4)
(33.7)
 
Benefits paid
(39.8)
(33.0)
 
Curtailments
 
(7.2)
 
Other
 
(0.2)
 
Benefit obligation at end of year
783.8 
765.8 
786.9 
United States
 
 
 
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
432.1 
419.6 
 
Service cost
10.2 
11.3 
10.4 
Interest cost
13.7 
17.3 
16.6 
Plan participant contributions
 
Expenses paid from assets
(3.3)
(2.1)
 
Plan Amendments
0.5 
(2.3)
 
Actuarial (gain) loss
39.1 
9.1 
 
Foreign currency effect
 
Benefits paid
(22.1)
(18.4)
 
Curtailments
 
(2.1)
 
Other
 
(0.3)
 
Benefit obligation at end of year
470.2 
432.1 
419.6 
Non-United States |
Germany
 
 
 
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
38.7 
41.9 
 
Service cost
0.5 
0.5 
0.6 
Interest cost
0.8 
0.9 
1.3 
Plan participant contributions
 
Expenses paid from assets
 
Plan Amendments
 
Actuarial (gain) loss
3.6 
2.2 
 
Foreign currency effect
(0.6)
(5.6)
 
Benefits paid
(1.2)
(1.2)
 
Curtailments
 
 
Other
 
 
Benefit obligation at end of year
41.8 
38.7 
41.9 
Non-United States |
United Kingdom
 
 
 
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
184.0 
186.9 
 
Service cost
0.8 
1.8 
2.5 
Interest cost
5.7 
6.5 
7.5 
Plan participant contributions
 
Expenses paid from assets
(0.7)
(0.7)
 
Plan Amendments
 
Actuarial (gain) loss
33.4 
9.0 
 
Foreign currency effect
(41.5)
(9.7)
 
Benefits paid
(10.3)
(7.3)
 
Curtailments
 
(2.5)
 
Other
 
 
Benefit obligation at end of year
171.4 
184.0 
186.9 
Non-United States |
Netherlands
 
 
 
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
100.8 
123.6 
 
Service cost
0.7 
1.4 
1.6 
Interest cost
1.4 
2.4 
3.6 
Plan participant contributions
0.2 
0.2 
 
Expenses paid from assets
0.2 
0.2 
 
Plan Amendments
(1.0)
 
Actuarial (gain) loss
(7.1)
(4.6)
 
Foreign currency effect
(1.2)
(16.2)
 
Benefits paid
(4.9)
(5.2)
 
Curtailments
 
 
Other
 
 
Benefit obligation at end of year
90.1 
100.8 
123.6 
Non-United States |
Other International
 
 
 
Change in benefit obligation:
 
 
 
Benefit obligation at beginning of year
10.2 
14.9 
 
Service cost
0.2 
0.5 
0.6 
Interest cost
0.4 
0.5 
0.6 
Plan participant contributions
 
Expenses paid from assets
(0.2)
(0.1)
 
Plan Amendments
 
Actuarial (gain) loss
1.1 
 
Foreign currency effect
(0.1)
(2.2)
 
Benefits paid
(1.3)
(0.9)
 
Curtailments
 
(2.6)
 
Other
 
0.1 
 
Benefit obligation at end of year
$ 10.3 
$ 10.2 
$ 14.9 
Post Retirement Benefit Plans - Benefit Obligations in Excess of Plan Assets (Detail) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Projected benefit obligation
$ 783.8 
$ 765.8 
$ 786.9 
Accumulated benefit obligation
752.9 
739.9 
 
Plan assets
626.3 
624.7 
650.8 
Accumulated benefit obligation
492.7 
546.5 
 
Plan assets
342.5 
404.4 
 
United States
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Projected benefit obligation
470.2 
432.1 
419.6 
Accumulated benefit obligation
443.4 
409.8 
 
Plan assets
332.5 
311.1 
325.6 
Accumulated benefit obligation
443.4 
409.8 
 
Plan assets
332.5 
311.1 
 
Non-United States |
Germany
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Projected benefit obligation
41.8 
38.7 
41.9 
Accumulated benefit obligation
39.1 
35.9 
 
Plan assets
Accumulated benefit obligation
39.1 
35.9 
 
Plan assets
 
Non-United States |
United Kingdom
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Projected benefit obligation
171.4 
184.0 
186.9 
Accumulated benefit obligation
171.4 
184.0 
 
Plan assets
185.1 
208.4 
202.7 
Accumulated benefit obligation
 
Plan assets
 
Non-United States |
Netherlands
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Projected benefit obligation
90.1 
100.8 
123.6 
Accumulated benefit obligation
88.7 
100.0 
 
Plan assets
96.1 
92.7 
107.8 
Accumulated benefit obligation
100.0 
 
Plan assets
92.7 
 
Non-United States |
Other International
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Projected benefit obligation
10.3 
10.2 
14.9 
Accumulated benefit obligation
10.3 
10.2 
 
Plan assets
12.6 
12.5 
14.7 
Accumulated benefit obligation
10.2 
0.8 
 
Plan assets
$ 10.0 
$ 0.6 
 
Post Retirement Benefit Plans - Weighted Average Asset Allocations at Measurement Date and Target Asset Allocations (Detail)
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Total, Target
100.00% 
100.00% 
Total, Actual
100.00% 
100.00% 
Equity securities
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Total, Target
25.00% 
23.00% 
Total, Actual
29.00% 
28.00% 
Debt securities
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Total, Target
49.00% 
51.00% 
Total, Actual
40.00% 
40.00% 
Other
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
Total, Target
26.00% 
26.00% 
Total, Actual
31.00% 
32.00% 
Post Retirement Benefit Plans - Fair Value of the Pension Plans Investments (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Change in plan assets:
 
 
Balance at beginning of year
$ 624.7 
$ 650.8 
Actual return on plan assets
71.6 
25.4 
Expenses paid
(4.0)
(2.7)
Plan participant contributions
0.2 
0.2 
Foreign currency impact
(47.1)
(27.3)
Employer contributions
17.3 
8.2 
Benefits paid out of plan
(36.4)
(29.9)
Balance at end of year
626.3 
624.7 
United States
 
 
Change in plan assets:
 
 
Balance at beginning of year
311.1 
325.6 
Actual return on plan assets
29.8 
(0.9)
Expenses paid
(3.3)
(2.1)
Plan participant contributions
Foreign currency impact
Employer contributions
14.9 
5.0 
Benefits paid out of plan
(20.0)
(16.5)
Balance at end of year
332.5 
311.1 
Non-United States |
Germany
 
 
Change in plan assets:
 
 
Balance at beginning of year
Actual return on plan assets
Expenses paid
Plan participant contributions
Foreign currency impact
Employer contributions
Benefits paid out of plan
Balance at end of year
Non-United States |
United Kingdom
 
 
Change in plan assets:
 
 
Balance at beginning of year
208.4 
202.7 
Actual return on plan assets
31.5 
21.8 
Expenses paid
(0.7)
(0.7)
Plan participant contributions
Foreign currency impact
(45.6)
(10.6)
Employer contributions
1.8 
2.5 
Benefits paid out of plan
(10.3)
(7.3)
Balance at end of year
185.1 
208.4 
Non-United States |
Netherlands
 
 
Change in plan assets:
 
 
Balance at beginning of year
92.7 
107.8 
Actual return on plan assets
9.3 
3.9 
Expenses paid
0.2 
0.2 
Plan participant contributions
0.2 
0.2 
Foreign currency impact
(1.4)
(14.2)
Employer contributions
Benefits paid out of plan
(4.9)
(5.2)
Balance at end of year
96.1 
92.7 
Non-United States |
Other International
 
 
Change in plan assets:
 
 
Balance at beginning of year
12.5 
14.7 
Actual return on plan assets
1.0 
0.6 
Expenses paid
(0.2)
(0.1)
Plan participant contributions
Foreign currency impact
(0.1)
(2.5)
Employer contributions
0.6 
0.7 
Benefits paid out of plan
(1.2)
(0.9)
Balance at end of year
$ 12.6 
$ 12.5 
Post Retirement Benefit Plans - Fair Value Measurements for Pension Assets (Detail) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
$ 626.3 
$ 624.7 
$ 650.8 
Mutual funds
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
257.2 
285.6 
 
Common stock
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
39.7 
26.7 
 
Cash
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
18.6 
20.0 
 
Common collective trusts
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
136.7 
128.3 
 
Corporate bonds
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
29.7 
19.7 
 
Government bonds
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
16.5 
10.0 
 
Insurance annuity
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
125.4 
130.2 
 
Other assets
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
2.5 
3.6 
 
Money market fund
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
0.6 
 
Level 1
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
163.2 
171.7 
 
Level 1 |
Mutual funds
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
104.9 
124.4 
 
Level 1 |
Common stock
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
39.7 
26.7 
 
Level 1 |
Cash
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
18.6 
20.0 
 
Level 1 |
Common collective trusts
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 1 |
Corporate bonds
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 1 |
Government bonds
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 1 |
Insurance annuity
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 1 |
Other assets
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 1 |
Money market fund
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
0.6 
 
Level 2
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
337.7 
322.8 
 
Level 2 |
Mutual funds
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
152.3 
161.2 
 
Level 2 |
Common stock
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 2 |
Cash
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 2 |
Common collective trusts
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
136.7 
128.3 
 
Level 2 |
Corporate bonds
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
29.7 
19.7 
 
Level 2 |
Government bonds
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
16.5 
10.0 
 
Level 2 |
Insurance annuity
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 2 |
Other assets
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
2.5 
3.6 
 
Level 2 |
Money market fund
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
 
Level 3
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
125.4 
130.2 
151.1 
Level 3 |
Mutual funds
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 3 |
Common stock
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 3 |
Cash
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 3 |
Common collective trusts
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 3 |
Corporate bonds
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 3 |
Government bonds
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 3 |
Insurance annuity
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
125.4 
130.2 
 
Level 3 |
Other assets
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
Level 3 |
Money market fund
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Fair value of plan assets
 
$ 0 
 
Post Retirement Benefit Plans - Reconciliation of Beginning and Ending Balances of Fair Value Measurements Using Significant Unobservable Inputs (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
 
 
Balance at beginning of year
$ 624.7 
$ 650.8 
Actual return on plan assets held at reporting date:
 
 
Plan participant contributions
0.2 
0.2 
Currency impact
(47.1)
(27.3)
Balance at end of year
626.3 
624.7 
Level 3
 
 
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward]
 
 
Balance at beginning of year
130.2 
151.1 
Actual return on plan assets held at reporting date:
 
 
Assets still held at reporting date
10.6 
7.1 
Plan participant contributions
Net purchases (settlements)
(6.1)
Transfers
(3.4)
Currency impact
(9.3)
(24.6)
Balance at end of year
$ 125.4 
$ 130.2 
Post Retirement Benefit Plans - Amounts Recognized in Consolidated Balance Sheets (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Unrecognized net actuarial loss
$ 202.5 
$ 192.1 
 
Unrecognized prior service cost
(2.7)
(3.5)
 
Unrecognized initial net obligation
 
Accumulated other comprehensive loss (Pre-tax)
199.8 
188.6 
198.8 
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
Prepaid benefit cost
22.2 
26.7 
 
Accrued benefit liability
(179.7)
(167.8)
 
Accumulated other comprehensive loss
199.8 
188.6 
198.8 
Net amount recognized
42.3 
47.5 
 
United States
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Unrecognized net actuarial loss
145.4 
126.6 
 
Unrecognized prior service cost
(1.2)
(1.8)
 
Unrecognized initial net obligation
 
Accumulated other comprehensive loss (Pre-tax)
144.2 
124.8 
 
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
Prepaid benefit cost
 
Accrued benefit liability
(137.7)
(121.0)
 
Accumulated other comprehensive loss
144.2 
124.8 
 
Net amount recognized
6.5 
3.8 
 
Non-United States |
Germany
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Unrecognized net actuarial loss
18.4 
15.9 
 
Unrecognized prior service cost
 
 
Unrecognized initial net obligation
 
Accumulated other comprehensive loss (Pre-tax)
18.4 
15.9 
 
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
Prepaid benefit cost
 
Accrued benefit liability
(41.8)
(38.6)
 
Accumulated other comprehensive loss
18.4 
15.9 
 
Net amount recognized
(23.4)
(22.7)
 
Non-United States |
United Kingdom
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Unrecognized net actuarial loss
36.4 
32.9 
 
Unrecognized prior service cost
 
 
Unrecognized initial net obligation
 
Accumulated other comprehensive loss (Pre-tax)
36.4 
32.9 
 
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
Prepaid benefit cost
13.7 
24.4 
 
Accrued benefit liability
 
Accumulated other comprehensive loss
36.4 
32.9 
 
Net amount recognized
50.1 
57.3 
 
Non-United States |
Netherlands
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Unrecognized net actuarial loss
(0.1)
14.9 
 
Unrecognized prior service cost
(1.5)
(1.7)
 
Unrecognized initial net obligation
 
Accumulated other comprehensive loss (Pre-tax)
(1.6)
13.2 
 
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
Prepaid benefit cost
6.0 
 
Accrued benefit liability
(8.2)
 
Accumulated other comprehensive loss
(1.6)
13.2 
 
Net amount recognized
4.4 
5.0 
 
Non-United States |
Other International
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Unrecognized net actuarial loss
2.4 
1.8 
 
Unrecognized prior service cost
 
Unrecognized initial net obligation
 
Accumulated other comprehensive loss (Pre-tax)
2.4 
1.8 
 
Amounts recognized in the Consolidated Balance Sheets consist of:
 
 
 
Prepaid benefit cost
2.5 
2.3 
 
Accrued benefit liability
(0.2)
 
Accumulated other comprehensive loss
2.4 
1.8 
 
Net amount recognized
$ 4.7 
$ 4.1 
 
Post Retirement Benefit Plans - Changes in Accumulated Other Comprehensive (Income) or Loss (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Defined Benefit Plan, Changes in Accumulated Other Comprehensive (Income) Loss [Roll Forward]
 
 
Accumulated other comprehensive loss at beginning of year
$ 188.6 
$ 198.8 
Net transition obligation amortized during fiscal year
(0.1)
Net prior service costs amortized during fiscal year
0.2 
(0.1)
Net loss amortized during fiscal year
(11.4)
(14.2)
Prior service cost recognized during fiscal year due to curtailment
(0.3)
Transition obligation recognized during fiscal year due to curtailment
(0.2)
Loss recognized during fiscal year due to settlement
(0.1)
(0.1)
Prior service credit occurring during fiscal year
0.5 
(3.2)
Liability loss occurring during fiscal year
69.8 
8.4 
Asset loss (gain) occurring during fiscal year
(39.4)
7.5 
Increase (decrease) in accumulated other comprehensive loss
19.6 
(2.3)
Foreign currency impact
(8.4)
(7.9)
Accumulated other comprehensive loss at current fiscal year end
$ 199.8 
$ 188.6 
Post Retirement Benefit Plans - Actuarial Assumptions Used for the Measurement of Benefit Obligations and Pension Costs (Detail)
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Actuarial assumptions used to measure the year-end benefit obligations and the pension costs
3.08% 
3.71% 
3.69% 
United States
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Actuarial assumptions used to measure the year-end benefit obligations and the pension costs
3.79% 
4.37% 
4.22% 
Postretirement Health Care and Life Insurance Benefits
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Actuarial assumptions used to measure the year-end benefit obligations and the pension costs
4.10% 
4.65% 
 
Postretirement Health Care and Life Insurance Benefits |
United States
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Actuarial assumptions used to measure the year-end benefit obligations and the pension costs
3.38% 
3.88% 
 
Postretirement Health Care and Life Insurance Benefits |
South Africa
 
 
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
 
 
Actuarial assumptions used to measure the year-end benefit obligations and the pension costs
9.50% 
9.20% 
 
Post Retirement Benefit Plans - Components of Net Periodic Cost for Postretirement Benefits (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
$ 12.4 
$ 15.5 
$ 15.7 
Interest cost
22.0 
27.6 
29.6 
Amortization of prior service cost
(0.2)
0.1 
0.2 
Net periodic pension (benefit) cost
13.6 
25.3 
22.0 
Other Postretirement Benefit Plans, Defined Benefit
 
 
 
Defined Benefit Plan Disclosure [Line Items]
 
 
 
Service cost
Interest cost
0.5 
0.7 
0.8 
Amortization of prior service cost
(1.5)
(1.5)
(1.6)
Recognized net actuarial gain
(0.1)
(0.1)
Net periodic pension (benefit) cost
$ (1.1)
$ (0.9)
$ (0.8)
Post Retirement Benefit Plans - Schedule of Plan's Change in Benefit Obligation (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligation at beginning of year
$ 765.8 
$ 786.9 
 
Service cost
(12.4)
(15.5)
(15.7)
Interest cost
22.0 
27.6 
29.6 
Actuarial loss
(70.1)
(15.7)
 
Foreign currency effect
43.4 
33.7 
 
Benefits paid
(39.8)
(33.0)
 
Benefit obligation at end of year
783.8 
765.8 
786.9 
Other Postretirement Benefit Plans, Defined Benefit
 
 
 
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]
 
 
 
Benefit obligation at beginning of year
14.9 
17.3 
 
Service cost
Interest cost
0.5 
0.7 
0.8 
Actuarial loss
(0.6)
(1.0)
 
Foreign currency effect
(0.1)
(0.6)
 
Benefits paid
(1.1)
(1.5)
 
Benefit obligation at end of year
$ 13.6 
$ 14.9 
$ 17.3 
Post Retirement Benefit Plans - Schedule of Other Comprehensive Income Included in Financial Statement (Detail) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Compensation and Retirement Disclosure [Abstract]
 
 
Unrecognized net actuarial gain
$ (2.2)
$ 1.6 
Unrecognized prior service credit
(4.3)
5.8 
Accumulated other comprehensive income
$ (6.5)
$ 7.4 
Post Retirement Benefit Plans - Summary of Healthcare Cost Trend Rates on Gross Eligible Charges (Detail) (Pension Plans, Defined Benefit)
12 Months Ended
Oct. 31, 2016
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
Current trend rate
7.20% 
Ultimate trend rate
5.00% 
South Africa
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
Year ultimate trend rate reached
2018 
United States
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
Year ultimate trend rate reached
2026 
Post Retirement Benefit Plans - Effect of One-Percentage Point Change In Assumed Health Care Cost Trend Rates (Detail) (Pension Plans, Defined Benefit, USD $)
In Thousands, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Pension Plans, Defined Benefit
 
Pension Plans, Postretirement and Other Employee Benefits [Line Items]
 
1-Percentage-Point, Effect on total of service and interest cost components
$ 27 
1-Percentage-Point, Effect on postretirement benefit obligation
304 
1-Percentage-Point, Effect on total of service and interest cost components
(23)
1-Percentage-Point, Effect on postretirement benefit obligation
$ (261)
Contingent Liabilities and Environmental Reserves - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Site Contingency [Line Items]
 
 
Environmental liability reserves
$ 6.8 
$ 8.2 
European Drum Facilities
 
 
Site Contingency [Line Items]
 
 
Environmental liability reserves
3.9 
4.3 
Life Cycle Management and Recycling Facilities
 
 
Site Contingency [Line Items]
 
 
Environmental liability reserves
0.3 
2.0 
Sites Owned by Others
 
 
Site Contingency [Line Items]
 
 
Environmental liability reserves
1.7 
0.8 
Other Facilities
 
 
Site Contingency [Line Items]
 
 
Environmental liability reserves
0.9 
1.1 
Decrease in environmental reserve due to the divestment of subsidiary
$ 1.4 
 
Earnings Per Share - Additional Information (Detail)
12 Months Ended 36 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Oct. 31, 2016
Class of Stock [Line Items]
 
 
 
 
Number of shares authorized to be purchased (shares)
4,000,000 
 
 
4,000,000 
Repurchase of common stock (shares)
 
 
 
Shares repurchased of common stock (shares)
3,294,513 
 
 
3,294,513 
Antidilutive stock option (shares)
 
Class A Common Stock
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
Percentage of shares outstanding used in two class method calculation
40.00% 
 
 
 
Voting rights
The Class A Common Stock has no voting rights unless four quarterly cumulative dividends upon the Class A Common Stock are in arrears. 
 
 
 
Shares repurchased of common stock (shares)
1,425,452 
 
 
1,425,452 
Class B Common Stock
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
Percentage of shares outstanding used in two class method calculation
60.00% 
 
 
 
Voting rights
The Class B Common Stock has full voting rights. 
 
 
 
Number of shares authorized to be purchased (shares)
110,241 
 
 
110,241 
Shares repurchased of common stock (shares)
1,869,061 
 
 
1,869,061 
Earnings Per Share - Computation of Class Based Basic and Diluted Earnings Per Share (Detail)
12 Months Ended
Oct. 31, 2016
Class A Common Stock
 
Class of Stock [Line Items]
 
Basic and Diluted EPS, class based
40.00% 
Class B Common Stock
 
Class of Stock [Line Items]
 
Basic and Diluted EPS, class based
60.00% 
Earnings Per Share - Computation of Earnings Per Share Basic and Diluted (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Oct. 31, 2016
Jul. 31, 2016
Apr. 30, 2016
Jan. 31, 2016
Oct. 31, 2015
Jul. 31, 2015
Apr. 30, 2015
Jan. 31, 2015
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Numerator for basic and diluted EPS
 
 
 
 
 
 
 
 
 
 
 
Net income attributable to Greif
$ 8.5 
$ 46.1 
$ 31.4 
$ (11.1)
$ 12.4 
$ 8.6 
$ 20.8 
$ 30.1 
$ 74.9 
$ 71.9 
$ 91.5 
Cash dividends
 
 
 
 
 
 
 
 
98.7 
98.7 
98.6 
Undistributed net loss attributable to Greif, Inc.
 
 
 
 
 
 
 
 
$ (23.8)
$ (26.8)
$ (7.1)
Class A Common Stock
 
 
 
 
 
 
 
 
 
 
 
Denominator for basic EPS
 
 
 
 
 
 
 
 
 
 
 
Denominator for basic EPS (shares)
25,781,791 
25,781,146 
25,761,733 
25,697,512 
25,693,564 
25,692,973 
25,678,393 
25,607,886 
25,800,000 
25,700,000 
25,547,650 
Denominator for diluted EPS
 
 
 
 
 
 
 
 
 
 
 
Denominator for diluted EPS (shares)
25,785,266 
25,783,184 
25,766,609 
25,704,023 
25,701,264 
25,698,547 
25,688,653 
25,617,814 
25,756,893 
25,674,105 
25,552,986 
EPS Basic
 
 
 
 
 
 
 
 
 
 
 
EPS Basic (usd per share)
$ 0.14 
$ 0.78 
$ 0.53 
$ (0.19)
$ 0.21 
$ 0.15 
$ 0.35 
$ 0.52 
$ 1.28 
$ 1.23 
$ 1.56 
EPS Diluted
 
 
 
 
 
 
 
 
 
 
 
EPS Diluted (usd per share)
$ 0.14 
$ 0.78 
$ 0.53 
$ (0.19)
$ 0.21 
$ 0.15 
$ 0.35 
$ 0.52 
$ 1.28 
$ 1.23 
$ 1.56 
Class B Common Stock
 
 
 
 
 
 
 
 
 
 
 
Denominator for basic EPS
 
 
 
 
 
 
 
 
 
 
 
Denominator for basic EPS (shares)
22,009,725 
22,009,725 
22,108,942 
22,119,966 
22,119,966 
22,119,966 
22,119,966 
22,119,966 
22,100,000 
22,100,000 
22,100,000 
Denominator for diluted EPS
 
 
 
 
 
 
 
 
 
 
 
Denominator for diluted EPS (shares)
22,009,725 
22,009,725 
22,108,942 
22,119,966 
22,119,966 
22,119,966 
22,119,966 
22,119,966 
22,100,000 
22,100,000 
22,100,000 
EPS Basic
 
 
 
 
 
 
 
 
 
 
 
EPS Basic (usd per share)
$ 0.22 
$ 1.18 
$ 0.80 
$ (0.29)
$ 0.32 
$ 0.22 
$ 0.53 
$ 0.76 
$ 1.90 
$ 1.83 
$ 2.33 
EPS Diluted
 
 
 
 
 
 
 
 
 
 
 
EPS Diluted (usd per share)
$ 0.22 
$ 1.18 
$ 0.80 
$ (0.29)
$ 0.32 
$ 0.22 
$ 0.53 
$ 0.76 
$ 1.90 
$ 1.83 
$ 2.33 
Earnings Per Share - Summarization of Company's Class A and Class B Common and Treasury Shares (Detail)
Oct. 31, 2016
Oct. 31, 2015
Class A Common Stock
 
 
Class of Stock [Line Items]
 
 
Common stock shares authorized (shares)
128,000,000 
128,000,000 
Issued Shares
42,281,920 
42,281,920 
Outstanding Shares
25,781,791 
25,693,564 
Treasury Shares
16,500,129 
16,588,356 
Class B Common Stock
 
 
Class of Stock [Line Items]
 
 
Common stock shares authorized (shares)
69,120,000 
69,120,000 
Issued Shares
34,560,000 
34,560,000 
Outstanding Shares
22,009,725 
22,119,966 
Treasury Shares
12,550,275 
12,440,034 
Earnings Per Share - Reconciliation of Shares Used to Calculate Basic and Diluted Earnings Per Share (Detail)
3 Months Ended 12 Months Ended
Oct. 31, 2016
Jul. 31, 2016
Apr. 30, 2016
Jan. 31, 2016
Oct. 31, 2015
Jul. 31, 2015
Apr. 30, 2015
Jan. 31, 2015
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Class A Common Stock
 
 
 
 
 
 
 
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Basic (shares)
25,781,791 
25,781,146 
25,761,733 
25,697,512 
25,693,564 
25,692,973 
25,678,393 
25,607,886 
25,800,000 
25,700,000 
25,547,650 
Assumed conversion of stock options (shares)
 
 
 
 
 
 
 
 
1,348 
5,901 
5,336 
Diluted (shares)
25,785,266 
25,783,184 
25,766,609 
25,704,023 
25,701,264 
25,698,547 
25,688,653 
25,617,814 
25,756,893 
25,674,105 
25,552,986 
Class B Common Stock
 
 
 
 
 
 
 
 
 
 
 
Class of Stock [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Basic (shares)
22,009,725 
22,009,725 
22,108,942 
22,119,966 
22,119,966 
22,119,966 
22,119,966 
22,119,966 
22,100,000 
22,100,000 
22,100,000 
Diluted (shares)
22,009,725 
22,009,725 
22,108,942 
22,119,966 
22,119,966 
22,119,966 
22,119,966 
22,119,966 
22,100,000 
22,100,000 
22,100,000 
Basic and diluted shares
 
 
 
 
 
 
 
 
22,062,089 
22,119,966 
22,119,966 
Equity Earnings of Unconsolidated Affiliates, Net of Tax and Net Income (Loss) Attributable to Noncontrolling Interests - Additional Information (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Affiliates
Oct. 31, 2015
Oct. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]
 
 
 
Percentage of investments in affiliates in which company have non controlling interest
20.00% 
 
 
Number of affiliates in which company has equity interest
 
 
Equity earnings of affiliates
$ 0.8 
$ 0.8 
$ 1.9 
Dividends received from company's equity method affiliates
0.4 
0.2 
0.2 
Net (income) loss attributable to noncontrolling interests
$ (0.6)
$ 4.7 
$ 46.6 
Leases - Company's Minimum Rent Commitments Under Operating and Capital Leases (Detail) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Operating Leases
 
2017
$ 37.4 
2018
28.9 
2019
23.9 
2020
17.4 
2021
9.7 
Thereafter
34.9 
Total
152.2 
Capital Leases
 
2017
0.1 
2018
2019
2020
2021
Thereafter
Total
$ 0.1 
Business Segment Information - Additional Information (Detail)
12 Months Ended
Oct. 31, 2016
acre
Segment
Segment Reporting Information [Line Items]
 
Number of operating segments (segment)
Number of reportable business segment (segment)
Measurement area of timber properties in the south eastern United States which are actively managed in acres (acre)
244,548 
Rigid Industrial Packaging & Services
 
Segment Reporting Information [Line Items]
 
Number of operating segments (segment)
Business Segment Information - Segment Information (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Oct. 31, 2016
Jul. 31, 2016
Apr. 30, 2016
Jan. 31, 2016
Oct. 31, 2015
Jul. 31, 2015
Apr. 30, 2015
Jan. 31, 2015
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Total net sales
$ 867.6 
$ 845.0 
$ 839.6 
$ 771.4 
$ 868.5 
$ 930.0 
$ 915.9 
$ 902.3 
$ 3,323.6 
$ 3,616.7 
$ 4,239.1 
Operating profit (loss):
 
 
 
 
 
 
 
 
 
 
 
Total operating profit (loss)
 
 
 
 
 
 
 
 
225.6 
192.8 
249.3 
Depreciation, depletion and amortization expense:
 
 
 
 
 
 
 
 
 
 
 
Total depreciation, depletion and amortization expense
 
 
 
 
 
 
 
 
127.7 
134.6 
155.8 
Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
Total capital expenditures
 
 
 
 
 
 
 
 
101.1 
141.3 
194.7 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Total assets
3,153.0 
 
 
 
3,315.7 
 
 
 
3,153.0 
3,315.7 
3,667.4 
Rigid Industrial Packaging & Services
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
2,324.2 
2,586.4 
3,077.0 
Operating profit (loss):
 
 
 
 
 
 
 
 
 
 
 
Total operating profit (loss)
 
 
 
 
 
 
 
 
143.9 
86.4 
170.1 
Depreciation, depletion and amortization expense:
 
 
 
 
 
 
 
 
 
 
 
Total depreciation, depletion and amortization expense
 
 
 
 
 
 
 
 
84.6 
94.0 
108.4 
Paper Packaging & Services
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
687.1 
676.1 
706.8 
Operating profit (loss):
 
 
 
 
 
 
 
 
 
 
 
Total operating profit (loss)
 
 
 
 
 
 
 
 
89.1 
109.3 
125.8 
Depreciation, depletion and amortization expense:
 
 
 
 
 
 
 
 
 
 
 
Total depreciation, depletion and amortization expense
 
 
 
 
 
 
 
 
31.6 
28.7 
29.8 
Flexible Products & Services
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
288.1 
322.6 
425.8 
Operating profit (loss):
 
 
 
 
 
 
 
 
 
 
 
Total operating profit (loss)
 
 
 
 
 
 
 
 
(15.5)
(36.6)
(78.6)
Depreciation, depletion and amortization expense:
 
 
 
 
 
 
 
 
 
 
 
Total depreciation, depletion and amortization expense
 
 
 
 
 
 
 
 
7.7 
8.6 
13.3 
Land Management
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
24.2 
31.6 
29.5 
Operating profit (loss):
 
 
 
 
 
 
 
 
 
 
 
Total operating profit (loss)
 
 
 
 
 
 
 
 
8.1 
33.7 
32.0 
Depreciation, depletion and amortization expense:
 
 
 
 
 
 
 
 
 
 
 
Total depreciation, depletion and amortization expense
 
 
 
 
 
 
 
 
3.8 
3.3 
4.3 
Operating Segments
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
Total capital expenditures
 
 
 
 
 
 
 
 
84.9 
130.6 
177.6 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Total assets
2,866.6 
 
 
 
3,009.5 
 
 
 
2,866.6 
3,009.5 
3,312.4 
Operating Segments |
Rigid Industrial Packaging & Services
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
Total capital expenditures
 
 
 
 
 
 
 
 
53.9 
69.4 
73.8 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Total assets
1,930.8 
 
 
 
2,043.3 
 
 
 
1,930.8 
2,043.3 
2,334.1 
Operating Segments |
Paper Packaging & Services
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
Total capital expenditures
 
 
 
 
 
 
 
 
27.2 
56.4 
38.9 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Total assets
439.8 
 
 
 
444.0 
 
 
 
439.8 
444.0 
408.3 
Operating Segments |
Flexible Products & Services
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
Total capital expenditures
 
 
 
 
 
 
 
 
3.2 
3.2 
4.9 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Total assets
156.1 
 
 
 
187.0 
 
 
 
156.1 
187.0 
251.0 
Operating Segments |
Land Management
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
Total capital expenditures
 
 
 
 
 
 
 
 
0.6 
1.6 
60.0 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Total assets
339.9 
 
 
 
335.2 
 
 
 
339.9 
335.2 
319.0 
Corporate and Other
 
 
 
 
 
 
 
 
 
 
 
Capital Expenditures
 
 
 
 
 
 
 
 
 
 
 
Total capital expenditures
 
 
 
 
 
 
 
 
16.2 
10.7 
17.1 
Assets:
 
 
 
 
 
 
 
 
 
 
 
Total assets
$ 286.4 
 
 
 
$ 306.2 
 
 
 
$ 286.4 
$ 306.2 
$ 355.0 
Business Segment Information - Net Sales to External Customers by Geographical Area (Detail) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Oct. 31, 2016
Jul. 31, 2016
Apr. 30, 2016
Jan. 31, 2016
Oct. 31, 2015
Jul. 31, 2015
Apr. 30, 2015
Jan. 31, 2015
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Total net sales
$ 867.6 
$ 845.0 
$ 839.6 
$ 771.4 
$ 868.5 
$ 930.0 
$ 915.9 
$ 902.3 
$ 3,323.6 
$ 3,616.7 
$ 4,239.1 
United States
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
1,610.8 
1,688.3 
1,905.8 
Europe, Middle East, and Africa
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
1,208.4 
1,287.2 
1,596.2 
Asia Pacific and other Americas
 
 
 
 
 
 
 
 
 
 
 
Net sales:
 
 
 
 
 
 
 
 
 
 
 
Total net sales
 
 
 
 
 
 
 
 
$ 504.4 
$ 641.2 
$ 737.1 
Business Segment Information - Properties, Plants and Equipment, Net by Geographical Area (Detail) (USD $)
In Millions, unless otherwise specified
Oct. 31, 2016
Oct. 31, 2015
Properties, plants and equipment, net
 
 
Total properties, plants and equipment, net
$ 1,163.9 
$ 1,217.7 
United States
 
 
Properties, plants and equipment, net
 
 
Total properties, plants and equipment, net
723.3 
734.1 
Europe, Middle East, and Africa
 
 
Properties, plants and equipment, net
 
 
Total properties, plants and equipment, net
300.5 
335.4 
Asia Pacific and other Americas
 
 
Properties, plants and equipment, net
 
 
Total properties, plants and equipment, net
$ 140.1 
$ 148.2 
Comprehensive (Loss) Income - Schedule of Accumulated Other Comprehensive Income Loss (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Oct. 31, 2016
Foreign Currency Translation
Oct. 31, 2015
Foreign Currency Translation
Oct. 31, 2015
Cash Flow Hedges
Oct. 31, 2016
Minimum Pension Liability Adjustment
Oct. 31, 2015
Minimum Pension Liability Adjustment
Oct. 31, 2016
Accumulated Other Comprehensive Income (Loss)
Oct. 31, 2015
Accumulated Other Comprehensive Income (Loss)
Oct. 31, 2013
Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
Beginning balance, value
$ 1,059.9 
$ 1,223.2 
$ 1,379.9 
$ (256.6)
$ (144.5)
$ (0.1)
$ (120.8)
$ (129.8)
$ (377.4)
$ (274.4)
$ (152.6)
Other Comprehensive Loss Before Reclassifications
 
 
 
(13.6)
(112.1)
(7.4)
9.0 
(21.0)
(103.1)
 
Amounts reclassified from Accumulated Other Comprehensive Loss
 
 
 
 
0.1 
 
 
0.1 
 
Other comprehensive income (loss), net of tax
(25.0)
(121.8)
(121.1)
 
(112.1)
0.1 
 
9.0 
 
(103.0)
 
Ending balance, value
$ 957.9 
$ 1,059.9 
$ 1,223.2 
$ (270.2)
$ (256.6)
$ 0 
$ (128.2)
$ (120.8)
$ (398.4)
$ (377.4)
$ (152.6)
Quarterly Financial Data (Unaudited) - Quarterly Results of Operations (Detail) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Oct. 31, 2016
Jul. 31, 2016
Apr. 30, 2016
Jan. 31, 2016
Oct. 31, 2015
Jul. 31, 2015
Apr. 30, 2015
Jan. 31, 2015
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Quarterly Results Of Operations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Net sales
$ 867.6 
$ 845.0 
$ 839.6 
$ 771.4 
$ 868.5 
$ 930.0 
$ 915.9 
$ 902.3 
$ 3,323.6 
$ 3,616.7 
$ 4,239.1 
Gross profit
183.4 
176.5 
173.7 
151.3 
168.0 
166.8 
181.1 
153.9 
684.9 
669.8 
811.0 
Net income (loss)
6.5 
46.4 
32.5 
(9.9)
9.2 
9.3 
20.5 
28.2 
75.5 
67.2 
44.9 
Net income attributable to Greif, Inc.
8.5 
46.1 
31.4 
(11.1)
12.4 
8.6 
20.8 
30.1 
74.9 
71.9 
91.5 
Diluted:
 
 
 
 
 
 
 
 
 
 
 
Restructuring charges
9.0 
 
 
 
13.3 
 
 
 
26.9 
40.0 
16.1 
Asset impairment charges
6.5 
 
 
 
23.6 
 
 
 
51.4 
45.9 
85.8 
Gain (loss) on disposals of properties, plants and equipment, net
0.8 
 
 
 
(2.3)
 
 
 
10.3 
7.0 
8.3 
Gain (loss) on disposal of businesses, net
$ (18.6)
 
 
 
$ (0.7)
 
 
 
$ (14.5)
$ (9.2)
$ 11.5 
Class A Common Stock
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share attributable to Greif, Inc.:
 
 
 
 
 
 
 
 
 
 
 
EPS Basic (usd per share)
$ 0.14 
$ 0.78 
$ 0.53 
$ (0.19)
$ 0.21 
$ 0.15 
$ 0.35 
$ 0.52 
$ 1.28 
$ 1.23 
$ 1.56 
Diluted earnings per share attributed to Greif, Inc.:
 
 
 
 
 
 
 
 
 
 
 
EPS Diluted (usd per share)
$ 0.14 
$ 0.78 
$ 0.53 
$ (0.19)
$ 0.21 
$ 0.15 
$ 0.35 
$ 0.52 
$ 1.28 
$ 1.23 
$ 1.56 
Basic:
 
 
 
 
 
 
 
 
 
 
 
Basic (shares)
25,781,791 
25,781,146 
25,761,733 
25,697,512 
25,693,564 
25,692,973 
25,678,393 
25,607,886 
25,800,000 
25,700,000 
25,547,650 
Diluted:
 
 
 
 
 
 
 
 
 
 
 
Diluted (shares)
25,785,266 
25,783,184 
25,766,609 
25,704,023 
25,701,264 
25,698,547 
25,688,653 
25,617,814 
25,756,893 
25,674,105 
25,552,986 
Market price of common stock (usd per share)
$ 46.86 
$ 39.77 
$ 34.02 
$ 25.51 
$ 32.33 
$ 30.20 
$ 39.29 
$ 36.43 
 
 
 
Class B Common Stock
 
 
 
 
 
 
 
 
 
 
 
Basic earnings per share attributable to Greif, Inc.:
 
 
 
 
 
 
 
 
 
 
 
EPS Basic (usd per share)
$ 0.22 
$ 1.18 
$ 0.80 
$ (0.29)
$ 0.32 
$ 0.22 
$ 0.53 
$ 0.76 
$ 1.90 
$ 1.83 
$ 2.33 
Diluted earnings per share attributed to Greif, Inc.:
 
 
 
 
 
 
 
 
 
 
 
EPS Diluted (usd per share)
$ 0.22 
$ 1.18 
$ 0.80 
$ (0.29)
$ 0.32 
$ 0.22 
$ 0.53 
$ 0.76 
$ 1.90 
$ 1.83 
$ 2.33 
Basic:
 
 
 
 
 
 
 
 
 
 
 
Basic (shares)
22,009,725 
22,009,725 
22,108,942 
22,119,966 
22,119,966 
22,119,966 
22,119,966 
22,119,966 
22,100,000 
22,100,000 
22,100,000 
Diluted:
 
 
 
 
 
 
 
 
 
 
 
Diluted (shares)
22,009,725 
22,009,725 
22,108,942 
22,119,966 
22,119,966 
22,119,966 
22,119,966 
22,119,966 
22,100,000 
22,100,000 
22,100,000 
Market price of common stock (usd per share)
$ 58.25 
$ 52.41 
$ 45.07 
$ 35.11 
$ 37.98 
$ 37.13 
$ 45.89 
$ 41.47 
 
 
 
Maximum |
Class A Common Stock
 
 
 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
 
 
 
 
Market price of common stock (usd per share)
$ 49.59 
$ 40.09 
$ 35.56 
$ 33.77 
$ 35.97 
$ 41.65 
$ 41.97 
$ 45.94 
 
 
 
Maximum |
Class B Common Stock
 
 
 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
 
 
 
 
Market price of common stock (usd per share)
$ 60.98 
$ 55.48 
$ 47.38 
$ 45.80 
$ 47.97 
$ 47.80 
$ 45.89 
$ 47.39 
 
 
 
Minimum |
Class A Common Stock
 
 
 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
 
 
 
 
Market price of common stock (usd per share)
$ 38.92 
$ 32.96 
$ 23.17 
$ 24.05 
$ 27.13 
$ 29.43 
$ 34.52 
$ 36.43 
 
 
 
Minimum |
Class B Common Stock
 
 
 
 
 
 
 
 
 
 
 
Diluted:
 
 
 
 
 
 
 
 
 
 
 
Market price of common stock (usd per share)
$ 50.26 
$ 44.38 
$ 32.91 
$ 34.48 
$ 33.42 
$ 36.59 
$ 40.40 
$ 41.47 
 
 
 
Quarterly Financial Data (Unaudited) - Additional Information (Detail) (Subsequent Event)
0 Months Ended
Dec. 16, 2016
Shareholder
Class A Common Stock
 
Number of stockholders (shareholder)
303 
Class B Common Stock
 
Number of stockholders (shareholder)
84 
Redeemable Noncontrolling Interests (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Jul. 31, 2016
Oct. 31, 2016
Oct. 31, 2016
Paper Packaging And Services
joint_venture
Oct. 31, 2016
Rigid Industrial Packaging & Services
joint_venture
Oct. 31, 2016
Container Life Cycle Management LLC
Apr. 30, 2016
Container Life Cycle Management LLC
Oct. 31, 2016
Container Life Cycle Management LLC
Other Long Term Liabilities
Noncontrolling Interest [Line Items]
 
 
 
 
 
 
 
Redemption value
 
 
 
 
$ 0.8 
$ 0.8 
$ 9.0 
Number of joint ventures (joint venture)
 
 
 
 
 
Redemption price
$ 5.5 
$ 5.5 
 
 
 
 
 
Redeemable Noncontrolling Interests - Mandatorily Redeemable Noncontrolling Interest (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Apr. 30, 2016
Redeemable Noncontrolling Interest, Equity [Roll Forward]
 
 
Redeemable noncontrolling interests, beginning balance
$ 0 
 
Reclassification of book value of noncontrolling interest
12.4 
 
Redeemable noncontrolling interests, ending balance
31.8 
 
Out Of Period
 
 
Redeemable Noncontrolling Interest, Equity [Roll Forward]
 
 
Mark to redemption value
(19.8)
 
Current Period
 
 
Redeemable Noncontrolling Interest, Equity [Roll Forward]
 
 
Mark to redemption value
(2.1)
 
Container Life Cycle Management LLC
 
 
Redeemable Noncontrolling Interest, Equity [Roll Forward]
 
 
Redeemable noncontrolling interests, beginning balance
 
Reclassification of book value of noncontrolling interest
10.4 
 
Repurchase of redeemable shareholder interest
(0.8)
(0.8)
Redeemable noncontrolling interests, ending balance
9.0 
 
Container Life Cycle Management LLC |
Out Of Period
 
 
Redeemable Noncontrolling Interest, Equity [Roll Forward]
 
 
Out-of period reversal of cumulative income allocated to noncontrolling interest
(1.2)
 
Mark to redemption value
0.1 
 
Container Life Cycle Management LLC |
Current Period
 
 
Redeemable Noncontrolling Interest, Equity [Roll Forward]
 
 
Mark to redemption value
$ 0.5 
 
Redeemable Noncontrolling Interests - Redeemable Noncontrolling Interest (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Jul. 31, 2016
Oct. 31, 2016
Redeemable Noncontrolling Interest, Equity [Roll Forward]
 
 
Redeemable noncontrolling interests, beginning balance
 
$ 0 
Reclassification of book value of noncontrolling interest
 
12.4 
Repurchase of redeemable shareholder interest
(5.5)
(5.5)
Redeemable Noncontrolling Interest share of Income/(Loss) and other
 
4.8 
Contributions from /(Dividends to) redeemable noncontrolling interest and other
 
(1.8)
Redeemable noncontrolling interests, ending balance
 
31.8 
Out Of Period
 
 
Redeemable Noncontrolling Interest, Equity [Roll Forward]
 
 
Mark to redemption value
 
19.8 
Current Period
 
 
Redeemable Noncontrolling Interest, Equity [Roll Forward]
 
 
Mark to redemption value
 
$ 2.1 
Subsequent Events (Details) (Interest Rate Swap, USD $)
Dec. 31, 2014
Nov. 1, 2016
Cash Flow Hedging
Subsequent Event
Subsequent Event [Line Items]
 
 
Notional amount
$ 150,000,000 
$ 300,000,000 
Schedule II - Consolidated Valuation and Qualifying Accounts and Reserves (Detail) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Oct. 31, 2016
Oct. 31, 2015
Oct. 31, 2014
Allowance for doubtful accounts
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Balance at Beginning of Period
$ 11.8 
$ 16.8 
$ 13.5 
Charged to Costs and Expenses
1.7 
0.2 
7.5 
Charged to Other Accounts
(4.2)
(3.7)
(4.2)
Deductions
(0.5)
(1.5)
Balance at End of Period
8.8 
11.8 
16.8 
Environmental reserves
 
 
 
Movement in Valuation Allowances and Reserves [Roll Forward]
 
 
 
Balance at Beginning of Period
8.2 
24.7 
26.8 
Charged to Costs and Expenses
1.1 
1.7 
0.7 
Charged to Other Accounts
(2.5)
(16.8)
(2.0)
Deductions
(1.4)
(0.8)
Balance at End of Period
$ 6.8 
$ 8.2 
$ 24.7