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QUARTERLY FINANCIAL DATA | 12 Months Ended
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Oct. 31, 2012
QUARTERLY FINANCIAL DATA | NOTE 18 – QUARTERLY FINANCIAL DATA (UNAUDITED) As explained in Note 19, the Company identified several financial statement errors during the quarters ended July 31, 2012 and October 31, 2012 and corrected these errors in all the prior periods presented by restating the consolidated financial statements and other financial information included herein. The quarterly results of operations shown below present restated amounts by quarter. Below the quarterly financial data is the quarterly detail of the impact of the restatement on the consolidated statements of income, balance sheets, and statements of cash flows for the first three quarters of 2012 and 2011. The restatement did not impact the 2011 quarterly subtotal of cash flows from operating activities, cash flows from investing activities and cash flows from financing activities and therefore the quarterly restated statements of cash flows for 2011 are not provided below. The quarterly results of operations for 2012 and 2011 are shown below (Dollars in millions, except per share amounts):
2012 |  | January 31 |  |  | April 30 |  |  | July 31 |  |  | October 31 |
Net sales |  | $ | 992.8 |  |  | $ | 1,098.2 |  |  | $ | 1,102.9 |  |  | $ | 1,075.6 |
Gross profit |  | $ | 177.4 |  |  | $ | 205.5 |  |  | $ | 202.2 |  |  | $ | 194.6 |
Net income(1) |  | $ | 22.8 |  |  | $ | 39.2 |  |  | $ | 40.0 |  |  | $ | 29.6 |
Net income attributable to Greif, Inc.(1) |  | $ | 21.7 |  |  | $ | 39.4 |  |  | $ | 38.5 |  |  | $ | 26.5 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.38 |  |  | $ | 0.68 |  |  | $ | 0.66 |  |  | $ | 0.45 |
Class B Common Stock |  | $ | 0.55 |  |  | $ | 1.01 |  |  | $ | 0.99 |  |  | $ | 0.68 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.38 |  |  | $ | 0.67 |  |  | $ | 0.66 |  |  | $ | 0.45 |
Class B Common Stock |  | $ | 0.55 |  |  | $ | 1.01 |  |  | $ | 0.99 |  |  | $ | 0.68 |
Earnings per share w ere calculated using the follow ing number of shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 25,052,868 |  |  |  | 25,149,691 |  |  |  | 25,177,924 |  |  |  | 25,270,259 |
Class B Common Stock |  |  | 22,120,966 |  |  |  | 22,120,666 |  |  |  | 22,119,966 |  |  |  | 22,119,966 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 25,194,245 |  |  |  | 25,291,095 |  |  |  | 25,272,849 |  |  |  | 25,352,754 |
Class B Common Stock |  |  | 22,120,966 |  |  |  | 22,120,666 |  |  |  | 22,119,966 |  |  |  | 22,119,966 |
Market price (Class A Common Stock): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High |  | $ | 49.99 |  |  | $ | 56.88 |  |  | $ | 54.90 |  |  | $ | 47.38 |
Low |  | $ | 41.74 |  |  | $ | 48.02 |  |  | $ | 38.78 |  |  | $ | 39.98 |
Close |  | $ | 48.45 |  |  | $ | 53.64 |  |  | $ | 43.26 |  |  | $ | 41.96 |
Market price (Class B Common Stock): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High |  | $ | 50.39 |  |  | $ | 57.61 |  |  | $ | 55.74 |  |  | $ | 52.70 |
Low |  | $ | 42.43 |  |  | $ | 49.50 |  |  | $ | 42.15 |  |  | $ | 45.20 |
Close |  | $ | 49.50 |  |  | $ | 54.89 |  |  | $ | 50.00 |  |  | $ | 45.30 |
(1) | We recorded the following significant transactions during the fourth quarter of 2012: (i) restructuring charges of $10.5 million and (ii) acquisition-related charges of $3.2 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends.
2011 |  | January 31 |  |  | April 30 |  |  | July 31 |  |  | October 31 |
Net sales |  | $ | 943.9 |  |  | $ | 1,050.8 |  |  | $ | 1,121.9 |  |  | $ | 1,131.6 |
Gross profit |  | $ | 175.6 |  |  | $ | 206.9 |  |  | $ | 210.8 |  |  | $ | 205.0 |
Net income(1) |  | $ | 40.6 |  |  | $ | 50.5 |  |  | $ | 68.4 |  |  | $ | 20.9 |
Net income attributable to Greif, Inc.(1) |  | $ | 40.4 |  |  | $ | 50.3 |  |  | $ | 66.0 |  |  | $ | 20.8 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.70 |  |  | $ | 0.86 |  |  | $ | 1.13 |  |  | $ | 0.36 |
Class B Common Stock |  | $ | 1.03 |  |  | $ | 1.29 |  |  | $ | 1.69 |  |  | $ | 0.53 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.69 |  |  | $ | 0.86 |  |  | $ | 1.12 |  |  | $ | 0.36 |
Class B Common Stock |  | $ | 1.03 |  |  | $ | 1.29 |  |  | $ | 1.69 |  |  | $ | 0.53 |
Earnings per share w ere calculated using the follow ing number of shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 24,787,857 |  |  |  | 24,825,768 |  |  |  | 24,897,665 |  |  |  | 24,967,000 |
Class B Common Stock |  |  | 22,412,266 |  |  |  | 22,385,922 |  |  |  | 22,362,266 |  |  |  | 22,238,920 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 25,062,556 |  |  |  | 25,106,626 |  |  |  | 25,113,185 |  |  |  | 25,075,209 |
Class B Common Stock |  |  | 22,412,266 |  |  |  | 22,385,922 |  |  |  | 22,362,266 |  |  |  | 22,238,920 |
Market price (Class A Common Stock): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High |  | $ | 65.76 |  |  | $ | 67.02 |  |  | $ | 67.57 |  |  | $ | 61.73 |
Low |  | $ | 57.81 |  |  | $ | 60.67 |  |  | $ | 60.53 |  |  | $ | 40.77 |
Close |  | $ | 63.05 |  |  | $ | 62.10 |  |  | $ | 61.05 |  |  | $ | 44.78 |
Market price (Class B Common Stock): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High |  | $ | 63.00 |  |  | $ | 62.85 |  |  | $ | 62.50 |  |  | $ | 58.61 |
Low |  | $ | 56.75 |  |  | $ | 57.96 |  |  | $ | 57.84 |  |  | $ | 40.55 |
Close |  | $ | 60.45 |  |  | $ | 58.21 |  |  | $ | 58.33 |  |  | $ | 45.60 |
(1) | We recorded the following significant transactions during the fourth quarter of 2011: (i) restructuring charges of $19.1 million and (ii) acquisition-related charges of $5.2 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends.
Shares of the Company’s Class A Common Stock and Class B Common Stock are listed on the New York Stock Exchange where the symbols are GEF and GEF.B, respectively. As of December 14, 2012, there were 433 stockholders of record of the Class A Common Stock and 109 stockholders of record of the Class B Common Stock.
|  | Three months ended July 31, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net Sales |  | $ | 1,102.8 |  |  | $ | 0.1 |  |  | $ | 1,102.9 |
Cost of products sold |  |  | 900.3 |  |  |  | 0.4 |  |  |  | 900.7 |
Gross profit |  |  | 202.5 |  |  |  | (0.3 | ) |  |  | 202.2 |
Selling, general and administrative expenses |  |  | 115.8 |  |  |  | 0.6 |  |  |  | 116.4 |
Operating profit |  |  | 86.1 |  |  |  | (0.9 | ) |  |  | 85.2 |
Interest expense, net |  |  | 22.7 |  |  |  | (0.8 | ) |  |  | 21.9 |
Other (income) expense, net |  |  | (2.3 | ) |  |  | 0.5 |  |  |  | (1.8 | )
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 65.7 |  |  |  | (0.6 | ) |  |  | 65.1 |
Equity earnings of unconsolidated affiliates, net of tax |  |  | 0.5 |  |  |  | (1.2 | ) |  |  | (0.7 | )
Net income |  |  | 41.8 |  |  |  | (1.8 | ) |  |  | 40.0 |
Net (income) loss attibutable to noncontrolling interests |  |  | (1.1 | ) |  |  | (0.4 | ) |  |  | (1.5 | )
Net income attributable to Greif, Inc. |  |  | 40.7 |  |  |  | (2.2 | ) |  |  | 38.5 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.70 |  |  | $ | (0.04 | ) |  | $ | 0.66 |
Class B Common Stock |  | $ | 1.05 |  |  | $ | (0.06 | ) |  | $ | 0.99 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.70 |  |  | $ | (0.04 | ) |  | $ | 0.66 |
Class B Common Stock |  | $ | 1.05 |  |  | $ | (0.06 | ) |  | $ | 0.99 |
|  | July 31, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, less allowance |  | $ | 492.8 |  |  | $ | (2.3 | ) |  | $ | 490.5 |
Inventories |  |  | 398.2 |  |  |  | (5.1 | ) |  |  | 393.1 |
Net assets held for sale |  |  | 6.6 |  |  |  | 7.2 |  |  |  | 13.8 |
Prepaid expenses and other current assets |  |  | 133.3 |  |  |  | (2.4 | ) |  |  | 130.9 |
Total current assets |  |  | 1,147.5 |  |  |  | (2.6 | ) |  |  | 1,144.9 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 952.4 |  |  |  | (2.5 | ) |  |  | 949.9 |
Deferred tax assets |  |  | 64.1 |  |  |  | 4.4 |  |  |  | 68.5 |
Total long-term assets |  |  | 1,371.3 |  |  |  | 1.9 |  |  |  | 1,373.2 |
Properties, plants and equipment |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 1,375.1 |  |  |  | (8.4 | ) |  |  | 1,366.7 |
Total properties, plants and equipment, net |  |  | 1,394.9 |  |  |  | (8.4 | ) |  |  | 1,386.5 |
Total assets |  |  | 3,913.7 |  |  |  | (9.1 | ) |  |  | 3,904.6 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 461.2 |  |  |  | 0.4 |  |  |  | 461.6 |
Other current liabilities |  |  | 166.0 |  |  |  | (5.5 | ) |  |  | 160.5 |
Total current liabilities |  |  | 833.2 |  |  |  | (5.1 | ) |  |  | 828.1 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | 1,198.2 |  |  |  | 26.3 |  |  |  | 1,224.5 |
Deferred tax liabilities |  |  | 207.4 |  |  |  | (0.1 | ) |  |  | 207.3 |
Other long-term liabilities |  |  | 188.9 |  |  |  | 5.2 |  |  |  | 194.1 |
Total long-term liabilities |  |  | 1,730.8 |  |  |  | 31.4 |  |  |  | 1,762.2 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,415.9 |  |  |  | (13.5 | ) |  |  | 1,402.4 |
Foreign currency translation |  |  | (92.6 | ) |  |  | 4.5 |  |  |  | (88.1 | )
Total Greif, Inc. shareholders’ equity |  |  | 1,215.7 |  |  |  | (9.0 | ) |  |  | 1,206.7 |
Noncontrolling interests |  |  | 134.0 |  |  |  | (26.5 | ) |  |  | 107.5 |
Total shareholders’ equity |  |  | 1,349.7 |  |  |  | (35.4 | ) |  |  | 1,314.3 |
Total liabilities and shareholders’ equity |  |  | 3,913.7 |  |  |  | (9.1 | ) |  |  | 3,904.6 |
Consolidated Cash Flow for the nine months ended July 31, 2012
For the nine months ended July 31, |  | 2012 |  |  |  |  |  | 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 107.0 |  |  | $ | (5.0 | ) |  | $ | 102.0 |
Trade accounts receivable |  |  | 49.3 |  |  |  | 0.7 |  |  |  | 50.0 |
Inventories |  |  | 9.3 |  |  |  | 2.3 |  |  |  | 11.6 |
Pension and postretirement benefit liabilities |  |  | (8.1 | ) |  |  | 13.8 |  |  |  | 5.7 |
Other, net |  |  | 67.5 |  |  |  | 2.6 |  |  |  | 70.1 |
Net cash provided by operating activities |  |  | 319.9 |  |  |  | 14.4 |  |  |  | 334.3 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of properties, plants and equipment |  |  | (107.5 | ) |  |  | (18.1 | ) |  |  | (125.6 | )
Net cash used in investing activities |  |  | (114.9 | ) |  |  | (18.1 | ) |  |  | (133.0 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Contributions of JV partner |  |  | — |  |  |  | 3.7 |  |  |  | 3.7 |
Net cash provided by (used in) financing activities |  |  | (235.1 | ) |  |  | 3.7 |  |  |  | (231.4 | )
Effects of exchange rates on cash |  |  | (5.6 | ) |  |  | — |  |  |  | (5.6 | )
Net increase (decrease) in cash and cash equivalents |  |  | (35.7 | ) |  |  | — |  |  |  | (35.7 | )
Cash and cash equivalents at beginning of year |  |  | 127.4 |  |  |  | — |  |  |  | 127.4 |
Cash and cash equivalents at end of year |  | $ | 91.7 |  |  | $ | — |  |  | $ | 91.7 |
|  | Three months ended April 30, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net Sales |  | $ | 1,095.3 |  |  | $ | 2.9 |  |  | $ | 1,098.2 |
Cost of products sold |  |  | 892.2 |  |  |  | 0.5 |  |  |  | 892.7 |
Gross profit |  |  | 203.1 |  |  |  | 2.4 |  |  |  | 205.5 |
Selling, general and administrative expenses |  |  | 121.9 |  |  |  | (2.8 | ) |  |  | 119.1 |
(Gain) on disposal of properties, plants and equipment, net |  |  | (3.2 | ) |  |  | 1.2 |  |  |  | (2.0 | )
Operating profit |  |  | 74.3 |  |  |  | 4.0 |  |  |  | 78.3 |
Interest expense, net |  |  | 24.1 |  |  |  | (0.8 | ) |  |  | 23.3 |
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 47.5 |  |  |  | 4.8 |  |  |  | 52.3 |
Income tax expense |  |  | 13.3 |  |  |  | 1.8 |  |  |  | 15.1 |
Net income |  |  | 36.2 |  |  |  | 3.0 |  |  |  | 39.2 |
Net (income) loss attibutable to noncontrolling interests |  |  | 0.6 |  |  |  | (0.4 | ) |  |  | 0.2 |
Net income attributable to Greif, Inc. |  |  | 36.8 |  |  |  | 2.6 |  |  |  | 39.4 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.63 |  |  | $ | 0.05 |  |  | $ | 0.68 |
Class B Common Stock |  | $ | 0.95 |  |  | $ | 0.06 |  |  | $ | 1.01 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.63 |  |  | $ | 0.04 |  |  | $ | 0.67 |
Class B Common Stock |  | $ | 0.95 |  |  | $ | 0.06 |  |  | $ | 1.01 |
|  | April 30, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, less allowance |  | $ | 503.9 |  |  | $ | (5.3 | ) |  | $ | 498.6 |
Inventories |  |  | 385.9 |  |  |  | (5.4 | ) |  |  | 380.5 |
Net assets held for sale |  |  | 12.9 |  |  |  | (2.0 | ) |  |  | 10.9 |
Prepaid expenses and other current assets |  |  | 142.4 |  |  |  | (7.7 | ) |  |  | 134.7 |
Total current assets |  |  | 1,187.2 |  |  |  | (20.4 | ) |  |  | 1,166.8 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 973.8 |  |  |  | (2.3 | ) |  |  | 971.5 |
Deferred tax assets |  |  | 68.2 |  |  |  | 4.4 |  |  |  | 72.6 |
Total long-term assets |  |  | 1,424.5 |  |  |  | 2.1 |  |  |  | 1,426.6 |
Properties, plants and equipment |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 1,385.9 |  |  |  | (0.6 | ) |  |  | 1,385.3 |
Total properties, plants and equipment, net |  |  | 1,418.5 |  |  |  | (0.6 | ) |  |  | 1,417.9 |
Total assets |  |  | 4,030.2 |  |  |  | (18.9 | ) |  |  | 4,011.3 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 441.9 |  |  |  | 0.8 |  |  |  | 442.7 |
Other current liabilities |  |  | 148.2 |  |  |  | (4.7 | ) |  |  | 143.5 |
Total current liabilities |  |  | 802.7 |  |  |  | (3.9 | ) |  |  | 798.8 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | 1,286.0 |  |  |  | 26.3 |  |  |  | 1,312.3 |
Deferred tax liabilities |  |  | 204.2 |  |  |  | (0.1 | ) |  |  | 204.1 |
Other long-term liabilities |  |  | 188.9 |  |  |  | 7.7 |  |  |  | 196.6 |
Total long-term liabilities |  |  | 1,815.6 |  |  |  | 33.9 |  |  |  | 1,849.5 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,413.6 |  |  |  | (25.3 | ) |  |  | 1,388.3 |
Foreign currency translation |  |  | (31.4 | ) |  |  | 4.5 |  |  |  | (26.9 | )
Total Greif, Inc. shareholders’ equity |  |  | 1,273.6 |  |  |  | (20.8 | ) |  |  | 1,252.8 |
Noncontrolling interests |  |  | 138.3 |  |  |  | (28.1 | ) |  |  | 110.2 |
Total shareholders’ equity |  |  | 1,411.9 |  |  |  | (48.9 | ) |  |  | 1,363.0 |
Total liabilities and shareholders’ equity |  |  | 4,030.2 |  |  |  | (18.9 | ) |  |  | 4,011.3 |
Consolidated Cash Flow for the six months ended April 30, 2012
For the six months ended April 30, |  | 2012 |  |  |  |  |  | 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 60.8 |  |  | $ | 1.2 |  |  | $ | 62.0 |
Trade accounts receivable |  |  | 43.5 |  |  |  | (1.9 | ) |  |  | 41.6 |
Inventories |  |  | 37.1 |  |  |  | 1.9 |  |  |  | 39.0 |
Deferred purchase price |  |  | — |  |  |  | (1.2 | ) |  |  | (1.2 | )
Accounts payable |  |  | (34.3 | ) |  |  | 4.5 |  |  |  | (29.8 | )
Other, net |  |  | 9.4 |  |  |  | 6.5 |  |  |  | 15.9 |
Net cash provided by operating activities |  |  | 168.2 |  |  |  | 11.2 |  |  |  | 179.4 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of properties, plants and equipment |  |  | (69.5 | ) |  |  | (11.2 | ) |  |  | (80.7 | )
Net cash used in investing activities |  |  | (91.3 | ) |  |  | (11.2 | ) |  |  | (102.5 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) financing activities |  |  | (97.6 | ) |  |  | — |  |  |  | (97.6 | )
Effects of exchange rates on cash |  |  | (1.8 | ) |  |  | — |  |  |  | (1.8 | )
Net increase (decrease) in cash and cash equivalents |  |  | (22.5 | ) |  |  | — |  |  |  | (22.5 | )
Cash and cash equivalents at beginning of year |  |  | 127.4 |  |  |  | — |  |  |  | 127.4 |
Cash and cash equivalents at end of year |  | $ | 104.9 |  |  | $ | — |  |  | $ | 104.9 |
|  | Three months ended January 31, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net Sales |  | $ | 992.7 |  |  | $ | 0.1 |  |  | $ | 992.8 |
Cost of products sold |  |  | 814.0 |  |  |  | 1.4 |  |  |  | 815.4 |
Gross profit |  |  | 178.7 |  |  |  | (1.3 | ) |  |  | 177.4 |
Selling, general and administrative expenses |  |  | 112.6 |  |  |  | 0.5 |  |  |  | 113.1 |
Operating profit |  |  | 58.3 |  |  |  | (1.8 | ) |  |  | 56.5 |
Interest expense, net |  |  | 23.7 |  |  |  | (0.8 | ) |  |  | 22.9 |
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 34.8 |  |  |  | (1.0 | ) |  |  | 33.8 |
Income tax expense |  |  | 10.2 |  |  |  | 0.8 |  |  |  | 11.0 |
Net income |  |  | 24.6 |  |  |  | (1.8 | ) |  |  | 22.8 |
Net (income) loss attibutable to noncontrolling interests |  |  | (0.7 | ) |  |  | (0.4 | ) |  |  | (1.1 | )
Net income attributable to Greif, Inc. |  |  | 23.9 |  |  |  | (2.2 | ) |  |  | 21.7 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.41 |  |  | $ | (0.03 | ) |  | $ | 0.38 |
Class B Common Stock |  | $ | 0.61 |  |  | $ | (0.06 | ) |  | $ | 0.55 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.41 |  |  | $ | (0.03 | ) |  | $ | 0.38 |
Class B Common Stock |  | $ | 0.61 |  |  | $ | (0.06 | ) |  | $ | 0.55 |
|  | January 31, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, less allowance |  | $ | 546.8 |  |  | $ | (6.2 | ) |  | $ | 540.6 |
Inventories |  |  | 394.7 |  |  |  | (4.8 | ) |  |  | 389.9 |
Net assets held for sale |  |  | 10.3 |  |  |  | (2.0 | ) |  |  | 8.3 |
Prepaid expenses and other current assets |  |  | 142.9 |  |  |  | (7.6 | ) |  |  | 135.3 |
Total current assets |  |  | 1,235.9 |  |  |  | (20.6 | ) |  |  | 1,215.3 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 964.6 |  |  |  | (2.3 | ) |  |  | 962.3 |
Other intangible assets, net of amortization |  |  | 214.9 |  |  |  | (1.0 | ) |  |  | 213.9 |
Deferred tax assets |  |  | 65.6 |  |  |  | 4.4 |  |  |  | 70.0 |
Other long-term assets |  |  | 94.5 |  |  |  | 1.2 |  |  |  | 95.7 |
Total long-term assets |  |  | 1,408.4 |  |  |  | 2.3 |  |  |  | 1,410.7 |
Properties, plants and equipment |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 1,365.6 |  |  |  | (0.6 | ) |  |  | 1,365.0 |
Total properties, plants and equipment, net |  |  | 1,421.3 |  |  |  | (0.6 | ) |  |  | 1,420.7 |
Total assets |  |  | 4,065.6 |  |  |  | (18.9 | ) |  |  | 4,046.7 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 394.2 |  |  |  | 4.6 |  |  |  | 398.8 |
Other current liabilities |  |  | 157.1 |  |  |  | (4.0 | ) |  |  | 153.1 |
Total current liabilities |  |  | 760.8 |  |  |  | 0.6 |  |  |  | 761.4 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | 1,388.0 |  |  |  | 26.3 |  |  |  | 1,414.3 |
Deferred tax liabilities |  |  | 203.9 |  |  |  | (0.1 | ) |  |  | 203.8 |
Other long-term liabilities |  |  | 182.0 |  |  |  | 6.2 |  |  |  | 188.2 |
Total long-term liabilities |  |  | 1,912.9 |  |  |  | 32.4 |  |  |  | 1,945.3 |
Shareholders' equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,401.3 |  |  |  | (27.9 | ) |  |  | 1,373.4 |
Foreign currency translation |  |  | (33.0 | ) |  |  | 4.5 |  |  |  | (28.5 | )
Total Greif, Inc. shareholders' equity |  |  | 1,259.1 |  |  |  | (23.4 | ) |  |  | 1,235.7 |
Noncontrolling interests |  |  | 132.8 |  |  |  | (28.5 | ) |  |  | 104.3 |
Total shareholders' equity |  |  | 1,391.9 |  |  |  | (51.9 | ) |  |  | 1,340.0 |
Total liabilities and shareholders' equity |  |  | 4,065.6 |  |  |  | (18.9 | ) |  |  | 4,046.7 |
Consolidated Cash Flow for the quarter ended January 31, 2012
For the quarter ended January 31, |  | 2012 |  |  |  |  |  | 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 24.6 |  |  | $ | (1.8 | ) |  | $ | 22.8 |
Trade accounts receivable |  |  | 10.8 |  |  |  | (1.0 | ) |  |  | 9.8 |
Inventories |  |  | 28.7 |  |  |  | 1.3 |  |  |  | 30.0 |
Accounts payable |  |  | (82.4 | ) |  |  | 1.0 |  |  |  | (81.4 | )
Other, net |  |  | 1.6 |  |  |  | 7.3 |  |  |  | 8.9 |
Net cash provided by operating activities |  |  | 7.2 |  |  |  | 6.8 |  |  |  | 14.0 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Purchases of properties, plants and equipment |  |  | (40.7 | ) |  |  | (6.2 | ) |  |  | (46.9 | )
Net cash used in investing activities |  |  | (68.9 | ) |  |  | (6.2 | ) |  |  | (75.1 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from (payments on) short-term borrowings, net |  |  | (12.7 | ) |  |  | (0.6 | ) |  |  | (13.3 | )
Net cash provided by (used in) financing activities |  |  | 40.3 |  |  |  | (0.6 | ) |  |  | 39.7 |
Effects of exchange rates on cash |  |  | (2.0 | ) |  |  | — |  |  |  | (2.0 | )
Net increase (decrease) in cash and cash equivalents |  |  | (23.4 | ) |  |  | — |  |  |  | (23.4 | )
Cash and cash equivalents at beginning of year |  |  | 127.4 |  |  |  | — |  |  |  | 127.4 |
Cash and cash equivalents at end of year |  | $ | 104.0 |  |  | $ | — |  |  | $ | 104.0 |
|  | Three months ended July 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cost of products sold |  |  | 910.6 |  |  |  | 0.5 |  |  |  | 911.1 |
Gross profit |  |  | 211.3 |  |  |  | (0.5 | ) |  |  | 210.8 |
Selling, general and administrative expenses |  |  | 109.1 |  |  |  | 1.3 |  |  |  | 110.4 |
Operating profit |  |  | 108.0 |  |  |  | (1.8 | ) |  |  | 106.2 |
Interest expense, net |  |  | 18.4 |  |  |  | (0.9 | ) |  |  | 17.5 |
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 85.1 |  |  |  | (0.9 | ) |  |  | 84.2 |
Income tax expense |  |  | 21.6 |  |  |  | (4.3 | ) |  |  | 17.3 |
Net income |  |  | 65.0 |  |  |  | 3.4 |  |  |  | 68.4 |
Net (income) loss attibutable to noncontrolling interests |  |  | (2.0 | ) |  |  | (0.4 | ) |  |  | (2.4 | )
Net income attributable to Greif, Inc. |  |  | 63.0 |  |  |  | 3.0 |  |  |  | 66.0 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 1.08 |  |  | $ | 0.05 |  |  | $ | 1.13 |
Class B Common Stock |  | $ | 1.61 |  |  | $ | 0.08 |  |  | $ | 1.69 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 1.07 |  |  | $ | 0.05 |  |  | $ | 1.12 |
Class B Common Stock |  | $ | 1.61 |  |  | $ | 0.08 |  |  | $ | 1.69 |
|  | July 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, less allowance |  | $ | 588.8 |  |  | $ | (6.6 | ) |  | $ | 582.2 |
Inventories |  |  | 484.8 |  |  |  | (2.1 | ) |  |  | 482.7 |
Prepaid expenses and other current assets |  |  | 149.0 |  |  |  | (7.3 | ) |  |  | 141.7 |
Total current assets |  |  | 1,375.2 |  |  |  | (16.0 | ) |  |  | 1,359.2 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 794.8 |  |  |  | (2.3 | ) |  |  | 792.5 |
Other intangible assets, net of amortization |  |  | 241.4 |  |  |  | (0.9 | ) |  |  | 240.5 |
Deferred tax assets |  |  | 33.8 |  |  |  | 1.3 |  |  |  | 35.1 |
Total long-term assets |  |  | 1,240.9 |  |  |  | (1.9 | ) |  |  | 1,239.0 |
Properties, plants and equipment |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 1,491.1 |  |  |  | (2.3 | ) |  |  | 1,488.8 |
Total properties, plants and equipment, net |  |  | 1,387.8 |  |  |  | (2.3 | ) |  |  | 1,385.5 |
Total assets |  |  | 4,003.9 |  |  |  | (20.2 | ) |  |  | 3,983.7 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 465.5 |  |  |  | 5.7 |  |  |  | 471.2 |
Other current liabilities |  |  | 155.6 |  |  |  | (2.9 | ) |  |  | 152.7 |
Total current liabilities |  |  | 872.1 |  |  |  | 2.8 |  |  |  | 874.9 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  | 180.3 |  |  |  | (0.1 | ) |  |  | 180.2 |
Other long-term liabilities |  |  | 101.6 |  |  |  | 1.4 |  |  |  | 103.0 |
Total long-term liabilities |  |  | 1,658.8 |  |  |  | 1.3 |  |  |  | 1,660.1 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,405.3 |  |  |  | (25.8 | ) |  |  | 1,379.5 |
Foreign currency translation |  |  | 44.8 |  |  |  | (14.1 | ) |  |  | 30.7 |
Total Greif, Inc. shareholders’ equity |  |  | 1,363.7 |  |  |  | (39.9 | ) |  |  | 1,323.8 |
Noncontrolling interests |  |  | 109.3 |  |  |  | 15.6 |  |  |  | 124.9 |
Total shareholders’ equity |  |  | 1,473.0 |  |  |  | (24.3 | ) |  |  | 1,448.7 |
Total liabilities and shareholders’ equity |  |  | 4,003.9 |  |  |  | (20.2 | ) |  |  | 3,983.7 |
|  | Three months ended April 30, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net Sales |  | $ | 1,050.7 |  |  | $ | 0.1 |  |  | $ | 1,050.8 |
Cost of products sold |  |  | 843.4 |  |  |  | 0.5 |  |  |  | 843.9 |
Gross profit |  |  | 207.3 |  |  |  | (0.4 | ) |  |  | 206.9 |
Selling, general and administrative expenses |  |  | 113.9 |  |  |  | 0.6 |  |  |  | 114.5 |
Operating profit |  |  | 91.3 |  |  |  | (1.0 | ) |  |  | 90.3 |
Interest expense, net |  |  | 18.6 |  |  |  | (0.9 | ) |  |  | 17.7 |
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 65.4 |  |  |  | (0.1 | ) |  |  | 65.3 |
Net income |  |  | 50.6 |  |  |  | (0.1 | ) |  |  | 50.5 |
Net (income) loss attibutable to noncontrolling interests |  |  | 0.3 |  |  |  | (0.5 | ) |  |  | (0.2 | )
Net income attributable to Greif, Inc. |  |  | 50.9 |  |  |  | (0.6 | ) |  |  | 50.3 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.87 |  |  | $ | (0.01 | ) |  | $ | 0.86 |
Class B Common Stock |  | $ | 1.31 |  |  | $ | (0.02 | ) |  | $ | 1.29 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.87 |  |  | $ | (0.01 | ) |  | $ | 0.86 |
Class B Common Stock |  | $ | 1.31 |  |  | $ | (0.02 | ) |  | $ | 1.29 |
|  | April 30, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, less allowance |  | $ | 521.4 |  |  | $ | (5.8 | ) |  | $ | 515.6 |
Inventories |  |  | 456.1 |  |  |  | (1.8 | ) |  |  | 454.3 |
Prepaid expenses and other current assets |  |  | 149.5 |  |  |  | (7.1 | ) |  |  | 142.4 |
Total current assets |  |  | 1,261.3 |  |  |  | (14.7 | ) |  |  | 1,246.6 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 731.4 |  |  |  | (2.3 | ) |  |  | 729.1 |
Other intangible asset, net of amortization |  |  | 172.1 |  |  |  | (0.9 | ) |  |  | 171.2 |
Deferred tax assets |  |  | 34.0 |  |  |  | 1.3 |  |  |  | 35.3 |
Total long-term assets |  |  | 1,106.6 |  |  |  | (1.9 | ) |  |  | 1,104.7 |
Properties, plants and equipment |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 1,384.0 |  |  |  | (2.1 | ) |  |  | 1,381.9 |
Total properties, plants and equipment, net |  |  | 1,345.6 |  |  |  | (2.1 | ) |  |  | 1,343.5 |
Total assets |  |  | 3,713.5 |  |  |  | (18.7 | ) |  |  | 3,694.8 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 412.8 |  |  |  | 5.5 |  |  |  | 418.3 |
Other current liabilities |  |  | 135.8 |  |  |  | (2.1 | ) |  |  | 133.7 |
Total current liabilities |  |  | 783.0 |  |  |  | 3.4 |  |  |  | 786.4 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  | 181.3 |  |  |  | (0.1 | ) |  |  | 181.2 |
Other long-term liabilities |  |  | 110.5 |  |  |  | 5.8 |  |  |  | 116.3 |
Total long-term liabilities |  |  | 1,502.9 |  |  |  | 5.7 |  |  |  | 1,508.6 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,367.0 |  |  |  | (28.9 | ) |  |  | 1,338.1 |
Foreign currency translation |  |  | 68.3 |  |  |  | (14.1 | ) |  |  | 54.2 |
Total Greif, Inc. shareholders’ equity |  |  | 1,346.3 |  |  |  | (43.0 | ) |  |  | 1,303.3 |
Noncontrolling interests |  |  | 81.3 |  |  |  | 15.2 |  |  |  | 96.5 |
Total shareholders’ equity |  |  | 1,427.6 |  |  |  | (27.8 | ) |  |  | 1,399.8 |
Total liabilities and shareholders’ equity |  |  | 3,713.5 |  |  |  | (18.7 | ) |  |  | 3,694.8 |
|  | Three months ended January 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net Sales |  | $ | 943.8 |  |  | $ | 0.1 |  |  | $ | 943.9 |
Cost of products sold |  |  | 767.7 |  |  |  | 0.6 |  |  |  | 768.3 |
Gross profit |  |  | 176.1 |  |  |  | (0.5 | ) |  |  | 175.6 |
Selling, general and administrative expenses |  |  | 106.5 |  |  |  | 1.0 |  |  |  | 107.5 |
Operating profit |  |  | 68.7 |  |  |  | (1.5 | ) |  |  | 67.2 |
Interest expense, net |  |  | 16.8 |  |  |  | (0.9 | ) |  |  | 15.9 |
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 53.8 |  |  |  | (0.6 | ) |  |  | 53.2 |
Income tax expense |  |  | 13.2 |  |  |  | (0.1 | ) |  |  | 13.1 |
Net income |  |  | 41.1 |  |  |  | (0.5 | ) |  |  | 40.6 |
Net (income) loss attibutable to noncontrolling interests |  |  | 0.3 |  |  |  | (0.5 | ) |  |  | (0.2 | )
Net income attributable to Greif, Inc. |  |  | 41.4 |  |  |  | (1.0 | ) |  |  | 40.4 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.71 |  |  | $ | (0.01 | ) |  | $ | 0.70 |
Class B Common Stock |  | $ | 1.06 |  |  | $ | (0.03 | ) |  | $ | 1.03 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.71 |  |  | $ | (0.02 | ) |  | $ | 0.69 |
Class B Common Stock |  | $ | 1.06 |  |  | $ | (0.03 | ) |  | $ | 1.03 |
|  | January 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, less allowance |  | $ | 475.8 |  |  | $ | (5.6 | ) |  | $ | 470.2 |
Inventories |  |  | 414.8 |  |  |  | (1.7 | ) |  |  | 413.1 |
Prepaid expenses and other current assets |  |  | 142.3 |  |  |  | (6.9 | ) |  |  | 135.4 |
Total current assets |  |  | 1,188.6 |  |  |  | (14.2 | ) |  |  | 1,174.4 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 697.4 |  |  |  | (2.3 | ) |  |  | 695.1 |
Other intangible assets, net of amortization |  |  | 170.2 |  |  |  | (0.8 | ) |  |  | 169.4 |
Deferred tax assets |  |  | 32.0 |  |  |  | 1.3 |  |  |  | 33.3 |
Total long-term assets |  |  | 1,047.2 |  |  |  | (1.8 | ) |  |  | 1,045.4 |
Properties, plants and equipment |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 1,325.9 |  |  |  | (2.0 | ) |  |  | 1,323.9 |
Total properties, plants and equipment, net |  |  | 1,292.0 |  |  |  | (2.0 | ) |  |  | 1,290.0 |
Total assets |  |  | 3,527.8 |  |  |  | (18.0 | ) |  |  | 3,509.8 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 372.6 |  |  |  | 5.4 |  |  |  | 378.0 |
Other current liabilities |  |  | 121.5 |  |  |  | (1.2 | ) |  |  | 120.3 |
Total current liabilities |  |  | 689.4 |  |  |  | 4.2 |  |  |  | 693.6 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  | 184.0 |  |  |  | (0.1 | ) |  |  | 183.9 |
Other long-term liabilities |  |  | 113.4 |  |  |  | 5.5 |  |  |  | 118.9 |
Total long-term liabilities |  |  | 1,491.6 |  |  |  | 5.4 |  |  |  | 1,497.0 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,340.6 |  |  |  | (28.3 | ) |  |  | 1,312.3 |
Foreign currency translation |  |  | 14.2 |  |  |  | (14.1 | ) |  |  | 0.1 |
Total Greif, Inc. shareholders’ equity |  |  | 1,268.7 |  |  |  | (42.4 | ) |  |  | 1,226.3 |
Noncontrolling interests |  |  | 78.1 |  |  |  | 14.8 |  |  |  | 92.9 |
Total shareholders’ equity |  |  | 1,346.8 |  |  |  | (27.6 | ) |  |  | 1,319.2 |
Total liabilities and shareholders’ equity |  |  | 3,527.8 |  |  |  | (18.0 | ) |  |  | 3,509.8 |

X
- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=20225539&loc=d3e1280-108306 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 30 -Subparagraph a-j -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 28 -Paragraph 23, 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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