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CORRECTION OF ERRORS AND RESTATEMENT (Tables) | 12 Months Ended
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Oct. 31, 2012
Stated and Corrected Balances of Previous Years | The following are the previously stated and corrected balances of certain consolidated statements of income, consolidated balance sheets and consolidated statements of cash flows. The “As Reported” amounts are the amounts reported in the Annual Report on Form 10-K for the fiscal year ended October 31, 2011(Dollars in millions, except per share amounts):
|  | For the year ended |
|  | October 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net Sales |  | $ | 4,247.9 |  |  | $ | 0.3 |  |  | $ | 4,248.2 |
Cost of products sold |  |  | 3,446.8 |  |  |  | 3.0 |  |  |  | 3,449.8 |
Gross profit |  |  | 801.1 |  |  |  | (2.7 | ) |  |  | 798.4 |
Selling, general and administrative expenses |  |  | 448.4 |  |  |  | 4.9 |  |  |  | 453.3 |
(Gain) on disposal of properties, plants and equipment, net |  |  | (14.9 | ) |  |  | (1.2 | ) |  |  | (16.1 | )
Operating profit |  |  | 337.1 |  |  |  | (6.4 | ) |  |  | 330.7 |
Interest expense, net |  |  | 79.6 |  |  |  | (3.6 | ) |  |  | 76.0 |
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 243.4 |  |  |  | (2.8 | ) |  |  | 240.6 |
Income tax expense |  |  | 71.1 |  |  |  | (6.1 | ) |  |  | 65.0 |
Net income |  |  | 177.1 |  |  |  | 3.3 |  |  |  | 180.4 |
Net (income) loss attibutable to noncontrolling interests |  |  | (1.1 | ) |  |  | (1.8 | ) |  |  | (2.9 | )
Net income attributable to Greif, Inc. |  |  | 176.0 |  |  |  | 1.5 |  |  |  | 177.5 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 3.02 |  |  | $ | 0.03 |  |  | $ | 3.05 |
Class B Common Stock |  | $ | 4.52 |  |  | $ | 0.04 |  |  | $ | 4.56 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 3.01 |  |  | $ | 0.03 |  |  | $ | 3.04 |
Class B Common Stock |  | $ | 4.52 |  |  | $ | 0.04 |  |  | $ | 4.56 |
|  | October 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, less allowance |  | $ | 568.6 |  |  | $ | (7.2 | ) |  | $ | 561.4 |
Inventories |  |  | 432.5 |  |  |  | (3.5 | ) |  |  | 429.0 |
Net assets held for sale |  |  | 11.4 |  |  |  | (2.0 | ) |  |  | 9.4 |
Prepaid expenses and other current assets |  |  | 140.0 |  |  |  | (7.5 | ) |  |  | 132.5 |
Total current assets |  |  | 1,305.3 |  |  |  | (20.2 | ) |  |  | 1,285.1 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 1,004.9 |  |  |  | (2.3 | ) |  |  | 1,002.6 |
Other intangible assets, net of amortization |  |  | 229.8 |  |  |  | (1.0 | ) |  |  | 228.8 |
Deferred tax assets |  |  | 70.6 |  |  |  | 4.4 |  |  |  | 75.0 |
Other long-term assets |  |  | 92.2 |  |  |  | 1.2 |  |  |  | 93.4 |
Total long-term assets |  |  | 1,466.7 |  |  |  | 2.3 |  |  |  | 1,469.0 |
Properties, plants and equipment |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 1,389.0 |  |  |  | (0.6 | ) |  |  | 1,388.4 |
Total properties, plants and equipment, net |  |  | 1,435.3 |  |  |  | (0.6 | ) |  |  | 1,434.7 |
Total assets |  |  | 4,207.3 |  |  |  | (18.5 | ) |  |  | 4,188.8 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 487.8 |  |  |  | 5.5 |  |  |  | 493.3 |
Other current liabilities |  |  | 167.7 |  |  |  | (3.3 | ) |  |  | 164.4 |
Total current liabilities |  |  | 929.8 |  |  |  | 2.2 |  |  |  | 932.0 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  | 1,345.1 |  |  |  | 26.3 |  |  |  | 1,371.4 |
Deferred tax liabilities |  |  | 196.7 |  |  |  | (0.1 | ) |  |  | 196.6 |
Other long-term liabilities |  |  | 203.3 |  |  |  | 3.1 |  |  |  | 206.4 |
Total long-term liabilities |  |  | 1,885.3 |  |  |  | 29.4 |  |  |  | 1,914.7 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,401.7 |  |  |  | (25.7 | ) |  |  | 1,376.0 |
Foreign currency translation |  |  | (46.4 | ) |  |  | 4.5 |  |  |  | (41.9 | )
Total Greif, Inc. shareholders’ equity |  |  | 1,235.4 |  |  |  | (21.2 | ) |  |  | 1,214.2 |
Noncontrolling interests |  |  | 156.8 |  |  |  | (28.9 | ) |  |  | 127.9 |
Total shareholders’ equity |  |  | 1,392.2 |  |  |  | (50.1 | ) |  |  | 1,342.1 |
Total liabilities and shareholders’ equity |  |  | 4,207.3 |  |  |  | (18.5 | ) |  |  | 4,188.8 |
|  | For the year ended |
|  | October 31, 2010 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net sales |  | $ | 3,461.5 |  |  | $ | 0.3 |  |  | $ | 3,461.8 |
Cost of products sold |  |  | 2,757.9 |  |  |  | 2.5 |  |  |  | 2,760.4 |
Gross profit |  |  | 703.6 |  |  |  | (2.2 | ) |  |  | 701.4 |
Selling, general and administrative expenses |  |  | 362.9 |  |  |  | 2.2 |  |  |  | 365.1 |
Operating profit |  |  | 325.4 |  |  |  | (4.4 | ) |  |  | 321.0 |
Interest expense, net |  |  | 65.8 |  |  |  | (0.3 | ) |  |  | 65.5 |
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 252.5 |  |  |  | (4.1 | ) |  |  | 248.4 |
Income tax expense |  |  | 40.6 |  |  |  | 2.9 |  |  |  | 43.5 |
Net income |  |  | 215.5 |  |  |  | (7.0 | ) |  |  | 208.5 |
Net income attributable to noncontrolling interests |  |  | (5.5 | ) |  |  | (0.2 | ) |  |  | (5.7 | )
Net income attributable to Greif, Inc. |  |  | 210.0 |  |  |  | (7.2 | ) |  |  | 202.8 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 3.60 |  |  | $ | (0.12 | ) |  | $ | 3.48 |
Class B Common Stock |  | $ | 5.40 |  |  | $ | (0.19 | ) |  | $ | 5.21 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 3.58 |  |  | $ | (0.12 | ) |  | $ | 3.46 |
Class B Common Stock |  | $ | 5.40 |  |  | $ | (0.19 | ) |  | $ | 5.21 |
|  | October 31, 2010 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, less allowance |  | $ | 480.2 |  |  | $ | (5.3 | ) |  | $ | 474.9 |
Inventories |  |  | 396.6 |  |  |  | (1.5 | ) |  |  | 395.1 |
Prepaid expenses and other current assets |  |  | 134.3 |  |  |  | (6.6 | ) |  |  | 127.7 |
Total current assets |  |  | 1,149.3 |  |  |  | (13.4 | ) |  |  | 1,135.9 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 709.7 |  |  |  | (2.3 | ) |  |  | 707.4 |
Other intangible assets, net of amortization |  |  | 173.2 |  |  |  | (0.7 | ) |  |  | 172.5 |
Deferred tax assets |  |  | 30.0 |  |  |  | 1.3 |  |  |  | 31.3 |
Total long-term assets |  |  | 1,057.4 |  |  |  | (1.7 | ) |  |  | 1,055.7 |
Properties, plants and equipment |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 1,319.3 |  |  |  | (1.8 | ) |  |  | 1,317.5 |
Total properties, plants and equipment, net |  |  | 1,291.7 |  |  |  | (1.8 | ) |  |  | 1,289.9 |
Total assets |  |  | 3,498.4 |  |  |  | (16.9 | ) |  |  | 3,481.5 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 467.9 |  |  |  | 5.3 |  |  |  | 473.2 |
Other current liabilities |  |  | 123.8 |  |  |  | (0.3 | ) |  |  | 123.5 |
Total current liabilities |  |  | 781.3 |  |  |  | 5.0 |  |  |  | 786.3 |
Long-term liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  | 180.5 |  |  |  | (0.1 | ) |  |  | 180.4 |
Other long-term liabilities |  |  | 116.9 |  |  |  | 5.2 |  |  |  | 122.1 |
Total long-term liabilities |  |  | 1,381.2 |  |  |  | 5.1 |  |  |  | 1,386.3 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,323.5 |  |  |  | (27.2 | ) |  |  | 1,296.3 |
Foreign currency translation |  |  | 0.4 |  |  |  | (14.1 | ) |  |  | (13.7 | )
Total Greif, Inc. shareholders’ equity |  |  | 1,234.5 |  |  |  | (41.3 | ) |  |  | 1,193.2 |
Noncontrolling interests |  |  | 101.4 |  |  |  | 14.3 |  |  |  | 115.7 |
Total shareholders’ equity |  |  | 1,335.9 |  |  |  | (27.0 | ) |  |  | 1,308.9 |
Total liabilities and shareholders’ equity |  |  | 3,498.4 |  |  |  | (16.9 | ) |  |  | 3,481.5 |
|  | For the year ended |
|  | October 31, 2010 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by operating activities |  |  | 178.1 |  |  |  | — |  |  |  | 178.1 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Acquisitions of companies, net of cash acquired |  |  | (179.4 | ) |  |  | (98.2 | ) |  |  | (277.6 | )
Net cash used in investing activities |  |  | (327.2 | ) |  |  | (98.2 | ) |  |  | (425.4 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from joint venture partner |  |  | — |  |  |  | 98.2 |  |  |  | 98.2 |
Net cash provided by (used in) financing activities |  |  | 145.9 |  |  |  | 98.2 |  |  |  | 244.1 |
|  | October 31, 2009 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Retained Earnings |  | $ | 1,206.6 |  |  | $ | (20.2 | ) |  | $ | 1,186.4 |
Noncontrolling interests |  |  | 7.0 |  |  |  | 3.9 |  |  |  | 10.9 |
Accumulated Other Comprehensive Income (Loss) |  |  | (107.8 | ) |  |  | (3.9 | ) |  |  | (111.7 | )
Shareholders’ Equity |  |  | 1,087.0 |  |  |  | (20.2 | ) |  |  | 1,066.8 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 26 -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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Principles Board Opinion (APB) -Number 9 -Paragraph 26 -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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22644-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22663-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22658-107794 + Details
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