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Correction of Errors | 9 Months Ended
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Jul. 31, 2012
Accounting Changes and Error Corrections [Abstract] |
Correction of Errors | Note 19 – Correction of Errors The Company’s internal audit process identified deficiencies in internal controls over financial reporting within its Rigid Industrial Packaging & Services business unit in Brazil. Upon further investigation, financial statement errors were discovered in the Brazil business unit in several prior periods. The impact of the errors in the prior years was not material to the Company in any of those years; however, the aggregate amount of the prior period errors of $18.4 million would have been material to the Company’s current year consolidated statement of operations. Consequently, the Company has corrected these errors for all prior periods presented by restating the consolidated financial statements and other financial information included herein. These items include prior period errors that were previously assessed as immaterial and corrections to the financial statements were recorded in the first and second quarters of 2012. Management has determined that the financial statement errors, which related to improperly stated reserves and asset balances which the Company was unable to substantiate, resulted from deficiencies in internal controls over financial reporting within the Company’s Brazil business unit. Periods not presented herein will be restated, as applicable, as they are included in future filings. The following are the previously reported and corrected balances of certain consolidated statements of operations and consolidated balance sheets (Dollars in millions, except per share amounts):
|  | Three months ended January 31, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Selling, general and administrative expenses |  | $ | 112.6 |  |  | $ | (2.2 | ) |  | $ | 110.4 |
Operating profit |  |  | 58.3 |  |  |  | 2.2 |  |  |  | 60.5 |
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 34.8 |  |  |  | 2.2 |  |  |  | 37.0 |
Income tax expense |  |  | 10.2 |  |  |  | 0.8 |  |  |  | 11.0 |
Net income |  |  | 24.6 |  |  |  | 1.4 |  |  |  | 26.0 |
Net income attributable to Greif, Inc. |  |  | 23.9 |  |  |  | 1.4 |  |  |  | 25.3 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.41 |  |  | $ | 0.03 |  |  | $ | 0.44 |
Class B Common Stock |  | $ | 0.61 |  |  | $ | 0.04 |  |  | $ | 0.65 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.41 |  |  | $ | 0.03 |  |  | $ | 0.44 |
Class B Common Stock |  | $ | 0.61 |  |  | $ | 0.04 |  |  | $ | 0.65 |
|  | Three months ended |
|  | April 30, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net Sales |  | $ | 1,095.3 |  |  | $ | 2.8 |  |  | $ | 1,098.1 |
Gross profit |  |  | 203.1 |  |  |  | 2.8 |  |  |  | 205.9 |
Selling, general and administrative expenses |  |  | 121.9 |  |  |  | (3.2 | ) |  |  | 118.7 |
(Gain) on disposal of properties, plants and equipment, net |  |  | (3.2 | ) |  |  | 1.2 |  |  |  | (2.0 | )
Operating profit |  |  | 74.3 |  |  |  | 4.8 |  |  |  | 79.1 |
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 attributable to Greif, Inc. |  |  | 36.8 |  |  |  | 3.0 |  |  |  | 39.8 |
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 |  |  | $ | 0.07 |  |  | $ | 1.02 |
Diluted 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 |  |  | $ | 0.07 |  |  | $ | 1.02 |
|  | Three months ended |
|  | July 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cost of products sold |  | $ | 910.6 |  |  | $ | 0.2 |  |  | $ | 910.8 |
Gross profit |  |  | 211.3 |  |  |  | (0.2 | ) |  |  | 211.1 |
Selling, general and administrative expenses |  |  | 109.1 |  |  |  | 0.2 |  |  |  | 109.3 |
Operating profit |  |  | 108.0 |  |  |  | (0.4 | ) |  |  | 107.6 |
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 85.1 |  |  |  | (0.4 | ) |  |  | 84.7 |
Income tax expense |  |  | 21.7 |  |  |  | (4.4 | ) |  |  | 17.3 |
Net income |  |  | 64.9 |  |  |  | 4.0 |  |  |  | 68.9 |
Net income attributable to Greif, Inc. |  |  | 62.9 |  |  |  | 4.0 |  |  |  | 66.9 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 1.08 |  |  | $ | 0.07 |  |  | $ | 1.15 |
Class B Common Stock |  | $ | 1.61 |  |  | $ | 0.11 |  |  | $ | 1.72 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 1.07 |  |  | $ | 0.07 |  |  | $ | 1.14 |
Class B Common Stock |  | $ | 1.61 |  |  | $ | 0.11 |  |  | $ | 1.72 |
|  | Nine months ended |
|  | July 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cost of products sold |  | $ | 2,521.7 |  |  | $ | 0.7 |  |  | $ | 2,522.4 |
Gross profit |  |  | 594.8 |  |  |  | (0.7 | ) |  |  | 594.1 |
Selling, general and administrative expenses |  |  | 329.5 |  |  |  | 0.5 |  |  |  | 330.0 |
Operating profit |  |  | 268.0 |  |  |  | (1.2 | ) |  |  | 266.8 |
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 204.3 |  |  |  | (1.2 | ) |  |  | 203.1 |
Income tax expense |  |  | 49.7 |  |  |  | (4.4 | ) |  |  | 45.3 |
Net income |  |  | 156.6 |  |  |  | 3.2 |  |  |  | 159.8 |
Net income attributable to Greif, Inc. |  |  | 155.2 |  |  |  | 3.2 |  |  |  | 158.4 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 2.66 |  |  | $ | 0.06 |  |  | $ | 2.72 |
Class B Common Stock |  | $ | 3.98 |  |  | $ | 0.08 |  |  | $ | 4.06 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 2.65 |  |  | $ | 0.05 |  |  | $ | 2.70 |
Class B Common Stock |  | $ | 3.98 |  |  | $ | 0.08 |  |  | $ | 4.06 |
|  | For the year ended |
|  | October 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cost of products sold |  | $ | 3,446.8 |  |  | $ | 0.9 |  |  | $ | 3,447.7 |
Gross profit |  |  | 801.1 |  |  |  | (0.9 | ) |  |  | 800.2 |
Selling, general and administrative expenses |  |  | 448.4 |  |  |  | 0.7 |  |  |  | 449.1 |
(Gain) on disposal of properties, plants and equipment, net |  |  | (14.9 | ) |  |  | (1.2 | ) |  |  | (16.1 | )
Operating profit |  |  | 337.1 |  |  |  | (0.4 | ) |  |  | 336.7 |
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 243.4 |  |  |  | (0.4 | ) |  |  | 243.0 |
Income tax expense |  |  | 71.1 |  |  |  | (3.9 | ) |  |  | 67.2 |
Net income |  |  | 177.1 |  |  |  | 3.5 |  |  |  | 180.6 |
Net income attributable to Greif, Inc. |  |  | 176.0 |  |  |  | 3.5 |  |  |  | 179.5 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 3.02 |  |  | $ | 0.06 |  |  | $ | 3.08 |
Class B Common Stock |  | $ | 4.52 |  |  | $ | 0.09 |  |  | $ | 4.61 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 3.01 |  |  | $ | 0.06 |  |  | $ | 3.07 |
Class B Common Stock |  | $ | 4.52 |  |  | $ | 0.09 |  |  | $ | 4.61 |
|  | October 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, less allowance |  | $ | 568.6 |  |  | $ | (5.6 | ) |  | $ | 563.0 |
Inventories |  |  | 432.5 |  |  |  | (0.7 | ) |  |  | 431.8 |
Prepaid expenses and other current assets |  |  | 140.0 |  |  |  | (5.9 | ) |  |  | 134.1 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 1,004.9 |  |  |  | 0.2 |  |  |  | 1,005.1 |
Other intangible assets, net of amortization |  |  | 229.8 |  |  |  | (1.0 | ) |  |  | 228.8 |
Other long-term assets |  |  | 92.2 |  |  |  | 1.2 |  |  |  | 93.4 |
Properties, plants and equipment |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 1,398.2 |  |  |  | (1.4 | ) |  |  | 1,396.8 |
Total assets |  |  | 4,207.3 |  |  |  | (13.2 | ) |  |  | 4,194.1 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 487.8 |  |  |  | 5.1 |  |  |  | 492.9 |
Long-term liabilities |  |  |  |  |  |  |  |  |  |  |  |
Other long-term liabilities |  |  | 203.2 |  |  |  | 0.1 |  |  |  | 203.3 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,401.7 |  |  |  | (18.4 | ) |  |  | 1,383.3 |
Total liabilities and shareholders’ equity |  |  | 4,207.3 |  |  |  | (13.2 | ) |  |  | 4,194.1 |
|  | For the year ended |
|  | October 31, 2010 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cost of products sold |  | $ | 2,757.9 |  |  | $ | 1.6 |  |  | $ | 2,759.5 |
Gross profit |  |  | 703.6 |  |  |  | (1.6 | ) |  |  | 702.0 |
Selling, general and administrative expenses |  |  | 362.9 |  |  |  | 1.7 |  |  |  | 364.6 |
Operating profit |  |  | 325.4 |  |  |  | (3.3 | ) |  |  | 322.1 |
Income before income tax expense and equity earnings of unconsolidated affilitates, net |  |  | 252.5 |  |  |  | (3.3 | ) |  |  | 249.2 |
Income tax expense |  |  | 40.6 |  |  |  | (0.1 | ) |  |  | 40.5 |
Net income |  |  | 215.5 |  |  |  | (3.2 | ) |  |  | 212.3 |
Net income attributable to Greif, Inc. |  |  | 210.0 |  |  |  | (3.2 | ) |  |  | 206.8 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 3.60 |  |  | $ | (0.05 | ) |  | $ | 3.55 |
Class B Common Stock |  | $ | 5.40 |  |  | $ | (0.09 | ) |  | $ | 5.31 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 3.58 |  |  | $ | (0.05 | ) |  | $ | 3.53 |
Class B Common Stock |  | $ | 5.40 |  |  | $ | (0.09 | ) |  | $ | 5.31 |
|  | October 31, 2010 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, less allowance |  | $ | 480.2 |  |  | $ | (4.3 | ) |  | $ | 475.9 |
Inventories |  |  | 396.6 |  |  |  | (0.9 | ) |  |  | 395.7 |
Prepaid expenses and other current assets |  |  | 134.3 |  |  |  | (5.6 | ) |  |  | 128.7 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 709.7 |  |  |  | 0.2 |  |  |  | 709.9 |
Other intangible assets, net of amortization |  |  | 173.2 |  |  |  | (0.7 | ) |  |  | 172.5 |
Properties, plants and equipment |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 1,319.3 |  |  |  | (1.3 | ) |  |  | 1,318.0 |
Total assets |  |  | 3,498.4 |  |  |  | (12.6 | ) |  |  | 3,485.8 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  | 467.9 |  |  |  | 5.1 |  |  |  | 473.0 |
Long-term liabilities |  |  |  |  |  |  |  |  |  |  |  |
Other long-term liabilities |  |  | 116.9 |  |  |  | 4.2 |  |  |  | 121.1 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,323.5 |  |  |  | (21.9 | ) |  |  | 1,301.6 |
Total liabilities and shareholders’ equity |  |  | 3,498.4 |  |  |  | (12.6 | ) |  |  | 3,485.8 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=6369664&loc=d3e30840-122693 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 SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22595-107794 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 17, 22, 25, 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. + Details
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