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Comprehensive Income and Shareholders Equity | 9 Months Ended
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Jul. 31, 2012
Comprehensive Income and Shareholders Equity [Abstract] |
COMPREHENSIVE INCOME AND SHAREHOLDERS EQUITY | NOTE 17 — COMPREHENSIVE INCOME AND SHAREHOLDERS EQUITY Comprehensive income is comprised of net income and other charges and credits to equity that are not the result of transactions with the Company’s owners. The components of comprehensive income are as follows (Dollars in millions):
|  | Three months ended July 31, |  |  | Nine months ended July 31, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
|  |  |  |  | As restated (1) |  |  |  |  |  | As restated (1) |
Net income |  | $ | 41.7 |  |  | $ | 68.9 |  |  | $ | 107.0 |  |  | $ | 159.8 |
Other comprehensive income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustment |  |  | (61.1 | ) |  |  | (23.5 | ) |  |  | (46.2 | ) |  |  | 0.2 |
Changes in fair value of interest rate and other derivatives, net of tax |  |  | (0.6 | ) |  |  | 0.3 |  |  |  | (0.8 | ) |  |  | 1.1 |
Minimum pension liabilities adjustment, net of tax |  |  | 1.1 |  |  |  | 0.1 |  |  |  | 4.9 |  |  |  | (0.8 | )
Comprehensive income |  | $ | (18.9 | ) |  | $ | 45.8 |  |  | $ | 64.9 |  |  | $ | 160.3 |
(1) | The consolidated balance sheet and the consolidated statement of changes in shareholders’ equity as of October 31, 2010 have been restated to correct prior period errors. However, the quarterly balance sheets as of January 31, 2011, April 30, 2011 and July 31, 2011 were not restated as part of the October 31, 2011 restatement since the corrections did not impact total assets, consolidated net income or cash flows of the Company, but have been restated within this filing for comparative purposes.
The components of accumulated other comprehensive income within the Company’s consolidated balance sheets were adjusted as follows (Dollars in millions):
|  | July 31, 2011 |  |  | April 30, 2011 |  |  | Change |
Accumulated other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |
Foreigh currency translation, as reported |  | $ | 44.8 |  |  | $ | 68.3 |  |  | $ | (23.5 | )
Restatment |  |  | (44.3 | ) |  |  | (44.3 | ) |  |  | — |
Foreigh currency translation, as adjusted |  | $ | 0.5 |  |  | $ | 24.0 |  |  | $ | (23.5 | )
|  | July 31, 2011 |  |  | October 31, 2010 |  |  | Change |
Accumulated other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |
Foreigh currency translation, as reported |  | $ | 44.8 |  |  | $ | 44.6 |  |  | $ | 0.2 |
Restatment |  |  | (44.3 | ) |  |  | (44.3 | ) |  |  | — |
Foreigh currency translation, as adjusted |  | $ | 0.5 |  |  | $ | 0.3 |  |  | $ | 0.2 |
In the fourth quarter of 2011, the Company corrected an error which occurred in 2003 related to the balance sheet elimination of certain intercompany balances. The effect of the error impacted both foreign currency translation within other comprehensive income (loss), which had been overstated by $19.6 million, and accounts payable, which had been understated by $19.6 million. The Company has corrected the error for 2011 by restating the consolidated statements of changes in shareholders’ equity and the consolidated balance sheets. The correction of the error did not impact total assets, consolidated net income, or cash flows. During the third quarter of 2011, the Company recorded an out-of-period correction of an error in both noncontrolling interest, which had been understated by $24.7 million, and foreign currency translation within the other comprehensive income (loss), which had been overstated by $24.7 million, as of October 31, 2010. Since the Company restated its consolidated financial statements for the intercompany error noted above, the consolidated balance sheet as of October 31, 2010 and the consolidated statements of changes in shareholders’ equity have also been restated to reflect this correction as of October 31, 2010. The correction of the error did not impact total assets, consolidated net income or cash flows. The following is the income tax benefit (expense) for each other comprehensive income line item (Dollars in millions):
|  | Three months ended July 31, |  |  | Nine months ended July 31, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Income tax benefit (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Changes in fair value of interest rate and other derivatives |  |  | 0.3 |  |  |  | (0.2 | ) |  |  | 0.4 |  |  |  | (0.6 | )
Minimum pension liabilities adjustment |  |  | (0.7 | ) |  |  | — |  |  |  | (2.4 | ) |  |  | 0.3 |
The components of Shareholders’ Equity from October 31, 2011 to July 31, 2012 (Dollars in millions, shares in thousands):
|  | Capital Stock |  |  | Treasury Stock |  |  |  |  |  |  |  |  | Accumulated Other |  |  |  |
|  | Common Shares |  |  | Amount |  |  | Treasury Shares |  |  | Amount |  |  | Retained Earnings |  |  | Noncontrolling interests |  |  | Comprehensive Income (Loss) |  |  | Shareholders’ Equity |
As of October 31, 2011 |  |  | 47,093 |  |  | $ | 113.8 |  |  |  | 29,749 |  |  | $ | (132.0 | ) |  | $ | 1,383.3 |  |  | $ | 156.8 |  |  | $ | (148.1 | ) |  | $ | 1,373.8 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 105.8 |  |  |  | 1.2 |  |  |  |  |  |  |  | 107.0 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
- foreign currency translation |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (18.9 | ) |  |  | (46.2 | ) |  |  | (65.1 | )
- interest rate and other derivatives, net of income tax expense of $0.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (0.8 | ) |  |  | (0.8 | )
- minimum pension liability adjustment, net of income tax expense of $1.5 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4.9 |  |  |  | 4.9 |
Comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 46.0 |
Other noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (5.1 | ) |  |  |  |  |  |  | (5.1 | )
Dividends paid |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (73.2 | ) |  |  |  |  |  |  |  |  |  |  | (73.2 | )
Stock options exercised |  |  | 88 |  |  |  | 1.0 |  |  |  | (88 | ) |  |  | 0.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1.1 |
Restricted stock executives and directors |  |  | 19 |  |  |  | 0.9 |  |  |  | (19 | ) |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.9 |
Treasury shares acquired |  |  | (1 | ) |  |  | — |  |  |  | 1 |  |  |  | 0.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.1 |
Long-term incentive shares issued |  |  | 134 |  |  |  | 5.9 |  |  |  | (134 | ) |  |  | 0.2 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 6.1 |
As of July 31, 2012 |  |  | 47,333 |  |  | $ | 121.6 |  |  |  | 29,509 |  |  | $ | (131.6 | ) |  | $ | 1,415.9 |  |  | $ | 134.0 |  |  | $ | (190.2 | ) |  | $ | 1,349.7 |

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- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e640-108580 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e637-108580 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 130 -Paragraph 14-26 -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 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Reclassification Adjustments -URI http://asc.fasb.org/extlink&oid=6522872 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e681-108580 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e709-108580 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=20435746&loc=SL7669619-108580 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e689-108580 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e716-108580 + Details
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