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Goodwill and Other Intangible Assets | 9 Months Ended
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Jul. 31, 2012
Goodwill and Other Intangible Assets [Abstract] |
GOODWILL AND OTHER INTANGIBLE ASSETS | NOTE 6 — GOODWILL AND OTHER INTANGIBLE ASSETS The following table summarizes the changes in the carrying amount of goodwill by segment for the nine month period ended July 31, 2012 (Dollars in millions):
|  | Rigid Industrial Packaging & Services |  |  | Flexible Products & Services |  |  | Paper Packaging |  |  | Land Management |  |  | Total |
Balance at October 31, 2011 |  | $ | 867.1 |  |  | $ | 78.1 |  |  | $ | 59.7 |  |  | $ | 0.2 |  |  | $ | 1,005.1 |
Goodwill acquired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Goodwill adjustments |  |  | 11.3 |  |  |  | 0.1 |  |  |  | — |  |  |  | — |  |  |  | 11.4 |
Currency translation |  |  | (53.8 | ) |  |  | (10.3 | ) |  |  | — |  |  |  | — |  |  |  | (64.1 | )
Balance at July 31, 2012 |  | $ | 824.6 |  |  | $ | 67.9 |  |  | $ | 59.7 |  |  | $ | 0.2 |  |  | $ | 952.4 |
The goodwill adjustments increased goodwill by a net amount of $11.4 million related to the finalization of purchase price allocations of certain prior year acquisitions. Business combinations that occurred at or near year end were recorded with provisional estimates for fair value based on management’s best estimate and were updated based on updated estimates. The following table summarizes the carrying amount of net intangible assets by class as of July 31, 2012 and October 31, 2011 (Dollars in millions):
|  | Gross Intangible Assets |  |  | Accumulated Amortization |  |  | Net Intangible Assets |
October 31, 2011: |  |  |  |  |  |  |  |  |  |  |  |
Trademark and patents |  | $ | 47.4 |  |  | $ | 17.7 |  |  | $ | 29.7 |
Non-compete agreements |  |  | 22.8 |  |  |  | 9.3 |  |  |  | 13.5 |
Customer relationships |  |  | 183.0 |  |  |  | 22.8 |  |  |  | 160.2 |
Other |  |  | 33.1 |  |  |  | 7.7 |  |  |  | 25.4 |
Total |  | $ | 286.3 |  |  | $ | 57.5 |  |  | $ | 228.8 |
July 31, 2012: |  |  |  |  |  |  |  |  |  |  |  |
Trademark and patents |  | $ | 37.2 |  |  | $ | 9.2 |  |  | $ | 28.0 |
Non-compete agreements |  |  | 14.4 |  |  |  | 5.6 |  |  |  | 8.8 |
Customer relationships |  |  | 193.9 |  |  |  | 49.3 |  |  |  | 144.6 |
Other |  |  | 19.8 |  |  |  | 2.6 |  |  |  | 17.2 |
Total |  | $ | 265.3 |  |  | $ | 66.7 |  |  | $ | 198.6 |
Gross intangible assets decreased by $21.0 million for the nine month period ended July 31, 2012. The decrease in gross intangible assets was attributable to $19.8 million of currency fluctuations and $1.2 million of adjustments to the preliminary purchase price allocations related to the 2011 acquisitions in the Rigid Industrial Packaging & Services segment. The decrease in accumulated amortization was attributable to $3.1 million of currency fluctuations. Amortization expense for the three months ended July 31, 2012 and 2011 was $5.0 million and $4.3 million, respectively. Amortization expense for the nine months ended July 31, 2012 and 2011 was $15.1 million and $12.7 million, respectively. Amortization expense for the next five years is expected to be $20.8 million in 2012, $20.0 million in 2013, $18.6 million in 2014, $17.5 million in 2015 and $17.0 million in 2016. All intangible assets for the periods presented are subject to amortization and are being amortized using the straight-line method over periods that range from three to 15 years for trade names, two to ten years for non-competition covenants, one to 23 years for customer relationships and four to 20 years for other intangibles, except for $15.8 million related to the Tri-Sure trademark and the trade names related to Blagden Express, Closed-loop and Box Board, all of which have indefinite lives. The Company reviews goodwill and indefinite-lived intangible assets for impairment by reporting unit as required by ASC 350, “Intangibles—Goodwill and Other”, on an annual basis and 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 if discrete financial information is prepared and regularly reviewed by segment management. The Company’s business segments have been identified as reporting units and the Company concluded that no impairment or impairment indicators exist as of July 31, 2012.

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16373-109275 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16265-109275 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 142 -Paragraph 42, 43, 44, 45, 46, 47 -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 350 -SubTopic 20 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13854-109267 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=14024403&loc=d3e13816-109267 + Details
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