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Correction of Errors (Tables) | 9 Months Ended
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Jul. 31, 2012
Accounting Changes and Error Corrections [Abstract] |
Stated and Corrected Balances of Previous Years |
|  | 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 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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