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Correction of Errors | 9 Months Ended
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Jul. 31, 2013
Accounting Changes And Error Corrections [Abstract] |
Correction of Errors | NOTE 19 – CORRECTION OF ERRORS During the third quarter of 2013, the Company identified errors related to prior periods. These errors were attributable to the identification and recording of withholding taxes arising primarily from financing transactions between certain international subsidiaries and to certain improperly stated reserves and asset balances within its Rigid Industrial Packaging & Services business unit in Brazil. 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 $9.6 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. Periods not presented herein will be restated, as applicable, as they are included in future filings. The following are the previously stated 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, 2013 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cost of products sold |  | $ | 821.3 |  |  | $ | 0.6 |  |  | $ | 821.9 |
Gross profit |  |  | 187.3 |  |  |  | (0.6 | ) |  |  | 186.7 |
Operating profit |  |  | 64.6 |  |  |  | (0.6 | ) |  |  | 64.0 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 38.6 |  |  |  | (0.6 | ) |  |  | 38.0 |
Income tax expense |  |  | 12.5 |  |  |  | 0.7 |  |  |  | 13.2 |
Net income |  |  | 26.2 |  |  |  | (1.3 | ) |  |  | 24.9 |
Net income attributable to Greif, Inc. |  |  | 24.9 |  |  |  | (1.3 | ) |  |  | 23.6 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.43 |  |  | $ | (0.02 | ) |  | $ | 0.41 |
Class B Common Stock |  | $ | 0.63 |  |  | $ | (0.03 | ) |  | $ | 0.60 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.43 |  |  | $ | (0.02 | ) |  | $ | 0.41 |
Class B Common Stock |  | $ | 0.63 |  |  | $ | (0.03 | ) |  | $ | 0.60 |
|  | Three months ended |
|  | April 30, 2013 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Income tax expense |  | $ | 18.9 |  |  | $ | 0.7 |  |  | $ | 19.6 |
Net income |  |  | 43.0 |  |  |  | (0.7 | ) |  |  | 42.3 |
Net income attributable to Greif, Inc. |  |  | 40.9 |  |  |  | (0.7 | ) |  |  | 40.2 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.70 |  |  | $ | (0.01 | ) |  | $ | 0.69 |
Class B Common Stock |  | $ | 1.05 |  |  | $ | (0.02 | ) |  | $ | 1.03 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.70 |  |  | $ | (0.01 | ) |  | $ | 0.69 |
Class B Common Stock |  | $ | 1.05 |  |  | $ | (0.02 | ) |  | $ | 1.03 |
|  | Three months ended |
|  | July 31, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Selling, general and administrative expenses |  | $ | 116.4 |  |  | $ | 0.4 |  |  | $ | 116.8 |
Operating profit |  |  | 85.2 |  |  |  | (0.4 | ) |  |  | 84.8 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 65.1 |  |  |  | (0.4 | ) |  |  | 64.7 |
Income tax expense |  |  | 24.4 |  |  |  | 0.6 |  |  |  | 25.0 |
Net income |  |  | 40.0 |  |  |  | (1.0 | ) |  |  | 39.0 |
Net income attributable to Greif, Inc. |  |  | 38.5 |  |  |  | (1.0 | ) |  |  | 37.5 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.66 |  |  | $ | (0.02 | ) |  | $ | 0.64 |
Class B Common Stock |  | $ | 0.99 |  |  | $ | (0.03 | ) |  | $ | 0.96 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.66 |  |  | $ | (0.02 | ) |  | $ | 0.64 |
Class B Common Stock |  | $ | 0.99 |  |  | $ | (0.03 | ) |  | $ | 0.96 |
|  | Nine months ended |
|  | July 31, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cost of products sold |  | $ | 2,608.8 |  |  | $ | 0.1 |  |  | $ | 2,608.9 |
Gross profit |  |  | 585.1 |  |  |  | (0.1 | ) |  |  | 585.0 |
Selling, general and administrative expenses |  |  | 348.6 |  |  |  | 1.2 |  |  |  | 349.8 |
Operating profit |  |  | 220.0 |  |  |  | (1.3 | ) |  |  | 218.7 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 151.2 |  |  |  | (1.3 | ) |  |  | 149.9 |
Income tax expense |  |  | 50.5 |  |  |  | 1.7 |  |  |  | 52.2 |
Net income |  |  | 102.0 |  |  |  | (3.0 | ) |  |  | 99.0 |
Net income attributable to Greif, Inc. |  |  | 99.6 |  |  |  | (3.0 | ) |  |  | 96.6 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 1.71 |  |  | $ | (0.05 | ) |  | $ | 1.66 |
Class B Common Stock |  | $ | 2.56 |  |  | $ | (0.08 | ) |  | $ | 2.48 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 1.71 |  |  | $ | (0.05 | ) |  | $ | 1.66 |
Class B Common Stock |  | $ | 2.56 |  |  | $ | (0.08 | ) |  | $ | 2.48 |
|  | For the year ended |
|  | October 31, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cost of products sold |  | $ | 3,489.8 |  |  | $ | 0.1 |  |  | $ | 3,489.9 |
Gross profit |  |  | 779.7 |  |  |  | (0.1 | ) |  |  | 779.6 |
Selling, general and administrative expenses |  |  | 469.4 |  |  |  | 1.6 |  |  |  | 471.0 |
Operating profit |  |  | 284.5 |  |  |  | (1.7 | ) |  |  | 282.8 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 187.1 |  |  |  | (1.7 | ) |  |  | 185.4 |
Income tax expense |  |  | 56.8 |  |  |  | 2.0 |  |  |  | 58.8 |
Net income |  |  | 131.6 |  |  |  | (3.7 | ) |  |  | 127.9 |
Net income attributable to Greif, Inc. |  |  | 126.1 |  |  |  | (3.7 | ) |  |  | 122.4 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 2.17 |  |  | $ | (0.07 | ) |  | $ | 2.10 |
Class B Common Stock |  | $ | 3.24 |  |  | $ | (0.10 | ) |  | $ | 3.14 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 2.17 |  |  | $ | (0.07 | ) |  | $ | 2.10 |
Class B Common Stock |  | $ | 3.24 |  |  | $ | (0.10 | ) |  | $ | 3.14 |
|  | October 31, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 91.7 |  |  | $ | (0.2 | ) |  | $ | 91.5 |
Trade accounts receivable, less allowance |  |  | 453.9 |  |  |  | (0.1 | ) |  |  | 453.8 |
Inventories |  |  | 374.3 |  |  |  | (0.8 | ) |  |  | 373.5 |
Prepaid expenses and other current assets |  |  | 117.2 |  |  |  | (2.4 | ) |  |  | 114.8 |
Total assets |  |  | 3,856.9 |  |  |  | (3.5 | ) |  |  | 3,853.4 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  |  | 182.6 |  |  |  | 5.3 |  |  |  | 187.9 |
Long-term liabilities |  |  |  |  |  |  |  |  |  |  |  |
Other long-term liabilities |  |  | 116.2 |  |  |  | 0.8 |  |  |  | 117.0 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,404.4 |  |  |  | (9.6 | ) |  |  | 1,394.8 |
Total liabilities and shareholders’ equity |  |  | 3,856.9 |  |  |  | (3.5 | ) |  |  | 3,853.4 |
|  | For the year ended |
|  | October 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cost of products sold |  | $ | 3,449.8 |  |  | $ | 0.1 |  |  | $ | 3,449.9 |
Gross profit |  |  | 798.4 |  |  |  | (0.1 | ) |  |  | 798.3 |
Selling, general and administrative expenses |  |  | 453.3 |  |  |  | 0.4 |  |  |  | 453.7 |
Operating profit |  |  | 330.7 |  |  |  | (0.5 | ) |  |  | 330.2 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 240.6 |  |  |  | (0.5 | ) |  |  | 240.1 |
Income tax expense |  |  | 65.0 |  |  |  | 2.3 |  |  |  | 67.3 |
Net income |  |  | 180.4 |  |  |  | (2.8 | ) |  |  | 177.6 |
Net income attributable to Greif, Inc. |  |  | 177.5 |  |  |  | (2.8 | ) |  |  | 174.7 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 3.05 |  |  | $ | (0.05 | ) |  | $ | 3.00 |
Class B Common Stock |  | $ | 4.56 |  |  | $ | (0.08 | ) |  | $ | 4.48 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 3.04 |  |  | $ | (0.05 | ) |  | $ | 2.99 |
Class B Common Stock |  | $ | 4.56 |  |  | $ | (0.08 | ) |  | $ | 4.48 |
|  | October 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 127.4 |  |  | $ | (0.1 | ) |  | $ | 127.3 |
Prepaid expenses and other current assets |  |  | 132.5 |  |  |  | (1.8 | ) |  |  | 130.7 |
Total assets |  |  | 4,188.8 |  |  |  | (1.9 | ) |  |  | 4,186.9 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  |  | 166.9 |  |  |  | 3.6 |  |  |  | 170.5 |
Long-term liabilities |  |  |  |  |  |  |  |  |  |  |  |
Other long-term liabilities |  |  | 206.4 |  |  |  | 0.4 |  |  |  | 206.8 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,376.0 |  |  |  | (5.9 | ) |  |  | 1,370.1 |
Total liabilities and shareholders’ equity |  |  | 4,188.8 |  |  |  | (1.9 | ) |  |  | 4,186.9 |

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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 7 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22644-107794 Reference 2: 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 3: 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=28359718&loc=d3e22595-107794 Reference 4: 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=28359718&loc=d3e22499-107794 Reference 5: 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=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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