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BUSINESS SEGMENT INFORMATION | 9 Months Ended
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Jul. 31, 2014
Segment Reporting [Abstract] |
BUSINESS SEGMENT INFORMATION | NOTE 18 — BUSINESS SEGMENT INFORMATION The Company has five operating segments, which are aggregated into four reportable business segments: Rigid Industrial Packaging & Services; Paper Packaging; Flexible Products & Services; and Land Management. Operations in the Rigid Industrial Packaging & Services segment involve the production and sale of rigid industrial packaging products, such as steel, fibre and plastic drums, rigid intermediate bulk containers, closure systems for industrial packaging products, transit protection products, water bottles and remanufactured and reconditioned industrial containers, and services, such as container life cycle management, blending, filling, logistics, warehousing and other packaging services. The Company’s rigid industrial packaging products and services are sold to customers in industries such as chemicals, paints and pigments, food and beverage, petroleum, industrial coatings, agricultural, pharmaceutical and mineral, among others. Operations in the Paper Packaging segment involve the production and sale of containerboard, corrugated sheets, corrugated containers and other corrugated products to customers in North America. The Company’s corrugated container products are used to ship such diverse products as home appliances, small machinery, grocery products, automotive components, books and furniture, as well as numerous other applications. Operations in the Flexible Products & Services segment involve the production and sale of flexible intermediate bulk containers and related services on a global basis and the sale of multiwall bag products in North America. The Company’s flexible intermediate bulk containers are constructed from a polypropylene-based woven fabric that is produced at its fully integrated production sites, as well as sourced from strategic regional suppliers. Flexible products are sold globally and service customers and market segments similar to those in the Company’s Rigid Industrial Packaging & Services segment. Additionally, the Company’s flexible products significantly expand its presence in the agricultural and food industries, among others. The Company’s multiwall bag products are used to ship a wide range of industrial and consumer products, such as seed, fertilizers, chemicals, concrete, flour, sugar, feed, pet foods, popcorn, charcoal and salt, primarily for the agricultural, chemical, building products and food industries. Operations in the Land Management segment involve the management and sale of timber and special use properties from approximately 251,350 acres of timber properties in the southeastern United States, which are actively managed, and 10,295 acres of timber properties in Canada. Land Management’s operations focus on the active harvesting and regeneration of the Company’s United States timber properties to achieve sustainable long-term yields. While timber sales are subject to fluctuations, the Company seeks to maintain a consistent cutting schedule, within the limits of market and weather conditions. The Company also sells, from time to time, timberland and special use properties, which consists of surplus properties, HBU properties, and development properties. In order to maximize the value of timber property, the Company continues to review its current portfolio and explore the development of certain of these properties in Canada and the United States. This process has led the Company to characterize property as follows:
| • |  | Surplus property, meaning land that cannot be efficiently or effectively managed by the Company, whether due to parcel size, lack of productivity, location, access limitations or for other reasons.
| • |  | HBU property, meaning land that in its current state has a higher market value for uses other than growing and selling timber.
| • |  | Development property, meaning HBU land that, with additional investment, may have a significantly higher market value than its HBU market value.
| • |  | Timberland, meaning land that is best suited for growing and selling timber.
The disposal of surplus and HBU property is reported in the consolidated statements of income under “gain on disposals of properties, plants, equipment and businesses, net” and the sale of development property is reported under “net sales” and “cost of products sold.” All HBU, development and surplus property is used by the Company to productively grow and sell timber until sold. Therefore, when surplus and HBU property is sold, operating profit could result in an amount higher than net sales. Whether timberland has a higher value for uses other than growing and selling timber is a determination based upon several variables, such as proximity to population centers, anticipated population growth in the area, the topography of the land, aesthetic considerations, including access to water, the condition of the surrounding land, availability of utilities, markets for timber and economic considerations both nationally and locally. Given these considerations, the characterization of land is not a static process, but requires an ongoing review and re-characterization as circumstances change. The Company’s reportable business segments offer different products and services. The accounting policies of the reportable business segments are substantially the same as those described in the “Basis of Presentation and Summary of Significant Accounting Policies” note in the 2013 Form 10-K. The following segment information is presented for the periods indicated (Dollars in millions):
|  | Three months ended |  |  | Nine months ended |
|  | July 31, |  |  | July 31, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rigid Industrial Packaging & Services |  | $ | 827.7 |  |  | $ | 802.2 |  |  | $ | 2,324.3 |  |  | $ | 2,280.0 |
Paper Packaging |  |  | 217.7 |  |  |  | 208.4 |  |  |  | 625.4 |  |  |  | 587.1 |
Flexible Products & Services |  |  | 107.3 |  |  |  | 110.5 |  |  |  | 325.8 |  |  |  | 334.3 |
Land Management |  |  | 8.4 |  |  |  | 8.6 |  |  |  | 20.7 |  |  |  | 25.8 |
Total net sales |  | $ | 1,161.1 |  |  | $ | 1,129.7 |  |  | $ | 3,296.2 |  |  | $ | 3,227.2 |
Operating profit (loss): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rigid Industrial Packaging & Services |  | $ | 41.3 |  |  | $ | 61.7 |  |  | $ | 119.2 |  |  | $ | 146.4 |
Paper Packaging |  |  | 27.9 |  |  |  | 30.7 |  |  |  | 84.4 |  |  |  | 84.1 |
Flexible Products & Services |  |  | (12.9 | ) |  |  | — |  |  |  | (22.4 | ) |  |  | 1.4 |
Land Management |  |  | 3.3 |  |  |  | 4.3 |  |  |  | 26.2 |  |  |  | 12.7 |
Total operating profit |  | $ | 59.6 |  |  | $ | 96.7 |  |  | $ | 207.4 |  |  | $ | 244.6 |
Depreciation, depletion and amortization expense: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rigid Industrial Packaging & Services |  | $ | 26.8 |  |  | $ | 26.7 |  |  | $ | 83.5 |  |  | $ | 80.2 |
Paper Packaging |  |  | 7.3 |  |  |  | 7.3 |  |  |  | 22.6 |  |  |  | 22.7 |
Flexible Products & Services |  |  | 3.3 |  |  |  | 4.0 |  |  |  | 10.7 |  |  |  | 11.2 |
Land Management |  |  | 1.4 |  |  |  | 1.5 |  |  |  | 3.0 |  |  |  | 3.8 |
Total depreciation, depletion and amortization expense |  | $ | 38.8 |  |  | $ | 39.5 |  |  | $ | 119.8 |  |  | $ | 117.9 |
The following table presents net sales to external customers by geographic area (Dollars in millions):
|  | Three months ended July 31, |  |  | Nine months ended July 31, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Net sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 566.8 |  |  | $ | 535.2 |  |  | $ | 1,601.8 |  |  | $ | 1,524.6 |
Europe, Middle East and Africa |  |  | 429.1 |  |  |  | 426.5 |  |  |  | 1,219.8 |  |  |  | 1,210.6 |
Asia Pacific and Latin America |  |  | 165.2 |  |  |  | 168.0 |  |  |  | 474.6 |  |  |  | 492.0 |
Total net sales |  | $ | 1,161.1 |  |  | $ | 1,129.7 |  |  | $ | 3,296.2 |  |  | $ | 3,227.2 |
The following table presents total assets by segment and geographic area (Dollars in millions):
|  | July 31, 2014 |  |  | October 31, 2013 |
Assets: |  |  |  |  |  |  |  |
Rigid Industrial Packaging & Services |  | $ | 2,482.5 |  |  | $ | 2,441.6 |
Paper Packaging |  |  | 429.9 |  |  |  | 413.3 |
Flexible Products & Services |  |  | 364.7 |  |  |  | 367.3 |
Land Management |  |  | 318.5 |  |  |  | 280.7 |
Total segments |  |  | 3,595.6 |  |  |  | 3,502.9 |
Corporate and other |  |  | 355.8 |  |  |  | 379.3 |
Total assets |  | $ | 3,951.4 |  |  | $ | 3,882.2 |
Assets: |  |  |  |  |  |  |  |
North America |  | $ | 1,891.9 |  |  | $ | 1,818.2 |
Europe, Middle East and Africa |  |  | 1,506.5 |  |  |  | 1,517.4 |
Asia Pacific and Latin America |  |  | 553.0 |  |  |  | 546.6 |
Total assets |  | $ | 3,951.4 |  |  | $ | 3,882.2 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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