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Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended
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Oct. 31, 2014
Quarterly Financial Information Disclosure [Abstract] |
Quarterly Results of Operations | The quarterly results of operations for 2014 and 2013 are shown below (Dollars in millions, except per share amounts):
2014 |  | January 31 |  |  | April 30 |  |  | July 31 |  |  | October 31 |
Net sales |  | $ | 1,001.5 |  |  | $ | 1,065.5 |  |  | $ | 1,124.0 |  |  | $ | 1,048.1 |
Gross profit |  | $ | 186.1 |  |  | $ | 204.3 |  |  | $ | 217.7 |  |  | $ | 202.9 |
Net income(1) |  | $ | 31.8 |  |  | $ | 37.1 |  |  | $ | 11.5 |  |  | $ | (35.5 | )
Net income attributable to Greif, Inc.(1) |  | $ | 30.7 |  |  | $ | 38.4 |  |  | $ | 13.7 |  |  | $ | 8.7 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.53 |  |  | $ | 0.65 |  |  | $ | 0.23 |  |  | $ | 0.15 |
Class B Common Stock |  | $ | 0.78 |  |  | $ | 0.98 |  |  | $ | 0.35 |  |  | $ | 0.22 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.53 |  |  | $ | 0.65 |  |  | $ | 0.23 |  |  | $ | 0.15 |
Class B Common Stock |  | $ | 0.78 |  |  | $ | 0.98 |  |  | $ | 0.35 |  |  | $ | 0.22 |
Earnings per share were calculated using the following number of shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 25,470,354 |  |  |  | 25,540,341 |  |  |  | 25,576,452 |  |  |  | 25,603,452 |
Class B Common Stock |  |  | 22,119,966 |  |  |  | 22,119,966 |  |  |  | 22,119,966 |  |  |  | 22,119,966 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 25,495,642 |  |  |  | 25,560,846 |  |  |  | 25,581,952 |  |  |  | 25,554,934 |
Class B Common Stock |  |  | 22,119,966 |  |  |  | 22,119,966 |  |  |  | 22,119,966 |  |  |  | 22,119,966 |
Market price (Class A Common Stock): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High |  | $ | 56.47 |  |  | $ | 54.98 |  |  | $ | 56.53 |  |  | $ | 50.85 |
Low |  | $ | 50.35 |  |  | $ | 47.91 |  |  | $ | 49.70 |  |  | $ | 41.75 |
Close |  | $ | 50.63 |  |  | $ | 54.19 |  |  | $ | 50.18 |  |  | $ | 44.06 |
Market price (Class B Common Stock): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High |  | $ | 60.00 |  |  | $ | 59.20 |  |  | $ | 61.09 |  |  | $ | 55.00 |
Low |  | $ | 51.10 |  |  | $ | 53.03 |  |  | $ | 53.06 |  |  | $ | 47.90 |
Close |  | $ | 55.51 |  |  | $ | 58.81 |  |  | $ | 53.62 |  |  | $ | 50.20 |
(1) | We recorded the following significant transactions during the fourth quarter of 2014: (i) restructuring charges of $5.6 million and (ii) non-cash asset impairment charges of $70.2 million, (iii) gain on disposals of properties, plants, equipment, net of $2.8 million, and (iv) gain on disposals of businesses, net of $21.2 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends.
2013 |  | January 31 |  |  | April 30 |  |  | July 31 |  |  | October 31 |
Net sales |  | $ | 976.2 |  |  | $ | 1,054.7 |  |  | $ | 1,094.8 |  |  | $ | 1,094.2 |
Gross profit |  | $ | 186.5 |  |  | $ | 202.4 |  |  | $ | 217.2 |  |  | $ | 226.1 |
Net income(1) |  | $ | 24.2 |  |  | $ | 39.7 |  |  | $ | 48.4 |  |  | $ | 35.2 |
Net income attributable to Greif, Inc.(1) |  | $ | 22.9 |  |  | $ | 37.6 |  |  | $ | 46.2 |  |  | $ | 38.0 |
Earnings per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.40 |  |  | $ | 0.64 |  |  | $ | 0.79 |  |  | $ | 0.65 |
Class B Common Stock |  | $ | 0.58 |  |  | $ | 0.96 |  |  | $ | 1.18 |  |  | $ | 0.97 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.40 |  |  | $ | 0.64 |  |  | $ | 0.79 |  |  | $ | 0.65 |
Class B Common Stock |  | $ | 0.58 |  |  | $ | 0.96 |  |  | $ | 1.18 |  |  | $ | 0.97 |
Earnings per share were calculated using the following number of shares: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 25,316,395 |  |  |  | 25,390,486 |  |  |  | 25,435,379 |  |  |  | 25,454,762 |
Class B Common Stock |  |  | 22,119,966 |  |  |  | 22,119,966 |  |  |  | 22,119,966 |  |  |  | 22,119,966 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  |  | 25,380,502 |  |  |  | 25,432,388 |  |  |  | 25,464,664 |  |  |  | 25,473,695 |
Class B Common Stock |  |  | 22,119,966 |  |  |  | 22,119,966 |  |  |  | 22,119,966 |  |  |  | 22,119,966 |
Market price (Class A Common Stock): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High |  | $ | 47.93 |  |  | $ | 54.28 |  |  | $ | 56.38 |  |  | $ | 58.27 |
Low |  | $ | 39.80 |  |  | $ | 45.49 |  |  | $ | 47.35 |  |  | $ | 47.76 |
Close |  | $ | 46.98 |  |  | $ | 48.17 |  |  | $ | 55.32 |  |  | $ | 53.49 |
Market price (Class B Common Stock): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
High |  | $ | 51.73 |  |  | $ | 57.44 |  |  | $ | 58.54 |  |  | $ | 60.00 |
Low |  | $ | 43.45 |  |  | $ | 48.24 |  |  | $ | 51.01 |  |  | $ | 52.02 |
Close |  | $ | 50.34 |  |  | $ | 51.79 |  |  | $ | 57.17 |  |  | $ | 56.85 |
(1) | We recorded the following significant transactions during the fourth quarter of 2013: (i) restructuring charges of $2.2 million, (ii) gain on sale of timberland of $17.3 million and (iii) non-cash asset impairment charges of $26.9 million. Refer to Form 10-Q filings, as previously filed with the SEC, for prior quarter significant transactions or trends.
Quarterly Detail of Impact of Restatement on Consolidated Statements of Income | The following information represents unaudited restated quarterly information for the years ending October 31, 2014 and 2013. Refer to Note 21 for additional information regarding the restatement of prior financial information.
|  | Three months ended |
|  | July 31, 2014 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net sales |  | $ | 1,161.1 |  |  | $ | (37.1 | ) |  | $ | 1,124.0 |
Cost of products sold |  |  | 944.8 |  |  |  | (38.5 | ) |  |  | 906.3 |
Gross profit |  |  | 216.3 |  |  |  | 1.4 |  |  |  | 217.7 |
Selling, general and administrative expenses |  |  | 129.4 |  |  |  | (0.3 | ) |  |  | 129.1 |
Operating profit |  |  | 59.6 |  |  |  | 1.7 |  |  |  | 61.3 |
Other (income) expense, net |  |  | 1.4 |  |  |  | 0.2 |  |  |  | 1.6 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 37.5 |  |  |  | 1.5 |  |  |  | 39.0 |
Net Income |  |  | 10.0 |  |  |  | 1.5 |  |  |  | 11.5 |
Net income attributable to Greif, Inc. |  |  | 12.2 |  |  |  | 1.5 |  |  |  | 13.7 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.21 |  |  | $ | 0.02 |  |  | $ | 0.23 |
Class B Common Stock |  | $ | 0.31 |  |  | $ | 0.04 |  |  | $ | 0.35 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.21 |  |  | $ | 0.02 |  |  | $ | 0.23 |
Class B Common Stock |  | $ | 0.31 |  |  | $ | 0.04 |  |  | $ | 0.35 |
|  | Three months ended |
|  | April 30, 2014 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net sales |  | $ | 1,100.7 |  |  | $ | (35.2 | ) |  | $ | 1,065.5 |
Cost of products sold |  |  | 896.5 |  |  |  | (35.3 | ) |  |  | 861.2 |
Gross profit |  |  | 204.2 |  |  |  | 0.1 |  |  |  | 204.3 |
Selling, general and administrative expenses |  |  | 135.4 |  |  |  | (2.7 | ) |  |  | 132.7 |
Timberland gains |  |  | (8.2 | ) |  |  | (0.5 | ) |  |  | (8.7 | )
Operating profit |  |  | 75.8 |  |  |  | 3.3 |  |  |  | 79.1 |
Other (income) expense, net |  |  | 1.5 |  |  |  | 0.7 |  |  |  | 2.2 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 53.9 |  |  |  | 2.6 |  |  |  | 56.5 |
Net Income |  |  | 34.5 |  |  |  | 2.6 |  |  |  | 37.1 |
Net income attributable to Greif, Inc. |  |  | 35.8 |  |  |  | 2.6 |  |  |  | 38.4 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.61 |  |  | $ | 0.04 |  |  | $ | 0.65 |
Class B Common Stock |  | $ | 0.92 |  |  | $ | 0.06 |  |  | $ | 0.98 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.61 |  |  | $ | 0.04 |  |  | $ | 0.65 |
Class B Common Stock |  | $ | 0.92 |  |  | $ | 0.06 |  |  | $ | 0.98 |
|  | Three months ended |
|  | January 31, 2014 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net sales |  | $ | 1,034.4 |  |  | $ | (32.9 | ) |  | $ | 1,001.5 |
Cost of products sold |  |  | 847.8 |  |  |  | (32.4 | ) |  |  | 815.4 |
Gross profit |  |  | 186.6 |  |  |  | (0.5 | ) |  |  | 186.1 |
Selling, general and administrative expenses |  |  | 121.5 |  |  |  | (0.2 | ) |  |  | 121.3 |
Timberland gains |  |  | (8.7 | ) |  |  | 0.3 |  |  |  | (8.4 | )
Operating profit |  |  | 72.0 |  |  |  | (0.6 | ) |  |  | 71.4 |
Other (income) expense, net |  |  | 4.6 |  |  |  | (1.8 | ) |  |  | 2.8 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 47.0 |  |  |  | 1.2 |  |  |  | 48.2 |
Net Income |  |  | 30.6 |  |  |  | 1.2 |  |  |  | 31.8 |
Net income attributable to Greif, Inc. |  |  | 29.5 |  |  |  | 1.2 |  |  |  | 30.7 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.51 |  |  | $ | 0.02 |  |  | $ | 0.53 |
Class B Common Stock |  | $ | 0.75 |  |  | $ | 0.03 |  |  | $ | 0.78 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.51 |  |  | $ | 0.02 |  |  | $ | 0.53 |
Class B Common Stock |  | $ | 0.75 |  |  | $ | 0.03 |  |  | $ | 0.78 |
|  | Three months ended |
|  | July 31, 2013 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net sales |  | $ | 1,129.7 |  |  | $ | (34.9 | ) |  | $ | 1,094.8 |
Cost of products sold |  |  | 912.4 |  |  |  | (34.8 | ) |  |  | 877.6 |
Gross profit |  |  | 217.3 |  |  |  | (0.1 | ) |  |  | 217.2 |
Selling, general and administrative expenses |  |  | 118.2 |  |  |  | 0.1 |  |  |  | 118.3 |
Operating profit |  |  | 96.7 |  |  |  | (0.2 | ) |  |  | 96.5 |
Other (income) expense, net |  |  | 4.0 |  |  |  | (0.1 | ) |  |  | 3.9 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 73.5 |  |  |  | (0.1 | ) |  |  | 73.4 |
Income tax (benefit) expense |  |  | 25.9 |  |  |  | 0.3 |  |  |  | 26.2 |
Net Income |  |  | 48.8 |  |  |  | (0.4 | ) |  |  | 48.4 |
Net (income) loss attributable to noncontrolling interests |  |  | (2.1 | ) |  |  | (0.1 | ) |  |  | (2.2 | )
Net income attributable to Greif, Inc. |  |  | 46.7 |  |  |  | (0.5 | ) |  |  | 46.2 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.80 |  |  | $ | (0.01 | ) |  | $ | 0.79 |
Class B Common Stock |  | $ | 1.20 |  |  | $ | (0.02 | ) |  | $ | 1.18 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.80 |  |  | $ | (0.01 | ) |  | $ | 0.79 |
Class B Common Stock |  | $ | 1.20 |  |  | $ | (0.02 | ) |  | $ | 1.18 |
|  | Three months ended |
|  | April 30, 2013 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net sales |  | $ | 1,088.9 |  |  | $ | (34.2 | ) |  | $ | 1,054.7 |
Cost of products sold |  |  | 886.3 |  |  |  | (34.0 | ) |  |  | 852.3 |
Gross profit |  |  | 202.6 |  |  |  | (0.2 | ) |  |  | 202.4 |
Selling, general and administrative expenses |  |  | 120.1 |  |  |  | 0.2 |  |  |  | 120.3 |
Non-cash asset impairment charges |  |  | 2.2 |  |  |  | (0.1 | ) |  |  | 2.1 |
Operating profit |  |  | 83.9 |  |  |  | (0.3 | ) |  |  | 83.6 |
Other (income) expense, net |  |  | 0.8 |  |  |  | 2.0 |  |  |  | 2.8 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 61.7 |  |  |  | (2.3 | ) |  |  | 59.4 |
Income tax (benefit) expense |  |  | 19.6 |  |  |  | 0.3 |  |  |  | 19.9 |
Net Income |  |  | 42.3 |  |  |  | (2.6 | ) |  |  | 39.7 |
Net income attributable to Greif, Inc. |  |  | 40.2 |  |  |  | (2.6 | ) |  |  | 37.6 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.69 |  |  | $ | (0.05 | ) |  | $ | 0.64 |
Class B Common Stock |  | $ | 1.03 |  |  | $ | (0.07 | ) |  | $ | 0.96 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.69 |  |  | $ | (0.05 | ) |  | $ | 0.64 |
Class B Common Stock |  | $ | 1.03 |  |  | $ | (0.07 | ) |  | $ | 0.96 |
|  | Three months ended |
|  | January 31, 2013 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net sales |  | $ | 1,008.6 |  |  | $ | (32.4 | ) |  | $ | 976.2 |
Cost of products sold |  |  | 821.9 |  |  |  | (32.2 | ) |  |  | 789.7 |
Gross profit |  |  | 186.7 |  |  |  | (0.2 | ) |  |  | 186.5 |
Selling, general and administrative expenses |  |  | 122.6 |  |  |  | 0.2 |  |  |  | 122.8 |
Operating profit |  |  | 64.0 |  |  |  | (0.4 | ) |  |  | 63.6 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 38.0 |  |  |  | (0.4 | ) |  |  | 37.6 |
Income tax (benefit) expense |  |  | 13.2 |  |  |  | 0.3 |  |  |  | 13.5 |
Net Income |  |  | 24.9 |  |  |  | (0.7 | ) |  |  | 24.2 |
Net income attributable to Greif, Inc. |  |  | 23.6 |  |  |  | (0.7 | ) |  |  | 22.9 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.41 |  |  | $ | (0.01 | ) |  | $ | 0.40 |
Class B Common Stock |  | $ | 0.60 |  |  | $ | (0.02 | ) |  | $ | 0.58 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 0.41 |  |  | $ | (0.01 | ) |  | $ | 0.40 |
Class B Common Stock |  | $ | 0.60 |  |  | $ | (0.02 | ) |  | $ | 0.58 |

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