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Correction of Errors and Restatement (Tables) | 12 Months Ended
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Oct. 31, 2014
Accounting Changes and Error Corrections [Abstract] |
Summary of Previously Stated and Corrected Balances of Consolidated Statements of Income, Consolidated Balance Sheets and Consolidated Statements of Cash Flows | The following are the previously stated and corrected balances of certain consolidated statements of income, consolidated balance sheets and consolidated statements of cash flows. The “As Reported” amounts are the amounts reported in the Annual Report on Form 10-K for the fiscal year ended October 31, 2013 (Dollars in millions, except per share amounts):
|  | For the year ended |
|  | October 31, 2013 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net Sales |  | $ | 4,353.4 |  |  | $ | (133.5 | ) |  | $ | 4,219.9 |
Cost of products sold |  |  | 3,520.8 |  |  |  | (133.1 | ) |  |  | 3,387.7 |
Gross profit |  |  | 832.6 |  |  |  | (0.4 | ) |  |  | 832.2 |
Timberland gains |  |  | (17.5 | ) |  |  | 0.2 |  |  |  | (17.3 | )
Non-cash asset impairment charges |  |  | 34.0 |  |  |  | (2.6 | ) |  |  | 31.4 |
Operating profit |  |  | 339.6 |  |  |  | 2.0 |  |  |  | 341.6 |
Other (income) expense, net |  |  | 10.8 |  |  |  | 2.3 |  |  |  | 13.1 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 243.7 |  |  |  | (0.3 | ) |  |  | 243.4 |
Income tax (benefit) expense |  |  | 97.6 |  |  |  | 1.2 |  |  |  | 98.8 |
Net Income |  |  | 149.0 |  |  |  | (1.5 | ) |  |  | 147.5 |
Net (income) loss attributable to noncontrolling interests |  |  | (1.7 | ) |  |  | (1.1 | ) |  |  | (2.8 | )
Net income attributable to Greif, Inc. |  |  | 147.3 |  |  |  | (2.6 | ) |  |  | 144.7 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 2.52 |  |  | $ | (0.05 | ) |  | $ | 2.47 |
Class B Common Stock |  | $ | 3.77 |  |  | $ | (0.07 | ) |  | $ | 3.70 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 2.52 |  |  | $ | (0.05 | ) |  | $ | 2.47 |
Class B Common Stock |  | $ | 3.77 |  |  | $ | (0.07 | ) |  | $ | 3.70 |
|  | October 31, 2013 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  | $ | 375.3 |  |  | $ | (0.9 | ) |  | $ | 374.4 |
Deferred tax assets |  |  | 22.2 |  |  |  | 7.6 |  |  |  | 29.8 |
Prepaid expenses and other current assets |  |  | 132.2 |  |  |  | (0.4 | ) |  |  | 131.8 |
Total current assets |  |  | 1,094.0 |  |  |  | 6.3 |  |  |  | 1,100.3 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 1,003.5 |  |  |  | (5.1 | ) |  |  | 998.4 |
Other intangible assets, net of amortization |  |  | 180.8 |  |  |  | 4.4 |  |  |  | 185.2 |
Total long-term assets |  |  | 1,389.9 |  |  |  | (0.7 | ) |  |  | 1,389.2 |
Properties, plants and equipment |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 1,523.7 |  |  |  | (1.1 | ) |  |  | 1,522.6 |
Total properties, plants and equipment, net |  |  | 1,398.3 |  |  |  | (1.1 | ) |  |  | 1,397.2 |
Total assets |  |  | 3,882.2 |  |  |  | 4.5 |  |  |  | 3,886.7 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  |  | 178.8 |  |  |  | 7.7 |  |  |  | 186.5 |
Total current liabilities |  |  | 801.7 |  |  |  | 7.7 |  |  |  | 809.4 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  | 238.1 |  |  |  | 8.3 |  |  |  | 246.4 |
Other long-term liabilities |  |  | 92.9 |  |  |  | 6.6 |  |  |  | 99.5 |
Total long-term liabilities |  |  | 1,682.5 |  |  |  | 14.9 |  |  |  | 1,697.4 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,443.8 |  |  |  | (25.0 | ) |  |  | 1,418.8 |
Accumulated other comprehensive loss |  |  | (159.0 | ) |  |  | 6.4 |  |  |  | (152.6 | )
Total Greif, Inc. shareholders’ equity |  |  | 1,283.2 |  |  |  | (18.6 | ) |  |  | 1,264.6 |
Noncontrolling interests |  |  | 114.8 |  |  |  | 0.5 |  |  |  | 115.3 |
Total shareholders’ equity |  |  | 1,398.0 |  |  |  | (18.1 | ) |  |  | 1,379.9 |
Total liabilities and shareholders’ equity |  |  | 3,882.2 |  |  |  | 4.5 |  |  |  | 3,886.7 |
|  | For the year ended October 31, 2013 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 149.0 |  |  | $ | (1.5 | ) |  | $ | 147.5 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  |  | 156.9 |  |  |  | 0.7 |  |  |  | 157.6 |
Asset impairments |  |  | 34.0 |  |  |  | (2.6 | ) |  |  | 31.4 |
Deferred income taxes |  |  | 2.0 |  |  |  | 0.6 |  |  |  | 2.6 |
Gain on disposals of properties, plants and equipment, net |  |  | (23.1 | ) |  |  | 17.5 |  |  |  | (5.6 | )
Gain on disposals of timberland, net |  |  | — |  |  |  | (17.3 | ) |  |  | (17.3 | )
Increase (decrease) in cash from changes in certain assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable |  |  | (35.4 | ) |  |  | (0.2 | ) |  |  | (35.6 | )
Inventories |  |  | (3.5 | ) |  |  | 0.9 |  |  |  | (2.6 | )
Pension and postretirement benefit liabilities |  |  | 7.5 |  |  |  | (11.6 | ) |  |  | (4.1 | )
Other, net |  |  | 8.1 |  |  |  | 13.5 |  |  |  | 21.6 |
Net cash provided by operating activities |  |  | 250.3 |  |  |  | — |  |  |  | 250.3 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net cash used in investing activities |  |  | (100.7 | ) |  |  | — |  |  |  | (100.7 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from (payments on) trade accounts receivable credit facility, net |  |  | 30.0 |  |  |  | (30.0 | ) |  |  | — |
Proceeds from trade accounts receivable credit facility |  |  | — |  |  |  | 75.6 |  |  |  | 75.6 |
Payments on trade accounts receivable credit facility |  |  | — |  |  |  | (45.6 | ) |  |  | (45.6 | )
Net cash used in financing activities |  |  | (159.9 | ) |  |  | — |  |  |  | (159.9 | )
|  | For the year ended |
|  | October 31, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Net Sales |  | $ | 4,269.5 |  |  | $ | (140.0 | ) |  | $ | 4,129.5 |
Cost of products sold |  |  | 3,489.9 |  |  |  | (139.9 | ) |  |  | 3,350.0 |
Gross profit |  |  | 779.6 |  |  |  | (0.1 | ) |  |  | 779.5 |
Selling, general and administrative expenses |  |  | 468.4 |  |  |  | 1.4 |  |  |  | 469.8 |
Non-cash asset impairment charges |  |  | 12.9 |  |  |  | 0.3 |  |  |  | 13.2 |
Operating profit |  |  | 282.8 |  |  |  | (1.8 | ) |  |  | 281.0 |
Other (income) expense, net |  |  | 7.5 |  |  |  | 0.2 |  |  |  | 7.7 |
Income before income tax expense and equity earnings of unconsolidated affiliates, net |  |  | 185.4 |  |  |  | (2.0 | ) |  |  | 183.4 |
Income tax (benefit) expense |  |  | 58.8 |  |  |  | 2.3 |  |  |  | 61.1 |
Net Income |  |  | 127.9 |  |  |  | (4.3 | ) |  |  | 123.6 |
Net income attributable to Greif, Inc. |  |  | 122.4 |  |  |  | (4.3 | ) |  |  | 118.1 |
Basic earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 2.10 |  |  | $ | (0.07 | ) |  | $ | 2.03 |
Class B Common Stock |  | $ | 3.14 |  |  | $ | (0.11 | ) |  | $ | 3.03 |
Diluted earnings per share attributable to Greif, Inc. common shareholders: |  |  |  |  |  |  |  |  |  |  |  |
Class A Common Stock |  | $ | 2.10 |  |  | $ | (0.07 | ) |  | $ | 2.03 |
Class B Common Stock |  | $ | 3.14 |  |  | $ | (0.11 | ) |  | $ | 3.03 |
|  | October 31, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable, less allowance |  | $ | 453.8 |  |  | $ | (0.2 | ) |  | $ | 453.6 |
Deferred tax assets |  |  | 18.9 |  |  |  | 6.6 |  |  |  | 25.5 |
Prepaid expenses and other current assets |  |  | 114.8 |  |  |  | (0.5 | ) |  |  | 114.3 |
Total current assets |  |  | 1,055.3 |  |  |  | 5.9 |  |  |  | 1,061.2 |
Long-term assets |  |  |  |  |  |  |  |  |  |  |  |
Goodwill |  |  | 976.1 |  |  |  | (5.1 | ) |  |  | 971.0 |
Other intangible assets, net of amortization |  |  | 198.6 |  |  |  | 5.2 |  |  |  | 203.8 |
Total long-term assets |  |  | 1,373.2 |  |  |  | 0.1 |  |  |  | 1,373.3 |
Properties, plants and equipment |  |  |  |  |  |  |  |  |  |  |  |
Machinery and equipment |  |  | 1,472.6 |  |  |  | (3.5 | ) |  |  | 1,469.1 |
Total properties, plants and equipment, net |  |  | 1,424.9 |  |  |  | (3.5 | ) |  |  | 1,421.4 |
Total assets |  |  | 3,853.4 |  |  |  | 2.5 |  |  |  | 3,855.9 |
Current Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Other current liabilities |  |  | 187.9 |  |  |  | 8.5 |  |  |  | 196.4 |
Total current liabilities |  |  | 867.3 |  |  |  | 8.5 |  |  |  | 875.8 |
Long-term Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred tax liabilities |  |  | 197.0 |  |  |  | 7.8 |  |  |  | 204.8 |
Other long-term liabilities |  |  | 117.0 |  |  |  | 5.1 |  |  |  | 122.1 |
Total long-term liabilities |  |  | 1,675.3 |  |  |  | 12.9 |  |  |  | 1,688.2 |
Shareholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Retained earnings |  |  | 1,394.8 |  |  |  | (22.6 | ) |  |  | 1,372.2 |
Accumulated other comprehensive loss |  |  | (196.0 | ) |  |  | 4.3 |  |  |  | (191.7 | )
Total Greif, Inc. shareholders’ equity |  |  | 1,191.2 |  |  |  | (18.3 | ) |  |  | 1,172.9 |
Noncontrolling interests |  |  | 119.6 |  |  |  | (0.6 | ) |  |  | 119.0 |
Total shareholders’ equity |  |  | 1,310.8 |  |  |  | (18.9 | ) |  |  | 1,291.9 |
Total liabilities and shareholders’ equity |  |  | 3,853.4 |  |  |  | 2.5 |  |  |  | 3,855.9 |
|  | For the year ended October 31, 2012 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 127.9 |  |  | $ | (4.3 | ) |  | $ | 123.6 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Depreciation, depletion and amortization |  |  | 154.8 |  |  |  | 0.8 |  |  |  | 155.6 |
Asset impairments |  |  | 12.9 |  |  |  | 0.3 |  |  |  | 13.2 |
Deferred income taxes |  |  | 20.2 |  |  |  | 1.8 |  |  |  | 22.0 |
Increase (decrease) in cash from changes in certain assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Trade accounts receivable |  |  | 96.7 |  |  |  | 0.1 |  |  |  | 96.8 |
Accounts payable |  |  | 3.5 |  |  |  | (0.2 | ) |  |  | 3.3 |
Other, net |  |  | 45.3 |  |  |  | 1.5 |  |  |  | 46.8 |
Net cash provided by operating activities |  |  | 473.3 |  |  |  | — |  |  |  | 473.3 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net cash used in investing activities |  |  | (153.8 | ) |  |  | — |  |  |  | (153.8 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from (payments on) trade accounts receivable credit facility, net |  |  | (20.0 | ) |  |  | 20.0 |  |  |  | — |
Proceeds from trade accounts receivable credit facility |  |  | — |  |  |  | 40.8 |  |  |  | 40.8 |
Payments on trade accounts receivable credit facility |  |  | — |  |  |  | (60.8 | ) |  |  | (60.8 | )
Net cash used in financing activities |  |  | (352.2 | ) |  |  | — |  |  |  | (352.2 | )
The following are the previously reported and corrected balances of certain equity accounts as of October 31, 2011.
|  | October 31, 2011 |
|  | As Reported |  |  | Adjustments |  |  | As Adjusted |
Retained Earnings |  | $ | 1,370.1 |  |  | $ | (18.5 | ) |  | $ | 1,351.6 |
Noncontrolling interests |  |  | 127.9 |  |  |  | (0.6 | ) |  |  | 127.3 |
Accumulated Other Comprehensive Income (Loss) |  |  | (143.6 | ) |  |  | 4.3 |  |  |  | (139.3 | )
Shareholders’ Equity |  |  | 1,336.2 |  |  |  | (14.8 | ) |  |  | 1,321.4 |

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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 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 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22663-107794 Reference 3: 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=28359718&loc=d3e22658-107794 + Details
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