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Equity Earnings of Unconsolidated Affiliates, Net of Tax and Net Income Attributable to Noncontrolling Interests
12 Months Ended
Oct. 31, 2014
Equity Method Investments and Joint Ventures [Abstract]  
Equity Earnings of Unconsolidated Affiliates, Net of Tax and Net Income Attributable to Noncontrolling Interests

NOTE 16 – EQUITY EARNINGS OF UNCONSOLIDATED AFFILIATES, NET OF TAX AND NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

Equity earnings of unconsolidated affiliates, net of tax

Equity earnings of unconsolidated affiliates, net of tax represent the Company’s share of earnings of affiliates in which the Company does not exercise control and has a 20 percent or more voting interest. Investments in such affiliates are accounted for using the equity method of accounting. If the fair value of an investment in an affiliate is below its carrying value and the difference is deemed to be other than temporary, the difference between the fair value and the carrying value is charged to earnings. As of October 31, 2014, the Company had an equity interest in two such affiliates. Equity earnings of unconsolidated affiliates, net of tax for 2014, 2013 and 2012 were $1.9 million, $2.9 million and $1.3 million, respectively. Dividends received from the Company’s equity method affiliates for the years ended October 31, 2014 and 2013 were $0.2 million and $0.3 million, respectively. The Company had made loans to an entity deemed a VIE and accounted for it as an equity method investment. These loans bore interest at various interest rates. The original principal balance of these loans was $22.2 million. As of October 31, 2014 there was no outstanding balance on this loan and the Company sold its investment in this entity during the fourth quarter of 2014.

Net (income) loss attributable to noncontrolling interests

Net (income) loss attributable to noncontrolling interests represent the portion of earnings or losses from the operations of the Company’s consolidated subsidiaries attributable to unrelated third party equity owners that were (deducted from) added to net income to arrive at net income attributable to the Company. Net (income) loss attributable to noncontrolling interests for the years ended October 31, 2014, 2013 and 2012 was $46.6 million, ($2.8) million and ($5.5) million, respectively.