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Consolidation of Variable Interest Entities | 3 Months Ended
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Jan. 31, 2015
Equity Method Investments and Joint Ventures [Abstract] |
Consolidation of Variable Interest Entities | NOTE 8 — CONSOLIDATION OF VARIABLE INTEREST ENTITIES The Company evaluates whether an entity is a variable interest entity (“VIE”) whenever reconsideration events occur and performs reassessments of all VIEs quarterly to determine if the primary beneficiary status is appropriate. The Company consolidates VIEs for which it is the primary beneficiary. If the Company is not the primary beneficiary and an ownership interest is held, the VIE is accounted for under the equity or cost methods of accounting, as appropriate. When assessing the determination of the primary beneficiary, the Company considers all relevant facts and circumstances, including: the power to direct the activities of the VIE that most significantly impact the VIEs economic performance; and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. Significant Nonstrategic Timberland Transactions In 2005, the Company sold certain timber properties to Plum Creek Timberlands, L.P. (“Plum Creek”) in a series of transactions that included the creation of two separate legal entities that are now consolidated as separate VIEs. One is an indirect subsidiary of Plum Creek (the “Buyer SPE”), and the other is STA Timber LLC, an indirect wholly owned subsidiary of the Company (“STA Timber”). As of January 31, 2015 and October 31, 2014, consolidated assets of Buyer SPE consisted of $50.9 million of restricted bank financial instruments which are expected to be held to maturity. For both of the three month periods ended January 31, 2015 and 2014, Buyer SPE recorded interest income of $0.6 million. As of January 31, 2015 and October 31, 2014, STA Timber had consolidated long-term debt of $43.3 million. For both of the three month periods ended January 31, 2015 and 2014, STA Timber recorded interest expense of $0.6 million. The intercompany borrowing arrangement between the two VIEs is eliminated in consolidation. STA Timber is exposed to credit-related losses in the event of nonperformance by an issuer of a deed of guarantee in the transaction. Flexible Packaging Joint Venture On September 29, 2010, Greif, Inc. and its indirect subsidiary Greif International Holding Supra C.V. (“Greif Supra”) formed a joint venture (referred to herein as the “Flexible Packaging JV”) with Dabbagh Group Holding Company Limited and its subsidiary National Scientific Company Limited (“NSC”). The Flexible Packaging JV owns the operations in the Flexible Products & Services segment, with the exception of the North American multiwall packaging business, which was sold in August 2014. The Flexible Packaging JV has been consolidated into the operations of the Company as of its formation date of September 29, 2010. All entities contributed to the Flexible Packaging JV were existing businesses acquired by Greif Supra and that were reorganized under Greif Flexibles Asset Holding B.V. and Greif Flexibles Trading Holding B.V. (“Asset Co.” and “Trading Co.”), respectively. The Flexibles Packaging J.V. also includes Global Textile Company LLC (“Global Textile”), which owned and operated a fabric hub in the Kingdom of Saudi Arabia that commenced operations in the fourth quarter of 2012 and ceased operations in the fourth quarter of 2014. The following table presents the Flexible Packaging JV total net assets (Dollars in millions):
January 31, 2015 |  | Asset Co. |  |  | Global Textile |  |  | Trading Co. |  |  | Flexible Packaging JV |
Total assets |  | $ | 113.0 |  |  | $ | 14.5 |  |  | $ | 116.3 |  |  | $ | 243.8 |
Total liabilities |  |  | 95.8 |  |  |  | 42.5 |  |  |  | 53.6 |  |  |  | 191.9 |
Net assets |  | $ | 17.2 |  |  | $ | (28.0 | ) |  | $ | 62.7 |  |  | $ | 51.9 |
October 31, 2014 |  | Asset Co. |  |  | Global Textile |  |  | Trading Co. |  |  | Flexible Packaging JV |
Total assets |  | $ | 113.6 |  |  | $ | 21.6 |  |  | $ | 126.4 |  |  | $ | 261.6 |
Total liabilities |  |  | 102.7 |  |  |  | 42.8 |  |  |  | 51.8 |  |  |  | 197.3 |
Net assets |  | $ | 10.9 |  |  | $ | (21.2 | ) |  | $ | 74.6 |  |  | $ | 64.3 |
Net losses attributable to the noncontrolling interest in the Flexible Packaging JV for the three months ended January 31, 2015 and 2014 were $3.3 million and $1.4 million, respectively.

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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28200181&loc=d3e5710-111685 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=28200181&loc=SL6759159-111685 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28200181&loc=d3e5728-111685 + Details
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