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Sale of Non-United States Accounts Receivable | 9 Months Ended
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Jul. 31, 2015
Receivables [Abstract] |
Sale of Non-United States Accounts Receivable | NOTE 3 — SALE OF NON-UNITED STATES ACCOUNTS RECEIVABLE On April 27, 2012, Cooperage Receivables Finance B.V. and Greif Coordination Center BVBA, an indirect wholly owned subsidiary of Greif, Inc., entered into the Nieuw Amsterdam Receivables Purchase Agreement (the “European RPA”) with affiliates of a major international bank. On April 20, 2015, Cooperage Receivables Finance B.V. and Greif Coordination Center BVBA amended and extended the term of the existing European RPA. Under the European RPA, as amended, the number of entities participating in the agreement have decreased to now include only the following entities: Greif Belgium BVBA, EarthMinded Benelux N.V. (formerly Pack2pack Rumbeke N.V.), Greif Nederland B.V., Greif Italia S.p.A., Greif Plastics Italy Srl (formerly Fustiplast S.p.A.), Greif France S.A.S., Greif Packaging Spain S.A., Greif Germany GmbH, Greif Plastics Germany GmbH (formerly Fustiplast GmbH), and Greif Portugal S.A. Additionally, the terms have been amended to decrease the maximum amount of receivables that may be sold and outstanding under the European RPA at any time to €100 million ($110.6 million as of July 31, 2015). In October 2007, Greif Singapore Pte. Ltd., an indirect wholly-owned subsidiary of Greif, Inc., entered into the Singapore Receivable Purchase Agreement (the “Singapore RPA”) with a major international bank. The maximum amount of aggregate receivables that may be financed under the Singapore RPA is 15.0 million Singapore Dollars ($11.0 million as of July 31, 2015). In May 2009, Greif Malaysia Sdn Bhd., an indirect wholly-owned subsidiary of Greif, Inc., entered into the Malaysian Receivables Purchase Agreement (the “Malaysian Agreement”) with certain Malaysian banks. In March 2014, the Malaysian Agreement was discontinued and therefore there were no receivables held by third party financial institutions under this agreement as of July 31, 2015. The table below contains certain information related to the Company’s accounts receivables programs (Dollars in millions):
|  | Three months ended July 31, |  |  | Nine months ended July 31, |
|  | 2015 |  |  | 2014 |  |  | 2015 |  |  | 2014 |
European RPA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross accounts receivable sold to third party financial institution |  | $ | 165.9 |  |  | $ | 266.7 |  |  | $ | 552.6 |  |  | $ | 784.0 |
Cash received for accounts receivable sold under the programs |  |  | 147.1 |  |  |  | 235.2 |  |  |  | 489.5 |  |  |  | 692.0 |
Deferred purchase price related to accounts receivable sold |  |  | 18.8 |  |  |  | 31.5 |  |  |  | 63.1 |  |  |  | 92.0 |
Loss associated with the programs |  |  | 0.3 |  |  |  | 0.7 |  |  |  | 1.2 |  |  |  | 2.0 |
Expenses associated with the programs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross accounts receivable sold to third party financial institution |  | $ | 12.0 |  |  | $ | 13.0 |  |  | $ | 36.4 |  |  | $ | 44.1 |
Cash received for accounts receivable sold under the program |  |  | 12.0 |  |  |  | 13.0 |  |  |  | 36.4 |  |  |  | 44.1 |
Deferred purchase price related to accounts receivable sold |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Loss associated with the program |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Expenses associated with the program |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |
Total RPAs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gross accounts receivable sold to third party financial institution |  | $ | 177.9 |  |  | $ | 279.7 |  |  | $ | 589.0 |  |  | $ | 828.1 |
Cash received for accounts receivable sold under the program |  |  | 159.1 |  |  |  | 248.2 |  |  |  | 525.9 |  |  |  | 736.1 |
Deferred purchase price related to accounts receivable sold |  |  | 18.8 |  |  |  | 31.5 |  |  |  | 63.1 |  |  |  | 92.0 |
Loss associated with the program |  |  | 0.3 |  |  |  | 0.7 |  |  |  | 1.2 |  |  |  | 2.0 |
Expenses associated with the program |  |  | — |  |  |  | — |  |  |  | 0.1 |  |  |  | 0.1 |
The table below contains certain information related to the Company’s accounts receivables programs and the impact it has on the Condensed Consolidated Balance Sheets (Dollars in millions):
|  | July 31, 2015 |  |  | October 31, 2014 |
European RPA |  |  |  |  |  |  |  |
Accounts receivable sold to and held by third party financial institution |  | $ | 121.6 |  |  | $ | 164.7 |
Uncollected deferred purchase price related to accounts receivable sold |  |  | 10.9 |  |  |  | — |
Deferred purchase price liability related to accounts receivable sold |  |  | — |  |  |  | (23.7 | )
Other |  |  |  |  |  |  |  |
Accounts receivable sold to and held by third party financial institution |  | $ | 4.5 |  |  | $ | 5.0 |
Uncollected deferred purchase price related to accounts receivable sold |  |  | — |  |  |  | — |
Total RPAs |  |  |  |  |  |  |  |
Accounts receivable sold to and held by third party financial institution |  | $ | 126.1 |  |  | $ | 169.7 |
Uncollected deferred purchase price related to accounts receivable sold |  |  | 10.9 |  |  |  | — |
Deferred purchase price liability related to accounts receivable sold |  |  | — |  |  |  | (23.7 | )
The deferred purchase price related to the accounts receivable sold is reflected as prepaid expenses and other current assets or other current liabilities on the Company’s condensed consolidated balance sheets and is recorded at an amount which approximates its fair value due to the short-term nature of these items. The cash received and the deferred purchase price relate to the sale or ultimate collection of the underlying receivables and are not subject to significant other risks given their short-term nature; therefore, the Company reflects all cash flows under the accounts receivable sales programs as operating cash flows on the Company’s condensed consolidated statements of cash flows. Additionally, the Company performs collections and administrative functions on the receivables sold, similar to the procedures it uses for collecting all of its receivables, including receivables that are not sold under the RPAs.

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5066-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5162-111524 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5074-111524 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 + Details
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