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Redeemable Noncontrolling Interests | 3 Months Ended
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Jan. 31, 2016
Noncontrolling Interest [Abstract] |
Redeemable Noncontrolling Interests | NOTE 18 —REDEEMABLE NONCONTROLLING INTERESTS During the first quarter of 2016, the Company identified errors related to the accounting for and presentation related to various noncontrolling interests of consolidated entities. The Company has concluded that the errors are not material to any prior period, the current period, or to the trend in earnings and, as such, has presented the error corrections as an out-of-period reclassification in the current condensed consolidated financial statements. Mandatorily Redeemable Noncontrolling Interests The terms of the joint venture agreement for one joint venture within the Rigid Industrial Packaging & Services segment include mandatory redemption by the Company, in cash, of the noncontrolling interest holders’ equity at a formulaic price after the expiration of a lockout period specific to each noncontrolling interest holder. The redemption features cause the interest to be classified as a mandatorily redeemable instrument under the accounting guidance and included at the current redemption value each period in long-term or short-term liabilities of the Company, as applicable. The impact of marking to redemption value at each period end is recorded in interest expense. In the first quarter of 2016, one of the mandatorily redeemable noncontrolling interest holders notified the Company of the intention to exercise its option to require the Company to purchase its equity. The redemption price for that interest is $0.8 million and is included in other current liabilities in these condensed consolidated financial statements as it will be paid to the noncontrolling interest holder within the next year. One remaining partner has the ability to require the Company to redeem its equity in 2017 and the Company has a contractual obligation to redeem the outstanding equity interests of each remaining partner in 2021 and 2022, respectively, and therefore, such redemption values of $9.2 million are included in other long-term liabilities in these condensed consolidated financial statements. The following table provides the rollforward of the mandatorily redeemable noncontrolling interest for the three months ended January 31, 2016 (Dollars in millions):
|  | Mandatorily Redeemable Noncontrolling Interest |
Balance as of October 31, 2015 |  | $ | — |
Reclassification of book value of noncontrolling interest |  |  | 10.5 |
Out-of period reversal of cumulative income allocated to noncontrolling interest |  |  | (1.2 | )
Out-of period mark to redemption value |  |  | 0.1 |
Current period mark to redemption value |  |  | 0.6 |
Balance as of January 31, 2016 |  | $ | 10.0 |
Redeemable Noncontrolling Interests Redeemable noncontrolling interests related to one joint venture within the Paper Packaging & Services segment and two joint ventures within the Rigid Industrial Packaging & Services segment are held by the respective noncontrolling interest owners. The holders of these interests share in the profits and losses of these entities on a pro rata basis with the Company. However, the noncontrolling interest owners have the right to put all or a portion of those noncontrolling interests to the Company at a formulaic price after a set period of time, specific to each agreement. Redeemable noncontrolling interests are reflected in the condensed consolidated balance sheets at redemption value. The following table provides the rollforward of the redeemable noncontrolling interest for the three months ended January 31, 2016 (Dollars in millions):
|  | Redeemable Noncontrolling Interest |
Balance as of October 31, 2015 |  | $ | — |
Reclassification of book value of noncontrolling interest |  |  | 12.5 |
Out-of period mark to redemption value* |  |  | 19.8 |
Current period mark to redemption value* |  |  | (0.1 | )
Balance as of January 31, 2016 |  | $ | 32.2 |
* | Both the out-of-period and current period mark to redemption value amounts were charged to retained earnings in the first quarter 2016.
In the first quarter of 2016, one of the redeemable noncontrolling interest holders notified the Company of the intention to exercise its option to require the Company to purchase its equity. The redemption price for that equity is $5.8 million and is reflected currently in redeemable noncontrolling interests in the condensed consolidated financial statements.

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- Definition The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.31) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=18733093&loc=SL4573702-111684 + Details
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