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Redeemable Noncontrolling Interests | 12 Months Ended
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Oct. 31, 2017
Noncontrolling Interest [Abstract] |
Redeemable Noncontrolling Interests | REDEEMABLE NONCONTROLLING INTERESTS 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 this interest is 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. During the second quarter of 2016, the Company purchased the interest of one of the mandatorily redeemable noncontrolling interest holders that notified the Company of the exercise of its option requiring the Company to purchase its equity for the redemption price of $0.8 million. The Company has a contractual obligation to redeem the outstanding equity interest of each remaining partner in 2021 and 2022, respectively. The following table provides a rollforward of the mandatorily redeemable noncontrolling interest for the years ended October 31, 2016 and 2017:
(in millions) | Mandatorily Redeemable Noncontrolling Interest
Balance as of October 31, 2015 | $ | — |
Reclassification of book value of noncontrolling interest | 10.4 |
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 | 0.5 |
Repurchase of redeemable shareholder interest | (0.8 | )
Balance as of October 31, 2016 | 9.0 |
Current period mark to redemption value | 0.2 |
Balance as of October 31, 2017 | $ | 9.2 |
Redeemable Noncontrolling Interests Redeemable noncontrolling interests related to one joint venture within the Paper Packaging & Services segment and one joint venture 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. During the third quarter of 2016, the Company purchased the remaining interest of one of the redeemable noncontrolling interests for the redemption price of $5.5 million. Redeemable noncontrolling interests are reflected in the consolidated balance sheets at redemption value. The following table provides the rollforward of the redeemable noncontrolling interest for the years ended October 31, 2016 and 2017:
(in millions) | Redeemable Noncontrolling Interest
Balance as of October 31, 2015 | $ | — |
Reclassification of book value of noncontrolling interest | 12.4 |
Out-of period mark to redemption value* | 19.8 |
Current period mark to redemption value | 2.1 |
Repurchase of redeemable shareholder interest | (5.5 | )
Redeemable noncontrolling interest share of income and other | 4.8 |
Dividends to redeemable noncontrolling interest and other | (1.8 | )
Balance as of October 31, 2016 | $ | 31.8 |
Current period mark to redemption value | (0.5 | )
Redeemable noncontrolling interest share of income and other | 1.4 |
Dividends to redeemable noncontrolling interest and other | (1.2 | )
Balance as of October 31, 2017 | $ | 31.5 |
* The out-of period mark to redemption value amounts were charged to retained earnings in the first quarter of 2016 |

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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 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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- References No definition available. + Details
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