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Goodwill and Other Intangible Assets | 12 Months Ended
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Oct. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract] |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The following table summarizes the changes in the carrying amount of goodwill by segment for the years ended October 31, 2017 and 2016:
(in millions) | Rigid Industrial Packaging & Services (1) |  | Paper Packaging & Services |  | Flexible Products & Services (1) |  | Land Management |  | Total
Balance at October 31, 2015 | $ | 747.6 |  |  | $ | 59.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 807.1 |
Goodwill acquired | — |  |  | — |  |  | — |  |  | — |  |  | — |
Goodwill allocated to divestitures and businesses held for sale | (17.6 | ) |  | — |  |  | — |  |  | — |  |  | (17.6 | )
Goodwill adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Goodwill impairment charge | — |  |  | — |  |  | — |  |  | — |  |  | — |
Currency translation | (3.1 | ) |  | — |  |  | — |  |  | — |  |  | (3.1 | )
Balance at October 31, 2016 | $ | 726.9 |  |  | $ | 59.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 786.4 |
Goodwill acquired | — |  |  | — |  |  | — |  |  | — |  |  | — |
Goodwill allocated to divestitures and businesses held for sale | (9.2 | ) |  | — |  |  | — |  |  | — |  |  | (9.2 | )
Goodwill adjustments | — |  |  | — |  |  | — |  |  | — |  |  | — |
Goodwill impairment charge | (13.0 | ) |  | — |  |  | — |  |  | — |  |  | (13.0 | )
Currency translation | 21.2 |  |  | — |  |  | — |  |  | — |  |  | 21.2 |
Balance at October 31, 2017 | $ | 725.9 |  |  | $ | 59.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 785.4 |
(1)Accumulated goodwill impairment loss was $63.3 million as of October 31, 2017. Included in the accumulated goodwill impairment loss was $13.0 million related to the Rigid Industrial Packaging & Services segment and $50.3 million related to the Flexible Products & Services segment. Accumulated goodwill impairment loss was $50.3 million as of October 31, 2016 and 2015, related to the Flexible Products & Services segment. The Company reviews goodwill by reporting unit and indefinite-lived intangible assets for impairment as required by ASC 350, “Intangibles – Goodwill and Other,” either annually in the fourth quarter as of August 1, or whenever events and circumstances indicate impairment may have occurred. A reporting unit is the operating segment, or a business one level below that operating segment (the component level) if discrete financial information is prepared and regularly reviewed by segment management. The components are aggregated into reporting units for purposes of goodwill impairment testing to the extent they share similar qualitative and quantitative characteristics. During the fourth quarter of 2017 the Company performed an assessment of its operating segments and determined that as a result of changes in the way the chief operating decision maker receives and reviews financial information, a realignment of its operating segment structure was necessary. As a result of the operating segment realignment, the Company's reporting unit structure was updated for consistency. As of August 1, 2017, the Company realigned its operating segments to include eight operating segments: Rigid Industrial Packaging & Services – North America; Rigid Industrial Packaging & Services – Latin America; Rigid Industrial Packaging & Services – Europe, Middle East and Africa; Rigid Industrial Packaging & Services – Asia Pacific; and Rigid Industrial Packaging & Services – Tri-Sure; Paper Packaging & Services; Flexible Products & Services; and Land Management. The Company's eight operating segments are aggregated into four reportable business segments by combining the Rigid Industrial Packaging & Services – North America; Rigid Industrial Packaging & Services – Latin America; Rigid Industrial Packaging & Services – Europe, Middle East and Africa; Rigid Industrial Packaging & Services – Asia Pacific; and Rigid Industrial Packaging & Services – Tri-Sure operating segments. The Company’s reporting units are the same as the operating segments. As a result of the realignment, goodwill was reassigned to each of the Rigid Industrial Packaging & Services reporting units using a relative fair value approach. The Company performed its annual goodwill review as of August 1, 2017, for each of the reporting units with a goodwill balance under both the former and current reporting unit structure. The impairment test under the former reporting unit structure concluded that no impairment existed as of August 1, 2017. The impairment test under the updated reporting unit structure concluded that the carrying value of the Rigid Industrial Packaging & Services – Latin America reporting unit exceeded the fair value of the reporting unit and the goodwill of the Rigid Industrial Packaging & Services – Latin America reporting unit of $13.0 million was fully impaired. The fair value of the Rigid Industrial Packaging & Services – Latin America reporting unit was determined using a combination of the income approach by discounting estimated future cash flows and the market multiple approach. The cash flow projections were prepared based upon the evaluation of the historical performance and future growth expectations for the reporting unit. Revenue was based on the 2017 forecast as of August 1, 2017 with a long-term growth rate applied to future periods. The most critical assumptions within the cash flow projections are revenue growth rates and forecasted gross margin percentages. The most critical assumption within the market multiple calculation is the multiple selected. Prior to the change in the fourth quarter of 2017, the Company's reporting unit structure consisted of five reporting units: Rigid Industrial Packaging & Services – Americas; Rigid Industrial Packaging & Services – Europe, Middle East, Africa and Asia Pacific; Paper Packaging & Services; Flexible Products & Services; and Land Management. The Company performed its annual goodwill impairment test as of August 1, 2016 and 2015 which resulted in no goodwill impairment under the then-current reporting unit structure. Refer to Note 9 herein for further discussion regarding goodwill allocated to divestitures and businesses held for sale. The following table summarizes the carrying amount of net intangible assets by class as of October 31, 2017 and 2016:
(in millions) | Gross Intangible Assets |  | Accumulated Amortization |  | Net Intangible Assets
October 31, 2017: |  |  |  |  |
Indefinite lived: |  |  |  |  |
Trademarks and patents | $ | 13.4 |  |  | $ | — |  |  | $ | 13.4 |
Definite lived: |  |  |  |  |
Customer relationships | $ | 170.2 |  |  | $ | 99.7 |  |  | $ | 70.5 |
Trademarks and patents | 11.6 |  |  | 4.9 |  |  | 6.7 |
Non-compete agreements | — |  |  | — |  |  | — |
Other | 23.4 |  |  | 16.0 |  |  | 7.4 |
Total | $ | 218.6 |  |  | $ | 120.6 |  |  | $ | 98.0 |
October 31, 2016: |  |  |  |  |
Indefinite lived: |  |  |  |  |
Trademarks and patents | $ | 13.0 |  |  | $ | — |  |  | $ | 13.0 |
Definite lived: |  |  |  |  |
Customer relationships | $ | 167.6 |  |  | $ | 86.9 |  |  | $ | 80.7 |
Trademarks and patents | 12.1 |  |  | 4.8 |  |  | 7.3 |
Non-compete agreements | 1.0 |  |  | 0.9 |  |  | 0.1 |
Other | 23.5 |  |  | 14.0 |  |  | 9.5 |
Total | $ | 217.2 |  |  | $ | 106.6 |  |  | $ | 110.6 |
Gross intangible assets increased by $1.4 million for the year ended October 31, 2017. The increase was attributable to $6.2 million of currency fluctuations and the write-off of $4.8 million of fully-amortized assets. Amortization expense was $13.5 million, $16.8 million and $18.4 million for the years ended October 31, 2017, 2016 and 2015, respectively. Amortization expense for the next five years is expected to be $14.9 million in 2018, $14.8 million in 2019, $14.2 million in 2020, $12.7 million in 2021 and $8.9 million in 2022. Definite lived intangible assets for the periods presented are subject to amortization and are being amortized using the straight-line method over periods that are contractually or legally determined or through purchase price accounting. Indefinite lived intangibles of approximately $13.4 million as of October 31, 2017, related primarily to the Tri-Sure trademark and trade names related to Blagden Express, Closed-loop and Box Board, are not amortized.

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- Definition The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -URI http://asc.fasb.org/topic&trid=2144416 + Details
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