Assets and Liabilities Held for Sale and Disposals of Properties, Plants and Equipment, Net, and Timberland Gains

9 Months Ended

Jul. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale and Disposals of Properties, Plants and Equipment, Net, and Timberland Gains

ASSETS AND LIABILITIES HELD FOR SALE AND DISPOSALS OF PROPERTIES, PLANTS AND EQUIPMENT, NET, AND TIMBERLAND GAINS

The following table presents assets and liabilities classified as held for sale as of July 31, 2016 and October 31, 2015 (Dollars in millions):

	July 31, 2016		October 31, 2015
Trade accounts receivable, less allowance	$	—	$	2.3
Inventories	—		1.6
Properties, plants and equipment, net	11.7		8.1
Other assets	—		4.9
Assets held for sale	11.7		16.9
Accounts payable	—		1.8
Liabilities held for sale	$	—	$	1.8

As of July 31, 2016, there was one asset group within the Rigid Industrial Packaging & Services segment and one asset group in the Flexible Products & Services segment classified as assets held for sale. The assets held for sale are being marketed for sale, and it is the Company’s intention to complete the sales of these assets within the next twelve months.

As of October 31, 2015, there were four asset groups in the Rigid Industrial Packaging & Services segment and one asset group in the Flexible Products & Services segment classified as assets and liabilities held for sale.

For the three months ended July 31, 2016, the Company recorded a gain on disposal of properties, plants and equipment, net of $0.7 million. This included disposals of assets in the Flexible Products & Services segment classified as held for sale that resulted in gains of $0.4 million, insurance recoveries that resulted in gains of $0.2 million in the Paper Packaging segment, other net gains totaling $0.3 million, offset by disposals of an asset in the Rigid Industrial Packaging & Services segment classified as held for sale that resulted in a loss of $0.2 million

For the nine months ended July 31, 2016, the Company recorded a gain on disposal of properties, plants and equipment, net of $9.5 million. This included insurance recoveries that resulted in gains of $6.4 million in the Rigid Industrial Packaging & Services segment, disposals of assets in the Flexible Products & Services segment classified as held for sale that resulted in gains of $1.3 million, sales of surplus properties in the Land Management segment that resulted in gains of $0.9 million, insurance recoveries that resulted in gains of $0.2 million in the Paper Packaging segment, and other net gains totaling an additional $0.7 million.

For the three months ended July 31, 2015, the Company recorded a gain on disposal of properties, plants and equipment, net of $7.0 million. This includes sales of HBU and surplus properties that resulted in gains of $1.5 million in the Land Management segment, a disposal of an asset group previously classified as held for sale in the Rigid Industrial Packaging & Services segment that resulted in a gain of $4.4 million, and other net gains and insurance recoveries totaling an additional $1.1 million.

For the nine months ended July 31, 2015, the Company recorded a gain on disposal of properties, plants and equipment, net of $9.3 million. This includes sales of HBU and surplus properties that resulted in gains of $2.7 million in the Land Management segment, and other net gains and insurance recoveries within the Rigid Industrial Packaging & Services segment that resulted in gains of $6.6 million

For the three and nine months ended July 31, 2016, the Company recorded no gains relating to the sale of timberland. For the three and nine months ended July 31, 2015, the Company recorded no gains and gains of $24.3 million, respectively.