Comprehensive Income and Shareholders Equity

6 Months Ended

Apr. 30, 2011

Comprehensive Income and Shareholders Equity [Abstract]

COMPREHENSIVE INCOME AND SHAREHOLDERS EQUITY

NOTE 17 — COMPREHENSIVE INCOME AND SHAREHOLDERS EQUITY

Comprehensive income is comprised of net income and other charges and credits to equity that are not the result of transactions with the Company’s owners. The components of comprehensive income are as follows (Dollars in thousands):


	Three months ended						Six months ended
	April 30						April 30
	2011			2010			2011			2010

Net income	$	50,591		$	44,832		$	91,688		$	71,063
Other comprehensive income:
Foreign currency translation adjustment		54,175			(75,229	)		23,726			(92,128	)
Changes in fair value of interest rate derivatives, net of tax		232			784			560			1,467
Changes in fair value of energy and other derivatives, net of tax		35			(189	)		189			(11	)
Minimum pension liability adjustment, net of tax		(972	)		553			(851	)		943

Comprehensive income	$	104,061		$	(29,249	)	$	115,312		$	(18,666	)

The following is the income tax benefit (expense) for each other comprehensive income line items:


	Three months ended						Six months ended
	April 30						April 30
	2011			2010			2011			2010

Income tax benefit (expense):
Changes in fair value of interest rate derivatives, net of tax		(125	)		(422	)		(302	)		(790	)
Changes in fair value of energy and other derivatives, net of tax		(19	)		102			(102	)		6
Minimum pension liability adjustment, net of tax		284			(131	)		256			(228	)

The components of Shareholders’ Equity from October 31, 2010 to April 30, 2011 (Dollars in thousands):


															Non-			Accumulated Other
	Capital Stock					Treasury Stock						Retained			controlling			Comprehensive			Shareholders’
	Shares			Amount		Shares			Amount			Earnings			interests			Income (Loss)			Equity
As of October 31, 2010		47,169		$	106,057		29,673		$	(117,394	)	$	1,323,477		$	76,711		$	(33,419	)	$	1,355,432
Net income													92,325			(637	)					91,688
Other comprehensive income (loss):																			23,624			23,624

Comprehensive income, attributable to Greif, Inc.																						115,312

Noncontrolling interests and other																1,994						1,994
Foreign currency translation on noncontrolling interests																3,229						3,229
Dividends paid													(48,830	)								(48,830	)
Stock options exercised		24			289		(24	)		49												338
Tax benefit of stock options					77																	77
Treasury shares acquired		(50	)				50			(3,060	)											(3,060	)
Restricted stock directors		11			697		(11	)		23												720
Long-term incentive shares issued		40			2,349		(40	)		83												2,432

As of April 30, 2011		47,194		$	109,469		29,648		$	(120,299	)	$	1,366,972		$	81,297		$	(9,795	)	$	1,427,644

- Definition

Disclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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