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Equity Earnings of Unconsolidated Affiliates, Net of Tax and Net Income Attributable to Noncontrolling Interests
9 Months Ended
Jul. 31, 2012
Equity Earnings of Unconsolidated Affiliates, Net of Tax and Net Income Attributable to Noncontrolling Interests [Abstract]  
EQUITY EARNINGS OF UNCONSOLIDATED AFFILIATES, NET OF TAX AND NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

NOTE 16 – EQUITY EARNINGS OF UNCONSOLIDATED AFFILIATES, NET OF TAX AND NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

Equity earnings of unconsolidated affiliates, net of tax

Equity earnings of unconsolidated affiliates, net of tax represent the Company’s share of earnings of affiliates in which the Company does not exercise control and has a 20 percent or more voting interest. Investments in such affiliates are accounted for using the equity method of accounting. If the fair value of an investment in an affiliate is below its carrying value and the difference is deemed to be other than temporary, the difference between the fair value and the carrying value is charged to earnings. The Company has an equity interest in seven such affiliates. Equity earnings of unconsolidated affiliates, net of tax for the three months ended July 31, 2012 and 2011 were $0.5 million and $1.5 million, respectively. Dividends received from the Company’s equity method affiliates for the three months ended July 31, 2012 and 2011 were $0.1 million and $0.0 million, respectively. Equity earnings of unconsolidated affiliates, net of tax for the nine months ended July 31, 2012 and 2011 were $2.5 and $2.0 million, respectively. Dividends received from the Company’s equity method affiliates for the nine months ended July 31, 2012 and 2011 were $0.1 million and $0.0 million, respectively. The Company has made loans to an entity deemed a VIE and accounted for as an unconsolidated equity investment. These loans bear interest at various interest rates. The original principal balance of these loans was $22.2 million. As of July 31, 2012, these loans had an outstanding balance of $18.4 million.

Net income attributable to noncontrolling interests

Net income attributable to noncontrolling interests represent the portion of earnings or losses from the operations of the Company’s consolidated subsidiaries attributable to unrelated third party equity owners that were (deducted)/added from net income to arrive at net income attributable to the Company. Net income attributable to noncontrolling interests for the three months ended July 31, 2012 and 2011 was $1.0 million and $2.0 million, respectively. Net income attributable to noncontrolling interests for the nine months ended July 31, 2012 and 2011 was $1.2 million and $1.4 million, respectively.