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Net Assets Held for Sale
9 Months Ended
Jul. 31, 2013
Property Plant And Equipment [Abstract]  
Net Assets Held for Sale

NOTE 5 — NET ASSETS HELD FOR SALE

As of July 31, 2013, there was one asset group in the Rigid Industrial Packaging & Services segment and two asset groups in the Flexible Products & Services segment with assets held for sale. As of October 31, 2012, there was one asset group in the Rigid Industrial Packaging & Services segment and one asset group in the Flexible Products & Services segment with assets held for sale. During the nine months ended July 31, 2013, one asset group was added in the Rigid Industrial Packaging & Services segment and subsequently sold in the same period. Additionally, during 2013 two asset groups were added in the Flexible Products & Services segment and one asset group in this segment was placed back in service for purposes of GAAP and depreciation was resumed. As a result of placing locations back in service in 2013, the 2012 consolidated balance sheet has been reclassified for such assets to conform to the current year presentation. The reclassification of this asset group to properties, plants and equipment within the consolidation balance sheets was done in accordance with ASC 360, but these are still being marketed for sale. The net 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 upcoming year.

For the three months ended July 31, 2013, the Company recorded a gain on disposal of property, plant and equipment, net of $1.8 million. There were sales of higher and better use (“HBU”) and surplus properties (for a description of Land Management segment property classifications, see Note 18) of which resulted in gains of $0.2 million in the Land Management segment, a sale of property in the Rigid Industrial Packaging & Services segment that resulted in a gain of $0.4 million, a sale of other development land that resulted in a gain of $0.8 million and sales of other miscellaneous equipment which resulted in aggregate gains of $0.4 million. None of these were previously classified as held for sale.

For the nine months ended July 31, 2013, the Company recorded a gain on disposal of property, plant and equipment, net of $6.1 million. There were sales of HBU and surplus properties which resulted in gains of $0.9 million in the Land Management segment, a sale of equipment in the Paper Packaging segment that resulted in a gain of $0.6 million, a disposal of property and equipment in the Rigid Industrial Packaging & Services segment that resulted in a gain of $2.1 million, a sale of property that was previously classified as held for sale in the Rigid Industrial Packaging & Services segment that resulted in a gain of $0.6 million, a sale of other development land that resulted in a gain of $0.8 million and sales of other miscellaneous equipment that resulted in aggregate gains of $1.1 million.