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Goodwill and Other Intangible Assets
3 Months Ended
Jan. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets

NOTE 6 — GOODWILL AND OTHER INTANGIBLE ASSETS

The following table summarizes the changes in the carrying amount of goodwill by segment for the three month period ended January 31, 2015 (Dollars in millions):

 

     Rigid Industrial
Packaging &
Services
    Paper Packaging      Flexible Products &
Services (1)
     Land Management      Total  

Balance at October 31, 2014

   $ 820.7      $ 59.5       $ —         $ —         $ 880.2   

Goodwill acquired

     —          —           —           —           —     

Goodwill allocated to divestitures and businesses held for sale

     —          —           —           —           —     

Goodwill adjustments

     —          —           —           —           —     

Currency translation

     (43.5     —           —           —           (43.5
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

Balance at January 31, 2015

$ 777.2    $ 59.5    $ —      $ —      $ 836.7   
  

 

 

   

 

 

    

 

 

    

 

 

    

 

 

 

 

(1) At January 31, 2015 and October 31, 2014, the accumulated goodwill impairment loss was $50.3 million.

Goodwill decreased by $43.5 million for the three month period ended January 31, 2015. The decrease in goodwill was related to foreign currency fluctuations.

 

The following table summarizes the carrying amount of net intangible assets by class as of January 31, 2015 and October 31, 2014 (Dollars in millions):

 

     Gross Intangible Assets      Accumulated
Amortization
     Net Intangible
Assets
 

January 31, 2015:

        

Indefinite lived:

        

Trademark and patents

   $ 13.1       $ —         $ 13.1   

Definite lived:

        

Trademark and patents

   $ 14.2       $ 4.5       $ 9.7   

Non-compete agreements

     5.8         5.0         0.8   

Customer relationships

     193.2         78.5         114.7   

Other

     24.9         10.6         14.3   
  

 

 

    

 

 

    

 

 

 

Total

$ 251.2    $ 98.6    $ 152.6   
  

 

 

    

 

 

    

 

 

 

October 31, 2014:

Indefinite lived:

Trademark and patents

$ 13.8    $ —      $ 13.8   

Definite lived:

Trademark and patents

$ 15.3    $ 4.7    $ 10.6   

Non-compete agreements

  6.0      5.1      0.9   

Customer relationships

  203.3      78.8      124.5   

Other

  27.8      11.1      16.7   
  

 

 

    

 

 

    

 

 

 

Total

$ 266.2    $ 99.7    $ 166.5   
  

 

 

    

 

 

    

 

 

 

Gross intangible assets decreased by $15.0 million for the three month period ended January 31, 2015. The decrease in gross intangible assets was primarily attributable to currency fluctuations. Amortization expense for the three months ended January 31, 2015 and 2014 was $4.8 million and $5.3 million, respectively. Amortization expense for the next five years is expected to be $19.2 million in 2015, $18.6 million in 2016, $17.8 million in 2017, $17.4 million in 2018 and $17.3 million in 2019.

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, legally determined or through a fair value analysis.