Assets and Liabilities Held for Sale and Disposals of Property, Plant and Equipment, Net

12 Months Ended

Oct. 31, 2016

Discontinued Operations and Disposal Groups [Abstract]

Assets and Liabilities Held for Sale and Disposals of Property, Plant and Equipment, Net

ASSETS AND LIABILITIES HELD FOR SALE AND DISPOSALS OF PROPERTY, PLANT AND EQUIPMENT, NET

The following table presents assets and liabilities classified as held for sale as of October 31, 2016 and 2015.

	October 31, 2016		October 31, 2015
Trade accounts receivable, less allowance	$	—	$	2.3
Inventories	—		1.6
Properties, plants and equipment, net	11.8		8.1
Other assets	—		4.9
Assets held for sale	11.8		16.9
Accounts payable	—		1.8
Liabilities held for sale	$	—	$	1.8

As of October 31, 2016, there was one asset group in the Rigid Industrial Packaging Products & Services segment and one asset group in the Flexible Products & Services segment classified as assets held for sale. These 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 twelve months following their initial classification into assets held for sale.

During 2016, the Company recorded a gain on disposal of properties, plants and equipment, net of $10.3 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 $1.6 million, insurance recoveries that resulted in gains of $0.2 million in the Paper Packaging & Services segment, and other net gains totaling an additional $0.8 million. For additional information regarding the sale of businesses refer to Note 2 to these consolidated financial statements.

For the year ended October 31, 2015, the Company recorded a gain on disposal of properties, plants and equipment, net of $7.0 million. There were sales of HBU and surplus properties which resulted in gains of $2.7 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, insurance recoveries which resulted in gains of $3.0 million in the Rigid Industrial Packaging & Services segment, a $3.0 million loss in the Flexible Products & Services segment resulting from the fair market value adjustment of an asset previously classified as held for sale and other miscellaneous losses of $0.1 million.

For the year ended October 31, 2014, the Company recorded a gain on disposal of properties, plants and equipment, net of $8.3 million. There were sales of HBU and surplus properties which resulted in gains of $5.4 million in the Land Management segment, a sale of equipment in the Flexible Products & Services segment that resulted in a gain of $1.1 million, a disposal of an asset in the Paper Packaging & Services segment that resulted in a gain of $0.7 million and sales of other miscellaneous equipment which resulted in aggregate gains of $1.1 million.

For the year ended October 31, 2016, the Company recorded no gains relating to the sale of timberland. For the years ended October 31 2015 and 2014, the Company recorded a gain of $24.3 million and $17.1 million, respectively, relating to the sale of timberland.