Goodwill and Other Intangible Assets

9 Months Ended

Jul. 31, 2017

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND OTHER INTANGIBLE ASSETS

The following table summarizes the changes in the carrying amount of goodwill by segment for the nine month period ended July 31, 2017:



(in millions)	Rigid Industrial Packaging & Services			Paper Packaging & Services		Total
Balance at October 31, 2016	$	726.9		$	59.5	$	786.4
Goodwill allocated to divestitures and businesses held for sale	(37.2		)	—		(37.2		)
Currency translation	23.5			—		23.5
Balance at July 31, 2017	$	713.2		$	59.5	$	772.7

As of July 31, 2017 and October 31, 2016, the accumulated goodwill impairment loss was $50.3 million in the Flexible Products & Services segment.

The following table summarizes the carrying amount of net other intangible assets by class as of July 31, 2017 and October 31, 2016:



(in millions)	Gross Intangible Assets		Accumulated Amortization		Net Intangible Assets
July 31, 2017:
Indefinite lived:
Trademarks and patents	$	13.4	$	—	$	13.4
Definite lived:
Customer relationships	$	147.0	$	88.2	$	58.8
Trademarks and patents	9.5		3.8		5.7
Non-compete agreements	—		—		—
Other	23.5		14.8		8.7
Total	$	193.4	$	106.8	$	86.6

October 31, 2016:
Indefinite lived:
Trademarks and patents	$	13.0	$	—	$	13.0
Definite lived:
Customer relationships	$	167.6	$	86.9	$	80.7
Trademarks and patents	12.1		4.8		7.3
Non-compete agreements	1.0		0.9		0.1
Other	23.5		14.0		9.5
Total	$	217.2	$	106.6	$	110.6

Amortization expense for the three months ended July 31, 2017 and 2016 was $3.1 million and $4.2 million, respectively. Amortization expense for the nine months ended July 31, 2017 and 2016 was $10.0 million and $12.7 million, respectively. Amortization expense for the next five years is expected to be $13.2 million in 2017, $12.2 million in 2018, $12.1 million in 2019, $11.5 million in 2020 and $10.0 million in 2021.

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 over the period a market participant would benefit from the asset.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details