Comprehensive Income and Shareholders Equity

9 Months Ended

Jul. 31, 2011

Comprehensive Income [Abstract]

COMPREHENSIVE INCOME

NOTE 17 — COMPREHENSIVE INCOME AND SHAREHOLDERS EQUITY

Comprehensive income is comprised of net income and other charges and credits to equity that are not the result of transactions with the Company’s owners. The components of comprehensive income are as follows (Dollars in thousands):

	Three months ended						Nine months ended
	July 31						July 31
	2011			2010			2011			2010
Net income	$	64,974		$	67,759		$	156,662		$	138,822
Other comprehensive income:
Foreign currency translation adjustment		(23,574	)		79,050			151			(13,078	)
Changes in fair value of interest rate and other derivatives, net of tax		336			(1,123	)		1,086			333
Minimum pension liabilities adjustment, net of tax		65			136			(786	)		1,079
Comprehensive income	$	41,801		$	145,822		$	157,113		$	127,156

The following is the income tax benefit (expense) for each other comprehensive income line items:

	Three months ended						Nine months ended
	July 31						July 31
	2011			2010			2011			2010
Income tax benefit (expense):
Changes in fair value of interest rate and other derivatives, net of tax		(181	)		605			(585	)		(179	)
Minimum pension liabilities adjustment, net of tax		(22	)		(30	)		252			(251	)

The components of Shareholders’ Equity from October 31, 2010 to July 31, 2011 (Dollars in thousands):

															Non-		Accumulated Other
	Common					Treasury						Retained			controlling		Comprehensive			Shareholders’
	Shares			Amount		Shares			Amount			Earnings			interests		Income (Loss)			Equity
As of October 31, 2010		47,169		$	106,057		29,673		$	(117,394	)	$	1,323,477		$	76,711	$	(33,419	)	$	1,355,432
Net income													155,265			1,397					156,662
Other comprehensive income (loss):																		451			451
Comprehensive income, attributable to Greif, Inc.																					157,113
Noncontrolling interests and other																24,677					24,677
Foreign currency translation on noncontrolling interests																6,556					6,556
Dividends paid													(73,396	)							(73,396	)
Stock options exercised		144			1,866		(144	)		295											2,161
Tax benefit of stock options					77																77
Treasury shares acquired		(50	)				50			(3,060	)										(3,060	)
Restricted stock directors		11			697		(11	)		23											720
Restricted stock executives		5			308		(5	)		10											318
Long-term incentive shares issued		40			2,349		(40	)		83											2,432
As of July 31, 2011		47,319		$	111,354		29,523		$	(120,043	)	$	1,405,346		$	109,341	$	(32,968	)	$	1,473,030

During the third quarter of fiscal 2011, the Company recorded an out-of-period increase in non-controlling interest of $24.7 million and a corresponding decrease in accumulated other comprehensive income (loss) to correct these balances as stated at October 31, 2010. The amount did not impact total Shareholders’ Equity or cash flows and was not material to current or prior periods.