Company Quick10K Filing
Greif
Price1.00 EPS-194,200,000
Shares-0 P/E-0
MCap-0 P/FCF-0
Net Debt2,679 EBIT265
TEV2,679 TEV/EBIT10
TTM 2019-10-31, in MM, except price, ratios
10-Q 2020-04-30 Filed 2020-06-04
10-Q 2020-01-31 Filed 2020-02-28
10-K 2019-10-31 Filed 2019-12-18
10-Q 2019-07-31 Filed 2019-08-29
10-Q 2019-04-30 Filed 2019-06-07
10-Q 2019-01-31 Filed 2019-03-01
10-K 2018-10-31 Filed 2018-12-20
10-Q 2018-07-31 Filed 2018-08-30
10-Q 2018-04-30 Filed 2018-06-08
10-Q 2018-01-31 Filed 2018-03-02
10-K 2017-10-31 Filed 2017-12-20
10-Q 2017-07-31 Filed 2017-09-01
10-Q 2017-04-30 Filed 2017-06-08
10-Q 2017-01-31 Filed 2017-03-03
10-K 2016-10-31 Filed 2016-12-21
10-Q 2016-07-31 Filed 2016-09-02
10-Q 2016-04-30 Filed 2016-06-09
10-Q 2016-01-31 Filed 2016-03-09
10-K 2015-10-31 Filed 2015-12-21
10-Q 2015-07-31 Filed 2015-09-04
10-Q 2015-04-30 Filed 2015-06-08
10-Q 2015-01-31 Filed 2015-03-06
10-K 2014-10-31 Filed 2015-01-21
10-Q 2014-07-31 Filed 2014-08-29
10-Q 2014-04-30 Filed 2014-06-06
10-Q 2014-01-31 Filed 2014-03-03
10-K 2013-10-31 Filed 2013-12-23
10-Q 2013-07-31 Filed 2013-09-06
10-Q 2013-04-30 Filed 2013-06-07
10-Q 2013-01-31 Filed 2013-03-01
10-K 2012-10-31 Filed 2012-12-26
10-Q 2012-07-31 Filed 2012-09-07
10-Q 2012-04-30 Filed 2012-06-08
10-Q 2012-01-31 Filed 2012-03-02
10-K 2011-10-31 Filed 2011-12-16
10-Q 2011-07-31 Filed 2011-09-02
10-Q 2011-04-30 Filed 2011-06-09
10-Q 2011-01-31 Filed 2011-03-07
10-K 2010-10-31 Filed 2010-12-22
10-Q 2010-07-31 Filed 2010-09-09
10-Q 2010-04-30 Filed 2010-06-09
10-Q 2010-01-31 Filed 2010-03-04
8-K 2020-06-08
8-K 2020-04-20
8-K 2020-04-02
8-K 2020-03-31
8-K 2020-03-23
8-K 2020-03-02
8-K 2019-12-10
8-K 2019-09-26
8-K 2019-09-03
8-K 2019-07-02
8-K 2019-06-10
8-K 2019-04-05
8-K 2019-03-01
8-K 2019-02-11
8-K 2019-01-30
8-K 2019-01-24
8-K 2019-01-10
8-K 2018-12-20
8-K 2018-12-11
8-K 2018-09-04
8-K 2018-06-11
8-K 2018-03-05

GEF 10Q Quarterly Report

Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies
Note 2 - Acquisitions and Divestitures
Note 3 - Goodwill and Other Intangible Assets
Note 4 - Restructuring Charges
Note 5 - Consolidation of Variable Interest Entities
Note 6 - Long - Term Debt
Note 7 - Financial Instruments and Fair Value Measurements
Note 8 - Stock - Based Compensation
Note 9 - Income Taxes
Note 10 - Post Retirement Benefit Plans
Note 11 - Contingent Liabilities and Environmental Reserves
Note 12 - Earnings per Share
Note 13 - Leases
Note 14 - Equity Earnings of Unconsolidated Affiliates, Net of Tax and Net Income Attributable To Noncontrolling Interests
Note 15 - Equity and Comprehensive Income (Loss)
Note 16 - Business Segment Information
Note 17 - Redeemable Noncontrolling Interests
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 5. Other Information
Item 5.02(E) of Form 8 - K - Compensatory Arrangements of Certain Officers
Item 6. Exhibits
EX-10.1 gef2020q210-qex101.htm
EX-10.2 gef2020q210-qex102.htm
EX-10.3 gef2020q210-qex103.htm
EX-10.4 gef2020q210-qex104.htm
EX-10.5 gef2020q210-qex105.htm
EX-10.6 gef2020q210-qex106.htm
EX-31.1 gef2020q210-qex311.htm
EX-31.2 gef2020q210-qex312.htm
EX-32.1 gef2020q210-qex321.htm
EX-32.2 gef2020q210-qex322.htm

Greif Earnings 2020-04-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02012201420172020
Assets, Equity
1.31.00.70.50.2-0.12012201420172020
Rev, G Profit, Net Income
1.91.10.4-0.4-1.1-1.92012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________
FORM 10-Q
_________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-00566
_________________________________

gef-20200430_g1.jpg

GREIF, INC.
(Exact name of registrant as specified in its charter)
_________________________________
Delaware31-4388903
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

425 Winter RoadDelawareOhio43015
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code (740549-6000
Not Applicable
Former name, former address and former fiscal year, if changed since last report.
_________________________________
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.



Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A Common StockGEFNew York Stock Exchange
Class B Common StockGEF-BNew York Stock Exchange
The number of shares outstanding of each of the issuer’s classes of common stock as of the close of business on June 1, 2020:
Class A Common Stock26,441,986 shares
Class B Common Stock22,007,725 shares




Table of Contents

ItemPage
 
 
 
 
1A
 
 
 

3

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
April 30,
Six Months Ended
April 30,
(in millions, except per share amounts)2020201920202019
Net sales$1,158.3  $1,213.3  $2,270.7  $2,110.3  
Cost of products sold917.6  964.6  1,807.4  1,688.8  
Gross profit240.7  248.7  463.3  421.5  
Selling, general and administrative expenses121.1  140.0  256.5  238.1  
Restructuring charges4.4  7.5  7.7  11.2  
Acquisition and integration related costs4.8  13.8  9.9  16.4  
Non-cash asset impairment charges1.3    1.4  2.1  
Gain on disposal of properties, plants and equipment, net(1.3) (4.9) (1.8) (5.8) 
Loss on disposal of businesses, net38.4  1.7  38.4  1.7  
Operating profit72.0  90.6  151.2  157.8  
Interest expense, net29.3  33.9  60.0  45.6  
Debt extinguishment charges  21.9    21.9  
Non-cash pension settlement income    (0.1)   
Other expense, net1.1  2.3  2.4  2.1  
Income before income tax expense and equity earnings of unconsolidated affiliates, net
41.6  32.5  88.9  88.2  
Income tax expense26.5  11.5  37.9  31.5  
Equity earnings of unconsolidated affiliates, net of tax
(0.7) (0.1) (0.9) (0.2) 
Net income 15.8  21.1  51.9  56.9  
Net income attributable to noncontrolling interests(4.4) (7.5) (8.2) (13.6) 
Net income attributable to Greif, Inc.$11.4  $13.6  $43.7  $43.3  
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$0.19  $0.23  $0.74  $0.74  
Class B common stock$0.29  $0.34  $1.10  $1.09  
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$0.19  $0.23  $0.74  $0.74  
Class B common stock$0.29  $0.34  $1.10  $1.09  
Weighted-average number of Class A common shares outstanding:
Basic26.4  26.3  26.3  26.1  
Diluted26.4  26.3  26.3  26.1  
Weighted-average number of Class B common shares outstanding:
Basic22.0  22.0  22.0  22.0  
Diluted22.0  22.0  22.0  22.0  
Cash dividends declared per common share:
Class A common stock$0.44  $0.44  $0.88  $0.88  
Class B common stock$0.66  $0.66  $1.31  $1.31  
See accompanying Notes to Condensed Consolidated Financial Statements
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GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
Three Months Ended
April 30,
Six Months Ended
April 30,
(in millions)2020201920202019
Net income $15.8  $21.1  $51.9  $56.9  
Other comprehensive income (loss), net of tax:
Foreign currency translation(52.3) (14.7) (55.4) (9.5) 
Derivative financial instruments(23.1) (10.0) (22.9) (15.7) 
Minimum pension liabilities1.3  0.7  23.0  (0.1) 
Other comprehensive income (loss), net of tax(74.1) (24.0) (55.3) (25.3) 
Comprehensive income (loss)(58.3) (2.9) (3.4) 31.6  
Comprehensive income attributable to noncontrolling interests
0.8  5.5  2.6  12.6  
Comprehensive income (loss) attributable to Greif, Inc.$(59.1) $(8.4) $(6.0) $19.0  
See accompanying Notes to Condensed Consolidated Financial Statements

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GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)April 30,
2020
October 31,
2019
ASSETS
Current assets
Cash and cash equivalents$72.4  $77.3  
Trade accounts receivable, less allowance of $8.3 in 2020 and $6.8 in 2019
640.5  664.2  
Inventories:
Raw materials241.0  238.4  
Work-in-process6.6  11.3  
Finished goods91.4  108.5  
Assets held for sale6.2  4.1  
Assets held by special purpose entities50.9    
Prepaid expenses49.8  44.0  
Other current assets89.1  101.2  
1,247.9  1,249.0  
Long-term assets
Goodwill1,474.7  1,517.8  
Other intangible assets, net of amortization740.2  776.5  
Deferred tax assets13.6  15.9  
Assets held by special purpose entities  50.9  
Pension asset35.2  35.4  
Operating lease assets321.0    
Other long-term assets100.3  90.9  
2,685.0  2,487.4  
Properties, plants and equipment
Timber properties, net of depletion272.7  272.4  
Land165.2  178.0  
Buildings505.6  531.0  
Machinery and equipment1,899.5  1,866.2  
Capital projects in progress121.4  170.4  
2,964.4  3,018.0  
Accumulated depreciation(1,368.3) (1,327.7) 
1,596.1  1,690.3  
Total assets$5,529.0  $5,426.7  
See accompanying Notes to Condensed Consolidated Financial Statements
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GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)April 30,
2020
October 31,
2019
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable$418.3  $435.2  
Accrued payroll and employee benefits86.4  142.4  
Restructuring reserves6.8  11.3  
Current portion of long-term debt83.8  83.7  
Short-term borrowings3.4  9.2  
Liabilities held by special purpose entities43.3    
Current portion of operating lease liabilities53.1    
Other current liabilities145.4  143.6  
840.5  825.4  
Long-term liabilities
Long-term debt2,595.1  2,659.0  
Operating lease liabilities270.6    
Deferred tax liabilities309.6  313.0  
Pension liabilities138.1  177.6  
Postretirement benefit obligations11.5  12.2  
Liabilities held by special purpose entities  43.3  
Contingent liabilities and environmental reserves18.6  18.7  
Mandatorily redeemable noncontrolling interests8.4  8.4  
Long-term income tax payable27.8  27.8  
Other long-term liabilities153.6  128.9  
3,533.3  3,388.9  
Commitments and contingencies (Note 11)
Redeemable noncontrolling interests (Note 17)20.0  21.3  
Equity
Common stock, without par value169.2  162.6  
Treasury stock, at cost(134.4) (134.8) 
Retained earnings1,531.8  1,539.0  
Accumulated other comprehensive income (loss), net of tax:
Foreign currency translation(347.8) (298.0) 
Derivative financial instruments (35.6) (12.7) 
Minimum pension liabilities(100.0) (123.0) 
Total Greif, Inc. shareholders' equity1,083.2  1,133.1  
Noncontrolling interests52.0  58.0  
Total shareholders' equity1,135.2  1,191.1  
Total liabilities and shareholders' equity$5,529.0  $5,426.7  
See accompanying Notes to Condensed Consolidated Financial Statements
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GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended April 30,
(in millions)20202019
Cash flows from operating activities:
Net income $51.9  $56.9  
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization122.5  86.8  
Non-cash asset impairment charges1.4  2.1  
Non-cash pension settlement income(0.1)   
Gain on disposals of properties, plants and equipment, net(1.8) (5.8) 
Loss on disposals of businesses, net38.4  1.7  
Unrealized foreign exchange (gain) loss(0.8) 1.1  
Deferred income tax benefit(0.5) (11.8) 
Transition tax expense  2.3  
Debt extinguishment charges  13.9  
Non-cash lease expense28.6    
Other, net(0.9) 2.9  
Increase (decrease) in cash from changes in certain assets and liabilities:
Trade accounts receivable(28.7) 13.3  
Inventories(23.0) (31.2) 
Deferred purchase price on sold receivables  (6.9) 
Accounts payable20.2  (25.1) 
Restructuring reserves(4.3) 2.2  
Operating leases(28.1)   
Pension and post-retirement benefit liabilities(11.7) (5.8) 
Other, net(43.8) (44.0) 
Net cash provided by (used in) operating activities119.3  52.6  
Cash flows from investing activities:
Acquisitions of companies, net of cash acquired  (1,828.4) 
Purchases of properties, plants and equipment(65.4) (63.6) 
Purchases of and investments in timber properties(2.8) (2.3) 
Purchases of equity method investments(3.6)   
Proceeds from the sale of properties, plants, equipment and other assets3.0  10.6  
Proceeds from the sale of businesses81.6  0.4  
Proceeds from insurance recoveries  0.2  
Net cash used in investing activities12.8  (1,883.1) 
Cash flows from financing activities:
Proceeds from issuance of long-term debt745.4  3,190.0  
Payments on long-term debt(789.3) (1,228.6) 
Payments on current portion of long-term debt(0.3) (18.8) 
Proceeds (payments) on short-term borrowings, net(4.7) 1.6  
Proceeds from trade accounts receivable credit facility64.3  42.2  
Payments on trade accounts receivable credit facility(77.3) (45.1) 
Dividends paid to Greif, Inc. shareholders(52.0) (51.8) 
Dividends paid to noncontrolling interests(8.5) (8.3) 
Payments for debt extinguishment and issuance costs  (44.1) 
Purchases of redeemable noncontrolling interest  (11.9) 
Cash contribution from noncontrolling interest holder  1.6  
Net cash provided by (used in) financing activities(122.4) 1,826.8  
Reclassification of cash to assets held for sale    
Effects of exchange rates on cash(14.6) (0.7) 
Net increase (decrease) in cash and cash equivalents(4.9) (4.4) 
Cash and cash equivalents at beginning of period77.3  94.2  
Cash and cash equivalents at end of period$72.4  $89.8  
See accompanying Notes to Condensed Consolidated Financial Statements
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GREIF, INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 — BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The interim condensed consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) instructions to Quarterly Reports on Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. Actual amounts could differ from those estimates.
The fiscal year of Greif, Inc. and its subsidiaries (the “Company”) begins on November 1 and ends on October 31 of the following year. Any references to years or to any quarter of those years, relates to the fiscal year or quarter, as the case may be, ended in that year, unless otherwise stated.
The information filed herein reflects all adjustments that are, in the opinion of management, necessary for a fair presentation of the interim condensed consolidated balance sheets as of April 30, 2020 and October 31, 2019, the interim condensed consolidated statements of income and comprehensive income for the three and six months ended April 30, 2020 and 2019 and the interim condensed consolidated statements of cash flows for the six months ended April 30, 2020 and 2019 of the Company. The interim condensed consolidated financial statements include the accounts of Greif, Inc., all wholly-owned and consolidated subsidiaries and investments in limited liability companies, partnerships and joint ventures in which it has controlling influence or is the primary beneficiary. Non-majority owned entities include investments in limited liability companies, partnerships and joint ventures in which the Company does not have controlling influence and are accounted for using either the equity or cost method, as appropriate.
The unaudited interim condensed consolidated financial statements included in the Quarterly Report on Form 10-Q (this “Form 10-Q”) should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for its fiscal year ended October 31, 2019 (the “2019 Form 10-K”).
COVID-19
The COVID-19 pandemic has caused an economic downturn on a global scale, as well as significant market disruption and volatility. In response to the outbreak of COVID-19, governmental authorities throughout the world have implemented numerous measures to try to reduce the spread and impact of the virus, including quarantines, shelter in place, and shutdowns of so-called “non-essential” businesses. Under the guidance issued by the U.S. Department of Homeland Security, and similar designations by governmental authorities throughout the world, the products the Company manufactures and the services the Company provides have been deemed "essential" and, as a result, governments in every country in which the Company does business have allowed operations to continue without disruption. However, a significant number of the Company's customers or the Company's customers' end use markets are deemed "non-essential" under some governmental orders or have suspended operations due to a decreased demand for their products resulting from the negative economic conditions.
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses in this Form 10-Q. Though there have not been material changes to estimates and assumptions disclosed in the Company's 2019 Form 10-K, actual results and outcomes during the three months ended April 30, 2020 may be different than estimated or assumed related to changes in economic and geopolitical environments due to COVID-19. The scope, duration and magnitude of the effects of COVID-19 are evolving rapidly and in ways that are difficult or impossible to anticipate. The Company cannot, at this time, predict the impact the pandemic will have on its future consolidated financial position, cash flows or results of operations, however, the impact could be material. The Company's future financial results and operations depend in part on the duration and severity of the pandemic and what actions are taken to mitigate the outbreak.
Newly Adopted Accounting Standards
In February 2016 and July 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-02 and ASU 2018-11, "Leases (Topic 842)," or Accounting Standards Codification ("ASC") 842, which amends the lease accounting and disclosure requirements in ASC 840, "Leases." The objective of this update is to increase transparency and comparability among organizations recognizing lease assets and lease liabilities on the balance sheet and disclosing key
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information about lease arrangements. The Company adopted ASU 2018-11 on November 1, 2019, utilizing a modified retrospective approach and did not adjust its comparative period financial information. The Company adopted the practical expedient package which permits the Company to not reassess previous conclusions whether a contract is or contains a lease, lease classification, or treatment of indirect costs for existing contracts as of the adoption date. The Company also adopted the short-term lease recognition exempti