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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 July 31, 2024
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-00566
logotagline10qp1a43.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 Road, Delaware Ohio
43015
(Address of principal executive offices)(Zip Code)
(Registrant’s telephone number, including area code: (740) 549-6000
Former name, former address and former fiscal year, if changed since last report: Not Applicable
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 filer☒Accelerated filer☐
Non-accelerated filer☐Smaller 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 August 27, 2024:
Class A Common Stock25,848,786 shares
Class B Common Stock21,331,127 shares

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1A
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2
PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Three Months Ended
July 31,		Nine Months Ended
July 31,
(in millions, except per share amounts)2024202320242023
Net sales$1,454.2 $1,330.3 $4,031.0 $3,910.2 
Cost of products sold1,163.8 1,023.3 3,248.9 3,039.8 
Gross profit290.4 307.0 782.1 870.4 
Selling, general and administrative expenses164.0 135.7 477.0 412.3 
Acquisition and integration related costs2.0 3.4 16.1 15.5 
Restructuring charges2.7 8.7 1.6 13.5 
Non-cash asset impairment charges0.2 1.6 1.9 3.4 
(Gain) loss on disposal of properties, plants and equipment, net(3.4)1.7 (6.4)(3.3)
(Gain) loss on disposal of businesses, net(46.1)0.3 (46.1)(64.1)
Operating profit171.0 155.6 338.0 493.1 
Interest expense, net41.3 25.3 95.7 71.5 
Other expense, net0.8 3.4 9.5 9.6 
Income before income tax expense and equity earnings of unconsolidated affiliates, net128.9 126.9 232.8 412.0 
Income tax expense36.2 31.1 15.0 107.9 
Equity earnings of unconsolidated affiliates, net of tax
(0.9)(0.9)(2.1)(1.7)
Net income 93.6 96.7 219.9 305.8 
Net income attributable to noncontrolling interests(6.5)(6.4)(21.2)(14.4)
Net income attributable to Greif, Inc.$87.1 $90.3 $198.7 $291.4 
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$1.51 $1.57 $3.45 $5.03 
Class B common stock$2.26 $2.35 $5.16 $7.54 
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$1.50 $1.55 $3.44 $4.99 
Class B common stock$2.26 $2.35 $5.16 $7.54 
Weighted-average number of Class A common shares outstanding:
Basic25.8 25.5 25.7 25.6 
Diluted26.1 26.0 25.9 26.0 
Weighted-average number of Class B common shares outstanding:
Basic21.3 21.3 21.3 21.5 
Diluted21.3 21.3 21.3 21.5 
Cash dividends declared per common share:
Class A common stock$0.52 $0.50 $1.56 $1.50 
Class B common stock$0.78 $0.75 $2.33 $2.24 
See accompanying Notes to Condensed Consolidated Financial Statements
3
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended
July 31,		Nine Months Ended
July 31,
(in millions)2024202320242023
Net income $93.6 $96.7 $219.9 $305.8 
Other comprehensive income (loss), net of tax:
Foreign currency translation15.5 (4.2)13.9 44.8 
Derivative financial instruments(27.0)17.3 (35.5)(13.5)
Minimum pension liabilities(1.9)(1.6)(4.3)(5.4)
Other comprehensive income (loss), net of tax(13.4)11.5 (25.9)25.9 
Comprehensive income80.2 108.2 194.0 331.7 
Comprehensive income attributable to noncontrolling interests6.5 6.5 20.3 14.7 
Comprehensive income attributable to Greif, Inc.$73.7 $101.7 $173.7 $317.0 
See accompanying Notes to Condensed Consolidated Financial Statements
4
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)July 31,
2024		October 31,
2023
ASSETS
Current assets
Cash and cash equivalents$194.2 $180.9 
Trade accounts receivable, net of allowance785.7 659.4 
Inventories:
Raw materials325.2 255.8 
Finished goods95.5 82.8 
Assets held for sale3.6 5.0 
Prepaid expenses56.6 46.0 
Other current assets252.5 139.2 
1,713.3 1,369.1 
Long-term assets
Goodwill1,950.3 1,693.0 
Other intangible assets, net of amortization961.7 792.2 
Deferred tax assets28.9 22.9 
Pension assets43.7 36.2 
Operating lease right-of-use assets298.1 290.3 
Finance lease right-of-use assets38.1 30.5 
Other long-term assets145.3 164.0 
3,466.1 3,029.1 
Properties, plants and equipment
Timber properties, net of depletion230.7 229.6 
Land157.8 153.7 
Buildings587.7 544.3 
Machinery and equipment2,239.1 2,138.8 
Capital projects in progress229.9 200.5 
3,445.2 3,266.9 
Accumulated depreciation(1,789.7)(1,704.3)
1,655.5 1,562.6 
Total assets$6,834.9 $5,960.8 
See accompanying Notes to Condensed Consolidated Financial Statements
5
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)July 31,
2024		October 31,
2023
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$533.6 $497.8 
Accrued payroll and employee benefits140.8 137.7 
Restructuring reserves5.5 16.8 
Current portion of long-term debt95.8 88.3 
Short-term borrowings20.3 5.4 
Current portion of operating lease liabilities57.1 53.8 
Current portion of finance lease liabilities5.5 3.4 
Other current liabilities151.6 136.1 
1,010.2 939.3 
Long-term liabilities
Long-term debt2,793.4 2,121.4 
Operating lease liabilities242.2 240.2 
Finance lease liabilities34.6 27.9 
Deferred tax liabilities326.3 325.6 
Pension liabilities55.6 56.3 
Postretirement benefit obligations6.1 6.2 
Contingent liabilities and environmental reserves19.1 17.3 
Long-term income tax payable11.8 21.2 
Other long-term liabilities109.8 93.8 
3,598.9 2,909.9 
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests126.2 125.3 
Equity
Common stock, without par value228.4 208.4 
Treasury stock, at cost(279.0)(281.9)
Retained earnings2,449.0 2,337.9 
Accumulated other comprehensive loss, net of tax:
Foreign currency translation(302.9)(317.7)
Derivative financial instruments 36.2 71.7 
Minimum pension liabilities(74.8)(70.5)
Total Greif, Inc. shareholders’ equity2,056.9 1,947.9 
Noncontrolling interests42.7 38.4 
Total shareholders’ equity2,099.6 1,986.3 
Total liabilities and shareholders’ equity$6,834.9 $5,960.8 
See accompanying Notes to Condensed Consolidated Financial Statements
6
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended July 31,
(in millions)20242023
Cash flows from operating activities:
Net income $219.9 $305.8 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization193.4 169.4 
Non-cash asset impairment charges1.9 3.4 
Gain on disposals of properties, plants and equipment, net(6.4)(3.3)
Gain on disposals of businesses, net(46.1)(64.1)
Unrealized foreign exchange loss 9.7 3.5 
Deferred income tax benefit(53.6)(0.9)
Non-cash lease expense36.6 34.9 
Other, net2.1 (0.3)
Increase (decrease) in cash from changes in certain assets and liabilities, net of impacts from acquisitions:
Trade accounts receivable(82.0)109.5 
Inventories(46.4)49.9 
Accounts payable26.1 (65.6)
Restructuring reserves(11.4)3.8 
Operating leases(38.1)(34.5)
Pension and post-retirement benefit liabilities(10.4)(26.4)
Other, net(26.5)(39.1)
Net cash provided by operating activities168.8 446.0 
Cash flows from investing activities:
Purchases of business, net of cash acquired(567.6)(447.5)
Purchases of properties, plants and equipment(141.4)(136.4)
Purchases of timber properties(3.6)(4.4)
Payments for deferred purchase price of acquisitions(1.7)(21.7)
Proceeds from the sale of properties, plants, equipment and other assets10.5 8.0 
Proceeds from the sale of businesses— 105.3 
Net cash used in investing activities(703.8)(496.7)
Cash flows from financing activities:
Proceeds from issuance of long-term debt1,986.7 1,915.1 
Payments on long-term debt(1,351.1)(1,640.2)
Payments on short-term borrowings, net(10.9)(4.6)
Proceeds from trade accounts receivable credit facility345.6 108.9 
Payments on trade accounts receivable credit facility(309.1)(136.1)
Dividends paid to Greif, Inc. shareholders(89.8)(86.7)
Dividends paid to noncontrolling interests(12.9)(6.1)
Payments for share repurchases— (63.9)
Tax withholding payments for stock-based awards(10.6)(13.7)
Purchases of redeemable noncontrolling interest— (3.3)
Other, net(6.2)(7.4)
Net cash provided by financing activities541.7 62.0 
Effects of exchange rates on cash6.6 (0.7)
Net increase in cash and cash equivalents13.3 10.6 
Cash and cash equivalents at beginning of period180.9 147.1 
Cash and cash equivalents at end of period$194.2 $157.7 
See accompanying Notes to Condensed Consolidated Financial Statements
7
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
Three Months Ended July 31, 2024
Common StockTreasury StockRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Greif,
Inc.
Equity		Non
controlling
interests		Total
Equity
(in millions, except for shares which are in thousands)Common
Shares		AmountTreasury
Shares		Amount
As of April 30, 202447,139 $225.0 29,703 $(279.3)$2,391.5 $(328.1)$2,009.1 $38.3 $2,047.4 
Net income87.1 87.1 6.5 93.6 
Other comprehensive income (loss):
Foreign currency translation15.5 15.5 — 15.5 
Derivative financial instruments, net of $8.9 million of income tax expense
(27.0)(27.0)(27.0)
Minimum pension liability adjustment, net of $0.2 million income tax benefit
(1.9)(1.9)(1.9)
Comprehensive income.73.7 80.2 
Current period mark to redemption value of redeemable noncontrolling interest0.7 0.7 0.7 
Net income allocated to redeemable noncontrolling interests— (2.1)(2.1)
Dividends paid to Greif, Inc. shareholders ($0.52 and $0.78 per Class A share and Class B share, respectively)
(30.1)(30.1)(30.1)
Dividends earned on RSU shares(0.2)(0.2)(0.2)
Colleague stock purchase plan38 1.9 (38)0.3 2.2 2.2 
Share based compensation— 1.4 — — 1.4 1.4 
Restricted stock, directors2 0.1 (2)— 0.1 0.1 
As of July 31, 202447,179 $228.4 29,663 $(279.0)$2,449.0 $(341.5)$2,056.9 $42.7 $2,099.6 
Nine Months Ended July 31, 2024
 Common StockTreasury StockRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Greif,
Inc.
Equity		Non
controlling
Interests		Total
Equity
(in millions, except for shares which are in thousands)Common
Shares		AmountTreasury
Shares		Amount
As of October 31, 202346,805 $208.4 30,037 $(281.9)$2,337.9 $(316.5)$1,947.9 $38.4 $1,986.3 
Net income198.7 198.7 21.2 219.9 
Other comprehensive income (loss):
Foreign currency translation14.8 14.8 (0.9)13.9 
Derivative financial instruments, net of $11.7 million of income tax expense
(35.5)(35.5)(35.5)
Minimum pension liability adjustment, net of $0.4 million income tax benefit
(4.3)(4.3)(4.3)
Comprehensive income.173.7 194.0 
Current period mark to redemption value of redeemable noncontrolling interest and other2.5 2.5 2.5 
Net income allocated to redeemable noncontrolling interests— (5.9)(5.9)
Dividends paid to Greif, Inc. shareholders ($1.56 and $2.33 per Class A share and Class B share, respectively)
(89.8)(89.8)(89.8)
Dividends paid to noncontrolling interests and other— (10.1)(10.1)
Dividends earned on RSU shares(0.3)(0.3)(0.3)
Colleague stock purchase plan71 3.9 (71)0.6 4.5 4.5 
Long-term incentive shares issued283 10.5 (283)2.2 12.7 12.7 
Share based compensation— 4.5 — — 4.5 4.5 
Restricted stock, directors20 1.1 (20)0.1 1.2 1.2 
As of July 31, 202447,179 $228.4 29,663 $(279.0)$2,449.0 $(341.5)$2,056.9 $42.7 $2,099.6 

8
Three Months Ended July 31, 2023
Common StockTreasury StockRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Greif,
Inc.
Equity		Non
controlling
interests		Total
Equity
(in millions, except for shares which are in thousands)Common
Shares		AmountTreasury
Shares		Amount
As of April 30, 202346,861 $205.8 29,981 $(277.6)$2,239.7 $(288.1)$1,879.8 $35.1 $1,914.9 
Net income
90.3 90.3 6.4 96.7 
Other comprehensive income (loss):
Foreign currency translation(4.3)(4.3)0.1 (4.2)
Derivative financial instruments, net of $5.7 million income tax benefit
17.3 17.3 17.3 
Minimum pension liability adjustment, net of $0.2 million income tax expense
(1.6)(1.6)(1.6)
Comprehensive income
101.7 108.2 
Current period mark to redemption value of redeemable noncontrolling interest(1.3)(1.3)(1.3)
Net income allocated to redeemable noncontrolling interests— (1.1)(1.1)
Dividends paid to Greif, Inc. shareholders ($0.50 and $0.75 per Class A share and Class B share, respectively)
(28.8)(28.8)(28.8)
Dividends earned on RSU shares(0.2)(0.2)(0.2)
Colleague stock purchase plan— 0.1 — — 0.1 0.1 
Share repurchases(57)— 57 (4.3)(4.3)(4.3)
Long-term incentive shares issued1 0.1 (1)— 0.1 0.1 
Share based compensation— 1.2 — — 1.2 1.2 
As of July 31, 202346,805 $207.2 30,037 $(281.9)$2,299.7 $(276.7)$1,948.3 $40.5 $1,988.8 
Nine Months Ended July 31, 2023
 Common StockTreasury StockRetained
Earnings		Accumulated
Other
Comprehensive
Income (Loss)		Greif,
Inc.
Equity		Non
controlling
Interests		Total
Equity
(in millions, except for shares which are in thousands)Common
Shares		AmountTreasury
Shares		Amount
As of October 31, 202247,443 $173.5 29,399 $(205.1)$2,095.2 $(302.3)$1,761.3 $33.0 $1,794.3 
Net income
291.4 291.4 14.4 305.8 
Other comprehensive income (loss):
Foreign currency translation44.5 44.5 0.3 44.8 
Derivative financial instruments, net of $4.6 million income tax expense
(13.5)(13.5)(13.5)
Minimum pension liability adjustment, net of $0.7 million income tax expense
(5.4)(5.4)(5.4)
Comprehensive income.317.0 331.7 
Current period mark to redemption value of redeemable noncontrolling interest and other(0.3)(0.3)(0.3)
Net income allocated to redeemable noncontrolling interests— (1.3)(1.3)
Dividends paid to Greif, Inc. shareholders ($1.50 and $2.24 per Class A share and Class B share, respectively)
(86.7)(86.7)(86.7)
Dividends paid to noncontrolling interests and other— (5.9)(5.9)
Dividends earned on RSU shares0.1 0.1 0.1 
Colleague stock purchase plan— 0.1 — — 0.1 0.1 
Share repurchases(1,006)15.0 1,006 (78.9)(63.9)(63.9)
Long-term incentive shares issued350 14.7 (350)2.0 16.7 16.7 
Share based compensation— 2.7 — — 2.7 2.7 
Restricted stock, directors18 1.2 (18)0.1 1.3 1.3 
As of July 31, 202346,805 $207.2 30,037 $(281.9)$2,299.7 $(276.7)$1,948.3 $40.5 $1,988.8 

9
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. On December 5, 2023, the Company's Board of Directors adopted an amendment to Article VI, Section 6.8 of the Company's Third Amended and Restated By-Laws that will enact a new fiscal year of the Company ending September 30, with the first such fiscal year ending September 30, 2025.
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 sheet as of July 31, 2024 and the condensed consolidated balance sheet as of October 31, 2023, the interim condensed consolidated statements of income, comprehensive income and changes in shareholders’ equity for the three and nine months ended July 31, 2024 and 2023 and the interim condensed consolidated statements of cash flows for the nine months ended July 31, 2024 and 2023 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 interest and are accounted for using either the equity or cost method, as appropriate.
The unaudited interim condensed consolidated financial statements included in this 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, 2023 (the “2023 Form 10-K”).
Newly Adopted Accounting Standards
There have been no new accounting standards adopted since the filing of the 2023 Form 10-K that have significance, or potential significance, to the interim condensed consolidated financial statements.
Recently Issued Accounting Standards
In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, "Income Taxes (Topic 740): Improvements to Tax Disclosures,” which is intended to improve the effectiveness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The effective date for the Company to adopt this ASU is for the fiscal year beginning October 1, 2025. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income, cash flow and disclosures.
In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which is intended to improve reportable segment disclosure requirements. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The effective date for the Company to adopt this ASU is for the fiscal year and interim periods beginning November 1, 2024 and October 1, 2025 respectively. The Company is in the process of determining the potential impact of adopting this guidance on its financial position, results of operations, comprehensive income, cash flow and disclosures.
10
NOTE 2 — ACQUISITIONS AND DIVESTITURES
2024 Acquisitions
Ipackchem Acquisition
The Company acquired Ipackchem Group SAS (“Ipackchem”) on March 26, 2024 (the “Ipackchem Acquisition”). Ipackchem is a global market leader in the production of high-performance plastic packaging, including premium barrier and non-barrier jerrycans and other small plastic containers. The total purchase price for this acquisition was $582.1 million. The Company incurred transaction costs of $8.9 million to complete this acquisition.
The following table summarizes the consideration transferred to acquire Ipackchem and the preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date:
(in millions)Amounts Recognized as of the Acquisition DateMeasurement Period AdjustmentsAmount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
Cash consideration$582.1 $— $582.1 
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents$14.5 $— $14.5 
Accounts receivable50.9 — 50.9 
Inventories36.7 — 36.7 
Other current assets4.9 — 4.9 
Intangibles231.7 4.9 236.6 
Operating lease right-of-use assets15.1 5.2 20.3 
Finance lease right-of-use assets8.2 0.5 8.7 
Other long-term assets1.0 — 1.0 
Properties, plants and equipment91.5 (4.8)86.7 
Total assets acquired
454.5 5.8 460.3 
Accounts payable(17.2)— (17.2)
Short-term borrowings(26.2)— (26.2)
Other current liabilities(13.2)— (13.2)
Operating lease liabilities(14.2)(5.2)(19.4)
Finance lease liabilities(10.0)— (10.0)
Long-term deferred tax liability(62.1)0.6 (61.5)
Other long-term liabilities(5.3)(0.8)(6.1)
Total liabilities assumed
(148.2)(5.4)(153.6)
Total identifiable net assets$306.3 0.4 306.7 
Goodwill$275.8 $(0.4)$275.4 
The Company recognized goodwill related to this acquisition of $275.4 million. The goodwill recognized in this acquisition was attributable to the acquired assembled workforce, expected synergies and economies of scale, none of which qualify for recognition as a separate intangible asset. Ipackchem is reported within the Global Industrial Packaging segment to which the goodwill was assigned. The goodwill is not expected to be deductible for tax purposes.
The cost approach was used to determine the fair value for land, building, improvements and equipment. The cost approach measures the value by estimating the cost to acquire, or construct, comparable assets and adjusts for age and condition. The Company assigned to land use rights, building and improvements a useful life ranging from 1 year to 21 years and equipment a
11
useful life ranging from 1 year to 10 years. Acquired property, plant and equipment are being depreciated over their estimated remaining useful lives on a straight-line basis.
The fair value for acquired customer relationship intangibles was determined as of the acquisition date based on estimates and judgments regarding expectations for the future after-tax cash flows arising from the revenue from customer relationships that existed on the acquisition date over their estimated lives, including the probability of expected future contract renewals and revenue, less a contributory assets charge, all of which is discounted to present value. The fair value for acquired developed technology was determined as of the acquisition date based on estimates and judgments regarding expectations for the future after-tax cash flows arising from the revenue from developed technology that existed on the acquisition date over their estimated lives. The fair values of the trademark intangible assets were determined utilizing the relief from royalty method, which is a form of the income approach. Under this method, a royalty rate based on observed market royalties is applied to projected revenue supporting the trademarks and discounted to present value using an appropriate discount rate. 
Acquired intangible assets are being amortized over the estimated useful lives on a straight-line basis. The following table summarizes the preliminary purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired as of the acquisition date:
(in millions)Purchase Price AllocationWeighted Average Estimated Useful Life
Customer relationships$187.3 15.0
Developed technology39.0 8.0
Trademarks10.3 5.0
Total intangible assets$236.6 
The Company has not yet finalized the determination of the fair value of assets acquired and liabilities assumed, specifically fixed assets, intangibles, income taxes, leases and contingencies. The Company expects to finalize these amounts within one year of the acquisition date. The estimate of fair value and purchase price allocation were based on information available at the time of closing the acquisition, and the Company continues to evaluate the underlying inputs and assumptions that are being used in the fair value estimates of all assets acquired and liabilities assumed. Accordingly, these preliminary estimates are subject to adjustments during the measurement period, not to exceed one year from the acquisition date, based upon new information obtained about facts and circumstances that existed as of the date of closing the acquisition.
Ipackchem’s results of operations have been included in the Company’s financial statements for the period subsequent to the acquisition date of March 26, 2024. Ipackchem contributed net sales of $58.3 million and $80.9 million for the three and nine months ended July 31, 2024.
Pro Forma Results
The following unaudited supplemental pro forma data presents consolidated information as if the Ipackchem Acquisition had been completed on November 1, 2022. These amounts were calculated after adjusting Ipackchem’s results to reflect interest expense incurred on the debt to finance the acquisition, additional depreciation and amortization that would have been charged
12
assuming the fair value of property, plant and equipment and intangible assets had been applied from November 1, 2022, the adjusted income tax expense, and related transaction costs.
Three Months Ended
July 31,		Nine Months Ended
July 31,
(in millions, except per share amounts)2024202320242023
Pro forma net sales$1,454.2 $1,383.1 $4,120.0 $4,076.5 
Pro forma net income attributable to Greif, Inc.87.1 98.8 224.3 289.2 
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$1.51 $1.72 $3.89 $5.00 
Class B common stock$2.26 $2.58 $5.83 $7.49 
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$1.50 $1.69 $3.88 $4.95 
Class B common stock$2.26 $2.58 $5.83 $7.49 
The unaudited supplemental pro forma financial information is based on the Company’s preliminary assignment of purchase price and therefore subject to adjustment upon finalizing the purchase price assignment. The pro forma data should not be considered indicative of the results that would have occurred if the acquisition and related financing had been consummated on the assumed completion dates, nor are they indicative of future results.
2023 Acquisitions
ColePak Acquisition
The Company acquired a 51% ownership interest in ColePak, LLC (“ColePak”) on August 23, 2023 (the “ColePak Acquisition”). ColePak is a manufacturer of bulk and specialty partitions made from both containerboard and uncoated recycled board and is the second largest supplier of paper partitions in North America. The total purchase price for this acquisition, net of cash acquired, was $74.6 million. The fair value of the remaining noncontrolling interest of 49% after the acquisition was $72.1 million, which was determined using a Monte Carlo option pricing model, and is redeemable through contractual terms.
13
The following table summarizes the consideration transferred to acquire ColePak and the preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date:
(in millions)Amounts Recognized as of the Acquisition DateMeasurement Period AdjustmentsAmount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
Cash consideration$74.6 $— $74.6 
Noncontrolling interest72.1 — 72.1 
Recognized amounts of identifiable assets acquired and liabilities assumed
Accounts receivable$6.7 $— $6.7 
Inventories3.3 — 3.3 
Intangibles59.0 — 59.0 
Operating lease right-of use assets8.6 — 8.6 
Properties, plants and equipment19.4 — 19.4 
Total assets acquired
97.0 — 97.0 
Accounts payable and other current liabilities(1.8)— (1.8)
Operating lease liabilities(8.6)— (8.6)
Total liabilities assumed
(10.4)— (10.4)
Total identifiable net assets$86.6 $— $86.6 
Goodwill$60.1 $— $60.1 
The Company recognized goodwill related to this acquisition of $60.1 million. The goodwill recognized in this acquisition was attributable to the acquired assembled workforce, expected synergies, economies of scale and expanded market presence, none of which qualify for recognition as a separate intangible asset. ColePak is reported within the Paper Packaging & Services segment to which the goodwill was assigned. The goodwill is expected to be deductible for tax purposes.
The fair value for acquired customer relationship intangibles was determined as of the acquisition date based on estimates and judgments regarding expectations for the future after-tax cash flows arising from the revenue from customer relationships that existed on the acquisition date over their estimated lives, including the probability of expected future contract renewals and revenue, less a contributory assets charge, all of which is discounted to present value. The fair values of the trademark intangible assets were determined utilizing the relief from royalty method, which is a form of the income approach. Under this method, a royalty rate based on observed market royalties is applied to projected revenue supporting the trademarks and discounted to present value using an appropriate discount rate. 
Acquired intangible assets are being amortized over the estimated useful lives on a straight-line basis. The following table summarizes the purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired as of the acquisition date:
(in millions)Purchase Price AllocationWeighted Average Estimated Useful Life
Customer relationships$50.6 15.0
Trademarks8.4 5.0
Total intangible assets$59.0 
The Company has not yet finalized the determination of the fair value of assets acquired and liabilities assumed, including income taxes. The Company expects to finalize these amounts within one year of the acquisition date. The estimate of fair value and purchase price allocation were based on information available at the time of closing the acquisition, and the Company continues to evaluate the underlying inputs and assumptions that are being used in fair value estimates. Accordingly, these preliminary estimates are subject to adjustments during the measurement period, not to exceed one year from the date of the
14
acquisition, based upon new information obtained about facts and circumstances that existed as of the date of closing the acquisition.
Centurion Acquisition
The Company completed its acquisition of controlling influence over Centurion Container LLC (“Centurion”) on March 31, 2023 (the “Centurion Acquisition”), by increasing the Company’s ownership interest in Centurion from approximately 10% to 80%. Centurion is a leader in the North American intermediate bulk container (“IBC”) reconditioning industry and is involved in IBC rebottling, reconditioning, and distribution. The total purchase price for this acquisition, net of cash acquired, was $144.5 million. The fair value of the remaining noncontrolling interest of 20% after the acquisition was $40.9 million, which was determined using the implied enterprise value based on the purchase price and redemption mechanism, and is redeemable through contractual terms.
Prior to the acquisition, the Company accounted for its approximately 10% ownership interest under the equity method of accounting. The acquisition of a controlling financial interest was accounted for as a step acquisition in accordance with Accounting Standards Codification (“ASC”) 805, “Business Combinations”. As a result, fair value of our previously held interest in Centurion of $16.8 million was valued using a discounted cash flow model, resulting in a gain of $9.8 million. The gain was reflected in the consolidated statements of income within the gain on disposal of businesses, net line.
The following table summarizes the consideration transferred to acquire Centurion and the final valuation of identifiable assets acquired and liabilities assumed at the acquisition date:
(in millions)Amounts Recognized as of the Acquisition DateMeasurement Period AdjustmentsAmount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
Cash consideration$144.5 $— $144.5 
Noncontrolling interest40.9 — 40.9 
Previously held interest16.8 — 16.8 
Recognized amounts of identifiable assets acquired and liabilities assumed
Accounts receivable$12.4 $— $12.4 
Inventories2.0 — 2.0 
Prepaid and other current assets0.4 — 0.4 
Intangibles83.4 9.4 92.8 
Operating lease right-of use assets10.2 — 10.2 
Properties, plants and equipment7.7 — 7.7 
Total assets acquired
116.1 9.4 125.5 
Accounts payable(4.2)— (4.2)
Other current liabilities(4.3)— (4.3)
Operating lease liabilities(10.2)— (10.2)
Total liabilities assumed
(18.7)— (18.7)
Total identifiable net assets$97.4 $9.4 $106.8 
Goodwill$104.8 $(9.4)$95.4 
The Company recognized goodwill related to this acquisition of $95.4 million. The goodwill recognized in this acquisition was attributable to the acquired assembled workforce, expanded market presence and enhanced business network, none of which qualify for recognition as a separate intangible asset. Centurion is reported within the Global Industrial Packaging segment to which the goodwill was assigned. The goodwill is expected to be deductible for tax purposes.
The fair value for acquired customer relationship intangibles was determined as of the acquisition date based on estimates and judgments regarding expectations for the future after-tax cash flows arising from the revenue from customer relationships that
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existed on the acquisition date over their estimated lives, including the probability of expected future contract renewals and revenue, less a contributory assets charge, all of which is discounted to present value. The fair values of the trademark intangible assets were determined utilizing the relief from royalty method, which is a form of the income approach. Under this method, a royalty rate based on observed market royalties is applied to projected revenue supporting the trademarks and discounted to present value using an appropriate discount rate. 
Acquired intangible assets are being amortized over the estimated useful lives on a straight-line basis. The following table summarizes the final purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired as of the acquisition date:
(in millions) Purchase Price AllocationWeighted Average Estimated Useful Life
Customer relationships$77.5 12.0
Favorable leases1.6 19.0
Trademarks13.7 5.0
Total intangible assets$92.8 
As of April 30, 2024, the Company had completed the determination of the fair value of assets acquired and liabilities assumed related to the Centurion Acquisition.
Lee Container Acquisition
The Company acquired Lee Container Corporation, Inc. (“Lee Container”) on December 15, 2022 (the “Lee Container Acquisition”). Lee Container is an industry-leading manufacturer of high-performance barrier and conventional blow molded containers, jerrycans and other small plastics. The total purchase price for this acquisition, net of cash acquired, was $303.0 million.
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The following table summarizes the consideration transferred to acquire Lee Container and the final valuation of identifiable assets acquired and liabilities assumed at the acquisition date:
(in millions)Amounts Recognized as of the Acquisition DateMeasurement Period AdjustmentsAmount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
Cash consideration$302.8 $0.2 $303.0 
Recognized amounts of identifiable assets acquired and liabilities assumed
Accounts receivable$21.9 $(0.4)$21.5 
Inventories27.5 (5.2)22.3 
Prepaid and other current assets0.5 — 0.5 
Intangibles133.5 — 133.5 
Finance lease right-of use assets32.4 1.0 33.4 
Properties, plants and equipment54.7 — 54.7 
Total assets acquired
270.5 (4.6)265.9 
Accounts payable(3.9)— (3.9)
Accrued payroll and employee benefits(1.3)— (1.3)
Other current liabilities(3.1)2.9 (0.2)
Finance lease liabilities(30.6)(2.8)(33.4)
Total liabilities assumed
(38.9)0.1 (38.8)
Total identifiable net assets$231.6 (4.5)227.1 
Goodwill$71.2 $4.7 $75.9 
The Company recognized goodwill related to this acquisition of $75.9 million. The goodwill recognized in this acquisition was attributable to the acquired assembled workforce, expected synergies and economies of scale, none of which qualify for recognition as a separate intangible asset. Lee Container is reported within the Global Industrial Packaging segment to which the goodwill was assigned. The goodwill is expected to be deductible for tax purposes.
The cost approach was used to determine the fair value for building improvements and equipment. The cost approach measures the value by estimating the cost to acquire, or construct, comparable assets and adjusts for age and condition. The Company assigned building improvements a useful life ranging from 1 year to 9 years and equipment a useful life ranging from 1 year to 19 years. Acquired property, plant and equipment are being depreciated over their estimated remaining useful lives on a straight-line basis.
The fair value for acquired customer relationship intangibles was determined as of the acquisition date based on estimates and judgments regarding expectations for the future after-tax cash flows arising from the revenue from customer relationships that existed on the acquisition date over their estimated lives, including the probability of expected future contract renewals and revenue, less a contributory assets charge, all of which is discounted to present value. The fair values of the trademark intangible assets were determined utilizing the relief from royalty method, which is a form of the income approach. Under this method, a royalty rate based on observed market royalties is applied to projected revenue supporting the trademarks and discounted to present value using an appropriate discount rate. 
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Acquired intangible assets are being amortized over the estimated useful lives on a straight-line basis. The following table summarizes the final purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired as of the acquisition date:
(in millions)Purchase Price AllocationWeighted Average Estimated Useful Life
Customer relationships$120.0 15.0
Trademarks13.5 5.0
Total intangible assets$133.5 
As of January 31, 2024, the Company had completed the determination of the fair value of assets acquired and liabilities assumed related to the Lee Container Acquisition.
Pro Forma Results
The following unaudited supplemental pro forma data presents consolidated information as if the Centurion Acquisition and Lee Container Acquisition had been completed on November 1, 2021. These amounts were calculated after adjusting Centurion’s and Lee Container’s results to reflect interest expense incurred on the debt to finance the acquisition, additional depreciation and amortization that would have been charged assuming the fair value of property, plant and equipment and intangible assets had been applied from November 1, 2021, the adjusted income tax expense, and related transaction costs.
Three Months Ended July 31,Nine Months Ended July 31,
(in millions, except per share amounts)20232023
Pro forma net sales$1,330.2 $3,968.0 
Pro forma net income attributable to Greif, Inc.86.0 298.4 
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$1.50 $5.16 
Class B common stock$2.24 $7.72 
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$1.48 $5.11 
Class B common stock$2.24 $7.72 
The pro forma data should not be considered indicative of the results that would have occurred if the acquisition and related financing had been consummated on the assumed completion dates, nor are they indicative of future results.
Divestitures
Delta Divestiture
During the third quarter of 2024, the Company completed its divestiture of a U.S. business in the Global Industrial Packaging segment, Delta Petroleum Company, Inc. (the “Delta Divestiture”), for net sales proceeds of $91.2 million, subject to final adjustments. These sales proceeds were a non-cash investing item in the interim condensed consolidated statement of cash flow. These sales proceeds were reflected in the other current assets of the interim condensed consolidated balance sheet as of July 31, 2024, and were received on August 1, 2024. The Delta Divestiture did not qualify as discontinued operations because it did not represent a strategic shift that has had a major impact on the Company’s operations or financial results. The Delta Divestiture resulted in a $46.1 million gain on sale of business, including goodwill allocated to the sale of $26.1 million.
Tama Divestiture
During the first quarter of 2023, the Company completed its divestiture of a U.S. business in the Paper Packaging & Services segment, Tama Paperboard, LLC (the “Tama Divestiture”), for net cash proceeds of $100.2 million. The Tama Divestiture did not qualify as discontinued operations because it did not represent a strategic shift that has had a major impact on the Company’s operations or financial results. The Tama Divestiture resulted in $54.6 million gain on sale of business, including goodwill allocated to the sale of $22.5 million.
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NOTE 3 — RESTRUCTURING CHARGES
The following is a reconciliation of the beginning and ending restructuring reserve balances for the nine months ended July 31, 2024:
(in millions)Employee
Separation
Costs		Other
Costs		Total
Balance at October 31, 2023$16.4 $0.4 $16.8 
Costs incurred and charged to expense(3.9)5.5 1.6 
Costs paid or otherwise settled(7.9)(5.0)(12.9)
Balance at July 31, 2024$4.6