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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, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-00566
_________________________________

gef-20220430_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 Road
Delaware Ohio
43015
(Address of principal executive offices)(Zip Code)
(740549-6000
(Registrant’s telephone number, including area code)
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 6, 2022:
Class A Common Stock26,627,738 shares
Class B Common Stock22,007,725 shares



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3

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)2022202120222021
Net sales$1,667.3 $1,340.6 $3,231.6 $2,487.1 
Cost of products sold1,328.6 1,074.7 2,603.2 2,009.0 
Gross profit338.7 265.9 628.4 478.1 
Selling, general and administrative expenses147.4 146.8 299.0 281.1 
Restructuring charges3.7 12.0 7.2 15.1 
Timberland gains (95.7) (95.7)
Integration related costs2.0 1.8 3.6 3.8 
Non-cash asset impairment charges 0.2 62.4 1.5 
(Gain) loss on disposal of properties, plants and equipment, net(0.3)0.1 (1.7)1.7 
(Gain) loss on disposal of businesses, net(4.2)0.1 (4.2) 
Operating profit190.1 200.6 262.1 270.6 
Interest expense, net13.2 26.7 30.3 51.9 
Debt extinguishment charges25.4  25.4  
Non-cash pension settlement charges 0.1  8.6 
Other (income) expense, net(4.4)2.8 (2.4)2.8 
Income before income tax expense and equity earnings of unconsolidated affiliates, net
155.9 171.0 208.8 207.3 
Income tax expense29.9 17.3 65.5 23.4 
Equity earnings of unconsolidated affiliates, net of tax
(0.7)(0.3)(2.0)(1.0)
Net income 126.7 154.0 145.3 184.9 
Net income attributable to noncontrolling interests(1.6)(4.2)(9.9)(11.7)
Net income attributable to Greif, Inc.$125.1 $149.8 $135.4 $173.2 
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$2.11 $2.51 $2.28 $2.91 
Class B common stock$3.15 $3.77 $3.40 $4.36 
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$2.09 $2.51 $2.27 $2.91 
Class B common stock$3.15 $3.77 $3.40 $4.36 
Weighted-average number of Class A common shares outstanding:
Basic26.6 26.5 26.6 26.5 
Diluted26.8 26.7 26.8 26.6 
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$0.46 $0.44 $0.92 $0.88 
Class B common stock$0.69 $0.66 $1.37 $1.31 
See accompanying Notes to Condensed Consolidated Financial Statements
4

GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended
April 30,
Six Months Ended
April 30,
(in millions)2022202120222021
Net income $126.7 $154.0 $145.3 $184.9 
Other comprehensive income, net of tax:
Foreign currency translation*64.1 6.6 32.6 34.2 
Derivative financial instruments24.1 9.5 35.9 11.4 
Minimum pension liabilities3.4 24.4 6.5 47.1 
Other comprehensive income, net of tax91.6 40.5 75.0 92.7 
Comprehensive income218.3 194.5 220.3 277.6 
Comprehensive income attributable to noncontrolling interests0.3 2.2 4.3 12.3 
Comprehensive income attributable to Greif, Inc.$218.0 $192.3 $216.0 $265.3 
*Three and six months ended April 30, 2022 balances include $113.1 million release of foreign currency translation from business divestment.
See accompanying Notes to Condensed Consolidated Financial Statements

5

GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)April 30,
2022
October 31,
2021
ASSETS
Current assets
Cash and cash equivalents$108.7 $124.6 
Trade accounts receivable, net of allowance880.3 889.5 
Inventories:
Raw materials382.5 390.7 
Work-in-process 1.5 
Finished goods92.3 107.0 
Assets held for sale1.7 6.9 
Prepaid expenses55.0 54.0 
Other current assets96.3 89.9 
1,616.8 1,664.1 
Long-term assets
Goodwill1,482.8 1,515.4 
Other intangible assets, net of amortization611.5 648.4 
Deferred tax assets13.7 16.3 
Pension asset58.6 39.9 
Operating lease assets261.7 289.4 
Other long-term assets146.3 121.1 
2,574.6 2,630.5 
Properties, plants and equipment
Timber properties, net of depletion227.4 224.6 
Land157.3 161.9 
Buildings525.7 543.8 
Machinery and equipment1,990.3 2,042.3 
Capital projects in progress119.4 137.2 
3,020.1 3,109.8 
Accumulated depreciation(1,588.6)(1,588.6)
1,431.5 1,521.2 
Total assets$5,622.9 $5,815.8 
See accompanying Notes to Condensed Consolidated Financial Statements
6

GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)April 30,
2022
October 31,
2021
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable$619.8 $704.5 
Accrued payroll and employee benefits130.4 160.3 
Restructuring reserves14.1 20.3 
Current portion of long-term debt80.8 120.3 
Short-term borrowings27.8 50.5 
Liabilities held for sale0.6 0.9 
Current portion of operating lease liabilities50.1 54.0 
Other current liabilities198.3 203.3 
1,121.9 1,314.1 
Long-term liabilities
Long-term debt1,991.3 2,054.8 
Operating lease liabilities215.6 239.5 
Deferred tax liabilities330.5 318.0 
Pension liabilities70.9 78.3 
Postretirement benefit obligations10.8 11.0 
Contingent liabilities and environmental reserves20.3 19.5 
Long-term income tax payable27.8 27.8 
Other long-term liabilities97.6 153.1 
2,764.8 2,902.0 
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests17.8 24.1 
Equity
Common stock, without par value186.0 179.3 
Treasury stock, at cost(134.0)(134.1)
Retained earnings1,910.3 1,825.6 
Accumulated other comprehensive loss, net of tax:
Foreign currency translation(257.2)(295.4)
Derivative financial instruments 32.3 (3.6)
Minimum pension liabilities(51.0)(57.5)
Total Greif, Inc. shareholders' equity1,686.4 1,514.3 
Noncontrolling interests32.0 61.3 
Total shareholders' equity1,718.4 1,575.6 
Total liabilities and shareholders' equity$5,622.9 $5,815.8 
See accompanying Notes to Condensed Consolidated Financial Statements
7

GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended April 30,
(in millions)20222021
Cash flows from operating activities:
Net income 145.3 $184.9 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization114.0 118.1 
Non-cash asset impairment charges62.4 1.5 
Non-cash pension settlement charges 8.6 
Loss (gain) on disposals of properties, plants and equipment, net(1.7)1.7 
Gain on disposals of businesses, net(4.2) 
Timberland gains (95.7)
Unrealized foreign exchange (gain) loss(5.1)0.9 
Deferred income tax expense (benefit)1.1 (41.5)
Debt extinguishment charges22.6  
Non-cash lease expense15.1 26.1 
Other, net0.7 (0.5)
Increase (decrease) in cash from changes in certain assets and liabilities:
Trade accounts receivable(87.4)(98.4)
Inventories(56.2)(71.4)
Accounts payable22.4 125.8 
Restructuring reserves(4.9)(0.2)
Operating leases(16.0)(29.5)
Pension and post-retirement benefit liabilities(19.8)(11.9)
Other, net(26.7)45.3 
Net cash provided by operating activities161.6 163.8 
Cash flows from investing activities:
Purchases of properties, plants and equipment(75.0)(57.7)
Purchases of and investments in timber properties(5.1)(2.5)
Proceeds from the sale of timberlands 145.1 
Collections of receivables held in special purpose entities 50.9 
Payments for issuance of loans receivable (15.0)
Proceeds from the sale of properties, plants, equipment and other assets8.3  
Proceeds from the sale of businesses139.2  
Other, net(4.7)(2.5)
Net cash provided by investing activities62.7 118.3 
Cash flows from financing activities:
Proceeds from issuance of long-term debt3,026.5 744.6 
Payments on long-term debt(3,122.7)(990.1)
Proceeds (payments) on short-term borrowings, net(16.1)15.2 
Proceeds from trade accounts receivable credit facility1.9 61.6 
Payments on trade accounts receivable credit facility(1.9)(18.3)
Payments for liabilities held in special purpose entities (43.3)
Dividends paid to Greif, Inc. shareholders(54.6)(52.2)
Dividends paid to noncontrolling interests(9.4)(4.9)
Payments for debt extinguishment and issuance costs(20.8) 
Net cash used in financing activities(197.1)(287.4)
Effects of exchange rates on cash(43.1)9.8 
Net increase (decrease) in cash and cash equivalents(15.9)4.5 
Cash and cash equivalents at beginning of period124.6 105.9 
Cash and cash equivalents at end of period$108.7 $110.4 
See accompanying Notes to Condensed Consolidated Financial Statements
8

GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
Three Months Ended April 30, 2022
Capital 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 January 31, 202248,608 $183.2 28,234 $(134.0)$1,812.9 $(368.8)$1,493.3 $64.0 $1,557.3 
Net income125.1 125.1 1.6 126.7 
Other comprehensive income (loss):
Foreign currency translation, net of $113.1 million business divestment release
65.4 65.4 (1.3)64.1 
Derivative financial instruments, net of $8.0 million of income tax benefit
24.1 24.1 24.1 
Minimum pension liability adjustment, net of $1.0 million income tax benefit
3.4 3.4 3.4 
Comprehensive income.218.0 218.3 
Divestment of noncontrolling interest— (24.4)(24.4)
Current period mark to redemption value of redeemable noncontrolling interest(0.1)(0.1)(0.1)
Net income allocated to redeemable noncontrolling interests— (0.3)(0.3)
Dividends paid to Greif, Inc. shareholders ($0.46 and $0.69 per Class A share and Class B share, respectively)
(27.4)(27.4)(27.4)
Dividends paid to noncontrolling interests and other— (7.6)(7.6)
Dividends earned on RSU shares(0.2)(0.2)(0.2)
Long-term incentive shares issued6 0.3 (6)— 0.3 0.3 
Share based compensation— 1.3 — — 1.3 1.3 
Restricted stock, directors22 1.2 (22)— 1.2 1.2 
As of April 30, 202248,636 $186.0 28,206 $(134.0)$1,910.3 $(275.9)$1,686.4 $32.0 $1,718.4 
Six Months Ended April 30, 2022
 Capital 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, 202148,559 $179.3 28,283 $(134.1)$1,825.6 $(356.5)$1,514.3 $61.3 $1,575.6 
Net income135.4 135.4 9.9 145.3 
Other comprehensive income (loss):
Foreign currency translation, net of $113.1 million business divestment release
38.2 38.2 (5.6)32.6 
Derivative financial instruments, net of $12.0 million of income tax benefit
35.9 35.9 35.9 
Minimum pension liability adjustment, net of $1.5 million income tax benefit
6.5 6.5 6.5 
Comprehensive income.216.0 220.3 
Divestment of noncontrolling interest— (24.4)(24.4)
Current period mark to redemption value of redeemable noncontrolling interest and other4.9 4.9 4.9 
Net income allocated to redeemable noncontrolling interests— 0.1 0.1 
Dividends paid to Greif, Inc. shareholders ($0.92 and $1.37 per Class A share and Class B share, respectively)
(54.6)(54.6)(54.6)
Dividends paid to noncontrolling interests and other— (9.3)(9.3)
Dividends earned on RSU shares(1.0)(1.0)(1.0)
Long-term incentive shares issued52 3.0 (52)0.1 3.1 3.1 
Share based compensation— 2.4 — — 2.4 2.4 
Restricted stock, executive3 0.1 (3)— 0.1 0.1 
Restricted stock, directors22 1.2 (22)— 1.2 1.2 
As of April 30, 202248,636 $186.0 28,206 $(134.0)$1,910.3 $(275.9)$1,686.4 $32.0 $1,718.4 
9

Three Months Ended April 30, 2021
Capital 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 January 31, 202148,533 $175.4 28,309 $(134.2)$1,542.0 $(377.9)$1,205.3 $57.3 $1,262.6 
Net income
149.8 149.8 4.2 154.0 
Other comprehensive income (loss):
Foreign currency translation
8.6 8.6 (2.0)6.6 
Derivative financial instruments, net of $3.2 million income tax expense
9.5 9.5 9.5 
Minimum pension liability adjustment, net of $8.8 million income tax expense
24.4 24.4 24.4 
Comprehensive income
192.3 194.5 
Current period mark to redemption value of redeemable noncontrolling interest0.6 0.6 0.6 
Net income allocated to redeemable noncontrolling interests— (0.5)(0.5)
Dividends paid to Greif, Inc. shareholders ($0.44 and $0.66 per Class A share and Class B share, respectively)
(26.3)(26.3)(26.3)
Dividends paid to noncontrolling interests and other— (3.5)(3.5)
Share based compensation— 1.0 — — 1.0 1.0 
Restricted stock, directors26 1.2 (26)0.1 1.3 1.3 
As of April 30, 202148,559 $177.6 28,283 $(134.1)$1,666.1 $(335.4)$1,374.2 $55.5 $1,429.7 
Six Months Ended April 30, 2021
 Capital 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, 202048,450 $170.2 28,392 $(134.4)$1,543.9 $(427.5)$1,152.2 $48.5 $1,200.7 
Net income
173.2 173.2 11.7 184.9 
Other comprehensive income:
Foreign currency translation
33.6 33.6 0.6 34.2 
Derivative financial instruments, net of $3.8 million income tax expense
11.4 11.4 11.4 
Minimum pension liability adjustment, net of $16.2 million income tax expense
47.1 47.1 47.1 
Comprehensive income265.3 277.6 
Current period mark to redemption value of redeemable noncontrolling interest and other1.2 1.2 1.2 
Net income allocated to redeemable noncontrolling interests— (0.8)(0.8)
Dividends paid to Greif, Inc. shareholders ($0.88 and $1.31 per Class A share and Class B share, respectively)
(52.2)(52.2)(52.2)
Dividends paid to noncontrolling interests and other— (4.5)(4.5)
Long-term incentive shares issued80 3.9 (80)0.2 4.1 4.1 
Share based compensation— 2.2 — — 2.2 2.2 
Restricted stock, executive3 0.1 (3)— 0.1 0.1 
Restricted stock, directors26 1.2 (26)0.1 1.3 1.3 
As of April 30, 202148,559 $177.6 28,283 $(134.1)$1,666.1 $(335.4)$1,374.2 $55.5 $1,429.7 

10

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, 2022 and October 31, 2021, the interim condensed consolidated statements of income, comprehensive income and changes in shareholders' equity for the three and six months ended April 30, 2022 and 2021 and the interim condensed consolidated statements of cash flows for the six months ended April 30, 2022 and 2021 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 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, 2021 (the “2021 Form 10-K”).
Newly Adopted Accounting Standards
In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes", which is intended to simplify accounting for income taxes. This ASU is effective for fiscal years beginning after December 15, 2020, including interim periods within those fiscal years, with early adoption permitted. The Company adopted this ASU on November 1, 2021. The adoption of this guidance did not have a material impact on the Company's financial position, results of operations, comprehensive income, cash flows or disclosures.
Recently Issued Accounting Standards
Except for the accounting pronouncement described above, there have been no new accounting pronouncements issued since the filing of the 2021 Form 10-K that have significance, or potential significance, to the interim condensed consolidated financial statements.
11

NOTE 2 —