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

Commission File Number 001-00566
_________________________________

gef-20220731_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 August 26, 2022:
Class A Common Stock25,606,287 shares
Class B Common Stock22,007,725 shares



ItemPage
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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
July 31,
Nine Months Ended
July 31,
(in millions, except per share amounts)2022202120222021
Net sales$1,622.1 $1,490.8 $4,853.7 $3,977.9 
Cost of products sold1,275.2 1,172.0 3,878.4 3,181.0 
Gross profit346.9 318.8 975.3 796.9 
Selling, general and administrative expenses141.6 142.6 440.6 423.7 
Restructuring charges3.1 3.7 10.3 18.8 
Timberland gains   (95.7)
Integration related costs2.2 2.4 5.8 6.2 
Non-cash asset impairment charges0.7  63.1 1.5 
Gain on disposal of properties, plants and equipment, net(6.4)(3.0)(8.1)(1.3)
Gain on disposal of businesses, net  (4.2) 
Operating profit205.7 173.1 467.8 443.7 
Interest expense, net14.0 23.9 44.3 75.8 
Debt extinguishment charges  25.4  
Non-cash pension settlement charges 0.4  9.0 
Other expense (income), net7.3 (0.6)4.9 2.2 
Income before income tax expense and equity earnings of unconsolidated affiliates, net
184.4 149.4 393.2 356.7 
Income tax expense39.9 33.1 105.4 56.5 
Equity earnings of unconsolidated affiliates, net of tax
(1.6)(2.1)(3.6)(3.1)
Net income 146.1 118.4 291.4 303.3 
Net income attributable to noncontrolling interests(4.3)(5.4)(14.2)(17.1)
Net income attributable to Greif, Inc.$141.8 $113.0 $277.2 $286.2 
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$2.38 $1.90 $4.66 $4.81 
Class B common stock$3.58 $2.85 $6.98 $7.21 
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$2.36 $1.89 $4.63 $4.80 
Class B common stock$3.58 $2.85 $6.98 $7.21 
Weighted-average number of Class A common shares outstanding:
Basic26.2 26.6 26.5 26.5 
Diluted26.6 26.7 26.7 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 $1.38 $1.32 
Class B common stock$0.69 $0.66 $2.06 $1.97 
See accompanying Notes to Condensed Consolidated Financial Statements
4

GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended
July 31,
Nine Months Ended
July 31,
(in millions)2022202120222021
Net income $146.1 $118.4 $291.4 $303.3 
Other comprehensive income (loss), net of tax:
Foreign currency translation*(30.8)(15.5)1.8 18.7 
Derivative financial instruments1.2 (0.6)37.1 10.8 
Minimum pension liabilities2.7 2.2 9.2 49.3 
Other comprehensive income (loss), net of tax(26.9)(13.9)48.1 78.8 
Comprehensive income119.2 104.5 339.5 382.1 
Comprehensive income attributable to noncontrolling interests3.1 5.6 7.4 17.9 
Comprehensive income attributable to Greif, Inc.$116.1 $98.9 $332.1 $364.2 
*Nine months ended July 31, 2022 balance includes $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)July 31,
2022
October 31,
2021
ASSETS
Current assets
Cash and cash equivalents$127.5 $124.6 
Trade accounts receivable, net of allowance868.7 889.5 
Inventories:
Raw materials381.8 390.7 
Work-in-process 1.5 
Finished goods96.7 107.0 
Assets held for sale0.3 6.9 
Prepaid expenses55.4 54.0 
Other current assets117.3 89.9 
1,647.7 1,664.1 
Long-term assets
Goodwill1,472.9 1,515.4 
Other intangible assets, net of amortization596.7 648.4 
Deferred tax assets14.2 16.3 
Pension asset68.5 39.9 
Operating lease assets253.2 289.4 
Other long-term assets145.8 121.1 
2,551.3 2,630.5 
Properties, plants and equipment
Timber properties, net of depletion226.9 224.6 
Land155.8 161.9 
Buildings520.3 543.8 
Machinery and equipment1,969.4 2,042.3 
Capital projects in progress140.9 137.2 
3,013.3 3,109.8 
Accumulated depreciation(1,586.2)(1,588.6)
1,427.1 1,521.2 
Total assets$5,626.1 $5,815.8 
See accompanying Notes to Condensed Consolidated Financial Statements
6

GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)July 31,
2022
October 31,
2021
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable$642.1 $704.5 
Accrued payroll and employee benefits144.0 160.3 
Restructuring reserves12.7 20.3 
Current portion of long-term debt50.9 120.3 
Short-term borrowings21.7 50.5 
Liabilities held for sale 0.9 
Current portion of operating lease liabilities49.4 54.0 
Other current liabilities195.2 203.3 
1,116.0 1,314.1 
Long-term liabilities
Long-term debt1,986.1 2,054.8 
Operating lease liabilities206.7 239.5 
Deferred tax liabilities325.0 318.0 
Pension liabilities69.6 78.3 
Postretirement benefit obligations10.6 11.0 
Contingent liabilities and environmental reserves20.3 19.5 
Long-term income tax payable27.8 27.8 
Other long-term liabilities110.4 153.1 
2,756.5 2,902.0 
Commitments and contingencies (Note 8)
Redeemable noncontrolling interests17.0 24.1 
Equity
Common stock, without par value172.4 179.3 
Treasury stock, at cost(194.0)(134.1)
Retained earnings2,024.3 1,825.6 
Accumulated other comprehensive loss, net of tax:
Foreign currency translation(286.8)(295.4)
Derivative financial instruments 33.5 (3.6)
Minimum pension liabilities(48.3)(57.5)
Total Greif, Inc. shareholders' equity1,701.1 1,514.3 
Noncontrolling interests35.5 61.3 
Total shareholders' equity1,736.6 1,575.6 
Total liabilities and shareholders' equity$5,626.1 $5,815.8 
See accompanying Notes to Condensed Consolidated Financial Statements
7

GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended July 31,
(in millions)20222021
Cash flows from operating activities:
Net income 291.4 $303.3 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization165.4 176.2 
Non-cash asset impairment charges63.1 1.5 
Non-cash pension settlement charges 9.0 
Gain on disposals of properties, plants and equipment, net(8.1)(1.3)
Gain on disposals of businesses, net(4.2) 
Timberland gains (95.7)
Unrealized foreign exchange (gain) loss(4.2)0.8 
Deferred income tax benefit(5.1)(41.6)
Debt extinguishment charges22.6  
Non-cash lease expense26.8 36.5 
Other, net1.0 0.3 
Increase (decrease) in cash from changes in certain assets and liabilities:
Trade accounts receivable(82.7)(185.4)
Inventories(63.3)(157.5)
Accounts payable46.6 204.1 
Restructuring reserves(6.3)(1.2)
Operating leases(27.6)(40.1)
Pension and post-retirement benefit liabilities(29.2)(11.7)
Other, net(15.3)61.5 
Net cash provided by operating activities370.9 258.7 
Cash flows from investing activities:
Purchases of properties, plants and equipment(112.2)(94.2)
Purchases of and investments in timber properties(4.6)(7.4)
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 assets17.0 10.7 
Proceeds from the sale of businesses139.2  
Other, net(4.7)(3.9)
Net cash provided by investing activities34.7 86.2 
Cash flows from financing activities:
Proceeds from issuance of long-term debt3,492.2 1,160.5 
Payments on long-term debt(3,645.2)(1,490.0)
Proceeds (payments) on short-term borrowings, net(21.2)28.4 
Proceeds from trade accounts receivable credit facility301.9 99.0 
Payments on trade accounts receivable credit facility(277.1)(23.1)
Payments for liabilities held in special purpose entities (43.3)
Dividends paid to Greif, Inc. shareholders(82.0)(78.4)
Dividends paid to noncontrolling interests(10.6)(7.2)
Payments for debt extinguishment and issuance costs(20.8) 
Payments for share repurchases(60.0) 
Forward contract for accelerated share repurchases(15.0) 
Purchases of redeemable noncontrolling interest(6.0) 
Net cash used in financing activities(343.8)(354.1)
Effects of exchange rates on cash(58.9)3.1 
Net increase (decrease) in cash and cash equivalents2.9 (6.1)
Cash and cash equivalents at beginning of period124.6 105.9 
Cash and cash equivalents at end of period$127.5 $99.8 
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 July 31, 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 April 30, 202248,636 $186.0 28,206 $(134.0)$1,910.3 $(275.9)$1,686.4 $32.0 $1,718.4 
Net income141.8 141.8 4.3 146.1 
Other comprehensive income (loss):
Foreign currency translation(29.6)(29.6)(1.2)(30.8)
Derivative financial instruments, net of $0.4 million of income tax benefit
1.2 1.2 1.2 
Minimum pension liability adjustment, net of $0.8 million income tax benefit
2.7 2.7 2.7 
Comprehensive income.116.1 119.2 
Current period mark to redemption value of redeemable noncontrolling interest(0.3)(0.3)(0.3)
Net income allocated to redeemable noncontrolling interests— (0.2)(0.2)
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— 0.6 0.6 
Dividends earned on RSU shares(0.1)(0.1)(0.1)
Share repurchases(1,022)(15.0)1,022 (60.0)(75.0)(75.0)
Share based compensation— 1.4 — — 1.4 1.4 
As of July 31, 202247,614 $172.4 29,228 $(194.0)$2,024.3 $(301.6)$1,701.1 $35.5 $1,736.6 
Nine Months Ended July 31, 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 income277.2 277.2 14.2 291.4 
Other comprehensive income (loss):
Foreign currency translation, net of $113.1 million business divestment release
8.6 8.6 (6.8)1.8 
Derivative financial instruments, net of $12.4 million of income tax benefit
37.1 37.1 37.1 
Minimum pension liability adjustment, net of $2.3 million income tax benefit
9.2 9.2 9.2 
Comprehensive income.332.1 339.5 
Divestment of noncontrolling interest— (24.4)(24.4)
Current period mark to redemption value of redeemable noncontrolling interest and other4.6 4.6 4.6 
Net income allocated to redeemable noncontrolling interests— (0.1)(0.1)
Dividends paid to Greif, Inc. shareholders ($1.38 and $2.06 per Class A share and Class B share, respectively)
(82.0)(82.0)(82.0)
Dividends paid to noncontrolling interests and other— (8.7)(8.7)
Dividends earned on RSU shares(1.1)(1.1)(1.1)
Share repurchases(1,022)(15.0)1,022 (60.0)(75.0)(75.0)
Long-term incentive shares issued52 3.0 (52)0.1 3.1 3.1 
Share based compensation— 3.8 — — 3.8 3.8 
Restricted stock, executive3 0.1 (3)— 0.1 0.1 
Restricted stock, directors22 1.2 (22)— 1.2 1.2 
As of July 31, 202247,614 $172.4 29,228 $(194.0)$2,024.3 $(301.6)$1,701.1 $35.5 $1,736.6 
9

Three Months Ended July 31, 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 April 30, 202148,559 $177.6 28,283 $(134.1)$1,666.1 $(335.4)$1,374.2 $55.5 $1,429.7 
Net income
113.0 113.0 5.4 118.4 
Other comprehensive income (loss):
Foreign currency translation
(15.7)(15.7)0.2 (15.5)
Derivative financial instruments, net of $0.2 million income tax benefit
(0.6)(0.6)(0.6)
Minimum pension liability adjustment, net of $0.8 million income tax expense
2.2 2.2 2.2 
Comprehensive income
98.9 104.5 
Current period mark to redemption value of redeemable noncontrolling interest1.0 1.0 1.0 
Net income allocated to redeemable noncontrolling interests— (0.6)(0.6)
Dividends paid to Greif, Inc. shareholders ($0.44 and $0.66 per Class A share and Class B share, respectively)
(26.2)(26.2)(26.2)
Dividends paid to noncontrolling interests and other— (1.9)(1.9)
Share based compensation— 1.0 — — 1.0 1.0 
As of July 31, 202148,559 $178.6 28,283 $(134.1)$1,753.9 $(349.5)$1,448.9 $58.6 $1,507.5 
Nine Months Ended July 31, 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
286.2 286.2 17.1 303.3 
Other comprehensive income:
Foreign currency translation
17.9 17.9 0.8 18.7 
Derivative financial instruments, net of $3.6 million income tax expense
10.8 10.8 10.8 
Minimum pension liability adjustment, net of $17.0 million income tax expense
49.3 49.3 49.3 
Comprehensive income.364.2 382.1 
Current period mark to redemption value of redeemable noncontrolling interest and other2.2 2.2 2.2 
Net income allocated to redeemable noncontrolling interests— (1.4)(1.4)
Dividends paid to Greif, Inc. shareholders ($1.32 and $1.97 per Class A share and Class B share, respectively)
(78.4)(78.4)(78.4)
Dividends paid to noncontrolling interests and other— (6.4)(6.4)
Long-term incentive shares issued80 3.9 (80)0.2 4.1 4.1 
Share based compensation— 3.2 — — 3.2 3.2 
Restricted stock, executive3 0.1 (3)— 0.1 0.1 
Restricted stock, directors26 1.2 (26)0.1 1.3 1.3 
As of July 31, 202148,559 $178.6 28,283 $(134.1)$1,753.9 $(349.5)$1,448.9 $58.6 $1,507.5 

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 July 31, 2022 and October 31, 2021, the interim condensed consolidated statements of income, comprehensive income and changes in shareholders' equity for the three and nine months ended July 31, 2022 and 2021 and the interim condensed consolidated statements of cash flows for the nine months ended July 31, 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
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.
NOTE 2 — RESTRUCTURING CHARGES
The following is a reconciliation of the beginning and ending restructuring reserve balances for the nine months ended July 31, 2022:
(in millions)Employee
Separation
Costs