10-Q 1 gef-20240131.htm 10-Q gef-20240131
false2024Q1000004392010/310.01500000439202023-11-012024-01-310000043920us-gaap:CommonClassAMember2023-11-012024-01-310000043920us-gaap:CommonClassBMember2023-11-012024-01-310000043920us-gaap:CommonClassAMember2024-02-26xbrli:shares0000043920us-gaap:CommonClassBMember2024-02-26iso4217:USD00000439202022-11-012023-01-31iso4217:USDxbrli:shares0000043920us-gaap:CommonClassAMember2022-11-012023-01-310000043920us-gaap:CommonClassBMember2022-11-012023-01-3100000439202024-01-3100000439202023-10-3100000439202022-10-3100000439202023-01-310000043920us-gaap:CapitalUnitsMember2023-10-310000043920us-gaap:TreasuryStockCommonMember2023-10-310000043920us-gaap:RetainedEarningsMember2023-10-310000043920us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-10-310000043920us-gaap:ParentMember2023-10-310000043920us-gaap:NoncontrollingInterestMember2023-10-310000043920us-gaap:RetainedEarningsMember2023-11-012024-01-310000043920us-gaap:ParentMember2023-11-012024-01-310000043920us-gaap:NoncontrollingInterestMember2023-11-012024-01-310000043920us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-11-012024-01-310000043920us-gaap:CapitalUnitsMember2023-11-012024-01-310000043920us-gaap:TreasuryStockCommonMember2023-11-012024-01-310000043920us-gaap:CapitalUnitsMember2024-01-310000043920us-gaap:TreasuryStockCommonMember2024-01-310000043920us-gaap:RetainedEarningsMember2024-01-310000043920us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-310000043920us-gaap:ParentMember2024-01-310000043920us-gaap:NoncontrollingInterestMember2024-01-310000043920us-gaap:CapitalUnitsMember2022-10-310000043920us-gaap:TreasuryStockCommonMember2022-10-310000043920us-gaap:RetainedEarningsMember2022-10-310000043920us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-10-310000043920us-gaap:ParentMember2022-10-310000043920us-gaap:NoncontrollingInterestMember2022-10-310000043920us-gaap:RetainedEarningsMember2022-11-012023-01-310000043920us-gaap:ParentMember2022-11-012023-01-310000043920us-gaap:NoncontrollingInterestMember2022-11-012023-01-310000043920us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-11-012023-01-310000043920us-gaap:CapitalUnitsMember2022-11-012023-01-310000043920us-gaap:TreasuryStockCommonMember2022-11-012023-01-310000043920us-gaap:CapitalUnitsMember2023-01-310000043920us-gaap:TreasuryStockCommonMember2023-01-310000043920us-gaap:RetainedEarningsMember2023-01-310000043920us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-310000043920us-gaap:ParentMember2023-01-310000043920us-gaap:NoncontrollingInterestMember2023-01-310000043920gef:ColePakAcquisitionMember2023-08-23xbrli:pure0000043920gef:ColePakAcquisitionMember2023-08-232023-08-230000043920gef:ColePakAcquisitionMembersrt:ScenarioPreviouslyReportedMember2023-08-232023-08-230000043920gef:ColePakAcquisitionMembersrt:ScenarioPreviouslyReportedMember2023-08-230000043920gef:ColePakAcquisitionMemberus-gaap:CustomerRelationshipsMember2023-08-232023-08-230000043920gef:ColePakAcquisitionMemberus-gaap:TrademarksMember2023-08-232023-08-230000043920gef:CenturionContainerLLCMember2023-03-300000043920gef:CenturionContainerLLCMember2023-03-310000043920gef:CenturionContainerLLCMember2023-03-312023-03-310000043920srt:ScenarioPreviouslyReportedMembergef:CenturionContainerLLCMember2023-03-312023-03-310000043920srt:ScenarioPreviouslyReportedMembergef:CenturionContainerLLCMember2023-03-310000043920gef:CenturionContainerLLCMemberus-gaap:CustomerRelationshipsMember2023-03-312023-03-310000043920gef:CenturionContainerLLCMemberus-gaap:AboveMarketLeasesMember2023-03-312023-03-310000043920us-gaap:TrademarksMembergef:CenturionContainerLLCMember2023-03-312023-03-310000043920gef:LeeContainerAcquisitionMember2022-12-152022-12-150000043920srt:ScenarioPreviouslyReportedMembergef:LeeContainerAcquisitionMember2022-12-152022-12-150000043920srt:ScenarioPreviouslyReportedMembergef:LeeContainerAcquisitionMember2022-12-150000043920gef:LeeContainerAcquisitionMember2022-12-150000043920gef:LeeContainerAcquisitionMemberus-gaap:BuildingAndBuildingImprovementsMembersrt:MinimumMember2022-12-150000043920gef:LeeContainerAcquisitionMemberus-gaap:BuildingAndBuildingImprovementsMembersrt:MaximumMember2022-12-150000043920gef:LeeContainerAcquisitionMembersrt:MinimumMemberus-gaap:EquipmentMember2022-12-150000043920gef:LeeContainerAcquisitionMembersrt:MaximumMemberus-gaap:EquipmentMember2022-12-150000043920gef:LeeContainerAcquisitionMemberus-gaap:CustomerRelationshipsMember2022-12-152022-12-150000043920gef:LeeContainerAcquisitionMemberus-gaap:TrademarksMember2022-12-152022-12-150000043920gef:LeeContainerAcquisitionMember2022-11-012023-01-310000043920us-gaap:CommonClassAMembergef:LeeContainerAcquisitionMember2022-11-012023-01-310000043920us-gaap:CommonClassBMembergef:LeeContainerAcquisitionMember2022-11-012023-01-310000043920gef:TamaDivestitureMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2022-11-012023-01-310000043920gef:TamaDivestitureMember2022-11-012023-01-310000043920gef:TamaDivestitureMemberus-gaap:DiscontinuedOperationsDisposedOfBySaleMember2023-01-310000043920us-gaap:EmployeeSeveranceMember2023-10-310000043920us-gaap:OtherRestructuringMember2023-10-310000043920us-gaap:EmployeeSeveranceMember2023-11-012024-01-310000043920us-gaap:OtherRestructuringMember2023-11-012024-01-310000043920us-gaap:EmployeeSeveranceMember2024-01-310000043920us-gaap:OtherRestructuringMember2024-01-310000043920us-gaap:EmployeeSeveranceMembergef:GlobalIndustrialPackagingMember2024-01-310000043920us-gaap:EmployeeSeveranceMembergef:GlobalIndustrialPackagingMember2023-11-012024-01-310000043920us-gaap:OtherRestructuringMembergef:GlobalIndustrialPackagingMember2024-01-310000043920us-gaap:OtherRestructuringMembergef:GlobalIndustrialPackagingMember2023-11-012024-01-310000043920gef:GlobalIndustrialPackagingMember2024-01-310000043920gef:GlobalIndustrialPackagingMember2023-11-012024-01-310000043920us-gaap:EmployeeSeveranceMembergef:PaperPackagingAndServicesMember2024-01-310000043920us-gaap:EmployeeSeveranceMembergef:PaperPackagingAndServicesMember2023-11-012024-01-310000043920gef:PaperPackagingAndServicesMemberus-gaap:OtherRestructuringMember2024-01-310000043920gef:PaperPackagingAndServicesMemberus-gaap:OtherRestructuringMember2023-11-012024-01-310000043920gef:PaperPackagingAndServicesMember2024-01-310000043920gef:PaperPackagingAndServicesMember2023-11-012024-01-310000043920gef:A2022CreditAgreementMemberus-gaap:SecuredDebtMember2024-01-310000043920gef:A2022CreditAgreementMemberus-gaap:SecuredDebtMember2023-10-310000043920us-gaap:SecuredDebtMembergef:A2023CreditAgreementMember2024-01-310000043920us-gaap:SecuredDebtMembergef:A2023CreditAgreementMember2023-10-310000043920us-gaap:DomesticLineOfCreditMember2024-01-310000043920us-gaap:DomesticLineOfCreditMember2023-10-310000043920gef:A2022CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-01-310000043920gef:A2022CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2023-10-310000043920us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2022-03-010000043920gef:MulticurrencyFacilityMemberus-gaap:LineOfCreditMember2022-03-010000043920gef:U.S.DollarFacilityMemberus-gaap:LineOfCreditMember2022-03-010000043920us-gaap:SecuredDebtMembergef:SecuredTermLoanA1FacilityMember2022-03-010000043920us-gaap:SecuredDebtMembergef:SecuredTermLoanA2FacilityMember2022-03-010000043920us-gaap:RevolvingCreditFacilityMemberus-gaap:LineOfCreditMember2023-05-170000043920gef:CreditAgreementMember2024-01-310000043920gef:CreditAgreementMemberus-gaap:RevolvingCreditFacilityMember2024-01-310000043920gef:TermLoanMember2024-01-310000043920gef:UnitedStatesTradeAccountsReceivableCreditFacilityMember2023-05-170000043920gef:UnitedStatesTradeAccountsReceivableCreditFacilityMemberus-gaap:DomesticLineOfCreditMember2024-01-310000043920gef:UnitedStatesTradeAccountsReceivableCreditFacilityMemberus-gaap:DomesticLineOfCreditMember2023-10-310000043920gef:InternationalTradeAccountsReceivableCreditFacilitiesMembergef:NieuwAmsterdamReceivablesPurchaseAgreementMember2024-01-31iso4217:EUR0000043920gef:InternationalTradeAccountsReceivableCreditFacilitiesMembergef:NieuwAmsterdamReceivablesPurchaseAgreementMemberus-gaap:ForeignLineOfCreditMember2024-01-310000043920gef:InternationalTradeAccountsReceivableCreditFacilitiesMembergef:NieuwAmsterdamReceivablesPurchaseAgreementMemberus-gaap:ForeignLineOfCreditMember2023-10-310000043920us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-01-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-310000043920us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-01-310000043920us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-310000043920us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-01-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-310000043920us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-01-310000043920us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-310000043920gef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-01-310000043920us-gaap:FairValueInputsLevel2Membergef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-310000043920gef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-01-310000043920gef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-310000043920us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-01-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-310000043920us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-01-310000043920us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2024-01-310000043920us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-10-310000043920us-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-10-310000043920us-gaap:ForeignExchangeContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920gef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-10-310000043920us-gaap:FairValueInputsLevel2Membergef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920gef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-10-310000043920gef:InsuranceAnnuityMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-10-310000043920us-gaap:FairValueInputsLevel2Memberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-10-310000043920us-gaap:CrossCurrencyInterestRateContractMemberus-gaap:FairValueMeasurementsRecurringMember2023-10-310000043920us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2024-01-310000043920us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2023-11-012024-01-310000043920us-gaap:CashFlowHedgingMemberus-gaap:InterestRateSwapMember2022-11-012023-01-310000043920us-gaap:ForeignExchangeForwardMember2024-01-310000043920us-gaap:ForeignExchangeForwardMember2023-10-310000043920us-gaap:ForeignExchangeForwardMember2023-11-012024-01-310000043920us-gaap:ForeignExchangeForwardMember2022-11-012023-01-310000043920us-gaap:CrossCurrencyInterestRateContractMember2024-01-310000043920us-gaap:CrossCurrencyInterestRateContractMember2023-11-012024-01-310000043920us-gaap:CrossCurrencyInterestRateContractMember2022-11-012023-01-310000043920us-gaap:RestrictedStockUnitsRSUMembergef:A2020LongTermIncentivePlanRestrictedStockMember2023-12-122023-12-120000043920us-gaap:CommonClassAMemberus-gaap:RestrictedStockUnitsRSUMember2023-11-012024-01-310000043920us-gaap:PerformanceSharesMembergef:A2020LongTermIncentivePlanRestrictedStockMember2023-12-122023-12-120000043920us-gaap:PerformanceSharesMembergef:A2020LongTermIncentivePlanRestrictedStockMember2023-11-012024-01-310000043920us-gaap:CommonClassAMemberus-gaap:PerformanceSharesMember2023-11-012024-01-310000043920srt:ScenarioForecastMember2024-10-310000043920gef:DiamondAlkaliMember2023-10-31gef:class_of_stock0000043920us-gaap:CommonClassAMember2024-01-310000043920us-gaap:CommonClassBMember2024-01-310000043920us-gaap:CommonClassAMember2023-10-310000043920us-gaap:CommonClassBMember2023-10-310000043920us-gaap:AccumulatedTranslationAdjustmentMember2023-10-310000043920us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-10-310000043920us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-10-310000043920us-gaap:AccumulatedTranslationAdjustmentMember2023-11-012024-01-310000043920us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-11-012024-01-310000043920us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-11-012024-01-310000043920us-gaap:AccumulatedTranslationAdjustmentMember2024-01-310000043920us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-01-310000043920us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-310000043920us-gaap:AccumulatedTranslationAdjustmentMember2022-10-310000043920us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-10-310000043920us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-10-310000043920us-gaap:AccumulatedTranslationAdjustmentMember2022-11-012023-01-310000043920us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-11-012023-01-310000043920us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-11-012023-01-310000043920us-gaap:AccumulatedTranslationAdjustmentMember2023-01-310000043920us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-01-310000043920us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-31gef:segment0000043920country:USgef:GlobalIndustrialPackagingMember2023-11-012024-01-310000043920gef:GlobalIndustrialPackagingMemberus-gaap:EMEAMember2023-11-012024-01-310000043920gef:AsiaPacificAndOtherAmericasMembergef:GlobalIndustrialPackagingMember2023-11-012024-01-310000043920country:USgef:PaperPackagingAndServicesMember2023-11-012024-01-310000043920gef:PaperPackagingAndServicesMemberus-gaap:EMEAMember2023-11-012024-01-310000043920gef:PaperPackagingAndServicesMembergef:AsiaPacificAndOtherAmericasMember2023-11-012024-01-310000043920gef:LandManagementMembercountry:US2023-11-012024-01-310000043920gef:LandManagementMemberus-gaap:EMEAMember2023-11-012024-01-310000043920gef:LandManagementMembergef:AsiaPacificAndOtherAmericasMember2023-11-012024-01-310000043920gef:LandManagementMember2023-11-012024-01-310000043920country:US2023-11-012024-01-310000043920us-gaap:EMEAMember2023-11-012024-01-310000043920gef:AsiaPacificAndOtherAmericasMember2023-11-012024-01-310000043920country:USgef:GlobalIndustrialPackagingMember2022-11-012023-01-310000043920gef:GlobalIndustrialPackagingMemberus-gaap:EMEAMember2022-11-012023-01-310000043920gef:AsiaPacificAndOtherAmericasMembergef:GlobalIndustrialPackagingMember2022-11-012023-01-310000043920gef:GlobalIndustrialPackagingMember2022-11-012023-01-310000043920country:USgef:PaperPackagingAndServicesMember2022-11-012023-01-310000043920gef:PaperPackagingAndServicesMemberus-gaap:EMEAMember2022-11-012023-01-310000043920gef:PaperPackagingAndServicesMembergef:AsiaPacificAndOtherAmericasMember2022-11-012023-01-310000043920gef:PaperPackagingAndServicesMember2022-11-012023-01-310000043920gef:LandManagementMembercountry:US2022-11-012023-01-310000043920gef:LandManagementMemberus-gaap:EMEAMember2022-11-012023-01-310000043920gef:LandManagementMembergef:AsiaPacificAndOtherAmericasMember2022-11-012023-01-310000043920gef:LandManagementMember2022-11-012023-01-310000043920country:US2022-11-012023-01-310000043920us-gaap:EMEAMember2022-11-012023-01-310000043920gef:AsiaPacificAndOtherAmericasMember2022-11-012023-01-310000043920us-gaap:OperatingSegmentsMembergef:GlobalIndustrialPackagingMember2024-01-310000043920us-gaap:OperatingSegmentsMembergef:GlobalIndustrialPackagingMember2023-10-310000043920us-gaap:OperatingSegmentsMembergef:PaperPackagingAndServicesMember2024-01-310000043920us-gaap:OperatingSegmentsMembergef:PaperPackagingAndServicesMember2023-10-310000043920us-gaap:OperatingSegmentsMembergef:LandManagementMember2024-01-310000043920us-gaap:OperatingSegmentsMembergef:LandManagementMember2023-10-310000043920us-gaap:OperatingSegmentsMember2024-01-310000043920us-gaap:OperatingSegmentsMember2023-10-310000043920us-gaap:CorporateNonSegmentMember2024-01-310000043920us-gaap:CorporateNonSegmentMember2023-10-310000043920country:US2024-01-310000043920country:US2023-10-310000043920us-gaap:EMEAMember2024-01-310000043920us-gaap:EMEAMember2023-10-310000043920gef:AsiaPacificAndOtherAmericasMember2024-01-310000043920gef:AsiaPacificAndOtherAmericasMember2023-10-31

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 January 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: (740549-6000
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 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 February 26, 2024:
Class A Common Stock25,790,029 shares
Class B Common Stock21,331,127 shares


ItemPage
1
2
4
1A
6

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
January 31,
(in millions, except per share amounts)20242023
Net sales$1,205.8 $1,271.0 
Cost of products sold984.2 1,019.4 
Gross profit221.6 251.6 
Selling, general and administrative expenses145.8 139.4 
Acquisition and integration related costs2.6 7.5 
Restructuring charges5.7 2.4 
Non-cash asset impairment charges1.3 0.5 
Gain on disposal of properties, plants and equipment, net(2.7) 
Gain on disposal of businesses, net (54.6)
Operating profit68.9 156.4 
Interest expense, net24.2 22.8 
Other expense, net9.1 3.3 
Income before income tax expense and equity earnings of unconsolidated affiliates, net
35.6 130.3 
Income tax (benefit) expense(38.2)37.7 
Equity earnings of unconsolidated affiliates, net of tax
(0.5)(0.5)
Net income 74.3 93.1 
Net income attributable to noncontrolling interests(7.1)(3.2)
Net income attributable to Greif, Inc.$67.2 $89.9 
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$1.17 $1.55 
Class B common stock$1.75 $2.31 
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$1.17 $1.54 
Class B common stock$1.75 $2.31 
Weighted-average number of Class A common shares outstanding:
Basic25.5 25.7 
Diluted25.6 25.8 
Weighted-average number of Class B common shares outstanding:
Basic21.3 21.7 
Diluted21.3 21.7 
Cash dividends declared per common share:
Class A common stock$0.52 $0.50 
Class B common stock$0.77 $0.74 
See accompanying Notes to Condensed Consolidated Financial Statements
3

GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
Three Months Ended
January 31,
(in millions)20242023
Net income $74.3 $93.1 
Other comprehensive income (loss), net of tax:
Foreign currency translation27.6 51.3 
Derivative financial instruments(36.2)(25.7)
Minimum pension liabilities(2.7)(2.4)
Other comprehensive income (loss), net of tax(11.3)23.2 
Comprehensive income63.0 116.3 
Comprehensive income attributable to noncontrolling interests7.1 3.5 
Comprehensive income attributable to Greif, Inc.$55.9 $112.8 
See accompanying Notes to Condensed Consolidated Financial Statements
4

GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)January 31,
2024
October 31,
2023
ASSETS
Current assets
Cash and cash equivalents$179.3 $180.9 
Trade accounts receivable, net of allowance639.2 659.4 
Inventories:
Raw materials282.4 255.8 
Finished goods86.1 82.8 
Assets held for sale5.4 5.0 
Prepaid expenses66.5 46.0 
Other current assets130.4 139.2 
1,389.3 1,369.1 
Long-term assets
Goodwill1,704.1 1,693.0 
Other intangible assets, net of amortization773.5 792.2 
Deferred tax assets23.5 22.9 
Pension assets38.2 36.2 
Operating lease right-of-use assets298.0 290.3 
Finance lease right-of-use assets31.2 30.5 
Other long-term assets139.8 164.0 
3,008.3 3,029.1 
Properties, plants and equipment
Timber properties, net of depletion230.2 229.6 
Land154.9 153.7 
Buildings557.3 544.3 
Machinery and equipment2,178.6 2,138.8 
Capital projects in progress207.6 200.5 
3,328.6 3,266.9 
Accumulated depreciation(1,757.1)(1,704.3)
1,571.5 1,562.6 
Total assets$5,969.1 $5,960.8 
See accompanying Notes to Condensed Consolidated Financial Statements
5

GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)January 31,
2024
October 31,
2023
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable$468.0 $497.8 
Accrued payroll and employee benefits101.5 137.7 
Restructuring reserves17.1 16.8 
Current portion of long-term debt88.3 88.3 
Short-term borrowings18.2 5.4 
Current portion of operating lease liabilities55.3 53.8 
Current portion of finance lease liabilities3.4 3.4 
Other current liabilities130.9 136.1 
882.7 939.3 
Long-term liabilities
Long-term debt2,185.3 2,121.4 
Operating lease liabilities246.1 240.2 
Finance lease liabilities28.8 27.9 
Deferred tax liabilities258.0 325.6 
Pension liabilities55.9 56.3 
Postretirement benefit obligations6.3 6.2 
Contingent liabilities and environmental reserves18.3 17.3 
Long-term income tax payable21.2 21.2 
Other long-term liabilities105.2 93.8 
2,925.1 2,909.9 
Commitments and contingencies (Note 9)
Redeemable noncontrolling interests124.9 125.3 
Equity
Common stock, without par value222.1 208.4 
Treasury stock, at cost(279.5)(281.9)
Retained earnings2,377.7 2,337.9 
Accumulated other comprehensive loss, net of tax:
Foreign currency translation(290.1)(317.7)
Derivative financial instruments 35.5 71.7 
Minimum pension liabilities(73.2)(70.5)
Total Greif, Inc. shareholders’ equity1,992.5 1,947.9 
Noncontrolling interests43.9 38.4 
Total shareholders’ equity2,036.4 1,986.3 
Total liabilities and shareholders’ equity$5,969.1 $5,960.8 
See accompanying Notes to Condensed Consolidated Financial Statements
6

GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended January 31,
(in millions)20242023
Cash flows from operating activities:
Net income $74.3 $93.1 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization60.4 55.1 
Non-cash asset impairment charges1.3 0.5 
Gain on disposals of properties, plants and equipment, net(2.7) 
Gain on disposals of businesses, net (54.6)
Unrealized foreign exchange loss 7.6 0.1 
Deferred income tax (benefit) expense(49.2)0.7 
Non-cash lease expense12.2 12.9 
Other, net0.5 0.5 
Increase (decrease) in cash from changes in certain assets and liabilities, net of impacts from acquisitions:
Trade accounts receivable21.5 112.0 
Inventories(28.0)(2.6)
Accounts payable(21.1)(103.1)
Restructuring reserves0.2 0.5 
Operating leases(12.5)(12.8)
Pension and post-retirement benefit liabilities(3.3)(8.1)
Other, net(56.7)(61.3)
Net cash provided by operating activities4.5 32.9 
Cash flows from investing activities:
Purchases of business, net of cash acquired (301.9)
Purchases of properties, plants and equipment(55.6)(49.3)
Purchases of timber properties(1.8)(2.3)
Payments for deferred purchase price of acquisitions(1.2)(21.7)
Proceeds from the sale of properties, plants, equipment and other assets5.0 0.5 
Proceeds from the sale of businesses 105.6 
Net cash used in investing activities(53.6)(269.1)
Cash flows from financing activities:
Proceeds from issuance of long-term debt529.1 836.3 
Payments on long-term debt(419.2)(538.3)
Proceeds (payments) on short-term borrowings, net12.7 (1.6)
Proceeds from trade accounts receivable credit facility0.7 55.5 
Payments on trade accounts receivable credit facility(49.2)(48.7)
Dividends paid to Greif, Inc. shareholders(29.7)(28.9)
Payments for share repurchases (17.8)
Tax withholding payments for stock-based awards(6.8)(12.4)
Purchases of redeemable noncontrolling interest (3.3)
Other, net(1.5)(1.3)
Net cash provided by financing activities36.1 239.5 
Effects of exchange rates on cash11.4 10.6 
Net (decrease) increase in cash and cash equivalents(1.6)13.9 
Cash and cash equivalents at beginning of period180.9 147.1 
Cash and cash equivalents at end of period$179.3 $161.0 
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 January 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 income67.2 67.2 7.1 74.3 
Other comprehensive income (loss):
Foreign currency translation27.6 27.6  27.6 
Derivative financial instruments, net of $11.9 million of income tax expense
(36.2)(36.2)(36.2)
Minimum pension liability adjustment, net of $0.1 million income tax benefit
(2.7)(2.7)(2.7)
Comprehensive income.55.9 63.0 
Current period mark to redemption value of redeemable noncontrolling interest and other2.3 2.3 2.3 
Net income allocated to redeemable noncontrolling interests— (1.6)(1.6)
Dividends paid to Greif, Inc. shareholders ($0.52 and $0.77 per Class A share and Class B share, respectively)
(29.7)(29.7)(29.7)
Colleague stock purchase plan33 1.8 (33)0.2 2.0 2.0 
Long-term incentive shares issued283 10.5 (283)2.2 12.7 12.7 
Share based compensation— 1.4 — — 1.4 1.4 
As of January 31, 202447,121 $222.1 29,721 $(279.5)$2,377.7 $(327.8)$1,992.5 $43.9 $2,036.4 
Three Months Ended January 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
89.9 89.9 3.2 93.1 
Other comprehensive income (loss):
Foreign currency translation51.0 51.0 0.3 51.3 
Derivative financial instruments, net of $8.5 million income tax expense
(25.7)(25.7)(25.7)
Minimum pension liability adjustment, net of $0.9 million income tax expense
(2.4)(2.4)(2.4)
Comprehensive income.112.8 116.3 
Current period mark to redemption value of redeemable noncontrolling interest and other0.8 0.8 0.8 
Net income allocated to redeemable noncontrolling interests— 0.3 0.3 
Dividends paid to Greif, Inc. shareholders ($0.50 and $0.74 per Class A share and Class B share, respectively)
(28.9)(28.9)(28.9)
Dividends earned on RSU shares0.4 0.4 0.4 
Share repurchases(232) 232 (17.8)(17.8)(17.8)
Long-term incentive shares issued331 13.8 (331)1.8 15.6 15.6 
Share based compensation— 1.2 — — 1.2 1.2 
As of January 31, 202347,542 $188.5 29,300 $(221.1)$2,157.4 $(279.4)$1,845.4 $36.8 $1,882.2 

8

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 sheet as of January 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 months ended January 31, 2024 and 2023 and the interim condensed consolidated statements of cash flows for the three months ended January 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 for fiscal year-end is November 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 for fiscal year-end and interim periods is November 1, 2024 and November 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.
9

NOTE 2 — ACQUISITIONS AND DIVESTITURES
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.
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. 
10

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$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 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 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 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.
11

The following table summarizes the consideration transferred to acquire Centurion 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$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 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 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$77.5 12.0
Favorable leases1.6 19.0
Trademarks13.7 5.0
Total intangible assets$92.8 
12

The Company has not yet finalized the determination of the fair value of assets acquired and liabilities assumed, including income taxes 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 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 acquisition, based upon new information obtained about facts and circumstances that existed as of the date of closing the 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 small plastics. The total purchase price for this acquisition, net of cash acquired, was $303.0 million.
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
13

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 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$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 Lee Container Acquisition had been completed on November 1, 2021. These amounts were calculated after adjusting 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 tax expense, and related transaction costs.
Three Months Ended January 31,
(in millions, except per share amounts)2023
Pro forma net sales$1,288.4 
Pro forma net income attributable to Greif, Inc.102.2 
Basic earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$1.76 
Class B common stock$2.63 
Diluted earnings per share attributable to Greif, Inc. common shareholders:
Class A common stock$1.75 
Class B common stock$2.63 
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.
Divestitures
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 current 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.

14

NOTE 3 — RESTRUCTURING CHARGES
The following is a reconciliation of the beginning and ending restructuring reserve balances for the three months ended January 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 expense2.9 2.8 5.7 
Costs paid or otherwise settled(2.5)(2.9)(5.4)
Balance at January 31, 2024$16.8 $0.3 $17.1 
The focus for restructuring activities in 2024 is to optimize operations and close under-performing assets.
During the three months ended January 31, 2024, the Company recorded restructuring charges of $5.7 million, as compared to $2.4 million of restructuring charges recorded during the three months ended January 31, 2023. The restructuring activity for the three months ended January 31, 2024 consisted of $2.9 million in employee separation costs and $2.8 million in other restructuring costs, primarily consisting of professional fees and other fees associated with restructuring activities.
The following is a reconciliation of the total amounts expected to be incurred from open restructuring plans or plans that are being formulated and have not been announced as of the filing date of this Form 10-Q. Remaining amounts expected to be incurred were $13.8 million as of January 31, 2024:
(in millions)Total Amounts
Expected to
be Incurred
Amounts Incurred During the Three Months Ended January 31, 2024Amounts
Remaining
to be Incurred
Global Industrial Packaging
Employee separation costs$4.2 $0.7 $3.5 
Other restructuring costs1.2 0.2 1.0 
5.4 0.9 4.5 
Paper Packaging & Services
Employee separation costs2.3 2.2 0.1 
Other restructuring costs11.8 2.6 9.2 
14.1 4.8 9.3 
$19.5 $5.7 $13.8 
NOTE 4 — LONG-TERM DEBT
Long-term debt is summarized as follows:
(in millions)January 31, 2024October 31, 2023
2022 Credit Agreement - Term Loans$1,473.7 $1,493.8 
2023 Credit Agreement - Term Loan294.4 296.3 
Accounts receivable credit facilities304.6 351.0 
2022 Credit Agreement - Revolving Credit Facility208.9 77.3 
2,281.6 2,218.4 
Less: current portion88.3 88.3 
Less: deferred financing costs8.0 8.7 
Long-term debt, net$2,185.3 $2,121.4 
15

Credit Agreements
The Company and certain of its subsidiaries are parties to a senior secured credit agreement (the “2022 Credit Agreement”) with a syndicate of financial institutions.
The 2022 Credit Agreement provides for (a) an $800.0 million secured revolving credit facility, consisting of a $725.0 million multicurrency facility and a $75.0 million U.S. dollar facility, maturing on March 1, 2027, (b) a $1,100.0 million secured term loan A-1 facility with quarterly principal installments that commenced on July 31, 2022 and continue through January 31, 2027, with any outstanding principal balance of such term loan A-1 facility being due and payable on maturity on March 1, 2027, and (c) a $515.0 million secured term loan A-2 facility with quarterly principal installments that commenced on July 31, 2022 and continue through January 31, 2027, with any outstanding principal balance of such term loan A-2 being due and payable on maturity on March 1, 2027. Subject to the terms of the 2022 Credit Agreement, the Company has an option to borrow additional funds under the 2022 Credit Agreement with the agreement of the lenders.
Interest is based on Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment or a base rate that resets periodically plus, in each case, a calculated margin amount that is based on the Company’s leverage ratio.
On May 17, 2023, the Company and Greif Packaging LLC, a direct wholly owned subsidiary of Greif, Inc. (“Greif Packaging”), entered into a $300.0 million senior secured credit agreement (the “2023 Credit Agreement” and, together with the 2022 Credit Agreement, the “2022 and 2023 Credit Agreements”) with CoBank, ACB (“CoBank”), which acted as a lender and is acting as administrative agent of the 2023 Credit Agreement. The 2023 Credit Agreement is permitted incremental equivalent debt under the terms of the 2022 Credit Agreement. The 2023 Credit Agreement provides for a $300.0 million secured term loan facility with quarterly principal installments that commenced on July 31, 2023 and will continue through January 31, 2028, with any outstanding principal balance of such term loan being due and payable on maturity on May 17, 2028. The Company used the borrowing under the 2023 Credit Agreement to repay and refinance a portion of the outstanding borrowings under the 2022 Credit Agreement.
Interest accruing under the 2023 Credit Agreement is based on SOFR plus a credit spread adjustment or a base rate that resets periodically plus, in each case, a calculated margin amount that is based on the Company’s leverage ratio.
As of January 31, 2024, $1,977.0 million was outstanding under the 2022 and 2023 Credit Agreements. The current portion was $88.3 million, and the long-term portion was $1,888.7 million. The weighted average interest rate for borrowings under the 2022 and 2023 Credit Agreements was 6.32% for the three months ended January 31, 2024. The actual interest rate for borrowings under the 2022 and 2023 Credit Agreements was 6.64% as of January 31, 2024. The deferred financing costs associated with the term loan portion of the 2022 and 2023 Credit Agreements totaled $8.0 million as of January 31, 2024 and are recorded as a reduction of long-term debt on the interim condensed consolidated balance sheets. The deferred financing costs associated with the revolving portion of the 2022 Credit Agreement totaled $3.2 million as of January 31, 2024 and are recorded within other long-term assets on the interim condensed consolidated balance sheets.
United States Trade Accounts Receivable Credit Facility
Greif Receivables Funding LLC (“Greif Funding”), Greif Packaging, and certain other U.S. subsidiaries of the Company are parties to an amended and restated U.S. Receivables Financing Facility Agreement (the “U.S. RFA”). On May 17, 2023, the maturity date of the U.S. RFA was extended to May 17, 2024. The U.S. RFA provides an accounts receivable financing facility of $300.0 million. As of January 31, 2024, there was $230.8 million ($270.9 million as of October 31, 2023) outstanding under the U.S. RFA that is reported as long-term debt on the interim condensed consolidated balance sheets because the Company intends to refinance these obligations on a long-term basis and has the intent and ability to consummate a long-term refinancing.
Greif Funding is a direct subsidiary of Greif Packaging and is included in the Company’s consolidated financial statements. However, because Greif Funding is a separate and distinct legal entity from the Company, the assets of Greif Funding are not available to satisfy the liabilities and obligations of the Company, Greif Packaging or other subsidiaries of the Company, and the liabilities of Greif Funding are not the liabilities or obligations of the Company or its other subsidiaries.
International Trade Accounts Receivable Credit Facility
Cooperage Receivables Finance B.V. and Greif Services Belgium BV, an indirect wholly owned subsidiary of Greif, Inc., are parties to an amended and restated Nieuw Amsterdam Receivables Financing Agreement (the “European RFA”) with affiliates of a major international bank. On April 14, 2023, the maturity date of the European RFA was extended to April 23, 2024. The European RFA provides an accounts receivable financing facility of up to €100.0 million ($108.3 million as of January 31, 2024) secured by certain European accounts receivable. As of January 31, 2024, $73.8 million ($80.1 million as of October 31,
16

2023) was outstanding on the European RFA that is reported as long-term debt on the interim condensed consolidated balance sheets because the Company intends to refinance these obligations on a long-term basis and has the intent and ability to consummate a long-term refinancing.
NOTE 5 — FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS
Recurring Fair Value Measurements
The following table presents the fair value for those assets and (liabilities) measured on a recurring basis as of January 31, 2024 and October 31, 2023:
January 31, 2024
AssetsLiabilities
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Interest rate derivatives$ $49.4 $ $49.4 $ $(13.2)$ $(13.2)
Foreign exchange hedges 3.3  3.3  (0.9) (0.9)
Insurance annuity  19.3 19.3     
Cross currency swap 17.4  17.4  (7.0) (7.0)
October 31, 2023
AssetsLiabilities
(in millions)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Interest rate derivatives$ $78.4 $ $78.4 $ $ $ $ 
Foreign exchange hedges 0.1  0.1  (0.1) (0.1)
Insurance annuity  18.8 18.8     
Cross currency swap 18.9  18.9     
The carrying amounts of cash and cash equivalents, trade accounts receivable, accounts payable, current liabilities and short-term borrowings as of January 31, 2024 and October 31, 2023 approximate their fair values because of the short-term nature of these items and are not included in this table.
Interest Rate Derivatives
As of January 31, 2024, the Company has various interest rate swaps with a total notional amount of $1,600.0 million, maturing between March 11, 2024 and July 16, 2029. The Company will receive variable rate interest payments based upon one-month U.S. dollar SOFR, and in return the Company will be obligated to pay interest at a weighted average fixed interest rate of 2.9%. This effectively converted the borrowing rate on an amount of debt equal to the notional amount of the interest rate swaps from a variable rate to a fixed rate.
These derivatives are designated as cash flow hedges for accounting purposes. Accordingly, the gain or loss on these derivative instruments is reported as a component of other comprehensive income and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. See Note 12 to the interim condensed consolidated financial statements for additional disclosures of the aggregate gain or loss included within other comprehensive income. The assumptions used in measuring fair value of these interest rate derivatives are considered level 2 inputs, which are based upon observable market rates, including SOFR and interest paid based upon a designated fixed rate over the life of the swap agreements.
Gains reclassified to earnings under these contracts were $9.7 million and $4.7 million for the three months ended January 31, 2024, and 2023, respectively. A derivative gain of $25.2 million, based upon interest rates at January 31, 2024, is expected to be reclassified from accumulated other comprehensive income (loss) to earnings in the next twelve months.
Foreign Exchange Hedges
The Company conducts business in various international currencies and is subject to risks associated with changing foreign exchange rates. The Company’s objective is to reduce volatility associated with foreign exchange rate changes. Accordingly, the Company enters into various contracts that change in value as foreign exchange rates change to protect the value of certain existing foreign currency assets and liabilities, commitments and anticipated foreign currency cash flows. As of January 31,
17

2024, and October 31, 2023, the Company had outstanding foreign currency forward contracts in the notional amount of $465.5 million and $66.0 million, respectively.
Adjustments to fair value are recognized in earnings, offsetting the impact of the hedged profits. The assumptions used in measuring fair value of foreign exchange hedges are considered level 2 inputs, which are based on observable market pricing for similar instruments, principally foreign exchange futures contracts.
For the three months ended January 31, 2024, and 2023, the Company recorded realized gains of $0.0 million and $0.1 million under fair value contracts in other expense, net.
For the three months ended January 31, 2024, and 2023, the Company recorded unrealized net gains (losses) of $2.4 million and $(2.8) million in other expense, net.
Cross Currency Swap
The Company has operations and investments in various international locations and is subject to risks associated with changing foreign exchange rates. As of January 31, 2024, the Company has various cross currency interest rate swaps that synthetically swap $532.5 million of U.S. fixed rate debt to Euro denominated fixed rate debt. The Company receives a weighted average rate of 1.36% on these swaps. These agreements are designated as either net investment hedges or cash flow hedges for accounting purposes and will mature between March 2, 2024 and November 3, 2028.
The gain or loss on these net investment hedge derivative instruments is included in the foreign currency translation component of other comprehensive income until the net investment is sold, diluted, or liquidated. See Note 12 to the interim condensed consolidated financial statements for additional disclosures of the aggregate gain or loss included within other comprehensive income. The gain or loss on the cash flow hedge derivative instruments is included in the unrealized foreign exchange component of other expense, offset by the underlying gain or loss on the underlying cash flows that are being hedged. Interest payments received for the cross currency swap are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense, net on the consolidated statements of income. The assumptions used in measuring fair value of the cross currency swap are considered level 2 inputs, which are based upon the Euro to United States dollar exchange rate market.
For the three months ended January 31, 2024 and 2023, gains recorded in interest expense, net under the cross currency swap agreements were $1.9 million and $1.4 million.
Other Financial Instruments
The fair values of the Company’s 2022 Credit Agreement, the 2023 Credit Agreement, the U.S. RFA, and the European RFA do not materially differ from carrying value as the Company’s cost of borrowing is variable and approximates current borrowing rates. The fair values of the Company’s long-term obligations are estimated based on either the quoted market prices for the same or similar issues or the current interest rates offered for the debt of the same remaining maturities, which are considered level 2 inputs in accordance with ASC Topic 820, “Fair Value Measurements and Disclosures.”
NOTE 6 – STOCK-BASED COMPENSATION
Long-Term Incentive Plan
The Company granted 120,843 restricted stock units (“RSUs”) on December 12, 2023, for the performance period commencing on November 1, 2023 and ending September 30, 2026. The weighted average fair value of the RSUs granted on that date was $62.83.
During 2024, the Company issued 53,060 shares of Class A Common Stock excluding shares withheld for the payment of taxes owed by recipients for RSUs vested for the performance period commenced on November 1, 2020 and ended October 31, 2023.
The Company granted 202,402 performance stock units (“PSUs”) on December 12, 2023, for the performance period commencing on November 1, 2023 and ending September 30, 2026. If earned, the PSUs are to be awarded in shares of Class A Common Stock. The weighted average fair value of the PSUs granted on that date was $60.77. The weighted average fair value of the PSUs at January 31, 2024 was $60.54.
During 2024, the Company issued 229,859 shares of Class A Common Stock excluding shares withheld for the payment of taxes owed by recipients for PSUs vested for the performance period commenced on November 1, 2020 and ended October 31, 2023.
18

NOTE 7 — INCOME TAXES
Income tax expense for the quarter and year to date was computed in accordance with ASC 740-270 "Income Taxes - Interim Reporting." Under this method, losses from jurisdictions for which a valuation allowance has been provided have not been included in the amount to which the ASC 740-270 rate was applied. Income tax expense of the Company may fluctuate due to changes in estimated losses and income from jurisdictions for which a valuation allowance has been provided, the timing of recognition of the related tax expense under ASC 740-270, and the impact of discrete items in the respective quarter.
For the three months ended January 31, 2024 and January 31, 2023, income tax (benefit) expense was $(38.2) million and $37.7 million, respectively. The $75.9 million net decrease in income tax expense was primarily attributable to the following:
A $9.0 million benefit due to changes in the expected mix of earnings among tax jurisdictions, including jurisdictions for which valuation allowances have been recorded, as well as the timing of recognition of the related tax expense under ASC 740-270.
One-time discrete tax benefits of $48.1 million related to the recognition of deferred tax assets due to the onshoring of certain non-U.S. intangible property.
In 2023, $18.8 million of expense was recorded for nondeductible goodwill associated with the Tama Divestiture.
NOTE 8 — POST RETIREMENT BENEFIT PLANS
The components of net periodic pension cost include the following:
 Three Months Ended
January 31,
(in millions)20242023
Service cost$1.7 $2.0 
Interest cost8.6 8.7 
Expected return on plan assets(10.8)(9.7)
Amortization of prior service benefit
(0.1)(0.1)
Recognized net actuarial gain(0.2)(0.5)
Net periodic pension (benefit) cost$(0.8)$0.4 
The Company expects to make employer contributions of $5.9 million, including benefits paid directly by the Company, during 2024.
The components of net periodic pension cost and net periodic post-retirement benefit, other than the service cost components, are included in the line item “Other expense, net” in the interim condensed consolidated statements of income.
NOTE 9 — CONTINGENT LIABILITIES AND ENVIRONMENTAL RESERVES
Litigation-related Liabilities
The Company may become involved from time-to-time in litigation and regulatory matters incidental to its business, including governmental investigations, enforcement actions, personal injury claims, product liability, employment health and safety matters, commercial disputes, intellectual property matters, disputes regarding environmental clean-up costs, litigation in connection with acquisitions and divestitures, and other matters arising out of the normal conduct of its business. The Company intends to vigorously defend itself in such litigation. The Company does not believe that the outcome of any pending litigation will have a material adverse effect on its interim condensed consolidated financial statements.
The Company may accrue for contingencies related to litigation and regulatory matters if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because litigation is inherently unpredictable and unfavorable resolutions can occur, assessing contingencies is highly subjective and requires judgments about future events. The Company regularly reviews contingencies to determine whether its accruals are adequate. The amount of ultimate loss may differ from these estimates.
19

Environmental Reserves
As of January 31, 2024, and October 31, 2023, the Company’s environmental reserves were $18.3 million and $17.3 million, respectively (including $9.8 million for the Diamond Alkali Superfund Site in the New Jersey). These reserves are principally based on environmental studies and cost estimates provided by third parties, but also take into account management estimates. The estimated liabilities are reduced to reflect the anticipated participation of other potentially responsible parties in those instances where it is probable that such parties are legally responsible and financially capable of paying their respective shares of relevant costs. For sites that involve formal actions subject to joint and several liabilities, these actions have formal agreements in place to apportion the liability. It is possible that there could be resolution of uncertainties in the future that would require the Company to record charges that could be material to future earnings.
The Company’s exposure to adverse developments with respect to any individual site is not expected to be material. Although environmental remediation could have a material effect on results of operations if a series of adverse developments occur in a particular quarter or year, the Company believes that the chance of a series of adverse developments occurring in the same quarter or year is remote. Future information and developments will require the Company to continually reassess the expected impact of these environmental matters.
NOTE 10 — EARNINGS PER SHARE
The Company has two classes of common stock and, as such, applies the “two-class method” of computing earnings per share (“EPS”) as prescribed in ASC 260, “Earnings Per Share.” In accordance with this guidance, earnings are allocated in the same fashion as dividends would be distributed. Under the Company’s certificate of incorporation, any distribution of dividends in any year must be made in proportion of one cent a share for Class A Common Stock to one and one-half cents a share for Class B Common Stock, which results in a 40% to 60% split to Class A and B shareholders, respectively. In accordance with this, earnings are allocated first to Class A and Class B Common Stock to the extent that dividends are actually paid and the remainder is allocated assuming all of the earnings for the period have been distributed in the form of dividends.
The Company calculates EPS as follows:
Basic Class A EPS=40% * Average Class A Shares Outstanding*Undistributed Net Income+Class A Dividends Per Share
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares OutstandingAverage Class A Shares Outstanding
Diluted Class A EPS=40% * Average Class A Shares Outstanding*Undistributed Net Income+Class A Dividends Per Share
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares OutstandingAverage Diluted Class A Shares Outstanding
Basic Class B EPS=60% * Average Class B Shares Outstanding*Undistributed Net Income+Class B Dividends Per Share
40% * Average Class A Shares Outstanding + 60% * Average Class B Shares OutstandingAverage Class B Shares Outstanding
         *Diluted Class B EPS calculation is identical to Basic Class B calculation
20

The following table provides EPS information for each period, respectively:
 Three Months Ended
January 31,
(in millions)20242023
Numerator for basic and diluted EPS
Net income attributable to Greif, Inc.$67.2 $89.9 
Cash dividends(29.7)(28.9)
Undistributed earnings attributable to Greif, Inc.$37.5 $61.0 
The Class A Common Stock has no voting rights unless four quarterly cumulative dividends upon the Class A Common Stock are in arrears. The Class B Common Stock has full voting rights. There is no cumulative voting for the election of directors.
The following table summarizes the shares of the Company’s Class A and Class B Common Stock as of the specified dates:
Authorized
Shares
Issued
Shares
Outstanding
Shares
Treasury
Shares
January 31, 2024
Class A Common Stock128,000,000 42,281,920 25,790,029 16,491,891 
Class B Common Stock69,120,000 34,560,000 21,331,127 13,228,873 
October 31, 2023
Class A Common Stock128,000,000 42,281,920 25,474,254 16,807,666 
Class B Common Stock69,120,000 34,560,000 21,331,127 13,228,873 
The following is a reconciliation of the shares used to calculate basic and diluted earnings per share:
 Three Months Ended
January 31,
 20242023
Class A Common Stock:
Basic shares25,531,221 25,652,383 
Assumed conversion of restricted shares95,615 135,076 
Diluted shares25,626,836 25,787,459 
Class B Common Stock:
Basic and diluted shares21,331,127 21,721,601 
NOTE 11 — COMPREHENSIVE INCOME (LOSS)
The following table provides the rollforward of accumulated other comprehensive income (loss) for the three months ended January 31, 2024:
(in millions)Foreign
Currency
Translation
Derivative Financial InstrumentsMinimum
Pension
Liability
Adjustment
Accumulated
Other
Comprehensive
Income (Loss)
Balance as of October 31, 2023$(317.7)$71.7 $(70.5)$(316.5)
Other comprehensive income (loss)27.6 (36.2)(2.7)(11.3)
Balance as of January 31, 2024$(290.1)$35.5 $(73.2)$(327.8)
21

The following table provides the rollforward of accumulated other comprehensive income (loss) for the three months ended January 31, 2023:
(in millions)Foreign Currency
Translation
Derivative
Financial
Instruments
Minimum Pension
Liability Adjustment
Accumulated Other
Comprehensive
Income (Loss)
Balance as of October 31, 2022$(316.5)$72.8 $(58.6)$(302.3)
Other comprehensive income (loss)51.0 (25.7)(2.4)22.9 
Balance as of January 31, 2023$(265.5)$47.1 $(61.0)$(279.4)
The components of accumulated other comprehensive income (loss) above are presented net of tax, as applicable.
NOTE 12 — BUSINESS SEGMENT INFORMATION
The Company has six operating segments, which are aggregated into three reportable business segments: Global Industrial Packaging; Paper Packaging & Services; and Land Management.
The Company’s reportable business segments offer different products and services. The accounting policies of the reportable business segments are substantially the same as those described in the “Basis of Presentation and Summary of Significant Accounting Policies” note in the 2023 Form 10-K.
The following tables present net sales disaggregated by geographic area for each reportable segment for the three months ended January 31, 2024:
Three Months Ended January 31, 2024
(in millions)United StatesEurope, Middle East and AfricaAsia Pacific and Other AmericasTotal
Global Industrial Packaging$253.7 $294.7 $138.2 $686.6 
Paper Packaging & Services505.5  9.1 514.6 
Land Management4.6   4.6 
Total net sales$763.8 $294.7 $147.3 $1,205.8 
The following tables present net sales disaggregated by geographic area for each reportable segment for the three months ended January 31, 2023:
Three Months Ended January 31, 2023
(in millions)United StatesEurope, Middle East and AfricaAsia Pacific and Other AmericasTotal
Global Industrial Packaging$259.3 $314.8 $131.7 $705.8 
Paper Packaging & Services550.5  9.7 560.2 
Land Management5.0   5.0 
Total net sales
$814.8 $314.8 $141.4 $1,271.0 
22

The following segment information is presented for the periods indicated:
 Three Months Ended
January 31,
(in millions)20242023
Operating profit:
Global Industrial Packaging$50.9 $45.9 
Paper Packaging & Services16.8 109.1 
Land Management1.2 1.4 
Total operating profit$68.9 $156.4 
Depreciation, depletion and amortization expense:
Global Industrial Packaging$25.4 $21.4 
Paper Packaging & Services34.5 33.1 
Land Management0.5 0.6 
Total depreciation, depletion and amortization expense$60.4 $55.1 
The following table presents total assets by segment and total properties, plants and equipment, net by geographic area:
(in millions)January 31,
2024
October 31,
2023
Assets:
Global Industrial Packaging$2,749.8 $2,737.5 
Paper Packaging & Services2,545.7 2,541.1 
Land Management255.1 253.2 
Total segments5,550.6 5,531.8 
Corporate and other418.5 429.0 
Total assets$5,969.1 $5,960.8 
Property, plant and equipment, net and lease right-of-use assets:
United States$1,474.7 $1,468.6 
Europe, Middle East and Africa318.9 311.9 
Asia Pacific and other Americas107.1 102.9 
Total long-lived assets, net$1,900.7 $1,883.4 
23

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
GENERAL
The terms “Greif,” “our company,” “we,” “us” and “our” as used in this discussion refer to Greif, Inc. and its subsidiaries. Our fiscal year begins on November 1 and ends on October 31 of the following year. Any references in unaudited interim condensed consolidated financial statements included in this Quarterly Report on Form 10-Q (this “Form 10-Q”) to the 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 discussion and analysis presented below relates to the material changes in financial condition and results of operations for the interim condensed consolidated balance sheet as of January 31, 2024 and the condensed consolidated balance sheet as of October 31, 2023, and for the interim condensed consolidated statements of income for the three months ended January 31, 2024 and 2023. This discussion and analysis should be read in conjunction with the interim condensed consolidated financial statements that appear elsewhere in this Form 10-Q and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the fiscal year ended October 31, 2023 (the “2023 Form 10-K”). Readers are encouraged to review the entire 2023 Form 10-K, as it includes information regarding Greif not discussed in this Form 10-Q. This information will assist in your understanding of the discussion of our current period financial results.
All statements, other than statements of historical facts, included in this Form 10-Q, including without limitation, statements regarding our future financial position, business strategy, budgets, projected costs, goals, trends, and plans and objectives of management for future operations, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “aspiration,” “objective,” “project,” “believe,” “continue,” “on track” or “target” or the negative thereof or variations thereon or similar terminology. All forward-looking statements made in this Form 10-Q are based on assumptions, expectations, and other information currently available to management. Although we believe that the expectations reflected in forward-looking statements have a reasonable basis, we can give no assurance that these expectations will prove to be correct.
Forward-looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected or anticipated, whether expressed in or implied by the statements. Such risks and uncertainties that might cause a difference include, but are not limited to, the following: (i) historically, our business has been sensitive to changes in general economic or business conditions, (ii) our global operations subject us to political risks, instability and currency exchange that could adversely affect our results of operations, (iii) the current and future challenging global economy and disruption and volatility of the financial and credit markets may adversely affect our business, (iv) the continuing consolidation of our customer base and suppliers may intensify pricing pressure, (v) we operate in highly competitive industries, (vi) our business is sensitive to changes in industry demands and customer preferences, (vii) raw material shortages, price fluctuations, global supply chain disruptions and high inflation may adversely impact our results of operations, (viii) energy and transportation price fluctuations and shortages may adversely impact our manufacturing operations and costs, (ix) we may encounter difficulties or liabilities arising from acquisitions or divestitures, (x) we may incur additional rationalization costs and there is no guarantee that our efforts to reduce costs will be successful, (xi) several operations are conducted by joint ventures that we cannot operate solely for our benefit, (xii) certain of the agreements that govern our joint ventures provide our partners with put or call options, (xiii) our ability to attract, develop and retain talented and qualified employees, managers and executives is critical to our success, (xiv) our business may be adversely impacted by work stoppages and other labor relations matters, (xv) we may be subject to losses that might not be covered in whole or in part by existing insurance reserves or insurance coverage and general insurance premium and deductible increases, (xvi) our business depends on the uninterrupted operations of our facilities, systems and business functions, including our information technology and other business systems, (xvii) a cyber-attach, security breach of customer, employee, supplier or our information and data privacy risks and costs of compliance with new regulations may have a material adverse effect on our business, financial condition, results of operations and cash flows, (xviii) we could be subject to changes to our tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, (xix) we have a significant amount of goodwill and long-lived assets which, if impaired in the future, would adversely impact our results of operations, (xx) changing climate, global climate change regulations and greenhouse gas effects may adversely affect our operations and financial performance, (xxi) we may be unable to achieve our greenhouse gas emission reduction targets by 2030, (xxii) legislation/regulation related to environmental and health and safety matters could negatively impact our operations and financial performance, (xxiii) product liability claims and other legal proceedings could adversely affect our operations and financial performance, and (xxiv) we may incur fines or penalties,
24

damage to our reputation or other adverse consequences if our employees, agents or business partners violate, or are alleged to have violated, anti-bribery, competition or other laws.
Forward looking statements are subject to risks and uncertainties that could cause our actual results to differ materially from those forecasted or anticipated, whether expressed in or implied by the statements. For a detailed discussion of the most significant risks and uncertainties that could cause our actual results to differ materially from those forecasted, projected, or anticipated, see “Risk Factors” in Part I, Item 1A of our 2023 Form 10-K and our other filings with the United States Securities and Exchange Commission (“SEC”).
All forward-looking statements made in this Form 10-Q are expressly qualified in their entirety by reference to such risk factors. Except to the limited extent required by applicable law, we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
BUSINESS SEGMENTS
We operate in three reportable business segments: Global Industrial Packaging; Paper Packaging & Services; and Land Management.
In the Global Industrial Packaging reportable segment, we are a leading global producer of industrial packaging products, such as steel, fibre and plastic drums, rigid intermediate bulk containers, jerrycans and other small plastics, closure systems for indus