Company Quick10K Filing
Quick10K
Greif
10-Q 2019-07-31 Quarter: 2019-07-31
10-Q 2019-04-30 Quarter: 2019-04-30
10-Q 2019-01-31 Quarter: 2019-01-31
10-K 2018-10-31 Annual: 2018-10-31
10-Q 2018-07-31 Quarter: 2018-07-31
10-Q 2018-04-30 Quarter: 2018-04-30
10-Q 2018-01-31 Quarter: 2018-01-31
10-K 2017-10-31 Annual: 2017-10-31
10-Q 2017-07-31 Quarter: 2017-07-31
10-Q 2017-04-30 Quarter: 2017-04-30
10-Q 2017-01-31 Quarter: 2017-01-31
10-K 2016-10-31 Annual: 2016-10-31
10-Q 2016-07-31 Quarter: 2016-07-31
10-Q 2016-04-30 Quarter: 2016-04-30
10-Q 2016-01-31 Quarter: 2016-01-31
10-K 2015-10-31 Annual: 2015-10-31
10-Q 2015-07-31 Quarter: 2015-07-31
10-Q 2015-04-30 Quarter: 2015-04-30
10-Q 2015-01-31 Quarter: 2015-01-31
10-K 2014-10-31 Annual: 2014-10-31
10-Q 2014-07-31 Quarter: 2014-07-31
10-Q 2014-04-30 Quarter: 2014-04-30
10-Q 2014-01-31 Quarter: 2014-01-31
8-K 2019-09-26 Enter Agreement, Leave Agreement, Off-BS Arrangement, Off-BS Arrangement, Exhibits
8-K 2019-09-03 Earnings, Regulation FD, Exhibits
8-K 2019-07-02 Regulation FD, Exhibits
8-K 2019-06-10 Earnings, Regulation FD, Exhibits
8-K 2019-04-05 Off-BS Arrangement, Other Events
8-K 2019-03-01 Earnings, Shareholder Vote, Regulation FD, Exhibits
8-K 2019-02-11 Enter Agreement, Leave Agreement, M&A, Off-BS Arrangement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-01-30 Regulation FD, Exhibits
8-K 2019-01-24 Enter Agreement, Regulation FD, Exhibits
8-K 2019-01-24 Enter Agreement, Regulation FD, Exhibits
8-K 2019-01-10 Officers, Officers, Amend Bylaw, Amend Bylaw, Exhibits
8-K 2018-12-20 Enter Agreement, Regulation FD, Exhibits
8-K 2018-12-11 Earnings, Regulation FD, Exhibits
8-K 2018-09-04 Earnings, Regulation FD, Exhibits
8-K 2018-06-11 Earnings, Exhibits
8-K 2018-03-05 Earnings, Shareholder Vote, Exhibits
CBOE CBOE 13,278
WSC Willscot 1,137
FLY Fly Leasing 675
CIK Pinnacle Foods 373
AINV Apollo Investment 0
MAIN Main Street Capital 0
ARCC Ares Capital 0
GAIN Gladstone Investment Corporation 0
PBY Pep Boys Manny Moe & Jack 0
PFLT Pennantpark Floating Rate Capital 0
GEF 2019-07-31
Part I. Financial Information
Item 1. Condensed Consolidated Financial Statements
Note 1 - Basis of Presentation and Summary of Significant Accounting Policies
Note 2 - Revenue
Note 3- Acquisitions and Divestitures
Note 4 - Sale of Non-United States Accounts Receivable
Note 5 - Assets and Liabilities Held for Sale and Disposals of Properties, Plants and Equipment, Net
Note 6 - Goodwill and Other Intangible Assets
Note 7 - Restructuring Charges
Note 8 - Consolidation of Variable Interest Entities
Note 9 - Long-Term Debt
Note 10 - Financial Instruments and Fair Value Measurements
Note 11 - Income Taxes
Note 12 - Post Retirement Benefit Plans
Note 13 - Contingent Liabilities and Environmental Reserves
Note 14 - Earnings per Share
Note 15 - Equity and Comprehensive Income (Loss)
Note 16 - Business Segment Information
Note 17 - Redeemable Noncontrolling Interests
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosure About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 gef2019q310-qex311.htm
EX-31.2 gef2019q310-qex312.htm
EX-32.1 gef2019q310-qex321.htm
EX-32.2 gef2019q310-qex322.htm

Greif Earnings 2019-07-31

GEF 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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gef:Derivative gef:Segment
 
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, 2019
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-00566
_________________________________

logotagline10qp1a36.jpg

GREIF INC.
(Exact name of registrant as specified in its charter)
_________________________________
Delaware
 
31-4388903
(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
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 filer
 
Accelerated filer
 
 
 
 
 
 
 
Non-accelerated filer
 
Smaller reporting company
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
Class A Common Stock
GEF
New York Stock Exchange
Class B Common Stock
GEF-B
New 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, 2019:
Class A Common Stock
26,257,943 shares
Class B Common Stock
22,007,725 shares
 


Table of Contents


Item
 
Page
 
 
1
 
 
 
 
 
2
3
4
 
 
 
 
 
1A
2
6
 


3

Table of Contents

PART I. FINANCIAL INFORMATION
ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
 
Three Months Ended
July 31,
 
Nine Months Ended
July 31,
(in millions, except per share amounts)
2019
 
2018
 
2019
 
2018
Net sales
$
1,252.6

 
$
1,012.1

 
$
3,362.9

 
$
2,886.1

Cost of products sold
973.2

 
795.0

 
2,662.0

 
2,302.0

Gross profit
279.4

 
217.1

 
700.9

 
584.1

Selling, general and administrative expenses
138.9

 
99.4

 
377.0

 
305.7

Restructuring charges
9.1

 
3.7

 
20.3

 
13.8

Acquisition-related costs
5.8

 
0.5

 
22.2

 
0.7

Non-cash asset impairment charges

 
0.8

 
2.1

 
4.1

Gain on disposal of properties, plants and equipment, net
(1.3
)
 
(1.4
)
 
(7.1
)
 
(7.5
)
Loss on disposal of businesses, net
1.3

 
0.1

 
3.0

 
0.1

Operating profit
125.6

 
114.0


283.4


267.2

Interest expense, net
34.5

 
12.1

 
80.1

 
38.4

Non-cash pension settlement charges

 
0.4

 

 
0.4

Debt extinguishment charges
0.1

 

 
22.0

 

Other (income) expense, net
(1.1
)
 
4.8

 
1.0

 
15.0

Income before income tax expense and equity earnings of unconsolidated affiliates, net
92.1

 
96.7

 
180.3

 
213.4

Income tax expense
26.8

 
25.7

 
58.3

 
31.2

Equity earnings of unconsolidated affiliates, net of tax
(2.2
)
 
(1.0
)
 
(2.4
)
 
(1.8
)
Net income
67.5

 
72.0

 
124.4

 
184.0

Net income attributable to noncontrolling interests
(4.8
)
 
(4.3
)
 
(18.4
)
 
(14.7
)
Net income attributable to Greif, Inc.
$
62.7

 
$
67.7

 
$
106.0

 
$
169.3

Basic earnings per share attributable to Greif, Inc. common shareholders:
 
 
 
 
 
 
 
Class A common stock
$
1.06

 
$
1.15

 
$
1.80

 
$
2.88

Class B common stock
$
1.59

 
$
1.72

 
$
2.68

 
$
4.31

Diluted earnings per share attributable to Greif, Inc. common shareholders:
 
 
 
 
 
 
 
Class A common stock
$
1.06

 
$
1.15

 
$
1.80

 
$
2.88

Class B common stock
$
1.59

 
$
1.72

 
$
2.68

 
$
4.31

Weighted-average number of Class A common shares outstanding:
 
 
 
 
 
 
 
Basic
26.3

 
25.9

 
26.2

 
25.9

Diluted
26.3

 
25.9

 
26.2

 
25.9

Weighted-average number of Class B common shares outstanding:
 
 
 
 
 
 
 
Basic
22.0

 
22.0

 
22.0

 
22.0

Diluted
22.0

 
22.0

 
22.0

 
22.0

Cash dividends declared per common share:
 
 
 
 
 
 
 
Class A common stock
$
0.44

 
$
0.42

 
$
1.32

 
$
1.26

Class B common stock
$
0.66

 
$
0.63

 
$
1.97

 
$
1.88

See accompanying Notes to Condensed Consolidated Financial Statements

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GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED)
 
Three Months Ended
July 31,
 
Nine Months Ended
July 31,
(in millions)
2019
 
2018
 
2019
 
2018
Net income
$
67.5

 
$
72.0

 
$
124.4

 
$
184.0

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Foreign currency translation
(0.9
)
 
(35.9
)
 
(10.4
)
 
(23.8
)
Derivative financial instruments
(5.0
)
 
2.2

 
(20.7
)
 
7.5

Minimum pension liabilities
2.3

 
15.6

 
2.2

 
17.4

Other comprehensive income (loss), net of tax
(3.6
)
 
(18.1
)
 
(28.9
)
 
1.1

Comprehensive income
63.9

 
53.9

 
95.5

 
185.1

Comprehensive income attributable to noncontrolling interests
6.1

 
1.0

 
18.7

 
11.8

Comprehensive income attributable to Greif, Inc.
$
57.8

 
$
52.9

 
$
76.8

 
$
173.3

See accompanying Notes to Condensed Consolidated Financial Statements


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GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)
July 31,
2019
 
October 31,
2018
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
75.8

 
$
94.2

Trade accounts receivable, less allowance of $7.3 in 2019 and $4.2 in 2018
720.3

 
456.7

Inventories:
 
 
 
Raw materials
274.0

 
203.9

Work-in-process
12.9

 
10.0

Finished goods
126.6

 
75.6

Assets held for sale
2.8

 
4.4

Prepaid expenses
50.2

 
39.8

Other current assets
79.2

 
92.1

 
1,341.8

 
976.7

Long-term assets
 
 
 
Goodwill
1,561.9

 
776.0

Other intangible assets, net of amortization
794.3

 
80.6

Deferred tax assets
15.3

 
7.9

Assets held by special purpose entities
50.9

 
50.9

Pension asset
12.1

 
10.4

Other long-term assets
98.1

 
100.4

 
2,532.6

 
1,026.2

Properties, plants and equipment
 
 
 
Timber properties, net of depletion
272.5

 
274.2

Land
178.9

 
96.4

Buildings
527.8

 
431.4

Machinery and equipment
1,907.7

 
1,554.9

Capital projects in progress
168.2

 
117.2

 
3,055.1

 
2,474.1

Accumulated depreciation
(1,377.1
)
 
(1,282.2
)
 
1,678.0

 
1,191.9

Total assets
$
5,552.4

 
$
3,194.8

See accompanying Notes to Condensed Consolidated Financial Statements

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GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in millions)
July 31,
2019
 
October 31,
2018
LIABILITIES AND SHAREHOLDERS' EQUITY
 
 
 
Current liabilities
 
 
 
Accounts payable
$
458.5

 
$
403.8

Accrued payroll and employee benefits
125.9

 
114.4

Restructuring reserves
11.4

 
4.4

Current portion of long-term debt
83.7

 
18.8

Short-term borrowings
8.8

 
7.3

Other current liabilities
148.7

 
121.5

 
837.0

 
670.2

Long-term liabilities
 
 
 
Long-term debt
2,786.0

 
884.1

Deferred tax liabilities
347.4

 
179.8

Pension liabilities
134.7

 
78.0

Postretirement benefit obligations
10.8

 
10.7

Liabilities held by special purpose entities
43.3

 
43.3

Contingent liabilities and environmental reserves
18.9

 
6.8

Mandatorily redeemable noncontrolling interests
8.4

 
8.6

Long-term income tax payable
44.0

 
46.1

Other long-term liabilities
123.8

 
77.5

 
3,517.3

 
1,334.9

Commitments and contingencies (Note 13)


 


Redeemable noncontrolling interests (Note 17)
22.5

 
35.5

Equity
 
 
 
Common stock, without par value
162.6

 
150.5

Treasury stock, at cost
(134.8
)
 
(135.4
)
Retained earnings
1,499.1

 
1,469.8

Accumulated other comprehensive income (loss), net of tax:
 
 
 
Foreign currency translation
(303.5
)
 
(292.8
)
Derivative financial instruments
(7.3
)
 
13.4

Minimum pension liabilities
(95.5
)
 
(97.7
)
Total Greif, Inc. shareholders' equity
1,120.6

 
1,107.8

Noncontrolling interests
55.0

 
46.4

Total shareholders' equity
1,175.6

 
1,154.2

Total liabilities and shareholders' equity
$
5,552.4

 
$
3,194.8

See accompanying Notes to Condensed Consolidated Financial Statements

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GREIF, INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Nine Months Ended July 31, (in millions)
2019
 
2018
Cash flows from operating activities:
 
 
 
Net income
$
124.4

 
$
184.0

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation, depletion and amortization
146.8

 
96.5

Non-cash asset impairment charges
2.1

 
4.1

Non-cash pension settlement charges

 
0.4

Gain on disposals of properties, plants and equipment, net
(7.1
)
 
(7.5
)
Loss on disposals of businesses, net
3.0

 
0.1

Unrealized foreign exchange loss
2.6

 
1.2

Deferred income tax benefit
(12.7
)
 
(69.6
)
Transition tax expense
2.4

 
35.9

Debt extinguishment charges
14.0

 

Other, net
5.4

 
(1.5
)
Increase (decrease) in cash from changes in certain assets and liabilities:
 
 
 
Trade accounts receivable
5.5

 
(35.6
)
Inventories
(20.8
)
 
(60.7
)
Deferred purchase price on sold receivables
(6.9
)
 
(32.3
)
Accounts payable
(37.2
)
 
24.0

Restructuring reserves
7.0

 

Pension and postretirement benefit liabilities
(10.7
)
 
(70.6
)
Other, net
(23.7
)
 
(12.6
)
Net cash provided by operating activities
194.1

 
55.8

Cash flows from investing activities:
 
 
 
Acquisitions of companies, net of cash acquired
(1,857.9
)
 

Purchases of properties, plants and equipment
(103.8
)
 
(92.0
)
Purchases of and investments in timber properties
(4.1
)
 
(6.6
)
Proceeds from the sale of properties, plants, equipment and other assets
13.8

 
11.5

Proceeds from the sale of businesses
3.9

 
1.4

Proceeds from insurance recoveries
0.2

 

Net cash used in investing activities
(1,947.9
)
 
(85.7
)
Cash flows from financing activities:
 
 
 
Proceeds from issuance of long-term debt
3,470.7

 
784.6

Payments on long-term debt
(1,577.8
)
 
(706.2
)
Payments on current portion of long-term debt
(18.9
)
 

Proceeds on short-term borrowings, net
3.3

 

Payments on short-term borrowings, net

 
(8.9
)
Proceeds from trade accounts receivable credit facility
59.0

 
2.8

Payments on trade accounts receivable credit facility
(59.4
)
 
(2.8
)
Dividends paid to Greif, Inc. shareholders
(77.9
)
 
(74.0
)
Dividends paid to noncontrolling interests
(9.2
)
 
(4.5
)
Payments for debt extinguishment and issuance costs
(44.1
)
 

Purchases of redeemable noncontrolling interest
(11.9
)
 

Cash contribution from noncontrolling interest holder
1.6

 

Net cash provided (used) by financing activities
1,735.4

 
(9.0
)
Effects of exchange rates on cash

 
(2.5
)
Net decrease in cash and cash equivalents
(18.4
)
 
(41.4
)
Cash and cash equivalents at beginning of period
94.2

 
142.3

Cash and cash equivalents at end of period
$
75.8

 
$
100.9

See accompanying Notes to Condensed Consolidated Financial Statements


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GREIF, INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 — BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The interim condensed consolidated financial statements have been prepared in accordance with the U.S. Securities and Exchange Commission (“SEC”) instructions to Quarterly Reports on Form 10-Q and include all of the information and disclosures required by accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. Actual amounts could differ from those estimates.
The fiscal year of Greif, Inc. and its subsidiaries (the “Company”) begins on November 1 and ends on October 31 of the following year. Any references to the year 2019 or 2018, 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, 2019 and October 31, 2018, the interim condensed consolidated statements of income and comprehensive income for the three and nine months ended July 31, 2019 and 2018 and the interim condensed consolidated statements of cash flows for the nine months ended July 31, 2019 and 2018 of the Company. The interim condensed consolidated financial statements include the accounts of Greif, Inc., all wholly-owned and consolidated subsidiaries and investments in limited liability companies, partnerships and joint ventures in which it has controlling influence or is the primary beneficiary. Non-majority owned entities include investments in limited liability companies, partnerships and joint ventures in which the Company does not have controlling influence and are accounted for using either the equity or cost method, as appropriate.
The unaudited interim condensed consolidated financial statements included in the Quarterly Report on Form 10-Q (this “Form 10-Q”) should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for its fiscal year ended October 31, 2018 (the “2018 Form 10-K”).
Newly Adopted Accounting Standards
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue from Contracts with Customers (Topic 606)," which supersedes the revenue recognition requirements in ASC 605, "Revenue Recognition." This new revenue standard introduces a five-step revenue recognition model in which an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The new revenue standard also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The Company adopted the ASU, and all of the related amendments, using the modified retrospective method on November 1, 2018. The adoption of the ASU and related amendments did not impact the Company’s financial position, results of operations, comprehensive income, cash flows or disclosures, other than as discussed in this paragraph and disclosed within Note 2 to the interim condensed consolidated financial statements. Additionally, no cumulative effect adjustment was recorded to opening retained earnings as of November 1, 2018. Based on current operations, the Company does not expect a material impact on an ongoing basis as a result of the adoption of the new standard. See Note 2 to the interim condensed consolidated financial statements for additional disclosures related to revenue from contracts with customers.
In August of 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic 230)," which amends the classification of certain cash receipts and cash payments on the statement of cash flows. This update clarifies guidance on eight specific cash flow items. The ASU requires the beneficial interests obtained through securitization of financial assets be disclosed as a non-cash activity and cash receipts from beneficial interests be classified as cash inflows from investing activities. Under previous guidance, the Company classified cash receipts from beneficial interests in securitized receivables and cash payments resulting from debt prepayment or extinguishment as cash flows from operating activities. The amendments in this update are required to be applied using a retrospective approach, excluding amendments for which retrospective application is impractical. On November 1, 2018, the Company adopted the provisions of ASU 2016-15 on a retrospective basis with the exception of the Company's beneficial interests obtained through securitization of financial assets, for which the Company adopted this update on a prospective basis due to the impracticality of the retrospective basis. The adoption of this update did not have a material impact on the Company's financial position, results of operations, comprehensive income, cash flows or disclosures for the periods presented.

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In October 2016, the FASB issued ASU 2016-16, "Intra-Entity Transfers of Assets Other Than Inventory (Topic 740)," which improves the accounting for income tax consequences of intra-entity transfers of assets other than inventory. This update requires transferring entities to recognize a current tax expense or benefit at the time of transfer and receiving entities to recognize a corresponding deferred tax asset or liability. The Company adopted this standard on November 1, 2018 using a modified retrospective approach. The adoption of this update resulted in a reclassification of approximately $15.1 million from "Prepaid Tax Assets" to "Retained Earnings", offset by the establishment of a deferred tax asset of $13.0 million for a net impact on retained earnings of $2.1 million as of November 1, 2018. The adoption did not have a material impact on the Company's financial position, results of operations, comprehensive income, cash flows or disclosures, other than the impact discussed above.
In January 2017, the FASB issued ASU 2017-01, "Clarifying the Definition of a Business," which narrows the existing definition of a business and provides a framework for evaluating whether a transaction should be accounted for as an acquisition (or disposal) of assets or a business. The ASU requires an entity to evaluate if substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets; if so, the set of transferred assets and activities (collectively, the set) is not a business. To be considered a business, the set would need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The standard also narrows the definition of outputs. The definition of a business affects areas of accounting such as acquisitions, disposals and goodwill. Under the new guidance, fewer acquired sets are expected to be considered businesses. The Company adopted this standard effective November 1, 2018 on a prospective basis. The Company applied this guidance to its respective acquisitions of Caraustar Industries, Inc. and its subsidiaries ("Caraustar") and Tholu B.V. and its wholly owned subsidiary A. Thomassen Transport B.V. (collectively “Tholu”), which qualified as business combinations. See Note 3 to the interim condensed consolidated financial statements for additional disclosures related to these acquisitions. The adoption did not have a material impact on the Company's financial position, results of operations, comprehensive income, cash flows or disclosures, other than the impact discussed above.
Recently Issued Accounting Standards
In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which amends the lease accounting and disclosure requirements in ASC 840, "Leases." The objective of this update is to increase transparency and comparability among organizations recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about lease arrangements. This ASU will require the recognition of lease assets and lease liabilities for those leases classified as operating leases under previous GAAP. In July 2018, the FASB issued ASU 2018-11, "Leases (Topic 842): Targeted Improvements (ASU 2018-11)," which permits companies to initially apply the new leases standard at the adoption date and not restate periods prior to adoption. The Company plans to adopt ASU 2018-11 on November 1, 2019, and as a result, will not adjust its comparative period financial information or make the new required lease disclosures for periods before the effective date. The Company is currently in the process of collecting and evaluating all of its leases, which primarily consist of equipment and real estate leases, as well as implementing a technology tool to assist with the accounting and reporting requirements of the new standard. The Company also plans to update its processes and controls around leases. The Company will adopt the standard effective November 1, 2019 and expects to elect certain available transitional practical expedients. 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 flows and disclosures, but does expect to recognize a significant liability and corresponding asset associated with in-scope operating leases.
NOTE 2 — REVENUE
The Company generates substantially all of its revenue by providing its customers with industrial packaging products serving a variety of end markets. The Company may enter into fixed term sale agreements, including multi-year master supply agreements which outline the terms under which the Company does business. The Company also sells to certain customers solely based on purchase orders. As master supply agreements do not typically include fixed volumes, customers generally purchase products pursuant to purchase orders or other communications that are short-term in nature. The Company has concluded for the vast majority of its revenues, that its contracts with customers are either a purchase order or the combination of a purchase order with a master supply agreement.
A performance obligation is considered an individual unit sold. Contracts or purchase orders with customers could include a single type of product or it could include multiple types or specifications of products. Regardless, the contracted price with the customer is agreed at the individual product level outlined in the customer contracts or purchase orders. The Company does not bundle prices. Negotiations with customers are based on a variety of factors including the level of anticipated contractual volume, geographic location, complexity of the product, key input costs and a variety of other factors. The Company has concluded that prices negotiated with each individual customer are representative of the stand-alone selling price of the product.
The Company typically satisfies the obligation to provide packaging to customers at a point in time when control is transferred to customers. The point in time when control of goods is transferred is largely dependent on delivery terms. Revenue is recorded at the time of shipment for delivery terms designated shipping point. For sales transactions designated destination, revenue is

10

Table of Contents

recorded when the product is delivered to the customer’s delivery site. Purchases by the Company’s customers are generally manufactured and shipped with minimal lead time; therefore, performance obligations are generally settled shortly after manufacturing and shipment.
The Company manufactures certain products that have no alternative use to the Company once they are printed or manufactured to customer specifications; however, in the majority of cases, the Company does not have an enforceable right to payment that includes a reasonable profit for custom products at all times in the manufacturing process, and therefore revenue is recognized at the point in time at which control transfers. As revenue recognition is dependent upon individual contractual terms, the Company will continue its evaluation of any new or amended contracts entered into.
Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for transferring goods or providing services. Standalone selling prices for each performance obligation are generally stated in the contract. When the Company offers variable consideration in the form of volume rebates to customers, it estimates the amount of revenue to which it is expected to be entitled to based on contract terms and historical experience of actual results, and includes the estimate in the transaction price, limited to the amount which is probable will not result in reversal of cumulative revenue recognized when the variable consideration is resolved. The Company provides prompt pay discounts to certain customers if invoices are paid within a predetermined period. Prompt payment discounts are treated as a reduction of revenue and are determinable within a short period of the sale.
Contract Balances
Contract liabilities relate primarily to prepayments received from the Company’s customers before revenue is recognized and before volume rebates to customers. These amounts are included in other current liabilities in the interim condensed consolidated balance sheets. The Company does not have any material contract assets.
Practical Expedients
The Company’s contracts generally include standard commercial payment terms generally acceptable in each region. Customer payment terms are typically less than one year and as such, the Company has applied the practical expedient to exclude consideration of significant financing components from the determination of transaction price.
Taxes collected from customers and remitted to governmental authorities are excluded from net sales.
Costs to obtain a contract are generally immaterial, but the Company has elected the practical expedient to expense these costs as incurred if the amortization period of the capitalized cost would be one year or less.
The Company has applied the practical expedient to exclude disclosure of remaining performance obligations as the Company's contracts typically have a term of one year or less.
Freight charged to customers is included in net sales in the income statement. For shipping and handling activities performed after a customer obtains control of the goods, the Company has elected to account for these costs as activities to fulfill the promise to transfer the goods; therefore, these activities are not assessed as separate performance obligations.
Disaggregation of Revenues
The Company's contracts with customers are broadly similar in nature throughout its reportable segments, but the amount, timing and uncertainty of revenue and cash flows may vary in each reportable segment due to geographic factors. See Note 16 to the interim condensed consolidated financial statements for additional disclosures of revenue disaggregated by geography for each reportable segment.
NOTE 3— ACQUISITIONS AND DIVESTITURES
Acquisitions
The Company accounts for acquisitions in accordance with ASC 805, "Business Combinations". The estimated fair values of all assets acquired and liabilities assumed in the acquisitions are provisional and may be revised as a result of additional information obtained during the measurement period of up to one year from the acquisition date.

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Table of Contents

Tholu Acquisition
On June 11, 2019, the Company completed its acquisition of Tholu (the “Tholu Acquisition”). Tholu is a Netherlands-based leader in IBC rebottling, reconditioning and distribution.
The total purchase price for this acquisition, net of cash acquired was $52.2 million, of which $25.1 million was paid upon closing and the remaining $29.2 million was deferred according to a set payment schedule. The current portion of the deferred obligation is $2.5 million, recorded in Other Current Liabilities, and the remaining $26.7 million has been recorded in Other Long-Term Liabilities within the condensed consolidated balance sheets. The legal form of the Tholu Acquisition is a joint venture with the former Tholu owner, but due to the economic structure of the transaction the Company is deemed to be the 100% economic owner and, under GAAP the Company will record and report 100% of all future income or loss.
The following table summarizes the consideration transferred to acquire Tholu and the preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date:
(in millions)
Initial Purchase Price Allocation
Fair value of consideration transferred
 
Cash consideration
$
25.1

Deferred payments
29.2

Cash received
$
(2.1
)
Total consideration
$
52.2

 
 
Recognized amounts of identifiable assets acquired and liabilities assumed
 
Accounts receivable
7.3

Inventories
3.0

Intangibles
24.1

Properties, plants and equipment
6.4

Other assets
1.2

Total assets acquired
42.0

 
 
Accounts payable
(4.0
)
Capital lease obligations
(1.7
)
Long-term deferred tax liability
(5.4
)
Other liabilities
(1.0
)
Total liabilities assumed
(12.1
)
Total identifiable net assets
$
29.9

Goodwill
$
22.3

The Company recognized goodwill related to this acquisition of $22.3 million. The goodwill recognized in this acquisition is attributable to the acquired assembled workforce, economies of scale, vertical integration and new market penetration. Tholu is reported within the Rigid Industrial Packaging & Services segment to which the goodwill was assigned. The goodwill is not expected to be deductible for tax purposes.
Acquired property, plant and equipment will be depreciated over its estimated remaining useful lives on a straight-line basis.
Acquired intangible assets will be amortized over the estimated useful lives, primarily 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:

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Table of Contents

(in millions)
Preliminary Fair Value
Weighted Average Estimated Useful Life
Customer relationships
$
21.9

15.0
Trademarks
1.2

9.0
Other
1.0

2.0
Total intangible assets
$
24.1

 
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 current preliminary 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, based upon new information obtained about facts and circumstances that existed as of the date of closing the acquisition. 
Caraustar Acquisition

On February 11, 2019, the Company completed its acquisition of Caraustar (the "Caraustar Acquisition"), a leader in the production of uncoated recycled paperboard and coated recycled paperboard, with a variety of applications that include tubes and cores and a diverse mix of specialty products. The total purchase price for this acquisition, net of cash acquired, was $1,834.9 million. The Company incurred transaction costs of $62.1 million to complete this acquisition. Of this amount, $34.0 million was recognized immediately in the condensed consolidated statements of income and the remaining $28.1 million in transaction costs was capitalized in accordance with ASC 470, "Debt", and is presented as part of the condensed consolidated balance sheet ($18.7 million within Long-Term Debt and $9.4 million within Other Long-Term Assets).
The following table summarizes the consideration transferred to acquire Caraustar and the current preliminary valuation of identifiable assets acquired and liabilities assumed at the acquisition date, as well as adjustments made during the three months ended July 31, 2019.
(in millions)
Amounts Recognized as of the Acquisition Date
Measurement Period Adjustments (1)
Amount Recognized as of Acquisition Date (as Adjusted)
Fair value of consideration transferred
 
 
 
Cash consideration
$
1,834.9

$

$
1,834.9

 
 
 
 
Recognized amounts of identifiable assets acquired and liabilities assumed
 
 
 
Accounts receivable
147.0


147.0

Inventories
103.9

(1.2
)
102.7

Prepaid and other current assets
21.5

(0.5
)
21.0

Intangibles
717.1

8.4

725.5

Other long-term assets
1.3

0.5

1.8

Properties, plants and equipment
521.3

(11.3
)
510.0

Total assets acquired
1,512.1

(4.1
)
1,508.0

 
 
 
 
Accounts payable
(99.5
)

(99.5
)
Accrued payroll and employee benefits
(42.9
)

(42.9
)
Other current liabilities
(21.8
)
(0.7
)
(22.5
)
Long-term deferred tax liability
(185.7
)
0.8

(184.9
)
Pension and postretirement obligations
(67.1
)

(67.1
)
Other long-term liabilities
(12.7
)
(12.9
)
(25.6
)
Total liabilities assumed
(429.7
)
(12.8
)
(442.5
)
Total identifiable net assets
$
1,082.4

$
(16.9
)
$
1,065.5

Goodwill
$
752.5

$
16.9

$
769.4



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(1) The measurement adjustments were primarily due to refinement to third party appraisals and carrying amounts of certain assets and liabilities, as well as adjustments to certain tax accounts based on, among other things, adjustments to deferred tax liabilities. The net impact of the measurement period adjustments resulted in a net $16.9 million increase to Goodwill. The measurement adjustments recorded in 2019 did not have a significant impact on our condensed consolidated statements of income for the three and nine months ended July 31, 2019.

The Company recognized goodwill related to this acquisition of $769.4 million. The goodwill recognized in this acquisition is attributable to the acquired assembled workforce, expected synergies, and economies of scale, none of which qualify for recognition as a separate intangible asset. Caraustar is reported within the Paper Packaging & Services segment to which the goodwill was assigned. The goodwill is not expected to be deductible for tax purposes.
Acquired property, plant and equipment will be depreciated over its 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 follow-on revenue from customer relationships that existed on the acquisition date over their estimated lives, including the probability of expected future contract renewals and revenue, less a contributory assets charge, all of which is discounted to present value. The fair value of the trade name 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 trade names and discounted to present value using an appropriate discount rate. 
Acquired intangible assets will be amortized over the estimated useful lives, primarily on a straight-line basis. The following table summarizes the current preliminary purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired:
(in millions)
Current Preliminary Purchase Price Allocation
Weighted Average Estimated Useful Life
Customer relationships
$
708.0

15.0
Trademarks
15.0

3.0
Other
2.5

4.6
Total intangible assets
$
725.5

 

Caraustar's results of operations have been included in the Company's financial statements for the period subsequent to the acquisition date of February 11, 2019. Caraustar contributed net sales of $320.3 million and $613.7 million for the three and nine months ended July 31, 2019, respectively.
The following unaudited supplemental pro forma data presents consolidated information as if the acquisition had been completed on November 1, 2017. These amounts were calculated after adjusting Caraustar'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, 2017, the adjusted tax expense, and related transaction costs of $34.0 million. These adjustments also include an additional charge of $9.0 million in the nine month period ended July 31, 2018 for the fair value adjustment for inventory acquired.
 
Three Months Ended
July 31,
 
Nine Months Ended
July 31,
(in millions, except per share amounts)
2019
 
2018
 
2019
 
2018
Pro forma net sales
$
1,252.6

 
$
1,367.3

 
$
3,726.6

 
$
3,897.9

Pro forma net (loss) income attributable to Greif, Inc.
$
62.7

 
$
70.2

 
$
90.8

 
$
114.8

Basic earnings per share attributable to Greif, Inc. common shareholders:
 
 
 
 
 
 
 
Class A common stock
$
1.06

 
$
1.19

 
$
1.54

 
$
1.95

Class B common stock
$
1.59

 
$
1.79

 
$
2.30

 
$
2.92

Diluted earnings per share attributable to Greif, Inc. common shareholders:
 
 
 
 
 
 
 
Class A common stock
$
1.06

 
$
1.19

 
$
1.54

 
$
1.95

Class B common stock
$
1.59

 
$
1.79

 
$
2.30

 
$
2.92



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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. The pro forma results do not include the Tholu Acquisition, as the impact of this acquisition is not material to prior year results of operations.
Divestitures
For the nine months ended July 31, 2019, the Company completed two divestitures of non-U.S. businesses in the Rigid Industrial Packaging & Services segment, liquidated one non-strategic non-U.S. business in the Rigid Industrial Packaging & Services segment, and deconsolidated one wholly-owned non-U.S. business in the Rigid Industrial Packaging & Services segment. The loss on disposal of businesses was $3.0 million for the nine months ended July 31, 2019. Proceeds from divestitures that were completed in fiscal year 2015 and collected during the nine months ended July 31, 2019 were $0.8 million. Proceeds from divestitures that were completed in fiscal year 2016 and collected during the nine months ended July 31, 2019 were $1.6 million.
For the nine months ended July 31, 2018 , the Company completed no divestitures. Proceeds from divestitures that were completed in fiscal year 2017 and collected during the nine months ended July 31, 2018 were $0.5 million. Proceeds from divestitures that were completed in fiscal year 2015 and collected during the nine months ended July 31, 2018 were $0.9 million. The Company had $2.9 million of notes receivable recorded from the sale of businesses.
None of the above-referenced divestitures in 2019 or 2018 qualified as discontinued operations as they do not, individually or in the aggregate, represent a strategic shift that has had a major impact on the Company's operations or financial results.
NOTE 4 — SALE OF NON-UNITED STATES ACCOUNTS RECEIVABLE
In 2012, Cooperage Receivables Finance B.V. (the “Main SPV”) and Greif Coordination Center BVBA, an indirect wholly owned subsidiary of Greif, Inc. (“Seller”), entered into the Nieuw Amsterdam Receivables Purchase Agreement (the “European RPA”) with affiliates of a major international bank (the “Purchasing Bank Affiliates”). On April 17, 2019, the Main SPV and Seller amended and extended the term of the existing European RPA through April 17, 2020. On June 17, 2019, the Main SPV and Seller entered into an agreement to replace the European RPA with the Nieuw Amsterdam Receivables Financing Agreement (the "European RFA"). The European RFA provides an accounts receivable financing facility of up to 100.0 million ($111.4 million as of July 31, 2019) secured by certain European accounts receivable. The $106.4 million outstanding on the European RFA as of July 31, 2019 is reported as long-term debt in the interim condensed consolidated balance sheet 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 by exercising the renewal option in the respective agreement or entering into new financing arrangements.
During the first quarter of 2019, a parent-level guarantee was added to the European RPA and Singapore RPA (as such term is defined below). During the third quarter of 2019, in conjunction with execution of the European RFA, the parent level guarantee was removed for the European RFA. The $4.9 million outstanding on the Singapore RPA as of July 31, 2019 is reported as long-term debt in the interim condensed consolidated balance sheet 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 by exercising the renewal option in the respective agreement or entering into new financing arrangements.
Under the previous European RPA, as amended, the maximum amount of receivables that could be sold and outstanding under the European RPA at any time was 100 million ($111.4 million as of July 31, 2019). Under the terms of the European RPA, the Company had the ability to loan excess cash to the Purchasing Bank Affiliates in the form of the subordinated loan receivable.
Under the terms of the previous European RPA, the Company had agreed to sell trade receivables meeting certain eligibility requirements that the Seller had purchased from other indirect wholly-owned subsidiaries of the Company under a factoring agreement. Prior to November 1, 2018, the structure of the transactions provided for a legal true sale, on a revolving basis, of the receivables transferred from the Company's various subsidiaries to the respective Purchasing Bank Affiliates. The purchaser funded an initial purchase price of a certain percentage of eligible receivables based on a formula, with the initial purchase price approximating 75 percent to 90 percent of eligible receivables. The remaining deferred purchase price was settled upon collection of these receivables.
In October 2007, Greif Singapore Pte. Ltd., an indirect wholly-owned subsidiary of Greif, Inc., entered into the Singapore Receivable Purchase Agreement (the “Singapore RPA”) with a major international bank. The maximum amount of aggregate receivables that may be financed under the Singapore RPA is 15.0 million Singapore Dollars ($10.9 million as of July 31, 2019).

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Table of Contents

Under the terms of the Singapore RPA, the Company has agreed to sell trade receivables in exchange for an initial purchase price of approximately 90 percent of the eligible receivables. The remaining deferred purchase price is settled upon collection of those receivables.
Prior to November 1, 2018, the Company removed from accounts receivable the amount of proceeds received from the initial purchase price since they met the applicable criteria of ASC 860, “Transfers and Servicing,” and the Company continued to recognize the deferred purchase price in other current assets or other current liabilities on the Company’s interim condensed consolidated balance sheets, as appropriate. The receivables were sold on a non-recourse basis with the total funds in the servicing collection accounts pledged to the banks between settlement dates. The cash initially received, along with the deferred purchase price, related to the sale or ultimate collection of the underlying receivables and was not subject to significant other risks given their short term nature. Therefore, the Company reflected all cash flows under the accounts receivable sales programs as operating cash flows on the Company’s interim condensed consolidated statements of cash flows.
The Company performs collection and administrative functions on the receivables related to the European RPA, the European RFA and the Singapore RPA similar to the procedures it uses for collecting all of its receivables. The servicing liability for these receivables is not material to the interim condensed consolidated financial statements.
NOTE 5 — ASSETS AND LIABILITIES HELD FOR SALE AND DISPOSALS OF PROPERTIES, PLANTS AND EQUIPMENT, NET
As of July 31, 2019, there were two asset groups within the Rigid Industrial Packaging & Services segment classified as assets held for sale, one asset group within the Paper Packaging & Services segment classified as assets held for sale, and two corporate asset groups classified as assets held for sale. The assets held for sale are being marketed for sale, and it is the Company’s intention to complete the sales within twelve months following their initial classification as held for sale.
As of October 31, 2018, there were two asset groups in the Rigid Industrial Packaging & Services segment classified as assets held for sale and one asset group within the Paper Packaging & Services segment classified as assets held for sale.
For the three months ended July 31, 2019, the Company recorded a gain on disposal of properties, plants and equipment, net of $1.3 million. This included disposals of assets in the Flexible Packaging & Services segment that resulted in losses of $0.1 million, and special use property sales that resulted in gains of $1.4 million in the Land Management segment. The Company has $4.5 million of notes receivable recorded from the sale of properties, plants and equipment.
For the nine months ended July 31, 2019, the Company recorded a gain on disposal of properties, plants and equipment, net of $7.1 million. This included disposals of assets in the Rigid Industrial Packaging & Services segment that resulted in gains of $0.2 million, disposals of assets in the Flexible Packaging & Services segment that resulted in gains of $5.0 million, and special use property sales that resulted in gains of $1.9 million in the Land Management segment.
For the three months ended July 31, 2018, the Company recorded a gain on disposal of properties, plants and equipment, net of $1.4 million. This included disposals of assets in the Rigid Industrial Packaging & Services segment that resulted in gains of $0.7 million and special use property sales that resulted in gains of $0.7 million in the Land Management segment.
For the nine months ended July 31, 2018, the Company recorded a gain on disposal of properties, plants and equipment, net of $7.5 million. This included disposals of assets in the Rigid Industrial Packaging & Services segment that resulted in gains of $5.2 million and special use property sales that resulted in gains of $2.3 million in the Land Management segment.
NOTE 6 — GOODWILL AND OTHER INTANGIBLE ASSETS
The following table summarizes the changes in the carrying amount of goodwill by segment for the nine months ended July 31, 2019:
(in millions)
Rigid
Industrial
Packaging
& Services
 
Paper
Packaging
& Services
 
Total
Balance at October 31, 2018
$
716.5

 
$
59.5

 
$
776.0

Goodwill acquired
22.3

 
769.4

 
791.7

Currency translation
(5.8
)
 

 
(5.8
)
Balance at July 31, 2019
$
733.0

 
$
828.9

 
$
1,561.9



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Table of Contents

The Caraustar Acquisition added $769.4 million of goodwill to the Paper Packaging & Services segment and the Tholu Acquisition added $22.3 million of goodwill to the Rigid Industrial Packaging & Services segment. See Note 3 to the interim condensed consolidated financial statements for additional disclosure of goodwill added by these acquisitions.
The following table summarizes the carrying amount of net intangible assets by class as of July 31, 2019 and October 31, 2018:
(in millions)
Gross
Intangible
Assets
 
Accumulated
Amortization
 
Net
Intangible
Assets
July 31, 2019:
 
 
 
 
 
Indefinite lived:
 
 
 
 
 
Trademarks and patents
$
13.2

 
$

 
$
13.2

Definite lived:
 
 
 
 
 
Customer relationships
891.1

 
135.6

 
755.5

Trademarks, patents and trade names
27.0

 
7.9

 
19.1

Non-compete agreements
2.3

 
0.4